4 r
4
.
W
Sfi Iv!vl .Vl '. " ,;. I'llPADPAlMlC PAi nDC Jftffi w&,!SUrAW.,BJ NYork Bonds . .
' ' ' ' $464,000 A "" j
Cityrftd Gounty of $an Francisco,
. . t California
Gold 4 Water Bonds ' 'r
Dated July-1, 1910.
l
Duo
$119,000 July 1, 1922
34B.00O.July 1, 1923
Principal and semi-annual Interest (January. 1 and July 1), payable at the olTlco of th
City 'Treasurer, or at tho option of the holder at theVlscal
Agency of tho City In Nov? York City,
of 11,000 In coupon form, with tho privilege of registration both
as to principal and Interest.
Issued In denomination
0
Legal investment for Savings Banks and Trustees in New York,
Massachusetts, Connecticut, Vermont, New. Hampshire, Cali
fornia and other States. Elicrlble
Savings Deposits at OO1
value, not exceeding
to secure Postal
of market
par.
.V"
,-
Exempt from all Federal Income Taxes and Tax Exempt
I ' tin California
These bonds are issued for the construction of"a municipal water supply system,
are the direct obligation of the City and County of San Francisco, California (the
city and county having been consolidated into one municipality), and are payable from
taxes levied, on all taxable property situated therein.
' Legality approved by John C. Thompson, Esq., Nciv York.
Prices to Yield 6
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St., Philadelphia, Pa.
'u
New York
Minneapolis
Chicago
Bnltlmoro
Boston .
Pittsburgh
Cleveland
Buffalo
NEW ISSUE
$1,000,000 -
The Safe-Cabinet Company
First Mortgage 7 Convertible Serial Gold Bonds
Dated May 1, 1920. Total authorized issue $1,500,000. Interest payable semi-annually,
May 1st and November 1st, at Central Trust Company of Illinois, Chicago,
. or National Park Bank, New York. Coupon bonds in denominations
of $1,000, $500 and $100, registerable as to principal Redeem
able in whole or in part in reverse of maturity on any
semi-annual interest date at 102J." and interest
upon 60 days' previous written notice.
First National Bank, Marietta, Ohio, Trustee.
Interest payable without deduction for normal Federal Income Tax, not to exceed 2
MATURITIES AND PRICES
'$100,000 May 1, 192696.45 and interest
100,000 May 1, 192796.51 and interest
ISO.ObO May I, 192895.59 and interest
150,000 May 1, 192995.20 and interest
150,000 May 1, 193094.85 and interest
$ 50,000 May 1, 1921 99.29 and interest
50,000 May 1,1922 98.63 and interest
50,000 May 1, 1923 98.02 and interest
100,000 May 1, 1924 97.46 and interest
100,000 May 1, 1925 96.94 and interest
At above prices, bonds of any maturity will yield 7,
CONVERSION PRIVILEGE; At the option of the holder, bonds of this issue may be
converted at 107J4 and interest into Cumulative 7 First Preferred Stock of
TheSafe-Cabinct Company at par and accrued dividend.
BUSINESS; The largest manufacturer of fireproof filing equipment. Plants located in
Marietta and Cincinnati, Ohio, occupying over 24 acres of land.
SECURITY; These Bonds are secured by an absolute first mortgage on all plants,
equipment and assets of the Company. Net Tangible assets over 280 of all
bonds outstanding.
EARNINGS; For the year ending December 31, 1019, Net earnings available for bond
interest after all depreciation" and account reserves over six and one-half times
annual interest requirement. For 1920 the. net earnings have been at the rate of
over twelve times interest requirement for the year.
ADDITIONAL BONDS; Issued only upon consent of Trustee and Bankers and then
only if Net earnings for preceding year equal at least five times interest require
ment of bonds outstanding and to be issued.
Legality, audit and appraisal: Legality approved by Messrs. Chapman, Cutler C Parker
Hooks audited by Messrs. Arthur Anderson & Company. Property appraisals by Messrs'
Coates & Burchard Co, and the Standard Appraisal Company i
Circular on request
A. D. CONVERSE & CO.
Commercial Trust Bldg.
New York Philadelphia Baltimore
ELSTON & COMPANY
108 So. La Salle Street
Milwaukee Chicago, 111. Minneapolis
minimi mill!
U. S. A.
A
of
Standard Unlimited Policy
Credit Insurance providing for
protection against loss on accounts
arising from goods shipped during the
whole Policy Period nojnatter when
insolvency ot me elector occurs.
u. d. o:
A Standard Unlimited Policy
of Credit Insurance providing for
protection on losses due to insolvency
of debtors and occurring during the
Policy Period.
Guaranteed Collection Service obtains under
both Policies and adjustments are made dur
ing the period-of the Policies after excessive
losses have occurred.
L
OUR SUPEIV
5EIWICE '
Losses Paid In
AmericanCurrency
mJ&S.zSl itVElTiTfv
AT YOUR.
SERVICE
Established
Eighteen Sixly-nine
LONDON GUARANTEE AND
ACCIDENT COMPAN Y LTD.
luuci Standtrd Unlimited follclM
R. A. IRVING, General Agent
L.Inone Lombard 4016 oJ0Lsractte llldg
II Ssar?.m.liil iri"j-Hffl-iu mi.nl ' , i ; j
I
Philadelphia, ft.
"MlHJlfl I
United States
Government,
Railroad and
Corporation
Bonds
STROUD & CO.
Members Philadelphia Slock Exchange
1429 Walnut Street
All Styles of Issues for tho
Shrewd Investor to Pick
From
"The stiipenrimiH output of
Issues recently, " said n banker.
new
'will
A'n T A T clt
4 73W
A'n T ft T Us
Which are the best for Con
servative Investment and
Profit?
Now 7 R. R. Bonds
- Old life R. R.Bonds
Comparative study sent on request.
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
retard nny ndvnncp of bonds nnd high
Brnilc stocks to higher values, but it
Itlves nn opportunity to the conservative
Investor to cniefully select Ills pur-
rhfiRpM. Kerer. tiorhnnV liefore llttS it
hbeen so ensy for investors to dlserlinj
nnto between .such selected Usiics as
compnred with tliooe whose yield Is un
certain, as ot no former period rould
such high returns lie obtnined on ex
tremely conservative Investments."
This opinion is generally held through
out tho finaucinl district.
Another hanker remarked in this
connection that not bonds nlone but
high -grade storks have been reduced to
where they offer wonderful investment
yields. This condition must result, he
said, in stimulating the pjiblic to buy,
and there are evidences that It Is
doing so.
The article hv Samuel Oomners in
the .Tune number of the American
Fcdcrationish was the subject of many
remarks In the financial district yester
day. There were few. however, who
wanted to go on record In criticism
of It.
Some wlio spoke of It said that if
widely read it would no doubt have
some effect in the coming campaign,
but It was questionable whether Mr.
Compere's article would be read nnd
digested by the lower strata of work
liiKinen. One or two were inclined to
think that Congress will be compelled
to take notice of the arguments brought
forward in Ills arraignment of their
fnllure. especially as regards the high
cost of living.
The head of one of the leading indus
tries of file I nlted Stntes, which has
an international reputntlon, in n brief
visit to Philadelphia yesterday forenoon
expressed the opinion thnt the return of
the Republican party to. power would
mean n return of confidence to business
In general and more stable conditions
all over the country.
Have we pnrd through a panic? The
question was put to a leading banke.r
in tliis city yesterday. For a moment
he turned the question over in bis mind
before giving .an answer. It was cvl-
13H
73 "i
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71
Tanneaars Cott, Iron, R. R. Co.
Fiufield, AUbmmm
American Industrial
Roofing Tile
If you are interested in getting
a new building, you will want
to know why firms like those
listed below choose American
Cement Tilo for their roofs.
Our booklet, "Data Sheets" will
tell you.
Union Switch & Slcnal Co.,
Swlaavale, Pa.
Crucible Steel Co., Syracuse, N. Y.,
Harrison. N, J , Midland. Pa.
ParU Drop Forge Co .Cleveland, Ohio
Star Drilling Machine Co., Akron, O.
Gen'l Electric Co., Schenectady, N.Yr
Lafayette College, Easton, Pa.
Ooodycar Tlra & Rubber Co..
Akron, Ohio
ementTileMfylo.
824 Oliver Building, PitUburgh
30 Church SI,
Nen Yorli
104 lliilletln Ilhlir.
rhlliicli-liiMii
G09 Brown-Mars Dldi.
Birmlniham
TNtOBPORATtrr
IOJI
rCAPITALS500,000.001
SURPLUS (EARNED)
$2,000,000.00
XiSixth&SpiingGarderj
VrKsPHIlAOElPHL
a?? Vb.TW ?T ' '
sarcoi
w.
DIRECTORS
TREDER1CK SNYDER
Prealdent
WILLIAM II. CURTIS. Jr.
Vice-Preaident and Treasurer
CHARLES E. CRANCE
Retired
JOHN B. STETSON, Jr
Director, John B. Stetson Company
JAMES DOBSON
Of John and James Dobson
' SYDNEY L. WRIGHT
Of S. L. nnd W. R. Wright
HARRY B. ROSENCARTEN
President, Powers- Welglitinan-Rosen-
garten Company
WILLIAM P. BARBA
Director, Glrard National Bank
BENJAMIN W. TLEISHER
Of S. B, and B. W. Fleisher
JOHN J. COLLIER
First Vice-President
He nnswered hv sarins? that the word
"panic" as we have understood it In
the past was not applicable to the con
ditions through which the country has
passed 'and s still passing. The things
which have heretofore produced panics,
lie said, have been present to a greater
or less degree, nnd the remedies of the
past have been supplanted by nn en
tirely new financial phnrmacopeln, if
om mny so express it.
Inflation, which has caused panics in
the past, he continued, was present, but
it wasn't the same kind of inflation.
If you rip nn inflated balloon wide open
a different effect Is produced, he said;
than when you let the gas out grad
ually through the valve.
And, he continued, that's what has
been done and Is now being done, we
believe, successfully, IVo have seen the
gas go out In n spectacular way through
these 20 per cent and other reductions,
he said, nnd it has gone out less spec
tacularly but perhaps more effectually
through the action of the banks, but It
has all been dono so quietly that the
word "panic" does not in nny way de
scribe whnt wc have gone through.
In the matter of lower wages ami
lower prices for commodities, this
banker said he does not look for a re
turn to the low levels existing before
the war. It has always been the case
after an era of high wages and high
prices f course, they never reached
the heights they have done recently
when we regained our equilibrium we
always found we were invariably on n
higher' level than before tho cau.c
which brought about the reaction, what
ever it might have been, and there is no
reason to Kunno.e we will find nnv illf.
'ferent experience this time and every
reason for concluding that the rise in
both, ns compared with pre-war times,
will be very marked.
TaKe nny of the big dry goods stores,
for instance, he remarked. When they
sell from their shelves at the reduced
prices uic goods now' In stock, does nny
one think they con go back to the manu
facturer and replace these goods at
pre-war prices? Certainly not. The
manufacturer Is pnying hiflfier wages
than he did then, be pays more for ma
terial than lie did then nnd he cannot
scllat pre-war figures.
No, lie said, wc have not passed
mrmiKii ii panic, ns we understand
panics, with people out of work nnd
.soup kitchens working overtime. There
uo lJ0VPr,.-v. the Salvation Army lias
little or nothing to do nlong these lines:
but we hnve passed through what in
times past might have produced n
panic.
W hen speaking of financial conditions
all over tliefountry. n prominent banker
said yesterday that among the hank
ing fraternity the opinion is general
thnt the financial institutions of the
United Stntes are in a sound, henithv
condition nnd there is no cause for anv
alarm.
Kvery precaution, he snid. is being
taken by bankers for the conservation
of credit, nnd while in some instances
perhaps these were extended to n degree
not previously expected, it was largely
because of the high prices demanded
for materials nnd commodities which
necessitated merchnnts nnd manufac
turers to demand lnrcer credits.
Credit, he said, will always be avail
able for such manufacturers ns are try
ing to secure greater production or to
business men doing n legitimate export
or import business, as all bankers nrc
unanimous in the belief thnt only
through greater production can come it
reduction in prices.
There is. he void, n difference of opin
ion on the propriety of the Federal Tie
serve banks marking up rediscount
rates.
Some sny it is necessary to curb ev
cexsive borrowing, while those opposed
to such n step claim it would pctinlizc
legitimate business, while only aimed nt
commodity speculators. He said lie did
not believe nny action would be taken
on the mntter till (lie freight conges
tion Is relieved and it is determined how
much liquidation in the loan situation
will take place in consequence.
FREIGHT JAMJMPROVES '
Reports Show 100,00t Fewer Cars
Tied Up Than Month Ago
Washington. May 25. fl'.y A. IV)
Reports to the Interstate Commerce
Commission today from its agents
throughout the country showed n con
tinued but slow improvement in the
rurilwny freight congestion situation.
Members of the commission expiessed
belief that the peak of the congestion
had passed, and In support of this cited
the report of the American llnilwny
Association's car service, commission,
which showed a reduction in -the mim-t
ber of cars tied up from 2(!!l.00() on '
April 24 to fewer than 170.000.
04
in efforts of the government and railway i '
officials to combat the jam and hapten i n'
instnrnllnii nt nnrmnl li-nlTi,. ,.n,ll,n,,u K hi Alton JS
tSAMSfl IN ItOOOl
From Onenlnc Until 2 P. ,m. (N.T. Time)
10
1
... 01
.. 9ti
Clev Cln Chi
& flt J. m 4
1 ... ft0
Col A-B'n 4 '4s
2. .. BT
1. ... VT
Con'd Coal Co
or Md oa
1 Tt.
Cona'd Ota 7s
4
n... .
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Copenh'n
4
1
Cuban C
1
21
1
10.. ..
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n cv
nn4
. 00
. nan
. nn'i
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Hud fd
7:
N'n Iao 4Ub
2 ... 70
North'n State!
Power Co n
10 ., 73 U
Pao (iDli
S 7AU
Pa Rll en 4V4
1.. .. 84
Pa II irm 4'4
3 .... 73'i
2 73V4
1 .... 73tt
3. ... 73Vi
1 ... 73V
I . . 73W
Penna II U t
J .... 82
Penna It It 7
N
A T & H T AJf
1 J3tt
1 .... 03U
Atlantic Coast
I.lna clt
2 ... at
B... . 01 T4
Atlantic Coast
I.lna 4a
3... . 70'4
Atlantic Coast
l.lna 4Mb
3 08
Halt t Ohio cv
1 flS',4
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n ft Ohio au
4 78'4
2. ... "0
10 78t!
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1 7ff
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4 70S
2 70'
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Bait & Ohio 4a
1 no
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1 -18'i
7 50
1 60
Baft A Ohio 5i
1 50 ,
1 50H
Bnlt &Ohlo 0i
1 85
1 . . . . US';
2 .... R5
1 85
ft 84",
i 84 ,
n & o p i. k
t XV Va H 4s
1. . 53
1 . . . 53
licth Steel fd
1. .79
Beth Hteel lat
2 no tit :
41 Steel f9 Mil
1.. . 77t
Ilrk UUP T 71
3 . 40
Cent I.eafr
4
I.
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I
Del tc Hud 44
fl 00
Den & II O 4a
3 50
2 . .. 50
D Can Ea '21
t flS
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D Can OM 21
10 00",
D ot Can '2C
1. ... R8.
. 1 . 88U
D of Can '20
I.... 01'i
D of Can '31
5 8
10 . .. Mi
l.. fcO'l
Dominion Re-
publlo Bs
5 .... 8314
3 83
4 . . 83N,
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1 32V4
4 .... 32'
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4 . . . 32V
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4 34
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2 00
2 00
i no
i. ... nou
dreat North'n
my tat
1 72',
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2 .. . 50H
1 50',
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III Central M
6 . . . 00
III Cent 4a '52
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NEW YORK COFFEE MARKET
New York, May 23. At the. opening
today, tho market for coffee, futures was
D to 13 points lower. This apparently
was a disappointment to some of the
local traders, who looked for nn upturn
In prices based upon betteY cables, and
to abnormal weather In Ilrnsdl, which
showed minimum temperature ranging
from 30 to 37 degrees.
Late In the morning, whlk business
was not of more than moderate volume,
prices held steady and slightly better
thnn the. initial level. Hears hesitated
In taking nn aggressive stand, owing
to the .bullish news coming through
Hrazll.
It is believed that there is a large
long interest in July here, ns well as
n considerable short Interest, nnd there
is fear that longs may decide to receive
the coffee, which might easily be fol
lowed bv a sharp advance due to a rush
of shorts to cover.
July . .
flept
Dec .
March
nia.
Yea elose
,. 15.30M36
14 HOW 15 01
. II 04M06
. . 14.04006
N
Open
IS. WiB' 20
14.00WD2
14 R0W82
14.8285
V. tlm
12 m
I 4' 85
14.85
14 St
Prices Weak dn Paris Bourse
I'nrla. May 25 Prices were weak
orr
cent
Peoria t B in
s 20
Pero Marn 4a
2 50T4
IrB Marn 6a
1 70
f 7B'
Heading R 4a
1.... '
16...'.. 78
Republic uf C
6a oi -o
i. . no.
Rep Cuba 4 Via
8 ... (!
nock Isl A A
Louis a,
4
1
3
2
1..
Pt I. I M . S
Rl'y 4s
tho noiime today. Three per
rentes were quoted at fiof : exchnngc nn
London BOf; 5 per cent. lonn. R7f 80c
The dollar was quoted nt 13f 27c.
BIG JAPANESE BANK CLOSED
Affairs of $30,000,000 Institution
Under Investigation
w York, May 26. The seventy
fourth bank of Yokohama, Japan, has
been closed for a period of thrco weeks
pending Investlfratlon .of Its books, ac
cording to advices received ny Kar Bast
banking Interests here today, .,
Tho Institution, rated an ono of th
largest In Japan, with reported deposit!
of more than 130,000,000 recently was
taken over by S. Mrffel, of Yokohama. 4
who has cxtensKo Jnpancso commercial
nnd banking Interests, It wan stated,
The bank's headquarters am In Toklo,
It haa branchea In many cities through
the empire. , .
Suspension of the Mogl Dank, of
Yokohama, controlled by the same ln
IcriBts a tho Heventy-fourth Bnnk, also
wan reisirl'ed In advices received today,
Iteccnt Inflation ami subsequent col
lapse of the raw silk market were said
to havo been the cause of the Institu
tion's difficulties.
GOVERNMENT BONDS
Panama cqupoii 2, 1030 .
Panama registered 2. 1030
1'anripa coupon 2. 11138..
Panama rcmntereri 2a 1B38 .
Panama coupon 3. III01
Panama rrBlsterert 3a. 1001 .
Phlllpplna 4a, 1034 . .
Philippine 4s. in.lf.
Philippine 4r. 1030 .
U 8 flovt coupon 2. 1030
II S Govt reglatererl 2s 1030
V 8 clovt coupon (s 1023
If S Oovt reslat-reil 4a IH23
Dlst of Columbia 3-fl.ia, 1921
HI'I Al(
IOI 102
101 102
IOI 102
I0V 103
. 77 84
. 77 81
. so no
BO 9l
i. 80 30
101 101'
101 10t'
.m.Vi looi
.lor, ion'
. 03
4 Vis
01
01 ,
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4
Imp
1
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2
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3.
Imp J
11
. 81
. . 84
Civ 1st
. 76
75 U
75 U
. 75 v.
. . 75 i
. . 76 '4
. 75
. . 76i
Uv 2ml
.. 71
.. 71
.: 74 y.
. 74,
.. 74 H
. 74 V
. 74
llvt 4
. . 57 V4
. . 58
. . 57
. 58
58
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.. 00 'J
. onu
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I 07
5.. .. 07
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6.. .. 70'4
1 70;
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,4 . .. 70'-j
, 2 . . . 71
5 . . 70.
Clirs & O It ft
A Dlv 1st
1 02',
1 .. . 02'4
I... . 12
C . Alton 3V4
4 . . 32 Vi
ChU-niro IV n &
Oulncy II 3'
20 ... 05 '(,
ChlcaKo H'n Si
yulncy 4a
Financial Briefs
1 .4".
I 2
The acrnr?i price of twenty netlc In
dustrial stocks declined 0.83 per cent
yesterdny to 87.67 while twentv rail
roads declined 0.67 per cent to Oil 0.".
04
04
01
03 ',
2 . . .. ni
..01
clllinun ar '"
R il let
I .. 00',
Chlrauo & O't
West 4 a
1 . . 521,
Int o .Met 4 '4 a
1 14
In Met ct 4 Via
4 14
ln"n Ilap T M
4 ... 61 VI
1. .. 61'
. . 51',
In Acr Cor fia
1.. . 70
I M Marine 0s
2.. 80
Knn U Kt 3
Memp 4a
1 . . 50
Knn Csa
S . . 50
1... . 6t
6... 51
l.'n (a Co of
.St I, 6a
1.. . 71
I. S M S lal
20.. .. 75.
I. H M 8 4a 28
1 .. 7S'4
I.rhlgh V 4 Via
1 . . 80
I.ouls S. N 4a
1 . 60
T.ouia &. Xaab
HI 0a
3 07 '3
M.uihat CM 4
1.
12 .
Mich CI
fflict S &
i riilladeinhla Co. rnnorts for v.ir
ended December 31, 1919, net Income ! Chicago Mil ft
I after taxes and chnrges of $3,706, nor, ft P 4a
Previous report, covering: Hint months ' ' 5",.
I ended December 31. 191S. showed net J, ,,,, J
li,,.ni,iu nf t? 1:19 kk- rh caco Mil v
i x.... . . ... ... . 1 .. 73
. . . '""ericfin i-uip A: I'aper ( ns rMt Rl!n jpi t
nun meir Huusuiinry, KaRuency I'ulp & st P c 4'4k
i .iiri- . u mn i rKui uiintr ii Cfinirncr -, n
with KnKlisli paper mnnufneturers for ni
delivery In Great Iirltniu of 60.000 tnni ' " oj
of mechanical pulp nnnunllv. It Is ex- I T 02'
peclori tne contract will run for ten chica Mil
Tennessee Power Co.
First Mortgage Si, 1962
Texas Company
3-Year 7 Notes
U ANKERS
321 Chestnut St., Philadelphia
Utmtert Ittto York and PM!adlpM
Slock idenanara
vcnrH, I'oinmeiicinc; junuary 1 next
Negotiations hae been practically closed
IMI t Ull (HUM Uil'Slh Willi
of a few minor detnlls.
the exception
American Woolen stdfkholdrrs nt .i
special nicetlnB in Springfield toda.
approved (lie proposed increase (n
authorized preferred ciplt.il stock from
$10,000,000 to $60, 000.000 nnd the com
mon Block from J2O,n00,OOO to $40
000, 000 and the Issuance of $20,000,000
new common stock nt par.
Albert It Thayer who has been asso
ciated with V. II, N'nwbold's Son & Co
has resigned his iwhlllon with t)iat Ami'
effectHo at the end of the current
month
Annllcatlnn has been mnri ,n ti,
N'ew York Stock KxchaiiRe to list Saxon
Motorcar Corporation 7000 shares ad
ditional common stock, no par.
The New York Sulitteasury gained
$916,000 fiom tho banks on Monday,
making a cash net gain slnco Friday of
RAILROAD EARNINGS
COLtItADO AND SOL'THnitN LINKS
1U20 Increase
(eonil week May .. 1482.452 I27,nn
From Januurv 1 . P.I143 (HO I.2K7.0S0-
SOl'THKItN. HAII.WAY
Second eek May ,. SL'.5S.-,.-nn l35 3,ia
From March l-Mny 7 2.847i3l 4.60ol718
OHAND TRUNK IIAII.WAV
urosH receipts 115.125 5.13 1.470,320
iinrninv rA,rnrf, I .inn, i.
Net receipts . . 1 480,401
Other Income 751.711
Total Income . 2.2S2.112
Int i.nil other tharsea 2,231)071
Surplua . 1 mi
NKW YORK, NEW MAVIIN AND
POIID
For nuarler ended Mau-li 31
Opxratinir idenue (2U,2TII,t08
Operutlnic expenses 27, 131.1)70
Operating- dene It 1.888,113
Nonoperatlnc rev'ua 0.021.108
Orosa Income 8,033. 3S4
Net Income 728.788
Decrease
BAR 8ILVER
Commercial ha" rller iwia quntcd t
it 02 in New York today, an Increase of
1 cenU In Ijondgn. tle 59V,d. up Ud.
005,1112
11)1,803
167.142
87.721
37.00-J
(150
HAUT-
II. 33H, 138
5.13S.3I8
PD4.474
2 432.738
t.648,l:(ll
1)83,538
St P fd '4f
3 . 3
I'hliairn Mil 4
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Chlcasn Mil i
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00
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1 08
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1 01.
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1(1 01 '4
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Chli-ami IU'cU
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2 70 '4
Chicago S. W
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1 . 51',
Chlla Cop'r Hi
3 "l'
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8 74 '4
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City I.ons Us
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Cl:y N Y 3 4s
Nov '54
2 75 '
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10 . . 73'
6 . . 73
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Stock ExcitANcr:
New York
.-
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t.
6. .
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ns'j
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ns
115
n.-.'.
ns
qA fact:
Here in the very heart of Wall Street
Fatiina leads. And at the Stock Ex
changes of Boston and Philadelphia,
Fatitna is also tho largest seller.
FATIMA
A Sensible Ctearette
WHY?
,.
H Rallaa 4a
1. ... 5I,
7. . . 54
S Hallwasa 3a
3. . . 78'4
1. .78
1 . .. 78Vi
Union Pac ov
6. .. 7i)'4
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Union Pac fd
10 07 4
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2. 73
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1 113',
u u & r
20
sm.
BRASS AND COPPER
For Sale
Excess Stock of the U. S. Navy
Ten million pounds of manufactured brass and copper,
very attractively priced.
Immediate Delivery
Sheets, Rods, Hexagons, Tubes
All Thicknesses. All Sizes. Located in Boston,
New. York, Philadelphia and Norfolk
Address W. E. Sanborn
Telephone, spruce 03t 723 Bulletin Building, Philadelphia
U K
rets
3
13 .
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Ml
80',
Kit',
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8(1 4
80 ',
80'j
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1 .
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1
4
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Nnrfk 4
II
1
V Iv O 11 1 '37
1 S3
311 . 83'.
4 . S3
1 83
3 . 83',
5 83
5 83 4
U S Mexico 4s
2 . . 28
18.
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3
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1
5
1
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1
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Realtv Ss
.. 78
.. 78
Rub'r ia
. 78,
78 ,
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71)
7n
Steel '.n
80.
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10
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UU
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2 . 81)
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1 . 80
2 81)?,
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t'lah Power 4
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Wabash II 1st
3. .. 80',
2 . . . 81
II. . 81',
UVatn Ktcc 3a
5 n3
I n3'.
Wilson Cn c
84',
SI',
81
81
250 Shares
Steel & Tube Company of America
7 Cumulative Preferred Stock
Dividend Periods, Jan. 1, April 1, July 1 and Oct. 1
Average net profits of above company (after interest
charges and iaxes) available for dividends and depreciation
reserves are shown as follows:
Average for 10 years (nearly :) times pfd. stock div.) . . .$3,339,665
Average for 5 years (over 4 times pfd. stock div.) 4,954,766
Average for 3 years' (nearly (! times pfd. stock div.)... 7,248,373
Net profits for 1918 (over 7 times pfd. stock div.) 8,622,200
Net profits for 1919 (over .'! times pfd. stock div.) 3,984,253
Net profits for first quarter of 1920 (over 7 times pfd.
stock div.) 2,396,1504
Net quick assets Mar. 31, 1920 over 5131 a share
Total net assets Mar. 31, 1920 over $415 a share
Application has been made to list this stock on the
A'cic '(, Stock Exchange
Price 87 flat to yield over 8
WM. H. FAUST, stocks
421 Chestnut St., Philadelphia, Pa.
i
Wilson Cn 1st
1 . 8H
4 811
3 . sn
2 86
Wis' n I'ent 4a
1 . . 00'
Liberty
Liberty
Liberty
Liberty
31.J8 .. ..
2d ....
1st 4,4s..
2d 4is..
Liberty .id 4'jh, .
Liberty 1th 4l8..
Vic Notes .'1!'8, , .
VlC Notes -1.71S...JU
High
01. Wl
S4.20
8(1.20
S1.70
SS.00
Ni. 10
11(1.20
90.20
IN V
Low
01. SO
81.00
80.00
81.10
88,50
85.01
:m.oit
line)
1 15
p m
01 .1)0
81.00
80.20
84.52
88.82
85.30
IKl.,10
uo.io 'oo.ia
Baldwin Locomotives
in World-wide Service
Philadelphia-built Locomotives, carrying the name of
Baldwin and nlso of the city, are in use all over tho
world by railways and industries of every description.
No other single manufactured product is doing so much
to spread the fame anrl reputation of America's leading
manufacturing city.
The Baldwin Locomotive Works
The Burglar'?
Fancy
e burglar
window.
and window
raj- JUNUJKAJNCJb
MANY clrcuniHtaiiceH conspire to m.ike th
' rejoice nt tlie coining: of Sprliur Opon
for Instance nnd tn-glcct (il door and
luniriilliKO III IIIKIII
Any losses you may Buffer will he made un nulckly
If will are cohered by one of our Ilurglnry Insurance
rolicles Auk uh nbou them.
Harris J.Latta
PENNSYLVANIA DLDO. PHILAD1XPHIA.
l.ocut ill H,,,,, 33
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