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The New York herald. [volume] (New York, N.Y.) 1920-1924, March 06, 1922, Image 15

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-06/ed-1/seq-15/

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QUEENSLAND
3Vfcs, 4s 8& 'ViS
BRAZILIAN GOV'T
Sterling ?ssu35
4s,
4V,s. 1883 IMS
5s, 1895*-1903 1O08-I913
Railway Kr*c. 4s, 10(H)
BRISBANE 6?/jS
SYDNEY fir, & GVjs
CHILE '7V?5
GRAND rRL'NK
P'ACt ir iv
3s &. 4>; nf 1062
a... lust
Branch Lino ,4s. !Q39
Cenad? Atlantic 4^, l<^5
ISSEl, S38E5 & S3.
Members Xeu- Yoik Stock Vxc!<a>iie
j GO Broadway New York
' Telephone Howling Green I'HI }i
II
TO THE HOLDERS OF
AMKRK'AN TI'IIK AND STAMPING CO.
I lrxt Mortgage iiC-Ywr (odd Bunds dated
October 1st. 1
THIS IS TO CERTIFY THAT In accord
ance with the first Mortnago or Deed of
Tin: i of THE AMERICA!* TUBE AND
! TAMPING COMPANY to Colonial Tiu.t
< ompany, now THE EQUITABLE TRUST
? JMI'ANY OF NEW YOUK, a t Trustc;,
dated October lot, i!)<)2, !ho following bond*.
N ?'. 142, :!08, 19."...5.70, 3?3, "97, (155. 751, 779
- .(1 TIM. havo Ihlit dav, February 2lth, i:?22,
*: the off!c ? of tile "said Tlju Equitable Tr?-t
1 ompany o. New Ywk. been liilxnated lor
redemption a' J 05% anil accrued i.iterest on
; itt Is! day ' f April, i!>22, upon presentation
< 'id the sum iHior thereof, with all unpaid
coupons, to aid Trustee. ' n*t en tho
above bonds uill cease on Api; t, 1P22.
THE EQUITABLE TRUST i !OilPANY
OF NEW YORK, Truntcw.
By II. A. HIBBERD, Assistant Secretary.
TJUU AMERICAN TITHE AND STAMPING
COMPANY.
By EDMUND C. MAYO, President.
C. A. KLADY, A.-astsiant Trea-urer.
I hereby certify that the nliove bonds vera
i rawn as slated. WITNESS my hand and
i al this 21tli day at February, 11)22.
J T. HELMSTADT,
Notary Public No. 4011 New York County. Ctf.
No. 2421 filed In Register'.'! Office. Com
mission empires March 30, 1922.
In accordance with the above certificate,
tiui undersigned will redeem the nbovo num
1'ered bond.-, at 105 and accrued Interest to
April 1st, 1921;, on and after that date, when
)> e-ented with all unpaid coupons at Its of
fice. No. :;t Wall Street, Now York City.
THE EQUITABLE TRUST COMI'A.NY
OF NEW YORK.
By LYMAN KHOADKS, Vice-President.
TO THE IIODUtiflS OF
ANACONDA COITICI: MINING CO.
10 A ear Srtured -cries "A" and ^rrles
' 11" "% Gold llund, Due ?luuapry 1, jyM.
XOTICE IS HEREBY r;lVEN that Bi?
riiioniit of fund' now In the Sir.sins Fund
l.rovided under tr-.o Supplement*. Agreement
rated .lu.y I, 192<l, iiupp ementliix the Trust
/ j' eeirtent made by Anaconda Copper Mlri
1 -i?t Company dated J.iiiuir) 2. 11)10, i'
f ">H,, 0 20 and that Gi irarjy Trust Com
juui.v o.* New York, as I.'ustce, pursuant to
A rti iln IV. of sai'J Supplemental Agreement,
ill receive at Its TRUST DEPARTMENT,
liO Broadway, New York Cltv, until 10
o'n'.ock A. M on Friday, March 10, 1922,
realed proposals for the . ale to It of bonds
(either Scries "A" or Series "B ') secured
by raid Trust Agreement and Supplemental
Agreement, In such amount as will exhaust
the Sinking Fund moneys In hand at tic
lowest prices nt which said bonds will be
offered for "ale, but not exceeding a price
r.t; which the rate of return, ba?ed on the
>le]-i from March 10, li'22, to January 1,
1929, would ba not less than 6". pLr annum.
'nler"st on all bonds purchased will cca?<
in March 13, 1!22. and peyment of the
?nmount of the accepted offers and accrued
Interest due thereon will be made upon de
1 .'/cry to th" Trustee of the bonds purchased,
log':her wlih proper Federal Income Tax
Ownership Certificate.
The rifcht Is res erved to reject any or all
Offers it ul.ole or in part.
GUARANTY TRUST COMPANY
OF NEW YORK.
By W. C. POTTER, President.
Dated January 10, 11)22.
SANTIAGO KMCCTKIC I.IGIIT & TRAC
TION COMPANY,
<"0MPANIA FI.I'K TIJICA l?K AI.l'MTHtADO !
Y TKACriON l?K ?H\TIA(iO.
] Mortsajre Hft>-\car (i^ ISor.ds, due i
January 1st, 191!)
The Equitable Trust Company of New
York, successor to The Trust Company of
Aniorlcn, as Trustee under the Conipanla
3'lee'vlca de Alumbrado y Traction dc Santi
at.e MortKMfre, dated Man h 27. 1909, and
Pupplemental Mortgage, dated August 21,
1ai2, heipby Invites offers to the Flnklm;
Fund for the sale of bonds Ia?ued under said
TtortRB^e to e*)iau?t the *u i of ElRhteen
thousand four hundred and eighty-two dol
lars and eljrhty-thrce cents (?18,4S2.8.",).
Bonds offered at tho lowest prices will bo
Ulven preference.
?Sealed offers will be opened at the office
? f the undersiBncd, No. .'>7 Wall Street, New
Vorlc City, n" twelve o'clock noon, on March
VI, 1022. Offers should be addressed to the
Trust Department. The right la reserved to
reject nnv and all offer*.
THE EQIT1TA RLE TRUST COMPANY OF
NEW YORK, Succrs'or Trtistce.
By I.Y.MAN RHOADES, Vicc-i'resldcnt.
February 27 IlcJ.
T AT ANCK X GltOSJEVN MANl FACTl'R
ING COMPANY.
Pursuant to Article (! of the mort^ape
made by the abo\e named Company t > the
Brooklyn Trust Company, as Trustee, the ur.
(ieralK'ied ofiers to purchase on May 1, 1022, !
for tho Sinking Fund thu Bonds of ?uld
Comipany due May 1, 1927, at a price not
exceeding 105 and accrued interest to May 1.
1922. sufficient to exhautt the sura of
$20,103.57.
Pealed offers will be received at Ita office.
177 Montaref Street, In the Borough of
Brooklyn City of New York, until " P. M. on
April I. 1922.
BROOKLYN TRUST COMPANY, as Trustee. '
li. P. MAYNARD, Prealdent
Brooklyn, N. Y? March 3, 1922.
INTEREST LOWERED
iM
Paris Financiers Approve Re
duction on Defense Issue
to i< 1-2 I'er Cent.
Special Ci>? ta Tub JCf.w York HwAtn. |
Covvriuht, 102$, by The Nuw Yoaic Hmalp. ,
New York Unrmn. )
Pari*. Mnfeh (
The first effort of >1. "" "Lastoyriei. J
Minister of Finance, to brn* back the,
? lability of French finances by lowering
t!ie interest on national defense bonds ?
to -i'i l'er cent, is meeting" with the op-1
timistic approval of financial circles, j
which see therein the possibility of ?
showing the rest of the world that ,
France is not fearins: the future ns
>onir as public support is obtained in
ternally.
The new rate will t ike < ffect March
1-3 recording to latest reports, the
Finance Minister within? to assure'
'llmsetf that the balks will not be em-I
harr1!;' pd by an irimedlate transition
to the new tuethod:t. It is ivmurted. ,
I,.?-, ver. that France in instituting a'
veil monetary policy is no; ;<olated in j
this respect., a* money rat?* the world ,
over are lowering ernduatly and to such (
an extent in the United St-fs and j
Fn gland that France was practically i
forced to full into line.
The immediate results foreseen in-1
cludo :i favorable Improvement In cur
rency values as well is on Improve-1
me.'it in reliable securities held abroad, j
with a certain influence on credit open- ;
Hon:' oji both sides of the Atlantic. I
Klnanclors close to the Government also
sav that it is intended to reopen tlm i
old French rentes at :: per cent, to the .
public as i-'.ou as the effect of the .
interest decrease is definitely known. ;
Although these securities are now,
quoted at around "S they will not form
a (Treat competition in loan operations
as they are confined chiefly to small
holders and are bought as long time in
vestments. tradition playing an import
ant role in them.
The new Credit National Cs are re- :
ported to have had unprecedented sue- ;
c?ss. The bankers are awaiting the ,
figures with keen Interest, as they will
p|v*? a crood Indication of what can foe ;
expected of the proposed "consolidation
loan." . .
It is understood Hint M. de T>asteyrie :
favors ?" per pent, for llils consolidation j
man. but without the tax exemption |
which has hitherto formed an important
feature of interior flotations, declaring :
that this will rot Kive the Impetus to j
monetary stabilization for which the
loan will be primarily designed.
(1- f-.r as Borrs" operations are con
cerned the situation remains almost un- j
chanced. Buyers are few. apparently :
nrefer-inrr to await development of the
attitude of American banks before re- .
suming on a larcc scale. VIenty of evl- ,
donee is seen here that AVull Street s
nriinion of F.urope is changing, andI al
ready seme prominent' firtnnclal writ
pre 'recommendImr French industrial
leaders to turn to TTnlted States bankers ,
for assistance, as money is avall ib a :
?hern at low interest If the secur.ty U ,
sufficient.
100 POUNDS SUGAR PEE CAPITA. j
StatMlcn Given by Proilnorr* ti?
l'iuht A(snli??t Tariff.
Every man, woman and child in the j
United States ate almost a hundred
pounds of sugar last year, according to I
statistics g'ven out yesterday. The ,
American Producers of Cuban Rucar |
put the figures at 97.S. tlic biggest per
capita consumption in the history of
the country. These figures were given ,
out to assist the producers In their
campaign against an Increased tariff on i
sugar.
It Is contended that the Govern
ment's estimate shows that this year j
the country will require more sugar than
eyer and that It would be a hardship I
on the American consumer to impose
higher duties, as well as a detriment
to business.
EX DIVIDEND TABLE.
Mureli fi?
Federal Light f- Traction pf. stock 4C?S
Federal UKht 4: Traction pf Jl.itl
March H- -
Oeneral F.lectHe Co 1.00
March 10?
American Express no !I"0
Am rican Tobacco Co. pf l.r.i)
pombilon Oil t"o 30
Inu.irli.l on Co.../ :n
Imperlnl <111 Co pf )-'ii
Woolworth (F. W.) pf 1.73
March 13? . ,
American Locomotive !>"?0
American Locomotive pf 1.J5
Klcctrtc Stnraeo Battery ,
Klei fric Storage Dattery pf 3.00 ;
March 14?
Bethlehem Steel "A" 1.25 i
Itethlehem .Steel "II" 1.2"? j
FttlilPbam Steel, 7#v, pf 1.75 t
Bethlehem Steel. t?r 2.00
K. v.. Lackawanna fc V>'<utern H. It.. 1.2." j
Bentb Peun Oil l.TiO j
March 15?
Allied Chemical A Pye Corp. pf t.tr? ?
American Car and Fmaidry ... ';.0(l j
American <'ir * Foundry pf I .*r. j
American Steel Foundries pf 1.7."
Crucible Steel pf T.7;" ,
tinlf States Steel 1st pf 1.75
Railroad Equipment 6% Notes
The notes offered represent a first lien on standard
locomotives and freight cars and are outstanding to the
extent of only approximately 58^> of the original cost of
this equipment. The U. S. Government holds a second
Hon on this property, ha\ing subordinated its claim in
favor of these notes.
D.itcd Jan. 15, 1920. Interest payable Jan. IS and July 15.
Baltimore & Ohio Missouri Pacific
Amount Maturity To \ lold Amount Maturity To Yield
$250,000 1926 ' 5.75'0 ! $50,0C0 1925 5.80%
250,000 1929 5.75% 100,000 1926 5.80%
200,000 1930 5.75% 230,000 1929 5.80%
50,000 1931 5.78% [ 200,000 1932 5.80%
Temporary certificateexchangeable for definitive note*, arc now ready for
delivery.
DomMdk. 4 Dommick
Members N.Y Stock Exchange
115 Broadway Telephone Rector 2020
The above statement', and PgUfea are not guaranteed, hut ere bellcTod ?o be wmnU.
Investment Service
O' R New \ ork office is connected by dircct wires
with financial ?enters of the country?Philadel
phia, Boston, Baltimore, Chicago, Pittsburgh and
Detroit. We olFer Laves b rs the advantage of our
facilities should they desire to secure quotations or
execute orders in any of these markets, and we are
pleased at all times to assist individual?, institutions
and estates in selecting securities adapted to heir par
ticular needs W e deal in and quote I uited States Go\ -
eminent Bonds, Foreign Government Bonds, the bonds
of Municipalities and Stcit-.- as well as those of Rail
roads, and Industrial and Public Utility Companies.
BROWN BROTHERS & CO.
59 Wall Street
Philadelphia NEW YORK Bos tor
The NewYorkTrust Company
Capital, Surplus ?? Undivided
Profitr - - - 126,500,000
FOREIGN
EXCHANGE
ioo Broadway 57th St. ?> Fifth Ave.
The St. Paul Situ
Comprehensive Review of Present and Future
Position of this Important Railroad System
The review indicates:
Magnitude of recent extension programme
Resultant change in character and distribution of
traffic
Physical condition of property
Situation with respect to equipment
Operating efficiency' under present management
Outlook for the future
There is also presenter! in tabular form a schedule of all out
standing issues of underlying bonds, general lien bonds,
convertible bonds and equipment obligations, with due
dates, interest dates and annual interest requ'rements.
Tiie review is issued in pamphlet form and should be of specia'
interest and value at thin time to present and prospect ire
holders of St. Paul bonds.
Write for Pamphlet No. 6>07
Rotter & Co.
M Vail St. 37L*vl*St.
NTWYORJl MAKJTtmp
M'.W ELKCTHIC ISSI'K.
John Xlckerxor. Jr., i3 offering a n*w
totue ol 11.500 share* of tho I'wtrif yl
vuniu Edison Company's cumulative
preferred stock at J1 f<> :i share. It i>
entitled to preferred dividend* at $? u
*hure. The company eupplirM electricity
to Kaxtoo, Nasareth mid Stroudfih'in'.
Pa,; Phlllipbb'jiv, N'. J? and four; ? .
otlier cominunltl< Its net eurnlt
for 1!C1 wore |363.220>. or more th n thr> ? ?
ttmcn Its dividend r?jalrem< at::. iMlud
loff dlTldndl on stock being issued.
BERLIN FORCES LOAN
FOR BILLION MARKS
Finance Minister I'lans to Col
lect ?"? i\ C. on All Germ.-hi
Property.
Nprrlal Cable to T?te N'r.v V r.:> Ileum.
Copyright, Hit, by Tnr Nrw V'o?K Ul?\Lt
Vriv York llrr-ild Ruriin.
Ilrrlln. M:inrli '
A forced loan of a billion rold mailt?
Is being considered seriously enough
by the Ministry of Finance, for th
plans for lln collection fils year did
being mada already. Andreas Heme,
Minister of Finance, b?H announced .1
sj-atom of rewards and penalties to In
duce property owners to como forward
voluntarily to pay up. All who sub
scribe before July 1 will r.vejvo n pre
mium, and tho o after October 1 will
have to pay un additional amount.
The forced payments exacted In th's
manner will bo equivalent to a 3 i'<?r
cent levy on all Herman prop< rty. Ex
emptions are to be made In the i'ipo of
property worth loss than a quarter of
ix million paper markii and person*
whom Income Is less than 30.M0 pipef j
marks. Tho tilghc-t levy, to i" r tent., )
Is applicable upon property worth i
u.OOO.'M,vJ pap?r marks ?i> more.
Notwithstanding th'.i pri i>- f i the
money market the Bourse w.i ' ? "tti
ine''.l again In. t *'ck by the ;ori n
political fUuutlon. The shnrp fall i" the
rato on tho mark, which hnd rl^'n tem
porarily to Aft to tho do'i."r. i <s
userlbed to the conference ur '1 I- it
lah and French Premier# In Houli . ".o,
?*vh- ?, recording to popular opinion h
i let-many, Premier iv>ln m -?? tibial" d
tha Uper hand.
It. wan reported th'.i tlie ei 'n the
British f'ablnet al^o conti Ibun ?( !?? the
fall of the mark, but Matimlny the dol
lar went back to 217. This \\ ?t*
plained hy tho corrvaponding ri.?.? i<i th
market rate In New York; and It I' ? ?
llevect In f'nnncl?l circles that tin
ter tvas duo to amelioration m'
l*ondon crisis, Tn tlie slock market i
thera wnn no upward tendency follow- I
^ng the recovery of tho dollar, to tl e i
di*;ippointment of many.
The shares of several upper Fllewlan
oompanlw, however, formed an ex' ? n
Hon, This was due chiefly t-> t* ? f t !
that rumors of French part kit' vt'on 1
NEW OFFERINGS
Exempt from Federal, State, Municipal and Local Taxation
Issued under the Federal Farm Loan Act
$1,300,000
Joint Stock Land Bank
(Operating in Texas and Oklahoma)
5V2cjc Bonds
Dated November 1, 1921 Due November 1, 1951
Optional November 1, 1931
Price 104.30 and accrued interest
To yield about 4.90% to the option.il date
and 5Vzc/o thereafter
$3,000,000
California
Joint Stock Land Bank
(Operating in California and Oregon)
5% Bonds
Dated November 1, 1921 Due November 1, 1951
Optional November 1, 1931
Price 101.50 and accrued interest
To yield about 4.80% to the optional date
and 5% thereafter
$500,000
Des Moines
Joint Stock Land Bank
(Operating in Iowa and Minnesota)
5Va% Bonds
Dated November 1, 1921
Optional November 1, 1926
Due November 1, 1941
Price 102.45 and accrued interest
To yield about 4.90% to the optional date and 5*4% thereafter
Redeemable at par and accrued interest on any interest date on or after optional maturities. Coupon bonds, fully registerable
and interchangeable. Denomination $1,000. Interest payable semi-annually. May 1st and November 1st.
Principal and interest payable at the Bank of issue or through any office of the undersigned.
Authority By Act of Congress these bonds arc declared instrumentalities of the Government of the United
Slates and are prepared and engraved by the Treasury Department. By a decision of the
Supreme Court of the United States, rendered February 28, 1921, the Constitutionality of this Act and the
tax exemption features of thc-e bonds were fully sustained. An amendment to the original Act of Congress
creating the Federal Farm Loan System has been passed by Congress which permits until July 1, 1923, of
the issuance of bonds bearing interest at the rate of 5*4 % ?
Security Obligations of the issuing Bank, shareholders' liability being double the amount of their stock,
and collaterally secured by either first farm mortgages or United States Government bonds or
certificates of indebtedness.
Government Supervision These Banks operate under Federal charter and Government supervision. Their
bonds and the collateral pledged as security have been approved by the Federal
Farm Loan Board, a bureau of the Treasury Department of the United States Government.
A lec?l investment for all Fiduciary and Trust Funds under the jurisdiction of th?
Fcdural Government and acceptable as security for Postal Savings and other deposits
of Governmental funds, and the Banks may be designated by the Secretary of
the Treasury as financial agents of the Government and depositaries of public funds.
William R. Compton Co. Halsey, Stuart & Co., inc.
14 Wall Street, New York 49 Wall Street, New York
The above statements are official, or based on information w hich we regard as reliable, and are the
data upon which we have acted in the purchase of these bond-,.
Tllli lilUKIUIlll CO.
Notice of Krdemptlmi nf Itends.
Notice Is hereby Ri\?n Dint Till; HUB
KllOID CO. Iip.s clo'tt'rt to j">y ?.rf and
d<ern on May J, 1082. nil of i'? ilrnt Mor;
*< Klf ? ri Year *?. 8lnkln? I".;nd ('.old
Ponds, dated May t, 1021, tiov. outstanding.
Mid v. Ill on Ma/ 1, 1TJJ. nt tl. ? nfflcw or
Tin* Cllr.fJ Nutlenal I'.unk of !i'i? City of
N*w York, No. 57 Tire idway. Hor"iirii of
| Manhnttnu, City ;>nd Ktnto of New York,
pay and redeem al! of ;<ald bonda then i ut
j ? andlt<if, nt 107' M of tho f?. . an.omit
i thereof and tin accruud lnter? ?t then due,
upon tli? aiirmid'T of ?urh bond* with all
I Intori u coupon* thi'-lo appertii inln? jnatur
[ tr.R on and after itnld dato. All audi bonda
1 are hereby required to l>e then ar.d thoie
[in nted for nayment and redcmptl- i.
I I "tit nod nft'-r ?nili rrdrmp'io* it.it e, to
wit, May I, HiS'l, Interest on nil each koqtli
slmll n-aso.
Dated I vbmary IB, 1922.
THF 1:l'i;r,nniD CO..
Ilv MAX L'1U;Y. I I'it.
T'F.I.IX .TELLUNIK.
f?> rrctarv.
! IN WITNHPS WMBUnPK. T ha ?? I.ereunlo
fi niv hand and eaiirad tl ? <?ip i^t' t*al ]
I nt "-aiil corporation to he 1>. r? 'into affixed |
I till* 15th duy uf February, lf'V". I
I Seal.) FELIX JBM.K.VTK,
Secretary. i
THE H.IMM F.l.rfTIJir IMir.UO.M)
1 ,?t.IllIM. COKI'ORvriov,
I'lre Per Cent. Fifty-Ve.?r I'"ir?t lien nr.'.l
4 ol Intern I < rust Linton# Innd (.old Pood".
Pumusnt ;? the provision* of Ar:lele Stxtii
of the MortltR'je and Deed of "run! executed i
by tho Manila Rlaetrle Itallroul mid l.lflit
li e Corporation to the under l*n>d n? True,
t o. dated j-'"pti tnber 21. 1003, offt rs r re I
hereby Invited for th" *n|o nf tit ? riOevi*- I
. ueil bonda to th<- Rlnkln* Fund to o?hnit*t j
the rum "f S!xty-nlne Thousand !? iv? Ilun-.
(1 red Klahty-iiln*- Dnllart> and S ::ty? ? lv;lit |
?' its lMK>,r>S0.t'S), i.t a price not tu ":ee?-(l !
and are rued Interest. Offer* tvOI 1* ?
opened V>y the undersigned Trustee ot 111
o'clooii noon. March !HH, lit!'". Of fern > lion id
'o ? nddrwted to tho Tni't Deptrtrrirnt. Tli?
Trust *n j * serves the rltf.it to reject any and
all offer*.
THIS KQflTABI.r Till ">T (OMPANT
<11 srw Ytl|!K, Trio.tec.
Hy LYMAN ititf'At'I , Vite-Presldent.
I'a'ed Marth '.rid. 1
enterprltM proved true. Thl* nave af
aiirnnco of tho unt1i*turb?Hl ju tJvitv of i
theso fom?>niiiot under the new I'oltco
'OVtrclffntj. Tlio Ifoltc-nlohe Mining
t'ompany It.hi Just announced an iii-'reo
inont with Frfltinli fltiattrinl ftitere.-'t*.
ivhTcbj' llto present cJipit*!,
mark*, will ho lula'sl to H i.000,0"if Tlia
n.'iv jihnroH will ho held 1 y thn Tretvch.
Vho will elect thrco mcmbcri ot the
born 1 of dlre< tor.".
Tho Ob?r*chki?I*ehi? Klaenbahn Ptdurf
(1 ^liJ<i haft t? expected to tai?o a
simllur courno shortly.
\Yr*t#ri?Ko!n ?!p >rf.t went hn :>: potrt"
t'hnt owlnir to tho rn -v s <>t tho <l??vth
(?f ?!ie Meil!n K'icr .<-> nvH?t cntuiltle
wirtpuHor. Hn?o llernsftld, who re. <*ntlv
ot inmi'/ed tho WM(etPR?ln boom. Ilnrt
fe!d tviii coivldired tliw Krottit -| tic-!
tlcian In tho ato -k iuark"t. Tho rort.n: J
bwim itt icvcnl Hlloxi.m ohl falien?? ?
due (o !il:t 1 mtl'MivorlnR-. N'fVi ilho. ,
lesK his ilooth porteads no very jrettr '
foil In t> p]?nri n.? their Intrlnale
value restn on a aolld hnuin.
?tr.ic.t c ttmn* rniCT:.-.
Wetk tilled ft.'ltnrd iV, Moveh
I" Id 17.72 17.72 H
17.71 17.it.-i 17.1*1 .. no
1T.0J Id.-Ml M. |0
The Test of Tims
The investment service which we began rendering forty yea-.- ago ha? 1 een
continued it; many '^stances to the younger generation ot -nir first clients.
It is a source of pride and gratification to us that there arc tup- ' . rr.ong
the customers of Harris, Forbes & Compatiy today the cl :' nd I
children of investors who began purchasing bonds fro; .. nearly forty
years ago.
The value oi advice retja. 'ng investments necessarily re? is u* >n confidence.
From our new customers we hope to deserve the same confidence which has
enabled us to retain through four decades of business development the faith
and good-.vill of our old customers.
Our March Bond Circular describes a large number of bonds which wc
recommend tor investment and which arc now obtainable at prices yielding
h'ghly attractive rates ot interest. This circular contains a brief discussiou
of the botid market and the considerationttp?.n which v *r believe investors
should base their decisk>ns as to investments in J9J2. A c< ;>y of this cir
cular will be sent on request
A k for Circular B ill
Harris, Forbes & Company
Pine Street, Corner William, New York
Han 19. Forbaa A Company
Incorporated
BaMon
Harris, Korbas ?? Jampiny
I Im'tfd
Montreal Toraoto
Karris Trust and Savings Bank
Bond Department
Chicago
CALLS TAB IFF RETALIATION.
talipim Infrrpri-ti Pro|io?r?t Only
nti i iihmi *nr.pir.
!ioiwl<? 5 Tinl <??? ?, chBlrmiH . ' t\ t>
? rtrlrtnr CcrnmlttM M Cttbun lw?v
adrtraauM tf? firm* flo'rr In
Oub* in wHfh hi riiuiKed that in th?
pfppmd fordr"- il'ity on <'i:bnn nuirur
n ttnat 'm belr.tf !i!*ria to r snl'at? tor
Cul-V* fl fwml I'**' to( taint ton ft*!
Htri'-fn# he !?:;? *us*r oroj?,
?\r, ? fht* ? icr'f,
iMijtar, which the Unltcu Slates propo i
on MtiAttton that the Cuban Govern
ment I'mlt the crop, would be mifT*ci<? c
l" i>rot*<: tho Ametlcan sugar IncJ '?
try, <Iho the ^opoml wnld not t*
heMi Thorofore h# fnwv* a !?
?nte I)' ?xeen* 't that mwvitt tViat n.
i . ml v I '? j> n;?

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