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Melville Shoe Corporation 7 Cumulative Preferred Stock Price 97 - - Yielding 7.18 1. Buainesa conducted success fully for past 25 years. 2. Net quick assets $108. per share. Net tangible assets $182. per share. 3. Dividends earned during last 3 years, 14 times Preferred requirements after all taxes. Stores comprise the famous \John Ward\ and \Rival\ shoe stores, handling a larger volume of business, per store, than any other chain, of shoe stores in the world. It is the opinion of the most eminent financial men of the country that the greatest developments in the business world in the next few years will be along the line of Chain Stores. Descriptive circular upon rrqvett HUGH J. DIMOND & CO. Mcmlers New York and Boston Slock Exchange 84 State Street Boston, Mass. Raritan Refining Corporation 7 and Participating 10-ye- ar Gold Bonds Security Secured by first mortgage on refining plant of 1,800,000 barrels capacity. Estimated Annual Earnings About 90 on par value of outstanding bonds. On December 12, 1919, a contract for surplus fuel oil was concluded with the Standard Oil Company of New Jersey, netting the Company a profit of $160,000 for the first six months. Yield at present price, with participating divi- dends, equal to 20 of net earnings. We offer the unsold balance of this issue at 97 y2 and interest. HELLWIG & REUTTER Members New York Stock Exchange 25 Broad Street; New York DEVELOPMENT COMPANY RAILWAY of 38 miles to mine in daily operation; controlled by Co. SHIPPING regularly high-grad- e ore to smelter, netting over $1000 a day HIGH GRADE ORE over $50 a ton in Silver, Copper, Lead and Gold SILVER values are running 60 of ore, although a Copper property PROPERTY is 60 miles from Butte; ore similar to Butte ore OVER $2,500,000 already spent in development work RISK minimized as two miles of tunnel cut ore bodies at 1000-f- t. level MILL under construction to treat lower grade ores averaging $20 a ton NET EARNINGS should increase to rate of 75c a share this year IN FEW YEARS net earnings should be over $4 per share APPLICATION to list on Boston Stock Exchange will soon be made MANAGEMENT of National reputation PRESIDENT W. R. Allen, former Lieut, and Acting Gov. of Montana VICE-PRE- S. W. C. Siderfin, manager of large mining interests in Mont. GEN. MANAGER J. D. Pope, former manager of North Butte Min. Co. ADVISE INVESTMENT in $100, $500 or $1000 Guaranteed Bonds of the Boston-Monta- Milling & Power Co. (with bonus of Preferred Stock) to net 10 income, and convertible into Boston & Montana De- velopment Co. stock which should sell much higher. StnJ for our JcscrlpUct circular. ' R. M. & C. R. CURRIER 05 Milk St., Boston, Mass. Specialists In N. E. Securities Information from relUble sources, not guaranteed, but believed to be accurate. Jpt Accountant 3 Auditors \'Q tOO FIFTH AVENUE. N. T. ff TELEPHONE GRAMEB.CY K04-K0- 7 EDWARD M. HYANS. C. P. A. I HENRY E. HAFER. President. Treasurer. BENEDICT S. MICH. . \ oON, C P. A- - Secretary. Seventeen years continuous practice in Accountancy has earned for us an enviable reputation which is worthy of serious consideration. Our Monthly Audit and \up to the minute\ Tax service should be of interest to you. Inquiries relative to Closing of Books Tax Statements or In- dustrial Requirements will receive immediate attention. Bainbridge & Ryan INVESTMENT SECURITIES 10 WALL STREET, NEW YORK LAWRENCE M. DAINDFIIDQE AND RALPH T. RYAN ANNOUNCE THEIR ASSOCIATION IN PARTNERSHIP AND WILL CONDUCT A GENERAL BUSINESS IN HIQH ORADE INVESTMENT SECURITIES. TELEPHONE RECTOR 7021-- 2 JANUARY, 1920 WARBURG TO FORM Hoportcd Organizing Company of Thirty to Fifty Millions Capital. ' THURSDAY, roS COTTON MARKET UNSETTLED STATE OTHER PROJECTS exchange over and duo, not LIVERPOOL CABLES WEAK so mucn io mo insiauimy aoroau as to tlio almost fovorlsh doslro of the banks, havo been financing to On Dollar bring their down as ono OffoT Opportunities for Largo Profits. Coincident with the drop In sterling and other exchanges to now low records as expressed In terms of the dollar, the report was current In banking circles that Paul Warburg, formerly of Kuhn. Loeb & Co.. was cngagod In form Ing an Investment trust, said to bo cap- italized at JSO.000,000 to 150,000,000. Confirmation of tho report, wnicn was said to be well authenticated, wao not avallablo yesterday, but It was evident that plans wcro being made on a large scale to take advantage of tho oppor- tunity created by the premiums placed on tho dollar for investment In countries exchanges of which have In value. It was recalled that Mr. Warburg only recently from a European trip In which he made a thorough can- vass of the financial situation. It was reported also that Bernhard Scholia & Co. wcro working on plans to form an Investment trust capitalized at to $15,000,000, but at tlio offices of that firm It was stated that tlio plans were In such an Initial stage that no announcement could be made. Tho For- eign Flnanco Corporation, recently or- ganized by J, P, Morgan & Co. with Arthur M. Anderson as president and with tho stock closely held, Is busy with tho of many projects for the use of American capital abroad. The chief Impetus for the speed In formation of Investment trusts Is tho belief that tho exchange situation Is reaching a point at which It la ripe for American Investment In foreign projects. Tho small Individual Investor would take a good deal of risk Jn putting capital Into a foreign enterprise, but the Invest ment trust by. Investing only a portion, l say 10 per cent ofltB funds. In any coun- try would diversify Its loaning and In- vestment projects In such a way that no great loss would result In any case ana that large profits would bo obtained during a period of years because of the return of exchange to a moro normal position. Tho Idea of Investment trusts origi- nated In England with tho Scottish In vestment trusts, which were ' successful, Severn! hundred such Instruments were organized, but tho by-la- required no more per Cahles-l- tlo unchanged at 15J57S De in !ur unclunjM at 17 t amJ An activity was at In 1901, after the Boer war, when con- - sols sold up to tho 130s corporations were able to raise money In Ens'and at around 4 per cent through sales of debentures. A portion those funds they loaned In the United States ior new railroad construction ot per cent. or more, and advantage was taken then of tho premium enjoyed by the pound sterling as expressed In tho moneys of either countries. Following tho severe declines In ex- change the shoe Is now on the other foot, and the position tho dollar the export of American capital to other countries. With ster'lng at a dis- count of 25 per cent, from the normal parity nnd with the mark selling at less than 7 cents a dollar contrasted to parity, It Is possible to acquire Internal securities or even property of a Euro- pean country through an Investment trust In a wi.y that would prove profit- able to capitalists seek long term Investments. prospect affords no large Immediate profit but speculatively taken over a' period of years promoters of Investment trusts look for large profits. Wisconsin-Minneso- ta Light. Paine, Webber & Co. have from the Wisconsin-Minnesot- a Light and Power Company $600,000 of one year 7 per cent notes, put out to take care of $1,000,000 of notes maturing on Febru- ary 2, the balance of $400,000 to be paid for out the company's treasury. Dur- ing the twelve months the net earn- ings of tho company have increased than $200,000. The notes havo sold. FINANCIAL NOTES. Gordon Dexter haj tten an East Fisheries Products Company director. K. E. Ellis has been appointed manager of the New York of flee ot the Asia Bank-in- s; Corporation. United Mortgage an! Trust Company has been appointed registrar of Indiana-Illino- is Coal Corporation capital stock. December production or copper at the Calumet and llccla Mining Company was nil CT ..n of has rtew xorK uoneo ana sugar Hxcnange membership to B. B. Peabody for 17,500, an advanoe. of 1160 the last previ- ous sale of such a \membership. Members of the New Tork Cotton Ex- change meet on February 3 to con- sider proposed changes of Its unanimously approved by Its managers and providing for revisions of Its commis- sion rules. Guaranty Trust Company on Fabruary 3 will forward to all holders of Phillips Petroleum Company's stock of 'ecord on that a share of Its additional stock for a held In accordance with ac- tion at Its stockholders' meeting of January 14. meeting of the trustees of the New York Trust Company held yesterday Its present officers were reelectod and Mrs. Cammack and Russell V. Wors- ted were appointed Its assistant secre- taries. At the annual meeting of ths stock- holders of the Metropolitan Trust Com- pany yesterday Its retiring directors were reelected except Horace WhI'e. Har- old B. Thome, of the com- pany, elected in his place. At a sub- sequent meeting of Its directors Its officers were reelected, Mr. Thorne becoming; Its first and of Its executive committee. General Asphalt Company has received from Its Trinidad a delayed cable stating that a new well, known as No. 3 In Lot 4 of the Forrest Reserve, was brought In with an estimated flow of 30,000 Advance Candy Manufacturing Company Is offering 600,000 shares of Its S cent, cumulative preferred stock at par 1100 and 10,000 shares oi Its common stock at no pr value. John A. Forster and Frederick T. Fisher were elected yesterday directors of Fidelity Trust Company and Andrew H. Mars was appointed Arthur W. Mellen Its and secretary and K. Tlldsn Mattox 1U Arthur U McKenna was added as an as- sistant secretary of the company. Frederick L Heyssr and Harold W, Stern have become associated Wood's Dry Goods Commercial Agency. Kissel. Klnnlcutt & Co. nnd Cassatt A Co. announce that 160,000 shares of Lin- coln Motor Company stock offered them have been sold and the subscription books clossd. Applications have been rreatly In .TRMi nf the imnnnt .f Afr.v.J yesterday announced the appointment of f rame n. iionn as us assistant secretary. Mr. was formarly connected with the Guaranty Trust Company's foreign de- partment. Cables advice from Lonaon to Frederick C. Harding, Now Tork agent for the Anglo-Sout- h American Bank, Ltd., an- nounces opening of a branch of that bank at Bradford, Yorkahlre, England. A. L. Chambers C\. announce that Robert C. Taylor, formerly of Halsey, Stuart A Is with their firm. L. Byrne. West Point graduate and civil engineer, formerly Major of the nrsi new Aruiisry. u. h. resigned io Dccoms associaiea witn A rence. THE SUN, JANUARY 22, 1920. IN British, French, Belgian, Gcr-- man and Italian Fore If n exchange; rates melted away rapidly yoaterday under a further shower of bills thrown on ths market and In tlio caso of tlio British pound sterling, tho French the Belgian francs, tho Oormsn mark and tho Italian lire, records established. Thoso records aro tho lowest at which SIMILAR ha. sold, are .'which exports Premiums AbrOaU Indebtedness M. depreciated examination remarkably purchased from the was the .ImI. the has Drop, step In deflation demandod by tho Fed eral Reserve 'Board, Bankers who have made a keen study of tho International situation express tho opinion that tho lowest price for marks has yot beon touched and that must continue to decllno until tho pressuro of what amounts to forced sales bo removed from tho market. Al- though the Scandinavian and tho Foi'th American countries have not been affected so seriously, tholr rates have undergone a severe shaking out and, In sympathy with the lower general market for for- eign exchange, were quoted lower yes- terday. Demand sterling dropped to tho new low $3.60, against Its previous low of $3.65 V4. Francs struck a new low at 12.04 against their previous low of 11.83. Marks declined to 1.61 as contrasted with their former low of 1.59. Belgian ltro wcro quoted at the low of 14.10 against their previous loW of 13.87 Belgian francs were offered at 12.07 against their previous low of 11,85. COFFEE MARKET. The market for coffee futures opened yesterday with declines of 13 to 25 points on poor cables from Brazil, continued weakness In Santos futures and Santos spots. During tho early af- ternoon a special cable reporting futures 275 rels lower to 75 rels higher, with near months relatively weak, was followed by another spurt of liquidation, which Bent March to 16.67, May to 15.80 and July to 16, or 29 to 30 points less than they were at Tuesday's close. Private advices received In tho trade late in the day quoting Santos higher caused a partial recovery, the market closing at net losses of 21 to 27 points. Hlght after the close an official cable reported a gain of 250 rels to 400 rels in Santos futures. Firm offers were few and thoso here no lower. The local spot market was quiet and Rio 7s a shade lower at 16 cents. Itanjo of prices ODen. High. Low. waiiuarr.,., I'ehruarT March 15.71 April Mar June Julr August September, l)clojr. ., Jiorrmtvr. December., 13.8S 15.71 15.97 16.lt 16.lt 16.00 15.95 15.0 15.60 15.M-K- 15.77-7- 15.98-9- 15.8J-- 15.61-6- hat 10 cent, of avail- - I. was able runaa could used '\Cnange m b fc I example of their Santos upon were 300 rels loner tfjooo for and of 8 of The of last ben elected States will s, day share taken At held member subsidiary 'barrels. rr with by Rohn Co., Charles a., new not of which Santos 15.70 No. and 1JJ009 for No. 7. J'utures 100 to rels lower. Ilecelptj hags and stock 1,337,000 ltecelpti at the ports wero sotm Uf.., rint M.W lait and K.000 two aro Sao had 6.000, against and 50.000. and Juollahy S.000. against 10.000 and 41.000 respectively. Cleared Santos 57,000 tor York. BRAZILIAN COFFEE STATISTICS. Tester- - New York deliveries. N, Orleana de'lreriea Total dellTerles York New Orleans stock.. Stock at all ports.... Afloat supplr 1,407,(6! risible... METAL MARKET, York.. Spelter. N Y. spot. 366.303 6:6,000 Visible rear's 8S4.S19 Asked. Spelter, prime 9.10 teller, No. 3 - \ \ . . . .. . . 15.93 15.70 15.57 ii.'a'o 15.75 15.70 15.60 any 4 5 rear rears 20.COO from hags Last Last New stock month. 14.063 W.7SO 1S4.75A 7S1.KJ9 Last New it. .8 50 8 75 West. prime West. dar. Jan. Bid. spot 9.63 February 9.10 8.20 cop, spot cod. Feb 19 25 Aluminum 32 00 33.00 Antimony 10.75 11.10 I'iatlnum, an ounce lit- No. 1 X 46 M Pig Iron. sili 8.714 con 45.03 Plr iron, sill-co- n 41 m litis. Bess Iron 39.00 Pitts. Bess 48.00 OLD METALS. sold 15.65- - 15.SS-8- I6.7-7- 15.55-5- 7 coun- - I(efe, try. who more Key and low woro and 11.000 bags, I'aulo Lead, week. tD.1.00 Iron. 15,23 211.231 K61.214 589.010 1,460,511 SS2.331 9.30 Klertro I9.12V4 Electro 1155.00 foundry plain billets Friday 616,980 83.00 83,613 m.co Dealers' buying; are follows: Coppe- r- Cents pound. Heavy and crucible 1T.TS1HS Heavy wire 17.0.1B17M Light and bottoms 15.23315 Heavy and machinery comp l6.00O16.60 Brasi, M.25810 Brass. light 8.609 00 No clean brass tiirnlnrs 10.00S10 No comp turnings 13.75814 Lead, heavy t.'Va 00 6.754J 6.00 Scrap 5.23 LONDON METAL MARKETS. LONDON, H. Following are the closing-meta- l quotations: d. Changes. Copper, spot 115 off 15s futures 117 oft 17s Sales Spot, tons? 1,800 tons. Electro cop, 121 off 10s 'g.'f. .sClockett Havre hlaiS\ '\turn.. 122 off 10a Tin, spot 3S1 6,50) Tin, futures 383 off 16s Straights 385 off 10s Sales Spot, tons; 500 Lead, off 15s Lead, futures off spelter, 65 Spelter, futures 59 15 : DIVIDENDS. 68 ' 9 Stock of record. Boston Maine pf, 11. 67. Jan. 34 Continental Bk 13.50. Jan. 2S Fall River Gas Works Co., 13 Jan. 32 Houston Co., pf, 3ft Jan. 23 Imperial Tobacco, Ltd., final Imperial Tob., bonus, llot'K Switchboard & Sup- ply Co., Jan. 36 Luther Mfg. Co.. 10. .Jan. 19 Lyman Mills, Jan. 20 Lyman Mills, ex, Jan. 30 Mechanics' Mills Corp., Jan. 19 Pacific Fire Inaurance Co., Jan. 20 Sapulpa Refining Co., q, 3H Jan. 21 Stafford Cotton Mills Corp. Jan. 13 Submarine Boat Corp., 50c Jan. 31 Warwick Mills, ..Jan. 19 Warwick Mills, extra 5ft. .Jan. W W. Shaw 15. ...Jan. 36 Reading Co. 1st pf, l..Feb. 20 Austin. Nichols Co. pf, Jan. 31 Cities Service, mo, H,..Feb. 15 Cities Service, stock, lU.Feb. It Cities Service pf, mo, U.Feb. 15 Cities Service pf, B, mo. H7. Feb. 16 EX DIVIDEND TABLE. y Brill. J. 0 pf Pacific Power A Ligni pi Portland Gas Coke pf i;Jding co. Close. 11.03-0- 15.95-9- 7 off Tucs- - dar. 15.72 15.50 13.87 15.M 11.19 16.29 16.11 16.01 15.97 15.90 than bags New 51,727 Ltd., 7.180 Z',27 600.001 331.156 951.159 4T7.0V) 1,391,159 Jan. Asked. 8.60 8.60 .... 9.60 9.13' 30 .... 19.37U 33 10.75 .... 1155.00 .... 46.SO .... 45.06 .... 43(0 .... 89.00 .... prtcee as a and , heavy 60 9 1 1 25 7 lead Zinc s Jan. 1 s. 0 Copper, 7 6 d 60 futures, spot 0 10 0 0 0 5 0 0 futures, tons. spot 10 0 0 fl spot 0 0 0 9 & Oil 5 i K- q, 1 q. 3 i 6 6 q. 5 5. 19 Corp.. & q. Co.. & 13 Bid. 43.00 Teal Is Pay. able. Jan. Feb. Feb. Feb. Jan. Feb. Feb. Feb. Feb. Jan. Feb. Feb. Feb. Feb. Feb. Feb. Mar. Feb. Mar. Mar. Mar. Mar. IM nouan uueouni and Trust Company nnmatr. Tnh It. S3 SO. 20 15 25 60 10 30 46 46 13 q, 31 2 2 1 31 3 2 2 ii 1 2 7 I 2 3 14 11 1 1 1 1 1 3 im n Am, fiinc ubku iiiaiu pi. II .so Austin, Nichols pf... It' Burns Bros, pf ....IV Elgin National Wateh f. Federal Sugar Ref ., 1K Federal Sugar Ref. pf...., lHfl- - General Cigar lti Indiana Pipe Line. ...... 13.00 Indiana Pipe Line extra., 13.00 Montreal Tramways , 3H Nash., Chatt. & St. Loul s Nat. Leather, Inl.., ., 4 1'aclflo Coast Co., 1st pf , 14C Paclfla Cosst Co., 3d pf Santa Cecilia Sugar Rnnta Pr.ltlA Hnsar Hicks Law- - Taylor-Wharto- n 1 S pf 14 J, jionuay All retiring directors and all officers riinchfloM rmii nf ii:k of the Lincoln Trust Comnanv were, m T.it nmthmrm . . . . oV elected at the annual melting of Its stock-il.- lt Brothers extra....'. U 09 15 19 00 11 00 26 25 10 10 q. q, f, nf & Final Tono Is Easy and Closing Bids Aro 60 90 Points Not Down. Manchester Liquidation' Per- sists, but British Spots in Bettor Demand. Tho cotton market was unsettled and distinctly weak In tono yesterday, de- clining $0 to 90 points during tho late afternoon, when liquidation and general selling was at Its height Weakness of cables was again a factor of considera- ble bearish Importance, ring crowd bears taking advantage of every unfavorable factor to hammer the market to a lower level. Among other things stressed by tho down turn element was the demor alized state of fore Itm exchange. Many traders of the room element seemed In clined to Interpret outslda news wltn regard to tho monoy and foreign situa- tion as bearish. Opening Liverpool cables wero only a little worse than due, but, repeating Tuesday's action, that market soon de- veloped weakness, with a poor technical position and persistent Manchester liqui- dation chiefly responsible. There was somewhat better demand for spots in tho English centre, 8,000 bales changing hands. While general sentiment yester- day was rather bearish, most operators seemed of the mind that there could be no permanent down swing until Borne weakness should develop In the spot sit- uation. With tho firm existing basla to sustain values, bulls need but little else to retain the upper hand. The circulation of several thousand bales of January notices broke that option some 30 points at the outset, the remainder of tho list showing smaller losses. There was early selling by Liv- erpool brokers and occasional pressure from New Orlens houses, advices from the Southern futures centre being rather of bearish tenor. Trade on the whole was In moderately heavy volume nnd moro active than during Tuesday's ses. Dion. Wire houses bought a llttlo during tho forenoon, mainly In tho way of covering short llnea The trade also took fair blocks on a scale down, which made for slight Improvement In market under- tone and prices ruled somewhat up from Ihelr lowest until near the close. Com- mission houses were among the late sell-r- s nnd demand died down considerably. The final tone was easy, closing bids be- ing about at the low, net 60 to 90 points inwn. llango of prices: Open, lllch January. February March April Mar .Tune July August to September . OctoUr.... November.. December. 33.15 36.30 33.53 38.a 36.30 33.04 34.33 33.71 31.3) 32.56 31.211 STATISTICS. day. Low. 37.73 34.34 31.78 31.00 30.05 30.13 29.50 29.45 29.65 29.00 38.73; S9.7S. Port 30,740 RxnnrtJl 63.803 Z7,i)2u shipments .. 23,010 Viw Ynrlr rrlT.li. . Close. 37.75 T 36.70 n 35 .75- - 77 34.25 B 33.71-7- 33.33 31.76- - 63 30.90 n 30.10 B 29.M-6- ! 29.00-0- 6 29.00 T Spots: Local, New Orleans, COTTON Yester- - Last receipts Interior receipts Interior Tues- day M.M 37.40 31.40 35.0) 34.47 3.1.25 32.66 31.60 30.70 30.W 29.F5 3.60 Last week. rar. 30.759 S3,l4 30.H23 46,165 Imports, season 1.437,437 3.236,093 3.33.693 New York stocks.... 68.483 61,715 3,7S8 Port stocks 1.137,437 1,467,130 1.411.113 19.775 23.635 21,065 17.330 3,709 3,747 Liverpool Cables Spot cotton more demand at 44 points decline: middling 27 41d. Sales, 8.000; American, 5.000 Imports, 48.000, all American. Tenders, new docket, 3,000 bales. Futures opened quiet, unchanged to 17 points lower; closed quiet but steady at a net decl'ne of 20 to 40 pointa; January, ze.; Jiarcn. a st; Mar, 23.66; Julr, : October. 30.47; Decern-tr- . 20.47 Manchester: Yarns quiet; cloths quieter. EQUITABLE TRUST CO. Transfer INANCING THE ill A ' p'Si nam \i \ p fy a b i hsj raj Smfa M &&VKter wiiihhbb UHium sum m ymmMm GREAT UPTOWN TERMINALS HREAT GATE-WAY- S of the metropolis are these passenger Terminals. MILLIONS pour daily 'through these Terminal Gatewavs into the Uptown QUR UPTOWN OFFICE is con-venient- ly situated and can be reached by direct arcade connection from the Concourse of the Grand Central Terminal MADISON AVENUE at 45TH STREET T EQUITABLE Trust company OF \NEW YORK BANKINQ, TRUSTS & INVESTMENTS SAFE DEPOSIT VAULTS Southern Phosphate Corporation CAPITAL STOCK: Authorized 300,000 shares of no par value To bo presently Issued 120,000 shares. No funded debt except a mortEse of approximately 561,000, which will shortly bo paid off. OP NEW TORK Agent Kim amrwii LIBERTY NATIONAL BANK. NEW TORK v i r Southern Phosphate Corporation plans to acquire three phoRphato rock properties In Polk County, Florida, containing an aggregate of about 6,500.000 tons of high grade and over 5,000,000 tons of standard grade phosphate rock. These properties are completely equipped with plant facilities, two now being in operation, and the third is expected to commence mining within ten days. The present stock issue, will provide for the acquisition of the three properties and about $650,000 cash. It also holds contracts for tho purchase, at favorable prices, of properties containing 4,000,000 tons of high grade and 11,000,000 tons of standard grade phosphate rock. It is estimated that the 1920 production of the corporation will be approximately 200,000 tons of high grade rock, upon which the net profit before Federal taxes should be about $750,000. The corpora- tion's ownership of phosphate rock should warrant an increase in plant capacity, within a reasonable period, to an annual production of approximately 700,000 tons, of which in excess of 400,000 tons be high grade rock. On such an' output It is reasonable to expect under normal conditions, an average profit of $2.00 per ton. ' Phosphate rock Is an essential Ingredient of fertilizer. Prior to the war the United States was ' exporting approximately 1,400,000 tons of phosphate rock, chiefly to Europe, where the state of the soil Impoverished by centuries of intensive cultivation made necessary the use of artificial means to In- crease productivity. On account of inabilitv to obtain ships during the war, exports to Europe have been yirrually , suspended since 1014, with the result that there now exists an acute shortage in the European supply. This situation, coupled with the normal peace-tim- e consumption in America, Europe and other coun- tries, assures an exceptionally favorable market for phosphate rock for some years. The Southern Phosphate Corporation is In a position to take advantage of the high prices now prevailing.. Application trill ht mad to Kit tht$ thartM on the Bos f on Stock Exchangi. We offer the unsold portion of the shares of Southern Phosphate Corporation, payable In full upon notice of allotment Subscriptions will be received until the close of business January 24, 1920, and allotments will be made Immediately thereafter. We reserve the right to accept or reject the whole or any part of subscriptions. Price: per share. HAYDEN, STONE & COMPANY Springfield Great above-mentione- d, $26.00 25 Broad Street, New York ReoiBtru should 87 Milk Street, Boston Portland Th statements contained herein are not guaranteed but are baaed upon Information which we be- lieve to be accurate and reliable and upon which we have acted In the purchase of theae shares. t l' f
