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The New York herald. [volume] (New York, N.Y.) 1920-1924, August 24, 1921, Image 16

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

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1921-08-24/ed-1/seq-16/

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WE OFFER
City of Lynn, Mass.
Discount Notes
due December 15, 1921
and
CityofNewBedford,M ass.
Discount Notes
due November 4, 1921
r rices upon application
Hambleton&Co.
Established 1S63
BALTIMORE NEW YORK
WASHINGTON rilLLADELFHIA
Michigan United Ry.
First & Refunding 5s 1936
A first lien on 113 miles of
city and interurban lines and
a mortgage on 148 additional
mile.-* und all othc-r proper
ties of the company, subject
only to 32,397,000 of prior
liens. ?
Interest on these bonds has
been paid uninterruptedly
since Issued in 1906. It Is
estimated that recent wage
reduction will save approxi
mately $200,000 yearly.
It would appear that the
condition of this company is
improving and that the3e
bonds, selling
at 35 and interest
should, be attractive.
BOUGHT AND SOLD
PYNCHON & CO.
Members 'New York Stock Exchange,
111 Broadway New York
While we dn not guarantee the above
statement*, we consider them reliable.
Municipal Bonds
A comprehensive service to indi
viduals and institutions through
out the United State9 in the
purchase and sale of Municipal
Bonds.
Union
National
Sixty-seven Wall Street
NEW YORK
Telephone Bowling Green 646
$25,000
ST^ San Diego and
Arizona Railway Co.
15-Year 6V?% Equipment
Trust Certificates, Series "A"
Due July 15, 1936
Philadelphia Plan
Guaranteed Principal and
Dividends by
SOUTHERN PACIFIC CO.
Equipment Value .... $873,000
Certificates Issued .... 600,000
Equity, 45.5% $273,000
The San Diego and Arizona Railway
Co. operates a standard gauge steam
railroad connecting San Diego with
the Southern Pacific at El Centro,
California, affording San Diego a direct
outlet to the East over Southern
Pacific Lines.
Price 99'2 and Interest to net 6.55%
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH STH STREET
PHILADELPHIA
VKW YORK TKI.KI'HONE:
RECTOR IMS
Uruguay
Sinking Fund
5% Sterling-Dollar
Loan of 1919
Sao Paulo
8% Loan of 1921
(Dutch Sericj)
Bouffht - Sold Quoted
F. J. L1SMAN & CO.
Member) A'. V Slack Exeh. tfr.ee 1895
61 Broadway, New York
Bo* ling Green t>740
LOSSES BY FOUR BIG
COPPER COMPANIES
Statements of Utah, Nevada,
Cliino and Kay Reflect Stag
nation in the Trade.
Closing down of copper properties
and the stagnation In the copper mar
ket were reflected when the four por
phyry copper oompanles, Utah, Nevada,
Chino and Ray, made public yesterday
their earnings statements tor the sec
ond quarter and first half of the year.
The properties were closed down about
the first of the second quarter. The
companies showed large operating losses,
compared with operating profits in the
corresponding periods of 1930. Salient
features of the Utah Copper Company's
quarterly report follow:
1921. 1920.
Opereting loss $089,606 ?$1,254,033
Other income 143,876 880,813
Income from dividends 450,123
Dividends paid 812.240 3,486.780
Deficit $1,236,474 $196,200
?Profit.
The income account covering the flret
Biz months of the year compares as fol
lows :
1921. 1920.
Operating loss $643,221 *$3,545/H0
Govt. Bond loss 203,344
Other Income 414,702 863,763
Income from dividends 700,230
Dividends paid 2,486,733 4,873.470
Deficit $2,970,792 i$237,B89
?Profit. tSurplus.
In the second quarter the Chino Cop
per Company had a deficit of $304,608,
compared with & deficit of $58,137 in the
preceding quarter and net Income of
$330,152 in the corresponding quarter of
1920. No dividends were paid, so that
the deficit remained the same, compared
with a surplus of $3,910 the year be
fore after the payment of $326,242 di
vidends. In the half year period the
company had an operating loss of $257,
745 against an operating Income of $1,
139,879 the year before.
Ray Consolidated reported for the
second quarter a deficit of $870,209
against a surplus of $387,255 in the same
quartered last year. The operating loss
was $375,613 and miscellaneous income
$5,404. For the six months the deficit
was $551,505 against a surplus of Jl,
024,555, the operating loss totalling
$583,424 compared with a profit of $930,
816 and other Income $31,919 against
$93,739,
Nevada Consolidated had a deficit for
the quarter of $278,858 and for the six
months of $285,492, compared with
operating profits of $384,000 and $599 -
583 respectively.
BOND NEWS AND NOTES.
Magara Falls Offerings
Sherwood & Merrlflcld are offering:
5400,000 of city of Niagara Falls oVi
per cent, sewer, water and paving bonds,
dated September 1, 1921, and maturing
in 1936 to 1961, Inclusive, at prices to
yield 6.10 to 5 per cent. The city's
valuation is $100,471,300, and its net
bonded debt $4,666,239. Niagara Falls
owes Its industrial prominence to its
cheap electric power. More than 200
factories and workshops arc situated In
and about the city.
North Bergen Inane* Bonds.
J. G. \Vhlto & Co. and B. J. Van
Ingen & Co. are offering $185,000 of
township of North Bergen, N. J., 6
per cent, school bonds, maturing an
nually in 1922 to 1961, Inclusive, at
prices to yield 6 per cent, on their short
maturities to 5.76 per cent, on their long
ones. The bonds are legal Investment*
for savings banks and trust funds In
New Jersey.
South Dakota* Sell Well.
The $6,000,000 offering of South
Dakota 6 per cent, bonds met with a
good reception and their syndicate
managers were satisfied with the way
they were being taken, It was stated
yesterday. As South Dakota bonds are
less well known in the East and Middle
West than are many other municipals,
it Is not expected that their subscrip
tion books will be closed for several
days.
Canada Lines' Flans Changed.
Directors and their associates of the
Canada Steamship Lines, Ltd., have sub
scribed to considerably more than
$2,000,000 of the issue of $6,000,000 of its
7 per cent, first mortgage collateral
bonds, which will take the place of the
intended issue of $5,000,000 8 per cent,
collateral bonds, sanctioned by its
shareholders on May 14 and 23. A
special meeting of the shareholders will
be held on August 29 to approve this
change. Arrangements for disposing of
the balance of the issue on terms favor
able to the compny are under way, It
is stated.
Bond Market Unll.
The bond market was dhll ycutcrday.
although trading developed several in
teresting features. One was a new high
record for Belgian 8s. New high prices
also w. re established for Brooklyn Edi
son and Duquesne Light 6n. Cuba Car.e
debenture 7a suffered a bad break, de
clining from 68 V4 to 63. Their previous
low record was 67. Several other for
eign bond Issues were strong, particu
larly United Kingdom and Mexican la
sues. Copper bonds were weak. Most
railroad issues were higher. tdberty
and Victory issues were weak.
Rio Grande do Sal Seeks Loan.
The Statu of Rio Grande do Sul,
Brazil, is negotiating with a New York
company for a loan to finance its cxpen.
ditures in connection with a State rall
! way pystem, according to a report re
ceived yesterday by the Department of
Commerce from Commercial Attache
Schurz at Rio de Janeiro. The State
failed to raise the Internal loan con
tracted for recently through the Banco
I I'elotensa and the Banco Portuguea de
I Brazil. Rio Grande de Sul has no for
eign debt and Its conditions are more
nearly normal than are those of any
other Brazilian State, and Its possibili
ties of production are very great
Toklo Issue Expected.
American Investors may be offered
soon a new Issue of Japanese bonds.
The Mayor of Toklo, Baron Goto, has
presented plans for the modernization of
that city. They Include construction of
a rapid transit system, according to
Information received by the American
Express Company's securities depart
ment. It will he partly n subway and
partly an elovatdd line, and a prelim
inary survey for the Toklo Subway Com
pany has been made by a construction
company. It Is reported from Japan
that representatives of the company are
on their way to New York for a study
of subway construction work and that
they are inclined favorably toward
American machinery and equipment.
The plans of Baron Gate Involve a total
expenditure of 700.000,000 to 800.000,000
yen over n period of three or fotir years.
It Is announced that, the necessary tunds
will lie rained by bond Issues nnd In
creased tcxatlnn. with possible grnnts
from the Imperial GovefBm.ent. Toklo
s one of the world's Important cities
mri lis credit Is good. Hitherto Its er
terna! loans have been negotiated In
London, ulthough one of its lusue* Is
listed on tbe New York Stock Exchange.
It I ? thought probable that a new Issue
of dty of Toklo bonds to fina&co tbe ]
BONDS IN STOCK EXCHANGE
TUESDAY, AUGUST 23, 1921.
1921. 1920.
Day's sales *$6,913,000 $8,825,000
Year to date 1.954.211.000 2,417,608,000
RANGE OF LIBERTY BONDS.
Closing. Sales (In
Bid. Asked. Yield. $l,000s) Open. High. Low. Last.
88.10 88.26 4.26 388 3 Via (1932-47) 88.30 88.40 83.10 83.10
5 SH". res 88.08 88.08 88.08 88.08
.. 4.83 1 1st cv. 4s (1982-47)
86.60 86.66 4.95 11 2d 4s (1927-42) 87.56 87.56 87.56 87.58
96.10 97.00 .. .. lst-2d 4Vis
87.73 87.80 5.11 27 1st ?v. 4Vis (1932-47) 87.86 87.86 87.74 87.74
87.64 87.68 6.21 706 2d cv. 4Via (1927-32). 87.66 87.70 87.64 87.64
3 2d 4Vt?. reg 87.50 87.60 87.50 87.50
91.74 91.80 6.64 443 8d 4^s (1928) 91,82 91.86 91.74 91.80
3 8d 4V*s. reg 91.66 91.68 91.63 91.62
87.78 87.80 6.34 770 4th 4Vis (1938-38).... 87.80 87.84 87.78 87.78
13 4th 414s, reg 87.66 87.76 S7.60 87.60
08.70 98.73 6.58 1,243 Vic. 4%s (1922-32)... 98.72 98.74 98.68 98.72
25 Vic. 4%,s, reg 98.54 98.56 98.50 98.50
98.70 98.72 4.51 124 Vlo. 3%a (1922-32)... 98.72 9S.72 93.68 98.68
United Stat
U 8 4s reg
1 1044
French Ren 83
17
..100
1.. .67. .99%
1... .
23... .
2
3
3
1
Frencn Rep7V-Js
receipts
7....
. . 0610
4. .
...0610
8....
4
5
1
9
3
3
14. . .
10... .
. . .9010
14
. . .06
12
...9010
Uruguay Qt 8b
when Issued
1 98%
2 8834
8 881a
CblneeeGovt 8a
2 .471a
JapaneselBMVis
25 86%
Japanese 2d4H?
4ia sal 3
Japanese 4s
1. S30..71U
8 711#
0 72
Ches A Ohio 3s 1
5 91U |
16 01%
O A O CT 8s 48
8 8314
2 821g
7 8214
4 82
8 8214
C A O cv 4K*
4 771a
1 77
1 7714
Ches 5c O 44$
1 769g
City of Bor- "1 *
8deau*^ !
::iha'AraBaettARs'
CltyofLyona Gs
1 7il4'Chi*Alton 8Hs
Tokyo 8s I l 381a
1 691a 1 38
6 64 Cbl & Alton 3s
8 6112, 1 4434
NY City 4a l95J cBAQNP-Ut N
0 b~ | Clt 6>jS
i 22 IOII4
AmAgrCh7}is; 1014
4 78
41 IOII4
2 "lOUg
2 1013g
3 IOU4
8 lOlSg
ChlBAQ gm 4s
1 83 [AmT&T ct fls, 6 7Q
} 83U1 ? JjfjJi Chi Ot West 4s
6::;!!.'!8978| ?
l::::::l^icrpuget6Sia
\ ??78 1:::
1 .941a OMAStP n Km
1 83
City of Mar
seilles 6s
City of Pails ?s
10... 80 15-16
la 00% AmT&T clt 8s
1...99 15-19
United Klngsm
8Vis 1931
54 9034
8 Vis 1923
1 88
1 8570
1 6513
4 8534
OMAStP cv (s
8 641a
C M A St P gm
4>iS
1 7?a
1 7634
83ia 5 7714
Belgian Gov 8s
receipts
1....
. .101%
1
. .1014
11
1
1,..
1..
4..
..1O170
20
24..
. .101
Belgian Gov7 Vis
8... .
..10210
Belgian Gov to
1023
1
.. .04%
Danish
Gov 8s
4
..102
1
. 1013.1
9
..10170
7. . .
. .102
Danish Con
Municipal 83
Pertcs A
1 IOU4
1 101
Series B
7 101
10O3i
2 1001a
City of Copen
hagen 8M*
11 79U
6 79
Norway Gov 8s
3 1031a
1 103U
City of Chrts
2 7114
1 71%
BIOct 4.4s
1 70
1 6914
1 .6970
4 70
1 6934
1 ?pia
BaltAO gold 4s
1 6912
2 69
3 691fi
BaltAOhio 34a
3 86
15 8534
10 857g
2 86
tlanla ts " I Ba?AOSW W.
8 9914 1
la 100
2 823g
27 98% AinTAT cv 4s 0 M A St P cv
84a 1939 1 76Iai 44s
1 89is AmWrlttngP7s 4 654
84 89U 1 70 i 2 65
1 89'B Armour 44s ! ? 1. . ? ? ? ? #SJa
26 894 12 811b 0 M ft 8t P fd
4 891s 5 81 I 44s
14 8914 2 80701 4 584
10 8010 A T 4 8 F cv 4s 11 58U
21 89I41 3 7OI4 Chi 51 A St P
84s 1937 | 3 701g deb 4s
8734! 10 70S4 8 571g
873gj at A 6F gen 4s Chi MUAStP 4s
5 87Ia 1 77U 1 701a
1 8760 1 7734 2 7034
1 871a 1 771a 1925
3 8734 4 7714 3 7534
1 878g ia 77 9 75
1 871a 2 ...77U Chi & NW 7s
8 87%! AT A 8FadJ ? 2 102?a
damped F t 103
1 71 Chi A NW 8Hs
2 7112 5 10*'e
lATASFRMt 4s Chi Bys 1st 8s
1 714 2 6370
1 At Coast Line 7s ChtRIAPRy4?
I 1031ai 1 6834
| Atl O L clt is' 8 08I3
' 2 73 2 68I4
I AtlReflnlngd4s 6 0?la
ccrtlilcates 2 68
3 IOU4 4 0734
1 lOHa 3 6''a
Atlu&Pwdr 74s ChlDn9tn ?4a I
3 061ai certificates
Bait & Ohio 8s 8 106
1 9070! 6 105U
B Ic O 8s 1993 3 105
2 718s; ChlUnStn 44s
- - 1 81U
2 8034
Chi & W In<l 4s
1 60
Chile Copper 7s |
6 93
2 9270 I
ChUe Copper 6a 1
4 7034 1
1 7010
4 70
1 691a
c c c & at l 6*
2 90
C O O ft St L
Cairo 4s
4 75U
Colo In col tr 8a
1 7234
Col Bo est 4Vis
2 76 j
1 7610
1 7614
Columbia GAE
1st mtg 5a
1 841a
Con Gas B-yr 7s
1 10160
4 1014
2 10170
1 102
Cub A Sugar Ss
12 90
1 991 a
2 9934
Cuba Cane S cv
22. 581a
0 5830
1 0 5810
9 68
1 2 5780
1 1 58 ?
8 5760
6 571a
5 5734
5. 576a
16 67
4 5613
6 56
1 5513
1 3 55
9 5514
1 1 641a
1 54
1 5310
1 6314
1 2 53
ia 67
7 621a
Cuba R R 8a
67
1 65
Cusib Tel 8s
3 79
Del A H gold 7s
1 105
Del ft H fd 4i
1 79U
Den A Rio G Si
2 7014
Den A Rio O 4a
2 631a
Dot Edison es
2 881a
DetroitUn 44s
3 5870
3 69
Dla Mstch 74s
1 191
3 I0T%
1 1031a
Du Pont de-Ns
mours 74s
4 88
7 9770
3 9734
3 9778
8 00
0 97%
4 071a
a 98
2 oqI41 1 M
;:::::::99.4a baoplea
1 0914 WV?4?
6 901a | 8 2578
8wed!sh Gov 8a J J? 3
1 86 ia 10 80
i |,7 8iB&0 ToIAC 4s
35::::::w
81170
Beth.Stllst exSs
itwu. Gov s. L.fcgaJiS
1:::: ::io?.s ' !V*
8 10a Bkln Kdsn 8s B
.IO6I4
CByofBerneta Blfln Edsn 7s <5
2.! 091a 1
A oo;k 1 lOO
1' 99la Bkln Edsn 7s D
4::::::.09v 4 10013
?J 091a i
la 10014
CltyofZurich Ja
1 10010
2 100
7 997g
1 100
1 100U
DmCanada64s
3 101
Bkn Rap Tr 7s
certificates
2 521a
certificates
stamped
3 49
Bkn Un El lat
3 67
issa i ' .66ia
25 .... .9334 Buff RAP 44s
a? ?**! ..Lit-P,
94
1 9334
2 94
Pom Canada 8*
1B28
7 923i
10 93
1611
1 89%
2 8978
Rep of Cuba 5a
1004
4 7612
1 76
1 77
Reo ofOuba4'is
B u ah Term n I 8s
1 7U2
Bush T Bldg 5s
1 744
6 75
Can Natl Rys
Can Nor 6> s
receipts
1 99U
8 99
4 99U
1 994
2 9914
1 994
6 994
4 0910
2 6678 39 904
US of Mexico 5s Can Nor Rv 7s
1 2 454 9 1034
4 454 Cen Leather 8s
US of Mexico 4tj 20 874
1 3334 13..030..874
1 334 11 874
7 34 ; 10 r30 . .87%
PraslllanOnvs?| 6 874
1 3 9941 2 877g
4 994; Cent Pacific 1st
1 -09% 10 73%
1 994; 1 73%
3 99% 33 731a
3.. ....994
1 fian Paulo Bs
certificates
I 3 974
Chilean Gov ts
receipts
1 90
1 08%
3 98%
1 9x3,
1 087.
1 73%
1 734
4 73%
12 73%
2 73%
Cent Pac SI. 4s
1 71 ?
Oerro de Pasco Dunuesne Lt 8s
Copper 8s 1 9;;%
1 107 J 03%
1 1074 ! 8 93U
| purchase of American materials trill be
! fold here.
AVhat la a First Mortgagnt
A flrst mortgage bond Is a promise to
pay the holder a fixed amount In Inter
j est at stated Intervals and the pr'nclpal
sum when due. It Is secured by pledge
of tho propertlea and earnings of the
' company, on which the bonds are x first
: lien. Bonds are designated by the nature
of their lien, as flrst mortgage, second
mortgage, flrst and refunding mortgage,
j collateral trust, Ic.
AMBRICA0 C VA NAM ID rtF.PORT.
The nnnual report of tho American
Cy&namld Company for the year ended
on June 30 allows net Income of $34 1.
110. after charges and taxes, against.
$1,625,877 In the preceding year. ItH
net sales. Including sales to the Amal
gamated Phosphate Company, amounted
to f6,040,649, ngalnst $8,684.6S4 !n tho
preceding year and cost of aalus $5,803.
478, against $6,611,196 Its general ex
penses totalled $245,658 and other In
come, $152,650, and Its Interest charges.
Federal taxes, 4c, $889,936, against
9637,664s
Railroad, Industrial and Other Bonds.
Mont Fwr Ss StL A SF gm 8s
2 1 071a
NOTexA M As A St LASan Fran
2 02tg adj Os
NO Tex A M 5s 6 88
0 87 1 871a
N Y Central 7s 2 67*4
1 103 3 877g
8 1028s 1 078s
1 103 21 68I4
Erie 1st con 4s
2 648s
3 547g
Erie cv 4s ser A
3 381a
Erie cy 4s ser B
4 371a
Erie cv 4s ser D
1 43
4 4218
1 42
Erie gen 4s
1 428a
2 4208
2 421a
FlaCenAP cnta
2 77flg
Gen ElectrteF?s
1 1021a St LASan Fran
N Y Cen deb Os
20 0212
1 925g
8 023a
lno Ss
10 888a I
18 57
567)9 I
8 021a1 3 67
1 023g BtLouIsS W 1st
6 0214 3 87U
4 loo's, N Y Cen 4K" StLonlsSW 5s
Gen Electric 5s 2 7gl4: 2 671a
1 8812, 1 7858! 1 87
Goodyear Tire N Y Cen con 4s 11 86*4
A Bub 1st 4s 1 701a StLSW <"on 4s
1 1017S N Y Cen 3Hs 1 641a
4 IOH4 8 88 I 2 645s
3 1011a 3 081*1 3 841a
1 101?g NYCenLS JVjs StPAKCSLiHs
8 102 registered I 1 68
6 1017s 7 01 StP MA M 4Ss
1 102 N Y DBci 4i I 1 88I4
GrTrRyCan 7s 1 6913 BanAAAPassts
receipts NY Gas ELt H 1 823a
4 1021a A P Ss I 1 623*
1 102l5l 3 86 , Sc-otoVAN K 4s
Ot North 7s A NY Gas ELt H 2 731a
25 1003a, A P is Seabd A L As
25.. .3. .IOOI3I 1 8814 1 \ .4838 I
8 100% I 1 681a 2 48li
2,..?6.]001a 1 68I4 1 49
1 1003a N Y N H A H Seabd A L adj
4 1005s! cv da i 1 27
14 1003a 3 67 3 281a
2 1003* 2 66I3! I 283a
8 looia! a ss j 2 2013
1 0 10034, NYNHAH JJjS SeabdALfdis
6 1005s t 1854 ! 1 397g
1 1 100131 1 3618 Sharon Steel
3 1005g! 10 35 j Hoop 8s
1 IOOI3! N Y Tel deb Os1 1 08
0 1005s 6 04 BlnclalrCO 7H*
Great Nor 4t<s! 2 o:j7g 2 OUa
2 843s! 3 04 j 6 913g
18 821a 1 041g! 1 91
GreenBay A VVj NY Tclgm4tas| 6 911s
deb ser R 2 821a 1 91
5 63a, NY Westchertr SouthPac cv As
Hud A Man fd A Boston 44s 33 8H3
5s Scries Aj 3 37 BcuthPac fd 4s
1 675g! g 37J, 1 7634
2 671a 3 37 1 4 767g
4. 67 ! NorfAW cv As 6 761a
6 683a! 2 10278 South Pac 4s
1 67 | 10 1021a 1 713a
1 663a Norfolk A W 4s SoPac 8F ter 4s
3 66131 la 781a 3 731a
FludAManadjI 6_ 78_ Southern Ky 5s
24 .12 ! Nor Pac fd 6s B
1 421gl 1 1015g
2 418a: NortheruPac4<
111 Central 64s
20 102
3 10218
1 102
111 Central 54s
1 92
IU Cent 4a 1052
1 731S
111 Cent 4a 1954
2 7<V4
2 .7058
1..., 763g
NcrPtatea Ptrr
1st Ss Ser A
1 SO
t 797*
t SO
NW Bell Tel 7s
2 1025*
1 1023a
3 70?a 4 1021a
II Cen CbJcnSs i 102U
1 823a 6 1021a
4 8418
2 8414
5 841g
South Ry cm 4.1
5 671j
8 571a
2 671a
So Ry MAO 4a
8 601a
StandOU Cal 7s
4 1033g
2 .10368
SteelATube Co
ofAmoriea 7s
6 92
! Term RR Assn
It: of St L 5s
Illinois Btl 444 I Or A Cal 1st 5a I
.2 82la 2 8Ha! 1 861* !
IndlwiaSteel 5s OrShortLine its TolWaValisC !
2 90 | 1 095gi 1 761a
Interb R T fd;Oro Sh L fd islTdwterOU AHs
Ss 1(63 4 813a certificates '
3 863|l 0 82 7 9514 j
8 8558 |" 6 821a 1 953b
4 651a Ore Wash RRA'CnPac 10-yr Aa ;
11 5538 Nav fd 4s I 1 007a j
Interboro- Mot 1 715g' 2 100
col tiust 44? Pacino Gas 5a | OnionPacific 4<
10 14,1a 4.. 781a' 1 816g
certificates 1 78141 2 Slla
1 12 10 781a| 1. .*80.. .81
3 1178 Pac Tel A T 5s 1 1 814
18 111a 1 851a! 7 8133
3 1178 Packard M Car 10 8II4
6 Ilia Co 8a 6 81
lot Agr Ch 5* ?2 05 ; Cnlonl ac cv 4s
5 734; p.nn. 7- ! 1 853a
IntM Marine 6s; "I"* 7" J g 8358
TfrSKl
8 391a' 6 1051a! 2 851a
KCFtS A Mis Penna ?4? 0n T,nk Car
4 661a 11 093a equip 7s
Kan C Bo fd 5j 1 096* t 1013a
3 77 11 993a 1" 1014
Kan City 80 as 4 997* UnitedRylrvSs
3 585, 4 095* fi5,4
a,2 A. '5678 H SoJ4 us BealtyA I 5a
Kan city Ter 4a 2 993a 1 .. S71j
1 7338 1 007? 4 g8-*
KeUy-SprtngUl ' penna 5s IMS 08 Rubber 74s
Tlretu I 2 8714 14 100
1 -053?| 2 87l3 US Rubber As
3 961a; 11 87l4 j 783s
3 06381 j 87la 2 78
. 6 953a I I'enn cm 44s A 2 783s
Lack Btl ta 1855 I 2 7013 10 78
Per# Marq 5s A OS Bteel ef 5s |
1 8H3 3 94l8
Pet3 Maiqia B 2 943s
3 601a 13 941a I
Phila Co cv in | 1 941a i
1932 0 .630. ..9378
967g 1 941a j
1 733a
LFA MS 4s 1928
3 855*
LSA MS is 1031
24 831a
Lehigh Val As
30 08
j 1 98la
I LebVal con 44s
4 781a
La A Ark 5s
1 68
1 -.OSlg
Lou A Na-n 7s
6 104
Lou A Kaah 4s
PhlllpplneRy4*i ] 043s 1
1 391a1 4 041a
P Lorlllard 5? t'tah Power 5s
1 84 1 79%
Portland Ry Ba 2 791a
1(42 2 - .79l4
2. 6Rla Va Caro Ch lat
1 68 1 91 la
1 673a1 1 8314
Rending gm 4s,Va Ry A P 5s
Pub 8ery Corp Virginian Ry 5s
1 ?1% of N J As 4 83
Market At Rwv
lat con 1424
4 6?3g 3 757,, t.... ...66
Me* Pet or Del 5 751a Wo,t jjd 4*
*" 2 75 I.. 543e
certificates Read JC clt 4a 1 54
1; 06 B 783* 2 631a
Mldyale Stl 5a RloGrandcWis WcstPaciflc lat
3 76 2 66Ja 2 707b
0 761a 1 881 a West Phore 4s
4 751a | RloG W col tr4? registered
1 7613 j 2 53 11 70
MJlw AStLlne RiArkALa 44* WestUnlon 64a
'43 4 f,834 when Issued
1 661 r 1 87 33 OOug
MlnnAStLrdAs j 671* 3 09%
1 301a StLAIron M As 9^ 004
MAtPASSM 4? 5 881*; 16 99%
l.. . ? - -"01 a KB'> hh3a 6..j_... .WNl
Mo KAT sf 4t j- RTl.Alron M 4s West Onion (Vis
1 34141 32 73 1 80
certificates IgtLAImn .Mt Waatlngbee 7*
1? 34l3 1 RivAGulfis 8 101%
?"4I 2 ""'a 2 iim*
M I\<*T 8tL ts at l-AHnn Fran 1 1013a
1 I8I3i Perles A M IOHa
Mo K A Tex 4s la.... 611a Wb A L E cn is
3 60l4 1 go i 1 6578
I fOV 4 81% 4 553a
3 601*! J 01.5* WUsonAOo 1st
4 60S* 2 61 3a: 1 88.5*
4 84)3*1 4 ,115*1 j 8ea4
? 6?.'la |6 61lgl 1 861a
Mo Pac gm 4s> 6 013* 2 861*
1 8t LASan Fran WileonA Co cr
4 64 j Series H j 5 82
' 637* a 74 Wis Central 4s
t? Wll t. 74I4' 0 88
COFFEE.
Prev.
Open.
High.
Low.
Close.
-lose.
Aeptember.
8.50
6.50
0.13
0.42-44
6.54
December..
0 90
8.96
0.89
f,. 88-941
6.99
March
7.35
7 35
7 28
7.27-29
7.39
May
7.52
7.53
7.17
7.47-49
7.38
July
7.63
7.63
7.02
7.82-63
777
CABLES.
Rio future*, 25 to 60 rrla higher; Decem
ber. 110875. Dollar rata 50 higher at 88250.
Exchange 1-S2d. lower et 7 29-32d. Receipt*
18.000 beg* and stock 1,421,000 bags. Bantos,
holiday. Receipt* 29,000 and stock 3,000.000
hags. Receipt* at poha 47,000 bags, against
85,000 lest year and f.2,000 two years a en.
Pan raulo had 80.000. ngnlntt 12,000 niul
23.000 and .Tundlaliy 20.000, agalnat 38.000
and 15,000 bags, respectively. Cleared f;< rn
Rio 6,300 hags for Now Orleans.
BRAZILIAN STATISTIC*.
Lest Last
Yertcrdnv. Week. Month.
N. Y. deliveries.. 14.112 12,801 7,129
N. O. deliveries.. s.'tl TOO 8,961
Total deliveries.. 11,946 *78.201 16.090
New York stock. 881.859 018,947 036.832
New Orl. stock.. 164.934 110,774 192,702
Stock at all porta 1,048,793 1,929.721 1,129.334
Afloat 823,000 832,200 413,100
Visible supply.... 1.370,393 1,051.921 1,542,434
hut year's vis.. 1,072.348 1,5416,912 1,609,186
*82,700 at Sen Fraootsco,
INVESTMENT NOTES.
Gulf oil Ta.
The Gulf Oil Corporation's twelve year
7 per cent debenture gold bonds appear
to be selling out of line with certain
other oil Issues of their class. Their
present prlco of around 97 ?6 yields 7.32
per cent., which is considerably higher
than the yield offered by Vacuum Oil
7a or any Standard Oil bonds. The Gulf
OH 7s were offered In February. They
are a direct obligation of the corpora
tion. As long as any of the bonds are
outstanding the corporation will not cre
ate any secured Indebtedness on or
against Its properties. The quick assets
of the company and Its subsidiaries must
be at all times at least equal to the
aggrogate amount of their indebtedness,
including the amount of these bonds out
standing, 935,000,000. The company
I covenants to pay to a sinking fund
$2,000,000 a year, commencing on De
j i ember 1, 1923, and to be used to pur
I chase bonds on tender during every De
cember at not exceeding 10316 Per cent.
| to December 31, 1926, and thereafter at
not exceeding 102',6 per cent, to Decem
ber 31, 1932. To the extent that this
fund Is not exhausted by tenders bonds
shall be called by lot for payment on
the succeeding February 1 at 10316 per
cent and Interest to February 1, 1927,
and at 10216 and Interest on every suc
ceeding February 1 except February 1,
1933, their maturity. The bonds are fol
lowed by 136,093,100 of capital stock.
Atchison, Topeba and Santa Fe.
One of the most Interesting bond
issues of the Atchison system Is the
Rocky Mountain Division's first mort
gage 4s. scries A, due in 1965, and sell
ing on about a 5.85 per cent, basis. Only
$3,000,000 of those bonds are outstand
ing out of an authorized Issue of $20.
000,000. They are "secured by a first
mortgage executed Jointly by the Atchi
son, TopeV.a and Santa Fe Railway
Company and the Rocky Mountain and
Santa Fe Railway Company, all stock of
which Is owned by the former, on all
property of the latter, owned or to bo
acquired by the proceeds of these bonds
and Including 105.17 miles of road from
Des Moines to Ute Park and branches,
all In New Mexico. The road forms a
connection with the Colorado and South
ern Railway and the "El Paad and South
western system. The lino covered by
tills mortgage traverses the extenslvo
coal lands of the St. Louis, Rocky Moun
tain and Pacific 'Company, which owns
the largest coal acreage under one own
ership In the United States, an area of
approximately 861 square miles. The
Atchison, Topeka and Santa Fe has paid
dividends on its common stock for the
last twenty years, its present rate being
6 per cent. The bonds aro listed on the
New Tork Stock Exchange and are legal
investments for savings hanks in Cali
fornia, Connecticut, Michigan, Minne
sota. New Hampshire, New Jersey, Ohio.
Rhode Island and "Wisconsin.
Third Arrnne Railway.
Dealers report that buying of an ex
cellent character lina been going on In
Third Avenue Railway System, Dry
Dock, East Broadway and Battery Rail
road Company general (now first) mort
gage 5 per cent, gold coupon bonds, due
on December 1, 1932. At present prices
the Dry Dock 6s yield about 10.40 per
cent, and are worth the study of
those seeking a speculative bond with
possibilities of enhancement In price.
Their selling price to-day of 65 con
tracts with a low price of 53 and
their high price of 105 in 1913. Only
$950,000 of these are outstanding.
They are an absolute first lien on all
street railway franchises, equipment and
real estate owned by the company. The
company's street surface road of about
ten and one-half miles forms the Grand
Street, the Post Office and the Avenue
B lines. In addition the company oper
ates, under favorable trackage agree
ments, 2.148 miles of surface road, of
which about one and one-half miles
across the Williamsburg Bridge forms
the most important part. Its rolling
stock consists of fifty revenue passenger
cars and three service cars. The equip
ment is valued at more than $170,000.
Its real estate consists of about sixty
parcels of land, including car barns and
other buildings In Manhattan. These
properties are free of real estate mort
gages or other encumbrances and all
taxes on them have been paid. The
total assessed value of the real estate Is
$909,500. The Interest on the company's
$950,000 general mortgago 5 per cent
bonds always has been paid regularly
since they were Issued In 1892 and they
were undisturbed in the Third Avenue
reorganUatioi
Governments Rarely Default.
The average Investor In America does
not realize how rarely default is made
on a foreign Government bond. Even
when default takes place, subsequent
adjustment almost always reimburses
tho bondholders, so that actual loss
very seldom occurs. The necessity of
punctually meeting foreign obligations
has made Itself universally felt. Indeed
it is a matter of national pride, and no
matter how many changes of govern
ment occur In a country, few political
leaders would have the courage to eug
gest the repudiation of the nations
debts abroa
Pacific Power and Light.
A power anil light bond that has ap
preciated In prlco lately Is the Pacific
t on-er and Light Company's first Hen
and general mortgage 9s, duo on August
JkA They were offered In August.
19-0, at &S '4, to yield about S.25 per
cent., and are selling at about 100'j.
They are secured by deposit with tlio
trustee of an equal amount of the com
pany s first and refunding (now first)
mortgage 6 per cent, bonds, due in 1930,
which sre secured by a first: mortgage
on all the company's property. They are
secured further by a general mortgage
on Its entire property. Tho mortgage
under which they are issued provides
that more bonds may be Issued In dif
ferent rorles provided that no new series
inay be Issued to mature earlier than the
existing series and only when the com
pany* net earnings for the twelve
months pr< ceding shall have been equal
to twice th0 interest charges on all lis
flr-t mortgage and first Men and gen
eral mortgage bonds outstanding. The
company's business Is diversified, and It
has no competitor. It operates In
Washington. Oregon and Idaho and fur
nishes electric power and light service
to nfry.ejght communities. Its net In
come has shown steady appreciation
yearly from $609,327 In 1912 to $1 281 -
078 In 1920
Disparities in Prices.
The disparities In prices of bonds In
the same class aro not always explain
able even by i-peci >llst.?. KOP tnsianc?.
attention Is drawn to the wide difference
in quotations of Humble Oil and Refin
ing two year 7 per cent, gold notes and
Texas Company three year 7 per cent,
sinking fund gold notes. Bot.li issues
mature In March. 1923. but Humble Oil
notes yield 8.90 per cent at their present
prices and Texas Company notes yield
tmly 7 per cent. There are $85,000,000
""tea outstanding and
$25,000,000 of Humble Oil notes. Texas
< ompony notes are redeemable as a
whole or by lot In amounts of not lews
than $5,000,000 at 101 pcP cent Hnd
Interest and Humble Oil notes are re
'ZT ,"V wl,olA b?? In pan at.
t!! lo," f i'?"' Neither rompnm
w. 7 r"ndr'' ''"b" The provisions
I y?l' T">S' Provide that no mortgage
.? fd ?n th"' oompanles' ?rop.
hTtlrU^''rlng the principal end
? !M I" "Tunity and ratably
one other Indebtedness. \
annual sinking fund of $2,600,000 pro
e l?r. f'trohase of Texas Com
pany ntttri at 100 per cent and in
Investor and Bond Trader
? r__ All investments firm appearing in these columns will furnish
J I h ? on request, description of Bonds advertised. They also will
* submit suggestions to meet individual investment requirements.
$100,000
McLaughlin,
South Dakota
School District 6*8
Maturities April /, 1927 to 1941
Price to Yield 6%%
Spitzer, Rorick
& Company
Established 1871
Equitable Building, New York
Toledo Chicago
INVEST IN
Danish Government
3,J?% Loan of 1909
Interest psyable In Sterling.
Ait for Circular H-10t
HUTH & CO.
30 Pine Street, New York
Telephone John 6214.
FOREIGN BONDS
SARTORIUS, SMITH t LOEWI
Members Mew York Stock Exchange
20 Broad St Phono Rector 929S
Direct Private Wires to Clilcsia
YOUR DOLLARS?
NOW aud TOMORROW
As the purchasing power of your
money increases, you will find it
more and more to your advantage to
have it invested in well-seasoned
securities.
Let us give you full information
about securities of this character.
We give careful attention to small
investors.
Write for Circular 17
(hjsholm r (hapman
Members Mew York Stock Exchange
71 Broadway New York City
Telephone Bowling Green 0500
GUARANTEED First Mortgages
and Certiorates absolutely insure
you against loss of principal nnd in
terest. More than $1,500,000,000
sold in New York during the last
twenty years without a penny's loss
to any investor. What other line of
securities has this record? Buy
theni from $100 up.
New York
Title and Mortgage Company
13S Broadway, New York
Larorence Chamberlain&Gx
INC -
One Hundred and Fifteen Broadway
New York
State of California
Coupon 4s
Due July, 1989
Price to yield 5.10%
"WATKINS & CO.
7 Wau, Street 15 Exchange St.
KBW Y03K BOSTON
United States
Treasury
Certificates
and
Notes
Bough t?Sold?Quoted
Inquiries' Solicited
CHAS.E. QUINCEY& GO.
Members New York Stock Exchange
29 BROADWAY NEW YORK
Telephone 1600 Whitehall
Berlin 4s
French 4s, 1917
French Vict. & Pr. 5s
German Govt. 5s
Krupp 5s
Munich 4s
&1I StJ??rd;Joha?3&
For those who desire a bond
payable either In Pounds Sterling
or In Dollars In New Y'ork at the
tlxcd rate of 01.86 per i'ound. no
offer a Foreign Government Ex.
ternal Bond to net ovrr 101,%
actual Income per year, and hav
ing a maturity value of about
100% more than Its present value.
Write for Circular AN.
Jlatnr, UJebbrr
$c (ttmnpatty
ESTABLISHED 1880
Jlfemher, .V. V. Stock Exchange
38 BROAD ST.. NEW YORK
Boston Philadelphia Chicago
Albany Hartford
Nevada-California
Electric Corporation
6% 1st Lien Bonds, Series A
Due Jan. 1, 1946
Telephone Broad 3500
Spencer Tr ask & Co.
25 Broad Street New York
AI.BAXY BOSTON CHICAGO
Members New York Stock Exchange
Members Chicago Stock Exchange
Treasury
Certificates
As dealers we supply round
amounts at net price*.
C. F. Chilos&Co.
Tho oum jeomm ?? <
J. P. CAHILL & CO.
Members New Tork Stock Exchange
52 Broadway Phone Broad 1689
Bertron, Griscom
& Co., Inc.
Investment
Securities
40 Wall St. Land Title Bldg.
New York Philadelphia
American
and
Canadian
Municipal Bonds
Yielding 5% to 8^0%
rffcAaaxwGGRDQjy
P WADDELL
Ground Ftocr, Sinatr BuQdint
89 Liberty Street New York
Illinois Central
Railroad Co.
Collateral Trust 4s, 1952
Price to Yield 5.80%
Y&? Carnei&s E wen
BONDS WORTH BUYING
We own and offer bond* of the
State of Sao Paulo
UNITED STATES OF BRAZIL
5% External Gold Loan
of 1905
Toledo & Ohio Central Ry. Co.
Western Dlv. First Mtg. as
clue Oct. 1. 1930
Authorized & Outstanding 93.900.000
Secured by a flrst rioti gage on 197.74
miles of road, by a s-rond mortgage on l ...
197.27 miles, and by a third mortgage on i Present DFICe to vield
59 9ft miles. This Issue is followed by i *
?a.ooo.ooo Oenorai 5s due ifl?A. Listed approximately 8% on
on the New York Stock Exchange and , rr . J .
have sold in the past as high as 112. money invested
l'ractically all the capital stock Is owned
"S 1 Kelley, Drayton 6-Ca.
Investment Securities Divtmvn M Qmitu i To Members NewVbrk Stock EzeAanf#
2 WALL ST.?NEW YORK | RAYM0NPnr?lo?52? & t0- ! Lords Court Building
Telephone?Rector?3273-4 tors 40 Exchange Place-New York Qty
43 CEDABrrtH?r?MjUSW TORK Telephone Broad 629/
If interested in German porfo
Industrial Facta Regardlng
CONVERTIBLE
BONDS
Bonds British Government
Internal Loans
??Germany's Comeback Through ,
Her Industries" Is the Title of a New j
nuwhldni ^ ' *re prepared on request to
i o\y ii or iontf nipikt? putco&itiiK OCT" ? ? ? ?? . ? . ^
Aftk for circular 4-56 1 ***** Securities to write for. i furnish full particulars regarding
? ,, , I ?ny British Government security.
W rite, Phone or Call for >
Letter No. hSS. j JnouUia Invilea
Horhblower & Weeks Morton Lachenbruch &Cq a. b. Leach & Co.. inc.
Established 18?8 42 Broad Street. NcwYork treatment Securities
42 BROADWAY, New York -members- ?2 Cedar Street, New York
?oston gmicaoo Chicago Siock Lxchanjle Detroit Stock EYchandc i Chicago Philadelphia Boston
paov.ocnc. eosTCAND, ms. o.Tso.r RUsbUf^h Stock Exchuije i
OVER $10,000,000
Have Bern Invested In Our
Guaranteed First Mortgages
and Certificates. During Good
Times and Bad Times IVe
Have Paid Interest Regularly.
Call. Write or Fhono
for Circular "8"
FIRST MORTGAGE
GUARANTEE COMPANY
Under Supervision of
State Banking Department
' We are at your service
if you need
Expert Advice
regarding investment in
Foreign Bonds j Free on Request.
BOND
RECORD
Showing Values, Yields, Quo
tations of Stock Exchange la
F. B. Warren & Co.
44 Beaver St., New York
L. A. HUGHES & CO.
15 Bridge Plaza. North Tel. Broad 7526. ! _ . ln'xstmenU
Long Island City. | ... . i 100 Broadway, New York
Koro ?r Queens i Philadelphia Cincinnati Milwaukee |
ROBINSON & CO.
or* ? mmSs?bo^$
A. E. 0. 41/2*
Jananp^e Govt. Krupp w?r.kl 5s
U. S. Government Bonds ^ . Badiscte Arrlin 4V?jt
and other 4s' North German Lioyd 41 fa
Investment Securities Hamburg-American LIm h\fa
Everett Rich &Co.
Members oj N. V. Stock Exchxnfi
William St. New Y<
Telephone Broad 7280
26 Exchange Place New York
... , v c, , r , i Members oj N. Y. Stock Exchanlt , w.vf.a
Members A. Y. Stock Exchange ... Tenxran
IS William St. New York
Rough ?' Sold Quoted
Jerome 13. Sullivan
rpqaiow f\ MUHtctPAi a
OCVtWiMStrr, ijtKJJ. ra.bondj
44 nnOAD street, new yojui
Tel. Broad 1723-4: 7120-4; 9224- S

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