The Wall Street Journal from New York, New York • Page 5

STREET J01JMH, Second Section. Second Sectioa NEW YORK, FRIDAY tfORNING, MARCH 27, 1014. PAGE EXEMPT FROM FEDERAL INCOME TAX CITY OF ALBANY, N. Y. 4 Gold Bonds Dim Jane 1, 1963 Ltral Investment for Savings Basics aad Trust Funds la tew York, New Jersey, and all the New Eagtaad States Price to yield 4.05 Lee, IIigginsom Co 4 Bxcfcaare Plaee Battra NEW YORK Chlca HICCINSOU A LONDON i Wabash R.

R. Omaha 1941 Baltimore Ohio Convertible 4Va. 1933 Norfolk Western Convertible 4s, 1938 Cuba External Ss, 1949 lUCen. Chic, St. L.

New Orleans Ss, 1963 Chesapeake Ohio 5 Notes, June 1, 1919 Erie R.R. 5Va Notes, April 1. 1917 FISK ROBINSON 26 Exchange Place New York MONEY RAILROADS LABOR and other important topics, are summarized in our current issue of FUNDAMENTAL' CONDITIONS Mailed on request. Hornblower Weeks 42 Broadway, New York Boston Hartford Chicago Providence Detroit Newport City of Yonkers, N. Y.

Serial 4Vas, i9i5 to 1934 Prices to yield 4.20 Rhoades Company Bankers Members New York Stock Exchtmja. 37 Wall Street, New York Warren W. Erwin Co. Bankers and Brokers 26 Beaver New York Our fortnightly review of conditionshas been remarkably accurate since 1907, Sent free on rcsjaeat Stoppani Hotchkin Members Consolidated Slock Kxchana; of New York Chlcaso Board of Trade. BsTOADWAY.

New York. Telephone, 1610-1IM0 Rector. STOCKS GRAIN Bought and Sold. 1.218 1.218 Broadway. BRANCH 1 ID OFFICES.

1 2li Coi eat 125th lit. ourt Brooklyn. I 319 Pi uuoii.au, ROBERT G00DB0DY CO. BANKERS AND BROKERS MEMBEBS KB3W TOBX STOCK EXCHANGE, ecurttiei Bought and Sold on Coupons Cashed and Dividend Collected. Orders Executed on the LONDOrt AND DUBLIN STOCK EXCHANGES.

BROADWAY, KXTW YORK. Tel. BtlS-B SUetot AMERICAN LOCOMOTIVE CO. 5 NOTES GENERAL RUBBER CO. DEBENTURE 4s SCHWARZSOHILD SULZBERGER CO.

DEBEN. 6s WESTERN TEL. TEL. CO. COLLATERAL 6s, 1932 Curtis Sanger Hew Tack, Best aaVchtaMre Sleek Kxefcaacea.

WALL ST, TeL Hnmr 14 KBW YORK MOLINE PLOW 1st PFD. STOCK FORT SMITH LIGHT TRACT. 5s, 1936 MONTANA POWER TRANS MISS. 5s, 1933 MADISON RIVER POWER 1st 6s, 1935 WOLFF STANLEY "TelenhOBea 6567-8629-8018 Broad ST Wllllaae Street llow York to Reach the Investor In New England Advertise In THE BOSXQN HERALD Sample Copy and Rates on Application THE EVENING POST JOB PRINTING OFFICE is the Qalokset Prlatlaf Offloe for Bankers asd Csrporatisna 168 FULTON oor. of BROADWAY Tel.tllt-IStS-ISI7Certlsaat Nol termed ltli any Neotptpw VVe LANGLEY CO.

115 Broadway BAAKERS White Building New fork Buffalo. N. r. afVKICUAL RAILROAD AXD COBUHRAT10 BONDS. Co I Stabber Tire 4e lke aoaorter Corw Ba CmmhM Cable 4a Aewt lilbavaalv Da (ie SftaaiMeM dk Priellas 4a km Jiwr lwmM Ba WelSTbdaC Salea Sa Hakta Valley Prodeieta So J.

IL RICE. JR. CO. SS WaVIA ST, tt. T.

Seal Par. Pb i Jefca 4001 eeia CREAT WESTERN SUGAR COM. AMERICAN STEEL FOUNDRIES 6s, 1935 SYRACUSE LIGHTING Ss RAUSCnER CHILDRESS S4 Wait StrseA TaleBkaM J.ba S4TS BOND MARKET PRICE CHANGES SHOW BEST DEMAND FOR INDUS. TRIAL AND PUBLIC "UTILITY ISSUES From High Since First of Year These Bond Are Off Only FraetionaUy-ighest Grade RaOs'Hold Up Muck Better Than Lower Grade Issues Change From Last Year Comparison of prices of different classes of corpora tion bonds shows clearly that the greatest demand recently has been for industrial, public utility and the highest grade railroad bonds. Average for all classes is now below the high points since the first of the year, but the.

issues noted show small declines as compared with lower grade railroad securities. The following table gives the low and high since the first of the year and present average price of six representative bonds of the different classes, with the advance from the low to the high and the recent decline from the high level: 1914 Low" High Adv. Pres. Dec Savings bank 83 96 8 95 1 Second grade 82 87 5H 86 2 Lower grade rails. 63 7 65V4 4 Ind.

P. U. bonds. Qh 98 3 98 As compared with the high and low prices of last year these bonds at their present prices show the following changes: Pres. Low High Price 1913 Adv.

1913 Dec. Savings bank 95 91 4 9S 3 Second 85 82 3 88 3 Lower grade 65 61 4 73 7 Ind. 4 P. U. 98 92 6i 98 This table shows that railroad issues are still only about half -way between the high and low levels of last year.

The highest grade rails have gained slightly more than half of their severe loss of 1913 but the lowest grade issues are still far below the half-way mark. Industrial and nublic utility bonds make a decidedly different showing. They are now selling on the level of their highest prices of last year even though they have suffered a slieht loss from the hijrh point of the present year. This is a clear indication of the investment public's attitude toward securities. Bankers say it is a direct reflection of Government oppression of the railroads.

They believe that a change in attitude, such as would allow the present rate increase asked for, would go a long way toward rectifying the present disparity between-the public regard for railroad and other security issues. Ilond Xolen Buffalo Remick Hodges New York, purchased $700,000 Buffalo city bonds at their bid of 105.79. The following is the list of the bonds offered for sale, $125,000 registered hospital bonds, $62,000 registered water refunding, $273,000 registered water refunding, $101,815 registered grade crossing, registered refuse de- struction plan. All the bonds sold are non-taxable. Boston City Treasurer Clarke of R.

is asking for bids for an issue of $375,000 4 sewer bonds, i to be dated May 1, 1914, and run thirty years. Proposals must be in by noon, April 14. Proceeds from the new bonds, which cannot be sold for less than par, will be used to reduce floating debt. Boston County of Essex has swarded an issue of JoO.OOO 4 coupon bridge and highway bonds to Haywood Wilson and Keen Taylor Co. jointly at 102.10.

Bids will be received by the Mayor of Columbus, i until April 25, on $60,000 W-'r sens! insuring January 1, 1913, to January 1, 1944. Boston Portland, temporary loan of $123,000, cue (X'tobcr- was awarded to b. Jioseiey ana Boston at 3.31. City of Bsrrc, Vt, will receive bids until 7 p. March 26., foKpurchase of $49,000 4 school bonds.

AMERICAN EXPRESS CO. Francis F. Flagg Denies That a Thirty-Two Story Build-ing Will be Put Up on Lower Broadway Francis F. Flapp, first vice-president of the American Express states that the report that the company rill erect a thirty-two story building on lower Brosdway to cost $1,800,000 is unfounded. "We have no intention of building at the present time," he said.

"With the express business in its present condition, ahd. so many uhrented "oflioes to be hsd, such action is not to be considered. As a matter of fact more than a year ago when the subject was considered, we decided to do nothing." Mr. Flagg added that the proposed limiting of building heights -in New York city had considerable to do with the planning of a building for the American Express CoS. plot on the went side of Broadway between Rector street and Exchange alley.

Such plans were prepared, by Ken. wich, A.spinwall Tucker, and will be placed on file with the bureau of buildings to protect the express company's plot against the operation of any height-restricting regulations. The property owned by the company fronts 79.8 feet on Broadway and covers about 170,000 square, feet. AMLKIC.YN SUGAR REFINING Charged With Being an Oppressive Monopoly by Donelson Caffery of Nenv Orleans Washington Charging that the American Sugar Refining is an oppressive monopoly, Donelson Caffery of New Orleans, laid a memorial before President Wilson asking him to probe the conditions existing in the sugar industry. The memorial recites that competition has been exterminated by the "ruthless tactics" of the company.

"I have deemed it incumbent upon me," says Mr. Caffery in the memorial, "to lay before the Attorney-General the facts stated herein as reasons why no plan for judgment or settlement in that suit should be formulated which will leave the American Sugar Refining Co. in control of the New Orleans market." FIMSBIE STANSFI1SLD Beofffonuafi'oH Plan, Nearly Completed, Includes $1,000,000 Bonds and a Stock Issue The reorganisation plan of the Frisbie SUnsfield Knitting Co. of Utica, N. is practically completed and includes issuance of of new 6 'first mortgage bonds and the increasing of the preferred and common stocks.

The purpose of floating new securities is to acquire the Oneida Regal Textile' Ontario Knitting Co. and Utica Button Box Co. All of the details of the reorganization have not yet been perfected but the bankers interested say the various interests have consented to the plan and the entire matter should be settled soon. JUUwtte Public Utilities CommlHsiou Chicago Chairman Quan, of Illinois Public Utilities Commission, announced that all public utilities that have advanced rates since July 1, 1913 must restore former schedules. All advances possible must have the commissions approval.

Railroad Traffic Chicago While March loading increases of the western' roads are encouraging, they represent largely the re lease of stombound freiglit and the early seasonal spurt on account of the soft spell following the blizzards. RAILWAY STEEL SPRING PASSES COMMON DIVIDEND 'President Says That in View of the Reduced Earnings and Unpromising Outlook Directors Think it Beet to Conserve the Resources Railway Steef Spring directors took no action on the common dividend. Last year they declared ,2 out of 1912 earnings. The following statement was issued: "No action was taken on the question of a dividend on die common stock. "Tte company is in a strong position at the present time, ao far as its cash balances are concerned.

This condition, however, is due in large part to the small volume of business now being done. With the resumption of normal business, it will be necessary to carry a much larger supply of raw materials, and the cash will correspondingly decrease. i "The directors feel that the stockholders of the company will approve the desire of the management to keep the company in such a financial condition that it will be fully prepared to meet the demand for its products when that demand resumes." President Fitzpatrick stated that full consideration had been given to the question by the directors, and, in view of the diminished earnings at the present time, and the unpromising outlook for business in the immediate future, it was decided to be to the best interests for all the stockholders to conserve the resources of the company in every way. Following the announcement of no dividend, Railway Steel Spring common broke to 28, a loss of 2 points. FEDERAL MINING SMELTINU'S SUIT COMES TO ABRUPT END Question if a Contract Between Two Companies Realty Identical is Legal or Void Decision is Reserved and Time is Given to File Brief I Open court proceedings in the suit of minoritv stock' holders of the Federal Mining Smelting Co.

against the Amei lean Smelting Refining Co. over the smelting con tract which exists between the two companies, came to rather an abrupt end. The plaintiffs called only a few witnesses, most of their testimony being documentary and taking but a short time to place on record. The efforts for the attorneys for the plaintiffs seemed chiefly directed to showing that the Federal makers of the famous "1903 contract" were identified with American Smeltins- A Re lining interests when in 1905 the contract was extended for 25 years. In short, that when the extension was put through it was the practical equivalent of the American Smelting Refining Co.

making a contract with itself, although the Federal company was ostensibly an independ ent contracting party. The decision of the case, it would seem, hinges upon the point of law as to whether a contract made between two companies, in which both contracting parties are identical or have common affiliations, legal or ipso facto void. The plaintiffs maintain, according" to the line of evidence submitted, that such a contract is voidable, while the de fense taking the opposite view, decided to stake all upon an interpretation that such a contract, not having been shown fraudulent or unfair, is not ipso facto void, and rested its case on the conclusion of the prosecution with' out further argument. Legal opinion varies upon the point It appears that formerly precedent ran to compelling the defending par ties to show that such a contract was not fraudulent or unfair, in which event it was allowed to stand, but later precedent seems to incline to obliging the plaintiffs to as sume the burden of proof. The customary move to dismiss the bill of complaint was not made when both sides rested, so Judge Philbin reserved decision and gave opposing attorneys until April 6 to file briefs.

INDUSTRIAL ROADS WIN A TKMUORARY VICTORY IN ILLINOIS State Board, by Postponing Effective Date of Cancelation of Joint RatcsGives Shippers a Chance to Pre. sent Their Side State Now Against I. C. Chicago Illinois Utilities Commission has granted a postponement of 120 days of the effective date of the cancellation of joint rates with industrial railways proposed by some twenty big systems centering here. Shippers interested in the industrial railways affected, protested that the cancellation would mean greatly increased shipping charges to them, ahd have now obtained an.

opportunity to present their 'case at length. Action attempted by the trunk lines was in response to the recent opinion of the Interstate Commerce Commission, condemning the -practisr'of the "line carrier." of dividing the through rate with the industrial railways based on the theory that the latter were common carriers. Commissioner Harlan declared that in many cases the industrial railways enjoying a portion of the published through, rate were merely plant facilities, and that there- fore the division of the through rate virtually constituted a rebate in the sense of an unlawful preference; to some shippers, generally large, He "estimated that such divisions made with the industrial railways considered in the proceedings before him, chiefly steel plant tracks, amounted to $15,000,000 a year. Officers of the line carriers, while questioning the Commissioner's estimate of the revenue involved, expressed themselves as quite willing to cancel the divisions and preserve the entire rate to themselves, but predicted vigorous opposition on the part of shippers. That opposition has fully materialized, not only before the Illinois commission but before the Interstate Commission at Washington.

For the time being the Illinois commission puts itself in opposition to the Federal commission, but the latter did not issue a specific order, contenting itself for the present with condemning the practice and saying that the line carriers would be expected to discontinue it. At any rate it appears that it will te months before the railroads will be able to avail themselves of any substantial part of the additional revenue indicated by the Commerce Commission. Mr. Harlan pointedly intimated that this subject had a close connection with the pending application of eastern carriers for a 6 advance in freight rates. It is also connected with the proposed extra charges for "spotting" freight cars.

POSITION' IX PARIS Resentment Against Americans Really Due to Defaults in Mexico and Brazil The Economist (London), under issue of March 14, commenting under the head of "The Position in Paris," says: "We learn on good authority from Paris that the bankers there profess great resentment in public against American financiers apropos of some mishaps which have happened lately to bond issues of the second class. But the real object of the press campaign against American securities is to distract the attention of French investors from the much greater misfortune into which they have been landed by still worse defaults in Mexico and Brazil. the troubtea in Mexico and Brazil are giving more anxiety to high finance ihnParia than the Balkan obliga tions. The French investors' nave done well out of r-urop ean bonds, especially in Russia, and it may be quite possible to tempt them into the new Greek issue, especially as that issue will have to be supported by the French arma ment companies. American' Telephone-Western Union Boston Subscriptions to the $29,000,000 Western lion stock offered to' shareholders will amount to be-turien 5 and 60.

according to present expectations. 11 is undfrstood American Telephone will get its $18,000,000 cash from its Western Union stock April 1. DISBURSEMENTS FOR APRIL ESTIMATED AT $164,000,000 DECREASE COMPARED WITH PRECEDING YEAR DUE PARTLY TO PAYMENT OF AMN. CAN BACK DIVIDENDS Bond Interest Payable $7Sf65Jti1 and the Dividends So Far Declared Amount to Railroad Payments on Stock, tSlJtStjM; Bond Interest, SUJSlfiiS in Dividends Total dividend and interest" disbursements for April, 1914, are estimated by Dow, Jones A Co. at as compared with 171,000,000 last year.

This decrease is accounted for by the payment of ac cumulated preferred dividends, amounting to $9,895,992, by the American Can Co. in April of last year. Up to the present time, dividends declared payable next month by New York city banks and trust companies and various corporations of the United States aggregate 185,918,716, based on a total capitalisation of 037. Interest payable in April on the bonds of railroad, industrial and miscellaneous companies, as "veil as those of cities, states and counties in the United States, and on the Government debt, totals 178,265,324. The total of bonds of every class outstanding upon which this interest is payable is $3,962,902,150.

The following table gives the interest and dividend dis bursements for April, 1914, in detail, showing the capitali sation on which the. various payments are made: DIVIDENDS. Companies: Capitalization Dividends Railroads $1,650,360,071 $31,232,183 Industrials and miscel 2.422,418,508 44,181,023 Street railways 408,731,458 6,481,410 City banks and trust 112,152,000 4,024,100 Total 4,593,662,037 5,918,716 INTEREST. Bonds Interest Railroads $2,067,880,000 $44,975,365 Industrials and miscel 425,637,000 10,999,754 Street railwsya 11,542,660 State and city 317,927,000 6.516,294 Governments 646,250,150 3,231,251 New York city 19,870,000 1,000,000 Total 3,962,902,150 78,265,324 TOTAL DISBURSEMENTS. Capitalization Disbursements Dividends $4,593,662,037 $85,918,716 Interest 3,962,902,150 78,265,324 Grand total 8,556,564,187 164,184,040 Dividend disbursements exceeding the million-dollar mark follow: RAILROADS.

Companies: Rate Capital Stk. Dividends Canadian Pacific $198,000,000 $3,960,000 Canadian Pacific 66,695,097 1,333,902 Southern Pacific 272,672,405 4,090,086 Union Pacific com. 2Vr 216,644,300 5,422,090 Union Pacific pfd 2 99,543.600 1,990,872 New York Central l'r 222,729,300 Southern Rwy. pfd 2cr 60,000,000 1,500,000 Lehigh Valley com 2V 60,501,700 1,512,542 Chicago 4 N. W.

Hi 130,117,029 2,277,047 INDUSTRIALS. General Electric 2 1 $77,335,200 $1,546,704 Goldfield Cons. 30c. 35.591.4S0 1,067,744 American Tel. TeL.

343,993,200 6,879,864 P. Lorillard com 7 15,155,600 1436,670 Swift Co 75,000,000 1,312,500 United Gas 2 55,502,950 1,110,058 8TREET RAILWAYS. Brazilian L. P. pfd.

lHr; $103,000,000 $1,545,000 Manhattan Rwy 60,000,000 1,050,000 AUTO SALES Stocks and Bonds -Telephone Broad .6268 for close market F. S. SMITIIERS CO. 44 Exchange Place New York Kings County Electric Lt. Power Stock Sharon Railway Co.

6 Guaranteed Stock LApD WOOD Members Kev 'York Stock Eichanfe. Telrsheae SNe Re4T WALL STREET. K. T. CITY FOR "SALE Big Muddy Coal Co.

Participating Receipts S. II. P. PELL CO. Members New Toik Stock Exchange.

Telephone 7865 ST Wall N. T. we Denver Rio Grande Cons. 1936 JHL P. W.

Members Ksw York Stock Exchang-. eoST BrMS. lS.lt BROADWAY, 31. Y. MECHANICS METXLS NATIONAL BANK BANK OF AMERICA CENTRAL TRUST CO.

TOLEDO TRACTION, LT. POW. COMMON A. M. POLACK CO.

SsWallta la New l.rk City Baak Trmat Stack. Phone 8100 Broad 23 BllOAD X. Y. Tile American Appraisal Co. S3 l.ikrr at, K.w Verfc Ftrt Nat'l Baak BIS.

Chirac, 4 Haaaltal St, M.arreal. Apprala. lasaatrlal aa4 All Olfcer Preaortic f.r Vlaaaeial Pareas Easwrt Coaaarl ValaatUa Physical Praycrtlee. $95,000 LINCOLN COUNTY, N. C.

ROAD 8 BONOS Due I. 1943 At attractive fries Field, Longstreth Richards CINCINNATI CLEVELAND MACOV, SAVANNAH MAKON CITV ft KuRT iJOIKJK 4s OTIH KI.KVATOK lis MSOHMIT DITINNINO COM. AND PFI. TUX AH 0A1, WRIOIIT CO. (AEHOI'IjAXK) McGEORGE VANDERUOEF as nK ST.

N. Y. TeL J.ha William R. Compton Co. Municipal Bonds 14at lara.

mm Wrrater, free y. Of, Pla. KlreM, r. WUllaai St, AMERICAN STEEL FOUNDRIES December list, 1818. ARftKTIIt Plant Blnfctner Funil Aaacte, (Kxelu- alvj.

At RAMI, TnrAmA 286.T44.T0 1.634,624.10 Miscellaneous Securities Inventories Aecoanta Racelvailil. rriaa tta aerraa) Insa ranee Premiums prepaid S4.ow.4d Cash oa band 1.0T0.O3S.M Total Assets INABILITIES! Bonds and Debentures eutatand- ma- tS.418.100.00 Accounts payable and accrued Interest Depredation, Renewals and Re- aervea 644.0T0.8S Proflta appropriated for Bonds, Blnklne Pnnd and Debentures from 10OT to Deo. siat. ioi Total Liabilities t3S.87S.SS5.sf aa.448.T06.ff atavar44a.is Hot 4tnCK ASSETS In Ten tones fl.634.Si4.10 Accounts Receivable 8.123,T21 Cash on Hand Total Total rioatlns Debt and As-erued Interest Ret alck Aeaata sa.ass4M.sl LOU.T04.45 m4JU4jmJSS Capital Stock book Value S10T.0O Share. burplus Fund 11.01S.T04.45 Aa atookhotder of the Railway steel Spring I was pleased 'to see the recent advertlaement of Charles Miller, formerly a dlreotor of that oer- oration, and at preeent dtmtrman of the board of lrectors of rhe American Steel Foundrlea string- S1S3 50 aa the book value of the Railway Steet Spring stork.

I consider General Miller to ba a food, fair-minded business man from every atand-po'nt. Slnoe the publication of his statement many of the stockholders of both the Railway Steel Bprlna-- Co. and American Steel Foundries have coma to the conclusion that we should say something- In behalf of Mie latter company. I have prepared the above statement, 'which I think Is juet and fair, from the 101,1 annual report of the American Bteei Foundries Co. The book value of the American Steel Foundries stock, as shown In this statement.

Is $10T a share, or til less than that of the common stock of the Railway Kteel 8rlna; Co. The stock of the former corporation it selling- at around $.15, which Is about $3 more a share than Railway Steel Spring- common. The American Steel Foundries Co. Is also well manared and conservative, and there is but one conclusion to draw from the two statements, namely, that the management haa given some consideration to stockholders, and for the past two veers has been paying them a small dividend on their Investment. ISIg-ned J.

B. MOORHEAD. Stockholder. American Steel Foundrlea Co. A Quick Asset If you buy 20 shares of a standard dividend paying stock at a fair price, the fact that the next sale 'may be a dollar per share more or less tends to bear out the idea that securities are unstable.

Have you ever thought how close you could come to getting what you paid for real estate if you had to sell it in five minutes? Send for Booklet 14-A, "Odd Lot Investment." PKUtlSISilN QdnLhats nessaera lew York Stack KxehaBge. BROADWAY. N. T. MAIN OFFICE.

42A St B'way, Long-acre Building. ISSth 8U and 7 th Av, Hotel Thereaa. SIMON BORG BANKERS, 20 Nassau Street, New York I1WESTMENT SECURITIES UST OF SELECTED INVESTMENTS UPON APPLICATION Railroad and Municipal Bonds To Yield 4 to 5 White, Weld Co. Wall Street CbJcafo New York Bottoa FOR SALE Northern Union Gas 1st os, 1927 Westchester Lighting 1st 5s, 1950 N. Y.

Queens Elec. Lt. Pow. 5s, 1930 Kings Co. Elec.

Lt. Pow. Con. 6s, 1925 Christopher 10th Sts. Stock Patersoa Co.

Tel 105 Rector SO BBOAD ST. JT. T. State Investing Company Lincoln Trust Company FRANK J. M.

DILLON WALL STREET, N. T. SS4S HECTOB PROPOSALS. NOTICE OF SALE OF BONOS Ity order of the Hoard Kirertora of Sraool District 43, Moalleau t'auno. Miwuiurl, irommonly known sa School nistrirt of the ll of 4 allfurnla, tile under-piaitvd He-rttiry of nsid HtKii'd, du hereby give Notice that Mid Board liids for ili purcluise of Wi liondu of Kald In denominations of each.

aaaTeantlas; SSe.OM.ea. to be issued puisusnt to autnortty of liu- ninilltled voters or said district at a sperliil elwtlun hi-ld Murrh 20th, 1914, for. the rrcctlnu and furnishing- of new whnol building. The, Londs to ha April 1st. 11)11, to run vrars, and re.

uxnialilrt al the option of the board sfti-r I'l years front their date. Kids are Incited upon the bantu of 5 per cent annual inlorrst, psyabl" senJ-Rnnually, eacli bid to be sc loinpanicd with cmihIi dr poult of to be forfeited In ran miv bid Is ivrppted, sod the bidder refuses and falls to e-rtpt the bonds, if same nre lessl obligation of the distric snd the bilanrn of the lM to ho paid on tender of tha bonds. Kids to be realed and deposited with Ui under, sinned secretary at his pla-e of business In the Gray Build. Ins on Hluh Street, City of California, not later than. p.

April 1'itli, 1014. and to tliereafter opened, and considered by the board on that day. The board reserves the right to'retevt Miy and all bids. H.SIll.KY CHAV, I Secretary of the School Board. The Hoard of Supervisors of Kmytk tousty, Vlrglala, sill sell to the ainounl of SINJV.OOA.OOi o( the same for'road Improvement In the Ha li Vtilley Ulstrlqt, payable In thirty years, with the option by th Board of i.rf..inlnir one-half In fifteen years: Sisi.OOo.iS) for road lm- i.rovement in tho Marlon I'lRtrlit, payuble.

In thirty years. villi the oiiltou of redeemlna; uiie-half in twelve years and trie-half In eiahteen years. for road Improvement in t-he St. t'lalr Ulstrlrt, will the option or c-eoeemtna en half In twelve year, a on one-ioui in ciKiueen years. Until Wednesday, April Will.

11)14. at 13 o'clock, noon, tide will be received by the Hoard nt Marlon, for tha purchase of the said bonds, and it will also receive at tha namo time bids for the purchise of the- wholu Istue of SIHO.iXm) im, redeemshle In thirty vears. AH bids must be accompanied hy a certiflod check fo as a Kuarsntrs of goo.l faith. The Board will reiefve the r'jht to reject any and all bids. Kor further Information addrens lej.

P. Took, Common, wealth Attorney, Marion, Smyth County. Virginia; The City of Columbus, (Seorgia, will offer for sals' on April 25, 191 1, 160, 0O0 serial 4 per cent, gold bonds, July and January coupons. due each year from January 1, J'JlS to January 1, 1944. Write descriptive circular.

JXO, C. COOK, Mayor..