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TTwmfrft of investment op
portunity was probably never
Pf extensive as at present.
hns lowered tho
i:-.t, rates has lowei
1 lUJnna nf seasoned secun-1
nnniHLIUllJ "
old bonds, whoso
quotations
IlCSi ' , !..,. tr..
tnprits have Deen jwiuwu iui
wars, arc obtainable in moder
Se amounts at competitive
nrices For instance:
P First Mortgage 30 Year
rtonds, authorized 16 years ago,
Stance at ft", m
the cash expended in actual
construction of properties of a
local company upon which
they are secured, tax free in
Pennsylvania,, listed on Phila
delphia and New York Stock
Exchanges, and well supported
bv earnings, may be bought at
B price that will yield
Over 8 on the
Investment
We recommend the bonds,
end shall be glad to furnish de
tailed information concerning
them.
HARPER & TURNER
Investment Bankers
10th Floor Stock Exchange Building
Philadelphia
Seranton Iiendino
jfmHr of Philadelphia Stock Bxchango
LABOR CONDITIONS
REPORTED BEHER
i - i '" '
I
!
Bond Secured Note
Yielding Over
8.45
An obligation of Louis
ville Gas & Electric
Company, due January
15, 1923. Applicable
earnings about 31fc
times annual interest
charges on this issue.
Sinking Fund Provision.
Circular No. 7$S1 on request.
Bonbright & Company
437 Chestnut Street
Philadelphia
N.w York Chlcnio
York
Bolton
Detroit
15 of 16 Phila. Industries Say
P. R. R. Lay-Off Aids in
Obtaining Mon
HIGHER PRICES EXPECTED
.i.i i m ?. m10, ?ix,ton Industries, on
wli c i tho Plillnilclnhln Federal Ttcserve
i. i ,Wcfk ' ln1IftlM for July 23 is
a-i ' i? ,l0.w '"'Provpil Inbor conditions,
.i. i b"sI"fM "Don which the ttynbp
Ms is based nre. cool. Iron nnd steel,
automobiles, hardware, cotton yarns,
cotton Roods, woolen ynrns,. wtfolcns
nm worsteds: silk, hosiery, underwear,
eatner. shoes. Jewelry, pottery, to
bncen. The pottery trmie reported labor
conditions ns "ummtlsfnctory," nil the
others ns "improving-." Much of the
Improvement In attitude Is attributed
to the new light thrown on tho labor
market by the Pennsylvania Railroad's
action In laying off 12,000 men as an
efficiency move.
Of the sixteen industries, price trends
arc found to bo higher In four, lower In
seven, film in three and unreported in
two.
The higher prices are to be looked
for, according to tho federal banking
estimate, In coal, Imrdwnrc, pottery and
tobacco. Hopes of lowered prices are
held out for cotton yarns, cotton goods,
woolen yarns, woolens and worsteds.
Mlk, eather qud shoes. Prices will hold
unri in their present levels In the Iron
and steel, automobile nnd jewelry
"ades, according to the synopsis. i
The column bended "demand" shows
n long list marked ns "inactive."
Among the trades In which demand Is
said to have slumped are cotton ynrns,
cotton goods, woolen yarns, woolens
and worsted, silk, hosiery, underwear,
leather, shoes.
"Very strong" Is used to describe
the demand for coal, nnd "strong"
applies to Iron nnd steel, nutomobilcs
nnd hardware.
Ten of the Industries nre able to
supply all the demand they arc receiv
ing, six arc unable. Those which nre
able nre cotton yarns, cotton goods,
wpolen yarns, woolen and worsteds,
silk, hosiery, underwear, leather, shoes
and jewelry. The coal Trade, Iron nnd
steel, automobile, hardware, pottery
nnd tobacco men nro unable to produce
enough to meet the demand.
The raw materinl situation Is re
ported ns "poor" in the Iron nn.l steel,
nutomoblle nnd hardware trads;
"good" In all the others except pottery
nnd tobneco, where it is "fair."
Every one of the Industries reports
transportation "poor" and the conl,
Iron nnd steel, automobile uud pottery
trades mark this item "very poor."
The outlook for the rest of the year,
which is bnsed on a combination of the
forecasted demnnd nud output, tabulated
ns follows :
Coal, demand good, output uncer
tain j Iron and steel, demnnd good, out
cut uncertain; hardware, good In both
Instances! cotton yarns, demnnd good,
output uncertain', cotton goods, woolen
jnrns, woolens nnd worsted, silk,
hosiery, underwear, leather, shoes, nil
uncertain In both cases ; jewelry, good!
pottery, n strong demand nnd, uncer
tain output, nnd tobacco, "very good."
POLICE CHIEFFMEET
Heads of Departments In Pennsyl
vanla Hold Annual Contention
Heading, In., July 27. The seventh
annual convention of the Hmnsylvnnla
Chiefs of Police Association began here
today to continue until Friday, with an
attendance of 200 from various parts of
the state. Mayor Htauffer delivered the
address of welcome, to which the presi
dent of the association, Chief Lona 11.
Day, of Seranton, responded.
'Important suggestions nnd recom
mendations nre expected from the
executive and law committees. The
.former is headed by James Itobinson,
former superintendent of pollco of
Philadelphia, nnd the latter by Thomas
A. Newcomb, of Pittston.
Superintendent Milts, of Philadel
phia, and Major Hlehard Sylvester,
former head of the Washington police,
nnd now chief of the Du Pont Powder
Co. force, are among tho nationally
prominent officials on tho program for
addresses. This association successfully
fathered the Clark act, pnscod by. the
Legislature In 1017, protecting pollco
officials of third class cities of Penn
sylvania from summary removal, i
BOY HUrVMN FALL
Had Climbed Tree to Feed Pet Squir
relBoth Arms Broken
Fearful lest his pet squirrel should
bo hungry nnd be unnbln to climb down
the thick trunk of the tree In which he
was lodged, Harry Ilarkin, twelve years
old, climbed up on the rear roof o'f his
home, at 52(1 Moyamcnsing n venue, late
yesterday afternoon from there to a
limb of the tree, nnd fell wheu he at
tempted to place n few nuts and pieces
of bread In tho nest of the squirrel.
Not until the supper hour when n
search for tho missing boy was begun
was he discovered lying unconscious. He
was taken to the Methodist Hospital
where it was found thnt lit- was suffer
ing from n fracture of botli arms uud n
broken nose nnd jawbone.
SIGN ORDINANCE APPROVED
All Extending More Than 18 Inches
From House Line Under Ban
Mayor Moore has approved the ordi
nance requiring signs on Chestnut
street between the Delnwnre and
Schuylkill rivers ,to be removed on
sixty days' notice from the director of
public safety. The director, it is an
nounced, will prepare and serve notices
of removal in n few days.
The ordinance requires the removal
of all signs extending more than eight
een inches from the house line. "For
sale" and "for rent" signs must be flat
against tho walls.
BUS MEN ATTACK
T
ROLLEY RIGHTS
Counsel Declares Violation of
Kates Act Is Concern of Pub
lie, Not Traction Lines
HEARING.
i
RESUMED
i, Newark, N. .1,, July 27. Assertions
that Jitneys do not Interfere with the
operation of trolley enrs, that they aro
npt required by law to obtain fran
chises nnd thnt It Is not the concern
of the Public Service Hallway Co. if
they do not comply with tho provisions
of the Kates regulatory net marked tho
reply of bus owners yesterday to tho
plea of the corporation thnt thev be
restrained from operation. The answer
wns made by Merrlft Lane before Vice
Chancellor Orlflln In Jersey City nt
the continuation of the Injunction
hearing.
Mr. I.nne nsked the court to strike
out the bill of complaint Hied by Frank
llergen, general counsel of the com
pnny, or falling that, to strike out part
of it. Mr. I.ane said his position, In
mnklng-thls plea, was that insofar as
the Public Service charges Interference
with the operation of street enrs, tho
bill is not specinc enough, and thnt in
sofar ns It is charged In the bill that
the jitneys nro not being opernted In
nccordnnco with the provisions of the
Kates net it Is none of the railway
company's business. Mr. Hergen de
clared that the corpornte existence of
the franchise- of tho company was in
volved. Ho stated it was "within the
peculiar province of the court of
equity to protect corporations against
Injury nrlsing from usurpations of
their privileges."
Mr. I.nnc -said that If It can be
proved that the jitneys nre impeding
the progress of street ears by remain
ing on the tracks the court hns the
right to enloln their operation. Mr.
Lane sajd. further, thnt the Kates act
had been enacted for the benefit of the
public, nnd. therefore, only the public
hns the right to ask that the net bo
complied with.
Anybody ran carry passengers In
competition With the Public Service,
he said. If the busses do not operate
in accordance with the regulations im
posed by the stnte, then thev indict nn
injury upon the state nnd not upon
the Public Service, he nrgued.
Motorist Runs Down Shore Boy
Atlantic City, July 27. X. .1. Tnube.
a Philadelphia real estate broker, was
arrested here yesterday after lie hud
struck n boy riding n bicycle nt At
lantic nnd Brighton avenues. The bov
Francis McClniii, of 3500 Pacific ave
nue, was taken to the hospital. Mr.
Tnube was placed under arrest and is
being held under cash bail to await the
outcome of tho Injuries of the child.
Tennessee Power Co.
Firat Mortgage Si, 1962
Portland Rwy., Lt. &
Pow. Co.
lit &. Ret. Si
Duo 1942
DANUEKS
321 Cheitnut St., Philadelphia
Utmttr Ntw Yorfc ana PMladtlpMa
Stack Exohanoei
SYNOPSIS OF INDUSTRIAL SITUATION
PHILADELPHIA FEDERAL' RESERVE DISTRICT
Cuinpllffd ns nt July 2.1.
1020
nunlnB
TVnmml
Coal Very t rout
Iron nnd steel Htronu
Haw
material or
Ability to Trice merchnndlsn Attitude
nupnlv ilomnnil trend alluallnti of lalior
rrepnnsl hr lrifrnl Hem-rye Hunk of riillndelnliln
AutomoblleB
Hardware . .
tftronir
Strons
Cotton yarnn Inuctlvo
Cotton Roods Inactlvo
Woolen yarns Inactlvo
Woolen and worsteds Inuctlvo
Sillt Inuctlvo
HoNlerv Inactlvo
Uodorwcnr Inuctlvo
Leather Inactlvo
Shoes Inactlvo
Jewelry Hood
Tottery (Strong
Unablu
Unable
Unable
Unablo
Ablo
Ablo
Ablo
Ablo
Ablo
Able
Able
Ablo
Ablo
Ablo
Unablo
Hlaher
Firm
Firm
Higher
Ixwer
I.ower
Iwer
Lower
llbvver
Tobacco
Very strone Unablo
Lower
Ix)vver
Firm
Higher
Higher
Toor
Toor
Toor
nood
Oood
flood
flood
Oood
Oood
Oood
flood
Oood
Oood
Fair
Fair
Improving1
Improving
Transportation Collections
Improvlns
Improving
Improving
Improvtnu
Improving
Improving
Improving
improving
Improving
Improving
Unsatisfactory
Improving
Very poor
Very poor
Very poor
Toor
Toor
Poor
IVor
Toor
Poor
Toor
Toor
Toor
Poor
Very poor
Poor
Oood
Blower
Oood
Slower
Toor
Poor
Toor
Toor
Poor
Poor
Toor,
Poor'
Poor
Oood
Fair
Oood
Outlook for
balance of man
Demand good
Output unrortnln
Demand good
Output uncertain
Oood
Demand good
Output uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Uncertain
Good
Demand good
Output uncertain
Very good
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1650 nBAL ESTATE THUST nU)0.
Injritlgute and udjuit .partnership and
corporation nirounts. Also prepare U. S.
Income Ta ittturni.
New York Bonds
tSACKS IN flOOOl
rfm Optnlnr Until 2 p. m. (N. Y. Time)
J ill " 31
Amer Dock
Imp't 6
3 on
Amer nmelt e
ft Hen's 111
a 70
A Tel & Tel Cs
3 TT
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cv it
1 03
Atl C Lino clt
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8 08
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Halt ft Ohio ov
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l..... r.84
1 B8
4 ns
ft M
Halt ftO 3s
10 7Di
Halt ft Ohio 4s
1 BOH
3. ... roi
3 HSU
Halt ft Ohio lis
1 8.1W
1 BRK
1 85
D A O-T L U
ft W V 4r
3 BnK
lleth Steel 3s
4 71
Centl of On 1
3 84i
Cen'l Lca'r As
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Own 4s
8
Armour & Co.
.;. v. v. a. nt.
7s. 1030
nealinnrri Af lln. n iniR
Tan-Amercjan Pet. 7s". 1830
jshvllle lly. & Lt. 8s. IDS:
"aril llaklnr prrf.
10S3
Si Tref.
Utto Kluenlnhi f'nm
Morton Lachenbruch & Co.
wu VITUS 1ILDO.. PIHLA.
Tri ii..c"lew. Bytrolt Plttsbur!
tltof conH.ot.dci rrfuar. loiris
Now Is The
Time To Read
This Booklet
It tells:
Rules of
a Stock
Collateral
The General
TradlrtE.
How to Gbe u Broker
IiiHiructions.
Brokers' Commission
l-nnrges.
How to Indorse
Certificate.
"ow to Use
in Trading
How t0 Group n)g j
vestments.
The Deposit Require
mens for Carrying
Stocks on Account.
UMSAfi' "-
Edition limited. Call
Phone or write at once.
Ask for No. TU-940
JONES & BAKER
sP'dm , at,k, rtrk
" Marktt StnrMu
WonesBeff, Locust 4130
&Wtone, Race 2290
Office. l ? Principal Citle
(or that Ian." Afoftsr 'fiML?mWflm.Am
th door iiSwmmmmiLTm
Chicago Mil ft
StT cv 4s
4 3
1 02
4 02'i
Chicago Mil ft
StT fd 4n
2 34 14
1 B4t
Chlciigo Mil ft
StT urn 4
1 OrtV,
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1 0S(,
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SUT cp Bh
4 .... 'on
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St 1' cv fis
0 02
CM ft Nwn 7s
1 00
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Chicago Ht T'l
Mln ft O 4s
B.,... 84
Chi Union Sta
ct 0a
1.... 103
Chile Cop'r Ha
3 .... -21,4
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Chinese Govo't
I H-K Ilys fix
1 1 . . 43.
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6 .. . 84 i
84
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3 . . 74
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B 844
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1. 85
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Hud ft Man In
4 17
III CI 3i '02
8 02
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2 84
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"Thank ioodnmit
whtipern to Dad
coias
A Cooling Breeze in Any Room
When gaspingly hot weather, day and night, saps your strength and
trie3 your nerves, the prospect of a breeze in the dining room, kitchen,
living room or bedroom is alluring.
You may have a breeze brisk, moderate or gentle, but always cooling
in any room, if you buy a Robbins fis Myers Fan.
These fans come to you with a reputation of many years' standing as
good fans. The R&M flag on the blade guard is all you need know
about a fan, for it signifies a Robbins 6s Myers Motor the life of the fan.
In thousands of homc3 the curtains are kept gently swaying through
the hottest weather, for Robbins Gc Myers Fans are the choice of par
ticular people everywhere. Order your R&M Fan today.
The Robbins 8s Myers Co., Springfield, Ohio
For Twenty-threo Ynara Makers of Quality Fans and Motora
Address office nearest you
1418 Walnut St, Philadelphia, Pa.
Room 420 E, 30 Church St., New York, N. Y.
Robbins & Mvers
B
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An Essential Factor
An adequate crude supply is u factor essential to sound invest-
ment iti the oil industry.
The Company whose notes are described below is not dependent
on one field or locality for its supply of crude oil. We are advised
that in addition to its own production from about 1900 wells in the
United States, the Company's pipeline system reaches approxi
mately 90 of the territory yielding nearly two-thirds of all light
grade crude oil produced in this country.
A Complete Unit
in an
Essential Industry
Paclt and fiourti compiled bv the
Stnctair Company
Produces, transports, refines
mitl markets pctrolcumprod
iicts. About 1000 producing wells.
Approximately 2800 miles
of pipe lines. ,
(51 pumping stations.
i
Over 4000 tank cars.
10 .modern refineries with
total daily capacity of about
r,0Q0 barrels.
10 casinghead gasoline
plants.
400 distributing stations in
t!0 states.
About 0,000,000 barrels
crude oil In storage.
Marine fleet of 50,000 tons
in service.
1910 net earnings before
interest and reserves
$!H,890,8CS
Total similar net earnings for
lasts years S5G, 600,582.
Penntylvania pergonal property tax of four mill refundad
To yield 8
Five-Year Secured
TA Convertible Gold Notes
of the
Sinclair Consolidated Oil
Corporation
which has furnished us xcith the folloving information:
These $50,000,000 Secured Notes are the sole
funded debt of the enterprise, excepting equipment
notes and other items aggregating about $5,275,800,
and against this the audited statement shows total
net assets, including the proceeds of this note issue,
of over five times the amount of the note issue.
The consolidated net earnings over a series of years
makcaconsistcntandconvincingrecortl.theaudited
statements showing an amount available for in
terest, depletion, etc., equal to 5.83 times the annual
interest on these notes for the year 1919, and
averaging over 5 times such interest for the past
three years.
The notes have the benefit of a sinking fund provi
sional therateof $2,000,000 everysixmonthsforthe
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)
8 Cumulative Sinking Fund Preferred Stock and
2yZ shares Common Stock of the Company.
These secured notes may be purchased in denominations
of Sl,000, $500 and $100. Interest payable without de
duction for the Federal Income Tax up to 2.
Write for illustrated booklet
We offer and recommend these notes for investment
at 98 and interest, to yield 8
BLAIR & CO., Inc.
1518 Walnut Street
Philadelphia
The statements pmenttd in thlt adatrthement, while not guaranteed,
are obtained from sources which we believe to be reliable.
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Increase Your Knowledge
of Bonds
bond buyer,
about bonds
Increase your Icnowledge
of bonds 'xorite, call or
telephone for. tho above
book, a copy of which will
be sent to you without
charge or obligation upon
request for booklet PA-S2.
s Even though a consistent
there may be some points
concerning which you desire more com
plete information. If an investor in other
lines or a beginning bond buyer, you owe
it to yourself to become fully informed on
the merits of this increasingly popular form
of investment.
Both experienced and inexperienced bond
buyers will, therefore, find our booklet,
herewith illustrated
"Bonds Questions Answered
-Terms Defined"
of interest ana value. In its twenty-six pages arc
discussed the questions which our extended ex-
Eerience has shown are those most frequently asked
,y bond buyers. Its contents also include non
technical definitions of the most commonly used
bond terms.
HALSEY, STUART & CO.
Incorpotated Successors to N. IV. Halsey fcf Co., Chicazo
LAND TITLE BLDG., PHILADELPHIA
Telephone: Locutt 4820
CHICAGO NEW YORK BOSTON DETROIT
ST. LOUIS MINNEAPOLIS MILWAUKEE
J 71.
1 77
1 70
2 .... 77
U S Steel 4n
1 71'.
II S Steel As
1 l)0
1 00
10 (I0H
1 01
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Illver n Ii
1 68 !,
Va ItawyH on
1 77 1
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. 85'.
m 4ULIC
rVkHINERH
AA m.I.J . 1 ..
.to aiu .uijjeu iu ao the
work at your plant and lave
you the exponas of lone tie-up,
I'hone Wal. 1814 und MMn 34 H
REPAIRS
I iB rTdln..rtMatlilnlt W I
I l" ZI2-2!z2S.taARIBNST.V I
fan-American Petroleum & Transport Co.
Marine Equipment 7 Convertible Bonds, due 1930
Total authorized issue, $10,000,000. Retired
by semiannual sinking fund of $525,000. Net earn
ings for 1919 reported nt over nine and one-half
times annual interest on these bonds. Company's
outstanding capital stock at current quotations
represents equity of over $125,000,000.
Price 94'2 and interest, to net about 7.80
Full details upon application.
106
c
& CO.
BANKERS
SOUTH FOURTH STREET
PHILADELPHIA
M ember -New York and Philadelphia Stock Exchange
OPPORTUNITY
, Qolnif Industrial paylnc 8. cumu
latlvn Intnreat on preferred with
bonus of common HloclC, offers a.
limited amount of utock to prluolnaia
only. Will bear most rigid nveBtTiia..
tlon. AnBwer "
, P 721, LEDGER OFFICE
Acme Tea 1st preferred
American Stores 1st pfd.
Gillette Safety Knzor
Rolls Royce pfd.
Laurcntltle Power !5s, 1946
Kelso Smokeless Coal 6s, 1926
U G I 6s 1921
B0ENNING, GARRISON & CO.
HTOCK EXCHANGE llUILniNO
plrtct Vrlratt Ttltphon to -New York
Utmber rhlla. block USan
Edw. G. Budd Mfg. Co.
1st 6s
Aug., 1926-1927
Free of Normal Federal Tax
IreB of Pennn. Stnte Tax
Frlce to Net 8
Circular on Request.
Townsend Whelen & Co.
t SpSClKNgtButStr, .
READING
UNION PACIFIC
SOUTHERN RAILWAY
Do you know what Is bohlnd their
marketwlse activity? Our special
lettor "G. A. R," which Is n, email
i nine to ask for nnd a Rood thlnir
to hnve. will tell ynu. Compllment
ir copy for tho nklnir.
Marketable ercuritie carried upon
rotutcrvatlve imr;(iial bati$. Odd
l.nts a eperialty.
MILTON HEIM & CO.
(Huccmhoi-h to CloWnerc Hlm)
Mrmli r JJhlln Btnck nxchan.
I Con Stovk Kx of N. T.
1622 Chestnut Street
I'hon Hell. Spruco lifl 17-4800
Keytone Itri 750
71 nroadway nnd -inn Fifth Ave.. N, T.
Stamford, Conn.
STOCK SALESMAN
TITION itro ofterlng Hums of their atook
to Inwatorn unci nrt-d a few mora hln
irrade ntprk iwlmen on a commlaaTon
hauls T-rrltorli- to lx covered'. Phila
delphia ISaatarn Pennnylvanla. Southern
New lurk. New Jeraey, Delaware, Mary,
land nnl aome polnta In the South.
J". X".wB,0-k 'm," ahould male
120.000 u year or over on our propoel
tlon. Men who prove their alilllty will
be promoted to dlmrlct manaireri at
even hluher rompeneatlon and have ner
manont oonneotlon with the Inatltutlon.
on h hlxh-Krade, repeat, propoaltlon will
profit by Interv ew. If vou cin oral.
appointment.
for
nyANi'iAi,
Dlvlilnid.
TKA,i,.Bil,ANS. NATIONAI. IIAK ? J
n-i. i. ' bjladelphla. Ia,, July 2; nJaO'.iM
The llourd of Director. n,i. a. ..' Arry' :'n"i
i. ... . :-t r---..-
rrKumr iiuari
onrnnii uouara t
the rate ut 10 dh
eitra dividend .of
an
Dlreotora thla day aZfci
."'jr. dividend of' Two iW
H2,fl0) per abara Aml"i"al
ercent per annum) n?fj
art lueina" at the rat ,.t
ainiiml h V. ." 1 V
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