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LAYS DEMOCRATIC DEFEAT TO KITCHIN


C. J. Post Says Chairman Lost Congress Because of Postal Zone Law.


SOUGHT TO PUNISH CRITICS


Fifty-nine Candidates Who Had Followed Kitchin's Lead, Post Declares, Were Defeated.


In analyzing the Congressional returns in the election last Tuesday, Charles Johnson Post, Director of the Publishers' Advisory Board, in an interview yesterday, stated that the Republican gains were the result of the mistakes and un-American policies—and specifically his opposition to the war and his vicious postal zone law blunders—in Congress of the Democratic majority leader, Congressman Kitchin of North Carolina.

"Mr. Kitchin," said Mr. Post, "at no time since the world war started understood represented the great and fundamental American thought. A chart prepared by the National Security League Congressional Committee shown that seven out of the eight important bills relating to our war activities for the inestable and righteous part that the United States was to play in the establishment of human rights, were opposed by Congressman Kitchin and his vote was recorded against them. Congressman Kitchin voted against the declaration of war with Germany; he even voted against the Kahn amendment by which our army was to be raised after the war was declared. Mr. Kitchin was not an ordinary member of Congress giving expression to his individual views of personal pacifism or personal righteousness; he was the responsible leader of the majorsity party representing the Administration on the floor of Congress.

"This incredible style of leadership and thought laid the foundation for Congressional Democratic defeat. And the first opportunity registered the protest of the people against Kitchin and Kitchin methods in Congress. It is Mr. Kitchin himself who has defeated the Democratic Party by persistent dullness and lack of vision.

"Mr. Kitchin's incapacity for leadership—which a mere seniority thrust upon him—is proven by the manner in which he used the War Revenue act of 1917 as a means of punishing all the publishers, and their millions of readers, of the United States because they denounced him for his opposition to this war and his attempt to hamstring President Wilson's Administration by voting against war with criminal Germany and opposing the draft that gave us our splendid American army. To illustrate:

"The War Revenue Act of last year dealt solely with the means of raising war revenues to train our armies and support them in the field. Yet into this purely war revenue measure Congressman Kitchin injected a postal amendment which he himself admitted, on the floor of Congress, was not war legislation but permanent postal legislation. As postal legislation such a bill would have properly been referred to the Committee on Postoffices; but by virtue of his power as majority leader of Congress Mr. Kitchin, as Chairman of the Ways and Means Committee, had this amendment introduced into the War Revenue Act and through his own Committee denied the opportunity for discussion and hearings.

What Postal Zones Did.

"Moreover, this proposition, known as the postal zone amendment, after full hearings and investigation, had been twice defeated in the United States Senate at the same session of Congress. This law resurrected a postal zone system that was abolished by President Lincoln; a zone system that has been denounced by every United States Postal Commission since then. Mr. Kitchin forced this destructive, vicious, and un-American postal law into the War Revenue act, and went to the Senate Conference Committee and compelled its acceptance. Since this emergency Wat Revenue bill could not be delayed, it was thus that the vicious zone system was successfully jammed in by Mr. Kitchin.

"This destructive and un-American zone law divided the country into postal zones, with progressive and heavy increases of postage on periodical reading matter, according to the accidental remoteness of American citizens from the zone of publication. It meant that the great farming districts of the West, Kansas, Nebraska, Ohio, and California, had to pay a heavy penalty postage upon their periodicals when that identical periodical was charged less postage to other American readers, accidentally closer to the point of publication. So unpopular did this law immediately become, that all over the United States boards of trade, chambers of commerce, granges and agricultural associations, civic bodies, libraries, cultural and educational institutions, religions organizations, to the number of almost seven hundred, began registering emphatic protests against this absurd zone law and demanded its repeal. Congress was deluged with petitions and letters of protest, which Mr. Kitchin ignored in framing the new War Revenue Bill which is now pending.

"The Congressmen, outside of the solid South, that had blindly followed his lead came mainly from the Middle Weat, Illinois, Indiana, Iowa, Kansas, Missouri, Nebraska, and Ohio, and it is in these States that there is perhaps the greatest number of readers of periodicals. Twenty-four colleges of Illinois at a Joint meeting demanded that Mr. Kitchin's destructive postal zone law be repealed. The National Educational Press Association, with headquarters in Nebraska, at its convention promptly did the same.

Fifty-nine Defeated.

"That this postal zone law was an important factor in this Congressional election is clearly shown by the Congressional returns—particularly in these States above named. Fifty-nine Congressmen who voted for the unfair postal zone law were defeated for re-election, as returns to date show.

In California three pro-zone-law Congressmen were defeated.

In Illinois three pro-zone-law Congressmen were defeated.

In Indiana four pro-zone-law Congressmen were defeated.

In Iowa two pro-zone-law Congressmen were defeated.

In Kansas five pro-zone-law Congressmen were defeated.

In Missouri four pro-zone-law Congressmen were defeated.

In Nebraska four pro-zone-law Congressmen were defeated.

In Ohio six pro-zone-law Congressmen were defeated.

"In other States the number of pro-zone-law Congressmen who were defeated was rarely over one. The nonpartisan character of the returns in these significant States is clearly shown by the fact that five Republican pro-zone-law Congressmen were defeated and twenty-three pro-zone-law Democratic Congressmen. The greater number of Democrats suffering defeat is easily accounted for by Mr. Kitchin's lining them up to serve his reactionary and unvisioned leadership."

This comparison speaks for itself. The recent Congressional elections were no repudiation of President Wilson's Administration; it was a rebuke to the jumble of wartime legislation expressed by the reactionary Mr. Kitchin of Bootland Neck—of nearly 2,000 population. Mr. Kitchin sought to punish publishers and to do this he was willing to penalize every American home. He only succeeded in hacking his party and hamstringing President Wilson. Mr. Kitchin took no political risk in attempting hamstringing tactics, since he represents one of those Southern districts that would return a Democrat under any circumatanons. But Mr. Kitchin and his dimlit Kitchenism have received the humiliating rebuke of public condemnation."


WEEK'S PRODUCE MARKETS

CHICAGO.

WHEAT.—Dealings discontinued.

Nov Dec Jan
CORN. High. Low. High. Low. High. Low.
Nov. 4 1.1534 1.1334 1.1378 1.1058 1.1434 1.1134
Nov. 5 Holiday
Nov. 6 1.2312 1.1834 1.2158 1.14 1.2234 1.1514
Nov. 7 1.24 1.1978 1.22 1.1558 1.2418 1.18
Nov. 8 1.25 1.2134 1.22 1.1812 1.23 1.1978
Nov. 9 1.24 1.21 1.20 1.1738 1.2118 1.1878
Week's Range 1.25 1.1334 1.22 1.1058 1.2418 1.1134
Nov Dec Jan
OATS. High. Low. High. Low. High. Low.
Nov. 4 6858 67 6778 6578 6712 6518
Nov. 5 Holiday
Nov. 6 7258 6914 7058 6814 7058 6734
Nov. 7 73 7118 71 6812 7034 6812
Nov. 8 7278 7112 7034 6934 7038 6934
Nov. 9 7234 7118 7012 6958 70 6918
Week's Range 73 67 71 6578 7034 6518

Provisions.

Nov Jan
LARD. High. Low. High. Low.
Nov. 4 26.25 25.25 24.75 24.55
Nov. 5 Holiday.
Nov. 6 26.70 26.60 25.70 25.25
Nov. 7 26.75 26.65 26.90 25.50
Nov. 8 26.70 26.60 26.77 26.40
Nov. 9 26.70 26.45 26.62 26.30
Week's Range 26.75 26.25 26.90 24.55
Nov Jan
RIBS. High. Low. High. Low.
Nov. 4 22.10 22.00 22.02 21.90
Nov. 5 Holiday.
Nov. 6 22.80 22.80 28.10 22.25
Nov. 7 23.10 22.95 24.15 22.87
Nov. 8 ..... ..... 24.12 23.65
Nov. 9 23.90 23.75 24.00 23.60
Week's Range 23.90 22.00 24.15 21.90
Nov Jan
PORK. High. Low. High. Low.
Nov. 4 34.80 34.50 39.80 39.75
Nov. 5 Holiday.
Nov. 6 35.80 35.80 42.00 40.50
Nov. 7 36.80 33.80 44.50 41.25
Nov. 8 ..... ..... 44.40 43.50
Nov. 9 38.80 37.80 43.65 42.90
Week's Range 38.80 34.50 44.50 39.75

NEW YORK.

COTTON.

Dec. Jan. Mar.
High. Low. High. Low. High. Low.
Nov. 4 29.04 27.65 28.35 27.00 27.95 28.58
Nov. 5 Holiday
Nov. 6 30.35 28.40 29.50 27.65 29.08 27.50
Nov. 7 30.10 28.80 29.40 27.90 28.90 27.40
Nov. 8 29.82 29.00 29.15 28.80 28.70 27.83
Nov. 9 29.50 28.65 28.85 28.15 28.38 27.80
Wk's range 30.35 27.65 29.50 27.00 29.08 26.58
May. July. Sept.
High. Low. High. Low. High. Low.
Nov. 4 27.65 26.25 27.40 26.05 25.40 25.10
Nov. 5 Holiday
Nov. 6 28.70 27.15 28.35 28.90 27.40 26.20
Nov. 7 28.50 26.90 28.25 26.60 27.29 26.60
Nov. 8 28.30 27.50 28.00 27.20 26.80 26.40
Nov. 9 28.00 27.55 27.70 27.35 26.30 26.20
Wk's range 28.70 26.25 28.36 26.05 27.40 25.10

RECORD OF TRANSACTIONS.


New York Stock Exchange, week ended Nov. 9, 1918:

STOCKS, (SHARES.)

1918. 1917. 1916.
Monday 686,880 1,126,440 1,463,978
Tuesday Holiday Holiday Holiday
Wednesday 659,597 971, 349 2,021,464
Thursday 1,169,950 1,342,665 1,494,946
Friday 839,668 774,017 2,028,700
Saturday 438,187 389,343 918,212
—— —— ——
Total week 3,789,282 4,524,814 7,927,200
Yr. to date 121,654,219 164,277,986 181,055,077

BONDS, (PAR VALUE.)

1918. 1917. 1916.
Monday $20,322,000 $5,284,000 $6,188,500
Tuesday Holiday. Holiday. Holiday.
Wednesday 15,492,500 4,860,000 4,557,000
Thursday 18,204,000 4,213,500 5,395,000
Friday 13,217,000 3,485,500 4,548,500
Saturday 5,929,000 1,977,000 1,909,500
—— —— ——
Total week $73,164,500 $19,570,000 $22,808,500
Yr. to date 1,538,712,000 874,965,450 976,714,500

In detail last week's transactions compare as follows with the same week a year ago:

BONDS.

Nov. 9, '18 Nov. 10, '17 Change
R.R. & mis. $17,080,500 $6,384,500 +$10,646,000
Governm't 56,090,000 12,852,500 +43,237,500
State 2,000 2,000 ....
City 42,000 331,000 -289,000
—— —— ——
Total, all $74,164,500 $19,570,000 +$53,594,500

AFTER THE WAR.

Effects of peace on industry and finance treated in The Annalist, published every Monday by The New York Times. On news stands, 10 cents—$4 a year by mail. Times Square, New York.—Advt.


MONEY RATES

On Call. Renew'ls.
High. Low. Last.
Nov. 4 512 5 5 512
Nov. 5 Holiday.
Nov. 6 6 512 6 512
Nov. 7 6 6 6 6
Nov. 8 6 6 6 6
Nov. 9 6 6 6 6
Week's range—
High 6 6
Low 5 512
Same week last year—
High 4 4
Low 3 312
Year to date—
High 6 6
Low 2 2
Same period last year—
High 10 6
Low 112 112
On Time.
60 Days. 90 Days. 6 Mos.
Nov. 4 6 6 6 6
Nov. 5 Holiday.
Nov. 6 6 6 6 6
Nov. 7 6 6 6 6
Nov. 8 6 6 6 6
Nov. 9 6 6 6 6
Week's range—
High 6 6 6
Low 6 6 6
Same week last year—
High 512 534 534
Low 414 514 512
Year to date—
High 6 6 6
Low 514 514 512
Same period last year—
High 6 6 6
Low 212 212 234

Bank Acceptances.

Eligible for retirement with Reserve Bank, 60 to 90 days 4716@434
Non-member and private bankers eligible, 60 to 90 days 4916@4716
Not eligible, 60 to 90 days 512@6

Commercial Paper.

Best-Known Names.
30 to 90 days 6
4 to 6 months 6
Other Names.
4 to 6 months 6

DISCOUNT RATES—FEDERAL RESERVE
BANK'S COMMERCIAL PAPER.

Within 15 Days, Incl. Member Banks' Collateral Notes. 16 to 60 Days, Inclusive. 61 to 90 Days, Inclusive.
Boston 4 434 434
New York 4 434 434
Philadelphia 4 434 434
Cleveland 414 434 434
Richmond 414 434 434
Atlanta 4 434 434
Chicago 4 434 5
St. Louis 4 434 434
Minneapolis 4 434 5
Kansas City 4 434 434
Dallas 4 434 5
San Francisco 4 434 434

The rate of 3 to 412 per cent. for one-day discounts, in connection with the loan operations of the Government, is approved in the case of the New York district.

Secured by United States certificates of indebtedness or Liberty Loan bonds:

Agricultural & Live Stock Paper, Over 90 Days Within 15 Days, Incl. Member Banks' Collateral Notes. 16 to 60 Days, Inclusive.
Boston 5 4 414
New York 5 4 414
Philadelphia 5 4 414
Cleveland 514 4 414
Richmond 5 4 414
Atlanta 5 4 414
Chicago 512 4 414
St. Louis 512 4 414
Minneapolis 518 4 414
Kansas City 5 4 414
Dallas 514 4 414
San Francisco 512 4 414

Trade acceptances one to sixty days and sixty-one to ninety days at 412 per cent.

Acceptances purchased in open market, minimum rate, 4 per cent.

Rates for commodity paper have been merged with those for commercial paper of corresponding maturities.

In case the sixty-day trade acceptance rate is higher than the fifteen-day discount rate, trade acceptances maturing within fifteen days will be taken at lower rate. Whenever application is made by member banks for renewal of fifteen-day paper, the Federal Reserve Banks may charge a rate not exceeding that for ninety-day paper of the same class.

EXCHANGE ON NEW YORK DOMESTIC CENTRES.

Boston. Chicago. St. L. San. F.
Nov. 4 Par Par †25@15c Par
Nov. 5 Holiday.
Nov. 6 Par Par †25@15c Par
Nov. 7 Par Par †25@15c Par
Nov. 8 Par Par †25@15c Par
Nov. 9 Par Par †25@15c Par

†Discount.

LONDON MONEY AND DISCOUNTS.

Money. 3 Mos. Short Bills. Exch. on London.
Nov. 4 314 31732 31732 26f 06c
Nov. 5 314 31732 31732 26f 0511/2c
Nov. 6 314 31732 31732 26f 06c
Nov. 7 314 31732 31732 26f 06c
Nov. 8 314 31732 31732 26f 0212c
Nov. 9 314 31732 31732 26f 0612c

FOREIGN GOVERNMENT SECURITIES.

British Consol 212s British 414s Paris Rentes.
Nov. 4 62 9914 62f
Nov. 5 62 9914 62f
Nov. 6 6112 9914 62f
Nov. 7 6112 9914 62f
Nov. 8 6112 9914 62f
Nov. 9 6112 9914 62f

BAR SILVER.

London. New York.
Nov. 4 4912d $1.0112
Nov. 5 Holiday.
Nov. 6 4912d $1.0112
Nov. 7 4912d $1.0112
Nov. 8 4912d $1.0112
Nov. 9 4912d $1.0112

FOREIGN EXCHANGE RATES.

LONDON.

Demand.
High. Low. Last.
Nov. 4 $4.7258 $4.7558 $4.7558
Nov. 5 Holiday
Nov. 6 4.7570 4.7500 4.7570
Nov. 7 4.7580 4.7514 4.7580
Nov. 8 4.7590 4.7590 4.7590
Nov. 9 4.7590 4.7590 4.7590
Cables.
High. Low. Last.
Nov. 4 $4.7660 $4.7690 $4.7660
Nov. 5 Holiday.
Nov. 6 4.7634 4.765712 4.7658
Nov. 7 4.7660 4.7660 4.7660
Nov. 8 4.76916 4.76916 4.76916
Nov. 9 4.76916 4.76916 4.76916
Week's range—
High 4.7590 4.7658
Low 4.7560 4.76916
Same week last year—
High 4.75916 4.78716
Low 4.7512 4.76716
Year to date—
High 4.76116 4.77116
Low 4.7514 4.76116
Same period last year—
High 4.7590 4.77
Low 4.75 4.764834

PARIS

Demand Cables
High. Low. Last. High. Low. Last.
Nov. 4 5.4878 5.4878 5.4878 5.4578 5.4578 5.4578
Nov. 5 Holiday
Nov. 6 5.4658 5.4658 5.4658 5.4558 5.4558 5.4558
Nov. 7 5.4434 5.4434 5.4434 5.44 5.44 5.44
Nov. 8 5.4434 5.4434 5.4434 5.44 5.44 5.44
Nov. 9 5.4412 5.4412 5.4412 5.4334 5.4334 5.4334
Week's range—
High 5.4412 5.4334
Low 5.4678 5.4578
Same week last year—
High 5.7534 5.74516
Low 5.7634 5.7518
Year to date—
High 5.4412 5.4334
Low 5.7378 5.7134
Same period last year—
High 5.6814 5.6714
Low 5.8534 5.8434
Switzerland. Holland. Italy
Dem. Cables. Dem. Cables. Dem. Cables.
Nov. 4 5.06 5.04 41.625 42.00 6.36 6.35
Nov. 5 Holiday
Nov. 6 5.03 5.01 41.875 42.125 6.38 6.35
Nov. 7 5.04 5.02 41.625 42.00 6.36 6.35
Nov. 8 5.0312 5.0112 41.375 41.875 6.36 6.35
Nov. 9 5.04 5.02 41.50 41.875 6.36 6.35
Week's range—
High 5.02 5.01 41.875 42.125 6.36 6.35
Low 5.06 5.04 41.475 41.875 6.36 6.35
Same week last year—
High 4.25 4.32 44.00 44.75 7.39 7.38
Low 4.47 4.45 43.75 44.00 8.65 8.53
Year to date—
High 3.39 3.35 52.375 52.8125 6.36 6.35
Low 5.06 5.04 41.375 41.875 9.1512 9.14
Same period last year—
High 4.35 4.32 45.50 45.75 6.8838 6.8634
Low 5.1612 5.1534 40.75 40.8134 8.55 8.53

SCANDINAVIA.

Copenhagen. Stockholm. Christiania.
Dem. Cables. Dem. Cables. Dem. Cables.
Nov. 4 26.25 26.70 27.70 28.00 26.60 26.90
Nov. 5 Holiday
Nov. 6 26.00 26.90 27.60 27.90 27.20 27.50
Nov. 7 26.50 26.80 27.60 27.90 27.00 27.30
Nov. 8 26.50 26.80 27.50 27.75 27.00 27.30
Nov. 9 26.50 26.80 27.60 27.90 27.00 27.30
Week's range—
High 26.60 26.90 27.70 28.00 27.20 27.50
Low 26.25 26.70 27.50 27.75 26.60 26.00
Same week last year—
High 35.75 26.00 43.50 44.00 35.75 36.00
Low 35.87 35.75 43.00 43.50 35.37 35.75
Year to date—
High 31.50 32.00 36.00 36.40 32.75 33.25
Low 26.25 26.70 27.50 27.75 26.60 26.90
Same period last year—
High 36.80 37.16 45.50 48.00 36.00 36.50
Low 27.00 27.85 29.00 29.90 27.25 27.625
Greece. Rubles, 100. Rubles, 500.
Dem. Cables. Bid. Ask. Bid. Ask.
Nov. 4 19.40 19.45 18.80 18.90 18.70 18.80
Nov. 5 Holiday.
Nov. 6 19.40 19.45 18.80 19.00 18.75 18.95
Nov. 7 19.40 19.45 20.25 21.00 20.25 21.00
Nov. 8 19.40 19.45 21.40 21.70 21.40 21.70
Nov. 9 19.40 19.45 21.40 21.70 21.40 21.70
Week's range—
High 19.40 19.45 21.40 21.70 21.40 21.70
Low 19.40 19.45 18.80 18.90 18.70 18.80
Same week last year—
High 19.40 19.45 18.85 18.00
Low 19.40 19.45 11.75 12.00
Year to date—
High 19.45 19.50 21.70 21.70
Low 19.40 19.45 11.00 11.25
Same period last year—
High 20.05 20.65 20.90 20.50
Low 19.40 19.45 11.75 12.00

CHINA.

Hongkong. Peking. Shanghai.
Dem. Cables. Dem. Cables. Dem. Cables.
Week's range—
High 80.00 80.25 124.00 134.25 127.00 127.25
Low 79.00 79.25 133.00 133.25 123.50 123.75
Same week last year—
High 71.50 71.75 107.00 107.25 100.00 100.25
Low 70.00 70.25 105.00 105.25 98.00 98.25
Year to date—
High 91.50 91.75 145.50 145.75 185.50 185.75
Low 71.25 71.50 100.50 100.75 102.50 102.75
Same period last year—
High 82.00 82.25 129.00 129.25 122.00 122.25
Low 55.00 55.10 85.50 85.6212 80.00 80.1212
INDIA PHILIPPINE ISLANDS.
Bombay. Calcutta. Manila.
Dem. Cab's. Dem. Cab's. Dem. Cables.
Week's range—
High 35.58 35.73 35.48 35.73 49.875 50.00
Low 35.48 35.73 35.48 35.73 49.875 50.00
Same week last year—
High 35.00 35.50 35.00 35.50 50.00 50.125
Low 35.00 35.50 35.00 35.50 50.00 50.125
Year to date—
High 36.75 37.00 36.75 37.00 49.875 50.00
Low 35.48 35.78 35.48 35.73 49.875 50.00
Same period last year—
High 40.00 40.00 40.00 40.00 50.25 50.50
Low 32.75 33.00 32.75 33.00 50.00 50.125
JAPAN.
SPAIN Kobe. Yokohama.
Dem. Cables. Dem. Cables. Dem. Cables.
Week's range—
High 29.125 20.25 54.50 54.75 54.50 54.75
Low 20.10 20.20 54.50 54.75 54.50 54.75
Same week last year—
High 23.60 23.70 52.00 52.50 52.00 52.50
Low 23.55 23.65 52.00 52.50 52.00 52.50
Year to date—
High 28.40 28.625 54.75 54.875 54.75 54.875
Low 20.10 20.20 51.90 52.00 51.90 52.00
Same period last year—
High 23.90 24.90 52.00 52.50 52.00 52.50
Low 21.80 21.90 50.75 50.8712 50.75 50.8712

SOUTH AMERICA.

Buenos Aires. Rio.
Demand. Cables. Demand. Cables.
Week's range—
High 45.125 45.25 24.85 25.00
Low 44.85 45.00 24.60 24.75
Same week last year—
High 45.03 45.18 25.37 25.47
Low 44.84 44.94 25.31 25.41
Year to date—
High 46.21 46.31 27.04 27.14
Low 43.72 43.82 22.90 23.00
Same period last year—
High 45.03 45.13 27.25 27.3712
Low 42.76 42.86 23.50 23.60

BONDS ON STOCK EXCHANGE


WEEK ENDED NOV. 9, 1918.

Last Week. Year to Date.
Total sales $73,164,500 $1,538,712,000
Same period last year 19,570,000 874,965,450
Last Week. Year to Date.
High. Low. High. Low.
Average price 40 bonds. 81.95 79.62 81.95 75.65
Same period a year ago. 77.84 77.40 89.48 77.40
Range, 1918
High Low Sales High Low Last Net Ch'ge
39 18 5 ALASKA G. M. cv. 6s, Series A 39 39 39 +512
36 18 50 Alas. G. M. cv. 5s B. 36 34 35 +112
9812 9534 3 Ala. Midland 5s 9812 9812 9812 +234
76 71 5 Alb. & Susq. 312s 76 76 76 +314
106 97 104 Am. Ag. Ch. deb. 5s. 104 10014 10014 +34
10112 91 1 Am. Ag. Ch. cv. 5s. 9612 9612 9612 ..
85 90 3 Am. Cotton. Oil 5s 85 85 85 +1
9912 9734 5 Am. D. & Imp. 5s 9878 9878 9878 +34
92 8334 83 Am. S. & R. 1st 5s 92 91 92 +1
88 77 22 Am. T. & T. col. 4s 88 8414 8712 +334
105 93 58412 Am. T. & T. cv. 6s, sub. rcts., full pd. 105 10212 104 +2
86 8134 10 Am. T. & T. cv. 4s 86 86 86 +418
97 86 25 Am. T. & T. col. tr. 5s 97 94 97 +34
9178 82 1 Am. T. & T. cv. 412s 8934 8934 8934 +34
11718 117 2 Am. Tobacco 6s 117 117 117 -12
8912 79 27 Am. Wr. Paper 5s 8812 88 8814 -34
59 5118 3 Ann Arbor 4s 5438 5438 5438 ..
8812 8178 43 Armour & Co. 412s 8812 86 88 +1
90 79 69 At., T. & S. Fe g. 4s 90 86 88 +3
81 7134 4 At., T. & C. Fe adj. 4s 81 81 81 +3
8218 70 11 A., T. & S. F. a. 4s, sta. 8218 7878 8218 +618
9514 95 1 A., K. & N. 5s 95 95 95 -18
8212 74 10 A. C. L. unified 412s 81 81 81 +212
81 6914 17 A.C.L., L. & N. col. 4s 81 7838 +112
93 93 1 Austin & N. W. 5s 93 93 93 -818
85 7814 24 BALT. & O. gold 4s 85 7912 85 +612
91 7578 94 Balt. & Ohio ref. 5s 91 8414 91 +6
9014 8538 7 B. & O. pr. lien 312s 9012 89 9012 +1
87 7534 42 B. & O. conv. 412s 87 84 8612 +212
88 72 27 B. & O., P. L. E. & West Va. 4s 83 76 83 +8
8712 80 16 B. & O., S. W. Div. 312s 8712 8634 8712 +1
99 92 3 Beth. Steel ext. 5s 9514 95 9514 +214
8334 7812 81 Beth. S. pr. mtg. 5s 83 8138 83 +1
9318 86 25 Beth. Steel ref. 5s 90 89 90 +114
95 8912 7 Braden Cop. 6s 95 95 95 +3
9634 9434 98 B. R. T. 7s, 1921 9312 95 9512 +3
95 85 1 Bklyn. Un. Gas 5s 91 91 91 +18
83 79 4 Bush Term. 4s 8212 8212 8212 +212
8212 74 22 Bush. Terminal 5s 8512 82 8512 +512
8314 74 18 Bush. Ter. Bldgs. 5s 8314 81 8314 +318
9234 8638 3 CAL. GAS & E. 5s 9234 91 91 +1
98 85 27 Canada So. 5s 98 9512 98 +6
69 60 3 Cent. N. E. 4s 67 67 67 -2
9714 98 18 Central Leather 5s 97 9512 96 +12
7234 7234 1 C. of Ga., Chat. Div. 4s 7234 7234 7234 -514
10618 100 1 Cent. of N.J. gen. 5s 10618 10618 10618 +418
88 85 5 Cent. Pacific 812s 8658 8658 8658 -18
8438 75 10 Cent. Pacific 4s 84 84 84 -38
10018 94 12 Ches. & Ohio con. 5s 97 9612 9612 -12
90 76 540 Ches. & O. cv. 5s 90 8618 90 +234
85 6712 95 C. & O. conv. 412s 85 80 84 +4
8414 72 34 C. & O. gen. 412s 8412 80 8414 +514
4712 3514 10 Chl. & Alton 512s 4434 43 4434 +3
8778 78 104 C., B. & Q. gen. 4s 8778 8458 8778 +318
9612 92 288 C., B. & Q., joint 4s 9612 9634 96 +138
9534 8978 5 C., B. & Q., Neb. ext. 4s 9534 94 9534 +214
30 25 3 C. & E. I. ref. 4s., tr. r. 29 29 29 -18
68 54 173 Chl. Gr. W. 1st 4s 68 62 6212 +512
8434 7618 6 C., M. & St. P. 4s, '25 8434 84 8434 +1
84 75 10 C., M. & St. P. cv. 5s, B 94 93 93 +412
8712 7712 5 C., M. & St. P. gen. 412s 8718 8712 8712 +412
8258 7034 2 C., M. & St. P. gen. 4s 8218 8258 8258 +618
81 6434 239 C., M. & St. P. ref. 412s 81 74 80 +612
89 7114 85 C., M. & St. P. cv. 412s 89 83 89 +512
100 95 1 C., M. & St. P., W. & M. 5s 98 98 98 +134
80 7418 2 C., M. & Pug. 8d. 4s 80 80 80 +434
85 9212 5 C. & N. W. gen. 4s 85 85 85 +34
87 8012 4 Chicago Rwys. 5s 87 87 87 +3
8014 6212 174 C., R. I. & P. ref. 4s 8014 74 79 +5
82 72 32 C., R. I. & P. gen. 4s 82 81 81 +1
93 8514 10 C., St. P., M. & O. deb. 5s 93 93 93 +3
90 85 17 Chi. Un. Sta. 412s 90 88 90 +218
70 6218 56 Chi. & W. Ind. 4s 70 62 70 +7
11618 10212 18 Chile Copper 7s 11612 115 115 +1
89 77 25 Chile Cop. col. tr. 6s 89 87 8812 +312
8912 73 105 Chile Cop. cv. 6s 8912 8712 89 +112
72 63 1 C., C., C. & St. L., St. L. Div. 4s 72 72 72 +2
76 73 3 Col. Industrial 5s 76 76 76 +212
87 8234 10 Col. & Sou. 1st 4s 87 87 87 ..
8212 63 50 Col. & Sou. ref. 412s 8278 7834 8212 +414
83 7812 1 Comp.-Tab.-Rec. 6s 83 83 83 +3
108 99 70 Con. Gas. cv. 6s 108 106 108 +3
79 79 1 DAYTON & M. 412s 79 79 79 -17
97 86 72 Del. & Hud. cv. 5s 97 9214 97 +412
88 79 3 D. & H. 1st & ref. 4s 8678 8618 8678 +178
82 79 1 D. & R. G. Imp. 5s 82 82 82 +2
77 63 75 D. & R. G. con. 4s 77 7012 77 +7
6234 4812 22 D. & R. G. ref. 5s 6212 6218 6214 -14
83 78 29 Det. Tunnel 412s 83 8078 83 +2
7812 62 3 Det. United 412s 7612 7318 76 +3
88 75 4 Dist. Secur. 5s 86 8512 8512 -14
10034 90 10 Dul. & I. R. 1st 5s 10034 10034 10034 +1034
9212 86 6 E. TENN. reorg. 5s 9212 9212 9212 +212
101 100 1 Erie 1st con. 7s 100 100 100 -14
7812 65 30 Erie 1st con. 4s 7812 76 7812 +812
6214 4912 52 Erie gen. 4s 6214 5818 6214 +858
5614 42 99 Erie cv. 4s, Ser. A 5634 52 5612 +5
58 4212 79 Erie cv. 4s, Ser. B 58 5112 58 +612
60 4812 239 Erie cv. 4s, Ser. D 60 56 60 +512
7912 7514 5 Erie Penn. col. 4s 7912 7912 7912 +1
100 98 28 Erie & Jersey 6s 100 9912 100 +1
97 97 6 Evans & T. H. 6s 97 97 97 +2
80 75 6 GEN. BAKING 6s 80 80 80 +1
100 9434 5 Gen. Elec. deb. 5s 9734 9712 9734 +12
74 6514 1 Gen. Elec. 812s 72 72 72 +534
92 85 3 Gt. Nor. ref. 414s 92 89 92 +478
68 4878 77 HUD. & M. n. ref. 5s 68 6412 68 +312
23 1414 226 H. & M. n. adj. 5s 2078 19 2018 +78
9818 87 3 ILL. CENT. 4s, '51 9812 93 9812 +512
82 7112 6 Ill. Cent. 4s, 1953 82 77 82 +5
8612 7738 134 Ill. Cent. ref. 4s 8612 82 8612 +378
7312 6412 1 Ill. Cent., L. Div. 312s 7312 7312 7312 +914
86 81 3 Illinois Steel 412s 89 8512 86 +2
97 92 5 Indiana Steel 5s 95 95 95 ..
85 7713 943 Int. Rap. Tran. 5s 84114 8112 8312 +2
94 90 5 Int. & Gt. Not. 6s 94 94 94 +12
7712 6312 24 Int. Agricul. 5s 7558 75 7558 +18
10478 96 240 Int. Mer. Mar. 6s 10458 10234 103 -14
51 4012 40 Iowa Cent. ref. 4s 51 46 51 +5
7412 62 46 K. C., FT. S. & M. 4s 7412 73 74 +2
9112 7334 92 Kan. City So. 5s 9112 84 9112 +778
64 58 15 Kan. City So. 3s 64 62 64 +12
8112 7112 20 Kan. City Ter. 4s 8112 78 81 +3
78 73 10 Ky. Central 4s 78 78 78 +3
70 57 32 Keok. & D. M. 1st 5s 70 6712 68 +5
70 66 1 Kings Co. Elev. 4s 70 70 70 +112
9612 88 20 LACK. STEEL 5s, '50 90 88 90 +2
9212 8134 15 Lake Shore 4s, '31 9212 8712 9212 +512
9214 82 59 Lake Shore 4s, '28 9214 8834 9214 +434
7578 70 1 Lake Shore 312s 73 73 73 +1
86 78 2 Lake E. & W. 1st 5s 86 86 86 ..
91 85 5 Lehigh Val. con. 412s 91 91 91 +4
92 8112 5 L. V. of N. Y. g. 412s 8914 8914 8914 -234
103 9734 328 Leh. V. col. 6s, t. ctfs. 103 10014 10258 +212
101 9834 2 Lehigh V. Coal 5s 100 100 100 +1
8178 74 1 L. V. of Pa. con. 4s 8134 8134 8134 ..
96 90 9 Lex. & East. 5s 9512 93 9512 +112
95 86 5 Liggett & Myers 5s 98 91 93 +3
117 108 23 Liggett & Myers 7s 112 111 112 +112
75 7158 2 Long Isl. gen. 4s 75 75 75 +1
77 70 10 Long Isl. deb. 5s, '37 7612 7612 7612 +1
8212 7218 18 Long. Isl. ref. 4s 8118 80 8212 +218
96 83 6 Lorillard 5s 93 9112 93 +312
115 107 33 Lorillard 7s 112 11112 112 +212
8814 81 13 Louis. & N. unif. 4s 8712 8634 8712 +212
8412 7458 12 MAN. CON. 4s t. ex. 8412 80 8412 +3
8412 7234 6 Mich. Cent. deb. 4s 8412 8312 8412 +3
90 8514 1 Mich. State Tel. 5s 8914 8914 8914 +14
92 8614 83 Midvale Steel 5s 91 8814 91 +2
53 40 22 M. & St. L. 1st & r. 4s 53 40 53 +5
8612 80 6 M. St. P. & S. S. M. c. 4s 86 86 86 +14
102 9412 10 M. St. P. & S. S. M. c. 5s 102 101 102 +412
7112 6012 16 Mo., K. & T. 1st 4s 71112 68 7112 +212
37 28 13 Mo., K. & T. 2s 4s 37 3614 37 ..
45 40 6 M., K. & T. 1st & r. 4s 44 44 44 +1
6714 5512 957 Mo. Pacific gen. 4s 6714 6214 6634 +414
9214 8978 9 Mo. Pac. 5s, '23 9234 9234 9234 +114
88 70 34 Mo. Pac. c. 5s, '65 88 8612 88 +3
9314 8814 4 Montana Power 5s 89 8878 89 +34
6512 55 1 NASSAU EL. 4s 65 65 65 +1
9412 90 3 N. O., T. & M. 6s 9412 9412 9412 ..
5712 40 41 N. O., T. & M. inc 6s 5712 56 5712 +3
106 97 1 N. Y. Airbr. Co. 6s 9912 9912 9912 +134
10614 9112 507 N. Y. Cent. deb. 6s 10314 9834 103 +458
8712 77 21 N. Y. Cent. ref. 412s 8712 84 87 +313
82 7512 6 N. Y. C. & St. L. 1st 4s 82 81 82 +2
88 7434 9 N. Y. Cent. deb. 4s, '34 88 86 88 +5
7412 61 1 N. Y., C. & St. L. deb. 4s 7412 7412 7412 +612
9012 86 2 N. Y. G., E. L., H. & P. 5s 9012 9012 9012 +112
7614 68 6 N. Y. G., E. L., H. & P. 4s 7614 76 76 +212
61 55 1 N. Y., N. H. & H. non-ev. deb. 4s, '56 59 59 59 +4
9412 82 9 N. Y., N. H. & H. deb. 6s 9412 93 9412 +12
60 51 3 N. Y., N. H. & H. cv. 312s 5514 5514 5514 +14
71 6812 6 N. Y., O. & W. ref. 4s 71 68 71 +278
54 46 10 N. Y. Rwys. ref. 4s 50 4912 59 ..
2412 17 82 N. Y. Rwys. adj. 5s. 21 20 21 +112
70 65 5 N. Y. State Rys. 412s 6518 6434 6434 -38
81 74 1 N. Y., Sus. & W. ref. 5s 78 78 78 -3
92 84 40 N. Y. Telephone 412s 92 8918 92 +2
6438 45 7 N. Y., W. & B. 412s 6458 6278 6412 +318
9912 9012 11 Niag. F. Pow. 1st 5s 9912 9912 9912 ..
8878 7934 87 Northern Pacific 4s 8834 84 8838 +378
64 5658 58 Northern Pacific 3s 64 6014 64 +414
8538 8278 2 Nor. Pac. ref. 412s 8812 8812 8812 +12
10818 10634 2 Nov. Pac. Term. 6s 107 107 107 +14
8918 88 9 Nor. States Pow. 5s 8912 8778 8912 +212
8412 7812 1 ORE. R. & N. c. 4s 8412 8412 8412 +112
8818 8678 5 Ore. Sh. L. gtd. 4s 8818 8712 8712 ..
8012 76 14 Ore.-Wash. 1st 4s 8012 77 80 +414
8512 77 8 PAC. GAS & E. 5s 8512 8514 8512 +18
9718 87 1 Pac. T. & T. 5s 9238 9238 9238 +158
90 82 2 Pacific Coast 5s 84 84 84 -12
9334 8578 176 Penn. gen. 412s 9512 9134 9512 +414
9712 9278 2 Penn. con. 412s 9712 97 97 +178
90 79 45 Pere Marq. 1st 5s 90 8514 90 +434
91 78 15 Phila. Co. cv. 5s, '22 91 8914 91 +112
10112 9534 37 Pierce Oil cv. 6s, '20 10012 9912 10014 +34
9012 83 89 Pierce Oil cv. 6s, '24 89 8614 89 +112
8212 7312 15 Public Service 5s 80 79 80 +112
9014 8034 58 READING gen. 4s 9014 8458 9014 +538
9812 9214 3 Rep. I. & S. 5s, '40 9312 9278 9312 +12
71 63 2 Rio Gr. W. 1st 4s 71 70 71 +218
6178 50 7 R. G. W. col. 4s 6112 61 6112 +178
7012 62 6 R. I., Ark. & L. 412s 6912 6912 6912 +12
96 9012 8 ST. L., I. M. & S. g. 5s 96 96 96 +278
8158 7212 6 St. L., I. M. & S. unif. and ref. 4s 8114 8118 8114 +14
9712 91 5 St. L. & S. F. Ry. gen. 5s 97 97 97 +234
6712 5512 333 St. L. & S. F. p. l. 4s 6712 64 6612 +238
81 66 139 St. L. & S. F. prior lien 5s, Ser. B 81 7612 81 +4
76 66 84 St. L. & S. F. adj. 6s 76 7212 75 +2
5414 44 408 St. L. & S. F. inc. 6s 5414 4812 5414 +514
73 6378 4 St. L. & S. W. 1st 4s 73 7212 73 +12
67 57 6 St. L. S. W. con. 4s 67 65 67 +214
65 52 54 St. L. S. W. 1st Ter. 5s 65 62 65 +378
7012 59 2 St. P., K. C. S. L. 412s 7012 7012 7012 +12]
10014 9912 5 St. P. & S. C. 6s 9912] 9912 9912 -12
95 9114 1 St. P., M. & M. 412s 9112 9112 9112 -312
90 86 3 St. P., M. & M., E. M. 4s 80 80 80 -14
66 5412 4 San An. & A. P. 4s 66 65 66 +578
6412 52 8 Seab. A. L. ref. 4s 64 62 64 ..
60 4612 55 Seab. A. L. adj. 5s 60 58 60 +2
7212 6814 1 Seab. A. L. g. 4s, sta. 72 72 72 -12
7912 72 1 Sciote V. & N. E. 4s 7658 7658 7658 -18
95 8112 13 Sinclair Oil 7s 95 9434 95 +12
9812 80 137 Sincl. Oil 7s, with war 9814 9734 9814 +34
10014 8112 2898 So. Pac. conv. 5s 10914 10234 10712 +478
8734 7512 578 So. Pac. conv. 4s 8738 8434 8714 +314
80 70 24 So. Pac. col. 4s 80 7712 80 +234
86 7558 206 So. Pac. ref. 4s 86 8212 8578 +338
100 8678 64 Southern Rwy. 5s 100 9512 9834 +314
73 59 446 Southn. Rwy. gen. 4s 73 67 7212 +512
9712 8212 11 TENN. C. & I. gen. 5s 96 95 96 +312
9512 88 2 Tenn. Coal. cv. 6s 9434 9434 9434 -34
10112 9614 79 Texas Co. deb. 6s 100 9912 100 +12
95 90 1 T. St. L. con. 5s 94 94 94 +4
92 7934 38 Texas & Pac. 1st 5s 92 88 92 +8
59 5214 4 Third Av. ref. 4s 5812 5618 5818 +18
3812 2712 73 Third Av. adj. 5s 3712 34 3712 +4
84 77 20 T., St. L. & W. p. l. 312s 84 83 84 +7
10412 10138 127 UNION PACIFIC 6s 10412 103 10412 +178
89 8234 6 Union Pacific cv. 4s 9012 8714 9012 +234
9012 84 62 Union Pac. 1st 4s 9012 8714 9012 +234
8712 7534 23 U. Pac. 1st & ref. 4s 8712 8312 8712 +434
67 45 14 U. S. R. & Imp. 5s 67 6512 67 +112
101 100 10 U. S. Rubber 6s 100 100 100 -12
8712 76 411 U. S. R. 1st & ref. 5s 8712 84 8714 +312
98 9334 10 U. S. Smelt. cv. 6s 9778 9734 9734 +214
10014 34 400 U. S. Steel 5s 10014 98 100 +2
9978 96 2 U. S. Steel 5s, reg. 98 98 98 ..
8512 80 20 Utah P. & L. 5s 8514 8518 8514 +18
9714 90 1 VA.-C. CH. 1st 5s 96 96 96 +2
100 9414 42 Va.-Car. Ch. cv. 6s 100 100 100 +2
9612 8414 58 Virginian Ry. 1st 5s 9612 91 96 12
9412 98 1 Va. Midland gen. 5s 9418 9418 9414 +18
7218 6714 1 Va. S. W. con 5s 7018 7018 7017 +278
96 90 4 WABASH 1st 5s 96 96 96 ..
10014 96 3 Wabash Eq. 5s 98 98 98 ..
98 9178 9 Western Electric 5s 9712 97 9712 +58
7012 5712 223 Western Maryld 4s 7012 62 7012 +934
86 7914 22 Western Pacific 5s 86 8312 86 +212
8812 80 1 W. U. Tel. r. e. 412s 8812 8812 8812 +212
80 7112 1 West Shore 4s 80 80 80 +14
63 56 3 WH. & L. E. con. 4s 63 63 63 +312
98 9078 34 Wilson & Co. 1st 6s 98 9618 98 +2
81 6914 28 Wis. Cent. gen. 4s 81 79 81 +5
72 6714 1 Winston-S. Sbd. 4s 72 72 72 +434
Total sales $170,300,500
GOVERNMENT BONDS
102.50 92.20 3773 U.S. Liberty 312s 1931-1947 100.00 99.86 99.90 -.02
98.60 93.00 17 U.S. Liberty cv. 4s 1932-1947 98.30 98.10 98.30 +.20
98.00 93.00 914 U.S. Liberty 2d 4s, 1927-1942 98.00 97.80 97.80 -.10
99.00 93.80 552 U.S. Liberty 1st cv. 414s, 1932-1947 98.70 98.20 98.80 +.50
98.60 93.10 6599 U.S. Liberty 2d cv. 414s, 1927-1942 98.10 97.70 98.02 +.02
99.10 94.74 10599 U.S. Liberty 3d 414s, 1928 98.34 97.76 97.98 +.22
98.00 98.00 21375 U.S. Liberty 4th 414s, 1933-1938 98.00 98.00 98.00 ..
107 105 27 U.S. 4s, coupon 10612 10612 10612 +12
9912 9412 541 Am. For. Secur. 5s 9912 9858 99 +38
9612 8814 539912 Anglo-French 5s 9612 95 96 +34
89 78 3 Argentine 5s 89 8812 89 +2
102 84 879 City of Bordeaux 6s 102 100 101 +112
10212 84 365 City of Lyons 6s 10212 9934 10112 +2
102 84 300 City of Marseilles 6s 102 100 10112 +112
99 8134 901 City of Paris 6s 99 9814 9812 ..
8212 68 1 City of Tokio 5s 81 81 81 +78
9714 8878 42 Dom. of C. 5s, '31 9714 9614 9714 +12
96 9034 32 Dom. of C. 5s, '26 9612 9512 9612 +112
9634 9314 27 Dom. of C. 5s, '21 9612 96 9612 +12
10412 94 524 French Govt. 512s 10412 10278 10312 +58
9212 8012 13 Japanese 412s 92 90 91 +1
9278 8318 21 Jap. 412s, 2d Series, German stamp 8614 8312 8614 +114
9912 9534 211 U.K. of Gt. B. & I. 512s, 1918 9814 9834 9878 ..
104 9712 2038 U.K. of Gt. B. & I., 512s, 1919, new 104 100716 103 +134
9814 9134 1288 U.K. of Gt. B. & I., 512s, 1921 9814 9712 98 +34
50 40 5 U.S. of Mexico 4s 50 50 50 +10
Total sales $56,090,000
STATE BONDS
106 106 2 N. Y. State 412s, reg. 106 106 106 ..
Total sales $56,090,000
NEW YORK CITY BONDS
8212 76 4 312s, May, 1954 82 82 82 ..
9014 8834 4 4s, 1955, reg. 9014 9014 9014 ..
9112 85 5 4s, 1957 9112 9112 9112 +112
9112 85 5 4s, 1958 9112 9112 9112 +112
9112 85 12 4s, 1959 9134 9034 9134 +178
9014 90 1 4s, 1959, reg. 9078 9014 9014 +14
9634 8734 3 414s, 1960 9634 9634 9634 +214
9614 9614 7 414s, 1960, reg. 9614 9614 9614 ..
Total sales $42,000
Grand total $72,164,500

alt= Lima Locomotive Corporation Premier Peace Stock Descriptive Circular on Request. DUNHAM & CO SPECIALISTS 43 Exchange Place, New York Telephone 1960-5 Hanover.
alt= Lima Locomotive Corporation Premier Peace Stock
Descriptive Circular on Request. DUNHAM & CO
SPECIALISTS
43 Exchange Place, New York
Telephone 1960-5 Hanover.

Inheritance Tax

The Bank deposits of a non-resident are not taxable under the inheritance tax laws of New Jersey, and a Safe Deposit Box rented in the name of a non-resident is accessible to representatives of his estate without notice to or consent of the State.

MECHANICS' TRUST COMPANY OF NEW JERSEY
ESTABLISHED 1886.

Only Trust Company in New Jersey That Clears Through the New York Clearing House.

39 WEST 8TH STREET, BAYONNE N. J.
OPP. R. STATION.


Russian Currency
Russian Gov. Bonds

Mexican Currency
Mexican Gov. Bonds

Bought-Sold-Quoted

ALFRED R. RISSE
66 Broadway, N. Y. Rector 1655


alt= STANDARD OIL ISSUES WEEKLY SUMMARY ON STANDARD OIL ISSUES WILL BE MAILED TO INVESTORS ON REQUEST
alt= STANDARD OIL ISSUES WEEKLY SUMMARY ON STANDARD OIL ISSUES WILL BE MAILED TO INVESTORS ON REQUEST

CARL H. FFORZHEIMER & CO.
Dealers in Standard Oil Securities
Phone 4860-1-2-3-4 Broad. 25 Brand St., N. T.


STANDARD OIL STOCKS


Columbia Graphophone


C. C. Kerr & Co.
2 Wall St., N. Y. 'Phone 6780 Rector


Chicago, Rock Island
& Pacific Ry. Co.

First and Refunding 4s, 1934.
To Yield About 5 34%

alt= Hambleton & Company ESTABLISHED 1865
alt= Hambleton & Company
ESTABLISHED 1865

43 Exchange Place, New York.


Ter. R. R. Assoc. 4s, '53
Utah P. & Lt. 1st 5s, '44
Dayton Pow. & Lt. Pfd.

John Nickerson, Jr.
61 Broadway, New York.
Telephone Rector 5418.


Current Market Review

Sent on Request

Toole, Henry & Co.

Members New Yourk Stock Exchange New York Cotton Exchange.

Equitable Bldg., New York.


CENTRAL UNION TRUST CO.
of New York.

80 Broadway 54 Wall Street

BRANCHES
5th Avenue at 60th Street
Madison Avenue at 42nd Street
5th Avenue at 88th Street
Capital, Surplus and Undivided
Profits $29,000,000


Write for
Straus Investors Magazine
Invaluable to Conservative Investors.

S. W. STRAUS & CO.
150 Broadway


SURETY BONDS

American Surety Co.
of New York. (Founded 1884.)

Home Office, 100 Broadway.


A LEGAL INVESTMENT.

Trustees, Administrators, Executors
512% Guaranteed First Mortgage Certificates Write for Booklet "A"

First Mortgage Guarantee Co.
Bridge Plaza N.; L. I. City, N. Y.


HARRIMAN NATIONAL BANK

Fifth Avenue & Forty-fourth St.
New York


Banking Hours from 8 A. M. to 8 P. M.
Safe Deposit Vaults 8 A. M. to Midnight.


LIBERTY BONDS
BOUGHT FOR CASH

All Issues and Denominations Bought at Stock Exchange Prices.

DIDRICHSEN & CO.,
Tel. John 3174-5-6-7. 34 Pine St., N.Y.


Mark A. Noble Theodore C. Corwin

NOBLE & CORWIN

25 Broad St. New York

Great American Insurance
RIGHTS
Telephone 111 Broad.


"Passed by the Capital Issues Committee as not incompatible with the national interest, but without approval of legality, validity, worth or security. Opinion No. A2546."

$3,000,000
The Jacob Dold Packing Co.
7% Serial Gold Notes

Coupon Notes in denomination of $1,000 each. Interest payable May 15 and November 15 without deduction for any Federal Normal Income Taxes, now or hereafter deductible at the source, up to 4%. To be dated November 15, 1918. Due serially November 15, 1919 to November 15, 1923.

These Notes will be the direct obligations of The Jacob Dold Packing Company and will constitute its only obligations outstanding in the hands of the public. The entire proceeds of this issue will be used in reduction of present outstanding bank loans and to increase working capital to take care of an increase in the volume of business which has been urgently requested by departments of the United States and Allied Governments.

The average earnings, including those of its subsidiary companies, available for interest and Federal taxes for the past five and one-half years have been approximately $1,100,000 per annum, or over five times the maximum annual interest on these Notes.

Sold to yield from 7% to 714%, according to maturity.

All the notes having been sold, orders will be executed at prevailing market prices.

Descriptive Circular will be sent upon request for AG-187

The National City Company
Main Office National City Bank Building
Uptown Office Fifth Avenue and 43rd St.

Correspondent Offices in Thirty-one Cities


ITALIAN DISCOUNT AND TRUST COMPANY
announces the opening of its offices for the transaction of business.

BANCA ITALIANA DI SCONTO
Correspondent

GUARANTY TRUST COMPANY OF NEW YORK
Depositary

The Italian Discount and Trust Company will transact a general domestic and foreign banking business. Its connection with the Banca Italiana di Sconto (which has more than seventy branches in the important industrial, and commercial centers of Italy) places the Italian Discount and Trust Company in a most favorable position for the fostering and financing of commercial transactions between Italy and the United States.

Through its affiliations in every important center of the globe the Italian Discount and Trust Company affords quick and direct banking service with all parts of the world.

The Company cordially invites your inquiries as to how it can serve you.

ITALIAN DISCOUNT AND TRUST COMPANY
399 BROADWAY