Evening Star Newspaper, December 16, 1921, Page 29

v FINANCIAL'. Received by Private ‘Wire Direct to The Star Office. Open. Allied Chemical pf 102% Allis Chalmers. ... 39% Allis Chalmers pr. %0 Am Agr Chem..... 30% Am Agr Chem Am Hide & Lea pf. 61% Am Ice. 2T ‘Am International. 4% di % 9 % “fi Am Safety Razor.. Am Ship & Com. .. Am Smelting..... Am Smelting pf... El 8T% High. Am Tobacco (B) . Am Tobacco pf (n) 8% Am Wholesale pf.. 83 Am Woolen... 81% Am Zinc & Lead... 4% AmZinc&Ld pf.. 40% Anaconda. .. . 4% Ann Arbor pf 2% Assets Realzn..... 1. Asso Dry Goods... 48% Asso Dry G 1st pf. TT% Asso Oil. 107% Atchison......... Atchison pf. Atlanta Bir & Atl. Atlantic Cst Line.. 88 Atlantic Gulf. . U Atlantic Gulf pf... 4% Atlantic Petroleun 24 Auto Sales. T Baldwin Loco. Baldwin Loco pf. 6% Bklyn Rapid Trn.. 6% Bklyn Rap Trctfs. 5% Brown Shoe pf % Butterick. Caddo Oil. . California Pcks. California Petrol. California Pet pf.. 88 Calumet & Ariz. .. Canadian Pacific Carson Hill Gold. 2% Central Leathe! N% Central Leath pf.. 65 Cerro de Pasco. 5% Chandler Motor. 0% Ches & Ohio. . 5% C&Estnlllw C&EstnIllpfwi. Chi-Great Wastn.. Lh‘PnQuTuol..... 61% RI&Pacific.. 32 M RI&penpi.. M ChiRI&PT%DPf.. 8 Chile Copper- - Lo Chino Copper. eaner ca-Cola. .. Colo & Southern... 3% Col Gas. ... . 6% Col Graphophone.. 3% Col Graph Pf. 12% Comp Tabulator... & Hudso! fi Lack & Wstn.. 114 Dome Mines. 18% Elec Stor Bl.tte'.ry. 124% Emerson-Brant... Endicott-Johnson. m Famous Piayer Famous Playrs pf. 92‘4 ¥ed Mines & Sm... 2% Fed Mines & S pf. Fisk Rubber. . Freeport Texas. 15% Gen Asphalt. 68% Gen Asphalt pf....106% ntanamo Sug. g:lll States Steel.. 48% Harbishaw Cable. 1% Haskel & Barker.. 8 Hendee M{g. 16% Homestake. . 5% Houston Oil. ... 82% Hupp Motors. . n% Hydraulic Steel. 64 mmou Central 9 Indiahoma...... % Tndian Refining. 9 Inspiration. . a% Mthonc‘i:“n;} ‘zy, i Chem Df. Intl Ag! = % 15 € B% % 12% © 6% 2 2% & nes Tea. . Ji.l City Sou.. 2% Kansas C Sou pf... 5% Kansas &GuifCo.. 7% Kelly-Spring Tire. &% Kelsey Wheel. a Kennecott. .. 2% Keystone Tire..... 1% Kresge (S8) 172 Lackawanna Steel 47 Lake Erle & W pf. 2% Leo Tire & Rubber 5% Lenigh Valley.... MinnStP&SS 9 a% % 35 21% 8% 5 65% 2% ™ 12% 6 6% 2 2% uk 3% 2% 5% 8 “h < % 15 nz a b3 9% 58 % %% 102 0 w02 W Wk 0% 10% 9% 39% 1566 154% 108% 110 M a9 2 2% * % 8% 6% /U 2% u =n 1 WK 1004 18 ues une s 13 B W % 2% aq 8% 0% »% % 1% 2% 1% 6% % L * ssi;‘“ii“§!“*§§§§§§=5*§§Ei§m§§§§“‘;=‘=§!§‘§2‘§ EBTS BoRGES $ gesgBpage Bepges - 52 6% | St Louis Southwn . lB‘/l EF "iii;;“1‘!!535%"5%‘““?E§§"§ THE EVENING GRAIN AND PROVISIONS. STAR WASHINGTON, Open. High. Low. Close. | BALTIMORE, December 16 (Special). | “pooy goions frogn, per dozem, 55: Natl Enameling... 39 39 38 3% '__potatoes, new, 160 pounds, 2.75a3.2! average ,M;z_ 55; .ou.';,m, 3. fi::'.}}:g;"f: L Ts 3% ek|No. 2 150a175: 100 pounds, 1.60a2.00; | “p s Ol pelters per b, 16; Nuwomex”&u wh o @K BT |No. 2, 7681.00; sweets and yame, ba turiseys, per I, 44ats; chickens: apring. NY¥Central. 7 % 7% T%|rel, 3.00a3.50; No. 2, 1.75a2.00; bual . 2%23; hens, per Ib., 22; keats, YChi&SBtL. 68% ©68% b68% 68%1.00a1.25; No. 2, 5060. Beans, hamper, | ¥* s €0au. S Drnud ltry -~ Fresh 11led anmocfi; B4 % @6 B 250a450. Beots, bushel, 60a75. Bro-|gpring hickens. por Tb, 38626: B8 = coli, bushel, 30a35. Brussels sprouts, qt., | per 1b., 23a24; roosters, per Ib., 20; 533’325’&:{' & zn:“ ;‘m H :\’: Cabbage, to 50.00260.00. c:r-‘k”;g ber Ib, 43450; keats, young, eaan, N Y Sht i 13% | rots, bushel, 1.00. lifiower, barrel, 5 Necimoategs e ime e 3 ggy_wcgg-umge;gé.d,q,--gr‘;oggg-tg-;e;;g;- Tive stecieCaryan Sooits: por ., :::{gl::x::rn.. :m :“u gv. ::2 323"'1(0.21 fi%ru Ii.d1d6 125"'“' 3,008 | 12 h.mb l{:geholu, per 1b., 83%; live hogs, X e, barrel, 75a North Americanof. st 5% % 3% |*Liiiuce” basker, 100as00. Onions, o°‘,;°°“p,",‘"““b“"“;:¢,"' B NorthernPacific.. 78% 79% 8% 79%1100 pounds, 2.00a5.75. Oyster plants, we,t,'m per box, 3.00a4.50. c._mo...' ova Scotia Steel. 23% 2% 23% 2%|bunch, 5a6. Parsnips, bushel, 70a75. nia lemons, per box, 3.00a3.50; Cali- Nunnally Co. . W% 1% 1% 1% |Pea, ey er, 4.00a5.00. Peppers, crate, | fornia oranges, per ' crate, asofl 0. Oklahoma Pro 3% 3 3 8 [5.00a6.00. Pumpkins, each, 8a16. Savoy. | Grapetrait 5158450, Florids orange Orpheum Clrcult.. 15~ 1. 15 15% | cabbage. bushel S0ato. Spinach, barrel, | {rorecot il 108450, Floride o Otis Elevator. 124 124 124 124 |2.00a2.50. Squash, crate, 3.50a4.00. To- v,‘,‘,bm,_ .,um,‘,, No. _1, per Otis Steel. 9 9% 9% 9% |matoes, crate, = 4.00a7.00. Turnips,|ppl, 3.00a3.76; sack, 3.50a3.60: Owens Bof 27 @1 2% 25%|Dbasket, 35a40. sweet _potatoes, per bbl., 3.50a4.00. Pac Developme: 5% 5% 6% %|,APples. picked, barrel, 5.00a8.00; No.|Lettuce, nearby, per crate, 1.00a1.50; PacG 5 3r50;0088.00; locae, 100" poun 2,002 | south rate, 1.0042.50. Cel- acGas& Elec..., 65% 65 6 65 uthern, per ci 0 Pacific Mail. % 12% 124 2.50; box apples, 2.0 75. Cranber- | ¢ per doz., 50a1.00. Romaine let- Dacio: o 1 12 | ries. barrel, 3048 00; Grapefrult, 1.26a2.08. Cymbiings, per crate Pan- A Peis. e e box. 2602400, Oranges, box. 3.50a4.50. pSeinach, per bol, 1.biad ngerines, strap, 7.009.0 100-1b. Fon-AmPete (B). 4w % % O% Selling Prices at Noon. Cabbage, D ot oo bot | Catton: nnsylvania..... 7% 8% 2% 2l bers, 3.00a6.00. Eggplants, per crafe. Penn Seabd Steel.. 11 1n 10% 10% eat—No. 1 red winter, spot, no 4. .00. California tomatoes, per box, People’s Gas. . 5 8 8% 68y |Quotations: No. 2 red winter, &pot.|{00a4’50. Florida, 5.00a7,00. ~ Beans Peoria & Eastern. 10% 10% 10% W% |2 l:t‘&:l lNo 2 red bwln(;rl.‘ fiu_l"tkvv soofloo'per basket. Sprouts, 18a25 pcr’ ;eu Marquett, 2% 20% 2% 2% |POL 1AL December, 1. anu- quart. Peppers, per crate, 3.50a4.50. P:;:g:;-; fxtor'p'r 2* :% “ 2“ tho;-;wo: corn; old, y:ltlow. quoted = = . 63 a 2 conti , PhilaCompany... s mi 3 3 |37 thack corn’ yellow No. 2 ors; | Washington Stock Exchange Phlllln-Petroleum 2% 83% % 3% |domestic, 66. Ray Con Copper. ., % 15% 1% 16% Reading...... %h Uh % Reading 1st pf. 5 4B 4 Reading 2d pf. 6 a% & Remington Typr. 2% 6% 6% Remington 1stpf. 6 5 86 56 Rep Iron & Steel.. 63l 5 83% &% Rep Motor Truck.. 9 9% 8 8% Reis Robert pt. Royal Dutch. . St L& San Fran. St L & San Frpf. St Louls Sown pf. . Saxon Motors. .. Seaboard Air Llne. Seaboard A L pt Sears Roebuck Seneca Copper. Shattuck-Ariz Shell Trad & Tran. Sinclair Oil. . So Porto Rico Sug. Southern Pacific. . Southern Railway. Southern Ry pf... Standard Milling. . Stand Oil of Cal. . Stand Oilof NJ... 8tand Oil N J pf. Steel & Tube pf. Stewart-Warner. . Stromberg Carb. .. Studebaker. . Submarine Boat. Superior Oil. . Superior Stl 1st pf. Temtor Corn (A).. Tenn Copper. . Texas Company... Texas Gulf Sulnhur Texas & Facific. .. Texas & P C & Of Third Avenue. Tobacco Prod. Tobacco Prod pf Trans Contl Oil. Twin City R Tran. 33 . 3 Underwood. 2130 130 130 1% Union Bag & Papr. 70% 70% 10% 0% Union Pacific..... 125 126% 125 126% Union Pacificpf... 71 m 7 0 UnionTank Car... 9% 9 9% 9% Union Tank Carpf 103 103 108 103 United Alloy Steal. 2% 2% 26% 25% United Cigar St pf.108 108 103 108 United Drug. Z 2 127% 126% 126% 8 8 T & United Ry Invpf.. 20 20% 204 United Retall Strs. 8% 5% 8 U 8 Food Prod.... 1 1% 10% U 8 Indus Alcohol. av'/. 2% 8% 0% U S Realty .82 @% 62 6% U S Rubber. 5615 66l 6% 65% U S Rubber 1st pf. 101 101 101 101 USSmelt& Ref... 88% 8% 3 38 U S Steel 8% 8 84% 8% U S Steel < L3% 3% LSk 13% Utah Copper 6 6. 6% 64k Vanadium Co: 2% R 2 2% Va-Car Chem. P 2 29 Va-CarChempf... 0 M 6% 6% Vivadou..cceoceee T TH % TH 771 % 6% . WY W 0% 2k Webber &Heilbrn 12 12 12 12 Western Md. 5% 8% M 8% Western Pacific... 18% 18% 18% 18% Western Union.... 91% 91% %% o1 Westhse E&M... 6% 51% 61 51 Wheeling &LE... 7 7 % 6% White Motor 3% . 3% 89 39% White Oil... % 1% % 1y Wickwire Spencer 154 16 15% 15% Wilson Company.. 20% 20% 2% 20% WilsonCopf...... 71 71 71 71 Willys-Overland.. 6 6% 6 64 Willys-Ovldpf.... 30 30% 30 _30% Woolworth....... 181 131 130 130 Worthington Pmp. 4% 4% &% 4% High. Low. Last. Call Money..... & % 8% FOREIGN EXCHANGE. Selling checks—dollar values at noon today: . 4 Belgrade ...... ;%% Mosmea 1t S% By the Associated Press. NEW YORK, December 16—Foreign exchange irregular. demand, 4.16%; qu, cahles, 7.84%. T ‘*. cables, 4.55. ltl‘ezluln. demand, 7.50%; cl.hleu, 7.51. Germany, demand, 50%; cables, 51. Holland, de- mand, 36.30; cables, 36.36. Norway, demand, 15. 20. Sweden, demand, 24.50. Denmark, demand, 19.35. Swltlarh.nd, demand, "19.42. Spnln, demand, 14.70. Greece, demand, 4.22. Al'gentlnl. de- mand, 33.37. Braszil, demand, 3.1 Montreal, 92 9-16. RETAINS CONGRESS SEAT. The right of Representative Guy L. Shaw, republican, twentieth Illinois district, to retain his seat in Congress was established yesterday, when the House adopted a resolution offered by an _election committee, which .over- Henry T. Kainey, Shaw’s opponent at the Dolll in Novamlnr. L 10, Runey charged that Shaw had to comply with the llw in filing campaign expense accounts. : ‘wheat, 13.0( CHICAGO, December Oats—White, No. 2, 45 per bushel asked; No. 3, 42a43 asked per bushel. Ryo—Nanby, 90a1.00 per bushel; pot, 95% nom- inal, per bushel; No. 3, no quotations. Ha)’—necalntl. 72 tons; range from 16.00221.00 per ton, with a fair de- mand for fair to good quality of tim- othy and mixed hay. Straw—No. 1 straight rye, nominal. No. 2 straight rye, nominal; No. 1 No. 1 oat, 14.50a15.00. 16.—Wheat averaged lower in price today during No. 2 western export, s the early dealings, the market being | Am. Tel. bearishly affected by news of some rain in Kansas and Oklahoma and by general rain in other parts of the winter crop belt. Besides, the Kan- sas state report added 15,000,000 bushels to the yield as estimated in the August report. Bearish crop fig- ures from Argentina were also given notice. Opening quotations, which varied from the same as yesterday's finish to 3% cent lower, were followed by a moderate general setback and (hnr;' l:z rallies which, however, failed 0 Corn and oats were relatively firm, influenced more or less by prospec- tive Russian relief demand. After opening 14 cent off to % cent higher, May 53% to 53%, the corn market hardened a little all around. Oats started unchlnxed to % high- er. May 37% to 37%. and then scored slight general gains. Proviisions were easier, in line with hogs. Subsequently the wheat market fluctuated often, but within a narrow range. Bulls made capital of the smallness of Kansas farm reserves as compared with a year ago. The nnhh was unsettled, % net ' lower advance, with May 1.19% to 1127 arfd July 1.02% to 1.02%. Slowness of call tended later to check corn buying. The close was unsettled, % with to off to !2 advance, May 53 to 53%. wulan— 53% 55 Bx 5 —_— DAIRY MARKETS. BALTIMORE, December 16 (Spe- cial).—Live poultry—Turkeys, 1b., 46 a48; old toms, 45; poor and crooked breasts, 38; young chickens, 22a23; poor and white Leghorns, 18a21; old pair, Dressed Doultl‘y. turkeys, Ib., old toms, 45a46: poorly dressed lnd thin, 38a40. Chickens, 23a25: old rt;uslers. 16a17. Ducks, 25230, Geese, 26232, 5 Exss (lon off)—Native and near- y, fi doz., 68; southern, 53. Buuer—crumary. fancy, 1b., 47a 48; prints, 48a50; nearby creamery, 43a44; ladles, 30a32; rolls, 28a30; store-packed, 26a27; dairy prints, 28a 30; process butter, 35a36. —_— COTTON MARKETS. NEW YORK, December 16.—The cotton market showed renewed hesi- tation early today. Sentiment here still showed the Influsnce of ihe bet- ter spot demand reported late yes- terday. Liverpool made a steady showing and reports from the goods trade were a little more optimistic. The German news, with reference to reparations, made rather an unfavora- ble impression, however, while there ‘was scattered realizing or liquidation and after opening 1 point higher to 1 point lower, the market soon sold about 5 to 8 points below last night's closing. This carried January off to 17.42, or about 20 points from the high level of yesterday. Futures opened steady; Decamh.r 17.60; January, 17.50; March, 17. May, 17.30; July, 16.86. NEW ORLEANS, December 16.—De- clines of 7 to 8 points under scattered selling were made on the opening of cotton today, but the market soon ran into rumors of a private bureau port of 7,800,000 bales ginned to the 13th of Decnmbcr. Wlnunz to produc- tion for the of only ‘160,000 bales, against “5 000 during the pre- ceding period. buying movement set in and at the end of the first half hour of trading prices were 18 to 20 points higher than the close of yes- terday. January first fell to 16.64 ana then rose to 16.87. Futures opened qulet; 16.62; January, 16.67; May, 16.70; July, 16.37. —_— CHICAGO LIVE STOCK MARKET. CHICAGO, December 18 (United States .bureau of markets)—Cattle— Receipts, 7,000 head; market dull; December, March, 16.80; )‘1‘ beef steers and fat she stock weak to 25 lower; bulk beef steers, 6.50a7.50; veal calves, canners and cutters weak; bulls, stockers and feeders steady. Hogs—Recelpts, 47,000 head; lights and light butchers 15 to 20 lower; others 10 to 15 ln'.l', top; !W. 7.!0 for Hght lights; bulk, E}u and up, 6.65a7.00; pigs, 10 to 15 lower; bulk, de- llrlble. 7.25a7.35. Sheep—Receipts, 9,000 head; fat 25 |lambs steady to 25 lower; sheep and feeders about steady; best fat lambs to packers, early, 10.00210.26; some held higher; good 1light yearlings, 8.50; choice light ewes, up to 5.00; heavies, 3.00a3.35. COAST LINE DIVIDENDS. NEW YORK, December 16.—At the regular monthly meatlnn of the di- rectors of the Atlanti Line and the Louisville and Nllh'llll roads, in sual semi-annual divi- The Coast Line dividend is payable January 10 to stockholders of record December 33, and the Louisville and etown Gas flh’l 81. Wllglngmn efaliway “and Electric pta.—10| at Mer;rntnuler Linotype—7 at 120%. AFTER CALL Capital Tract| at l(ouy—c-u loans, 5a6 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. | Anacostis and Potomac guar. Se. P. Telephone 5e. G and B Tetehone of (lplul ‘Traction R. R. Motropolltan k. B. & Potomac Electric Ligh! tomac Electric cons. Bs. Potomac _Electric Power e Potomac Elec. Power g. m. 6a. Elu‘ l'ow £ m. & rtf s. d’ M [ hin Washington Washingion . and Biee, 4. 03 Wash. Rwy. and Elec. g m. 6s. MISCELLANEQUS. Riggs Realty 5s (long) PUBLIC UTILITIES, American Tel. and Tely Capital Traction Washington Ga Norfolk and Wash, Wash. Rwy. and Elec. Col Commercial District Farmers Federal Liberty Lincola TRUST COMPANY. curlty and Trust.. T Warhingion Loa BAVINGS Gommerce and Suving sabiagton . ety Baviig Seventh Street Union _Savings 18 Ntional Onion % TITLE INSURANCE. Columbia Title . 5 Heal Estate Title. 90 MISCELLANEOUS. Golumbla Graphophone. cosn 3 Columbia Graj Iluph\me Pl D. C. Paper Mfg. Ce Merchants’ Transter and iorage Mergenthuler Linotype 0ld "Dutch Market com. 0ld Dutch Market pfd. Lanston Monotype In Any Sum ion 5n—3$500 !fi ashington Tatiway and Electric 181,000 Our connections focally lnflhll other cities enable us to mish money in any amount for thmnon Real Estate En- Reorganization of— Missouri, Kansas & Texas Ry. Co. is discussed with Special reference to the New Adjust- ment Mortgage 5% Bonds in current issue of our “Securi- tllll and Commodities Re- view.” Copy sent upon request. A. A. Housman & Co. nY. & LY. Coffes & Sugar Exchazge [] a- Orleans uc‘n;- Exchange Ll e AR X ‘Washington Office MAIN FLOOR CORRIDO] ‘WOODWARD BUILDIlvs' Is Always Worth a $100, $250, $500, $1,000 GEO. W. LINKINS Nashville dividend is payable Feb- Wfimlm ‘;‘::l\?;rylol:o stockholders of record ! Notice to Stockholders of , % (] rEcoRD om PRopvorrow. |§ Florida Finan NEW YORK, Decembx 16.—A nIEYSOEK Bt At ‘Corporation in s count ‘'was es| n I”d- o= e At ao'llIltln'g of the Board of wi ,344,120 established in the Jnne 11, according to official figs nru. California production - in the nm- wuk ‘was 10,000 barrels above the previous week. California’s output in November averaged 293,328 barrels a day, compared with 237,957 barrels daily in October. The increase, it was said, reflects m umcment of the strike of oil fleld lal _.— BAR SILVER QUOTATIONS. NEW YORK, December 16.—Foreign - bar silver, 655 ; Mexican dollnnc, R S Directors of the Florida Finance rrouuon held~December $th, 1921, a semi-annual dividend at the rate of eight per cent per annum on Preferred Stock and two per cent per annum on Com- mon Stock was declared as of December first,’ Nineteen twenty- one, payable January first, Nine- téen twenty-two, to -u fully paid stockholders of recor LBy B L. lm-.vlnn-. 'V.W-ll.l Sec’y-Treas. D. NEW YORK STOCK 'EXCHANGE Grain, Prodice and Live Stock LIBERTY BONDS LOCAL WHOLESALE MARKET. 604 Mth Street NW. " $5,000 Lifo Policy, $57.35 3 for fllustra “-’mm“" gave of birth ¢ 1tion -.LI"Y!IG" C., FRIDAY, DECEMBER 16, 1921. Bond Exc Exchange If you have money to in- vest we can safely place it on gilt-edge first D. C. Mort- gages. Our record cf 30 years insures your protection. Cour- teous treatment. Money mbm“flmnnfl-fib Jm"‘n""" Wellu —Join the Equitable and save atically, en fund Shares, $2.50 Per Moath EQUITABLE BUILDING JOHN JOY EDSON, FRANK Percy H. Russell Co. S.W. Cor. 15th & “K” Sts. MEMBERS: NewYork Stock Exchange 111 Broadway. New York you will establish & to make a deposit on & bome. N Washington Office | COLORADO BUILDING Telephone Main 1603 4 Per Cent Interest G.B.Chipman 915 F St N.W. Mangger P. mlll‘l:m'm To the Holders of ISLAND OIL & TRANSPORT CORPORATION Temporyry 8% and Participating Secured Gold Notes Due June 15, 1926 Notice is hereby given that Definite Notes are now ready for delivery upon surrender of the Temporary Notes at the office of The New York Trust Company, Trustee, 100 Broadway, New York. The December 15, 1921, semi-annual interest payment on the Notes will be mcreued by the further sum calculated at the rate of $8.25 in respect of each $1,000 par value of Notes, representing the pro rata share of the Partic- ipating Payment distributable on this date, said- payment being based on sales of oil during the period of four months ended October 31, 1921. ISLAND OIL & TRANSPORT CORPORATION Lloyd Robinson, Secretary, Deec. 15, 1921 55 Liberty St., New York =§l11uannwnu«25n(lzi | The National Mort, tion is in tie market to st Mortgage Notes on impraved Rer B , Deeds o et " FINANCIAL.” Attention, Bnilden fon of home buflding. Stimulation ot ihame uiiing. 0. purchaes Be- wecured TIONAL MORTGAGE AND N INVESTMENT CORPORATION Temporary office, Sansbury Bldg. 1418 Eye Street N Brokers MEMBERS New York Stock Exchange Pittsburgh Stoek Excl ze % An investment of New Willard Hotel Mezsanine Floor ‘hicago Board ef Trade Telephones, Main 3364-3367 Leader-News Bldg., Cleveland, Ohlo Chamber of Commerce, Columbus, Ohio J. S. Bache & Co., and Halle & Steiglitz New York Correspomdents SHANNON & LUCHS FIRST TRUST NOTES Money to Loan Samuel Ungerleider & Co. '29 Before Placing or. Renewing Your First or Second Trust ¢ See Welch o Loan Specialist & 15th & N. Y. Ave. Matn 4346 [u-un Rates. Reasenable Charges. James Sloan, Jr., Manager Cleveland Stock Exchange Columbus Stock Excl i the Inghect grade offered by an organization of unquestionable reliability. In fact, we have a great deal of pride in the “Shannon & Luchs” method of placing first trust loans which are offered to the investing public. High standards, strict requirements and painstaking care are evidenced at every hand. We would like to tell you all about it. Phone for appointment—time and place to suit your convenience. Call Main 2345—Ask for Loan Dept. M. 2345 HANNON -&- LUCHS< 713 14th St. % 1 ,, New York City in 1881 Forty Years of Progress In 1881, Broadway was a street of little importance above Twenty-third Street, and the northern boundary of the built-up section of New York City was F:fty-mnth Street. The first elevated lines with steam engines had just been opened, and horse cars and stages provided the bulk of local transportation. There were no skyscrapers, no subways, no electric cars, no electric lights, no automobiles, and the first telephone had not long been installed at 81 John Street. The changes which have taken place in the life and appearance of New York in forty years are typical of the development that has taken place throughout the entire country during the same period. They are a dramatic record of a period of remarkable and intensely interesting human accomplishment. The world of to-day differs from that of forty years ago in no more striking way than through the calling into existence of new industries and new or more highly developed public services. Manual labor and mental labor, made effective with the aid of capital furnished by many : thousands of citizens, have brought into useful service the potential resources of a great country. d In gathering together and ‘making’ available the surplus funds of the country for construc- tive use and worthy developments, the great investment houses of the country have performed and are performing an important public service, in addition to safeguarding the funds of the citizens of our country by creating and maintaining for them a constant supply of sound invest- ments. e Throughout this period of forty years the investment house of Harris, Forbes & Company, in co- operation with other mvestment houses of the country, has been privileged to aid in the progress and upbuilding of nearly every section and in the development of most of the cities and leading towns of the country. Meanwhile, the service it has rendered to investors has been on an ever- increasing scale. UpenrequestforCucuhrAB-llwenh:llbepleuedbundn eopyoferecembeer Offerings Harris, Forbes & Company Pine Street, Corner William, New York Hibbs Building, Washington, D. C. H.nh,!orchnvnpu, Harris, Forbes & Company Limited Montreal Harris Trust and Savings Bank Bond Department Chicago