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BANKER DESCRIBES EUROPE OF TO-DA- Y Bock From Abroad, F. II. Sis-eo- n Declares Sho Is Work-in- s: Out Salvation. CREDIT CAN BE SUPPLIED ;War Finance and Grain Cor- porations Can Aid \When Private Capital Cannot. I A plcuro of European conditions, Giv- ing duo weight to factors that are not reassuring, Including evidences of eco- nomic and social disturbance, but,em-phanlzin- g reasons to warrant belief that Europe Ls working out her salvation, waa presented yesterday by Francis II. Slspon, of the Guaranty Trust Company, on his first business day following a six weeks visit In Eng- land, France and Belgium. He ex- pressed the opinion that tho banking and Investment forces In the. United States would bo unablo by themselves to meet the constantly growing credit needs of4 Europe, but pointed out that abundant credit can bo extended by the War Finance Corporation and the Food Administration. \This winter will mark,\ Mr. Slsson said, \the real test of tho situation. The scarcity of coal, food and raw materials for Industry will havo a moat serious effect, particularly In middle Europe and Italy. Vhen people are cold and hungry and Idle the ground lies .fallow for revo- lution. In spots, and possibly In large areas, tjiat may come, but against It is tho Instinct of these people for creat ing and accumulating wealth and for social order. In the long run I feel that it can be confidently asserted that constructive forces will win the day, although there are cortaln to be difficult situations' for them to overcome. \The situation ls particularly bright lo Belgium, where people are returning to their tasks and the country and Us institutions are on a sound financial basis. For the other belligerent coun tries not so much can be said. England Is, of course, the centre of all Interest! Her groAt problem la the labor Question, and If that can t solved in ucli a manner as not to decrease her tiroductlon ana not unduly increase its cost her rapid recuperation from the effects of the war is assured. It seems certain that the labor Issue there must be fought out aa the Issue seems to be at nresent Irreconcilable, 'inai the fundamental common sense of the British rjeonln will ultimately bring san lty and equity out of the conflict of Interests seems credible. England AVntches TJntted States. \England ls watching the United States with the greatest Interest ana Eomn apprehension. Our entrance Into the fields of shipping, foreign trado and t not nn entirely welcome one, but one with which, of course, she must reckon although not without regret and fear of our rising prominence. That her views must be adjusted to these facts seems, oi course, certain to us and I havo no doubt will follow. \English Government officials and financiers view the exchange situation philosophically and, on the whole, are inclined to regard It as a good thing from their point of view, as they feel that It will restrict buying in this roun-tr- y, Induce savlngjand. stimulate home production. There seems to b no mies-tlo- n In the minds of English officials that they .Will be able to discharge their obligations to us. although they frankly Bay that they must at Umes ask us to be patient with them and allow them to work out their problem. \Rapid progress In reconstruction Is being made In France. Her peoplo ore returning to work gradually, hor devas- tated districts are rapidly being revived. It will of course he years before much of this destruction can be replaced, but tho rest of France ls busy and prosper- ous. A great deal of money was spent there during the war by England and tho United States and Its effects are rmirlfest. France, of course, has an enrrmous Indebtedness and the French Oc lias not. yei unueriiineii w collect the taxes from the French people which a sound financial policy would dic- tate. That this situation must be faced with courage and sacrifice sooner or later ls obvious to tho outsider, but trance herself does not yet seem as a whole to have awakened to It. Her Government has apparently regarded It as politically Inexpedient to raise the question. Italian Situation Seilonx. \Italy faces n serious situation, par- ticularly through lack of coal and social unrest. The same situation applies throushout middle Europe, and the com- ing winter will undoubtedly bo the cru- cial period in Its history. \Germany Is setting about Its task of rehabilitation Intelligently and Indus- triously, on the whole, and, If tho neces- sities of life can be provided ior her people. It seems reasonably certain that Germany will come bak rapidly. Ger- many has, perhaps in a higher degree than most of her nelfihbora. Industrial will power and economic ense, which aro certain to make for her quick recov- ery If working conditions are at all fa- vorable. Already the Interchange of trade between Germany, France and England has begun and animosities of the war, so far as commercial relations are concerned, are being rapiuiy jorgoi-te- n, \My most vlvkl impression of the Eu- ropean situation as a whole was received from two great labor parades. I saw the first In the streets of London and the last In the streets of Brussels, labor mili- tant and aggressive, feeling Its power and determined to gain a more equitable distribution of the wealth it helped to create and a larger voice in Industry and government. This Is a movement Wilch must be reckoned with and upon 4 the future of Europe and perhaps the world hangs In the balance. I came away with the feeling that civilization is to-d- walking a tight rope across the chasm between the old order and the new, balancing as yet skilfully but gain- fully thepe conflicting forces which threaten It fall, but so far making progress toward Its goal.\ Mrmn CJlilcnflro llnnfcej. fnirAQo, Sept. 30. Beginning the earnings of the Illinois Trust and Savings Bank, the Merchants Loan and Trust Company and the Com National Bank will be pooled and the merger will become an accom- plished fact so far s It concerns stock- holders' common Interests. Tho banks will retain their organisations and iden- tities for tho time being, pending com- pletion of details. Textile nnnklntr Cpmpnny Opens, Th Trxtllo DanVlnp; Company, Inc. ricntlv Inaugurated by tho Ouaranty \ rU\t Company nm tho Liberty National Hank, will open y Its offices at 50 1'nlon Houaro. The company epeolallres in all branches vt textllo financing-- . Custom House Iterelpt. Ilccelpts for duties at the Custom Hovia yesterday were f61,90J,71, of Mhtch M40.899.36 was for merchandise withdrawn from bonded warehouses and 5514,966.35 for recent Importations. lie. cdptj for September were J16,CSS,.IJ.2S, SPALDINGS SELL SECUKITIES. ' Bankers Take OOO, OOO Iune of Sporting Goods House. I A. G. SDaldlnr & Bros., manufaeturnra ' of sporting goods, have sold, it was an- - nounced yesterday, an Issue of J2, 000,000 i per, cent, cumulative first preferred stock to William A. Bead & Co. Tha . new issue Is part of a $5,000,000 author- - ; iicu issue, ana crines the total amount of tho stock outstanding to S3.976.900. Tho bankors will offer the stock for public subscription this week nt nar and accrued dividend. The firm's statement of net Income for the last ten veara shown a tntnl nf mora than $8,000,000, or on' average of ap proximately isGo.ooo a year, equivalent to nbout three and a half tlmea Itn an. nual dividend requirements on tho total amount of .flrst preferred stock outstand- ing. Its net Income for 1913 was $1,034,-25- 6 after a provision for Federal taxe. For tho current year It Is running sub- stantially In oxcess of that figure. SAYS STREET LINES NEED PDBLIC HELP Loring Tolls ConimissionBoads Cannot Got Back Credit by Private Management. \Washington Sept. 30. Participation of the publlo In the financing and pos- sibly In tho ownership of street railroads ls the only policy which will bring restoration of credit and satisfactory conditions in the Industry, Homer Lor-tr- f, chairman of the trustee board of the Bay State Company of Boston, y told tho Federal elestrlc railways commission. Tho witness asserted that rising costs of materials and labor had ruined tho financial standing of operating com- panies. \With a few exceptions, I doubt If the companies can get their credit back un- der private management,\ he said; \and that.ls a most Important argument for public ownership. The public Btate of mind Is such that It means to grant the companies few, If any, favors. The companies cannot serve the people prop- erly without credit. The only way tho gap can be bridged over Is through some form of public credit and If tho public lends Its credit It must have a deciding hand In Operating the properties during tne period for which credit ls extended. I am disinclined to see public owner- ship tried now.\ John A. Beeler of New Tork, as a traffic expert, suggested that some hope for betterment lay In Increased operat- ing efficiency. Faster schedules. Im- proved routing, skip stops. Encourage- ment of abort haul business, ho said, might add to net Incomes. Morris L. Cooke, formerly a Phila- delphia city official, endorsed Hr. tari- ng's view as to the possible outcome of the situation. \I am not opposed to Government ownership as such,\ he said, \but would view with more than concern tho bur- den of Exercising such municipal func- tions by our cities. But frankly I see no adequate solution which does not In- volve a maximum of public control and possible ultimate Government owner- ship.\ Henry Ford wired to-d- the com- mission that he did not care to testify before it now, as his working model of a new gatolene car, which it has been said would revolutlonlie urban trans- portation, had not been completed. Balph S. Bauer, president of the As- sociated Boards of Trade of Essex County (Mass.), during the morning ses- sion told the commission that street; Cars,, like elevators In buildings, should be operated without charge for r'.uers, and that municipalities should pay for tho service. The business community should be glad to pay the expenso, he said, because, car riders are \messengers of prosperity,\ \It it ls good business for the public to take tolls off roads and bridges and spend millions to keep them up for tho free use of the people,\ Mr. Bauer said, \I contend It is better business publicity to take over the moving highway and carry people free. The service is almost entirely a social nnd not a transporta- - I tlon problem.\ j Massachusetts street railways are op- -' eratlng In unprofitable territory because or ciemanas ior uervn.-- li.cu, mm ma owning companies are In desperate financial state, ho said. The principal beneficiaries are the owners of central real estate and larger retail enterprises, \who have profited Immensely without being called upon to contribute a cent to tho operating costs of the factor that has made thoso profits possible,\ he added. NEW WORK FOR 0. W. WEST0H. Is Made n Vice-Preside- nt of Met- ropolitan Trust. Charles W. Weston has been elected a nt of tho Metropolitan Trust Company. Ho has been associated with the Union Pacific Ballroad Company for about nineteen years, and since 1912 has held tha office of assistant treasurer of that company and the affiliated cora-rml- cs In the Union Pnelfio system. Mr. Weston was born In New Tork city and educated In the public schools, from which he was graduated, as well as from the Packard Huslnass College, Ho 'is a. resident of Montclalr, and during the war took an active part In nil local war (activities, serving as a member of the Liberty Loan committee, the War Sav-tln- committee, and campaign manager of the second Red Cross War Fund 'drive, and Uio United War Work cam paign., CONSOLIDATED EXCHANGE. Substantial recebsIonH. due to profit taUlnsr, resulted yesterday during tha final hour on the Consolidated Stock ICxchanpo and followed gains averaging 1 to J5 points In the active Issues before 2 P, M., steels, equipments and some specialties sharing In tha widest Crucible at its maximum moved ud IS to 248, ending- at 244. Bethle- - 'htra D fell back from 110 to 107T4, 'Steel common from 108 H to 107H. Baldwin netted a' 7V4 train to 143, clos- ing at 142. Mexican Petroleum was bid up 7 to 225, Pari American 1 to 120, Poyal Dutch, N. Y., 1 to 104. rooa atouucis, on wun-- t was jater learned to be unfounded rumors that Tar time prohibition had been removed, vaa up to 90. a new high, U. 8, Rubber moved 2\4 to 119\4 Central Leather 2 to 106 VI, Industrial Alcohol ,14 to 140, Kamous Playerg 4 to 112. American Susar Refining 4 to 145, Keystono Tlvo fell back 3 to 57. I Marines, after early gains of 2 to 3 rolnU, fell back to about Monday's final flrure, Studebaker, after rlslns: to .121', fell back, to 119i. Cairo da Pasco, at so, entered new high ground for recent months. Texas and Pacific, Southern Pacific, Heading, at. Paul and 11. It T. registered gains of 1 to 2 per cent. Paris Bourse Tradliisr. Paris, Sept. SO. Prices on tho Bourw y wer firm. Three per cent, rentes wero quoted at 61 francs 40 centimes for cafth, exchango on London nt 35 franca 90 centimes nnd tha 5 per cent, loan at 90 francs ps centimes, The quotation on the dollar was; S francs 43 centimes, Export Prom New York. Wheat. 401,732 bu. i lard, 372.600 lbs. J flour. 560 sacks: bacons, 2,997,000 lbs.: I lubricating oil, l2,f cal. Exeoutor THE WEDNESDAY, OCTOBER 1919. Trustee The Farmers' Loan Trust Company Nos. 16,. 18, 20 & 22 Williatai Office, 475 Fifth Avenue At Porty-fir- st Street London Administrator SUN, and Street York Foreign Exohange Guardian Federal Reserve System and New Tork Clearing Honso The International Products Company To Preferred Stockholders In connection with the current payment by The Inter- national Products Company of the back dividends accrued upon its Preferred Stock, we are at present prepared to pur- chase at $50 per share from Preferred Stockholders of said Company, any Common Stock taken by them from the Com- pany in lieu of cash for said accrued dividends. W. F. Ladd & Co. October 1st, 19 19. New York Boston Account will be found very convenient and helpful for houses business with New England. An account with lis will prove of the greatest value we can furnish with the most extensive and efficient not only in New England, but the United States and in foreign countries. The FIRST NATIONAL BANK OF BOSTON Deposits Resources, Over Ohartorod Branch New A doing throughout at Buenos Aires, Argentina FINANCIAL NOTES. Holt F. Callaway has bean appointed assistant credit manager of the Guaranty Trust Company. Chandler Broi. & Co. have prepared (or distribution a circular analyzing tho Sin- clair Consolidated Oil Corporation. Child Copper Company reporta August production amounted to 8,1104.210 pounda ot coppar, with 8,405,000 In Auiuat. 1018. Thomas L. Ilobinion waa olected yeiter. day a ot tho American re National llank. Charlea Donnelly haa been elected execu- tive, ot the Northern Pacific Hallway Company, with In St. Paul, Minn. It. II. UacMastsrs 4 Co., recently to conduct a central stock broker- age business, have opened onicea In 09 wall street. Tha Arm la a member ot the Consolidate! Stock Kichanje. J. P. Morgan & Co., aa ayndlcate man- agers, have aent notlcea to participants that subscription booka to J5O.o0o.000 three year 0 per cent. American Telephone and Telegraph Company notea 1U close at 10 A. II. At the organization meeting ot the board of dlrectora ot tha Cuba Company a. It. Whlgham waa elected chairman nt the board and Herbert C. laktn of Lord, Day & Lord president. Mr. Lakln also waa elected president ot the Cuba Itallroad Company, a aubaldlary of the Cuba Com- pany. noli coin to the amount of 112.\ O00 haa been withdrawn from the for ahlpment to South America and alio 150,000 for Canada. Gold bare amount- ing to 1100,000 havo been withdrawn from the Aaaay Ofllce for ahlpment to Sweden. Wlnthrop Dalgran. recently released from the United Statei Shipping Board, haa be- come associated with the Investment bond house of Olldden, Davldge ft Co. Potter Bros. Company haa opened a department In charge of F. W. Thomas to deal In bank, trust and Insurance company atocka. In sddltlon to tha New Tork Coffee Ex- change memberships sold at auction on ,nn. mttmmnnn (mir more aeata chanced handa yesterday at a uniform price of record. Four of the aeata disposed of at auction were taken by Arthur H. Lamborn. 1. H. Oustof-- n 9f Ouetofen Co. pes ap- plied for membership In the New York Cot- ton Exchange. In the current Issue of their weekly sum- mary on Standard Oil Issues Carl II. Pfors-helm- ft Co. Include a ravlew of tha At- - UNITED STATES GOVERNMENT la, reglitered .........s la, coupon 4a, registered 4s, coupon 2s, IMf. registered ta, Fanams, coupon BONDS, Panama, Ss! Panama, IMS, registered zs, j'anaraa, is. cuuyuu , 3s, Panama, registered s, Panama, coupon Phil. 111. land purchase 4a, lilt.. Phil. III. public worka 4a. 1W5.,.. Phil. 1st. public work! 4a. UM... District ol Columbia .3i FOREIGN BONDS. Anglo-Frenc- h F.xtern. 6s. ll Argentine Intern. 5s, 1J5...... Canada, Dominion of, It. lvll, TiLniula. Dominion of. 1924. .... iou .10414 Canada, nonunion ui, i Oct., Hu Kug Ejr. I. MSI. HV4 r.,K. Rrltirn. Is. UU..... flU Cuba Extern. aeries A. ISO WVj JH On)a Kiteirn. 4Ua. 1149., Tlnminlcan Ren Cs. IKS. Did. wis Cbtnete I'M French. Bordeaux City Os, 1H MS MS French, Lyons City a. 1119 J MS French wfarsellles City a. IMS S S French. Paris City 1811 WH WS Jspanese Got. 4H. eterl. loan, lilt, UU .l.n&nMs Gor. 4Ua. la series. Jspanese Oor. 4s, sterl. loan, 19S1.. Japanese, Tokla City 6s. V&i U. K. O. B. A I. yr. He, 1919.... SMI u, k. a. a yr. 6H- - SS U. K. 0. U. A I, yr, 6Ui. l7 Mtf FOREIGN BONDS DEALT IN FLAT. Mexico Extern, etcrl. ot '99. 1946. Mexico Extern, gold of '04, 1964,. 497i Closing prices of stocks In there Wers no transactions ycaieruayi Bid. Adams Exp U Al Cb M 91 A A Ch pf. 91 Alb A HU4Q ,, A Bk N pi 41S Am II 8 Pf A Br Shoe. do pf Hi Am O F pf.lH Amer Coal, 45 A Cot O pi Am Loo pl.104 Amer Hhlp. .. Am S See A 66 A Snuff pf. Am 8ug pt.HI A H Tob 4S Am Tob pf. Am Tel A O A Wool pt.lCS Am Zinc pf to .Ann Arbor. do pi ID A Dry o lnf 79 d p.. IIS Aral tu. At Blr A A US AOAWIpf, 70 llald L pf,.105 Allt. Ask, 40 94 99 its 9J too 1HV4 91 107 m 87 100 HI MVi 100 CO 61 9 11 WW 1822 100 100 IS tl 89 91 II , 91 .. llt Ss. tl 6s. Pt pf do . , Oi \J 69 M S 1. 1 .. M . 4a S 91 99 63 4 30 71 Bid. Barrett pf,.HS Beech Crk., Beth 8 l,lot Bku Edison 97 Brown a pf 17 11 But A Butq 11 do pf 41 Buff Burns D pMOJ Huh Term M CalVack nf,117 Can 4i Coso nf,..., 96 Uent Fdy do pf 46 CUIt Cert 40 do lit pf. 64 Chi & Alt.. 7 do pf, Cl,tc B I... I da ct.,,.,, 6 do pf.. ,. 9 ,lo pt ct 9 C4NW nf ,J U St P A O 6n do Pf... 400 ,. mi t W W too MS to M W eo 7S : 13 MS TO 70 ll WVt 91 6a 66 69 4 which .. 91 Atseta w 94 1 M Ask. lit 107 10 Vt US 76 61 61 116 100 119 46 101 WW 69 106 4 90 11 15 9 II 11 IK 76 J10 64 1, Park Member because you service, Branch headquarters Brunawlck... HAP,. Doulii,, ofNJ.lTI Prod.. aoTtftrtits $170,000,000 $260,000,000 lantlc Loboa OH Company and Its securl ilea. jihiDments of the Coca Cola Camninv In the flrst half ot September amounted to J. 110.150 rations. Aa a bottllnr machine produces about 128 bottles from a rallon ui syruu, consumption ior tne nrsi niteen aais or last montn must nave annroxl. mated 14,403,200 bottles, or at the rate or 8,4R5,bOO a year. llartshorne. Kales a; Co.. members of the .New Turk stock Exchange, have Issued a psmphlct on ''General AeDbalt.\ SheruoQd - & Merrlrleld are offering 12,100,000 County of Dallas (Texas) S per cent, roail coupon bonds at a price to yield I.TS per cent. The bonds are prac- tically a dlre-- t obligation on all taxable property in Dallas county and ar exempt from all Federal Income taxes. A. K. Flnlay and John Davenport have lormea a parinersnip, as riniay & uaven-por- t, aucccedlng to the business of Flnlay a t;o ana win ceai in unnsiea securities. Special meeting: ot the Chamber of Com merce of the State of New Tork will be held to elect commissioners of pilots of the port of New lork. The regu iar meettne of the chamber has been de ferred until October 6, when Cardinal Mercler will be Its gueat of honor. The following appointments have been made by the executive committee of the board of directors of the Guaranty Trust Company: Harold D. Bentley, Investment truet officer; Howland II. F. Randolph. d Metz and Alden S. Tllndget, assistant managers. London office: Edward Graham Humphreys, assistant secretary: Edward da IJma. assistant manager. Parli office; Dun- can It. Paton. agent; rteclnald Fleming, t, and Frank K. Dower, assistant t, Liverpool office. IS- - It. Dlggs & Coft Inc., have moved their headquarters from Trqy to 61 Broadway, Nw Tork city. J. W. Crawford, formerly with Kean, Taylor & Co. and Hemphill, White fc Chamberlain, ls with the bond department of J. a. White A Co. an4 will represent them In upper New Tork State with an office at Syracuse. No Keixr Interlioro Head Yet. The appointment ot R eucceesor to the, late Theodore P. Shontg, president of the InterborouKh Rapid Transit Company, was not discussed yesterday at a meet- -, lnp; of the dlroctorg ot that corporation. It was learned, however, that the sub- ject will come up at next Wednesday1! meeting;. BID AND ASKED QUOTATIONS. COCAS tL. Bid. Aak. 41K 46 in pf 631 CI Peab pf.104 Col A So... tl do lit Pt. 60 do Id pf.. 41 Oomp Tab., 63 Con ClgTLT.. Con Can pf.lM CcrnPR pf.107 Crex Carpet 60 Cub A Hug. 106 do pt 101S D L A W...181 Deere pf,.10O Dct Edison.llS Den A U I I Det&Mack.. .. Det United. .. Dul SH A A 1 do Pf 6 Elk H T pf Mft Eloc rUor...lM Enter Br pt 91 ErieAPitts.. .. Erie U pfi. 17 Fed MAS II Fairbanks., 71 Gen Cbem.. .. do pf,,,..160 GenCtl pf.lW Cen Mol pf 90 Greene C..., Oli Quit MAN! da pf 16 GlfSStllpf 91 Hartnun.... 83 Harrstr pf.115 HomeitaVe. ,. Int Agrl,.., dn nf ... J14 In-- B Con... GS Int Nckl pt 90 Int Pap pf. 05 K O Ft 8 Pf 61 KsnOSo pf, 60 Kayser ,,.,.120 do lit pt, 101 KclSpT pf 91 do 1 106 Kel Whl pt9 Keo A D M 4 do nf 19 LaclMe Osa 41 L H A W uf 11 Uft A My.ftO pf,,...lli lltu, Lorillard pf.llOS 111 Lse-- W 90S dn Id nf Mail Peach. Man 8ti pf. .. M&cksy .... 11 do pf 64 Morllu It. . CIS Math Alk . S MayDSt pf.UMS Mex Pet pf.101 Mich Con.., . MStPASSM 66 do nf..... 9C dn 1, L... 60 MoKftT pf. ITU Mo Plow pf9S Mor A Es. 70 Mon .nfr 61 do IMS m 65 61 61 s 110S 110 64 10?S 183 104 in 10 66 101 4 11 41 110 9S 70 II IS 77S 166 101 103 91 43 31 U 90 1M 10 26 a. 13 106 (3 61 160 HI us 1C4 69 64 60 US :u do J pf IM .107 pt ii US S 111 60 40 101 111 i: it. u IS .w TIM ' NaahCAStLWI nat line. ...115 NatC&S pf.106 NatEAS pf.ltl NRofM 1 pt 11 N T L A W. 90 NTCSLlpt (9 do 24 pt.. 44 Norfolk So. 14 KorfAW pf. 69 rorin Am., go Ont Sllrer.. I Owen B pf.101 raa uosst.. n do lit pf, 70 An M nf.. 43 Pac T A T, II ran Am pr.rw. Peoples Qas 41S Peoria A E, 16 Pere M pt., 40 Pet-M- ul ,,.66 do pi 90 Fieroe A pf.103 POCAStL... 66 imt CI pf,. 91 WlWaO pi.US Pitt Sll pt. tB PAWVa pt, 80S I'lStlCarpl.loo ByStlSp pf.lOf HUSeoIll c. .. Rep M Tck 46 Royal. Dut..H1 RoiiAS rts..H6 Head lit pi 86 do 2d pf.. 31 Rent 1st pf. as'-- i Se&bAL pf, tl 6ears Hocb.SQl do uf Slnis-B- h pf 93 StLASF pf. 24 SPrtoSf pt.llt Stsnd Mill. 117 do pf II Sup Stl pf.101 T Pao L T.600 TtiteWst O.IIJ Tob Pd Pf.104 TolStLAW,. do pf 11 do ct 9 do pf et., 1 Twin City., 11 Undrwd pf.106 Un Pse pf. it Un Clj Sts.in .do pt ill liii,A8,e'.,::1S!a Va-- U pf..U4S Wab pf B.. J9 Westhi 1 pf CO Weit Union si WhALS pf. 21 Wilson pf.. 91 WlUys-- pf 9JS! Wli Cen.,,. 60 lVoolworlfi.l24Vi lo vt.....n:s WlhgnpiB Jl Ex dividend. Ask. us III 110 104 10 ' 64 49 HI. 12 63 U mjS CO 100 . 60 K 210 4HI ITS 46 41 101 m jo ill u 104 110 75 41H 120 lt (0 31 lOOti W 125 96 49 116,i 145 93 les 600 319 ,01 26 II 21 ifi 10 206 110 164 21 1U 16 lis r. i 61 27 100 94 S3 1U lliU 71'i usee, Y\: unip U,aCK A New Investment Era First Mortgage Bonds Safeguarded under The Straus Plan Winning the Market on Their Merits and Their Record more years of- - safety and' prompt payment under the unprecedented conditions FIVE the greatest war history have given new emphasis and added significance to the recpfd.of.S. W. Straus 8c Co. 37 years without loss to any investor. During the years to come, the first mortgage 6 serial bonds, safeguarded unde the Straus Plan, will inevitably gain, a stronger and stronger position the market and the favor the investing public, due to their-inheren- t soundness and to the economic conditions arising out the War. We call the attention conservative investors to the following facts: DIVIDENDS. Trans.' For several years building con- struction over the United virtually ceased, resulting in shortage estimated the Department more with shortage business and structures representing total in excess $3,000,000,000 three times the amount new construction any previous normal \year. result this shortage real estate values'and rentals increased all the United States and investments protected under the Straus Plan safe- guarded greatly increased margins values and earnings. The the on the pf a be and the the land the is his on first, on the first the feet a roof xver the to the due. for call for our & full our for our list first 6 and Tax . Ask for r 1B83 Letter week on Recent Letters on Nat'I No. Am. I bnrrts Co. Amrrtca llupp Motors Herdrn ditmlcsl Cilrnrork Boat I'm! era 1 Oil Copies upon request 25 BROAD SI. KtWYOSBt Telephone Broad A I ISSUES SQ,U QUOTED o w tors. Tel. 6304 MS I 788. Gt. Pow. 5s, 1946 1927 Utah 6s, & I'hono Hector 7 I'r. New I'rtvato telephones Boston and All bought (or cash Based the closing pay to-d- 80.01 for a $80 SVi Bond, Coupons J 41.S3 for 30 Id if. Bond, 1 Coupon for a WO 3d 4Vi Bond, 1 Coupon $17.B0 for a $ftO 4th 4i4 Bond, I L50.il for a M0 5th John ll71-5-fl-- Pine Ht.. N. T. Stock of Record. Wlrs Co., q. SPt. Tub. Ber. Northern Illinois, q. 1H II rub. Ber. of Northern Illinois, pf. q. II Sullivan Machinery Co., q, lUft Oo. 1 Bulllvan Machinery Co., as. H0& ern ' Oil ' 'Cor p.'. tnl. Western Co. Del.. Pf. q, Winchester Co., 1st pf. Vs EX Jta J. i., Clove., cm., cramp n.lawsra. Steel AiesTe Moa.ro. Winchester p: weatincnouso nif. all States a of Labor at than a of a of than of in 2 a of have are to-da- y of of is or or in or a Itus 7111 J. to on wo & Tel. J4 10 of Oct. ....Oct. 1 CTTTCAfJO H, Coupons Pay- able, Oct. 1 Nov. I Nov. 1 Oot. II Oct. II Oct, II Oct. II run Msch. pf 1K A St. K Knilne IH ,4 Coal 2i Kastern Oo. I..., Tims. Tsa... New York Central B. B. II, tl 1 cum. nf 11.10 Co...., 71c Punla our... United Paper pi,. Co, 1st Friday ? in in in of of of new by more :As over by are of of of in Motor Oil Ilrosd 6310. Tork, 117.11 Ictorr lHVi Corp. Corp. States Amer. Steel Vlis West , Oct. m U. e. Products It4 U. t). Food Products extra tvi AJax Oil, Class A , Corn Products pt IVH A W. R. It t Ldhlsh Valley K. n , Hi Northern Pacific , United Varde ext , 10c U, H. Smelt., Kef. & Mlnlnl 11.60 U. H. Smelt.. Kt, ft Mlnlnr pf IIHo r;i, ic Westlnf nouss tl, & 1 of DXTOOIT 6s, St U Mil. pt i'f. lleoord tor Trnnsfer Tax necelpt. Special Dffate to Tin Set, Aldan T, 8pt. SO, Transfer tax r. ceipts for proved to ba the record sine tho law became eftectlv In 1SJ1. Stat that more than $4,000,000 was received, 11,050,000 eomlnr from the I'rank W. estate. DOSTDTf ST. LOUIS 3 conditions must continue for a long period to come, since five to ten years, of intensive building construction all over the will be necessary merely to remedy the existing shortage and meet the normal growth of population in the United amounting to millions 4 The present and future activity in real estate makes It possible.for us, on account of oifr nation-wid- e organization with in 12 cities, to offer to our clients first mort-- 1 gage bond issues representing the very pick of real estate securities on the best in the larger cities of the United bonds safeguarded under Straus Plan based the land, source all values, definite, tangible asset, which cannot taken away,, on improvements thereon, which give earning power and value, these securities, investor lending money a direct mortgage. necessity life ground' under one's and head. Every investor should familiarize himself with Straus Pan,'a thoroughly worked out, tested, scientific system safeguards, which record of this House directly Whether present future investment, write booklet, \Safety 6\ explaining, amortization pre-paymc- nt system, and current investment describing widely diversified variety mortgage offerings $1,000 $500 ccnominations, with Federal Income paid. .Circular No. D-2- 80 S.W. ESTABLISHED STRAUS &JGO. 150 BROADWAYi NEW YORK Special this WAYNE COAL Special Submarine FOREIGN GOVT BONDS nOUOBT ALFRED R.RISSE Specialist nnoABWAV Western Lehigh Power Securities 1922 FREDERIC HATCH Philadelphia, LIBERTY BONDS denominations PURDY CO., Clinton-Wrig- lV4Vt.,.,Oct. 2.....,........8ept.l0 l.......8pt,IO homes, 'commercial Securities CO, DIVIDEND TABLE. Foundries..... pt,.,.,....lUr. ii.i!iiiii,inhla Philadelphia tur. Food Delawara. September Comptroller Travis reported, Woolwortb PTmTinTniA. MINNEAPOLIS These country States, annually. great offices' properties States. one's BAM TOAXC1SCO MILWAL'trj: 'WARltTNOTfrM' IKDIATtarOLUl 37 Years Without Loss to Any Investor \Foreign Trade Through Foreign Investments\ Opportunities are offered Amer- ican Intcstors to assist in The Reconstruction of Belgium on a basis which may mean a very substantial profit. On his trip across the Atlantic King Albert stated: \The situation in Belgium is improving. Our people have done work in greater proportion than the people of any country seriously affected by the war, and recon- struction is going forward in a most gratifying manner.\ On Account of Present Exchange Rates Americans are able to buy BELGIAN GOVERNMENT 5 National Restoration Loan of 1919 issued in denomination of 1,000 francs (normal value $193) at approxi- mately $135 in American money. Should exchange return to normal this would mean a profit of approximately 43. It will also mean (a) Greater ability on the part of the Belgians to. purchase. American goods. (b) Greater opportunity for all American manu-- , fncturers exporting to Belgium and therefore increased in- dustrial prosperity in the United States. The heroic struggle of Belgium in the great war, the strategic position of its territory, its great manufacturing cities, the great asset she has in the Congo, and the assurance that Belgian exchange wi!! reflect improved conditions as soon as the reconstruction period is over, all prompt Americans to consider the Belgian Government 5 National Loan of 1919 Chicago Minneipolii based Send or Circular No. BX-6- 4, which describes this investment in detail. A. B. Leach & Co. Inc. Investment Securities 62 Cedar St., New York PhiliJelphia Baltimore Boiton Pittiburah Buffalo Cleveland 17 J)
