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IheNewYorkTrusi Company Capital, Surplus & Undividcd Protus - - - $26,000,000 Offers a complcte commcrcial banking service, both domestic and foreign, tog< - ith uncxccllcd facilities for thc administration of all personal and corporatc trusts. too Broadway Oth Sr. & Kifth Ave. Representative of NewYork- Old and New The Ni*w York Life Inuurance and Trtwit Company occupiea a unique po? York Its Trusteea tlect tlveir own suo nd no changc 11 ownernhip of its stock ran bi rablc char.gea in its business puJi, y. T):e Truatces un re pi ?"?cntatnrr of New Vork?oid and ntv , Icscendants of men who originally inct .1 .- in 1830; all srs reprcsentative oi ti in %%w York financial and lega] affairs, cen the case ainc? 1830. T] - present TVustet w, S'rvcm, Stwrv??aa? PUh Edmund L. Bai O'D lirlin, W. F.rnleo Roosevelt, Cleveland my, Lincoln CrorawrlL '-; K. M?rliriE. Moaea laylcr, Edw?rd f Hancy, Henry Pariafc. ? I U? - ? Stephen P. Nash, Lcwia Xpcai.trr Marna, .' ind Edwin 0. Menili Tlie Trusteou believe , he policy of spedajixing is Personal Accounts rrur-rs mAkes the Goost pany unusuaily valuabh New York oi i92P. Nnn fjnrk -Lifr Jhtaitranr* mb GJrusi (Enntpanu K.iW'.S G MERRILL, FVertdeart HK,\ it Vic*-Pr?ud?ni M WALL ST NEW YORX ri m 1 HE FIRM of Sichal A Franke! having been disnoived by rnutual conseni ?? | have thii day formeci a partners the name of j. D. Frankel & Company Wemie/s .''. c* i j.-f Sloc^ Exchangt 50 Broad Street, New York T?l?phonei Broad (*-34>0 to ratco OTer and continue tho buslnesa of the former flrta, J D. FRANKEL ARTHUR H. COETZ ') , <? i*rry f: f-923 i l?iiim^v^.iii..m':.'B.:ii.:^fe.%i? .. mmimtM\m\&m\mmmm> m recl <x Lo 40 Wall Street, New York, N. Y. > Corporation Financing ?^?B?wniiii-,,?^?siiPiF?rinrTir' s'Ti '? 'tfvw'i^sfliijwc^ IIMJAMIN MLOCK OKTKH *. MALONCI *,NOMCtiLOC? wiiliam 1. ?hmmoh HfUD 1. aoiiNtit a??uo^r r maloniy prr?* j malonky, a* BLOCK, MALONEY 8c CO. 74 BROADWAY M ar M a ? R ? or ?. V. ?T??K ?SOWAHH* N T ii^ouci IXCHItltn M.T. OOTTON tXCHANai CHICAdO ?0*R? 0? TKADB n. r. coprn ? auviAR tve cmicaoo utock CXCHAN?i WE INV1TB YOUR AYTENTION TO OUR ?RANCM OFPICES AT HOTEL WALDORi* ASTORIA NEW YORK CIT> AND RiTZ-CARL TON HOTEL, ATLANTIC CITY NEW JERSEY. BLOCK, MALONEY & CO. 40 Wall Street New York We ?r* pleased to announce that we have this day adrnitted Mr, William C. Crawford to general partnerpbip in our firm. JELKE, HOOD & CO. J.?*tt?f-y 3. J?r;'.*2. Investment nfor ? f *? n 7 Ort V iv ho . N Ailam ISscaped Question Sl, - :-.... have been vci j mui ll Ini ? ? r column of advlc* lo h you will flnil p i>- ? i wish to ask youi aa*. ' - V, on tlu ini national i k ;: -, ,,,,. i'orporut Um . InR capital about ? , .., . i ., , ..... teji * area ..' | ,, .. **??i rtvi n five nlian-n n i .. ! In the 111 ran tl ?- ??'.... ;...,. , ln the ?? i,,, ? ? .. . , .; /,: ????"' ' i. 5 ? "n,l ti) grll tnj g ul | ? , the Mme pri ? Ile, ? o f J. K 1.S lt, are no** i ...... ? ! r?l Ion, have call. i upon l ?? thai th* ,-oinpiini nr * aUdil t,. Increaa* the fi j so the* t he dciuaml foi callophunrN mui thi lr forelR-n pollc> f, ? ..-.. i a atoclchol.l.-i | r rishts i ,-b,^r- i 00 aharrg of ( ? com non that tli' are puMiiu* ' 1.B tlllB ', . (!?.(. nnd, * hat ,.,..,... hat there * ? manl i ? t , bu> ? Bt j , a ahnv, ih*.' they want mo I ? . - can so i h? , nnl roi of tli* kept awai fn i Wall ?? ? ? . ; * we.. thr stockll ilderi nltlal ? : Th. n , the- l the.*, ?.,< . :r i woul.l lake m thei couid Biiaran . . j ? ? within .? n days r- lhe time 1 , my cont rarl ] f ; i - ? i < . i , . '. tlonal Callop ? liNTht n mr o, R.lvla. , u, , ?ll Ion 1 ??? h .-,.,,.. .. ???.*?'? in ** hii ii Lo i. i .1 A Q Answer?Tha only rcason, wr aup pose, why some enl ealearnan failed to sell Adan stocl on the plea thal co Irol thereby be kept av was thal Wall Stri rt ca I later in tho scher evolutior if you prefi ? | , ? Garden of Eden B it \ be ?- :> ing to bet thal many p hia hard earned ? !??..-. stock on tbn plea that control therehy be kept out of tho hand i f ' money barons of the Circu Mi and we have r.o doubt, eitl ir, same Romnn msny, many years '?' ' waa assured thal j ie stock mand a ready marl e( at n pri seyterco** higher thai tho pric which it was offered him. in shoi "Ira tb/it has been p i ire I ii Innocent ears is one of the Id ' the stock sollintr. game and ma lions of peoj.ii' have foi nd what il worth by pa..; experlence. Good Preferred Sfnrfcs Qr,?st!r.r. 1 am i, prnduata eng? - ? rently man ed '.'? galar; ln $2 S00 v ? prospects for nrtvai ? ? ? t time we have ic , . :- tn , lll money i ????? ln ???? bonds. Penna el i ,- .?? ' martcan Telephone and "'? '-,?,?,.-. We now war.i to li ve.< tl 00 ti large a return ft? safety wil] ???? ' follnwlnR Ie a list that ???. ? I -, ? rnited States Steel preferri I ri lard of New Jerney preferred Am ?' live, Atchison bmn n '. Iv, ttve pref.":-od, Sun Ol per cent h. r.<\ Public Rei lci< of New .lersr-y 6 pei en ad ise any of t'ne ahov f fari you suggest anythinfi bettei you advler b, nds oi prefori d i ' ,? " ! ? i Ing the prese.-it conditl ' l ?--? s> do j ou t-ilnk of United States ftubber Rrsl prefirred''?N. C 1). Answer Under nresent cr>n?! I think that U. S. Rubber prefei too speculative for your nei I other hand, we think thal Ai erie i T.ocomot '.ve, preferred ituI Locomotive prefe**r?'d meet ; i r ne Is excollently. There hnp been sucl phenomena1 rise ln the ' in t.he recent ps?.t, thal - ? ? ' p stocks sucii rs these two ai vestments, even a? comparcd ?? :t' ? bonds, we think. U. S i eel is a h ijrh pra.-le Investi ? ? ' opinion. and entirely suita d? f nred^. Why nc . divldi ' he $ equally between Baldwin preferred an : U. S, Steel preferred? would be wlser to aell yo ir P vanla R R. stock and I : *' ret'ds in American Locomotive ; f?rr?d. American T. ard T. fonveil \;-'? ?? Question - 1 am thlr, \ with two children r,n.:?..' liwve thr, followlns I^oan. 4ki per cent $1.350 Loan, iSk pe*- cent. 1160; Loan convertthle <'., p'-r T^iberty Ixian. S hi p?r foi I '. :ent I 1150; '. ,11 Loan, 4 *i per cent %) fir'.O. A. V. an Cor;:pany c?r.vert!v>'.>. i pei total, *S.7t>0. Would you advise s' tha Libarty Utn bonds acd b ' yie'dint; ? per trn-, and lf ar wou'd you tdvtse convertlng' *> i bond Ic.o ttodlt. then selllnj rtock lifll ? i- Pa 7 ,,'? ?, ' I,,,;,,l? " . n ln hold ; . ,,. ....... ,,i inveHl . v i '< |" ' they ni" noy. . , nlil becfl ? ;.? 1 111 ovc r :i year a"1 ii l.j uiivc lo rc I ... .I .W.T-1, ,, ,-.. ' ? - I .. ? h 'wl pe., ? I ?. /ou could (li i - , ? ...|| ,,f 11 . ..... :| i;. i |i iliouo Com | ,00 Virginian , ? Belling nl tlinl you ii \i ico 'i Tcle ? , , i , .'? into live sharr in which .-if.. , ? - i ii o u w i 11 nn of $0 -, ?? ? | : i", ir ll nl v ? ? |)!r il al theii . ' !?? , ? ?? ?1.I 108 u ., ' ? ?? . . i llie N'ortli : . , Comnnny'i 7i "... in 7a, 1041, ? ing al ni I ' i .i nverlible 6s, In I : ?. - ? ? ? ? rc e yo u r .' ? t V 1> j' I.I instcad the v hole, il n I tliis i more attrac ? vv,t;i some Imi * posil ion to h<* ; - ? nto American .... 1, ,.l ..nl, gl tock. J i j .oo I'lr-ce* i, .,?... r<. fl read mim> Min- Will I,. n.pi i '. I. ;in,| ' i ni' Informa If) lll< !,. nl >I Hy il like an UrK-' ? ? -- li '? poanlble ?i,.1 00 i .i mori ,-??!', ?'/ nhnr'n ' ? ,-r'-, bontlB, irefei long ' -rn-, in ni ggest ion the i Foty of - ol rc rnlar i , ?? cniisidcriny i. ? |.. : ii need ? turn might hetter li . 'd with p.t U Ci sug -'. 10 bonds, bo ai to ii ?Ktmfr,t as e ? i- iman Rail :? pei cenl bonds, Id at 8TT-4 and at cent. They '? .,.n. For a New York recently sell prici ? hey yield ?enl ' hey are nol call I ,1: e h good invest Aa b third borid we ? -. due 1936, ,; !? about aturity. The nd its buai I r the last Power lirst 1013, recently '?5 per cent ? ir of these i: nat rrilis. ? ? ? ' ? l ?; ii) ' ohimna of in "i)i..i nnd an* thed in The * ?; r - lay ieic Issues '"? r to-day at pproxi ue of vl. hti g fom '.: per 1, 1954. The 11 5 ar.d interest ? I k i O-tnu! 'O I 7."7 in Yenr 2. - Alaska'i ; ii di Ing 1921, ac ? ' i latea made ( ological Sur 109,01 0, com Ing the pre -i e shown Is ac : . ?? f about $f .000, ? ? . , ? | ? > ^573, ' 00 >0 in lead. ... ' $120,000 in 11 $ 13 E pi iduction of of the Alas ? repi said, wai the of the year 77o ry, The de ductlon and ' 'isi ' ied to tha l<;w . ' .- . Stock Transactiong i . e Year Aantml ***??*? div. Hirh Low rat. ISatr- f ??' Kel Clcw. cht,-( ?6!4 S?% 4 Trann "Tyiw Pte-* . 321 inne21 32"/,_ e'u 4S 87'/4 3 Twln City Rap Tr 31H? B 80 77*4 7 rlo pf. 200 121 10 Und'd Typewriter.. 210 110 100 7 do pf . ( 127 ?1*4 8 l*n Bng A Pipr-r 38 19i/? ? Union Oil . 7 . 7S - 1% 13Q 4- 9 107'.if 4 701/,+ 3", 129'/, 110 10 Union Paclfle . iu'ne21 is>? *T y MV* ?1'/4 ?* do pf . ? ? 7 T.'nion Tank . ? ? ? r do pf . 55 27'/4 -?- United Alloy Steel '" * I . 125 8 United CUr Store*. 7 .... ,, .".''''..!?' 150 +s 170 128 8 United Cis 3tor "I'* !!? '' ,Tdu ?',. ?*???' * K* + 4a, 1h3 91!/a ? United Drai . 2551 ? ? * ? 72 -22 447/,+ 3!/, 30!/2?19'/, '2354+25/2 8?3 63 41% 8/a do 1?t pf 67V, <? fl Iniied Dyewood. .. . , 22*7's 176 8 United I rui ..... t E 1B'/a 7i/a ? United Rway tm ;,.r ', 22% 13 - do pf . ... ... 98!'8 4B'/4 6 United Rel Store*. ,. R!T*T V" ?51? 10[/t ? U S C 1 P & Fdj ; 55% 38 5 dc of . ?-7/ (tli r. a r- '"*? 25 51 l 13 , 3,7, B% ? *? 8 Expresa. fune 20 67 ? ii, 76% 13 - IS Food Pn locti 69 ' - ,? ?+ ? ne% ?8%-- u 8 ind Alcohol. 94e ? . , s:' ;; .? ~^ ' 103% 90 7 do pf ......... 2SO0 . ' ,,; , ? ?>. ~2*\ 69% S5% _ U 8 Realt, & ImP 21? , ,' J? *? 116/, 9B , 8 da 1st pi. 81 ? . 1 . ,,-,?, ? 9 78 29'7_ U 8 Smelt & Ref E -, '? ? "?!/?T % 47*H 39!/, 3'2 do pf . 7,r I 3i. + 3 109? TV/l 0 U S 8t?.1 . ( , *?? ? 4- 4 115% wn 7 do Pf . -;:.':; 841/,+ % 80% 'My, 2 ruh Copper ....801900 .""Jf 22 'ILl,!? 13?/, 7 - UUh Becur Com ' 8 2? ?W*?-r-13'.*8 O-T 001/ -.- i- ,. ; ? I 8''4 July 1 1 4. 0 97 28/,- *t anadmm Corp 91270 zsy jj^ * + * ? ? 7 \b;i Raalte lal pf, 420-3 88"2 ? -,,.,, n, ?, 8 ' 30 "4 24%? Va-Caro Chem 24! ', ' B8' *? 112'2 33%- dopf ? '. ?' 'J; !? Z*3A~9% 120/, 76 8 Va ir. Coal &C. V" ? 1^'4~25'^ V i*.aiidon Inc . . . 241615 89 29 15 - Vulcnn Oeunnin*: ' foo !.? 6 B i'" ? 6' ^ 7'? 34% 17 - do Pf A. ? ??? ? ?%~17a 23% 12 - do pf R. 9 ,lr \l ?>!4? Ta 12 754 1 Weber-Heilbroner a J?" 0*T 1;J''?? Ta 74 46% 8!/tWelbFar,oExp.. 42 I ' ^2] 1%+ *'A !5% H4- Weatern Maryland. 198 ? '" , 68'a + 1S^ 277/, 1t _ do 2d pf....... 91650 ' '* '.\"~ 2* ,8%~ 2 40 201/,- Western Pacifle... 137 . j " '"' ^ ^*~ 3% 92% 80', 7 WfMer-1 1'nian Tei E . " " " ''* 51' i?19' 4 119 8914 7 Weatehae Air Br - j... .'. \as ? <"'9V? * C> . 55>', 40 4 We.iinchou.se Mfjr 29,; . J a ''pt S 95+2 ?5'/, 60 4 do 1st pf. 2800 ( ' - -'' A/!**'-'- W3+ 7'/, 164 154 fO Weyman-BrutoB . 110 154 '."i-Y 4 C;*' 4-f- 6I/4 101 101 7 dopf . 100 101 ?? J? I ]54^+ fc 1, 8l4_ Wheelin, * L E. 109980 11 , M ! fC * 101 - M 15 - dopf . 35650 !?./! m? 9 12 - n" 6S?~ 3% 69'/, 30!/, 4 Wlilt* Moura .... 149750 44 -o'" ffC '5 127b? 5'/, 25'-, 13%? White OU . 431950 17% ' * ,!" *! 39l*+ ZA 32-4 19 - Wtckwlra Bpencer 278 .. t"'7.'0 10'-'*?- * 32 6J',? Willys-Overlind ..367100 10 ' . < !,2 ? 1*! 15H? ?% " ?6 - dopf . . ; J*>? Nov 28 B> ^- % 82'/, 34*,- ffltaa C* ;-. . 1, ;'Ui? ? 26%~ % 98% 79'/, 7 dopf . ,011 -r :,. g ';. 2 ^p; ^ 28'/, + 10% 43 26 ? Wiaconsin Cert... 17170 37% C 3' ,9 ?10'/, 146 100 3 Woolworth . 6O420 133% D, f' \* 24 ~12 II6/4 108 7 dopf . 2200 <W2e 39%+23% 8654 35% < WarlJiincV. P & M ' * U, 6 5! a""" o? 1]5'*'+13i/? MH ' ^ do Pf a. ,- . ;'?* 26 ?54+ 54 71 Mft 0 do pf B. ,2620 *C *.:,?? a ,,' ^?*15 ** +"!4 ' - - ? Wr,cM Aora . . . . 29100 ?% s',.. ' ,, ^u* J MU + 12-J, 72/,4 9' 96 103!/. Announcement Canadian Bond Corporation of New York 5 STATE STREET. NEW YORK A corporation recently organized under the lawa of the State of New York, will ofifer in largc lota through established channels only, bonds of Municipalities, Countics and (lovern menta of the Dominion of Canada? NEW YORK DIRECTORS W. TYRIE STEVENS, Export Merchant, Me. 5 State Street, Pre ident. SIR WILLIAM HEARST, Barrlster, ate., Toronto, Ont., Vlce President. WILLIAM V. SMITH, Treu. Ilale Co., New York, Vlc? President. SIR JOHN WILLISON, Toronto WILLIAM E. PECK, Export Merchant. New York. NEWTON W. GILBERT, Barrinter, etc, New Yorlc SETH ROGERS ABRAMS, Export Merchant, New York. Affiliatrtt teith Municipal Bankers Corporation Ltd. 33 Victoria St., Toronto, Ont. 9IR JOHN WILLTSON, K.B., President, Chairman Recon8tr?<5 tion Cornmi3f<ion. SIR WILLIAM HEARST, K.C.M.G., K.C., Vlce President. Former Prime Minister Province of Ontario, Member International Boundary Commission. MAJOR GEN. SIR DAVID WATSON, R.C.R., 2nd Vlce PresldeEt, Chairman Quebec Ilurbor Commission, etc., etc. Wc be% to announce that Mfl EDWARD W1SE fermerly Prr-idenl <?/ tke United Citar Stores Ce>. ef Amevie* md Mr. N. KANN have been admitted to partnership in our firm. Mr. EDWIN K. SCHEFTEL this day retires as a member of our firm. Nrw Ye?a Jonuvy M, 1932 J. S. BACHE & CC F. L. Carlisle & Co., Inc 49 Wall Street take pleasure in announcing their in corporation for the conduct of a gen? eral investment business. They will specialize in the securities of the Industrial and Public Utility Cor porations of Northern New York. January 3rd, 1922, J armory 3, 1922 We take pleasure in announcing that Mr. Frederic B. Baogher formerly with Messrs. J. P. Benkard & Co., Is now associated with us and will be located at our uptown office, 565 Fifth Avenue, New York. Jlriurc $c Hl)ttrlg Established 1878 Members Nctd York Stocfy Exchange ,r>2 Broadway New York E. E. ROSSMOORE, C. P. A. (N. Y.) ANNOUNCES THE ORGANIZATION OF E. E. ROSSMOORE & CO. INC. WHICH WILL ENGAGE IN THE GENERAL PRACTICE OF ACCOUNTANCY TELEPHONE NAT1?J%eSITLr?UlLDING MURRAY HILL 5697 '7 -j^SJ ^.gjg, S T. We take pleasure in announcing that Mr. James C. Auchincloss, formerly of Messrt. Auchincloss, Jooat & Patrick, has this day been admitted to this firm as a general partner. BOND & GOODWIN 65 Brondwaj New York BorroK chioaoo rmuoHLpmii rrvmvnm KAXBAM crrz HINNBarOUl J?mjarjr 3. 1922. The Importers & Traders National Bank OF NEW YORK Statement of Condition, December 31st, 1921 ASSETS Discounts and Loana ... " United Sratr*? Securities. New York State Bonds ....... ()ther Bonds. Federal Reserve Bank Stock . Hanking House. Cashon Hand, Deposit vvitli Fedei il Re B and Dur* from Banks. Clearing House Exchanges. Intrrer,t Karncd but Not Collected .... Customrrs' Liability Account of A ? ,?' i c Lrtrrr^ r.f Credit. Correspondcnts' Loans LIABILITIES Capital ...... . . . ** ' Surplus ............. Undivided Profits ......... Unearned Discount ......... Reserves. 131st Dividend Payable January 3rd, 1922 . . , Circulation. Deposits. 30,7 Acceptances and Lrtter^ nf Credit . . . . . Loans made for Correspondents ...... DIRECTORS JAMES A. r-OI.DSMITH e/ Bm. Oe>ldsmtth * On, . SUJ* james w. lane af 3. WL larm A ?*.. (V.-or, OaminlMtoa Itnrtt ADOLPH LEWISOHN r",pt!^<?t JOHN W. PI.ATTEN rrartrJarA Cnttert Bui?i trfTrtga** A Tttj?. r*. H. Ti P^WELL Prwldnt HENRY SPADONE TmOAve\ Gu*.t* rercha A Rubbe-r Mi?. Oa. J. WALTER SPAL1 EDV/ARD TOW: Chi rrr. aj . E. P. TOWN *" r *Te*tdei i F.DW. VAN voi . ?orraeT.j of P v?. I JOHN 1 VS v n n >.w '-'?? ?n /. CHARLES A. OFF/CERS EDWARD TOWNSEND. CTialrroma H. H. POWELL, Prcsid?nt E. P. TOWNSEND. Vicc-Presidcnt C. F. REGAN, Cashier J W DOWNING, G. H. BLISH, Assistant Cashier C. F PUCKHAFCR J. A. MITCHELL, Assistant Cashier W V. SILLECK . ihier = ;*? r *.' 247 BROADWAY OPPOSITE CITY HALL MONTGOMERY & Co INCOPORATED INVESTMENT BANKERS 133 South Fourth St PHILADELPHIA ANNOUNCE THE CHANGE OF NAME TO Janney & Co. January 3rd, 1922 WALTER C JANNEY Preaidest CHARLES P. STOKES Vtce-PresidW HARRY E. MARLOR Treasurer J. KEATING WILLCOX Sftcratary 1 Shonnard & Company ]< 120 Broad war, New York The firm of Shonnard. Mills cV Co.. having this day been dissolved by mutual consent, the undersigned have formed a partnership a? successors thereto under the name of SHONNARD & COMPANY I Ioralio S. 5' >nnard F. Clark Thompaon Jaaper Adarni C ampbell. Jr. Arthur D. Weekea Member Net? ) t Sfoc^ Joieph D. Godfrcy {' December 3l?t. 1921. Jatper Adarns Campbell, JOHN MUNROE & CO. Announce the remova! ot" their offices from 30 PINE STREET to 100 BROADWAY N?wY?rk Jaum-uj Srd. StM r.