Trs"
. u ,,.
V i, -
'A X
; .
'..-Wl
;, V
.'v-.
P'M
f i H
1ft J
-;::
I.
- .1 r
P
'v. I
r1-
PV
37. ',.?
M,
Y?i.i
,,
VlM
It rr
'I '.'."n
W
'VXA
i
-
T-.M
V ,
I Ml I
'.' 0wplus(earnw)H
o JL. $2.000:600.00 Jl
EVENING 1TJBLI0 toBDGEIlil&tofeL:
a. ' . ..:A' ..i, u-- v.-1i
r- ... ' .
W'ij
'- Y
-i.''
r
T
'I
I!
EARN
4vo and dcDosit. Mnkc
fih(o most of your present
-ISrning power and SAVE
mh p. definite object to
-'own your own home per-
l 'ftaps. It is a safe invest-
.ment. Save what you can
and DEPOSIT every pay
day in our Saving Fund
pepantment where you
may draw up to $100 at
any time without notice.
Make every dollar buy a
DOLLAR'S WORTH
MARKET
OD
II
NEWJMEVELS
Country-Wido Credit Strain
Caused a Further Extensivo
Soiling Movement
ii ' t " i "T
NEW YORK STOCK EXCHANGE TRANSACTIONS""
Tax Free
in Pennsylvania
$25,000
Clearfield & Jefferson
Railway Co.
First Mtge. 6s
i
Due Jan., 1927
Price to yield about 6.20
Blodget & Co.
601 Real Ettate Trust Bldg.
Philadelphia
Telephone
Boston Chicago
Walnut 160G
Race 1271
New York
Make the
Most of It
The prices at which
many of the most con-
y servative investments
are selling present
great opportunities for
obtaining exception
ally high interest re
turns. A gradual return to
more normal money
rates should mean not
only a profit on the
principal invested now,
but also a much more
valuable income.
For a sunijestinn srnd
or Circular .Vo E-m
HANDLER&G'OMPANY
Franklin Bank Bldg.
Philadelphia
New York
New Harm
Iloaton
Baltimore
New York, July 27. Ample evidence
of the liquidating movement having not
yet its course ai given nt different
Intervals by today's stock market. While
dlsplaylnc n little more resistance the
trend during the greater part of the
Mission continued downward. As n re
sult n number of the industrial specu
lative specialties- made new bottom
prices, and what was more discon
certing was the expansion of dealings
on the deciiniug movement, which help
ed to swell the volume of trannrtlons
during the morning to the largest di
mensions In several weeks.
There were no additional disturbing
developments overnight, but there seem
d to have been n widespread appreci
ation of the unsettling influence of the
, eniorceu curtailment of banking nccom
t inodatlons riot only pertaining to Wall
! street's requirements, but applying to
general business as well. Further ten
I slon In the money market was fore
, shadowed by the 0 tier cent opening
rate for call loans, and the ackuowledg
i ed limited supply of funds obtainable at
tne rate.
It was recognized, of course, the pos
sibilities of nnnthvr flurry would depend
largely upon the extent of loan calling.
The government withdrawals, it was
felt in some quarters, were lnrirolv urn.
vided for by yesterday's loan calling, so
1 there would be no need for further tight
ening of the purse strings by the banks
today.
Foreign and domestic developments
came In for only secondary considcra-
' Hon, although more or less uneasiness
was created by the persistent talk of
unfavorable developments in the motor
industry. All these stories still lack
i continuation. et it is only reasonable
to suppose thnt the motor Industry being
I classified In the category of luxurv. and
1 to some extent an unessential industry,
would be among the first to feel the
money pinch. Inasmuch as It already
evident thnt is the determination of the
I powers to be to shut down severely in
every direction in order to have a free
hand to move the much -important
crops.
I The trend of prices was downward
I again nt the opening. Sentiment among
I traders and commission houses with
out-of-town connections was increas
i Ingly benrisli because of the strained
credit conditions Crucible Steel, one of
! jesterdny's weakest features, recorded
jnn Initial loss of 1 points, and other
active industrials were lower by frac
tious to 1 point. Oils were moderately
supported, however. Hoyal Dutch gain
ing 1 point.
Selling for both accounts became more
urgent soon nfter the opening. Sew low
records for the year were made by
I'nited States Steel and several other
leaders. Liquidation continued to cen
ter in steels, equipments, motors and
oils, and many affiliated specialties also
gave wn. Extreme declines ranged
I from 1 to almost ti points. There was
littje pressure against rails, but the list
(as u whole lacked support, even at pro
i nounced concessions.
I Activity slackened perceptibly at mid
day when the shorts evidently found it
J advisable to convert their paper profits
i into cash. This resulted in rallies of
1 to 2li points. Mexican and I'an-
American Petroleums. llnlriwin Locarno
j tive. Stuilebukei and T'nlted States
Steel lending the rebound.
NEW' BOTTOM FOR
RAPID TRANSIT
Postponement of Fare Ques
tion Provoked Fresh Liquida
tion in All Traction Shares
RAILROAD
EQUIPMENT
BONDS
Upon request we will be glad
to send circular containing
general discussion of such
issues.
JROUD & CO.
Atirt Philadelphia stock Vxchanat
jflt.1429 Walnut Street
.W
ELECTION MAN WANTED
:olIectlon man who has li.ul expert-
mce ua manager or Hoi.citor with
ollfctlon otllce or inercantllo airnnnv
wanted by an ustulilmlied olllcc. Must
hn hleh-crade man with Inrim
acquaintance and following. Kxcep.
tlonal opening for permanent connec
tion, pood salary , applications strictly
confidential.
B 726, Ledger Office.
U. S. RUBBER 7'2s
I 1930
CHARLES FEARON & CO.
333 Chestnut Street
i The utilitv "hares, more especially
the street railway tock. held the fore
most nttention in today's local mnrket.
The action of the Public Service Com-
I mission in deferring action on the fare
i adjustment question until Septemwr
i gave the street another unpleasant jolt,
j as well as did the ruling of the com
i mission in dismissing the demurers filed
I b.r the uudcrhiug (oiniuinies.
. lly csterda "s action the entire trail
I sit situation was made on open book,
i It was gcnernlb ps ognized thnt all pos
sibilities of n continunme of the divi
dend had been swept nway. In better
Informed elides, however, it had been
appreciated for some time that dividends
on stocks was only a matter of memory.
Of course, everylwdy was disposed to
look upon the unfortunate position of
tno company in its worst light. Uoupt-1
ing Thomas wns prcocnt by legions, i
In fact, there wns a whole lot of un- j
reasonable talk, and behooves those who
have had the temerity to hold on. to I
just heroine deaf and dumb for a little,
while, an. I then start to study the real
situation in u calm and sensible nmn-,
ner. There arc many reasons, after nil'
has been said mid done, for believing
that the situation from shareholder',' i
viewpoint is not half so bad ai it is,
or will be painted.
Cnder the depressing conditions and
circumstances, it was naturally to be
supposed there would be a fresh out
burst of sellluc when business was re
sumed today. The opening revealed con
siderable accumulation of selling onlcm.
which promptly caused the price to
drop to 14. equaling the low made a
week ago. This brought u fresh wave of
liquidation and before the decline wns
checked the price had been enrried to
n new low level nt l.'l Vs. It wns stopped
here by coverings of shorts nud some
of the very best kind of bu.Miig.
The stock during the decline was
bard pressed for sale while the buying
was found very limited and nearly Midi)
shares changed hands during the 'mora
ing including one block of 100 shores
at 1!I;K. The offerings of the undn
Iving companies wer.' much smaller,
but they were nil weak, with i"i,inii
Traction moking a new low at L'q n, ,
Philadelphia Traction on small snhs
yielded to 51 'i .
The whole market wns weak, partly
out of sympathy with the further drop
In market values in New York and
growing unenslness manifested over the
strniued credit situation. The market,
ns experienced In all such occasions,
was found to be very thin of r a num.
her of the specialties. Fleet ric Storage
Mattery dropped .f.'l.no to 114',. while
the warrants were depressed .'. L'."i to
14fV. fieueral Asphalt preferred, on
light dealings, triunipn .ffi to 1)1,
All through the list, however, thero
was a mnrklng down of price Lnke
Superior became weak and declined SI
to 12',i- United Hailronds of New
Jersey dropped $1 from the Inst sale.
Philadelphia Klectric met continued
liquidating pressure, but was held nt
21 VI. I'nited (las Improvement rc
mnlncd pegged at 40. Philadelphia Co.
was off $2 from a precious sale, while
tho cumulutlve preferred lost Vi.
Balm
300
too
1400
100
700
il00
100
300
200
' 40o
1700
1800
100
4000
200
1300
300
1100
300
200
2000
200
3700
800
4700
300
4100
2700
200
1000
1400
2400
NJJ
200
4100
400
300
4300
300
100
2100
209
1630
100
200
103
47100
1510
0)0
1700
2309
300
20100
100
100
300
300
100
300
700
103
100
100
300
1100
103
203
4209
100
1000
0000
700
300
600
100
(100
400
HI DO
100
300
409
200
100
409
1C00
C.I (10
103
10(1
0110
300
2300
103
700
0300
14009
7000
800
1809
700
200
400
300
(100
100
100
1500
100
1200
000
1409
400
100
1700
.100
300
309
400
109
CIO'IO
200
200
nno
100
030
2400
203
1010
300
1000
1109
100
1S0O
009
700
200
200
MO
100
taoo
lvm
300
loo
1700
2100
0700
1000
2200
409
too
lino
Btv.
a Hlh
.. Advance numely .... 30
0 Advance Humely pf .. 62 H
6 AJax Itubbor M M
.. Alaska Juneau a M . . 1J4
.. Alaska dold Mines ... I'A
1 Alllg-Chnlmcra 34 ft
7 Allls-Clialtners pf .... 76
8 Am AgTlo Chem B3(4
o Am Agrlo Chem pf .. 88J5
4 Am Hank Note 43 M
5 Am Beet Sugar ....' RM
10 Am HoBch Mngncto . . 0&tb
7 Am B Shoo & Fdy now S8J4
.. Am Can am
7 Am dan pf 00J4
12 Am Car & Fdy 132 ft
4 Am Cotton Oil 42
80 Am I? Syn 11
0 Am Express 134
.. Am Hide & Leather.. 1194
7 Am Hide & Leather pf 80J4
4 Am Ico 40
0 Ame Internat Corp... 70J4
3 Am Linseed 75
0 Am Locomotive 02
.. Am Safety Itaior Ilk
.. Am Ship & Com 23H
4 Am Smelt & Itef 7
7 Am Smelt & Bcf pf.. 8JS
5 Am Steel Foundries. .. 30
7 Am Sugar lief 121
10 Am Sutnntra Tob R4H
8 Am Tel & Tol 05 '
20 Am Tobacco 200J4
7 Am Woolen R4
.. Am Writing Paper p'f 46U
. . Am Zlno Lead & Sm. . 13J2
4 Anaconda Copper 54
.. Assets Iteallzatlon....! 3H
0 Asso Dry Ooods 1st pf 50
o Atch Top & Santa Fo 7fl?i
a Atch Top & S F pf . . . 73J4
10 Atl Ouf & W I S S. . . .150
.. Austin Nicholas 21ft
. Auto Sales Corp...... 5ft
3 Auto Sales Corp pf . . . is
3..10 Baldwin Locomotive. 111ft
. . Dolt & Ohio .lift
4 Halt & Ohio pf 43
8 Barrett M4ft
. Bethlehem Motors.... J8K
Bethlehem Steol 81
8 Bethlehem Steel B.... 85J4,
8 Bethlehem Steel 8 pfl04
.. Booth Fisheries 7ft
.. Brltljn BT ctfs of deb 7
.. Brklyn Union Gas.... 48ft
. Brun Term Jjft
10 Burns Bros 104ft
. . Butte & Superior Cop 21ft
.. Butterlck 12
.. Caddo Central O & n 15ft
0 California Backing.... 08ft
. . Callfomln Petroleum.. 27
10 Canadian Pacific HOft
. Case- J 1 1,'
7 Caae J I 1st pf 04
0 Central Leather 50J4
7 Central Leather pf.... 06
4 Cerro do Pasco Copper 42ft
10 Chandler Motors 04
4 Chcsapenkc & Ohio... 53ft
5 Chicago & Gt West pf 20ft
...Clilcaco Mil & St P.. 32ft
.. Chicago Mil & St P pf 48ft
5 Chicago N'orthwnstem 08ft
8 Chi Pneumatic Tool.. 82ft
.. Chi K I I'jic 34ft
0 Chi It I & P.ic 6 pf 03
.. Chile Copper 14 ft
1.80 Chlno Copper 28ft
.. Clcv Cin CM & St L.. 54'
4 Coca-Cola 35ft
3 Colorado Fuel & Iron 31ft
8 ColumblR Gas & Flee 51ft
1 Col Oraphaphone 27
7 Col Graphaphono pf. ,. 80ft
4 Comp Tab Kecord.... 48
7 Consolidated Gas 75
2 Con Interstato Cal M 11 i
3 ConRol dated Textiles. 30ft
1 Continental Can 02
1 Continual Candy 13 lift
4 Corn Products Bef. ... 01K 01t
8 Crucible Steel 147 141ft
.. Cuban Cane Sugar... 44ft 43ft
7 Cuban Cane Sugar pf 77ft . 77
7 Cuban Amer Sugar ..43 44
0 Delaware & Hudfon.. SSft 85ft
.. Denver & nio Orando 4ft 4ft
.. Dener & Bio G pf... Oft Oft
1 Dome Mines 10ft 10
.. Elk Horn Coal 21 20'
12 Flectrlo Storage Bat. .115 115
.. Klec Htor.'iBB Hat Itts 3ft 3
0 Kndlcott-Johnson .... 70 71ft
7 Endlcott-Johnson pf . .. 94 nt
.. Frio 12ft lift
.. Frio 1st pf 10 19
8 Famous Pl.iyers L.... 74 71
8 Famous Players pf . . . 84ft SS
. . Federal Mln & Smelt 12 12
3 Flsk Rubber 30ft 30ft
.. Freeport Texas 22 21ft
.. Gaston Wms & Wig., lift lift
2 Gen Am Tank Car... 73ft 73
0 General Cigar C2 01ft
8 General Klectric 130ft 130ft
1 General Motors 23ft 20ft
0 Gen Motors deb 6, . 71 71
7 Gen Motors deb 77c . M 81
0 Goodrich B F 39ft 57ft
.. Gray Duvls 21ft 21ft
7 Great Northern pf . . . . 0 68
4 (Jt Nor Ore ctfs 35 34 ft
.. Gulf States Steel .... 55ft 35
4 Haskell & Barker Car 00JA 00
Hendee ctfs 23ft 28
.. Houston Oil Co 101ft 08
1 Hupp Motor Car 14ft 14ft
7 Illinois Central 81 81
.. Insplr Con Corp 4l)ft 41)
00 Indlahoma Bef 7ft flft
. Inter Con Cop pf .... 10 10
.. Int Agrlcul Corp . . 21 20
3 Int Aerlcul Corp pf . . 80ft 80ft
7 Intl Harvester new . 127ft 120
7 Int Harvester pf 105 105
.. Int Mer Marine 28ft 37
0 Int Mer Marine pf.... 78ft 77ft
.. Internat Motortruck.. 33 83
7 Int Mo Truck 1st pf . . 80 80
.. International Nickel.. 17ft 17ft
.. International Paper.. ,78ft 70ft
.. Invlnclblo Oil Corp... 42ft 41ft
.. Iron Products 44 44
. . Island Oil 6ft 6ft
.. Kan City Southern la'A 1
Kansas City So pf. ... 43 43
1 Kelly-Spg- T 87 85
2:30 Nt
tow (NTtm) Chun,
20
C3ft
53
m
w
33 ft
78
83
RJtf
43
83
(2 ft
58ft
37
00ft
131
41
10ft
132
14 ft
nVi
40
70
7215
01ft
14 ft
21ft
50
80ft
35
110
83
01M
203ft
81
45
13
53
2ft
50
70
73 ft
148ft
21ft
5ft
15
108ft
30ft
42ft
131ft
18
84
82 ft
104
m
7
48ft
5H
100
20ft
12 ft
16ft
08ft
27
H8ft
11
90ft
BM
00
41ft
66ft
53ft
20ft
32 ft
48
7ft
80ft
33 ft
62
14 ft
28ft
53
35ft
31ft
64
24 ft
80ft
48
74ft
10ft
29ft
29 - H
62ft- ft
4ft-3ft
IK ..
IV ..
33ft- m
76
B3K 1
8514 ..
43-1
83 - 3ft
92ft - S
ssft- m
371
001(4- ft
132ft4- ft
42
10ft ..
132 W
Hft
80ft
40 -78ft-72H-02
ft -14
ft-22ft-66ft-89ft-35
-
110 -84
-04
ft
205ft -81W-45
-13
-53ft-2ft-59
-
79ft-
73 ft 4-
149 ft-
21ft-
6ft-
15 - 5
looft- Hi
ft
ft
1ft
7
V
V
tH
114
Hi
3
1
'ift
414
1
ft
ft
ft
3
Ii
V
M
ft
31
42fc
131 ft 4-
18 -P8-1
-
84ft-
101 -
Vi-
7
48ft ..
6ft - A
104ft - 3
20ft 1ft
12ft -15ft-03ft-27
-112ft
4
11 4
91 68 -00
-
ft
1ft
3
41ft- 155
88 ft
63ft
20 ft
32 ft-
48 -C8ft4-82
ft
31 -02
-14ft
.
28ft
63 -33ft
4-31ft-54
-26
-80ft-48
-74ft-10ft-
29ft- 2ft
02 2ft
"ft- Vi
31W- 1
147 4- 1H
43 ft
77 -
44 -
87 -4ft
OYi
10 -
4
ft
y
v
155
ft
7
154
a
"l5
1
ft
Vz
1
55
1
154
5
20
115
3
70
04
11ft
10 -
72 -
83ft
12 30 4
22 1154-
73 -61
ft -
130ft
21 -71
81 -60ft
-e
-34
ft
58 -06
-28
10IJ5 4-"55-81
4
40 -0ft-10
-20
-80ft-
120 -
105 -27
-78ft-5?
-80
17ft-76ft-41ft-41
OH
IO -43
-85
-
1
Y
1
1ft
55
54
'A
- 3
- ft
- ft
4- 1
- ft
- ft
54
55
1ft
B&tta
100
2800
1500
2000
160
1600
500
300
.200
100
100
,1300
100
200
100
13300
100
Dly.
In I , Hlih
8 Kelly-Spg T 8 pf... as
2 Kennecott Copper 26ft
1.20 Keystone T ft II.,. .... 34ft
6 Lackawanna StML... 68ft
. , Laclede Ons of St L, . 97
2 Loewe Co 3354
.. Loft Corp lift
12 Lorlllard Totiacco ISA
10 Monntl Sugar 101
7 Manhattan Kiev guar. 42
4 Mackay Cos pf 00
. . Maxwell Motor 13)5
. . Maxwell Motor ctfs. ., 12
. . Max Motor 1st pf ctfs 24ft
.. Max Motor 2d pf 'ctfs lift
10 Mexican Petroleum... 80ft
2 Miami Copper 20
20)0 Nt
low (NTlra) Chie.
71000 .1.00 Middle States Corp... 21
1400 4 Mldvale Steel ft Ord.. 40ft
600 .. Minn ft St Louts .... 13ft
000 7 Minn St P ft S St M. , 08ft
100 ,, Mo Kansas ft Texas,, 0ft
1600 , , Missouri Paoiflo. , , . . 25
1500 ., Missouri Paclfld pf. ... 41 ft
700 , . Montgomery Ward. . .. 30ft
100 .3.50 National Acme.
35ft
54
ft i
n
1'4,
I'i
H
V$
3"
1U
1"
2ft
3ft
251
4'i
ft
I
ft
"i
ft
2
31i
in,
t
151
1H
"ft
3ft ,
7
"ft
'A
1
3ft
4000 .. Nat Aniline & Chem'. . 7(ft
100 7 Nat An ft Chem pb.. 89ft
100 7 National Biscuit pf. ..105
400 6 Nat Cloak ft Suit.... 65
200 .. National Con & Cablo 7ft
100 o Nat Knam & Stamp. . 00ft
600 o National Lead........ 71
100 7 National Lead pf 103ft
100 l Nevada Con Copper., lift
700 10 Now York Air Brake. 05ft
800 ..NOTox&Mex 35ft
100 . . Nat H It of Mex 2d pf 5
1700 8 New York Central..,, 67J5
200 2,80 New York Dock 30
200 B Ney York Dock pf . . . . 48
4800 .. New York N H & H.. 28ft
1009 7 Northern Paclfta 71
300 8 Nova Scotia S & C... 5154
100 2.80 Ohio Body ft Blower.. 25ft
3500 40 Okla Produ & Rcf . . . . 4
200 .. Ontario Silver Mln... 0
1400 ..Otis Steol 23ft
100 3 Owens Bottling Mach. 4755
200 i Pacific Mall 30
22000 o Pnn-Amer Petrol 06ft
3100 .. Pnn-Amer B 01ft
300 4 Pacific Dcvcl Corp.... 42ft
3800 3 Pennsylvania It B.... 30ft
1400 . . Penn Senbonrd Steer. . 2255
100 7 Penny J C pf 00ft
1000 .. Peoples Gas Chicago. 31ft
2100 .. Pere Marquette 23ft
400 3 Philadelphia Co 34
1500 .. Phillips Pet 3755
10000 .. Plerce-Arrow Motor... 40
1000 ..Pierce Oil 14ft
209 8 Pierce Oil pf 81ft
200 8 Plttn Con! 88ft
400 . Pittsburgh & West Va 2754
100 l Pond Creek Coal 15ft
000 8 Pressed Steel Car 05ft
000 7 Pressed Steol Car pf.. 98
209 4 Pub Serv Corp of N J 80
too 8 Pullman 112ft
6000 . . Punta AleFrre Sug- rts 85ft
1300 4 Pure Oil Co 4054
700 l Bay Con Copper 15ft
400 8 Railway Steel Spring.. 93ft
100 7 Rw-y Steel Spring pf.,100
15000 4 Beading 87ft
100 2 Reading 2d pf 44ft
500 Rem Typewriter 61
4100 .. Rcplo Steel 70ft
10000 6 Republic Iron & Steel 90
100 7 Republic Iron & Stl pf 03
300 . Republic Motortruck.. 43ft
200 Robert Rels ft Co 10
100 7 R Rels & Co 1st pf. . . 80
3000 8.20 Royal D N Y 75
100 1 St Joseph Lead 15ft
400 1 Santa Crccllla Sugar.. 17ft
6000 .. St Louis San Fran... 23ft
1600 ,. St Louis Southwest... 17
400 .. St Louis Southwest pf 20
1700 .. Saxon Motor 7ft
100 8 Sears-Roebuck 130ft
300 .. Shattuck Arizona 9
1900 .74 Shell Transport 0754
13700 .. Sinclair Oil 28ft
8500 o Southern Pacific 01ft
10500 ..Southern Rail 27ft
300 5 Southern Rail nf 67ft
1600 7 Stand Oil of N J pf. .105ft
500 4 Stewart Warner Sp... 30
4300 4 Strombcrg Carb 78ft
22100 7 Studebaker 05ft
200 o Superior Steel 48ft
1100 .. Tenn Cop & Chom. .. . Oft
10190 3 Texas Co 44ft
2700 .. Texas & Pacific 35ft
809 .00 Texas & Pac C ft O.. 43
ooo .. Times Sq Auto Sup.. 28ft
3000 o Tobacco Products 64 ft
100 7 Tobacco Products pf . . 88
2800 .. Transcontinental OIL. 14ft
500 8 Transue & Wins Steel 50ft
1030 .. Union Oil..." 29ft
500 10 Union Pacific 113ft
700 -1 Union Pacific pf 05ft
100 4 United Alloy Steel.... 42
300 12 United Fruit 100 '
100 United Rwy Invest pf 16ft
8200 3 United Retail Stores.. 68ft
100 .. V S C I P & Fry .. 10
100 BUS C I P ft Fdy pt 45
200 .. US Express C5i
2100 a U S Food ProductB... 62ft
8000 8 U S Ind Alcohol 84 ft
600 .. U S Realty & Imp .. 53ft
6800 8 U S Rubber 8ft
100 o U S Smelt ft Ref 57
300 3.80 U S Smelt & Ref pf . 43
41300 BUS Steel 80ft
301) 7 U S Steel pf 107ft
300 o Utah Copper OCft
25100 o Vanadium Corp 7(i'5
600 4 Va-Carollna Chem.... nsft
500 2 Vlvadou Inc 10ft
490 .. Wabash 8
1300 . . Wabash pf A 22ft
300 .. Wells Fnrgo Express. 02
200 .. Western Maryland ... 0
100 4 Western Pacific pf.... 03ft
100 7 Westlnghouse A BraknlOl
1200 4 Westlnghouse K & M 48
400 .. Wheeling & Ij B Oft
100 . . Wheeling & L F pf . . , 15ft
2800 4 White Motor 49ft
5200 l Willys-Overland 1754
300 7 Willys-Overland pf... 81ft
301) c Wilson & Co 64
10() .. Wisconsin Central.... 25
100 3 Woolworth F W 100
1100 o Worthlngton Pump... 05
98
24 ft
54
0054
37
22
1454
134ft
100ft
42
00
13
12
2455
lift
70
20
20J5
39ft
12
08ft
054
24ft
40ft
30
3554
74 ft
89ft
105
52 ft
7ft
60ft
7254
103ft
11 54
03
33 ft
8
00ft
30
48
27ft
70ft
61
26ft
3ft
6ft
23
4754
20ft
0254
88ft
42
30ft
2054
00ft
30ft
22 ft
33 ft
36ft
43 ft
13
fitft
88 ft
26ft
16ft
04 ft
1)8
86
112ft
84
39 ft
15 ft
02 ft
100
80ft
41ft
60
70
84 ft
93
4254
1654
80
73 ft
15ft
17ft
2255
1054
28ft
7
130ft
0
06ft
27ft
88 ft
26ft
57ft
10554
3855
75
02 ft
48
Oft
43ft
34ft
42
28'-'.
02 ft
8S
13ft
47ft
28ft
112 ft
05
42
194ft
18ft
65 ft
16
45
054
61
82
54
88ft
57
43
87ft
100ft
OSft
74 ft
08
loft
8
22 ft
0055
0ft
03 ft
103
47ft
9ft
15 ft
4 7ft
10ft
81
3
25
100
00 ft
08-2
24ft- ft
23ft- 1ft
0054- 3ft
37 - 1ft
22
14ft- 55
136 4- 1
looft- 354
42 - ft
60 -10
13 -
12
2455- 55
lift- 54
76-4
20 - ft
21 4- 54
3955-
12 t 54
68ft- 154
054- 54
24ft- 55
40ft- 155
30 - 55
3514 54
74ft- 3ft
80ft- 254
105 - 1
553
7ft- ;j
6055- aft
7254- 254
losft y
1154-
05 - 4ft
33ft- 2K
- 54
67 - 2
30-55
48
28 - ft
70ft- V
5114- 3M
25ft- H54
4
5ft- 54
2354- 54
4755 14
20,5- 114
04ft- Jo
8flft- 255
42ft- !4
3955- ft
2054- 255
ooft ft
31ft 55
22ft- Vb
34
3flft- 155
44ft- 254
13 - 2
81ft- 55
68ft- 1
20ft- 1
isri- a
0554 - ft
08-1
80
112ft- 2ft
84ft- 2ft
39ft-
13ft- 54
92ft- ft
joo 55
87ft . .
4i5i 1
00-2
77-2
80 - 4ft
03 - 1
43ft- 1ft
to - ft
803
71
15ft-17ft-22
ft-10ft-
28'i -
7ft-
54
1
154
V3
1
54
13054 4- 1'4
o -
07 -28
-00
-
2754
57ft-105ft-38ft-78
04 ft-
48 -
0ft 4-
44
35ft 155
42 - 1
2Sft- ft
63 - 1ft
88 - ft
13ft- ft
47ft- 2ft
l
l
ift
54
55
54
IK.
"ft
155
'
54
20 - ft
13ft- ft
05 - ft
42
190 - 1
18ft- ft
07-1
10 1
45 4- ft
054- 54
01 2
8454 54
St -'154
89ft ft
57
43
88ft- 1
100ft- 1ft
0555- 1
7655 4- 1ft
C8 - ft
1655 ..
8 ..
22ft- ft
00ft- Ift
854 ..
03ft- 1ft
103 - 2
4755- 55
oft- ft
15ft- 1ft
4755- '
10ft- ft
81 - 1ft
63
26
100
05
- 2
- 155
"54
Commodity Markets
.lldnln LocomotWe Works 1st... fin. lD4n
?'L'w.n ,,,lf,,i!,,l,,'n, VaJ, t'- .-.-, ,3. 1010
ntowii llrttilrlirni (fas
M Cr ek lUllm ad Co. . 3ft
' ?5'l,hlW Suburban Oils ti Kin
trmrK .., it. .' ime. ..
..J U..I1.V..V r.A......... n.
n,., .., ..w,j ..n,
'
6a, 1000
na. lflfi'J
6. 1030
6a, 1942
'nirrp Ctfrniinnv lot
.ur.i. n, iiij.j.11 -n w t;u.
i-niuuripina ntocu Kxcliansa
IM1 fIIWTSmT W1 -
Prices Irregular on Paris Bourse
I'oxla, July 27 Prices wore Irregular
on tho Bourse today. Three per cent
rentes wcrp quoted at doi vva; exenange
on London, 48f 3Sa; S per cent loan,
88f asc, Tho dollar was quoted at IZf
73JSC.
COTTON MARKET
New York. July 27. The cotton
maiKi't opened steady, with May (
points higher and other positions 8 to
12 points lower. Selling was promoted
by continued favorable weather In tho
belt, unsettled financial conaitlons,
wenkness nt New Orleans and reports
of freer offerings of the spot article.
The South, led by New Orleans
houses, was a seller. Wall street local
operators and the West sold. The trade
was again un active buyer of October,
one firm taking about fiOOO bales ut
112 15 on the opening. This house had
been a large buyer around .12.50 lute
yesterday.
Liverpool bought, and there was
scattered short covering, but demand
folhsl to obsorb tho offerings, which
carried prices off to u net loss of from 8
to lit points soon nfter the sturt.
Liverpool reported further "calling"
hv snlnners.
Receipts nt the ports for the day
are estimated ut tiOOU bales, against
8)5." bales a week ago. ir,.'U0 bales a
year ago and 8017 bales two years ago.
(N Y. time)
1..111
ii m
Octobor 82 no ;ii: so S2 is ai z
Decfnitier du " ' ' " o".i- ." n
ail' Utl
M.a:,
Jsnunry
Ma re n
May .
Prev. clo Open 11 30
ii. m
. . .. 82 no nii no 82 is
... 30 til 30 17 30.42
. . . . lil 85 IMP SO I'll 117
.... an. is '.mi oi '.'0 07
.... lis 45 :'N45
wheat nnd the Canadian outlook were
more fa vo ruble
December opened nt $2.43 to $2.41,
compared with ?2. !7'4 nt the closo yes
terdny. and Inter sold at S2.42. March
started at S2 411 bid. compared with
!?2.r,l at the end jchterduy, and later
sold nt 52.44.
Corn nut weaker under general sell
ing. On the break there wus buying
by shorts and by a house with eastern
connections
July started with n decline of jC and
dropped to SI ,4.'t September opened nt
$1.4.1 to ?l .p.'i.j, compared with
!5l.4;ir'fi at the elnie vesterdav. Decem
ber started at SI.27V4 to SI. 20, ngainstl
H 'Is i'nktnp.lnt '. !.. ......... 1
Oats weie irregular. Commission
houses bought.
July opened nt SOc to S0V4c against
fi0He ut the end yesterday, and later
sold at Sue September was quoted
70i(ic to 7lc nt the outset, against
71 ',4c. jesteniay's Inst price, und Inter
sold nt 7iV December opened nt 70c
to 70Vji njiilnst 7014c at the end es
terdny, and later sold at fllT&c.
Karl) estimated receipts for tho day
were 12.- mrs of wheat, 175 cars of
corn ami I si j mrs of onts.
Leading- futurcj rnniwcl as followa:
IChl. time)
Corn in Mhrril Vent.
i n tll-.li I...t 10'ln rind
1 II 1 4.-, 1 4Hi1.44',t 1 4BV4
', 1.4U7B
80'1
71U
Philadelphia Stocks
100 Am Strs . 4
7. Urill .T (5. 38
Hlh
4
1:30
l.ow p. m.
1:1 'j 41
31 38
Nt
chKe.
Mi
fH)4 EIecStor.117 1I4V1 114V .1 VI
KW do war. Kiv, i.a in 2
CURB ISSUES SHOW
MODERATE DECLINE
Wjoaknoss on Stock Exchange
Reflected In Outside -Market
New York, Julv 27. Weakness on
the New York Stock Exchnngc was
reflected in lower prices on the Urond
street curb, but the dealings in the out
side market were generally small In
volume nnd the declines were of only
moderate extent. '
General Asnhnlt. which, sold nt 03
early in tho day, dropped to 59, but
later recovered part of ifi loss. De
clines of around one point were sus
tained in Marncaibo nnd Salt Creek
Products, but tho losses in the lower
priced issues were generally of frac
tional amounts. ,
Slmms Petroleum held steady, with
sales at 15 to 14. White Oil ranged
from 18 to 18. Aetna Explosives
sold nt 10.
ChnlmrrB Motors wns one o the
weakest features, being affected by cur
rent Htories nbout tho motor industry,
nnd ranged from 3 to 2.
Itetall Candy was traded in on an un
usually large scalo nnd declined from
13 to 13.
IMJUHTHIAI.M
London stock market
Mixed Trade Reports Retpoin
Iblo
..- . ..i.-ttts In Industrials
Ir,,o,T.;2v.ct8 of tight
rates for money and a rush of new
Issues of securities "ore count racte.
on ,tho stock exchange, today by fur
ther optimistic newft relative to tho
tah situation and tho undsrt one o
tho market generally was steady. Tr
Ing was of a holiday nature and wns not
extensive. .. ,
Following a dip, xne.ro ".",'.,
" ... .1 jiAltra
, iriit-eiiKeu Diiii...
tho B"t-eired
Prench loans
n so moved upward. Proflt-taking oc-
1 vi',.,i trade reports were responsible
fiftftV the .ndustrgr0nup.
liuuson "- - - , pacific ro
fnVwcl steadiness. Canadian i-awiiu -ceded?rBr
ting the break In stocks at
Now yorK yrsit'"
monds wero flabby.
Kafllrs and dla-
Financial Briofs
Tho avcrago PHco of twenty active
inuuBiriui niouw uecuneu z.19 n.r "- u
yesterday to 87.06. or within O.80 noiSi '
of the previous low level touchec? i ''
May iv. Tno twenty railroads deeimli
.iv.
'
0,90 per cent to 72.:
Tho
THO isew xortv BUDteasury prstn
J168.000 from tho banks yesterdayfmat1
,, n rna 1 npi irnin bimma n,4 --..-
up, - " " -" o... witivj lriQB.
$zzc,vuu.
day of
Liverpool Cotton
Liverpool, July 27. There was a fei.
demand for epot cotton today wick
prices caslor on the basis of a dseiii?
of 33 points for middling, at 2 ma
The salcfl were 8000 bales. Tha J.
celpts wero 3000 bales. Including sna
bales American. Futures were auiatt.
the early dealings. Spot prices wr"
American, middling fair. 31.31d! ;
middling, 2S.66d; fully middling, 27 f? S .
middling, 20.06d: low middling, 22 12:
good ordinary, 19.06d, and ordlnar
18.00d. r'
Aetna Bxploalves ....
Car Ltxht
Chalmers Motor ....
n V Griffiths .......
General Asphalt
Tlerrlllra Paper
Perfection Tlr
IT S Hlnh Hpeert Tool
United Pront Hharlnn;
United Itetnll Candy..
lllth
. 10'4
. 2H
. 3
. in
. 0.1
. 2BH
INDKPBNDKNT OILS
Allied Oil
Ilnrnrtt Oil Qaa ...,
Iloonc Oil
Iloaton WyemlnK . . . .
Carlb Syn
ruahlnic Pete
Dominion Oil
Ulenrock Oil
Inter Petroleum
Leetone Petroleum . .
Maracalbo Oil
Merrltt Oil
National Oil N J ....
Ue,l Itoek Oil
Ryan Cona .,
Salt Creek Prod
Blmma Tctroleum ....
Rltelly OH
Superior Oil rets....
Tropical Oil
Un Tcxaa Oil
Vlpfnlln fill n.w
White Oil IS'
uoy de Franco
M1NLNO
3
1ft
UK
10U
2H
32
J
invi
c
23
SO
16
lOVi
in
in .
18
.11
nt
Uo
62
ft
Alaaka-Drlt Columbia.
American Mines
Illir Ledge
Iloaton A Montana- . . .
Caled Mining
Calumet 6 Jerome . .
Canada Copper
Candelarla M
Cortcis Silver
(Jreaaon Uold 11
Dundee n
Furekn Croeaus i
Ooldfleld Florence 13
Gold Zone It
Louisiana Co
MaeNamara U
Marsh Mining- IS
Mother Lodo T
Mother Ida new r1i
North Star n
Rlmon 1'i
Bucreaa Mlnlnir 4
Tonopah Ilelmont 1)1
Tonopah Divide 1 vi
lonopah Dxteralen 1
Tonopah flpacuo Gula .... IS
United Kastern 2
Weat Hnd C t,V
Whlto Cnpa 10
BONDS
Allied Packers 0a 00
Amer Telo 0a. 11122 BIV
Armour 7a m
Anslo-Amer Oil 7V4r ns
Tan-American Ptt 7a .... H4S
W: IJIectrlo U75i
Herlln 4a 22V4
Hremen 4a 24Vi
Dresden 4a 24
I'rankfort 4s 2.1
Hamburg 4a 2.T,4
Ftnmbum: 4Ha 2.Hi
Letpzlfc ,a 20
Munnneim 4s 23.
Low
nii
2rt?4
da
n
2H
I,'.
13H
low
2U
31
2lt1
15
0
23'4
3.1
Hi
lOVi
in
18
k
1
is
Btt
04
20
U
H
'i
00
1H
13
13 ,
'
U
12
fi7
rK
n
m
4
ia
iiA
10
1:30
p. m
lOVi
2!
11
ni
20 K
SI
1H
12U
24
1'.
13H
inv,
2S
32
l'i
21 H
13
nl
23 '4
31H
IS
lOVi
in
184
"i
1
18
0U
04
20
Vt
)1
02A
lt
,3A
14
4
12
07
ft
1W
4
10
1
13
2H
1".
10
08 08V4
1MH 04
Runlan OH a
211
luttuart 4h 24VJ
Bwlaa SH a
n.n.
!I8
VK
7'i
21i
24 14
2t
2.1
2.1W
23
2(1
23
20
24V4
844
now
94'S,
07',i
2lVa
24 ',4
21
2.1
2314
28 Vt
20
23
20
24U
84
in
01
71
28
r.o
31)
10
01
71 ..
28
12Mi 04
no . .
30..
41 1,
GRAIN MARKET
Chicago, July 27. Assertions that
nil reports this season will exceed early
forecasts by large margins and renewed
apprehension about financial conditions
caused a resumption of general (.tiling of
wheat In small lots this morning, uud
the market wus weak.
Huying power was lacking until rest
ing orders were encountered on the de
cline, which ranged from 4V4c to 7Vlc
for December nnd amounted to 8c in
July . . .
Hept .
Cuts
July Seiit
Pork .
Hept Si) 10
Lard -
Sept loan
nibs
Sepi It) 10
nid.
1 43 1 134 1.41 1.43't
js,
801 ;
71
74
l!DV.
78
70H
20.10 20.10 20.30 20.20
18 3J 18.00 18.27 18.20
10.12 lfl.OU '10.12 10,10
Today's Range In Liberty Bonds
(N. Y.
March.
market.
Liberty 3U.s ...
Liberty Ul'ls . ,
Liberty 2d 4s . .
Liberty lht 4V4s.
Libert) 2d 4 Ms.
Liberty 3d 4V4-).
Liberty 4th 4Vls.
HUh
in. on
85.70
84.51
85.80
Low
00.08
85.70
84.5-1
85.00
UvnA... -n.nl t ... .!. '. '..
'"F""- ICIUUIIICII Ulll OC llll! vie M)tes illiS
Keports of American BpringVic Notes 4g.-.",
84,80 84,00
88.70 88.50
85.10
05,72
IK5.7U
OOOtKrie 1st
prof 10
100 On Asph
pref ... 05
200tlcn Mot
deb pf. 71
275 I Co N A 28
430 Lake Sup 13'.
105 Leli Nuv. 50
435 1'a It H.. 3!)7'
25 Pa Cent
Light pf 41 41
34 I'liiln Ins
Wire.. 5
30 Phlla Co. 33-y.
40 do cm pf 31
740 I'liila Klec 21 V
80SS I'hllaKT 15 "
57 l'hiluTrnc 51V,
lOOTouo Del. 1 1
710 I'n Tne. 27
375 I'OI,., 10 if,
euui (jos
X Jer..1(llV 101 104 1
nOOtUH Steel S8 K8Vj 88Vj
tNt chuniie made by comparlaon with laat
ale on .Sow York stock Exchange.
Ha oa in 1IONDS l-aci Net
51
33
;n
51
ill -A
21 yi 21-f- Vi
i 13 1
51 U 51 Vi
20 20 1
40 40 . .
FOREIGN EXCHANGE
New York. July 27. The European
exchanges were generally strong at the
nominal opening quotations, marks show
ing special strength, while guilders were
weak.
Quotations were:
Demand sterllncr 3.78 ',J, cables 3.7D :
franc cables 12.85, checks 12.87; lire
cables 18.03, checks 18. 0B ; Belt-Inn cables
12. checks 12.02; Swiss cables B.80.
checks 5,82; marks 2 50 ; guilder cables
34'4, checks 34 I pesetns cables 15.07,
checks 15.02; Stockholm cahles 21.60.
checks 21.55; Chrlstlnnla cables 16.30,
checks 10.25; Copenhagen cables 16.30,
checks 16.25
Thero was a further moderate advance
In the forenoon dealings, sterling cnblcs
being quoted nt 3.7!) -4 and demand
3.78 H. 1-Vancs were hlsher nt 12.80 for
cables nnd 12.82 for checks; lire cables
1 R.05, checks 18.07, marliB 2.45 nnd
Argentine cables 113 20
Yl-STERDAY'S FINAL QUOTATIONS
Sterllncr Frnncs Lire Oulldcra
Demand .. 8.78J4 1102 tB.12 34. 48
Cable 3.78 13 00 IS.10 34,60
TODAY'B OPKXINO QUOTATIONS
"TV,?" n-nca I-lrB Oulldera
.. 8.78V 12.87 18.0.1 S4M
. 8.70 12 8.1 18,03 34U
NOON QUOTATIONS
SterllnK Franca Lire Oulldera
. 3.7S .07S3V4 .n.ir.3 84. 4fi
. S.70W .0781 .0535 04,00
Demand
Cables
Demand
Cables .
MONEY-LENDING RATES
NH1V VOUK Money on call, both
Classen of collateral, opened today at 9
per cent for lending nnd renewing.
In time funds, the situation was un
changed with 9 per cent hid and no
offers. All Indications pointed to con
tinued firmness.
In prlmo bank acceptances, rates were
unaltered at G bid. G-i nsked, for
ninety-day prlmo New York member
bills; OVidTfl per cent for sixty and
O05T4 per cent for thlrtv-day bills. The
demand for prime New York hlllB Is fair
while the supply continues light. A good
amount of prime out-of-town IiIUb Is
available.
In mercantile paper, tho market Is
almost entlrelv In tho Interior, nates
rnngo frorti 7 to 8 per cent.
PHILADELPHIA Call, c pPr cent;
time, 6 per cent ; commerclnl paper
threo to bIx months, 6 per rent '
(Note These are merely nominal
quotations, as the legal rato of Interest
In the state of Pennsylvania Is fixed at
n hit i;cm. nun I'iciiililiu anil enm
"
'
I I OUR SUPER?
; SERVICE
: Losses Paid In
! AirwriconCUrnrnty
I : Phone Lombird 4016
I Li,,., i, 1, iii ill mm
y n"'
HOW TO INSURE
ADVERTISING AGENCY CREDITS
YOU know you arc doing business
almost wholly on a credit basis with
out security. Besides giving expensive
service, you are, in fact, a-banker for your
clients, without the collateral protection
a banker demands.
Yet neither you, nor any advertising
agency, cares to risk your clients' ill will by
refusing credit at the first sign of slow pay.
But the condition of busin'ess right
now demands you should protect your
accounts. One or two losses might not
only wipe out your whole years' profits,
but embarrass you besides.
The time for Credit Insurance Is in advance of
failure not afterward. "LONDON" Credit
Insurance which we can write to exactly fit
your needs Is your surest protection it's a guar
antee. Ask.about it Today. There's no obligation.
AT-VOUR,
SERVICE
Kfntf-SuSZinTt
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.,
R. A, IRVING, General Agent
PHILADELPHIA, PA.
820 La Fayette Dldg. - :
MyHM)14MlIMtMMEyytgfr
I
ntTOTcii- monax
The Midas Touch
Not long since, one could hardly give away
Canadian pulp and paper securities. Paper?
Money In pulp and paper? Who could be
lieve it?
Very few people very few but their names
ore writ in Canada's industrial history, and
wealth has come to them because of their
faith and vision.
It has been our privilege to earn tho confidence of
many thousands of investors who hare trodden the
upward path to prosperity as the result of their
early investments In these securities.
But so far they, and we, have only fione along the
path. The broad highway Is still before us.
If you would travel It and share In Its potentialities
and profits write and wo will advise you when, and
in what, securities to Invest. Address t 83
AGENCY OF
Royal Securities
CORPORATION
(CANADA)
L- I M I T E D
165 BROADWAY NEW YORK
jSBEBSSBESOEa
I
!
mission time money for thirty to ninety
days Is loaning at 8 to 8 nor cent
whllo commercial paper from threo to
six months Is being offered at 8 to 8W
per cent.) "
High
. 71
l.ow p, m. chse.
71 71 . .
11000
2H Am Ons &
Klecfis..
5 Lib Ilonds
3d -Ik. . 88.70 SS.74 8S.70 .42
2 4th 41iH... sr,.l() K.-.10 85.10 .12
5 Vic N 4s. 05.70 05.70 05.70. .
1 Nnt'l l'rop
l-Os .... 5 5 5
1 I'euna II It
temp rtfs,102Vi 102V4 102V4 Vi
5 I'hlln Klec
1st 0s... 80 80 80 ..
2 Read'g g 4s 71) 70 70 . .
DIVIDENDS DECLARED
Oeneral Aaphalt Co.. qunrttrly of 1H mr
cent on preftrred. pnyablo 8aptmbr I to
lock of rycord Aiisuat is. ., ,, ....
London joint i-w ana ,"" f "':i,.
anUnttrl dlvWnd fori flrt; ws,'Qt
tlmf)
1 13
p. m.
01.00
85.70
84.5 1
85,70
84.01'
88,0s
84,80 i85.00
05.00 05,00
05.02 P5.00 iMo'aVrbto;oH8 vii
dlvU
t;cf.
Wf
num.
BANK CLEARINGS
Dank clenrlnea today rompnrcd with r
aiMindlnc day lust two yenra: r
1DS0 linn ,,
r-hiitt ...S4,ii7s.4nn jot.477 2im $.mi AUt "-2R
N. V, .,703,110.004 808.813.41U 1141,484,31?
Reserve Banks' Discount Rates
Ollldal rediscount rates at the im-h-.
.cue.,.. , .'-..no ,wu CIS lOIIOWS
Tresa,
ctta.
Dostnn
N'tw York . .
I'hllndelphla . .
Clavomni! . . .
nlchmoihl . . . .
Atlanta
CblCSKO
Ht I.oula ...
Mlnnmpolla ..
Kanaaa City .
Ilullaa . . . .
Fun l'raiicleco.
ml
I. Mi
DomU
U
.1(1
. 5H
.til
.t
. r,Vt
tn
.tn
to
a
a
n
8rf
''om'l Bkra.
I'apiT Accept.
7
H
II
8
tPlBcount rate rorrflflpondii with Inters
t born ft bv pfirtiflruiPB nU.i.,i ,'.?lrr"'
nd
rc,t borne, by cortlflcutes pleilitnl a coMmIJI
with minimum nf tl pit cml in ih !...,
Philadelphia. Atlanta and KanSua $'
BH P-r rem In lh rna. nt Sun HV.,!,'...""
Liberty Bonds
and
United States
Certificates of Indebtedness
ALL MATURITIES
BOUGHT, SOLD AND QUOTED
Telephone Spruce 1480
Commercial Trust Company
Member Federal Reserve System
City Hall Square
Dividend
The
TIIK Gllt.Wtn NATIONAL IllNit
Philadelphia, July 27 iii-n
IB Hoard nf Director bo. ihtl J..-.0:
clarod cv iiunrterly dividend of the rw i
tn?i), oayalile Auseat 2,1, mo, "ci tMKlfoM
2T IMo"0'11 " "" Cl0' buslnew Juf;
, Checks will bo mailed,
y O, M. A8HTON.
i y, IWHer.
8o Dividends with the Opportunity
to Share in Profits
We offer to discerning investors an 8 Cumulative
Preferred Stock, with the privilege of purchasing a
limited number of Common shares, issued by a Jarge
and old established Manufacturing Company whose
products are world-essentials.
The affairs of the Company are directed by men of
strong financial interests and of national reputation
in the Industrial Field.
i Afc or ''older No. P.V.L. J8J
Hoftister,White&Go.
C0aOHAM D.
North American Building
HUSTON . t I L, A DEL PHI A
sraiNuriSU) JIROVIDENCK
riTTSFIELD
NEW YORK
PORTLAND
'
J
-j., w-.... .
L .. . 'V.. ,
tetisi,irjMMt w. raiV-iT") Ym'ih'
, ..Mj&.
-y.fA.lf. -rJu
WrfA
.-
Vr
if
' tl
i&il-Mii
i.',it5
C. VSth&.toM;.Usta -,.4Jrte:
KaaulajlAHilaMjMII