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The New York herald. [volume] (New York, N.Y.) 1920-1924, May 10, 1921, Image 16

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1921-05-10/ed-1/seq-16/

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Munds,
Rogers &
Stacfapole
Our new branch
office in the
Canadian
Pacific Bldg.
(342 Miullsou A.V.)
is now open for
the convenience
of our clients
MEM bbrs
N. Y. Stock Exchange
N. Y. Cotton Exchange
Chicago Board of Trade
25 Broad St.
New York
An Era of
Conservatism
We have passed through a period
of inflation and extravagance
and are entering an era of con
servatism. People are turning to
sound investment securities be
cause they recognize that with
the fall in commodity prices the
income from fixed interest-bear
ing securities increases in buying
power and that it will probably
be many years before money will
again have such a high purchas
ing power in the investment
markets as it has today.
To help investors take advantage of
present opportunities In the security
markets ?'e have prepared a special cir
cular in which we mention a number of
attractive Railroad. Industrial and
llydro-Electrtc and other PubUc Utility
Bonds yielding
6 % to 8
Write for circular No. 17HS
Spencer Trask & Co.
25 Broac! Street, New York
ALRANl BOSTON CHICAGO
Member New \ >rk Took Etchioko
>r,.mher t'hlcu ~*uvk E ch m?"
Federal
Land Bank
10?20 Year
5% Bonds
Due 1941. Optional 1931
Exempt from Federal,
State, Municipal and
Local Taxation.
Price 100 and Interest
Yielding 5%
Circular cm Ilequeet for AD-390
The National City Company
Main Office: National City Hank Bidg.
Uptown Office: Fifth Ave. ? 43rd S\
Brooklyn City Railroad Co.
lat Mortgage 5a, 1941 and Stock
Central Union Gat Co.
lat Mortgage 5a. 1927
Coney Island & Brooklyn Rail
road Co.
Consolidated Mortgage 4?, 1948
Dry Dock, East B'dway & Bat
tery R. R. Co.
General Mortgage 6a, 1932
Lexington Ave. & Paronia
Ferry R. R. Co.
lat Mortgage 6a. 1993
New England Railroad Co.
Consolidated Mortgage 4a. 1946
New Amsterdam Gas Co.
Consolidated Mortgage Ga. 1948
Northern Union Gas Co.
lat Mortgage 5a. 1927
Sew York Mutual Gas Light Stk.
W ? c&rnejJLs Ewen
Incntmer.t SecurWci
2 WALL ST.?NEW YORK
Rector?Telephone 3273-4
City of Schenectady, N.Y.
Sy4% Coupon School Bonds
Exempt from all Federal and
Sew York State Income Taxes
Legal investment for Savings
Banks and Trust Funds in
New York State
At prices to allow
the following yields:
MATtlKITT Yrr.LD
1932-3 5%
1934-5 4.90%
1936-41 4.85%
? Parker & Company
49 Wall Street New York
Formerly
Colgate, Parker & Co.
National City Bank.
Guaranty Trust Co.
Borden Co. Common.
McCLURE, JONES & REED
Members Sew York Sto'k l.'.rrl i inr
1t8 ItrnMtwny Hmn? lit I Itrrtnr
I FINANCIAL NEWS
AND comment;
Rail Stocks Move Upward, but
Industrials Drop ? For
eign Exchange Off.
A rather sharp line of fcleavage be
tween railroad and Industrial stocks
appeared at the opening of yesterday's
market aod became more pronounced
a3 the seeston progressed. Industrial
Issues. Influenced by heavy selling of
automobile and rubber shares, receded
at the same time that the continuation
i of last week's constructive sentiment
carried the railway stocks upward. The
reason for pressure on the manufactur
ing group lay. undoubtedly. In rather
I unexpected reductions of certain auto
mobile and tire prices, which, whether
correctly or not. was thought by pro
fessional traders to show that the March
and April expansion of production had
not gone as far as reports Indicated.
It may be that this was the case. On
the other hand, the activity In those
months probably used up a substantial
proportion of high priced Inventories,
enabling the companies to let down
selling quotations foij stimulating con
sumption coincident with the receipt
of raw materials on new contracts at
lower levels than those of the "winter
and early spring. The extensive ad
vance of such issues as Studebaker,
Chandler, United States Rubber. Kelly
Springfleld, General Asphalt. Interna
tional Paper and others during the last
five weeks had left them vulnerable to
realising sales and short selling. De
clines among them ran from 1% to 4
points.
The market was so highly profes
sional that explanations the reverse of
those applied to the industrial stock
movement might be given for the up
turn at the rails. The speculative com
munity continues to count on Influence
which wage reduction lti the manufac
turing field Is likely to have on the
railway labor situation. Furthermore,
it is felt that processes at work among
commodity and goods' prices, although
bound to be depressing at times on pro
ducing company stocks, contain forces
of future value to carriers. Tl\e rail
read future Is dependent not only on
lower operating costs, largely repre
sented In labor, but also on growth of
trafflc. In financial and business quar
ters it is realized that consumption of
goods Is not likely to expand broadly
until prices shall have come down to
levels which will attract the public, and
railroad earnings are tied up with the
movement of products to the markets.
The advance of a point to 2 points
among active railway stocks yesterday
Involved high grade dividend paying
Issues and those of roads dividend pros
pects of which were uncertain.
There was slight market influence In
the day's news. Although cabled mes
sages from Berlin indicated that a new
German Mlnlstay probably would ac
cept the allied demands, the reparation
situation was complicated somewhat by
the undefined position which the United
States Government would occupy In
working out details of arrangements be
tween the allied governments and Ger
many. The foreign exchanges were In
clined lower, French francs losing a
part of last FVIday's and Saturday's
improvement, while sterling declined
about a half cent to the pound.
The Government's crop report as of
May 1 held out an excellent prospect
for winter wheat. While plant condi
tion during April receded 2.2 per cent
to 8.8 per cent., the Indicated yield of
629.28t.000 bushels showed a gain of
more than 8.000.000 bushels for the
month. Last year's yield was 677,763,
000 bushels. The feature of the report
was that the survey at the end of April
disclosed a smaller deterioration from
weather and soli conditions than had
been expected. The outlook for a large
and early crop of spring wheat was
held out by the statement that 6 3.5
per cent, of planting was oompletcd by
May 1, In contrast to 50.2 per cent. In
mo and 67.5 per cent, the ten year
average. Wheat prices worked lower,
continuing last Saturday s movement
Call money was 6V4 P?r cent Time
funds were In supply greater than the
demand at the same figure.
FOREIGN EXCHANGE.
MONDAT. MAY 0. 1921.
(IKEAT BRITAIN.
Parity. Batur
?j ho. sterling Monilay. (lay. May 2.
$4 MH Demand I6.9T* ?.* 63.96*
Cables 3-98* 8 98* 3.97
Hankers. 60 d. 3.94V 2'SI. 5'?
Hankers. 90 d. 3 92V 3 02* 8.92
THIS CONTINENT.
19.30 Prance, cente a franc:
Demand 8.16 8.28* <-8214
Cables ? 8.46* 8.29 7.83
19.30 Belgium, cents a franc:
Iiemand 8.15* 8.27 7.82
Cables 8.16 V 8.28 7.83
19.30 Switzerland, cents a franc:
lteniand 17.71 17.80 17.62
Cables 17.73 17 82 17 64
19.30 Italy, cents a lira:
Demand 6.0814 6.13* 4.82
Cables 5.05* 3.14 4.82*
23.80 G'-rmany, cents a mark:
Demand 1 48 1.51V 1.66H
Cables 1.48 1.51V 1.65*
28.80 Sweden, cents a krone:
Demand 23.45 23.30 23.55
Cablee 23 50 23 35 23.60
28.80 Norway, cents a krone:
Demand 15.70 15.33 15.57
Cablee 15.75 15 38 15.82
28.80 Denmark, cents a krone:
Demand 17 85 18.50 18 20
Cablee 17 90 18.06 18.25
19.30 Greece, cents s drachma:
Demand 6.06 6 98 8.05
Cables ft 60 ft.92 6.08
19.30 Spain, cents a peseta:
Demand 13.94 13 97 13 97
Cables 13 96 13 99 13 99
40.20 Holland, cents a florin:
Demand 35.58 3ft.ft4 35.18
Cables 35(10 35.56 35.20
61.46 Russia, cents s ruble:
100 rubles 36 .37 .37
500 rubles .14 .35 ,35
20.20 Austria, cents a crown:
I >emand 28* 28* .27
Cables 29* .29* .28
23.80 Poland, cents a mark:
Cables 13* .14 .14
Cables 13* .13 .13
20.30 Hungary, cents a crown:
Demand 50 .48 49
Cables 61 .49 .AO
20.30 J'wo S'avla, cents a crown:
Demand 73 .74 .71
Cables 73* .75 .72
23.83 Finland, cents a mark:
1 x mand 2.16 2.16 2.20
Cabins 2.20 2.20 2.25
?0.36 ( wh..-Slovakia, cents a crown:
Demand 1.37 1.38 1.39
Cables 1.37* 1.39 1,4(1
19.30 Rumania, cents a leu:
Demand 1 67 1.68* 1.66
Cables 1.07* 1.00* 1.67
FAR KAAT. *
108.32 Shanghai, cents a tasl:
Demand 70 00 70 00 67.50
Cables 70.75 70.75 68 25
78.00 Honskenf, cents a dollar:
Demand 63.50 53.50 fit.00
(able 54.00 61.50
NEW YORK STOCK EX
MONDAY,
_ 1921. 1920. 1919.
Day's sales ;?;???? 975,085 816,900 1,633,176
I Dlv. Opc-n- j High- Low -1 Clog-1 Net
)Ugii.| Low. | Bid. | A?te. |ln|. Sale* ing. I est. <-tt. ! tns. ICh'nge
Adams Exp...
Air Reduction.
AJax Rubber..
Alaska G M...
Allied CAD.. 46%) 46*4 46%|
Allied CAD pf. 90 I 90 8914,
A Ills Chalmers 38*4 38*4 37*4|
Am Ag Chetn.. 4747% 46*4
Am Bank Note 62*4 52*4 62*4
1350|Am Beet Sug. 41 41%! 40*4
[0400 Am Bosch Mag 61*4 61 *41 66
300 Am Br S & F. 48% 48%[ 48*4
200 Am Br SAF pf 92 92 92
4100 Am Can 31*4 31*4 30%
100 Am Can pf 84% 84%! 84%
800 Am Car & F. '
200 Am Cot Oil... 20% [ 31 f 20*4 f
200 Am Dru? Syn. 6*4 6*4 6%
700|Am Express.. 129 135 129
14001 Am Hide & L. 11% 11% 11*4
1800|Am H A L pf.. 52 52% 51%
7100lAm Inter Corp 51% 52 50
1300[Am Linseed... 42% 42% 41%
2600;Am Loco 90 90 89*4]
200!Am Loco pf.. 104*4 104*4 103% 1108%
1900; Am Saf Raz... 7*4 7*4 6%' 7
700 Am Snip A C.. 10%| 10% 10*61 10*4
6100 Am 8m A Ref. 41*4 42*4 41V4
900 Am Sm & R pf. 78 78 78
200 Am Snuff 105 105 105
500'Am Steel F... 31 31 30%
2000 Am Sugar 92*4 92*4 90*4
4001 Am Sug: Pf... 101% 102 101*4
1600|Am Sum Tob.. 71% 71% 71
Am Tel & T... 108*4 108% 108
Am Tobacco... 126
Am Tob pf 124%
Am Woolen...| 79*4
Am Woolen pf] 97*4
Am Writ P pf 35*4
200lAm Z, L & S,.. 9*4
S200|Anaconda .... 41%
lOOjAssets Real .. 2*4
lOOIAsso Dry G... 34
1700lAtch, T A S F. 82*4
300!A, T A S F pf. 76*4
300!Atlantic C L.. 83
l500!Atlantlc Fruit. 8*4
20C!Atlas Tack .. 18*4
13600|A, Gulf & W I 42*4
190|Autosale.s pf.. 11*4
: lOOlAtlantic Petrol 20 -
9400|Baldwin Loco. 90% 91% 89*4 90*4 ? 1*4
17100 Bait A Ohio... 40%
ISOOjBalt & O pf... 51*4
100'Batopllas %
3CG|Beth Steel 61*4
ICOlBeth S 8 pc pf|104
12300|Beth Steel B.. 63%
2001 Booth Fish ... 4%
300 ]Brooklyn R T. 12%
2C0!Bruns T & RR 4%
100!Burns Bros ., 89 89 I 89 89 ? %
900jButte Cop A Z. 5*4 5*4'
300!Butte & Sup.. 14*4 14*4'
700 Caddo COAR. 17%! 17*4
600lCal Pack I 61*4' 61%:
15001Cal Petrol ... 47*4 49*4!
SOOlCallahan Z & Ll 5*4 5*4
6900;Canadian PacJll6 118
100lease (JI) P W 7 7
6100iCent Leather. 38*4 38%
1001 Cent Leath pf. 77*4 77*4 77*4
200'Cent of N J.. 200 202 200
1100'Cerro de Pas.. 29% 30*4 29%
25jCent of N J.. 199 199 199
168C'0.'Chandler Mot. 80 80 ! 7C*4
4100'Ches & Ohio.. 63% 65*4] 63%
600IC & E I eq tr c 1*4 1*4
lOOlC&EI plst pd. 6 1 6 I
400 C&EIpf e t cfs 1%I 1*4! 1*4 1*4
3200;Chi Ot West.. 8%I 9*4 8% 9
2200 Chi Gt W pf.. 20 j 20% 19% 20%! ,
8700 Chi, M A St P' 29 ' 30*4 28*4! 30 + 1*4
6900'C, M & S P pf 44% 46*4 43%! 45% + 1
lSOOIChl & Northw. 67 ! 69 I 67 '69 +2*4
200[Chic 1'neu Tool 65 ! 65 j 64*4l 64%'? 2%
16200 Chi. K I A Pac 32% 33%! 31%! 33%!+ 1%
700IC.RI&P G pc pf 66%] 67 ] 66%' 67 [+ 2*4
800jC,R14P 7 pc pf
1400jChlle Copper .
600|Chlno Copper.
200jClev.C.C & S L
800! Coca-Cola .... ]
SOOlCol & Southern'
TOOiCo! G A Elec.
6800,'Col Orapho ..I
lOOOlCol Grapho pf' 36 1 36 ! 35 [ 35 ? 4*4
5%
4
474
5
1474
10%
12
13
5%
3%
4
4%
91%
81%
88
90
io
6
4*4
5
' 5%
15%
10%
14%
1476
19%
1174
17%
17%
64%
54
60%
61%
P
48%
25
46%
47%,
7%
4%
5%
5%
*2
119% 108%
116%
117
10
10%
5%
6%j
7%
, .
43%
31%
38%
38 76
..!
96
68%
77%;
78
7
209
190
198
204
8
32%
23
30
30%
4
269
190
198
204
4
86 |
64
76%
76%
101
65%
35%
65 i
65%
4
6%
*4
1%
1%
6
6
6
, .
6%
%
1%
"i%
9%
7%
9
9%
20%
15%
20%!
20%
31 !
23
29%!
30%
46%
36
45%)
45%
71
60%
68
69
5'
70%!
58%
66 1
67%'
8
33%
22%
33%
33%
67
56%
66%
67
6
77%
68%
77%
78
7
12%
9
1174
12
..
25%
19%
25%
25%
..
48
35
41%
43%
31%
19
29%
30
39%
27%
38
39
63
56%
59%
60
6
12%
5%
776
8
62%
34
35
37
?7l
42%
34%
41
41%
4'
59%
40
40
41
71
89%
77%
88%
89%
7'
12
6%
8
9
,, i
21%
17%
19%
20
3|
66
52
54
55
7!
5
1
1%
1%
76%
65
74%
74%
4
44%
25%
35%
35%
2%!
107%
73
81%
82
81
33%
20%
25%
25%
4!
26
18%
21*4
21%
*7
67%
57%
61
63
31
23
28
30
4l
103%
90
103%
104
9
1700IComp Tub Rec 89% 42%! 39%, 41*4
200 Consol Cigar.. 40*4' 40*4; 40 40
240 202*41236 239 ! 10
2% % % 74
4%: 1*4 1%! i%
21% 10*4; 18% 19
25%! 17 23*4! 24
C9%1 52 1 66 66%
15*4) 11%] 14%; 15 !
22% 17 22%! 22*4
15%
41*4
82*4
29*4
91%
19%
20%
5%
11*4 15%
38 37*4
48
23
81*4
11*4
13%
1%
rs%! 40*4
78
27
88
17*4
17%
1%
15%
42
79
30
90
17*4
17*4
1%
800 Consol Gas ...
20CI Con Distrlb ..
600 [Consol Textile.
300! Con t Can
900'Cont Candy ..
2800'Corn Prod Ref
6800|Cosden & Co..
10300 Crucible Steel.
5400'Cuban A Sug.
4400 Cuba C Sugar.
400|Cuba C S pf..
100'Davison Chem
fiOO'Del A Hud....
lOOiDel, L A West.[236
73 73*4
138% 120*4 '138 1139
LO? 10
16%i 12%! 12%! 13*4 F" 1
70% 63 ' 67%l 70 ?
69%, 77%; 79%! 7' 200.GM deb pf 7 pc
77 (82 ' 90 I 8 200(Gill!land pf
900!D A Rio G pf..
500 Dome Minos..
200|Elk Horn C..
3000 End John
14800[Erie
2700]Erle 1st pf...
500 Erie 2d pf
100!Fairbanks Co.
3100|Fam-Plav L...
100'Fed Mln A S pif
100!Fisher Body..
3500'Flsk Rubber..
700!Freeport Tex..
100'Gas. W A Wig
%
40200
1000
28100
100
Gen Asphalt.. |
Gen Electric..
Gen Motors..
Gen Mot deb..|
82
91%
44%
25
79 H
32% 28%! 30%| 30%; 4] 300]Great N Ore..]
34%' 40 I 40%I
17 I 23*4; 24 "
66% 72%' 73%| 7
2800!Goodrich
><
\\ i
25 18*41 23 ! 24% .. 200!Greene Can C
16% 11%' 12%! 13% 21 400'Ounn Sugar...
9%! 7%' 10%! 12 I .. 600'Gulf M A Nor.
26 21 24 '26 | .. lOO'Gulf.
48%' 26%) 41%! 42%] .. POO!Gulf States S.*.
25% 15 '20 ' 21%! .. lOOlH.ndec Mfg.
60%
60
16%
86
93
37% f
54 ! 58 59 I 4 200lHask A Bark..
49%! 57 58
11% 14 I 14%
50% 82%' 83
85%' 92%' 93
5%I 5%| 6
lH4 1
lOOjHomestake
2300iHupp Motor.
1600'Houston OH...
7| 7001 Til Cent,
60c 200|Indlahoma
29%' 36%! 36*4' ,.| 800! Inspiration C..
5% I 3% I 4 I 4% j .. | 600'Interboro C...
16 I 10%j 12% 13 ..| lOOlInter O pf
100%! 81 '94 ' 96 I 7! 1500'Int Harv Co...
17%' 12*4! 15%' 15%
63% I 46%' 56 ] 57
42 30 38%! 39
17 13%! 13%' 1344
66 ' 48%! 62% 62%
75 ! 70%| 72%] 72%
26 ! 16%' 18%' 18%
40 81 [ 32 I 35
4% 8% 4 4%
11%! 4 o%
28% 19%! 28%
52 j 44% 51%
6474' 35%! 48%
9%
28%
52
49
94 ! 84 86 87
19001 Tnt Mer M pf.
400' Int Motor Tr.|
1900llnt Nickel.,
2900'Int Paper j 64
100!Int P pf stpd.
4000linvin Oil
100|Iron Prod....
800|Tsland OH A T
6700'Kan City 8. .
1%
1%
1%
+ %
1876
19
1S%'
1874
24% I
24%
24%
24%
+ "%
67
67%
65*4
66
? 1
14%!
15%
14%
15
+ %
2i%;
22%
21 %
22%
+ 74
15
15%
15
15%
+ %
39
30
39
39
? 2%
78%
79%
78
79%
? %
27
27
27
27
+ 1%
88
88
88
88
+ %
17%
17%
17%
17%
- %
17%
17%
17
17
? %
1%
1%
1%
1%
+ %
76 %[
7?%|
72% .
73%
? 8
|137%
138
137%
187%
? *4
12%
13%
1276
13
69
69
69
69
? "%
79
79
79
79
? 1
85
85
85
85
40%
40%
39%
40
?"%
; 23%
23%
23%
23%
+ %
] 72%
73%
72%
72%
+ %
30%
30%
30%
30%
23%
23%
23%
23%
?"i%
1 12%
12%
12
12%
' 9%
10%
9%
10%
+ 'i
24
24
24
24
+ l
45%
4574
4274
42 %
? 3
21%
21%
21%
21%
- %
58%
59
58%
59
+ %
57%
57%
57%
57%
+ %
14%
14%
14*4
14%
? %
84%
84%
83
83
? 1%
91%
93
91%
93
+ 2%
6
6
6
6
, ,
36%
36%
36
36
? 74
4
4%
4
4
12%
12%
12%
12%
%
96%
96%
94
96
? %
15%
15%
15%
15%
+ %
56%
57
63%
55*4
_ j
1 38%
38%
38*4
38%
? 1%
] 16%
16%
16%
16%
? %
! 64
64
62
62%
? 174
72%
72%
72%
72%
? %
19%
19%
18%
1874
? %
32
32
32
32
? 2
4%
4%
4
4%
9%
10%
9%
9%
?"*4
27%
28%
27%
28%
+ %
51%
52
51%
51 74
+ %
50%
50%
48
48%
? 3
87
87
87
87
? %
82 44 Bombay, cents * rupee:
CXYnand 20.25 20.25 20 17
Cable* 8A.B0 28.50 2A.25
40 04 Yokohama, cent* * yen:
Demand 4B.2 5 48.23 48.25
Cable* 48.50 4A.B0 48.50
fWVTB AMKRICA.
82.44 Rio de Janeiro, rents a mil rets:
Demand 13.50 18.25 I3.02H
Cables 1.7.02'4 18.87H 13.75
42.45 Bueno* Aires, canta a peso:
I i*mand 20.75 2fl.B7'4 81.52*4
Cable* SO *7* 80.00 31 73
103.42 Uruguay, canta a dollar:
Demand 02.50 02.75 00.00
Cable* 02.73 03.00 00.25
CANADA.
New York fund* In Montreal. 1100.18 pre
?nlum per $1,000; Montreal fund* In New
York, 107.57 dlerount per $1,000.
MONEY MARKET
MONDAY, MAY ft.
CAM. LOAN*.
Renewal* 0'4il4i?.t 64
04i Year's high 0
IUfh ___ . _
tow 64( Year's low 5
TIMC l.OANA.
collateral. 00 to 90 day* A fifflty
Mlied collateral, 4 to 0 months 0 <r0<4
Ind-t 'trial*, 00 to 90 day* A4#?ti
Industrial*. 4 to A months 640411
commerciai. paper.
n#ra?, 4 to fl month* 7 flT'4
Other names, 4 to fl month* 7 07'A
DISJOINT RATES, RESERVE RANK.
("omrm-rcln! pnper, 17. day*, <114: IB to IK)
Buy*, 014; I.lborty bonda and Victory not**, |
SO days, 0; 10 to DO day*, 0; bankers' accept- ,
ance*. 10 to 00 day*. B.
OPEN MARKET RATES.
Prim* eligible acceptance*, on rail, fl: ra
discountable at Reserve Hank, 00 to IK) dav*.
B$4?T't4; non member* ami private bankers,
e'lalbte, 00 to 00 day*. (PlRl'i; non-ellgtbla,
60 to !>0 day*, S07H
rr.EAnTNO norsr, statement.
Clearing House nachangrs, ?3Rfl1037,B."iB;
balance*. $70.7J4,.770; Federal Reriarvo credit
balance. Sflnjflfi.osi.
SII.VKR MARKET,
official bar silver In New York, domestic,
90'Ac. an ounce, unchanged; foreign, <W4c
off $4C., London, ,7."M,d., off %d.; Mexican
dollar*, 47V., off \r.
Mlghct Lowest.
I. ? don I" ,r1 ,'an. *> -'W,d. March T
New York 0B14C. Jan. 0 B24*r. March 5
"THE rca*on t failed to rail for the remain"
In* answer* la that I got a good Job from
the first answers received from my Situa
tion Wanted Ad. In The Herald." From
lettar of Harald advertlwr.?Adr.
CHANGE QUOTATIONS
MAY 9, 1921.
1921. 1920. 1919.
Year to date 61,739,809 102,497,106 86,095,18?
, 19'Jl ,1 r-Clualng.?, jDlv.
High.I Low. | Bid, i Ask. |lnt
22%
17%
58%
35 | 58% | 59
16 21% 21%
8% 15% 16%
4"%! 52% | 53
49% 40 i 48 ; 49%
29%, 17%| 27%I 28%
56%; 47%; 55%
18
21% 15
12% 9%
164% 136
it'3% I 97
17% 10
89% 64%
25 19
6% 3
18
8
43%
21
7%
3%
167%
24
15%
33%
14%
73%
3
5%
22%
43%
30
65
81
6%
12%
77%
89
16
7
38%
14%
2%
%
135%
15%
11%
25%
9
66
4
16
33%
14%
20%
49%
69%
4%
11
151%
55%
18%
11%
154
101% 1102%
6%
18
43
17
5%
149
23%
14%
29%
13%
74%
2%
4%
22%
43
22
22
62%
78
12%
60 I 70
72 | 76%
16%
74%
6%
19%
8%
44
18%
6
149%
23%
14%
29%
14V*
75%
2%
5
22%
43%
22%
22%
62%
SO
5%
12%
71
77
12
Open- i High-1 Low-| ClciS- I Net
I tng. e.,t. i est. I inn. ICh'nge
600lK?dsey Wheel.
2500 ' Kenneeott
4700 Key Tire & R.
62 ,62 I 58% >8%
21% 21% 21%! 21%
16 j 16 i 15% 15%
100 ] Lack Steel ] 53 ! 53 ; B3 | 53
200lL;.. letie Gad. . 48% 49% 48% 49%
600:1.ee Rub & T..| 28 | 28 | 27% j 27%
93001Lehigh Valley.j 54% 55% | 58% , 55%
; 102
12%
149%: 151
1U2 i102
17
5%
1%
700 Loews Inc ..., 18%| 18%
5001 Loft Inc ..... 11% 11%
4001 Lorlllard, I' ?? 150% Lit
3001Louis & Nash. 102
100 Mallison & Co. 12%
lOCjManati Sugar. 74 74
lOOlManhat Shirt. 24 , 24
600!Mkt St Ry... 6%( 6%
lOOlMkt St Ry pf.j IS : 18
3C0|Mkt St Rv 2 pf 8 j 8
HOOlMkt S R pr pf! 43%| 43%
50C | Mart-Parry ..! 18% 18%
SOOMaxwell Mot.. 5% 6
2001 Maxwell M ofs 1% 1%
84300; Mex Petrol .. 153% ; 153% 1149
190|Miaml Copper.; 23% 23%j 23%
1.60 D800]Mid States Oil.
1200! Midvale S & O
2700!M & St L new
400|M, SP & SSM
1500|Mo, Kan & T..
1300;Mo, K 4 T p?.
16900;Mo Pacific ...
4000 Mo Pac pf
300!Mont W & Co.
100!.Vat Acme . .
100 Vat En & St.
400 Nat Lead...
3200|NRRo(fM 2d pf
200|Nevada Con C.
20001V Orl, T & M..
4001N Y Air Brake
18 18
11%
2V<j
+ 1
%
%
%
12%
74
24
6%
18
7%
43 43%
? % !
+ %
+ 1
12% I? 1%
74 + 1
24 ..
6% ? %
18 + %
8 ! + 1
14%] 14% ] 14%
17%
5%
1%
149
23%
14%
29% ] 29% 29%] 29%
12%; 14% 12% 13%
72%! 73% 72%i 73%
"%| 2%
4%
2%; 2%
4% 5
22% 22%
41%' 43%
74%] 66 | 72%] 72%] 5| 7900]V Y Central...
54
32%
23%
20%
13
104%
88%
4
30%
148
16
54%
4
20%
14%
16
9
92%
68%
3%
4
24%
115
12%
43%
54
30%
19%
20
12%
99%
75%
3%
5
27
144
15
55 | 5 1400 N Y, C & St L
31% 12% 300 N Y Dock
19%
20%
13%
99%
76%
3%
6
27%
146
15%
40c
49% I 50
11300
700
1100
5900
5400
400
900
N Y. N H&H.
N Y, Ont & W.
Norf South...
Vorf & West..
Nor Pac
Okla P & Ref.
Ont Silver
400)0rph Clrc....
100 Otis Elev
1300 Otis Steel
200;0wens Bot....
19%i 11%' 16%] 17 I ..[ 8001Pac Devel.
8700|Pac Oil
41%! 27% I 38%! 38%
79%! 64% | 69%| 70
71%] 58%! 61 | 63
41%
17
48%
22
57
35%
31%
42%
88
11%
78
88%
32
32%i 35%| 36%
8% 10% 11
33% 47% 48
15% 21% 21%
50 j 54%| 55
31% 32%
23%: 28%
19%: 35%
68
9%! 10%
69
79
14%
96 81%
69
111%
51%
36%
14%
89%
57%
37%
39 %
24%
73%
10
69%
25%
35%
30%
41
5%
6%
7%
12%
98%
20%
48 %
28%
56
32%
29
35%
76
10%
72%
85
30%
89% | 8
67
2%
83%
30%
88%
66
103 %i 104
39% I 44 I 44%
31 ! 35% 36
11 I 14% 14%
65 I 77%j 77%
37%' 43% 44%
40 I 46% I 47
25%] 35%
23 I 30%
14% 19
58%' 63%
7SOO|Pan Am P&T.
900] Pac Am P&T B
5600jPenn R R
2500 Penn Sea St...
100]People's Gas..
5500 Pere Marq....
100]Pere Mar pr pf
13GC|Phlla Co
300
23800
400
8C0
100
300
22% I 22%
22 V* 22%
62%
80%
5%
12%
72
77
71%
52%
31%
18%
19
12%
99%
76
3%
6
27
146
15%
49%
17%
38%
71
63%
35%
11%
47%
20%
54
32%
62%
80%
5%
12%
'2
21%I 22%
41% 43%
22
22%, 22%
? 1%
%
4%
? %
+ %
+ 1%
+ %
%
+ %
4- %
+ 1%
62%] 62%
80 80
5 V. I 5%
12%| 12%
70
77%j 77
73
54
31%
20%
20
13
100%
77
3%
6
27
146
15%
49%
17%
38%
71
64
36
11%
47%
22
54
32%
56% I 67%
19%
28 I 35
23% i 30
35 39%
2%' 8%
2% 5%
6% 7
8% I 11%
65% I 83%
12% I 17%
38% 48%
19%i 27%
36%
31%
20
Phillips Petrol] 29%( 29%
Pierce Arrow..
Pierce Ar pf..
Pierce Oil ....
Pierce OH pf..
Pitts teel pf.
5700,'Pitts & W Va.
600: Press Steel Co
41 lOOlPub Serv N J.
400] Pullman
3700[Punta All Sug
1300 pure Oil
900 Ray Con Cop.
20300 Reading
100;Reading 1st pf
200|Roading 2d pf.
71%
52%
31
18%
19
12%
54
55%
19%
20
12%
98 99%
75%'
3%
5%
26%
146
15
49%
17
37%
69%
62%
35%
10%
47%
20%
54
32%
29
36 ] 36%' 33%
78 | 75%
10%! 10%
72% 72%
84 | 84 | 84
31%
10%
72%
84
29%
88%I 89%
6
3%
5%
26%
146
15
49%
17
38%
69%
62% ? 2
36
% |
+ %
4- 1%
4- %
%
%
4- %
4- %
%
%
? 1%
4- %
%
4- 1%
10%
47%
21%
54
32%'4- %
29 I? %
33%!? 4%
75
10%
72%
67 | 67
102%
44%
35%
14%
103%
44%
85%
14%
78
42%I 42%
46 ! 46%
200,Rem Type ...! 35%] 35%
9% 30%
88%j 89%
67
102%
43%
85%
14%
75%
42%
46
67
103%
44
35%
14%
77%
427*
46%
85% i 35%
2%
?
4- 1
4- 1
%
4- %
4- 1
4- %
4- %
%
4- 1%
4- %
4- 1
%
700! Replogle Steel| 31 %; 31% 30% 30% ? 1% '
100;It p Mot Tr... 20%) 20%] 20%
63%] Si 4200'Rep Iron & St 64% 65 63%
9 ..| 100; Robert Rols .. 9 ] 9 9
68 15.20 6700|Royal D N Y..I
10900lSt L & San F.
300 St L & S F pf.
41001St Louis S W.
3600!St L S W pf..
500 San Cec Sugar
25%
36
30%
40
3%
5%
7%
12%
84%
IS
800
1000
800
1300
5300
48%'74c' 2900
2776' ..I 16300
Saxon Motor..
Scab Air Line.
Seab Air L pf.
Sears Roebuck
Seneca Copper
Shell Tr & Tr.
Sinclair Cons..
68%
24%
35
29
38%
3%
7%
12
82%
18%
68%
25%
35%
30%
40%
3%
7%
12%
84
18%
4874 49
28%| 28%
38 ! 42%' 43 I 6' 100 Sloss-Sh S & I] 43 43
73%' 73 70
101 70
24%
60
78
110
82
111%
37
19
53%
75%
105%
77
185
26%
78%
23
56%
76
108%
78
107
29%
82 I 71 1001 SI-Sh S & 1 pf! 73 73
46 ( 27%| 34)%|
78%!
23%
57%
85*
108%
78%
111%
30%J 2
93%
97
10%
13%
25%
10%
45
2%
3676
25%
20%
57%
12%
13
75
24%
122%
67%
107
207
12%
26
59
19
27%
74%
58%
79%
103%
35%
43%
83
7%
7%
12
7
1%
21
16%
13
45
8
6%
68
17%
84
92
8%
8%
12% I 15%
9% 9%
40% I 40%
:%! 2%
28%
25%
17
52%
11
12
70%
22%
112% ]121 %
63 | 64%
28%
25%
17%
53
12%
12%
71
22%
122
65
103
110%
11%
25%
56%
19
23
70%
67
75%
102
26 ! 33%I 34%
102% 1100
97% !ll0%
9% 11
19%
48
11%
17%
64%
41%
25
56
18
22%
70%
66%
62% 75%
99 % 101%
11200lSouth Pac
13400'South Rail....
400 ]South Rail pf.
10 Stand Mill pf..
300'St Oil N J pf..
100]Steel & T pf.,
200 Stern Bros pf.
10001Stew Warn Sp
40% | ..| 1900'Stromberg Car.
65500jStudebaker ...
100 Stude-baker pf.
600'Submar Boat..
300 SuperIor OIL.
lOOiTemtor C&F A
200*Tenn Cop & C.
9300jTexns Co
25300'Texas Co rts..
7700'Tex Pac O&Oil
20000iTexas & Pac..
lOOjThird Ave
5600 Tob Products.
84%; 7
97
9
8%
67%
23%
35
28%
38%
3%
5%
6%
12
82%
17%
48%
27%
43
73
77%
78 ! 78%
22% I 23% I 22%
56% 57 | 56%
SO ! 80 80
108% ]l08%
108%
78%
111
30%
40
85%
95%
8%
8%
17
9%
41
2%
29%
23%
17
54%
lOOlTol.StLAWctfsl 12
12%
70%
22%
120
64%
102%
110 1110
n%| 11%
13900[Transcon OH.
200 Un Bag & P..
1400 Union Oil
10' 6200 Union Pac ....
4] 300 Tin Pac pf
lOOlUn Tank Car..
600 Un Fruit
1200 Un Ry Inv...
SOOlUn Ry Inv pif.
6800 Un Retail St..
100 U S C I P & F
8500 U S Food 'Prod
4900'U S Ind Ale..
3100 U 8 R & Imp.
8] 15000'u 8 Rubber...
8] 600 U S Riib 1st Pf
300(U S 8m, R & M| 33%] 34
85% 85%
78%
111
30
39%
83
95%
8%
8%
17
9%
40%
2%
28%
23%
17
53
12
12
70%
22%
120
64%
102%
109%
11%
24%| 25%| 24%
' 56
78%
111%
31
40%
86%
95%
9
8%
17
9%
41%
2%
29%
25%
17
54%
12
12%
71
22%
122%
64%
102%
67% I 58
18 18
23 23
71% 71%
67% 57%
76% | 76%
101% 101%
86%! 77%! 84%] 85 I Bi 17600TJ S Steel
112 ; 107 !l08%|l09%! 7' 1400|U 8 Steel pf..
9%[ 46%! 54%| 66 ' 4! 1900[Utah Copper..
12%' 8% 10%! 11
41 I 26 ' 36%' 36%
42%j 25% 28%| 29
102% 83 87 1 38%
8% 5% 7% 7*
9 7 I 8%' 8%
23% '18 I 23% ?4
ii%! 9%! ii%' u%
21 15
30% 23%
70%! 65
94 | 84
20% 21
30%' 30%
200 Va-f'nr Ch pf.
1300, Vlvaudou ....
2200'Wabash
3100,Wabash pf A.
4400 West Md
1700 West Md 2d pf
38001 West Pacific..
500;West Pac pf..
200!West Un Tel..
7001 West E & M..
24001Wheel & L E.
9001Wh & L E pf.
1400! White Motor..
17%! 12% 16 ! 16%; .. 1100 White Oil
66 ! 68% I
89%' 90%'
49% 42%! 48%i 48%
U | 8 11 11%
19%' 14%: 19% 19%'
44 ' 85%! 40% 40%
600! Utah
6900|Vanadlum
109%' 109%
63%
11% 11%
38 38
18
22%
70
56
74%
101%
33%
84%
108%
20%
63%
9
67%
25
35%
30%
40
3%
5%
7%
12
84
18
48 %
27%
43
73
78%
23%
57
80
108%
78%
111%
30
40
84%
95%
8%
17
9%
40%
2%
28%
25%
17
53
12
12%
71
22%
122
64%
102%
109%
11%
25%
56%
18
22%
70%
56%
75%
101%
33%
85
108%
1%
- 1%
+ %
+ 1%
+ 1
+ 1
%
+ %
+ %
+
+ %
+ %
+ V*
+ V*
%
3
1%
%
%
%
%
54% 54%
11% 11%
%
? 1%
+ 1%
? 1%
+ 1
+ %
%
1%
%
? 4%
? 1%
4- %
+ 1
? 1%
1
? %
? 1%
+ 1%
? 1%
+ %
1 %
+
35% 36%
28% 29% 28% 29 ..
87 ! 87 87 1 87 + 1%
7% 7% 7%' 7%(- %
8% 9 ! 8% 8%
23% 22%] 23%
23
11%
20
29%
67%
11%
21
30%
68
89%' 89%
48%| 48%
U%
21
30%
68
11
20
29
67%
89 %[ 89%
48 48% ?
10%| 11%! 10% 11%! + %
18% 19%' 18% 19%!+ %
41%' 41%: 40%' 40%!? %
16% 16%! 16% 16%'
+ %
+ %
+ %
+ %
+ 1
+ %
+ %
9%; 9%; 8%: 8%
38 ! 38 36% I 87
42%) 42%; 42%) 42%
37% 87% 37%; 37%
18%) 14%l 15% 16% 4 lOOiWiek Spen St.j 16%: 16% 16V;! 16%
10% 6% 8%' 9 I ..[ 12100]Willys Over
42 | 80 ! 37 37% ..' 600 Willys Ov pf.
17 1 38 ' 42 ' 13 j 51 100 Wilson & Co..
87%' 32 ! 37 ' 38 .. 200'Wls Central..
117% 108% 111 4% |l 15 I 8! 400; Woolworth ..
65%] 43 I 52%) 52%) 6 100C)Worth Pump.
?Ex dividend. tEx rights.
NOTE?Odd lot transactions are not recorded In separate line unless sales
were made at price outside of the regular full lot range.
114% 115 114% 1114%
52%] 58 j 52 | 52%
+ %
+ V*
- %
? 3
? %
+ %
+ %
? %
LONDON WOOL ACCTION. Ct'dTOM IfOVNE RKCKIPT9.
London, May 9.?There was a aood 1 Receipt* for duties at the Custom
demand for the 9,511 bairn offered at House yesterday were J460.202.BO, of
the wool auctlom rale* to-day. Fine
wool, hardened. Oeelonf area^'seUti* wh,ch f"r merchandise
nt 29d. Tlie Continent was an active withdrawn from bonded warehouse, and
bidder for carbonl.lng sorts. I $319,651.03 for recent Importations.
UNITED STATES TREASURY STATEMENT.
dpertol Dttpatch to Tnn Nbw York Hriiaij>.
N'rw York ftrrntd lturran, )
Washington, l>. May 9. |
Rerenu^ recelpte and expenditure* no at rlosr of May fl:
Corresponding Corresponding
Thl* period *l'*1*c?l period fiscal
Receipt* ordinary: month. Inet y.-ar. year 1M1. year 1020
Cuatopa *4,001,701 *it.f.08.7l0 *288,040,347 *200.170,400
Internal revenue:
Income and profit* tax 7,088,878 14.220.280 2,.3P<I,|61.8G5 3,U8,!B15,702
Miscellaneous 27,072,881 2(1,270,720 1.207.003.002 1.210,788, tin
Miscellaneous revenue 10,107,07' 5,300,037 023.018,270 525,400,Ph.,
l'anama Canal tolls. 4r 101,047 21.533 10,721.144 1.002.000
Total ordinary 50,054,10T. 32,(110,202 4,701.803..315 5,183.837,MM
Kxoess of ordinary receipts over
ordinary disbursement* 367,720.243
Bices* of ordinary disburse
ment* over ordinary receipts... 15.(128,07(1 28,533,187 428,812,031
llalam e to-day, *380.475,00*.
?Receipt* and dlsburseirimt* for June reaching the Treaeury In July are Included.
TOPICS OF WALL STREET.
Hall Stocks Move Up.
Und^r cover of selling industrial
shares yesterday morning room traders
and floor traders bought rather heavily
of rails, with the result that in the
afternoon thero was very little to the
market except rails. Practically all of
them moved to higher levels, and Borne
of the leaders made new high marks for
the year. Karly in the duy the word
was passed back to their houses by floor
traders that a rail movement was in the
making for the later hours of the ses
sion, and for the !lr?t time in a long
while n floor tip on such stocks as New
York Central was sent out' The action
of the industrials, however, was not
good, and commission houses reported
that efforts to sell stocks in the morning
found bidders hesitant. One operator ex
pre?e-ed the opinion that the pools had
stopped several days ago their efforts
to put stocks higher, and that the con
tinued rise was due entirely to buying
by floor and room traders who were
encountering difficulty in disposing of
shares that they had accumulated.
Strrl Tonnaise Oat To-day.
The monthly report of the United
States Steel Corporation of unfilled
orders on hand on April 30 will be made
public to-day and, according to esti
mates from quarters familiar with the
steel situation, will show a further re
duction of approximately 400,000 tone,
which will bring the total of unfilled
orders down to Just under 6,000.000 tons.
The decline in unfilled orders a month
ago exceeded 600,000 tons, and business
taken by the corporation during April
did not show any substantial improve
ment, it is understood, but the per
centage of operatic lis during that month
was so much smaller than that of March
that the decline of unfilled tonnage prob
ably will be smaller than they were
thirty days since.
Copper Production.
The monthly reports of copper com
panies oif their production, some of
which were made public yesterday, re
flects the partial or complete shutdown
of copper producing properties during
April. 'Phelps-Dodge, which produced
9,344.000 pounds of the red metal In
March, during part of which It cur
tailed operations, produced only 1,868,
000 in April. New Cornelia produc
tion amounted to 1,864,772 in April and
that of Calumet and Arizona 2,204,000.
Mexican Eagle Oil.
The Mexican Eagle Oil 'Company li;ts
brought In a new well, flowing at an
estimated rate of 75,000 to 100,000 |
barrels daily, in the Horcones tract In
Mexico.
Motor Stock* So ft.
The automobile stocks, including
Chandler, Studebaker, General Motors
and several others were under con
tinuous pressure throughout most of
yesterday's session. That setback be
gan late last week, when Chevrolet
price cuts were announced by the Gen
eral Motors Corporation and wan
helped along yesterday by reports that
a reduction of $250 was to be made
in the price of Oakland cars, another
of the General Motors group. This was
believed to foreshadow similar action i
all along the line of the automobile
industry as price guarantees which
many manufacturers made last fall ex
pire. The unusually heavy seasonal
expansion in the automobile Industry,
of the last two months has not kept'
up to expectations, according to men ;
fiwnlllar with the automobile situation, ;
and yesterday's setback of auto stocks j
is believed to reflect that condition to j
a large extent.
New Rending Proposals.
As a result of last week's hearings the
"Reading Company will submit to the
United States District Court at Phila- !
delphia on Thursday two new proposals)
for modifying the plan for segregating I
the company's coal properties. One pro
posal provides that the coal company's
slock shall remain undisturbed under the;
lien of the general mortgage by issuing
certificates of Interest representing the
stock, or the value of the stock on a re
capitalized basis. The second provides
that $10,000,000 cash to be paid by the
coal company to the Reading Company
shall remain In the treasury of the latter
nr,d not be paid to the company's general
4 per cent, bondholders, as the security
of the general 4s remains precisely the
same as now.
Money Firmer,
Call money loaned In the New York
Stock Exchange throughout the day at
f> % per cent., and In the outside market j
the quotation started at 6 but advanced
to 6%, and the ordinary supply was |
a trifle less than the demand and con
sequently banks had to bo asked to lend
money tp keep the rate from going above
6%. Business was at a standstill In the
commercial paper market with no
change In rates and the acceptance mar
ket was dull.
Labor Board Changes Talk.
Railway men attach no great Impor
tance to the report from Washington J
of a movement afoot among certain
Sennttrs for the reorganization of the
Rallwky I.ftbor Board. It has been held '
by I.tclslators that the tripartite mem
bersh i> of the board, with three repre
sentatives each for the railroads, em
ployees and public. Is mainly responsible
for delays in reaching decisions. The
movement to give all memberships in
the board to representatives of the pub
lic has not taken very definite form and
In the opinion of railway officials will
not enlist very general support. Support
for the move by Senators supposed to
be friendly to the carriers led to the
conjecture that the railway executives
favored the proposed reconstltutlon of
the board, which was denied yesterday
In authoritative quarters here.
Northern Pacific Corner.
The twentieth anniversary of the
famous Northern Paelfle corner in which
that stock rose to $1,000 a share, while
most other Issues fell sharply, was yes
terday. The Street will never cease to
recount the great profits made that day
by fortunate traders, and also the heavy
losses by others who unfortunately wen
on the wrong side of Northern Pacific
or some other stock. At their lowest
points such tremendous losses as these
were recorded, comparing minimum quo
tations with the final prireg of the pre
ceding day: Amalgamated Copper, 25;
Smelters, IB1*! : Steel, 23; Afphieon,
34 %; St. Paul, 30%; Delaware and
Hudson, 60, and Rock Island 80%. Sharp
recoveries from low est levels occurred
before the close.
Southern llnllwny Dividend.
The regular semi-annual dividend of
2% per rent, on the preferred stock of
the Southern Hallway Is expected to
come up for action at this month's meet
ing of Its directors. Although the com
panies 1920 annual report has not been
published. It Is expected to show Income
after fixed charges In the neighborhood
of $2,600,000, or about $400,000 short of
the $3,000,000 annual dividend require
ment of Its preferred stock. The com
pany's operation for the first three
months of 1921 shows net operating de
ficit of $966,535. In some quarters It
is believed that the fact that the road
Is not earning Its dividend will be out
weighed In the minds of Its directors by
the conviction that present conditions
are transitory, and that expected re
adjustments of wages and working rules,
and hopes of reviving traffic In the latter
half of the year, warrant the continua
tion of the dividend.
UNLISTED
STOCKS &BONDS
TOBEY&K1EUC
Members NemYork Stock Exchange
25 Broad Street, New York
Direct Private Wire
CHICAGO DETROIT PITTSBURG?
GRAND RAPIDS KANSAS CITE
B.&0.
Securities
are undergoing a read
justment as to invest
ment standing. Such
changes create oppor
tunity for both bond and
stock buyers.
Reasons are given with our
B. & 0. Comments.
Reinhart & Bennet
Members N. Y. Slock Exchange
52 Broadway, New York
Telephone ZS7 Broad
Careful attention given to
conservative trading accounts
Safety ? Stability ? High Return
/
Over 24,000
Holders of Record
Cities Service
Company
Cumulative Preferred Stock
To Return 8yA%
Cities Service Company in
the year 1920 further es
tablished itself as a leader
in the petroleum, gas and
electric industries. Prog
ress of the company dur
ing the past year described
in annual report just is
sued.
Preferred dividend re
quirements earned several
times over.
Complete details on re
quest
Ask for Circular P-3
Henry L. Doherty
& Company
Bond Department
60 WaJl Street, New York
EXEMPT FROM ALL
FEDERAL INCOME TAXES
$100,000
?
Township of
Linden, N. J*
&/4% School Bonds
Maturing Mar. 1, 1940-61
FINANCIAL STATEMENT
Ass'd Valuation 1920..$21,078,029
Net Debt 870,000
Population 8,358
Price and descriptive
circular upon request.
B.J.Vanlngen&Co
46 Cedar St. New York
2 rltphon* John OSS!,
$50,000
Wisconsin Central
Gen. 4s 1949
68H and Int.
To net about 6.50%
$100,000
Western Pacific
lit 5t 1946
8114 and Int.
To net about 6.60%
$25,000
New Orl. Tex. & Mex.
1st 6s 1925
fttli and Int.
To net about 7.62%
R. W. PRESSPRICH
i,o Wall at., o. f*t\ rtinfui
Nttv York ww. John OtOT
Municipal and Railroad Ronda
Mark A. Nobis Ttirodnre C. t'nrwln
NOBLE & CORWIN
I |A Brna-1 St. New York
BANK, TRUST, INSURANCE
AND INDUSTRIAL STOCKS
BOt'OHT ANI> SOI.D,
Telephone till Broad.

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