, .,-K ?$ tf ' r'j ,'j : " v K .r v. v. :f4 y, to v ?,nA ' "v A, V ' .. GEO.A.HUHN&SONS mew ironic offich 11 nreadwar. New York lEvfesraor t-ti. ft- - ... ;,n .y -v. ItiEDaSiPmLAEitPHIA, FRIBTAt, JULY 0, 1920 lfc Northern Indians rmsirer A Kleelrle S. 10291 la Oil A Kefln ense. I-UM A Power Company 6s lirhan fins r.mpire tint tlOYfrnment )inn Ileflnlnc Company 6, luzo '. i n (Ins Co. of Philadelphia 6s, 108 tins iSifl Co. I'oll. Trnst fls, 1020 ent of nWltxrrlnnd. lO-Vr-. Be. 1040 lijtndelrtila rtanld Trnn.lt null nil DM Co.... 6s, 10.17 Rwltrjr llrond nPaeine Rnllrond Kanlpmrn idlnn National Railway Knnl 11 7.. (ll. f 'nnarililti NatlAfial ttlt irj.nln . in.it S V.cttlr" R'Jlt Co. IVitiln. 7. flerlnl Virginia Railway Power .Company Bs, 1034 Samuel K. Phillips & Co. Members 'rhllndelnhla Htoek Krhans 807 CIIKSTNUT ST. New Issue . $725,000 .v School District of the City of Bethlehem, Pa. $y2 Bonds Free of Pennsylvania State Tax Exempt From Federal Income Tax MATURITIES 120,000, June 1. 1925 20.000. ' " 1930 120.000. " " 1935 120,000. June 1, 1940 120,000. " " 1945 125.000. " " 1950 Prices to return about 5.20 M. M. FREEMAN & 421 Chestnut St. Philadelphia CO. FRAZIER & CO. Broad and Sansom SU. Philadelphia CS Broadway. N. Y. MONTGOMERY & CO. 133 So. 4th St.. Phllade phla 14 Wall St., N. Y. pr?v.ijar.n?3fa Brokers Salesmen To Sell on Commission Chemicals Aluminum Waro Perfumes Essential Oils Tinsel Leather Waro; other FRENCH and GERMAN PRODUCTS for large American importing house. Only those experienced and specializing in certain defi nite lines need apply. State fully products desired to handle, expe rience and references. n ltG. LEDGER OFFICE. NEW YORK BOND SALES GERMAN CITY BONDS JAPANESE GOV'T BONDS Prices and complete In formation cheerfully given, NEWBURGER, HENDERSON & L0EB ftfembers New York and Philadelphia Slock Exchanges 1410 Chestnut St. . f- WILL BUY Pacific Fruit Express Equip. 76 AM. DATES CHARLES FEARON & CO. 333 Chestnut St Amer Smell A nen-a- on 8 7TS 0 77 Amerl'n Tel Tel'dt 1 78 a. .j.. 70 X Tel Tel Be 1 :.... 78 "1 W A Tel Tel Ci 1...T. 03 I .... naw 4 .'... 3 1. ... 0SH J. ..." 03 l..f. Ml American To bacco CojOs 2... 03 Amcr writing r3r.r..T4 An-Krench Be SALES IK $100n Arizona 4a r. 71 Atch Topeka n re s T Opportunlty for parties with S1000 to S6000 to Join syndlcnte for new IiIkIi Itrnde motorcar (lint will Rive 40 more mileage on gasoline, 80 muni horsepower. Approved by expert engineer. O. 11. 1.ANH1NOKU ft CO. 1BS4 Clieiitniit Street 00 U no n 00 0 O0M 00 0 00 u 00 V4 00 V4 no n 00 0 onw oo o oo w 00 0 00 H 00 J 00 0 no o oo p no o oo 14 00 u io oo o 10 00 0 Ann Arbor n n Co 4 1 40 Armour 4t4 10.. 35.. IB.. 1.. SB.. 30.. 1.. 1.. 20.. 3.. It.. SB.. 4.. 8.. 12A.. 4... 8... 8... SO.... 8... B... 1... 8... 8... 1... 12.?. 3... 78 U 7BH 7BH 78 U 1KU 78H 78 Vi 78 u 7BW 10.. 1.. 2.. 3.. 1.. l!'. J.. 1. 72 71 71 72 71 72 72 72 71T4 Atch Topeka A 8 Fe aja 2 0i 3 04 2 04 B 04 Atlantic Coait Line clt 8 024 3 02U 2 02 2 02U 3 02 Atlantic Coait L. rcta 7a 07 K 0JV4 07 07N 07 , 07 07 OS IIS 08 a s 10... s... 3... 3. :: 0... 10... uat b unio cv 8 88 1 88 1 B8 1 88 2 68 V. Halt & O 3i u 78 H 1 78 1 7HU Dalt L Ohio 4.. 1 R8, 1 B8 1 B8 2 8M 1 r,8'4 Dalt & Ohio Us IB. 0. 0.. 2.. 2.. 4.. 2.. 84 84 8.1 88 85 85 85 85 80 UlOFIlQ 1WV18II 8 B8u 8 B3U Dethla'm Oteel Corp'n fa 1 78 Dethle'm Steel Corp'n let 2 78V4 Dethle'm Bteel Cn Si '80 3 78 Uric nap Tran 7 ct ata 6 83 Buffalo n'r tc I'lttab'h 4 Ha 2 72 Canada B'n 8s 1 77 Cent ot Qa 6a 2 88 Cent'l Pac lt 1 . . . 00 2...:l 0874 Cent'l n n of New J Bi 3 03 Chea'k & O cv 8 7B C & Ohio 4a 4 74 C & O CV 4 0..... 71 1 72 IB 72 2..... 72 2 71 7..... 70 3 71'4 C'k i O CV 6 1 78 1 7B 4 78 1 78 2 78 0 74U Chicago & Al ton 3V4 a 2 32 1 82 1..... 82 Chicago U'n to Qulncy sm 1 72 2 72 1 71 Chlcaito U'n tt Qulncy 4a 2 03 6 03 2 04 $60,000,000 ARMOUR AND COMPANY 7 Ten-Year Convertible Gold Notes Dated July 15, 1920 -Due July 15, 1930 Interest payable January 15 and July 15. Principal and Interest payablo in United States Gold Coin at the Continental and Commercial Trust and Savings Bank, Chicago, or at the Trustee's Agent, The Chase National Bank of the City of New York. Coupon notes in interchangeable denominations of $1000, $500 and $100, rcgistcrable as to principal only. Redeem able at 105 and accrued interest at the option of the Campany, in whole or in part, upon sixty days' notice. Interest Payable Without Deduction for Normal Federal Income Tax Not in Excess of 2 CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK, CHICAGO, TRUSTEE Convertible on and after Jqnuary 3, 1921, and prior to maturity or redemption date, par for par, into Armour and Company Class "A"" Common Stock, to be presently authorized, which under present laws will be exempt from personal property taxes in the State of Illinois Further information in regard to this issue is given in a letter of Mr. J. Ogden Armour, President of Armour and Company, from which we summarize as follows: The proceeds as derived from the sale of this Issue will be devoted to the reduction of current liabilities, thereby not increasing present indebt edness. These Notes will be the direct obligations of Armour and Company. Total assets as of November 1, 1919 (the close of the Company's fiscal year), were $490,809,643.34. There is no lien of any kind upon the property of the Company, except its First Closed Mortgage (dated June 1, 1909, due June 1, 1939) for $50,000,000, which is a lien upon approximately $57,500,000 out of a total of $147,811,885.52 Capital Assets. The Net Current Assets of the Company, after giving effect to the proceeds of the sale of $60,000,000 of these Notes, will be approximately $230,000,000. During the four years ended November 1, 1919, the average annual earnings of the Com pany were $26,139,245 available for interest charges after Federal taxes. These figures do not include any earnings of South American sub sidiaries, which for the same period averaged approximately $6,003,500 per annum and which latter sum has been retained by the subsidiaries to finance their development, and for this reason has not been taken on the books of Armour and Company. These combined earnings would total $32,142,745. The average annual interest charges (including interest on Bonds, not exclud ing interest on Debentures heretofore converted into Preferred Stock) have been approximately $7,540,000. During this period over $85,761,000 net earnings have been retained in the business, after paying cash dividends amounting to $8,993,000.' The Indenture under which these Notes are to be issued will provide, among other things, that no additional mortgage shall be placed on the properties and assets of the Company, which does not equally secure these Notes by the lien of such mortgage. The Indenture will furthermore contain a covenant that current assets of the Company Bhall be maintained in an aggregate amount equal to at least one and one-half times all current liabilities, including these Notes, any mortgage indebtedness (except purchase money mort gages) maturing prior to the maturity of these Notes, and any other issue of notes or debentures at any time outstanding. The Company proposes to reclassify its capi tal stock and authorize $150,000,000 Class "A" Common Stock, of which $50,000,000 will be immediately issued, and $150,000,000 Class "B" Common Stock, all to be immediately issued. Of the unissued Class "A" Stock, $60,000,000 will be reserved to be available for exchange for the 7$ Ten-Year Convertible Gold Notes. Class "A" Common Stock will have preference as to cash dividends up to 8 over Class "B" Common Stock, and after 8 has been paid on Class "B" Common Stock in any year, both classes of Com mon Stock wiU share alike in percentage of addi tional dividends paid during such year. Each share of Class "A" Common Stock shall be en titled to all the rights of any share of the Com mon Stock of "the Company. PRICE 94.84 AND INTEREST, YIELDING 7.75 All legal matters will be approved by Messrs. Mayer, Meyer, Austrian & Piatt, Chicago, and Iiushmore, Bisbee & Stern New York City. Temporary negotiable certificates, exchangeable for definUivs notes, ivill be delivered when, as and if issued and received btus. Continental and Commercial Trust and Savings Bank Chicago Guaranty Trust Company of New York Harris, Forbes & Company New York Boston Kidder, Peabody & Co. Boston New York The, National City Company New York Blair & Co., Inc. New York The Union Trust Company of Pittsburgh . Halsey, Stuart & Co., Inc. Chicago New York Tho aboTo statement r not guaranteed, but are baaed upon Information which wo belief to be accurate and reliable, and upon which we have acted In tho purchase of these notoa. l.i. I.e. 18... IB... Chicago 04 03 04 03 03 03 03 u o;t West'n 4a, 3 61 Chluaao Mil Bt 4 4a 4 01 1 04 Chicago Mil A Bt P 4 '28 1 71 1 71 1 71 Chlcaito Mil Bt P a 4a 1 88 8 88 Chicago Mil StP CV 4s 2 03 2 03 8 03 i 2 03 3 03 Chicago Mil BtP fd 4a 1 83 2 88 1 84 Chicago Mil t StP cm 4Ua 2 08 1 08 1...:. 08 Chicago Mil Bt P cv B 1 03 Chicago & Nth West'n am 1 72 Chicago Hock I & Pao ia Imp Jap O 2d 2 73 1 73 4 73 2 73 Imp Jap U 4s 1. 10.. 2.. 10.. 2.. 2.. 13.. 2.. 87 80 80 B0 60 60 60 87 Interborough Met 4i 4..... 13 Interborough Met ct 4a B.... 13 4 121A 1 12 8 13 Interborough nap T fd 04 04 04 08 05 05 0B 04 OS 10. 1. 1. 2. 1. Chicago nock I t Pao 4s 3 07 3 00' 8 00 1 T17 1 OS Chicago Union Sta ct 0s 1.... 102 2.... 102 IB, 8.. 30.. 1.. 8.. 6.. 47 47 47 47 47 47 47 47 47 47 47 47 47 8 04 1 03 N'k A W l'o'a Coal Co 4 s 2..... 73 Ont Trans Bs 2 78 Paelfla 0 Kl.ct's os 1,.... 74 vi Ha U cn 4a 1 nn i an Fa n am 4" 2 .. . '6 2...:: ?b Po It 4 '" 2 l S 00 n 07 penna n R B 1 ntn 1 83 3 83 8 RS'i 1 83 rennu 11 H 1 V If. O D It I rcta '22 , 10 02 20..... 08 1 02 1 02 2..,.. 02 4.... 02 13 UKOD41 rets '20 8 88 1 88 S 88 U K O II I '3. 1 80 - 1 80 12 80 ' 1 85 8 80 1 86 1 88 Ut'd Jtds Ban K unct 4s 1 22 8 22 8 21 8 22 U B Mexico 4. 0 20 U B Mexico A. 10 87 1 37 U S neaity A Itnp't Co Bs 10 80 B 80 2 80 V 8 Itub'r 8s 8. 1.. 6.. 2,. 3.. 1.. 1.. 8.. 3.. 1.. 1.. 12.. U 1.. 80 ... 70 ... 80 ... 80 .I! 80 ... "i .I. 70 ... 70 ... 80 ... 70 . .. 70 ... 70 Itub'r 7i ... 00 U a Bteel 8s 4 B.. 6.. 4.. 2.. 1.. 1.. 2.. 7.. l.i 1.. 11.. 1.. 8. 01 01 01 ni 01 01 01 01 m H 01 . . 01 01 01 1.. 2.. 6.. 1.. 1.. 3.. 3. .. 01 01 01 01 ..01 01 01 Utah Power ft I.lght,6s 1 74 Virginia Hall- 01l ways 6a 1..-.. 70 Wea'n i'Ate m 2 04 Western Tad- no 1st 1 80 3 70 West Shorn 4s 3 37 West'n U 4s 4..... 70 Wilson Co cv 2 86 1 88 10 87 Wilson Co 1st 2 87 10 87 Total. $8,612,000. compared with Ml. 421, P00 yesterday. Thus far this nrrk, tin,. BOtf.OIIO. Sum. pTloi) last Wefk, SU4.421f.tHlO. Today's' Range In Liberty Bonrf Liberty Jls . J.llprty iKt 4s Jilbrrty I ! Liberty Liberty Liberty 2,1 4An . 8.". ,'ttl 41iH . 8!). Liberty 4th 4Us . 80.0$ Vic Notes .iy,n.. ll.'.lll Vic Nptcs 4$in . 1)5.1)!: itiaii M.H0 80.W) 85.H0 ro 8rt 80 08 t 1)8 Ixiiv 01.20 85.00 85.50 80.10 85.74 80.00 85.01 05.88 05.00 t'lftaSB" Cubans Refuse 18c for SUgar,''' I llnrann, Ciilm, July 0. The CubeMf ntiffar union commltten lula rofllserl M offer of 18 cents n pound for nusSRi Tno committee wns recently nppoint at n. meotinc or tna sugar interests i has exclusive authority to Hell, or iv hold from tho market, nil augur ow by those roprenenled on the commit ifl B1MMM1 w mfmRmnniii ma nnjiinauinmiinnumjnranfnniinii 102 102 102 102 102 102 102 102 A W'n 3.... 1.... 1.... l'.'..', 3..., 2..., 2.... Chlago Ind'u 4s 1 6! Chile Cop'r 0s 4 73 Chile Cop'r 7a 10 07 2 07 11 07 Chlneso Gove't IMC niys 6s 2 43 CIn W A M 4s 1 67 City Lyons 0s 1 83': 1 88 City N T 4s May '87 1 02 Cty Now York 4a '04 1 80 1 80 City Paris 0s 03 1 8 4 1 1 8 8. 8. 7. 8. 4. 1. Int'l Merchant Marine 0s 2 88 Iowa Cent'l 4s 8 37 1 37 8 37 Kan C Ft 8 A Memp a 4s 8 01 Kansas City A South'n OS 2 00 1 07 1 08 Kansas Cy Tl Itallway 4a 8 03 2 03 2 03 u Kingdom of 1) 0a of '21 10 08 1 08 1 08 Kingdom ot U 0s of '23 8... 10... 8... 1... 8... 2... 10... 1... 14... 1... 6... 4... 2... 1... 8... B... Kingdom 00 00 00 07 00 00 07 07 ,00 00 00 00 00 00 00 00 Bel- 1. 1... 3... 2... 1... 1... 3... 8... 8... 2. . 1... B... 2... 2... 2... 1... 8... 6... 1... 1... 1... 1... 2... 6... 2... 18... 6... Per. Marnt As 1 7T Publlo Service C'n N J 6a 8 00 1 0t 2 01 2 01 rteadlnc II 4s 102 102 102 102 102 102 102 102 102' 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 I Earnings 5.83 Times the Annual Interest The stability ofvell-secured convertible short-term notes has long made this form of investment a favorite with conservative investors. The five year secured 7V1 gold notes described below occupy 'a very favorable pdsition both as regards assets and earnings, the audited earnings for 1919, as stated by the Company, being equal to 5.83 times the annual interest on these notes. With such earnings, the 8 yield made possible by present conditions is decidedly unusual and the privilege of conversion into the preferred and common stock adds an opportunity for enhancement in the value of the principal-as well. glum 7s 3. 3. 2.. 10.. 6.. 1.. 8.. 38.. 4.. 2.. 1.. 4.. 10.. 1.. 1.. 1.. 03 04 04 03 04 04 03 3 04 1 04 3 04 Cl'd CIn Cht A Bt L sm 4s 2 03 Cl'd CIn Chi A St h 4a 2 71 Cl'd CIn Chi A Bt I. gm 4s 1 70 Colorado A 8 Itailw'y 4s 8...., 67 8 07 B 07 8 07 Contt'd Gum 7 1 00 2 00 1 00 l..... on 8 00 Copenh'n 8a 1 76 1 78 2 78 Cuban Cane Sugar cv 2 07 10..... 07 B 07 Del A Hud fd 81...,. Oil Del A Hud 7a 100 7.. 1.. 4.. 4.. 7.. IB.. 8.. 6.. 1. 100 100 100 100 100 100 100 100 100 100 100 Den A It O M 1 48 1 48 Den A II G 4s 2 02 8 02 D A II Q'd 3s 1 07 D Canuda '21 2 00 D'n ot Can in ot '21 10 07 18 1)7 20 07 10 7u 1 07 D Canada 6 of '21 1 08 D Canada '20 1 00 D Canada '20 t 00 8 00 1..... 00 3 00 8 110 D Canada '31 3 80 Dominion Ito imblio Bs 3 80 Urle Genl Lien 1 30 1 30 10 30 Krlo lUcvli 1 34 I Erie II It cv D . 1..... 38 Uri It Co 4s 8 47 .2 48 a 48 I It 48 iGen'l Klec 3 i 1 03 Gen'l Klec Bs I 1 08 Gen'l Klec As 1..... 08 B 08 1 08 1 08 1 08 2 00 Hocking Val ley 4 s 1..... 02 LHud A Man fd 1 .... . B7 1 B7 1 68 B B7 1 87 Hud A Man In 1 10 2 10 111 Central fd 3 70 III Cent 4s '83 3 04 1 04 111 Bteel 4s 1 70 1.. .. 77 Imp Jap a 1st 2 78 .. TBU 00 00 00 00 00 00 00 00 no tm no oo 00 00 00 no 00 00 00 Mi 00 00 00 1)0 oo u. 00 on 00 00 00 2 D0, Lack Steel '60 1..... 87 18 87 4 87 Lako Shore M B'n 4s '31 1 70 Lehigh Vy 4a 1 01 Lehigh Vy 0s 3 OS 2 03 2 114 Louis A Nash ville 4s 0 77 Louis A Nash ville rets 7s 1.... lOt 4.... 101 8.... 100 2.... 100 Mich C'l (1 4s 1 73 Mldv'e Bteel A Urd'e Bs 1 70 "... 7B! Min A t L 4s 1 37 Mo Kan A Tex Ilatlw'y 1st 1 B3u. Mo Kan A Tex Itallway 4s 1 63 Mo Pac gm 4s 1 62 1 82 1 62 0 62V Mn Pno Bs '2 3 88 Mo Pac Es '08 1 78 Montana 1'ow Co 6s 1 77 Mor A Esx 3 iu 0B Nassau Klect Itallway 4s 1 23 New O Tex A Mexico Bs 3.... 81 N Y C A II It lilt cv 8 07 N Y C A II It II It 3s 4..... 034! 0..... 62 6 02 n 03 1 03 N Y C A It II It It 4s 2 71 1 70 N Y C A II It It It 0s 10 Itepublle Cuba I Bs of '04 i n. no.. i "-: i U UU t ' Hock Isl'd Mk i L 4s 2.t... 63 1 03 1 03 St L A 8 V a) 1.. 3. 1.. 87 87 86 80 80 80 80 87 87 80 Dock 88 68 3... 7. N York Co 4s 1 3 New Y N II A Ifart'd 0s 1 00 I eo N Y IllwyB Ss ! Bu. N Y Tele 4o 1 70 N Y Tele's lis 1 88 1 88 6 88 N Y V C A 11 nit 4s 3 40 3 40 6 40 3 401 Norfk A W U : 7i Norfk A W'n cv 0s 5... . 08 N'n Paclfta .H 1 82 1 52 1 B2 2 62 4 82 3 82 N'n Pacific 4s !.. 7Hi 0 71 0 .... 71 Org.Waah'n n 1.. 0.. 1.. 10.. H. 78 7B 70 70 7B 70 711 70 70 70' 1... 7... 1... 7... IB... 1... 4... 6... 0... 1. oi ; ot 01 01 01 I 01 , 01 01 01 01 1 01 I St I, 1'n Mt A B Illy 6s 4 82 8 82 Bt L A 8 F In 12 1.. 20.. 8.. 2.. 11.. 0.. 10.. B.. 47 48 48 48 47 48 47 47 47 2 48 1 47 2 47 3 47 S 47 2 47 3 47 St L A 8 Fran Series A 1 3 0 64 ; 64 64 64 ft .14 64 64 84 fit", 64 84 84 "4 64 64 "S, 64 St L A S Frnn Series D 4 07 B 07 3 00 8 117 2 07 2 07'. St L A 3 Fran Scries C 2..'... 83 St 1. i: South West'n cn 2. . . 82 3 .12 St I, & South West'n 8s 10... 82 St I"l A Iv C Short I, 4h 1 00 Beab'd A I. iij 2... . 33 1 33 8 3.1 1 33 Seab'il A I. fl 40 So'n Hell T : B 84 8'n i'ueifle fd 1... . ""'. IB 72 1 72 2 72 B'n Pacific i 0.1 in 74 73 74 S 74 10 7!'. 1 74. B'n Itiillw's I. 4 A7. 0 67 0 A7 2 87 1 A7 8 A7 2 AS B'n Ilullw's Bs 1 70u 8 70 8... . 701, 1 70 0 70 B'n Pao cv Bs A Complete Unit in an Essential Industry (Facts and figures as compiled by the Com pany) Produces, transports, refines and markets petroleum products. ' About 1900 producing wells. Approximately 2800 "miles of pipe lines. 64 pumping stations. Over 4000 tank cars. 10 modern refineries with total daily capacity of about 45,000 barrels. 10 casinghead gasoline plants. 400 distributing stations in 20 states. About 6,000,000 barrels crude oil in storage. Marine fleet of 50,000 tons in service. 1919 net earnings before interest and reserves $21,890,898 Total similar net earnings for last 3 years $56,666,582. Pennsylvania personal property tax of four milU refunded To yield 8 Five-year Secured 7!2 Convertible Gold Notes of the Sinclair Consolidated Oil Corporation which has furnished us with the following information: These $50,000,000 Secured Notes are the solo funded debt of the enterprise, excepting equipment notes and other items aggregating about $5,275,800, and against this there are total net assets of over $250,000,000, including the proceeds of the notes. The consolidated net earnings over a series of years make a consistent and convincing record, the audited statements showing an amount available for interest, depletion, etc., equal to 5.8C times the annual interest on these notes for the year 1919, and averaging over 5 times such interest for tho past three years. The notes have the benefit of a sinking fund provi sion at the rate of $2,000,000 every six months for the purchase of the notes at or below 100 and interest. A feature is the noteholder's privilege of converting each $1,000 note into $1,000 par value (ten shares) 87o Cumulative Sinking Fund Preferred Stock and 2i2 shares Common Stock of the Company. These secured notes may be purchased in denominations of $1,000, $500 and $100. Interest payablo without deduc tion for the Federal Income Tax up to 2. Write for illustrated booklet We offer and recommend these notes for investment at 08 and interest, to yield Sro Montgomery & Co. 133 S. Fourth St J "'fi New York Philadelphia Chicago The statements presented In this tidrrtlrinrnt, while not guaranteed, ure obtulnrd from sourer wlilili ue hrlleie to be reliable. illlBlll PHil Al w Bifstness? tfillgo oril S'n Pac 0 1 2 WHETHER costs go up or down, whether labor conditions get better or worse, whether interest rates work higher or lower Business will go pit, and those who are worthy will be the ones to do it. For people must be fed; clothed and sheltered, and there will always be something to exchange for entertainment and luxuries. And through it all, the business that b worthy, that serves legitimate requirements persistently and con sistently, will continue. There will always be men to do the world's work. They will be business men of clear vision, who not only talk service but give it give it every day and who never lose faith for a minute. They .will be neither price-cutters nor profiteers, neither moon-eyed optimists nor tcjuint-eyed pessimists. They will think straight and stride eternally forward. Such men are responsible for the world's prosperity. They will continue in their success as surely as modem civilization shall endure. It is such men that in times of prosperity or of adversity we want to do business with. 1. 20.. 6.. 10.. 10!! Si) 1. on 00 on 1. 00 i no", 011 on no 07 nn.. S'n Ity'Mohllo A O ctfa 4s 6 A2 1 62 Third Avenue It It 4s 1..-. fioi: Tnledo'Bt I. A wn Ily 4 s 2 4(1 Ti Union Pao fd 8 00 8 00 1...1 . 681! Union Pao 4s 1 78 U Union Pao lis 1.... 08 10 08 1 08 2 nsi u ic a u i 2i - 00 37... 3...;: 1 1 .. n..." 6 .... 18 . . 18..,,. 1 ! 3..,,. 00 n 00 00 011 00 no 00 00 00 sssssssV WWWTr L. lT V Osss f? BBBBBBBBks'.w. "Iij Ssh J.' " , Nj) is Sooth Street MJnWmMKwKmwvMtWPr "lem S .? LabaatD, Fa. IHbbbbVIIsb9XbH'bb1 bbbbbVUbb! mamf ""sSvaBtW isIHbIbbbbI '!. ft &:&vfHfnM' ' tMUmMKeWi ( ( tttiffitffJT KBlf ii V V assssssrarl'l Ll I ILl I 14 ' IB 1 XSSmSSSmlSmm 1 ,1 J H f(' RlAZIER.&GhL Broad and Sansom Street Philadelphia, Pm 4S Bresdwiy NsrYrk.N.Y. PltUWrtb, Pa. WUsM.Barr. P ..W''! 4 '1M Vl aaS ttyMWWK BWHMiMMB(SSSBaMBBHSlP 9SBbHbBBBBBbBbBBBBbV BBBBBBBBBBBsft Fa" SBBBBBBBBBBBSBBBBBBBBBBBBsPC iasssHlS f Co Nav Cn 4s 8,.., 03 3.,... 03 3,,.. j 03 I.M.. 63 4;' , ..... 7B til'iMH H W DQM n US 'Y . , '.,!-".. - i f,-MiJ" . 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