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$1,750,000 Indiahoma Refining Company First Mortgage Twelve Year %% Convertible Sinking Fund Bonds Dated Jan. 1, 1922 Due Jan. 1,1934 Convertible into Com mon Stock throughout the life of the issue at $7.00 per share. Price 100 and Interest To Yield 8% Hambleton&Co. Established 1865 bai ttmork nkw yore riHI.ADl.l rillA WASHINGTON Specialists in Foreign Bonds Argentine Gov. 4s & 5s, all issues Brazilian Gov.4s,4'/^s,5s, all issues Belgian Gov't Internal 5s British Gov't 4s & 5s, all issues Chinese Gov't Reorganization 5s Costa Rica 5s, 1958 Italian Government Cons. 5s Norwegian Gov't Sterling 3'/^s Republic of Uruguay 5s, 1919 .Province of Buenos Aires 3'/2S State of Sao Paulo 5s, 1944 State of Sao Paulo 8s, guilders PYNCHON & CO. Membrrs Sew York Mock. Lichang* 111 Broadway New York Telephone Rector 970 LONDON LIVERPOOL. TARIS PRIVATE WIRES to principal cities United States and Canada Union* National Corporation THOMAS FAIRSERVIS, President Sixty-Seven Wall Street Phene Aovli-icr Orr?n M4H. BONDS Municipal Railroad Public Utility Industrial Harrison, Smith & Co. INVESTMENT SECURITIES U1 SOUTH STH STREET PHILADELPHIA NEW YORK TEI.EFHONIS? RECTOR 1845 We are Interested in THE FOLLOWING Bonds I United States Certificates of Indebtedness Utah Securities 6s, 1922 American Cotton Oil 6s of 1924 Send for Circular R on Salient Facts about Twenty Prominent Rati* Private Wires to Principal Cities Jasephthal & Co. Jfsmbtr* Sew York Mock hang* 120 Broadway, New York T?l. Rector 5000 Guaranty Company Heads Syn dieate That Will Get East Indies Bonds. Under ^ option agreement which etniro \pril 1 the Government of r'ffiait mdlea has sold to a banking syndicate here a n<*w Usuo of 00 000 of its ^rty year external ^kiuK $U8OdOO#0Oror niakn K $ .',00 000 000. The last issue "1 Vnd lnlor^. but t*, :,,. ' mount will he offered for public j .subscription to-day at 94**^and inter,B? I t? yield 6.73 per cent, to the ?jrl'est T | Srry?H%.?h,,per Vent. SSfffi wafo^twenty-five year, du raTho offcrinB syndicate, head^dhy the Guaranty Company of N ? ^ Hte arr^^^sfsu-y j^tond^are to he d^ct ^ternai obligations of the Government of the Dutch East Indies and will noO? ^ deemablo In the first . th' op_ thereafter will be redeemable at Tn? {to i tM .? ? ">?? " 10 part, at par and accrued intere. . Average Bond Price# March 14.1!?~ Toes- *?* V"' day. Clians<v -U?- 0 10 Kail* ? ( o-'m T on 95.83 87.81 JO Industrial*. 9.> 88 j ? M M.?5 5 Pub. LtII. .J9.80 10.s:, 91.05 I orcicn 10--4!V , "01 -9,^5 79.49 30 Bonds M-36 "? 01 J < ?r?? bond news and notes. The French Kallroad Issue. m <ua now $30,000,000 , T1:Cnr'rrench railroHd bonds, which ta iSRU? Of ? fforori for T>llV)liC ?111) ?-,,b?Vor ^ssr^ss. ss ses?ci. ?,T to ^ the public offering around 8.1. -? n lernational bankinghou?Is tojjnt g count with ono of tho iac7oSSofth0 of "hnnd bousea ana tiie succe ?ering to declared to bo assured. goo lilne Honda Offered. ' The Minneapolis. St. Faul andiSauJt ^ ine"has^ * ro?0* new $2,500,000 isssuo of its Sr? VfunXg mortgage elDlJuly fiUni94fi. and "the bonds will be ?? J Vo rtVv hy those bankers at Si"0" .o >s Th. W. *? " .mu?? ?">" -1.1 pur_ "t Jot ?to?w?* r?' Interest. Wo narveiter Issue. There ~ Vo7 r* oVo'oo of an lm p,ndin* iasue ? c a0y., bonds. tematlonal ),ar . _ot for the com BankcrF.whomght^ tw ^ ^ K ,h" $25,000,000. Offer Xerr S.k. The new issue ef $8,600 000_of twenty >-r rV% ?? saKeinTKS. *l co . Ki. ? ei, and |n. | Tucker. Anthony & ??cent. ' terest, to yield about ..?? ^ They are datM M the I for the einklng funrt^a of the K-yjJrtS.'ttfflrSK Ule erection of a from Korty Sm^> to riftletb^ street, to cost approximately 84-jO.oo . l"rl?on'? ,\evr imnnrin*, The petition filed with the Public Ser vice Commission of Missouri by the St. l,o:iis ami Hun Francisco Railway for permission to isaus $11,453,000 of its uYj per cc;it. firat mortgage bonds, to b<5 known as series D and mature In 1942. discln*e.s plans for financing which will not be carried out until the commis sion's consent be obtained, which prob ably will be about the middls of April. , The company has In Its treasury ap proximately the same amount of 6 per cent, bonds, series C, due In 1923, but t the ?!? will not be sold, as the road's , credit permits ths sale of the 6%s for around 90 or better. The flrat hearing on the application will he to-morrow In Jefferson City. The price mentioned In ! the application la not Issa than SO, but ; the 5s are selling for around 83H. end bond experts figure 5*0 or better for the , 5'<;S. Frisco preferred stock, bearing a tj per o.'nt. coupon, which has never re- , celved dividends, sold about 61 yester day. or only K> points less than did the fi per cent, incomes, which are receiving feml-annua! Intirest for the full coupon rate. "Wayne C'onnty, C., Offrrlnj. Keane. Higble Co. are offering a j new lasue of $200,000 of B'/i i>er cent, j funding bonds of Wayne county, N. C., ; dated March 1. 1922. and due on March j 1, 1937. They ans being offered at a , price to yield r> per cent, and are ex- I empt from Federal Income taxes. Itenlty Roniln on Market. The Columbia Mortgage Company la j offering at par and accrued Interest [ $3i">.ono of its first mortgage 7 per cent. ; coupon bonds, secured by a direct first i mortgage on the Oodwln Court apart ment building, to be erected on the northwest corner of 2.10th street and | Godwin terrace. Oat of Town Issues. The Union Trust Company of Spokane I Is offering ttvO.WK) of 5 per cent. road ! bonds of Spokane county. Wash., dated January 1, 1922. and due serially In 1:>3I to 193.1. Inclusive, ut prices to yield 4.V0 | per osnt. Watllng, I.ercher & Co. of ' Detroit are offering $S)?,000 of water ! works r>H per rent, bonds of the city of Bay City, Mich., dated September 1. 1921, and due serially In 1924 to 1961, Inclusive, at prlowi to yield 6.40 to o per cent. lake Shore Dlock Offered. Sutro St. Klmbley are offering a block of the r^ake Shore and Michigan South ern Railway Company's twenty-five year 4 per cent, debenture bonds, due on May 1, 1931. They are secured by a direct mortgage on all Its real estate nticf oie legal for saving* banks fit j Massachusetts, New Jersey, New York and other Slates. They are being offered at a price to yield about 5.20 per cent. I "Ion Pacific Issne Knvnreri. \VA*nrv0T0!*. March 14. ? Authority was given tbo Union Pacific Railway to day by tho Interstate Commerce Com mission to guaranteo payment of Inter est and principal of ?<t,noo,ono tn equip ment trust obligations which tt ha* ar ranged to issue. BONDS IN STOCK EXCHANGE _ ? ? Tl'ESDAT. MARCH 14. 1922. 1922. 1921. Day's sales $12,847,000 $9,504,000 Year to date 890,825,000 651,614,000 RANGE OF LIBERTY BONDS. ?Closing? Sales Bid. Asked.Yield, in $1,000. Open. High. Low. Last. 96.90 S6.96 3.6y 54 8V*3 (1932-47) 96.86 96.96 96.82 96.96 20 3^s reg 9t> "6 &6-9tJ 96.72 96.96 97.40 97.60 4.19 .. 1st cv. 4s 97.04 97.04 97.04 97.04 97.80 97.48 4.18 4 2d 4s (1927-42) 97.40 97.40 97.40 97.40 97.46 97.50 4.41 132 1st cv. 4 Vis (1932-47) 97.50 97.54 37.46 97.60 97.40 97.46 4.44 646 2d cv. 4V*s (1927-42) 97.48 97 50 97.40 97.44 16 2d cv. 4x/4H r-eg 97.46 97.46 97.30 97.30 98.64 98.66 4.47 1,030 3d l'ia (1928) 98.62 98 68 98.60 98.66 11 3d 4'is reg 98.44 98.46 98.44 98.46 98.20 99.00 .. .. lst-2d 4>is (1927-42) 97.64 97.66 4.45 1,463 4th 4Vis (1933-38).. 97.74 97.74 97.62 97.66 15 4th 4Vis reg 97.50 97.50 97.50 97.50 4.05 774 Vic. 4'!?s (1922-23). .100.80 100.84 100.74 100.76 21 Vic. 4-%s rcg 100.70 100.76 100.60 100.60 3.73 59 Vic. 3\s (1922-23). .100,04 100.04 100.04 100.01 Argentina 7s 27 when issued 33 ortlg 2 00 3 9018 09 0 991* Argentine 5s 45 1 83 Belgium 8s 1941 receipts 8 10714 R 107 2 107% 2 1 714 5 107 Belgium 7Mh 43 2 1OSI4 3 iosia 3 10814 2 1081s 2 108 4 108% 2 IO8I3 Belgium ?s 1925 9 102U 13 1021 j 5 1027s 1 0 10234 it MM 3 10234 1 io-r 1 t02:S4 1 8 103 Bergen 8s 1945 1 110 Borne 8s 1945 3 111*8 Bordeaux 6s 34 2 8ft5g 12 ST.Iy 3. SSI* Brazil fe 1941 4 1041s 7 10414 1 1043s R 104U 7 10418 20 1043s Canada 6>?s 29 1 9 IOO 7 997S 1. ...JOO 1 1 997s Canada 6s iocs A 98la 1 9?7S Canada 6s lo;ti 8 9S3g 3 O8I3 3 9838 Chile 8s 1926 receipts 7 lots* Chile 8s 1941 ft 104 1 lo.'iia I 10384 4 104 ? 10378 Chile 8s 1949 receipts 1 1037g 4 10334 6 1037s 4 103^4 Chinese HKRy St* 1961 1 84 Christianla s f 8s 1945 1 10834 Copenhagen S r Was 1945 4 8994 1 895g 2 SWU Cuba 5s 1904-44 1 8918 1 8914 Denmark 8s 45 1 Ill) 7 1091a A 110 2 109U 2 110 3 100:i4 Denmark 6s 42 certificates 13 98 2 981g 10 9734 13 9718 la ? ? ? .9718 2 9734 is 97ia I I 97 5g 1 97lo 1 97 &8 3 971a 2 9734 Denmark Muii ser A 1945 1 109 Denmark Mub ber B 1946 1 109 2 IO1H4 3 109 Dominican OA It 1968 1 00l2 1 9014 3 9t?U Dutch Kastlud 35-yr ert K 6s receipts 2 95 3 95ls ft 95 1 9.M4 9 95 1 Ofilg 7 0514 1 95lg 40. .95 947S 94.14 12 94 "9 4 9434 21 <MTg IS 95 2 3 951s 5 9514 French Ss 1945 ft 10413 2 10-138 5 1041a 1 10438 1 10413 3 1043g 24 ....104U French V/js 1941 ft 1007s 1 10034 10 1007? 1 101 6 10l>78 2 10034 4 10078 32 10034 20 1005s 9 10034 ft 10058 A 10034 1. ...looss 7 100.14 C I00l3 1 10034 3 100">8 ft IOO34 15 10058 1 10034 Italy 6bs 1925 1 937g 1 933a Japnn lst41-iK 25 2 5 8HT8 2 SOli 3 S9is Japan Id 4.'-jS 35 25 S?7g Japan lid 4s 19.11 2 751? 3 75la 3 7514 17 75 15 747a 1 .75 10 747g IGN. Lyons Ss 1914 8 851a 2 8.VI4 1 8M3 3 85 ^8 Marseilles 6s M 1 855g 12 851a 1 8534 Mexico 6s 1964 15 6ftla 2 5578 large 21a 531a 21a 5234 5 52ig Mexico 4s 1964 5 431a 15 43.1! 12 43la 2 4334 2 431a Netherlands 6s 1972 receipts 2 94U 2 9418 2 9414 1 94IS 6 .9414 2 S4lg 2 9414 7 941g 19 9414 11... ...943g 3 9414 ft 913* 1 941.1 6 04?8 Norway 8s 1940 9 110?8 Queensland s f g 7s 1941 certificates 4 1087g >a...io9'a 1 1087g 2 10834 4 108*8 Queensland 6s 1947 certificates 2 997g 4 9934 1 997g 2 9934 1 09'g 12 9934 Rio Grande do Sid Si 1946 1 101U " 2.....IOII3 5 1013g 15 iona Kio de Janeiro a f g Ss 1940 1 1015s 27 101I3 3 IOII4 1 1013g 2 1011a 1 1013s 5 IOU3 X 10134 2 lOl'g San PauloState Is 1936 1 10268 1 2 10234 5 1027g San Paulo City 8s 1952 when issued 4 IOII4 2 .... lOllg 4 IOII4 3 lOllg 7 10114 8 lOllg 1 IOII4 1 lOUg 3 101 Seine 7s 1942 2 931a 10 9368 1ft 9334 1"> Oyia 2 93 5g 14 931a 1 9314 <1 9388 2 9314 37 93 1 9514 1 933g 8 9311 2 93lg f. 93 6 93U Sweden 6s 1959 2 IOOU lft 10O3s 1 8 IOOI3 ft ioo;>8 5 10O3g 5 100! a 2 100)4 3 1005g 2 100:i4 3 lOoiy 1 3 10014 i 1 lOOtgi 1 100141 t 10033 10 1001 | Tokio Ss 1952: 1 9 73 I Swiss 8s 1940 0 li.Ma 1 liWg R 115I4 ft 1151a CnltedKlngdm S!-fc? 1922 25 1021a 27 10214 ft 10212 31 1025s ft 1031a 5 IO* 23 102*4 2 1026s 2 10318 1 1031a United Klngdm CV IMs 1929 25 103 10 10234 62 103 36 10314 4 103 60 10314 12 103 25 10338 1 103 1 1081a 25 10314 3 103Ifi 65 10338 4 1031a 1 1036g 1 10334 1 1031a 2 10358 CnltedKlngdm 6'is 1937 4 9934 10 9958 1 9934 ft 995? ft 9934 2 09&8 7 9934 3 095g 2 99.I4 1 995s 1 9934 10 995g 1 991a fi 995g 18 991 a 1 995g 12 691a 2 9958 Uruguay to* to? 1 10573 Zurich Ss 1954 12 IIH4 DOMESTIC. D 8 2scou 1930 Baltimore A OlChl A F.ast III 2 103UI 1st 4s 1948 | 5 781a New York City Baltimore A O ?Ms 1971 8 W 3Us 1925 2 1041a] 1 883e I960 2? R8I3 3 99l2 9 '.Ssag 8 9058 Baltimore & O 6 0934 1 TolAC 4s 1959 , I ft 6478 Alas Gold Mini 1 0434 deb B 6s 1925 Bell Tel of Pa 1 97s 7s 1945 1... .108 .. .10753 1 10734 ft 108lg ft 10S 3 1071a 1 108 6s 1951 18 75 5 7538 15 7513 0 7534 30 757g 2 76 fi 7 ,V7g 3 7534 6 75Sg 5 751a 15 755g 7534 751a 7534 13 3 1 7538 ?i 7534 Chi Mil A P Sd 4s 1949 6...... 6613 903? Chi Mil & St P 9Uaj CV 5<i 9014 6 65 3 65U 4 65 fits* Amer Ag Chcm 7Ks 1941 1 IOIB4 1 10112 ft 10134 ft 1011a 1 10134, 1 10214 iBethlm Steel X 1017g fd 53 1942 4 102 2. 1 10158- I. Amer Cotton O1 Bkln Ed Co deb 6s 1951 1 *s B 10.10 10 8413'Bkln KdlsonOo Amer Dk*Imp| 7s C 1930 1st. ex ?s 19361 3 10408' Chi Md k Rt, 1 1 107 ' Bkln KdisonCo| cv 4'as 1933 Am 8 & Rfg "s D 1940 1st, A 6s 1947 ! 3 1067s ft 8K3g I 107 7 881, Bkln Rap Tr C. Rs:t| 7s 1921 Am Sugar Co certlflrstes 6s 1*37 stamped ti 987W S 70 10 t>834 flklyn Ilap Tr 3 98'b 6s 1945 5 983t certlfleates 8 9x7fc stamped 4 11834. 1 36 3 985s'Bk 111 l"n Gas 10 9834! cn Ss 1943 Am Tel * Tel cv 6s 192.1 I 30 116 22 II6I3! 2 116 Am Tel k Tel clt 5s 1946 1 9584 1 C4I3 ? 64l.? ^ 645g 2 64U Chi Mil k Rt I' ref A 4'is 21)14 8 59 2 5JW4 Chi Mil ft. Rt, V deb 4s 1934 1 5998 18 ... .581] Chi Mil k Rt I" gen 4s 19K9 ft 731a 1 9134! Chi Mil & 8t f Bur Roeh .v pi rold 4* t9?5 con 4}jS 1957 1 733s a 89 I 4 731a Bush Term BIp 1 73:% 1st, 5s I960 1 25 73 1 90 1 Chicago * NW .85 4 86 1 *5Ia 20 86 1 0 85 stamped 8% 20 8884 13 885r 1 1 881a 7 88 24 881a 3 88 ft 871a 2 877g 1 8713 Cuba n B Co 7V?s ser A 0s certificates 3 1011a Cul>a It H Co 1st 5s 1952 2 80 0 70 89U 83 . . 95> Canada North . .90 ..957? Am Tel ft Tel cv 4Hs 1933 1 4 10078 20-vr "s 1940 ft U07g 1 1105s 2 Ill 1 HO-"* .111 16-yr 6<> 1936 18 10034 Chicago Rys 1st 6s 1927 ' 7714 ^6ta 2... 2... 2 10112 Canada North . .102 Am Tel A 'I'el Clt 4s 1929 11 88I3 a so Am W W A n col tr 6s 34 4 7234 21 73 Am Writg Pap 1st 7-6s 1939 1 82 3 811a Atch T ft 8 Fe gen 4s 1911 2 876|| II.. 2.. 7.. .. .7714 ...78 ...773| I k ?' I 1">S9 10... 8... . ..875k . 871a ..8758 ..871a ft 876* Atcli T ft Rt Fe cv 4s I960 10 97 A tch T k R Fe cv 4a. 1966 1 7934 A tch T A St Fe adJ 4s 1(95 6Us 1946 I Chi R 1 lOOl-j gen < ft 1095r 12 82 1 |(i?i1? Chi R 1 A P ? 1?95(i | ref 4s 1934 4 1094| | 11 7R7g 1 110 ! 1 79 1 11018 7 787g 10 10034 ? 7n 71 1091a 7 787a Can Pacific ?4 79 4s perpetual ^-hl RtP MAO JO 775g COO 6s 1930 2..... ,n\a 1 iosia 4 ... ,775fi1 Chi t7n Stat Ion 1 7734! 1*? 6Jyi 1963 87131 f, 77N, 3 115 .875*1 (> .77ij Chi Un Station ? 871:. Canada South 1st 4Ss A 1963 con A 5s 19412 i 1? *1 5 96l4|rh"e> Copper Cetitof Georgls! ~,7" mJ00, 10-yr Cs 1921 ?<?!.. Chile Copper Cs 1933 2 8538 Commrl Cable Granby 8c 1923 K C Southern 1st 4s 2397 j 1 8R , ref Ss 1950 2 7212 GaCaro A Norl 1 851a 1 7312 1st 5s 1929 ! 1 86 Cuba Can Hu 1 84 j 2 85~3 cv deb 7s 1930, GrndTrunk Ry! Kan O Term 13 85 , 7s 1949 , 4s I960 10 851# 25 1101a I 2 80 GrndTrunk Ry! ft 80ig 6s 1938 1 7934 ft 102 Lackawanna St 11 10314' 1st 6s A 1960 2 102 10 8414 GreatNorth Ry 1 tui-j 7s A 1936 1 S414 1 1083s I, S A M So 2 IOSI4! deb 4s 1928 4 1083s 17 921i 1 10814; 10 92Sg 2 IO8I3 L S 1. M 80 1 0 IO8I4 deb 4s 1931 19 1083s 2 92 2 1081a 1 9Ha 1 108U Lehign Valley OtNorth 8'H 521 coll 6s 26 2 06441 9 101l3 16 965s Leh Val 4s 2003 2 9634 ? 781s. 9 905s IJggotr. A MT ft 96341 7s 1944 2 065g! 1 116 Del A Hudson Great North Ky Liggett A MT 7s 1(89 ! 4K. 1961 Sh I9SI 1 10758 1 88 1 041a ft 197la! Green Bay A W 1 05 Del A Hudson deb B Lone Island conv la 19:1.9 10 8 | deb 5s 1937 1 017g Hoffman Mach Dan A Rio U 10 yr *s 191] Imp Ss 1938 1 100 10 70 Hudson* Man ft 79121 1st IftrrASs 671 Den ft Klo G , 20 783*! con 1936' 8 78!o 1 781a I Den A Rio G | 4s 1936 i Hudson A Man I 15 74la : 10 7518' adj Inc Ss 67 Lorillard P Den A Rio <)l 18 5.8I41 7s 1944 IstAref Ss 65 111 Cent 6'Jh 36 1 1141a 1 4.-84' 2 IO8I4 Lorillard P 5 4512' ft 108 | deb 5s 1951 Detroit EdJson lU Cent 5H* 34 2 05 6b 1940 i 2 9934 Louisiana AAr 1 1017S| 4 100 5e 1927 2 102 I 2 997S 2 89 Detroit F.dlson HI Cent 4s 195.1 Lou A Jeff Bge 1st A ref 5s 40 1 783,t 4s 194.1 1 9314 Illinois Central 1 78U .1 031? ref 4s 1935 Lou Is v A Nash Det United Ry ft 841g 1st con 4J?s 32 Illinois Steel deb 4 !^s t94n 4 881 ?: Indiana steei 1st 5s 1952 2 983s Interb Rap T 1st A rf 5s 66 1 1 fiS 2 581s I 17 741a I Lone Island ref 4s 1949 9 74lg II 7413 1 74 2 75 1 78>4}Long Island 1 781a unlfled 4s 49 13. 961a Cen Br Cn Pac ini. 4s 1948 1 74 60 8514 ?7,? nil???*' Choc Vikla A O .06 ! ,,5J I 01 nn' il A*" D 1 KOIh S4".!,,4 4Hs 1937 1 8058 ^ Vn?' >? "W8I stamped .. . O C n A St I. 10 80.13 CZd'. IZ op; ref to Ser A 2!> ; Atch T A 8 Fe C-A 1st ref A 4Ks 1962 2 8863! CV sf 8s 81 1 11213! 2 11218 2 112 ! AtlWt. Line Cl^A 4OhiO' ? 985g 10 <>8la , r... ft8.58 I risk Rubber 0 C C A St L ! 1st. gm 8s 1932 801a 80 5 8OI3 5 807g 1 81 DIs Becurltles 1st, cv t? 1927 S 45 dul'ont F.IdeN 10-yr 7J<s 1931 1 1041g 7 104 11 10418 10 10414 Duqueane Lt 1st. 6s 1949 A 1021S ? 102 : Krle let cn 4s 96 8 581s 13 58 j 10 57ia Krie CV 4s A 51 3 381a 1 .W >4 Erie cr 4s B 5.1 2 38U Erie cv 4s 1) S3 1 41 Erie gen 4a 1996 10 4334 ? 438? S 481a 1 4384 1 435g a 4313 4384 1... 3.. . 10-jrr 7s 1930 2 10638 3 106 Atl Coast Line tat 43 195j 1 881a 1 8713 Atl 43oaat Line LANfclWI 2 703s Chen A Atlantic Fruit cv 4' ,s 7a 1934 I 22.... 3 34 9 34U 3 3413 Atlantic Rofntr 6'* 1921 1... . ft i03ia|Cbes A Ohio 1 10.134 gen 4Ws 1992 a 10378, 2 8413 1 10334 j 1.. 8 1037m 1 2. At Ins Powder i Chi A Alton deh4H*1931 4 87 81 88 ft 8SI3 1 86 7 86I4 } ffifo coarTl 4s aer A 1991 4 1041a 31 104 3 10488 s 1930 2 107 1 1071a Louis A Nash S'-jS 2003 3 10214 7 10238 4 IO2I4 1 1021S 2 102 1 1021s A 6814 Louis A Nash 7 5818 4s 1940 8 ftgUi ft 8034 1 ft819l Louis A Naah 26 585a Atl K A Cin 6 581? 4s 1955 13 58iH 1 84 .. 581a! Lou A Nash 80 . .5814' Monon4slis: ..581? 6 77 . ,58V Lou A Nash 1 68-V 3tL 2d Js19*0 1 58341 3 6014 1..... . 585s Mshontng Coal 31 68.14 Ss 19..9 3 ft87s | 1 96 2 59 Manhat 4s 1960 12.. 20.. 2.. .5812 .5884 .59 12 5813 | 7 5873 Interbom Met 4Hs 1989 1*14 3 6883 1 r HI.4 1 59<4 1 5834 2 5914 stamped 1 5814 .0884 ? ? ? ? iW'H | . . 1 ltma to'.'.V.V.iStai Market Rt Ry certlflcatea I Ij.'924 37 0la, 0 loial * 2*. Interaattonl Ag 5 ?i**4 ",3*C?..#,,7fiU M*rk^ Rt Ry ..75ia) " *" M M con 6s 1924 88 20. 3.1. 10. 5. 2. '?S??*' 1 801a Colo Fuel A I ?*??? gen Ss 49 ,,8<ila 2 8484 Ohio Colorado Indus 19.10 ..8478) . .85 ..8M4 .. 851a I ..8534 CV 7)<8 1936 2 102341 Baltimore A O 6s 1929 1 0714 1 07 j 1 9714; 1 97 ' 11 97U Baltimore A til ref A y* UN 17 7' 11 1 3?> 1950 4.... 12... . 5... . a. tThl Bur Ss 1971 1st Ss 1934 1 79 Col A Southern ext 4Hs 1938 2 8078 Col <ias ft KlO 1st 5s 1937 1 9014 2 9034 ..8463 Consolidation 847s! Coal 63 1950 4 S6I4 1 8688 4 86I4 1 .861a 2 8CI4 Oon Gas N Y Is 1941 ..94.14 ..0413 . .94l? 1. *37H | .84 . 8.37g 1 .41 .4II4 .41>si| .41 A Q S-yr cv g 73 25 ft i' 9 4 10438 Fla E Coast By 1st 4<-yi 1959 22 88 Ft. Wor A II Cy 1st. s??a 1961 2 100)4 1 101 Krsmerlcan I D 7'is 1942 when Issued 4 991a 4 9938 ft 99U 5 9083 [invincible 13 091a 8s 1931 3 993sj 1 otla 9 0913! a 9244 ft 993b i lows Central 15 991 j 1st He 1938 Gnl Elec Col 3 721o 6s deb 1940 [ Iowa Central 3.....104.V 4s 19(1 1 103 1 4 381a 3 1041 a Kan A Mich 3d On! Elec Co, 6s 1927 deb t* 1982 1 ... .03 inM. * 5 98 KO FtSet A M ,00 ' ttdvr T A R1 4s 1*36 .8784 .88 1 8734 1 88 S 8784 941a Me* Pet, of Del I aper| p,, , 9:,? 47 1031a 1 103% 4... 1... 1... Interna 6s Her B 194 1 84 J "V Mldv 811 A Or 3 ^ I COlSSlWO 3 8611 ft 8634 Oil 1ft. 30 .. . Chi Bur O 10 ... 7911 ?-on 4s 1?M Baltimore AO 2 87 cv 4Hs i9.n rt 87ia' 3 77I4 ('hi Hurl A Q 1...... 77 i 1114.1958 1 771g' 4 88'a I " 3 ... .77 Ohi Gt, West .771< .771a! 31., 18.. I 77.18 Baltimore A '> PL E A W V ref 4s 1941 11 T4Mt 4s I95i a . 4 ftoia 8 80 1 #018 tl~....?o .109 1085s . IOOI4 ,1091a .100 10914 .110 10834 109 I . I'1878 ' ? 109)8 ! 1087h , .10913 1 . 10953 .1091, . 10904 .110 .uou . 1001b 8s 1931 -I4 773g 7714 liO. . Udvr T A I! , 1st 8s 1941 13 lMia 2 lift 3 11434 2 lift 1 114-14 3 lift 3. 99341 ft.. 9978, 1.. 99.I4 11.. 907s | Kan f 993,j 3s 1960 90"<8 15 61! a 2 6434 Kelly Spr Tire sf 8s 1931 4 106)4 8 10638 ? 1061a 1 106I4 3 10644 87 861a 8058 ft 86 3| 2 807g 4 87 Minn A St L ref 8s 1962 a 80 Minn A Bt L 4s 1946 3 4(1 2 40l4 ft 397g 11 40 ft .... 4013 M St PASS M 6' >s 1931 1 I021r IO 10134 J1 102 Soilthn M St PAso M 4s 1939 0 88 Mo Kan A Tet ?5s sor A 1962 when issued 1 8034 1 807H 10 ... 8034 1 80Ag 6 8034 INVESTMENT NOTES. Crnlrnl Pacific FJp?t 4a. A seasoned non-callable railroad bond, yielding mora than 6 per cent, to Its maturity and carrying the endorsed guarantee of Its principal and Interest by the Southern Paclflc Company, can be found In the Central Paclflc Railway Company's first refunding 4s, due In 1949. The latter's property was leased for ninety years from 1894 to the Southern Paclflc. Company, which owns Its common and preferred trtocks. The first refunding 4s are secured by a first mortgugo on 1.342 miles of road and all ether property. Including terminals, wharves, ferries. The mileage cov ered by the mortgage runs to Important points in California, Utah and Oregon. Cam Product* First 5a. The Corn Products Heflnlng Com pany'" first mortgage sinking fund 6k. due in 1934, are In a particularly good position and may be considered a good speculation as well as an excellent in vestment Their speculative feature Ilea In the prospect of the company's redeem ing them at 105, which It Is In a posi tion to do end still have plenty of sur plus cash. In the last eight years the company has reduced its funded debt $2,373,160 while its surplus hns In creased $36,456,828 to $45,123,132. In view of the prevailing easy money mar ket, there has been talk that the com pany would find it profitable to retire the balance of Its first sinking fund 6s, of which $2,251,000 are outstanding. As an Investment the bonds are sound, being secured by a first mortgage on the company's plants at Waukegan, Pekin, Granite City and Argo, 111., and Daven port, Iowa, and by a second mortgage on the New York Glucose Company's plant at Edgewater, N. J. The bonds are secured also by deposit of stocks of ten constituent companies and $2,217,000 of the National Starch Company's 5 per cent, bonds. City of Marseilles <la. The spcctajcla of prime obligations of foreign cities selling in this market on about an 8 per cent basis raises the question of whether or not tho merits of those bonds axo fully appreciated by American investors. For instance, Mar seilles la the Mediterranean's leading maritime city and has one of tho world's greatest natural harbors. It is the ter minus of Prance's largest railway sys tem in France. Annually 21,000,000 gross 'tons of shipping enter and leave its port. The city is also a largo manu facturing center. In 1919 a $15,000, 000 t! por cent external loan of the city of Marseilles, falling duo In 1934," was floated here. Those bonds fire selling on a basis to yield about 7.90 per cent. Their yield was considerably higher a fow weeks ago, but has boon out down by their recont advance. That issue is a direct obligation of tho city and con stitutes its only external obligation. Its principal and Interest are payable in United States gold coin in New Tork without deduc tion for French Govern - jnent municipal or other taxes. The French Government has agreed to un dertake to supply gold in Nerw Tork if necessary to enable the city promptly to pay the interest and the principal of the bonds. CleTrlana A Flttubargh First 4*/&??! Among less active guaranteed bonds! an excellent Investment can bo had In tho Cleveland and Pittsburgh Railroad's general linking fund gold 4 V4s. series A, due In 1942, and guaranteed, principal, Interest and sinking fund, by the Penn sylvania Itallroad'a indorsement. The road is leased to the Pennsylvania for 900 years from 1871 for a rental cqulva letn to Interest, taxes, 7 Tier cent, on Die trtock end $10,000 organization expenses annually. The bonds aro listed on the New York Stock Exchange but rarely appear on the tape. The last transac tion Irk them was at 91, at which their straight yield Is about 4.94 peir cent, and their yield to their maturity, 6.22 per pent. The Issue, which is for $S,503, 000, Is divided Into series A, B, C, and I">, secured by a first mortgage on 205 miles nf road, of which 138 are double trucked from Rocheister. I**-, to CI eve land. That road affords the Pennsyl vania system Its only entranoe Into Cleveland. The amount ot series A bonds outstanding is $2,S1G,000. The bonds are legal for saving banks In several States, Including New York. One per cent, annually of bonds outstanding is applied to their purchase for the sink-! lng fund at not exceeding par. Another Terminal noil, I Terminal bonds are very popular with Investors, dealers report, but It is diffi cult to obtain enough of them as they are outstanding In small amounts only. An Issue outstanding in a larger amount than usual, secured on valuable termi nal property, Is the first gold Joint 4 per cent, bonds of the Minneapolis, fit. Paul and fiault fite. Marie Railway, the Central Terminal Railway and the Chi cago Terminal, due in 1941. The last \ quotation of those bonds on the New I York Stock Kxchanre was around 85. at which they yield to their maturity ?bout B.lfi per cent, and their Income yield Is 4.71 per cent. The bonds are a Joint obligation of the Soo and the Cen- j tral Terminal Railway and are secured by extensive property in Chlcaro and terml- i nals erected thereon. All of the Central ' Terminal Railway Company's stock Is owned by the Soo. The bonds are're- j de?>mable as a whole on any of their , interest dates at 105 and In part by lot for the sinking fund at 102 Ya and In- ? terest. There are $5,414,000 of the bond.i , outstanding out of any authorized lasue of $20,000,000. Northern Texas Klectrle. Those who have no objection to col lateral as security can obtain the com paratively high yield of about 6.4 5 per rent, on the Northern Texas Klectrle Company's gold 5s, due In 19401, and given a good ratlnK In respect to secur ity and salablllty. They are secured by pledge with the trustee of the $4,600,000 of the Northern Texas Traction Com pany's capital stock and the $2,024,000 of Its participating mortgage bonds, which are a lien subject to a first mort gage on ninety-three miles of track of the street railways of the Fort Worth and lnterurban line to Dallas The bonds ere secured also by deposit of 1 the $999,300 of the Fort Worth South- i ern Traction Company's capital stock. The latter, which owne about fifty-seven miles of track, principally lnterurban, ? has no outstanding bond* The Northern Texas Klectrle Company is a holding concern, owning tho Northern Texas Traction Company's stock and partici pating mortgage bonds and the capital stock of the Tarrant County Traction Company and that of the Arlington Mght and Power Company. Those com- j panics do the electric railway business of Fort Worth, operate lnterurban elec tric railways between Fort Worth and Dallas and Forth Worth and Cleburne and do the electrlo Itcht and power business of Arlington, Tex. The North ern Texas Klectric Company has shown steady earning power for several years and Its reserves have been built up con- ! servativ?ly. The bonds, selling around j 85, were originally brought out at. 96. | Msxwrll Jinlm Called. ftp'dal I>i*i>ntrh to Tub Ktw Yo?r Hctiaid. Detroit, March 14. ? In a special meeting the executive committee of the Maxwell Motor Corporation decided to day to anticipate tho maturity of the issue of approximately $8,850,000 of It* series A gold notes, due on June 1. The call privilege under whlah the notae were Issued Is being exareUHd to retire them on April 1. Investor and Bond Trader ? T/r-v rpiv-i All investment firms whose advertisements appear in the columns of The P?J(J I p * Herald will furnish on request description of Bonds advertised. They A ^ ? also will submit suggestions to meet individual investment requirements. Equipment Trust Certificates Our circular A-58 describes this attractive form of in vestment. HORNBLOWER & WEEKS 42 BROADWAY, NEW YORK BOSTON CHICAGO DETROIT PROVIDENCE TORTLAND. ME. Public Service Corporation of New Jersey Common & z erred Stock Circular on request Robinson & Co. 26 Exchange Place New York Members N. Y. Stock Exchant* Eastern Limestone First Mortgage Guaranteed Gold Bonds Yielding V/z% Possibility or additional returns supplied by a provision for Participating Dividends equal to 20% of net earnings. Fiellwig & Reutter Member* N. Y. Stock Exchange 25 Broad St. New York J. P. CAHILL & CO. Members New York Stook Exchange 52 Broadway Phone Broad 1689 Long and Short Time INVESTMENTS HENRY CLEWS & CO. 11,13,15. !7& 19 Broad St.. N Y Bertron, Griscom & Co., Inc. Investment Securities 40 Wall St. New York Land Title Bldg. Philadelphia We trade in Standard Oil of Kentucky OLD STOCK NEW STOCK RIGHTS CABCH.PFORZHEIMER&C0t Dealer* in .standard Oil Securities 25 Broad St. Fliones 4860-1-3-3-4 Broad UNITED STATES TREASURY CERTIFICATES We are prepared at> all times to furnish quotations on Treasury Issues and all other Government obligations. Inquiries Solicited. CkasEQujlncey ff Co MmUx* Siock iicAan^s, UWaUStaet JicwYaik tUcphonoVttaetox 2801 GUARANTEED Railroad Stocks Explanatory Booklet ? "What they are end why they ere en ideal safe investment"-? upen request. Joseph Walker * Sons Founded IS55 Members Neva York Stock Ewchavpt 61 Broadway New York WE HAVE ORDERS IN Amer. Pr. & Lt. 6s, 2016 General Gas & El. 6s, 1929 General Gas & EI. 7s, 1934 Lehigh Pr. Sec. 6s, 1927 New Brans. & So. Ry. 3s,1933 United Lt. & Ry. 5s, 1932 United Lt. & Ry. 6s, 1926 fClEPT & NORTON 4-0 tVbH 9t. NeurV** PMomss joHM-eaaoMtu Int'l Great Northern 5% Notes, Def. Lehigh Power Secur. 6*. 1937 Maxwell Motor Co. 7s. 1023 Mercantile Stores Co. Bonds A Stock Mills & Gibb Properties Notes Pitts. Shawmut & North R. R. ?% Bee. Ctfs. Texas & Oklahoma R. R. Charles E. Doyle & Co. 80 Broad St.. N. Y. Tel. Broad 7106-0. GOOD PREFERRED STOCKS with dividends free from Federal income taxes, are ideel investments for e man of moderate means. Send for lisi of preferred issues Henry L. Doherty & Co. Bond Department 60 Wall Street New York Newfoundland 61/28, 1928 Ontario 6s, 1943 Toronto 6s, 1929 J.H.HOLMES & CO. 61 Broadway, N. Y. Bowling Greea 648# Plttabnrgb Ilarrlsburg Greenabarg Members -V. T. d Pitta. Btoelc Exchanges Missouri Pocific System Little Rock & Hot Spriogs Western 1st 4s, due July 1, 1939 Price on application Texas & Oklahoma 5s, 1943 Kirby Lumber, Com. & Pfd. Lehigh Valley Coal Sales WATKINS & CO. BPCOKTONae 7 Wall Street 40 Stete Street NEW YORK BOSTON 54WallSt.,N.Y. Phone Hanover 9690-969 7 Facts Regarding British Government internal Loans TVe are prepared on request te furnish full particulars regarding any British Government security. inevirUt lmUtt A. B. Leach & Co., Inc. Intestmenl Securities ?2 Cedar Street, New York Chicago fhUadeiylua Muetea Ky. Trac. & Term. 6s. 1951 Western Power As, 19411 Sun Company fts. 1979 Spicer Manufacturing fis. 1932-24 Hershey Choc. 7Hs. 1930 Penn.-Mary. Steel 6s, 1937 BONDS WORTH BUYING Underlying and Other High-Grade RAILROAD ? SECURITIES We nre nlod to ndrise iiwestm* on the pur chase. or sate of iruictire rnllroa'l mrftn MfCOWnfcCflL Raymond M^SmithA Co Members Philadelphia Stock Exchange LAND TITLE BLDG., PHILADELPHIA New York Phone: Canal 7105-9 Incorporated Investment Securities 43 CEDAR STREET NEW YORK Telephone 3723 John We maintain active markets In Allied Packers 6s, 1939 Ctfs. of Dep. 6s, 1939 1st Mtge. 8s, 1939 E. L. WITTMEYER & CO. Member) New York Curl Market 42 Bro*dw*r N?w York Phone Broad 900 HUTH * CO. publish for you a WEEKLY PRICE LIST op Foreign Investment Securities Ash for Circular H. Huth & Co. 30 Pine Street New York Ttltphem John 6*14 TRADING MARKETS JeromeB-Sullivan ?5HW2&T. &C0. ?SX'fiSE/ 442UUMO mmir.Nswit?a Ttl. Broad 17S3-4; 71.10-*; M34-3. METALS. March 14. Maroh 13. Bid. Askod. I'ld. Asked. [<>'114, spot, N. T. ..... 4.75 ..... 4.75 [<??<!, April 4.1f> 4.73 Mint W . spot 4.70 4.70 Pi lm? W., April. ..... *?<?> 4.75 Aluminum ....... 17.00 18.00 17.00 IS.00 \irttmony 4.25 4.50 4.2.% 4.50 K ?h\ cop.. spot.. 12.50 12.50 ..... El?o. cop . April. 12.82*4 .... 13.50 p g Iron. No. 1. 5 foundry 22.50 S.T00 29.B0 23.00 P r Iron, No. 2, ? silicon 52 00 22.r,0 22.00 22.50 P g Iron, No. 8. .ilain alllcon.... 21.50 22.00 21.50 22.00 B *. Iron. Pitts... 10.00 I9.r,(? io.no llt.r.O Il?. hit-.. Pitt 2S.0O 28.00 Quicksilver |4f?.00 ?,-.n.oo Platinum, ooft ?00.00 joo.oo Platinum, B% Ir ?pr>.00 lo.voo Platinum ?i00 00 1100 00 LONDON. Marnh 14.?Following am the closing metal quotations: ? a. d. Change*. Copper, "P0* 00 12 fl up a* Ad Hopper, futuree .... ?(1 13 ?i tip 2s 6<i Klec. ropptir, ?rpot.. OS 0 O up if Elac. copper. futures (19 0 O up fl Sal**?Spot, B0 ton*; futurwi, t>00 tons. Tin, spot 142 J5 o up 5? Tin. futur?? 144 10 a off 7* fltf B'rutts 145 0 0 off 5s Bales?Spot, 120 tons; futurna, ,110 tons. Load, spot 21 0 0 up 2s 0d i,fnd, futurea 21 17 ? up 2s ?i>i Kpwtter, spot 25 12 ? Blielter, futures .... 35 12 ? J. O. Pfnaey Onmpiny Imprnvri. The J. C. Penney Company reports net profits of $1,254,834 after charges, ttxea Mid depreciation in 1921 or I&0.2S ? oh ana earned on tl?? IMSM00 of n? e?mt?m ato?k 1n te a leas of |35!i.7?7 In 1020. GREER, CRANE WEBB 94tm ten Ntw Tmk Stock ?xehmp 74 Broad wary, New York ?RANCH OFFICE 501 Fifth Avctrae, comer 42nd Street Investments and ?Marginal cAccounts FINANCIAL NOTES. HarkllUi ft Co., J15 Broadway, have opened a bonil trading department under the man agement of Harold W. Jordan, formerly of William* A Jordan, Atlanta. Robinson ft Co. are distributing a circular nn the common stock of tha Public flervlca Corporation of New Jersey. Prince t Whitley, rnembera of tha New Voile Stork Kxclmnuc. lmva admitted to part i erehlp Joseph W. Burden and Russell 10. Sard. Mr Buislen was formerly associated with llayden, .*tone ft Co. and Redmond i Co. Mr. Sard was formerly tha president of Rathbona. Sard ft Co. The New York Stock Kxchange firm of Ftiilzbacher, Granger ft Co. has beon formed* by J. II. Hears, Albeit rimanti, Myron I. Granger and Jeffrey 8. Granger to continue tha stock and bond buslnnsa formerly con i ducted hy J. H. Sulr.hachar A C?. and aeangar A Oo. Cheatar L>aJa, of tha firm of w. O. Lav ley 6 Co., ha* returned from an extensive trip through Ktltopo nnd northern Africa, during nliloh time he made * careful Study of economic awt financial condition*. C. A. Blown. T. C. Marshall. J. V. Mow. and >1. 8?itzer liavo been elected director* *>f tin- Kelly-SprlngflCld Tire Company, In creasing the number of Its #lrei*tor* to twclue. it* retiring director* hav* been elected. I M'OltlH FROM NT.W \OKK. KspotM from New YoiU yeati tdn.v?Wheat, 1 tt.SM bushel*; corn, 21#,009 hualitl*; oat*. 101,254 bushel*; barley. 101.050 bushels; p. us. 8.WOO bu*hel<; flottr. t.:,7.*7 *???!.?; commeal, 2.00R sack*; pork, 7."i barrela; ke< f, i 1.11 barrels: beef. 20tl tlercaa; bacon. 5,l?t. .">00 pound*: lard, 6,130,544 pound*; lubri I 12N.S0Q pounds; tallow, I'J.ttMO pound*. Itibrl <at1ne oil, ir.4,M0 gallon*; oatnval, l.M*l i hsrrels: grass *s?d. SO hag*; hop*, fir, bales, ' aloohol, M barrel*, oil oak*. lll.W pounns.