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-- r: tmnnn What will the Gumming Bill do for Railroad Security Holders? The Bank RcservcProblem jj production Incrcas ngr Market Outlook Discussed in this week's issue of THE BACHE REVIEW Tto REVIEW Is luutJ teeekly ani Ceplif may ht hai upon rijwii. J, S. Bache & Co. ESTABLISHED 1&02 jlitnkfJ AVw York Stock Exchange 42 Broadway New York Uranches and Correspondent throughout iho United HUH. S5 READY NOW 1919 High Low Par Dividends Capitalization. Condensed Facts and Analysis on about 400 companies in the 373 pages of the JANUARY ISSUE of the INVESTOR'S POCKET MANUAL Gratli on request for C-- R.HJacMASTERS&CO. iltmberk.ContoUdatci Stock F.zch. X. 7, 69 Wall St. Now York tianovcr tor. ' Orouni floor. Mexico Oil C orporation Bought Sold Quoted Actively traded in on New York Curb John J. MacCrum Unlisted Securities Member N. Y. Curb Market Assn. 25 Broad St. New York Phone Broad' 873- - 25 Bonus of Common with , - BURK PIPE LINES & REFINING CO. 10 Preferred Stock Estimated\ Eatnins 12 Ttmts DleldenJ Requirements. Circular Vn Bequest. WEED, EDWARDS & CO., Inc. 33 Nassau St., N. V. Tel. Rector 1 H47-S-- 0 SANTA CLCLLIA SUGAR John V. Dunne & Co. 44 Broad St. New York 'Irlevhon rmut !1H Graham, Parsons X Co. INVESTMENT SECURITIES 435 Chestnut SL 115 Broadway I hilide'pMa York Rector 0113-- a PATHE TRADE MARK la but one of the Intangible ss.s In creatine earnings for Pathd Frerta Phonograph Co. Others arc described In folder, eent upon request. MO.STtJOMERY CO., II Wall Street, New York. Guaranty Trust Company of New York Capital and Surplus . ., $50,000,000 Resources more than . . $800,000,000 CONSOLIDATED EXCHANGE. Mexican Petroleum was offered down ' o 194, Middle .States 7 to C6. TMiioonUnental 6 to 25, Pan Amerl-;J- n i to 94. Sinclair 2 to 42, Jd Royal Dutch, New York, 254 to sneu and Transport, after enteri- ng new high ground at 89 M, moved 5n to 87. Republic Steel yielded 4 ' M, Bethlehem Steel B 3 to 93, Jckawanna 3 to 8S, United States teel i to 104, Baldwin Locomotive to 110, and American Locomotive JJi to 97. .Studebaker receded 4 to l'lerce Arrow 4 to 70. \White vS. to 59, Saxon 3 to 18. Interna-na- l Corporation 6 to 107, Marino to 4.3 marine preierreu to 10$ y, and Ship and Commerce ' to 21. . United States Alcohol fell back 41 to United States Rubber 3 to Paper 4\!i to 77. Can 2 to '14, Cuba Cane Sugar 1S to 60. Wor-'Mnrt- to 91, Strtwnbuix 8 Vi to ''. and American Woolen1 4 to 149. MUud, copaari &YNm4' 19 10 1 Wrcen6 RAISING OF REDISCOUNT RATES Federal Ilc'scrva Hunk Sends Recommendations to Ec- - j servo Hoard. i HIGH FIGURES FAVOBED Estimates in Financial Circled Tlaco New Levels at 5 1-- Jb to 5 1-- 2 Per Cent. The Federal Reserve Hank hf Nw York has recommended to the Federal Reserve Hoard In Washington that the general ticalo of rediscount rates bo raised to unexpectedly hlh figures, It was reported on excellent nuthorlty yes- terday, despite- - the adherence- - ot Dank oiHclals to the policy of withholding the news until approval bo received from Washington. The rate I Stnerally expected In financial circles (yesterday was SVi per cent, but In the group of prime dealers In acceptances H I wus stated that the new level Is to be per cent. Tho definite rates will not bo learned, If tho customary practice ba followed, until late 4hls afternoon, but the largest slnglo Jump In rediscount rates since tho formation of the Federal Reserve system Is anticipated. The directors of tho Federal Reserve Bank of New York mot at noon yester- day, but they maintained a policy of secrecy regarding any action that they E had taken. In one way or another, how EE ever, the leaders In the acceptance mar- ket learned that the action was drastic nnd they said that they had first hand 5 Information that the new rates would 5 command a level of SVs per cent If a rate of 5',J per cent, be established, it E was said,, tho lower rato would bo the lt of tho Federal Reserve Board's ac- tion at Its meeting Whether or not the stock market has discounted drastic action regarding re- discount rates by the declines registered yesterday it was apparent that the scarcity of money was greater than nt E any tlmo In tho last three or more years. The scarcity was reflected only in part by the rise In call money to 15 pet cent, but the banks maintained through- out 1 170 the day a chill policy regarding new loans. There was no tlmo money to be had. Tho United States Government, which withdrew $12,000,000 of deposits from the clearing house banks on Tues- day, will withdraw y moro than twlco that sum, or nearly $90,000,000. In fact bankers seo no nearby end to the money stringency, nlthough a fluctu- ating PH. Ask. rata Is to be anticipated. 50 50 The trend toward higher rediscount 109 113 rates was reflected In tho market for 36 37 . aooeptances, in which prime bank ac- ceptances G5H 66 for thirty day delivery com 87 88 manded yesterday iabout 5 'is per cent. 119 119 i discount It was also reflected In the 76 78 rlso In interest rates to customers of 101 103 banks, whether individual or corpora- tion, 10 10 on loans on Liberty bonds. Tho 80 81 new rates put Into effect by banks 16 16 i range from 5'4 per cent, to 6 per cent. I 40 46 I against a general level of 5 per cent. ! 167 109 since tho first week of (November and, 68 W 68 tho coupon rate on the Liberty bond 44 47 i from the time of subscription to tho 2o 23 first advance In loaning rates. The re-- I .17 suit of that increase has been a wide 96& 97', j selling movement In Liberty bonds of 78 80 all classes except the tax exempts and 71 72 a Berlous discussion by directors of 46 46 ' man corporations as to the advisability 0',4 9U of declaring dividends payable 'in Lib- erty 9 9 bonds. 131 133 In the pursuance of the policy of 37 37 bringing about more or less deflation In 60 I order to make more liquid tho credit 57 60 ' facilities of the Federal Reserve sys- -, 37 38 tcm. It Is anticipated In well Informed 94 94 quarters that the Increases In rediscount 93 94 rates will go on until real liquidation Is 175 100 obtained, whether In stocks, Liberty 43 43 I bonds, oil lands, farm lands, commodi- ties Ufa 42 or what not It has been decided. It 31 32 appears, that there has heen sufficient 36 37 opportunity for the subscribers to Lib 28 28 erty issues to pay In full and tnose who 39 40 have not done so, partly because the 71 71 cheapest way to get credit was to bor- row 106 107 with Liberty bonds as security, now 20 20 tlnd that they have to pay an Increasing 94 94 Interest penalty for their Inaction. 61 62 In the acceptance market tho chance 27 28, In rediscount rates to a higher level Is 24 25 regarded as sound finance. It was said 97 98 that the rediscount rate ought to go J01 102 above the general market rate, Just as It 113 114 does In England. As It has been, the S9 90 Federal Reserve Bank might purchase 9.6 97 bills at a more favorable rate than that 21 at which It was compelled to rediscount. 75 75 The more normal position is to have 33 34 tho condition reversed, bo that there will So 87 be a stimulus to the promotion of an 47 49 open discount market. 110 111 On the ground that tho rlso in redis- count rates Is sound finance, certain 106 106 financial authorities assert that the mar- kets, after the first effects of the rise In 16 16 16 16 the cost of credit, a rise that Is going 23 26 on all over the world, will be In a state 72 73 In which constructive developments can 19 19 be anticipated. 7 7 224 28 FINANCIAL NOTES. 12 12 S7 87 Columbia Trust Company haa been ap- pointed 42 43 cotranaler agent of Associated 74 74 Welding Companies. Inc., capital stock. Allan T. Towl has been elected vice- - 99 99 president and director ot the Eureka Pipe) 21 21 Lino Company, to succeed W. 'J. Alexander,! 55 53 retired. ' 71 74 Lawyers Title and Truat Company has been appointed registrar and transfer agent 102 102 of the Lyone Petroleum Company. 100 101 Frank I. Tomllns, formerly of Uallgarten 117 120 t Co., la l!h Hemphill, Noyea A Co. 49 At the annual meeting of tho stock- holders of the National- - Surety Company 11 11 held yesterday Its directors wren reelected 1!S 198 r.nd at Its directors' meeting all Its officers were reelected. Upton Sllnglurf and Hus-Fe- ll A. Alglre were appointed 8. H. Fanning an a'slstant secre- tary 37 38 and 1'. A. Pockefellcr a member of Its finance committee. Acctrdlnc to tin of- ficial 31G 500 announcement, Income trom Its op- erations 13 13 during the last year was the largest In Its history, its Income from securities alone Is more than sufficient to 88 DO as Wf va pay 12 per cent, on Its 15,000,000 capital. 101 102 Graves, Blanchct 4 Thornburgh of 25 25 Toldo are offering 187,000 of City ot Alex andria. La., S per cent, public Improve 61 62 ment bonds, maturing senai.y on Septem- ber 30 31 1. 1022, to September 1, 104!). 190 December sales of a. It. Kress & Co. 35 35 were It.wJ.Vio, an increase or jo.ii.i i from tnose ot uccemoer, ivis. ineir 121 121 twelve months sales amounted to I2.V.M4,- - 67 67 S3L, an Increase of i,llu,:J3 compared 50 51 with those of 1018. II. M. Bucklln and W. A. Rush have 141 144 been appointed assistant cashiers ot the 193 194 Dank ot Manhattan Company nnd P. A. 11 12 Itowley and V, W. Smith 25 26 and U. f. Downing, E. H, MacDonald and 0. G. Alexander assistant cashiers of that 90 91 Institution. 20 21 J. W. Ollllland, president of the Gllll-lan- d 30 31 Oil Company, announces that that 71 71 company has brought In another well In the Homer' field. Louslana.i gauging nt 104 105 50.000 barrels a day or better. It Is known 54 55 as the Shaw No. 8 and Is the southwest 126 127 quarter of section 7W. 116 117 Charles A. Day & Co. liavo moved to 44 Broad street. 71 72 At the annual meeting of stockholders ot 46 47 the Famous riayera-Lask- y Corporation the 104 103 following directors were elrcted for terms of four years: Adolph Zukor, Jesse L. 113 113 1. afky. William H. English. Maurice 74 75 Worthelm and Felix Kahn. It was 10 10 at the meeting that a financial 52 63 statement Is being prepared and will shortly be mailed to stockholders 66 67 National City Company, the Uuaranty li: 112 Trust Company and Harris, Forbes St Co. 79 83 are offering, to yield about A per cent., 7 S 14.340,000 of Miami Conservancy District, Ohio, SH per cent, bonds. Their maturi- ties 22 22 range between December 1, 11)28, and 87 SS December 1, 1040, and their pilcea from 115 117 103.S48 and 107,348. They are exem'-fro- 62 52 Federal Income taxes and are a lei Investment for savings banks and tru; 11 12 companies, commercial banks nnd building 59 59 and loan associations In Ohio. 29 30 Central Union Trust Company haa been appointed registrar ot the Atlantic Fruit 90 92 Comnany'a capital stock. 75 76 Edward K- - Burnett. Jr., Of the firm ot 28 32 Owathmey Co. a been elected a fl. 125 127 rector of the Continental Hank. Wockholders of tha Nr Tank Trust 00 Company yter4y r selected itfuruatee. 92 S3 Established 181ft Philadelphia NEW YORK THE SUN, THURSDAY, JANUARY 15, 1920. llr BROWN BROTHERS & CO. For the Winter Tourist Travelers Letters, of Credit Information of value' to the traveler is con- tained in our new booklet. . This explains how such letters may be obtained, their uses and advantages. Credits issued in dollars and in sterling. \ Copy on reauesl. BROWN, SHIPLEY & COMPANY Established 1810 Founders Court, Lothbury Office for Traveler LONDON, K. O. 123 Pall Mall, LONDON, 8. W. IllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllltUIII FOREIGN EXCHANGE CHEJCKS and CABLE TRANSFERS to all parts of EUROPE 5 German City Bonds, Bank Stocks and Industrial Bonds and Stocks Wc offer facilities to secure Mark Exchange at the price of the day of purchase for use at any time in the future, allowing interest in (he meantime. jjj immemann & gTorshay 1 Members New York Stock Exchange Established 1872 \f Broadway . NEW YORK 170 Broadway niiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii: NEW YORK STOCK EXCHANGE Continued from Preceding Page. DIM HlRh. lln l Sales. est. 41 40tf Mulllns Body 46 5(1 7 100 Nash, Chat & St. Louis.. 1U 111 111 DOOi.Vatlonnl Acme Co 36 36 800 Nat Anlllno & Chem.... 66 66 100 Nat Aniline & Chcm pt . SS 88 100 National Biscuit Co 119 119 119 100 National Cloak & Suit.. 76 76 100 Nat Cloak & Suit pf.... 101 101 101 100 Nat Conduit & Cable... 10 10 600 National Lead Co 80 80 200 Nevada Con Copper.... 16 16 , 100Nev Orleans, Tex & Mex 40 40 300 New York Air Brake. 109 109 109 1300 New York Central.... 69 69 100 Now York Dock 44 44 2600 New York. N II & H. 26 26 25 100 New York, Ont & West.. 16 16 16 400 Norfolk & Western 97 97 96 1700 Northern Pacific 79 79V 78 400 Nova Scotia S & C. . . . 71 72 71 4 6900 Ohio Cities Gas 47 47 46 50c 2700 Oklahoma Prod & Kef . 9 9 500 Ontario Silver Mining. 9 9 100 Otis Elevator 131 131 131 2400 Otis Steel 38 38 36 500 Owens Bottle Co 59 59 100 Pacific Gas & Electric. 58 58 53 00 Pacific Mail 38 3S 37 20600 Pan-A- Petrol & T 9S 98 94 2300 Pan-A- m Petrol & T B... 96 I 96 93 85 Pan-A- m Petrol & T iif... 164 164 164 3 300 Pnrrlsh & Blnshnm 43 43 43 3 2200 Pennsylvania It R 42 42 42 . 400 Penn Seaboard Steel 32 32 31 100 Peoples Gas, Chicago.... 38 38 38 3200 Pere Mirqucttc . 28 2S 28 3300 Philadelphia Co 41 41 39 22900 Pierce-Arro- Motor 75 75 70 100 Pierce-Arro- w Motor pf . . 106 106 106 3900 Pierce Oil Com 21 21 19 8 700 Plerco Oil Corp pf 95 93 94 6 SOO Plttsburcr Coal of Pd 61 61 61 1800 Plttsburcr & West Va.... 28 28 27 1 100 Pond Creek Coal 25 25 25 8 1700 Pressed Steel Car 98 9S 96 7 200 Pressed Steel Car nf 102102 102 1100 Pullman Co 115 115 5 3500lPunta Alegrc Sugar 91 91 ss 8 1300lRnllwny Steel Snrltifr.... 97 97 96 600 Ray Consol Cop 21 21 21 2700 Reading 75 73 200 Reading 1st pf 34 34 33 600 Remington Typewriter... SS 88 86 300 Replogle Steel 47 47 46 41600 Republic Iron & Steel.... 114 114 110 9150 Republic Iron & Steel rts VA 1 8.70 31400 Royal Dutch Co 108 103 105 1 800 St Joseph Lead 16 16 16 300 St Louis & San Fran.... 16 16 16 200 St Louis & San Fran pf.. 23 23 23 100 Savage Arms Corp 72 72 72 6400 Saxon Motor 20 20 18 100 Seaboard Air Lino 7 7 7 400 Sears-Roebu- Co 230 220 228 100 Shattuck Ariz Cop 12 ' 12 12 19900 Shell Trans & Trading... 89 89 87 48300 Sinclair Consol Oil 44 44; 42 6 20CO Sloss-Shcffie- ld S & I 75 75 73 6 130C0ISouthern Pacific, 100 100 99 1200 Southern Railway 1 21 21 200 Southern Railway pf...,. 5 55 55 1900 Stromberg Carburetor ... 7 77 74 43800 Studebaker Corp 105 105 100 Studebaker Corp pf s7f, 100 100 100 800iSttllz Motor 123 123 us 300 Superior Steel Corp 47 48 47 700 Tenn Copper & Chcm. . . . 11 11 11 10 16000 Texas Cn 207 207 196 300 Texas Co 1st paid 193 193 138 850 Texas Co 30 p c paid 189 190 188 60C0 Texas & Pacific 39 39 37 200 Texas Co f paid 189 189 13S 1C0 Texas Pacific Land Trust 325 325 325 100 Third Avenue 13 13 13 4C0 TIdo Water Oil rts 23 23 2000 Tobacco Products SS 89 88 300 Tobacco Products pf 102 102 101 98600 Transcontinental Oil .... 31 31 .0 500 Transuo & Williams Steel 62 62 01 100 Twin City Rapid Transit. 31 31 31 800 Underwood Typewriter 185 185 183 4200 Union Oil 35 35 35 2500 Union Pacific 122 122 121 SOO Union Pacific pf 67 67 67 1500 United Alloy Steel 50 50 50 300 United Drug Co 145 148 145 200 United Fruit Co 194 194 193 100 United Ry Investment 11 11 11 200 United Ry Investment pf 25 23 25 18600; united Jiet.iu stores 92 92 90 1500 U S Cast Iron PIpo&Kdy 21 .21 21 200, U S Express 31 31 30 6000 U S Food Prod Corp 71 73 71 154001 U S Industrial Alcohol'... 109 109 101 72001 U S Realty & Imp 55 56 51 26300 U S Rubber 130 130 126 100 U S Rubber 1st pf. 116 116 116 1000 t; S Smelting, It & M ... 72 72 71 200 U S Smelting, It & M pf. 40 n 4B!s 46 103000 V S Steel 106 106 104 4C0, U J Steel pf 115 115 115 2200 Utah Copper 76 76 74 400 Utah Securities Corp...... ,10 10 10 2300 Vanadium Corp 63 53 52 400 Chem 67 67 66 200 Chem pf..... 110 110 110 100 Va Iron, Coal & Coke.... 82 82 82 1800 Wabash S S 7 1600, Wabash pf A....' 23 23 22 100 Western Union Tel 87 S7 87 100, Wcstinghouse Air Brake, 116 116 116 13C0 Wcstlnghouso E & M.... 53 53 62 800, Wheeling & Lako Erlo... 12 12 11 6000 White Motor 61 61 69 7300 Willys-Overlan- d 30 30 29 100 Willys-Overlan- d pf 90 90 90 1400 Wilson & Co 76 76 75 100 Wisconsin Central 28 28 23 200 Woolworth, PW, 127 127 125 6700 Worthington Pump ..... 93 92 90 100 Worthlngton Pump pf A. 93 93 93 Doston PRICES. Low. Clos- ing. Vet est. Cbinge, 46 50 \ T 111 - 36 36 - 65 65 - 88 88 119 76 76 101 10 10 80 SO l 16 16 40 40 5 109 1 68 68 1 44 44 1 25 16 96 79 ? 71 -- 2\ 46 1 9 9 1! 9 9 131 1 37 1 58 58 37 94 3 93 4 164 43 4 31 38 28 39 - 1 71 - 3 106 20 - 1 94 - 1 61 - 27 - 25 - 97 - 2 102 113 - 1 S9 - 2 96 - 1 21 75 33 - 2 86 -- 2 46 - 1 110 - 4 1 - 106 - 1 ASSETS Cash PS97.363.98 Mortgage Investments 50,399.00 Company Building . . . 72,000.00 Other Real Estate. . . . 80,600.00 Title Plant 100,000.00 Accounts Receivable. Interest Receivable, Due and Accrued.. 16 Liberty Bonds.. 16 23 1 72 19 1 7 \ . . 228 7 12 87' 'i 42 1 74 l 99 l 21 55 74 3 102 4 100 119 3' 48 1 11 196 9 GEORGE A. FLEURY C CLOYD . CHARLES E. COVERT . GEORGE W. CUMMINGS, CHARLES J. LOCKITT JAMES G. DEBEVOISE . CHARLES H. CHARLES V. RAPELJE . JOHN BROWNE . JAMES J. . CIIAltLKS A. 189 CIIAItLLS A. BOODY 188 DAVID A. BOODY 37 1 Gi:oncG v. unowEK 18S TAUI. C. CLOID 325 ioo II. COOMnS CHARLES K. 13 VWI.I.IAM C. COURTNEY 23 V. CRANEOIUI 88 -- 1 si CiEORGi: A. FLEURY 101 1 si 25 6 61 lr 31 o 185 5 35 121 67 50 148 5 Five 193 3 11 25 t 90 -- 2 21 30 71 2 on the 104 5 64 U 126 3 rrrnmmpnrl is selection for conservative We should upon request. A. B. Chicago Philadelphia Minneapoui Baltimore Messrs. J. P. Morgan & Co. and Guaranty Trust Company of New York, fiscal agents the United States for the Belgian Government, conjunction with the Firsts National Bank of N. T., National City Co., Bankers Trust Co., Central Union Trust Co., Chase National Bank, National Bank of Commerce, Liberty National Bank,' Harris, Forbes Co., William A. Read & Co., Kidder, Peabody Co., Lee, Higginson Co., all of New York, and Central Trust Co, of Illinois, Continental Commercial Trust Savings Bank, First Trust Sav- ings Bank, Illinois Trust Savings Bank Halsey, SXart Co. of Chicago, offer for subscription $25,000,000 BELGIAN GOVERNMENT EXTERNAL GOLD LOAN One-ye- ar 6 Notes at. 99 and .interest to yield slightly over7 Five-yea- r 6 Notes 95 an'd interest to yield slightly over 7fo HESE Notes constitute an un- conditional obligation of the Belgian Government repayable in New York City dollars. In addition an income- - yield of over 7$, the Belgian Government has made provision whereby substantial profit may accrue to the Noteholders upon rise the value of the Belgian franc. Under normal pre-w- ar condi- tions the Belgian franc was guotcd at aboutfrancs5.i8tothcdollar(viz.,iQ.3 cents per franc). Today it quoted about francs to the dollar (viz., 9.09 per franc). The Belgian Government has agreed that wnen sales of Belgian exchange be made any price more fav orablc to the Note- holder than francs to the dollar, any Noteholder may, at any time be- fore maturity, surrender his Notes and receive payment of the principal (i. e., par) together with accrued interest and also 50 of such increased value of the. Belgian franc. The precise method of realizing this possible exchange profit set forth more fully in the prospectus describing the issue. Without attempting to pre- dict the future course the market Belgian exchange, is logical to expect that the restoration of industry Belgium and the increase its ex- ports will tend to improve its trade LIABILITIES Capital Stock 5625,000.00 Surplus and Undivided 314,472.87 Expenses Accrued 9,473.62 Commissions Pavable 4,926.90 Agency Accounts 307,553.77 Special Reserve. ..... 7,375.20 Reserve Taxes. 27,215.17 Interest Payable Ac- crued 169,934.27 Interest Collections Clients 8,070.97 fl,474,032.7i OFFICERS: President Vice-PresiH- Vice-Presid- JR. Secretary Treasurer Assistant Secretary Assistant Secretary Assistant Secretary Assistant Secretary Assistant Treasurer DIRECTORS: C.EORGE GILLESPIE WILLIAM GREKNMAN JOHN HEGEMAN HUGO 1IIUMI HAltMANl'S HUBBARD WALTER HU.MSTONE I.OO.M1K HENRY LOTT CHARLES M.EItGAAIII) IIEMSE. HUSHMOKE rnmriinafinn flMirnhlp United States Title Guaranty Company GENERAL OFFICES: 32-3- 4 Court Street, Brooklyn, N. Y. BRANCH OFFICE: Fulton Street, Jamaica, N. Y. STATEMENT AS OF DECEMBER 31, 1919. U.S. 56,874.52 194,245.27 22,550.00 51,474,032.77 PAUL PUCKHABER MULHEARN ANGEI.L SAMUEL COVEItT WALTER Diversified The and cents qfA Profits 346 ii -- i Investment embracing Issues of Bonds Yielding Over 6.20 purchase price l'sr Value Nsron Isauo Maturity Amount Coupon $1,000 Republic Motor Truck Co 1923 100 1000 70 1,000 Central of Georjia Rr 1929 93'2 935 60 1,000 City of Lyons, France 1934 92 60 1,000 Madhon County, N.C 1949 1000 50 1,000 Weit Ptnn Power Co 1924 96 960 60 $5,000 $4,820 $300 110 71 46 104 -- 1 115 75 1 10 63 66 110 S2 i be 7 22 -- 1 87 l 116 l 52 11 69 -- 1 i 30 90 62 75 28 125 n ,30 3 3 in in & & & & & & & & at 1 in to a a in is at 11 can at 11 , is e in it in in for ... for . . . . 1. Ft. C. 11. C. GUY I. V. trip armvr a n of frlca 7 6 6 925 5 100 6 1 investment. pleased to furnish descriptive circulars Leach & Co., Inc. Investment Securities Cedar St., Now York Boston Buffalo Pittsburgh Cleveland balance and therefore its exchange position. It may be pointed out that any improvement permitting the sale of exchange at a price more favorable than eleven francs to the dollar (i. e., 9.09 cents per franc) would realize a value of more than par for the dollar Notes, and that the return of such ex- change, to normal parity (viz., 5. 1 S francs to the dollar), would give each $i;ooo Note a realizable value of $1,561.50. THE following table shows the amounts which a Noteholder would receive for each $1,000 Note based on sales of Belgian exchange at rates varying from the present level to the Eanty of exchange. This table is on the customary method of quoting Belgian exchange in \francs per dollar.\ 11. fc$. - - $1,000.00 10.50 \ - - 1,023.81 10. \ - - 1,050.00 9.50 \ - - 1,078.95 9. \ - 1,111.11 8.50 \ - 1,147 06 8. \ - 1,187.50 7.50 \ - 1,233.33 7. \ - - 1,285.71 6.50 \ - 1,346.16 6. \ - 1,416.66 5.50 \ - 1,500.00 5.18Vi\ (parity)- - 1,561.50 Fir fullJit ails regarding this issue reference is made It a tireular describing the issue mere cemplttelj. January 10, igso AKRON TIRE Market Opening Postponed Circular on Request 5. S. RUSKAY & CO. Established 1877 Members Consolidated Stock Exchange of N. Y, 20 Broad St. New York City Phone Rector 2471-2-3- AKRON TIRE Trading Commences on New York Curb To-da- y, January 15th Circular on request PERRY BROTHERS ' Specialists Members New York Curb Market Association 39 Broad St. New York Phone Broad 876 i \ il h Annual Statistical Number \THE OIL INDUSTRY\ CONTAINS REVIEW OF 1010 OUTLOOK TOR 1020 1UPE LINE STATISTICS ItEVIEM OF FIELD WORK and other Information of Interest In connection with oil securities SEND FOn PAMPHLET 0.3. FARSON, SON & CO., Members New York Slock Exchange. 115 BROADWAY. NEW YORK. American-L- a France Fire Engine Co., Inc. Common Stock (8 dividend) of $10 par value Now Listed on New York Stock Exchange DESCRIPTIVE CIRCULAR ON REQUEST SWARTWOUT & APPENZELLAR Memhers Neu Yot Sloc, Excfianfc 141 Broadway A- -