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Srotliera ' llutil'.r UtiHtij &ecuriUea 111 iBrnabuiati, 3feui fjurb ! FOR SALE Alabama Trac. Lt. & Pr. Co. Coll. S%, d'j<s 1%2 Amcr. Gas & Elec. Co. Deb. b%, due 2i)l-1 Cities Service Co. Series D 7%, dua ll/o5 Dayton Power & Light Co. < 1st 1%, due 1311 ; Lex.Ave. & Pav. Ferry R.R. Co. t lit 5/2. .1 ue 1!i*3 ? I I , Texas Electric Railway Co^ < 1st To%, due IS 12 ! r I Phone Hector ! IJ?33-7. | | Private ('hones to J h.llndelphla 4 Boston ; Twelve Reasons Why I -I' Arkansas Valley Railway, Light & Power Company 11 Year-7'/2% Bonds are prime investments will be sent on requ est for circular NH-62. 9 ttM.Byllesby & Ca ' lncorp?r?ud III Broadway New York Chicago hwMtnc* BmM I c t t .. r ' t .1 t c Baltimore & Ohio ; r d Southwestern Division * e a 1st 3V2S i Due July 1, 1925 Price to net t 10.40% $ t ii S BOND DEPARTMENT 0 Prim* & SSlffolg i Established 1878. 0 Member$ New York, Stock Exchange ? 52 Broadway Tel. Broad 6323 J t T ~ b Make Your January S Reservations Early Our January Investment * Guide, now in the hands of v the printer, describes an ' exceptionally attractive and well-diversified list of first mortgage bonds,safeguarded under the Straus Plan, and backed by our record of 38 r years without loss to any * investor. We suggest that you write for it at once, and make early reservations for January Investment, in order to obtain just the bonds and maturities you most desire. Ask for BOOKLET C-499 SW.STRAUS &C0L IITAIIIINII ittj lacvArourn 150 Broadway, New York Teltphone Cortlandt 8064 38 years without loss to any inventor. ^ American Brass ;jj i P American Chicle Com. & Pfd. L; ID American Light & Tractions ij American Tob. Div. Scrip J A Can. Car & Fdy. Com. & PiFd- I Goodyear Com. & Pfd. i Magnolia Petroleum Northern Securities Co. $ Otis Elevator Pfd. u R. J. Reynolds Com. & Pfd. Q Singer Mfg. Co. 2 ; Bought?Sc Id - Quolcd I Prtvato Wl?w t? ft nARTFOKU MONTREAL I CHICAGO TORONTO | i? IWSHP^foi ): sJKui&mg&uu?r U,5. |JA?W IT. T.COTTOS KXCnAXOEA *?-?? XfrcH I. K. Rice Jr. & Co. Buy & Sell Aimrtrun Alll-inrr ln?. ( urn RwtlAHRC linnU "tllftiln" CmnliripRtnl ln?nmrrr (ilrun Full* ln*nr:inrR Orcnt Ainrri<"?n l-n*'HTl??!? IHnmr lnnnrnficf "Rlflrtn" Nntlonnl Pnrk Ilnnk "Rl|li(?" I'. R. Plrc Innnrnnro ' Wr?tr1ir.vU'r Irmurunrr | J. K. Rice, Jr. & Co. rnonM 40m ,n 4010 John. :;fl W?1I St.. N V 1 n ? n UNION PACIFIC ROAD GAINS IN EARNINGS November Figures Show Improvement Compared With September and October. Tbo first of the trunk line railroads to nake their reports for November to the nterstnte Commerce Commission Is the lion Pacific, whose earnings figures for h:it month show an improvement cominred with Its September anil October arnings. As Its September and Ocolnr figures on earnings iild not re loot the full freight rate increases be-ause all of them for one reason or Haulier had not been in effect, the No vernier earnings of representative railroads ire being watched by railroad men with great deal of Interest. Cnlon Pacific's report, although showrig a good sised increase In gross and let operating incomes, Indicates also hat the fight being waged by railroad nen to keep down operating costs has i'uh iui" ui'cn unaunctHiui. in every tcm operating costs In November show in Increase compared with those of November, 7919. One fartor in the devoase of n per cent in the operating nrome for the eleven months is the fact at the corporation marie large pay* nents to its employees on account of rack wages grant' 1 by the Railway -..ibor Br>nril. Important details of the eport follow: iros'i oper. Nov. 1920. Nov. 1919. Change. ruv $19,547,552 $15,720,959 +21.3% >p. expenses 11.4Sr>.f#.'!t? 11.037.370 +31.2% k'et oper. Income 4.308.301 3.781.300 +10.3% )per. rev... 14.7fHi.240 11,744,008 +28.0% 'ass. rev. / expenses... 3.208,230 2.803,340 +18.4% Maintenance ways and struct 2,983,807 2.148.765 +38.0% Maintenance of equip... 3.673,279 2,833.543 +27.3% Transportation wages 6,340.975 5.062.155 +29.8% Eleven months of 1920, Including Novcm>er: Iroea R. R. op. rev....1192.654.109 8163.516,422 +17.8% I. R. oper. expenses... 142,657,461 111,132.978 +28.4% t. R. oper. income (net)..... 38.491.075 44.242,782 -13.0% Officials of the company do not expect December to make as good a showing as lid November, because of tire slump in raffle, but they are of the opinion that he ratio of net operating: Income can be nalntained at least at the 16.3 per cent, laum established in November, and that he twelve months of 1920, during part if which the road was under Governnent control, will make a relatively faorable showing. Expenses, partlculary those affecting maintenance of equipment and of ways, probably will be cut own considerably during this month, ind the decrease In employees, is the surplus of labor. Is weeded out is x pectod to make Itself felt In the Janujy and February payrolls. BETHLEHEM MOTORS COMMITTEE FORMED Tho stockholders of the Bethlehem lolors Corporation, for which a receiver fas appointed on August 25, have ormed a protective committee, headed >y B. W. Jones of the Bankers Trust lompany and composed of Otis A. tlazcbrook, Martin E. Kern and M. lorgonlhau, Jr. Tho commltteo decided 0 act, at tho Instance of several sharelolders. to protect the Interests of the hareholders and with the ultimate hope if being able to present to the stocklolders a plan of reorganization which rould preBervo their equity In the proprty. Since the receivership proceedings two 1 tlier committees have been named, one eprcsenting the merchandise creditors f the corporation and the other tho anklng interests to which the company wed money. The stockholders have ikon no action to protect their Interests, t Is the intention of the stockholders' cmmlttce to act in concert with the ther two committees to brlnr, If posslle, out of the receivership some sort of Ian which will result to the benefit fall. CUSTOM HO UK 12 RECEIPTS. Receipts for duties at the Custom fouse yesterday were $452,365.64. of ,'hlch $114,719.63 was for merchandise withdrawn from bonded warehouses and 337,646.01 for recont importations. FOREIGN EXCHANGE. TUESDAY, DECEMBER 21. GREAT BRITAIN. M?n'srlty. Yesterday, day. D?c. 14. 4.8065 Demand. strl.$3 50% 93.62% $3.16% Cables, sterl... 3.31% 8.5.1 3.47% llkre. no days. 3.47% 3.41% .*;.43 Bkers, 00 days. 3.45% 3.40% 3.30% High. 3.33%: low, 3.5074. THE CONTINENT. 10.30 France, cents a franc* Demand ...... 5.80 5.89 5.83 Cables 5.90 6.90 6.86 High. C.05; low.. 5.80. 10.30 Belgium, cents a franc: Demand 6.22 6.20 6.14 Cables 6.23 6.21 6.16 16JO Switzerland, cents a fmnet i > mnna i? ? Gables IS.25 15.^ 15.40 10.30 Italy, cents a lira: Demand 3.41 3.43ti 3.44 Cables 3.42 3.44V4 8.45 23.80 Oermany, cents a mark: Demand 1.80H 1.3T 1.34 Cables 1.8TH 1.38 1.35 Htft), 1.381i; low. 136H20-80 Sweden, cents ? krone: Demand 18.70 10.70 19.38 Cables IB.75 10.73 10.40 20.80 Norway, cents a kione: Demand 14-W5 14.80 14.65 Cablas 13.00 14 83 14.70 20.80 Denmark, rente a krone: Demand 15.10 15.05 14.05 Cubic* 15.15 15.10 13.00 19.30 Greece, centa a drachma: Demand ...... 7.30 7.30 7.40 Cables 7.35 7.83 7.45 19.30 Spain, cents a pesetas Demand 12.91 12.90 13.00 Cables 12.95 13.00 13.10 40.20 Holland, cents a florin: liemand 81.25 81.15 80.02 Cables 81.85 81.28 80.72 61.40 Ku?la. cents a ruble I 100 rubloe 70 .70 .70 500 ruble* 00 .00 .00 20.80 Austria, cents a crown: Demand 23 .22 .28 Cables 23 ,23 .28',4 23.80 1'oiand. cents a mark: I>emand 1U -1n Jl fitiiw i" 'ii >-? CO.,10 Huntirr, cent* a crown: !">n*nd 17<4 -'5 ?} I'1! C0.ro .luao-Plav!*, cent* b crown: Inmand 17 P* -'O Cables W 23.83 Finland. onu a merit: Iv-mand 2 31 2 41 2.23 Cable* 2.40 2.30 2.30 20.20 Cuerho-Slovakl*. cent* a crown: Itetnand 1.13 1.13 1-13 Cable* 1.10 1.14 1.13 1P.S0 Rumania, cant* a leu: Item and 1.14 1.081% l.M Cable* 1.18 1.11 134 FAR KA4T. 108.32 Shanghai. cent* a taelt Demand 77.00 77.00 77.00 Cnble* 77.T3 77.73 77.73 78.00 Hongkong. cent* a dollar! Demand 37 00 37.00 (13.00 Cable* #7.30 37.30 83.30 41.00 Itomliaj', cent* a rupee: t cm.tlid 2a.no 74.00 21.00 fable* 20.30 20.30 20.30 40.44 Yokonnma, cent* ? jenftenianil 48.30 IWt.ftTty 30.171;, Cal-I * 40 71 no.ilCVi 10.4214 sill Til AMKMCA. .12.41 Rio <1e Janeiro, cent* a mtlrel*! I piaml 14.121, 11 .171; 13.8714 Cable* 14.21 14.30 13.10 42.43 liuetins Aire*, cent* a peoo I eriand .14 21 74.02H 33.37V4 Cable* 34.3714 84.73 84.80 103.42 1'rupiny, cent* a Hollar: tx-iTiand 73.73 76.02H 7P 00 Cable* T? 00 74.471% TO.2J CANADA. New T irk fund* In Montreal, 8100 4C breilum iter $1 ,(H11. Montreal fund* In Naw oik, fltiO.10 dlMOUUl pet 41,000. j ? THE NEW !'n Executor Clharterei The Farmers' Loan ? Nos. 16, 18, 20 & ! Branch Office, 47 At Forty-? New ' London Foreign I !; Administrator Member Federal Keserve System ~ America's Pulp | Supply ? r~FHL United States ccnsi world's entire product* cuction of pulp wood was es imately 4,970,000 cords, ' amounted to 5,230,704 cords that consumption will excee approximately 1,050.000 cor Owing to the fact that cur own s idly decreasing we musMurn to t and pulp industry to supply our f pendence on Canadian pulp wood porations supplying this demand i Parkin soi Members of New N ork and NEW HAVEN NEW ' 128 CULHCU ST. t HAL We beg to an Mr. H. T. has this day conneetionv Anderson, Bi 39 Broai New Philadelphia Chicago Clev< | December 22, 1920 WE announc of larger venient offices MR. ROLLAN] VICE-PRI Jiollister,\ tmcomao INVESTMENT 115 BRO Phone: Rector I Benton Sprir Philadelphia Hart Stone & iKeonre 147 Milk Straat 120 Bro BOSTON NEW 1 EXAMINATIONS of Industrial and Pub REPO on Valuation and O i ? ? i DIVIDENDS. Stock of PayRecord. able. Alabama Co., |3 Dec. 11 jan. 1 Anwr. Surety Co., q., f2.r-0.Deo. 24 Dec. 31 Auburn Auto Co., q., $1 Dec. 90 Jan. 1 Rank of New York, q., ffl. ..Dec. 27 Jan. 8 Rank of New York. ex. fa... Deo. 27 Jan. 8 Harnett Leather Co., pf, q. fl.7r, Dee. 20 Jan. 1 RrttUh-Amer. Tobacco, Ltd., Be Dec. 23 Jan. 10 Rrltlrh-Amer. Tobacco, Ltd., Interim, 4% Dee. 23 Jan. 10 Chicago Railway Equipment Co., q., 12 Dee. 21 Doc. 31 Central L'lilon Ttuat Co., q. vi Pec. 22 Jan. .7 Commercial (exchange Rank, a. a., f." Doc. 20 Jnn. 1 Commonwealth Hank, (2.., .Dec. ,'lt .Ian. 20 Empire Truat Co., <|., #3....Pec. 27 Pec. 31 Empire Trust Co., ex. ft....Dae, 27 Dec. 31 Federal Sugar Refining Co., q., f 1.25 Jan. 22 Feb. 1 Federal Hugnr Refining Co.. pf.. q., 11.50 Jan. 22 Feb. 1 Importera * Trader# Nat. Hank. a. a., *12 Dec. 2.7 Jan. .7 Irvlnu National Rank, q., f3.Dec. 24 Jan. 8 Julltin Knvner * Co., q., f2 . Pec. 28 Jan. 3 Kansas City Ry? pf.. q., fl.Dsc. 81 Jan. It YORK HERALD, WEDN h Trustee I , i 1822 ind Trust Company 22 William Street 5 Fifth Avenue irst Street 2ork Paris Ixchange Guardian ' " " ' m _ TT ana new xors vjieann^r nouae i ' I Our pamphlet describing the Canadian pulp industry in detail from the investor's Viewpoint will be sent upon request. I II jmes over one-half of the on of paper. Cur own protimated in 191 at approxtvhereas the consumption ?. For 1920 it is estimated d American production by ds. upplies of raw materia! are raphe fast growing Canadian paper uture needs. This increasing de1 places the securities of the corn a nta r?o/M ie nneitmn >li U UU v HtibUi^VvUtf |/V<71biVI(i m &> Burr I Boston Stock Exchanges YORK / BOSTON L ST. 33 STATE ST. " ~ " " i inouncethat Andrews J= severed his [r /ith this firm rown & Co. j d Street L York Pittsburgh eland Detroit ;e the opening and more conin charge of D T. VEITCH, I iSIDENT ! V hite & Go. L= <T(0> | SECURITIES AD WAY 3222 and 3223 igfield Providence ford Portland I I Webster IKATIO Jwit 38 So. Doarborn St. ITORK CHICAGO AND STUDIES lie Service Propertie* RTS p<rating Efficiency ___ Lehlgh-lVilVeabarre Coal Co., a. a., ?8 U5 Deo. ?9 Dec. 21> N. Y. Title Mortgage Co., q.. 82 Deo. 24 Jan. 2 N. Y. Title Mortgage Co., ex., |2 Dee. 21 Jan. 2 N?'w England Tel. A Tel. Co., q.. 82 Dee. 22 Deo. 31 ? Ohio Fuel Supply Co., ex, 12.00 Deo. 81 Jan. IB Phlla. A Weatern Ry. Co., ... q., |1.?B Deo. 81 Jan. IB ^ h' Sup. Steel Corp.. q., $1.BO. .Dec. 24 Dec. 81 n Bai EX DIVIDEND TABLE. yVf To-<lay? ! Ml am. rrun uhww' pi Chicago city Ky , l 'O Chi., hid. A St. I-ouli Hy. pf 2 "0 I?L Kama* riaa * Electric pf 1.7.1 Ogtlvte Flour Minn 3.00 ?T" Oivens Hot I to .71 Otvana Mottle pf 1.71 |. Penn. Control I,t. A Pr. pf SO Western Pacific R, R. Co. pf 1.00 E Dec. 23? Wh Allegheny A Weatern Ry $.00 ? Independent Pneu. Tool 2.00 Independent Pneu. Tool ex 2 00 118. West India Elee 1.21 ?eei Kanawha A MChurn 1.31 ITnltad Profit fhartng 0.00 United rroflt Sharing ex. SUM) m$ ESDAY, DECEMBER 22, 192< Riordh Twenty-Y Dated December 1. 1920. Interest payable June 1 and Dec The Company agrees to taxes except income tax to which it may be A strong linking fund is proved* before maturity bonds callabl The following information is take Riordon Company, Limited, is controls on^ of the largest hoi timber lands aggregate 12,105 Connecticut combined. The business has been in succ situated that its costs of prodt high grade paper, etc., should 1 the world. Tfcese bonds will be secured in its appurtenances, which propc contained unit. The bonds are the Riordon Pulp and Paper y of timber limits subject only to charge upon the total assets o: Net earnings of the properties or at the rate of more than th do not include any income froi started commercial operation, subsidiaries which, it is estima Price * Harris, Forbes & C New York Coffin <& Burr, inc New York I Combining Security Yearly Maturities High Yield As a well-secured short-time J investment, we recommend the J Five-Year Serial 6% Gold Notes cf a well-known New England manufacturing company. These notes arc: 1. Secured by net quick assets of V/2 times, and net tan ib e ssscts of 5' j times, the amount of these ] j notes. j I 2. Foilowed by capital I stock having a current rarket value over 6 tnr.es iKu issue of notes Prices for various maturities to net from 9.08% to 9.42% Ask for descriptive folder H-3QU H oil! st or, Kl A^hite& Co. wmiwfii 115 llltOAUWAV NF.? KIKk I'eston Philadelphia i l A Utility that during the past five years has put back into its property out of earnings over $25,000,000. I Southwestern Bell Telephone Comply L= Five Year 7% l " " Convertible Gold Note* Maturing April 1st, 192fi Price 94*4 & Interest To Yield About 8% Ask for Circular 11-116 Chrlv\\OSl(V& Co.. I Trani 92 Cedar Street, Mew York I tup Hen* Rector J to I M evrolet Motor lkers Trust Co. 'Ich Grape Juice, Com. & Pfd. :CLURE, JONES&REED tlrtnh'r/1 Ktw Yorlc Stork Krrhnnp' Rr?M?riwny riionc 3321 I IXPORTS PtOM JSEW VOHK. "W?hb ixports from New York yesterday i Ftnmnrtmt ont, 824.404 bu.: Corn. 8,633 bu.; ! *. 9,078 bu.; flour, 17,601 Backs; lard. 200 lb?.; choose, 88,620 lbs : (trass I 48 bag*; oil cake. I.26O.0OO lbs.; ^ onsood oil, 1,820,000 lbs.; lubrlcat-I rsfnesf Oil. 88,860 gala. Uotmsmi 0. < $6,500,000 on Company, Limil ear First Mortgage & Refunding S% Boi ember 1. Principal and interest payable in Montreal and ir Boston and New York. pay interest without deduction tor any present or fu es upon residents of Canada or for any United States required or permitted to pay. td in the trust deed which, it is estimated, will retire at l? ? .A ? 1 1 1 U?n .* dAe.?e.ln. :n from official source*: one of the largest manufacturers of bleached sulphite p dings of pine and pulp wood timber lands and leases in I square miles, an area nearly as great as the States o essful operation since 185?. The Company's properties iction of bleached sulphite pulp, which is the basis for jc among the lowest prevailing in Canada, which are p the opinion of counsel by a direct first mortgage on th rties cost t> November 1. 1920. over $1-1,250,000. This is further secured by a mortgage on the entire physical j Company, Ltd , and by a mortgage on leasehold rights o i ^purchase money mortgages. These bonds will further f the Company. for the first ten months of 1920, after depreciation, taxes rce times the annual interest charges on the total funded m operation of the Kipawa plant prior to April 1, 1921 and do not include the substantial income accruing to t ted, will exceed $1,000,000 for the year 1920. W* recommend these bonds for investment >9 and Interest, Yielding about 8.10% Complete Circular en Request o ?. H. Rollins & Sons Parkl New York t Royal Securities Corpo New York Your Gift Problem Have you considered You can making a gift of money however, 1 or property at Christmas?a untarv tru gift not merely to give present Company t happiness, but one which will administeri insure the permanent welfare property, of the recipient? recipient o You may have hesitated be- benefits w cause such a gift might involve responsibil financial management requir- We havi inn business experience and subject of o I wisdom beyond the years or which we : training of the beneficiary. send you. Guaranty Trust Company < 140 Broadway Fipth Avenue Office Madison Avenue Oppicb Fifth A venue & 44th Street Madison A venue & 60th Street Capital 6c Surplus $50,000,000 Resource The First National Bank of Boston tacts Commercial Banking Business of Every Nature ake It Your New England Bank Capital, Surplus and Profits $37,500,000 LW.Waooer&Co. GRAHAM. PARSONS 5 0 jrr?n?,w INVESTMENT SECURITIES 35 Chestnut St. 30 Pinr St ,, M 0, ? ? . Philodelp ;i Now York 13 Now St.. Now York John WM> 15 !i:?i ted i ids Due December 1, 1940. W I i United States gold in ture Canadian income tax up 1 last 80% of the issue niums until maturity. mlp in the world and ^orth America These f Massachusetts and ?iirand resources are so the manufacture of ;i~ robably the lowest in 1 e Kipawa plant with i a complete and selfaroperty formerly of m 1905 square miles constitute a floating :? ! , etc., were $3,218,082 debt These earnings 0. when its first unit he Company from its ill J ;i? . m J ' I i I fnson & Burr lew York : J ration i <4 i I i make such a gift, 1 >v means of a vol- j ^ sty leaving to this i :he duty ot properly ng the funds or This insures to the f the gift all of the ithout any of the ities. e a booklet on the Voluntary Trusts i 11 i i l . snail be picasea to u3 of New York Grand Street Office 268 Grand Street s over $800,000,000 |h> j r ALL. F?REIGN 4 v ,: CHECKS 1 BONDS M - 1 CURRENCIES V M rj T R.A.SOICH&CO. 10 Wall Si.. New York . Te1. Fortor W-V. 473^ i ' Weekly Market Letter t*|W? Prirumt P?E?0)H i r sTABLisHr.o tooa I Members NY Curb Market Assit. 26 BROAD ST. NEW YOPtK*. !? I , n irriniM imi?u? ?t_;i P Genesee River R. R. 6s, 1957 , International Ry. (Buffalo) 5s, 1962 * Portland Ry., 1.1. & Pr. 5s, 1942 ' FREDERIC H HATCH & CO.i 74 FWy NY -[? ' r'-tb ;gw}-. Tei Rector <>*0 ''iTT T!-i>.-.trTB(is ? | BOSTON.CHICAJU niiiA.f. NTFtAL.FirTsrujt',4 J '