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Chicago Bank Stocks Detroit Bank Stocks Pittsburgh Bank \Stocks Philadelphia Bank Stocks Stocks of out-of.-to- Fiduciary and Insurance Cos. We specialize in the above securities and will cheerfully furnish quo- tations on request. Morton Lachenbruch & Co. rHILAnELl'HIA Land Title llldK. Tel. Sprue 381 NEW YORK 43 Hroart St. 71. Broad 7300 Cadet Hosiery Company 8 Preferred Stock J Company succetsfully operating over 15 yean. 9 Dividends 8 per year on Preferred Stock. Dividend j 1 .20 p yr ,n Com- mon Stock. Extra monthly dividend .declared payable December 15th. J Present earnings at rate of over neven times Preferred dividends. Sinking Fund to retire all Preferred Stock. J Present sales at rate of over per year. Price to not 8 with bonus of 25 Common Stock. Send for Circular C. S. FARSON, SON & CO. Members New York Stock Etchings. 115 Broadwny, New York Replogte Steel A statement of this com- pany's assets and an esti- mate of annual profits are given in current; issue of the FINANCIAL FORECAST. Among other Iwum treated aw: MARCONI TROPICAL OIL SUBMARINE BOAT In requnttsg copfe ask for No. 141. Sent without obligation. 'ESTABLISHED IMS 41 BROAD ST.HEWYPI9C .Phone -- Broad J5 Sugar Corporation Finances' Improve. Cuba Cane Company thown cash on hand of H.303,-1S- Increased working capital helps place company In better position to meet world demand for sugar. Aruilvzcd in the current isrut o our MARKET OPIXIOX. Other Issues discussed In detail: Rnldnln Gen. Asphalt St. Faul Shell Trad'g Anaconda Midncst Kef. Sent gratis on request fir R.H.MacMasters&Co. M embers ConsoUdatcdStock Exch.,N.Y. 69 Wall Street New York ionorw 9S36 Ground Floor J.K.Rice, Jr. & Co. Buy & Sell Aeolian Weber Wano Com. & Ffd. llonlen'H Cond. Jlllk ltd. Jas. Butler Pfd. Glens Falls Ins. Stock Lehigh Vnllej Coal Sales Klrliy Lumber Com. Pfd. Midland Securities Mohawk Vallej- - New York State Bys. Com. Com. rimiUc Metal Ware Com. & Ffd. I'enna. Coal & Coke' Teial ruelllc Coal & Oil Thompson-Htarre- tt Com. Ffd. Victor Talking Machine Stock J.K.Rice,Jr.&Co. Thones 4000 to 4010 John. 36 Wall St.. U. Y. THOMSON AND McKINNON 42 Broadway, New York 109 S. La Salle St., Chicago Fletr.riEr-Arr.e- r. Natl B'k Bli&lndianapolis A'eir York Stock Ezctonoe Xrv York Cotlon Exchange Members Arte York Product Exchange of A'w Orkans Cotton Exchange Chicago Stock Exchange Chicago Board of Trait It inntpca Grain ErcVji; Odd Lots Write Dept. 17. SHOLM &HAPMAH Mtmbtri .Veto York Stock Exchanet 71 Broadway, New York City. Uptown Offlce 39 E. 42nd St. Harlem Oflln, 290 Lenox Ato., cor. USth Bt. llrunx OOICB. 3UI E. 14Bth St. IirooWlyn Office..., 33 Court St. Yonkrri Office 12 N. llroadwar Newark UOlco 777 Broad St. LIBERTY BONDS All denominations bought for cash Based on the closing we pay: S50.ll for a 50 llond, 80 Coupons S15.M forn 5d4V4 Hond, 1 Coupon SIIJ.9I for a WO M4V47. Bond, 1 Coupon trl5.es for a SO 4th lV?t Bond. 3 Coupons $30.27 for a $50 3th 4 Victory Load. PURDY & CO., Tet John S11I-5-8-- 7. 31 Tine St., X. V. Mark A. Noble Theodore C. Corwln NOBLE & CORWIN 25 nroad St- - New York Chase Nat'l Bank STOCK & RIGHTS Telephons 1111 Uroad. RIPLEY CHAIRMAN OF THE SANTA FE \Grand Old Man\ of Bailronds Botires From Presidency of Company. EFFECTIVE ON JANUARY 1 Began Transportation Career in Boston In 18G8 Held Many Positions. One of the most picturesque rugged and forceful figures In the railway world passed yesterday from the firing lino of operation to the rank of advice and counsel whon tha directors of the Atchi- son, Topcka and Santa Fe Railway ac- cepted, effectlvo on January 1, the resig- nation of E. P. nipley as Its president and elected him chairman of Its board. He was known in the railroad world as the \irrand old man,\ and, although the operating forces will be freed from hta personal direction, the company will have his advice and counsel, which tho directors esteem as of \great value\ to the company. At the conclusion of yes- terday's meeting of the Atchison's direc- tors tho following statement was Issued: \At tho meeting ,of tho directors held to-d- tho resignation of President E. 1'. Ripley was presented with a request from him that It bo accepted as of Jan- uary 1 next. In taking this action the board adopted resolutions expressing Its high appreciation of President Ripley's long and distinguished service and elected htm chairman of the board, where his advice and counsel will be of great value to the company. Tho directors then elected W. B. Storey, now Federal manager In charge of the Santa Fe, as president of the company, to bo effective January 1 next.\ Placed In charge of the Atchison some twenty-thre- o years ago, at the close of a drastic reorganization, when tho princi pal value of the property seemed to oe because Its right of way offered good grazing ground for cattle, Mr. Ripley brought the property Into tho rank of the lirst Ave railroad systems In the United States. Two words were the motto, \Work fight.\ With marked adminis- trative ability Mr. Ripley enforced with- out harshness discipline of the most ef- fective kind. An Individualist himself, he called for that trait among his sub- ordinates and made the Atchison a model among granger properties. Mr. Ripley quickly discerned tne penis In tho interstate Commerce legislation and fought It long and vigorously, pre- dicting fifteen years ago the results which came to pass at the outbreak of war when the Federal Government iook over the railroads. As long ago as 1910 he declared that within ten years this country's railroads would be operated by the Government. Apart irom interviews denouncing tho Interstate commerce Commission, trend toward Government ownership, tho Adamson eight hour law and occasional comments on financial conditions, generally pessimistic, Sir. Ripley paid little attention to matters beyond the Interests of the Santa Fe, aa It Is called In the West, and did not re- linquish his hold on the reins of opera- tion until the Federal managers assumed control In the summer of 1916. Then ho Issued a valedictory message to his em- ployees, retired completely from active management and consented to accept the chairmanship of the board at the last meeting on the evo of return of railroad to private management. Tho new chairman is a Now Eng- ender with a thorough New England training as a railroad man, supplemented by a broad Western experience. He was born in Dorche-ster- , Mass., on October 30, 1845. After leaving school he fol- lowed various pursuits until he was twenty-thre- e years old. In 1868 he be- came contracting agent in Boston for tiro Star Union Line. Two years later Ko\entered the service of the Chicago, Burlington and Qulncy Railroad as clerk to the general Eastern agent. Soon afterward he was appointed New Eng- land agent of that road and his promo- tions followed rapidly. JIo served In turn a8 the Burlington's general East- ern agent, general freight agent, traffic nmnnror and general manager. In 1890 he went to the Chicago, Milwaukee and St. Paul as third nd from that post was called five years inter to the Atchison presidency. From a humble beginning ho rose to tho top of the railroad ladder and now continues as tho \dean of theraiiroau worm. BEGINS STEEL RATE HEARINGS, Trade Commission Listens to Com plaint on Plttshurir Base. Washington, Dec. 2. Hearings on complaints against contlnuanco of the Pittsburg base rate for steel woro be- gun to-d- before the Federal Trade Commission, John S. Miller of Chicago, council for the Western Association of Rolled Steel Consumers, In the opening argument, asserting that to the pub- lic, tho Pittsburg single price carried all evil elements that actual agreements to maintain prices would carry. Western fabricators, because of the fictitious Plttaburg to Gary rate differ- ential of $6.40, he stated, were debarred from competing eastward with those who purchased at the Carnegie mills In Pittsburg. Conversely, ho. added. East- ern fabricators could place their finished manufactured product In Chicago dis- tricts on an even competitive basis with Chicago fabricators because they did not pay more freight on a majority of products than fictitious freight rates added to the cost of steel produced In the Chicago district Tho effect, ho de- clared, was to drive fabricating plants eastward. U. S. GETS $476,727,874. \Sells Surplus Army Stock at 7.1 tq 80 Cents on Dollar. Washington, Dec. 2. Seventy-thre- e to 80 centfl on a tioiior nan ucen realized by the Government during tho last year on the sale of surplus army stocks held in the United States, acting Secretary Crowcll reported to-d- to Congress. The total received for ma- terials sold In this country was 4, excluslvo of J61.986.421 of stocks transferred to other Government departments. Tho largest amount for any commod- ity wa .201,810,000 for wool. Other sales Included textiles, other than wool, 144 640,000: railway rolling stocks, I70'l57,000; subsistence, 126,613,200; chemicals. 823.045,000, and animals, ,21,169,000. REORGANIZE ALLIED FOREIGN. Trade Corporation Directors Elect Several Officers. Tfonriranlzatlon of the Allied Foreign Trade Corporation was made at a meet ing of Its directors yesteraay. Duncan M. Stewart was ciecieu cnair' of Henry D. Tudor. Harold D, .MeAneny succeeded Ormsby McIIarg, who resigned as treasurer. Orlando P. Metcalf was elected secretary. Mr. Ash- worth. Mr. Almonte and Mr. Metcalf were elected to tho board to fill va cancies caused by resignations or F. A. Goetzc, H. D. Tudor and O. Mc-Ha- GOLD IN LONDON IS AT 106 S, AN OUNCE Beaches 10 Shilling's Premium Which Bankers Consider Hcaltlly Indication., NO PARALLEL SINCE 1818 Shows World Commencing to Reduce Hugo Quantity of Paper Money., .... Special Calls Despatch to Tat 8rc: Copyright, 1M, ofl .rljM. reserved. London, Dec. 2. Gold .went to:day o 106 shillings an ounce, h , premium of 19 ehllllnji. One has to go back to demoralized conditions prevailing In 1813 to find a parallel of that premium but it is not being overlooked by bank ers that It is a healthy indication, sho-J- tng that tho world Is commencing to re duce the enormous quantity of paper mama., mUlnX. kna fniiaAl thf. TPlffTl Cit SnCCCCdS Lttto J. W. high prices and consequent Jabor In all countries. There Is an axiom among economists; never has \been\ definitely ex plained, that onco gold is free and al- lowed to seek Its best market, the re- sult will be that paper currency grad- ually will go Into hiding. 's price of, 106 shillings Is not alone a premium of more than 22 per cont. higher than fiold's par value, but It Is likewise i per cent, higher than New York ex- change, which now stands at a premium of about 22 per cent. Thus, while New York exchange Is In great demand, the economic- - polloy adopted by the British Government In ileterminlng to buy gold, no matter what the price, glveB this metal prece- dence over dollar credits, which theo- retically are convertible Into gold. The buying' of tho yellow metal has been principally for India and the Conti- nent. One might ask how this would reduce the amount of paper currency in Eng- land. It Is a roundabout process, but paper money actually Is reduced In Eng- land as tho result of every sale of gold above the premium orl the most adverse exchange rate, which now Is that of New York. This true, because every ounce of increase In the gold reserve of any country Increases the buying power of that country's currency, causing an equiv- alent reduction In the amount of credit needed to finance any given transaction. This reduction In credit eventually finds Us way Into International transactions, scaling down the amount of actual money changing hands. While this is necessarily only a par tial explanation. It shows that the phe- nomenon has set In now that corrected the demoralized state prevailing In 1813. At that time the note reserve of the Bank of England was suspended ana about (00 banks were given Issuing powers. A flood of paper money resulted and specie payments were suspended for a time, Just as they were In the recent war. When they were resumed the price of gold bounded upward to' the highest price on record, 110 shillings. This gradually drove iapcr out of cir- culation, and gold, which had worked its own corrective, fell correspondingly to Its normal level of 85 shillings. NATIONAL CONDUIT REPORTS. Deficit Decrease Sllslttlr Durinar Last Fiscal Period. A slight decrease In its deficit was established by the National Conduit and Cable Company In the nine monthsJ ended on September ',0, according to Its financial statement made public yes terday. Its net aales for the period were 17,077,046. ngalnst 310.790,010 In the corresponding 1918 period, and a deficit. mior ueprcuiuiiuii uuu interest, ul .oil?,- - 1S xnntttiutarl with n I'pflMf nf' 5977 . ' S47 In the nine months ended on Sep- tember 30, 1918. The balance sheet re- flects cash of 3636,184, accounts and notes receivable of 31,622,671, raw materials valued at 33,284,458, Investments of 3752,648 and plants and machinery val- ued at 35,905,954. ANACONDA OUTPUT DROPS. Production of Copper In November Is 14,120,000 Ponnds. November copper production of the Anaconda Copper Mining Company was 14,120,000 pounds of copper, against' 15,000,000 pounds In October, 12,780,000 pounds In September, 12,600,000 pounds In August and 11,122,000 pounds In July. In November, 1918, tho company's out- put was 22,600,000 pounds, nnd In No- vember, 1917, 21,660,000 pounds. Tho October production of the Ken-nec- Copper Corporation was 9,789,-32- 0 pounds,, against 9,928,000 pounds In September, 8,224,000 pounds In August and 6,873,660 pounds In July. CONSOLIDATED EXCHANGE. Price changes wero narrow In a com paratively Inactive session on the Con- - sonaatea siock ccnange yesierany ana the trend was toward higher quotations. Ralls attracted most attention because of anticipated early legislation favorable to them. Texas and Pacific, at Its maximum, was bid up 2 to 42i, Southern Pacific 2?j to 94W. Reading 2 to 76U. St Paul 2 to HVi. Union Pacific 1 to 124. New York Central 114 to 71. Atchison 1 to 85 V4, Brooklyn Rapid Transit 114 to 15 H. and Interborough Consolidated pf. IV, to 14. Crucible Steel rose 2 to 199 V4. Bethlehem Steel B 114 to 9114. Republic 214 to 103. United States Steel com- mon 114 to 102, Baldwin Locomotive 14 to lOSaj, and American Locomotive 114 to 92i. California Petroleum was bid up 314 to 44& Mexican 1 to 19314, 114 to 100, and Sinclair 1 to 4514, while Transcontinental receded 214 to 4014. with a nnol rally to 414. Montgomery Ward Leaves City. At a stockholders' meeting of Mont- gomery Ward & Co., Inc., large mall order house, held In this city yesterday, It was voted, as a first step In the re- moval of the business from New York to Illinois, to dissolve the New York cor- poration. A certificate to that effect has been filed with the .Secretary of State In Albany. The concern Immediately organizes under the laws of Illinois, in which are Its executive offices and prin- cipal plant. No change in Its manage- ment Is contemplated. Gnaklll on Trade Commission. Washington, Dec. 2. Nelson B. Gas-ki- ll of Burlington, N. J., was nominated y by President Wilson as a mem- ber of the Federal Trade Commission to succeed J. Franklin Fort, whose reslg- - man of the board and Kenneth Ashworth ( nat,on of him as president J. de Fara . ..,nv 111 health was an- - Edgar E. Clark of \ - . , .... I I IIUUIitTU v..ini\.j. Almonte was e'\0\ ( Iowa W(UI renominated a or tne ninrn the Interstate Commerce Commission. Custom House necelpts. Receipts for duties at the Custom Houso yesterday were 3763,148.80, of which 3205,524.94 was for merchandise wltndrawn from bonded warehouses and 3547,623.91 for recent Importations. Exeoutor Trustee Chartered 1822 The Farmers' Loan and Trust Company Nob. 16, 18, 20 & 22 William Street Branch Offlce, 475 Fifth Avenue At Forty-fir- st Street London Administrator Now York Foreign Exchange Member Tederal Reserve Bystem and New York Clearing Homo G. W. DAVISON HEADS THE CENTRAL UNION unrest WnllaCO which money memoer as President and Chairman of. Trust-Company- . The Central Union Trust Company adhered yesterday to Its policy of pro motions within tho ranks by electing George W. Davison, its and for Beven years the late James N. Wallace's right hand man, president and chairman of its directors. At the ago of 47 he becomes chief executlvo of one 6f the' largest Wall street institutions, graduating from legal and reorganiza- tion work to a position of large Im portance In the banking world. Mr. Davison was born in Rockvllle Centre, Long Island, on March 25, 1872, and was graduated from Wesleyan Uni versity in 1S92. He practised law from 1894 to 1912, becoming Assistant District Attorney for Queens county in 1897 and Its District Attorney In 1899. The next year he was a member and secretary of the commltteo to revise the Greater New York charter. The attention of the financial world was attracted to Mr. Davison when he played a prominent part In tho reorgan- ization of the Third Avenue Railway. Mr, Wallace selected htm to assist the late F. W. Whltrldgo as counsel In the resuscitation of that property. So greatly was James N. Wallace Impressed by the way In which Mr. Davison met the problems Involved In reorganizations that he offered him a In the Central Trust Company In 1912. A few weeks after his acceptance of this position tho new chief executive of the Central Union Trust Company found himself in full chnrge of that corpora. lion wnue air. waiiaco was spending a three months vacation In Europe. Mr. Davison played a conspicuous part in tne Government s Liberty Loan cam palgns, although almost no publicity was given to him In that work, as he sought Pago. I Dir. I Bid. I Ail. In 3.1 6914 70141 E' 28 29 16?4 I7H 1 10 12 . . 5H 9614 7 54 56 5 8114 81 7 73 7414 5 464 47 4 914 9 60c 5514 5614 3 60 6014 5 90 9914 6 14 .. 4214 4314 3 41H 41T4 3 3$ 354 .. 32 34 22 23 62 6314 6 30H 31 3 75K 75 .. 1714 174 .. 101 10114 8 61 Clli 5 26 2614 2014 21 1 9614 97 8 114 U4T4 8 8714 8S 5 9514 96 8 20 20 2 734 7.6 4 35 38 2 79 82 52 624 4 102 1024 6 98 934 12 134 1 15 16 . .. 20 25 74 70 6 134 14 .. S 8 .. 144 15 215 217 8 10 10 1 444 45 70 70 C 93 93 6 2314 23 .. 58 SI, 5 73 74 4 108 108 7 109 111 5 44 45 3 9 10 .. 276 277 10 41 41 13 14 7D 79 6 96 97 7 41 41 .. 60 60 5 35 39 1 35 36 123 123 10 67 67 4 67 67 4 49 60 4 136 139 7 62 62 3 198 199 10 8 10 86 86 .. 20 21 54 67 5 73 73 2 100 100 8 119 120 8 113 114 8 72 73 6 102 102 5 112 H3 J. 71 71 6 10 10 .. 63 66 4 8 8 .. 23 24 .. 56 56 .. 11 11H 54 6 4 87 88 7 51 51 4 13 13 .. 19 20 .. 64 65 4 29 30 1 88 92 7 75 75 6 84 86 75 78 6 Odd lots. Silt. 6600 New York Central 6800 New York, N H & Hart. 300 New York, Out & West. 100 Norfolk Southern 2500 Norfolk & Wpstcrn 100 North American Co. . . . 6600 Northern Pacific 300 Nova ScotH S & C 6100 Ohio Cities Gas 7700 Oklahoma Prod & Ref . . 400 Otis Steel 1500 Owens Bottle Co 100 Pacific Gas & Electric. . Petrol A T... T rts. lOOiParrish Bingham . R R .. 400'Penn Seaboard Steel . Gas, Chicago 3300 Pero Mafnuettc 1500 Philadelphia Co .... 26S00I Pierce-Arro- w Motor 2500lPierce Oil Corp 300! 1400 1500 1000; 2400, 900 Va.... 2500Punta Alcgre Sugar .... Steel Spring... Consol 200 200 400 13800 9000 COO !600 100 100 2000 200 100 100 500 Consol 1100 20S00 4900 2100 197001 8100 2500 2400 6700 2700 45100 3200 9450 1100 50 200 100 13500 200 2900 2900 28000 1600 46000 6100 100 600 1000 1400 1000 1400 2800! 100 8900 6000 200 900 4200 100 S & I Pacific Southern IStrombenr Carburetor Steel Texas Pacific A'cnue Tobacco Products Products Union Pacific Pacific Union Pacific United Steel United Fruit Wilson Guardian none. In 1917 lie occupied mo \ position of acting of he Federal Reserve oi having In charge of redeposlt of Government in banks of this district. in addition to being a trustee of Central UnlOn Trust Company Mr. Davi- son a director in American Eagle Fire Insurance Company. Brooklyn Transit and subsidiaries, tne x Trust Company, Piatt Iron Works, Third Avenue Railway Com- pany, Wabash and is also a trustee of Wesleyan Unlveri sity. I0ND0N STOCK Lea Actlre and Tendency In Dnll to Heavy. Special Cable Detpatch to Tnz irom London Timet Btrvlci. Copyright, 1919, oil righti reserved. London, Dec. The stock markets were much less active y and their general dull to heavy. Continental operators were again sellers of foreign to such extent as they yesterday. Gilt edged also were subjected to selling pressure and Argentine and rails were less Arm The South African market's tone and oils, after being rather depressed, mado good recovery In street dealings. The supply of available in Bhort loans market still very abundant, while, with demand weekly fixtures, general rate 4. Old day to day money went on at 4, while money easily obtainable at 2 and balances were freely at 2 to New York fell to a low, closing at 33.94 Tho franc again de- preciated, Paris being quoted at 39 francs 62ii centimes. Marks reacted to a pound. Belgian exchange more favorablo to Belgium. Rates Holland and Switzerland moved against us London Market. London, Dec. Bar silver, an ounce: money. 3 cent.; discount rates, short and three months bills, 694 to 5K cent.; gold premiums at Lis- bon, 140. NEW YORK STOCK EXCHANGE PRICES. Continued from Preceding 600!Pan-Amc- r 24001 Petro! & & 6900iPennsylvanla 1300Peoples 200'Pcro Marquetto prior pf. Pierce Corp Pittsburg Coal of Pittsburg West Pond Creek Coal Pressed Steel Car Pullman oOO'Rallway 2000iRay Copter 7400iRcadlng Reading 2d pf Republic Motor Truck ., Republic Iron & Steel . Royal Dutch N Y..., St Joseph Lead St Louis & San Fran pf. Ravage Arms' Corp Saxon Motor Senboard Air Lino Seaboard Air Line pf... 42100'SlncIaIr Oil 400 500 100 100 300 100 100 200 500 600 100 600 300 400 100 200 Southern Southern Railway Railway pf. Corp Corp Stutz Motor , . . Superior Corp & & pf 3100Wabash organization funds Is MARKET. Trndlnn 2. tendency although securities Brazilian unsatisfactory exchange Money 2. Pan-Am- er & Remington Typewriter Sears-Roebu- gloss-Sheffie- Studcbaker- - Studebaker Tcnn Copper Chem,... Texas Texas Third Tobacco Transcontinental Oil-..- .. Transuo & Williams Steo! Twin City Rapid Transit Union Union pf pf Alloy Rapid United Drutf Co United Drug pf... Co Investment United Stores .... IT S Food Prod Corp... U S Industrial Alcohol. U S Rubber U S Rubber U S Smelttng, RAM.. V S Steel U S Steel Utah Copper Utah Securities Corp.., Vn-Ca- Chemical Wabash pf A. Wells Fargo Kxprcss . Western Maryland .... Western Pacific 'pf..... Western Union Tel .... WestinghouFO K & M.. Wheeling 4 Lake Erie White Motor Willys-Overlan- d Willys-Overlan- d pf & Co Deputy-Govern- nan tho the tho the the the the the He Sbk tht was bonds, not did was not credits the was for the was rew was offered new ft. 172 was for per per Oil pf Pa.... Co Co Co rts Co Co rts Oil Co lBt Un ted Ry Retail 1st pf pf Worthlngton. Pump .... Worthington rump pf u Paris. Open-- 1 HlKti. I Low- - I Clos- ing I nt. 1 eat. ) Ins-- . 69 71 69 69 28 29 28 28 17 17 16 16 U 11 11 U 96 97 95 95 50 56 56 56 51 82 81 81 73 7114 73 74 46 47 46 47 9! 9 9 9 36 36 36 36 55 56 65 56 60 60 60 60 98!l00 98 99 4 4 42 42 42 42 42 42 41H 41 34 35 34 35 35 35 32 32 22 23 22 23 63 63 63 63 30 30 30 30 75 7.7 75 75 17 17 17 17 101 101 101 101 60 61 60 61 26 26 26 26 20 21 20 20 97 98 96 96 114 114 114 114 89 89 87 88 94 95 94 95 19 20 19 20 74 77 74 76 35 35 35 35! 79 79 79 79 63 53 53 53 101 104 101 102 98 99 98 98 13 13 12 12 15 16 15 15 21 21 21 21 75 75 75 75 14 14 13 14 8 S S 8 15 15 16 15 217 217 217 217 10 10 10 10 44 45 44 45 69 70 69 '69 92 94 92 93 22 23 22 23 60 60 59 59 74 75 73 74 107 109 106 108 2 2 2 2 110 , 111 110 110 44t 44 44 44 9 10 9 10 274 278 274 276' 61 61 61 61 40 42 40 40 13 13 13 13 79 81 79 79 97 97 97 97 41 43 40 41 60 60 60 60 37 37 37 37 35 36 35 36 124 125 123 123 68 68 67 67 63 68 68 68 50 60 49 49 . 136 136 136 136 52 52 52 52 200 200 199 200 8 8 8 8 85 88 85 86 20 20 20 20 ! 65 56 55 56 72 73 72 73 98 100 98 100 119 122 119 120 113 114 113 114 72 73 71 72 101 103 101 102 113 113 112 111 70 72 69 71 , 10 10 10 10 63 63 63 63 ,8 8 8 8 23 24 23 23 66 66 56 66 . 11 11 11 11 54 64 54 54 88 88 87 87 51 52 61 51 , 12 13 12 13 r 19 19 19 19 , 65 66 64 64 , 29 30 28 30 , 90 90 88 88 , 75 76 75 75 . 81 87 81 84 , 76 76 71 76 Cksaj. f 14 1 1 2 S 2 1 1 1 2 1 1 1 1 1 \) 1 1 1 1 1 \4 &4 1 2 1 44 ' 2 \u 1 4 1 '?4 1 H 'u 2 iH 4- - 1T4 New Issue Tax Exempt Ohio 37,000 Shares The Hydraulic Steel Company (NO PAR VALUE) Stock Transfer Agents: Registrar: The Guardian Savings &Trust Company, First Trust &Savlnc Company, t,.. Cleveland, Ohio. Cleveland, Ohio. The Chase National Bank of New York. Banker Trust Company, New York, N Y. We tummarizefrom a letter written by James H. Foster, Esq., President of The Hydraulic Presssd Steel Company, as follows: The Hydraulic Steel Company is being organized in Ohio to take over the business and prop- erties of Tho Hydraulic Pressed Steel Company and subsidiaries, with net tangible assets of $12,221,607, or equivalent to $40.77 on tho common stock. The combined business includes three plants in Cleveland and one in Canton, Ohio, which owns 123 acres of land, pf which 60 acres are covered by buildings. The plants, including equipment, but exclusive of land and quick assets, havo been appraised nt $6,702,915 by the American Appraisal Company, based on prices prevailing December 31, 1916. Automobile parts, frames, steel barrels, truck tiro bases, sheets, bar shapes, etc., are among the finished products. The Company produces its own ingot steel. Sales have had a large and steady growth from $93,000 in 1907 to $19,022,000 in the year ended June 30, 1910. Un- filled orders are at present in excess of $7,000,000, tho largest in the history of tho Company. Employees number approximately 3,400. The sale of tho common stock will, together with the proceeds of the $6,000,000 sales of pre- ferred, add more than $1 ,400,000 cash to working capital. There will bo no change in control or management. The net earnings of this new common stock average $6.93 per share for the two years ended June 30, 1919, after depreciation and all taxes, including Federal Income and Excess Profits. The Company includes among its largest customers the Maxwell Motor Com- pany, The Goodyear Tire & Rubber Company, the Ford Motor Company, the B. F. Goodrich Company, the Republic Motor Truck Company, the Chandler Motor Car Company and various subsidiaries of the General Motors Corporation. The principal articles manufactured and marketed by the Company include the following: Heavy steel stampings, automobile frames, steel barrels, corrugated metals, bar shapes, truck tire bases, steel frames for concrete construction, steel tubing, roofing material, galvanized sheets, automobile parts, ingot steel, black sheets and Blue Annealled sheets. An investment 12 years ago of $10,000 in the common stock of The Hydraulic Pressed Stce1 Company, today is equivalent to $172,800 at present market prices, in addition to the cash dividend. I offer this stock when, as and if issued, subject to prior sale, at CHIOAOO $44 per ROLAND T. MEACHAM Member Cleveland Stock Exchange Guardian Building, Cleveland This information and these statistics are not guaranteed, but have been obtained from sources which we believe to be accurate. 7 1111 \il I WHY no investor has ever lost a dollar of principal or interest on any security bought ofS. W. Straus &Co. in Common Reasons for Our Record IS the first of a scries of advertisements which will tell in THIS why the clients of S. VV. Straus & Co., now numbering more than 25,000, have been protected for thirty-seve- n years without the loss of a dollar, or delay in payment of cither principal or interest. Such a record could not be the result of chance. It is the result of the development of a complete system of scientific investment: principles and their application in a definite system of safeguards, known as the Straus Plan. These principles, to be explained further in detail, include the following: 1. Fundamental Security 2 . Priority of Payment 3. Investigation and Selection 4. Mortgaged Earning Power share The \Pay-as-you-g- Principle Amortization Location and Sponsorship Supervision It will be to your advantage to read and preserve this series, which will contain fundamental information of value to every investor. If you wish this information in booklet form, write today for Safety and 6,\ which explains in full the above principles, and how they 'have been applied successfully for the protection of investors. Specify BOOKLET NO. A-3- , DETROIT BUFFALO S.W.STRAUS GO. ESTABLISHED 18 ST. I108TON WASHINGTON without loss to any investor l ; BTJYB $1,000,000,000 UBEKTYS. n3..00 UoT.r.nt en Hedoced Debt. Waikwotom, Dec 2. Mors than t080.O0O,000 worth ot Llbertr bond lxuht W the Treasury and retlrtd dur-J- ot toe lwt eighteen months yUlded the Ckrrernment approximately ,5',0;-U0- 0 profit and reduced tho publlo Beerotary Glass reported to-d- to &Fghs9 were adc to sUbllls. the 5. 6. 7. Demand 8. and & 150 BROADWAY, NEW YORK LOUI3 rillLAIJKLl'HIA MINNKAVOI.tS Thirty-seve- n years market for those securities, par values t,w it.o43.0S0.500. and the coet to the Government J993.36S.526. In addition to 114,204,779 accruea imeresi. First loan purchases totalled 0; second, J874.215.000 ; third, J27,6S5,500, and fourth, IS6S.115.000. OFFER CmES' SERVICE ISSUE. Syndicate to Float lo 10,000 of Denentnm Fonn.iir. Henry I Doherty 4 Co. 1, forming a gyndlcate. .for. the. sale, and distribution ( INCOnPOnATLK r PKANMC!( MII.WAUKEK INDIAN'ArOM of $10,000,000 of Cities Service Com- - pany series D 7 per cent, convertlbl gold debentures, dated December 1, 1911, and maturing on January 1, 1911. The debentures will be offred at pW and accrued Interest, and every I1.0H principal amount will bi convertible at holders' options afttf January 1. 1932, Into iszs par value ot uuies servrca Company preference B or preference nil stock nnd 175 par value of cities Service Company common stock and all accu mulated cash and stock dividends on Hi par value of common stock from De cember 1 ISli1. t time or converyMi 1
