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?s? MUNROE & CO. Eatabt?ahed 1$S? PARIS PAU Oldest American Banking House in France Commercial Credits Foreign Trade Information Collections JOHN MUNROE & CO. 100 BROADWAY NEW YORK To the Holders of S* S? Kresge Company 7% Serial Gold Notes The S. S. Kresge Company has called for redemp? tion as of Januan'' 1, 1923, its 7% Serial Gold Notes due January 1, 1924 to 1926 inclusive, at 102 and ?accrued interest. Notes maturing January 1. 1923, will be paid at par and accrued interest at maturity. We will purchase the above Notes es-Warrants at the redemption price plus accrued interest to date of delivery to u?. We will be glad to make suggestions for the re? investment of the above .funds in other Chain Store securities at prices to yield from 6.00% to 7.70%. Merrill, Lynch &. Company Mrnitri af tit Nea> 7~$ri Stork Eschar.rf 120 Broadway New York Uptown Office, 11 East 43d St. Direct Banking Service With France THE facilities of the French American Banking Corporation meet the requirements of America";i Business Men end Bankers for direct banking- service with all countries where the French language pvt: vails, especially France, Belgium, Switzerland, Egypt. Asia Minor, and Syria, besides the French Colonial Dominions in Algeria, Tunisia, Morocco, West-Cer. ral and East-Africa, Madagascar. Indo-China, Annani. Oceania and South America. We shall be pleased to furnish Bankers, Merchants and Manufacturers with specific information regarding this bruad ?service., French American B/vnkiimo Corporation Capital, Surplus and Undivided Profits, $3,937.000 67-69 William Street. New York City TAUT., PIRAN, rresitiMit > -Y????. TO THE HOLDERS OF Massey-Harris Company, Limited and Massey-Harris Harvester Company, Inc. Ten-year 8% Sinking Fund Gold Debenture Bonds due October 15th, 1930 >,ot!i? !s hereby k-lveii that jrorsuaot to Article Four of the Trust .a\*rreenierrt 'be? tween Massey-Harris Cumpa- ?', _?ltt*Jte_, Miasey? Harris Harvester Company, Ir.r., and United States Mortgage ?ml Trust Company, Trustee, ilateJ October 18th, 1920, there have been called by lot for naypient on <?v.tob?*r 15th. 1922, at 102"^, ?? of the principal ?mount thereof Tvlth arcru?'?) Interest, bond? of the above issue bearlnr Serial nunibors ? a follows: f002 0236 Of?; 0863 1138 1631 _ll? 247? T915 X234 8732 t'021 O?63 0593 088. 1W2 1893 ?11? 262? 2020 H?l? 3755 ?028 0259 0?02 0R84 114 t 1693 2117 26?7 ?:9?6 3317 875S ?023 0?87 O?O.j O&l? 1167 i,05 214? 2601 ?93I? 3346 8760 ?0J0 08.1 (162? 0(12? 3197 1736 8151 2685 2940 ?989 87C1 <I084 0884 0986 09:,7 121?! 176?! 2174 2>53? 26?8 8415 3778 4.0*2 0340 0687 0039 l?lT 1?B9 217<l 2643 .965 ?421 3779 ? OBS 084? 0691 004'* 3223 3817 2244 ?646 2695 3425 3780. ?>084 0360 06?3 0950 3205 103? 2247 2647 SOI? 3426 3810 ??017 0359 0603 0951 1318 1940 2204 ?661 ?022 3437 882? 0098 0363 07X7 0981 3321 1060 2262 2634 2?)40 S4S9 ?840 O096 036? 074'! uflfl. ia?4 200* 22S1 ?666 :;044 3493 S981?' 0104 03*3 0762 099:t l*t?i> 2011 2282 2661 2084 8628 8930, O?07 0392 07f,r. 0083 ?4:?6 2036 2301 2662 Kill 2532 3843 ? 117 0808 0786 099 1 146:5 2i>19 2303 273?> 3115 ??*1. 3344 ?165 0426 0790 1000 346? E023 2S74 2770 3131 864? 29?O ???171 0430 0791 3 02 0 1465 2025 ?375 2786 Sllis r> 6 5 r* ?174 0433 0783 102*. 14?: ' 2027 2385 279t ?144 308? ? 196 t>444 O? 16 7040 1470 20S1 2*10 2836 3145 3567 ?203 0443 0836 3 047 161" 2041 .411 2862 Sl?3 8688 ? 281 0432 0!.:.'* 309? 33., 1 2049 _*.? 2873 818? '.'?uii ?2$2 0,,21 0860 111. 35S5 2068 2441, 2384 8217 .889 ? 333 O?&t? 0SS1 111., ISIS 2114 2442 2912 3232 3699 Holders of such bonds um requested to present same for payment T^lth October l?th, 1922, and all subsequent coupons attached, at the principal office of the United BtktM Mortgage and Trust Company, f,3 Cedar Street. Borouyh of Manhattan, City of :Je<?** YorU. N. T., on October l&Ui, 1?22. Interest on the said Honds will ceaae on laid ?ate, and any coupons for interest pertainlrt* to any euch bonds and inaturitie after ?aid dalo shall become and be r.ull and void. Dated September 12th. 1922. fr MASSEY-HARRIS COMPANY, LIMITED and MASSEY-HARRIS HARVESTER COMPANY, INC. m Bank Opening in Wall Street A new Investment Corporation owned by a few gentlemen of high Social and Financial standing offer? large Interest to Banker who understands values in Government and Municipal Bonds. Already an active, well organized concern of highest standing in the "Street" with unusually bright prospect?. Could act as a Director (monthly Board Meetings), with opportunity of taking full charge later on. Amount required for Treasury Stock $30,000 cash. Qualified Principals only. Phone for interview, Mr. Taft, "8759" Bowling Green London Metal Market LONDON, Oct. 5.?Standard copper, ?pot, ?63 2s 6d; futures, ?63 12s Cd. Electrolytic, spot, ?71 ?s; futures, ?72. Tin, spot, ?163 12s 6d; future?, ?164 32? 6d. Lead, spot, ?25 2s 6d; futures, ?24 Bs. Zinc, spot. ?3-3; futures, ?32 ? ' ? Certificates of Indebtedness and United States Treasury Notes Appro*. Month. P. Ct. Tear. Bid. Aak. Yield. ? December.. 8 H 1?22 10? -' 3.35 ?December.. 4>-? 1922 100.16 - 8.35 2Jee?*mber 15. 4-\? 3?22 300.12 100.3? 2.75 ?March. 4?? 1WU 100?4 100H 8*0 2fav 20. 4*-. li?!3 3 00.43 3 00.46 9.98 ??.Tune. .!'? 3323 100 300V? S.65 ?September.. ,3*i 1823 3?0 100ft 8.63 ?June.. ??? 3?24 lO?-a 3??f.?*i 4 07 ??September. 5?i 1924 308% 30?6. 4.IS ?March. 4V 1825 101 lOltt 4.22 ?l:?cember.. 4?i 1921 100'i 3004 l.tt' 'March. 4?? 13310 1U1H 101H 4.24 1 '?Ce5ii*IKb/;r.. 4% 1??? 100 300.35 4.28; ?Acceptante ir. payn?ant of K?-?3?ra! taxe? ?" ' '"' '*"??* "* v. ' ' N. Y. Metal Market Tin vus quiet, with Straits quoted at ' 22(?'i?.25c; Strr.its ?h.pm?nts, 32.50c; standard. 32.62H.C, and 09 ner ????nt-, 82.5C@3S.23c; Straits shipments, 32.50c; et?-n?ard spot, (let, fru .?>.-., 1.3.2&C? 13.62W<\ af?-l r*i'f ?o"?'tic "-not. 0::t n-rl Nov., 13.C2^i?i4o. Lead easier; New York pcot, e.6Q<a!6.7&c? run: K?st St. Louis ?-pot 6.20@6.80c. Zir-e easy; New York spot, 7.0f? and East St. Louis spot, 6.60? 6.30c. -. a ? ??? Joint Stock Land Bank Bond? Bid. Aak. Ti-sld. Joint Stock Land Bank 6s. im-'Sl.101 103 4.(9 Joint Stock Land Bank 64s, 3.951-1931.1034 1?64 4.78 Jol-it Stock Land Bank ta. 1&3?-1924 . 994 1004 MB Chicano Joint Stock Land Bank DKa 19CI-I931. .. 3054 10C4 ?..60 Chicarro Joint Btook Land Bank 5a. 19..7-3?40- 994 1004 4.6* Chlcaao Joint Stock Land Bar.k 5a. 3951-1931.3024 30K4 4i0 : so Joint Stock Land - . ??M91?? . .3f?2?',i l??? 4.no Investment Information j Question* of gsna ral interest to in' . vestors will be answered in this col- | Uthn, in which caso only initials will I be \mcd. Others will be answered by ! mail. Address all inquiries, indos- j t'njy a ttamped, addressed envelope, to j Fit;?incid? Editor, The. Tribu.ie, 15* Nassau Street, New York City, ___?_I j Commonw-ralth Hotel Case To-day ?. ?s?<-(lor?.? "Will J."OU kindly favor r.n With j an'nptnlon regarding tho Commonwealth Hotel CoTiiti-i.'.'tion Corporation '. ??J. L. v>'. ! Arswer-Th: Commonwealth Hotel i Con ?time'?"n Corporation ?hua bffen selling stock f?V'five year.?, or more to construct si co-operatively-Owned h tel in New York, and construction work has voceiit.y hoc:1. commenced. Ko divi- i tienda have ever v??>i?n paid o:i the .-.toc.'., j Tho share.? are highly speculative, la this connection it may be sAitl ..?at tho corporation ha- brought suit against ? <:. '(". Sherwood, formerly connected] ivith tho organisation, on tho charge of disnemir.i.ting fnUo ?ttatomonta C?.1- ; culnted to depress the value of tho hotel company's stock. Tho cose was sched? uled to como ?ip September 22, but a ?bstpoiiement for tvvp ?weeks was asked] hv the pLiintid', nntl unless there m nother postponement tb-day the stockholders and the general f-ublic any learn much that ha* never been .nought .to lifiiii- in connection with financing the proposed ho'.o . Colonial Finance Stock " 'Question-?-'v,"(t?j'<? '.i"-tp very much to ob tp.?? through vom- column, a?vlc? an?! Information regarding tho parchase ' of Colonial Flfeanee Corporation stocks, also I'.iolr .r?;U'.i'.?-IV. H. It, 8. Answer?Tho Colonial Finance Cor? poration is a comparatively new or? ganization in r. field in which there is keen competition. Unless the holder of. its stock is in a position to watch ?iffairs of the company and assure him ao\i that the* management continues r?s efficient as the present one. he should stiele to higher grade invest? ments offering a smaller return. We do' not' believe inexperienced persons with a limited amount of capital are in a position to assume the risks in? volved. Needs $2,000 Cash Question?1 am 03 yo.-ir-? old, married ami ?importing an aged mother, 1 am a business man watching finanei-il contli tiors. but following the buslm??* dopra? iloTi'the interest an 1 part of capital were drawn upon. Will you give mo your opinion of tho following securities; $1.000 Marine 6s, ?lue 1941 : $1,000 Clarion RIVer Power flrr-t mortgage O'.js. due 1947; $2,'O0O French 74?, $3.000 St. Louis-San Francisco income Cs, ?0 ?hares Southern rnc-iflc, 20 ?har<?s Chandler Motor, in sharon Western Union, 10 shares United State? Rubber preferred, 18 shares Chase Hunk, 20 shares Western Power preferred, ;0 aliare? J. S. Young Company, 3 0 shares Cieat N? rthern preferred, :.,f? shares Atchlson, 20 aharea Texas Company. Am drawing about S75 salary from business and uarry $37,000 Insurance on v.-ifn ami mother. Also receive $45 per mfinth on debt an$ royalties. I will require. $2.000 cash in a tew rveel'.s anil will o:-il that amount of these securities and ask you to suggest which I Hhou'.l nail.?W. O. W. Answer?Your first three bonds are reasonably good investment, and the fourth, although an income bond on which interest is paid oily if earned, is covered under present operating con? ditions by a fair margin of earnings and might, therefore, he considered suitable for a business man. In sug? gesting securities to he sold for the purpose of realizing^ the $2,000 you need our primary object ?3 to raise the general average of security for your investments as a whole. We ad Viso'th? ?al? of Chandler Motor stock, asid enough of the Western Power preferred to make up the remainder. The _ stocks that you will have after making these sales are, individually, suitable for a person in your circum? stances, but we feel that the aggre? gate" of your stockholdings is high in proportion to the amount invested jn bonds. Better Seasoned Stock Question?Please give me some Informa? tion about Bosch Magneto 7s. also If you consider these bouda a safe investment'for ft workinginun with about $800 to invest. As this sum represents about all of my savings, I cannot afford to take any chanco? of losing out. If you do not con? sider these bonds a suitable Investment for one in my position, kindly name a few bonds paying around f, or 6 per cent that ? would be moro imitable, safet-.- being the . flrat consideration.?J. F. L. Answer ? Something; better seasoned ', than American Bosch Magneto should ; be selected for the investment of e j working man's savings. You would dc I better by taking the preferred stock oi ; seme proven company, and with this ir mind we suggest New York Telephone j 6-Hj per cent preferred stock, selline 1 recently around 108Va, for a return ol I approximately 0 per cent on the in? i vestment. Spe-cifics Interest Dates Question?Would be pleased to have yoi give me a short Hat of bonds suitable foi ?h?? in vestment' of about $30,000 for r widow having other income, but tor whon nevertheless eafoty should be. a great con sideratlon. Would like to net. or uverag? 04 per cent. Would like ? per cent in come tar? paid at ?source ? and psofer ir, terest coming March and .September o April and O'otbber. Would the followim list appear to fill the bill: Southern Bail way consolidated Ci. 3S94; Rt. Loula-Sai Franclaco,Series A 4s, .Series U Ds, Series ( 8k: Brooklyn Bdtson g?mirai 64". t?s, 7s Northwestern Bell Telephone ' 7s, 3941 Colorado S\ Southern 4a. 4 4s? ArrTericai Teleplione and Telegraph collateral trus 5s; Bush Terminal 5s; United States Rub I ber Cs, 74s; Atchlson general 4s. 1995 ! Lehigh Valley consolidated 4?; Lawyer I Title and Trust '.'ompar.y first mortgag bonds (also certificates); Tillo Gu?rante and Truat Company, ditto.?C. A. M. Answer?All the bonds you have un der consideration are good investment and suitable for your purpose as far a security is concerned. However, onl; one of them hears interest in th months you stipulate. The Atchiso ; general 4s pay interest in April an ! October and the company pays the j per cent income tax. The Bush Tet ] mir.al 5s pay interest in January an July, but the first 4s pay in April an October. We suggest for your $10,00 these two bonds to the amount of $2,00 I each and ?2,000 principal amount c I General Electric 5s, 19B2; New Yor ? Telephone 6s, 1941, and New York Cer 1 trnl refunding and improvement 6 ?2013. Should Not Expect 7 Per Cent I Question-?-Having read your investment : Information with Interest, 1 am asking for I a little persona! advice. I am a widow, I Flxty years old, living ou a very email In- : oome. 1 have on hand $1.000 to Invest In , ?something that Is considered i=af?2 that will, I If possible, yield me 7 per cent. I am In ' no sense a business woman; have had *.io | experience and have r.o knowledge of in- ! vestments. With my small income, of | course, eafety must bu tlie lirst considera- i tlon. T have bean advised to buy Hartford ? Fire insurance find also Columbia Trust ! Company of New York City, but these yield I only 6 per cant.?Mrs. J. K. H. Answer?Since you are dependent on | the income iron; your investments and cannot afford to take any rii<k you j i should immediately change your notion ' 1 of the return that may reasonably be i expected of 3noney under present condi I tions. Seven per cent is no longer ' compatible with perfect safety. The | Hartford Fire Insurance and Columbia Trust Company stock? are suitable, I yielding as much as you can expect to j obtain. New York Telephone 6t_ per | cent preferred stock, selling recently ? to return about 6 per cent, is also suit i able for you. Four full column? of in? vestment questions and an* swers will be published in The Tribune every Sunday j and Monday. On other days j one full column icill appear. Irregular Trend In Active Trade On Curb Market Profit Taking in Oil Group Serves to Check Ad? vance*. .*. ludiistrials Hold tin Well; Tone Steady Although trading continued cctivc en thfl curb market r.nd the tone war, ?;.;c:ier?'::y i jotrad |o i and price? Industrials Sta?dard and Ntw Gill Satos. BPflO ?'.' 000 0 ?'_ ?teady, profit taking sales :hcc? tii.' upward tendency at tiia close were irregular. hold firm. o_ Indian.1, grained a polr.t JforK shares moved up t? il ?an tu city stock held ? Vacuum lost 7 points, tates Oil was active around tuMoment of completion of by a subsidiary i:i a hith ?uctlve field. Safety Razor omrcd a gain .; at 240, while New Jersey ?y ' ?.?pother point. Durant ci) to 60 with n rally o/ ,12 points. Itt<_ asir?ais Hi i-i'i D8r*i 3Cr' 19!'j 3 a\ Low. Last. 65 68 r.s as HO.% 14 is 96 % io.% 154 .1 10=? it 48 86% 10 4 1 ??4 400 Cbl Nipple. ... 4 60 Colortrto row.. 3V 4 fin ?Colombia Fin. 8S JOO Conloy T Pott.. 13% 2809 Cont Motors.. 101? 4J?.0 Cuban D Sugar 6% 300 l'j'.illler ? & l? C"i 4700 Purant Mot. . . 47% .SO G?letto Saf F...23! .00 den A 1.1 CORl. c>7% G00 Cloodvoar Tire. 9% 500 Haynn Wheel. . 33% 1S00 Herder* Chen*... 1 'A ;:oo HudRon Co i.?f.. 14 V. f.00 Inter Pubbnr. . 4 % too K'tielmer pf.. .300 24 r.ehf-ih Valley. 80 100 Lelil?; h Power.. 18% 800 Llbby McN new 10 100 do old. 2'* 800 Lincoln Mot A. 2 3 00 M.icy & Co w i 61-ii 400 do pf '?' i. . . .330 2500 Mercer Mot. . . ?% 0400 do v t o. 24 P00 Mesabl Iron... 11 100 Nat 1 Leather.. 9 "i 303 N Jersey Zinc.30 8 4 4% 27 86 18 U 10V. St CO 240 67*4 3 0 K 3 yi 1% 15 4 T? 10O 60 18% in !? 3 H 8 4 4 ?7 S3 13 U 10% 6T> 6% 47% 28.1 574 !? 4% ?7 ?S 13U 10* o 4 6% 60 239 57 % 10 83 ?i 1% 15 4% 300 SO 18 % 9 4 2.H 2% 61% 81% 10? H 109 V 8 2% 2% :; ?V? 2 % im ?i ?i 9 % Mi 9 % 163 m 163 88% ?% 14 V? 4% 100 80 18 H 9 4 110 350 M Y Tel pf....l08% 10&4 109% 109' 3 00 N Y Air P? pf. 1000 Packard Mot. . 154 20 do pf. 80 300 Phllllpsborns... 44% 600 Perfection Tire. 1 3 ?00 Philip Morri? . 18 V. 4500 Prlnift Radio. . 1,V 3 000 P.artio. 4 4 8200 'o pf. 8% 1T00 Reo Motor Tri: 181? 400 St Lav.- Feldsp. 8 ?U ?200 Schulte .Stores. 49 9 000 ?South C i I.. 4 7 100 Stand O * E pf 48 Vi 100 Standard Mot.. S*? CMC fitut. Motor.. . 20V. 400 Swift Internat. 24 10 Swift & Co_109 200 Technical Prod 5% GOO Technicolor Cp 254 ?too Tonn Bl Pow.. 16% 8 00 Tobacco Prod.. 7 4 16 Todd Ship. 84 Vi 5 2 4 10 V? 80 1 19 52 4 184 89 4<4 1 18% 3 00 U S Distribu?. 200 V S Lt 6t H.a. C00 V Profit S h new 2C00 TT Ketal! Candy 100 Union C'arblde. 200 Wayne Coal. . . 8 00 *W End Cher.1, 3 00 AVlllye lat pf. . 230ft Wlnther Mot. . 18% 8% 40 49 48% ?l% 24 109 6% 25 % 17 TV? 64 4 20 4 4 18% 9% 48 4; 48% 8% 20 4 28% 109 23 4 16% C4 8% 63 16 89 444 1 18% 1% 4 4 8 A 13% '?% 48 4? 48 Vi 5 % 21 Vi 23% 10? 8% 25 4 16% 7% ?4 Vi 80 1% 7 4 74 64 3 T? ?3 16 9% Standard Oils 7200 1800 20 208 0 .00 275 110 370 20 30 2800 40700 980 435 Anglo-Am Oil.. 22 % Atlantic Lobos. 9 Vi Eureka P L.. 93 Imp Oil Can.. .119 Indiana Pipe. . 98 National Trans 26 4 Ohio Oil.?19 Prairie O & O..655 Prairie Pipe. ..570 Solar Ref.380 Ho Per.n OIL. .220 S Oll of K.v. . S Oil of Ind. . S Oil of N V. Vacuum Oil.. 22% 21% 311 94 8 8 98 97 97 1204 116 V. 120 .110' .12.-, .570 .593 98 36' 327" C67 277 380 220 9.1 315 6 35 27 0 880 220 1104 309% 1104 1264 128% 124" 680 667 676 600 G75 676 98 38% 326 0?0 .77 860 220 Independent Oils 200 Aetna Cons_ 2Vi 1000 ?Allen OIL . . . 21 2200 Alean Oll. 1 % 1000 ?Allied Oil_ 8 200 Arh Nat fias.. . 10% 2000 ?Boon?* OIL ... 12 2500 ?Boston-Wvo. .100 700 Cat lb Synd_ 6 5.0 Cities Service...200 1700 do 1? ctfa_20% 100 do pf. 69% 200 do pf H. 6 4 100 Creole Synd. . . n 6000 ?Engineer*- Pet 25 100 Equity Pet pf.. IB 13000 ?Federal OIL . 85 700 Pen.land. 15 3600 Glenroeli OIL . lA 500 Granada OIL .. 3 Vi 27000 Qull' Oil w i. . 66% 12000 ?Hudson OIL . 14 7900 Int Petrol. ... 224 12000 ?Keystone Kan. 39 200 Klrby Pet. .... 6 , 2000 ?Lance. J ! 600 Livingston Pel. 14 ; 2800 ?Lyons Pet. ... 77 900 Maracaibo Oil. 19 1400 Marland Mex.. 6 486 Magnolia Pet..220?; 1700 Merrltt Oil_ 8'^ 1600 Mexico Oil_ ly> 20000 ?Midwest Tez.. 22 3300 Mountain Prod 16% 16000 Mutual Ref_ 11% 400 N Engt Fuel.. . S0% 1600 N Mot Land. . 2 t; 16000 ?Noble Oil_ 22 ' 200 "do pf. 65 V00 No Am Oil. ... 2'? 3000 ?Ohio rUnncr. fi 23 00 Omar OIL . . . 2too Pennok Oil. . 21000 ?P.ed Hanks. 300 P.yan Con?. . . , 700 Salt Crk Prod.. 17 700 Stilt. Crk Cons.. 21 700 So.pu)pa lief. . 1100 Seaboard. 1300 Shell Union. .. K600 Slnims Pet. . . 3000 ?South P & H 400 So State? OIL 100 ?Tex Ken. 63 '" 2000 ?Texan O & _,. 47 1000 ?Texas Ranger l 4200 Turmun. 1?}' 1000 WDcox Oil_ fi OO'OO <*Y Oil. 12 21 1% .1 10% 19 106 ?4 202 21 26 33 Sii 16 IVi 1% 66% 15 22% 41 2% 21 1% a 10% 12 98 6 200 20% (?4 ?4 a 2 S 15 8;) 14% 1% 14 66 14 22 % 38 14 80 19 4 6 4 227 8 4 14 29 16 4 12 80% 3 4 25 65 1? 76 19 6 T? 219 8% 1A '2 16% ?11% 60'.i 2 4 2' Bl i% : 3 10% 13 100 ?% 203 80% f? 8% 64 3 25 15 84 14 4 1% 14 664 I 14 22% 38 H 4 14 79 19 6 222 V? 29 16' 11% 80% I , K'' 24 6% % 3 4 1% il 4 1S%_ m 8% 26 6 4 18 4 11% 14 11% 17 11T? 63 48 65 2% e m 24 '' 6 4 17% 11 3 4 1% .13 11% 17 18% 68 , 46 3 6 ii 1J !? ?5 6Vi 18% 114 3% 1% 13 U% 17 3 8 4 63' 4.1 1 1% 6% 11 Mining 200 Alas;:a-Br Coi.. 24 24 24 ?4 15000 ?Am Command 0 o o 6 .1000 ?Belcher Ext. . H 8 7/7 10000 ?Host ?S: Mont. 0 10 9 ' 9 15600 *Bos & M Cons ";"? 83 75 80. ! 1000 ?Cal & Jerome. 18 IS IS 18 5000?Canada Cop.. 2 2 2 3 700 Car.ario Cop... 24 24 24 ?4 20700 ?Candelaria M. 57 . 68 65 68 1000 ?Cork Prov... 16 -IS 18 1? 800 Cons Cop M. ?. 4 4 4 4 4 4 ?4 7000 Cortes Sliver.. l? 3 4 1-? 14 300 Cresson ?old.. 24 24 24 24 3000 ?Crown Beaerv TT? 27 25 27 3700 ?Dean Cons.... 52 it 11 64 200 Dolores Bspor. Hi 1% 1? . 1% 300 Dryden Gold.. 0*| ftt, 6% 64 15000 ?Emma Sliver. 2 2 2 US' 11000 ?Eureka Croes. .10 31 SO 80 ' 3000 ?Fortuna. 10 10 10 10 ?.6000 "Gold Peep_ 8 7 6 7' 6000 ?Gold Pev. 10 30 0 10 13000 ?Ooldfleld Flor. 14 14 13 IS 2000 ?Goldlleld B B. 2 2 2 2 1000 ?Gold Zone_ 0 0 fl 9 4300 ?Henrietta Bll. CS 60 CO 02 14000 ?Hard Shell... 10 10 0 10 ?000 ?Harmill t>!v.. 7 7 7 7 6100 ?Hilltop N'ev.. 92 PS f?2 93 200 Holllnger. 1S'4 134 1*4 33" 400 Hnwo Sound... 34 34 SVi M 2000 ?Indep Lead... 4.1 48 47 47 ?200 Jeroms V ?>lv. 3 3 '?v. ji 0000 ?Lone Star.... 13 12 n \\ ' 6000 ?McNam Cre?.. 8 3 8 8 12000 ?Marsh Mitt... 13 34 ' 33 34 20000 ?National Tin.. i> ?>0 27 J? 3000 ?Nevada Ophlr 20 20 20 ?0 900 New Dominion. 24 ?4 3 8 100 Nlplssing. 6 4 6 4 Ct.", 6 300 *N Y Porcupine 84 64 6( G4 sooo ?Ohio Copper., 2" 28 27 ?"?, 100 Park Utah.... 5 4 6 4 6 4 6 3000 ?Portland Gold 32 S3 82 32 3900 Ray Hercules..- 14 J t? 1 u j 2000 ?Rex Cons.7 7 7 7 2000 ?Red Hill Flor 5 E 5 6 7000 ?Sandstorm K. 4 4 4 4 3000 ?Silver Bale... 15 35 16 16 4000 ?SU M of Am.. 11 11 31 Jl 1000 ?Simon Sll L.. 45 46 45 4( 600 So Am F A G.. 4 4 44 44 ? ,17000 ?Spearhead- 13 38 11 1| 8000 ?Stewart Mln. . 6 C ?3 1 11000 ?Sutherland I>. 2 2 1 3000 ?Huccega Mln.. 44 44 43 4 7000 ?Teck Hughe?, 86 88 84 8 3600 Tono BeJmont. 1/, 14 ifx 3000 ?Tono Cashboy. 11 11 11 1 7600 ?Tono Divide.. 79 83 79 8 5208 Ton Bxt. ?4 3,?? 84 non Tono Mlfilnj*. '.'' :'?, $12,500,000 The Milwaukee Electric Railway and Light Company 5% Refunding and First Mortgage Gold Bonds, Series B Dated June 1,1921 Due June 1,1961 Principal and interest payable In New York. Interest payable June 1 and Di-cember 1. Redeemable as a whole, or in part by ltrt, on any interest date to and including June 1, 1923 at 105% and interest, with the redemption price reduced Va of 1% during each two-year period thereafter. Interest payable without deduction for any Federal Normal IncomC'Tax up to 2%. Pennsylvania Four-Mill Tax refunded. Total Refunding and First Mortgage Bond? presently to be outstanding. $12,500.000. By mortgage provision, the Company covenants topurchape and retire 1% per annum of these bonds if obtainable at or below pai and interest Centrai Union Trust Company of New York, Trustee. Application will be made in due course to list, on the New York Stock Exchange. tSSUK AFPROVEf* BY THB RAILROAD COMMISSION OF WISCONSIN These bonds become a first lien on the Company's entire mortgaged property by December 1,1931, by the terms of the Refund ng and First Mortgage. Mr. John I. Beggs, President of the Company, summarizes as follows in a letter to us regarding theze Bonds: Business?The Milwaukee Electric Railway and Light Company, which forms an important part of The North American Company system, owns or controls the entire ?central station electric light and power and steam heating business in the City of Milwaukee and suburbs. It also owns and operates substantially the entire street railway business in this territory and furnishes most cf the int?erurban railway service throughout an extensive surrounding district'. The company also supplies electric power to nearly all of the utilities in the southeastern section of the State of Wisconsin. The area served comprises more than 4,000 square miies and has a total population in excess of 850,000. Earnings for Ten Years Nearly Two and One-half Times Interest?Net income after taxes, available for in? terest, depreciation and dividends, for ten years ended December 31,1921, averaged 2.44 times annual interest charges on all bonds from time to time outstanding, detailed results being as follows: Years 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 Gross R?evenues $7,009,823 7,507,045 7,566,021 7,482,806 8,891,409 10,309,614 12,145,874 15,033,986 19,064335 13,463,532 Net Income S2,988,044 3,121,960 3.139,247 3,072,108 3,669,002 3,445,894 3,063,158 4,679,710 4,275,442 5.149,158 Interest cm Funded Debt $1,346,051 1.404-372 1,452,460 1.452,460 1,354,925 1,217,670 1,418,492 1,731,650 1,733,766 1,896,887 Balance $1,641,993 1,717,588 1,686,787 1,619,648 2-314,077 2,228,224 1,644,666 2,948,060 2.541,676 3,252,271 The annual interest requirement on the total funded debt which will be outstanding in the hands of the public upon completion of this financing is $2,073.210. On the above basis Net Income for the twelve months ended July 31, 1922 was more than 2 82 times this annual interest requirement. More than 62% of 1921 Net Income was derived from electric light and power business. 22-Year Dividend Record?The company h.a. paid dividends as due since 1900 on its preferred stocks ($7,761,000 vu v outstanding) and commencing 1903 has paid dividends annually averaging 8% on its com? mon stock, $9,850,000 now outstanding. Security?The Wisconsin Railroad Commission's valuation of the physical property, with subsequent capital expenditures to July 31, 1922, aggregates $58,151,284 (exclusive of $2,545,266 of materials and supplies on hand) against which there will be outstanding in the hands of the public, including the present issue, an aggregate of $36,547,000 Refunding and First Mortgage Bonds and underlying issues. ? The Refunding and First Mortgage will become a first lien on the company's entire mortgaged property by December 1, 1931. These bonds are secured by first lien on certain distribution system property in the City of North Milwaukee, by direct pledge of all outstanding securities on certain central station property in the City of Milwaukee, and by direct mortgage lien, subject to underlying mortgages, upon all other fixed property of the company now owned or hereafter acquired. The underlying bonds outstanding in the hands of the public amount to $24,047,000 in addition to which $5,160,000 are pledged as collateral to note issues upon payment of which the underlying bonds released to the company will,.under the terms of the Refunding and First Mortgage, be pledged thereunder or retired. Purpose of tssue-T-Thc proceeds of this issue will be applied to the redemption of $7,822,000 outstanding funded debt, (including the $4,950,000 Series A Bonds outstanding under'the Refunding and First Mortgage) to the reduction of floating indebtedness incurred for property additions and-to provide funds for further p-dditions to the Company's plants and system. Wec?er these bonds (or delivery vrhen, as and if issued end received by us, subject tc approval of legal matters by counsel. Price 92% and Interest. To Yield About 5.50% further information is contained m our circula; which may be had on request Dillon, Read & Co. Harris, Forbes & Co. Spencer Trask & Co, Tha uMtw-m-tHM* cocta'me-i in _*U aW??rti*ea___t b_s been obtti?id from mure? wtucfa ant ?taauiat re?aWe. While flu* tuaiatiecc. it a? ?ccroeeei by tit ?< ?ecu-tr? Sales. 1000 ?Tor.o Vor Star 3 '?00 ?Trl-Bullion.. . 8 SO00 ?Tuolumne.. . . 50 200 Unity Gold_ 3 4 6100 Unit*?] Eastern. 14 2D00 *U H Cont. 13 1000 ?Victory Dlv., 2 5 300 Weal End C... 3 4 10000 ?West End Ext 5 1000 ?Vt'ilbert. ? ?Keils c<*nt* a. share Bonds Open. High. Low, Last. 8 62 "4 13 14 8 60 3% 14 18 2 14 14 13 17 $2 Ailled Fa?.k 6s. . 77 fj do 8s. 00 90 90 90 15 Aluminum 7e '23.1064 \0iM 1064 1064 3 2 Am Cot Oil 6b.. 99 4 09 4 9?4 9?4 5 Am Lt & Tr 6s..3094 1104 1094 1104 2 Am Rep Corp 6s. 01 62 81 93 b Am Tel 6s '24...1014 1014 1014 1014 1 Am Tob 7?.101% 1014 1014 1014 7 Anaconda Cop ??.1014 1014 1014 101% 3 do "s 1929.1034 108% 1084 1Q34 4 Ang-Ani O 74???108% 10*4 1034 1034 19 Armour *. Co 7s. 105 105 105 105 2 At G ?fe W I ?s.. 604 684 664 664 6 Beth Steel 7s '23.1064 1064 106 4 1064 14 do 7s U86.1024 1024 1024 1024 2 Can N Ry ?q 7s..Ill 111 111 111 !i Cent Steel 8?_1074 1074 1074 107V? fi Char Iron 8s_ 88 98 86 4 95 4 1 Cities 6er 7s V.... 92 92 82 92 f? Cons Gas 7s.1004 1004 100'.', 1004 2 Cone Gas Bait 7S.109 109 109 109. 19 do 6 4a.1004 100 4 1004 1004 1 Cop Exp is '25.. 1084 1034 1084 1034 2 Cudahy Paclt 7s.101.4 1014 1014 1014 1 Deere St Co 74s.1024 1034 1084 1024 35 Det City Ga? 6s.. 1024 1024 1084 1024 2 Brnp G & B 6s. .101 2 Fed L B 4 4a w 1.101 4 Oalena S O 7s. ..106 4 804 101 101 101 101 101 101 1064 1054 1064 1 Gen Asphalt 8s. .1084 1064 1064 1064 1 Gulf Oil 7s_. .1034 1034 1034 108'4 6 Hood Rubber 7s..1004 1004 1004 1004 17 Inter R T 8?_ 864 97 06% 97 2D do 8s ctfs. 364 964 864 S3 Kansas Gaa Cs. .. 984 99 984 13 K City P <fc I, 5s. 934 934 ?3 93 ? 3 Kenneeott C 7a, .105 105 ?? 1044 1044 2 Kings Co Lt 048.1004 IOI4 1004 1614 7 Lactede Gas 7s. .1014 1014 1014 10l4 4 Llbby McNeill 7s.l024 1024 1024 IO24 1 Manitoba Pow 7s. 99 98 99 88 ?3 Neb Pow Cs. 80 V. 89 4 80% 90 4 l.Nntl Acme 74?. 984 984 98 88 15 Nati Leather 8s..101 101 1004 101 1 NT NH & H 7?.. 844 8*4 844 844 5 Pub Her N J 7s..104 104 4 104 104 4 3 Robert Galr 7s.. 89 89 88 4 90 ? Sears-Roe 7s '23..1014 1014 1014 1014 33 Sinclair P L Ba.. 85 85 65 95 3 Sugar States O 7s ?8 98 88 96 2 Solv.iy otiCie 8s.1064 1064 10?4 1084 15 Sheffield F 84s..l014 1014 1014 1014 1 S Oil N V 7a '25..105 105 106 105 27 do 7a 1926.1004 1064 1064 1084 4 do 7b 1927.1064 1064 1064 1064 1 do 7? 1828.1064 1064 1064 1064 2 do 7o 1980.1094 IO94 1084 1084 6 do 7? 1931.1094 1084 IO94 1094 105 do 6 4h.109 4 109 4 109 4 109 4 3. Sun Oil 7b.1034 IO24 1014 1024 14 Swift & Co 7o '31.3024 1024 1024 1024 1 -4 0 do 5?. 97 97 064 964 12 Union Oil col 8a.l014 1014 1014 1014 1 Un Ry Hav 74*.1044 1044 1044 3044 7 Vacuum Oil 7s, ..108 4 108 4 1084 108 4 a Wayne Coal 6s.. 70 70 69 4 6*4 Foreign Bonds 18 Argentine 7s.. . ..1004 1004 100 4 200 Bremen 4s.66 .57 .65 1 Can B 3 1?. 854 85 4 88 4 8 French 4?. 47 47 47 159 King of Neth 6s.. 9*4 85 4 84 4 3 King of Serb 8a.. 834 844 834 1 Mex Govt 3a.11 11 H 1 do 6?. ..10 18 16 2 do 6a. 554 664 55 320 NTNH&H fr 7?. . 704 714 704 S Rep of Peru 8?.. 9? 4 100 99 4 2.1 Ruw ?4? ctf?... 12 12 114 1 do 6 4?.. 13 18 IS fi do 6 4s. 18 12 12 12 8wl?s Govt 6 4?. .104 4 104 4 104 4 14 U 8 Mox 4?. 39 394 384 are?. 1004 .67 ?5 4 .47 IV* 8*4 11 16 65 70 4 100 114 12 12 104 4 084 Total sales stocks, 696,200 ah To?*! n-iles bond*. .?t.S2n Ortn. Miscellaneous Markets Public Utilities Secnrit?e?. Adi P & L 24 do pf .. 95 Am L Tr.137 do pf. . . 94 A G St E1.173 do pf. . . ?.? Am P & L.138 do pf. . . 68 A-tn P Utl. 18 do pf... 83 Appal Pw. 27 do pf...l30 CarPR & L 5? Cntl Sta F. 9 do pf... 70 Cities Sve.200 do pf . . 70 <So bk ?h 20 4 do7r?-dsB130 do C ... 96 do D... 914 do pf BB 66>-i oo pf B. C4 do ush o 77 do stk C.183 ?Colo Pw. 2? Col Pw pf 80 20 97 140 98 179 | Bid icp n ?t L ?t . do pf . . 65 D?tBGE7pf 24 BG&B 6 pf 85 464 ElB?fc9h pf 95 Km DE pf 70 EGA F 8 pf 60 FdlL.fr. T. 27 do pf. .. 72 Gaa Se 6 pf Si G&E3 7 pf 08 ?Nu Sta P 0? ?do pi,. 83 Rep Ry Lt 13 do pf. 142 10 . 74 250 70 4 So Cal Ed.l?S 20 4' do pt. . .123 ? ?Std G A E 20 do pf .. 48 Toi Ed 7 pf 8 7 U L & Ry 07 do 1st pf 7? Wetn Pwr 41 ?do n pf 83 ?Ex dividend. 94 4 ?7 4 6 4 ."4 33 68 25 80 87 . 76 95 89 78 74 76 100 96 16 43 110 326 Cl r?o Bonds AG?StE6s99 100 (El Poso Sa. 77 84 8.4 Mt C P 6s. 864 W O J Se. 102 4 104 4 Wls Ed 6s 99 100 AmPAL 6s 98 Appl P 6?.. ?i04 8?4|UL<feH6a 93 Chrel I 8s 96 4 97 Col Pw 5a. 82 4 94 Standard Oil Companies , Bid. Asked. Eld. Asked. Anglo Am.214 '?'? Pr. Mex F. 30 26 Atl Rfg..l225 3275 Pr O & G.655 665 do Pf...ll9 118 PralPL. .273 277 Borne Scr.420 435 Solar Ref.375 385 Buck P L. 97 88 Sou PL.. 97 89 Cheabro . .225 250 Sou Pa O. 220 225 do pf.-.llO 115 SW Pa F L 00 64 Contl Oil..146 149 *8 O Cal.. 129 ISO Ores P L.. 86 S7 *8 O Ind. 124 4 3 24 4 Gumb P L160 160 S O Kan..605 016 Eur?c P L. 88 98 ?SO'Ky. .110 1104 G8Opfn.l02 105 S O Neb..210 ?20 dopfoldl08 112 ?S O N J.221 223 do com. 60 65 do pf.. .117 3174 Hum O&R240 ?50 SON Y..575 680 III P L...173 175 S O Ohio.525 645 Imp O Lt.1194 1?04 dopf...U3 120 Ind P L.. 96 98 Swan <fr F 80 32 Int Pet Lt 234 '-13 UnTkCarllO 116 Magn Pet.224 226 do pf...l09 132 Ntl Trna. 26 27 Vacu Oil..578 6S0 N V Trns.171 175 Want. OU. 22 2i Nor P L..110 112 ?Par 825. Ohio Oll..322 BS5 1 Miscellaneous Oil Companies Atl Lobos, 7 4 do pf.. SO BrAmO Lt 34 GnltOnw. 68 1 Merr O Cp 8 4 Mtn Pr Cp 16 84 40 36 064 Mutual OH 114 8 Ck Cn O 114 S Ok Pr A 184 Sttpul Ruf. 34 &4iYVSt 0?feL .25 MA? IS 114 18 4 34 .35 Miscellaneous Stocks Atlas P C. 60 ADT N J 14 ?Am Ltt.. 14 4 do pf.,. 40 AmThd pf 4 Am Typ F 60 do pt... 96 BushTpf. 72 do 1st pfl06? B II Spl. . 98 Bab * W..111 City Invat. 61 Cr W .. 50 Child? Co.US Celluloid . ? "Ex dividend D ?. <fe W. ?8 Draper ('.ISO Kxc Be. . . 30 Ir.tl Sll pf.100 Lh Vly SC 78 Ntl Cskt. . 75 ?Nt Lcrc pf 80 NPtfeTy pf 98 Phelps D.163 Ryl Bkg P107 do pf.. . 9* H'H L.. 80 ?Singer .. 93 StLMRA P 33 VanRaalto 47 W &. P.... 92 Yale. ... 310 Steel and Ordnance Stock-? Atlae PW..138 148 Colt A ... 35 37 East Steel. 20 30 1*4 15 60 44 G4 ? \ 108 100 121 65 60 118 95 Hmo Pwr. 192, 208 do JOS NSlea B P. CO do pf... 87 Seov Mfg.320 W'oodw . . 35 Win C nw 1". 85 85 102 173 110 89 h i' II"' 38 50 250 45 New York Bank Stocks Bid. Am Kto -287 America. . . .230 Battery . . 135 Bowery . . . .425 Bway Cntl... ? Bryant Pk.. .153 Brom Ntl . .K?5 Brcnx Boro.. 100 Btch & Drv.l'JO C?rat Mr-rc . .210 Chr.so.845 Chat. & Phe.283 Ch?lSea ?X..10U Chemical. . . 505 City.340 Co.il ??: Iron. Columbia. . . Colonial . . . Comm<*ieo. . Coivtntl . . . Corn Bxo _416 Cosmpltii ... 70 East River . 170 first Nati. 1175 Fifth AV9..1025 Bid. Asked. .0 1 rs3 130 As!:. ??Fifth NU . ai?'Oarfleld . . lt?lOotha.m. . . ?Greenwich . 145!Hanover . .. 186?Harrlman . ? Imp &: T-<'.? ?jlmiustrial . 140i Irving Nati ? Mnhhttn C S50 Men &?' Met .6? Mutual. . 110 Ntl ."mtl. . . 630 aVv NU.rt3_d.l_6 .45 Pacific.800 ? Park ..... 445 ? ?Public .... S 20 ?Iscnboard . . SIS 29-i Standard. . . 24,0 3 40 .State.30a 425i23d Ward . .250 85?Cnld State?..lt!0 ? Wshar Ht8....iiC0 123SlYorkv-i:i?* . . .475 . ISO .ess .625 . ."-SO I.5S0 .143 .203 ..?5? ..40? .590 455 ! 340 'J20 260 ?16 270 170 Trust and Surety CoRip_n.es A Ulano?. ... 85 Atnn Surety. *1 BkNY & Tr..450 Bankers. . . .303 Bond ?fc Mte.255 Bkyu Tr C. .46?) Centl Union..413 Columbia ...825 Cmmrol T . .105 Emplie Tr .300 Eqult Tr . ...28? Frmrs L &T 490 Fdlty Int ...204 Fulton .240 Guaranty . . 230 Hudson .... 170 Kings Co .. .750 Insurance (Companies i)5:L-iwyrs Mtg. 84?L,wyrs T ... 460IHanufctrs .. 3*>3].Metropltn . . ?60 Mtg* Bcml . . ? ?Mut T \V... 418?NU Surety ,. 8S6JN V Trust... 125JN Y Title. . . ?(People's. . . 296[Realty Amo 606 Title Quar . 212.11 H M * T. 25?IU S T Cuar. ?35JN Y Truft.. ?iWestch.tr . ?IWestTtl* Tr 175 187 240 300 118 116 215 350 170 335 150 415 S05 .105 .860 .146 380 I 19. | 330 ; 125! ISO 225 367 ; 175 167 425 S15 Am Alliance.280 City N York. 190 Cmmn-rlth.. .300 Vii\ A Phe...600 Franklin ... 01 tilobe A P...?400 ! Ort Anin . . .287 .90 200 3 25 630 Hanover. Home. Nati Lib . Niagara Stuyvsnt. . Wo; tchstr 9?U;ta States . 420 .173 .174 . . 50 . .33 Chemical Stocks Am Cyn.. 23 do pf, . , 67 Casein Cp. 40 I du Font. . 13 i Grasein ..132 ?Ky Solvay 33 Mulfd Co.. ?0 Merrimac. 90 Mere O pf 71 Sugar Stocka : Car suit... 15 | Contl Bug. ! do pt... : C Agulire. 76 FJrdo new 7?! I Federal ...IOS Am C?i- 78 , d_> pf. . . 88 I A M A F.S3S i ?CWHel..lC3 do pf...113 i J S Younjf 90 do pf.. . 95 .140 .ISO 19 tGrt Watn.2CO i IVilN't! Ant... 10 5 {National 78 NI Nique. 78 ?Savannah.60 110 \ ? do pf. . . 94 Tobacco Stocks "9 I'Mi-A A I'Mul? (".3 do pf... ?D 2J0 IP R A T.. 68 (?ITnvsl 1X123 i do pf. .10" ?Ex dividend. 116 S5 10O .85 20 1(5 123 7. 124 JOS New York City Bonds Form, Rate, Maturity. Bid. Aak. Yixld. ! Inter 4 4?, 1971.107 4 108 4 4.08 do 44?, 1967.1074 1084 4.08 do 44?. 1865.1074 1084 <0!< do 44?. 1963.1074 1084 *?07 do 44?, 1957..,.107 108 <07 do 44?, 1872.303 104 4.05 do 44?, 186?.1024 IO34 4.07! do 44?. 1964.IO24 30'.?,, 4.07 ; do 44s, I0R2.1024 1034 4 07 do 44?. I860. ,1024 1034 4 0 7 do 4V*s. 3 96?-19."0.IOO4 i014 '407 do 4p, 1S1C?. 994 :094 8.118 do 4s. 1958. 99 4 100U S.98 ?il ?is i?r,7. 0T>4 1004 ...PS Form. Rate. Ma:?;ri:v. Bid. A?'?*. Tle?? Keg 48, 1955-1956...&5\i. IOC if. do 4s. ISS?; .93* 1J0- *? Inter 3H?. I?:--? .'?- " i? Coup JS^s. l.:,i.SI ?. ".\ Reg 3Vj!. 1950-1951 .?*.. ? * do SVse. 1940-3950.4.1! 8" _~_ do 3H*>. 1922-3 ? .4.2? 4A? - do cou? (seria!) 4ss, ?a ?l ?<i 1923-1932 .*?!* '?" do coup (serin.) 4".?s. ? j 1923-1931. *?!? ,i" J New York State Bonds Issued in coupon ?n<l ?&'*>**?"? ?S not Interchangeable. Co upen bonii? rep terable. , . fc ?t Form, Rate. Maturity. Bid. Art. w Canal and Higinvay la. , _ 1923-193?). *-15 ?-?T _, do 5s. 1931-1940. 4.05 J ?' j do 5?. U44-l'j;0. 4 0o 3.W tf Canal Imp '.> ' "; ' ???nf> "f.? ?j Highway Imp 44s. U63-1324 \\\? Jj Canal Imp 4'?s, 196.".. . . 1 ' *-j Jj?*,? Highway Imp 4V?s. 1965..10S4 1?1*J B?rge Can Ter 4>4s. 1945.10; _ - y, Hlghwuv Imp 4s. 1967...103 10??* ? do 4S; 196?;-"62.1? }??_ iJ do 4s. 19.-.S.I? ??J {f Canal Imp Is. 1967.103 l?H J, do 4s, 1960-1PS?.I"3 \i)? jl Palisades I H Pk 4s. 1961..193 }** , Barge Can T 43. 1942-'4t!.192 IP-? Federal Land Bank Bonus Form. Rate. Maturity. BW. A???5 Inter 6s. 1941-1931.104}* 1?? jj do 5s. 1941-19 1!.104* ?*> |ji do 6s. 1938-1923.100 ?<* ? do 4>.s. 194.-1932.101 I0',* 4* do ?H?. 1939-1924. 99?* Ij-jJ rf do 44?. 3 938-192:?. ?% ?l,2 ?I do 4*1=. 1937-1922. 9?*? ?IS ii do 4V.s. 1937-132.'. ??* ?K* Short Term Securities i Reeurity. Rate. Maturity. BW. fJ?V^ ; A!um Co ot Am 7s. 1925. .104Vi 1? ? ti ' do 7s. 1933.1MH ^S " ! Am Cotton t)il 6**. 1924... ?J ?3 Ar.g-Am Oil 7*.s. 192; ? ?* Jffg, 4 ! Armour A Co conv 7s. 30.104% ?<<? ? I B A O It R col 6a. I?*4; *:?.?_! 1?- , ! Bell Tel Co of Can 7s. '25. ?3M? ?^ ?Bethlehem Steel 7?. 3923.19?? ;^S (d i ?io ts. 334?.??"^?S *.5:a Can Northern Ry 6?, 1?-* ?? 4 ,i,?u '* *> 64?. 1922.m }tij|.rt do D'.s. 1921.10PJ* le???? do ?s. 1924.w* $5 i Can Pac By *????*--i;;1??* 9i?3 1 C'en Argentin?- Ry ?., ***:',^,. j?Mi S , Con G Co of N Y 7s, '22. .00?. ,, 9 Copper K_p A?n Ss. 1921 10? do t?s, 1926.;;??" S,w ?? S j Cudahy Pack 7s. ???;;_? *J_fc C I Federas S.g n?*t ?* 924. OOV, ? jg Ot?? Oll i'orp tis. 19.3. ????? ,,,?' j! | do 7?. 1933. ?.;? .,r g ?Hooking Val 6s. 19-" ' ? ? ? ? *"^ ?7 f "3 ; lnterboro conv i.-., .'92-'?? ?? .?-^ 4J i K City Ter Ry 6s. !*=??? "?* }.;.? g ; Kennecott Cor? Cor 7s. '30.104,? ' ? Lac G Lt 1st r.-f 7s. 1929. ?i?i-t ????"*i Lib mon &? Lib 7?, ii;n..ioi* ??3 tf v WSl-.'f-;* idkliL, Va?:uum t'ii V.??. '?';-::--- '*?,* lit* * Va-Car Chem C?. 1?23-i0fl'* J _ .?|g* " ?Callod for payment at 101'? oc" 1922. , ...,; I1*** .?.'?i'-J r..- payment ?t i??* 16. .?S3.