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A More Substantial Income from Public Utilities can be obtained than from other securities of recognized safety and standing. Our close connections for many years with some of the largest public utility cor? porations enable us to select and recommend pvibiic utility bonds, notes and preferred stocks which meet the most exacting requirements For definite suggestions write for Circular So. A'K-8 A. B. Leach & Co., inc. Investment Securities 62 Cedar Street, New York. N?w York Cincinnati Philadelphia Boetort Chica?? Pittsburgh Minneapolis Buffalo BONDS FOR INVESTMENT CALLAWAY FISH ?SCO. /?mktnffXJ Stock ?rehemes 37 WALL STREET NIWYORK Our Market Letter 1. Comprehensive dis? cussions of the fun? damental conditions affecting security prices. 2. Analysis of particu? lar securities. 3. Investment sugges? tions. Published every two weeks, it constitutes a valuable service to the atock and bond buyer. Current issue on request. Shonnard & Co. Maotbtra of Naw York Stock F.xchans? 120 Broadway New York Uptown Office Hotel St. Andrew?72d St. at B'way J.K.Rice,Jr.&Co.Buy&Sell Am. Alliance Ins. City of New York Ins. Fidelity Ph?nix Ins. Franklin Insurance Great American Ins. Home Insurance National Liberty Ins. Westchester Ins. J.K.Rice,Jr.&Co. Fiona? 4000 to ?010 John. 36 Wall St., N. T. ESTABLISH KD 1841 papli? & Co. Members tfeno York Stock Exchange MARGIN ACCOUNTS INVESTMENT INYOKMATION ODD LOTS 52 Iiroadwoy. Toi. Broad 28S1. K "New Haven" 3V2?. 4s & 6s 'Yanhandle" 3y2s, 4s, 4*4? ailroad Securities Co. 4s artshorne & Battelle Usmbsrs KeiB York Stock Sxohange 25 Broad Street New York Missouri Pacific Pfd. Ct'rc'u?ar of analysis tent upon request FEILOWES DAVIS & CO ?ftmbers .Vi-o Y ark Stock Bmeh+nge 62 Broadway. Tel. 4340 Broad. Prudence-Bonds j I Principal and 5J/2% Intereat Guaranteed! Write 1er Booklet C-249. j The Prudence Company, Inc. 31 Naaaau Street. New York. ! BBS J? A Stone & Webster flDEa Incorporated Investment Securities 120 Broadway, New York ?OSTON CHICAGO Aluminum Manufacturing Pfd. Standard Sanitary Mf?. Pfd. Trenton Potteries Com. FREDEFJC H.H?TCN & CO. 74 B'wav ?V?i*&t!*Vwt*?"1^1M.S'fl Hi I2A ir*??a-eKICA09-P);:(.*-M0nTREAL-P;TT3euRC? Day's Dealings in Bonds The Market Trading in bonds was dull yesterday, bilt there appeared to be better sup? port and prices ruled firmer. Four In? come bonds sold ex-int<>rest. Frisco income 6s dropped 8 points and the ad? justment 6s gradually dropped 8 points. Third Avenue adjustment F*<* dropped 3*H points. New Orleans, Texas & Mexico adjustment 6s lost 2Vi points. Rail bonds displayed a firmer tone. Transaction? 1947 15-17. Liberty .14?. do let 4*4?. do 2d 4 4 a. 104?. . <".<> 3d 4 H?. 1938.. <??> 4th 4Us, lO.'il. Victory 4 4e. 192?.. . <lo 4?in, called. Sal??. ?10?..000 31,000 ?73.000 4?5.000 ?19,000 109.000 230,000 Liberty 3%? . <!o 1st 4 Via. ?Jo 2d ?U?.. do Sd 4 4s. . do 4th 4'is. Vis tory 4*,s Quotations ?lif-i*. Low. Last, . 100.80 100.70 100 70 . 100.14 -00.00 100.0? . . 90.78 flS.fi? ?0 74 . . 00.88 ?9.7? 99.82 . .100.04 09.94 100,04 100.41 100.46 ?O0 48 to 44s, called.100.18 100.14 ???.i? Bid and A?k?d Quotations Yield. 3.42 4.25 4.26 4.27 4.25 3.84 3.76 Net Chg?* -1.04 + .04 + .0 4 ?.02 + .10 ?.02 ?.04 Yesterday. Saturday 34?. a'32-'47. . .10'j.70?100.80 100.66? 100 72 2d 44?, 1942.. 99.64? 99.71 M.620 99 7?: l?t 4Via,,i2-,47. 100.02C-?100.0S 100.000 100 08 2d 4>.,l. 1942.. 1-6.74? 90.78 09.70& ?*-?71 3d 44s. 1923.. 99 82^ 99.8?'. 99 SOW S9S? 4th 4';s. 1981.100.000100.02 99.926? 9904 , Vic. 44s. 1923. 100.48? 100.50 100.1 6 1 1 00 2? do ?"((is, cal'd.l00.14?100.18 100.60? 100.52 Pri'-war Issues: 2?. reg. 1930. . .103 2e. coup, 1930. . 103 3s. reg. 1946. . . 93 4 3a, coup. 1946. . 934 4b, reg, 1926. ..104 4s coup. 1925. . 104 Pan 2?. reg, '36.103 Pan 2?, cou. '36.103 Pan 2s. rp(-, '38.103 Pan 2? cou, '38. 103 Pan 3b, ro?, '61 Pan 3s, cou. '01 P 1, 4s, '34_ i P I. 49. '35_ P I, 4s, '36.. . . i D of C 3.63s. . 103 ?103 103 #103 93 4? 95 934? 964 104 ?1044 ?104% 91034 ?1034 ?103 4 103 01034 924? 944 92 4 it* 9*4 91 ? 94 91 ? 94 91 ? 94 98 ?100 104 103 103 103 Foreign Govt. and Municipal Bonds (Interest to be added) Bid. Asked. Argentine Nat Oovt 6-yr 7b.1014 102 do intern 6s, 1948. 814 Belgian 6-yr 6s. 99 4 83 994 104 1034 110 1144 80 1024 98 4 101 99 4 do 74b, 1946.103? do 8a, 1946.103 Bergen 8a, 1946.109 Berne 8?, 1946.113 Bordeaux 6?, 1934. 79 Brazil 8s. 1941.102 Canada 5s, 1326. 99 do 54?. 1929.100' do 6a, 1931. 99 Chile 8?. 1941.103 4 104 do 8s, 1926.102 1024 do 25-yr 8s. 1946.1034* 1034 Chinese Govt Hu Kug Ky 6s, '51 ? 60 4 Christiania 8s. 1945.110 111 Copenhagen 54?, 1944. 91 92 Cuba Extern 0s, 1944. 96 ? do extern 5s, ser A, 1914.... 91 ? do extern 4 4s, 19?9. 82 ? Czecho-Slovak Rep 8a, 1961... 1014 102 Denmark 8b, 1945.1094 110 do 6s. 1942. 984 99 Danish 8s, A, 1946.107 4 107 4 do 8s, B, 1946.107 4 ? Dutch East Indies 6s. 1947. 944 95 do 40-yr 6b, 1962. 94 4 95 Framerlcan Indus Develop. 93 934 France 7 4?. 1941. 96 96 4 do 8b, 1946...100 1004 Italy 6-yr 64a:. . 96 964 Japan 4s, sterling loan. 1931... 794 304 do 4 4a, aterling loan, 1926... 924 '924 4 4b, 2d series, 1925. 92 93 Lyon? 16-yr 6s, 1934. 79 80 Marseilles 16-yr 6s, 1936. 79 80 Mexico exter gold 4s, 1954. 894 404 do exter sterling 5s, 1946- 64% 65 Netherlands . 944 944 Norway 8b, 1940.1114 112 Paris Lyons Med R R 6?. 73% 74 Queensland 6s, 1947.100 1014 do 7s. 1941.108 109 Rio de Janeiro 8a, 1946. 99 100 do 25-yr 8s, 1947. 99% 100 San Domingo 6s. 1968. 96 96% San Paulo 8s, 1936.100 102 Seine 20-yr gold 7s, 1942. 864 87 Sweden 6s, 1939.1034 104 Switzerland 8s, 1940.1214 122 United Kingdom 64a, 1922. 99% 100% do 64b, 1929.106% 106% do 64s, 1937.IO24 IO24 Uruguay 8s, 1946.105 106 Zurich 8s. 1945.e.113% H4 (Sales) 1 _ 94% 1 .... 964 1 .... 944 3 .... 94% 1 _ 96 n f 6s 1962 trust rets An Jurg Unit Magar Wits 6s 1947 1 ..... 80% 1 - 804 Argentine G 7s 1935 1 ....101% 4 ....1014 2 ....101% 2 ....101% 1 -101% 1 -101% 6s 1946 3 _ 82 Chineas By 6s 1961 1 .... 604 3 .... 61 2 .... 60% Cy of Bergen 8s 1946 6 _1184 City of Bord 6s 1934 2 _ 804 3 .... 804 1 .... 794 City of Chris 8s 1946 1 ....1114 City of Copen? hagen 5 4b ?' 1944 B - 814 Cy of Greater Prague 7 4a 1946 6 _ 80 2 - 804 1 - 80% 2 _ 804 City of Lyons Cs 1934 6 ... 1 ... 94 4 94% 944 94% 944 94% 94% 94% 94% 94% 94% 944 94% 94% Framerlcan I D 74s 1937 10 .... 93 2 _ 93 8 .... 93 4 French Rep 83 1945 5 .... 99% 13 _100 6 a7f. .100 1 _100 16 _ City of 6s 1934 80% 804 794 S04 79 Mars 804 79% 894 : C Montevideo ; Vrug 7a 1952 3 _ 92% 1 - 83 i Cy of Rio de ' Janeiro s f ? 8s 1946 2 _ 99% I 2 - 994 1947 *w 1 6 - 994 ! Cy of S Paulo ? Brazil 8a 193? 1 -IOO4 3 _IOI4 C of Solsaons 6s 1936 3 .... 784 I City of T?alo 6a 1952 9 _ 70 Compa??a As I Para 7 4s i 1937 .. 99% . .100 . .100 . .100 ..1004 ..100 .. 99% ..100 1 ....1004 1 _100 I .... 99% 3 _1004 1 _100 4s 1941 98 98 Vi 99 98 4 2 18 2 1 1 K of Nether? lands 6s 1972 4 - 94% 2 - 944 a? - 94 4 1 - 944 1 - 944 1 - 944 1 _ 94% 4 - 944 it - 94% 3 _ 944 K of Norway 8s 1940 3 -112 4 -1114 Par-Lyons-M. 6a 1/15 8 73% 6 _ 73 6 - 73 4 6 - 734 1 - 734 3 ....78% 1 .... 73% 9 _ 73 4 1 _ 734 11 _ 73% 3 _ 74 R of Bolivia 8s 1947 1 - 964 3 - 65% 1 .... 964 964 _ 96 _ 9?4 .... 964 _ 964 _ 96 _ 96% _ 96 _ 964 _ 964 _ 964 .... 96 - 96 4 _ 96 500. 96% _ ?6 _ 96% _ 96 _ 96% _ 96 500. 500. 86 4 96% 96% .. 97 Rep of Chilo 8a 1926 .102 4 .104 2 Czecho? slovak ! 1S51 I ::: \M ::: 98% R 8s 92 92% 924 93 Pept of Seine France 7s 3942 87% 87 8?% 87% 87 1 - 86% 6 - ?7 1 - 87 Dom Rep 6 4s 1942 '? 5 - 91% 21 - 92 Dom Can 64a notes 1929 1 _100% 10 _100% 6 -100% 2 -100% 2 -100% 1 -100% 5s 1926 994 99% 994 994 994 99 984 5 _ 99 ?S _ 98% 21 _ 99 20 _98% 1 ... 99 Dut E Ind 6a 1947 3 . 1 . 2 . 1931 4 . 25 '. 1962 94 % 94% 95 95 954 96% 96% ts $ 964 98** 6 _96 8 .... 86 4 4 _ 96 2 .... 9?%| 3. _ 96' 4 _ 96 4 Hoi-Am Line Ca 1947 8 _ S9 Tbp ib* ser ?!4s 19C5 7 .... 92% 6 _ 92% 4 - 924 2d aer 4 4? 1925 6 _ 92 stlg loan 4s 1931 i _ 804 10 .... 80% 6 _ 80% 1 - 80% 3 - 804 5 _ 80 1 - 79% K of Belg 8s 1941 ...102% ...102 ...103 ...102 .. .10?4 ...102% ...103 ...1034 . ..1034 ...10S% . ..104 . ..1034 ...1034 ...103% . . .102 . . .103% '4s 1945 . . .1034 ...103 . ..103 4 . . .1034 ...1034 ...103% 1 -103% 1 _108% S _1084 8 _103 41 r? ?103% 4 _IO34I 6a 1925 4 _ 9941 : .... 994? King of Den ?? 1946 1 600.lO? 1 ... .110 5 2d.. lOH, 1 _110 6a 1942 1 S .... 98% 1 . 1941 2 . 1946 ?*> 1 ....103% St of Queens? land s f 7s 1941 3 -10S 2 -108% 6b 1947 1 -101% 2 -1014 4 -101 1 _102 St of R'.o Gr do Sul 8s 1946 1 -101 S of Ph.o Paulo 8 f 8s 1936 4 _102 Swiss Conf 8s 1940 1 ....121% 13 _121% u K of at b & I 5%s 1839 7 1 V 8 .10?% .10.3% ? 106% .100% I .106 . .106% I . .106% j .102 4 j ,.102 . .1024 ..102% .102 ..102 . 192 I _102 I ....102% -102 I -108% -102 4 of Brazil .102 ?101 4 .102 .102 ,ioe% .1024 .10*54 Sec L ?4o 1952 1 .... ?SC 6 .... S 54 1 500. 84% 1 . Corr? een Rj 7a 1952 2 . . . . 1 _ 5 _ 4 _ 1 _ 4 _ 1 (?34 Ei-c i 89% 88 I 89 4 i ?94 I 894 ? 89 ? 89',; i V S of Mex 6s 1946 18 .... 55% 1 - 65 4s 1954 1 .... 404 Un 8 S Co of Copen 6s 1937 1 - 94 4 1 - 94 % 1 .... 96 N Y City 4 4s 1967 May 1 _107 4 November 1 -107 4 4a 1967 i .... 994 Railway, Other Corporations Ala? Rubber 8? Int. ctra 1P4S I .... 99% Am Ag f'h ?%a INI 10 _103% 1 _103 1 ....103** 1 ..C.106% Am Cot Oil .-?? 1931. 1 .... 81 Am Smelt 5a 104? 2 _107%,Fla B C 4%a (Ton 6a 1947 1951) 1 ....101% 3 . 3 M A Be P (Franc! rvt ti.-? set 11 2014 let ?8fi 1 .. . . 93% 3 .... 93*/? 1 .... 84 2 - 94% 1 _ 94% Am Sugar ?II 6a 1937 a _io2% 10 _102',, 1 _102 1 -102*4 1 _102% A?n T & T j CVt Cs 192? a ....114% COl fis 194C 1 .... 99^ ? .... P9 ?, I _ 99 '4 I T? 4 .... 76% 2 _ TB? ovt 4V4a in.iL I .... 72% 72% 72 % 72 72 % ^^_... 72 1 - 72i? 2 - 72% rfg 4%b 2014 rol 10 1821 . 92 % 92% 92? - .... 92? C Ara "VV Wka ,t? 3 K'.pc Co 5s , 1934 IChl .84% Am W P s f, 7a 3938 IC 1 ... 84% Armour Co 4'-as 1989 10 _ 91% 1 - 91% 3 .... ?l V4j 1 - 91% 6 - 91% fi - 91'4 2 . . . . 91M, 7 _ ?>1 i?" 26 .... 91 % A T & S F 199 81V 91 1 25 cvt _ 2 .... g.; % 1SC0 fi ....104% Cal ?- Arlz rfg 4%? 1962 2 _ 90% 6 - 98% Atl & C A ? fia 1944 3 -100 Atl C L 1st con 4a 1962 : c 6 L S? 1952 1 Atl 6a 1 2 90 4a 82% 82% deb Ref 1935 - 99% .... 9 9 % - 99% .... 99% .... 99-\i .... 99% . . . 99% & Ohio 6s 192? -101 s; . . .102 5s 199,1 Bnll 1 rfg a7f. H '.' >, 88% 89 V? i" . ... 89% cvt 4%s 1933 19 - ?B 2 - 86% gold 4s 1948 2 .... 84% P 1 3V4b 1925 1 ....94% 3 - 94% 3 .... 9 4 It 1 - 95 % Sw 8%3lB2fi 2 - 93 92% 93V4 4a Col 6 . T A 1969 _ J3 ???70 Barnadall C 8a ?er A 1931 I[ -106 . , Bell T ot Pacl 7s 1046 |Colu 1 -108 2 ....107% 4 -108 8 ....107% Beth stl con 6a 1948 2 1 1 rfg 4 5s .100% .100% .100% 1942 P m 5s 193? 2 - 93% S .... 94 % Braden 'Cop 6s 1931 3 - 99% Bklyn Edi Co fis sor A 1949 1 - 98 gen 63 ser 1930 1 -103 gen 7a eer 1930 4 -106 2 ....106 Bklyn R x 7b 1921 19 .... 91 ctfs of depos Cumber Tel 5 - 90 etfs of dep stamped 1 - 86 Bklyn TJ 6? 1950 1 _ ? Bklyn U Gag tem 78 ? 2 ....u Buft R & 1967 T 5% El 6% Jae 932 6 P 94 Bush Ter 5s 1960 1 .... 93 I Cal O & E 6s 1987 J - 98 Can Gen Elec 6s ser A 1942 J ....102% 8 -103 Can Nor Ry ? t gold 7b 1940 ? -113% ..113% ..113 ??112% 1946 ? --n3 -8 -...113% Can South 6s 1912 67 14 . . . . t>6% 39 _ 67 ' 1 _ ?7 % 2 - 67%I 5 .... 67%! 2 - 67 6 - 67% 10 - 67% 2 - 67 4b 3625 2 .... 83% 8 .... S3 % 4a C M <fc P Sd 1949 1 _ 73 8 72% S- Nwn lia 1936 .. 7C% Iwy 6s 1927 1 .... 81% R 1 & 91% . Bug 7%s '42 1 _193 Gen Kl dob fia 3940 1 _100% 2 _100 Op A Ala fis 1 B4f.. 84% Oor.rlrlch Co 6%s 1947 2 _101% a ....ioi% 1 ??01% Ocodyr Tiro * Rub b f 8s 1931 1 (500) 00% 99 % en 4a rfg 4s 1988 84<:, Kl'. 1934 ?4% 84% 84% 84% 84% 84% 3 . 15 . 1 . ? . 5 . 194i 2 1 '. 11 . 1 _..?,? G Trunk Rjf ot Can a r 7? 1940 1 ....113% 1 _11 3 s f 6s 193 6 4 -3 03%? Ot Nor 7s rer A . 99?; . 89% . 99'.* . 9 9 's ?9% . OS'S . 1 ! S .116 "t .136 .ne% 936 .111 .111 '.; St P ?.l s 1930 2 _ Ter H s 19C0 'hic Un . . . 6 %a ser C 1963 5 -114'.', 4% s Her A 3963 8 .... 92 ". & Weat Ind 4a 3962 1 - 77% Chilo Cop fi 6%s 1952 l -ion 30 ... .10'<:; 3 -103%' 10 -103% 4%.i 1961 C .... 94% On Bay & W deb B - ? "?, 1 .... 1 3 % 84-ft Hock In* Val & Oi 4%-) 1.999 ! 1 ' ... 8 7 ?5 87Tal 3 .... 88 & sIlTud ft Jl vfc 2 84 1923 20 1 11 .107% Il -108 -107 T ... .3075 -107T 1932 1 96% 95% 86% 95% f.r,% - 96% C?a Gas & Kl B%8 ser B 1961 5 -100 4 ....100% 1 -100% 1 ....100% Cirio-ln Gem p 1956 1 .... 98% 3 - 98% C C C & St L ref 6s ser A 1929 5 -101 4%a 1931 2 .... 92% CJev Uw Ter 6%s ser A 1972 2 ....104% 6 -105 6 ..C.107 . . ..105 F & I gen 5s 19 43 . 1 ... 92% Col & So 4%s 1935 88% am G & E 68 stamped 1937 2 - 94% Com'wlth I'd s f 6s 194 7 10 .... 90% 1 - 90% 2 - 90% 3 .... 30% 1 .... 90% 07,/ I 3 .... 90;,4 ?7%|con Coal of M 63 1950 30 - 91 6 .... 91% 14 .... 92 Crn Cork & S 6s 1942 ... 96 2 .... 9?% , 8 - 96 B[Cuba Cane Su cv db 8s '80 2 - 89% 1 - 88% 1 .... 88 T( 1 .... 89% 4 - 90 Cuban Am Su col 8s ?aai 10 5s 3937 3 - 93% Del ? Hud 7a Kan City So 193fr 3 -110 5%s '37 tem 6 -101 1 -101% cv 5s 1985 38 -100 Den & R g rfg 69 3943 30 - 46% 1 -46 Bg] ?H? 1936 , - - 83% ,D G Derry Cor "s 3942 8 -101% 2 ... .101 Del city Gas Kelly" Spgfleld 17 . 1 . 6%b 29 . Can 32 99% 99% 99% 1967 . 85 . 85 10 6s 1957 .... 61% - 6t .61 Hum O * Rfg Co ?%a '32 6 .... 99 2 .... 98 % 1 - 98% 1 .... 99 .1 Central 5%s 1934 S ... .101 1 -101% rfg 4s 1868 5 .... 89% Om 8a 1961 2 .... ?9-,-, II Steel 1940 2 . 4 % ? 92% 9 .... 9 2 % ni Steel 5s 1952 1 -102 ntbo-Met 4%s 1956 1 - 16% ctfa of <i stp 10 _ 15 % ntbo R T 7s 1915 20 16 2 rfg 2 13 . 97% . 97% . 97% 1900 . 71 % . 71 % 2 .... 71% 8 .... 71 % 5 .... 71% 5 _ 71% 15 - 71% 6 .... 7 2 10 - 71% ctfs of depon 10 - 70% 2 _ 71 18 - 70% 10 _ 71 6 _ 71% fi .... 71% 6 _ 71% Int Agrlcul 5s 1932 1 .... 80 7 _ 80 Int S Gt Nor adj 6s ser A 1941 w I 37 _ 52% 6 .... 52% 9 _ 52 24 - 52 V; 13, .... 52% Int Mer M 6s 1941 3 _ 93% 10 .... 93% Int Pap rfg 5s '47 sr A 89% ser B 1! 88< 88% 88% 88% 88% 88% 88% Invine Oll 8s 193) 2 . ... 08% 2 ... .100 1 .... 99 107% K C Ft'S & M 4s 193 6 81% 5s 1950 10 6 .... 10 92% 93 9 2 % 93 92% 93 93% 1 1 2 _ 3a 3950 14 .... 69% Kan City Ter 4s 1960 7 _ 8 _ 1 _ 10 _ 0 84 83% 83% 83% 88? 5s 1923 1 -100% net Ed 1st & rfg 6s sor B 1940 2 ....104% 1 ... .104 2 -104% 6 ... .304% ?Sa? La<* Steel 5s -304% 6a 1940 Det Rlv T 4%a 1961 2 - 90% Det U Rys 4%s 1932 d'i^4s(Di?m'd"MHtch ?;,, I B ? deb 7%s 8** 3935 I960 ?'ft Laclode Gas of St. L 1st 5s 3934 82% 1? - 82;* I .... szA _ ? .... 82 Cent Leather 5o 10if5 _ 1 - 98% Cent Pac gtd 4a 3.8*33 2 - 89% 10 .... 89U. Be T9S7 8 ....108% 11 .-..199% C*rro de Paseo cvt s f Sa 1931 5 ....122 1 -323 1 ....323 2? -...124 8 ....124% * ????124 * C b 03 & O rrv ^ 19?9 6a '3946 .... 96 ... 96% .... 95% - 98 ... 96% - 9? - 86% - 96% - 90 ... 96% ... 96% ?> - 96% Sn 4%s 1992 1 - 88% cvt 4%9 1930 1 - 89 C A Ait rfg ia 3950 6 - 52% 3%s 1549 8 .... 32 2 - 32% 1 .... M-S C B & Q Es 1971 ? ....101 1 -101% gen 4s 1958 l .... 91 I" 4g 1949 10 - 91% Chic & B II) 5k 3 951 ^Hk-uPont-Ve^fe^ore vt 1 1 ^^ 2 .... 84% C Gt Weai 4a 1959 6 - 68 8 .... 62% 3 - 62% Ch Ind & ?% lat ie 1847 > ....108% 3933 1 -108 6 -107% 1 -108 1 S6?..108 2 -108',? Duquerne Lt 7%s 1945 30 ... .307% 1 -107% 1 -: 07 % 8 _107'* 3s 3 949 2 -104% East Cuba Su 7%a 3 9?7wl 18 -300 ET V & G con 6s 1956 2 - 99% Einplro G & P A '37 94% 95 95 94% 95 95% 95 94% 94% 95 9fi% Empl 7%H 13 . 8 , 96% 95 95% Erie eon ext 7s 1920 8 -105% 7 -108% Pr In 4s 1696 5 - 65 ... 65% ... 65% 4s 3996 ... 62 7, 3 . gn ] l 6 . cv 4s a A 3 .... 62 52% 62% 62% 52% 62% 62', 62 ^ cv 4s s'b '53 3%g' ?962 10 84% ?4%! 8 .... 63? 8?%! Erle AG R" 6a 1957 1 - 95% Erle & Jer 6a 1981 1 - 96% Flsk Rubber 8? 1941 6 -106% 1 -107 i 3d..101% Tire gold 8s 1941 2 -108 I-Cayser 7s 1st mtg 1942 nterim rets 1 -105 3 ... .106 2 ....105% 92% 91% 92% 93 r, e a- w 1st 5s 3 937 95% 94% 95 4s 1931 93% Lehlgh ?>, 6s IMS 1 ... .104% en 4%s 2003 2 .... 92% Liggett & M 7i 3944 3 -318 La North-west R R 6a 1935 1 .... 77% 2 .... 77% .8 . 77% ?Long Is'nri'l gnl 4s 1938 1 - 86 Lo ri lia ni t'o 2 ....US Louisv ft, x uni 4a 3 04ii 1 -.-?? 92% At Knoxv a Cln d 4j 'fir. Manri 199 D .. S6% Ry 4s 6 .... 63% 4 .... 08 * .. 67% Manat? Su Co 1st 7'.?s "42 at2 ,???? 98 Market St Rv 1st en 6a '24 1 - 89% ,,7 - S9% Maria nrt O 8s ?921 y/ v/ar 7 -119 7%s s B '.'J 1 11% 62% Mex p'of Del 8s '36 ... .106% st?f.100 .... 106 % ....106% -106 - -3 06 "t Mich C 4s '40 90 Vi 81% 80% ? - 44 I 1962 M K A Oklft 4 .... 92% 6s 1943 ! 2 .... 924 ctfs of depon 2 ....02% 1 .... 884! r, .... 93 ' M K Si T iic\vjl*ac.k?rd Mot adj 5s sor A Car 8s tpm 25 . ... 68 1931 10 - 63% 6 -107 4 20 - n ?pan Am P A 63 41 Tran 7s 1930 3 25 26 6 4?? 20 10 834 6 ! ' ). 03% C3 4 63 t; 63?i, 63 4 03% f? 3 ?2% Pi-nn 7 ti . . , n ... ?Otfl 1886 r?s ?flc; 101 1930 ..109% . .108% 6 4? . .111 . .111 ..1114 .111 P 1 6s sec (' 2f .,.. 87% P 1 4h ser II 4 .... 71% Mn P Cs i?+?j Bar D to?-i i ....loi 4 .2 ...,101 G?t 19C5 2 .... y?t?i ir-.n 4b 1976 1 .... 65?, 10 00 (?fi 66 , ? 05% ? Jrmit Power Es 1943 99' Nassau El ' 1961 ?a 4 48 lS.il ? ....101 i ? 6.3 PiiiUb ly.-.y Nat ?uba Ci? i? 1937 1952 \ ? i ... .mi Piere?? New t: T v ? fi? --.r <v 1962 1 88 4 09 4 90% 99 W M N ? ? & 5b 1035 8 .... 77% ! :::: ??8 N Y Cent d?b 6s 1935 1 -105 0 ....104% 28 ....106 5s 201?, <3 .... 984 11 ? ? ? . 98% " ? ? . . 9SU 1? 98% ?j s '; 98? 98 4 88 4 88% 88 4 98% 4b 19 S 4 M C 1998 26 N Y 3 4a .. 80 4 Conner H-.vays 4%a 1953 f? .... 91% 15 - 8] y -V Y Dock Co 4s 1951 1 - 814 N Y Bdlson ls fi's, s ser A 1941 2 ....111 1 -1 1 0 % 2 ....111% 2 -111% NVjr Gas 13 L H ?t- Power 5." 194 8 1 .... 99% 1 - 99 4 N Y N II & j] 6s 1948 G - 83 4 .... 83 cvt deb 3 4s 1956 ... 514 O & W 4s 1992 N y 1st i _ , 7 lu 6 _ 75 - N Y Rys adj 6s 1942 6 .... g rfg 4s rtfs of depos 3942 1 - 36% N Y Sute" Ry <'on 4 4s 1962 x,2?- 7' N Y Teleph fis 1941 18 .100% .101% .101'? is 1000 .1004 a 1966 . 03% . 034 92 4 9-4 89% 904 87 4 90 '?uihern. Il y en Ci? inr.i a _102 u i _102% 2 _10S?' 1 _1024 2 _10*? 1 ...M03 4 _103% .103 6s 1994 0 P?-?? 4 s Peo 18S0 .... 92 4 ft E Inc 1900 .... 35 4 o ,<k Coke of Chic CS 1243 1 -109 fis 1817 ... 300 % Marq fis 135C 7 - 98% Phlla Co . ? ?ef A 1U?I 4 -1014 j ...?or J ,...101% 98 4 9? 9S\ 98% 98 4 98 '.'? 4 08'i 60 09% ?r? .... 69 4 1 _ 09 4 fis 193S .Moh A O dlv 1 - 78% So P Rico Su of N .1 7k '46 .102 5 _ 10 _ 4s 1966 2 _ 1. _ 1 _ 1931 1 61 1 gai 08* ..101% .'. 102 , .100% _ ....101 ^4 Stan O Cal "s 1081 2 ...,108% 1 .... 1064 2 -108% 1 ....108% Steel ft Til?n] 7s 1951 ....102% Term RR Asn of StL, 5s '44 1 _100 4 Third Av rfg 4s I960 11 _ 67 1 - 67% ftdj 5s lOHO 1 ? 62 lfi .-, ,. C1U Tidewat*?* on ? _ :?s f ?4a 1881 P C C ft .-u I I ? .,,.103 5s scr A 1970 Toi Edla?ri 7a 3 . . ..100 1045 Port Ry i, & 8 _107% F fis 1042 I Toi Ht I. & AV 8 .... 874 ! *? 1950 Ptod ? Rcfln 1 .... 75 Corp 8s xg%6 Un Bg & Pap with war ! 6r sr A lOi1? 1 -100% 1 -100% 1 _3 0" 4 7 -100% 6 _100 Union El 1, & P rff? fis '33 3 _ 93 Union Pncltlc 1st 4s 1917 1 - 94 cv 4a 1927 1 .... 854 1 .... 95 4 Un Tank Car 7s 1930 5 -103% T'ntd Dru? 8s 1041 r? ? m Un Ry of St T. 4s 103 4 1 - 64? t* S Rubber 74s 1930 -110 -137 Pub S of N J s 1059 6 - 88 2 - 88 Reading gen ?Is 1097 1 .... 85% BO - 86% 1 - 85% Rcmins- Arm "s 1037 1 Rep I & fis 1940 874 9*'?. S ti 96% 2 .... 96% lio (1 YV col -IR 1940 6 .. .. 6 5 4 1 .... 66 "A H I Ark & L, -14.M 193 4 1 ....824 St I. I M & ,s 4a 1020 1 .... 88% 4a Riv & o dlv 1933 2 ....86% St L RUy M ? P 5a lOfifi 5 .... 80 1 .... 88 St L &? S F 4s ser A I960 : I *i 74 1 - 7 4% 6s sor 11 luso 1 . ... 89 y. 1 .... 88? 89 - 89 sor C lo^fi -100% ... .100% . . . .100% *6 4s ser D 1945 6 .... 9 ? i ., f> - 96 2 .... 9?; inc Ga 3900 09 0 8 4 69 68? 0 8 68% 0 8% OS ? 68% 68 M . .104%! . .104 4 . .105 4 . .106% ? .106 % I ..105?| ..105% .1004 1949 0 . 1 . 4 4b 1936 1? ??.. 00% 10 .... 964 1 - 90% NT \v A iin 4 4s 1046 8 .... fifi 1 .... 644 ? 2 - f, 4 Norf A- ,So 1st fis 1001 TV*1'' VVA, 0i><?> IN or A TV" cv" ?107% I ....107 4 I ....107% I -108 i 1947 1 .... 804 l .... 80% l . ... 804 I _ R9% 1 - 894 1 _ 80', I - 80'A > . . . . 80'i l _ 89'-'. ! .... 8 9 14 ! .... 80 ! _ 80% 1 - 89% S Steel s f ? 3 903 I _103 ? _102% ? ....102? ' ... .102'; I ....1024 ! ....102 V, I -102"., ....10?.% I ....102% 1 ....102 M 1 . . . . 10-* t-, 1 ....102 4 registered 1 .....102 XTt.-ill Pw & T, fis 1944 2 - 92% 8 _ 93 4 3 ... 0 " . 1 - 93% Vandalia 4? ser B 3 957 1 . ... 86 Va-Car Chem 74s 1937 1 -105 4s 1932 ser A w St L ,1 g p ?dj 6s 1055 3 .... S3 2 ...,81? 1020 10 ....1104 v ????1194 ?Or Am Edl scr A 6s 195: Interim rets* 10 s7f St L 8w 6a 195' 1? . . . ? 4 3 . . . t? . . 3 . 78? 9 4 2 . 794 St I* M & M '?4s 1033 B 3 .... 00 Salts Co 7s '42 2 ....102 San A & a P 964| 4f 1943 ?? S!t s?b?r? a "' 96 ^1 con 6a 1946 9 95% 0 s Nor Pac ser P 2047 15 ....3 094 21 ....3 09 4 19 -309 rfg & imp 5s ser C 3 997 2 .... 99 1 - 994 9 9 % 9 9 4 4 - 99 4s 1997 11 ??.. 8 9 % ?4 - 894 3a 204 7 ?t2 - 64% Nor States Pr 5s Ber A 1941 4 - 94 93 4 10 7f. 66 Jt 65% 00-,:, no 06 2 -100 West Mttryld 4s 1052 2 - 66%. 1 18 O'ij 5s 194*!) 10 S? rflT 4s 1950 7 _ 4.1 4,'P 20 14 .... 43 4 5 .... ?:<t\ Shar st Uoop 1st Ss ser a 1941 ? .... 99% 11 .... 09% 1 -100 S h or S & So 5s 3 045 Nwn'nVn' Tel Slncl Con o?l 7s 3 941 j c'' 7 4s 1925 .107? 1 -3 07 4 2 ... .107% Ore Sh L 4a 3929 ?1 .... 92 Or-W R r & N 4s 3903 22 . . .-, 83 1 .... 831, 2? .... 83 ? ???? ia% 1 - S3 Otis Steel Co iny e 74s 2 - 95% ?3 .... 95>| Pic Coast fit 394C t,1 .... 83 Pac O A: E f'i 1942 93% 93% 94% 93% T 10 ser A 1! I 8 12 1 1 10 . , 3 . . 1 . . 1 . 1 . . Fin Cr O P 648 '25 rv A ;: ???? "?"*% 2 .... 90 So Bell T & T 6s 3045 - 97% Pacifie ? mil-, ... .101 ... 101 s6f. l 00 5i -1014 ... .loiu -101 ' ... .1014 -10] ' So col 1 7 4s 1049 . 88 4 91 01 K r'*fr 864 90 96 4 . '4 7 07% 97% 97? 0" Virginian Ry fis 1962 081 10 .... 984 6 .... 08", "?Vabat-h 1st ? 3 03 0 . . . .?on ... .300 5s C 4s '50 Warner S !'??* 1 at 7a I0 11 1 ... .3024 1 ...10"4 Vest Elec 5s 102.2 loo?; 4 00 West Pacific t? m 6s ser B 1046 fi .... 03 fis 104? 1 .... 80 2 .... 80 Weat'n Union 6%s 1030 1 _11 o ' ; 1 ....1104 Es 1938 l ....1004 44s 1950 5 -94 Wostirh Elec 7s 1931 1 -108 2 -1074 West Shore 4s 2361 83% 40 83' Wh & I. E 4 4a 1066 1 .... 06% con 4b 1049 , 1 .... 72% iWlck Sp Steel 1st 7s 1035 1 99 1 .... 99 4 Wilson Co 7 4s 194 5 1 ....105% 1 -100 3 -100% 2 ....1004 1 -100 1st fis 1941 3 .... 101 % 2 ....101% cv 6s 1928 1 .... 98 2 .... 98% 1 .... 98 3 .... o o ',; 08: 88%? os% 10 tabii ... 99 4 . . 98 bond it but tha Pac T & 6s 3937 1 .... 994 To ??-rure me prec (a ne'es.iar;,- to use . __. approximate yield c?.n roughly be fUrured out by the following formula: Divide the ciosin-r quotation on : bond into the rate of the annum return. If the bond Is selling oeiow par you must allow also for tho appreciation of tho pripolpal. To do this subtract tha market (?notation from par, fore maturity. For example, If a 6 per cent bond fs sellins at 00 and has ten years to run, the annual return will bo 6.68 per cent. Tile difference oetween par and the market price will bo 10 points, sub? tracting 90 from 100. Dividing 10 points by ten years tho quotation will be 1. This) | figure is to be adiled to 6.600, which is the Annual return, and the result. 7sf6 ?er cent, will ?jivo you die approximate yield. London Market Firmer LONDON. Oct. 2 -Prices were firmer on the Stock Exchange to-day. Ear pold was quoted iit 94f>; money was loanod at 2 per cent. Discount rates were: Short bills, 2%?Z% per cent; three-month bills, 2 9-16?ff2*;s per cent. Consols for money were quoted at 'b?^/i, British 6 per cent loan at 99% and British 4% per cent loan at 96*?*. Closing stock quotations were* Atchison.102%. B & O ..62% Canadian Pac. . 3 44 C & O . 70% (hg Grt WsrtJV,. 7 St Paul . 30% Dnv & Rio G... % KHe. J44 oo 1st pf. 23% Grand Trk .... 14 111 Cntl .112 4 ?*tti*vUle.133 ? K &. T. 124 N V Cntl . 94% Norf A- Wstn...ll7% Ont & Wstn.... 24% Pennsylvania.., 47 Reading.78 4 gnu i^y . ?44 Sou Pac . 924 Onion Pac .147 4 U S Steel.100 'A De Beer?. lj (Hand 1IU-?*..,, ft ?mJr Forty Years of Progress Forty years ago the telephone industry was in its infancy?still regarded by many as an interesting scientific toy but of little practical business value. The first telephones intro? duced commercially were leased in pairs and the lessee in many cases strung his own wire to connect the two telephones, as for example, from home to office. The first switchboard to connect telephone circuits was installed in Boston in 1877, and connected five banking houses, serving as a telephone system by day and a burglar alarm system at night. The first commercial telephone exchange was established in New Haven in 1878. Today the telephone service constitutes one of the mighty industries of the nation. Through the American Telephone & Telegraph Com? pany and affiliated companies the entire country is linked together into one system of intercommunication by exchange, trunk, toll and long distance lines aggregating over 27,000,000 miles of wire, or enough to encircle the earth more than one thousand times. There are over 14,000,000 telephones in the United States, joining 70,000 cities, towns and villages and approximately 2,500,000 farms. These telephone facilities represent an investment of about $2,000,000,000, require some 250,000 people to operate them, and take care of about Nineteen Billion Telephone Messages each year. The story of the telephone industry is a story of American achievement: a moving and in? spiring story of research by scientists who have devoted their lives to-the improvement of the telephone art; of the accomplishment of technical experts who have taken the fruits of scientific research and translated them into efficient apparatus for speeding the spoken word; of courageous financiers and investors who visioned the possibilities of this now mighty industry and furnished the capital for its development; and of the achievement of engineers who have carried the highways of speech under rivers, across deserts and moun? tains, to the habitations of men, that America might be a nation of neighbors. The Bonds of Telephone Companies have the elements o? both security and liquidity in high degree. Thus they enjoy an excellent market and yield a highly attractive interest return. They are the obligations of a firmly estab? lished and steadily growing fundamental industry forming an essential part of our com? mercial, industrial and agricultural commu? nities. The earnings of Telephone Companies show a steady increase from year to year. Even periods of industrial depression, owing to the necessity of .telephone service and its relatively small per capita cost, tend merely to check the rate of growth rather than to decrease the earnings. Because of their attrac? tive qualities as sound investments the Bonds of Telephone Companies have won the approval of our largest bond buyers, such as life insurance companies, banks, institutions, estates and wealthy individual investors. Harris, Forbes & Company was organized in 1882 during the earliest days of the telephone industry. We were one of the first investment houses to become interested in the purchase and sale of Telephone Bonds. We own and offer a comprehensive list of Telephone Bonds, which measure up to our exacting standards and have been subjected to our usual careful investigation. We shall be glad to discuss with you your investment problems whether large or? small, and offer you the benefit of our forty years of experience. Upon request for Circular Clll we shall be pleased to send a copy of our October Bond Lists containing offerings of Government, Municipal, Railroad, Public Utilty and Industrial Bonds. Harris, Forbes & Company Pine Street, Corner William, New York Harris, Forbes ft Company Incorporated Batten Harris, Forbes ft Company Limited Montreal Harris Trust and Savings Bank Bond Department Chica?-? Day's New Issues Dillon, Read & Co. are offering $6,132,000 first and refunding mortgage f> per cent gold bonds of the Ohio Power Company at 98%, to yield about 4.45 per cent. The issue is Series H, Series A 7 per cent bond to the amount of $10,000,000 being outstand? ing. The proceeds of the $16,132,000 bonds are to reimburse the treasury in part for capital expenditures pre? viously made. The American Gas and Electric Company owns the entire com? mon stock of the Ohio Power Company. The 5s are redeemable as a whole or In part on four weeks' notice at 105 be? fore 1927, and at gradually declining premiums thereafter. Blyth, Witter & Co. have purchased and will soon offer an issue of $1,235,-' 000 Pacific Power and Light Company 7 per cent cumulative preferred stock. The price and date of offering have not yet been determined. Sidney Spitzer & Co. are offering a new issue of $136,000 Trumbull County, Ohio, road improvement 6%s, due $17, 000 each October 1, 1924 to 1931, inclu? sive, at prices to yield, 1924 to 1925 maturities, 4.40 per cent, and 1927 to 1P31 maturities, 4.50 per cent. Watkins & Co. and Redmond & Co. are offering a new issue of $2,900, 000 City of Boston registered 4 per cent bonds, dated October 1, 1922, and due October 1, 1923 to 1967, inclusive, at prices to yield 3.60 per cent to 3.90 per cent. A. G. Becker & Co. are offering $2, 600,000 ten year sinking fund 6% per cent debenture gold bonds of Spiegel, May-Stern Company. The trust inden? ture includes strong protective clauses and provisions for a sinking fund which will retire approximately $2, 400,000 of the issue before the final maturity. The State of Ceara, Brazil, has com? pleted negotiations with the Mortgage Securities Company, of New Orleans, for the sale of $2,000,000 8 per cent bonds, due 1947, according to cables Item Rio d? Janiere, J.K.Rice,Jr.&Co.Buy&Sell Farmers Loan & Trust Stock First National Bank Guaranty Trust Harriman National Bank Hanover National Bank Realty Associates United States Trust J.K.Rice,Jr.&Co, Pimneo .000 to 4010 John. 36 Wiall St.. N.T. FRACTIONAL LOTS Your Inquiries Invited ' Send for copy of our "Trading Suggestions" Fleas? mention H-700 WILSON & CHARDON Memfcara Consolidated Stock Exch. of N. T. 62 Broadway New York Telephon? Whitehall 1064 STANDARD Oar ^?ff Summary? ? Upon ar? ? request Wheeling & Lake Erie Bonds j WASHINGTON, Oct. 2.?The Wheel-1 ing & Lake Erie applied to the Inter- j state Commerce Commission to-day for authority to issue $850,000 in 5 per cent bonds, -which will be deposited with the Treasury as security for a loan of $500,000. With the money which the road expects the government to advance and with other funds at its disposal maturing indebted??? of IV 800.000 will b? p?id off in v?*}> ^?^ with tli? balAAfi? Qi iti i?.4??>*?M*w\ I i An Invitation to Members of the A. B. A# The Convention of the American Bankers' Association now in session at the Commodore Hotel will result as have former similar gather? ings in the further advancement of conservative banking principles. New York City is glad o? its opportunity to welcome the visiting members and make their stay a pleasant as well as memorable occasion. Through direct private wire connections with prominent banks and bankers in many of the principal cities, we are able to offer a compre? hensive investment service. We cordially invite members of the A. B. A. to visit our offices, and place all our facilities at their disposal. W. A. H ARRIMAN & CO. INCORPORATED 39 Broadway, New York Telephon* Whitehall 4230 PHILADELPHIA CHICAGO BUFFALO SYRACUSE