The New York Times from New York, New York • Page 18

QUITS rT J- 18 rn aim ci a lV i i ft i I il I I I 4 3 1 1 I'N We Buyf ONE SHArE i more for M' We Buy TEN SHARES or piore on margin Approximately the daily transections on the New York Exchange are in ODD iLOUS." 0 BaTAssaiaaasiasUsBi JohN Muir Qx Stoo Exehangt 61 26 Court St. Broaklja 1 If 4 SALVADOR SEEKING $18,500,000 LOAN Negotiations Are Begun With Several Croups of New York Bankers. BONDS FOR INVESTMENT CALLAWAY ffmfnjty Stock CxOusnoo 37 trVALL STREET NEW YORK PUBLIC UTILITY OFFERING FOREIGN STOCK MARKETS. $2,000,000 Issue of Northern States Power Company Bonds Selling to Yield 5.74 Per Cent. I I 3 .1 Jackson Curtis 43 Exchange Place ew York ft ft a ii ThaBonahLi 1 KmJi Iwvt av4rk anuh.

tmn i xxxsoo (third enmmunrty ths US). buwneas nutdmi nn "toltmn dollars: annually, Kh lara un- ecv.MrT srf. ana mniiwiu air oners tlrmsraJous pctiOilUI of Vth. Brooklyn Edison Corrjany, Inc. Coital Stock.

lotted en th N. Yioch Exchantt Corncany saVves the Borough of Brooklyn sth electric tight and power- Has paid uninterrupted divi-dendsof 8 jer annum since iqoj and in iqii riid the largest business in its hutcry Price at the market to return about 7.40 ihcdl bttlad to tend detaiUd ascription. Low Dixon Co. ttavaaaa mru uwimc 37 Wall eet New Yerk Newl Haven i- 7 ontgage) Delientures Due ril 1. 1925 I To yieldlover 1212' Circular xn upon requetl.

MGRfiyVlCKES 120 Bisoadway NEr YORK 4 Telepkonl Rector 3535 The lateK: country to enter th New York market for funds is Salvador. The. loan will be for IS. 500.000. and Minor C.

Keith nerotiatins II with two jor three croups of bankers. Mr. Keith In a statement j'estrday aaid: On July 12 the National Assembly of the Republic of Salvador approved a loan contract for SlS.5oo.UK, nlgned on June 24, between, Rene Keiihauer an rep reaentative of the republic and Miner C. Keith of New York. The loan Is ruaranteed by the customs revenues of the republic.

With the rehabilitation of Its finances, which is now made possible. Salvador m3- now look forward to a period of unexampled progress and prosperity." The proceeds will be used to retire the country" bonded debt, dis charge an obligation of approximately $5,000,000 in bank loans and other national debts and discharge bak pay owed to employes of the Government. The balance will be uiel for railway constrtiction and street pa ing in the City of San Salvador. It was reported yesterday that the portion of the iJovernment of the Netherlands guilder loan offered in Amsterdam had been fully subscribed and tiat the bonds were selling in the open market at a slight premium. It is expected that formal announcement that the entire issue of bonds has been old will be made simultaneously in New York and Amsterdam.

-A syndicate composed of Harris. Forbes the Guaranty Company Of New York. Bombrlght and H. M. Kyllesby is offering a new Issue of Northern States Power Company (Mlnnot) nrt anu rerunning murtgagp per rent gold bonds, due April I.

at UP, and Interest, yielding about 5.74 pr cent. 1'revloua Issues of tlieso bonds have been listed on the New York Htock Kschang and application will he made to list the bonds now Net earnings of the company are said by the bankers to be more than time the bond Interest charges. A small block of Broadway Seventh Avenue Railroad Company first consolidated mortgage 5 per cent, gold bonds Is offered at a price to yield about 8 per cent by William Carnegie Ewen. The bonds are due Dee. 1.

1SM3. and are secured by a first mortgage on five miles of surface road on Seventh Avenue, from Kifty-nlnth Street to Greenwich Avenue, and thence via Greenwich Avenue and Kighth Street to Macdougal- Street. The corporation is tn the hands of a receiver. It is pointed out by the bankers, however, that since the bonds were Issued In ISM. there has never been a default In their Interest payment.

Stacy at Braun and William R. Compton Co. are offering a new issue of SGSS.OOO Raleigh. N. C.

4 per cent, water gold bonds at prices to yield 4. H0 per cent. I lie oonns are rtatea juiy i. 1022. and- mature serially from July 1.

1924 to l.Vi. Books were closed yesterday on the $2,750,000 Issue of Philippine bonds, the entire block having been aoifl. The Guaranty Trust Company an nounces that on and after July 1.1 the Erie Railroad Company a per cent, eouioment rold notes, due serially from 1022 to IMS. series 2f. In definitive form with coupons aue juiy ia ani sudsc-quent.

will be delivered In exchange for trust receipts now outstanding. The same Institution announces that on and after July 1.1 the Pere Marquette Railroad Company per" cent, equipment notes In definite form will be ready for exchange for trust receipts now out standing. D. G. GEDDES SELLS SEAT.

Stock Exchange Membership Goes to Percy K. Hudson for $99,000 Donald G. Geddea of the firm of Clark. Dodge A Co. has sold his membership on the New York Stock Exchange to Percy-K.

Hudson This Is a reduction of $500 from the last previous sale. No reason for the ssle of the seal was given at the office of Mr. Oeddes'a firm. but It Is understood that he Is gradually. retiring from business.

Karly In the year Mr. Gcdde resigned from the Hoard or Governors or the New York Stock Exchange. While be In connected with th Htock Exchange, he served on every Important committee appointed by the Hoard of Governors, and was credited with efficient work during the panle of and during the early years of the war. when the. Stock Exchanae was forced to alose h-cause of the unsettled world wide conditions.

Prices Firm In London Paris Securities Show Strength. I.ONDO.V. July M. Prices were firm on the Stock Kxrhange today. Consols at 5' were up one-half.

The British 5 per cent, war loan showed a guln of one-elghth at IOO', and the per cent, loan declined one-quarter to n5'. 1 Heers Mines showed a gain of one-eichth. the quotation bHng 10. Rand Mines at I'U were unchanged. PARIS.

July 1.1. Prices were firm on the Bourse today. Three per cent, rentes at 57 francs 70 centimes showed a loss of 25 centimes. The 5 per cent, war loan was quoted at 74 francs 20 centimes, a decline of 55 centimes. Exchange on 1-ondon at 5.1 francs 85 centimes, compared with 54 francs on the preceding day.

The dollar was quoted at 12 francs 12 centimes, a decline of 101a centimes. FOREIGN SECURITIES. Rate. IM. Asl Argent.

(rects 4 2 Argni. (unlisted i TK'i Blcium rrstor'n 1 0 1 Itleian Prem 7I' Rrar.ll 4i IS: 4i 4 Brazil 4 1S 4.1 Brazil 1 ft." British Victory 4 74 British Fund 4 77 Brtt. Nat. V. lfVJ i Brit.

Nat. V. B. Oct. f27 f4i, P7' Brit.

Nat. W. l7 Brit. Nat. V.

B. f7'i British Rxch tO-Ti r4 t.anada Canada Chile 1st 5 69 Pelotra Colombia 111 vl B7 C'oa P-ira 1011 US lo iNat. City Bank clfs lti lf Rum. ruhles of 1914 4 Kmn July. lOM, Swttzvrland 10 I'rufusy If1! 7C 74 I Cuba ST French Cov.

ni sr, French Isn 71 "I1. Kremh Iati. 17 14:: If, French lan M. IKO 71 7S', Italy War 31 Mull 11. II I' Paris-OrU'sns ft H.5 7" Russ.

ruble bond. 2 4 Rum. eteml Jim'. UMJ 1 in I Hi (Nat. City lUnk rtfi I I Buss, external ti'i 1 MARKET AVERAGES.

STOCKS. YESTrnPAY'B RANOK. Nt Wan. l-e. l-' Ch'gs.

2'. I 11 indiiatrlals. II MH if J'J Mi m)-, fj.o.i .41 rAILY UANUU OK 60 man. ci'T: July II fc.il.1 IO 7d "1 July II Mi 70 4- Julv IO fwi.nrt -I" -T. la 1 JUIV Sl.i imi Julv 7 SU 17 S0 07 SI 4.1 July SI.51 79.71 MONTHLY ItANGi: OK 50 STOCKS.

July. Mleh. M.17 Julv 7 tO rtOJuly 7 mill. Srt.OrtJulv July 17 iniH. 7V.7 July 1017.

82.44 July 2 7H.3C July 61. July 1" 7S.I7 July 27 fiis.lft July 1 70 4 July 5 7U.0A July 13 Last. 81.03 3.7 79.04 8S.82 7I.S7 bO.JO TEATXT HAXiiE OF 50 STOCKS. 1922. SC.17Julv 7 10 H.l'.'! tlsJ21.

73.13 May June 62.51 Kull Years. June 21 67. 20 I mm. -i Jan. 21 8 XJO Nov.

5 SO lii Nov. 12 K.46 Jan. 4 1921 73.13 May 102O. 07 Apr. 1910 1917 64 12 Jan.

15 67.47 Lfec. 67.W1 S9.H9 7.1.39 BONDS. TESTEIt DA Y'S Net hance Psv. Mono. S0.73 -t -i 9 1119 DA11.T HA NCR Ol" BONDS.

Julv Julv Julv July Jtnv Julv July July 12... SO 71 4 It ,0.44 July I .79. 9:. .04 in .79.91 OT.Jiina i. .79 B4 7.

Mi .1 I'Juns 2. .79 AO .13 6. 45 Juno 1'7. .71 9:: I.I 4.17IJune Vrt. .79.9:1 2 4...

Holiday. 'June 24 79 95 .1 4 TEAHLT TIASOK OF BONDS. Jul It ni Inn 1 75 71.611 Jan. 20 67. 56 June 20 t9.M Full Years.

7H Nov. 21 67 21 79 June 2 K2 "'l Nov. 12 1921 1920. 75 27 KS Mi 72 7S.7 76 9 To da'e. TTo orrcspondlnu date last 0 57 fiiv i i 71 i-.

i 5.6.; Sep. 27 1917. bi.47Jan. 29 74 :4 29 BID AND ASKED QUOTATIONS KOREhiN Closinc quotations for Co eminent and mu- i Cal Tet pf. I A 1 It I nicipal bonts Usued In this country and In Hid.

Asked. 1 "ann. 11 vi a li asa 1 1 A A Hi I. I'KI I' "'1 I I I IMI 10, F. A I n.v, M.

a N.ls A N.l'i"'-! I IO Kid. Asked American currency valuta: Arenttne t9ir.i 7s, t'27 Iieirluni 1 Ilelclum 7'i, 194 tlelciuin 1911 of IVeren Cllv nt llerne S. 1945. City of liorileaus niii4 a CHv ft lit. I'rssue 74s.Ti2 ily of P.

Alecrs IfHilJ. a loo'. wi f) BUNKER FUEL OIL UP. Is Advance of 25 Cents a Barrel Announced. The Standard Oil Company of New Jersey yesterday announce an advance of 25 cents a barrel In the price of bunker fuel oil to $1.45 at New York.

Baltimore and Norfolk; $1.40 at Charles ton and $1.00 at New Orleans. The prices do not include the lishteraee charge of ij cents a barrel for deliveries aboard ship. The increase was met by similar ad vances by the Mexican Petroleum Company, the Sinclair Consolidated Oil Corporation and the Texas Company. According to reports In the trade, the increase In price Is a direct result of the declining production In the more Im-portsnt oil fields In Mexico, since the invssion or salt water. t'.

St. of Brazil As. I Dominion of Can. 5s. I92H.A.

A O. 99 OT'i lmin. of Canada I92H.F. A.Ksi'j Horn, of anarta 5s. 11.II.

O. I'M', i Iwni. of Carurda 5a. N. 94 9 Holland-Am.

I.tne 6s. 47. M. AN Sh 9 Urpubllc of Chile 1941 F. it A.UT.

I'l l'i Itep. of CJille 8s. 1926 O.I"2 UC Rep. of Chile 1946 M. A N.l2 H-3 Chines ilov.

5s. 1951 J. A- t. 54 City of Chrtstiania hs. 1945.

A. Mty of Copen. 1944.. J. A J.

91', 91', Czechoslovakia Rep. SsM.A.AO. 94, Rep. of Bollv. s.

f. '47. M. 4 N.IK'5 Rep. Cuba et.

5s. 1944 M. Ac K. 6' Rep. Cuba ext.

4' 1919.. F. A A. M', brnmark 1945 A. A Ivninsrk 6.

1942 J- A J. taj. Mun. Srr. A.

A A.l"!' tan. Mun. 8s. Sei B. '46.

F. A A.li Iutch Fjist Indies 6s. A J. 95s, Putch Kst lidies 6s. llaCI.M.

A- S. 9I' 95 mm. lnd. A Iev. 7'-s.

42. J. A .1. 5t 9.v; French 74s. 1941 1 A 1.

French Gov. Ss. 1945 M. A I'll Italy 64s. 1925 F.

A A ls. 96i, Japanese 44s, F. A A. 92' 92'. Japanese 2d "25.J.

A J. 92 Jurgens V. M. W. lis.

47.. J. A J. iO'i City of Lyons s. 1934 t.

A Ki City of Marseilles 6s. IMI.M. N. ::4 City of riolsaons 6, 19.16. A N.

l4 f. H. of 4s. 1954.. J.

A 1 4'i', 47 of Meil.o 1945... ij :9 Me. lrrisallnn 1943.. A N. 42 Klna.

of Nth. 6s. 1972 AV 96', 97 Kln. of Norwsy A A 0. 1 1 A l-srls.

Ions-Med. lis. A A. 7 7 State of Vueeusld 6s, 1947. F.

A A 1'l' Hlafs of Uueeusl 7i. 1941. A. A IUI Htats of 1 1 to Grand do rtul As. 1946 A.

A inn ml Rio Janeiro as, 1946 A. A fUivn, is4 Rio Jsnelro s. 1947 A. A O.1oo 1sm, rmmlnlcan Rep. 195.

F. A A. 94', 94', Htate of Hio Taulo As. 36 J. Ac KM i't II of J.

11 lull trd let 4 pf I I.V cm i i c. I A I 7 pf 97 Chi. HI A I'm i C. C. ft 94 CI A Pitts.

is' I pC Col A I So 2d pf. Comp R. 154 Con Oe if. Cnt Can. 67 Pr.

i I fulfil o- In.i. Ml 2i: 'orn P. P' "4 Carp. 2-i 9 S2 12 1 1 1 P6 Ml 6S 61 51' 117 4l pf 92 Sut pf 92 A I 'o pf 76 7.s L' A I pf let Kd 7et A M. tv pf t.

A A 41. I0 9 Itir Hrti'). "7 I'o pf. r'4 Kod pf Iisi'i I ii i i pf r.7i 40 i Km 7'-. 9 Knd i-f ll.i Vle 4 IV Fairbanks 16 17', A 12', 1 Kleher Bdy 1 1 1 16'- lo pf ll'l -III I 1 pf A C.

59 lfl. i it jf or sio t-auio Kept, of ths Seine 7. A J. 90, f' Kins, of S.eden 19311.. J.

AIM024 n2 A Pf Sl.s Confed. St. A J.II-, ll'l City of Toklo A H. 70 71 pf Rep. of Cruirua.v 6s.

A- A.10.T 1f4 f-; FW19 Cltv of Zurich 1945 A.AO.Il4 H14 I n. K. 1922 K.A.I", IW, J-i Vf l-n. K. 5.

a. 19251 F. A A.IOI", V. Va ln. K.

5V.s. 1937 F. A A. 113 I-TIiLri- -V U. 8.

S. Copen. 8s. 4 N. 03'i u7 Vug F.

GOVKRNMENT PRE-WAR IXANS. Closing quotations for Government bonds: Bid. Asked. i Bld.Asked. 2s.

r. 19.vo.ino insv 2s, c. i 3s. r. 1946.

04 1946. irj'4 94'. 4s. Ill25.in4'4 IO41. 4.

r. 102-. I04U 10C. ran Zs. r.

1936 103 193'. I'an 2s, C. 1936 103 IH3U Tan 2. r. Cloalns gunlallnns for storks Ihers wi no transactions.

Bid. Asked Ad Rumel). 17 la 1 10 pf 49 Tsn 2s, c. 19.y. 103 103' Pn 3s.

r. 1961 90 95 I'an 3s. c. 1961 -m t2 4., 34. 91 94 I I 4s.

91 I 4.. 36. 91 lil.t of Col 5-S5S 9 100 Standard Gas and Electric Cains. The Standard Gas and Klectrlc Com pany, In Its report for the twelve months ended Msy 31, shows total revenue of as compared with for the lorresisindins perioil jear ago, -set earnings e'aml st as compared with nll.AJ3 in J92I, an Increase of 11.5 per cent. Alas 4 Als.ks.

Alb A Miis.IM All Am C1I5 Alls A WHO', ACAD Pf 1074 Allls-Ch pf 07 'i Am 1st pf 674 Am A Ch. Am Bk.N'.. 65 Do Pf 51 Am Kug pf 34 Am Fdy pf fOip; Am A pf 120 Am Chicle. 10 Do of LT14 Am Cot Oil pf Am Kp. ..132 Am II A I.

Pf 69', A La Firs Eng pf Am 34i Am pf 117 Am 94 Ho pf 116', Am Hut pf. A 9 no 97 Am Knuff. Do rf 924 Am piil Kd pf 994 Am pf 62 200 117 109'. 9V 39i. 71 65 MJ 121 II 55 r.9 IMS 96 II', 95' 9-i 135 100 991, sr.

Am Whl pf as am wi pf.ins Am 174 Ann Arbor. II I pf Art Metal, tl'j 44 A. sets R. 14 Asso Ij 1st pf 79 lN 2d pf. Atlaa l' r.125 t-o of.

64 AKSOe. I 13 In hl'H Bid. Asked 91 l'9 14 16 42 16'- "t'i 82 S4 I.O 1 16 Atl 1.025 I-o pf. ...117 Atlas 17 A us pf. K3 Auto Sxles.

To pf in Paid Bar 94 Batop I Bayuk Bros 47 ro pf R'nut pf .102 Beth 8 k'i Pf 112' Booth Fish pf 18 rve-h 36 II ro 1st pf 71 Brou Sh I pf nt Bruns Ter. 3' n. RAP if no Buff A IW pf. nurns Hi o. if) 1 3f I lf 9.1 Pf 1161, Hiih Ter rii fsl 77'i 7H 118 1'.

89 2 13 115 974 4A 114 M't 74', pf fc! li. 4 N. 16 1st Pf 94'. 24 Hvd 111 pf 1094 I 0 I I 69 Indian Ref. s'i lot Arrlc.

94 I pf 34 Int Do .114 Int I 'a pf I pf sis 1 llil Malt 65 loa a 1 Vnl lion pf Jrael Ti a Pf. 67 Kan Ho 'i Ksyser 1J1 1st pf 102 Kelly Hp 6S pf 2 so. pf. 1rJ Kelry Wh 96'. Do pf inn A 5 lo pf 20 Kre.KeSS 1 Pf ins', KresaiS Hi so Lo pf IO6 I.

A pf. 61 LIBS A M. 1K4 I CI 10 Do pf 116 Lima I. L-W Blsc. 43 1o lt pfmi Do 2d ar.1074 IorlH I t.

I tv pf 1M5 ka-v Cos Pf 054 Mal'snn pf. Man Bes-h Ma'i El 48 Man Shirt pf O0 Msnstl Sue pf 76 111 -1 97 77' 12 17o a ion 17 S4 6 1 9' III 4 I Il l's! 70 69 114 S.i I'i4 6 104 99, I "2 10 110 120 1HII I2" 1 12 44'- 12 109 154 115 PI I'. 49'. 1 10'. 1 Bid.

Asked M. Ht A 2 In 2 Im I I. M. 4 I Hi 2d 26 l-n pf 24 A Ks 77 A I lift Na.li lin Vt Acme. 18 Net Bl-e Nil At Vat K.n pf 92 Nt Rs of 1st pf.

10 V. A t. 1st pf 91 Do 2d pf. sn 36 Io pf V. I.

A West 95 A Shlpb 17', Power pf. A pf. 76 Nor 75'. Vova 30'. ibio ro i El f.

I'" Htl pf. ojl, 12' io it pf to pf. 16 65 7 66 2 2H ill I :0 i4 ll 3 fps 14 96 83 3 IC 123 21 SO so VI I- Ms if 1 5 65 12 00 44 Mki HI io pf 36 i 2d pf. Msrlin 1 Msi A Ik 42 Hep His pf in', ir. M' pf 92 96 Mil It Ceit 2IK1 225 Mont I'oa pf nn 0 TAT I pf PAR Do pf Par A P.

penrev pf 97', lo pf I ll's pf a pr P. Ft A 121 Do 1 Pitt 6 rf 9 A a pf Pr Ml Car pf 94 Punts 474 r-u-e rit pf is P. Ser. I tk rf. P.v St I Spr inn 1o pf 1 it Rand 24 Rem 1st Pf T2, Iv 2d pf Mi Rens A Reyn Tob 65 Do pf 113 Revn Hprc- 4" Rels 17 Io 1 pf 674 Rutl 42 HI Jo.

1x1. 14i Hilars A IM, Heara-R rf 103 Sinclair (il pf So pf 91 Stand Mill. 115 Im pf 99 Hplrer pf A SO Hiern Bios t.f 97 8ildeb Co pf .117 Mil) HI eel Do 1st pf 944 1. Tr fide 1 1 123 fob pf. I'd HI A l.f.

4S Crsn A YV. 52 I Hi pf fnd TPC. 135 Do pf 7l II A P. 62 CIS Hts.12 rvi pf 1 '11 75 Im 1st pf 464 11 Fruit .142 Rjs In pf 26 14 Exp 67, A 1 674 ist pf ir7 1" Hmelt. IO Do 45 Van 1st pf 94 Va 1.

A IVike pf 72 Wab pf. 21 eher II I2'i Kip 75 Weet Md II'-W Pac pf IO'. Par pf :4 eat A II 92 RAM tut pf 70 A Pf 254 Wllanti i-i I. Cent 28 Wools or lb 162 Do 1 20 or Piiinii II. 7.1 1.

66 874 7 1.1 si 94 97 45 K.I ion 4' 99 69 24 74 62 0 114 45 4 15 1 ins 100 934 1 IT 92 91 82 1 92 118 314 4 0 12" 1116 41 .39 fc. 1--9 64 1K.5 113 7 47', 113 28 7 6.84 inn 97 75 23 IV, 7 IK, I IV) l2'-. S8S tint 121 7 Nash Motors Company Profits. The Nash Motors Company In Its re port to the New York Stock Kxchange covering the five months eided April 30, 1022. shows net income of $2.17.1.014 after sllowing for Federal taxes and fixed charges.

Th surplus after dividends totsled $1,487,014 and the profit, and loss surplus on that date amounted to BONDS ON STOCK EXCHANGE sntlnrted from Page Seventeen. DOMESTIC BONDS. 1 10 y.v. adj 5s 12 3 sou son 6H Beechnut Sales $2,835,860. The Beechnut F'acklng Company for the first three months of 1922 reports gro-a sales of and net profits, after -cost of sales, of After allowing for Interest and other charges, but before setting up reserves for Federal taxes, the net profit for the quarter was SILVER BULU0N.

Bar silver in Ixindon unchanged at i inrK price for domestic silver was quoted yesterday at 9Sjc I lrlc; foreign silver liangii for IVS1: Highest. lowest. Ixindon 37-d Ma 32d Feb. 28 7SSeOct. 17 S2Sc Mar 4 Range for 1921 fndo" Pep.

27 S0Vd Mar. I ew York 7SVcUayS3.62cFeb. 2J 2iS Hhsrn. Ht I loon 8 scries A 3 9SJ Finrlalr Con coriv 4s I'44 ..104 If 4' 10P, H4 .104 1 27 I A I s6f roll 7s When las'id 2 il 99it 23 99'; Ini-lslr Crude oil pur 54a ser A temp 1 6 98, 16 9k', 2. 99 So Porto Rico Sucar coll 7s 1 9M, 1 94 1 P8 Bell Tel 4 1st 5s I 96 So Psc ol 4.

5 S9S in 9 11 sn' sr conv 4s 2 3 So Pac 4s 10. 15. 1 1. 32. 10.

10. 1. 12 921. 92 1st rf 90 904 9o 9i 90, 10 90, Sr Pse HanFr Term 4s r. 8.34 5 S3', f.

a t' Eo Ry 1st 7.... 8 gen 4a 9. 95 67', 674 67, 67 '-67 67' 3. 4. dsvelop 64 1 tnni, 1 10O 1 IOO4 1 )00', 3 10CK toon, H1O4 19i.

too. inci 1004 3 ion. hi dlv 44 1 82 Sid Oil of Cal deh 7s 1 106 1 Iv I IOK4 Steel A Tube gen 7s 4 lOOi; Av ref 4s 1 61 Sdj 5s 9 601, 61 14 Tldsw fHI 64s 2 1113, 4 1054 9 Tohsr.o Trod is 4. I. Tol Kdison 1st 7s in.v.

1 105-', Trl-City 5s 1 100 Ulster 4 Pel 1st ref la If 3. 101 3 65' In I'si; 1 nt 4 II 961. 96' 2 96'-i conv 4s I 9.M 16 registered 95 ref 4s 80 194 I0.H, Car Ist 5 I 6s I I L'n Tank equip is 2 1031, I 1034 I nneri nrug conv 8s I II0, I I IO' 1 110 2 IM Hnffmn deh ka 2 10fii( A 1 53 I 96 I 95'- Rubb 1st A ref 1 0. 1.. 811, 90 89', 90 is 8 1 02S I.

hieel Cp a 5s 1 193 II 2 1112 II'V- H2'-, 1024 I024 I'2' Utah PAL 5i I 91 I 90 Vs-Car Chem lsl fts 5 901, II 99-- 7s. SerA Int r'ts 40 r'. 9 9 neir 05'. Vlrcltilan 1st I 95'- Wabs.ili lit I 99 Warner Sue Ist 7a 1 1914 1 101. Westn Kiev 51 1004 Wcstn Mtf 4s Wealn Pac Tt 39 86 Pa Po 2 9.i, West Shore 4a 4 2 Nt Wn I fund A real est 4'-s 1 92T, 924 1 Tel I 1 1O Weatlnch A 7S 6 IO71, 1074 I 107S 2 U7 Wheel ALE ref 44s.

HerA I 68 Wlrkw Spen Hieel 7 1 IOO Wllaon A CO 1st 6s 3 2s7f conv 994 9'-. 99 6s 924 92', 3. conv IslOf W2, 193 3. WlsCen gen 4s 1 MU 1 fJew Issue '1 $2,000,000 loirftlheirini Sftaftes Power Compa (Minnesota) First and Refunding Mortgage Five Per Cent. Geld Bonds Dated April 1.

1916 April 1941 Redeemable on any interest payment date prior to and including April 1, 1936. at 105 and interest and thereafter at 102V5 and interest Interest payable April 1 and October 1 in New York or Chicago. Coupon bonds, with privilege of registration as to principal only, exchangeable for fully registered bonds. Guaranty Trust Company of New York, Trustee. Previous Issues of these) bonds have been listed on the New York Stock Exchange and application will be made to list the bonds now offered.

i Tb following statements are taken from official sources: Northern States Power Company owns or controls, and operates electric light and power, gras. steam heat or other utility properties serving1 three hundred and nineteen communities located in Minnesota, Wisconsin. Illinois. North Dakota. South Dakota and Iowa, with a total population at present estimated to exceed 1.000.000.

Minneapolis and St. Paul, the principal communities served, are well known as the financial, commercial and manufacturing centers of the Northwest. These cities, and the other communities in which the Company operates, are located in a territory rich in natural, resources and one of the most rapidly developing in the United States. Approximately 957 of the Company's net earnings is dcricd from electric light and power. li Earnings and Expenses (Years ended May 31) 1922 Cross Earnings $12,040,423.90 Operating Expenses.

Taxes, Insurance and Current Maintenance 6.8SS.166.08 (excluding depreciation) Net Earnings 5,15252.82 Annual Interest Charges on $38,224,003 Bonds (including this issue) 1,956.125.00 1921 $12,079,813.24 7,5 16.059.22 4,563,754.02 Balance 3,196,137.82 Net Earnings are over 2.6 times tnnual bond Interest chars In each of the calendar years 1011 to 1021, the gross and net earnings of the properties have shown increases over the preceding year. The gross. and net earnings for 1921 are respectively and tunes those for recommend these bonds for investment Price BV2 and interest, yielding about 5.74 Circular on request -f Harris. Forbes Co New York Bonbright Inc New York Guaranty Company of New York H. M.

Byllesby Inc New York Exempt from all Federal Income Taxes $388,000 Raleigh, North Carolina 43A Water Gold Bonds Dated July 1, 1922 Due serially July 1 Principal and semi annual interest (January I and July 1) payable In gold at the United States Vf engage Trust Company. New York City. Coupon bonds In denomination of $1 ,000, with privilege of conversion into fully registered bonds. Eligible, in our opinion, to secure Postal Savings Deposits. FINANCIAL STATEMENT (aa officially reported) Assessed valuation (1921) S3C.0S7.170 Bonded dabt (incl.

this Issue) 2,415,921 Water dabt $1,019,000 Sinking fund 103.863 1.127.8S3 Nat bonded dabt 1,283,053 Population (1920 Census) 27.076 Net debt about 3H of Assessed Valuation RALEIGH, the Capital of North Carolina and County Seat of Wake County, was incorporated as a City in 1792. The City, located in the northern part of the State, is an agricultural and trade center and has excellent transportation facilities, being served by the Southern Railway, Norfolk Southern and Seaboard Air Line. These bonds constitute a direct and general obligation of the entire City, and are payable, both principal and interest, from'an unlimited ad valorem tax levied upon all the taxable property therein. MATURITIES $6,000 annually 1924 to 1933, incl. 8,000 annually 1934 to 1944, incl.

$12,000 annually 1945 to 1954, incl. 15,000 annually 1955 to 1962, incl. Price to yield 4.60 Leal opinion of Messrs. Reed, Dougherty Hoyt, New York City. Stacy Braun New York William R.

Compton Co. New York We ffer a 7 First Mortgage Ser. Coupon Cold Bond due 192 to 1947 DENOMINATIONS $100, $300 aed $1,000 AT 100 AND ACCRUED INTEREST Dtu riptiv circular upon rtquett Caldwell Co. 46 Cedar N. Y.

Tel. Jake 512S Nashville Chicago St. LeeJa New York Trust Co. CLINTON GILBERT 2 WtH St, N. T.

TL 4S4S Ractsr HAYES WHEEL i i Descriptive Circular furnished upon request McCLUREp JONES REED esee Htm Y-t JeJ svAaWf us ifcvaewsy Foreign Bonds JeromeBsSullivan eovaasiMSier, Qt ID. 42 BROADWAY, KEWVDKX Teleohore Broad 7130 Investment Securities Ncwburger, Henderson Loeb Members N. A Phil. Stock Ixchcnies 100 Broadway, N. Y.

Rector 7C60 INVESTMENT SECURITIES JJrittrr Sc Kstabllahed 1A7S Members Nett Yorlt Stoclt Exchange 52 Broadway New York Uptown Office. 565 Fifth Ave. Blyth, Witter. INVESTMENT SECURITIES 61 BROADWAY NEW YORK Trlrphont 2140 Whitehall SAN FRANCISCO SEATTLE LOS ANGELES St. L.

Peoria 1st 5s 1948 Lamport. Barker Jennings Inc. Weekly Stock Letter 4s( aSMi efs.tt fmr T-ff Joseplithal Co. Afeaiier, AT. T.

fart IwAasf 13 Brswsy Nsw York Tsletis Rartse MO IV. G. Souders Co. Investment Securities 31 Nassau Street. New York CtUcatro 'a rand Ramid Milwauk Conservative Yietdlat BONDS 6to7H SenJ fee Booklet A-50 Peabodr.

Houghteling Co, lac. 366 Madison Aveaue Chins bo rtroit Milwaukee Bii Laula Business Capital Bank and business references required from advertisers in the Business Opportunities columns of The New- York Times. Capital may be obtained for extension of business. Advertisements must stand test of investigation. I i 1 2 84.