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4 1 * Cit Dated Jan. 1, 1 ' Principal and semi-ani York City, at the o Legal invei other east I Asse Tota ' Sinki i - Net s u The City of Mi 43, in twenty yean for various mui v, f ' 't * 1921-1923 a 1924-1925 4 r . I) Halsey, Stua New T A. B. Leach Newl Second War Mil Marshall & 1 Milwa ) i Coupons Maturing October, Harris, Fo Pine Street, cornel Ada, Minn., Independent S. D. School Building Anderson County, Tenn., Road Auburn & Syracuse Elec. R. R. 1st & Ref. 5s Batavia, 111., Bridge 4}4s i Belton, Texas, 5s ' Berrien Springs, Mich., Water Works Capron. Ill, H. S. S. D. No. 136 5s ' Charlotte, Mich., Sewer ' Charleston, 111., Ref. Chickasha, Okla., Sewer i Chickasha, Okla., Water Works Cicero, 111., School District No. 99 Coos County, Ore., S. D. No. 41 Danville, 111., S. D. Dayton, Iowa, Water Works Des Moines City Ry. Co. Ref. 5s I Dominion Pnu/er A* Trono Pn T +A Hamilton, Ont., 5s Donmore, Pa., 4'/28 ' , Du Page Co., 111., S. D. No. 78 4'/:a Elk Point, S. D., Elec. Lt. Fayette, Mo., Water Works Ford County, 111., School District 102 Fort Dodge, Iowa, Ref. Forreston, 111., School 4'/2s Gnlesburg, 111., Elec. Lt. Works 4s Geneva, III., S. D. 5s Grand Haven, Mich., W. W. 4'/js Greenville, Tenn., Sch. Series "A" 6s Highland Park. 111., S. P No. 107 i Home Independent Tel. C j. Interurban Railway, Des Moines, la., 1 l?t Mtge. 5s Independence, Iowa, School District Knoxville, Tenn., Market School House 6s Knoxville. Tenn., Public Improvement 5s Knoxville, Tenn., Viaduct 4'/;s Lancaster, Ky? High School Louisiana Port Commission 5s Lamar County, Texas j damaroneck, N. Y.. Sewer 4.55s fadison, So. Dak., Sewer 5s ? Terchants' Heat Ac Light Ref. 5s iidland Valley Rallioad Co. 1st 5s Mills County, la. i Monmouth, 111., Ref. Monmouth, III., Water Works Ref. Mount Airy, N. C., Water Works, I El. Lt. Ac St. Imp. 5s Murfrees Borough, Tenn., School j District Murray City, Utah, W. W. Ntw Kensington, Pa., S. D 5s (ABOVE COUPONS Harris. Forhe* At Co.. I Harris Trust & Savings = . = m We take pleasure Mr. Walter J. Murph dated with us for i I a member of the firn LUKE, BANf Members of the New 14 Wall Street Exempt from all Fe $5,37i :y of Milwau Direct Oblig $4,170,000 6% Bonds 920, and July 1, 1920. iual interest payable January 1 and July 1 ption of the holder. Coupon Bonds in der stments for Savings Banks in N ern States. Eligible in our op Legal opinion will be 1 FINANCIAL I ssed valuation 1919 .., 1 bonded debt (incl. these issues).. ing Fund......i., bonded debt Population 191( " 192( lwaukee is required by law to j from the date of issuance, licipal purposes. MATUI $208,500 6% Bonds due each ; 20,000 5% Bonds due each ; 40,000 5% Bonds due each ; PRI (Accrued lntarea it prices to yield 5.75% " 44 44 5.60% 1932-1940 at pric Guaranty Compa rt & Co., Inc. fork & Co., Inc. fork d Securities Co. waukee llsley Bank ukee The above Information Is based upon official i relied In the purchase of these Uonda. We di 1920, Payable at the Offices at rbes & Co. r William, New York Normal, 111., School Northern States Pr. Co. 1st & Ref. Ss Oklahoma Gas & Elec. Co. 1st Mtge. Gold Ss Oakland, Maine Roberts, 111., S. D. No. 116 5s Rutherford County, Tenn., S. D. 5s Runnells, Iowa, School Seattle, Lighting Co., Seattle, Wash., Ref. Mtge. 5s Shelby Co., Tenn., Court House Furnishing & Fitting South Bend & So. Mich. Ry Co. 1st Mtge. Gold 5s South Portland, Me. Sycamore, 111., S. D. No. 51 4'/29 Springfield Village, Vt. Wellington, 111., High School West Plain. Mo., W. W. & El. Light V> 11 ces Barre, Pa., S. D. 4'/ji Wilmington, N. C., Water 6s Sewerage 4'/js Winnetka, 111., School District No. 36 Second Fergus Falls, Minn., Independent S D. Ref. 4'/2a Popl j" Bluff, Mo., Ref. Sixth Henry, 111., Water Works Lincoln, Co., Miss., Jail 4'/jS Tenth Fayette. Mo., Water Works Harris Co., Texas, Road 4%s Hill Co., Texas, Road Morgan County, Ga., Court House 4'/j8 Bell Co., Texas, Road Dist. No. 3 5s Bell Co., Texas, Special Road District Scries "E" McLellan Co., Texas, Road District No. 2 5s Fifteenth Burleigh Co., N. D., Ref. 4V28 Carroll, Iowa, S. D. School Funding Chippewa Co., Mich., Ref. 4'is East Texas, Mich., Ref. Islip, N. Y., Union Free School Dis- ; trict No. 1 Kaufmann Co., Texas, Road District Pano, 111., High School Bldg. Sioux Rapids, la., Ind. S. D. Sterling Twp., 111., Road 4'/2S Warsaw, 111., Water Works Winnesboro, S. C., El. Lt. Ac Imp. 5s 1 Winsor, Mo. ALSO PAYABLE AT nc., Boston Mass., and Ranlf PKionor* Tlll^^l in announcing that y, who has been assonany years, becomes 1 on October 1,1920. CS Sl WEEKS York Stock Exchange New York i j y m THE ? deral Income Taxes 0,000 ikee, Wiscoi ation Bonds $1,200,000 5% Bonds Due serially without option a at the City Treasurer's Office, Milwauk lominations of 51,000 and 5500, v 1. kx i ii. r uw a ur*v, ivia62>acnu?vLLAf v^un linion to secure Postal Savir furnished upon request. STATEMENT $588, - 25, ,t w.e.'w 1,539,950 - 23, ) census 373,857 J " 457,147 levy taxes sufficient to retii The proceeds of these issui CITIES year July 1, 1921-1940 year July 1, 1921-1940 year Jan. 1, 1921-1940 CES " it to be added.) 1926-1929 at prices to 1930-1931 44 44 44 es to yield 5.15% my of New York Wm. R. Comj Ne1 s First Wisco: Milv The Merchants Loa Chicago statements and statistics on which we have ) not guarantee but believe It to bo correct. ! ? , Stone & ENCO 147 Milk StrMt 120 Br BOSTON NEW ___ EXAM1NATIOP I Induatrial and Pi REI on Valuation and Potter Brothe take in annoi Mr. Alfr formerly of P has this associated u i BOLES & i Members PhUadeli Land Tit PHILA1 Announce the removal of ters on the sixth floor of t and staff correspondingly October t, 1920. Manager of a Spani ence in general busines dence in France, Italy countries wishes first claj eral office. Highest refer go abroad. Only first c! K, 710 Herald, 280 Bros LOXDO.V M ONE V MARKET. London, Nopt. 30.?R?r Mlver. fitted, in ounce. Bar ?rold, 1 tSs. 4d. Money, . V ner cent. Dlnronnt rntof?? Short >ille, per cent. Three months Ills, 6 H l>or cent. Oold premium at -Ishon, 140. I i M NEW YORK HERALD, V nsin i . s indicated below. j ee, Wisconsin, or In New ! nacticut and igs Deposits. ] i ! 556,266 164,750 624,800 v I I e its bonds withes are to be used , ' yield 5.50% " 5.25% ...? Company w York Itacy & Braun New York nsin Company vaukee n & Trust Co. | : Webster RPORATED otdwt; 31 Se. Daarbern ?t. YORK CHICAGO ____i / *S AND STUDIES iblic Service Propertiei >ORTS Operating Efficiency 1 :rs & Company pleasure uncing that ed Borden rocter & Borden day become /ith their firm. : i i. WEST WOOD )hia Stock Exchange le Building DELPHIA their offices to larger quarlame building with facilities increased. I Locust 2016 TELEPHONES Locust 6748 I Race 3107 sh bank with good experis and several years' resii o 1 * ana in apanisn speaking is position in bank or genence, with no objection to 1 lass concerns need apply. | idway. ' i PARIS PRICES HEAVV. Pams, Sept. SO.?Prices were heavy r on the Bourse to-day. Three per cent, r rentes, 54 francs 42 centimes. FJxchanijo I on London, 52 francs 27 centimes. Five <1 1 er cent, loan, *5 francs 67 centimes, r The dollar, 15 fr*ncs 5 centime*. , h FRIDAY, OCTOBER 1,_ BANK EXPECTS NO [ LONG DEPRESSION | National City Says Too Much Work in Sight and Crop in Barns Too Big. PBICE BOOM HAS PASSED Reductions Have Gone About us Far as They Will in Near Future, Is Asserted. That too much employment Is In sight in this country and too big a crop in barns for a prolonged period of depression is the opinion of the National City Bank, which says in Its monthly letter stiued to-day that in industries most disturbed price reductions have gone about as far as they will go in the near future and that some prices which have dropped to prewar levels may recover rart erf their lost ground. Discussing general trade and industrial conditions the bank says: "The developments of the month have strengthened the general conviction that the boom period in prices Is over and the country settling down to conditions more normal than those which prevailed in the last half of 1019 and the early months of li'20. The day of competition among dealers for goods at any price and among employers for laborers at any wage has passed. "There Is good buying power In the country yet, but the keen edge Is off. The feeling is that from now on there will be enough of everything to go around and that most things will be cheaper rather than dearer, all of which is good reasoning. War conditions do not last always. Imports in the first seven months of this year were $3,481,000,000, against $ 1,954,000,'000 In the si.me months of last year. The crops are large and the cost of living lower than last year. The argument for wage | increases based on the cost of living works both ways and the argument of diminished demand for goods and diminished employment is one of the most convincing In the world. It cannot be answered or put aside. It looks everybody in the face until something is done about it." The bank reports a small percentage of unemployment and says that the percentage is not likely to increase. It makes that point despite the fact that a large number of wage earners have been laid off In the tire factories, shoe factories and textile mills and that locatrade has been affected to some extent thereby. It Is also pointed out that payments through banks are about on a level with those of a year ago, and throughout the West there Is entire confidence in the future. The railroad* handled more freight in August than they did in any other August. Discussing factors that may check the downward price movement, the bank said: "There is good reason to think that in the industries that have been most disturbed the price reductions have gone about as far as they will in the near future. Other industries must expect to contribute their share In the general re adjustment, ana tne more readily tney do so the better all uround. These j price reductions have not yet been re- ' fleeted in retail prices everywhere, but that, too. is a development on the way and which the enterprising, public spit- I ited merchant will want to hasten. "There Is always difficulty in managing a downward movement. Once confidence in prices is unsettled suspicion is alert. Huyers are wary at any price. It is a mistake, however, to think that prices?at least the average of prices? . may slump back to anything like prewar figures. They have almost done so In some lines, but these prices will probably recover a part of the lost ground. There are too many factors In the situation to permit of complete readjustment at once. It will be a time process. "The business community does not like the idea of doing business on a declining market, but that is the prospect for some years to come, and business must plan for It. Where retail prices reflect all the reductions that producers have been obliged to take the cost of living w tli be materially lower than It was at the high point, but It will still be a i long way above the prewar level. It Is-j not certain that all of the recent reductions can lie maintained ; this Is the season when food Is cheapest. A fair start has been made, and a revival of activity) in the trader most affected Is desirable i and probable. We adhere to our opinion I that there Is too much employment in | sight In this country, and too big a crop J In the barns, for a prolonged period of depression." CHICAGO BANKERS TO AID GOODYEAR TIRE CO. Receivership Avoided by New Financing Plan. The Goodyear Tire and Uubber Company has been saved from a possible receivership and from a probable readjustment or reorganization by the action of ; Chicago bankers, who have decided to I V, >, rwl n?n' OnfinMn.r fnr thnl i according to Information received in I Wall .Street yesterday. The difficulties ' confronting the Goodyear company have J been a matter of discussion for consider- : able time, and the facts became no well known as to cause the publication In ' Chicago of a receivership story. Plans for the new financing have not ' completely matured, hut certain Chicago Institutions are committed to a plan to raise ut least $2,',00h,000, and In some qunrters it Is said that the new financing may aggregate f10.o00.000. Despite the decision of Eastern bankers to the effect | m that they could not see their way clear ' to finance the Goodyear company's re- i qulrements, the story that a receivership! was being considered was nt no time; warranted by th? exact situation, and the worst that could happen was a re-1 organization and readjustment similar; to the one of the Maxwell nnd Chalmers companies. Such a step hns been averted and an early announcement from Chicago Is anticipated. Although Eastern bankers will not be the principals In the financing, which Is expect--1 to be undertaken ; under the leadership of the Continental and Commercial Trust and Savings banks and others, they will exetend full measure of cooperation with the Western concerns In solving the problem which has been Impending for considerable time. The Western banks took the point of view that the company had weathered the peak of the troubles caus< d by high Inventories and aluKclsh movement or Ha product*, pointing otit that the compnny was reducing It* Inventories rapidly, inanufactuHriK 16,<100 tire* a day and se||. Inu 2o.oor. Tho Ooodyear company haa no funded leht and heretofore haa consummated til Ita financing through sale* of stock. 5nly a few montha ago It offered 120 mo.<100 of preferred atork and 110 OoO.oon it common Stock to old holder* at par 'or a block of atook constating of two hare* of preferred and a share of ornmon. The company alao paid las' hily a atock dividend of 150 per cent. ,n*t October the company'* Inventorle* i mounted to $35.566.779, the largest on eoord, and It la understood that fhoae nvenforlea were Increased rather than limlnlshod during the Intervening nonths until recently, when the tide icgatl to turm. J jW 1 Your Statemei -n T! ^ _ r int: jrirsx 01 IT is little things lil which reflect the spii at the United States Statements covering interest credited to tl together with check mailed to depositors < of every month. At each of our four friendly courteous spi stand your financial them, and to aid y< limits that sound co permit. We shall be glad to you to discuss your Unitec Mortgage & Capital and S 55 CE Broadway at Madi; 73rd St. at 71 J? f? * r r v v v Exempt from reaerai ana WE < High Grade MUNlCiF Maturing from Dec. lc To Yield b.8( These Notes, being fre York State Income Ts equivalent of 6$% to a pendent upon income i investment. DISCOUI . SALOMON BRi Members of the Ne* New York Office 27 Pine Street TELEPHONE?John 6300 Skelly Oil For the second quarter, 1920. net annual rate of 26%. This is exi The affiliated refinery interests < ing Company of El Dorado, Kar pany at Burkburnett, Texas, are of crude per day. Reports from Company clearly month in earnings. The management is recognized a The assets of the Company an steady growth of producing pro] This Company is on a solid investment. J. R. Brid^ HI Broadway J _ 17 - i n ; M ' pKBP" it on Your Desk Every Month ce that, little courtesies rit of service you will find Mortgage & Trust Co. deposits, amount of le account, and balance, :s separately listed, are in the last business day offices you will find a rit of wanting to underproblems as you see iu to the farthermost nservative banking will have you call, or call on banking arrangements. ] Skies j lrujt Gompejiv i lurplus, #6,000,000 ' DAR ST. ?on Ave. 125th St. 5 th St. at 8th Ave. ? ~ 1 I] New York State Income Tax OFFER h Short Term >AL NOTES 1920, to Aug. 31, 1921 \rrr rr? a jyo ~er Hiinum e from Federal and New ix, yield the investor the bout 23% per annum, deis compared to a taxable MT HOUSE OF OS. & HUTZLER <t York Stock Exchange Boston Office 35 Congress St. TELEPHONE?Main 5220 I Company earnings were $983,130.84 or at the elusive of refinery profits. jf the company, the Midland Refin- V isas, and the Nortex Refining Com- I operating at capacity, 6,000 barrels I indicate continued increase each I H is the best obtainable. I e being substantially increased by I perties, with ample acreage reserve. foundation and offers attractive I oford $ Co. I New York