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The sun. (New York [N.Y.]) 1916-1920, November 07, 1919, Image 15

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!nperior Oil Corp. Earnings are $5.50 per , share Active Market on N. Y. ' Curb. Send for descriptive, circular. C. Edward Connell Member N.Y. Curb Market Asa'n 39 Broad Street, N. Y. Phones: Broad 5938-- 9 11 III 1 . Investment Securities R.CMegargel&Co. 27 Pine Streee-Ne&A&- iK Aeolian -- Weber Piano & Pianola rommon & Preferred Royal Typewriter Common HERMAN BROS. Socialists 7WMIm St., N.Y. Tel. n rand 2ms Special Letter this tpeek on U. S. Steamship Recent Special Letters on tutted Profit Sharing Wayne Coal Iffti Co. of America No. Am. P. P. ntracn cnemical liupp nintora Submarine lioat Federal Oil Copies upon request E'EPPSlU CURB STOCKS. Telephone Broad' 7171. Orders executed in the Preferred and Common Stocks of the Grape Ola Prod- ucts Corporation on the New York Curb. E. D. Ingalls, Jr. 39 Broad St. Tel. Broad 4133 OFFERINGS WANTED Aeolian Weber Piano & Pianola Common & Preferred J.K.Rice,Jr.&Co. ftoncnaoo to0ia John. Wall BL. N. T. Cons. Interstate-Callaha- n Mining Co. Stock Listed on N.T. Stock Exchange Sptctal Circular on Request EHRICH & CO. Menb(Tj New York Stock Ki (mature O Eicrtnse Place K. York Phone Hector 433 Foreign govt bonds ALL ISSUES BOUGHT SOLD QUOTED AlFBEDR.RISSE,Spffatof \Roadway nkw rnna I 7el. Broad 4204 OS8I748S. The National Bank of South Africa, Ltd. Rewrccs Execed ?287,HH),000 10 Wall Street Now York SUNriEItS, A rent. CENTRAL UNION TRUST CO. of New Tork 0 Broadway. BRANCHES IMJ'?,Venua at Und atrtet ' r1,u nd UndUlded Fronn. aio.noo.onn Investors raid II! mm Street Journal I fi 7' ' v\ CRUCIBLE STEEL'S NET MM FALLS Bclport for Last Fiscal Year Shows $5,974,208 Against $13,012,127 Last Year. TOTAL ALSO HAS DECLINE President Explains Loss as Duo to Change JFrora War to Pcnco- - Basis. During the fiscal year ended on August 31 the Crucible Steel Company was able ,to show a net profit, after all charges land Federal taxes, of only lt.S74.208, i equal to 131.29 a share on Its common stock afterpayment of preferred divi- dends. In the preceding year Ita net proflta aggregated $18,812,127. or 241.24 a share on Its outstanding common stock. The company's annual report was made public yesterday. Total profits for the last fiscal year, after deduction ofFedoral taxes, were 114,093.005, agamst S19.939.226 In the preceding year. Charges for replace- ment, depreciation. &c aggregated aralnst 3S.7S9.0OO. and Interest\ on acrlp Of Ban Varna a im f nar mnlrlnn iuw Ti ivv, ut.ujaf.au ivvvvv, itiwnitit the company's net profits for the year 39.574,208. Preferred dividends were unchanged at $1,700,000, and the surplus before disbursement on Its common stock was $7,824,203, against $12,082,127 last year. The balance sheet presented In this year's report differs from that usually Klven out by the company In thnt this year It n consol'dated account of Crucible and' all of lui subsidiaries. The balance sheet also shows total assets and liabilities of The as- sets Include, among more Important Items, property, $88,188,741; ments, $514,777; scrip redemption fund. $1,519,579: United States Government abfeKVffi LONDON FINANCING MUCH NEW STOCK Lifting $130,048,020. $749,600; Inventories. 137,-ftIo- n, American Oil and Trans- - capital $20,000,000. a , laige Issues. Including an $8,000,000 company equally between common and preferred stock, are bonds, $5,879,000; dividend scrip, $1,630,797; notes payable, $500,-00- 0: accounts payable, $4,211,308 ; In terest and taxes accrued, $638,532; re- serve for Federal taxes; $8,520.679 ; pre- ferred dividends payable, $437,500; funds, $12,653,404 ;' appropriated Burplus, $30.000,000 ; unappropriated sur- plus, $15,774,800. In his remarks accompanying the.ac-i-nu- nt of the company's financial opera- tions H. a Wilkinson, Its president, says: \Tour company has been undergoing during the past, year the necessary changes from a war basis to one of peace, and has also pasMd through the trying period of changes made necessary from the manufacture of almost entirely war supplies to the of a commercial product This has entailed great loss In changing the machinery and methods caused by manufacture of a different product and, In addition, the company has fcsd large cancellations of war orders. In spite of this condition and natural !isltancy on the part of the trade, due to this change, your company has continued to operate and has ob tained not only Its portion of 'the usual commercial orders but has been able to produce a very gratifying- - result Now that the war is over It will bo the policy and, aim of your present and directors to complete Improve ments under way, put to discontinue further extensions or Improvements at present Thlf will have the effect of greatly Increasing our cash and current assets. We are pleased to report that the recent sdvamie made In wages and the care we are taking of our employees have evidently met with their approval and that there Is a good feeling existing between your oincers and men In the various plants of your company. It will be the purpose of the present manage- ment to see that reasonable hours and working conditions are granted to all or our employees and that the wages paid shall continue to be the best possi ble and equal at least to any In our line of Industry. \During the past few years we have been making our own tron ore Invest- ments, .have purchased and opened up coal mines and have arranged for hous ing and care of our employee at vari ous mills wnere necessary. We have added a new blast furnace and coke oven plant which are welt the way to completion. This will furnish us with our own raw nroducts and gives us a. well contained company irom me mines to tne nnlshed material.\ TO BE TRADED 027 BIO BOARD. Three. Active Cnrb Stock. Are Listed on Stock Qxcttange. Three stocks active In the New York two market have been .admitted to trading on the New York Stock Ex- change. They are Iron Prod- - K ts and Martin Parry. They will bo traaed in on the big board for the first time y. In the case of Coca-Col- 309.263 shares ware listed with authority to add 190.373 shares: In- - the case Of Iron Products $915,900 preferred stock and 88.136 shares of common were admitted to the list and In the case of Martin-Parr- y 77,295 shares were listed. An ap- plication to list' $197,400 of new Burns Bros, common stock was granted. Miami NOTES. Copper Company Seotambor or coprn wn , i 13. 1na,,.... production decreaas of with a year ars. 1,793 poundi, compared Qranby Copper Company's September output waa l.lll.tlt pounds ef ooppar. a 5Sr-,.,- ,' compared with laat year, of 1.- - October Droduotlon of Conner of .fc t. timet and Arliona Copper Company was 4.Z44.000 pounds, a decraaa of 481.000 yvuirua ,ivtn lui ear. October outrjut of oatjtiap nf is Cornelia .Copper Company waa 1.IIT.080 pounda, an Increaea' of 343,000 pounds, compared with till. J. W. Klrknap of 74 TJroilm- - Tin... UcKenna of 111 V. A. Jonas if 71 Front street and 1L T. Lanirir of London. Entiand, have bean admitted to membership In the Naw Tork Cortes' and Surr Exchange. ' October aatM of w. WaotvArfi puny were tm.712.IU, an increase of 11.- -! 40M77 from taoee of laat year. For tan I mcnths ended on October' 11 aalea were I lli.Ul.273, a gain of I7.4tt.l7l from the I aame period a year ago. Empire Trust company baa bean painted transfer arent of an lane of 110,- - oos snares or common atoea er no par raiue oi uia itepiorie oiaei iompany.' Bankera Trust Company haa been ap- pointed agent for the voting truataes of the Wltaon Welder and liatala Company, Ine. Orla R. Rally, formerly with the Bmptrs haa been elected aaatatant secretary of the American Tniat Company. ;;t earnings of Barsadall Corpora-tlo- a aubaldlary companlea la Septem- ber, till, war. 1274.012.4!, ef which 3210,111.23 accrued to the corpora- tion. Those figures are after accruing In- terest and taxes, but before and American Safety Rasor Corporation's net earnlnrs for October amounted to 3311.000, txcluifva of aarnlnra of Ita Brlttih and Canadian emberdlarlaa, agalnat IU3.000 In Sentember. In which tha Enrllth and Can- - art'on rompanl-i- r earnings wore included. nbarwmid A MerrlOeld ara offennr of forty-eigh- t' New Tork cities and bonds eoun- - t! yleldtna? 4.2S to 4.(0 car cent They are exempt from Federal Income and Naw York State taxea snows Fountains corporation, operating chain of elaht tee cream, aoda. candr and luncheonette ehope In the Wall Street dlatrlct reports Its October aalea aa the second largest In a month atnea It oeraa builneia In 1313. Tha company will en deavor to open twenty mora of Ita anopa In thle eltr before establishing Its braachea -- .,ln ether cities. acias XONU0N STOCK MARKET. Pavelop. Wcakneaa Whin Bank Rnto la Ilalacd, Wefol CoWa Deipateh to Tub Sbk row ih London Timet Simla CtevHiM. uif, all rights rtscrvti. lKKton, Nov. 0. Following a steady opening the stock market developed to- day a weaker tendency when It became known that the bank rate had been raised from 8 to 8 per cent. QUt edged loouritteo were most affected, but. oil hares, after betas bid for. were Anally ! offered. Mexican securities were weak and Robber Trust, Fine Bolnners, Roval ISxchange Aasurance and Tex shares closed atronc. The South African mar- - ket was unsatisfactory. London clearing bankers raised their depositaries to 4 per cent and die- - count houses Increased tholr rates to 4 per cent at call and ii at notice. In case of bills remitted from abroad to be paid that day the rate was left open. was mora favor- - to 17 franca 27 ft centimes. German ' aeni umoow marks Increased to 146 a'pdund. Stock- - and the dollar's diminished pur- - holm and favor. Copenhagen moved In our subsidiary companies' and bonda Capital ISSUeS tflfi fttlfl Invest manufacture by- products depreciation Eesults In lingo Amount of Offerings. tpid'nl Cable Dispatch to Tna Scm. Copyright, 1311, all tights nserve4. London, Nov. 6. Recent lifting restrictions on new capital tssues has been the signal for the outpouring of huge amounts of stock offerings, which this week alone total more, than $60,000,-00- 0. Among the most Important may be Included the Nat'onal Mlnlnjr Corpora- - securities. Scottish ttuinilii1 wcehmbto'port, and half doxen other new ,,SJm? rtftn8.LCJ electrical and Coca-Col- a. FINANCIAL Broadway, depletion. Bradstreet's Brtloh with $500,000 cap ital. The last named company takes over the business In London of the New XorS Bradstreeta, while the transport company takes over the Southern Ol Transport Company of New York ana other Mexican property. Whlto restrictions have been lifted only In part. It Is believed hero fiat entire freedo.-- n for new Issues will be granted soon. In that connection resto- ration of fortnightly settlements and American arbitrage, which were stopped shortly after the outbreak of war, are being talked about, but are not expected 10 eventuate In the near future. Heavy demand for new money nat- urally Is tightening the market for funds, and belief that the Bank of Eng- land would have to raise Its discount rate eventuated to-d- In an Increase from 5 per cent, to 6 per cent, which surprised the stock market and caused It to drop, ureat Britain is gratinea over the success of the British Govern- ment t253,O00.00O loan offering In the Unit t titat., and particularly with the Un tel, States Steel Corporation's sub- scription. J. P. Morgan la still hero, but is ex- pected, to sail for New York within two weeks. Itobert Collander Wyse. London man. ager of the Guaranty Trust Company of New York, Is to Join soon the Union Discount Company In' a managerial capacity. That company Is Lombard ntreet's larsest money lender. The tax on bonus shares, or stQck .dividends, .as they aro known In tho United States, Is beginning to De a bugbear here. During the war such shares 'were exempt aa ine resuu oi huer Burnluses oiled up and capitalized, thua avoiding the tax. Tho talk now la of nuttlne the tax in the next budget, which mleht be retroactive. Consterna tion has been caused by the retroactive fMtnre. which la not believed to oe feasible. The boom in oil continues, Mexican Eagle, Its feature, touching dally a new high. Sllvor Is at a new high, a cent more than parity. Fractional money i fnirlv nlentlful here, but there Is famine of small change on the Con tinent and It Is growing worse. Tho extreme decline of German marks has caused the first neutral oanK to e. In Sweden, where that banking Institution, holding a large amount' of marks, failed. It Is belloved that most Scandinavian banks \are In a strong nosltlon. thoroughly hedged against heir lonr holdlnirs of marks. London absolutely spurns marks, ranking them as a pure gamble. Bank of England Jnmpa Rate. By tU Associated Press. Ijimiw. Nov. 6. Tho Bank of Eng' iiiTiA'H rata of discount was raised from S to 6 ner cent y. The raising nt th rnt tha first chance since April, lairVfuiaed no surcrise to the Stock Exchange. Government securities dronned only slightly. The immediate anaa nf tha raise la competition be tween the Government and traders for advances as the Government requlrei largo sums to finance the treasur deficit Bank of Enitlnnd Statement. Lonoon, Nov. 6. Tho weekly state- ment of the Banlc of England shows the mllowlnff changes: Total reserve ae creased 11,609.000, circulation Increased fl.E7E.000. bullion, decreased 63,668. other securities decreased 219,000,, pub-li- e deposits decreased 2,922,000, other deposits decreased 6,619,000, notes re serve decreased ti.usa.uuu. uovernmem aachiritles decreased 7.682.000. The proportion of tho bank's reserve to liability this weeK is ib.tsu per cent ; last week It waa 15.80 per cent Rato of discount 6 per cent London Money Market, London, Nov. 6. Bar silver, 6 6 ft d. an ounce. Money. 3 per cent Discount ratos, short bills, 4 per cent Three months bills'. 49i per cent aoid pre miums at Lisbon, 140. TAKES OVER FOUR COMPANIES. New Concern Combine. E. & Z. Van RMlte and Others, A new company to take over business and assets of E. & Z. Van Raalte, Inc., veiling, netting, &c, maufacturers; the ninVAravHtlA Kill Xflltn. allk arlova man ufacturers: the Clark Textile Company, j silk giove ana xmt gooas manuiacturers, j ana tne uoonton Hosiery uompany, nas been formed, according to on anounce-me- nt made yesterday. The new company la. to have the fol- lowing capitalization: $4,250,000 of firs' preferred stock, of which $3,250,000 will be Issued; 10,000 shares of second pre- ferred stock of 'no par value, to be Is- sued and carrying cumulative dividends at the rate of $7 a share per annum, and 80,000 shares of common, stock, of no par' value, to be Issued. Goldman. Sachs ft Co. and .Lehman Bros, will ac- quire an' Interest In the new company's securities. Pennsylvania Crnda Oil Market. On, Crrr, Nov. 8. Credit balances, $4.35: runs, 149,964; average. 68,127; shipments, 43,649; average, 23,749. Exports From New York. . Wheat, $9,162 bushels; malt 4.603 bushel. luhrlcaUas oil, 270,169 gaUoaal 29 77 105 rt wwrr TIT THE' Slflfo FjHAY, NOVEMBER,, y, 91 CHAMBER URGES BROADEST THRIFT Adopts Resolution vto Assist Wherever Possiblo Work and Save Principle. SAYING MUST BE FASHION Moro Production, Loss Con sumption Is Solution of Economic Problems. Increased production and decreased taxes chasing power. Thijt view ex- pressed yesterday by the Chamber of Commerce of the State of New York at Its regular monthly meeting when It adopted unanimously resolution urging \thrift in Its broadest sense\ on me whole ponulatloa of the United States Tho resolution, offered by Charles E. Bernhelmer, was presented to the cham-too- r after an address on \One the Paramount Issues of ,\ by Regis II. Post, formerly Governor of Porto Itlco and now with the Federal Reserve Bank of Now York. Mr. Post in hi address urged thrift as the most sim- ple solution economic and, social problems and the resolution was the outgrowth of his address. It reads part as follows: \It the firm conviction of many leadln? men that the ono thing most vitally of 'needed the United States to-d- Is determination on tho part or tne Bus- iness man, the workman, the farmer in short, all members of our population to Increase production and decrease unnecessary consumption. The economic situation which has developed as re- sult of the war requires that Immediate thought given to this most pressing problem. Increased production and de- creased consumption thrift In Ita broad- est sense la the obvious remedy for high cost of living, general unrest high taxes diminished purchaalag power of the dollar. New sources capital must bo developed If American indus- try Is to be properly financed for peace time endeavor and If America is to be In position to give effective aid to the the world In Us reconstruction efforts. Inasmuch as the Treasury De- partment of the United States Govern- ment has organized Thrift Citizens Movement, for promulgating principles of thrift along these lines offer the fol- lowing resolutions for adoption: \Resolved That the Chamber of Com. mrrco of the State of New York sup- ports the Citizens Thrift Movement In- itiated by the United States Treasury Dapcrtment and aimed to disseminate prlnclp'cs of work and save, and It further resolved that this chamber rec- ommends, first that Its members become Thrift Citizens active leaders In the movement to bring home to every man, woman and child in the community an Individual responsibility for the practice of thrift and, second, that by Individual example and Influence they assist wher- ever possible get tho work and principle favorably recognized.\ The condition of the rapid transit lines In New York was taken up by the Continued 111(1, ijuk. 140fc K i SG 129U 33 107 20 103 93 ' 27 103 127 103 22 82 100 63 130 104 106 15 28 87 219 13 109 24H 62 8 92 137 102 126 12 331 52 101 100 65 1Z3 53 201 23 114 '60 113 103 44 136 114 109 115 81 75 3 56 23 123 16 24 33 92 126 v f iv h r ' c waa a of of In Is In a a be and of a rest of a ! be and to save 67 76 37 42 41 24 46 i 84 63 32 87 33 14 18 20 8 60 79 177 67 41 22 85 74 29 11 66 76 82 33 from Page. 142 120 ' 1 104 103 127 89 103 82K 101 131 106 106 14 16 29 8 223 1371 110 189 138 104 127 333 101 104 123 204 22 114 29 68 26 113 106 44 136 115 74 Vs. 109 115 S2 123 127 106 108 88 76 80 10 57 12 24 56 16 25 76 34 94 83 26 67 78 38 3S 43 24 48 65 34 95 64 94 32 27 35 64 19 21 61 80 24 63 10 94 13 53 63 67 41 53 85 29 42 22 DlT. (in t.( Rein. 3 8 6 400, 400 300 100 13100 2400 1900 2600 400 2700 300 62800 700 COO 900 100 200 600 4500! 1000 7400 700 1100 8700 200 1400 1000 86400 200 23500 300 300 100 600 200 1700 700 200 91500 4300 70700 4800! 100 200! 100 1600 51500 100 1200 800 700 2200 7200 2300 700 32600 1600 6400! 2400 2100 130O 100 27600 100 3100 11300 3400 100 74800 200 500 1700 201800 300 1100 300 100 1100 3001 100 1400 100 200 400 10400 61900 4200 11000 16100 100 600 200 600 1200 J.00 500 100 300 300 100 600 300 400 Otis Elevator Owens Bottle Co Pacific Pacific Mall Pacific Tel Tel Pnn-Am- er Petrol & T Pan-Am- Petrol & T rts U R Penn Seaboard Steel.... Peoples Gas, Chicago... Pcro Marquette Pere Marqucttd pf Pere Marquelto prior pf. Philadelphia Co Plerce-Arro- w Motor.... Plerce-Arro- w Motor pf.. Pierce OH Corp Pierce Oil Corp pf Coal of Pittsburg . . . Plttsburs Steel pf Pittsburg & West Va. . . Pond Creek Coal Pressed Steel Car Pullman Co...- - Punti Alaero Suirar..... Railway Steel Spring... Ray Consol Cop Roadlns Reading 1st pf Remington Republic Motor Truck. Republic Iron & Steel. Republic Iron & Steel pf. Royal Dutch Co N Y St Joseph Lead St Louis & San Fran St Louts St Louis Savago Arms Corp Saxon Motor Seaboard Air Line Co Shattuck Ariz Copper.. Sinclair Consol Oil Sloas-Sheffle- ld SAL. Southern Pacific Southern Railway Southern Railway pf.. Standard Mill Co rts... Stewart Warner Speed Stromberg Carburetor. Studebaker Corp Studebaker Corp pf.... Stutx Motor Texas & Pacific Tobacco Product. Tobacco Products pf.... Transcontinental Transue & WlUlama 6tecl Union Oil Union Pacific- - u United Alloy Steel.... United Fruit Co United Ry Invest pf.. United Retail Stores.. U S C I Pipe & Fdry.. u a express U S Ind Alcohol.... U S Ind Alcohol rts. U S Ind Alcohol pf U B Realty & imp.... U S Rubber..... U S Rubber full paid. U S Rubber 1st pf.... U S SmelUng, RAM. U 8 Steel S Steel pf Utah Copper, Chem. Va Iron. Coal & Coke.... Wabash Wabash pf A. : Wells Fargo Express..., Western Western Pacific. Western Union Brake. E & M...i Wheeling ft Lake Erie... Wheeling ft Lako Erie of wnite aioicr ........ Wilson ft Co.. Wisconsin Central Woolv?orth, F Pump Pump pf A. chamber, the resolution adopted Inst March, In Vhlch city and State author- ities were requested' \to basted \such measures of relief as will remove the, existing menace.\ waa reaffirmed by the cbambei on recommedatlon of Its com- mittee on Internal trade and Protection of American Investment. In foreign countries was another matter which claimed yesterday attention of the chambor. In a resolution Intro,-- ,, duoed by Welding Ring, chairman of ita executive committee, the Government of the United States was urged to \pro- claim and enforce at all times an un- yielding policy for the protection ot American citizens legitimate Amer ican Investment in foreign investment.\ chamber also went on record as favoring a sea level canal aoroao New Terser. Arrangements were made yesterday foi the chamber's 161st annual dinner, which la to.be held next Thursday at the Waldorf, and nt which Gov. Smith will bo a speaker. OFFER FRENCH CITY BONDS. Iaaoe ot 945,000.000 to Be Sold te Public. To-da- y. $46,000,000 French city bonds. bearing 6 per cent coupons, be of- fered publicly this morning at 92 H accrued Interest by the distributing syn- dicate headed by Kuhn, Loeb & Co., It waa learned yesterday, but tho rumors regarding the Imminence of other loans to foreign countries appeared to be without foundation, and the Omsk Gov ernment lctf.n will not be of fered to the public, but It. will take tho form of an eighteen montha bank credt Washington despatches yesterday told of a move oh the part of Switzerland to float another loan in the United States, but a cartner of the firm of Lee, Higgin' son & which floated a $80,000,000 5U ner cent Swiss Government here during Jury, declared that no loan to Switzerland Is under considera tion at present. Pa. Tel Air and and The The will and Co., loan last The seml-omcl- al announcement by tne PollBh Government that the National City Bank would back a $260,000,000 per cent loan to Poland was found to be Incorrect The facta are that polish Government' wishes to appeal to Poles residing In the United States to subscribe for cash to a new Issue of bonds by tne Polish Government or to exchange aa patriotic duty their holdings of Liberty bonds or Victory notes the new Foi' tsh Issue. In connection with that pro ject the National City Bank has agreed with the Polish Government to act as depositary, but neither that bank nor the National City company wtu nave anything to do with selling the 'Polish bonda Bankers doubted yesterday whether residents of Polish origin, In the United States would take much Interest In the new Issue. To Sell Pole. Here Polish Bonds. Washington. Nov. 6. Americans of Polish origin will be asked to assist In floating' tho $250,000,000 loan negotiated with Poland by American Interests by exchanging Liberty bonds and Victory notes for the Polish bonds, which win pay 6 per cent interest run ior twentr years. Advices received here aay that a private corporation has agreed to make the exchange at face value of the Polish securities. According to the advices the American bonds would bo held In New York to the credit of the Polish Government as a basis or credit for cotton and other materials needed to revive Poland's industries. NEW YORK STOCK EXCHANGE PRICES. Preceding Development.. Pennsylvania Typewriter... Southwestern... Southwestern Sears-Roebu- Open. 143 129 Superior Steel Corp Tcnn Cop Chem Texas uu..... USCIPlpeAFdrypf.. Maryland....... Westinghouso Westlnghouse Willys-Overla- Willys-Overlan- d Worthlngton Worthlngtoa Improve- ments. (40,000,000 11 23 68 n 38 38 2?; 42 y, 41 41 47 64 33 89 106 104 64 93 32 103 128 90 103 14 98 64 132 105 106 14 18 15 29 89 32 230 13 79 108 25 63 9 ISO 94 136 104 12S 49 & 12 Co 320 U pf W the for ana pf 53 103 101 67 66 41 123 53 204 22 115 29 62 22 84 110 41 10S 45 137 136 115 76 109 115 82 76 77 10 29 67 56 122 56 15 23 74 33 92 83 84 127 104 7 24 20 27 22 83 S 61 2 33 103 107 1104 2l 23 S3 137 144 68 78 88 38 130 43 42 41 25 64 95 107 20T 104 64 93 32 103 128 90 22 83 34 100 64 133 105 14tt 15 22 220 13 61 80 25 62 9 180 94 138 104 128 49 12 382 53 103 lot 58 42 124 53 204 118 62 114 105 45 139 116 US 109 115 82 77 10 67 13 86 123 26 76 34 106 47 27 18 29 89 66 23 29 22 85 76 76 57 17 92 36 IH 141 128 108 104 101 127 102 125 105 105 220 108 180 135 104 125 330 101 101 123 200 113 109 89U 105 134 186 115 107 115 11H 121 66 33 92 137 103 tni. 67 67 76 38 38 42 40 40 24 47 64 33 88 20 63 93 82 27 86 81 98 63 14 18 15 28 83 20 8 13 77 24 62 92 48 12 61 57 65 41 63 22 29 63 22 83 44 78 80 76 9 29 67 23 86 15 23 73 2 84 2 23 34 60 77 8 129 104 103 102 100 130 105 106 180 1044 126 101 101 123' 303 32 63 23 113 105 136 109 115 76 29 13 123 76 34 82 105 9J Clo. 141 76 38 88 2 42 41 40 24 4 64 33 94 107 20 64 93 32 27 127 88 22 82 34 63 14 18 16 28 88 20 8 20 13 61 79 109 24 62 8 94 137 49 13 832 63 67 65 41 63 114 29 83 40 44 136 116 74 82 77 67 23 36 56 16 25 92 35 127 -r- ivr Chaa. l 1 -' H - l -- \ -- 4 -- a t ) 4 1 1 a 1 i 2 2 1 1 1 1 8 8 1 1 M 8 .. f 8' U4 H ? 3 i 3 1 2 1 l 3 1 1 - t. ' Ml' \Fereign Trade1 through foreign Hie Importance of Improving Foreign Exchange Rates HPHERE, fa pferhaps no robjlect which is being discussed more wnowlj or h receiving greater consideration on the part of Govvnunerit official, bankers and business men than the foreign exchange situation. It k of the utmost importance, not only for tne future welfare of Earopean hiftfoat, bat also for the United States, that every effort be made to eltect aa m&nm-mea- t in the most logical way possible. \ A a.v :u. We call attention to the following letter from Senator Robert ll Owen) of Oklahoma, .Mefaber of ,the:,Banking and Currency and Appropriations vxHiunuLcca. , a data. - ' rr .al ' m Sold Umtr N. V. n M rta S treat, 1 - In i s ; anltci) $tate Senate ; OaaaaalttM on STtva Crrllll TrlWa af Ixttaaa twenty-eight- h, ' If essrt. A. B. teach & Company, Inc., .' 62 Cedar\ Street, New York, Gentlemen: j The only way to balance exchange at present is for the American investing public to buy these European securities, which are selling at an extraordinary profit at this, as United States bonds did at the close of the war. is at bottom solvent in its, busi- ness life and productive power and when knows this, and that credits now serve both and alike the people will .buy the- - bonds and freely. Yours (Signed) ROBERT L, iYt '.n'e ''.V!c v The quickest, and most efficient way pf improving foreign exchange rates is for investors to purchase the internal loans \of European Governments. As Senator states, \Europe is solvent\ sol- vent, will meet obligations. At and exchange rates Dollars will purchase foreign securities are recognized as sound, at present most and may ultimately show of anywhere from 14 to over By buying these Americans stabilize conditions abroad, it possible for American to ex- pand through foreign and at the same time take advantage of a most unusual investment situation. We markets on internal of and neutral European Governments and are prepared to most complete Minneapolis Invited a50 9 Booklet \Bonit ot t IV for my aa KsvYsfk Oil Quoted Cur John October \Nineteen Nineteen. foreign time-ju- st Europe America securities respectfully, OWEN. easiest American Owen Being- - prices which yield liberal returns, profit 100. bonds help make industry trade, quote loans allied furnish laftilrlea revested eatltled Foreign NMtloas- ,- (Chicago Investment 62 St, New York are St. t I' : ' v ' ' - 'V ) kjrr '.- - ti.' ;i' mi Philadelphia Boston , ' Baltimore Pmsburgh s Buffalo , ' '' - t H : of 412 Highway Bonds Dated Norenrbor 1919. Due semi-annua- from. April 1926, to October ttl9U, inclusive. Interest payable April 1 and October 1 in New Tork City or Salem, Oregon. Coupon bonda in denomination of $1,000 may be exchanged nghrtoed Exempt Federal Income Tax. V. Lofml htwtmmt for Savinffa Banks and Fwtds New Tori, JafaeswAu-mtt- s, Comuetieat and other-States- . KligiMs to eecure Postal Savings deposits. We mffm thma Bonds f'whem, as and if iststed and recstW m' At 100 and accrued interest to yield areolar ttpots r trust WiOkun Salomon A 3W1I strswt StMongood & Mayer Bnsaalway ,MtYrk Superior Corp. Bought M. J. WHITELY Mart Ais New Yk America Europe current mad tor Securities Cedar Cleveland' $1,000,000 State Oregon from 4 Co, Blake Bros. SMsi V a Freeman Smith Camp Go Morllrareatera Battle BM. Portlaa4 On. armaaite4 trart an atrtatatoS tram ra kellmr an rellabrs. Investment Securities JohnV. Dunne Co. 44 Broad Nw Tskphont Vnoi t3( s v Mv- - she her the ap w 1 .'in v 1, Trust I &cjl 44 Waft rWTork & & York 15 1 H. Raphael & Co. Ineesement StcuriUts 74 Broadway, New York TeUpcoaa 53334 Keetof

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