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Serbell Scatters ?abl!r Utility fcernrttiea 111 Braaftmay. Sfetu fork We have actual orders in Brooklyn Edison Co. 5%, 6%. 7% Bond* Columbus & NinthAve.R.R.Co. 1st 5%, due 1933 LexingtonAv.&Pav.Fy.R.R.Co. I 1st S%, due 1993 Bonds & Ctfs. of Deb. Nassau Electric R. R. Co. 1st Con. 4%, due 1951 New Amsterdam Gas Co. 1st 5%, due 1948 New York Municipal R. R. Co. 1st 5%, due 1966 n? v?_i. ?. v o:? r... r? new i ui iv k JLi. i\if. uas vw. l.t 5% & Con. 5% Bond* - i Phone Rector OMO-.V 9783-7. 8988-3 Private Phones to Philadelphia ? Boston $600,000 Bond Secured 8% Notes The Arkansas Valley Ry., Lt., & Pwr. Co: (Colorado) MATURITY: Oct. 1, 1922, ; Yield 8.55%. SECURITY: $900,000 7% ' 1 Bonds pledged for these , Notes. EQUITY: $3,500,000 Common, $840,000 2nd Preferred and $1,870,800 1st 7% Prefaced which has 9 year uninterrupted dividend record. f EARNINGS: 80% from electric light and power. Balance tor these Notes FIVE TIMES Interest re quirements. Aik for circular NH-63 UMByllesfay & Ca Incorporttcd III Broadway New York Chicago Provident* BmMB I $rittrr & Ityifelg K?tnblit>hrd 1878. Specialists in r in* rractional dcnp of the Pittsburgh, Cincinnati, Chicago & St. Louis R. R. Co. "Panhandle" General 5s, Series A Due June 1, 1970 Members New York Slock Exchange 52 Broadway Tel. Broa i 6323 How To Make Succesi'ul Investments Anew booklet published by S. W. Straus & Co.?the House with the record of 38 years without a dollar's loss? outlines a plan under which thousands of men and women have made successful invest ments. It'shows how you can choose 1 investments which cause no worry or trouble, and on i which the interest is paid J promptly and the principal returned in full on the diy i due. Write for this booklet today. Ask for BOOKLET C-469 SW.STRAUS &Ca INCO* ?0*.AT?? 150 Brsodws.y, New York Telephone Corllandl 8064 38 years without loss to any investor Amer. Chicle Com. j liy) Amer. Cigar Stk. & Fractions |* | Amer. Light & Traction gj fi Amer. Tobacco Div. Scrip 1 Babcock & Vilcox Gulf Oil Corporation Imperial Oil Co., Ltd. V |i Northern Securities Co. y t R. J. Reynolds. Com. flc Pfd. fl ft Tide Water Oil Co. Stk.?c Rts. (j | Wm. A. Davies, Class A. 2 0 Bcugh'?Sold?Quoted D 13 S Private Wire* to fll IIARTrOBII MimmAI, |Q T CHIC Atill TORONTO J I1 NO N. T. COTTON R iCHANOR |j Pacific Oil Co. Texas Company Upon request we snail be please 1 to tend our Weekly Market Letter containing an analysis of the | above issues. CAR?ENDER, CAFFRY & CO. Mtmbnr* fl? Yor?i stock Ktohanf" 1 W It Street T20 Fifth Attn.a Tit. Rector SO70. Till. V?n lertillt. SMO ' $500,000,000 U.S. CERTIFICATE ISSUE Houston Announces Two New Series?One of Six Months and One of Year. BEING OFFERED TO-DAY t One Maturity Carries 5 8-4 Per Cent. Interest, the Other Is at 6 Per Cent. United States Treasury certificates of Indebtedness for approximately $500,000,000 aro to be Issued soon, and the Federal Reserve Bank Is receiving subscriptions for them, David Houston. Secretary of the Treasury, announced In Washington yesterday. One offering, at 5% per cent., will run for six months from December 15 of this year and fnature on June 15 1921. The other, at 6 per cent., matures on December 15. 1921. The issues are known as aeries T J 2-1921 and series ; T D 1921. respectively. The certificates | of those series will be accepted at par ; with an adjustment of accrued interest in payment of income and profits taxes, I payable at maturities of the certificates, j The certificates of the six months' Is- i sue win nave coupons iur "?wwi payment attached to them. They will be payable at the maturity of the certificates. The Issue maturing: on December 15. 1921, will have two coupons payable on June 15 and December 15. 1921. Treasury certificates of Indebtedness of series T D 1920, maturing: on December 15, 1920; of series A 1921, maturing January 3, 1921, and of series B 1921, maturing on January 15, 1921, will be accepted at par with an adjustment of accrued Interest in payment for Rny certificates of series T J 1921 or T D 1921, now offered, which shall be subscribed for and allotted. The Government reserves the right to reject any subscription and to allot less than the amount of certificates of either or both series applied for and to clos?< the subscriptions as to either or both series at any time without notice. FARR ALPACA COMPANY r DOUBLES ITS CAPITAL Each Stockholder Will Receive Dividend of 3 for 4. Holyoke, Mass., Dec. 7.?The directors of the Farr Alpaca Company to-day recommended to the stockholders that the $7,200,000 capital stock of the company be doubled, the issue to consist of 79 (inn ...I,,. vino T was recommended that $5,400,000 of the new stock bo Issued for the surplus property of the company as a stock dividend and that $1,800,000 be issued for cash at par, the right of subscription being given to stockholders pro rata. That means each stockholder will receive a stock dividend of three shares for each four shares now held. The new stock will be Issued as of January 3,? 1921, to stockholders of record on that i date. The surplus of the company now amounts to more than $6,750,000 and considerable plant extensions are In progress. , $1,250,000 000 INVESTED IN ILLINOIS UTILITIES 11 Samuel insull Addresses Chi- ] cago Rotary Club. Special Despatch to Tits New York Hiutn. j Chicaoo. Doc. 7.?"The local public utilities of the State of Illinois have an , Investment of $1,250,000,000," said Sam- J uel Insull, president of the Commonwealth Edison Company, addressing the Chicago Kotary Club luncheon to-day at ' the Hotel Sherman. "One hundred million dollars are spent every year In new plants. Thej employ upward of 300,000 employees and have between 160,000 to 200,000 Investors. ! Thla spells progress for the people of , the city and the State," said Mr. Insull. STOCK EXCHANGE LISTINGS. ' 1 it Hendee Manufacturing Camilla- | five Convertible Pfd. Admitted. The New York Stock Exchange has ' admitted to the list cumulative convertible preferred stock of the Hendee Manufacturing Company and has stricken from the list General Motors ^ Corporation subscription receipts, first Instalment of 10 per cent, paid f'r common stock, as well as Texas Company subscription receipts full paid for rap- , Ital stock. The exchange has substl- ( tuted on the list the following: United Retail Stores Corporation permanent engraved certificates for cap- ! Ital stock In lieu of temporary certificated, Oklahoma Producing and Refining Corporation permanent engraved certificates for common stock In lieu of temporary certificates. Consolidated Textile Corporation permanent engraved certificates for common stock* In lieu of temporary certificates, Hendee Manufacturing Company permanent engraved certificates for cornmcn stock In lieu of temporary certificates. FOR LOWER COTTON ACREAGE. Redaction by BO Per Cent, for Knat at Mtapkli Confertae*. Mbmphis, Tenn., Dec. 7.?A reduction of at leant 50 per cent. In the cotton acreage In 1921 and a crop of not more < than 6,000.000 bales was predicted by W. B. Thompson, former president of the New Orleans Cotton Exchange, In an address here to-day before the Cot- I ton Conference, called to Inaugurate a j campaign for a material cotton acreage reduction and crop diversification dur- ! lng the coming planting season. w "The South Is determined to reduce the cotton acreage In 1921 to at least j one-half of that of last year," Col. i Thompson said. The convention Is called for the purpose of solidifying this determination. ASPHALT BONDS APPROVED. The stockholders of the General Asphalt Company, at a special meeting In Camden yesterday, voted to approve the plan of the directors providing for an Issue of $4,000,000 of 8 per cent, ten year sinking fund convertible gold bonda The authorised common stock of the company was also Increased by $4,000,000 to provide stock for the conversion of the new bonds. ANCHOR POST IRON OFFERING. | H. J. Kane A Co. are offering 20,^00 -hares of common stock, no par value, of he Anchor Post Iron Works, at $1# a :hare. The Anchor company manti'acres and erects galvanised wire fenc?M, tilings and gates for all ptyrosra. Its et earnings for 1920 are estimated at 100.000?ample for dividend requlrelenta of $1 a share on 44,000 of Its hares outstanding, and Its net tangible ssets are 118.88 a share. ?;i)*TOSI HOl'IR RECBirTM. Receipts for duties at the Custom ouse yesterday were (414,6(7.39, of hlch (221,116.49 was for merchandise Ithdrawn from bonded warehouses dnd (993,661.90 for recent Importations. THE NEW WILLIAMS AGAIN UP FOR COMPTROLLER Nominated Second Time After Senate Fails to Confirm. Washington, Dec. 7.?John Skelton Williams of Richmond, Va.. was renominated to-day by President Wilson to be Comptroller of the Currency. His name was in a list of approximately 17,000 nominations, mostly recess appointments and including something like 15,000 army promotions. Practically all the more Important appointments had been previously announced. This was the second time -Mr. Williams had been nominated after the Senate had first failed to confirm his nomination. The other nominations included Norman H. Davis, under-Secretary of State; the seven members of the Shipping Board, three members of the Interstate Commerce Commission; two members of the Tariff Commission, one new member of the Federal Reserve Board, and two assistant Secretaries of the Treasury. HUnmu'Q umici? IQ JULJlllUll U 11VUULI 1U IN ORDER'?LOOMIS; President of Railroad Says He Has Regarded Court Rulings 5n HfnnnonnA* DnATtAol'vr ill juauagiiig 1 lujji ii), E. E. Loomis. president of the Lehigh Valley Railroad Company, ordered to segri gate Its coal from Its rail properties by the Supreme Court, declared yesterday that the "Lehigh Valley's house is In order." "Four years ago?In February, 1917 ?I came to the Lehigh Valley from the I Lackawanna Railroad Company," he said. "I had fresh In my mind at that time the" provisions outlined by the Supreme Court in the Lackawanna case, j T put those provisions Into effect In the Lehigh Valley's management and since that time we have conformed strictly to those rulings In the management of i our coal and rail properties." Mr. Loomis recalled the fact that the ' suit was Instituted six years ago by the i Government and that In the time that^l It has been dragging through the courts radical changes have taken place In business. He said that attorneys had not been able to bring those facts to the attention of the court because of, the fact that they are developmens i which have taken place subsequent to the filing of the suit. Officials of the Lehigh Valley say that they have as yet no plan for getting Its coal properties to Its stockholders. Indebtedness of those companies, stock and bonds of which are owned by the T.nt,(_l.> Trail-.. a-a -a 1..-1,. ~_,all amounting altogether to approximately $24,000,000 of stocks and bonds. Mr. Loomla estimated yesterday that coal ore In the properties owned by the coal subsidiaries was between 800,000 and 1,000,000 tons. Most of those properties | were acquired by the railro&d prior to; 1875, and Its officiate say that every one of them was owned by the company prior to the enactment of the Sherman law. STOREY CALLS ATCHISON INCOME SATISFACTORY Head of Road Says Freight Business Is Less. W. U. Storey, president of the AtchlBon, Toneka and Santa Fe Railroad, declared yesterday that Its earnings were satisfactory, but had been cut sharply by many complications concerning Intrastate rates and because the new rates had not been allowed or become effective In all States. "There has been a falling off of freight j business." he declared, "but no decline Is noticeable In the passenger end. The freight reduction Is caused by the tendency of farmers to ho'd wheat and cot- I ton for higher prices, but eventually the 1 products will have to be shlrpcd." In reference to the need of railroads j for new money, Mr. Storey said that 1 every road always needed new money, hut that there was a disinclination to look for any now, with the cost of ma- ; terials doubled and the cost of money twice as high as It used to be. Mr. Storey said that no reductions In Atchison's working forces were contemplated. CENTRAL OF GEORGIA SEEKS BOND ISSUE I Proposes $60,000,000 Refunding and Mortgage Plan. WAsirmoTo:*, Dec. 7.?The Central of Georgia Railway Company applied to- i Jay to the interstate Commerce Commission for permission to Issue $80,000,000 In refunding and general mortgage bonds, $11,000,000 of which would be used to reimburse the treasury of the road nnd for additions and betterments; $31,462,300 to refund a like amount of par"value of prior bonds, and $17,537,700 for the purchase of new equipment. The bonds would be dated April 1, 1919, and ^ mature April 1, 1959. The Delaware and Hudson Railroad 1 Company asked permission to Issue common capital stock to the value of $9,634,000 to be used to convert $14,451,000 worth o 5 per rent, twenty year gold bonds Issued In 1915. Conversion would be on the basis of ten shares of stock for 1 $1,500 worth of bonds. At the same time the Detroit, Toled Shore Line Railroad Company asked permission t" Increase Its common capital stock from $1,500,000 to $2,500,000. . $100,000,000 FOREIGN TRADE CONCERN PLAN Chicago Business Men to Consider Project. Bpcctal Pr patch to Tun Nnw York Hsuit. Chicao Dec. 7.?Backers and business m?n are expected to organise a $100,000,''00 corporation to finance foreign trade as a result of the conference of the forum of the Chicago chapter of the American Institute of Banking, which will be held on Thursday. The speaker for the occasion will be r rca j. ivcni oi im? jsanKcrir xnilt j Company of New York. The American Institute of nankin* la said to have 3.000 members In Chicago. Joseph H. Defrees of Chicago. president of the Chamber of Commerce of t;>e T'nlted States, will give hia views >n the proposed foreign trade financing lan. C 00DYEAR OFFICIALS NAMED, j Annonncemeiit of fllerllnn Await-1 ed??llond Ia*we Planned. Aksom, Ohio, Dee. 7.?Directors of the Ooodyear Tire and Rubber Company elected yesterday were expected to announce names of officers late to-day or to-morrow. Directors were reelected with the exception of J. I'. I.oomls, resigned. I* C. Rockhlll. sales manager, was named to. the vacant place on the hoard. Stockholders at nn adjourned meeting December 23 will consider plans foi permanent financing. These plana contemplate an Issue of $30,000,000 In mortgage bonds. It Is said. 0 1 ?ORK HERALD. WED? Direct F o Banking i N:nrty-two branches in the West America furnish direct and complete for countries. Our branches in Cuba have closely id< her commercial activities and development on credits and general business conditions fnancin exports and effecting payments i Our 705 offices are established througl in the West Indies, South and Central An Barcelona. Acceptance Credits, Commercial Credi mercial Drafts negotiated or collected. THE ROYAL BAM 68 William Street Capital & Reserves $37,009,00 ) I Legal Investment )or Swings Banks in Exempt from all Federal h $200,0 City of Dall COUPON 4'/2% G< Principal and semi-annual interest p I Maturing July 1, 1922 Prices to yield 5.00% I I Descriptive circular on above and other Yielding from 4.80% to sent SHERWOOD $ M specialists in 1 i PHONE: 9797 155 BROADWAY Stone & W INCOKPORtl 147 Milk Street 120 Brotd? BOSTON NEW YOF EXAMINATIONS A o1 Industrial and Public REP0R1 on Valuation and Oper I United States Oil COMMON SI Par Value $10 P Traded in on New J. Feinsi Slernbfr A"?r York. Curb Mi 15 William Street Tti.s? Telephone Sale One of the largest selling organi; once a Manager for its Telephone Sal We have no time to experimen proven managerial ability, an establ and a following among the better cl We are prepared to offer the rig] support and an agreement as to com* at least $20,000 the first year. Call, write or phone. Applications will be treated in i ALBERT G. WILSON Cortlandt 5640 ANM? AN BHfinnUTO Is? vnvij mi luiuiiiuijii, NOW R. R. PRESIDENT 5 beo? ??1 Llm * M William J. Hnrnh.in Heads had ! was Chesapeake and Ohio The ! System. he' i prei broi Thirty years ago William J. Harahan nulled the throttle on engines up and down the Chesapeake and Ohio lines. J He left that Job to become engineer of maintenance and then gradually climbed Ue< up the railroad Udder via half a dosen roads. Yesterday he was elected to the p ^residency of the road on which he ran <jrn an engine thirty years ago. and he starts (mn back to Richmond, Va.. this morning to ^aa take charge and to greet some of the ,)nfj ojd-tlmers with whom he worked bnrk j l?\the days when he donned a greasy cor( pair of overalls every morning. Directors of the Chesapeake and Ohio pT. and of the Hocking Valley Railroad met it 81 Hroadway yrterdny and selected ' . Mr. Harahan for the p],n-< made vacant .. by the death of former President George *1^ W. Stevens. He la reported to have been p proposed for the plsee by represents- '*n lives of the Huntington Interests, who th"1 own a Urge stork Interest In the property. ' Mr. Harahan announced yesterday Tl that ha had retired from the staff of the wit Director-General of Railroads. He was Con In charge of labor adjustments for the |atl DIrector-CUneral and prior to that hp- eas >olntment was Federal Manager of the oplt Seaboard Air Dine. Chesapeake and N*e> thlo'a new president began as a clerk quli ind messenger, then mechanic In the tun .outsvllle and Nashville, engineer of the the Chesapeake and Ohio, In chnrge of hop 'tructurea of the Baltimore and Ohio, den from that task he went with the Illinois the s'ESDAY, DECEMBER_ 8, - t ??i >reign Service Indies and South and Central eign banking branches in those ejui ea us lor twenty yemr* wiw.i j i r , enabling us to advise exporters in addition to our facilities for snd collections. lout Canada and Newfoundland, serica, and in London. Paris and its. foreign Exchange and Com[ OF CANADA New York Total Assets $539,00).3.1) .. _ . (_ ' n a/..* v?.j. 1 ?V'1 VV.H.VWMVM.. ,j . icome Taxes. i; i 100 as, Texas OLD BONDS at/able at Next) York. N. Y. U to 1945 Inclusive [ to 5.75% Income wholly Tax Exempt Isaueo | on request for Circular H-8. [ERRIFIELD LUNlClPAL_ BONDS Ft eCTO Ft NEW YOPK/ 1 ? Webster rKi? ' 7 38 So. Dearborn St. IK CHICAGO ND STUDIES Service Properties rs ating Efficiency "1 I Corporation rocK / er Share I York Curb tein jrket Association 76 ilroad New York I J is Manager sationi in Vio iwlii I I - * 1 es Department, t, but must have a man of ished record for production, ass of telephone salesmen, it man 100% cooperation and >ensation that should net him <trict confidence. & COMPANY 198 Broadway, City mm tral, and was successively roadmaetrainmaster, superintendent, chief ineer. genera! manager and vlceildent. From the Illinois Central h" it to the Rrle, in which he held the :e of vice-president and rvslimed to rnie president of the Seabord Air s. [r. Harnhan aald yesterday that he been a railroader from the day h i born, h's father, the late Jamt'odore Harahan. having been a plonin the business, and who at tho tim.. was killed In a railroad accident was , ddcnt of the Illinois Central. "J was ught up on railroads," he declared, d have had to know them from the J jnd up." ?EAMAN HEADS COMPANY n m c * President of KeltyWprlnnfleld Tire Interests. A Seaman has been elected prc.?i- I t of the Kelly-flprlntrfleld Tire Ojni- j y. succeeding Van H. Cartmell, who been president for eighteen years | who has resigned on account of ' aired health and advanced age, ac- i ling to an official announcement in yesterday. Arthur Sachs, of !* iman. Sachs A Co., has been elected Irectcr. ? "i" regular quarterly dividend of . ) a share on the 6 per cent, pre- I ed stock was declared, payable uary 1 to stockholders of record at close of business December 17. CASH* It WOYKY KORKSBBY. he slowing down of business, coupled h the recent big decline In prices of imodltles, will result In an accumuon of unempl >yod capital and an Ing of the money market. In the lion of Frederic H. Hatch A Co., v York hankers. The period of ck profits and unusually large reus, they declare, has passed, and j safety of principal rather than the j e of extra dividends and stock dlvlds will be the controlling factor la ; Investment markets of tb" future. ' 1920. ^ Why we believe it i Investment Secur The extraordinary business conditions of t great increase in the capital in the country. During the year 1920 there have been heav This has resulted in a redistribution of cap'tal, i of the capital remains. It now rests in more During the war period the great nations ol their credit. The money was borrowed for i wifhout regard to price of goods purchased. It was these great government expendku power from productive effort, that were main) the volume of business and advance in prices /?rtnn1iiciAn ia in^cr>nnal^1?? fnr cnmi AUV> vv/i ttiud.VK it* ?**v0V?|yniyiv vtiav ivt uvatv to reduce expenses, pay their debts and restc the immediate future, therefore, will be the c responsible for the spectacular events in the 1 The inevitable slowing down in business \ of unemployed capital here. That this capita without saying. The forms of investment that have hereb reason of their appeal to the imagination and unusually large fixed returns, are no longer in1 appointments and the losses of the last year th nently in finance for a considerable time to o The natural outlet for unemployed capital \ Safety of principal rather than the hope of etc., will be the controlling factoc. The notable decline in commodity prices w ing the business of the country. This, togeth ness and the release of "frozen credits," will < easy money and a marked change in the basis Just a3 our entry into the war precipitate vestment return in anticipation of large Gov< normal business conditions, the withdrawal of and the increased purchasing power of the Coup ? ? ?- -r 5 i towara tne pre-war oasis 01 iuvcsuhcul y iciua The effect on the prices of all strictly inve always has been under similar conditions in tl We are convinced that during the next few for securities of this class that will be reflected i FREDERIC H. I ESTABLISH Bonds and Corj. 74 Broadway Telephone I Wire Connections Boston, Chicago, ' Carrying on the 1 of a Charity To see the development of a charity, to watch its growing power for good, to aid in its maintenance, and to provide for its future advancement, are things which are dear to many men. If you desire to accomplish these objects, the services of our Trust Department can be of great value. By creating a trust now you v make your intentions effective Guaranty Trust Com 140 Broa FirrH Avinue Orvtct Maoiion Ave Fifth Avenue Ac 44th Street Madiaon Avenue Capital & Surplus $50,000,000 Utah Nevada - Chino - i Wc have prepared complete statis cal studies of history of these fc copper properties since organizati which will be mailed upon reque Hayden, Stone & Compi MEMBERS New York Stock Exchange Boston Stock Exchange 25 Broad Street 87 Milk New York Boet ROYAL SECURITIES CORPORATE MONTREAL ronoirro wi>" jpwt vawcc IT. iOHN H IMP KX I.ONIM' IS PLEASED TO ANNOUNCE THE APPOINTMENT OF MR. FRANK E. GERNON AS MANAGER OF ACiENCY OF ROYAL SECURITIES CORPORA" (CAN AD ) LIMITED 185 BROADWAY NEW YORK T* UPHONF. ( ORTLANDT MM I # * is ~ == Hfc | s wise to purchase ities at this time he last few years have resulted In a very j y losses in many lines of business endeavor. not in its entire elimination. A large part conservative hands. F the world borrowed money to the limit of mmediate emergency expenditures almost i H res, coupled with the withdrawal of man j Ly responsible for the abnormal increasi in i here. e years to come the great nations will seek >re their credits. The conditions affecting iirect opposite of those that were mainly business world during the war period. vill result in unprecedented accumulations il will seek remunerative employment goes ofore indiscriminately attracted capital by the promise of great and quick profits, or /iting. In view of the disillusion, the disey can hardly be expected to figure promh ome. vill be in bonds and stocks of proved value, extra dividends, stock dividends, "rights," ill call for greatly reduced sums for financier with the slowing down of general busisventually bring about a condition of very of income return. d an immediate change in the basis of injrnmcnt borrowings, so with the return to the Government from the money market >on and the dividend check, another change , may be confidently anticipated. stment securities will be the same as it ic past. ' years there will be a very great demand n market prices far above those now ruling. 1ATCH.& CO. | j IED> 1888 rotation Stocks Sector 6340 New York Philadelphia, Montreal, Pittsburg Work at once, and see the results of your benevolence during y our 2 lifetime, without giving your personal attention to the details of in vestment, reinvestment or administration. Your benevolence need not end with your lifetime?it may be continued when you are gone, carrying on your philanthropy through years to come. We invite you to discuss this with us?at any of our offices. manv of New Vork I J - - dway nvi Ornci G*arb Smirr Oma St 6otb Street *6 8 Graad Street Resources over $800,000,000 ? If you have money to invest and are seeking opDav portunities in the busi-_ flay i nesa world, either as a partner or as an owner j of business, consult the Business Opportunity col- 5 <ti- umns of The New York ~ )Ur Herald both daily and ? Sunday, which usually * Oil nr\r\An?* rloSYv omnno fViA \ j;tai uanj aiiavug bn? St. classified advertisements and in the Want Directory on Sunday. ownme TO TKK HOI.DFRS OF FIRST MORTOAOB anv i% M TRAR SIMtlVt. ri M> r.oD) "*maJ BOND* OF IUAH TERMINAL RITI.DIN4M COMPANY, DIF APRIL 1. IMO. ; The und*r*lgned, True'oe under the MoB* gag* given to iecure the above deecrlbad l?*ue of bonda, deeltee under authority e( raid Mortgage to expend the ion of Ofte n. hundred thirty-four thou?and one hundaad otTeet eighty-one Hollar* Seventy-three OAS (H34,19L73> In tb- purrha*o of bond* of aid l**u* for the Pinking Fund, prnvldsd such purr here ran. In It* opinion, be ngw ?J mad.- advantageou*ly. Sealed offere of ~ el bond* may h- *?nt to the office of the under-lgned.TRf*ST DEPARTMENT, 00 ____________ Hroadwa>. New York City, on or before "" December 13, 1920, at twelve o'clock noW. I' Bond* accepted must be delivered on _ LIMITED December 14th or eecurtty fumWhed thAt * day. If required, thai delivery will be maie within ten day*. The right la reserved bjr imnt th* underalgnod to reject any and CD iv (i vo , I ff' rw ( Oi l Vf III \ Till "T rOMPANT, Tru*tee, : By OEOROE E. WARREN. * Vtoe-PfWldanT Dated. New Tork. November 22. 1220. _ SPOKANE VALLEY LAND I WATER CO, Dee. IT. 1920. there will be drawn thred ll.ooo bond* for redemption at 100 Jan. ! 1921, at office of Day * Beaton, 7 Wall st.j rioN An advertisement In fAe Lost an.I Found columns of THK VKW FOR* VftRALD offers a real possibility of i 'I recovering your lost property.