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!nperior Oil Corp. Earnings are $5.50 per , share Active Market on N. Y. ' Curb. Send for descriptive, circular. C. Edward Connell Member N.Y. Curb Market Asa'n 39 Broad Street, N. Y. Phones: Broad 5938-9 CRUCIBLE STEEL'S NET MM FALLS Bclport for Last Fiscal Year Shows $5,974,208 Against $13,012,127 Last Year. acias THE' Slflfo FjHAY, NOVEMBER,, y, 91 v tn-ivrt f iv h wwrr 1 TIT r ' I TOTAL ALSO HAS DECLINE President Explains Loss as Duo to Change JFrora War to Pcnco- Basis. XONU0N STOCK MARKET. Pavelop. Wcakneaa Whin Bank Rnto la Ilalacd, Wefol CoWa Deipateh to Tub Sbk row ih London Timet Simla CtevHiM. uif, all rights rtscrvti. lKKton, Nov. 0. Following a steady opening the stock market developed to day a weaker tendency when It became known that the bank rate had been raised from 8 to 8 per cent. QUt edged loouritteo were most affected, but. oil hares, after betas bid for. were Anally ! offered. Mexican securities were weak and Robber Trust, Fine Bolnners, Roval ISxchange Aasurance and Tex shares closed atronc. The South African mar- ket was unsatisfactory. London clearing bankers raised their depositaries to 4 per cent and die- count houses Increased tholr rates to 4 per cent at call and ii at notice. In case of bills remitted from abroad to be paid that day the rate was left open. New York exchange was mora favor- CHAMBER URGES BROADEST THRIFT Adopts Resolution vto Assist Wherever Possiblo Work and Save Principle. holm and favor. Copenhagen moved In our 11 III 1 . II! Investment Securities R.CMegargel&Co. 27 Pine Streee-Ne&A&iK Aeolian -Weber Piano & Pianola rommon & Preferred Royal Typewriter Common HERMAN BROS. Socialists 7WMIm St., N.Y. Tel. n rand 2ms During the fiscal year ended on August 31 the Crucible Steel Company was able ,to show a net profit, after all charges land Federal taxes, of only lt.S74.208, i equal to 131.29 a share on Its common stock afterpayment of preferred divi dends. In the preceding year Ita net proflta aggregated $18,812,127. or 241.24 a share on Its outstanding common stock. The company's annual report was made public yesterday. Total profits for the last fiscal year, after deduction ofFedoral taxes, were 114,093.005, agamst S19.939.226 In the preceding year. Charges for replace ment, depreciation. &c aggregated 24. 171.489. aralnst 3S.7S9.0OO. and Interest" on subsidiary companies' acrlp i and bonda Lifting Of Capital ISSUeS Ban Varna a im f nar tflfi fttlfl mnlrlnn iuw Ti ivv, ut.ujaf.au ivvvvv, itiwnitit SAYING MUST BE FASHION Moro Production, Loss Con sumption Is Solution of Economic Problems. Increased production and decreased abfeKVffi to 17 franca 27 ft centimes. German c ' aeni umoow marks Increased to 146 a'pdund. Stock- taxes and the dollar's diminished pur- LONDON FINANCING MUCH NEW STOCK the company's net profits for the year 39.574,208. Preferred dividends were unchanged at $1,700,000, and the surplus before disbursement on Its common stock was $7,824,203, against $12,082,127 last year. The balance sheet presented In this year's report differs from that usually Klven out by the company In thnt this year It n consol'dated account of Crucible and' all of lui subsidiaries. The balance sheet also shows total assets and liabilities of $130,048,020. The as sets Include, among more Important Items, property, $88,188,741; Invest ments, $514,777; scrip redemption fund. $1,519,579: United States Government Eesults In lingo Amount of Offerings. tpid'nl Cable Dispatch to Tna Scm. Copyright, 1311, all tights nserve4. London, Nov. 6. Recent lifting restrictions on new capital tssues has been the signal for the outpouring of huge amounts of stock offerings, which this week alone total more, than $60,000, 000. Among the most Important may be Included the Nat'onal Mlnlnjr Corpora- securities. $749,600; Inventories. 137,-ftIon, Scottish American Oil and Trans- ttuinilii1 wcehmbto'port, capital $20,000,000. and half a $8,958,434 , cash, $4,636,718. . doxen other laige new Issues. Including ,,SJm? rtftn8.LCJ an $8,000,000 electrical company and Special Letter this tpeek on U. S. Steamship Recent Special Letters on tutted Profit Sharing Wayne Coal Iffti Co. of America No. Am. P. P. ntracn cnemical liupp nintora Submarine lioat Federal Oil Copies upon request E'EPPSlU CURB STOCKS. Telephone Broad' 7171. Orders executed in the Preferred and Common Stocks of the Grape Ola Prod ucts Corporation on the New York Curb. E. D. Ingalls, Jr. 39 Broad St. Tel. Broad 4133 OFFERINGS WANTED Aeolian Weber Piano & Pianola Common & Preferred J.K.Rice,Jr.&Co. ftoncnaoo to0ia John. Wall BL. N. T. liabilities, besides $50,000,000, divided equally between common and preferred stock, are bonds, $5,879,000; dividend scrip, $1,630,797; notes payable, $500, 000: accounts payable, $4,211,308 ; In terest and taxes accrued, $638,532; re serve for Federal taxes; $8,520.679 ; pre ferred dividends payable, $437,500; re sorvo funds, $12,653,404 ;' appropriated Burplus, $30.000,000 ; unappropriated sur plus, $15,774,800. In his remarks accompanying the.ac-i-nunt of the company's financial opera tions H. a Wilkinson, Its president, says: "Tour company has been undergoing during the past, year the necessary changes from a war basis to one of peace, and has also pasMd through the trying period of changes made necessary from the manufacture of almost entirely war supplies to the manufacture of a commercial product This has entailed great loss In changing the machinery and methods caused by manufacture of a different product and, In addition, the company has fcsd large cancellations of war orders. In spite of this condition and natural !isltancy on the part of the trade, due to this change, your company has continued to operate and has ob tained not only Its portion of 'the usual commercial orders but has been able to produce a very gratifying- result Now that the war is over It will bo the policy and, aim of your present or flcers and directors to complete Improve ments under way, put to discontinue further extensions or Improvements at present Thlf will have the effect of greatly Increasing our cash and current assets. We are pleased to report that the recent sdvamie made In wages and the care we are taking of our employees have evidently met with their approval and that there Is a good feeling existing between your oincers and men In the various plants of your company. It will be the purpose of the present manage ment to see that reasonable hours and working conditions are granted to all or our employees and that the wages paid shall continue to be the best possi ble and equal at least to any In our line of Industry. "During the past few years we have been making our own tron ore Invest ments, .have purchased and opened up coal mines and have arranged for hous ing and care of our employee at vari ous mills wnere necessary. We have added a new blast furnace and by products coke oven plant which are welt r-n the way to completion. This will furnish us with our own raw nroducts and gives us a. well contained company irom me mines to tne nnlshed material." Cons. Interstate-Callahan Mining Co. Stock Listed on N.T. Stock Exchange Sptctal Circular on Request EHRICH & CO. Menb(Tj New York Stock Ki (mature O Eicrtnse Place K. York Phone Hector 433 Foreign govt bonds ALL ISSUES BOUGHT SOLD QUOTED AlFBEDR.RISSE,Spffatof "Roadway nkw rnna I 7el. Broad 4204 OS8I748S. The National Bank of South Africa, Ltd. Rewrccs Execed ?287,HH),000 10 Wall Street Now York SUNriEItS, A rent. TO BE TRADED 027 BIO BOARD. Three. Active Cnrb Stock. Are Listed on Stock Qxcttange. Three stocks active In the New York two market have been .admitted to trading on the New York Stock Ex change. They are Coca-Cola. Iron Prod- K ts and Martin Parry. They will bo traaed in on the big board for the first time to-day. In the case of Coca-Cola. 309.263 shares ware listed with authority to add 190.373 shares: In- the case Of Iron Products $915,900 preferred stock and 88.136 shares of common were admitted to the list and In the case of Martin Parry 77,295 shares were listed. An ap plication to list' $197,400 of new Burns Bros, common stock was granted. FINANCIAL NOTES. Copper Company Seotambor of comer wn , i 13. 1na,,.... 1,793 poundi, compared September CENTRAL UNION TRUST CO. of New Tork 0 Broadway. BRANCHES IMJ'?,Venua at Und atrtet ' r1,u nd UndUlded Fronn. aio.noo.onn Miami production or coprn decreaas of Ml with a year ars. Qranby Copper Company's output waa l.lll.tlt pounds ef ooppar. a 5Sr-,.,,' compared with laat year, of 1.- October Droduotlon of Conner of .fc r-t. timet and Arliona Copper Company was 4.Z44.000 pounds, a decraaa of 481.000 yvuirua ,ivtn lui ear. October outrjut of oatjtiap nf is Cornelia .Copper Company waa 1.IIT.080 pounda, an Increaea' of 343,000 pounds, compared with till. J. W. Klrknap of 74 TJroilm- Tin... UcKenna of 111 Broadway, V. A. Jonas if 71 Front street and 1L T. Lanirir of London. Entiand, have bean admitted to membership In the Naw Tork Cortes' and Surr Exchange. ' October aatM of w. WaotvArfi puny were tm.712.IU, an increase of 11. ! 40M77 from taoee of laat year. For tan I mcnths ended on October' 11 aalea were I lli.Ul.273, a gain of I7.4tt.l7l from the I aame period a year ago. Empire Trust company baa bean ap I painted transfer arent of an lane of 110,- oos snares or common atoea er no par raiue oi uia itepiorie oiaei iompany.' Bankera Trust Company haa been ap pointed agent for the voting truataes of the Wltaon Welder and liatala Company, Ine. Orla R. Rally, formerly with the Bmptrs Truit-Company, haa been elected aaatatant secretary of the American Tniat Company. ;;t earnings of Barsadall Corpora tloa aubaldlary companlea la Septem ber, till, war. 1274.012.4!, ef which 3210,111.23 accrued to the corpora tion. Those figures are after accruing In terest and taxes, but before depreciation and depletion. American Safety Rasor Corporation's net earnlnrs for October amounted to 3311.000, txcluifva of aarnlnra of Ita Brlttih and Canadian emberdlarlaa, agalnat IU3.000 In t: Bradstreet's Brtloh with $500,000 cap ital. The last named company takes over the business In London of the New XorS Bradstreeta, while the transport company takes over the Southern Ol Transport Company of New York ana other Mexican property. Whlto restrictions have been lifted only In part. It Is believed hero fiat entire freedo.-n for new Issues will be granted soon. In that connection resto ration of fortnightly settlements and American arbitrage, which were stopped shortly after the outbreak of war, are being talked about, but are not expected 10 eventuate In the near future. Heavy demand for new money nat urally Is tightening the market for funds, and belief that the Bank of Eng land would have to raise Its discount rate eventuated to-day In an Increase from 5 per cent, to 6 per cent, which surprised the stock market and caused It to drop, ureat Britain is gratinea over the success of the British Govern ment t253,O00.00O loan offering In the Unit t titat., and particularly with the Un tel, States Steel Corporation's sub scription. J. P. Morgan la still hero, but is ex pected, to sail for New York within two weeks. Itobert Collander Wyse. London man. ager of the Guaranty Trust Company of New York, Is to Join soon the Union Discount Company In' a managerial capacity. That company Is Lombard ntreet's larsest money lender. The tax on bonus shares, or stQck .dividends, .as they aro known In tho United States, Is beginning to De a bugbear here. During the war such shares 'were exempt aa ine resuu oi huer Burnluses oiled up and capitalized, thua avoiding the tax. Tho talk now la of nuttlne the tax in the next budget, which mleht be retroactive. Consterna tion has been caused by the retroactive fMtnre. which la not believed to oe feasible. The boom in oil continues, Mexican Eagle, Its feature, touching dally a new high. Sllvor Is at a new high, a cent more than parity. Fractional money i fnirlv nlentlful here, but there Is famine of small change on the Con tinent and It Is growing worse. Tho extreme decline of German marks has caused the first neutral oanK to coi laiwe. In Sweden, where that banking Institution, holding a large amount' of marks, failed. It Is belloved that most Scandinavian banks "are In a strong nosltlon. thoroughly hedged against heir lonr holdlnirs of marks. London absolutely spurns marks, ranking them as a pure gamble. Bank of England Jnmpa Rate. By tU Associated Press. Ijimiw. Nov. 6. Tho Bank of Eng' iiiTiA'H rata of discount was raised from S to 6 ner cent to-day. The raising nt th rnt tha first chance since April, lairVfuiaed no surcrise to the Stock Exchange. Government securities dronned only slightly. The immediate anaa nf tha raise la competition be tween the Government and traders for advances as the Government requlrei largo sums to finance the treasur deficit Bank of Enitlnnd Statement. Lonoon, Nov. 6. Tho weekly state ment of the Banlc of England shows the mllowlnff changes: Total reserve ae creased 11,609.000, circulation Increased fl.E7E.000. bullion, decreased 63,668. other securities decreased 219,000,, pub lie deposits decreased 2,922,000, other deposits decreased 6,619,000, notes re serve decreased ti.usa.uuu. uovernmem aachiritles decreased 7.682.000. The proportion of tho bank's reserve to liability this weeK is ib.tsu per cent ; last week It waa 15.80 per cent Rato of discount 6 per cent chasing power. Thijt view waa ex pressed yesterday by the Chamber of Commerce of the State of New York at Its regular monthly meeting when It adopted unanimously a resolution urging "thrift in Its broadest sense" on me whole ponulatloa of the United States Tho resolution, offered by Charles E. Bernhelmer, was presented to the cham toor after an address on "One of the Paramount Issues of To-day," by Regis II. Post, formerly Governor of Porto Itlco and now with the Federal Reserve Bank of Now York. Mr. Post in hi address urged thrift as the most sim ple solution of to-day's economic and, social problems and the resolution was the outgrowth of his address. It reads In part as follows: "It Is the firm conviction of many leadln? men that the ono thing most vitally of 'needed In the United States to-day Is a determination on tho part or tne Busi ness man, the workman, the farmer in short, all members of our population to Increase production and decrease unnecessary consumption. The economic situation which has developed as a re sult of the war requires that Immediate thought be given to this most pressing problem. Increased production and de creased consumption thrift In Ita broad est sense la the obvious remedy for high cost of living, general unrest high taxes and diminished purchaalag power of the dollar. New sources of capital must bo developed If American indus try Is to be properly financed for peace time endeavor and If America is to be In a position to give effective aid to the rest of the world In Us reconstruction efforts. Inasmuch as the Treasury De partment of the United States Govern ment has organized a Thrift Citizens Movement, for promulgating principles of thrift along these lines ! offer the fol lowing resolutions for adoption: "Resolved, That the Chamber of Com. mrrco of the State of New York sup ports the Citizens Thrift Movement In itiated by the United States Treasury Dapcrtment and aimed to disseminate prlnclp'cs of work and save, and be It further resolved that this chamber rec ommends, first that Its members become Thrift Citizens and active leaders In the movement to bring home to every man, woman and child in the community an Individual responsibility for the practice of thrift and, second, that by Individual example and Influence they assist wher ever possible to get tho work and save principle favorably recognized." The condition of the rapid transit lines In New York was taken up by the chamber, and the resolution adopted Inst March, In Vhlch city and State author ities were requested' "to basted "such measures of relief as will remove the, existing menace." waa reaffirmed by the cbambei on recommedatlon of Its com mittee on Internal trade and Improve ments. Protection of American Investment. In foreign countries was another matter which claimed yesterday attention of the chambor. In a resolution Intro,-,, duoed by Welding Ring, chairman of ita executive committee, the Government of the United States was urged to "pro claim and enforce at all times an un yielding policy for the protection ot American citizens and legitimate Amer ican Investment in foreign investment." The chamber also went on record as favoring a sea level canal aoroao New Terser. Arrangements were made yesterday foi the chamber's 161st annual dinner, which la to.be held next Thursday at the Waldorf, and nt which Gov. Smith will bo a speaker. OFFER FRENCH CITY BONDS. Iaaoe ot 945,000.000 to Be Sold te Public. To-day. The $46,000,000 French city bonds. bearing 6 per cent coupons, will be of fered publicly this morning at 92 H and accrued Interest by the distributing syn dicate headed by Kuhn, Loeb & Co., It waa learned yesterday, but tho rumors regarding the Imminence of other loans to foreign countries appeared to be without foundation, and the Omsk Gov ernment (40,000,000 lctf.n will not be of fered to the public, but It. will take tho form of an eighteen montha bank credt Washington despatches yesterday told of a move oh the part of Switzerland to float another loan in the United States, but a cartner of the firm of Lee, Higgin' son & Co., which floated a $80,000,000 5U ner cent Swiss Government loan here during last Jury, declared that no loan to Switzerland Is under considera tion at present. The seml-omclal announcement by tne PollBh Government that the National City Bank would back a $260,000,000 per cent loan to Poland was found to be Incorrect The facta are that the polish Government' wishes to appeal to Poles residing In the United States to subscribe for cash to a new Issue of bonds by tne Polish Government or to exchange aa patriotic duty their holdings of Liberty bonds or Victory notes for the new Foi' tsh Issue. In connection with that pro ject the National City Bank has agreed with the Polish Government to act as depositary, but neither that bank nor the National City company wtu nave anything to do with selling the 'Polish bonda Bankers doubted yesterday whether residents of Polish origin, In the United States would take much Interest In the new Issue. To Sell Pole. Here Polish Bonds. Washington. Nov. 6. Americans of Polish origin will be asked to assist In floating' tho $250,000,000 loan negotiated with Poland by American Interests by exchanging Liberty bonds and Victory notes for the Polish bonds, which win pay 6 per cent interest ana run ior twentr years. Advices received here aay that a private corporation has agreed to make the exchange at face value of the Polish securities. According to the advices the American bonds would bo held In New York to the credit of the Polish Government as a basis or credit for cotton and other materials needed to revive Poland's industries. r-Oloalnir.-, 111(1, ijuk. London Money Market, London, Nov. 6. Bar silver, 6 6 ft d. an ounce. Money. 3 per cent Discount ratos, short bills, 4 per cent Three months bills'. 49i per cent aoid pre miums at Lisbon, 140. TAKES OVER FOUR COMPANIES. Investors raid mm Street Journal fi Sentember. In which tha Enrllth and Can- art'on rompanl-ir earnings wore included. nbarwmid A MerrlOeld ara offennr of forty-eight' New Tork cities and 140fc 67 K 76 i 37 SG 129U 42 41 24 46 33 i 84 107 20 103 63 93 32 ' 27 103 127 87 103 22 82 33 100 63 130 104 106 14 18 15 28 87 20 8 219 13 60 79 109 24H 62 8 177 92 137 102 126 NEW YORK STOCK EXCHANGE PRICES. Continued from Preceding Page. Low-eet 141 141 67 67 DlT. (in t.( Rein. 142 67 78 38 3S 120 43 42 24 48 65 34 95 108 ' 1 104 64 94 32 27 103 127 89 103 22 82K 35 101 64 131 106 106 14 19 16 29 88 21 8 223 1371 61 80 110 24 63 10 189 94 138 104 127 12 331 52 101 100 67 65 41 1Z3 53 201 23 114 29 '60 22 85 113 3 bonds eoun- t! yleldtna? 4.2S to 4.(0 car cent They are exempt from Federal Income and Naw York State taxea snows Fountains corporation, operating chain of elaht tee cream, aoda. candr and luncheonette ehope In the Wall Street dlatrlct reports Its October aalea aa the second largest In a month atnea It oeraa builneia In 1313. Tha company will en deavor to open twenty mora of Ita anopa In thle eltr before establishing Its braachea -.,ln ether cities. New Concern Combine. E. & Z. Van RMlte and Others, A new company to take over business and assets of E. & Z. Van Raalte, Inc., veiling, netting, &c, maufacturers; the ninVAravHtlA Kill Xflltn. allk arlova man ufacturers: the Clark Textile Company, j 136 silk giove ana xmt gooas manuiacturers, j ana tne uoonton Hosiery uompany, nas been formed, according to on anounce ment made yesterday. The new company la. to have the fol lowing capitalization: $4,250,000 of firs' preferred stock, of which $3,250,000 will be Issued; 10,000 shares of second pre ferred stock of 'no par value, to be Is sued and carrying cumulative dividends at the rate of $7 a share per annum, and 80,000 shares of common, stock, of no par' value, to be Issued. Goldman. Sachs ft Co. and .Lehman Bros, will ac quire an' Interest In the new company's securities. , Pennsylvania Crnda Oil Market. On, Crrr, Nov. 8. Credit balances, $4.35: runs, 149,964; average. 68,127; shipments, 43,649; average, 23,749. Exports From New York. . Wheat, $9,162 bushels; malt 4.603 bushel. luhrlcaUas oil, 270,169 gaUoaal 103 44 114 74 109 115 81 75 77 3 29 56 11 23 123 66 16 24 76 33 92 82 33 126 105 13 333 53 101 104 63 67 41 123 53 204 22 114 29 68 26 85 113 106 44 136 115 74 Vs. 109 115 S2 76 80 10 29 57 12 24 123 56 16 25 76 34 94 83 26 127 106 8 6 400, 500 400 300 100 13100 2400 1900 2600 400 2700 100 300 300 62800 300 700 COO 900 100 200 600 4500! 1000 7400 700 1100 8700 200 1400 1000 86400 200 23500 300 300 100 600 200 1700 700 100 200 91500 4300 70700 4800! 100 200! 100 1600 51500 100 1200 800 700 2200 7200 2300 700 32600 1600 6400! 2400 2100 130O 100 27600 600 300 100 3100 11300 3400 100 400 74800 200 500 1700 201800 300 1100 300 100 1100 3001 100 1400 100 200 400 10400 61900 4200 11000 16100 100 600 200 600 1200 J.00 Open. Otis Elevator Owens Bottle Co Pacific Development.. Pacific Mall Pacific Tel Tel Pnn-Amer Petrol & T Pan-Amor Petrol & T rts Pennsylvania U R Penn Seaboard Steel.... Peoples Gas, Chicago... Pcro Marquette Pere Marqucttd pf Pere Marquelto prior pf. Philadelphia Co Plerce-Arrow Motor.... Plerce-Arrow Motor pf.. Pierce OH Corp Pierce Oil Corp pf Pittsburg Coal of Pa. . . . Plttsburs Steel pf Pittsburg & West Va. . . Pond Creek Coal Pressed Steel Car Pullman Co...- Punti Alaero Suirar..... Railway Steel Spring... Ray Consol Cop Roadlns Reading 1st pf Remington Typewriter... Republic Motor Truck. Republic Iron & Steel. Republic Iron & Steel pf. Royal Dutch Co N Y St Joseph Lead , St Louis & San Fran St Louts Southwestern... St Louis Southwestern pf Savago Arms Corp Saxon Motor Seaboard Air Line Sears-Roebuck Co Shattuck Ariz Copper.. Sinclair Consol Oil Sloas-Sheffleld SAL. Southern Pacific Southern Railway Southern Railway pf.. Standard Mill Co rts... Stewart Warner Speed Stromberg Carburetor. Studebaker Corp Studebaker Corp pf.... Stutx Motor Superior Steel Corp 49 Tcnn Cop & Chem 12 Texas Co 320 143 68 n 38 38 129 2?; 42 y, 41 41 24 47 64 33 89 106 20 104 64 93 32 27 103 128 90 103 22 83 14 98 64 132 105 106 14 18 15 29 89 32 S 230 13 61 79 108 25 63 9 ISO 94 136 104 12S Hlih-fit. Texas & Pacific Tobacco Product. Tobacco Products pf.... Transcontinental uu..... Transue & WlUlama 6tecl Union Oil Union Pacific- u United Alloy Steel.... United Fruit Co United Ry Invest pf.. United Retail Stores.. U S C I Pipe & Fdry.. USCIPlpeAFdrypf.. u a express U S Ind Alcohol.... U S Ind Alcohol rts. U S Ind Alcohol pf U B Realty & imp.... U S Rubber..... U S Rubber full paid. U S Rubber 1st pf.... U S SmelUng, RAM. U 8 Steel U S Steel pf Utah Copper, Va-Carollna Chem. Va Iron. Coal & Coke.... Wabash Wabash pf A. : Wells Fargo Express..., Western Maryland....... Western Pacific. Western Union Tel Westinghouso Air Brake. Westlnghouse E & M...i Wheeling ft Lake Erie... Wheeling ft Lako Erie of wnite aioicr Willys-Overland ........ Willys-Overland pf Wilson ft Co.. Wisconsin Central Woolv?orth, F W Worthlngton Pump Worthlngtoa Pump pf A. 53 103 101 67 66 41 123 53 204 22 115 29 62 22 84 110 41 10S 45 137 136 115 76 109 115 82 76 77 10 29 67 11 23 56 122 56 15 23 74 33 92 83 84 127 104 7 144 68 78 88 38 130 2 43 42 41 25 47 64 33 95 107 20T 104 64 93 32 27 103 128 90 103 22 83 34 100 64 133 105 107 14tt 18 15 29 89 22 220 13 61 80 1104 25 62 9 180 94 138 104 128 49 12 382 53 103 lot 58 66 42 124 53 204 23 118 29 62 22 85 114 105 45 139 116 US 76 109 115 82 76 77 10 2l 67 Clo. tni. 76 38 38 128 2 42 40 40 24 47 64 33 88 108 20 104 63 93 82 27 101 127 86 102 23 81 34 98 63 125 105 105 13 23 86 123 57 17 26 76 34 92 S3 36 137 106 IH 14 18 15 28 83 20 8 220 13 60 77 108 24 62 8 180 92 135 104 125 48 12 330 61 101 101 57 65 41 123 63 200 22 113 29 63 22 83 109 89U 105 44 134 186 115 78 107 115 80 76 77 9 29 67 11H 23 86 121 66 15 23 73 33 92 2 84 137 103 76 38 88 129 2 42 41 40 24 4 64 33 94 107 20 104 64 93 32 27 103 127 88 102 22 82 34 100 63 130 105 106 14 18 16 28 88 20 8 20 13 61 79 109 24 62 8 180 94 137 1044 126 49 13 832 63 101 101 67 65 41 123' 63 303 32 114 29 63 23 83 113 40 105 44 136 136 116 74 109 115 82 76 77 29 67 13 23 36 123 56 16 25 76 34 92 82 35 127 105 9J -rivr Chaa. l 1 .-' H - l -" 4 1 1 a 1 i 2 2 1 1 1 -4 1 8 8 3 1 1 1 1 -a 2 1 ) M l 8 t .. f 8' 3 1 ' U4 H ? 3 i - t. - "Fereign Trade1 through foreign In .al i Hie Importance of Improving Foreign Exchange Rates HPHERE, fa pferhaps no robjlect which is being discussed more wnowlj or h receiving greater consideration on the part of Govvnunerit official, bankers and business men than the foreign exchange situation. It k of the utmost importance, not only for tne future welfare of Earopean hiftfoat, bat also for the United States, that every effort be made to eltect aa m&nm meat in the most logical way possible. " s ; A a.v :u. We call attention to the following letter from Senator Robert ll Owen) of Oklahoma, .Mefaber of ,the:,Banking and Currency and Appropriations vxHiunuLcca. , anltci) $tate Senate ; OaaaaalttM on STtva Crrllll TrlWa af Ixttaaa October twenty-eighth, "Nineteen Nineteen. ' If essrt. A. B. teach & Company, Inc., .' 62 Cedar" Street, New York, Gentlemen: j The only way to balance foreign exchange at present is for the American investing public to buy these European securities, which are selling at an extraordinary profit at this, time-just as United States bonds did at the close of the war. Europe is at bottom solvent in its, busi ness life and productive power and when America knows this, and that credits now serve both America and Europe alike the people will .buy the- bonds and securities freely. Yours respectfully, (Signed) ROBERT L, OWEN. t iYt I' s '.n'e ' : v Mv- ! ''.V!c i-rt'.' 1 ' v v The quickest, easiest and most efficient way pf improving foreign exchange rates is for American investors to purchase the internal loans "of European Governments. As Senator Owen states, "Europe is solvent" Being- sol vent, she will meet her obligations. At current prices and exchange rates Dollars will purchase foreign securities which are recognized as sound, ' yield at present most liberal returns, and may ultimately show a profit of anywhere from 14 to over 100. By buying these bonds Americans help stabilize conditions abroad, make it possible for American industry to ex pand through foreign trade, and at the same time take advantage of a most unusual investment situation. We quote markets on the internal loans of allied and neutral European Governments and are prepared to furnish most complete data. laftilrlea Invited mad a50 revested tor 9 Booklet eatltled - T - "Bonit ot Foreign NMtloas,- ' t , ' 'V ) kjrr ap '.- ti.' ;i' Ml' rr Investment Securities mi w 1 62 Cedar St, New York (Chicago ' Minneapolis Philadelphia Boston , - ' Cleveland' Baltimore Pmsburgh s Buffalo , ' '' - t H : .'in v $1,000,000 State of Oregon 412 Highway Bonds Dated Norenrbor IV 1919. Due semi-annually from. April 1, 1926, to October ttl9U, inclusive. Interest payable April 1 and October 1 in New Tork City or Salem, Oregon. Coupon bonda in denomination of $1,000 may be exchanged for nghrtoed Exempt from Federal Income Tax. V. Lofml htwtmmt for Savinffa Banks and Trust Fwtds m New Tori, JafaeswAu mtts, Comuetieat and other-States. KligiMs to eecure Postal Savings deposits. I We mffm thma Bonds f'whem, as and if iststed and recstW my m' At 100 and accrued interest to yield 4 areolar ttpots r trust WiOkun Salomon A Co, aa 3W1I strswt KsvYsfk Blake Bros. &cjl 44 Waft SMsi " V ' rWTork a StMongood & Mayer Bnsaalway ,MtYrk Freeman Smith & Camp Go Morllrareatera Battle BM. Portlaa4 On. are armaaite4 trart an atrtatatoS tram ra kellmr an rellabrs. Superior Oil Corp. Bought Sold Quoted M. J. WHITELY Umtr N. V. Cur Mart Ais n M rta S treat, New Yk 3-1 John Investment Securities JohnV. Dunne & Co. 44 Broad St. Nw York Tskphont Vnoi t3( H. Raphael & Co. Ineesement StcuriUts 74 Broadway, New York TeUpcoaa 53334 Keetof 15 1