Evening Star Newspaper, December 2, 1921, Page 29

' * DVERGENTVENS 552 | Allls Steels Are Leaders -and A Rails Continue .. Sluggish. NEW YORK, December 2 —Gains and losses in shares of the same de- scription again reflected divergence of specula sentiment at the open- ing of today's stock market. General Eleotric was the leading feature, soon’ rising 3 points, and Standard OIl of New Jersey continued its upward course at a gain of 2. Mercantile Marine preferred and American In- ternational also were strong, and Sears-Roebuck common and ’ prefer- red rallied moderately on the reten- tion of the preferred dividend. Rails displayed further irregularity within a narrow range. American Sugar, American Car and Royal Dutch Were under pressure. Leading foreign- exchanges reacted from yesterd: highest levels, sterling, francs and marks showing sharp ‘reversals. Steels Are Active. > Independent steels, especially those most prominently mentioned in the merger rumors, became the market leaders before noon. Lackawanna, Republic and Midvale rose three to five points, and Bethlehem, Crucible, Gulf States and Sloss-Sheffleld were one to three points higher. General Electric and Standard Oil of New Jer- rey extended their gains with Standard Oil of California. Coppers, International Paper ~and Woolen were included among the con- spicuously strong features. Rails remained sluggish, the invest- iment group continuing to ease. For- eign exchange showed further unset- tlement after a moderate rally. Call money opened at § per cent. R Steel Merger Stocks. The remarkable thing about the sudden buying movement in the inde- pendent steel shares was that it should have been postponed twenty- four hours after the news of the merger negotiations had come. out. This news really broke yesterday morning, but yesterday's market scarcely paid any attention fo it at all. The supposition was that deal was not actually closed until after the' close last night, and that , the terms on which the diffefent stocks were to be taken in were not known to the chosen few in time to be acted upon until this morning. The secret as tothe prices at which repub- lic steel, Midvale and Lackawanna are to go_into the combination was well guarded during the day. The street remembered, however, the wild speculation which preceded the formation of the United States Steel Corporation in 1901 in the stocks of the constituent concerns, and took its cue from this precedent. Lackawanna Steel did not even temporarily stop going from its opening of 43% until it reached 47. The rise in Republic was eually abrubt. As for Midvale, it was extremely hard to buy for & stock which ordinarily is in goo0 supply. c Tire Shares Strong. . Like the independent steels, the rise in the tire stocks seemed like a be- lated move. It might have been ex- pected yesterday, when word came of the jump in crude rubber to 20% cents. Nearly all of. these companigs have marked their inventory during-the slump down to prices well below this 20- cent level, so that they are now in a position where their assets are higher considerably than they are being car- ried at on the books. The buying really started in Goodrich and spread to Kelly-Springfield, United States Rubber and Lee in tumn. Earlier in the week the statement was printed that Goodrich had been able to cut its inventories from $72,000,000 to $38,000,- 000 during the first nine months of the year and that its entire bank indebted- ness was in a fair way to be extin- guished by the close of 1921. There was active buying of Cali- fornia Petroleum following the state- ment for the first nine months of the year showing a surplus well over $9 on the common stock. This result, covering the period when the ofl trade was at its worst and before the big turn for the better had come, was very remarkable. The advance in prices since the end of September will, of course, expand California Petroleum’s 1921 earnings to & much larger total still. In addition to the reports that President Harding intends urging Congress to create a ship subsidy for companies operating under the Amer- ican flag and that this will benefit the international mercantile marine in great measure, the report will not down that mercantile marine has large sums coming from the Shipping Board and that a settlement is near. In some quarfers the sum represent- ed as due from the government fis placed well in excess of $20,000,000. —_— " DIVIDENDS DECLARED, Am. Steel Foundries, q. 78¢. ‘Am. Steel Found, pfd, $1.7: hanna -R. Col 1st pfd, Colorado ‘and Souf 1d, $4. prd. Consolida heum_Of * Texas Ol Co.. month- % Dec. 1t stock “Dec. 10 Weyman Bruton Co., 4, $2.60,Bec. 10 rutc C 1d, G|C&Estnllwi. 13| Gen Blec! Am Tobacco. . Am Tobaceo (B) inc & Ld pt, Ann Arbor pf. Shippt “American | A p! v Atlantic Cst Line. . Atlantic Fruit Co.. Atlantic Gulf. Atlantic Gulf p Atlantic Petroleun l;:: 1 Barnesdall (B). Beth Steel. . Beth Steel (B, Beth Steel 3% California Pckg... 7% California Petrol.. &% California Pet pf.. 8% Canadian Pacific. . Carson Hill Gol Central Leath pf. Cerro de Pasco. Chandler Motor. Ches & Ohio. C&Estnlllpfwi. C'& Estn 11l pt ctf. C&EstIllcf1pd. Chi-Great Westn. . Chi Great W pf. ChHMil&StP..... ChiMil &St Ppf.. Chi & Northwn. Chi R1 & Pacific ChiRI&P6%DI.. ChiRI&P 7% Pf.. Chile Copper . Chino Copper. 255,55 525052E (3£ FE sggey Cons Textile. . Corn Products. Cosden & Co. Crucible Steel..... Crucible Steel pf. Cuban-Am Sugar.. Cuba Cane Sugar.. Cuba Cane Su pf... Davidson Chem. Deere & Co..... Del & Hudson. Del Lack & Wstn. Dome Mines. Elk Horn Coal Emerson-Brant... Emerson-Brant pt Endicott-Johnson. .10 <% 13 18% Eri Erle 1st pf Erie 2dpf.. Famous Players. Famous Playrs pf. Freeport Texas. Gen Am Tank Cai Gen Asphalt. Gen Cigar LTI PRI T TS b3 Igfggegeaggen grggewuiuagngy HLEERRE LU LR ] I Interboro Met pf. Int Cement. Intl AgrfChem pf. Intl Hirveste Intl Mer Mafine: V. Intl Mer Marine pt Intl Truck 1st pf.. FeRf-guregRgzElag Key! Kresge (S 8) . Latkawanna Steel 434 1[Laclede Gas. PENNSY’S INCOME GROWS. PHILADELPHIA, December 3.—| “Pennsy’'s” October returns show & net operating income of $6,498,361 saved out of gross operating reve- nues of $59,538,698. This represented an increase of $2,069,478 in net oo & Rubber %3 = ubber 28 | niun vattey. oo, earn. ings and a decrease of ul.QHJHO:_ Manhattan gross receipts as compared with- tober, 1920. The system's opera! expenses were cut $20,536,600 to - & Market St Ry. Marland Oil. total of $49,800,202, mainly through|pggy decreases in expenditures for main- tenance of way and equipment and in charges for conducting transporta- tion. Although its gross receipts de- clined $42,850,02¢ to '$565,804,115 in ten months of 1921, the sys- tem’'s net earnings for that aggregated $3413 (.Bl( expense: s duction of $152,454,631. BAR SILVER QUOTATIONS. NEW YO! h]ro stiver, 10‘1‘& NDON.,.* Decémbér Middre States: Midvale Steel. Minn &£8t'L (n] three-month bills, 31116 per sgiggsunegggiyeg s§eso=yeignsnnizanng.gasg ngza Wigagnegghec, geg. gugagtz fungrgsyonngaiyye §euymguagEizatgy ¥ = FHELLPRL L LT L AL P RO R HERHY 25385005083 5002- 2385, 088z WEfeyepgsEng o 3eg.ge reegys sgagysg R b T R L A R F g;su:);;ag::*: Ui AL REE P LR, 238 “s;;cigagfiggéi!lggiiug.; 1Y s23aises s 582 4355058, 000 i, $3E-59553559%3,8; §59ug 0 yhgh ;Q@?}!i 2 & gei-zsieasgney g & 2 ‘*Igfi sfageyeaagge 2 & [ & STOCK EXCHANGE |Grain; Produce i GRAIN AND PROVISIONS. i RE, December. 2 (Spec : e new, 150 ,:.mS:‘ 2.75a 100 pounds, 1.50 wu;- and v:l;l h i i ESALL S LI TL L HLT R celery, dosen, 50a3| cdcumbers, crate, 3.50a6.0! eggplants, crate, 1.5023.00; horserad ish, bushel, 4. 5-p¥3cae5Esag8ay § savoy cabbage, bush: bushel, 80a90; squash 084.00; 75‘nu. 4.0027.00 ‘turnips, 5.50a8.00; packed, barrel, LTI L PR T -} ¥ apples, 3.00a3. 2.00a3.50; cr: 21.0 ; - grapefruit, oranges, box, 3.00a4.00. . Selling Prices at Noon. ELTHT TN weegyzzagiuegzanayangyagaznnsayy No.. 1.17%; No. 2 red winter 1.18;. December, 1.16. January, no tationa. Sales—None. R Corn—Cab corn, old, yellow, quoted at 2.70a3.75 per barrel. Contract corn, spot, 69%, nominal; track corn, yel- low, No. 2'or better, old, domestic, 70. Sales—None. : Oats—White, No. 2, 44 per bushel; No. 3, 41%4a42} per bushel. . R -Nearby, 8 per bushel, N 'n_export, -spot, $7,” nominal shel; No. 3, no quotation. Hay—Receipts, 62 tons; range from 16.00a31.00 per ton, with a moderate demand for fair to good quality of timothy and mixed hay. Straw—No. 1 straight rye, nominal; No. 2 straight rye, nominal; No. 1 wheat, 1 No.' 1 oat, 14.50a15.00. CHICAGO, December 2.—Consider:; ble firmne developed in the wh market today ‘during the early p. of the session. Absence of molsture winter spot. Phila Company. Phillips Petroleum A Plerce Oil pf Pitts Coal. Pitts Coal pt. Pitts & W Va. Pitts & W Va pf... Pond Creek Coal. Pressed Steel Car. bt g §usssgyeggynosazangegs L T e T T g S ¥ Lt Reading 1st pf.. Reading 2d pf. Remi, where .most needed in the southwest was the leading bullish factor. Ad- vances, however, were checked by selling on the part of houses with eastern connections. Opening. prices, 2 & Rep Iron & Stl pf. Rep Motor Truck.. ay 1.16% to.1.17, were followed by moderate upturns all around and then something of d reaction. ‘Wet weather in the corn belt gave firmness to corn ‘and' oats. Corn opened 3 off to 3 up, May 54} to 54%, and then scored a moderate gen- eral advance. Oats started unchanged to % higher, May 38%, and then hardened a little more. Provislons were inactive, but sus- tained by firmness in the hog market. Subsequently the wheat market un- derwent a setback, owing largely to a forecast in the southwest. The close was unset: 4 net di cline to % advance, with December }:ia to 1.13% and May 117% to 174, Advices from the seaboard told of liberal expoft corn buying. The close was firm, 3%al% to % net higher, with May 56% fo 54%. > Open. High. Low. . Close. 1181 133% 111i '113% 116l 117% 1.10% 117y 48y 48y 47 48 o - R -1 4 32! 33 328, DAIRY MARKETS. BALTIMORE, December. 2 (Spe- -cial).—Live poultry—Turkeys, 1b., 45 a50; poor and crooked breasts, 38a40. Chickens, young, 24a25; poor and white Leghorns, 20a22; pld hens, a25; small and white Leghorns, 30; old roosters, 14a15. Ducks, 19a2! Geese, 22a28. Pigeons, pair, 20a25. Guinea fowl, each, 40al Dresse: poultry—Turk 40a5. Chickens, 24a27; old rooat Ducks, 25 az3. Geese 26833 S (loss off)—Native and near- by, fi doz., 60a61; southern, b Butter—Creamery, fancy, lb., 46; prints, 46a48; nearby creamery, 41a42; ladles, 30a32; rolls, 28a3 store-packed, 26; dairy prints, .28a20; Process butter, 35a38. T BOSTON WOOL ACTIVE. About 7,000,000 Pounds Offered at Auction, None Withdrawn. BOSTON, December 2.—There was a large attendance at the government wool auction here when about seven million pounds. wool was offered and ‘not a single pound withdrawn. The bidding was animated through- out, Prices are generally considered to have advanced 10 to 15 per cent as compared with' the sale held a month ago. ;- It was a dealers’ sale, rather than one which was_dominated by the cturers. Brown & Howe of Boston were the largest buyers, tak- l_’:fl‘pon than & .miilon pounds, l¢ Kenneth Hitchins pany of Boston took the largest amount of scoured wool, and Webb of Philadel- phia was" the second largest buyer, taking more than 700,000 pounds. Bacgliises Beneca Copper. Shattuck-Aris Shell Trad & Tr: g{flflllll‘ Qil. L E1 3. - H B;Ia!Sl§=;;B8;!§l=Ei;‘ggg!figlgifll!lfig!sl! Ugagaiyrzeyzyaeuiingupeyayn eg. s uueyepanngagagyiye Southern Ry pf. Stand Ofl of Cal Stand Oflof N J. Stand OilNJ pf... Stewart-Warner, Stromberg Carb Studebaker. Submarins Boa: Superior Oil. . Tenn Copper.. Texas Company. .. Texas Gulf Sulphur Texas & Pacific. .. Texas & PC& Oil. ‘Tide Water Oll. ... 145% ‘Tobacco Prod. ans Contl O 7% nion Bag & Papr. 7% Union Oil. 20 Union Pacific pf... 73 Unlon Tank Car pf 108 United Drug. n United Drug 1 United Fruit... United Ry Inv United Retall Strs. 2 £ 3fagagignues. enbigoses g-iiz 3g-§sy8 L g L E L H G THIREETH 4 heeling & L E pt WhiteOfl......... 12% Wickwiré Spencer 11% Wilson Company {, 2% | Wilson Co pf. . Willys-Overland.. 6% Willys-Ovld pf.... 28 ‘Worthington Pmp. % Wright Aero 9 High, Low. Last. Call Money..... § & CUBA’S BUDGET FIGURES. HOURLY SALES OF STOCKS. e 2 . ‘HAVANA, December 2.—~Budget fig- TICieOS [EaEasE " [SEARLY STEADY for.the pe- lod l.: 57:,:00,000 and expénditures Spicial Dispatch to The Star. = De- In a message present- figures to congress Presi- postpone WALL STREET, NEW ¥ORK, cember 2.—PHe bond” matket- today was fairly steady and -with compard- tively few features. Liberty bonds, which gained little, if any, yesterda strengthened and prices of all issu adyanced substantially. Rallway bonds| were quitd activey but;the list gent ally was narrower than on previbus days this week. BrasYgeeannt; nyngly on, to be opened of next April, in or- der that-he may have- time to reor- ganize still furthér various govern- ment departments. In the provisional budget submitted te appropriation for the war and others, with $9,529,7) struction next on the:] ot c——— FINANCE AND TRADE NOTES. Directors of the Chicago, Burlington and Quincy declared a semi-annual dividend of 5 per cent and a special chsh dividend of 15 per cént, payable December 31-to stockhdiders:of reg= istry December 17. " Pennsylvania state corn crop figures There overe heavy dealings in the| show o total of 59,637,425 bushels new Missour, and Texas especially I the investment bg.on. & | §10T, 1283516 Sores, LATERAter Qunr o 3 286,693 _bushels, Y when-issued ‘basis. They toucksd 43, Lineing next with 4.207,342-bushels, : a fractional advance gver yesterday's .;- Roebuck Co’:nvlny announces clgging level. o the iregular quarterly dividend of Big Four 6s and 41458 $1.756 a share on the preferred stock, ly, probably because "of payable January 1, to shareholders of offering today of $4.507,108: record December 15, - 6 per cent gold notes.:New big During November 165 v were made by the Toledo, St. rived in Bailtirhore, the bamé- and Western 4s, which_got up 2|gas for October. points to 60. Southern Pacific con-|giates 12 countries were represented, vertible 48 gained almost a point.. |'of which 122 Were undér ths: Ameri- On the other hand weakness:occur-|ean'flag, an excess of 11 over the pre- vious th. Great Britain had 18 issues .as. the 8t. Louis| vessels, N:)‘rwly 11, Sweden San Francisco income 6s, gnd the| Italy and France: 2 Baltimore and Ohio Toledo division 4s.| Denmark, Belgium, Cuba’ and:Japan £ . at 1 eacl SECOND CABIN RATES DOWN. NEW YORK, December 8.—Sub- stantial dafiruu 4!: :mnd-ehrn ‘r'-:er inced " The greatest cut was| r public ‘in- ol FOREIGN EXCHANGE. Selling checks—dollar values at moon teday. said .one Decrease follows action lines plying to middle and cot.cinental in third-class rates ten days at 7; o 3 ; Spaln, demand, 14.02; Greece, de-| NEW YORK, December 3.—Broker- démand, 31.37; gecurl in ties jn the Y chickens, per Ib., *Apple No. 2. 4.60a5.00; bushel, 1.4082.25: box Lal d | eral market opened barely navy,department, $14,189,641, leads all | With - /the,. United | d, | gheured by firsd doed of and Live Stock LOCAL WHOLESALE MARKET. Hggs—Strictly .t‘ruh. por dosen, verage receipts, 65. Live poul -Roosters, u{:r 1., 17; turkeys, per Ib., 45a47; chickens, o er Ib., 27a28; h n% per 1b., 26a26; eats, young, each, 60a70. Dressed poultry—Fresh killed spring 28a30; hens, per Ib., 1b., 20; turkeys, per kea , each, 608’ Tive k—Cal: Dorioe: per Ib. ve stoc! 'ves, choice, D 12212%; lambs, choice, per 1b., 8%:; RS LA per, b S0 en J 10.50; per bus. bnl;tplt...i. 01 west- ern, per box, 3.00a4.50. lemons, per box, 3.0023.50; oranges, per crate, 6.50a7.50. ‘rgm. 3.7584.50. Florida oranges, 4. Vegetables—Potatoes, new, No. 1, per bbl, 3.00a3.75; per sack, 3.6023.60;" Bweet per bbl, 3.50a4.25. nearby, per crate, 1.00a1.50; per crate, 1.00a3.00. Cel- ery, ‘per dos., Tbal. Romaine let- tuce, 1.25a3. Cymbi 2.50a3.00. Spinach, per bbi., Onions, per 100-Ib. sack, Cabl bbl. Wheat—No. 1 red winter spot, no | be garlicky, spot, | 7.00. CHICAGO LIVE STOCK MARKET. CHICAGO, December 2.—(U. 8. bu- reau of markets).—Cattle—Receipts, 3,000 head; beef steers, steady to 26 1 quality very plai 25; she and heife: best bol ock, -;rv 13 5. Hogs—Receipts, 33,000 head active; light and light lights, stead. others, steady to 5 lower ti yester- day's averagq; top, 7.10 for light hts; practical top, 7.00; bulk, 6.75a %"' steady; bulk desirables, yearlings, steady; choice fed wes! lamba to city butchers, 10.75; bulk lam! 10.00a10. choice handy ew: ; ; feeders, sca: steady. DIVIDENDS NOTABLE. Great Northern and Northern Pa- cific to Get $34,136,440. CHICAGO, December 2.—Payment by the Chicago, Burlington and Quincy railroad of an extra 15 per cent cash dividend, announced yesterday, together with the regular 5 per cent semi-annual dividend, will almost meet the annual 7 per cent dividends of the Northern Pacific and Great Northern, which jointly own 97 per cent of the Burlington's stock. The combined 20 per cent dividend of the C., B. & Q. will total $34,- 138,440, of which the Great Northern and Northern Pacific will receive $33,114,287. The Great Northern needs $17,- 463,400 to pay the 7 per cent on its $249,477,150 capital stock, and the Northern Pacific will need $17,360,000 to meet the dividends on its $248,- 000,000 of stock. The dividends from the C. & Q. will fall short of this combined sum by only $1,709,113. The Burlington is estimated to have a surplus fund of $160,000,000, from which the special dividend will be drawn. At the close of business last year the surplus was $214,129,391. The directors declared a stock dividend at that time of 54 per cent, of approx- imately $60,000,000. —— COTTON MARKETS. NEW YORK, December 3.—The cot- ton market showed further declines during today’s early trading, January selling off to 16.90 or into new low ground for the movement. The gen- teady at decline of 2 to 27 points, and soon owed net losses of 20 to 29 points under liquidation and southern sell. ing, promoted by lower Liverpool ca- bles, reports of a continued poor trade nchester and. unfavorable re- B:::- from the domestic goods mar- Futures opened barely steady. - cember, 16.95; January, 17.01; March, 17.02; May, 1 Julw 16.34. NEW ORLEANS, December 2.—The continued decline in the Liverpool market and the panic reported in Ger- man securities markets acted unfa- vorably on the price of cotton here today. The list losing 11 to 17 points in the first half hour of the session. January fell to 16.25. Futures opened steady: 16.28; January, 16.3I 15.93. May.'16.25; July, WOOL TRADING ONLY FAIR. BOSTON, Décember 2—~The commer- clel bulletin- tomorrow. will say: Business privately has been only fair this week, moré or less natural reaction having set in from the specu- lation of the two preceding weeks. Attention naturally was focussed on the government sale for which the trade appeared £p be waiting more or less. The results of the sale were very conclusive evidence that the position of raw wool is exceedingly strong in this country at the present time, the entire catalogue being sold at average advances of 10 to 15 per cent. In the §o0ds market there 18 little change on the whole. Some of the worsted mills on men's wear find their business tapering off, while the demand at the dress goods tmills is slightly im- December, March, 16.49; ‘program 4| Complete analysis in current issue of our “Securities and Commodities Review” Copy sent upon request. - ‘Washington Office MAIN FLOOR CORRIDOR, WOODWARD BUILDING' ‘" Telephone Main 2040. on real estate Joseph 1. Weller 45 Wk L& tran .. LOANS " If you have money to in- | vest we can safely place it on gilt-edge first D. C. Mort- " gages. Our record of 30 years "insures yotur protection. Cour- ‘teous treatment, - SW. Car. Y5t & “K” Shs. 4.10 : . B d n. Brasil, demand, 12.87; treal, 91 United, States _m e 1ast|In es are listed. % Paigietey and state of New York lead with an ite- total of 3,000 s | brokers dealing in securi- secone: wit! LIBERTY BONDS Lo o e First Trust Notes secured on mew houses Absolutely Safe 914 15th Street N.W. Betate. NATIONAL MORTGAGE AND INVESTMENT CORPORATION Temporary offics, Sansbury 1418 Eye Street N. —without the loss of a single penny in either principal or interest is only one of the many reasons for investors to buy ~ 1% Gilt-Edge First Mortgage Loans Mo Investment Better, Few As Good. Send for full details. Certi- fled titles and insurance pol- icies furnished with notes. Conservative, ocourteous con- sideration to all our clients Notes from $250 up to $10,000 Now on Hand Chas. D. Sager EQUITABLE Co-Operative Building Association umnr.;:-;oz.r_mn ; " Savings With Greatest Results —Join the Bquitable asd save system- atically, in e Iy, Dr: you :n :-mm:.h . Subsertptions for the 824 lssue of Stock Being Received ¢ Per Cemt Interest EQUITABLE BUILDING 915 F St. NW. JOMN:JOY EDSON, Prestent FRANK P. REESIDE. This house is proud, indeed, of its long record of effective service to purchasers of our First Mortgage Notes on im- proved Washington real es- tate. We would not feel justi- fied in invitiag your confidence on this basis of years alone if extensive dealings in many varying business epochs had not provided us with a really seasoned organization. MEMBERS: New York Stock Exchange 111 Broadway, New York Washington Office COLORADO BUILDING ‘Telephone Main 1603 & Hensey Co. 727 15th Street N.W. Washington, D. C. The Nation’s Home Town 52 Years Without Less to an Investor Sewy, fI| { INDEPENDENT| il OIL : | | STOCKS Descriptive booklet of a b ove securi- ties may be ob- tained by call- ing at our Sta- tistical Libra- ry; Room 201, Hib b s Build- ing. W. B. HIBBS & COMPANY Members New York Stock Exchange service. N. Y. Ave. tement % Samuel Ungerleider & Co. _ New Willard Hotel James Sloan, Jr., Manager MEMBERS New York Stock Exchange Cleveland Stock Exchange Pittsburgh Stock Exchange Columbus Stock Exchange Chicago Board of Trade Telephones, Main 3364-3367 " Leader-News Bidg., Cleveland, Ohlo ' Chamber .of Commerce, Columbus, Ohio J. S. Bache & Co., and Halle & Steiglitz New York Correspondents “k Municipal Bonds !-'ork invest;neni! & Municipal Bonds, when properly issued and safeguarded, have always beent recognized as among the strongest investment securities. The full faith, credit and taxing power of a Municipality (State, Eounty, City or other subdivision) issuing bonds, such as we reco: the prompt payment of principal and interest. To falfill are pledged for promise, the Municipality has the power to levy:taxes on all taxable property within its boundaries. Taxes come ahead of ‘all other liens, even the claim of first mortgage bonds. If'a property owner fails to pay his taxes, provision is made by law for the sale of his property to pay the taxes due. Another contributing feature to the attractiveness of Municipal Bonds is the fact that they are exempt from the Federal Income Tax, both normal and surtax, and in many States are also exempt from local taxes. Munici[;ul Bonds have for genefafiéns been the favorite form of investment of the most conservative investors. Among the largest holders are-savings banks, insurance companies, trustees of estates, an other institutional and individual investors, who place security of principal as the first consideration in the selection of their investments. . Because of the widely varying laws and taxing powers in the different States, it is important:to purchase them through Houses known for their long famil- iarity with all technical details and for their thoroughness in safeguarding: the issues fixey approve and recommend. Municii)al Bonds now yield a much larger return than in normal periods, conservative estimate of the increase in return‘.bu eriod, being about one-third. They are availal ) a compared with the pre-war le at the present time to yield rom 43, % to 6%, while Canadian Municipal Bonds (not exempt from taxes in the United States) can be had to yicld as highias 65 %. This house was organized in 1882 to deal chiefly in Municipal Bonds, and for many years its business was confined Jargely to this class of security. While we now deal in other classes of investment, we have for nearly forty years been among the largest dealers of Municipal Bonds in this country. We have on hand at all times a very wide assortment of Municipal Bonds (usually covering 100 to 150 different issues) which we offer with our recommendation. copy of our next Monthly Bond List . e Harrls, Forbes & Company Pine Street, Corner William, New York *