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EVENING "PUBLIC ILEDGEBJ
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More
alunble
come
t for several years after
. every important war
the belligerent nations
have gone through a
period of high money
rates. Judging from
past experience in
vestors are missing a
golden opportunity if
they do not take ad
vantage of the pres
ent low prices of good
' long term bonds,
thereby getting a
large income which
will increase in value
and cannot be dupli
cated in later years.
For a description of a
good long term bond
ask for Circular No.
D-77.
handler Company
UPWARD SWING
WELL SUSTAINED
NEW YORK STOCK EXCHANGE TRANSACTIONS
Signs at Opening 'Pointed to
Continuance of Yesterday's
Activity
At
Franklin Sank Bid
Philadelphia
w York noitoo
New Harm naltlmor
Georgia Laws
Protect You
On These 7
Mortgage Loans
'The only thing that comes
prior to a mortgage loan in
Georgia is Taxes.
Wc never lend over 50 9i of
n conservative value of the
security, and we get
7 Net
for our clients. Our record
of never having lost a single
penny, interest or principal,
for any client, is worthy
your consideration.
These City of Atlanta mort-
gages are non-speculative,
covered by absolute secu
rity and perfectly safe.
Correspondence Invited
iHAAS & HOWELL
Founded 1892 by Aaron Haas
ATLANTA, GEORGIA
New York, July 8. The tock mar
ket opened with a resumption of the
upward movement and business was
widely distributed. Opening gains rang
ed from fractions to a point or more
with the largest improvements in Amer
ican Locomotive. Vanadium Steel, Pan
American Petroleum, .Strombcrg Car
buretor, llaltlmorc and Ohio and Amer
ican Mntnfitrn.
i I.es important gains were estab
lished In Baldwin, United States Steel
'Corn Products, Pan-American "H.
Itepublle Steel, Tobncco Products, lie
I tali Stores, United States Rubber and
'General Motors.
The railroad list hIiowci! a fair de
1 greo of interest at fractional gains In
i a number of Issues.
Hy the end of the first fifteen minutes
' further gains were established, Strom
I berg was the feature of the market,
I rising .'t to 8(1. Additional gains were
, mniln hv' l'nltod States llubber. Amer
ican International, Republic Iron and
Steel and others. International Paper
advanced over 2 points. Vanadium
Steel became reactionary, dropping 1V4
to 81)94, a fractional decline under yes
terday's final figure. Nntionnl Aniline
was a strong feature. Crucible Steel
gained 1 net to 101.
Government bonds were steady and
railroad and other bonds were quiet.
OPENING LOCAL
MARKET WAS FIRM
Initial Prices Made Fraction
ally Above Last Night's
Closing Level
The strong tone displayed by the lo
cal market in the two preceding ses
sions was well maintained at the open
ing this morning. While the .dealings
continued light most of the initial prices
were either unchanged or fractionally
above last night's closing level.
Lake Superior Corporation was the
most nctlve feature of the early trad
ing, adding another Vi point to yes
terday's gain at HVa- Electric Stor
age Hattery, at the same time, ruled
firm at 127Vi. the top price of the cur
rent movement. Pennsylvania Rail
road was a shade higher at 3H. Good
buying was noted in American Stores
at 44. Philadelphia EJectrie was
taken in small amounts at L'li1.. U.
(. I. was firm at 42.
Then1 was nothing especially stlmu
I luting in the overnight developments or
I morning news, but sentiment in mar
ket circles, generally speaking, was
more cheerful and hopeful thnn experi
I diced in several mouths. The opinion
' was Generally voiced on the street thnt
should money market conditions turn
easy as hoped there would be n material
broadening of market interest.
n'4 r VsUs
I VI
railroad
equipment
BONDS
Upon request we will be glad
to send circular containing
general discussion of such
' issues. In it will also be found
condensed description of
Equipment Trust Certificates
of the following:
Northern Pacific Rwy. Co.
N. Y. Central R. R. Co.
Union Pacific R. R. Co.
Southern Pacific Co.
Pacific Fruit Exp. Co.
Can. Pacific Rwy. Co.
Can. National Rwys.
STROUD & CO.
Members Philadelphia Stock Exchange
1429 Walnut Street
Philadelphia Stocks
11-30 Nrt
HlRh Low a m chuc.
30T. Am Strs. 44 44 44..
10tAmI,oco.l02 102Vj lOlMu l
;..10tlaldl.o , ,
;.: :prk...:nii.n7J o-Vi
270 Brill .1 G 4(J 44 4(1 -f 5Vj
3S0HpcStor.l27tf 12(J(jl27 Vi
r.4 i Co x a :to no no . .
415 Lake Sup 14Vi 14 14 Vi
15 I.eh Nnv. .".7V. 57 M: 57 ',-..
420 Pa R R.. .ID'A .'Ml :! Vt
20PhllaKlcc22,. 22fr 22 Va
20tRcading. 88 88 88 Vi
lOOfHaxoii Mo 11 1) 0
107 Tono Hel. l-'tt 1H- l:l4..
50 U G 1 ... 42 42 42 . .
tNet chu.ne mnde by comparison with lat
alu on New York Stock Exchange.
S.ilmln IIONHS 1130 Net
I100O Hlg.h Jv ft ra. chge.
4 Lib Ronds
.id 44s.. no.oono.oo oo.oo..
1''. Vie N 4-V. 05.!ltl 1)5.00 H5.IM14-. 04
5 i; S Steel hs DON 1)0 00
Salei
tOO
300
1400
30
400
(00
800
1300
600
700
200
2000
0100
00
.1000
700
000
300
300
200
200
3000
100
100
200
000
200
200
300
Dlv.
In)
Hljh
Adams Express SSVi 31
e Ajax nubbor eon a
1 Allls-Chalmera 3014 3
. . Am Doet Bugar n 3J4
10 Am Dosoh Mancto ..118J4 HH
.. Am Can ,;,. 43U '
UAmCarAPdy- 11H 11
Am Cotton Oil 46 4H
so Am Dru 8yn lift UK
Am Express ....:..., 151 J4 "15')
4 Am Ieo , ,4S 4
Am Internat Corp ... soli fM
0 Am Locomotive 1(314 103'S
.. Am Safety Rasor ... . 10H lW
.. Am Ship & Com 20 255
Am Smelt A Iter .... 0214 03
8 Am Steol Foundries., 3M 3M
7 Ame Sugnr Ref .120J4 l2t
10 Am Sumatra Tob ...j 03 03K
8 Am Tel ft Tel 93tf 8315
20 Am Tobacco 2?s 2M
7 Am Woolen ....;.,,toi H
0 Am Zlno Lead & 8m pf 40 40
.. Am Zlno Lead ft Sm.. 14 '4 1414
4 Annconda Copper .... 7W &1
e Atch Top ft Santa r 80i MM
. . Atch Top & St Po pf . . 73 lifi
7 Atlantic Coast' Line,. 8a'i 85
10 Atl Gulf ftWI SS...100M 100
13:30 ftft
I)w (NYtm) Chee,
1JJJJ .SO Daldwln Locomotive! '.12ok 12M 120 H-
FOREIGN EXCHANGE
New York, July 8 The openinc In the
foreign exchange market this morning
1 was genprnlly strong uitii Fterllng lead
ing the list Hcmnnil was up ai : francs
were 9 and lire I points off Marks were
' unchnnged.
Quotation!) were
I Demand sterling 3 D5. cablea 3.059 :
i frano cableB 12, checks 12 02 ; lire cablet)
16.00, checks 16 62 , Swiss cables &.6J.
checks 5.55 . pesetas cables 16,35, checks
16.30; guilder cables 36Vi, checks 35 ;
Stockholm cables 22.20, checks 22.16;
Chrlstlanla cables 16 75, checks 16.70;
Copenhagen cables 16.60, checks 16,55;
Belgian cables 11.15, checks 11.17;
marks 2 65.
YESTERDAY'S FINAL QUOTATIONS
Sterling I-ranc I.lre uuuaors ,.. (.nriv
nm,H mi n s7 in.R7 a'i i "1P ari)
('allien :t III'. US.-i 10.53 3i l
TODAY S OPENINO QUOTATIONS
.. Daltlmnrn Ohln . .. au
000 4 nnitlmoro ft Ohio pf.. 44 JS
1J00 g Darrett H714
100 .. Datopllas Mining .... 1
000 .. Dethlohem Motors ... JSM
1700 s Bethlehem Steel B ... aj$
300 .. Brklyn Rapid Transit. 1354
400 io Burns Bros lio
100 .. Outterlck , 13
S00 . . Butto Copper ft Zlno. . s
000 .. Butto & Superior Cop. 23
100 .. Caddo Central O ft R. 18 W
210 o California PncWng ., 71
ooo .. California Petroloum. n4J4
400 io Canadian Paclfio ...116(4
300 r Central Leather OIK
SiO 4 Cerro do Pasco Cop,. 45
1300 10 Chandler Motors ....105
1100 4 Chesapeake & Ohio... S3J4
600 .. Chicago & Alton...,. 8H
200 .. Chicago & Gt West... 8
700 2 Chicago & CU Vest pf 2JV4
3100 .. Chicago Mil St St Paul 34 H
1310 .. Chi Mil ft St Paul pf 53
400 s Chicago Northwestern 09
300 g Chi & Northwestern pf 09
7100 .. Chi R I & Pao 3814'
200 0 Chi R I & Pao 6 Pf.' 04
700 .. Chile Copper IB
1300 l, bo Chtno Copper 314
- 100 l Coco-Cola 35H
300 s Colorado Fuel ft Iron. 35
300 Col & Southern 23
2000 i Col Graphophone .... 3254
400 4 Comp Tab Itecord ... SOU
100 7 Consolidated Cigar... 0014
400 2 Con Interstate Cal M. 13(4
1500 3 Consolidated Textiles, 3514
300 7 Continental Can .... 1(4
100 l Continental Candy ... 11
3700 4 Corn Vroducts Ref..'. 07K
200 2.50 Cosden & Co 3SK
3500 s Cruclblo Steel 1I0X
1100 .. Cuba Cano Sugar .... 54V4
loo 7 Cuba Cane Sugar pf 78
500 7 Cuban Amer Sugar... 55
100 o Delaware & Hudson.. 89
noo ., Denver & ltlo Grnnde &
28b .. Denver & Rio O pf... 11
100 0 Detroit United Jly ... 03
100 .. Durham Hosiery .... 50
103 io Klectrlc Stor Battery. 130
100 Flic Horn Coal 21
400 5 Kndlcott-Johnson .... 90
390 .. Erie la'i
030 ..Krlelstpf 1014
400 .. Krlo 2d pf 12I
1400 fl Famous Players L... 81 54
209 8 Famous Players pf... 88
2000 3 Flsk Rubber . 34 'i
300 . . Frceport Texas 5314
200 .. Gaston Wms & Wig.'. 12H
100 0 General Chcm pf .... 951(4
200 8 General Electric 143H
25330 l General Motors ctfs.. 28
100 0 Gen Motors deb 6.. 73
400 0 Goodrich B F tii
100 7 Goodrich B F pf .... 88
100 2 Gray Davis 23
400 7 Great Northern pf.... 70H
100 4 Gt Nor Oro ctfs .... 30 tt
100 S Green' C'nnanea Cop.. 31
200 .. Gulf Stato Steel ... .. 03
3000 4 Haskell & Barker Car 78(4
300 i Hupp Motor Car .... 17(4
200 .. Houston Oil Co 78(j
2330 4 Inspiration Con Cop. . t3
300 . . Inter Cons Corp .... 3?4
800 .. Int Mcr Marino 33JS
000 0 Int Mer Marino pf... fi
330 .. Internat Motortruck.. C3(4
100 .. Int Motortruck 1st pf 81(4
100 .. Int Motor Truck 2d pf 00(4
1530 .. International Nickel.. 18?S
500 .. International Paper .. 81
100 0 Inter Paper pf stpd.. 70
2000 .. Invlnclblo Oil Corp... 40J4
3010 .. Island OH 0J4
.130 .. Jewel Ten 14
EJ 200 .. Kan City Southern... 17(4
U200 4 Kelly-SpB T 110(4
SOU 2 Kennecott Copper .... 27
1030 1.20 Keystone T & R 31(4
1800 0 Lackawanna Steel ... 70(4
100 7 LlBCCtt & Myers pf,..100
Commodity Markets
Great Northern
Railway
QNE of the interesting articles
in this week's number of our
Market Review is a resume
of Great Northern Railway, with
Its 30 - year dividend record.
This road has paid a total of 119
cash dividends, aggregating
?283,283,514, in addition to boun
tiful stock distributions of Great
Northern Railway and Great
Northern Ore.
Bent ore rrquest for L-SSO
HUGHES & DIER
("rlillu. Slock Kxrhaixc
v,n,i,m r.lttbtirh Stock Ktrlmnce
Jlrrolif r . r,rnl l(ri, nf TrillJ,
I.N. V, ,1'roducr Kirlmnsa
1435 Walnut Street
Philadelphia
Telephone
Ppruee R43 Itaro 1833
New York Ortlro, 42 New Ht,
Demand
Ciiblen
Stetilns
3 D.-.
Francs
12 Oi
12 UU
German City Bonds
Spot Delivery
Morion Lachenbruch & Co.
I.AND titm: m.nn i'iiila.
Tel, Sprues 381. Hare SOS0.
;fwTork Chicago Detroit I'lttaburch
All otlces connected by private wire
MONEY LENDING RATES
I NOW YOItK Money on call, both
I claBBes of collateral, opened today at 7
I per cent for lending and renevvuiB.
I I'll ll.AnRl.lMHA Call, 0 per cent,
! time, 6 per cent ; commercial pnpr,
I threo to six months, 6 per cent,
i (Note These are merely nominal
I quotations, as tho leKnl rate of Interest
I In the state of Pennsylvania Is fixed at
8 per cent Plus premium and commlN
I slon time money for thirty to nlneiy
i days 1 lo.mlnp at 8 to 8H Pel ;nt.
, while commercial paper from three to
rIx months Is bclnR offered at 8 to S's
per cent.)
Reserve Banks' Dlacount Rates
Official rediscount rates at tuelui
Federal Reserve Banks are as follows
TrtaB. Lib. Tom I Ill'ra
ctf. Bonds. Paper Ai rent.
Moion .
N'en York
Philadelphia
Ce.:inci
Iltchtnond .
Atlin'a
CUliaun
St liuln . .
Minneapolis
Knnaaa City
Dallje
San Franclw.0.
GRAIN MARKET
Chicaco, July 8. All the bip wire
Iioiikos were on the sclllnc side ot corn
this morninc and the market was weak
anil without much support. Ueorisli
feellns was intensified by the failure of
Tcstrrtla 's advance to hold at well as
bv continued favorable crop and weather
nilvires. Receipts were also larxer, with
the early ear lot estimates indicating
arilmls of 2l!." cars. .
.i.iK. ,m,nul nf SI ..'in',, to Sl.riS.
Lire UulMera ncainst $1.01 at the close yestenlav.
1H.02 a.'. September was minted nt .00 to S1...S
10.01) 33Vs i ,',i, ,,... .ntnnnfeil with Sl.fiO.
e.tertlav's last price, and later sold ot
S1.."T.' December started at- Sl.-13yt
to Sl.-KI'i. against $1.4.ra, nt the dose
e;tcrdny, nnd later sold at St.42:)4.i
There was a rush by rommNsion
houses to fcell oats at the outset and
that market also was weak. After the
start thero was additional pressure be
muse of the break in com nnd vnlues
suffered fnrther lnexes. Early earlot
.'Ktimutes indicated the arrivnl of eighty
eais here.
duly stnrted at le lower at O.j'ac.
SeptembM' opened at Mle to TIH-je,
iiKaiiist We nt the end yesterday, and
Inter sold at TilVsC. December started
at 704c to 7c, uicuiiiHt 77'4c at the
dose yesterday, and later sold at (OV&c.
. R4 it v
. . ftH a 7 n
. . r.Vi&i'i !i ! :.,
. . V4 s. it .-,-
. . ni i ii "
. n'J 5' 4 ii r.'i
. . Mi II 7 (I
. r.(? n - ii
r r n ,-,'-
. r.'i 83'4 ,iH n nv
. . B'A o it 5',
Market for Raw Sugars Steady
New York, July 8 The market for
I rnw sugars continues steadv but quiet,
I around 17 cents and 17V,. rents, com
and freight, for Cuzas (ual in 18 31
cents and 17 cents, r I f for full duty
MllL'nrft Thrt demand 1H inmnnrKtlvAtv
llKht Sales yesterdn meiuded a earKo estimated at TiOOO bales, against I
at cubac for snipmeni hum month at hules a week oro; 17, mill Dales a y
COTTON MARKET
New York. July 8. The cotton open
ing was unusually active today, with
prices 10 to 02 pointx lower except Sep
tember, an odd month, which started
.".(I points higher. July was the weak
est position, due to tin' issuance" ot uo
tlces on about iiuOO bales.
Selling of other positions came from
Liverpool and Wall street, while New
Orleans and spot houses bought now
crops, . , , ,
After the opening, trade remained
active with tho market very irregular,
but, on thi1 whole, showing a steadier
undertone ot about 2."i points net de
cline. . .......
Receipts nt the ports mr mo nay lire
agamsi -m-vi
ear
17Vj cants, cost and frelpht to a Phlla- i nBO an, 4120 bales two years ago.
delphln refiner. Other sales uonslsteO m y tlr
of 600U bass Porto Ulcus for July ship-' 11
L7
Vis. Grubb & Coughlan
luntants ana Auditors
Trust Bide
Nev York
Ka.
ment. nt 18.31 cents, r I f . to a N'ew ,
Orleans refiner; 10 uno bags for July1 July
shipment nt 18.31 cnts. c. 1 .f , to n October .
'New York refiner; Jfi.GOO bags Porto l'cember
, nicos nt 18.06 cents, r i, t . t0 an ;'?"uc?,r . . 1
operator; 1800 bags Han Domlngos
anoai, at itvt cents, c i r enroute to
Canada nnd 1000 bags Perus In port, at
' i il nA.wo n i r ri . n itrtafnrta i ...
. , -7J -,,,n, v ,. . , . wjici luuf . .HI-
C Unas i Pannma cnimon
8 hags
nltnu.
tlon In the re'flned sugar maiket Is prac
tically unchnnged The Warner Co. Is
sold up for July and Auguit shipment
delivery but may accept some business
for lata August nnd eurljj September
delivery nt 24 cents, less 2 'per cent for
cash. Otherwise, t tho matket remains
unchanged' bom as to coniitions and
prices.
Yent clone
sn 7
83 0.1
31.77
31.81
30 61
ODen
AH. 40
HS.IO
31. 0B
me)
30
in.
a.i.n.i
31. nO
80 88
au. in
GOVERNMENT BOND8
l(i cents, c i. i , io an operator,
portntlqns Included ;n R21 bans of i
to the Federal Co mid IV. 498
Perus to tlie National Co The
1030
Panama rellfred 2. 1030.
Pau.inia coupoft L'b 193K
I anama renlntered 2b, 1018
Panama coupon ? itiill
Pannma reKlnlered 3a. 10111
Phfllpplnn Wc HUH
Philippine la, 1li3:
Philippine 4a. 13H
u n ncm coupon it, lusu.
Hid
lOOVi
100U
10(Hi
100U
7T
77
78
78
7S
100'i
. Am
u b uovi rcsiaierea -a. isu,,iuuu
U () Oovl coupon U, 102J. (,.104)4
U H (lovt rrxlatrrrd (a. 102n'.)04
Dtit st Columbia. 303. 1021,, OS
.11
4.1K
utH
1
!.1Ji
01 V,
12
10615
13
8 '
M5
18tf
70M
iVA
W
09H
44
101
n
7
8
21
so
OS
00
3714
04
10
3114
3JtH
35
ZW
31K
A0
OOli
13 IS
3A
014
ll-M
0CJ.
38M
I80H
844
70
StJi
SO
n
in
02
so
129
21
98T5
12
10
1334
61
33 Ji
S3 14
121i
05 A
142
27'$
73
lt?
88
:s
70
3UH
31
C3
7715
1714
78 Vi
an
.3K
ri'A
t3'4
MV4
C0U
17J4
80
70
40H
OH
13
17 'i
110
20 H
30 ?i
754
100
35H
eoi4f Vi
3!$ 14
03Hf W
118 Va
14 H
141
4H H
11 V
15114 314
45 h 1W
0014 H
103H 14
"H- 14
2514 ..
6314 f 'A
38H- H
130J4 9
o.t 114
8354 ..
378
100 - H
401
1414 W
8714- H
sow 14
73 14
8514 H
ioo X
120 54
3214 1
44 H
145K H
1
23M H
0314
131-
110 114
13
8 14
?
1814- 14
711
3314 14
118H H
09
44 5, 14
105 14
53 V, 4- J4
HH H
8
3314 U
3H
832
09 54
09
3814 Hi
04 15
10 t- 14
3155 J4
35J4
35 '4
23 'A
33H H
5055 IK
0014 - 14
1315
3554 1
oii4 n
11( 14
0014- H
38K ,..
100M 114
54J5 H
70
85 14
HO
514 J4
11 H Ji
023
50
120 3
21
00 m
1314 15
155 15
13J4 14
8114 15
88H 14
33M- 14
2314 14
1314
0514 V
143H Ti
28 i
73 14
514 15
88
V3 1
70
30Ht-
31
C3 ,.
7714
17 H- Vi
7815 354
5314
3 14
334 H
04 14 ..
0214 - 14
8U-S 114
00 A ii
18H 1
80 1H
70 1
40H H
8H- li
12 14
17K. 14
110
20H- H
30i Ki ,
75J4- '
100 1
Sale
30
300
100
100
1800
1300 .
000
its
1500
300
800
390
400
100
3800
300
100
100
100
1300
100
1300
000
300
100
4.10ft
100
100
300
300
1100
300
300
100
000
100
3500
1000
300
1100
200
300
3300
400
000
2000
100
500
700
400
100
500
2000
730
390
1330
4000
100
1400
100
8000
3100
0800
100
1600
300
100
100
370
000
1800
300
0000
31800
400
2100
100
.1700
C390
400
3000
8310
UOO
230
800
1000
1000
100
400
800
1000
100
100
4300
400
1300
300
3100
800
200
3100
390
100
11700
400
000
8000
'100
1300
000
2300
500
109
200
100
300
800
1030
000
128U0
100
100
100
1000
n t nih
x,ixewo co . . 28H 2054
w Loft Corp ,i Mft 151A
7 Louisville & NashvllI10J54 10954
.. Maxwell Motor ...... U5J4 11554
10 Mexican Petroleum... 197 19s
1.00 Middle Statea Corp... 31 tf 3154
4 Mldvalo Steer A Ord.. 43 42H
7 Minn St P A CSt M.. 09 00
.. Minn & Bt L, new 1154 11
. . Mo Kansas ft Texas, . 0 6
.. Missouri Pad no 2514 25
.. Missouri Paclfta pf ... 4254 43
1 Montgomery Ward . . . 3414 3414
4 MulllnB Body 39J4 39ft
.. Nat Aniline & Chcm,. 80 H. 7054
7 Nat Am & Cham pf.. 95 94
,7 National Dlscult ...,.109 log
5 Nat Cloak A flult.... 8K 9
Nat Enam A Stamp.. 71 K 714
1 Nevada Con Copper. . . 13H 13J4
. , New Orleans T-& Mex, 33 33
10 New York Air Brake. 101J4 10014
8 New York Central,... 69H 8J4
. . New York C A St L. . 31 30
3.80 New York Dock 34 .1494
. Nw York N H ft II. . 30K 3014
1 New YorkOnt &W... 17J4 17K
7 Norfolk ft Western... 9054 fiOH
s North American 5Jj 5055
7 Northern Paclflo 72 71 Ji
8 Nova Scotia S ft C. ... 57 80
.. Ohio Body A Blow.,.. 20)4 39K
.. Otis Steel ...., 27 27
8 Owens Bottling Maoh. 81 54 81)4
.. Pacific Developmnt Co 50 49H
8 Paclflo Gas A Elec... 50 80
fl. Pan-Amer Petrol 108)4 107
7 I'an-Amer 11
iStSO Nt
Low (NYtm) Ch-
20)4 ii
15)5 ..
109)4 1
135)4- J
198 - 1 ,
31)4-
42- )4
19
13J4-
8
25
43
34)4
39
79)4
91
109 114
mi- 14
71H H
13H 14
33 Di
101)4 1)4
60 X
311
34-
30 X
7V
14
"v
'14
14
15
B lioi'. innt& mnw
4 Parish A Bingham... 45 x 34 31
00
5IJ4
72
57
2015
27
8115
40
50
108U H-5
ft
H
)4
IK
8 Pennsylvania R R..., 33
.. Penn Seaboard Steel.. 20
.. Peoria ft Kattern..... 10
.. Pero Marquetto 25
3 Philadelphia Co ..a. 37
.. Phillips 'Pet 44)4
.. Plerce-Arrow Motor.. 5814
.. Pierce Oil 10)4
S Pitts Coal 63V4
.. Pittsburgh ft W Va.. 80)5
8 Pressed Steel Car ...103)4
8 Pullman 115
8 Punta Alegro Sugar. .103
.. Puro Oil Co 41 J4
, . . Railway Securities ... 49
R Railway Steel Spring. 90)4
1 Rwy Con Cop 16
4 Reading '... 88)5
.. Remington Typewriter 04)4
... Replo Steel M54
.. Republic Motortruck.. 49
0 Republlo Iron A Steel. 98)4
8.20 Royal D N Y rts 115)4
.. St Louis San Fran.... 25)4
.. St LouIb San Fran pf 33)5
,. St Louis Southwest... 18
. . St Louis Southwest pf 30
0 Savage Arms 49)4
. . Saxon .notor 10
. . Seaboard Air Lino pf . VJ54
.74 Shell Transport 77
.. Sinclair OH 33
0 Sloss-ShefT 74)5
0 Southern Paclflo 04
.. Southern Rail 27
8 Southern Rail pf 58)4
7 Stand Oil of N J pf.,104
4 Stewart "Warner Sp. . '43)4
4 Strombcrg Carb 80)4
7 Stttdcbakcr 78
.. Ten, 1 cop ft Chcm.... 10
3 Texas Co ........ .f. 40
.. Texas ft Pacific 43
0 Texas Pao Coal ft OH. 43
.. TexPC&O.flpdRctB. 53
0 Tobacco Products .... 71
,. Tol St Louis W ctfs.. 13
.. Transcontinental Oil.. 16
5 Transue ft Wms Steel 53)4
8 Union Bag ft Paper.. 02
.. Union Oil 33
10 Union Paclflo 115
4 Union Paclflo pf 64
4 United Alloy Steel.... 44
.. United Drug rts
12 United Fruit 204
3 United Retail Stores., 81
.. U S C I P ft Fdy 17
0 U S Food Products. . . 73
8 U S Ind Alcohol .... H714
..US Realty ft Imp... 60
8 U S Rubber 101J5
BUS Rubber 1st pf... 108)5
0 U S Smelt ft Ref .... 59
8 U S Steel 05
7 U S Steel pf 100
7 Utah copper 70
0 Vanadium Corp al
4 Va-Carollna Chem ... 75)4
2 Vtvadou Ino 1014
.. Wabash , 854
.. Wabash pf A V4
.. Western Maryland .. 10)4
.. West Md 2d pf 18
. . Western Paclflo 29
4 Western Paclflo pf... 65
4 Westlnghouse K & M. fi0!4
.. Wheeling: ft L E 10)5
4 Whlto Motor 5555
8 Wickwlro Spen Stl Cor 28)5
I WIllyB-Ovorland
7 Willys-Overland pf
. Wisconsin Central
8 Woolworth F W . . .
0 Worthlngton Pump
10)4
. t.254
. 2S
.108
. 73
3914
33)4
10
34
37)4
44
85)5
10)4
02
30'
iotr
115
102
43)4
40
08
10)5
M
C4J4
89
49
00
114)4
f5
3354
1514
25
49)4
10
12)4
70
32
71
03
20)4
58
101(4
4355
84)5
70
10)4
47
41
63 J4
52)5
71
13
1654
23)4
01
31
114
64
43
2C3)4
80
17
71
08
60)4
10055
108)5
50
35
108
60)4
8'l
74
18
7
:3)5
l74
18
27)5
05
50
10)4
54)5
27
10
82)4
28
108
70
39
30)4
10
25)5
37
44
80)4
16)4-
nt4
30)5 1
101 JS V,
115
103
43
40
08
16)4
f8)4
04)4-
00
40 1
98 1)4
115)4
25 1)5
33)4 1 '
10
20
40)4
10
12)4
04
27 1
58)5 1
101 )5
43)5 94
8455-r 1
78 S
1054- )4
47-
43 1)4
82- )4
51 ..
71- )4
13
1055- A
3)4- 1
01 A
32 )4
114
64
43
H -204
80.
17
71 -
06
00
100)5
10.1)5
59
05
100
70
89-
14
"il5
'"'a
14
75 )4
10)4 A
8 1
3 1)4
10)4 )4
182
20 1
05
80-14
10)5 14
55)4 1)5
28)5 1 '
20)4 55
8354 54
28 55
108 J5
733
Ex-dhldend.
LONDON STOCK MARKET
Oil
Shares Continued Cheerful;
Home Rails Steadier
London, July 8 Oil rhares continued
cheerful on the stocx exchange today.
Shell Transport was 7 nnd Mexican
Kagle 9 11-16. treatment support
caused a further advanco in gilt-edged
Investment Issues French loans were
flabby, because of the position of ex
change Home rails were steadier, on
Impending dllknd announcements.
Canadians were quiet, but Argentine de
scriptions showed fresh buoyancy.
Diamonds were strong. Kaflirs were
dull. Rubbers wire good. Hudson's Buy
was 7.
Generally, the markets wero mixed,
but tho feeling was confident.
Financial Briefs
LOCAL MINING STOCKS
70NOPAII STOCKS
n id
Caah Hos or,
Jim lluiler ....'. .1"
MaeNamaM A
MucXurnuru i'rtKnt .... ,,
Midway 07
Mlspah i:xl II
llonlnmi U7
North Star 03
lleacue Hula 14
Tonupch lixt IS
West Unil IV
West Tonouah 03
DIVIDE STOCKS
Allied Dlvldn 01
Alto Dlvldu 12
Hilelicr O'J
Helcher Ext U.J
lien Hur 01
Broufth DUIdo ot)
Dlvlda Ext
Dlvldo Hjnillcatq ...
Dividend t'ona
HUldend
Kaat DIlJo
Harmlll
HuabrnucK DiviU
i!lnh lHMiit
ltevert DMJo
Ittno Dhldc . ..
Ko.iollo .. .
Hllwr Kin . .
Tonopah I)I4
Tiinou.ih Haahruuclt
Victory Dlvlla
Verdu Dlwdw
Zunu .
,23
.01
.01
.03
.111
.on
.02
.01
.01
.01
.01
.112
1A
,1)11
.03
.03
.12
tiOI.DFIEI.D STOCKS
01
Ill
; ; ; ; y,;
Fraction .
Atlanta
Hlue Uull
Hooth
U O D.
Cnmtilnattun
CrutkerlHcL
Dlutnunillleld II II...
I)ul
Klorumu
(Iflldllilil t'ona . .
fioldllold .MerttiT . .
(loldlUMd Development
(Ireat llnd
Jumbo Ext
Kw jnaa
Ionu Htur
Oro
He,! Hllla
Silver Pick
Spearhead
MISCELLANEOUS
Amparo
Arizona I'nlted
)Mn
Mother Lode . .
Nevada Hill ...
N'"Vada Hand . .
Wllbert
Nevada Wonder
Tecnpa Mlnlnit
While Capa ,,,
. ,.
:::!""
(13
,02
.01
.Ot
.17
.Oil
.01
.07
.01
.IM
.01
.113
.01
.01
.03
.02
li
v
.37
.02
.20
.04
.07
10
Aak
.07
UA
A
.08
.13
.111
.011
lU..
IS
.03
.02
.114
.08
.02
,08
.20
.02
,113
.05
.113
.00
.114
.03
.03
.03
.IIJ
.113
1A
.03
.07
.03
.14
.02
.02
.113
.04
113
.10
.02
.113
.2'!
.Ill
.02
.IIS
.03
.on
.03
.07
.02
,IIH
.117
.03
'
.04
.2.1
.UU
00
12
Ndw York' Bond
BALED IK $1000)
rrom Opentnir Until 19 Noon IN. T, Time)
Amer Smelt'
A itefl'c as
1 7774
8 77H
Arienilno It.
publla 0a
2 70
Amarl'n Tol A
TjI clt
1 75
A Tol 4: Tol 61
B 7BU,
8..... 70 Vi
10 70)4
2 78V4
2 7SV4
A Tel ft Tel Oo
1 0SU
1 0814
1 03
Ang-French Da
1 BOH
2 OOU
2.1. ..D0U
2 00 Vi
2 00 Vi
Atch Topeko.
H Fa 4a
1 71U
Atch Topoka
S Fa aja
1 04H
Atch TAB Fo
4a of '00
2 78V4
Atlantlo Coaat
. L rets 7s
1 07 4
0 0794
10,. 1.. D7K
10 UTVi
liat A Ohio ov
8..-:.. B8U
1 BBM
Bait A Ohio 0b
2 84)4
2 84
8 84'J
B 84 i
2 83
3 85
E A O 8 W'n
niy 3'ik
2 70U
14 70
Ii A O Tol 4s
1 45
Bethle'm Steel
C'n 0s '30
1 774
Cent of Oa en
B 78V4
Cent of Of. cv
0 70H
Cent' I It rt of
N J rcc Bs
S 01
C'k A O cv 6a
1 75
1 7BH
2 7BV4
C A O cv 4!4
5 71 VI
1 71,
1...,. 71Vi
Chlcaeo II n A
Qulncy sm
1 72;
Chlcauo D'n A
Qulncy 4a
10... . 03!i
20.,... 04
B..... 04
Chicaco A Q't
Weot'n 4 a
4 Bl
Chicago Mil A
St P d 4a
fi BS
Chicago Mil A
8tP cv 4Vis
1 03
1 3'!
10 131,
4 03U
Chicago Mil A
StP fd 44o
1 B3
Cumb'd Tel
Tel Bo
2 78(4
Dot A Hud 7a
100H
100V4
100 H
100H
100 Vi
100H
100
100 V4
B,
3....
B....
1....
. 6,...
1....
8,,,,
8,.,.
Den A H O 4a
li.... 01
D'n ot Can Sa
ot '31
t 07H
1 07 tt
1 07 Vi
D Canada '20
1 00 Vi
D Canada '81
4..... SOU
Qen'l Eleo Oo
2 08H
"2 08V4
0 08 Vi
IloekJnr val
ley 4V4
1 08
1 08Vi
III Central fd
1 70
Imp Jap a 1st
8,e... 7B
B 74 4
a..... 74
li.... TO
1 7B
Imp Jap O 2d
1.,... 74H
8 73 Hi
Imp Jap Q 4
2.,.,. BOH
0...... CB'i
tnd'a Steel 6a
2 83:
Interborough
Met 4Ha
10 1374
Interborough
Met ct 4Ua
h 8 "Vi
Intorborough
nap T fd
1 47;
8 47U
Iowa Cent' I 4a
10 38 VI
Kingdom of U
0a ot '25
b 00 v;
2,.,.. 07
1 00 :
Kingdom Pel-
glum .Vi
11.... 00 14
2.... 00 14
10 00H
1 00 H
l..,.v O0H
2,.
1....
12.,.,
2....
1....
.1....
20....
1....
8....
10....
BS....
6....
n....
ft....
22....
Lake Shore M
S'n 4s '28
1 784
Lake Shorn M
S'n 4a '81
2 70V:
Lorlllnrd C Ba
1 70
2 704
Louis A Nash-
Mile- clt
1 84
..OOVi
00
D0H
1)11 'i
OOVi
OOVi
00 H
00 Vi
00 it
iinvi
00 Vi
OOVi
0094
OOVi
00 K
3 B3!4'Loula A Naah
Chicago A Nthi vine 4a
Weat'n im
8 72
Chicago Ilock
I A Pao fd
3..:.. 04
0 04i
Chicago Union
Sta it OVia
B.... 102Vi
1.... 10214
.... 102
1.... 102U
7..,. 102V4
Chile Cop'r 7 a
3..... 07
City Bord'x 0a
1 8B
City Lyons 0a
4 8B
City Parla 0a
3 03
3 04
Colorado A S
nallvv'y 4ia
3 07 U
-' 07
Cuna U Uua 7a
1 OOVI
Cuban Cano
Sueur cv
37 07Vi
77
IB 77H
Louis A Naah-
vlllo rctsTs
1.... 101
Midv'u Steol A
Ord'o 44"
2 08
Mldv'o Steel
Ord'o Ba
2 70
Mo Pac gm 4a
1..... B2
Montana Cent-
nil n H Ba
1 8774
Mor A Eax 34
1 03i
New O Tex A
Mexico 4s
1 00
New O Tex A
Mexico Ba
1 El
N Y C A II It
n n 3.is
1 03
N Y C A It It
n n 4 vi
N Y C A It II
n n.oa
6.. 1.. 8074
2 87
Now York CI
Lake B SVia
4...,. B7
Norfk A'W 4a
3 71K
Norfk A W'n
ov 0
l...k. 0S74
N'n Paclflo fu
1 B2U
N'n Paclflo 4a-
1..... 71
No'n Pao 4 Via
8,1... 78.
Oregon Short
Line 4s
B 76 Vi
Pa n gm 4Via
..... 7B74
1 7874
1 70
Ptnna n R Ba
2..... 83H
Piinna i n 7a
10.... IOZK
1.... 103 H
3,... 102H
2.... 102H
1.... 103
8.... 1029a
reorlaAE lit
I...'.. B3
Itcadlng n 4s
B 70VI
8 7ft u
nepubllo Cuba
Bs of '40
10 OOVi
flock Ial Ark
A L 4V4S
2,.... 0274
1 0274
St L I M A S
Railway 4a
2 00
St L I M A 8
Ply Ba
2 00H
St L A 8 K J
r. oovi
20 60
10 OOVi
4 00V4
4 00U
4 0094
St L A S K In
2 '47i
10 47Vi
1 47H
17 47i
10 47Vt
2 47VI
1 47H
St L A 8 Fran
Series A
0,.... B4Vi
1 B4Vi
76 64
B Bl',1
St L A B Frun
Series C
0 824
Seab'd A I. to
6) 3274
1 8274
S'n Pacific ov
1 7374
S'n Pacific fd
3..... 7174
S'n Poo cv Ba
1..... 0B4
7...... 00
G'n IUII w' a 4a
0 BOVi
U K O D I '21
2 00 7
2 0094
2. ...I 0094
U K 0 n A 1
rets '22
8 03
2.... 02 IB
IT K O 11 A I
regts 'SO
1 88K
2 88H
2...., 889.
1 884
1 88S
U K O B I '87
10 HIM,
0 80
23 NO
2 80
U S Mexico 4"
1 289i
U 8 Mexico Ba
1 38
O R Inv't Co
ot 8 F Cs
B 03
0 05
U 8 nub'r Bs
1 70V4
IB 70V4
U d Rub'r 7s
1.... 1UU
U 8 Steel Ba
11 no;
1 Il0i
8 01
41 Ill
2 01 U
Wlleon Co lat
3 87Vi
7..
4..
High
Liberty 3is M.iiS
Liberty 1st 4s . . . 8(1.40
Liberty 1st 4V.H. Sll.no
Liberty IM 4h.. S.I.IIS
Liberty .'Id JVis.. IHI.IKI
Liberty 4th 4Vis. Ml..'i4
I Vie Notes U-h... D.V.Il
Vic Notes 4?i. . . l)."..(l(l
William F. Hitler has been appointed,
transfer olllcer and registration officer
of the Provident Life and Trust Com
pany. Directors of the Ohio Leather Com
pany have decided to offer $300,000 of
common nnd $300,000 of preferred to
shareholders as a means of raising ad
ditional working capltnl.
. Tn2 1nYornKo nrlce of twenty nctlvo
Industrial stocks advanced 10.4 per cent
yesterday to !u 04, while twenty rail
roads advanced 0.65 per cent.
ti?7h2nANe2v Yorl5. subtreaaury gained
$187,000 from tho banks yesterday.
11262 000 a net Bain SlnC Krlday of
Tlie StOCk lint pnmmlll.. e ,U. nun.
?h",m:iiCiha,nKC' haa today admitted to
... 1 7' '" ""l 01 "'0 exennngo
Commerc al Trust Co. Interim recelptB,
representing JB.000 shares, no par value,
i.fJiS.fJ'iUi1 i',0.cU of tno Philadelphia
Insulated A Ire i"o , transferable nt the
oltlco of tho Commercial Trust Co,
Just how far or how lone the market
advanco mnv proceed is a, question puz
zllne many minds if n genuine change
In trend has occurred the movement
should, of course, run for nt least a
month, posslblv to be again resumed.
If t Is but a llaKh In the pan that the
recurrence of call money flurries may
snuff out, both dullness and, sagging
prices should develop
DIVIDENDS DECLARED
i.K5,!lf'ii"rJ;i"' nf -""'""hern Illinois, o.uar
lZvfJ,.lrt?1 f" on common and IVi per
ofreeoVWy'w W'W' A"'U,i S Xo "
armrnnnuul "i'!U "'lnk of Philadelphia.
ni.Vnd. tl'nt' PWWo n de-
Cluett. Pealiodj & (. quarterly of 2 Der
ofn,reeord0Ju"y",iM,""n,"u Au .S?W
Finnnee Cu, of PennaHvanla. quarterly
Snvabla l5TJal S r" 0", HeC"ni1 lTeferrtd,
payable AUguat J aa rrslatered July 17.
ltlManoaf',"i!5"CrJ0enrncol"u, Cotton lnilsV In
A.'fS.,.. 1 .p'f Vnt on common, payable
Auguat 1 to atnek of record July IB. In
accordance w th participating reaturo at
preferred Mock provlalons a apeclal of 60
cents a share w.is declared on preferred,
payable same datea w """'
(N.
Low
ni.no
80.40
80.40
85.70
80.00
8.-..IM)
SI.-.IK)
iir..so
Y. timi)
11:15
a. m
oi.r4
80.40
80.40
S.-..80
80.00
85.118
1)5.110
05.88
Neiv York Curb
(N.Y.tlme)
10:43 a.m.
Hid Asked
Aetna ctfs .,.. 074
Allied un sn
Allied Packeri 1ft
Clt 8 Ultra ptf an
Cleveland Motor Of)
Cosden A Co 7V4
Cramp, old
Curtlas 4
(Inneral Asphalt 70V&.
Olllette Itazor lftn
nllllland Oil 27
(Jllllland pf HI
Cllenrock Oil :;ij
Uoldw n II
In Petro. new a,-,
I, V CI Salea 83
Magma Copper 20
Mcrrltt Oil 10
Mldweat IleflnlnK lis
Mother Lode, new r,K
Nat Oil r,
North Amtr PAP 7
N Y Shipbuilding 37
Peerless 81
uuaaian si 21
11V1H
llusslan
Hlmma Petro
Submarine
Tob Prod Ex ..
Union Carbide .
Un Mln Mex ..
United Motors
U P. Candy . . . .
Un Verde Ex . .
White Oil
Woodburn Oil .
. . Ill
.. 12
.. 13
. mi
ii r,n
. . M'4
. MOVa
. . Ill
. 3S
10
28
18
anw
ON
7H
173
8
77
inn
20
83
18
311
on
31
niVi
1BO
n
7
7'i
42
37
2rt
2N
invi
is
17
011
IVj
113
I,"
32 V4
10V4
Bank of Enrjland Statement
London, July 8.The weekly state
ment of the Dunk of Knglnnd shows tho
following changes Total reserve in-
V'!?ifdnnSl7i0:?.?,u -lrcu,ntlon Jncrensed
2.086,005, bullion Increased t2.8BB,001.
other securities decreased 19,204 000.
ptibllo deposits increased 2,138 000.
other deposits decreased 68,932 000
notes reserve increased 62,000, govern
ment aecurltleB decreased 37,654.000.
TnV.rPp.ort,12n. of tha bank's reserve to
liability la 12 18 per cent; last week it
was 8.49 per cent. Tho rate of discount
Is 7 per cent.
BAR 8ILYER
Bar,slIvar.wM-nH4JK.l?onaon vaay
li fild. no l,id- v-vf,
V ' ' '.! - jIT
a
UIVESTOCK QUOTATIONS
t'hlcogo July 8, HOQS Estimated re.
relpts, 20,000 head: eft over. 10.S24 head
First salea, 1623o hleii.p ih'.n v..!..,?:
:J.r.,d2yi0,r4R.l7dB.M,,4 r"u,,d' Ave"
mwav
"
MEXICO LEADS OIL OUTPUT
Year's Exports Will Be Greater
Than Rest of World
Mexico City, July 8. Mrfklco will ex
port during 1020 between 130,000,000
and 135,000,000 barrels of oil more thnn
all tho rest of tho world Including the
United States, according to estimates
mado hy George Blardone, Tnmplco oil
statistician.
He bases his figures upon the record
breaking production of oil in this coun
try for the first ftvo months of 1920,
when, he Bays, exports were 48.017,107
barrels, compared with 28,236,039 bar
rels during tho samo period of 1919. Ex
norts for May alone are Given ns 12.
520,568 barrels, which Is nearly doublo
the shipments for May. 1919. and nets
the world'a record for one month's pro-.
Tho 'estimate for 1920 of 150,000,000
barrels Is approximately 72 ner rent
creater than last year's production Ite.
gardlng his estimates relatlvo to ship
ments In 1020. which he asBrrts will hn
80 per cent greater thnn In 1919, Blar
done enys nbout 100,000,000 barrelo will
go to the United States,
Tho threo leading exporting companies
for May, 19.20, wero tho Huasteca, 2,
632,485 barrels; Agnlla, 1,899,942, and
the Standard Oil Co. of New Jorsey, 1,
0222,123, The dally average for May ex,
ports, It 1b stated, was 368,792 barrels.
Liverpool Cotton
Liverpool,-July 8, There was an Im
proved demand' for snot cotton todny
with prices easier on tha basis of 11 de
cline of 21 points for middling at
26.62d, The Baies were 4000 bales, There
were no receipts. Futures wero quiet
in the early dealings. Spot prices were!
American; middling fair, 30.87U: goof
middling, 28.12a j fully middling-, 26.87d;
middling, 25,62c-: low middling,. 22.S2d:
good ordinary, 1912d; ordinary, 18,l2d,
National Properties Company
Bondholders' Protective Committee
To the holder of die 4-6 Secured Gold Bond of
National Properties Company
t
A default In tho payment of the Jntoresfduo July 1st, 1020
on tho abovo bonde havinir occurred, It is neccsBary for the nro
tcctlon and assertion of tho rights of tho holders of those bonds
and tho conservation of tho value of the security pledged that
concert nnd unity of action should bo obtained. Tho undcrsiirncd
havo Consented to act as a committee for this purpose ana for
tho protection of tho interest of all of tho holders of tho said 4-0
secured bonds who shall become parties to an agreement which
has been prepared, dated Juno 8th, 1020, on executed copy whereof
is lodged with tho depositary hereinafter named.
Holders of said bonds nro requested to deposit tho same with
tho Pennsylvania Company for Insurances on Lives and Granting
Annuities, at its office, 517 Chestnut Street, in tho City of Phlla.
delphla, tho depositary named in tho said agreement, riot later
than July 20th, 1920, at three o'clock P. M., when tho right so to
do will cease. Said depositary will issue transferable certificates
of deposit therofor. All registered bonds must bo accompanied
with proper transfers thereof.
As soon' as conveniently may be, tho committee will prcparo
a plan and submit tho samo to tho dopdsitlng bondholders, who
will bo afforded tho opportunity of withdrawing their bonds from
doposlt in case of dissent from tho plan. It is essential that
speedy action bo taken, and tho committee urges upon each bond
holder tho necessity for a prompt deposit of his bonds under tho
agreement.
Copies of tho Deposit Agreement may be obtained at tho office
of tho Pennsylvania Company for Insurances on Lives and Grant
ing Annuities.
Dated July 2nd, 1920.
L. J. CIjAIIK. Secretary,
517 Chestnut Street,
Philadelphia, Fcnna.
KVAN RANDOLPH, Chairman:
JOHN GIUBBEt,.
AR.THUH V, MORTON.
JOHN J. HENDERSON,
E. CLAnENCE MILLER,
Committee.
PRICHARD, SAUL, BAYARD & EVANS,
Counsel.
New Issue
$725,000
School District of the
City of Bethlehem, Pa.
5V2 Bonds -
Free of Pennsylvania State Tax
Exempt From Federal Income Tax
MATURITIES
120,000. June 1. 1925
120,000; " " 1930
120,000. M " 1935
120,000, June 1. 1940
120,000, " " 1945
125,000, " " 1950
Prices to return about 5.20
M.
M. FREEMAN & CO.
421 Chestnut St.
Philadelphia
FRAZIER & CO.
Broad and Sansom Sts.
Philadelphia
65 Broadway, N. Y.
MONTGOMERY & CO.
133 So. 4th St., Philade phla
14 Wall St., N. Y.
ii
Investing For An Income
Preferred stocks issued by well-established manufacturing
companies, producing essential commodities, offer an un
usual opportunity to the discerning investor to obtain high
interest yields and with the return of normal interest rates
investments made now should increase in value.
We have a carefully selected list of Preferred
stacks, with strung Sinking Fund prevtsitns
and secured iy the entire assets cf corporations
having no mortgage indebtedness and earning
several times dividends requirements, which
tve recommend to the most conservative investor
Yielding ?o
Ask Jor Folder Xo. PPL 3S7
IlollisJerWhite&Co.
lNCOB0O4Af CO
BOSTON
SPRINGFIELD
North American Building
PHILADELPHIA
fROVIDENCE riTTSFIELD
NEW YORK
PORTLAND
United States Certificates of Indebtedness
Wo recommend the abovo obligations of tho United States
Government as a most desirable Investment for funds reserved
for futuro payment of taxos, interest, dividends and other shortly
maturing obligations.
We can offer limited amounts of tho following maturities.
COUPON
KATE SIATUIIITV
4Vt Sept 15, 1920.
4A Dec. 15, 1920.
4 March 15, 1921.
6 June 15, 1921.
at rmrES
TO VIKLDl
.5Vs
5
5
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Graham, Parsons Ik Co.
43SChetnut Street
Philadelphia
i 1812 1920
THE
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus - $7,000,000
Member Federal Reserve System '
DBOAD BTBEET OITICH
CbMSBCt Mut Juilpar 1UMU
517 Chestnut' Street
Philadelphia'
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