U
v m
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J
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r
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I 'JtJI-u. t. '-t
LLAUiSLiFEaAr'
;. ?
.li VMtiXNXJNl 'UJ3UXU XllKJLUTJUiX XJ
' y ".'? ' ' f . .
tv
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l
;'
i t
im
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&
IVitT
' Tt
iv.i
TO!
1
i&i
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4
r
$
ff'f i
i-V
il
i.
!,
1
h,r'j It
:H
kf
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I J
P
Iff
t
ri
ls
rn
kI
-,
6 i
ET
1
fa
It '
&
IH
l! t'i
IT.
ivwm
M
fr..
';
, a
Vr
,r:
re. r
(. t
1$
". Js.
f High Yield
'!'That is the condlUon as
S 'demonrftrntcd by the list
itrc have prepared for July
ci juvcaiment.
t The July Purchase Sheet
J Bhows rates of rotura
urUMi ph to orfsct tno
I? present high cost of living.
ii . TH rtrewlor, fconM
f .ini in nitorj; t
vll b rnl upon r(at4t
or rtf-JU.
TheNatioRalG
? Lompany
. Offlcei In over 60 Cltle
IpiiluholphU 1421 Chestnut St.
h. Ail.n!e CKv ChaKontt Block
t 1225 Boardwalk
INTEREST SHIFTED
TOjAILSHARES
General Reaction Near Closo
When Call Money Rate Rose
to 10 Per Cent
NEW YORK STOCK EXCHANGE TRANSACTIONS
it
June 1st Dividend
on
I Cities Service
i Company
$ Preferred Stock
was paid to
f 19,410 Stockholders
of Record
?A wonderful evidence
I of confidence in this
if Investment slock.
V X?trcIar "P" on request.
fHenry L. Doherty
& Company
604 Morris Bldg.
Philadelphia, Pa.
Tliono I.ocuit 1440
U
The Advantages
Long Term Bonds
Mortgage obligations
of recognized value
Pjwith long maturities
are seuing at prices
which reflect the pres
ent inflation and de
mand for money.
These securities offer
the following induce
ments: Well protect
ed principal, liberal
income, and as con
ditions return to nor
mal, appreciation in
market value.
n ,-
m
'" i Write for recommendations.
Jlemphill, Noyes & Co.
Utmbert New York Stock Exchange
Franklin Bk. Bldg., Philadelphia
New York lioston Gcranton
New Yorl,- .fitly I). The rnllronil
nhnrp timlor the' lradcrslilp of the
I hiioynncv of Heading enmp in for n
hlc Itintnic In today's itork market.
There was tho famllinr shifting from the
industrial tn rail dlvWon with ion
iderable realizing In the former under
the rover of the- strength and activity of
the latter. At the same time pools and
other speculative cliques gave n greot
, deal of attention to their various
' favorites, which had the effect of bring
ing n number of obscure issues Into the
limelight, while some of the recent
1 active leaders retired momentarily to
! the background. The forward swing
was well sustained until final hour when
1 a general reaction set in tinder the flurry
in call money to ID per cent.
In its general characteristics the
market differed but little from that of
vesterdav. in that conflicting currents
; were conspicuously In evidence through -lout
the entire session, which was to be
expected in view of the continued nar
' rowness of the market and the high per
, centagp of the professionalism of the
dealings. There was, however, nccord
j Ing to the boardroom reports, quite a
considciahle influx of outside interest,
. but the helm of the market was un-
f questionably in the hands ot the profes
sional contingent.
As in the previous sessions, a num
ber of the pool combinations were quite
nndy to take every advantage of the
easier state of the coil money market,
nnu were disposed to moke nu much hay
nx possible while the Bun of easier rates
shone. Trading, in consequence, held
nt its recent level of activity, but shifted
with greater confusion from reprcscnta
1 tivc stocks to comparatively obscure
specialties. Ilemingtoti Typewriter, with
Worthiugton I'uuip, Chicago t'neumatic
iTool and International Puper, for ex
' ample, were conspicuous nt gains of U
to i points, while Houston Ull. wmcii
made its debut yesterday, scored an
other spectaculur advance of IS points.
At the s.une time pools did active work
in the U.win stocks and Mexican oils.
Kntcr the' Independent steel shares, rub
ber, sugar nud tobacco issues helped to
swell the olmne of business.
In the mpniitinie. however, the real
'outstanding fenture. from n scu'linentni
.viewpoint, was the spirited upbiddlng
of Heading to the extent of more than
4 points. This was followed by ad
vances of 0 points in Lackawanna and
'' points in Jersey Central and I)pln
ware nnd Hudson. The Pacifies, soft
coalers nnd other members of the rail
group were elevated from fractions to
over n point. While thoe issues were
pushing forward n number of the recent
prominent leaders of the industrial di
vision gave ground under the weight of
the Increasing realizing sales.
The efforts of the reactionary party,
however, to force n backset met with
little success, as those on the con
structive side were fortified by the con
tinuance of the 7 per cent, call rate,
which indicated an easier condition in
view of the fact that today's loans
carry over until Monday. The expo
nents of higher prices were likewise re
inforced by the aiinouniement that Ger
many had accepted the terms of' the
Allies, coupled with the hopeful feeling
in banking circles eugendend by the
successful offerings of about SS."i,U(IO,
000 of securities n the last fort -eight
hours, including the Swiss loan nnd the
Armour issues.
Leading stocks reacted shnrpl in the
final dealings when the rate for call
louns roc to I) per cent.
LOCALS KEPT UP
A STRONG FRONT
pi.
In t High
AJax Rubber .....,,. OS
.. Alaska Gold Itlnei,,. lji
.. Alaska Juneau, a 'Mi.. 2
1 Allls-Chnlmers ...... 19
.. Am Heot Sugar J4
10 Am Bosch Magneto ..131 J
., Am Can .. 43H
7 Am Can pf SOW,
i: Am Car & Fdy ......141K
4 Am Cotton Oil 48)4
80 Am Drug Syn ...... 13
fl Am Express .........ISO
. . Am Hide ft Leather.. 173(
7 Am Hide & Leather Pf S3!i
4 Am Ice ..., 47
a Am Internal Corp ... to
1 Am-U France Kng . . 11 M
5 Am Linseed ......... 83 K.
e Am Locomotive . ,s. .loitf
7 Am Locomotive pf ..,103
.. Am Safety Razor . .,. 1JS
. Am Ship & Com 24 ?
4 Am Smolt A Ret .... 62 H
5 Am Steel Foundries.. 3IH
7 Amo Sugar Ref 130
10 Am Sumatra Tob .... ft4t
7 Am Sumatra Tob pf,, 80
8 Am Tcl-& Tel 03)J
so Am Tobacco ........ 230
6 Am Tobacco pf new.. 8
7 Am Woolen 08 !4
.. Am Writing Taper pf 46J4
.. Am Zinc Lead ft Sm.. IS
4 Anaconda Copper .... &iV
. . Ann Arbor 14
.. Assets Realization ... 4
4 Aaso Dry Goods 33H
fl Associated Oil 83,
.. Atch Top ft St F SI
5 Atch Top & San Fo pf . 73
.. AU Blr Atl 8
10 Atl Gulf & W I S S...HS
8 Atl Gulf ft W I pf ...
7 Atl Refining 7 pf ...104J4
t.so Baldwin Locomotlvo..l38'4
7 Baldwin Loco pf 7K
.. Baltlmoro ft Ohio ... 33
4 Baltlmoro & Ohio pf..
8 Barrett 8
,. Batopllas Mining .... l'i
.. Bethlehem Motora ... 24
f, Bethlehem Stl 8- pf.107
6 Bethlehem Steel B ... H
. . Booth Fisheries 0
.. Brklyn Rapid Transit. 13
10 Burns Bros 113 J4
.. Butto Copper & Zinc. 0&
.. Butto & Superior Cop. 33 U
.. Buttcrlck J
.. Caddo Central O & R. 1W
o California Pncklng .. 7114
.. California Petroleum. 33
7 California Tetrol pf.. JO
10 Canadian Paclllo ...1181s
.. Case J I
8 Central of N J MO
0 Central Leather 08$
7 Central Leather pf...l
4 Cerro do Pasco Cop.. &
4 Ccrtnln-t'd Prod
in Chandler Motor ....104 ',5
4 Chesapeake & Ohio... 5?
.. Clev Cln Chi & St L. . &
. . Chi & B 111 Kq T ctfs. iVi
. . Chicago & Gt West. . . 8
2 Chicago & Gt West pf 32f4
.. Chicago Mil & St Paul 34 J,
.. Chi Mil ft St Paul pf 81 H
6 Chicago Northwestern 70 1
8 Chi Pncumntlc TooL.lOlH
.. Chi R I & Pac 39
6 Chi R I ft Pac 6 Pf-
7 Chi R I ft Pao 7 pt 73K
.. Chile Copper 0!4
300 1.80 Chtno Copper ay
3000 l Coco-Cola 3 J
100 8 Colorado Fuel ft Iron. 3
100 .. Col & Southern t1
200 B Columb Gas ft Elcc. nv
3500 l Col Grnphochone ...
100 4 Comp Tab Record ..
.100 7 Consolidated Cigar..
3)0 7 Consolidated Gas ...
300 7 Continental Can ....
400 s Con Intcrstato Cat M,
7000 8 Consolidated Textiles
3600 l Continental Candy ..
3000 4 Corn Products Ref..
8ftlt
300
300
ilOO
800
110o
3100
1800
100
1400
800
400
100
800
300
700
2300
1700
3300
3000
300
1600
1700
1000
000
3300
3300
100
1300
100
300
6800
800
(100
3800
100
300
300
too
1100
300
400
1800
100
100
24300
100
4C0O
900
13100
800
1000
340
4000
200
600
3500
1400
200
200
700
91)0
1000
200
1100
100
100
1000
100
300
100
JiUO
1100
800
300
300
300
H0O
700
O0U
3100
3800
700
300
2300
700 ,50 Cosdcn ft Co.
I
A Complete
INVESTMENT SERVICE
Specialists in
OHIO MOTOR AND
RUBBER STOCKS
ACCEPTANCES
BONDS
STOCKS
CORPORATION
FINANCING
OTIS & CO.
Investment Bankers
Members "f v York Stuck
exchange
CLEVELAND
Boston Detroit Cincinnati
Columbus Akron Youngatown
Denver Colorado Springs
Toledo
ISLAND OIL AND
TRANSPORT
The recent Hating of this e
curity on the New Vorlc StocW
Exchange lends added interest
to the facts brought out in our
Special Letter I. O., a compli
mentary copy of which will b
lent upon request.
Marketable nccxniKci carried upon
eonacrvutivel tnnroiriul basts Odd
hots a specialty. InquMei in
vitrei. MILTON HEIM & CO.
(8ucreortn (inlilbrrc 4 llflm)
.,.,,,- I I'lillii. Mock l.ML.iite
Member I Cmn st0(.u j;i rf N y
1822 Chestnut Stroll
Phenol llrll, Knrurn nun-1300.
KoTllnnr. Itnr 780.
74 Ilrooiliviiy k 4HO nth Art.. N. T.
mnmiorn. lgiir,
Electric Storage the Stellar At
traction With Spirited
Rise of S4
ICIeotrie Storage lintten was the
stellnr attraction of todays local mnrket
with a spirited ri-e of 1 points to l.'IO.
The movement came in for considerable
.attention by reason of the fait thnt it
l occurred slniilltaneoiii.h with the
formal ratification of the proposed in-
ciease in the capital stoi I, As the com-
J pony had already procured practically
I nil the proxies the oflicinl side of the
I stock allotment indorsement was merely
a perfunctory perrortnnure. ith the
stock 30 points above the allotment
price pnr i.?100), the melon-cutting
nntiirnlly wns made to appear more en
ticing.
It w-as learned from reliable quarters
thnt nioie than S." per cent of the share
holders had nlrendv expressed n willing
ness tn take up the allotment subscrip
tion privilege, which foreshadowed little
Work for the underwriting s .indicate to
do While nothing additional of inter
cut was guru out nt the special meeting
of the shareholders, it was intimated In
those who should be in position to know
thnt further important nnd plensing an
nouncements ore to be made ut an early
date.
eu in line of prominence was Lnke
Superior Corporation. The trading In
this speeuilt was unusunllv actiie
without nnv definite explanation. The
buung. however, lifted the price to 1.".
or I".1 points above the recent low
w.itcr mark and 7 points under the high
priei of the ear. The movement had
nil the cniinniks of speculative manipu
lation With the exception of Philodelph.u
Knpid Transit the other local slinn-.
kept up u htrnug front. Amcrimn
Stoics and Hrill were each '.. point
higher. I niled (Jns Improvement moird
up 'i to I-1.' There was good tmi
nig of the railroads, with I'entj Imiihh
--11i iti? un to 10 : Lehigh Vnllc to a:i is
nnd Lehigh Navigation to584. Philn
delplua Llectiic retlected the same -trong
support, holding firm nt LI!,,..i. I nmn
Traction ns steady at 30, hut Itapid
Tiansit ft 11 back to 10.
2900
100
4600
300
400
!)00
900
2000
2400
100
100
:oo
100
100
AOO
100
H90
800
too
1000
1200
100
2000
2810
200
100
100
200
400
22800
100
1300
100
100
100
2000
100
141)0
409
3M0
200
8700
1400
300
400
1110
1H00
300
100
jno
300
1100
tnuo
too
,00
4 7 )0
l.inoo
16001)
8 Crucible Steel ...
7 Crucible Steel pf
Cuba Cane Sugar
. 31 Ti
. BOY
. C7
. 80
. 80J4
. 13&
. 3714
. 13
. S7'
, 3S!-i
.101
. 88
64 H
.. tUDa I.UIIV JUKUI .... - '
7 Cuba Cano Sugar pf 705
7 Cuban Amer Sugar... 88
n Dvlaware ft Hudson.. 91
10 Del Lack ft Western .199"a
.. Denver & Rio Grande VA
.. Denver ft Rio G pf... HH
.. Dome Mines 1
.. Duluth So S & At .... '
2 Durham Hosiery ... 50
7 Durham Hosiery pf . 05
.. nik Horn Coal 21 i
6 Kndlcott-Johnson .... BW
7 Iidlcott-Johnson pf. 0
.. Erie ,J-
.. Erie 1st pt ;0,,
.. Erlo 2d pf 13'5
8 Famous Players L... M
6 Famous Players pf... "OVi
lo Fisher Body 111
3 Flsk Rubber 3H
. . Freeport Texas 253
.. Gaston WmB ft Wig.. 13
.. Gen Am Tank Car....
8 General Chemical ...111
0 Genernt Cigar 6'4
8 General Electric H3?
1 General Motors ctfs.. 27 74
;n Mot C'l deb . 73
6 Goodrich B F 5
7 Goodrich B F pf SS
. Granby Consol M ft M 38
2 Gray Davis 28
7 Great Northern pf.... 71 Vt
2 Green Cananea Cop.. 31J4
4 Gt Nor Oro ctfs .... 30 Yi
.. Gulf State Steel .... 68H
4 Haskell ft Barker Car 7SU
Hendeo ctfs 33
.. Houston Oil Co 108
t Hupp Motor Car .... 17 M
8 Homestaka Mining . . 44
7 llllnoli Central 'g
.60 Indlahoma Hef . ... H
4 Inspiration Con Cop.. J3
. . Inter- Cons Corp .... 8'f
.. Int Agrlcul Corp ...,38s
ft Int Agrlcul Corp pf... HS
7 Intl Harvester '31
.. Int Mer Marino 3314
6 Int Mer Marino pf. . ?4
i itu Motortruck 1st pf 81
Int .Motortruck u ! i
International Nickel.. i8'a
international Parier . . 804
Invincible Oil Corp... 3H
Ixm
WV2
m
3
38H
04 U
119
42H
eoM
140
46
lUi
180
17K
92H
43
88H
IVA
81 H
UVA
101
ioH
28
ot M
30
127W
93li
8ft
93'
230
88
BAH
46
14 K
47 H
14
3
31 M
03
80
72H
R
165
60
104 J4
13414
7i
33
43K
140
1
2354
107
91 Yi
9
11J4
111
8J4
234
134
17H
71
334
69
117
14V4
200
07 H
101
4H
63
10354
84
.82
7
SY
23'i
31 H
81 Vl
70Ka
08 Vt
3714
tfl
7355
15H
1
31 Ji
35
24 W
87
31
SO'.
664
79 4
8V4
13H
35 Y
11H
oon
. 38
150
95
43 V
7954
54 H
Ra.54
104
5
11H
10
Y
48
05
21 54
S8J4
90
13H
1854
1354
80
8RH
11854
83?;
24
1354
0
171
07
143
37
73
4'4
88
38
25
7054
3154
30
6354
78
33J4
0354
1754
84
83
754
6354
3H
28 J4
85
130
33
13?4
61
tm
I7K
84
41 H
Today's Met
Close Chf.
68 154
154 54
88T4- tf
9454 V
119 - 154
43K- 54
oh ;
140 - 1
4654- y
1H- 54
150 54
17J4 X
9354- W
43 - 1J4
89 - H
11 54
8354 1J4
10354- 1
103 3
18H- Vk
38-54
0354- V
39 - 54
120U a'
9354- H
89 354
9354 54
230 8
88-54
9S- 3K
40H T4
14JA H
88 54
141
37s H
3854- H
03-2
80 . .
73
8 H
16854-2 V4
68 54
104 H
124V4- W
07H ..
3314 T4
4354 54
14054- 54
154 W
2354
107 54
97
9 54
1154- !4
113 154
9
2354- J4
14 1
1854- H
71 - 3.i
3354 - Y
69
118 Ui
1454 54
300 2
0854 - 154
101 5- 2
45 54
82 3
10354- i
84
8454 14
755 'A
854 54
3354 IK
3434 H
S1J4 H
7054 54
10054
3754- 54
6454 M
73J4
1534 54
3154
30J4 1H
35 ..
2454 154
8754 54
3154- H
5054 54
07 ?4
80
8J54 Ui
13H- 54
37 14
125-i-i-
117 'i
38 - 34
180 - 154
05 234
63 J4- 54
70 54 54
81 34 - 54
00H 14
100 2J4
554 J4
11 H H
10
4 54 54
50
95 1- 2
21 55 55
883-4- 154
L
90 -1334
1954
1354
b04
so
11854-
31
n
13
60
171
!
'
'
1
- 3
Dlv. '
Boles Irt f in(n
7 .. IslftndOll 754
too ,, iron Products Corp ..4654
10J .. Jewel Tea ......v... 1354
200 a Jones Bros Tea 34
00 ., Kan City Southern... mu
800 4 Kolly-Spg T 113H
000 .. Kelsey Vfheel 7154
0 3 Kcnnecott Copper .... 3754
1300 l,3o Keystone T A R SI 54
6100 e Lackawanna Steel ... .7954
800 i Les 'Rubber Tiro .... 10)4
lioo s.BO Lehigh Valloy 48 H
00 i Looae-Wllca Biscuit... 81
800 e Loowe Co 2614
.. Loft Corp 1654
13 Lorlllnrd Tob .....'..14154
7 Lorlllard Tob pf 100
,10 Mnnntl Sugar 123
7 Manhattan Elev guar. iV4
.. Maxwell Motor ctfs.. 18H
.. Mnx Mot 1st pf ctfs.. 41
.. Max Mot 2d pf ctfs.. 1854
8 May Dept Stores ....113
10 Mexican Petroleum... 109 Ji
8 Mexican Petrol pt. . . . 96
2 Miami Copper 33(4
1.60 Middle States Corp... S3H
4 Mldvnla Steel ft Ord.. 4354
.. Mo Kansas ft Texas.. 64
.. Mo Kansas ft Tex pf, 1154
.. Missouri Paclfto 26
.. Missouri Pacific pf ... 63)4
1 Montgomery Ward . . . 3854
4 Mulllns Body 4354
3,80 National Acmo 38
.. Nat Aniline ft Chcm.. 86
7 Nnt Am ft Chem pf.. 5
8 Nat Cloak ft Suit.... 68)4
.. National Con ft Cat.. 0
A Nat Enam A Stamp.. 73)4
National Lead '79 H
.. Nat R R of Mcx 2d Pf 54
1 Nevnda Con Copper... 13
. . New Orleans T ft Mex. 35
10 New Tork Air Brake.163
8 New Tork Central.... 70js
2.80 New Tork Dock 87 ,
8 N TDockpf ;
.. New York Nllt H.. 54
1 New York Ont&W... 18J4
7 Norfolk ft Western . . . 1
6 North American 68
7 Northern Pnclflo 73
S Nova Scotia S ft C... 8854
.. Mullay Co "54
.. Ohio Body ft Blow.... 754
, .40 Okla Prod ft Ref )4
.. Otis Steel ". 2054
8 Owens Bottling Mach. 8154
. . Pacific Dovclopmnt Co 4854
0 Pan-Amer Petro. 108 J4
.7 Pan-Amer B 101 54
8 Pennsylvania R R.... 89J4
.. Penn Seaboard Steel.. 26J4
.. Peoples Gas Chicago. 35
.. Pero Marquette 25 J4
8 Philadelphia Co 37H
.. Phillips Pet 43J4
.. Plcrce-Arrow Motor.. 58J4
' .. Pierce Olt 1854
8 Plerco Oil pf ?4
0 Pitts Coal "03V4
.. Pittsburgh ft W Va.. 3155
6 Pressed Steel Car ..'.103
7 Tressed Steel Car pf . . 8854
8 Pullman "'14
B Puntn Alcgre Sugar. .10454
.. Puro Oil Co 43K
1 Rwy Con Cop 17)4
fl Railway Steel Sprlng.100
4 Reading. 034
2 Rending 1st pf 4
2 Reading 2d pf 44)5
.. Remington Typewriter 7354
.. Replo Steel 8354
.. Republic Motortruck.. 61
e Republlo Iron & Steel. OS
6.20 Royal D N Y rts 115
1 St Joseph Lead 10
.. St Louis Son Fran.... 2534
.. St Louis Southwest... 15H
.. St Louis Southwest pf 254
6 Savage Arms 81
.. Suxon iotor 1054
.. Seaboard Air Line.... 734
.. Seaboard Air Line pf. 13
8 Seam-Roebuck 200
1 Santa Crecllla Sugar, zi
.74 Shell Transport
.. Sinclair OH
o Sloss-Sheft ,
6 Southern Pacific . . .
. . Southern Rail
7 South Porto R Sug pf .108
so Standard Ol of N J..oso
7 Stand Oil of N J pf.
4 Stewrirt Warner Sp.
4 Stromberg Carb,....
7 Studcbaker
6 Superior Steel
, . Tcn.i Cop ft Chem...
8' Texas Co
, . Texas ft Pacific
fl Texas Pac Coal & OIL
0 Tobacco Products
"4
1'i
H
r . .... Oftrt frn...n
I.Mai .air 3!i. !') ehsrn L0mprcu Willi ... "-v.
verm. 1 til'.' 013 shares.
07
11334
37 -73
154 - V,
88
38
25 '-5
7155 1V5
3155 "2
3655 "4
6355 )4
77H- Vt
33 J4- 54
103 13
1754 - '5
51 1
83 J4 r H
7H- !s
5755
544 3
35 Ji 1
S4 - '4
130 - 1
33
11154- i
81 - I
6934 '4
" 'i - ',
804
4355 :
Hi Hid
800
100
100
700
300
300
100
100
100
700
100
300
13500
4300
1300
600
2400
1100
4400
3000
100
14900
2000
200
400
800
-300
200
900
100
1300
3600
600
100
4500
100
400
100
1100
600
100
100
1600 .
300
300
409
7000
1000
3600
400
100
3000
200
1000
6800
200
200
2510
1000
900
200
800
1000
1600
800
200
65400
200
100
1800
2000
600
3100
1600
700
2100
1300
600
200
600
300
600
100
301)
000
609
2600
6 7 DO
0200
100
20
1000
400
0100
4600
400
500
6000
000
1300
3000
1200
500
200
300
lnoo
100
100
100
1(100
1O10
200
100
6700
3U0
1700
1400
4100
1700
200
300
3300
8I0
100
nooo
600
too
600
300
200
1000
100
100
too
100
1000
100
1600
3S00
400
300
2000
77 34
32 Is
174
9434
28 H
.t055'4
. 44
. 9734
. 7754
. 6434
. 1055
. 48J4
. 1354
8354
73H
Transcontinental OIL. 17
.no Twin City R T 32
8 Union Bag it Paper.. 9114
.. Union Oil 3354
10 Union Pacific 11455
4 Union Paclflo of 05
4 United Alloy Steel.... 445i
H United Drug' HO
.. United Drug rts 54
12 United Fruit 207
.. Unl Rwy Invest pf.. 3
. Unifd Rwy Invest. . lo'S
3 United Retail Stores.. s2U
.. U S C I P ft Fdy ,8'''
6 U S Food Products... 1134
8 U S Ind Alcohol .... 9654
..US Realty ft Imp... 6155
8 U S Rubber l2 5,
8 U S Rubber 1st pf...lOS54
0 U S Smelt ft Ref .... 60
BUS Steel s
Low
H
)4
.54
23 J4
17
11314
7)4
37
30
74K
3134
48
80
3654
8K
141)4
100
130
41
18H
41
18)4
113
18)4
08
33
31J4
3K
54
MH
4354
3154
40
16
8054
94
54
0
5134
79
6)4
1334
SS
101
54
84)4
56
3034
18 H
0054
58
33)4
66)4
1854
2754
H
2854
61
4734
10754
10054
38)4
26
35
25
3754
43
8334
16
8154
6154
3954
10154
98
11654
103
4354
10H
9034
8734
44
4454
7054
8834
80
06)4
113)4
1534
25
15
20
50
10
734
1354
200
23 14
7055
33
75
94 54
27 H
108
648
10434
43
8954
76
(3 34
10
4734
1254
6134
71
1655
30
91
3154
l"Ti
05
4454
110
55
2054
2354
1054
so 55
1854
7054
0434
5954
10054
10854
89 54
1)4 34
1 New Yorlc Curb
7 U S Steel pf 10834' 10854
7 Utah copper 694 60H
6 Vanadium Corp 93 8055
4 Va-Carollnn, CTiem ... 75 74 55
2 Vlvadou Ino 154 1054
. Wabash H 854
. Wabash pf A "U 24
. Western Maryland .. 1054 10
. Western Paclflo 30 20
4 Western Paclfljj pf... 65 65
7 Western UnlonTel... 8131 8134
7 Wcstinghouse A Brakcl07H 107H
4 Weatlnghouse K & M. 8014 40
. Wheellng&LE 11 1034
4 Whlto Motor 53 H (394
8 Wlckwire Spen Stl Cor 30'4 2934
1 Wlllys-Overlund !0'4 loH
5 Wilson ft Co 50i 50
BWoolworthFW ins', 107
o Worthlngton Pump .. '014 124
Ux-dlvtrtentl.
Thus tar thin
Todar's Net
Close Chr.
13)4- 54
23)4 H
18
11354 1H
71)4 H
37 V
10 - n
i7l4 8
3054 y
43H W
(1 3)4
3054- W
jjfgt lit
100 - '
1334
1834 H
, 41 4
15)5 H
113 14
1I8H J
96 1
32 54
4334- M
634
11 IIH
28H i
4354- 54
84.T4
4354 354
35 H
86 J
5 f 1
8854- V
9 54
73 J4
79 H
854- H
13 54
38 1
101)4 54
70 54
35 H
60
31)4 H
.18J4 .
01
58
7354
66)4-
1554
2754
4)4
2654-
61
48 -1J4
107H H
10054-
39J4
38J4
35
25)4
3734
43 Ji
5334- 1H
10)4 54
8454 54
6154- H
3154 1)4
101)5- 54
98-54
1I7J4 2J4
103 - J4
43)4- 54
1754- H
100 - 54
91J4 54
44 54
4455 1
73 354
054 154
513
97-54
113J4- 154
1634
25 -
15H
30
50
13
200
23 34
7055
33 -75
04H
3734
108 -
618
103
43 -
90
7054-
54
10 -48
43K 54
5134- 114
7154 55
I6r4- 54
33 4H
91 54
3154- 34
"854 J4
66 54
4455 54
110 3
54 - 5t
306J5 154
J3 . 34
1034 r I
si h n
1854 55
71 54 - 54
434- 154
59 J4- 54
10034 54
108)4- H
60 54
94)4- 54
108J4-
60M
854
INTUfiTRIALfl
Acme Ceal .!.,.. 2H 3H
Aetna KxnTosWe ,.,.. 10. 10.
Amer. Ilrake Hhne ,..,.. 40ft 48)4
miusn-Amer Tob coup,. 14 14H
.
, IU1
87
a
' 2B
,.,.,,.
k
89'
81
70
44
120
3
6H. K
30 ' 80
. HO SO
. 18 1354
ll'L 1U1
Last
iS
401.4
103
88
3
25
10
n
81
70
80
120
3
. 2l 3U ,2(1
isr 2lU SSU 24U
3854 2AK 28H
1II.....T..,I1, .1
Deuford Motor
Ilorrlens Conrt ......... ,104
liordens .Cond nref ...... 00
i;ar ivitni ...,,, , .a
Contey Tinfoil ,,.25
Continental Motor, . 1....OO
Dominion n H Co nn
Rmplra Steel .31
Kmplre Steel pref , .'70
Franklin Motor 80
General Asphalt 7854
rliVMVear Tle 197
urap uia 2
urap uia prer .
Clusntanamo Bugs
nercuus 1'aper
Heyden Chem .
Itytlraullo Hteel
Hrdraulte Steel pref
Intl Kubber
Llarcett Int
Manufacturers' I.l.hl B'i mu tiu
National Leather 4. 12. 12 .12f
North Amer Paper 7Z 111 1U
N J ' Ztnp 105 104 194A
rtilla. pectrlo ....,,,. 28al '23 3,
Perfection Tirs , ,. 24 354 2V4
It J Reynolds (new) 40 MO 40
Rainier Motors 8054 854 3054
nrnurr .111 .... t ....... .10- 1111
Nubmarlrw Host .,,,.,,. is 12
flwlft Internatlorml H7U sn
limes nquaro auio sz
U 8 llhth Hpeed Toot 811
U 8 Mum 2li
United Profit Sharlna-.... IU
United net Candy ........ 15
Willys Corp id
Wlllya Corp 2d pref 80
Wright Martin Aera. .... 754
Wm Davles .-. 80
8
ia
101
31
81
ft
'
60
7
30
Allen Oil
Alll
3i
28
18
80
10
8H
3U
iff
10
120
13i
87
81
81
- T
1J
10
89
7
30
STANDARD OILS
Ant lo-Amer Oil 28)4 2854 2854
Standard Oil of Calif.... 917 813 817
Standard Oil of N T....808 300 805
INDEPENDENT OILS
1KI
Had Oil 2T
Arkansas Natural Gas. . IS
Atlantic Quit 80
Hi- IleArt 104
Doon. Oil ..., 8H
lioston Mexico 2U
Boston Wyomlm ........ 1H
Carlb Syndicate 20
Cosden ft Co ..,,..,..,,, 7
Dominion Oil 10H
Duquesns , ." 4
Elk Itasln Petrol 8)4
Enclneera Petrol lW
Esmeralda Olt X
Federal oil 2U
Fenaland lx
Ollllland Oil .,.-. 38
Olenroek Oil 2
Granada 13
Ouffey Gillespie 2954
Hudson Oil A
Intl Petrol 38 54
Kan County Oas 1
Lanos Creek H
Livingston 8
Lone Star Oas 28
Ms.racalbo Oil 284
Merrltt Oil 10H
Midwest Ref 1BO
:orth Amer Oil 84
Omar Oil 4Vi
Panhsndle pref 01
Red Rock Oil i
Roy de France 0U
Royal Dutch rts 3254
Ryan Cons SO
Sapulpa Ref 1
Halt Creek Prod (new).... 13
Shell Transport rts 22
Hlmmi Petrol 10
Mkelly Oil .. UK
Superior Oil ' ITS
Superior Oil rets 10
Texas Ranger H
Tropical Oil 21
Un Texas Oil V H
Victoria Oil (new) 1U
Vulcan Oil 24
White. Oil 10 H
Woodburn 4
NEW YOrK CUflB (Continued)
V.gSSA" !!
Hamburg 454s ..,....,.
inter Rap Trim 7s ,...
Kennecott Copper 7a,,,.
10
24J4
28 ii
Z
Sinclair 7s ,..o.t BT:
ninclalr 7Hs 97
Stuttaart 4a 27
nwiss DU .,..(. 8S
29454
33 54
mi
54 08
7
K 27
10
32ft
Wl
'i OSJi.
whim n(l 1 1 i t no oo ',.
Swiss Bs 4i. 101 1O0H 10H4
Texas Co '.,..(...... 08' 0J7 07
West Electrlo 7 ', 9854 98V4 0851
MONEY'LENDJNQ RATES
NEW YORK Money on call oponed
nt 7 per cent: high, 10;. low, 7; last, 10;
closed, 10 : ruling rate 7 per cent......
Time money, conditions are unchanged,
no Increase" In offerings being reported In
spite of the continued 7 per cent rate
for call money, Rates quoted aro as
before: 854 per cent to 9 per cent from
thirty to ninety days.
Acceptances are quoted unchanged at
,8 a; -per cent to 654 per cent discount.
rilir.AnKl.rniA Call, 6 per cent;
time, 6 per cent; commercial paper,
three to six months, 6 por-cent.
(Note These are, merely nominal
quotations, as the legal rate of. Interest
In the state of Pennsylvania Is fixed at
6 per cent. Plus premium and commis
sion time money for thirty to ninety
days Is loaning at 8 to 8 per cent,
while commercial paper from three to
six months Is being offered at 8 to 8
per cent.)
.T.ONIJON Money Is quoted t 4
per cent. Discount rates, short bills, 6 54
per cent; three .months' bills, 694 Per
cent.
BAR SILVER
Domestlo bar silver was unchanged In
the Now York market today at 99 54c.
foreign 9194c. a decllno of Jc. In
London, the price was ld lower, at
Baud.
FbRElttrJ EcHANCte
New yk, Julyv .-.Th Itln- .
changes wore strong at the opening and'
pesetas were also higher. Sterling was
unchanged. Delglans were up1 u point.
Stockholm was Oft 6 points J mar,ks wire!
UMU.ItllltlQU. V
Quotations were:
Demand st
franc cables
caDies ib. 46, cnecks 16.47 ;-Sws cables
6.56, checks 6.67: Belgian cables 11 J
checks 11.07: pesetas cables 16 jb'
checks 16.80: guilder cubic asu'
checks 3694: Stockholm cables 22 16
checks 22.10 ;..Chriatlanla cables 1870'
phecks, 10.66; Copenhagen cables ll'oo'
checks 1.066; marks 2.64. ' v'
ins wcrJ ,
sterling 3,9414 cables, ,j.osu t
les 11.86, checks 11.87; lfii
15, cheeks 16.47 ;-Swlsg cables
TESTKRDAT'B FlNAlVQUOTATIONn
Sterling Prancs l,r, lulla.r.
mand ... 8.04 jt 11.98 16.60 aiu
.bles ,.,. 8.9SK 11.00 .19,68 J2
TnniT's npir.Miwn ntmvi......
TODAT'B OPKN1NO QUOTATIONS
Sterling Vranea r.lr. n..,,.
Demand .... 8.04J4 11.87 16.47 ssL"
8.9D 11,83 16.48 85
Cables
NOON QUOTATIONS
Demand
Cables
Demand
Cables .
8.00H 11.78 lS.Bl ijjq
,.., 8.044 11.00 16.87 Mt?
, . . . 8.0354 11.88 16,68 88i
BANK CLEARINQ8
Dank clearings today compared with mr
responding day last two Tears! r"
1920 1019 ibis
Doston ..860.704.460 $62.BS),066 181,728 gt
Phlla .. 87.628.112 74.27.875 76,868 BTi
N. T, ..812,182,679 880.268,072 076 lOt'iaS
Chicago .105,691,001 106,607.204 80 Otl'au
St. ixiuls. 24.078.884 25.137.278 . . .. ',14
Baltimore 15,778,084 10,764,001 lli8:o,ijJ
CHICAGO BUTTER AND EQQ8
Cfctoago, July 0. BUTTHIl was un
changed.
ROUS were unchanged. Receipts, 14 24T
cases. 1 '
254
11
54
MINING
Alaska-Tlrlt Columbia .... I;1
Alaska Mines .
A'lanta 1 ,
Rig I.e1ge i
Caled Mining 23
Calumet Jerome V
Canada Copper
Candelarla Mining ,V
Cortce SlUer 61
Ctesson Gold 1
Crescent MacNamara .... J
Dundeo Arlxona .J
Kl Hahodor 1'
Hureka Croesus V
Golden Oato Cxp '
Clold Cons 10
Gold Development .7
Gold Zone 13
Kmma Mlver 7
Heels Mining 4
Honduras 8yn 10'
Iron Hloesom V
Jumbo Extension "
Itrox Divide 8
Iulslana Co
MarNamara i
Stcther Irfde ,. ;.
Mother lx)d (new) .5
Murray Mog ",
Nlplsslng J'
Kex Cons A
Roeheater Mines .. 10
Silver King of Arliona . . 42
H Silver Lead '
Simon B'lver )
Tonopah Relmont J
Tonopah Divide J
TnnBmili Kxtenelon 11
Tonopah-JIm Ilutter . . . 13
Tonopoh Mlipah
Tonopah Rescue Eula... 14
unitea r.asicrn -
West Knd C 1 '
ROND8
Amer Tel. 6.. 1022.. . Ms-
Armour, i ; Vi
Ilerlln 4s -J.
Ilremen 4; .r'J
Chlcsgo N W 7s. . . . . . . 100
Clevelond C O St U 7s na
Dresden 4s rR
Dusseldorf I ;f;
Wrench 4s. HUT .. -J"1
Krcnch .1; J'1
German .Is .-. '
German tlen El 4ViS .
Germun Sj --,
Goodrich ;r 7s.... !H
4
NEW ISSUE
TO NET 8.80
$650,000
Municipal Service Company
Three-Year 8 Coupon Notes
Interest Jftn. and July 1 Due July 1, 1933 Denominations $ BOO and $1000
Free of Pennsylvania State Tax Normal Federal Inoomo Tax of 2 Paid
PHILADELPHIA TRUST COMPANY, Trustee
V .
Company serves sixteen communities in 'the four
States .of Pennsylvania, Ohio, Virginia and Georgia,
having a total population of 300,000, and derives about
75 of its earnings from electric light and power, and the
balance from traction service.
B Properties are valued by Day & Zimmermann, Inc.,
of Philadelphia, at $7,lUu,uuij. .
In addition to other charges there is set aside each month as a
"Renewal Reserve" an amount equal to 5 of the Gross Earnings
for tho current month from electric light and power, and 7V6 of
the Gross- Earnings for the current month from railways.
Earnings applicable to interest on these notes are over six times
th&t requirement without allowing for tho reasonable increrwe of
earnings which should result from such expenditures.
Theso notes are issued to provide funds for additions and better
ments and to refund the note3' maturing this year.
Price 99 and Interest, Netting 8.30
Baker, Ayling & Young
J. W. SWAIN. Jr.. Mnnager
Land Title Building
Philadelphia, Pa.
Frazier & Co.
Broad and Santom Stl.
Philadelphia, Pa.
Sli.
LIBERTY BONDS
Bought, Sold-and Quoted
Call, Phone or Write Liberty Bond Department
West & Co.
1417 CHESTNUT STREET
Members
Hell, Spruce 2&6 Philadelphia Stock Exchange
New York Stock Exchange
We Always Hse on Hand a List of High Grids Bonds
Correspondence Invited
Keystone, Race 1B0I
54
H
H
54
24? H
1054 54
30 1
65
si X - 54
1075, f 54
UU54 54
10?i ..
mm- 154
3054 i
10H- K
so 14 !4
10754- 154
'!4 154
wiik, 3,160.4ilii -hares Sams period labt
Philadelphia Stocks
Workmen's Compensation and
Automobile Insurance
v At Actual Cost
LIBERTY MUTUAL INSURANCE
COMPANY
SO South Fifteenth Street Philadelphia
GOVERNMENT BONDS
niit
100'
IOC)'..
101144
HMI'I
77
77
7H
78
7H
moll
IfWtK,
Rama coupon 2s 1031 .
ama regis'ered .'a. iujo
llama coupon '.' 03S
miteriHi -jt luijo
Ark
'UPOI
'BJS'I
upoi
gfsti
upon ;
glstor
ubia res
shia roumin 3s. lUfll
aaffia regisiored jt, juui
pine , iJ
lno 4s 1033 . .
pine 4. 103fl .......
rylt njlt.flrtn "S. 1UJU
.wr rAJrtmSnml ?. Ifl30.10lll
x h ff Sk$ axam-iiYfs 'ii
HI
HI
hr,
X3
BUTTER, EGGS AND CHEESE
e YurU. luly fl WTTI K -it.ady
H..lpis IL' 'iT'i tubs i,rcnn.ij hUhoi
hnn extras 58' .'.Uc extra in.1 ,u,n ) -jv
U ISr tlr!s (S to lll-srni ) -,"ts-,7i,r
paiklnK stock current makf ,i i, 4j
04J'nc
EOUH Firm. Hecelpts. 15 7J7 mees.
I'resh-Batheted extra nrst jl)B,',o ,0
I'rsts. 44ffl49c state. PennsMMinl and near
by western hennery white rlrnt to extra,
35 13c do brown, extra 'i-lftO'c. do,
gathered brown and mixed colors first to
extra 4153Hc
CHCUSi: Irregular nccelpte S132
boxes State wholo-milk flats, current
mnke whlto and colored, epirinis, 2Ti &
Jhr. do. average run an W 27c atate
whnle-mllU twins, current make pepH.'
'IT W27iC, do, average run. 2l?20ac
liish
r.0 Alliu ln 'Jl
'M Am Suh. 45
J ilo pref. 'Mnt
Am (Ins . :i
J.'itAmllAL 1KH
20 Brill .1 (i -10
11, -r. 1:1 stor. l.'to
lOOtTrir- ... I-')m
I cm
Jl
Hit,
:t(!
1S1,
111
1L'7
12,
Prices Weaker on Paris Bourse
Purls, July 9 Prices were weaUer on
the Boumo today. Throe per cent rentes
were emoted at 68 frnms 30 centime;
exchange on IopJon, 46 franca flo cen
times; r, per cent loan, 83 francs 4S
centimes The dollar was quoted at 11
francs 79 centimes.
Storage Battery Dividend Increased
The directors of the Kleqtrlo Htorase
Battery Company declared a quarterly
dividend of S3 a share on both the com-'
mon and preferred Blocks. This places
ioth Issues on a. va per cent lay annum
r.Otllup Mot 170s 1J!Vs
jti i v " " " v
lKI.'i I.nlic Sup 1.. H'j
101 I.eh Nnv. ni r.s
ISO I.eh Vnl.. :! -M
lOOtMo Par. - -('
lOOtMlil Stii. IfJ's .'t'J's
HlOtN Aniline SliU MP,
788 Pa It II. -10 311
30 I'n Salt. riT(, (IV
110PhlnWni .M
210 IM. Elec. 22 Vj 22
740 P It T . 1C 10
10 Ph Tract R2,i ."2i.j
lOOtlteadltiK. 02 8H..
fiOToun Hel. la4 li
110 Un Tract 30 30
SOITfl I... 42", 42
SritUSSteel 1)5 05
Net
I'lose chse.
21 - Mi
45 "j
!M3,10i
31! 1
18', Mi
40 Vj
127', 4-l'i
12-r-
170s.. -30
. .
1.1 Vj
.7.1 -I-
?h
20 -f- Mi
32 Vs
MU40
3O0i '.'
05
51 . .
22 Mt..
WK
52M, 1Vj
1)2 4
250'.
10,'..
30 ..
42 ..
05 ..
PHILADELPHIA BONDS (Cont'd)
2d 4',s N.-.
1 3d I"
exporters wero Knnl to have taken about
cr c- u, Cr bii ia 500.000 bui-lii'ls of rje lute esterda.
c,. c.' on C'.l'cn ''m Henvy f0erin(t by uliores for profttH
. cHSSnnn ".' featured the tradlnu in tints nnd tlin
11 il "II 1 ' 1 1 ni IM Oll.Ull rwi.mf . i.fr nnlni lll-mlt fnlln,..l .. .. U......
$, Jiul. N,.r',s "' !" l)r,-U0 1,5-IM) -0S Mart. Thrn nls.i w'ns Home piirrlinriinc;
.llhlln (j by local operntors The rash article
- in'pni"!'! " ''''f was malntntned. Crop news was good.
I-IO UlHll 1.1 Leading futures rnnsed. ns follows:
1st .is SI 82'i; 84 1'?4 Corn .Onn High Iiw rloee
11(1
7504
l p it A: w no no
3 Kentl'i; e U 70 "fiOs
3 rnitid lt)
Iuu-st 5s. OO'h 0 00 IM;
Total ".'. UOu compaied lth 1-111,500 rs
terdio lima ftr ihls week. tBSS.UUO Burnt
purlou lost utek 44r 000
Commodity Markets
tNet change mad by comparison with last
sale on Now York Slock Kxchange.
Total sales IWflK shares compared with
4402 shares yesteniny thus inr tnis ween
20.184 shareo
r.;fl shares
11000 " High I)w Closo chge
1 Am lias a.
GRAIN MARKET
Chlcaco, July 1). ClinnKes In corn
futures were erratic today. Commission
hou8p.s hud (.piling orders and the under
tone won weaker.
' Immediately nfter the opening, buy
ing b hliorts and local operators
brought about a recovery, which did not
luht long, us the general run of news
was beniish. After moving Irregularly
later, the market exhibited n better
tone. There wore report of nn advance
of four to live cents In the. cash article
In the Southwest and this, together
with a paucity of offerings, led to new
rnverinp hv whorls.
nrrensed ou an
Het
Don. . . .
oats-
Kept.
ueo
Pork
July ..
Sent.
ijru
Sept. ...
ir;t .
Illbs
July
Hepi.
1 r.4'
1 311
7s
2s r,
311 r.i
111 ;.-,
2U 1.-.
High Iiw rloee
1 JiH 1 niVs l.Bft's
I U"4 1.34 l..l'l
7'l"4
77'J
2s ",(1
:i so
in iij
20 2."i
77.
7r,
2R AH '.
311 23
111 72
20 IIJ
17 72 17 NS i7 117
77'k
73,
2H..10'
30.2.1
in 72
20.07
in H7 .
17.07
Safety or High Rate
of Interest?
Knllini. hnvvovor. Inrreniiod OU
same period lust week, 12,- bulges, ns reports on crop prospects
HONliS Net were glowing nnu weatner couaiiiuua m
the belt were rnvornuie. i;au iw
!.,.,, fnllnMn.l rv.i.trnr'tK 11 ml Is virtually
Blee ns M'i fi'-j i "j , on a delivery basis.
15 City 4h 1041 88 85 85 3 it W8s said that corn lu transit was
3 Elcc & Peo .offered at New York nt $1.45 c, I, f.
. Tr 4s 53 53 W 1 , Three-steamers haye arrived there with
iLchiVnJOsOS 05 05 , i 700,000 bushel-and tfterp arc .Iflrge
'COTTON MARKET
New Yorli. .Inly 1). The totton mar
ket opened fairly netlve nnd irregular,
September showing 21 points rise nnd
other months 8 points decline to 2
points advance.
Most of the eurl selling wan by New
Orleans nnd other southern wire houses,
followed, after the start, by rather lib
eral offerings of new crop options by
Liverpool on rumor that the condition
report of the Nntionnl Oinuers Asso
ciation was bearish.
Later the murket rallied slightly from
the lowest on local covering, and at the
end of the first twenty minutes showed
a net loss of nbout l( points.
I
Vest,
close
Today s
open nigh
T JWtf PIasa
July . 30.00 3N.U.1 30 is js.4 HR.OO ttX!l,00
Hept. , 32.20 84 43 34 115 84.43 34.40M7O
Oct.,, S2.S4 32.82 32,110 83.00 I2,II3AS
Deo,,, SI. 20 81.20 81.27 80,83 81,01003
Jan SO.fiO 80.&0 80.A2 SO 90 SA 9nd9
March,. 8O.U0 30.03 30.03 2(1.01 2U.rw72
T is an old investment maxim that safety and conservative interest
rate jjo together-, and that an exorbitant yield is a caution signal.
This is particularly a time to remember this fact.
An unduly high rate of interest on an investment often distracts the
investor's attention from other qualities not so desirable. With his
eyes fixed on yield rather than on security, the investor sometimes
fails to notice that there is no convincing evidence offered of sure
' and prompt payment of principal and interest.
The return of your capital unimpaired when due, together
with prompt payment of interest, i? of more importance
than a promise of an unusual net return on your investment.
Our July Investment Guide lists a great variety of sound firs mortgage
serial bonds, safeguarded under the Straus Plan amounting to $40,
000,000 and yielding the safe and conservative interest rate of 6.
In addition to 6, with 4 Federal Income Tax paid, these bonds
yield satisfaction and peace of mind. Their prompt payment in cash
on the day due is assured by the rigid provisions of the Straus Plan
Call or write today for our July Guide, and specify;
CIRCULAR.... 435-Q
S.W,STRAUS Sc GO.
UTABU9HCD USa INCORPORATED
..('" STOCK EXCHANGE BUILDING, PHILADELPHIA
Joseph H. Rubin, Resident Manager.
NEW TOIUC
CHICAGO
UETItOlT
IlUKKAtiO
CLKVKLAND
BOSTON
WASHINGTON
INDIANAPOLIS
I'lTTSDUnGH
SAN FUANCISCO
MILAVAUKUIO"
MINNEAPOLIS
Thirty-eight Years Without Loss to Any Investor
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