* ForeignGovernment Bonds,rc selling to-day at extremely|0w price?. due to the unprece-

dented decline in Foreign Ex¬change. Rates have, however,,hown a 5trong advancing ten-

facy during the past few

months. Rfturn to normalconditions would provide un-

u;ual profits.

Complete details of several

attractive foreign Government.Bonds. purchase of which we

ffcemmend. will He sent upon

requfst.

i Kelley, Drayton & Co.MrrUr.i ¦v>" -"<"¦'¦ StOCk Erchange

l.ortfs Court Building

40 Exchar.ft Place, Nen> Yorlt CilyTelephone Broad 6291

Most extensive railroad sys¬tem in the United States. withsmall capitalization per mile,enormous surplus and produc¬ing oil iar.ds.

SOUTHERNPACIFICAnalysis and discusslon fea-tured in a full-page reportthis week.FUNDAMENTALSBig factors underlying themarket. money, etc, in pithybrevities.

Other regular fraturesand discussions on:

V. S. Steel r.en*ral AajphftltAmer. Woolen Merritt OilI-. .« Rnbher ln. K«*tnil Candy

UARKE OPfSlOSQratii <. '-, ,;-,. ( for B-K\

R.H.M«cMASTERS&CO.tlttaatra Oonaolldoted Stock tfxeh., .V. v.

82-84 Broad St.P'ont; Btood 6380

New York '

First Floor f

Chiuge Offic: UJ South La Saile St.

White OilRumored amalgamationwith Simms Petroleumshould prove beneficialto this company. Situa¬tion thoroughly discussed:n uirrent issue of the

Financial Forecast0 her Issues featured:

Simms PetroleumCosdcn 6t Co.Aetna Explosives

Sent U{M>n rrnur*'.A k for .N'o. 07.

MSWolfeSCo.ESZABLISHED l S06

4- BROAD ST. NEWYORK ,Piiotie IVoad i>5

THE

MARINETRUST COMPANYBUFFALO.NX

SEVBTIETH YEAR OF SERVICE

CAPITAL AND SURPLUSSEVENTELN MILLION DOLLARS

Odd LoteWrite Dept." io

@SHOLM&-ffikPMAM.****" Ktw york Slocfc Hxchm-*ga" Brodw.y N.w y.rk Uit»BfiflSSLt .60 E. 4 2d Pt.

Cri*.3J C.urt St....<Urk rS?".*-» N. Broadw.y.- ^^.777 Braad St

| PRICHITT & <jQj McmbtrsN.Y Stock Exchange

jj SIXTY BROADWAV|:i NEW YORK CITY

N. TAYLOR &C0.INVESTMENTS

2L 1 WaU Street

tods for Investment«rri»,Forfce**C«". »tr««tt Ccriwr William

NfciW YORK

The Day's Bond MarkettT. S. Government

TranaactionaXleld.

4..1 4B.or.

Uhertv 3iis, 1347 .$8^09,0002° W J"- \ul. «*?..do 2rt «m, tM!. 68,000 .

2° :*} *.** 1(I'T. 99.000 5.20'j° 55 fj*)*1 ,M2. 1.614.600 f, 41do :.,¦ 4%*. i<»2h .... i.STS,Ot>o r.sirtO 41h Om, 15SI..., 2,868.000 ,",y\e\oty 4\8. uta. MM.OOO etado 3%s.- 1913. 864,000 iio;!Qoatavllaaa

Nett.iberty 34* .... iVoo' 88°30 89 40 C-hB9r0']'* 1"] <.. 84.50 84.30 84 30 . _",.52 ."S Al. sr'10 S4 so s< Rn ..isde lat t',s- S5.H0 85 40 v;. 58i°li I';*8-- *."¦.'-'<> Sf'.oo s...oi or,'° 2?w4.H?--- SS:0 S!*'10 89-10 -.62do 4th 4'«s... 85.74 66.60 85.«3 ..16VJctory 4.«..... 96.38 98.2J 96.26 »qUo ..¦**» . 96.30 96.30 96.24 --.00

Bid and Asked Quotationn

6,000.101 %^«'«£.R T rt« f>»T*onn 71 1930 whentS-SS'. Bn,«! JMUtd..'7.000. ;,4i o.noo..., r>:i %20.000.. f,.j»"

,¦'-.> 000. 68U

int Aerloultura.1 6e1,000. 7S\"',000. 70 iv

11.000.. 7ni.1,000. 70'.

-94»Vi

T.lbe.ny Ponds.3 Via, 194 7.lat 4s. 1947.-'d 4s. 1943.1*>t 4 4s, 1947.3d 4H«, 1942.3d 44s. 19284th 4 4*. 19 3 8VlC, 4\*. 19.13.Vie. S%a. 1933..Pre-war lasuea:2*. t*K. 1930,2*. eniip, 1930.8a. reg-.

uv.

ClosingYrstcrdav.

S9.34'?r89r.n64.30(964.5064.6041 85.0086.60;!? 86.7085.OOijj) 86.0466 10 A 89.20BS.62085.6696.22'(V9fi.L>626.20006.32

'_

4*

194«1946.

vear. 10 35..1925.4*. ftujp

8a, I'.m.2a. r»n.I*. I'»n.2k. Pan8», r»n.**. .Tan couponI'hll. 45. 1934Phil. *a, 19::,Fllh. 4r. 1936.P. Co!. 3a. 1965.

1935 1011936 101 %@1031938 ioi 4 i-{f ma'.938 10lH©102

80 tf sr.i;' 8 'iffl 9 5¦? 95

CloalnfMonday

91.00 Ctf 91 .3084.20084.5084.98 « 85.1086.40O86.6085.10O85.1CS9.64#S9.7086.73a 8 5.7896.40tf96.4r,9 ti. 5 0 (tf 9 6.3 -4

101 4ffl02101H 010 28 9 fl 9 389 dt 93106% #107106»i4i 10?101 4 (tf102ioi % ff ioa11'1 '* 0102101 4 8 10280 <S> SR

9.00010.000.Int *\W Marine 6*'-000. ggu10,000, 86"¦"00. 86%iiiwa Central 4a1.000 39141i.ooo.; so

*¦

Kanaaa city jio as,-.. A'.?00:,. r'«*i Peorla' * B inc' 4sKnn ity Term 4* 2 000 142-522. 63S!r*re Marquette 6at.^i '',0"0-;. fi:>"' 1 ft°o. soKeokuk * D :m 6a ,Phn«. Co 6* 1022f-222. 864 10.000. 884,.w ¦¦",no,;-- 86 Pocahon Coll 5a

-s^rrl 5a ,i>:!.', .i.ooo.sond. r' ?»:»¦ 98% Pub .s',r Of N .T 6*<lo 5a 1860 9 000 At

7.00019.000 ,\ 001.000. sor,1.000. ... 10

14.000....;; 001^Lake Shoro 4a 1028.¦'.000. so'i".000. an ii2-000. 7«%IR 1 Aik & i, ,

.40nn. 80 2.000.. 61*4"M" '"¦11 1.000 6 410.000. 75 Ui " 000 ci .1

Lehl,4,h«J«aUejr R" St !. I'r MfftS 46aS^¦""0. 95 2.000 fiS

f-000.102 4.000. 63«VOOO. ..101% St 1, i s P" 4S »er A¦le ia roC|Btpri».l 4.000ROSi.000.1021.000.mo

ilo Es2.000.SO

do 5s rcglatercd

9.000.S9 ;Rpadina; gon 4a

8.000.3.000.1.000.

do C N J 4»5.000.23,00O.1.00*0

fiO

8 6 84

For«I*;n Govt. and Municipal Bonda(Intereat To B» Added)

Analo French Htt*rn 5^. 1120.Arpontlno Intorn, f.*. 1945Canada.' r»om of, Not"» 1921rlo 5n. 1921.

Bid. Aski'd.9K 98'»70 \ 71*-,Pll't 9«'2

(lo 1!<lo 1929 .do 19 3 1

Chln <3\<, iiu K115 Kv 59'l uoa Etxtern 8a, 1944.Tuba Bxtern 5a. Series ACuba Estern 4"-ie. 1949.Domlnlcan Rep. 5a. i9t..City of I.yona. 15 vr 6a. 1934C. of Maraelllea, 13 vr 6a. 1934. 87 >4C. of Ilordaaux. 15 yr 6s, 1934. 87>4C of Cophgn, 26 yr 6Ha. 1944."Treneh Parla City 6s, 1921Jap OTt 4i4«, String ln, 1925.

do 44s, 2d aorlos. 1923do 4a, atrlng ln. 1931.Jap Tokyo City f.<., 1932. 55U K O H t I 6 vr 6Hs l«''l 0 5do 3 yr 614a. 1922...' 93 "-ido 10 yr 614s, 1929. 90%do 30 ;r 5 Via, 1937..'.'. 85»»Mex Bxtern atrlng 6s. '99 '43 30'«jdo Gold 4a of '04 1954. 26'a

1961. 43',90%

1919 81 '.j

87',

76H

r4'358%

90*489"44491 \S 2 \73%858S88887689%

98 H9.!%86304

l.orlllnr.i Co 7r6.OO0.101

do 5*2.000. S8

ilo 5s regiatered2.000. 79

T. & N untfled 4a-.000 751.000.' 751;".000. 74110.000.75

do So V.y joint 4s2.000. 69*4Mtdvate Steel ua

11.000. <o.vMlnn A 9t 1, 1s3.000. 39a;*>r K * T lst 4a-.000. 53^1.000. 5.13.000. 63%M St PASS M 4s10.000. 73

Mo Pacino con 6s

1 0.00 0.40. 44141.000. 461.000. 4 4 !{¦8.000. 44,'13,000. 43V,St T. Hwn lat 4a5,000. 60%

10.000. 96% Seaboard A 7< adj 5s

Anglo-Franch ?s10.000. JR vj,13.000. 082.000. 98 x5.000. 9S'84.000 9g JL

227.000. 9S4.000... !>7<5

128.000. OS'

CUy nf Hordeaux 6a1.000. 87H1.000. 97%1.000. 87%

City of CopenliajT«n6 14 a

4.000. 71)City. of Lyons 63

l.oon. 37141.000. 87*4

<ity of Marselllea 6s1.000.871,l.OOO. S7%City of Purls 6s'.. 0 00. 8 9 %6.000. 904.000.89%1.000. 9023.000. 89 H

T'orn I'anHda 5 '^anotos 1 9213.000. 95%00 0000

..¦ 000

(Sales)Jap

do

do

904!m;%9C%|5 4s 1329

1.000. 90%5a 10217,000. 97%.3,000. 07%2.000. ss'.000 ggTJ

do us 19*311.000. 909.000. 89%1.000. 89

m lst sr-r -t'-s1.000. 76421.000. 7613.000. 75T41:.' n 0 0 7 5 %1 5.000. 75*.7.000. 76

do 2rl sor 4'i)?04.000 741410.000. 74%

] .0110. 74%

<t'.s loan 4a4.oon. 59 %2,000.59%5.000. ;.'i .,6.000.. 9.".000. 58%1.0011. 5 9 '," 000.s lOf. :<<. %

1 0.000. 58%21.000. 59l.ooo. 5914

Rep nf Cuba 5s 1904ifl.ooo.s*.or. 90'4

d o 4 % s

20,000. 73U K nr Great Hrltatn& 1 5 V4 a 19 211.000. 95149,000. f'5%6 000. 9543.0 10. 953 000. 9 5 1,1,000. 9512.000. 954

do 5'ss 19227.000. 93^,12.000. 9 .*¦ \

do 5*4s 19294.000. 91 %2.000. 012,000. 91 Vi3.000. 90%5 4s 193 7l.OOO.1.000.2 000.4,000.2.000.

I' P nf Mf\ioo r>«7 000. .1

Virginia dfd 6a 13& Co (Mfs

2.000 ....... 5

X -i

do jron 4a9.000.9.000 ....'.4.000.6.000.

Montreal Trnr;2.000. 71

Montana Power t.«3.000. 81

New Orl Tenn 4s2.000. 61

N' V Air Brako 6a1 .000. nc,Central deb 611.000. S73..000. <71 f,oo 87

.1.000. 8 7'9.O00. 8 7

do rf? 1 4s1.0003.000.

(1 o 4 a 19 3 410,000.

do rfg 3 4a3.0002.oon

7*7 T C * St *.

62 462 452%62«J

10.000. 947.000. 334Pnclfln cvt 6a5.000. 9914

45.OQ0 os «i1.000 ...... 08 %2.000. 98 ii

1 0.000. <(8 *,3 000. 98 ';

do cvt ts /l.OOO1.000... 75l.ooo.

do rff» ts5 0004.000.1.000.

(ln (")| 1*(;

" 1.0002 1.000.

70U, 4 ,"")i'--; , Southci 'i Ry

75 14

e, 0 -.,

''.''T.s

60 -,6.00Cl.OOO.2.000.

78 4

.000 0 7

14,000....*.Tenas Cn cvt 69

12 000.N T Gas R'L'ii &' (Third Av rfg 4s

lOf'

60'',

do

Power p5.00O.

N v n ir &2.000. ci

**" T O K- W ist 4 s3.000. 55

X T Rya adj 5s1.000. c

do rfg ts ctfs of

1.000Union Pnclflc Ca

1 0.000. 97 'p5.000.07 45.000. 97%

(ln lst ls10.ooo 79

.po-.dr

'9 S01,

.8 5%'8 5 %85%85'48G

44aMa:

4.000. 04do 4 %s 1957 Nov

5.000. 94do 4 4n 1963

1.000. 94';d 0 4 '.. k 1 9 « 01,000. 87 %

(10 4 a i 3 5 81 .0(10. 83 %

do 34a 1954 Novil.OOO. 7 9 8,

1,' 0 00.... 8 O5.000. 81 4

C9

Railway, Other Corporations

0 0'..

Alb & Sns.i 31.000.

.-¦ m At? Ch c\1.000.

Am Cotton Oil 6s4.000. 83

All Smeltlng ,'s2.000. 74%1.000. 74%1.000. 7<%

Am T & T cvt 6s1.000. 93%2.000. 941.000. 94%2.000. 941,000. 944500. 93%1.000. 93"!

dO (Ol 43(',.000..1.000.

Gas l.ipht & C 5s3.000. 40%

Orrftl Western 4s7.ono 61 *4

M & St P cvt 5ssor B1.000. 63 4

do g«n 4%s1,000. 72%

do cvt 4 4a2,000. 65%2,000. 6.1 %4.000. C I

do rfg 4 4s5.000. 54-.

do 4s 19 2 52.000. 72%

do i!"h 4s 19342.000.- 64

74% C & X \V ext 4s74% 1.000. 86

2,000. 79%2.000. 70%4.000. 79%1,000. 79%CVt !k6,000.

do rfg 4s1.000. 0S%1.001. 67 4''. Cn Rd nf S V 4s

4 *". CtfS of deposlts.000. 239 U S Realty & 1 5s

:a 1.000. 80%5% 0.000. 816 4 1' P Rubber 7s

1,000.1 0 0 14do 6s

1,000. 801.00 0. 80%

i U S Steel s f 6s. 7,000". 93 4

1 ."..000. 9341 5.000. 05%1.000. 93 s,l.ooo. 0:1 %

22.000. '¦ 41 0000. '.-. \4,000. 92 41.000. 93 44.000. 9341.000. 93 %S.000. 93 l,:.6,000. 93 %**> 000 93423 000. n:>

74 V T'tah Power & L 5s741, (l.OOO. 75

6,000.X T Tel d"b 6g

7.0'O 0do 14s

14.(ioo 741,5,000 7l.OOO! . 7

X T IV & }1n 4 4.<l.ooo. 3

N'orfolk & \V cvt1.1.000. 05.000 . 0

do con la.; 000

N'or Pa II1.000. 705.000. 09-4,000. 70',000. 70

dn 3s2.000. : n 1.l.ooo. 5046,000. 50%

Nor St.itcs Power 5s2.noo. 7 4 sH

Ontarlo PoiVer Bsl.OOO. 8 2

nre Short T.ln* 4a1.000. 7 72.000. 7gs,'2,000.7151.,

Pncifir- G & B 5s5.000.3,000.

P.-elflr- T & T 5s IVa Iron C & (' 5sl.OOO. 82 1.000. 75

Pcnn 7« 1920 when Vlrglnlan Ry BsIssued G.ooo. 7516.000.101 >,; Wabnsh lst Bs4.000 .101% 3.000. 83!..). .101*4 *Weat Maryland 4s

23.000 101 4 5.000. -1900.000.1 01 li'vV^stern I'nion 4'...s5.000.101 % 1.000. 7 510.000.1014 TVilaon f'n cvt 6a1.000.101% 2.oon. 876.000.101 4 1.000. 80%

l.ooo. 74% do g(->n 4sArn W P s f7s 2.000. fi7

4.000. 80% 1.000. 874Armour & Co 4%a C R I & P rfg 4s

1,000. 75 7.000. 624A T A S F gen 4s 2.000. r.2 T

2.000.»30f. 70% 1,000. 624l.OOO. 71% 7.000. 628.000. 71 % C St P M & O 5s4.000. 71%: 1.000. 34%

do adj 4s Btamped C & West Ind 4s1.000. 64 2.000. 665.000. 64% 2.000. 564

do cvt 4s 1955 Chlle Coppcr 7s1,000. 60%j 15.000. 994

At'. *. C A I, 5s 4.000. 90*2.000. 84 7.000. 99 4

Atl C L 1. & N 4s 2,000. 99 48.000. 63 do 6s

Balt A Ohio 8s .r,0?!!. !-!>62.000. 86 10.000.54

000 SK V 5,000. 73lo'ooo. 8«'*.C C C & St Ii 44a5,000...... 83% .

2.000...... 741.000. 80 fon (fa*At«n- "",..6.00.1. 85% a.°n2.">010.000. 85% , v

6.006..... 100%10,000... 854 Cuba Cane Sugrar

New Jersey Zinc ProfitsEqual to $7.."50 a Share

Xet income of S2.6L'8,127 v;n% ghownin the report of the New Jersey ZincCompany for the quarter ended March31, 1020, equivalent to X7.50 a share

vttem139 000. .96

9.000' .96431,000. 9 0. 45,000. 97

sut'Tiel & U rfg 4s- ¦ ft n e a - ft

5 5 %

do fg2.000.1.00O.8,000.

do cvt 4 4s

i!ooo!! 594 io.ooos oon 59 pan & r a con 4sB 000 58'4 '-nn0. 6ft

do p 3 4s" A J.OOO. 691000.80»- ^VW.. 44

3.000 42%do gold 4s

1.000. 6 8 «, Dea M St Ft D*4a1.000. 4 0

Detroit T' Rvs 4'vs2.000. 60

K T V * G con 5s2.000. 91

Erie prlor lien 4*3.000. 50

do n'M 5nn 4s2.oon. 404

do cvt 4s ser HS4.000. 314.000.2141.000.32

do cvt 4a ser P2.000 36%

f!en Blec tem 6s5.000. 97".7.000. 97%

G'anby Minlng 6s2.000 95%

Great Narthern 44s1,000. 74

Hoci< Valley 4 4s2.000. fii

Kud A At rfg 6s2.000. 8 5',3.070. 65%

do Inc 6a3.000. 201.000. 19%

Ches ft Ohlo gen 44sll'l Cent-sl rfg 4s12.000.70 l«.oaa. «'''

do cvt5a 4.000. Sfi2 000 .. 734 1.000.864000 73% do 4s 1»53

7 000. 7 4 1.000. 61%ono 734 2.000. 614

:; (.00 734 Illinois Steel 44sdo cvt 44s 1.000. 7446.000. 67 5.000. 73 42 000 s30f 664 Indiana Steel 5s2000 (164 8.00.0. 90%»000 67*4 llnterboro-Met 4%a

C A Aiton' 34s li!:"0. \f:,.8 000 324| 20.001. 1«H

CBIQ lolnt 4« Tnterboro R T rfg 5«5 000 .94 13.000. 6344 00ft. 94%' U'.OOO. 68416'.000. 943 000. 84 4

21 000. 8410.000 . 04%9.000. 94

..' ft Krie lat 5«1.000. »

1.000. 59%do Pitts I. E ftW Ya 4 s1.000.63%

d o s w- 34a10 000. 69*-,

do T & C 4s5.O00.45 4

Beth Ste«i ist 6a4.000. 90

do rfg us4.000. 81

Bi ooklyn Rap T 7a2.000. 38

Brooklyn V Elev 5a2.000. 624|

Hufh Term Bldr 6s1.000. 74

Gen Ele'- 3 4a1.000. «S

Cen of (in. Rv 6s9.000. 841.000. 85

Central I.eather*5a10.000. 92

Cen Xew Enginnd 4s1.000. 51 4i

Cen Pariftc gtd 4sl.ooo. 66-48.900. 65«i!

Hercules Po\vder Earns$7.53 a Share on Common

On gross receipts of $4,786,630 theHercules Powder Company in the quar¬ter ended March 31, 11'20, returned netearnings, after Federal taxes andeharpes of $632,023, equivalent, after$93,026 in preferred diyldends, to $7.o3ti Khare earned on the $7,150,000 com¬mon stock, which compares with $:?0l',881, or $2.91' a share in tlie corre-

sponding period of 1010. Balance ofSr.itM.'iys was avaiiable for dividends or.the common stock.

Chamber of Comniez*ee MeetingThe 152d annual meeting of the

Chamber of Commerce of the State ofXew York will be held Thursday, atwhich time offieers and members' ofstanding committees will be elected toserve for the ensuing year. The an¬nual report of the arbitration com¬mittee will be presented. A. E. Marlingwill preside, and Georges Rousses.Greek Ambassador, will address thechamber.

Montgomery Ward SalesApril sales of Montgotnery Ward &

Co. amounted to $9,112,000, an increaseof 22.2 per cent over the same periodof 1919. Sales in the first four monthsof the current year were $41,172,000, a:!8.2 per cent gain over the correspond-ing months of the preceding ye^ar.

Scovil Ageney MovesMedley Scovil, Incorporated, adver-

tising agents, have moved from 25Pine Street to quarters on the twelfthfloor of the Broad Exchange Build¬ing, 25 Broad Street.

7.000. .'.... 53%6,000. 535,000. 5 5 >»Il.OOO. 53%

20 000. 5*41 n ini.i i86,000. 88 4

Vote to Double CapitalAt a special meeting of the Union

Bag and Paper Company shareholdersvoted to increase the canital stock from^10,000,000 to SliO.OQo.OvQ.

"1

InvestmentInformation

Queations of general intercat toinveatora will be anawered in thiacolumn, in which caao only initialawill be uaed Othera will be on-awared by mail. Addr»sa all in-auiriei, tncloainff a stampcd, ad-dreaeed anralope, to Financial Editor,Tha Tribune, 154 Nassau Street, NeitYork City.Third Avenue Stock Shows Him ProfltQurstlon. I have been holding l 00 fihnrosof Third Avenue Rallwaj Cor some tim..

now. i piirchnscl it al in per share. IIs now quoted nt 18-16, Do vou thinkthat by holdlng It Cor a few yeara 1 <-andouble my.money7 la it n safe investmentor shall I take my amull protU?.M, B.

Answer.While the Third AvenueRailway ia showing better earningsthan the other surfaco linea of Manhat¬tan, we do not consider the stock at¬tractive from nn investment standpoint,It pays no dividends. nor is it likely todo so for somo time to come. Profitsin stocks aro rather pleasing thesedays, to say nothing of their beingsomewhat unusual.

Craven Oil and Refining CompanyQuestion- Ktndlj give mo your opinionof tho Htorl. of ihe Craven Oil and Re.

flning Company of .Takehamou, 'l>s., fronte, speculative standpoint; ulso of tli*» re-Ilabillty of ih<* concern and ihe truthCul-n-*BB <.f the statement of the incloaed ad-vertlsament, which appcurs in ih.> currentlasuo of ¦Tho fitai-s and Strlpes," tho for-mor A. B. !'. newspaper, and thereToremal.es Its appeal especially to sorvlco andox-servlce men, I would greallv appreclatoanything you mny Mo lo onllghten mo mthis matter. .F n. V.Answer This company. as its advor-

tisement clearly showB, is only in theprospectivo stage. The nromotera statethey are drilling their first well onlensed land about two miles north ol'Desdemono, Tex.. and have purchasedeighteen and one-half acrcs noar thetown of Jnkel-.nrr.ion. where they pur¬pose to install the first 3.000-baiTelunit of a reflnery, The president of thecompany is J. JM. Craven and the vico-presldent is Leonard Wood jr.. son ofGeneral Wood, whose name probably isas fnmiliar to the American householdto-day as that of any other man in pub¬lic life. Whether the company will bosuccessful in getting any production ofoil remains to be scen. That's thechance you always take in buyingshares of this kind. Even after theyhave reached the producing stnge most,oil companies, in our opinion, are surhspeculative entcrprises that we advisestrong'y against. tho purchase of theirstocks for investment purnoses.

Trusting to Friends' JudgmentQuestion.1 have fflven a friend power

of attorney lo huv and nell Rt..cl< for meFCIndlv tftll inc what kind of .. fee 1should pay him for his seritices..Mrs. II.B. I..

Answer If you have enough con-fidence in your friend to give himpower of attorney to buy and sellstocks for your account it seems to usthat you two could easily agree uponthe proper remuncration for his serv¬ices, Why not a smail percentage ofthe profits, if there are nny?

Bonds Suitable for a WomanQuestion."Will you plensn give. a list of

iho flve industrial bonds nnd five railroadbonds lh.-ii you consider the best au-l saf-est investment for :\ woman? .T, V. V.

Answer The following bonds are

well secured and at present are. in our

opinion, .suitable for your purposes:Chicago Union Station 6V2 per cent(new issue), Chesapeake & Ohio con¬solidated 5 per cent. 1939; Atchisonr.nnc*.,.l i .«,. »,..! 1QQK- Nnw VnvW

in.ii, v.uiu .. u u . i. t\y in oi -i p- ^ v u . ,

I'nited States Rubber first and refund-ing B pei- cent; New York Telephone4"-2 per cent; Montana Power first !"iper cent. All of these issues are firstmortgages the Xew Vork Centralbonds being secured by a new equip-ment recently purchased). They en-

joy a good market nnd the averageyield is well over 6 prl" cent.

Picks Out Three Live PerformersQuestion- I am thlnking of investing

$2,000 In Baldwln common, Royal Putchand United States Industrinl Alcohol.Your advire In this matter will bo appre-ciated.- -J. C. I.

Answer.If you purchase BaldwinLocomotive, Royal Dutch ar.d UnitedStates Alcohol you are not investing.You are speculating. And. what is tnoi'-j,you are choosing about as speculativeissues as there are lis.ted on the NewYork Stock Exchange.

Detroit United BondsQuestion.Will you kindly give m our

advice on the purchase of Detroit L'nitedbonda, 4'as. 1832, and their yield on to-day'a buy ?- -j. I'. C.Answer- The Detroit United 4!2 per

cent bonds yield approximately 9.60per cent to maturity in January, 19:12.The company has had considerable difli-culty with the city. On April .". thevoters decided in favor of bonding the

'city for $15,000,000 to begin the con-strucfion of a municipally owned streetrailway to compete with the DetroitUnited. We are informed that theBuffalo authorities will possibly takeover certain of the company's mileagewithin the city limits also. Details arenot available. At any rate, the situation is so uncertain that even the firstmortgage bonds are speculative, in ouropinion.

Safety Her First ThoughtQuestion.As I am a widow dependlng

on the income I get and as this has beenmatorlally lessened by ihe war, wlsh toinquire ivhat would bo Ihe safest and mostproiltabh- security to invest In. haveabout $12,500 to i>ut In good paying bondsor Stocks, but fp'-i 1 canno afford to riskan-- loss. Would you advise puttlng about$0,000 in T.lberty bonds and of what Isaue?Alan whal other investments would j oureeommend? r would naturall) like tohav my income Increased as much aspossible by having a larger per cent -Mrs.A. C,Answer You probably realize that

while high interest returns on invest-ments are very dosirable, it frequentlyhappens that the principal is jcop-ardized in endeavoring to procure it.We are passing through a critical

¦period in our hiatory, If you knwthat your investments were sound per-haps that kno.vledge would more thanmnke up for the increased return youmight obtain by investing in securitiesof less stabilitjk Your suggestion 10

place 55,000 of ybur funds in Libertybonds is a wise one in our opinion.If Liberty bonds are not safe. tve knowof nothing else that could be so re-garded. They are selling, too, at prac-tically tho lowest price. The second41! per cent or the tourth 4'i per centare probably best for your purposes.With the remainder of your fund* youcould invest in the following: Atchisongeneral 4 per cent, 19lJJ; Chesapeake &.Ohio consolidated 6 per cent, 1939;\ew York Central 3-g per cent, 1997;United States Rubber first 5 per cent.Indiana Steel first 6 per cent or "Mon-tana Power first 5 per cent. All ofthese issues are secured by first mort-gage and are selling at the Iowestprices in many years.

Baldwin Locomotive BondsQuestion.Kindly g'.v« m« your opinion

of Baldwin T.oeomotIve bonds ..1 H. CAnswer.Baldwin Locomotive Works

first sinking fund 5 per cent bonds, dueMay 1, 1940, are secured by first lien onthe property of the compar.y and bydeposit of all the capital stock of theStandard Steel Works Company. Weregard the bond as a very good invest-ment.

Four full columns of in-vestment. questions and an-

stcers are published in TheTribune every Sunday*

Curb Prices MoveUpward as ResultOf Stronger Tone!

Herrulcs Paper and WhiteOi! Rebouiid From Prc-Ivioiis Low Marks; Indug-!trials Firmer; Oils Steady

Active covering by shorts to take ad-vantaga of th«? lows established Mon-jday resulted in spirited buying on thecurb market in the early trading yes-terday, and stocks moved steadily up-ward, the movement extending virtu-nlly throughout the Ust. Prices ad-'vanced several points with the displayof strenrrth. but rcactions later wipedout much of the early gains.On the whole, however, the tone wasbetter than on the preceding day, andprices at the close were generally bet-tc* than .Monday. This was particu¬larly true of industrials, which showeda tendency to hold their gains againstthe selling pressure. and net advancesof better than a point were common,General Asphalt was up nearly a point,although it failed to reach 70 in theupward movement. Case Plow pnineda point. and Cuban-American Sugarwas up to oo from the previous close of62. licrculcs Paper rebounded sharplyfrom Monday's low mark, but failed tohold all of the advance. This stockelosed at 24%, up 1%, I.ihby. McNelll& Libby moved up two points, whileUnited Retail Candy advanced fraction-ally. Cleveland Auto war, buoyant fora time and touched 80, but recessionslater carried it back to 78, a net ad-vance of 2%

Petroleum issues also held wellagainst selling pressure. oxcept in oneor two instances, and the general trendwas upward. Carlb Syndicate was instronger demand, and moved un to'20'zbefore recessions carried it back '¦>.Gilliland Oil was steady and GuffeyCyillespie recovered to 30. Interna-tional Petroleum moved up fraction-ally.'while Invincible Oil was firm.The report of the Magna 0,11 and Re¬

fining Company issued yesterday forthe first quarter of the year showed a

Surplus equivalent to 6 per cent on theoutstanding capital, at an annual rateof 24 per cent. The company says ithas 119 producing wells in the South¬west from which 190,244 barrels netwere produced.

The upward move in White Oil wa;pronounced nnd not unexpectod as theresult of active covering by shorts fol-lowinrr the shnrp decline Monday. Thisstock touched 27 nnd then eased off to23Vt, a net advartce of 2%. Simmsmoved in narrow fluctuations, closingoff 'i. Salt Creek was up 1. whilePhillips gained 2Vi. Producers andRefiners moved up fractionally.Mining shares were more active, with

a fairly steady tone. Boston and Mon-tana eased off, however, and Nipissingfailed to regain any strength.

Industrialsr*a!°s. Open. High. Low. Last.3400 \em* Coal .. 2T» 2 7S 21.*j 2',1000 »Aetna Explos. 8 T» r' S Ts <.200 ?Alumin Mfg 23 2.1 23 211100 *Amal Til e Co. 7 7 7 7:;oo *Ani c.in.iv vi, i'i s', 8 .;:;oo Ai Wi 11 iJup n is 5 r,lOOAustln Nichols. .\'t 21Vi 21 »i 21 Vi700 *F,i \n T ep.. 20 j 2 )»i 20% 20VaIflil *Ur-Am Chein. S R'., R 8 -(

Car Ll & P\\ r 2 ', 2"., 2% 2"«77, '.: larbon St«>el 93 95 93 97*

200 *.l .'a;..* Plow 10 10 19 10S2O0 *i 'leve Auto . 80 Sa 77, 7'".200 "Kurrcll Coal . 44 .11 44 44100 *Oarland S S.. t'v. 4>'. 4 V4 1'i

6100 *Gen \sphalt.. «7..' 00 *i loi Iwyn Pict. 21 >¦¦400 Grape-i da. \400 .ln pf. 2 U

1 800 * lercules Pa p. 222S00 *Hevden Chem. 5%loo «Hvdraullc Sl I. 3S00 Indian Packing lOVa1000 Kav .¦> Gas. ::',100 Kevstone Solo, 1 >>:.¦ 0 M.il. McN & I.. 2:iSOO *Ug- Mar Coal. 3t00 *.Mercer Motors IS10 -N.,; Coal & 40-i

i. 00 N^ An P & V. 7.300 Packard Mot 2;;K. !.. rfe< lou The 2% 2*4 2 Vi 2%400 »Press T & R.. 2 -s 2", 27, 2 7,¦.Radio Co w i. 2', 2'i 3<a 2 Vi

10 *di) pf to I. 2 Vi 2% 2 Vi 2 %350 .Rainler Mot (.: 42 12 12100 *Root & Vand 45 45 45 4B

.- '.lia Sug. 17 '. I7'£ 7 .* 17 '¦.1500 Suli Boat !.:\ 13V, 12»i 13 Vi50 10 -¦-.a. Co Am Va rs \ 1 "¦*

.Swifl Intei 30 :: * 36 37 Va¦' rhllnket Pkg. 11 1 '.. ( H',10 Tin SASvl 32 ::.; ;;l 36

2." .. I'n ¦.. Prod. 2 % :\ 2 81500 [.'nll Profit Sh. 24 2% 2 .. 2*,3000 *U Rel St !';in. II'. 1 14 '42 10 !* Dil rib 17 '¦- '7' 47 '- 4 7 > ¦.

.00 »1 S II Spd T. 31 31 Va 31 2 1 ¦."6000 TJ s Steamship 2 '-, 2>i 2>i 2 \100 1 s Transp irt. 10'j 10 '¦« lO'.t I" '.

51 00 Czold Tire 'p. \ U >. i,V V'lvaud Inc. 17 17 ..¦ 17 17'..

100 *\Vn Davies. 41 ', ¦< '., UV, 41 tj,100 - U'lllys Corp, 18 -j. 19'a :t 19'-

»do lst pf. 93 93 93 93""

100 *do 2,1 pf.. 65 65 00 05Standard Oils

Bales Opon. High. I.ow. I.ast.1200 *Anglo-Am Oil 22 33Vi 22 23

0 *3o '.'. nn ('il. 2 >'i 290 2 "i170*Std Oil N V. i.<5 398 40J

Other OilsSc-rles. Opr... High. Lo1500 * Alien Oil. 2 2 >i 251 'fAllled Oil. 36 <f< 365.-00 »An alg Royal. :> 30 27. 2S

0 tA Bell Wyo, ¦% 1 % \500 ArU XiU Oas. 20 ^ 20>,_. 21 2"U0 Blgheart PiS 1. .< \ 9% '.< \ U^

.¦ 100 'Boono Oil_ :'.:'t 1 3S -1500 *Boston-Mex.. . 1 :,t 1 ¦\ 1 \ 1 »i

10000 *tBoston-\Vyo. ',! j;i },V \1.. *Carib Syn 21 2! l-. vj 191,41300 'Cent Am Pet. 27 :, 27',i 27'. 27 V4900 *Cent States O. 2'H 2'8 2 2',200 .( llrcli Oil. .. :;s« 36a 384 3%500 *Citles s H T S 39 39 V, 39 3:>i,1200 *Columbia Em. 6»/i 6*4 ."> 61100 Continental Ref 5 5 Vi 5 6V41200 *Cosden ,v Co. ^1» s\ s- « -,4100 *( lushlng Pet.. 1 't 1 1;.,2.200 »Del Tex Oil. 1 '¦, 1 >'a 1 14 1 \

. 1400 *Domlnlon Oil. }.;:\ i::\ 13',i 13"*,700 luquesne Oil. \ 4 4 '-.600 *Blk Basin Pet x ',. > :t 8 -i gu00 'Federal OU, 3 3 2", 2-i

300 FVnsland Oil.. s'.. 8 »i Ri.j g U,1900 --Glenrock lil. 2't 3 2 st 2 {j600 *GIUIIand t»ll 35 35 7>.5 35200«*Granada OU.. 11 11 iu\ !0r-41500 »Ouffey-Glllesp 29'-j 30'i 29'-, 30'.1000 < 1t.11 vey Cruiie r'a ", ". -\

n *Herculea 'et 6 6 *; (1100 il Pet of Den.. 2 ¦ 3 2% 3

2000 "Hudson Oif.. "j -\ .'.., .¦.;,100 »lnternat Pet.. 38 3fiVi 3r. 36^4200 * l-;\ Ini ible lil 40 4" 38 3'.

J000'Island O &¦ Tr 7,'., r. r-t £-, i. r'sl5200*King Pet Cp.. 2Vi 2 >i 2 >. :¦¦.3000 Lii Ingston Oil 1 's 't ., 1 -t100 "l.unc Star Oas 29 2:' I*'-. "sl,800 Magna Oil_ t', t'j 4 4

Manhattan OU 7 7 7 7Min 'Merritt oil.., 14-i 16 14Vi 141.4.".ini Met Petroleum. 4", 41; 1 ¦» 4'^

2200 <:M- :..-: Pel .. ., \ 3s. 3Va 3",.- 0 Midw st-Tex .< £,. 't A200 N-. Am O & R .; :: 3 Va 3 ¦¦¦

500 '. il.i,. l-'u-l »U. 26 26 27. 25 -".160 *Okla Nat Oas. 33'a 21 \ 33'4 33«

lk1a & Tex Pet l-*, l«, 1 r. 1 %500 Omar O&O (n). 4% '» 4'a 4ta100 'Panhand H&R 15 15 14'j li'-.IO0 »Panh Pet pf.. 77, 77, 75 7.',

*

400 . P< nnok .... ., >; 5 ;t 7. 's 6 1,.Phillips es-rt« 31 22 31 31 -4000 ..!.. P( i-.«.. H4 i-i, ii, |l

1000 'Prod i R^r. 7' 7-4 ju 71,600 *Red Rock 011. ¦'« ", ii i.100 *Rickard Tex \ \ ^ i>

10.1 »R; an Pet.... 3S 4 :,*¦* 3',1500 tSalt Ck Prod. 3"? 37 27, 3«.,1500 Seciuoyah Oi-R. \ J. «, v",1500*Slmms Pet... 1S\ 191* I8V1 191000 »Skelly 011.... io»» 10*, 10', 10'«300 .*:.i s-n- es lona. j 1* >., a900 Spencer Pet... 18H i?'t 171, 1774100 .Superior Oil. 17 \ 17li 17"t 171.5325 *Stanton Oil ,\ T, JL «,lf.'io Tex-Ran PA-R. 1 1 '. 1 12000 T<-x & P C&O. 73 77, 70 70] 100 .Trinitv Oil. <j ', vi 'i9200 *Texon O .*- 1.. % ', \ %151 0 »Vlctoria Oil. 1 Vi 1 H 1 '4 I-1700 "Vulcan Oil... 4", 6 4', 7.600 *AVh'*lan OU.. 1 1 1

2600 »\Vhlte OU. .. 23 27 23 ";i.juO *W .....lburn OU. 4't 4'-j 1 ', "41,

Mtnlns.- Br C M 1 \ 1 ,> 1 ,*, 1 ,V

500 »Arl ii na SUver -i jj fi fjf Atlanta... 21-* 2 '-L. 2 2 '-.

2500 *tBelch D (a p) 7 -.." 7 'j 7 7 ' j

1300 »Belch E taji) 8 <-j h> !. s7000 Big Ledgo... », S ,», ,»,2600 »tBooth. 5 5 «S 5

Il .st A Mont ^1 «* 82 832600'tCaledonia-... 32 32 31 32600 Canada Cop... i'» 1', i>, 1,

1500 «(¦.iiciciiria 811. ,T,, ,', :-, v,3300 -"iCashboy. 7 'a 7L-j 7 7'ons '.>!> M..., 3T, 4 .1 ;a ?.1 '..ns Yir Sil. 1 3 33

5200 .< 'ort. .- Sil-- ¦¦;-. :,* 68 56 5<^00 'De B«»r '..n :.", 38 38 :>:

16*1 Dh 1- Ex (a p) 42 14 12 44t 1000 El SaU-iUui SU l ".* 2$, J', 2-,

I.ast.2 Vi

The Shipping of Old New YorkSo closely was thc early prosperity of New York interwoven with its shipping,that from thc beginning wc find thc names of great ship owners among thcstockholders and depositors of thc Bank of thc Manhattan Company. Thus in1801 wc scc Captain Richard Randall, whose legacy to Sailors' Snug Harboris now worth milluxns, leaving as one of his choicest possessions fifty shares ofManhattan Bank stock. - Promincnt in thc early councils of thc ManhattanBtink were such famous ship owners as Gilbert and John Aspinwall, whoseimports from Russia alonc reached thc then considerable total of $100,000 a year.Thc Aspinwalls traded dircct with St. Petcrsburg in their own vessels, and madeheavy exports of American goods to their foreign representatives. - Henry A.and John G. Coster, leading Directors of the Bank, owned a fleet of sailingvessels and carried on a flourishing trade with Holland, the East and thc WestIndies. - Among the founders of the Merchants' Bank (now mergedintothegreatBank of the Manhattan Company) was Prescrved Fish who, in partnership withJoseph Grinnell, established in 18 15 one of the first packet lines to Liverpool.

Bank of the Manhattan Company40 Wall Street

UPTOWNfOFnCE:-i/ Uni*n Squar,, tf,m Y*rkOFF1C7ES IN QUEENS BOROUGH -..Jamaica. Flushint. Lang hlar.J Cits. Psr R*e*am*t. R*<***w *#.«*.

Stasidt, Richmond Hilt, Etmhurst, Corona, Coliet* Point, Wttdhoven, ttidfvood. Frtsh Pond

STEPHEN BAKER, President RAYMOND E. JONES, First Vict-PresidentJAMES McNElL, Vict-Prtsident EDWIN S. LAFFEY. Yict-Prttiitni V. L. HILTON. Via-PrtsidtntB. D. FORSTER. Vict-Prtstder.t P. A. R9WLEY. lict-Presidtnt V>. H. PIERSON.K«#-rV«'rf#B»HARRY T. HALL, Vict-Prcsidtnt V. W. SMITH, YUt-Prttidtnt

O. E. PAYNTER, CashierW. F. MOORE, Ais't Cashitr H. M. BUCKLIN, Ass't Cashitr GEO. S. DOWN1NG, Asst CashitrJOHN S. DAKER. Ass't Cashitr W. A. RUSH, Ass't Cashitr E. S. MACDONALD, Ass't Ca«*«»rI. S. GREGORY, Asst Cashier O. G. ALEXANDER, Ass't Cashitr

Capital, SS,000,000 Surplut and Undioided Profits, $16,146,494.20

Sales. Open. High. Low. Last6600 Emma Sllffr.. 9 10 0 103200 *Eureka I'r M. I 4 1 % 18250 *t**!ureka Holly 1 ,:n 14 1%600 *Forty-nlne M. 1% 1% 1V4 'r6600 *taotd Zone D. 22 25 22 24600 .Golrlen Oate.. 4 % 43500 *tOoldfd Cona. ]o io 9'-. B4

4300 .taoblfrl Dev.. 7 7 6 Vt2500 *+Gol lf.t Merg. 241700 *TGreat Bend.. 2 42700 Hecla Mtnlng.. 4%100 *Hon.l-Ain Syn 182500 .'-.Jliii Butler 17lioo fJumbo Exten 63200 »tKewanas, 32500 «fKnox Divide. 63000 *tMacNam MIn 42500 *tMarsh MIn. 17100 Mason Valley. l'49800 Mi: States Sll. Si

1820 *Motherlodo C. 5%1500 Mur-M M Ltd.. 7K60 *N Jeraey Zinc.275400 *rto rts. 16%500 Niptssing Min.. 9 4200 Ophlr Silver M. 41400 Prince Con. %1000 R-\- Cona. 7

8200 R.,per Group M ',2400 *fSilver K Div. 51000 "SlUer K Ariz. 28000 Silver Mt MIn 78

36700 ?fSllver Plclc. 94100 Rtanrl Silver I, >«5500 »tSuccesa Min.' 51000 'Sunburat MIn. 303500 .Sutherland I). 34260 »Tono Hclnio.it "

.<500 'Tonri Dlvlde %630 Tono Extcn. 1H220 -Tono Mtnlttg 1 4rSO^Unlted Eastern 3%2000 <M-r S Cont M. 'i

5500 *tVlc I» (a pi 1"000 tWash (1 Q17. 1 ii

1500 r\V End Cons 1,",5600 t\v Capa MIn. 12500 t\V (' Kx (a p) 22300 Wllbert Mlning. 74

Bond;*Sales rono omltted) Open$10 .Allied Pack 6s.. 7110 »An-A O 71.11 w I 1002 5 'Am T&T 68, '22. 903**3olgiBn 6a, 1925 902 .CCC&StL tfa. '29. 831 *Cons T.-xt ~"c wl 07

50 Goodr 7'"-. '25, wl 95 %5 'Inter K T 7». 70500 nin'clalr Cona 74a 37 420 »Tex Co 7% nta 98%15 *\Vest Elect 7s. 98 %

?Unlistcd. +Se ents

Financial Itcms

vu^pire.ld.nt of the Liberty SecurUleYco^c..?: B<. r!fubh- fo/merly aseociated withB kina & Morrls, of Philadelphia, has beenadm tted to partnershlp ln the New YorkCoad

fc'x''h"ins* flrm <'f MacQuold &

The Coal and "Iron National Bank of»^t # .1

ha8 hf"'n "PP'-lnted transferagent ..1 the capital stock ot the Rmex Oil ('on pany.Harold Fowler Ua* been admitted togeneral partnership in the flrn; of White

>> elU & Co.At n special meeting of stockholders ofthe Caddo Central Oil and Refiinlng Co

pany the plan. rallitig for ihe exchane-eof preaent outatanding aharoa of the copany et a par value nf Sinn rach. for¦shares of no par value, and also Increasingth- number ot shares from 150,000 to 200-000 without nomlnal nr par value "wiisratifled.W. ir. McKenna .4- Co. havo removedtheir offlcea front 95 Liberty Street to '¦'.rtest Forty-thlrd Street.P. D Willlama has been elected presi¬dent of the Xational Transit Companysuceeeding W. V. MUler. and C. E Martinwas appointed vlce-president, siicceedinaR. Huyck. D. Il- Mackenzie wa" electedtreasurer, ar.d 9, It Hall, secretary (' BMartin D. R Mackenzte, 1. c. Longaker!F. \\ Blair, C. Baker, s. R. Bal

r. I). Williams were elected directors.The Thatcher Manufacturing Companymakera of milk bottlet. ha« arranged fur

an issue of ten-year 7 per cent convertiblefund mortgage gold bonds to complete th«purchase of three glasa companies andthe common atock uf the Woodbury GlaasCompany together with the businesa VfJ. T, and A. Hamilton Olass. Thc newissue has been purchaaed by Bonbrighi icCo. and Hemphill, Noyea &¦ Co. who willirake a public offering at !-5 to vleld 7%per cent.The entlre $1,000,000 preferred stoci-Issue. b"nring 8 per cent, o( tbe NewBritain Machine Company, has tv-en ».j!<iThe Hartford Automotlve i'arts Com¬

pany reports net sales for 1 <. 11 of J''241.038, and net. profita of «156 71 x., equiva-lent. after preferred dlvldenda, to S9.71ehar« earned on the common $5stock.

April produrr'on nf the Anaconda CdpperCompany totaled 15,(00.000 poun>:«against 18,450,000 ln March.

F. O. Foxcroft. V.". A. Main. .1 K Pro-vine. R. L. Cerero. J. D. Rlsing. X kScheuermann and P J. Kbbett hav» been

[elected assisiant ilce-presidents of theNational Park Be.nlf. and \V. S. Jelllffe wasappointed an assistant cashl»r. The titleof assistant vlce-president ia a new on*In the official roster of the Institution. Altot the inen eleet-d to this office are atpresent Junior offieers of the bank.The Bankers Trust Company has been

appointed r»glstrar for the capital stockof the Security Oil Corporation.Waidron lloppins. secretary of the \'»w

Tork Telephone Company, has be.-n»ieetcd h dlrecter. suceeeding F. MBethe!!, reslgned Other directora were re-elected, oriieers also were reeiected.

' n C. .\b'it;irj*-. Co., who hftve forraed-i v.du.ire '<( pur.iiar.- I:5,0o>.i shures ol

au yar value stock ot luu Brooka Steani-

Don't Say You Can't Afford It.We Know Better

You paid your Income Tax, didn'tyou ? Well, suppose your wife hadtried to get from you the amountof money the Government has ta¬ken from you, what would youhave said'/ In all probability youwould have said: "I can't affordit." But along comes the UnitedStates Government and orders youto pay an Income Tax, and youpay it, because you can do any¬thing you are told to do when youcan't do anything else. We can'tmake you buy Prudence-Bondg,but neither can you muke us be¬lieve that you can't buy them! Youcan buy them, you ought to buythem. and if you have any regardfor the future you will buy them.

Prudence-Bonds pay 6r. . Theyare guaranteed as to interest andprineipal. They ar«e backed byfirst mortgages on New York Cityreal estate of the finest kind. And .

they are sponsored by a Board ofDirectors whose judgment and in-tegrity are beyond reproach.

PRTTDENCBJ-BONDS ARB ISSVKD IN' DEN'OMINA-T.IO.V3 OF J100, $500 and 11,009. WE PAY THBA". NORMAL FEDERAL INCOME TAX

GUARANTY TRUST COMPANY OF NEW YORK. TrmtM

Send for Booklet G-20

REALTY ASSOCIATESENVESTMENT CORPORATIONJl Nassau Street. Ntw York Phone Rector 2181162 Remsen St., Brooklyn Phone Mam 6480

niRFCTORS- FRANK BAII.EY MUIS J. HOROW1T7.1/mLVlVKJ, v.-» i-re. Tttl« Guaran;»a Prea Th^ren»n-St*rm-. C»»nd Truat Conjoaii?

FJ.W \RD T. HOKWII.t.ANDREW I>. BAIRI) *.,,,¦, fnilllWrtiM aa.trn

llirl;

k rcwt or BtnmtarrAS 0U9 AJ IHE rYKAMU

AM> AlCTRQHU

< ha». s. brown -i*«»n ". KKi-smrChairman of th* Board. ' mV .^ :" ?«"«»*--. »."»Urtwii-Whaotork < o., Ir,*

.i.*:ii. Oias. 8 Druwu Com- < 1 IFIOHD B. KF.LSF.Ttny

Trjit i.'.jmpir."

K»a:t/ A*»->.».-.

< l.INTON D. Bl KDICKBeeond V!-e Prw T.<:, IKKDKRKK POTTTKRljuarar.t** and Truat Co. Pra*.. 0. B lV.t*r Vr-^$*r-

Uaa, lar.F.IltV \HI> C. OKI.AFIEI.D

1'--- rtM Bar,:* of America. lAMES G. WEXT7.l>lra?tor. '.'?'«' y a * «*

M IUJAM M. (itlEVF.Vlci-Prea.. Realty A-aocUtfa WM. H. WHEKI.omInraatinoDl Cor;. '. rt*., Bi ,->.¦ >¦ ;;j...c« Ci

Inc., luecasMM -. > l>~uiiaaCROWEI.L RADOEN Hohtnaon. Cfcaa * BrairnPrw Brusklja Sarinxj Company tfaMfar af RaalBar.B Balala. TrUutj- Corp.

LIBERTY BONDSAll denomlnations b'usrht for eaah.

Based on the <!o*ing w» pay:$44.68 for a SAO.l''^*'. lionri. 30 Coupnn*j*43.0« for * (56.t&*V**m Bond. I CoHpon$44.84 fur u MO.8d 4',". Bond, NoCoupona$43.4£ for »$00.»tl> »'-.... Bond, I ('ouptin$48.90 for a |60.Ot h 4'%*. Bond. 7 Ceapom

PURDY & CO.,TH. John 3174-3-6-:. 34 Plne >t.. N. Y.

.ihip Corporation. announce that the ayn-dlcate has been oversubscribed ,\ publicofTerlng of tha stock will be made shorilvF H. Blackburn has been elected president of the Security Oil Corporation at dM. A. Tr.inalne waa appointed treasureR T. M-aeham. F. H. HlncKbun. ii \malne, K s Da» is, liarojd h ....

!. Brown and E, u. i-iggs ware elei-tetidirectors.

REMOVAL NOTICEOn anci after Wednesday.May fifth, wc will be locatedon the 4th floor of the Kem-ble Building. 15-25 White-hall Street. Telephone 298?Bowling Green.

J. FRANK HOWELL