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SB-PHILADELPHIA', TUESDAY, JANtTAKY
"" 'AW W't?''''"
so, 1U
ITC-EJOKaM
WMSWM
17
Everyone is watching
S I L V E R
bcus of 118 prsnt hlrh
price nml the itreat eolnnno
demand from riuropean coun
tries. Mirny lnestor are also
valchln the illvlilenil-pavln
llvr. mine whlrli ir( resplntf
the bfrnents from thin situation
Amonc tho la
KERR LAKE
whos present cumin nrn
estimated nt nearly ilouhlo thu
20 veerlr dividend require
ments. A detailed report out
llnltif Kerr Lake flsuris nml
Possibilities hail Jimt been pre
pared by mir statistical depart
ment. Send for tt
Ask for 132-T. U.
JOSSES & BAKER
STOCK llROKLIIS
Widcncr Dltlg., Pliiladclphia
nH, Walnut 10'W 1
Koj stone, Itnce JJ'M)
w York
(Clilcniro
Ito.tnn
l'lttliurRh
Direct Prtvala Wires
"
JO.VEff ft BAKER.
WWcncr Blda.. Phlladetvhla, Pa.
You may nenil ma sour rtnott
bKerr Lake 132-T. U.
jVamo- ,
Aiireta ...........................
City Stale ........
Pcnna. Tax Refunded
h
First Mortgage
Bonds
. Earnings about five
times amount required
for interest charges.
Listed on the New
York Stock Exchange.
Price 101 and accrued
interest
Send lor dctcrlptli.ii Circular I. 13S
A. 8. Leach & Co.
Investment Securities
115 South Fourth Street
New York Chlcaco llurialo
Boiton London. Un. Baltimore
The Most
Satisfactory
Investments
are securities that can be de
pended upon to give n sub
stantial, certain income, and
have reasonably active and
nonspeculative markets.
Write for our January Cir
cular. It contains appropri
ate suggestions.
.U.lark$o. '
iinm:iin
(Cstabtlshtd 1S37)
321 Chestnut St., Philadelphia i
Plttsbursb V llu.s Harr
ISoaton i I liiso !! jdlnc
Southern Indiana 1st 4s 1951
Georgia Ry. & Power 5s 1934
New Orleans Ter. 1st 4s 1953
Edmonton (Canada) 6s 1921
Edmonton (Canada) 5s 1934
Circular ami Price on application
Morris Brothers Co.
i:tuMUhrd 1893)
1421 Chestnut Street
nmECTORY OF ArCOU.VTlNTS
OrtlOed I'nblle iVrrnuntantc
MWRL.SUB L llltOWN
1H1K HKAI. Kal'A'ln; IHUal' UUILUINfl
INVESTIOATK AMI AOJUdl' 1'AUl.SfcH.
mill. JiUdl ANl UlsfLltU ACCOUNM
DiJ CilCbfNUV ST.
UUllNH 4. tU'UAKMA.-il
TUD SOUitdU
Carbon's Reorganization Dropped
PITTSBURGH, Jan. 30 At a meeting of
directors of Carbon Steel Company the pro
posed plan of reorganization aa declared
inoperative and abandoned, and President
VcKnlght was requested to notify all stock
holders of this action An adjourned meet
ing of stockholders held had considered the
plan proposed, and it was carried by an
ultirmatlve vote of 37,885 shares against a
negative vote of 4490 shares, but Inasmuch
as the proposition called for acceptance of
SB per cent of each class of stock, the board
decided to abandon the plan.
BAH SILVER
Last, 1017
Today. T Turii. Hlsh Ijbw.
'London (peneo) 37,, HIM 7i, 3?' 80
Kew York tcents) 78 76 7UVT 7T 7411
50 Steel Coaches for N. and W.
VfllUlHOTOS. Jan. 30 The Harlan
& liolllngtrworth Corporation is at work on
a contract for (be Norfolk and Western
Railway for 50 steel coaches estimated to
cost Jt,M0,OOO
GOVERNMENT BONDS
Bid Asked.
S rsWt4 1MO... .... MK
8s coupon 14MW W .,
4s rabrs J18 , IWt
S oataH lUt lftJH ...
4 rabtrd 1WW..... .....110, 111
Am wiunji 1938 J....IIW4
".' JS!
saw t XMtateredliM '. '.".'.& '.',
una Ss ruclstervd 1S38 . .. MM
I'wuou S euusou 191
LIVE STOCK QUOTATIONS
CHICAGO. Jill SO.- HtioS H.elpts 40 M.
Markets swV Six. J una bulehr. Ill 8(r
eve If 6StfUli v. . i f ( r t.TSir
10 SO stsUuirl uil I ,.J i- is .Ob alto Ti
UUI 17 1-55s. mlv. Jium .-0
feUfck.F K cvtu'' ' 000 Mrk:;l UJ,
a4 troui &Vv aa4 wesutru. IS3V110$.
EhU. til iaVU a.
am
FINANCIAL NEWS
B&SK TRADING TAKES PLACE IN BONDS
WHILE BUSINESS IN STOCKS FALLS OFF
0
Largest Transactions in Any Day of Year Philadelphia
Electric Directors Meet, but Discuss
Only Routine Matters
Hnnd ucre- Riven n liirn In tltn trailing
on the I'hllndelphld. Stock i:sdmnK0 toila
from the opeiilnK n demtnil for tlili cli
of necurltle war noticed, but II n not
until the nftcnioon that tliov brcntno very
arme, and tlicn Htorks vvcic relegated to
the iMrkKtomul, while lionda woio pltUi-d
up The turnover In bonds was the lurRCSt
of tlio venr tnoro thtiti J2S0.000 selling liv
.' so o'clock, this being tlio largest dav's
ti.ulliiff In boiuH Hlnce January 8, vhen
$12(1,000 ehntiged hands
Tlio nctlvitv In liondi uns slniply pnotlier
Indication of the large ninnuiit nf Idlo fund
hlng about waiting fur Investment, both In
the litndi of b.inUllig Instltiitloin and the
general Investing nubile Tlio large amount
or Idle money wn brought out very con
clusively by the Philadelphia bank Rtute
nient esterdnv, which showed a smplua of
$H.G4:t.ono. the largest In many months,
and tho sixth succcssivo week to show an
Increase.
The bulk of the bond trading ns made
up In three Issues Philadelphia lllectrle
now fin when Issued. I.elilgli Valley gen
eral consolidated 4i,aa and KevMono Tele
phono (Irst Bs Tho new Philadelphia Ulee
trle hniids vtere the most nctio and tho
prlco wan down a fraction, while the Le
high Vallevn were up, nn wero the Key
stones Tlie Inst named gained 1 'i per cent
lako Superior Income Gs, vvhlih have been
attracting attention because of reports that
the English holdings are tn be taken over,
were unchanged nt 60 Pntm good sources
it was understood that the Interest would
ho paid this ear.
for Western New York and Pennsln
nla Income 6s fii'u was asked This nm-
parcs with 64'., to which price tha bond
were bid vcslonhn In cohlieclioii with
tho artlvltv liiVjiontls, which was hot con
fined to tho i:eh.tngo Ilbor, but over tho
touiiter in bond houses ns well. It li ititer
estllig lo nolo that reports were current
lod.iv that tho call rate for loans had been
phndrit from S'i per cent to 3 per cent.
Olllclnls of the largo downtown banks ns
seited that the mavlmuiii tate, 34 per
cent, was still being maintained
tu Blocks nothing of tmy importanco took
plate Tho price movements! continued over
n very narrow ratig, nml with tho excep
tion of Heading, which at one tlnio showed
a Iocs of tnoro than 2 '4 points, the changes
wcro within a point Of tho locit Issues
Philadelphia Rapid Transit trust certifi
cates vvero tho most nctlve otui tho prlco
wni molnlnliiod at a fraction above tho
closing of last night nil through the session
Philadelphia Klectilc held mound the
final of last night Tho directors of the
companv met todav. and after tho meeting
It was Laid that only ! online business waa
tranractcd. Another meeting will bo held
In the near future, and tho expectation to
duy won that announcement would tben
bo' made of Hie plan fur tho otch.mgo of
stoik Into tho shares of tho PcnttsvUnnlJ.
Company.
Western N'ew York and Pennsjlvanln,
which lulvimecil 44i points yosterdai, got
up to n new high for tho last two jenrs at
21, but fiom this level tho prlco declined to
22, or a los of "ti point. There nre only
10,075 shares of tho tomp.inv'a stock In
tho hands of the public, so it will bo seen,
therefore, that It Is easy to movn tlio prlco
upward. Tho Pennslunla Railroad ons
this remainder of the stock
SALES IN PHILADELPHIA
Hi
i.i;
00
. 3l',S,
2 03
il
l!Vt
H I j
78
r.t'i
r.-ii
Oil
3l')i
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HI
aoa',
. .1110
S 714
.. :i:if.
.. 1
. to.
!Vi
1 S3
Mti
Low.
-MS
t)7
ft!) VI
lll'J
00
lllnli
10 Am Tohnc.'JIB
10 Am Rvs pf 117
(10 Uald Loio. nr.vj,
I (tu pfd .101
31 ILU I c
33 do pfd.
30 Drill .1 (1
11.1 flee Stor
200 Krlo . .
23 fourth St
Nat Ilk
110 Ins COX A
II.-. Liv Hup (
12.1 Lch Xitv
!l Leh Valley
2 Mlnclilll
430 I'ennn It U
It 1'u Salt IX
120 1'hlla Co
cum pf . .
0,13 I'hlla flee.
Klfi V RT t .
100 Pitts C
,i St L.
no rtav Cons.
0.1 RLtidliig
20 Rep I &
iOOKo Rvw
SI Ton Bel . ,
10 Ton Alln .
3.1a I'n True .
Mil r (! I
C0HS I S Stwl I
aoo w x v u v
ISO "War It. S
IKIMlS
IIIkIi Low.
SI 000 Allegheny
Vul 4s .
0000 Beth .steel
(is 132 V)
1000 Choc gn as 100
000 City 4H '41 103M,
I u nit du'4Jcp io:h'j
.OHO do 1142.10316
loon do '43 reg lolVi
8000 Ulen & 1'co
Tr 4s .. 81
10000 Ken Tr
T Es ... 80
20000 Intorstato
Rwys 4s 00
13000 KevTel 1st
&s 00
flUOO I.k Slip inc
rs so
0000 Leh Xavl
con 4'.s 10
100U0 Leh Valgen
4s reg. . 01
70000 do cons
4'.s '03 10 j
1000 Newark
Pass 5s 10.1
Clni .
218
07
I0J
no
Vet
in.
i
no
31
SO".
27 U
18?;
81',
78
7 Vi
07
00
II 94
31Vi
32J'j
81
2011
1)0
701j
31
114
014
10
00
lll'h I
21
OH.-
07 :j -4 IH
2.1 .1 W
00 Vj
3 1 ',4 54
or,
27"4 .. ..
lVi -) W
h i yt y
78 Vx
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on
Vi.
94
1
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31 Vi
3'."H
81
200,
IIIO 194
7 (1, lj
33 -'8'
H4 ... .
0',4 ) A
1094
00
113
-:t
mis
Vx
ClllSH.
Wt
H
Net
chffe.
08 V, 081, SKI, m
ISS'j
1009m
103
1 03 !4
111314
1034
l32Vs
10094
103 .. ..
l03Hs Vi
I03V!
I03H
4- ',4
8394 8 1
80
5.1 Vi
079i
SO
8094
3594
DO
50
94
94
74 1074 102T4 94
01
01
101Vi 101 y,
103
10,1
High. Low.
100 N"ii( Pi up
I -lis . . OS
C000 Peiilia Co
gen Pus lot
21000 do cons
4 'is . 107
moo Pa it N V
r.s Iioli
(Ifloo Phlla Co
1st Bs.. 104
10.1000 I'hlla flee
11 Oh w I.l0i4
Mooo Reading gn
In .. . OH',',
oooo fn Rw t
c 4s ... 73
100 "Welsluch
Co Gs , . ') Vi
Net
Close clisi
08
101
10l!9i
MOV,
llli
loi
0094
72T4
lot
loini Vi
now
lllj
ooh
ooi4 iiH'i H
Cleveland Banks MerRe
CLf VfLANU, O , .Inn. 30 Announce
ment wus made todav of tho consolidation
of the Colon Xatloii.il Hank, tho Bank of
Commerce of Xorth America and tho Citi
zens Savings nnd Trust Company. Tlio
two national banks will bo operated as
u unit nnd tho trust company separately.
The L'lilAi lias a capital of $2,000,000 and
liross deposits of more than $27,200,000 ; the
Commerce also has a capital of $.'.000,000
and deposits of more than $21,400,000 nnd
tho timit company has n capital of $1,
000.000 and deposits of more than $62,-.100.000.
Etrn for Inland Steel Company
TORONTO. Jan. 30 Tho Inland Steol
Company today declnrcd nn extra dividend
of $G a share pasublo March I to holders
of record febiuiiiy 10.
DIVIDENDS DECLARCD
Cli'Vi Innil nml Pittsburgh llallrosil, rcsular
quartern f IV per ent on the cuaruntieil
toek uml I p r cent on tho special Guaranteed
hetti'rmfut murk payable Alarih"l to holders of
rucord IVbruary 10.
Initial for Harmony Mills
BOSTON. .Inn 30 Harmony Mills have
declared an Initial dividend of 1 per cent
on common stock, payable February 1 to
stock of record January 25.
Two Bishops Address Men's Cluh
MAUCH CHUNK, Pa , Jan. 30 Tho men
of St Mark's fplscopal Church gave n din
ner In the church Bishops Talbot and
RhlneUnder delliercd addresses.
INCORPORATED 1794
The Insurance Company or the State of Pennsylvania
30S and 310 Walnut Street, Philadelphia
STATEMENT DECEMBER 31, 101G
ASSETS ""
Bonds and Stocks $3,206,753 75
Mortgage Loans , 46.330 00
Real Estate 365,54651
Cash In Banks and Oillco 368,103 99
Premiums in course of collection , , 627,206 41
Accrued Interest and other Items 4254473
$4,658,595.39
LIABILITIES
Reserve fund for Insurance In force, annual and
term policies 55,120,036 54
Rcgervo fund for Insuranco In force, perpetual
policies r.01,934.07
Reserve fund for Losses under adjustment 588.852 07
Reserve fund for Tnxes and all other Claims 39.359 05 $3 256 24173
Surplus to policyholders (l,40J,.i5J.b6
Cash Capital l.ooo.ooo no
Xr.T SL'ltl'I.Ufi, over Cnpltul and nil Llahllltlri
December at.C. 1010 $ 402,353.66
(IFTICKKS
flUST.UUI ItLJIVK. Ji; I'KKMIHUtT
Wwlle Illhrii. Vice President John J, I". Undcrm, Srrrrtanr & Trranurer
Harry V). btrplirniun. Vice ('rr.ldrnt .Sjinurl 1'. Itodtrr., An.l.tunt Secretary
DlltnCTOK.S
Cimrse Vaut, Jr. nulaii llrniak. Jr. Jnlin VI, Shrldrjr
Kdnaril 1'. Itaulr Hlrliuril I.. Au.lln ( liarlm Fejron
Ju, h, l-rfllnKliurbfn C. I?. Slormii, 3d Iiureiw It. Itotidrn
IVrri II. Clurk Initreiire t. Paul J. llrnrr f-caltrrtood
t'. II. Krumbluar, Jr. VV.W. Curttn Halle llllten
Our Business H
is based on the study and analysis of bonds.
It is our ability to do this that has made our
recommendation of a bond insure its safety
as an 'investment. But we are more than
advisers and buyers of bonds. We keep in
constant touch with conditions that might,
affect the property values and earning power
of the securities.
A member of the firm will be glad to talk over
your investments with you.
Investment B'&rvVers
15K&WaliYitST.
Members of "too Plvil-kdelpKi-a StocJ ExdvMVffe .
COTTON IS INACTIVE
AND PRICES DROP
Purchasing Is Scattered Early,
but Later Uptown Interests
Become Good Buyers
XKW YORK. Jnn 30 Trading was
rather limited at the opening of the cotton
market, with Wall street tho principal
teller. Commission houses also sold, I ho
litivlng was scattered, being led liv local
operators nnd Upton n Interests Liverpool
puichnsed March, but sold amy
Tlio early tono was barely Btendv, with
prices 2 to 8 points net lower, and, after
tho mil, prcssute loci cased until additional
losses of G to 8 points had been established.
At tho low lovel uptown Interests beenmo
nerslstent buyers and caused rallies of
sovcral points with the lono slightly better.
Liverpool was duo lo como 2'i lo 6 'A
points net higher At tho tlmo of the start
hero prices nbroad were 3 to 4 points
higher. Private) cables said end nf month
calling was In evidence in a very small
nnrket
During I ho noon hour tho market held
stonily around 17 3Sc for May, ir nuoul 12
polntsr net higher. Tlielc seemed to liu
n llttlo buying liv spot house brokers and
scattered cove lug on a rally or u or io
points ft oin Iho low point of tho forenoon
Pi Ices wore steadier" In tho afternoon on
local covering and a little demand from
spot rirms, May rallying to 17.11, or within
7 points of tho previous dav's close. Busi
ness ns a whole continued llgtil ami Willi
out special significance.
further heavy arrivals of linters were a
feat tiro of local statistics, soino 4000 bales
teaching Now York today, following heavy
receipts It Is iiinloislood that much of this
cotton will bu shipped to France.
Tho semiannual recount of Liverpool
stocks shows n net Increase or nil kinds of
cotton of 46,419 hales, Including 28,830
bales American.
fxports for the day were 8018 bales.
March
iny .. .
July. . ..
ui inuer
Pervmlier
Hpot . .
YpsI close
. 1711
... 17 02
. . 174S
in at
i it no
17 .III
Own 11 n m 18 in,
IT 20 17 L'll 17 111
17 t7 17 17 17 Ml
17 II) 17 Oil 17 31
10 B0 10 I.I 10 13
21P7l.
17.42
U7.1D
111 4.1
Liverpool Cotton
L1V13UPOOL. .Inn 30 Spot cotton to
day was In moderate demand nml prii es
wcro 5 points lower on (he lnsls of 11 nod
for mid-upland tho saies nggrcgaicu sunn
bales, Including 5000 hales American The
Imports woro 10,000 bales, including 9000
bales American Tho tn.iruet roi nitures
ilosed quiet nt n not advance of .1 points
to ti decline of 3 points
Financial Briefs
iii
nro
and
Tho Pcnnsylvan'a. Railroad proxies for
Iho annual meeting to ue nciu """-"
27 arc made out In tho hames of Samuel
Reo, fningham B Moirl. C Stuart Pat
terson and Lewis xenson inn i"'
rectors whose terms expire this jear
Perclvnl Roberts Uavaid Henry,
Ocoge 1! Mcfadden
The Baldwin Locomotive Works has re
ceived orders for the folllowlng locomotives'
Thron 0-6-0 lpe for Xowburgh and Soillli
Hhnro Railwnv; ono 0-8-0 type for Xcw
burgh and South Khoro Railway: two 0-6-0
tpo Union Railroad; ono ten-wheeled tpo
for Sttrrj . Sussex and Southampton Rail
wav; one consolidated tlpe for Central
Poftugaletc. Cuba; ono 0-4-0 tvpe , ror
United States Metals Refining Company,
Chrome. N. J ; ono 0-0-0 Olio f,orAr,u''
Company, Ltd. Chilli one 2-6-2 typo for
Aianco Company, Ltd.. Chill.
Tho annual meeting nt Uio 3. G. Brill
Company will be liehlj-'ebruary 14.
Secretary fly. of tho New York Slock
fxclmtigc, hns nnnnotiticcd that tho new
stock of the Bethlehem Steel Corporation
class II has been admitted to tho lists
and will be traded In when Issued
Tho net earnings of tho Federal Mining
and smelting Company for tho month .of
licccmbcr. after nil deductions. Including
depreciation, amounted lo $90,611
Tho New York Knbtrcasiyy gained $2 -808,000
from tho banks on Monday making
cnMi net gain slnco Friday of $2,950,000
Tho operating revenue of tho Glazier
Railway and Power Company for t 'scom
ber was $070,703, an Incionsn of $31,602
over December. 1DIG Net earnings for
Iho month decreaso $316 tn $297,621 For
twelve months the not was $3,076,929, n
gain of $281,353,000 tho previous year.
The Cloven Reserve Mining Company, of
Canada, report for the year ended Decem
ber 31, gross earnings of $571,601 nml
operating profit of $ J7n.00 1. Deductions for
dividends and other chaigcs icsullcil in
a surplim of $7107. The previous surplus
was $209,977. leaving a total prollt and loss
account of $277,001.
The gross earnings of the federal Light
and Tinttlon Company for December welo
$230,174, a gain of $018 over tlio coi re
sponding month In 1015. Xet Increased $11 -073
lo $16 991 Tor twelve months the
Kross was $.'.502,1 12, a gain of $150 127 and
Hie net $159,191, nn Incrcnso of $50,127
The total receipts of the Shattuck and
Arizona Copper Company for tho venr
ended December 31 woro $5,100,921, against
$2,368,517" the previous year.
jjUiUTiiiiMunnia. mm ' '" ' J""" m niMMuwMiiawMraiiiioii us
Collection of Income
npO tlioc who wish lo be relieved of Iho trbtiblc-
1 sonic detail which tlio collection of income
involves, we suggest the service rendered by thilf
company ns Agent.
This nol only includes the custody of seciuities,
t culling of coupons, and collection of dividends and
interest from hlocki, bonds, nnd real estate, bul also
comprehends Hie propitiation of IncomoTax Returns.
Our charge for this scnice is moderate
Philadelphia Trust Company
415 Chestnut Street :: 1415 Chestnut Street
Philadelphia
tenrTimiiuii tr mmwwminnnvmnm mini inn n m m idiipui n iiiii'iiiiimiiinrttmrr'nimniriri iini mmniniiTiimmmriTum mrornn-r-
FOREIGN EXCHANGE
NEW YORK. Jan 30 Tho foreign ex
change market In tho early dealings was
dull and In somo eases easier Sterling
showed the customary steadiness, whllo
Teutonic exchange nnd rubles were; lower.
Stockholm wns slightly under tho best fig
ures of Monday Kronen nnd llro arc rnlv
about n couple of points from Iho ext. -mo
low record
Quotations follow
Demand sterling 176 13-16. cables
4 76 7-16, sltty-dav bills nominally 4 24,
ninety-day bills 4 70 U.
Franc cables S8.T. checks B8IH.
Relchsmark cables OS 1-16, checks 68.
Lire cables 7 16'i. cherlrs 7 17.
Kronen cables 10.88, checks 10 8o.
Swiss cables 5 00H. checks 5 0t.
Stockholm cables 29 55, checks 29 15.
Pesetas cables 21 34, cheeks 2115.
tiiilldcr cables 40T4 less 1-16, checks
40 13-16 Ies 1-1 fi .
Ruble cables 28 45. checks 23.35.
Orders I'crc Mnrqiiellc Sold
DfTROlT, Jan. 30 .Itidgo Tultlo tins
signed tho decree anil order of sale of Pore
Marfitiotto for March 6, w'th an upset prlco
of $10,100,000
MONEY-LENDING HATES
XEW YORK Rates on good mixed stock
exchange collateral, 2'4P2'i for sixty dajs.
29i3 per cent for ninety days to five
montlffl nnd 33',i per cent for six months.
Rates for Industrial loans nro HftH
higher' than thoso on 'slock exchange col
lateral. Prlmo bank acceptances rates are 2i0
2'i per cent for domestic and 2s2?i on
Import nnd eport
Call money wns 2 per cent for lending
and renewing
PHILAIMIM'HIA Call, 3'4 per cent.
Time, .I'lifHU per .cent Commercial paper,
three to sK months, 3i4491 per cent.
I.OMiov-i-Money, ,1'i per cent; discount
short bills, 5f 6iJ ; lluco-month hills. 50
6 14.
DANK CLEARINGS
Itnnk rlearlnits today compared with corre
sponding day Inst two ears:
1017 1010 inn
riiilniiclphia is,non.ni7 $is,isi.2ifi $3n.im,7ni
itoston aionnj7 3171.1801 ,i4.r,on nio
New York r.nionn ROt 0I.SJ7 111 4ls.I07,lins
Chlcniro 7.1 too 312 nj,7.n s.ii m.sna.ooii
I Ii'Ih .mi nil ins liniiiius 13,702 737
Ilaltlmoro . 7B80 01I 11,2.15 Ins
President Wilson Says
Si
"Congress will be expected
to aid the commerce of the
United States by creating
opportunities for legitimate
trade expansion."
The war has changed
the Government's attitude
toward business. Agricul
ture has been fostered and
developed for years, now
the business field will be
cultivated. )
The Advance
quick to sense the changed
attitude, has sent Mr. Hogg,
credit manager of the Bank,
to Washington to study at
first hands the work of the
Department of Commerce.
This month's Advance
- (out today) contains his
first article of the series.
It also contains Kirsch
baum's article on "After the
- War" ; "Strangling of Phil
adelphia by Red Tape";
"The World's Biggest Pub
lisher." You May Have a Copy
Corn Exchange
National Bank
Philadelphia
Chestnut at Second
-i.
A Form of Investment'
Heretofore Open Exclusively to Banks
New .French lockastria! Credi
' .An investment for individuals, corporations, investment houses and the smaller banks,
usually available only to the larger banks and financial institutions, is afforded by
participations in this Credit through arrangements with original participants.
Form Assignable Participation Certificates, registered, in desired amounts.
Security The several obligations of seventy-four important French Industrial con-""
cerns, payable in gold in New York; collateral consisting of $50,000,000
, "Trench Government Notes and $10,000,000 approved Bonds issued by or
m neutral countries.
Term Eighteen months, maturing July, 16, 1918. y
Return In txcess of five and one-half per cent, per annum, quarterly In advance.
Profit An option to take payment wholly or in part in francs, at a fixed rate,
affords possibility of substantial profit in addition to the return above
stated.
Purpose The purchase of American merchandise for export.
This credit was arranged and the original participations were obtained under the auspices of Guaranty
Trust Company of NewYork, Bankers Trust Company and William P. Eonbright fis Co., Incorporated.
Original participations have been taken by a large number of American Banks and Trust Companies
throughout the United States,
Legal matters in connection with this Credit have been passed upon by Messrs. Stetson, Jennings & Russell
1 end Messrs. White & Case of New York, and by Messrs. Coudert TJrotheri of New York and Paris.
J
Price on" Application
Tht unJeritimJ rttem A; lighi la decllns any application
and to maks allotmtnt) 0 smaller amoun'j ihtn appHtl lor.
v
" William R Bonbright & Co.
Incorporated
MORRIS WISTAR STROUD, JR., Manager '
' 437 Chestnut Street, Philadelphia
New York Boston Chicago
, London parj8
William P. Bonbright & Co. , ' Bonbright & Co.
1 - '
' Detroit
" ,"-'
f
9
i