The Sun and the New York herald. [volume], March 03, 1920, Page 15, Image 15

About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920

Image provided by: The New York Public Library, Astor, Lenox and Tilden Foundation

                
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JInlillrailitfii&fnirillrfl
111 Sroabmay. 2f. ft
Com,nwllhPr.Ry.Slt.Co.
Com. & Pfd.
Northern States Pr. Co.
Com. & Pfd.
Republic Ry.. & Lt. Co.
Com. & Pfd.
Tenn. Ry. Lt. & Pr. Co,
Com. &-Pfd.
I'rhalr 1'honea to I'tilUuTphU & Ronton
Thirty-Eight
' Years
pOR 38 years no investor
holding any bond safe
guarded under the Straus
Plan has failed to receive
prompt payment of principal
in cash at maturity.
pOR 38 years no investor
x holding these bonds has
ever suffered a day's delay
in the payment of interest
coupons on the day due.
Our book'lct, "Safety and
Six Per Cent.," will tell you
why. Write for it. Ask for
BOOKLET" D.347
SW.STRAVSOa
glt'lUIHlS ! JHWIMMTW
150 BROADWAY. NEW TORK.
Tbirty.eight year, without Ion
to any Inrettor.
A timely analysis, setting forth
the pertinent factors in
AMERICAN
SMELTING
While a transition from a war
to peace basis makes a discus
sion on
5 READJUSTMENT STOCKS
worth looking into also data
on companies with
BACK DIVIDEND' POSSI
B I L I T I E.5-PREF. STOCKS
which causes these stocks to
have exceptional' market merit
just at this period.
ALSO DISCUSSIONS ON:
C.r. Northern Vn.'Prof. 8hi.
Ilaldnln Aetna Kxploxlre
Union Oil Coaden A Co.
In the Current Isiuo
MAHKET OI'IXION
Groin on rtttust for C-JJ.
R.HJACMASTERS&GO.
Mtmtxrs Con so Hialed
69 Wall St.
llanottr 95SS
Slock Bith. N. Y.
New York
Grouiuf Floor.
10,000
$48,666.66
Province of Saskatchewan
(Canada)
4 COUPON BONDS
DENOMINATION: 500
s
Dated July 1, 1013. Due July t. 1021
Interest l'aj-ablo Jul. 1 and July 1.
Principal and Interest payable
in New York at fixed rate of
$4.8666 to the' pound sterling.
Price 88 and Interest
Yielding 8
Henry Nightingale
Sptcitltst in Canoilm Cot I. Donit.
4? Broadway New York
I'hont Droit H7I.
BANK SEES SIGNS
OF FAIL IN PRICES
Federal Hesorvo Finds Specu
lation in Commodities
Is Waning.
TRADE'S TACB LESS RAPID
lit ' ! In 'mill 1 . ' Il
i III III U M . .
I .13
THOMSON
McKINNON
42 Brsidwy Ntv York
20 S. U Sail. SL, Ckki)
FlttthtfAmer. Natl Bit Bldf. Indiaupolli
During Iht Season
Bellevlew Hotel, Bclkstr, FUr,
JVeis York Sloes JCfAonf
.Yrw Vorit Col Ian fxctaw
Member. JVew Vork Produce Bxctonet
of Cnlcajo Slodt Excfianet
CMciijo Bootf TraJt
HltiMpff CtsIa JkwMi
DIRECT PRIVATE WIRES
Disposition Is to Redact Com
mitments Wliilo Orders Aro
' Examined Closely.
The Fsa.ral Iteserve Bank of Now
York In Its monthly report on business
conditions. Issued yesterday, sees evi
dence of waning speculation' In commod.
Hits, assorts that evidence points to a
lowing up of the rapid business pace
qt ih last six months and to a growing
btll.r that, a reaction from the hlgheat
price levels aver known Is in etoro and
mis a dleposllon to reduce business
commitments. It ascribes those devel
opmenU to credit contraction, which af
fected adversely prices of stocks and
volume of trading In 'securities. But
the mserve Bank of New York charg.a
that the contraction of bank credit,
which has taken place In thjs district
nnd particularly In this city, has not
had Its counterpart In the country aa a
whole.
On the other hand, the bank cay,
th.ro wag a notable Increase In booking
steel orders nnd a pronounced buoyancy
In the steel market. The totals of new
Incorporations alio showed an Increase
rA with those of the two lmme
dlately previous montlin and wire, not
much Beiow me uciooer maximum. w
only a fraction of the stock authorwed
is Intended for Immediate Issue.
The monthly reDort continues In part I
"The effect of tho Incrtaeo In the He.
serve Bank discount rates U evident in
a generally conservative attitude or
banks' and business men toward Indus,
trial expansion at this time and In sub
stantlal liquidation of speculative com
mltment. During the last thirty days
here has been a gradual reduction In
banlt loans In this district, more than
two-thirds of which has been In the de
cline of loans secured by stocks and
bonds. Since last October, when banlt
oans In this district were at their
highest point, they have declined 9 per
cent.
Had No Counterpart Elsewhere
"The contraction of bank credit, which
has tak.n place In this district V"'
larly In New York city, has not had Its
counterpart in me wunuj
in h. fnp weeks ended February 11
the eeventy-one banks In New York city
which report weekly to the reserve
board reduced their loans im.000,000.
The 733 reporting banks elsewhere In
the United States Increased their loans
In the same four weeks period 167,000.
000. thereby partially offsetting the de
crease made In New York city. The re
duction of loans on Btocks and bonds, In
so far as any has been made, nas ianen
place In this district. Thus, while New
York pltv banks were "reducing such
loana U30.-000.000, banks elsewhere kept
th.m on the average almost stationary
at the level of a month ago.
"Bank denoslts In this district de
cllned rapidly, continuing the movement,
unusual for this time of year, which was
observed a month ago. The deposits of
New York city banks decreased from
January 16 to February is jire.guo.uuu.
Of this $136,000,000 was In a single
Item of Government deposits whlch'have
been withdrawn rapidly during the
period. Elsewhere in the country, de
spite the Increase In loans, deposits have
declined $116,000,000.
"The evidences of contraction Indl
eated are not reflected V the reports of
the reserve banks. On the contrary
member banks have materially Increased
hlr demand on the central Institu
tions, not only In this district but. else
where, The total earning assets of the
reserve bank of New York on February
20 were $1,100,000,000, not much below
the maximum for this bank, reached
early In January, when the Treasury re
quired special accommodation.
Has Largest Volume of Loans.
"In addition to loans outstanding on
February 20 should be considered $4S,
100,000 of paper which thl bank had
redlscounted with other reserve banks
and carried aa a contingent liability.
The aggregate, $1,148,100,000, Is the
largest volume of loana thus far for this
bank. The withdrawal from the banks
of Government deposits until they are
at a minimum accounts to a consider
able'degree for Increase In loana,
"After the rapid fall In this bank's
reserve note circulation, which took
place after the holidays, the usual sea
sonal rise began, but at a somewhat
accentuated pace. Since January 15,
I when the circulation stood at the low
point thus far in 1930. reserve notes In
circulation have Increased $6J,000,000,
until on February 20 they amounted to
$817,400,000, only $10,000,000 below tho
high polrit for 1019. Aside from the
practically universal employment of la
bor at high wages, the current price,
scales and other fundamental factors
which produce a demand for currency,
at least $10,000,000 of reservo notes of
this district havo been sent to Cuba,
where United States currency Is legal
tender, for uso in moving tho sugar
crop.
"Careful Inquiry among merchants
and warehouses Indicates that many
large speculatively held merchandise.
stocks, as cotton goods, raw silks, leath
er and the like, which have been ru.
mored or reported In recent months, have.
to a considerable degree been liqui
dated. A possible exception Is raw
silk, of which the volume In warehouses
much exceeds normal. High money,
falling exchanges, declining stock and
grain markets, have combined to Induce
a general conservatism . There Is a feel
ing that the headlong price advances ot
last year have carried values "to an In
fluted level, from which somo reaction
Is inevitable. Consequently the dlspos).
tlon among cautious merchants has been
PENNSYLVANIA R. R.
ASKS RATE ADVANCE
Declares It Necessary to Dis.
charge Fully Its Dalies.
PmwuiLPiiiA, March' 2,Tho annual
report ot the Pennsylvania Ilallroad for'
1910, made public to-day, states that If
tho company Is to discharge fully Its du -ties
to the publlo and continue to receive
a fair return qn Its Investments, therO
.roust be reasonable rate Increase, f
Its total operating revenues In 191!. '
mo report eiaiei, wero a(,sv,vii, "
increase of $i?,77i,acis compared wua
those of 1916. The operating expense
and taxes wero $469,466,669, an Increase
of 132,277,215, and tho net railway op
erating Incomo $13,621,701, a decrease
of 610.615,303.
In 1019. the renort. states, tlie 'com
pany's lines earned 20.0 per cent of tho
standard compensation nxea cy mo rea
eral control contract with tho company
nnd In 1916 36.3 per cent of that com
pensation. The standard compensation
under Federal control ana mo oiner cor
porate Income enabled tho company, tho
report added, to pay Ita fixed charge
and other expenses, the regular 6 per
cent dividends and leave a surplus
available for other corporate purposes.
Reviewing the railroad legislation un
der which the railroads were returned
to their owners, the report declared that
notwithstanding some defects It should
Improve "the serious conditions sur.
rounding tho railroads."
The holders of the company's stock
ceed 120.000, and of them 65 per cent
own less than $9,000 each. More than
46 per cent of tho stockholders ro
women. ,
The report showed that the Pennsyl
vania Railroad reduced. Its holdings of
Southern Pacific company stock during
1919 from IM.S.tS shares, valued at
S15.C13.S00, to 77,536 sharei, valued at
J7.753.S00.
CRUDE OIL PRICES
ARE STILL RISING
Pennsylvania Quotation
Touches $6.10 a Barrel.
Pittsbuw, March 3. Pennsylvania
crude oil passed the 66 mark hero to
day when the Seep Purchasing Agency
announced an advance In Its prlco of
15 cents a barrel to $6.10, No other
grade has been changed In price.
This advance in the price of Pennsyl
vanla crude is the second within two
days and tho fifth since the beginning ot
the year.
Wyoming Producers Hnlo Price.
Casfex, Wyo March 2. The Mid
West Refining Company and the'Ohlo
Oil Company, tho largest producers In
the Wyoming oil field, announced to-day
Increases in the price of oil of 15 cents
to 25 cents a barrel.
More noosts In Talsa.
Tuua, March 3. .All principal oil
purchasing' agencies In Tulsa announced
at the opening of business to-day that
they would meet the advance of 25 csnts
a barrel In crude oil made by the Sin
clair Oil and Gas Company on Mon
day. Companies announcing the In
crease were the Coaden, the Prairie, the
Texas and the Gulf.
Pennsylvania. Crude Oil Market.
Oil Cnr, Ta., March 2. Credit bal.
ances, $6.10. Runs, February 39, 66,
606 ; average, 62,152, Shipments, March
1, 11,014.
CURING EXCHANGE JUS.
Natural Corrective at Vork
Throughout Europe, Say. Dank,
The natural corrective to the present
abnormal exchange rates la at work In
all European countries, according to a
statement Issued yesterday by the, Guar
anty Trust Company, which points out
that Europe Is Increasingly able to meet
her own demands from her own produc
tion. The continuation of that move
ment will make the demand tnr thn dni.
lar as a medium of payment less in
sistent, causing its'premlum to drop, and
the trust company predicts that Ameri.
can goods will flnnlly sell In Europe not
inrousu iorcea uemand, as during the
war, nor even In spite or abnormal ob
stacles as to-day, but purely on their
merit as the product ot the unique
methods of American Industry.-
Regarding Russia the statement saya
In part: "It Is not probable that early
resumption of trade with Soviet Russia
will have any pronounced effect on gen
eral economic conditions in Europe or
on the present export trade of tho
United States. Before Russia can be
come a powerful economic Influence hrr
transportation system must be com.
pletely renovated and greatly extended.
This will take time. Information on
the state of Russian Industries would
not Indicate Its ability to supplant lu
any sense the Industries of the United
States as producer for European needs."
GREENFIELD TAP OFFERING.
Bankers Solicit Subscriptions for
80,000 Shares ot Common.
An Issue of 80,000 shares of common
stock of $$5 par value of the, Greenfield
Tap and Pio Corporation la being of
fered for subscription by Tucker. An
thony & Co. at $61 a share to -yield
about 8 per cent, on tho basis of $1 quar
terly dividends, the ore sent rata at HI..
bursement Of the total Issue, about 50,
000 shares1 have been purchased by the
company's offleers and employees and
other, residents of Greenfield, Mass.,
vhere Its principal plants are.
In a letter to the syndicate managers
F. H. Payne, president of the company,
said that Its net earnings after taxes for
the last eight years since Its organisa
tion have averaged $.489,025 annually, or
mora than $6 a share on its common
now outstanding after deducting pre
ferred dividends. The balance sheet of
December 31 shows total current assets
of $4,331,397 .and net tangible assets of
$6,368,009, or more than $60 a share on
Its common after deducting Its preferred
Issue.
Its earnings for 1919, Mr. Payne said,
wero approximately $1,000,000 after
taxes, which Is higher than Its 1918
AnrnlncrfL ThA rnmnftnvV nrrlpr. fa 41..
to reduce StOCkS Ot gOOds on hand to . ,. n months of thin mr
ifiOTtar,,iS:ta:wl ln lta htry-
VtJh V. S. SHORT IN RUNNING ROADS,
Mark X. Noble
Theodore C. Corwln
NOBLE & CORWIN
:5 Broad St. New York
Guaranty Trust' Nilcs-B.-P. com.
Nat. City Bank D.L6W.,Coal
Telephone 1111 Broad
Reports from the West and South Indl
cate that this feeling is less prevalent
m those sections than here."
Approve Plan for Splrer.
SftOttl THS SVH 1B NlW YflBIC Jtuuo.
Washington, March 3.The Govern
ment ran approximately $64,000,000 be
hind In Its operation of the railroads ln
January, if back malt pay Items col
lected in -that month be excluded. Pre
liminary figures for tho month, made
i,
i-ORUGN GOV'T BONDS
ALL ISSUES
BOUGHT SOLD QUOTKO
ALFRED R. R1SSE, Specialist
60 BROADWAY MEW YOSX
tU Broad Sl H1 74M.
The stockholders of the S wr Manu
facturing Company have a; .oved. the
nlan of thft tltrtnrit tnr th remnltnld.
atlon or the company. The plan Is for puohc r mo ouuiuiiairauon
authorisation of 100,000 Bhares of new to-day. show that with that back mall
- s per cent preferred stock, of which inciuaea net cpernn- revenues were
1 30,000 har-i win bt !rj;:t immediately, , 511,000,005 ur.icr the rcr.Ul suarinlte.
and 600,000 shares of common stock of ! Net operating Income for the month
no par value, 280.000 ot which are to was approximately 684,000.000, Includ
be presently issued. Tho company has- Ing 653,000.000 for back mall pay ac
called for payment on April 1 alt of Its crutng In 1916 and 1919, and duo under
nrst preferred stocK oustanaing.at $115. a mall pay decision oy me interstate.
a snare anu accruea aiviacnas.
The National Bank
of South. Africa, Ltd.
Resources Exceed $287,00 09)
H Will Street N.wTeA
B. K. SAUNDERS, A trot.
Commerce Commission made last, De
cember.
Issues First Report. I Railroad ' operations In January ware'
The United Retail Stores Corporation affected by the unusually" severe weather
reports for the six months ended on ""J1 imponani eawoi. oy lne
January 31 net profits, before Federal adverse Influences of the coal strike, as
taxes, of $4,706,632. or 18.42 a share on' dislocation of cars and traffic, ,hlgh
Its outstanding class A common stock. Prices and Abnormal transportation
That report, tho first to be issued by costs, Including the cost of locomotive
the company, covers the period from the fuel.
date of the corporation's organisation I An unusually heavy freight tonnage
to January 61. 1930. Dividends paid and exceptional passenger traffic wero
aggregated 11,676.047 and the final sur handled durlnjt the month. Indicating
Plus lor the six months' period, berors i the prosperity ana gooa Business coboj.
deduction of Federal taxes, $3,031,235. Hons that prevailed, .
Executor; , Trustee
Ohartoroa 1822 ' , "
The Farmers' Loan' and Trust Company
Nos, 16, 18, 20 & 22 William Street?
Branoli Offloe, 476 Fifth Avenue
London
"Administratoi4
At Forty-firat Stroot
Now York 1
Foreign Exohange
Paris
Guardian
Member Federal Eoaenro System anil New York Clearing Home
Exempt from Federal Income Tax
Exempt from the Personal Tax in New Jersey
Legal Investment for Savings Banks and
Trust Funds in New Jersey
$416,000
City of Plainfield. N. J.
5 Bonds
These bonds are also a lel investment for. Savings
Sank and TruitFunds in New York and Connecticut
' Maturing December 1, 190 to 1938 incluiivs
to yield 4.80 ,
$2100.000
City of New Brunswick, N. J.
S Bonds
Maturing from 1922 to 1930 inclusive
to yield 4.80 To
Wo recommend theso bonds for Investment
Harris, Forbes & Co The National City Co
New York New York
Republic of France
5 Redeemable Premium Fra Loan
Securities Prices as of
December 31st, 1918
We have ready for distribution a booklet show
ing prices of approximately 10,000 securitie5 as
of December 31st, .1918. The booklet has been
prepared under the supervision of the Comp
troller of the State of New York and, will be in
dispensable to security owners in compiling their
New York State Income Tar Returns.
A copy trtU be ttnt to businus men who make a tcriflcn
rtguut on their firm stationery for. BooMtt 1-60.
.Merrill, Lynch 8c Co.
Members of the New York Stock Exchange
120 Broadway - - New York
Chicago Detroit Los Angeles
PRINCIPAL, premium and inter
est of the bonds of this loan are
payable in francs by the French Gov.
ernment. The issue is to be redeemed
' within sixty years by semi-annual
drawings. The French Government
may call all outstanding bonds at
any time.
These bonds are in denominations of
1,000, 2,qoo, 10,000 and 20,000 francs,
but the face of the bonds, in accord
ance with French custom, will indi
cate the annual income, but not the
principal.
Future dollar value is dependent upon
the value of the French franc in inter
national exchange markets. Should
the franc return to par of exchange
(5.18 francs to the dollar) at the
time of redemption, the holder of
1,000-franc bond would receive 1,500
francs, which would be equivalent to
about $289.50.
SUBSCRIPTIONS to this loan, accompanied by cash payment in
dollars, will be received by us on behalf of the French Government until
March ao, unless subscription books are closed earlier by the French
Governmcpt. Bonds issued under this loan may be purchased, at the
rate of exchange fixed for to-day (March 3rd) by the French Finance,
Agency in New York City, at
$70.42 per' 1,000-Franc Bond
Due Bills of the Guaranty Trust Company of New York on behalf of
the French Republic will be issued against payment, and temporary and
definitive bonds will be delivered as received by us. t
A circular prinf detailed informalim will b ttnt on rtqunt.
Guaranty Trust Company of New York
All bond tot pld ottha
rata ef 1,500 francs
par 1 ,000-franc bond
ithsr by drawings or by
call.
Freo from all French taxes.
Intsrcst payable May 1
and November 1.
May bo purchased (n dol
Ian at rato of oschanse
feted daily by French
Finance Ajency In New
York City.
Franca and her colonial
possessions represent
nearlylOO.OOO.OOOpeople.
i
FIFTH AVE. OFFICE
Fifth Ave. ft 43rd St.
140 Broadway
MADISON AVE. OFFICE
Madison Ave. & 60th St.
GRAND ST, OFFICE
268 Grand Street
LONDON
LIVERPOOL
PARIS
HAVRE
BRUSSELS
Wt io net tvatunkt the statements and fitures presented herein, but they are taken from
sources which tt'i Mint to ha accurate.
aimiiiiiiiiimmuiimiiiimiuiiiiiimiim
$270,000 I
sjst
Guaranteed First Mortgage Certificates 1
S'
NEW YORK STOCK EXCHANGE FiUCW.
Continued from Preceding Page.
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600 Ray Consol Cop
4SQ0 Reading
100 Reading; 1st pf
100 Remington Typewriter. .
18900 Republic Iron & Steel....
1800 Royal Dutch Co...,,....
200 St Joseph Load....
4300 St Louis & San Fran. . . .
300 St Louis & Son Fran pf.
400 Saxon Motor
100 Seaboard Air Line
200 Seaboard Air Line pf. . . .
400 ShattuclcArtz Copper. . .
4900 Shell Trans & Trading...
7400 Sinclair Consol Oil
23900 Southern Pacific
8500 Southern Railway
200 Southern Hallway pf.....
9600 Studebaker Curp ........
300 Stuts Motor r.
700 Tenn, Cop & Chero
2900 Texas Co
200 Tex Co. 80 p c pd, sub rtt
1700 Texas racinc
1600 Tobacco. Products ...
2000 Transcontinental Oil
1O0 Transue ts Williams Steel
100 UnlorvBag.cfc Paper
300 Union Oil
2600 Union Pacific
500 Union Padflo pf
200 United Alloy Steel
300 United Drue Co 1st pf. .
100 United Rv Investment.
100 United Jty Investment pf
4E00 United Retail Stores...
100 U S C I Pipe 4 Fdy
100USCI Pipe & Fdy pf.,
1100 U s Food Prod Corp....
1400 U 8 tnd Alcohol
12ou u s ind Alcohol pf
100 U S Realty Imp.,,...
3400 U S Rubber
100 U 8 SmelUng. U A M..
300 U 8 Smelt, H 4 M pf...
61600 U a Steel
,800 U 8 Steel Pf
1000 Vanadium Corp
500 Va-Caxollna Chtm j
100 Va-Carollna Cham pf....
1100 Wabash
1700 Wabash pf A
1000 Western Maryland
100 Western Pacific pf
300 We8tnshousc B & M....
1200 Wheeling A Lake Erie...
200 White Motor
1400 Willys Overland
100 Wisconsin Central
700 WorthUctoa ump .....
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16
44
57
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99
44
94
64
45
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48
62
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28
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60
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II
63
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Secured by the land and eight-story mercantile building on
Cowperthwait Furniture Cos Property
at 782-786 Sixth Avenue, Boro. of Manhattan, New York City
at Forty-Fifth Street and Sixth Avenue .n the heart of the shopping, hotel and
theatrical distr'ct
Sold in amounts of $100 and up. These are in the form of
participating certificates which pay 5J interest.
The loan is upon property which, when offered atsauc
tion in December last, brought $503,000. This mortgage,
a first lien, is for only slightly more than 50 of the forced
sale price. -
Besides this, these certificates are guaranteed as to both
principal and interest by' the
NEWY0RK TITLE AND MORTGAGE COMPANY
13S Broadway 375 Fulton Street 203 Montague St.
New Vori: City Jamaica, N. Y. Brooklyn, N. Y.
'phono Rector M. 'phono Jamaica 317, . 'phono Main 7100.
AMERICAN TRUST COMPANY, Depositary
Broadway and Cedar Street, New York City
Send for Booklet 3-F, .
2
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The
Crude Oil
Situatioa
AikfQr Ueciew A'o, I-J47.
Mere Gold (or Month America.
Between 310.000.000 and 115,090,900
la gold coin probably will bt shipped
thin weU 'to South America, principally
to Argentina, U was announced. Tttal
gold coin exports to South America since
the first of the. year are spproxhaattly
165.00000.
Odd Lots
Write Pwt. IT.
(mSHOLM (HAPMAN
Ittmtert Ntv Yoti Slock EfeAitg
71 Broadway, New York City
Uptown omr..... ..39 B. find St.
llsrleo omc.:0 Lcoox Av.,ror.l35tn St.
uronx KBro., ,. ..! iu g.
llrooklxo USloa
yodkots uuti
Ntwu-k OfDcs.
sa Court St.
,13 N. Drodwy
.til Dnua oi.
STANDARD
TTXEKLY
iUMSlABY
ON
(TAXDABD OIL
ISSUES
I
WILL BB
MMIXB
TO
IXVXSTOM
ON BEQOSS?
CARLH.PFORZHEIMER&CCfc
fhoBcs 4H0.1-1.I- Br4. H BrosUUXX
- I
LIBERTY BONDS
All denominations bough! tor Cit
Based on tho rloslnr e Pr:
M7.J7 for a f-V) 1V4r Dnd. 53 faoponi
MS-SIfomSSO Mj',?l Bond. 1 Cooiwn
M.Sfor0 3HH5 Bond. Iftoapoa
USJS tor m M llh iCiV. Ilond, SOaneas
(15.M for 50 3th "nK. Bond. 7 Couponi
PUUDY A CO.
TcL John 3i:-5-0-7. i One , Jf. T.
Special Letter this, wstlc on
SKELLY OIL
Recent Special Letters pn
White on
Co.den . Co
Federal Oil
llerdto Chem.
No, Arit. r. P.
Vnltt4 frof. h.
tfuproanoo stoat
Copies upon request
tSTAaUSHEQ l0
Members NY Curb Marjtet Assn..
SB BROAD ST. NtW YORK,
TUpSsBS SrciS 717t.
BALHSMAN of rl ll"r jnd cood
rerd to H sound, dividend
rayjnc Induatrlal leeurltles. Oood
Ineoow and .Tital promotion.
twnmUilon. 3ut comoleto bla
loir. MAVACEK to tal coropIlehiri
ot utrpnona ale room ror srow.
Ins Inwtrnent .ecurlty hogae.
BaUrr and comrnlMlon. Excellent
oaportunl y lor eip-rlcnced man
Iffi can qualify- Olvo record and
experience In Jull. '
SALES)IA- to sell 'rlle br
telephone. Commluloo bl. flood
opportunity. Experience preferred.
Writs to
bXRLU II COV i aVrsT, N. Y.
V
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sal
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