Evening Star Newspaper, October 13, 1927, Page 15

. FINANCIAL. INDERTONEEASY N BOND MARKET :.Losses Confined to Fractions. New Issues Have Effect on Values. BY CHARLES F. SPEARE. Special Diepatch to The Star. NEW YORK, October 13.—Possibly on account of the large amount of new issues today and the extent to which the market had advanced pre- viously thers was a distinctly easier tone, hoth in investment and semi- . speculative bonds. ] The losses were confined to frac- tions, but they included quite a large number of varied issues. In the junior railroad bonds there was evidence of profit-taking, or at least a withdrawal of bice in Zrie refunding bs and the General 4s, in Seaboard Air Line 6s, § Western Maryland 4s, the Frisco ad: justment and in Missourl Pacific 4s §and 5s. Florida Fast Coast 5s and ¥ Spokane International 5s were strong. Industrial List Irregular. The. same_irregularity was shown in industrial bonds. Dodge 6s were off 1, point to a new low record 6n comparatively small transactions. There seems to be a supply of these bonds constantly flowing into the market and n- effort to them. Goodyea point under their recent high. Inter- national Paper stamped 6s were up 1 and the sinking fund 6s off that amount. General Motors acceptance 6s touched a new high level. As_the largest percentage of the new loans today was for foreign bor- ¥ rowers. the effect of these issues was ible on old foreign loans. particularly true of the n sroup which had been bid up in anticipation of the 6%s, which wera offered today at 921%, compared with a price of neagly 94 last week on the old 6%s. Consequently, the Jatter and the 7s declined to an in- come parity with the new bonds. The Prussian 6s, at 961, with a vield of about 6.28 per cent, com- pare with old 6;s under par. Italians Are Quieter. ‘The new bonds are not redeemable for seven years, and the old ones in four vears, so it was argued that the difference in income between the two bonds was more than balanced by the discount on_the one and its longer undisturbed life. The movement in Italian issues which was so vigorous last week ap- the City of Rome and City of Milan 61¢s today 1% pounts under the recen high. 6s advanced % to the bes: since they ‘were brought out. French, Japanese and Chilean issues were easier, with Belgian, Polish and Germans steadier. U. 8. Governments moved within a narrow range and were inclined to heaviness. The market for legals and the best grade of non-legals was E‘“w with prices slightly under 0se of the best of a few days ago. FOREIGN EXCHANGE. " (Quotations furnished by W. B Hibbs & Co.) pears to have run its course, wm:/l German Agricultural Bank’s | \ NEW YORK Received by Private Wire UNITED STATES. (Sales are 1n $1.000.) Sales. Hizh. Low. 10310 1087 108 10 1002 1001 1002 100 24 100 24 100 24 108 28 108 24 #103 27 10118 10117 10118 108 106 106 US 451944 41091 109 109 US4yss2, 11141 1141 1141 FOREIGN. Sales. High. Low. Close. a1 9 9l 09% 90% 99 99'% 99% 994 1 100% 100% 100% 90% 9% 97U 104% US3%s... 100 Belgium 7s 1955, Belgium 7s 1956. Bordeaux 6 Brazll 6%s.. Brazil 7s. Brazil 8s. Bremen, Sht.. 8., Canada bs 1931 Canada §s 19! Canada 5%s 19; Chile 8s 1941 Christiania 6s. Con Pow Japan 5% Czecho 8s BBX Czecho 8s 52. Danish Munie Dutch East 1 63 62. Finland s 65 45... Finland 7s... German 7s.. German Asr Holland-Amer 6s. .. Hungary 7%s..... Norway 6s 1944 Norway 6s 1952 Queensland 7. ominal Selling checks fi:’& 5 84 fi’& Washington Stock Exehanqe 13 mflm C“-——Sl M‘ ‘nl mhm ~u—uw at 102%. "Rt b e o SR . tolue m‘l‘ig hwr 6s ptd.—> at %n Urh&—m “m’l‘“io @ vum ll l—— 0 at 505. Co. pid—1i ] éfl‘nfl motven2b &1 1 at llll“-lfl Grocery Co. pfd.—10 at 102, APTER CALL. &nfle Gag 55—$1.000 102 "‘ m‘ffixfle pid. 5'&.—‘ 0 at 1069. J irdman ' Park Hotel 5%s—S$1.000 at dtary Grocery Co. pfd.—5 at 102, R"mm'-’r Flectric pfd. B H4e—10 at 105%. UNLISTED DEPARTMENT, » Raleigh Hotel Co—2 at 100%.. s Money—Call loans. § and § ver cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. fmer el & Tt 4% Amer. Tel. & k& [ lr. £ . AR RIERSIASaIR ST W R ) FER & RRFeES i Wath "G’ ga"we Fasn: dux oo series B1100. 108 t Elec. 4¢. ... K& Elec.’ gen. ‘6s. 104 MISCELLANEOUS. Waeh Rwi: Bs e Gt Kibraks, b Warhman® Park Hotel, 5%, STOCKS. vrnuc UTILITY. Nottonal Bask' of Wi TRUST COMPANY. Amer. Securi Continental Washington Loan & Tr SAVINGS BANK Rank of Bethesda. Commerce & Savit Fart Wasbinsion Fotoy Seearty Sav Seventh Strect nited States Q Washinzton Mechanics' FIRE INSURA American National nion. 'rnl E I rr’ ergenthaler 1 notype. . Nattonal Mige & Inv. B P iE Siores Riode Jan §s XNI. 1 RiodeJan 8s47, 5 103% 108% 5°100% 100% 1 98% 984 984 3 104% 104% 104% 2 103% 103% 103% 1 113% 113% 113% - H ssu ” nu Uv.d Kingm l‘&l” 28 lfl!fit 105% IOB% Uta ltpm Corp 6 1':‘ "6 1'6 95 M1% 110% 110% Yol hlml 24 9% 95 ° 95% ‘MISCELLANEOUS. Ajax Rubber 8s.... 3 108% 108% 108% Am AgriChem 738 26 104% 104 104 Amlmltlklfln 15'102% 102% 102% Am Smit & R 6s. 5°109% 108% 109% 10 '104% 104% 104% 35 100 99% 100 8 105 104% 104% 48 105% 105% 1056% 20 109 108% 108% 2 93 93 93 43 104% 104% 104% 30 109% 108% 109 4 107% 107% 107% 20 90% 90% 90% 11 89% B89% 89% 26 97% 9w 9T% 3 106 105% 105% 1 107% 107% 107% 101% 101% 15 104% 104% 1 104% 104% 8 222 220 6 103% 103% 95 831 BklynUnion 6%s Central Leather Chile Copper 5s. 11 East Cuba !uk‘l*l 3 105% 105 Fisk Rubber 8s. 10 119% 119% Goodrich 6%s 7 107% 107% 107 95% 95% 7 102% 102% 1 102% 102% 1 105% 105% 99% 10334 101% 107% 1041 957 108% 105 107 108% 102 105% 105% 122% 99 103% 105% Int Mer Marine 6s. Int Paper bs 47 Tnt Tel&Telez 4%8107 96 95% J Kayser & Co 5%s 26 103% 102% Kan CP&L 5!{ 52. 4 105% 105 Kan G & E] 6852 1107 107 Kelly-Spring 8s. 4 108% 108 Lacl Gret34.. 1102 102 Laclede G 5%s 5! 5 105% 106% Liggett & Myers 7 105% 105% Ligeett & Myers 7s 4 122% 122% Lorillard (P) 19 99% 98% LouisvG & B 5552, 11 103% 103% Manat! Sug sf 7%s. 2 105% 105% Mid-Con 6%s 40, 3 104% 104% Midvale Steel b: 5 100 99% Montana Pow 5 2 104 103% Mor's & Co 1st 18 86% 86% 1 104% 104% 4 106% 106% 1105 105 2 116% 116% 29 101% 101% 108% 109% 66 101% 101% 9 101% 101 5 102% 102% 33 103 103 2 103% ‘lDJ‘fi . 8106 105% 5 102% 102% 1 108% 108% « 51 104% 104 10 104% 104% 1 100% 100% N Y Tel 4%s. N Y Tel 6s 41 PhilaCorf6s A. Phila&RAC& 168 Plerce-Arrow 8s... 1 95 95 Public Service fs.. 5 107% 107 PSerGas5%s59.. 20 106% 105% Punta Alegre 7 1 106% 106% Remington Armi 12 97% 97 Sinclair O1l 6%s... 24 94% 94 106% 106% 9% 4% 99% 100% 4% 95 110 105% 102% 100% 106% 108% 107% 94 104% 108% % 101 So Por Rico Sug 7s. 1110 110 Southwest Bell 55. 9 105% 105% Standard OII NJ 58 22 103% 102% Sug EastOrlent 7s. 5 100% 100% Tenn Elec Pow 6s.. 16 106% 106% 13 109% 108% 3 107% 107% U S Steel sf 6s. . Utah Pow & Lt § s 0 anitary Grocers 0. Bfd.] 1 zunr-.mflmhnwk. g" Medlial, Bide. O 4)‘ndwlm & Lothroo vid. Vertientes Sug 7s.. 8 100 100 100 ernfl‘ Sug 7839 1 89% 80W 89U t Elec b 2 102% 102% 102% \Vutn Union 6 112% 112% 1124 ONDS o] Direct to The Star Offica. Sales. Hieh, Low. Close. 104% 102% 101% 108% 105 Wiison & Co 1st Winchester A 7 Youngstn S&T 6 30 105% RAILROAD. Atchison ad} 4 92% At&S F cvt 4 05-| 91% Atchison gen 4 97% AtlanticCLel 4 93% Atlantic C L 1st 48, 31 97% At] & Dan 1st 45 48 824 B & O Gold 4 9T B&Ocv4ls. 100% Bklyn Manhat 6s. . Brdwy & 7th Av bs. Buft R & Pitt 4% Can Nat 4%330. Ches & Ocv4ilks Ches & O gn ¢34, Chesa Corp 6s w! Chi B & Q gen 4s 53 CM&StPrf l%l CM&SPrf 4%scf. CM&SPov4 3832¢cts CM&SP cv 6s ofs 10 CM&StP Chi NW 4348 2037, Chi Rys 58.... ChiIRI&Prf4s Chi TH&SEG6s Chi T H inc 6s 60.. Chi Union Sta 6%s. Chi & W Ind cn 4s., C& WI5%ks62... WIC&S1stas29 Colo & Sou 4% Clev Term 6% CubaRR s Del & Hud 1st rf Iu ! Erie Genessee R.és. 1 FlaEC5874...... 14 Il Cent 4% s 66. Int Rapid Tran 6: Int Rap Tr 6s stpd. 52 Louis & Nash 5%s. 18 Louls & Nash 7s... 1 Man Ry 1st 90 MSt&SSM5s38gtd. MStP&SSM65%s. 18 StP&SSM6%s. 13 Nassau El 45 '51 New Or Term 4: NOTex&M5sA.. NOTex&MS5sB.. N Y Cen gen 3%s.. N Y Cent deb 4s. N YCent4s9s,.... NYCrfim4%s13 NYCentribs.. New Haven 48 55 NY NHg&H cv db NY NH&H clt 6s. N Y State Ry 4%s. NY StateRy ‘%l 2 NY O&W gen 4s 55. NYW &Bos 4%s. Nor & S gen 5s 54.. Nor Pac 3s 2047, Northern Pac 4 Northern Pac r Ore Short L rf: Ore Wash 1st 4: Pennsyl con 43%s.. Pennsylgend%s. Pennsylania gen 58 Pennsyl 65 64... ananSunBannnar - e EETTS=FR-FH Pere Marq 1st PCC&StL 5s B 75.. POHRL&PEIQR. Port RL&P7%s 46 Reading gen 4 106Y 106% 104 a 404% 95% 107% 2 SEL IMAS en o831 StLIM&SR&G4s StL&SF pl4 StL&SFprinbs. StL&SF6%sD. StL&SFpl6sC StL&SFadj StL&SF tne StLS W con 4s 32 SB All Fla 6s 3 Sou Pac 4s 29, Sou Paclfic re Sou Ry gen 4 Sou Ry Con Sou Ry 6s 56 Southern Ry 6%: TexArk F'S 5% Third Av et 45 60. Third Ave 1st 55 37 TolStL & W 4s... Tol Tr L&P 5%s 30 2 Union Pac 1st rf 4s UnPac4%s67.... 9! 1004 100% 108% 1084 102% 102% 6%s75... 10 106% 106% ryland 4s. 15 86% 86 Paclfic 5s: 100 99% 100 ‘West Shore 4s 2361 6 9% 9% 9% STOCK RECEIPTS DROP. Cattle Movement at Baltimore Smaller in September. Special Dispatch to The Star. BALTIMORE, October 13,—State- ment of receipts and shipments of live stock at Baltimore during September shows a decrease of 2,360 cattle re- ceived, as compared with same month last year; an increase of 8,465 sheep, a decrease of 3,704 hogs, a decredse of 2,074 calves, an increase of 71 horses and an increase of 46 mules. Shipments show a decrease of 1,644 cattle, an increase 9, decrease of 1,188 hogs, 444 calve an and an TRADING IS ACTIV AT FISH MARKET Stormy Weather Affects Lo- cal Dealers—Oysters Plen- tiful and Good. Stormy weather along the coast has affected the local fish market. Dealers at Municipal Fish Market this morn- ing had ample supplies to meet de- mands, but no surplus stock. The market was much more active than during the heated season, ac- cording to dealers, and the fish came in much better and more attractive condition. Dealers had very few fresh-caught Boston mackerel to offer consumers, and charged 35 cents for them, while the frozen stock sold as low as 15 cents. There was no frash shrimp to be had, dealers reported, but there was plenty cooked shrimp to supply the trade. No butterfish, always in de- mand, were to be had at any price. Small trout and spots, products of nearby waters, were quoted at 10 cents, croakers bringing 12}z cents. Rockfish were scarce at 30 cents, while jumping mullets, received from North Carolina waters bstitute for the expensive rockfish, were quoted at 15 cents, Haddock Is Cheap. Haddock, the cheapest fish offered, sold as low as 3 cents, the filet of haddock selling at 1215 cents. Dealers had some fine specimens of North Carolina speckled trout to offer at 20 cents. Halibut and salmon were quoted at 25 cents, cod at 15 and flounders at 10 cents. Oysters were plentiful and in fine condition. Choicest standards were quoted at $2 a gallon, while the selects brought §: and §: Clams were plentiful at $1.25 p 100. Soft crabs re So scarce dealers did not quote prices. Hard crabs, quoted at $5 a barrel, were not in demand, and not much of a demand for crabmeat was evidenced. ‘White meat was quoted at 50 cents a pound, the clawmeat selling at 40. Prices of most commodities this morning were substantially the same as prices quoted yesterda: Today’s Wholesale Prices. Butter—Fresh, 1-pound prints, 53; tub, 50a51; store packed, 30a31. Eggs—Fresh selected, 45a46; nery, 48a50; current receipts, 42. Poultry, alive—Turkeys, 35; fowls, small and medium, 24a25; large, 25a 26; Spring chickens, 28a30; roosters, 19; ducks, 18a20; keats, young, 70a75; old, Dressed — Turkeys, 40a45; chickens, 35a38; roosters, ducks, 18a20; capons, fancy, 38a40; smaller, 35; ducks, 25; 80a90. . Meats, fresh killed—Beef, veal, 23a25; lamb, 25a28; fresh ham, 24a25; loins, 35a36; shoulders, 19a20; smoked hams, 23a26; smoked shoul- ders, 18; strip bacon, 25a26; lard, 15a 15%; calves, 15; lambs, 1 Fruit and Vegetable Review. Today’s market report compiled by the Market News Service of Agricul- tural Economics says: Apples—Supplies moderate; demand moderate, market steady; boxes, Wasnington, medium to large size, ex- tra fancy Delicious, 4.0024.25; mostly, 4.00; fancy, 3.50a3 extra fancy Jonathans, 3.25a3.50; bushel 'baskets, Pennsylvania, unclassified, 2% inches up, Grimes russeted, 2.00; Virginia, United States, No. 1, Grimes, 2% inch’ es, 2.25; \mrhssmed 214 inches up, Grimes. 1.75; 23 inches up, Grime: that hen- Spring 21a23; heavy, keats, 18a20; '1.2521.50; New Jel‘ley, No. 1, Delicious, 2% lnches up, - 2.25. Cabbage—Supplies moderate; _de- mand moderate, market steady; New York, sacked, per hundredweight, do- mestic round type, 1.25a1.35; few higher; Danish type, 1.75. Celery—Supplies moderate; demand moderate, market steady; New York, 2-3 crates, mostly 2.00; few high as 2.25; fair quality and condition, 1.50 al.75. Grapes—Supplies of Eastern stock liberal; demand slow, market slightly weaker; New York, 2-quart climax baskets Concords, Delawares and Niagaras, 16a18; Salems, 1213al5; Michigan, 12-quart climax baskets Concords, 60a65; few high as 70; sup- plies of Western stock moderat mand moderate, market stead; fornia, lugs Flame Toka; around 1.75; Muscats, 1.00a1.10. Lettuce—Eastern stock; supplies of shipped-in stock very light, too few sales reported to quote; homegrowns mostly supplying market; Western stock, supplies moderate, demand moderate, market slightly weaker; California, crates Iceberg type, 4-5 dozen, mostly 3.00; few higher. Onions—Supplies moderate; demand moderate, market steady; Michigan, 100-pound sacks yellows, U. S. No. medium to large size, 1.75a1.9 York, 100-pound sacks yellows, S, No. 1, medium to large size, 1. 8581 7 Peuchss—Suplees very light; mand light, market dull; few sales; New York, bushel baskets Elbertas, large size, 5. Pears—Supplies moderate; demand anoderate, market about steady; New York, bushel baskets Seckels, No, 1, 3.00a3.50; bushel baskets Bartletts, No, 1, mostly ripe, 2.76a3.00; Washington and Oregon, boxes Bartletts, combina- tion extra fancy, 4.15a4.25, few higher. Potatoes—Supplies heavy, demand fair, market dull; Michigan 150-pound sacks Russet Runlll. U. 8. No. 1, 3.35 13.40; Maine, 150-pound sdcks Cobblers. U. S. No. 1, mostly around 3.25; some decayed, 2.00a2.50; many deuyed low as 1.50; Minnesota, 120- -pound sacks round whltes U. 8. No. 1, 2.60a2.75. Sweet Whloe&—supplies light; de- mand moderate, market dull; Mary- land, East Shove, bushel hampers yel- low!, No. 1, 85a90. Tomntoel—supplles moderate; de- mand moderate, market slightly weak- er; homegrown, .-bushel hampers, va- rious varieties, 50a60. Cauliflower—Supplies liberal; de- mand light, market dull: New York, Long Island, ecrates, 1.35a1.50; other New York crates, 1.00, PRICES ON PARIS BOURSE. PARIS, October 13 (#).—Prices were firmer on the Bourse today. Three per cent rentes, 56 francs 60 centimes; exchange on London, 124 francs 7 centimes; 5 per cent loan, 76 francs 60 centimes. The dollar was quoted at 25 francs 46% centimes. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) oo, Oter. 1952, 101 o0 ]” 6s 192 Alum. Co. of A Amer. Toi, % Aot :mn[cf'n ?nm«o Co. naconda Co Associated ofi“fif- alto, & Ohio 0 Car. OOF B maSHSEs: | S8sasazssssioos=ct m.......-...._.. B RROIEFERE, EFEETATTE |CORN PRICE SLUMPS TO LOW FOR SEASON Wheat Off Slightly in Early Trad- ing at Chicago, but Rallies Later in the Day. By the Associated Press. - CHICAGO, October 13, — Grain values averaged lower early today, with all deliveries of corn touching the lowest prices yet this season. Better weather for wheat thrashing in Can. ada was noted, and official Towa re- ports on the corn crop were construed as bearish. Opening unchanged to % off, wheat kept near to the initial figures. Corn started at % to 5 de- cline, and ‘later showed an additional sag. Oats held steadier than other cereals. Provisions were firm. Improved threshing conditions re- ported today from Canada were expect- ed to increase marketings of wheat, and were therefore regarded as tend- ing to favor sellers. Argentine wheat crop advices were also of a bearish character, but cables at hand said estimates of yleld in Australia, al- ready 60,000,000 bushels less than for 1926, would have to be further reduced to a material extent. Corn traders appeared to be espe- cially impressed today by official re- ports indicating that not more than 2 per cent of Towa corn had heen damaged by frost and that 80 to 85 per cent is now beyond danger. An- other bearish influence was word from government sources that cattle feeding this Winter is expected to be considerably less -than last Winter in the corn belt and in Western States as well. ‘Wheat prices rallied at the close, as a result of reported excellent demand for wheat at Winnipeg and because of assertjons that more than half the wheat arriving there is tough and low [EA 1008 BETTER PACI.(ING SPURS IRISH BUTTER EXPORTS DUBLIN, Irish Free State, October 13 (®).—Efforts of the Free State agri- culture department to improve the quality and packing of Irish butter have resulted in increasing the ex- ports and also the prices. Supplies in some months have been almost doubled, and the price is higher by from $5 to $8 per hundredweight. It still is led in the race for the British markets by Danish, Swedish and Fin- nish butter, but it is expected that the provisions of the Saorstat Dairy Pro- duce Society will bring Irish butter to a price equal to or greater than any. ZINC OUTPUT UP. NEW YORK, October 16 (#).—Pro- duction of zinc in August by countries reporting to the American Bureau of Metal Statistics increased to 117.898 short tons from 116,401 in the month before. CHICAGO, October 13 (#).—Butter lower; receipts, 11,936 tubs; creamery extras, 441p; standards, 43%: extra firsts, 43a431%; firsts, 39a401;; seconds, 36a38. The New York Life Insurance Company Offers to Make First Mortgage Loans On Improved Real Estate in the District of Colun.bia and Nenby Suburbs in Montgomery County, Md,, for 3, 5 or 10 year terms on your e 51/2% o Apply RANDALL H,. HAGN] Incorporate ER & COMPANY MORTGAGE ILOAN CORRESPONDENT 1321 Connecticut Ave. Authorized: this issue of $41,500,000 ofbondl. and an issue of £8,750,000 of 6% Sterli Rothschild & Baring Brothers & Co., Limited, and both issues constituting said 6)5% Loan of 1927, Interest payable April "15 and October 15. Nm-cl!hflfl Coupon bonds of this issue in denominations of $1,000 and $500 registerable as to principal only. payable in New York City ‘n' United States gold coin of the present standard offered in Europe by N. M. Telephone Main 9700 LET US FINANCE YOUR HOME LOANS To Run 5 Years No Annual Curtail 51,9, Interest WM. H. SAUNDERS CO., Inc. Main 1016 1433 K When It Rains who gets wet? The fellow who has no protection! While the other—the man of foresight—is safe against the storm. Physical or financial storm—the same reasoning pertains. The man who saves and invests in sound, profitable securities is prepared to weather such financial squalls as less of employment, illness in family, or disability through accident. Securities offered by a house with a fifty- eight year record of no loss to an investor merit your serious consideration. They are real protection—when the rain comes down. Swartzell,Rheem & Hensey Co., Mortgage Barkers' - 727151k, Street, LW, WashinglonDC: 58 Years Without Lost to An Investor October 13, 1927 $41,500,000 United States of Brazil (6%% Loan of 1927) 6%2% External Sinking Fiuind Bonds of 1927 To be dated October 15, 1927 Sons, To mature October 15, 1957 Bmdlof1927whi¢h being simultaneously for the sinking fund. mfludmtuudwdm of weight and fineness, at the principal office of Dnnou,R-d&Co..ar.nttheholdunopuou.mLondmmnelm;-tpnofuflmgenttheofieg ofN M. Rothschild & Sons. for sight exchange on New York, in the case of bonds of this issue, or on London, in the case of bonds of the sterling issue. The National City Bank of New York, Countersigning Agent for this issue. i i Principal and interest payable without deduction for any Brazilian taxes, present or future An accumulative sinking fund calculated to retire all bonds of both issues by maturity by semi-annual call by lot at 100% and interest ‘The Brazilian Government has agreed to make application in due course to list this issue on the New York Stock Exchange. The following information has been furnished by His Excellency, Dr. Getulio Vargas, Minister of Finance: SECURITY The 614% External Sinking Fund Bonds of 1927 will be the direct obligation of the United States of Brazil, and are to be issued under authority of Legislative Decree 5108 of December 18, 1926. The bonds of both issues, in the of counsel, will be ly secured, subject to the charges of the 614% Loan of 1926, by charges on: (a) Income Taxes and Taxes on Invoices (Contas Assignadas Duplicatas), (b) Consumption Taxes, subject also to the of the 8% Loan of 1921, and (c) Import Duties, subject also to the charges of the 5% Sterling Loans of 1898 and 1914 and the 8% Loan of 1921. The total revénue derived by the Government from the above sources in 1926 was approximately $150,000,000. If the indicated annual prior charges, now amounting to approximately $15,000,000 (including sinking funds), were deducted from this revenue for the year 1926, there would remain a balance and sinking fund, calls for $6,405,508 per annum. « SINKING FUND An accumulative sinking fund -pphc-ble against each issue ratably, is prvv:ded for, calculated to retire all bonds of both issues by maturity by semi-annual call by lot at 100% and accrued interest, first call April 15, 1928. RESOURCES United States of Brazil, with an area in excess of three and one-quarter"million square miles, comprises approxi- mately half the continent, of South America, and is approximately equal in area to the United States (excluding Alaska), Great Bntmn, Holland, Belgium, Portugal and Switzerland combined. Its wealth in agricultural and mineral products is widely diversified. Brazil is the largest producer of coffee in the world, and exports in addition to coffee large amounts of sugar, cotton, cocoa, tobacco and rubber. Its mineral resources, which include iron ore, manganese, gold and precious stones, are known to be extensive. The present population of Brazil is in excess of 36,000,000, and has increased approximately 110% in the past twenty-five years. NATIONAL DEBT ‘The national funded debt of Brazil on December 31, 1926, but after giving effect to these issues, was approximately $1,067,000,000, of which approximately $768, 000.000 was external. approximately $135,000,000. The service of the entu'e amount of bonds now being issued, for interest ‘This represents a per capita total funded debt of approximately $30, as against which the per capita national wealth is estimated at approximately $530. The proceeds of the present loan will be applied towards the liquidation of Treasury obligations of the Government including its floating debt, a necessary step for giving effect to Legislative Decree 5108 of December 18, 1926, which provides for the dnnm of the monetary system of Brazil. All conversions of Brazilian paper milreis into United States dollars have been made at the approzimate current rate of exchange. We offer these bonds for delivery if, when and as iseued and acce coundel. Legal malters relaling lo this issue in the United Stales wi b Bernardes da Siva, Rio de Janeiro. It is expecte and in Brazil by Dr. Alfre. ‘Nopember 1, 1927, in the form of temporary bonds, or inlerim receipts of Dillon, Read &3 Co. Other conversions have, been made at par of exchange. Information herein conlained has been received in part by cable. by us, cbic o the apgravl of Ll procedings e pacsed upon by Mesr Calon & Frankin, Voo Y iha deliey wil b made om r aboi ‘Price 92% and interest. To yield over 7.10% to maturity Dillon, Read & Co. The National City Company J. Henry Schroder Banking Corporation Kmel Kinnicutt & Co. lliarnhonl Accephme Bank, Inc. Lee, Higginson & Co. _ Blair & Co., Inc. White, Weld & Co. Ladenburg, Thalmann & Co. Continental and Commercial Compuy The Union Trust Company Paine, Webber & Co. Janney & Co.