Kav3
ap- fm m
i J"'
p
!"!
,V
-l
. INCREASED SECURITY OF OLD BOMBS
The replacement value of much of the property eourlna old
bond letuee Jut undoubtedly doubled In the list few year while
bond prlcee havo declined eharpl.
The Inveetor who buya well ateured old Isiuaa of eompara.
tlvely lono maturity will find they return him a high annual Inter.
ett rate. These old bonds have the advantage over new Issues
In the opportunity for a material enhancement In market value.
No one need worry about falling replacement value at theie old
bond were Ittued agalntt properties at pre-war cottt.
We own und offer, subjedt to prior tale
9150,000
TORONTO, HAMILTON & BUFFALO RWY. CO.
Firt Mortgage, 4 Bonds
Dated 1896 Due 1946
Secured by a Direct, Closed, Underlying
First Mortgago
Strong balance sheet earnings and guarantee as to earnings
by the N. Y. C. R. R., Michigan Central Railway, Canadian
Pidfle Railway and Canadian Southern Railway.
Rated, AAA
Price 60 and Interact
Yield about 6.50 "'
Details Upon Requoet
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
NEW YORK BONDSALE-
Summary of Individual Transactions on the New fork Exchange
Am Smelt A net 6a .
31000 .... 82
6000 .... t
7000 .... 82
Am Tel Tel Co olt
20000 .... 78
Am Tol & Tel Co Bs
1000 .... 81
Am Tel & Tel Co 6b
2000 .... 08
8000 .... 07
' 8000 .... 07
12000 .... 07tf
SOOO .... 08
Am W Paper Co 7s
1000 .... 82
Anglo-French B 6b
oe&
oey4
08
oow,
oavk
08
ooy
00
00
08
08
00
00 1
00
06 1
08 1
00
00 3
00 3
00
08
00
08
00
00,
06 1
. 00 1
00
06
00
City of Toklo B Co
1000 . .,. 87
Cleve Short h 4s
0000 . ... 88
Col O & Eleo Co let
1000 .... 81
Colo & Southern 4b
10000 .... 71
Com Tab A It Co 6a
2000 .... 83
Consol'd Qua Co 7a
J
FOREIGN INTERNAL BONDS
We havo established
Direct Cable Communication
with
Belgium, France, Great Britain and Italy
and through our agents in theso countries can offer subject
to change in price
Sntardnr Closing Fries at Par
Triers Uxchunge Normal
Belgian Govt. Restoration 5s $79 per 1000 frs. $193
French Govt. Victory 5s 68 per 1000 frs. 193
French Govt. 4s of 1917 57 per 1000 frs. 193
British Govt. War Loan 5s 321 per 100 486
Italian Govt.Consolidated War Loan 5s 54 per 1000 lire 19.3
We are prepared to give information concerning theso and
other Foreign Securities and invito correspondence on this
subject
EDWARD B. SMITH & CO.
Banker
1411 Chestnut St., Phila.
ELKINS, MORRIS & CO.
Banker
Land Tide Bldg., Phila.
COLLECTING BAD DEBTS IS
OUR BUSINESS NOT YOURS
WHEN you carry "London" Credit
Insurance and an account is not
paid at maturity, it can be proved as
a "loss", and we pay you trre excess
over the Normal Loss, as covered by
the Policy.
You do not have to wait for your money while
ve attempt to collect It for you.
And when your Normal Loss has been ex
ceeded, we pay you within thirty days, your
excess as provided in the Policy, and each suc
ceeding covered loss within thirty days after
it occurs.
It doesn't pay to wait. Ask for our booklet,
"Credit Insurance," now.
i mm super
SERVICE
AT "YOUR
SERVICE
1
man
Established tfEgSfrHgES, Eitfhlecnsixtyninc
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
i. . mviiNU, oenerai vgent i
rhone LombjrJ 4016 820 LiFayctte Bid.
PHILADELPHIA. lA.
lLtlikUitULUltlXtUii'lti"'--MiAttUiitA4kiUM1t'1UAAf UU U
The Intelligent Investment
of Your -Funds
BY purchasing high-grade, dividend-paying
Industrial Securities, you secure
your full share in your companies' prosperity.
New England the "Hub" of the nation's
industries is now entering a period of even
greater expansion. These industries offer
you a choice selection of high-grade Pre
ferred Stocks, yielding liberal returns.
Unte for our Booklet P. I L.-29I "Haeguardlno Your Investments"
HollisleiWhile&Go.
INCORPORATED
I MGH
North American Building
PHILAD'ELPHfA
.Now Vorlc Springfield
Pro iilt'nctf
noooo
oooo
11000
2000
2000
48000
10000
2000
0000
01000
2000
1000
103000
.14000
1000
10000
2000
20SO0O
1000
10000
2000
2000
'.1000
0000
1000
12000
2000
1000
I 23000
'2SO00O
I 00000
Armour & Co 4s
I 2000 .... 83
Atch T & S Ko 48
' 4000 .... 18
2000 .... 18
. 1000 .... 18
OUUU .... ID
Atlantic C Lino 4b
4000 .... 10
2000 .... 10
noooo .... 16
1000 .... 10
Baltimore & Ohio cv
0000 .... 04i
3000 ...03
4000 .... OS
10000 .... 05
1000 . .. 01
1000 .. 05
1000 .. 05
H00O ... 05
1000 .... 05
11000 .... 65j
BaUlmoro & O 3 Via
0000 .... 83i
Baltimore i. Ohio 4b
10000 .... 65
4000 .... 05
1000 .... 65
1000 .... 65
Baltimore & Ohio Gs
2000 .... 64'j
C000 .. 04
10000 . . 05
2000 .... 05
0000 .... 65Mi
1000 .... 65
BaUlmoro & Ohio 3a
2000
8000
2000
8000
1000
1000
1000
1000
..101
..101
, .ioov;
. .100
..100
..100
..100
..101
Copenhagen DHs
4000 .... 80
1000 .... 80
SOOO .... 80
Den & Rio Grand id
2000 .... 41
10000 .... 40
10000 .... 42
(30 -day sale)
SOOO .... 42
2000 .... 40
Den & Rio Grand 4s
5000 .... 62
6000 .... 63
8000 .... 63
Den & Rio Grand Cb
R000 .... 61
Detroit Tunnel 4u
2000 .... Id
Dom of Canada '26
5000 .... 03
Dom of Canada '29
1000 .... 04
Erlo R R Gen Lien
0000 .... 44
100O .... 45
Erlo RRCVA
10000 .... 80
8000 .... 41
1000 .... 41
Erlo It U cv B
3000 .... 40
10000 .... 40
Erie R R cv D
0000 .... 42
2000 .... 41
5000 .... 48
Erie H R CV 4b
2000 .... S4&4
Florida ECRly 4
0000 .... 11
General Elco Co Gs
2000 .... 88
Gt North Rlwy lot
4000 .... 83
2000 .... 84
Green B & W Ry B
2000 .... 10
Havana Eleo Ry Gs
2000 .... 85
Hudson & Man fd
20000 .... 50
1000 .... 51
HudBon & Man In
J000O .... 16
HI Central 4b of '63
1000 .... 66
10000 .... 61
Illinois Central CQ
1000 .... 02
Illinois Steel Co 4
5000 .... 80
Imp Jap Govtt 1st
B000 ,...101
1000 ....101
Oregon & Cal RR 6s
4000 .... 01
Oregon Short l 4s
8000) .... 81
O-Wash R R Co &
Navl Co 4 b
1000 .... 68
Pao Tel & Tel Es
3000 .... 85
Pao Gas & Eleo 6s
4000 .... 18
Penna RR gm 4s
4000 .... 81
Penna R R Co 6s
23000 .... 80
1000 ...T 80
3000 .... 80
10000 .... 80
Peo O It & C Co 68
2000 .... 61
Peoria & East Rln
1000 .... 21
Pero Marquette 4s
4000 .... 61
Pero Marquetto 6b
1000 .... 80
Prov Socu's Co 4 s
9000 .... 82
P S Corp of N J 6s
1000 .... 62
4000 .... 02
Reading R R Co 4s
2000 .... 18
Rio O & West R clt
2000 .... 50
R I Ark ft L 4s
1000 .... 02
Seaboard Air L aj
1000'.... 40
10000 .... 40
1000 .... 41
8000 .... 40
2000 .... 41
1000 .... 41
Seaboard Air L fd
2000 .... 41
2000 .... 41
6000 .... 41
Southern Bel Tel 6s
1000 .... 88
Southern Paclfls fd
10000 .... 16
2000 .... 10
8000 .... 18
1000 .... 75
1000 .... 75
6000 .... 75
Southern Pao cv 4s
6000 . .. 78
18000 .... 78
0000 .... 70
8000 .... 70
1000 ... 704i
Southern Pac cv 6s
1000
SOOO
1000
16000
2000
2000
3000
5000
2000
0000
10000
3000
48
48
48
48
48
48
48
48
48
48
48
48
2000
2000
1000
17000
5000
5000
2000
10000
4000
SOOO
84
84
84"u
85
84
84
84
84
84
81
2000
2000
2000
10000
8000
3000
1000
12
12
12
72
72
71
71
15000
4000
1000
2000
2000
..100
..100
..101
..100
.100
Southern Pacific T
1U00 .... 73
South Railways 4o
1O00O .... 58
5000 .... 58
6000 .... 58
1000 .... 58
1000 .... 68
1000 .... 58
1000 .... 08
South Railways 6s
St Li & Satf Fran A
SOOO .... 88
6000 .... 88
2000 .... 08
4000 .... 08
4000 .... 68
SOOO .... 08
4000 .... 88
2000 .... S8
1000 .... 08
1000 .... 68
1000 .... B8
1000 .... 68
0000 .... 38
SOOO .... 68
4000 .... 68
1000 .... 68
St Li ft San Fran B
7000 .... 69
SOOO .... 08
1000 .... 60
St t. ft San F gm 6s
3000 .... 02
St L. & S West R en
6000 .... 53
SOOO .... 64..
6000 . .. 84
Texas Co 6s
2060 ....100
1000 ....100
2000 ....100
Third Ave R It aj
2000 .... 28
T St L. & W Ry. 4s
2000 .... 45
Union Paclflo RR cv
16000 .... 86
6000 .... 80
6000 .... 85
Union Paclflo RR 4s
14000 .... 82
U K Of G B ft I '21
2000 .... 04
10000 .... 04
10000 .... 04
1000 . . . 04
U K Of G B ft I
rets of '29
1000 .... 01
6000 .... 01
4000 .... 01
1000 .... 01
1000 .... 01
10000 .... 01
U Kof O B Si I '37
3000 .... 86
8000 .... 80
1000 .... 80
2000 .... 80
1000 .... 85
U R Of S Fo Un Ct
10000 .... 25
10000 .... 25
U S Real & Imp 6s
1000 .... 76
1000 .... 76
20000 .... 75
U S Stlel Co Es
Bait & Ohio Tol 4s
1000 .... 40
Beth Stool Corp ti
1000 .... 85
1000 .... 85
Beth Steel C 5s '36
2000 .... 83
Brk Rap Trans 7s
1000 .... 45
2000 .... 45
Brdy ft 7th A RR 4a
5000 .... 65
Central Pacific 1st
10000 .... 72
5000 12
Chen & O R It fd
2000 .... 83
Ches & Ohio It 4 Via
1000 .... 15
Ches&Ohlo cv 4 Ha
2000 .... 15
10000 .... 15
15000 .... 16
1000 .... 15
3000 .... 16
8000 .... 75
1000 .... 70
Chei & Ohio 5s
3000 .... 00
Ches & Ohio cv Es
2000 .... 80
2000 . . . 80
10000 .... 80
Chi & Alton 3s
3000 .... 31
10000 . . 33
.-,000 .. 33'
noon .... 34
Chi II & Qulncy 4b
.Minn
10(11)
200(1
noon
5000
.'1000
4000
2000
2000
13000
200O
10000
4000
1000
5000
1000
1000
04
04
04
04
01
04
04
04
04
04
04
04
34
04
04
04
04
Imp Jap Govt 2nd
10000 .... 71
3000 .... 72
3000 .... 73
15000 .... 71
10000 .... 71
Imp Jap Govt 43
0000 .... 60
2000 .... 58
1000 .... 58
Intcrboro Met C4'i
5000 .... 18..
6000 18
2000 .... 18
17000 . .. 18
5000 .... 18
Intorboro Rap T fd
5000 .... 63
11000 .... 53 ,
1000 .... 63
Kan City ft S Ry 5s
1000
6000
1000
2000
3000
5000
3000
. A
10
70
70
70
70
70
70
2000
4000
2000
6000
2000
1000
6000
84
84
84
84
84
68
84
St L Iron Mt ft So
R A G Dlv 4s
3000 .... 68
St b & San Fran aj
6000
1000
1000
31000
2000
6000
7000
1000
2000
1000
1000
07
07
07
00
06
06
06
05
08
05
07
6000
7000
2000
4000
4000
10000
1000
6000
1000
6000
2000
6000
1000
62
62
62-
62
62
62
62
63
03
63
63
63
63
St Li & San Fran In
6000
4000
10000
43000
10000
3000
10000
6000
48
48
48
48
48
48
48
48
Utah P & L. Co 6s
1000 .... 81 ;
Vlr Car & Chetn 6s
6000 .... 09
Virginia Rallys Es
2000 ... 82
Wabash R R Co IbI
8000 .... 88 '
West'n Maryland 4 s
1300O .... 62
2000 .... 62
1000 .... 52
2000 .... 62
1000 .... 62
10000 .... 52 Vi I
West Shoro R R 4s
3000 .... 71 '
Wilson Co cv
2000 .... 02
6000 .... 02
1000 .... 02
Wilson Co 1st .
4000 .... 06
L. S & M S 4s of '28
1000 .... 84
L S ft M S 4B of '31
1000O .... 82
Lehigh Val R Co Ca
1000 .... 00
6000 .... 00
Louis & N R R 4s
2000 .... 64
8000 61
M.mhutan B Ry 4s
1000 . ..06..
Mich Cent RR D 4a
5000 .... 77
1000 ... 78
Minn & St L M Eb
3000 .... 47
Mo K C & T ct 4 14
5000 .... 26
6000 .... 20
1000 .... 25 I
Mo Kan & Tex 2nd
6000 .... 32
Missouri Pac gm 4s
Liberty rts
Llborty 1st 4s. ...
Liberty 2d 4s
Liberty 1st 4s..
Libert 2d4s...
Liberr .'Id 4 a..
Libert 4th -in..
Victor .iy,H
Victor 48
tHBh
(Ml. 10
00.80
00.50
iu.no
no.so
!2.!l 1
01.00
07.72
07.711
Low
0.'.00
00.40
00.30
01.30
00.00
02.80
110.70
07.00
07.00
1
P.
O.i
00.80
00.32
01.38
00.64
02.80
90.80
07.00
07.70
CORN MOVED UPWARD
AFTER EARLY DECLINE
1 Strength Developed on Recov
ery in Cash Values Oats
Chl B ft Qulncy neb
5000 .... 80
Chl . East 111 It 4s
1000 .... 24
1000 .... 24
Chl & Ort West 4s
2000 .... 65
4000 .... 65
4000 .... 85. .
100O .... 65
1000 .... 50
1000 .... 05
C M & St P cv 4s
2000 .... 71
1000 ... 71
1000 .... 72
C M At St V fd 4S
5000 .... 50
5000 .... 60
1R000 .... 60
14000 .... 50
M000 .... 60
5000 .... 50
0000 .... 50
10000 .... HO
4000 .... 50
14000 .... 60
.1000 .... 50
3. '000 .... 00
c M& St P gm 4 4s
1000 .... 78
Chl & N West'n 4s
1000 .... 05
Chl R I & Pao fd
-ool .... 05
2000 .... 05
2000 .... 65
Chl U I & Pac 4s
1000 .... 72
Chl I'nlon Sta 4Vjs
001) .... 78
1 hllo Copper Co 6s
1000 .... 70
Chilo Copper Co 7b
7000 ....105
10000 ....102
100011 ....102
Chinese Govt IIu-K
Hallway Es
1000 .... 41
(of NY 4,4sof '67
1000 .... 05
Citv of Paris B 6s
1000 . . 01
1O0O 1 111' j
iUUU . ... Ulk
3000
0000
2000
1000
1000
7000
2000
10000
10000
2000
57
57
67
57
57
57
57
57
07
57
Rallied After Low Start
65
Missouri P Bs of
1000 .... HI
Mori Esx RR 3Vj3
4000 .... 70
Natlon'l Tube Co Cs
1000 .... 01
NYC & II RU3'j8
0000 .
2000 .
N Y C &
2000 .
1000 .
NYC
1000
3000
0000
8000
4000
1000
1000
II
00
00
RR 4s
. .. 7.1
.... 70
ft II R R fls
.. . 03
. . 02
.... !!
I)-TM
0J'
0.'
N Y N H & Hart Cs
2000 . 71
100O . .71
2000 ... 74
0000 . 74
N Y I. II P Co Ea
1000 ... 78
N Y Stato Hys Itfs
1000 28
N Y W C & 11 4'i.a
1000 . .11
New Orlf.aiif & T la
2000 i-
Now Orleana Toaa
& Mex Rly Bs
5000 . 64
0000 53
N Y Telephones 4
2000 ... 70
N Y Telephones Cs
1000 .... 04
6000 .... 04
2000 .... 04
Northern Paclflo 3a
10000 .... 64
1000 .... 63
Northern Paclflo 4b
13000 .... 75
4000 .... 75
4000 .... 75
1000 .... 75
Norf & West cv Cs
15000 ....101
5000 . . 101
mono 101
nuoo iot.
,10000 ...luiji
Chicago, Feb. 24. Reflecting a re
covery in cash values, corn developed
strength today following recessions
carl. Sentiment here was bearish at
the outset on n drop in hogs and for
dgn exchanee.
May led the decline nt the start, but
(ommisiion houses became good buyers
and forced pit shorts to cover Inter. Tho
drmand for the actual was reported to
be better. Offerings from the farms con
tinued small, but supplies in first hands
lire known to be Inrge.
There is no assurance, however, that
nnv oonRiderable amount of the grnin
will be forwarded before farmers devote
their attention to work in tho fields.
Labor news from Argentina wus uu
favoruble. OntH rallied with corn nfter a lower
start. Local operators and commission
houses oold nt the outset, when weak
ness in rye wns 11 benrish factor. On
tho break commission bouses executed
resting ordeis nnd there was also cov
rring by local shorts.
The premium on the cash nrticle wob
hlglier.
The visible supply of oats in tho
United States is 10,447,000 bushels,
against 20,000,000 biihluds n ear ago.
Leading futures rnnKCtl as follows,
Wat.
Open High
Corn (new clellwMl-
Mny . 1 aos 1 an
July . 1 27'4 1 28
Oits
Muy . . 7T 78V,
July ... 70 li
rom
Muy ..34 00 34.00
Lard
Mny . 20 00 20 02
Julv . 21 05 21 15
Hlbs
May . 11 IB 18.15
July . . 18 50 18 02
Bid tAkd
Low 12.30 Close
1 .10
1 204
77
70
1.30S
1.27 i
7t'4
1.30W
127
7fi4
71
33 00 33 00 34.25
20 31 20 80 20 R0
20 00 121 05 21.80
1R 00 1H 05
IN 17 tlB.55
18.20
16 05
DIVIDENDS DECLARED
Tackard Motor Car Co , quarterly of 14
per cent on preferred, payable March 15 to
Block of record Peuruury 10
Owens Uottle Ca . quarterly of 75 cents on
f-emmon and Si. 75 on (referred, payable
April 1 to stock of record March 22.
Dorden Co,, quarterly of 1H per cent on
preferred, payable March 15 to stock of rec
ord March 1.
American Can Cc, quarterly of I'm per
cent on preferred, payable April 1 to stock
nf record March 17.
Central Leather Co.. quarterly 14
cem on uri'ierri-a puyaoio April 1
nf record MarLh 1
VIorcw-Arr t Mutor Ci r ' ,
l.r tent on iirtfarrnl j'l.ul
tuik ul recorJ 21nn& 15,
Tier
to stock
iiuirterly "
April 1 to
", i $(
-j: vri
'i
New Issue
FIANCE
Internal Loan of 1920
Price
1,000 Francs per 1,000
Franc Bond may be pur
chased with dollars at
rate of exchange fixed
each day.
Redeemable
by semi-annual draw
ings within 60 years at
. rate of l,50O Francs for
each 1,000.
Exchange
were normal, Americans
investing in this Loan
would pay about $200
per 1,000 Franc Bond.
At present rates they
pay from $70 to $75, ac
cording to current ex
change. Denominations
- 1,000; 2,000; 10,000;
20,000 Francs.
Interest
5 Payable Semiannually.
jiju.jj i mj.iM.ii.ii.il! ji inti-r jj niiji n nir -1 -- , ---- - - m i mrj-
'Vi
Free from all French Taxes
Send for Circular
Subscriptions Taken By
Bonbright & Company
i
Incorporated
MORRIS WISTAR STROUD, JR., Manager 437 Chestnut Street, Philadelphia
William P. Bonbright Bonbright & Compan?
& Company
16 George Street 9 Ruc Soint-FIorcntb
London, England par,-Sj Francs
we make it our business
to Understand
iiMi))lilmil""lll iJI MI
The World
Mat
"IIIIIIIIIIIIIMII
iii;iiiiMiiMiiiiiiiim'
$0
L pj P'fff y
. .it sV !. .
-4
V -f
V "" "" """ .,. If ' '"""" - ,,lll.Mlllllllllllllll.llll'
In order to fit itself for worldwide usefulness to the business community, this bank
has devoted much time and study to familiarize itself with the principles and
requirements of the various branches of industrial production and distribution.
A shipper, manufacturer or merchant can
discuss his needs with the officers of
The Philadelphia National Bank with
the assurance that they are thoroughly at
home with his problems. This firm grasp
and ready understanding of our customers'
requirements have been an unfailing
source of assistance to them. N
THE
PHILADELPHIA
NATIONAL
BANK
4.2.1 CHESTNUT STREET
De Beers Cons.
Mines, Ltd.
Controls about 80
of the world's output
of diamonds.
Has paid more than
390 in dividends
since 1910 Paid 80
last year on the Eng
lish shares of 2-10
par.
Is one of the world's
strongest companies.
Its securities always
in large demand are
among leading issues
on the Paris and
London Stock Ex
changes. Circular on rcquett
Bam bcrgerBros.
Mtmbiri b'tw York Slock Exehant
66 Broadway, t'w York
Charles J. Webb. & Co.
Wool
and Cotton Yarns
110 Chestnut St.. Philadelphia. Pa.
NAGLE
STEEL COMPANY
STEEL PLATES AND .IIEETS
Pottbtown, Pa.
Phila. Ofllcc, 1111 Morris Building
HYIMULICnipnDC
HrXHIHERYKLrHllO
We are equipped to do tho
work at your plant and save
you the expense of long tie-up.
'bona Wal. 1814 and Main 3444
W CIS CflttSTNUT STREET W
ImtlnMi Machinists'
OIO CflttSTNUT STRKET
TAX RETURNS
I. Franklin Howard
Accountant
Choix! Hprnrr D241 825 Lund Title Uldf.
Service to
Business Men
Thirc National Bank
Olipofcltr llrnui. Mri'it Million
Ti-rre llniitv, I ml & 1'iiMrrn Ss, 1015
I nltnl (lui. A l.lri. IU IU1S
TrniifKseo I'onrr fl. UiOi
I ml. No Trnc As, IDJj
I.I. liny, A Dire, (oun (In. 103;
(iu. Ituy. & l'wr. Sm. 10.14
HENRY D. B0ENNING & CO.
BTOrU KXCIIANOIS Ilt'lLDINO
Dlrn-t l'rlvalo Telephone tu New York
MrmbrrH I'll II a. ritock Kiclianxs
Stockwell, toilson & unvill
Certified Public Accountants
J-ond TiUe BkIB., Philadelphia
There arc openings In
nearly all branches for
skilled mechanics. Steady
work; good wages; excel.
lent working conditions. A
large number of the ways
arc covered.
NJbW YORK
SHIPBUILDING
CORPORATION
CAMDEN, N. J.
Anplv nt Employment DepartaeiA
at tho Yard
.
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twi. dlisjsHMki las 3ei,jL Wt3i
!35SW?WSftij
.-tAs,A. ,ik:amimKlrUM.