The Washington times. [volume], October 16, 1920, FINAL EDITION, BUSINESS AND FINANCE, Page 19, Image 19

About The Washington times. [volume] (Washington [D.C.]) 1902-1939

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ftlqM~ssto 82 34 at Ses
Exchangay..
010 VIUdAM IL Collls&
AeWo trisng is Laste wee sew
"aued en ti fleer ea the Washigteh
steek xekange today, depite a
statement af Presidont .. Maury Deve
that the spany doe" net inteed te
"uwt a maem" at tws time
At the Start today in the first Osle
ot ten shares the stoel; sold at 0%.
or % mere than the price yesterday.
and held firm throughout ten aies
aggregating eighty-five shares.
Puring the first seven meaths ef
the current fiscal year it is under
stood that the earnings of the som
pany have been more than double
those of the same period during the
preceding year. but as yet no in
erease has been suggested for the
dividends.
.LOWINO CALE.
Following call seven shares ef
Washington Rauway and Eltetric
preferred sold at 1; a $1,000 Chesa
peake Ad Potomac Telephone V at IT;
Ave shares of Washington Gas at
43; ten shares of Capital Treaten
at %;% and ten shares of Continental
Trust at 107.
TaIEASURY cUa1'IPECAT OVUR
seeretary Houston announced that
bseriptions for the 6% per cent
Treasury eertisAates of indebtedness
of eries T 39 4-1921, dated October
1A, Ifl20 maturing Marsh 15, 1921,
e1bed at the close of busineas on Fri
day, October 15, 1920. the date of
issue. Preliminary reports received
from the twelve Federal - Reserve
anks indicate that the issue, which
was .for $100.000,000. or thereabouts.
has been oversubscribed, and that
total subscriptions aggregate over
$140A00000. Further details as to the
smhseriptions will be announoed when
Anal reports are received from the
Federal Reserve Banks.
SANK'S ANNUAL ELECTION.
The annual meeting of the Bank
of Commerce and Savings was held
yesterday afternoon at the headquar
ters of the bank, Seventh and E
streets northwest, when the follow.
ing directors were elected: Maurice
D. hoseaberg, Joseph Banders. W. A.
Bennett, Irvin Owings, Joseph H.
Milssn, Dr. Clarence A. We ver, Alex
ander Wolf, John M. Riordon, R. P.
Andrews, Louis Bush. A. Brlawski,
F. W. Bolgiano, Floyd E. Davis, R. L.
Enliott, Elle Sheets, C, U. Edwards,
A. S. Galley, Samuel Hart, G. A.
Kneessi, M. A. Leese, Harry E. Mayer,
Dr. F. H. Morhart. 0. B, Zantainger.
At the same meeting the following
officers were elected to serve for the
ensuing year: M. D. Rosenberg,
president; Joseph Sanders, first vice
president; W. A.,Bennett, second vice
president; Irvin Owings, third vies
president; Joseph H. Milanm, secre
tary; Dr. Clarence A. Weaver, audi
tor; Al-ander Wolf. general counsel;
John M. Riordon, cashier; Frank
Owings, assistant cashier.
The officers above Mentioned have
held the same positions in the bank
for the past eleven years.
D. & I. G. STOCKBOLDERS KERN.
Representatives of the recently
formed stockholders' protective com
n4ttee of the Denver and Rio Grande
Railroad Company were in conference
today with the Interstate Commerce
Commission, in connection with the
threatened sale of all of the Coa
pany's properties under a judgment
for $36,000,000 in favor of the Equita
ble Trust Company, of New York. and
Western Pacific Interests.
Former (ongressman Jefferson M.
Levy is chairman of the committee,
and the other representatives are Ar.
thur M. Wickwire and Daniel Blum
enthal. of New York.
A brief was presented to Attorney
General Palmer outlining in detail
the facts on which it is charged that
the Denver and Rio Grande was
wrecked. Notice has been published
that the road is to be sold at Denver
under the judgment on November 20.
1920.
NEW RAIL IISUE.
A syndicate headed by the Fidelity
Trust Company of Baltimore is offer
ing $1,050,000 of I per cent collateral
trust notes of the Ilagerstown and
Frederick Railway Company at par
and interest. The notes mature in six
zhonths and offer an investment for
those who wish to place out funds for
a short time at a liberal rate of Inter
est.
The notes are secured by the pledge
of the first and refunding 6 per cent
bonds of the railway company, by a
note issue of the Potomac Light and
Power Company and the cumulative
preferred stock of the same company
and by the entire capital stock of the
Shenandoah Company.
The proceed. from the sa~le will be
used to pay off $500,000 of maturing
notes of the railway company, to ac
quire the entire capital stock of the
Shenandoah Company and for better
mtents akd extensions to the company's
property. This is 'the first local offer
ing which has come on the market
for some time, the Hagerstown and
Frederick line being practically cont
trolled by Baltimore interests. The
REAL ESTATE: l.lAiiS
:NONWf to lean in small amounts OSCAR
C. THOMAI, 210 14atonal Metropolitan
Bank bldg.
MONUT TO LOAN--5260 to $550,000 on
D. C. real estate. Several trust funds.
All transactions cenducted with economical
eonsiderat a for or oe
sgtenMuiig 30? 1th it. it. W.
. P'ROJ'08ALS
OFCE OF THE COMMI SslONaSS
Washington. D. C., October li, 1950.
Sealed proposals will be received at this of
a.ce, Room 601, District buildins, until a
o'clock p. mn., October 36, 1930, for furnish.
ing and delivering various items of cloth
ing fruse by Board of Children's Gaar
liana Specifications and forms of proposal
may be nad upon application to the Pur
chasiu Officer room 30 Distrit bu idins
KUT., ABEL T. OARDMAN4, Comnmis
LEGAL NOTICES,.
TO uaeil C- EeoiI late of Olympic Motel,
~asington, b. C.
Teu are hereby notinied that a final rule
forievere h been ranted against you
whisk witb hear tn he Cor of Corn
meb Plees No. 1. et Philadelphia Count,
oommeawealth et Pennsylvania. of March
'rerin, 390 69, on Monday the 35th
day et Oetober, A. D. 1330, on which day
you may appear and show cause, if any
you have, way sash divorse should set be
grented agaiasL NJ3 OBERNMA TR.
DANCING
, oLOVr , fit ndpsv.sse asg tierg
BUSINESS' AND FiNA N CE
1UDW sawl
Iw. wasat.. v..e w.
be glad to answer ter Its readers
atsirles abeet lnveteste is
steeks and beads. It well give
the best available Isfermatie
from the met autberitative
bouresa, This servise is entirely
without sharge. ad all letters
will be held In btrictest ceti
des. Nvery inesiry must con
tale name and address ef the
wrwier ad a 2-seat stamp for
reply. Whenever jhis is done
an answer %will be made direst
by mail. unless the inquiry is of
general Interest, whom it will be
answered In daily edition it
@pase permits, as use of news
print paper is now Umited by
Government control. Address
lavente~es Imemtesm 90v1 .
The Washington Times Fisaa
atl Department. Mussey Build
ing. Washington. D. C.
com nys balasee sheet for the year
ade4 August at showed a surplus of
$386,806, as agSIMt 19.6992 for the ow
respondiag period of last year.
LOAN PN'IUUM AIDE 3ANUIL
The settlement in New York for
the Anglo-French loa& ad which
had so material a betring on the
money market li that city. was with
out reflecties in Washington. In-,
vestors here hold good ised amounts
at thee obligatios. Washington
having been a free. subscriber when
they were art Issued.
The banks, however, have benefited
from the paymest of the semi-an
ual interest on the Fourth Liberty
loan and the payment of the matur
ing Treasury certificates of indebt.
bdness. The sum paid out in and
around Washington on account of
this interest asounts to severial hun
dred thousa4d dollars. Much of it
Is collected by the bank themselves
who hold the bon4s. while the in
lividual holders cdllect a consider
able balance.
This has aided the banks in die
losing a greater case in money than
for many months and most of them
had available funds to place, though
t the same rates of interest. Mapy
of the local banks invested part of
their cash holdings in the new issue
of 5% per cent certificates of indebt
dness which were offered by the
rreasury Departahent.
TR ASUVT DISCUSSIS CUSA.
A grdoup of business men conferred
today with officials of the State and
Treasury Departments regarding the
possibility of American financial aid
to Cuba which has been requested by
President Menocal. In the patty
were W. A. Merchant. president of
the Banco Nattopal; Manual Riondo,
president of the Cuba Cane Sugar
Company; W. A. Lambora, of Havana.
and Robert Atkins. Jr., of Boston.
At the State Department the busi
ness men conferred with Wesley
rost, foreign trade adviser. Further
than to describe the conference as
eminently satisfadtory" they would
not discuss it and department offI
clais were equally as reticent
EXPORT COAL WEAVY.
C. W. Galloway. vice president In
charge of operation of the Baltimore
and Ohio Railroad Company, has been
giving considerable personal atten
tion to the operation of the company's
large coal pier at Curtis Bay, Md., to
have it function to its fullest ca
pacity in order to meet the maxi
mum business that might be offered.
The latest record for the number of
tons of coal handled in a twenty-four
hour period occurred on Monday. Oc
tober 11, when 800 cars of coal, or
approximately 36.000 tons, were
dumped into vessels. This is an
enormous quantity of coal to be
handled in such a short period, and is
an evidence that if the vessels are
available and the coal on hand the
pier can soon dispose of it.
BRING $14,00So, GOLD.
The White Star liner Adriatic ar
rived at New York from Southamp
ton yesterday with $14,035,456 gold on
board, of which $3.000,000 was (or the
account of Kuhn, Loeb & Co.. and the
balance was consigned to the Fed
eral Reserve Bank from the Bank of
England.
Kuhn, Loeb & Co. are also expect
Ing the arrival of $4,000,000 more
gold on the steamship Mauretania to
day. which will bring the total
amount already received by this firm
on purchases in the London market
up to about $50,000.000.
EHIPPING BOARD SALES EFFORT.
Another effort is to be made by the
Shipping Board to dispose of its
eet of 235 wooden steamers. They
wrill be offered for sale on a private
ompetitive basis with ninety-two
steel steamers. Terms of the sale of
the steel ships are 10 per cent cash
n delivery and the balance in ten
earn, while for the wooden ships 10
per cent cash will be required on de
livery and the balance In three years.
Belief that some of the wooden
steamers may be disposed of to for
eign buyers was expressed at the
board, and it was thought by some
officials that such sales could be made
before the appointment of the new
board by President Wilson. Sale of
the steel ships, however, is limited
to American buyers.
APPROES LONG ISLAND LOAN.
Approval of a loan of 3719,000 to
the Long Island Railroad Company to
aid in purchasing locomotives and
making additions and betterments has
been announced by the Interstate
mmerce Commassion. The railroad
is required to provide $21f8,000 to meet
a loan by the Government.
WHAT AU7STRALIA OFFERS UT. U.
With foreign gold to pay for Ameri
can 'goods virtually exhausted and
American securities held by foreign
investors well boug8ht up or redeemed.
the only way left for the payment for
American merchandise shipped to for
eign markets in through the increase
of imports, according to Mark Sheldon,
Commissioner for the Australian Com
monwealth in an address yesterday
before the New York Board of Trade
and Transportation when Mr. Sheldon
elaborated on this theory and drew
attention to his country as a suitable
field for imports.
"The United States can well turn to
Australia," he said, "for a quality and
quantity of imports that can be sur
passed by no other producing nation
in the world F'or instance, besides
the staples of wool, hides and pelts,
America can import from Australia
butter, eggs, cheese, fruits, preserves,
poutry, meats, hardwoods and a
thousand and one primary products
for which there is a good market
here. In this way the balance of
LOCAL SECURME&S
Washington Railway ad N estr
preferred: T@L
Cbeanake 6 Petmos Telehe
5's: $t,60008T.
Was 'ngte Gas: i6n.
Capital Tras=to a.
coatieastal Trut: 1 .10?.
Bid. AabeL,
Amer. Tel & Tel. 4's.... TT7 78
Amer. Tel. & TeL 4%'s. 81 14
Am. T. & T. C't'l is.s. 73 80
Am. T. & T. Cear. 's... 90% o?
C. & P. Telepheso I's., ... $3
Cap. Traseon 3. 3. X's.. 64% IS
City 4 lurburban 's.... 41 ...
Metropolitan R, 3. $'s.. 88 ...
Potema. Rlee.I- L. 1s.. 8? ...
Potomae Dies. Cons. 5'. To T 1A
Potosoe 3lo Power t's $ ...
Vt. AM. Power G-M V's.. 98 94
Wash., Alex. & Mt. V. I's, S ...
Washington Gas i's.... T T To
Wash. Ry. & Ele. 4's... 14% 9%
Wash. By., 11ec. G-M. #'s 38 1
MISCELLANUOU.
D. C. Paper Mfg. V' ... ...
Riggs Realty O's (Leag) ... , 69
HAM Realty S's (shert).. .8
r'IILC UTILITY.
Am. Tel. Tel.......... 90%
Capital Traction ....... 8% 84%
*Washington Gas ...... 41 ...
N. & W. Steamboat..... 180 200
Wash. Ry, A Ele.. com. 18 ...
Wash. Ry. Elec., pfd. 51 52
Wash.-Va. Ry. cow .......1
Wash. Va. Ry. pid. . S.
NATIONAL DANK.
Amer. Nat. Bank....... 170 186
Capital Nat. Dan*:....... 18 ...
Columbia Nat. Dank.... 170 ...
Commernial Nat. Bank.. I70 'Igo
Distriet Nat. Bank...... ITS ...
Far. & Mech. Nat. Bank. M ...
Fed. Nat. Bank......... 171 inl
Liberty Nat. Dank...... 138 181
Lincoln Nat. Bank...... 165
Nat. Metro. Bank ...... 215
Riggs Nat. Bank....... 450 470
Wash. Nat. Bank....... ... 205
TRUST COMPANY.
Amer. See. A Trust.... 220 ...
Continental Trust . 107 115
Nat. Savings & Trust... 260 S00
Union Trust ........... 116 ...
Wash. Loan & Trust . .290 200
SAVINGS DAN3.
Commerce & Savings... 140
East Wash. Sav. Bank.. 13
Merchants Bank ....... 10
Sec. Hav. & Con. Bk..6.. 298 230
deventh St Savings Bk.. 14$ ...
Union savings ......... 110
U. S. Savings Bank .... 212 20
Washington Meehales. 17
1IRE INSURANCI.
Arlington Fire Ins. .... 6%
Corcoran Fire Ins....... 7
Firemea'. Fire In...... 30
Gor. Amer. Fire Ins.... 310
Nat. Union Fire Ins. %
TITLE INSURANC.
Columbia Title Ins. .... 4% .
Real Estate Title Ins... s .
MISCELLANDOUX.
Col. Graphophon, cow... 20% 21
Col. Grapho. pfd........ ... &1
D. C. Paper Mfg. Co.... 7 ...
D. C. Paper pfd........ 95 102
Merch. Trans. A Storage. 100 ...
Old Dutch Mar., comr... ... 6
Old Dutch Market pfd.. .. 10%
Lanston Monotype .......2% 83%
Security Storage ...... 200 ...
Washington Market.... 17%
*Ex-dividend.
Australia. for one instance, would
tend to be equalised."
CO-OPERATION OF CHINESE.
Important steps toward obtaining
the co-operation of Chinese capital
in the work of the international
banking consortium for extending fi
nancial assistance to China were
taken yesterday by the delegates of
the British. French, Japanese and
American banking groups on resum
ing their conferences at the chamber
of commerce of New 'York.
Action of the consortium delegates
to this end was announced after the
afternoon session in a statement is.
sued on behalf of the delegates by
Thomas W. IAmont. of J. P. Morgan
A Co., who in presiding:
"The consortium has gone on record
officially in welcoming the co-opera
tion of local Chinese capitol in the
work of the consortium in the de
velopment of China's public enter
prises, the building of railways, etc.
The consortium has passed a reso
lution to be communicated to its rep
resentatives in Peking. in order that
they shall make clear to the gov
ernment and to the Chinese people
that the co.operation of a Chinese
group forming a representative na
tional unit and prepared to under
take the obligations involved, shall
be encouraged.'
mRECH RECEIPTS PALL.
French tax receipts for September
showed a decrease of 32.190,000 francs
as compared with the budget esti
mates, according to a cable from
Paris. The gross business on which
taxes were collected amounted to
292,791.600 francs, instead of 700,
000,000 francs, as expected.? causing
the decrease in tax receipts.
6054,000,00 BUSHELS WHEAT IN U. 5.
'Stocks of wheat in the United State.
on October 1 totaled 6084000,000 bush
els, according to estimates of the
United States Department of Agricul
ture made public today. This amount
reDresents 477.000,000 bushels held by
farmers, 102,000,000 bushels held at
country mills and elevators, and 23,
000,000 bushels held at points of accu
mpletion on that date.
On October 1, 1919. stocks of wheat
in the United States totaled 747,000.000
bushels, representing 616.000.000 bush
els held on the farms, 142,000,000 bush
els held at country mills and eleva
tors, and 90,000,000 bushels held at
points of accumulation.
During the first qluarter of the pres
ent season-from July 1 to October 1
-the farmers marketed 32i.000,000
bushels, as compared with 4q0,000,o000
bushels marketed in the correspond
ing period of 1919--a reduction of
nearly 29 pi cent. The crop this
year. plus the carry-over from 1919,
is estimated at 738,000.000 bushels, or
about 17 per cent less than last year.
These fIures indicate that farm mar
ketings during the first quarter have
been relatively, as well as absolutely.
smaller than in any similar period last
year.
PRODUCE0ON MOVE.
After moderate activity during the
summer months, the shipments of
fruits and vegetables took a spurt
forward in late September and early
October, reaching a volume one-third
greater than for the corresponding
time last season, the Department ot
Agricute annonced toay.w
MAY DEA
200Ps C OMOEND
D., L and W. Rared Avers
Throum Its uerl Counsl
at L C. C. Hewng.
Delaware. Iaskewama & W..tern
Railroad plans msteiplate the do
laratioe of a utock dividend Of ap
proeimately no per eat aseeordii to
the testimney of General Counsel
sRoy at the hearing pesterday before
the Interstate Commoree Ommissi&e.
The railroad wishes to sapialise Its
surplus of approximately W0MOM41000,0
seest for about 12,010,11 1 t It which
ias beo Invested in its eel oepr
ties.
Before Directer Colsts, of the
Plianse Bureau of the Iatotaotte
Commeree commisson, General coma
Bel feaney deseribed in detal the
road's plane for diveostag itself Of Its
soal properties, and sot forth the
basis upon whish it asks permission
to issue a stock dividend up to the
whole amount. or some part, of its
surplus of 0,0000.
Is the sourse of his testimey. Mr.
lenney said that the mint urn v I
of the coal properties was 000
and stated that they were valued fOr
taxation at between ' 00A and
170,000.000.
DE1.1 OR1 UAVU TWO PLANS.
me said that the directors of the
road had two plans in mind for the
regregation of the coal properties, vis.
One contemplates transfer of the prop
erties to a new corporation in return
for its stock, which stock would be
distributed to the steekholders of the
road; the alternative plan involved
part payment for the lands In bonds
of the new corporation, which bonds
the railroad might retain in Its treas
ury, but in no case would the said
road retain any voting securities of
the coal company. Mr. Jenney's testi
mony clearly indicated that the con
templated distribution of the coal cew
pany stock was a matter separate from
the declaration of a stock dividead,
based on the surplus which the co
pany is asking permission to make.
Mr. Jenney appeared as a witness
for the railroad and was examined by
Attorney Seager. Asked the. direct
question how much of a stock divi
dend the company Went A to Issue, he
replied that It wanted to oapitalize
the whole of the surplus of approxi
mately $.0,500,000. except for about
$2,00900 of it which bad been in
vested in the coal properties. That
would mean, he said. a stoek dividend
of about 200 per cent.
- BOND MARKET.
Quotations farnished by W. Ibbs &
Am. Agricultural 1's .. 1 91
Am. Cotton Oil G's .....7 79
Am. T. & T. cv. 4%'@ .. 81% 84
Am. T. & T. cv. 6's .... 90% 97
Am. Tobacco 6's ....... 117 ...
Atchison gen. 4's ...... 77% 77%
Atch. cv. 4's (19W) .... 87 90
Atl. Coast LI. con. 4's .. 77 81%
Baltimore & Ohio 4's .. 73 74%
B. & O. cv. 4%'s ........ 73 74
Beth. Steel ref. 5's .... 77% 79
Brooklyn Tr. 1's (1918). 30 36%
Central of Ga. con. 5's .. 85% 86
Ches. & Ohio 4%'s ......77% 77%
Ches. & Ohio ev. 4%'s .. 76% 77
Ches. & Ohio conv. 5's.. 86% 87%
Chi.. B. & Q. joint 4's. 96 98
Chi., B. & Q. gen. 4's... 78 82%
Chi. Great Western 4'.. 56% 58
Chi., Mil. & St. P. cv. 5's. 72 74%
C.. M. & St. P. gen. .4%'s 78 79%
C.. R. I. & P. Ry. ref. 4's 69% 70
C. M. & St. P. conv. 4%'a 73% 75%
Chile Copper Col. Tr. 6'. 72 72%
Colo. & South. ref. 4%'s. 76% 77%
Den. & Rio 0. cons. 4's. 66% 37%
Denv. & Rio 0. ref. 1's.. 52 54
Distillers' Securities 5's. 79
,oDm. of Can. 5'a (1931). 90% 91
Brie cv. 4's. series "B".. 44% 46
Erie gen. 4's........... 49% 60
General Electric 5'.. 86 87
Great North. 1st 4%'x .. 83 of
Hudson & Man. ref. 5's.. 62% 63%
Illinois Central ret. 4's. 75% 75%
Int. Mer. Mar. 6's....... 82% 82%
Int. Rapid Trans. 5's .. 54 54%
Kan. City Sou. ref 5's... 74% 75%
Lack&. Steel 5's (1950).. 70 80
Liggett & Myers 8's.... 83% 85%
Lorillard G's ........... 81 82%
Lou. & Nash. un. 4's.... 82% 83
Midvale Steel 5's........ 77 77%
Mo., Kan. & Tex. lt 's. 62% 63%
Missouri Pac. gen. 4i. .. 58% 50
Montana Power $'s .... 84 86
N. T. Cent. r. & i. 4%'s. 79 80
N. Y. Central deb. 6's .. 92% 902%
N. Y. City 4%'s (19O).. 95% 99
N. Y. Railways adj. 5's.. 6 7
N. H., N. H. & H. cv. 6's. 81 84
Northern Pacific 4's ... 77% 78%
Northern Pacific 3's ... 58 58%
Ore. Short L.i. ref. 4's .. 81 % 83%
Pac. Tel. & Tel. 5'. . ... 80 87%
Pennsylvania con. 4%'s. 89% 90
Penn. gon. S's ......... 90 91
Rep. Steel 5's (1940) .. 86% 86%
St. L. S.weat. 1st t. 5's.. (18 66.
Seabdard Air L. adj. D's. 44 44%
Southern Pac. con. 4's . 78 79%
Southern Pacific ev. 5's 102 102%
South. Pacific ret. 4'... 76% 77%
Southern Railway 5'... 89% 90
South. Railway gen. 4's. 62% 63%
Third Ave. adj. S's .... 32% 34%
Union Pacifit 4's....... 80% 81%
Union Pacific ev. 4's.... 82 84
U. S. Rub. 1st A ref. S's. 77 78%
U. S. Steel 5's............94 94%
Virginia Car. Chemn. S's 92% 93%
Western Union 4%'s... 79% ..
Wilson & Co. cony. 6's.. 82% 82%
OIL STOCKS.
Qu.tations furnished b1 W. B. P1b. & en'
Prices at noon: Bid. Asked
Anglo-Amer. Oil Co..20% 21%
Borne-Scrymser' Co...410 425
Buckeye Pipe Line Co... 36 50
Cheseborough Mfg. Co... 210 225
Continental Oil Co...110 120
Crescent Pipe Line Co... 31 33
Cumberlanid Pipe Line.. 120 140
Kureka Pipe Line....... 114 113
Gal-Signal Oil Co. corn. 43 46
Gal.-Signal Oil Co. ptd.. 90 *5
Illinois Pipe Line Co.... 100 185
Indiana Pipe Line Co... 90 93
National Transit Co..29% 31
N. Y. Transportation Co. 170 180
Northern Pipe Line Co.. 100 102
Ohio Oil Co..... .......298 303
Prairie Ol & Gas Co... 580 50
Praric Pipe Line Co ... 220 , 135
Solar Refining' Co. ....395 410
Southern Pipe Line Co.. 119 123
South Penn. Oil Co..268 272
outhwestern Penn P. 1. 63 6,7
Standard Oil Co. (Calif.) 318 820
Standard Oil Co. (Ind.).. 608 708
Standard Oil Co. (Kans.) 515 535
Standard Oil Co. (Ky.).. 480 470
Standard Oil Co. (Nob.). 480 440
tandard Oil Co. (N. Y.) 378 380
Standard Oil Co. (0.)... 400 420
Swan A Pinch Co........ 60 70
Union Tegnk Line Co.... 115 260
Vaem nnl Co......843 8aa
NEW YORK STC
Oases@ MOOs81- d a
Mis saw ON
Av. r . t.... 4f4 0 *4
SAk ka Gold..... 1 l U
gO- Abdo JWs ... I I 6
344 ^ .--t--..8U P
S% Allis am P.. IS I I
4*' Afm. Ase 811W. 7316 2314 9U
TO Am an*SS...... 9 TS Is
As Drake Oe. U I U1
NX Am. 0a ....... 13 3 13
15% An. OW & VIe. 5A361 1WW K
S Am. Cettes O0.. S% 0 SM
Am. aMre-.... 10% 142W 141
OMg Am .M e& &A*. 1046 104 SO%
Ol Am.. & L.. 61 CO 60
0#4 Ass. I*--A.. T WA TO
nX Am.Lanee. pt... 36 04 80
"Mg AM. I"4. C0ep..4 T33 T% 183
Vr Am .--e-u. 3IM f56 04
14% de. An4e 6 a9 . S 1416 I
17 A. hip & Com. 1714 174 17K
63% Am ftwelt ... (am Wx1 UK4
UM AMSs.L Ste Pf.. 3 X - 3
Slid Am. S eWe ..... 3C31 92 308
MdM a.4e6a TO. 5 109 0%
M An. A ToL. 30 300 CO
3I% AS60t e ...13 134 13
II AWer. Tb 3.... 1016 1.10% 1016
Am. Teb, new... 101 6014 016
7Wg As. woo....... f44, 11 34
Am. Wol pg.... Is 6 94
OM Aaesee ...... tOK 4M 80
19 Attle Pit.... 1% M3 184
US AWUMSeS ....... 016 Uh M
781 Atamleen of..... 78 " 76
6 At. G & W.I... 144 6J4l 144%
1 SWW Lesst Ie.... 1151 11434 1106
4 IW &mat, aQ6M... 49 16 46
III DWrtt 00...... 132 132 132
:iM36. B Seed U... 7116 7016 0
14 11060. RapId T. 33X 13% 13:
SEot Cle. & 1.. 8 6%
im gnte a Superior 16% 166 16K
15 battertek ...... 15 16 15
I* Sus ares...... go ow#
13M C--dM P% .... 1 36 156 1s
30% Cde oil...... 1 16% 30%
Mg Chandler Meter. 0 844 84%
41 Ceftra Leather. 4214 41% 42
88%4 Crre d Paes. 36 3614 3614
Old Cas,& CSI... 6636 wit UK
44M 0L. ML & Al . 44 43 434
gpu C. . & SA P. pL 64 16316 (4
63%C. . L & .... 33% 36M 39
I0% C.,3.LAP.4wL 10% 70 10%
gM C., 3. L & P. I w U 8 3 M 3
12% Chcag Gt. W.. 1216 121 1216
106 Ch. 0t. W. Pg.. 31 31 31
% hL & )L W.... 0341a6d 2%
13% Chile Copper ... 131 16 3 1316
6s Chi Ca. C9. 246 24% %
Ai Osca Cola...... 30% 304 30%
,0M C&L Grahbeph- - 2016 2Q% M%
CaL PuoI Ira. 86% 34 3414
gmCora Pred"t&... O 4% 14 3 641
E01 ceL GA &11144. OD 60 8D
81 CeOasL Gas .... 866% 80 86d
10 COet. Candy Cor. 10 10 30
969 Ca. Tetile Corp 264 29 264
S7 COWe C0....... 37% 37% 37%
130% Crdbe .teeL.. 131 129% 1231
40 Cub.-Am.Us .i O 40% 39X 40)f
3314 Cuba C. Cugar.. 34 32W 831
Cuba C. .L ... 14%3 714 1- 74
334 D. & AeG. t.. 3% 3)j 3%
e% Des. & RIe G... 2% 24 2%
'5 j Del. Lack. & W -47 247 147
11 Dome Mines .. 11% 1 11%
Durham Ros.Mill 39 39 39
9% &re ........... 19% 18% 13%
299 Erie 1st . 29 21% 28%
20 Piske Rubber... 2114 21 21
7% Gaston Wms.... 7 7 7
140 Gen. lectri.... 1404 140% 140!4
Is% Gen. Motor Cts. 18% 18%3 18%
Granby MinIng.. 22 22 22.
634 O. North. OM... X4% 4% 34%
80%~ Ot. Nerth. pf... 89 E8% 88%
69 Hask. A Barker. 69 M8i (8%
105 Houstn01 ...... 105 105 105
14% Hoppe Motor Car 12% 1316 13%
43% laspira. C p..... 43 43 43
Int. Motor Truck 40 40 40
18% latef. Kicetle . 7Y 1776 17%
Int. Nieted p... 93 83 83
3214 Invincible 011..... 326 3116 32
5 Inter. Ceasol-- 51 4)6 5
6 Island Oil & Tran 6A 6 6
7 Jewel Tea....... 6% 6% 6%
529 Kelly-psP. Tire. f26 5216 52
25M Kar Cty 18.... 254 2536 25%
15% Keystese Tire 15% 14% 143%
2-% KennbcOtt .......2 P2 2,16
SEe R. & Tire.. 20 20
66 Leeks. t*e.... 6% 6534 65
Lk Erie & W pt. 39 3!4 9
CHICAGO GRAIN MARKET.
CHICAGO, Oct. 16.-Wheat itarted
% cent higher to 1 cent lower . Corn
was % cents higher and oats % cent.
lower to % cent higher.
Opening:
Wheat-December, 2.18 to 2.16;
March. 2.11% to 2.10%. Corn-De
eember. 90 to 89%; May. 98% to M.
Oats-December. 57% to %; May. 61%~
to 62.
BALTIMORE GRAIN MARKET.
BALTIMORE. Md., Oet. 16.-Wheat
sealier; good demand No. 2 red win
ter, 1.43; No. 2 red winter, garicky,
82.23. Receipts, 113,354. Shipments,
121.8362.
orn-Firmer, Improved demand No.
2 yellow or better domestic, 81.20. Re
ceipts. 13.754. Shipments. 2.923.
Oats--Firmer, No. 3 white domestic.
86.21% 036.63. Receijita, 19,914. Ship
ments. 6.123.
Rye-Firmer ; No. 2 western export
spot, $1.95. Receipts, 19,240. Ship
ments, 46.942.
Hay-Quiet; supply ample. Flour,
2 to 50 cents barrel higher.
FOREIGN EXCHANGE.
NEW YORK, Oct. 16.-There was
little change in the foreign exchange
markets in the early dealings today.
Demand sterling was quoted at 3.46%;
franc cables 6.51, checks 6.50; lire
cables 3.92%A. checks 3.93; marks 1.43;
Belgian cables 6.37, check. 6.36;
guilder cables 3011. chenks 30%6.
LIBER TY -BONDS.
Liberty, S%'s................3$2.44
Liberty. 1st 4's. ........... 89.80
Liberty lst 4%',s.............. A.A
Librty 24 4%'s..............39.4
Liberty 3d 4%'s..............000
Liberty 4th, 4%'h............. 89.63
Vitry 4%'s................89.14
wacto- 816'... .. .t.. 91
CK EXCANGK
r W. 9. quuWs 4 ,
w~~e mo weoh
6k% Lehgh Ta.aw... 541 1834 13%
I1 Leew's (f.t. .0 O WI
a Marias en.... at is It
lk Marias...... Wk 0% on
3 aswEoM, .S.. SM 34 814
ag es"-- PetreL. IN 11914 1901
lS MIaies ae, 0e,. 10 it 19
u Midvale S ... M 30 891
141 Middle tate... 34% 141d I'%
3 Ma. & 1, P., 1" l 13 19'4
mots A. E. & T. pes... AD* 9% 9%
314Mianeers Passa. UK 4s ,s
W16 Misseeri P" Pf. "A 6X .3%
6% J6a'I aAL&h-" OlM t$ tS1
891 NaL Anal. pd.... 3 W% S 0%
3 Natlesal Ame.. 33 3 33X
Nat. CkSM, Cs 61M 34 34
a07 Na.L Disot .... 107 W 30P
7 NaLC. C........ 7 7 1
I76 Na LeaAd....... i6 76 I'
Nt Lead. pd.. - - - 16 1(5 1'64
101 Nov. COm. Cop.. 10% A0n 41%
M N. T.. . & I. 34% 30 3414
0216 N. T. Central.... 06 s1% 82
North Amer. Co,.. 59 N 59
1014 Norfolk & West. 100 100 X0
3X .ferthera PS"S, 91 gm sus
4 Oh. Pr. & Rt. CS 46 41 4%
Orphheum Cruit. 2616 *16 ni
25) Paw DeV. Ce... m a go
54 P"a"e.& LB.,. 54 54 64
301 Paa-Am. PetreL S09 10 SI
'm Pere Mamsette.. 18 X .85
42% PeaL 3. 3..... 4W% 43% 43%
.*30 Peo. oGa C..... 33 3 89 8
069 PKItbessa O0al. 68% % 67M
Xj1 Phila. Cod...... 1k 13, 3114
3? Fitts &W a... 14 7 37
33)d Pieree-Arrow ... 3k 10 36
19 PIeee-Arrow pL 6014 0 10
1434 Pom Oil ...... 149 346 34%
1 PiereeOil, p.... 01 u1 1
rPr Steel Car pt 101 101 s011i
0s Punta Al 86..... 6731 NX 67%
so Pure Oil ......... 36 0% 39%
14 Ray C. Copper C 14% 14% 14%
3416 spcubfa oterT 30% 34 1411
is ap, Ire a ate "Id 77 77
614 Replogle Steel.. 7813 Y? 77
314 Reading ...... 99) 97% 1
Reading, 1st..... 02 5716 861
Reading, 2d..... 45% 60% 00
733 R"etall 4ere... 73J6 M9 72%
79% Rey Dutch X T. @0M 78% 79%
Savage Arme.... 94% 24% 24%
10 Uaboard Air U. 10. 10 10
18 ea. A. Une pf.. 38 33 18
112% Sears ecWb.... 11231 107 X171
494 Xell Trad. a T. 48M 4834 48%
3 Stemt 01..... 82% 31 31%
100 Southern Patise. 001 99% 906
S16 Southern RY.... 323J 31% 31%
65% South. MP. pfd.. ou3 6653 5
72 Stromberg Cerp. 7116 70J4 7014
33 St. I& & Sea V... 32% 32 32
37% 10. L 8.W. R. R. 373 36% i6%
43 St. L .West. pfd. 44)4 43 43
68 Sloss-. . & L.. 67 66% 60
1034 Stan. Oil N.J. pL =9 105% 23
5 Studebaker ..... 6r% 56
94 Tenn. C& ... 9% 9% 9X
50) Texas 00....... 51 50% 50%
196 Tex. & Paclle... 11% 194 2116
Tex. Pac.CoaldoIl. 33% 31 33%
67A6 Tobacoo Prud... 67% MW t7
116 Treascent. Oil.. 12% 11% 1l%
12736 Union Pacific... 173 127 127%)
6731 Union Pacific ptd 49% 67 67
6% Union Oil:....... 27% 17W 714
49% United Food.... 4gM 49J 49%
13 Un. RaIl. & Iv. 13% 13 136
84% U. I. Iad. Alcohel O5 85 15
2716 Un. R. & Inv. pt 28% 2831 21%
783J U. . Rubber.... 77N 76% 77
6854 U. S. Steel...... 88S f7% t7%
106% U. . Steel pL... 2086 106% 108%
66% Utah Copper.... 57Y6 5716 57J6
111 Utah Sece ........ 11 10% 10%
6516 Vanadium In... (6 6 (44
60 Va-Car Choe... 69%6 59% 59.,
Va-Car. phem pf. 16 X6 106
12 Vivoudou Ine... 12 12 12
12% Wabash RR... 1214 123 1234
33 Wabash pf A... 3316 3214 22U
153 Western Maryland 153 1414 146
West. Mary'd Id.. 26k 2i 2.
8;% Western Union .. 333 861f 86,
14 WeL Pas. pC... 75% 74 74
15 Wh.&L lake arti 151 156 15%
27 Wh. E Mrie. of 27% 27 9776
94 W. Wire Sp. Steel i 2951 "M 294
11% Willis Overland. 11% 11% 113
t3K Wilson. I... 53 53 53
47 White Motore... 4636 46 ' 4636
Wiscon. Cent..... 45%( 453( 4536
Woolworth ..... 107% 107% 107h
NEW YORK COTTON MARKET.
NEW YORK, Oct. 16.-Cotton open
ing: October 19.48 bId; December.
19.70; January, 19.20; March, 19.08;
May, 19.05; July, 18.98; August, 18.75
bid; September, 18.50 bid.
The cotton market was weak at the
opening today, under selling from
Liverpool, the South and from local
and Wall Street interests, reflecting
the British labor situation and grow
ing depression In the textile Industry.
First prices were twenty to thirty
points lower. There was a fair
amount of trade buying and short
covering on the decline, but except for
occasional small rallies the market
continued easy.
Cotton closed weak: Oct.. 19.40. nomi
nal; November. 19.00. nominal; Decem
ber, 18.60 @1l.70 ; January, 13.28 @l8.46
February. 18.30, nominal; March,
38.354$1.50; April, 18.35. nominal;
May. 18.35, nominal; June, 18.25. nom
inal; July, 18.15@18.25; August, 17.00.
nominal; September, 17.90, nominal.
NEW YORK COFFEE MARKET.
NECW YORK, Oct 10.-The coffee
market opened 10 to 23 points lower
today. Quotationh were as follow.:
December, 6.026w0.05; March, 6.750
5.76; May, 7.0707.09; July, 7.43 bid;
September, 7.62 bid.
Coffee close-October. (.00-05; No
vember, 6'10-15; December. 6.22-25;
Janua~ry, 6.44-50; Pebruary, 6.72-74;
aliarch, 6.97-99; A pril. 7.10-12; May.
7.24-25; June, 7.38-40; July. 7.52-55;
August, 7.02-65: September. 7.72-75.
N. Y. BANK STATEMENT.
N10W TORtK, Oct. 16--Hank state
ments; five daya--Average: Loans, in
d~eafe, *84,R52,000. Demand, depnnit.
increase, $63.913,000. Time deposits,
decrease, 9628,000. Reserve, increase,
81,193,740.
Actual--Loans, increase, p42,168,000.
Demand, deposit-, increase, 996,53,000.
Time, deposit, increase 110,88,000.
mee.y dease 9.a4890
AOut. 14,- f
forto ti islise Duteb Snansial
afairs are being made, fellew.
isg another drop in stook eve.
tattons tody. but @ame aeea
elers eapres the oplalee that
there an s mel sign "halte low
mark in prisso has bees reeshed.
The stocks meet soriofsi aS
footed were Navana sgar "A
Royal Deteb Petroleum. Amr
lcas exchange was easier.
Writing Is the Rotte aamsehe
Courant. former Minister of Fb
nae Troob advosates that Not
land pay gold to Amerisa for
coal delivered heroe in order that
the pris may b redceed and
German oeal pries may be
forced down to an equivalent
level.
CURB MARKET.
mastations fralshe by W. 140=
Aetaa Explosives ...... 10% 11
Allied Oil .............. 1 31
America* Candy ....... .5
Atlantic Petroleum .... 3% 3%
Beloher Divide ......... 4 6
Belcher Extension .......7 10
Big Ledge ................ft
Boone Oil ............ 1% 3
Boston & Montana..... 31 40
Boston & Wyoming.......% 1
Caledonia .............. 15 1?
Calumet & Jerome......
Canada Copper ......... % 1%
Carbon Steel .......... 5 70
arib Syndicate .......... 16% 16%
Carib Trading...........35 s
Car Light and Power... 3% 4
Cities Service new....... 14% 34%
Cities Service Old...... 290 300
Cities Service Pfd...... 65% 65%
Cleveland Auto.........45 S
Colonial Tire........... 1 5
Consolidated Copper .... 2% 2%
Cresson Gold............. % 1%
Davis Daly ............ 6 7%
Dominion Oil .......... .9% 9%
Elk Basin ............. 8% 8%
Emerson Phone ........ 1 3
Ertel o................ %
Federal Oil ............ 2% 1%
General Asphalt ....... 55 54
General Asphalt pfd.... 65 95
Gilliland Oil ........... 25 28
Gillland Oil pfd........ 85 95
Glenrock Oil ........... 1% ' 2
Guffey-Gillespie ........ 32 33
Granaa Oil ........... 8% 9%
Helsa .................. S 5%
Hercules Paper ........ 323 25
Howe Sound ........... 3% 3%
Indian Packing ........ 4 4%
Intercontinental Rubber. 10 123
International Petroleum. 15% 16
Jerome Verde .......... % I
Lake Torpedo ......... 1% 2%
Lone Start Gas ........ 239 31
Livingston Petroleum... 5 5%
Magma Copper ...... 2 59
Maraoalbo Oil ......... 13% 19
Marland Refinery ...... 3% 4
Mason Valley ...........2 3
Merritt Oil ............. 14 15
Metro. Petroleum ...... 4 6
Midwest Oil oom........ 1 2
Midwest Oil pfd.........1 8
Midwest Reaning ...... 148 130
Motherlode-Now ........ 5% 6
Nevada Ophir .......... 15 20
New Cornelia .......... 17 19
Nipising Mines Co..... .8% 8%
North Amer. P. & P..... 5% 5%
Northwestern Oil ...... 25 30
Fennok Oil ............ 6% 7
Perfection Tirm........... 1 1%
Producers & Refiners... 6% 6%
Radio com. ............ 2% 2%
Radio pfd.............. 2% 2%
Ray Hercules.......... % %
Salt Creek Prod....... 29 31
Bapulps, com.......... 5% 4%
Silver King of Ariz.... 30 35
Simms Petrol.......... 10% 10%
Skelly Oil............. 9% 9%
Submarine Corp........ 11 13
Swift Internat......... 29 29%
Tob. Prod. Export...... 14 36
,Tonopah Divide....... 2% 1%
Tonopah Extension..... 1% 1%
Tropical Oil............ 16% 18
United Eastern......... 2% 2%
U. S. L. H., com....... 1% 1%
U. S. 1. &H.. pfd...... 1 2
United Profit Shar..... 2% 2%
U. S. Steamship........ 1% 1%
United Retail Candy.... 10% 11
Warren Bros. .......... 23 28
Wayland Oil ........... % %
Wayne Coal ........... 3% 3%
West End Cons......... 1% 13-16
White Oil................ 32% 34%
Wright-Martin Aero .... 4 6
CHICAGO
Armour Leather. com... 15% 15%
Armour Leather, pfd.... 92% 93%
Armour, pfd............. 91% 91%
Cudahy Packing ....... 65 66%
Libby .................. 11% 12
National Leather ...... 9% 10
Swift & Co............106% 106%
Union Carbide ...........M0 60%
Wahl .................. 48 50
FOREIGN BONDS4
Quotation. furnished by W. 3. Ribbs 0 2m
French 4's ...............-----.43
French 5's .................... 60%
French Prom 5s.............. 70
British Victory 4's............ 270
National War Loan S's........ 380
War Loan S's ................807
Italian 's ....................832
Italian notes 1025.............. 42
Belgian Rest B's ...............608%
Belgian Prem 5's............... 74
Berlin 4's ..................... 15%
Greater Berlin 4's .............214%
Bremen 4% 's ..'........17%
Chemnitt 4's.................. 16
Coblens 4's ................---16
Cologne 4's........-.---....16%
Dansig 4's .................. 7
Da'lmtadt 4's ................ 15%
Dresden 4's.........--------...16
Dresden 4%'s ................. 16%
Dusseldorf 4's ................215%
Essen 4's ..................... 15%
Frankfurt 4's ................. 13%
Frankfurt S's ................. 22%
Hamburg 3's ..................122%
Hamburg 3%'s....................212%
Hamburg 4's ...............-...15%
Hamburg 4%'s...........--....17
lKoenigsberg 4's ...............15%
Leipzig 4%'s ........'..17%
Leipaig 4%'s................. 17%
Leipzig 5's................... 13
Munich 4's. ..................216%
German Go t. 3's.............. 11%
German Govt. 3%'s............ 11%
German Govt. 4's.............. 13%
German Govt. S's.............. 14%
Xrupp 4's..................... 17%
Hadische Aniline 4%'s......... 19%
Allegm Eleck Gem 4%'s........ 18%
Meininger' Bank 4's........... 17
Norddeutscher L~ B 4's.........217
Preuma Bank 4's.............. 16%
eriine'r Blank 4's............. 16%
Vienna 4's.................... 5%
Vienna 4%'s.................. 5%
Vienna S'S.................... 5%
Wave The Timses deilvered to yee'
Ihme fee s0ents a smeath. Tel.
.pheme your sqbserbeten mew. Catt
Del. 8800 and mek fee aessatie.
?
-tN Y. MRI
Nosws. 81sy After ing t
our mir m l
MEW TORK, Ot. 1o.-The
market elftod steady today.
was little feature to the markets
the Anal deallae, meet of the s
reetias ftraseally from the
lovels. t eemmo- Cold dews No
= St %.aleng at 1%. 8a~djle
ive yielded 1 % to U4%
Dears Roobusk dropped to 10W (
less of five points. Replegle
dropped four points to 17. Pan-Ameste
MR etrole yielded two petas i
11%. Reading held around 0, a
of ever one point. The Arst
elosed at 09%. a gaia of eve the
points. Marine preferred was in
ply yielding over Oe peta to
Government bonds useheaged,
way and other beads steady.
IRmdiELAR TONN
The market showed an Irr
tone throughout the secd
some Issues being in supply t
others held steady. Bears 3eeb*
fell over four points to 100 awd Anese
lean Sugar Rening yielded ever f
points to 102. Reading eomu
weak, falling 1% to 97%. but the
ferred issues held nearly an of
early gain. steel common
nearly one point to 87%. and Daidwik
Locomotive fell 1% to 114%. The 44
and motor shares were steady wb
out mush change.
Winiv BIDS
FOR RAIL
The suggestion is made to The
Washington Times by a banke'
that the Interstate Commerce
Commission adopt a policy of
having competitive bidding for
new railroad offerings of secur
Ities instead of the present
system under which the trans
portation company usually deals
with one Arm or group of
bankers.
This banker states that rail
road securities should be sold
to the highest bidder, as are
municipal issues. He adds that
'this system would also enable
thq commission to obtain an
idea of the yields which the
American investor desires for
the loan of his or her surplus
funds.
AR SUPPLY MUCH
BETTERTHISMONTH
Loading of Freight In Week
Ending October 2 Not Up to
Previous Two Weeks.
Loading of commercial freight'dur
Ing the week ended October 2 showed
an increase over the records for the
some weeks in 1919 and 1918. bat a
decrease as compared with the rec
ords for the two previous weeks of
this year, the car service commission
of the American Railway Assoation
announced today.
There were 975.946 cars of comsmer
cial freight loa4ed on class 1 roads
for the Week ended October 2. as
compared with 957,596 for the same
week in 1919, and 971,896 for the
same week In 1918.
Increases in loading were heown in
the Allegheny, Northwestern. Centrat
Western and Southwestern districts,
and decreases were shown in the
Eastern, Southern and Pocahontas dMs
tricts. Increases were shown IS the
loading of coke, forest products and
oil, and decreases in the loading of
grain, livestock and coal.
The car shortage for the week end
ed October 1 was reported as 82,800,
compared with 89,947 for the previoued
week.
THE LATEST WIRES.
NEW YORK-Spot cotton was quiet
here today; 100 points lower, at 21%.
No sales.
NEW YORK.-Clearing-house state
ment: Sub-treasury debit, $8511,,94;
exchanges. $1,103,766,513; balans
$110.018.348.
NEW YORK.-Commerel bar si1.
ver was today quoted as follows: Do
mestic unc.hanged at 99%c; foreign.
1%c lower, at 81%o.
NEW YORK-Total sales of steskd
today were 249,400 shares, bonds, $9,
384,000.
Total sales of stock. for the weelc
were ,2,286,500 shares; bonds, $76,210,
@00.
New York clearing house state
ment-Sub-treasury debit. $1,577,2533
exchanges, $890,527,830; balanoes, $71.
707,272.
New York commercIal bar sftver
was today quoted as foloiws: Do
mnestio unchanged at 99% cent.; fier
eign, 1% cents. Lower at 35%.
FINANCIAL
E. II. Speince & Co., iac.
Invssansmt Denisses
811 1N7e Nil., 4bm Main3455
Fluctuations or
Steady Going?
Do you want to take chances?
If so. you can find many allte
speculator.
those who prefer safety tohigh
tmsor bad, itf money is th
ore ey, or mortgage noteae
conserv ative income seeker.
Their value never fluctuate;
their return to you in income 1
never delayed. Our soundad
conservative investment prined
p las do not relax one Jot during
the most stringent money siton
tion.
SWARTZELL, RHEEM
& HIENSEY CO.,
727 Fhifenh Skeet,
Wauhui ,D. C