The Brooklyn Daily Eagle from Brooklyn, New York • Page 34

34 Mf BROOKLYN DAILY EAGLE, NEW YORK, THURSDAY, NOVEMBER 19, 1931 Bales ln BONDS 81.000 High Filling Stations Low 0 m. 66 66 Stock Exchange Bond Prices McRess'nAcRSHSO 2 68 Met Edla 4 4 93 92 82 Information for Investors -By P. M. BUISGART Met Edls 6 3 Midv Steel col S'36. 21 too 100 100 99 99 99 British Shift From Gold Due To Cheap Money UNITED STATES BONDS Subject to Tax Indianapolis, Nov.

19 Indiana Mil El '61 8 Sate In ONDS 11.000 HlKh 1 30 Low m. 10100 101 00 Sales ln 2:30 BONDS tl.OOO High Low p.m Wetph El Pow '53 2 28 28 28 Yokohama 6 61... 2 80 80 SO Railroad and Industrial Bonds Liberty 1st 101 3 Mil El RArLt 5 71 a MlnnAtStLcn 9'34. 5 MinniStLIg 3 '82. 10 Mo AT 1st 4 90 filling stations owned by Standard Oil Company of Indiana and other Important 101 10 101 a lot 10 10 12 10 12 108 12 02 21 102 20 102 21 100 30 100 27 100 27 Mo Pac gen 4 3' Allegh Corp 44.

4 Liberty 4th 119 US TTtaM'4'53 l'STre 4 '54. 11 USTreas3V56. t'STr 3 51-55. 21 Chase Bank Economist large corporation. are liable to tax AMeghCorpce 5'49 17 98 98 11 a 77 43 28 61 82 61 47 101 73 9 98 98 97 98 11 11 8 a 77 77 42 43 28 28 60 61 61 6' 6t 61 44 '4 100 100 73 73 96 95 80 SO Mob At Ohio 2 Mo Pacific SF '77.

Mo Pacific '78. 15 Allegh Qorp 5 'SO ation under the State's new "chain store" law. Thinks Measure Could Have Been Prevented AlllsChambersS'37. Araer Chain 6 '33. Am ft For 3 2030 94 00 9 3 26 95 9 ass 9 99 99 99 7 99 9 99 7 3 2 95 9 99 7 9 7 U8T3'49 Juci 35 DST3H '43 Maim USTHS43 Junt a liSTreas3s, 47.

I MoPacltlcSI'Sl. 8 Mo Pacific 5 '49. 20 Mont Pow fdg 5'43. 6 Am la Chera 5 j49 11 18 The filling stations will be taxed as are all other stores. Attorney General James M.

"gden ruled. 4 '39 7 48 46 46 49 39 40 SO 30 30 93 93 93 93 93 93 57 55 57 79 79 79 76 75 75 68 67 67 8 8V 8 99 99 99 103 102 103 113 113 113 104 104 104 102 10' 102 FOREIGN BONDS NatDalryPd SV'48 fS Nat Steel 5 '56 1 Am Inter 5U '49. Am Metal 3 '34. Am NatOa6'42 Am SmA'R tg '47. Am 8ugar 6 '37.

SO Sales In Standard Oil officials had pointed Inquiries concerning Investments In stockt and bonds should be sent to Information for Investors. Brooklyn Daily Eagle. 28 Johnson St Brooklyn. All inquiries must be signed with the name and address of the writer. All questions will be held in strict confidence.

Stamped envelopes should accompany Inquires, because it is Impossinle to answer all In this rolamn. Bonds and Stocks I would appreciate your advice on the purchase of about $3,000 in bonds and stocks in approximately equal amounts. I have had a good report on Lehigh Valley Power 6s, now selling at 88. Is this well protected and suitable for a safety box? I would like your opinion on Bethlehem Steel, Lima Locomotive, General Electric, Cerro Copper and 100 shares of Creole Pete if the latter is obtainable at These or any other stock and the price to be bid would be appreciated. 1 now hold Atlantic Refining.

U. S. Steel. Union Carbide and Carbon, Standard Brands and United Foundries. W.

S. A. I do not know of any Lehigh BONDS S1.000 High NETT4'61. 7 New EngTT5'S2. 8 out that their stations were leased Abltlbi PP SM.

a 100 100 100 105 105 103 79 79 79 47 47 77 to the men who operate them. Orl Pb Ser SB'SS 1 Alpine Stl 7 '65. 7 A '45. Am TAT col 5 '46 Every place of business that a product comes under pro Anttnquia 7 45. Am deb S'65 74 74 74 50 '56 1 Central 3'97 3 Central 4 '34.

78 Cent eon 4 98. Am A '80. 83 Antloqula 7 '45. 2d 7 57. Characterizing the collapse of the gold standard ln England as absolutely unnecessary, Benjamin M.

Anderson economist of the Chase National Bank, states that "it was the product of a prolonged violation of gold standard rules. Even at the end It could have been averted by a return to orthodox gold standard measures. "Great Britain undertook to carry through, ln recent years, a cheap money policy, not by her gold position or by the liquidity of 102 102 102 10T IOT 10T 96 95 96 Am Wat Win 34 15 6 I NTCent tg 43013 2 visions of the the Attorney General said. Where the operator of a filling station sells product other than those furnished by the oil company both the company and Antloqula 3d 7 '57. Argentine 5 '45.

Argentina 5 '82 A I Namm 8 ett '43 A Smith 6U '33. NYCent 4 2013 14 Cent 6 2013. 18 Argentine A '57. 93 77 74 74 82 96 87 34 43 46 96 Cent deb 6 '35. 64 Armour 4 '39.

Armour Del B'43 94 78 75 74 83 99 67 37 43 47 98 45 ChlArSt 4'37 1 tne operator are subject to Argentine 6 '58. Arg'tine ft'59 June. Arg'ttne 6'60 Sept. NYChlA8tL4'78. 28 93 78 74 74 63 96 87 34 4 I 46 88 48 111 96 98 48 A gen 4 '95.

ATSFadJ4'95. adj 4 St '96 NYCh3tL5A74 6 Argentine 6 so Oct 89 89 100 100 73 76 61 63 91 91 62 82 85 88 99 100 93 93 85 S3 69 69 97 97 104 104 ChlAlSt 6'33. 12 Valley Power 6s. I presume you refer to lhiuh Power Securities Argentine S'61 Feb 17 IS 1 17 21 20 20 2 28 A TS '48. AM At Char 5 '44 NY Conn RR 5B S3 5 Dock 6 '38 1 46'4 38 28 2 2S 25 23 S3 S7 55'4 SS'4 SB 58 s'4 S5W.

89V, 54 23 37 47 844 7V4 99 V4 8V1 3lVi 36 '4 43V4 40 40Vi 10 I.OW 48 38 28 24 28 2SH 214 S3 47V4 58 55 55 SS'-i 58 58V, 55 89V, 54 23 35 4SV. 88 Vi 98 98,4 98 31 35H 41V4 39 40Vfc 10 10 46 IS 38 13 2 30 m. 48 38 28 24 28 25 21 Si 50 57 S5 56 55 58 58 55 89 54 23 37 46 SS'i 9 9' 98 31 36 3'A 39 40 10 10i 15 48 Corporation debenture gold 6s, due Arg'tine 6 61 May. Austrian 7 '43. Austrian Int 7 '57.

Atl 1st 4 '52. 111 111 8 101 73 83 91 82 85 100 93 86 69 97 104 88 as 63 77 80 92 91 Edla fg 6 '41 5 NY NHAeH col 6'40. 10 STOCKS IRREGULAR IX QUIET MARKET Continued from rrrordin rare duced because production will just mean losses. Meanwhile buyers not only won't come into the ma.ket and further they are afraid to. Big News? The financial press got a big thrill yesterday afternoon when it was told to gather in the offices of a big banking power at 4 o'clock.

News had been dull and so hope ran high. Invitations of the sort are so seldom from that quarter of late that most every available appeared on the scene and there were. two or three representa-' tlves of some papers. Some figured that "the presence" was going to break his long-standing rule of not i talking to the press and as 10, 15 and 20 minutes passed with no one appearing to meet the fourth es- tate, the theory became almost conviction. The reactionary stock, bond and commodity markets had Inspired hope that some good news, some hopeful statement was to be given to the waiting world to swing things up again.

But alas the "presence" did not appear and finally a spokesman came forth with sheets announcing the offering of a $12,000,000 bond issue. The rush for the door was terrific. Real News But the announcement of the of-' ferine was real news even though "the vess had expected something titanic. For bond offerings have been almost non extstant and the $12,000,000 issue Is the largest in many weeks. It is a first mortgage 8 percent issue of the Cincinnati Union Terminal guaranteed both as to principal and interest, jointly and severally by seven of the i Btrongest roads in the country.

And lt is offered by four of the strong-. ert houses. It will be well received 1 and may mark a turn for the bet-v ter in the bond market which incidentally continues to be more of a threat to stability than the stock market. Loew's Loew's rallied moderately following official advices that the extra dividend of $1 would be voted by the board, but the upswing was checked by general apathp toward the amusement shares generally. It was revealed also that the management after receiving substantial in the year 2026.

Tnls company is a subsidiary of National Power and Lleht. one of the Electric Bond Bk of Chile '57 KIN CV 648 22 Atl Rellnlng 5 '37. Baldwin Loco 3 '40 gold 4 '48. 98 96 99 98 48 4 3 3 2 Share affiliates. It controls various Bitot Chile 64 '61 BkJugloilavla 7'57 Belgium '55 87 88 4 operating and holding companies Bait A 4 '33.

41 88 101 101 101 Lima Locomotive has, as I have indicated, cash and Government bonds equivalent to nearly twice the present value of the stock. On this basis a purchase is justified. It has very little business now and prospects of profitable operation in the near future are not good. Given a good year, however, the stock currently around 20 could go to 50. Cerro Copper is also well buttressed with cash or bonds equal to about the present price of the stock.

The dividend is not being earned, it is believed, and may be omitted. It has large amounts of valuable ores, mainly copper, lead and silver, but profitable operation under present prices is impossible. A purchase near the low levels 6f the year seems possible and should prove worth while if held for a period of YBta Ry 8's '62. 1 Steam 3 '51. 5 Steam 6 A '47.

1 Tel gen 4'39. 26 Belgium 6'i '49. 3 Balti-OCT 414 '60. ,33 rfg 5 '93. 2 Hclaium 7 '55 77 83 62 TT4 80 91 91 located mainly in Pennsylvania.

The bonds are not secured by a mortgage and are secondary to various bonds and preferred stocks of Belgium 7 '56. 62 77 SO4 91 91 rfg 5D3000 Bait Si rfg 6 '95. 7 11 Berlin 6 '58. 27 2 Berlin Elec 6 '55. Berlin Elec 6'i'fil.

104 104 104 the underlying companies, as a hnlHinff rnmrinnv. assets Of Lehigh Berlin Elec 6 '59. 105 105 103 SS 85 85 Berlin Elev S'VSS. Bolivia 7 '58 Power are naturally investments in stocks and bonds of subsidiary com- 4 100 Bolivia 7 '69 3 11 IS 107 107- 107 101 101 101 86 88 86 100 100 100 79 Ti 79 93 93 93 30 3 30 91 91 91 92 92 V2 90 90 90 102 102 102 83 63 83 93 93 93 106 106 106 106 109 1' 9 97 97. 97 lot 101 101 104 102 102 87 (.7 87 102 101 101 Union Terminal Issue On Stock Exchange The New York Stock Exchange today admitted to dealings on a when issued basis the Cincinnati Union Terminal Company interim receipts for the company's issue of first mortgage 5 percent gold bonds, series The bonds, dated July 1, 1931, and due July 1, 2020, were offered publicly today by a banking group at 97 and accrued interest, to yield 5 percent to maturity.

Bond dealers reported that in the outside market Vl was bid. The bonds are redeemable at 107 from 1936 to 1965 and at successively lower prices thereafter. They are legal for savings bank investment ln New York. The offering group is headed by J. P.

Morgan Sc Co. and includes Kuhn, Loeb First National Bank of New York and National City Company. Marketing of th issue represents the first public railroad financing for about two months. The bonds are guaranteed by seven Eastern railroads. Bolivia 8 '47 3 15 100 73 77 28 78 105 8 5 '50.

Bell Tel Pa 5 '48 Bell Tel Pa 3 '60. Beneflc'lIndL 6 46. Beth Steel rtg 5 42 Bost4iMalne4V61 5 '67. Botany S'34 Bowman Bilt 7 '34. Bkln Man Tr 6 '68.

Bkln tin Oaa 5 '45. Bkln Un Gas 5 50. Bkln Un Oaa 8 '47. Bordeaux 6 '34. 2 101 101 101 15 10 17 30 11 11 panies.

At the end of 1930 these investments were carried on the books at $92,748,000. Funded debt comprised 28 TrapRock 6'46 Nlag Power 5 '32. Niagara Sh 514 '50. Norf At con 4'96. Nor Am Cem 640.

Nor Am Co 5 '61 Nor Am Edls 5A 57. Nor Am Edls 5C69. Nor Ohio TAtL 6'47 Nor Pac pr 11 4 '97. Nor Pac SB 2047.. Ohio Pub Ser 7 '47.

Ohio Pub 8 7 '46. QntPrNlagF5'43. Oreg Sh en 5 '46. Oreg Sh gu '46. Otis Steel 6 '41.

Pac GasAtEl 5 '42 Pac Tel St Tel 5'37. Pan-Am Pet 6 '34. 27 2 100 73 78 28 76 105 93'4 106 101 73 78 28 78 108 93 106 Brazil 6V23fi-57 12 Brazil a 6Vs27-57 6 Brazil 7 '52 4 years. Creole is a South American 93 this issue of $25,000,000. Gross ana nt earnlnc nf the comoany re subsidiary of Standard of New Jersey, which purchased its interest at 108 Brazil 8 '41 Budapest 6 '62.

101 101 prices materially above the present vealed a slow but steady expansion Bulgaria 7 '67. 114 114 114 levels of the stock. The property In the years from 1928 to l.tu. in her general assets." This weakness of Britain's position, overextended by the cheap money policy, came clearly to light in the Spring of 1927, he continues. "With financial reforms in France, the franc, which had dropped to two cents in the Summer of 1926, mounted to approximately four cents in the Winter of 1926-1927.

The French people were repatriating their liquid weal In which they had sent abroad during the period of the fall of the franc, and there was Immense speculation ln the franc on the part of outsiders. "The Bank of France, wishing to arrest the rise in the franc, was obliged to buy great quantities of foreign exchange as the French people and foreign speculators sold foreign exchange in order to get francs. Practically all of the foreign exchange thus presented to the Bank of France was sterling, and the French money market protested to the British money market that cheap money in London was financing speculation in the franc, and urged a reversal of policy. The Bank of France was reluctant to increase its holdings of sterling, and began to use part of the sterling it had already accumulated to pull ln gold from London. "It was high time for London to reverse its policy in order to protect its gold.

Instead, international cooperation to continue the cheap money policy was sought, and our own Federal Reserve authorities made an Intensification of cheap money in the United States in the Autumn of 1927, which temporarily eased the situation for England and which enabled the French money 100 100 100 89 89 89 is still largely in the development terest has been covered Dy iair Bulgarli 7 Caldas 7, '48. Canada 4 '60 Canada 5 '52 6 stage, out holds rather good Drom margins. The bond, while not the 68 14 102 102 102 1 15 IS 14 1 8 18 3 17 2 8 ise for the future. A purchase at safest sort of investment, seems 4 101 101 I'l Chile 6 '60 74 82 82 would be justified as a long-pull Chile 6 '61 27 24 30 28 38 45 35 80 98 21 22 18 21 20 20 83 83 48 50 48 43 87 73 27 24 30 28 38 45 35 SO 6 21 224 20 21 21 20 83 83 48 50 48 43 89 73 27 24 30 27 38 48 35 SO 98 21 22 18 21 20 20 83 83 48 50 48 43 67V4 73 Chile 6 '61 suitable for a person in your position. Adverse utility legislation, resulting in materially lower rates, would of course affect it materially.

82 68 68 74 74 83 82 S3 82 82 82 83 83 88 88 89 SS 89 88 speculation. It could quadruple or more in value. General Electric seems rather high priced in relation to present earnings and nearby 83 Chile 6 61 Chile 6 '63 Chilean Loan 7 60. 88 Bethlehem Steel is in good nnan- Chrlstlanla 6 54 prospects. A purchase in the lower Para Fam Las 6'47 4 66 65 68 Para Publlx SVa'SO 4 89 59 f9 Pathe Exch 7 2 69 68 68 6 SB 88 86 PennPwAiLt 4'S1 16 92 92 92 PennRR4'43 3 92 92 92 Penn 4V D'81 2 4 82 84 Penn cn 460 6 95 95 95 PennRR deb 470 6 73 3 73 PennRRg4'65 4 88 87 87 PennRR5'64 24 96 94 94 Penn S'68 6 99 9 97 884 88 101 City Antwerp 5 '58 BuflGenE14B'81.

BushTer Bldg 5 BO. By Pd Coke 5'4'45. Cal Packings Can Nat'l 4 '54. Can Nat'l 414 '56. Can Nat'l 4 Can Nat'l 4 Can Nat'l S'69 July Can Nat'l S'69 Oct.

Can Nat'l 5 '70. Can North 6 '46. Can North 7 '40. CanPac deb 4 perp. Can Pacific 4 '48.

Can Pacific 4'60. Can Pacllc '44. Can Pacific 6 '54. Caro CI 8c 6 Cent Ga con 5 '45. Cent Ga 3 '59.

Cent Oa 5 '59. Cent III 3 '51 101 101 twenties might be justified. cial condition and has no worries on that score. Given a return to more normal business conditions, income could recover well and Jus City Brisbane 5'57. 9934 99 6S City Brisbane 6 50.

Cy BuenosA 655 10O 68 80 79 93 80 68 80 79 92 tify materially higher prices tor City Cordoba 7 '37. 2 3 18 22 2 28 79 City Milan 6'4 '52. the stock, but this state of affairs 93 Penn 6'36. will hn rielnverl for some time. I 103 102 103 103 102 102 86 66 86 'salaries, had participated rather 16 16 100 10O'4 100 City Rome 6 "a '52.

City Paulo 6 'i 57 City Soissons 636. City Sydney 5li55. City Vienna 6 '52. 101 101 101 75 T5 85 fear. Inasmuch as you already have some United States Steel, it might be better to concentrate elsewhere.

48 46 46 Peop Gas Chi '47 Pere Marq 4 '80. Pere Marq 5 '56-. PCCAtSt L4'4 C'77 Phiil 4 '43. Phlla Co 3 '67 PhilaitR 6'49. Phillips Pet 5'V39 35 4T 86 61 71 80 94 94 50 60 70 9) 94 94 80 60 TO 90 91 94 60 Vell in the matter of bonuses and there were indications that in keeping with the times, these might be reduced.

More Strict There were reports in brokerage KINGS COUNTY TRUST COMPANY Ttrn actlrltlM of all rr department are governed by a friendly aplrlt of helpfulness. Intereat Allowed on Accounts Subject to Check. Special Rata on Certificates of Depoait 342 FULTON ST. CAPITAL $500,000.00 Surplus and Undirided Profit $6,530,000.00 Cologne 6 '50. 35 47 86 63 103 62 34 35 35 1 4 Cent Pac 1st 4 '49.

83 35 48 87 84 103 81 93 87 Colombia 6 '61 Jaiv Colombia 6 '61 Oct Colom Mtg Bit 7'48 CRRNJS'87. 103 61 60 61 Chesa Corp 3 '47. 81 18 102 1112 102 Colom Mtg Bit 7'47 St gen 4 '92. SO 93 86 93 2 97 t-8 97 Port Oen El 4 '60 Va 4'4C60 87 Ches 414 '95 12 market to shift part of its holdings 38 10 21 12 2 1 8 21 29 1 6 15 6 2 38 6 8 35 10 4 21 1 2 3 Chi gen 4 '58. 5 91 91 91 Com Aus'lla 4VS6 Com'thAus'Iia 5'55 Com'thAus'lia 5 57 Cons Agr Ln 6' 2.

.8 ConHEUpWurt7'56 circles today that brokers were more strict in reporting sales of stock for the short account than they have been. Customers men In fome houses were told to report even odd lot sales if they were for Jthe short account. In many in- Chi Bur 5 '71. 101 109 103 72 61 48 45 10 1 Chi 111 5 '51 of sterling into the form of dollars. Commenting on the gold standard in the United States, Mr.

Anderson says that it has never been in dan 62 34 3D 3sy, 34 35 53 59 59 36 46 70 7S 47 7J 83 '78 45 31 71 80 PorRlcAmToh 6'43 Post Tel AC! '53. Pub 487 PubSer 470 19 19 19 103 103 103 83 4 63 S3 62 34 35 3S 34 35 62 584 5S4 35 46 70 75 47 79 83 78 45 28 70 80 87 Chi Gas Light 5'37. West 4 '59. 11 12 99 63 63 63 ger since 1896. "However, on two 34 35 52 59 S3 35 46 70 75 47 79 83 78 45 28 70 SO 87 istances this practice was not fol Chi MArSt 4 '89 44 '89 72 81 45 45 100 9 f2 64 81 82 60 6 a 61 T2 4 61 45 45 99 4 99 92 83 81 80 60 65 81 92 63 DIVIDENDS occasions since that date we have 83 Stability The water works industry, because of the indispensable nature of its service, is characterized by a stability seldom found in other businesses.

For this reason, bonds of sound water companies should be attractive to the careful investor. New York Water Service Corporation 27 William Street New York City StPAPac 5'75. 26 suddenly been called upon to make Pub Ser EIAeQ 4 '71 Pure Oil 5 Pure Oil 5 '40. Reading 4V. A '97.

RemRd4A47 war Vowed before. Belief was, however, ibat shrewd traders were still finding ways of getting around the CMStPP adj 5 2000 99 81 80 60 verv large gold payments to the out 8 3 1 17 13 7, 13 1 1 2 1 5 3 4 5 13 2 3 10 2 1 2 4 5 1 7 4 3037 5 Chi 4 '49. 19 necessity of reporting short sales ti such and particularly the large 63 BROOKLYN AT QUEENS TRANSIT CORPORATION The Board of Directors has declared a regular quarterly dividend of S1.S0 per share on the preferred stock, payable January 2. 1932. to stockholders of' record at the close of business December 15.

19.71. P. O. MARSTON. Secretary.

side world, the first of which called for emergency measures and the second of which was taken care of as a Will Sail for Peru Conference Saturday Representatives of the Federal Reserve ss'stem who will participate in the conference of five South American central banks in Lima will sail for the Peruvian city on Saturday. The conference is scheduled to open Dec. 2. Dr. E.

W. Kemmerer of Princeton University, who has aided a number of South American countries in fiscal matters, heads the Federal Reserve, delegation. The other representatives are Allan Sproul, assistant deputy governor of the Federal Reserve Bank of New York, and Eric F. Lamb of its foreign department. The central banks of Peru, Chile, Ecuador, Colombia and Bolivia are sponsoring the conference.

Questions of foreign trade, discount rates and other financial matters will be discussed. Chi 4 8 '36. 8 Rio 1st 4'39 Rio GrAtW col 4' 49. Roch Oi'H'i '77. Roch OasAiE 348 StL IMAtS 4 RG 33 9 85 matter of course by the machinery Chi MP fg 4 '34.

38 Chi IStP 4A'52 8 41A'60 28 I'aders. Railroads 'iDewelopments affecting the rail 102 102V4 89 Copenhagen 5 '52. Costa Rica 7 Cuba 5 11904) '44. Cuba 5 (19141 '49. Cuba 514 '53 Cuba Pb 5 14 '45.

Cund'roarca 6 V59 Denmark 4Va Denmark 5V '55. Denmark 6 '42. Depot Seine 7 '42. DcutscheHte ct'32 DomKep 2d 5 1'40 Dresden 7 '45 Duke Price 6 '66 Dutch lnd 6 '47. Dutch lnd 6 '62.

Fiat 7 '46 war Framer I FranktortM (lb '53 of the Federal Reserve System." 86 84 88 33 II 54 41 94 72 63 50 65 96 103 93 61 89 97 SS 91 105 105 105 66 31 10 54 40 94 71 62 49 65 95 99 93 65 89 4 97 94 91 99 1 1 IS 6 4 16 Chi St LAN 5 '51 2 33 11 54 41 94 71 62 SO 65 93'4 99 93 63 89 97 94 90 100 77a 77 77 rcfWs were most prominent in the MEETINGS Chi Un Sta4lA63 StJosLead cv541 St Jos RyLAcP 5'37. St LiS pi 4 A 50 48 48 but had little effect on prices Chi Un Sta 5 44.. Treasury Statement 90 91 39 28 46 60 90 89 38 27 46 6) ChlAW lnd 51? '63 Chile Copper 5 '47. 25 13 1 12 2 35 TIM1 railroad plans for pooling of funds from, the emergency freight ra'h increase was filed with the 4 St LAtS FSB '50. 13 48 38 88 91 90 77 96 38 884 91 90 77 96 38 88 92 90 78 96 Cincin Gas 4 '68.

Washington, Nov. 19 (P) St 1st 4 '89. StPi'KCShL4'a'41 CinUnT ret 2020. 61 60 Treasury receipts for Nov. 17 were Inirstate Commerce Commission arvl the assumption was that the CinUnTer4 3020 21 Notice la hereby given that a Special Meeting of the Stockholders of the PLOT AN REALTY CORP.

will be held at No. 44 Court Street. Brooklyn, New York, at I o'clock In the afternoon, on the 27th day of 1931, for the purpose of voMpa; upon a proposition that aaid corporation be forthwith dissolved. WALTKR I.ANfKUT, FRANK HENDERSON, CHESTER BUCKLEY. Directors.

101 V4 100 $6,244,874.90: expenditures, $12,637, 9. 102 84 90 89 28 46 60 60 100 6 8 2 80 TI TO 40 S3 89 Cleve UnTel 477 17 St Un Dep5 '72. San Ant Pub 6'53 99 99 would be accepted. To be 100 Cleve Un Ter 5 '73. CleveUnTer5'72 French 7 '49 19 7 7 104 104 104 14 907.61; balance, $181,947,549.94.

Cub toms receipts for 17 days of Novem ber were $15,671,672.04. contfi effective, a majority of the raihloads will have to accept, and Seab A cn 6 '45 French 7Va '41 4 Colon Oil 6 '38. 29 29 29 Col Fuel At I 5 '43. 1 TS 7J Oelsenkirchen 6 34 14 German 5', '63. 127 Uerman Ext 7 '49 11 5 55Ma 14 Columbia 5 61 6 64 2 80 71 70 40 83 8.

17 1 73 68 86 63 93 85 91 6 Col Indust 3 '34 88 86 65 93 65 81 6 6 2 80 71 71 4i 64 89 99 104 97 OenCenAgrBk 6'38 OerCAgB 6'60 July Uer CAgB 6 60Oct. GerCenAgrBk 7 50 Seab Sea All Fla 6 A '35. Shell PipeLine 5 52 3hell UnOil ct 47 Shell 0 Oil 5 49 wa Silesian Am 7 41 Sinci ConOll 838 Sinclair Oil 7 '37 Sincl Cr Oil 5 38 Sou Bell Tel 5 '41 Sou Col Pow 6 '47 Col rfg 4 '35 Col Sou 414 '80. 86 86 4 65 4 65 91 27 96 106 10 25 26 Com Inv Tr 514 '49 10 Oer Gen Elec 6 '48. con Coal Md 5 '50.

1 99 99 Good Hope 7 '45. 27 98 27 98 103 104 103 108 32 32 i 32 114 113 1 1 3 St, 118 118 118 40:4 40 40 37 33 37 58 68 58 44 41 44 38 38 38 40 38 40 44 43 43 39 39 39 39 39 3 62 62 62 67 67 67 62 61 62 37 37 37 27 27 27 90 90 90 80 80 80 73 72 72 79 78 78 94 94 94 30 30 30 59 68 59 16 IS IS 69 6 69 70 67 70 97,, 87 1 5 3 2 2 2 2 GrConEPJp 6 50 OrConElPJap 7 44. Greek Govt 6 68 ConsGasNY 4'4'81 ConOas NY5'43 Cons Power 5 '52 Conialn'rCnrp 3'43 CrownWIIlPap 8'5l 102 4 102 102 29 29 29 Hung A 61. 80 SO Hung MU Ti Italy 7 '51 11 Ital Consort 7B'47. 1 Ital Pub Utll 7 '52.

48 Japan '65 22 20 3 1 6 1 6 10 10 9 3 3 10 24 10 10 28 6 47 103 83 98 96 68 48 30 98 47 103 83 97 95 66 46 26 97 80 47 103 83 97 96 66 484 30 98 102 Japan 61a '54 bl Karstadt Rud 6 43. 5 $12,000,000 The Cincinnati Union Terminal Company FIRST MORTGAGE 5 GOLD BONDS, SERIES To be unconditionally guaranteed to principal and interest, jointly and severally, by endorsement by The Baltimore and Ohio Railroad Company The Chesapeake and Ohio Railway Company The Cincinnati, New Orleans and Texas Pacific Railway Company The Cleveland, Cincinnati, Chicago and St. Louis Railway Company (leased to The York Central Railroad Company) Louisville and Sashcille Railroad Company Sorfolk and Western Railway Company The Pennsylvania Railroad Company Cuba 5 '53. CumbT ScT 5 '37. Del Si Hud fg4'43.

Del At Hud 5 '37. Del 4V71 Den At 4 '36. Den At Rio 5 '78. Den St tg Det Edls 4Va '61. Det Edls 5 A '49.

Det Edis 5 '62 Dodge Bros 6 '40. Dold Pack 6 '43 Dill St Iron 5 '37. Duquesne 4 '67. 5'59 Lautaro Nltr 8 '54. Lomo rdEl 7'52war 19 1 5 11 4 Lomb'rdEl 7 exwar 102 4 102 102 IO24 68 88 10: Lyons 6 "34 is thought possible.

Most of tthis i had been discounted. The othel' development was the meeting jof railway heads with rail laborV heeds. The labor group an-' Bounded it would discuss shorter 'orkig hours, pensions and the posstttlJly of larger employment for the mia-ia general. The labor group said they expected the rail heads would ask for wage reductions. Reports Were current in the Street that tl'nese cuts would would be accept' 41 on the condition that the extra llinds saved be used for main tei lance work and thereby provide rmi with employment.

National Lead National Lead declared regular dividends! today and then went a atep furfi.er and voted an extra 25 cents a hare which the company suegested should be used by stockholders tr unemployment relief. Shareholders, if they have other bonds or trcks doubtless will figure that they are very much in need of relief, had otiier divi dend and i interest payments cut. and also charity begins at home. AtktiiUc Coast Line new low prie for Atlantic Ciast Line 1903 coincided with a reduction kof the dividend from $3 50 leml-ai iiually to $2. The cut was not une I pected and the payment was peilisps a shade more liberal than lit might have been.

Rail shares a group are now below the pr.jes of 1897 and yet the railroads are supposed to be the 101 101 101 101 101 101-1 68 88 58 '00 Marseilles 6 34. Mlag MjU 7 56 war 3 1 101 MlnaGeraes6159 Erie 4 '96 I Erie crt 4 A '53. 2 Erie evt 4 'S3. 10 ErlefdgS'67 8 70 (I 80 62 82 53 100 Erie fdg 5 '73 100 IOI 70 81 80 62 62 S3 100 78 eon 9 85 Dated July 1, 19S1 Due July 1, 020 58 100 101 70 51 60 62 51 53 100 78 59 9 85 61 Interest payable January I and July 1 in York City Erie gen lien 4 '96. Brie Pa col tr 4 '51 Federal LTr 3 42.

Plor Coast 459 Flor Coast 5 '74. 78 Sou Pac rlu 4 10 84 84 84 SouPac 4 gold'81 8 73 72 72 Sou Pac 2 73 73 73 SouPac4'69ws. 4 73 73 73 Sou Ry gen 4 '56 3 56 65 65 8outh Bj CD 6 '94 7 94 93 I 3 South Ry 6 2 74 73 72 Stand Oil NJ5 46. 20 102 102 102 StandOilNY 4V51 13 96 98 96 Tenn El Pow 8 '47. 3 101 103 103 TexarkAtPt8 550 6 72 72 7.

'4 Texas Corp CT 5 44 16 87 86 87 Tex At Pac 5 'SO. 3 70 70 70 Third Ave rfg 4 '60 i 47 4 47 Third Ave adj 5 60 1 30 29 29 3 101 101 101 Un El At 3 54 2 102 102 107 Union Pacific 4 47. 7 95 93 93 4 Union Pacific 4 SB. 6 79 79 Union Pac 4 '67. 4 90 89 69 8 Rubber 5 '47.

3 54 54 54V4 93 91 93 Utll PA-L 5 '59 ws. 39 59 63 66 Utll PwLt 5'47. IS 89 67 Vanadium 5 '41 69 8 69 Vlrf Mid fen 5 '36 7 96 6 98. VlrlntenRy462 87 87 87 Virginian Ry 6 '63. 95 95 96 Va Ry St Pow 3 '34 1 100 100 100 Wabash 4 1 31 31 31 Wabash 1st 6 '34 1 88 88 88 Wabash 2d 5 '39.

1 70 70 70 Wabash SB 2 37 37 37 Wabash 5 80... 9 36 38 38 Wabash 5 6 37 37 37 Walworth633 ws 1 35 36 36 WarnerBrPlct 8 39 1 6 40 39 0 West Elec 9 44 9 102 101 102 WMaryland 5 77 I 63 Si 62 WestPacidc 1st '46 2 1 62 61 81 WPaPowE 63.. 2 105 104 105 West Shore 4 3361 2 79 79 79 West Sh 4 reg 3361 1 77 77 77 West Union 4 50. 43 90 8 67 West Union 5 54 81 78 78 West Union 61 81 79 79 West Un col 9 '38 10 91 90 90 West Union 6'4'36 6 99 98 9. WheellngStl453.

IS 66 63 65 WHsonAtColst'41. II 84 84 84 Wis Cent gen 4 '49. I 46 43 1 44 Yo'gslBTlAtT 5B'70. 2 79 79 1 79 59 9 85 Montecat 7 37 ar Montecat 7 e-wer Mtg Bk Chile 6 '61 Mtg Bk Chile 6 '62 Netherlands 8 '72. New So Wales 5 58.

Nord R.v 6.a '50. Norway 5 '63 Norway 6 '43. Norway 6 '44 OtlentalDev Oriental Det 6 S3. Paris 6 '58 Paris LAMed7'68. Paris Orl ns Sts'68 Pernambuco 7 '47.

Pirelli Co 7 '52. Poland 6 '40 Poland 7 '47 Coupon Bond in the denomination of $1,000, regitterable at to principal. Fully regittered Bonds in denominations of tl.OOO, $5,000 and authorized multiples of $5,000. Coupon and registered Bonds, and the several denominations of registered Bonds, interchangeable. Gannett 8 '43 1 Gen Am Inv 5 '83 10 81 102 102 68 68 Gen Motors A 6 '37 Oen StlCast SV49 Gen Thea Eq 6 '40.

Goodrich 6 '45. Goodrich 6 Goody At 8 Grand Trunk 6 36. 61 102 65 9 82 82 82 97 100 78 92 Redeemable, at the Company's option, as a whole or in part, upon 60 days' notice, on July 1, 193S or on any interest payment date thereafter prior to maturity, at the following prices and accrued interest: July 1, to January 1, 1965, inclusive, at 107H; July 1, 1965 to January 1, 1995, inclusive, at 105; July 1, 1995 to January 1, 2015, inclusive, at thereafter at 100, 9 52 82 82 97 100 76 Grand Trunk 7'40. 25 Poland 8 '50 13 backbone of tfcl? nation. Meanwhile 92 Coca-Cola, a producer of a non Th issue and sale of these Bonds and the guaranty thereof by the proprietary railroad companies are subject to authorization by the Interstate Commerce Commission.

101 101 essential, is onr of the few stocks currently selling above the panic lows of 1929. 4 Legal investment, in the opinion of counsel, for Savings Banks in the State of York. 10 S3 82 82 97 100 78 93 102 81 604 89 100 101 10 45 105 56 47 83 63 53 TO 78 80 63 For the fir. I' time in many SI 61 60 60 87 67 100 109 103 100 100 100 46 46 104 108 68 68 47 47 months the Bail'c of France state GUARASTY TRUST COMPANY OF SBW YORK, TRUSTEE. ment revealed Hw additions to its hoard of gold.

changes else where together 'I'lth a slight drop 32 32 32 25 25 2S 25 25 25 S3 S3 83 83 1 80 80 23 23 23 23 22 4 23 102 102 102 63 53 53 102 102 i 102 TV 77 77 87 87 87 88 86 86 73 71 71 78 7S 75 101 100 101 103 103 103 101 IOOV4 100 13 12 12 92 92 92 69 58 58 67 66 66 6 60 60 36 34 34 38 33 364 51 51 51 44 44 44 31 30 30 34 33 4 34 64 64 64 78 78 78 69 69 69 13 12 124 13 12 I2'4 23 234 23 40 40 40 32 32 32 42 42-4 42 V4 42 42 4 42 60 60 60 13 13 13 IS IS 16 18 17 IS 28 28 28 33 31 31 36 36 36 40 38 38 43 43 43 49 48 46 61 60'4 50 38 36 66 66 86 32 31 31 86 88 103 102V 102 70 68 68 92 92 92 73 72 4 72 61 4 61 61 34 32 34 43 43 43 66 81 68 63 83 63 100 100 100 93 93 93 28 28 28 30 30 0 30 SO 30 41 40 41 40 40 40 64 84 64 43 43 4: In circulation Improved the reserve 83 ratio slightly. jFurther improvement in the position of the Bank of England was dii closed despite indications that it had further reduced its credit obtained here when The Company has advised us that these Bonds are being issued in respect of approximately $4,050,000 of capital expenditures heretofore made and provided for by short term notes to be retired out of the proceeds of this issue, and to provide funds for the future acquisition of property and for construction work. For further Information In regard to the Company and this Issue of Bonds reference Is made to a circular, copies of trhich may be obtained upon application. TEE ABOVE BOXDS ARE OFFERED, SUBJECT TO PRIOR SALEAXD TO THE COXDITIO.VS STATED BELOW, AT97V2 AXD ACCRUED IXTEREST, TO YIELD 5 TO MATURITY. Prov BuenosA 61 Prov BuenA 6'a 61 ProT Santa Fe 7 42 Prov Bi.etia 7 '58.

Prussia I 6 'SJ Prussia a 6s '51. Queensland 6 Queensland 7 41 Hep Panama 5 '63. Hep Peru 6 '60. Hep Peru 6 '61. Hep Peru 7 '68.

war KhlneRuhr 6 S3 Rhine Westph 8 52 KluneWest 8 55 wa Rhine Westph 7'50 Hio ur do Sul 6 68 H10 or do Sul 7 '66 Hio de Jan 6'a '53. Rio de Jan 8 '48. Sax PubWks Sax Pub Was 7 '45. Bax ta Mtg 8'j 45 Sax Sta Mtg 7 '45. Herbs Cr Bl 7 '63 Herbs Cr At 81 8 63 Sta Hamburg 6 '46 Sta Sao Paulo 7'40 Sta Sao Paulo 8 50 hueden 5 '54.

Switzerland S'j'46 Taiwan El j'71 Toho El Pow 6 '32. Asked to Ratify Galena Oil Sale It attempted to Btaubtlize he pound Both statements were somewhat A special meeting of stockholders of Galena Oil Corporation has been cheering those iietking a better balance among tint leading central called for Dec. 1 to approve coiv CH Nor 4 Great Nor 5 '52. Oreat Nor 7 A '36. Gulf St Nor 5 'SO adj Ine 6 '57.

HudArM ret 5 A '57 Humble Oil '37. Humble Oil Sli'32. Hou E4WT gu 5 33 Hudson Coal 5 '62. Ill Bell Tel 5 A '56. Ill Central 4 Ill Central 44 '66.

Ill Central 6 '36. Into fdg 5 '66. IntbRT5fdgst'66. IntbRipTr 7 Int Cement '48. Interlake Iron 3 31 Int Hyd El 8 Int Match 3 Int Match 5 '47.

Int Paper 5 Int Paper Idg 8 55. IntRvCenAm 8 41. Int TelAtTel 4't39. 53 lilt TeiAtTel 5 '55. Kan 4 36 Kan Cy PL Kan Cv PA 4 Kan C'ltt Sou 5 '50 Kan Cl'y Ter 4 '60.

Keith Corp 6 '46. Kinjts Co El 4 '49. Lirlede Oas 5 '34. Larl Gas S3 '97. teh Vsl NY 4 's'40 LlggettAtMver 7 44 Loew's Inc 6 exwar Lorlllard 3 31 Lorlllard 6 '37.

Lorlllard 7 '44. LoulsAtArk 6A '69 Lou 3A S3 It unl 4 40 Uanh Rv eon 4 90 Manila Sou 4 39. 62 82 70 77 60 61 69 64 62 46 60 63 8 f9 70 96 97 71 87 46 74 96 summation of sale on the company's assets ln part to the Valvoline Oil 83 53 52 70 77 60 61 69 64 48 i0 63 62 89 70 98 71 67 46 74 98 90 734 90 116 90 90 Company and ln part to E. W. Ed' wards.

68 63 46 50 64 53 6 70 98 100 71 68 46 74 98 Stockholders also will be asked to Thr right is reserved to reject any or all applications, and alio, in any case, to allot a smaller amount than applied for. All applications will be received subject to the due issue and sale of the Bonds as planned and to approval by counsel of the form and validity of the related documents and proo rriings. The amounts due on confirmed sales will be payable in Xew York funds, and the date of payment (on or about December 1, 1931) uill be stated in the confirmations of sale. Interim Receipts of Messrs J. P.

Morgan 4" Co. for amounts paid are to be delivered, exchangeable, after the au thoriza-tion by the Interstate Commerce Co jn mission, for definitive Bonds when received. consider and vot upon reduction of the company's capital slock to in order to make possible the distribution of Valvoline Oil Com T0kJ0 561 4 pany shares. The company plans Tokyo El Lt 8 '53 to distribute these shares pro-rata banks of the world. I INFRINGEMtN if CHANGED Suit has been filed in Federal Court in Pittsburgh toy T.

B. Hunhes Of Granite City, A 1.. and others again't American iSheet Si Tin Plate Company charting it with Infringement of a patent obtained on May 2, 1919, for an improved cold-a feeder. SrGAR GRINDING DATE The Cuban Senate bias approved a law that the date for grinding of new sugar crop must be announced before Jan. 10.

Made AtjaUUnt Tiraitiirer i Harold 8. Beal has ben made an Assistant treasurer of ithe County Vrust Company of New York. among stockholders on the basis of one common share of Valvoline Oil 9090 7 1 73 90 90 IIS 116 90 69 90 90 Tolima 7 '47 6 Tyrol Hyd F1P 7 53 1 Tyrol Hyd El 7'455 1 UJIgawaElPow 7 45 2 I'd Kingdom 6M.37 42 USSCopngn 6 37 17 KUHN, LOEB CO. THE NATIONAL CITY COMPANY Company common stock for J. P.

MORGAN CO. FIRST NATIONAL BANK Xew York, Xovember 19, 1931 34 69-100 shares of Galena Oil Com pany stock. LEAD REDUCED POINTS Ud Steel A47 Ud BteelW 8A'31 t'o SteelW S'-aC 47 Uruguay 6 '60 Truguay 8 "64 Uruguay 8 '46. Warsaw a 7 '58. 101 100 100 106 108 106 48 48 45 lot mi ioi 90 90 90 39 39 3 82 12 62 The American 8meltln7 ft Re- i fining Company has reduced lead 10 point to 3.85 centi a pound.

-rti'' avs.