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EVENING1 PUBLIC1 LBDGEHr-PMiADEIiPHIA', tfUEgDAY,
'AUGUST 24, 1920
a?
Great Western
$3,500,000
Power Company of California
General Mortgage Convertible 8 Gold Bonds
Duo August 1, 1930
From official sources we summarize as follows: .
The Company owns and operates an established and increasingly successful electric light and power business
in central California, serving San Krancisco. Oakland, Berkeley, Sacramento and forty-five other municipali
ties, with an estimated population of 1,350,000, or nearly half the population of the State.
The Company-has aji installed electric generating capacity of 1 37,000 horsepower, of which 87,000 is hydro
electric, and is constructing a new hydro-electric plant of an initial capacity of 59,000 horsepower. The water
E2n Cnnnl ComPanv nave an aggregate fall of over 4000 feet and an estimated potential capacity of
640,000 horsepower, or about what is developed in all the powers of Niagara.
SINKING FUND
The Company covenants that beginning August 1, 1922, it will pay to the Trustee annually, as and for
a sinking iund, a sum of money to be usedjn retiring bonds by lot at 105 and accrued interest, which
sum shall be sufficient when paid annually during the regaining life of the bonds including the year 1930.
to retire the entire issue at a premium of 5. Consequently all bonds will be paid at 105 and interest.
. SECURITY
These Bonds, besides being a general mortgage on the entire property of the Company, subject to under
lying liens, arc to be later secured by a pledge of an equal amount in par value of a new Series "B"
i io?o in 8 when issued under the Company's existing First and Refunding Mortgage dated March
I. IVIV, which Bonds will rank equally with the $6,000,000 of 6 Scries "AM Bonds now outstanding.
, CONVERTIBLE FEATURE
When called the holders of this issue will have the option of either being paid in cash at 1 05 and accrued
interest or accepting pledged 7 Bonds at par, accrued interest and a cash premium of 5. When
Bonds of the new series of First and Refunding 7 Bonds, equal in par value to the total amount of
General Mortgage Convertible 8 Bonds, shall have been pledged with the Trustee, the holders of the
latter may at any fame convert their bonds at 102JS and accrued interest into pledged 7 Bonds at par
and accrued interest, the Company paying the premium of Vi in "cash.
The following table shows the yield which these Bonds will return at the purchase price of par and in-
"'-" RVW,U,"B vo lc year in wnicn tney are drawn tor the Sinking fund at 105 and interest:
Ycnr Culled Yield
1925 8.82
1926 8.65
1927 8.64
Based on the above table the return for the six years' average n.utity will he 8.89.
Year Called Yield
1922 10.31
1923 9.48
1924 9.06
Yenr railed Yield
1928 8.45
1929 8.38
1930 8.33
EARNINGS
(Reclassified)
Twelve Months Ended July 31, 1920
Cross Earnings, exclusive of interest during construction. $5,487,236
Operating Expenses, Taxes, Rentals, etc 2,699,701
Net Income ,
Annual Interest requirement on all outstanding mortgage bonds of the Com
pany, including this issue
Balance
Annual Interest requirement on all outstanding debentures.
$2,787,535
1,833.030
$954,505
254,592
$699,913
Surplus over Interest Charges
Net Income 1.52 times Annual Interest on Total Mortgage Debt including this issue
without benefit from the proceeds of this financing, and exclusive of. $349,557
interest during construction allowed by the Railroad Commission of California
We recommend these Bonds as an exceptional short term investment, convertible on
attractive terms into long term 7 underlying bonds
Price 100 and Interest .
Yielding from 10.31 to 8.33 according to date called by lot.
E. H. Rollins & Sons
Philadelphia
Stone & Webster, Inc.
New York
The above Information and statistics have hern obtained from sources that we deem reliable nnd although not guaranteed are accepted by us as accurate
READERS' VIEWPOINT
Letters to the Editor on
Current Topics
An Appreciation
To the Editor o'ffte Evcniniy Public I.riiarr:
Sir At tho last meeting of tho Pres
byterian evnnfrellatlc committee, no su
perintendent of tho work, I was direct
ed r6 wrlto the ICvenimo runwo
J.fjdoer, conveying tho thnnk.i of tho
commltteo to the Evbnwo Puumo
J.r.DOEtt for Us nplondld publicity irlven
our open-nlr evangelistic nicotines and
dull vacation Blblo schools. PIcaBe ac
cept our heartiest thanks.
WILLIAM p, PULTON.
Protests Against Court Action
To the Eitftor o ffir Evening Public Ledger:
Sir I seo bv tho V, Fvvri Poiruc
I.rnoBii that Judjrc Linn of thn Superior
Court, hits granted a ntiy called a
"supcrsedean" stopping fiirtiinr prnrepci
Incs In the Investigation of the "underly
ing contracts," tho legal excuse being
t,o first detcrmlno tho "Jurisdiction" anti
"statutory powerB" and "constitutional
rights" of tho Investigators nnd further
that "a long and extended hearing"
would put tho defendants to a "vast
expense."
You seo beforo tho first three points
could bo settled by the courts "a long
nnd extended hearing" could Indtcd bo
nspumed by tho court And the courts
themsolvee would be the ciusc of tho
"vast expense" The dcfindnnts then,
asking for tho limit of the ' law's delay,"
know full well Its valuo and Judge Linn
agrees, nnd the supersedeas Is practically
u promise by tho court to furnish tho
causo by means of which tho contracts
can bo hold good.
Any ono whose past financial deals
are being Investigated runs a rlBk of
"vaBt expense" In more uajs than one.
Kory culprit would llko a supersedeas
as the testimony wns going against him,
and why Is a financial loss to act as a
Btay any rrjore than a character IobsT
Would not a mnn who Had faith In his
character welcome a continuances of thu
Investigation? Now the '"Mist expenso"
must bo borne by tho complainnnt seek
ing justice. Ib not that a fifty-fifty
arrangement to weigh with the Judge I
Again, If tho contracts are redrawn In
an honest way do wo not get tho truo
meaning of the defendant's fear of a
"vast expense"? Or Is this true meaning
of a "vast expense" to be humbly borne
by tho public In perpetuity, and finally
does this not mean a supersedeas?
M. F.
4
"A City of the Homeless"
To the Editor of the Evening Public Ledger:
Sir Why Isn't something done about
tho lack of' housing facilities In this
city? Philadelphia, far from being a
"City of Homes," la speedilv becoming
a city of homeless. Can t some of our
public-spirited citizens or tho "new ad
ministration" act on this rent gouging.
In New York there Is a law to preent
unreasonable. Increases In rents Here
In Philadelphia a tenant is at a land
lord's mercy; It iBn't so much a lack
of houss as It is this rent gouging that
Is causing people to break up their
homes Hero Is something for the "now
administration" to concentrate on. Mako
It unlawful for a landlord to Inctcnse his
rent above 25 per cent during a year,
then wo will hao fewer houses wicint
rial more people with homes I'nder
present conditions a man has either got
to pay an unjust Increase or put his
household effects In storage. The npart
m?nt we hne lived In for scn jcars
orlclnallv rented for S37 tier innnth Thn
last vear wo hnf hivn nhlliriwl tn n.iv
'$50 and now the new owner U;cal estate
uperaior irom .ew xotk) wants su per
month and no lease. Philadelphia Is a
fertile field for real estate Bharks from
all oer the countny. MUS It. M.
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
1
35.
ft.
1.
1.
1.
1.
10
10
n.
10.
Halt & Ohio 4s
3 ... 02
1 (12
T 02
4 .. . .ll'Ji,.
Unit & Ohio rB
fltt
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00
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n .
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in
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17..
a'.'.
3..
3..
4..
3..
1 1 0 Million Dollars
Paid by The American Company
to its Policy Holders
It is not by chance' but by an experience of over twenty-five years
that credit insurance has been developed into a simple, scientific
and inexpensive system whereby excessive losses by bad debts
are equitably distributed to the benefit and satisfaction of man-1'
ufacturers and jobbers.
Among the numerous houses that have from time to time been re
imbursed for losses when the unexpected came, are die following:
Durham Hosiery Mills,
Harry C. Michaels,
Poel & Kelly,
Lemon & Gale,
United Alloy Steel Corp.,
Electric Service Co.,
Curtis Publishing Co.,
Jacob Dold Packing Co.,
Goldsmith, Stern & Co.,
Alaska Refrigerator Mfg. Co.,
California Pine Box & Lbr. Co.,
Hamilton-Brown Shoe Co.,
Buffalo Union Furnace Co.,
York Card & Paper Co.,
Friedmnn-BIau-Farber Co.,
Seattle Hardware Co.,
Gordon & Ferguson,
Taussig & Co.,
Arnold Shoe Co.,
Van Zandt, Jacobs & Co.,
Richmond Dry Goods Co.,
Russell Motor Axle Co.,
Durham, N. C, $11,771
New York City, 11,837
New York City, 23,466
Memphis, Term., 16,865
Canton, Ohio, 15,479
Philadelphia,' Pa., 16,409
Philadelphia, Pa., 34,133
Buffalo, N. Y., 13,576
New York City, 21,596
Muskegon, Mich., 5,543
San Francisco, Cal., 12,577
St. Louis, Mo., 6,347
Buffalo, N. Y., 29,314
York, Pa., 17,562
Cleveland, Ohio, 6,226
Seattle, Wash., 15,585
St. Paul, Minn., 20,183
Chicago, III., 7,221
N. Abington, Mass., 19,559
Troy, N. Y 18,939
Richmond, Va., 5,127
Detroit, Mich., 12,558
Extract from report of Now York Insurance Department.
"The finances of the (American) company are in excellent condition, in business ii prop
erly conducted and its policy holders are receiving proper treatment."
Extract from Best' Insurance Reports.
"It (The American Co.) has good reputation as regards claim settlements."
ii
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E.M. TREAT, president
ISSUES STANDARD UNLIMITED POLICIES
W. J. MORPHY, Manager,
J. F. McFADDEN, General Agent,
MUTUAL LIFE OF N. Y. DLDG.,
PhoneFilbert 5503 Philadelphia, Pa.
Kt ptPB
National
Properties Co.
4-6 Bondholders
At a meeting held on Monday,
August 16, 1920, tho amended
plan for the sale and acquisi
tion of the Common Stock of
the Amencan Railways Com
pany was declared operative.
The plan hnving been declared
operative, the time far the de
posit of bonds without penalty
has been extended to the first
day of September, 1920, after
which date, in accordance with
the Deposit Agreement, bonds
will only bu accepted on such
terms .as may bo imposed by
the Committee.
EVAV nANDOl.rH. Chairman
jnitN rmimiKi.
AHTHl'lt V MOHTON.
WILLIAM A I.WV.
CLAl'DU A HIMl'I.nn
Cummittea
I, J CLARK Secretary,
M7 Cholnut Hlreet.
I'hllail. Iphlu Pennn.
PRlTCHAItn SAUL
11AVA11D & 15VANS, Coiinnal
Those Wooden Ships
To the Editor of the Evrnlno Public Lrdorr:
Mr Appeitulnlnfr to nnd touching on
tnoso wooden hhlps, which, nccordlng
to your dlagnosld nre a sorry lot, viz ,
u tleet of green timber built by green
horns, would jou mind publicly ndvlsins
tho high command ot some ubo tha
wodden ships might bo turned to.'
In nny war of tho future maritime
tactics will rpdllirn xnmn nntlnnntr.l
ships to be sunk in harbors or clinnncls
to frustrnte operation of tho nem's
uuei tor an tmcrpencv or. tnis Mna
tho wooden ships ought to be kept In
reserve, .md In tho meantime they
mluht bo loaned to nrlous communi
ties, Phllurtelphlu Included, for use as
hospital bhips. O H CARROLL,
4152 Rarksido uvenue.
The "Musical Engineer"
To the .direr ol tie Eienlna Public Ltdarr
.Sir Although not addicted to the
pernicious habit of "writing to the
papers," jour 'Short Cuts" paragrapher
has Incited mo to epistolary riot Ho
states In Monday's Issue that he Ih ' less
Impressed with the musical enulneirs
musical ability than with the Imagina
tive power of his chronicler."
I might stato for nls Information tint
Imagination docs not enter Into the ea'
in question, ns It Is a well-known fact
to thousands along the Philadelphia anil
. tteuuing mm ineso tunes nro to bo heard
I whenever BUI is piloting a freight "hog '
I ii i he expresses It, thit being the onlj
tpe of engine with a ' plajable" whistle
I pnssenger engines having a doublc-tono
whistle ,the fi eights by n single, one
.Vow If "Short Cuts" was merels
I'spoofing." tnv explanation Is wasted
If not, then the Information may lie well
i iecvled If he will promise In the future
io Denee otner mings than those he
has nctunllv seen or heard himself
especially when reported by tlu vera
cious 'news hoi'nds" of his own paper
WILLIAM A. LI.VDKV,
Audubon N .1 , August 18, 1920
500 Esctipe Jail In Rome
Rome, Aug. 24 About fillO pris
oners In the Ueglmi I'oeli, the cliu f
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Inst iilslit and nttnrkril the winder-. ' l hkngo Mil A
with parts of beiUtcnds, doors 11111I 1 1' "m .!,
hendies. Troops were siiininniii and - "71
the priMincis (lisregarilltig outers to re- t
turn to their rolls, the soldiers nt lii-t I (.'hicngu Mil A
bred upon them, killing one and wound j bt P cv Ba
itiB several. 1 . on
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EiMildUiMA
1 HIGH OUAUTY QDIJSI SEItVICt: I '
Motor Truck Delivery ,
1 1 Lansdale Foundry Co , h', v
I.miMlule. I'd. Phone Lanadale 430 ' .'
08.
LAN rcta 7
101'
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Bank
Acceptances
Have iou short-time
funds available?
If bo, Bonk Acceptances
runnlnp from
30 to 90 Dags
Yield From
sy4 to6V2
They arc tho Dlrect'Ob)lra
tlon of tho Lending Banks
In tho United States. Wo
ofTcr a diversified list and
recommend their purchase
Elkins, Morris & Co.
flanker
Land Title Building. Phlla.
1
I' ' saaa.'
50
50
Bll'
111',
10'.
.VI'.
.im
10'.
.in,
.in,
fat L A 8 I lun
ferlea B
1 08
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St I. A fawn (-11
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b L A Mtn la
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1
10
esterday'H performance of the
innrket MiH(llHiiiiH)!ntIiiK to nav the
leiiNt, jiidKinc from the eonlldeneo ex
pressid nt the dose of Inst week, in
the continuation of the recovery or for
ward movement.
Mnny were of the opinion that be
cause an timvicldU nhort intercut hud
been broiiRht up to the Cnptnin'H desk
for wettlemeiit, thnt the Hpettncle of
rapidly rising prltes marked the in
ception of the lonp hoped for "bull"
movement, fortunately, few lnboicd
tinder this hnluciiiution, ns the grcnti r
mnjority of the trailing contlnccnt lone
since reeognired n protracted foiwnrd
Hwing in the innrket was next to an
impossibility in view of the still strained
money conditions. It would hie re
quired a little nhort of u nuiaclc to
overcome the obstructions which have
Ubcen plnccd against reihnl of specu-
intive cntlitiHiasm. These nre certainly
not the days of miracles, In all events,
in so far ns the stock market is con
cerned. Close obspivers of the market Mtua
tion are piactlcally minnimoiiH hi the
belief thati ns there is nothing to in
dicate n material intrense of public 1
pntticipntion in tho market the test of
the current month, tinlcs there shnll
be news developments of importance, 1
the technbnl position is llkelj to nilci
the movement of prices. Whlli nothing
much is being snid. there is undls-'
giiised uneasiness enteitnined concern
ing the general business situation. ,
In wholesale trade circles, particu-I
lnrlj dry goods, there is much gloom, 1
and ome people of real Important e, ,
according to reliable reports, me nf
fected. On the other hand, theie nre
many who flrmh beTiee that this con
dition lind been foreseen some time ngo
bv the big mnrkit interests, and ue
coulinglv, to 11 lnige extent has already
been discounted. 1
Strong for tlie R.illronds 1
Most of the important banking inter
ests nre strong for the railroad shnres,
both a to stocks and bonds. A promi
nent uptown hanker, in discussing the.
I prospects of the better giade of the
railroad issues ostcrilaj said there ure
good reasons for billing n number of
the seasoned indttstrinl shares at the
present low lei els. Hut there is even
better reasons for taking 11 bullish posl- I
tion on the ruilronds.
"We hne seen the u-ars of liqiiida-
tion of niilioail seciuities" ie said,
"and It is altogether snfe to ussuine tlint 1
nil those iinestors who hold on tn'their j
mil securitlts lime decided to stlik to
tlie end It means, in nn obseniition,
that i-tm ks will be suuee on the u
up Tlie situation is so good, in mv
obsorwitinn. 111 the iniliond shares that
it is bound to be explodid sooner or
Inti r b poweiful banking pools "
While ho wns talking, most of Hie
railroiul stocks were holding up like
n stone wall, while the rest of tlie nun
ket. csjiei uilh the industrial spidalties,
were stendilj ci tinibling.
It is not hard, howeer, to get bullish
talk and bullish points on the railroad
It is found 111 eei nook and corner of
the Street The more surprising part
is tlie reluctant c of tho so-inlled out
siders to come 111 nnd join the merij
eoiupaii Tlie puhlx howeer. witlnu
the last fie uirs, lime been so tboi
ouglilj eiliiciitcd to expect big things bv
the exclttd g rations of the industiial
issues, that it is. cwdinth. going to be I
haul work to get tin 111 to fnncj the
safer, but slowei. tinning mils
L npopular Short Seller I
"A grcnt deal bus bom i-uid mid J
wiitten coticeining shoit selling," said
a well known broki 1 je-tudin "Not
withstniidliig he wins nine thins out of
ten nobod) loics u beai He is looked
upon us 11 foe of eu nivc-toi lioiuug
to see his particular i-tcnk n up
After nil. the bear is not such 11 lug
Accountable
to tlie Courts
In private business of all
kinds a trust company is
responsible to the Courts
for the proper performance
of its duties, and must
render complete state
ments at regular intervals.
Real Estate Trust Co.
Broad and Clicstnnt Sis.
Vm
Fast Freight Lines
From Philadelphia
(For tb aeeommodatlnn of laa thm
CARLOAD SHIPPERS)
All Points in Canada
(Tuesday each week)
Ohio, Michigan, New York
State
(vln Buffalo)
Wetlnmdny Each ffcfk,
Vtihtrr 10 Dura
Through Cars No Transfer
EARKER&DOUGHERTY
Frrleht Forwardrra
Oil ria(IIIT.MAN 1ILO. Hnrnre 407
HYDRr1ULlCDFD18DC
iTtLmBIW
mewmm
tha
We are equipped to do
work at your plant and sava
you the expense of long tie-up.
flume Mill. 1814 nnd Main 3444
ndinraVMMfilt Xb.
212-222 S.DARIEN ST.
I'liiiitiiiiiiiiiiiiitiiniiiimiitiiiiiiiiiiiiiHiiiiiiiiiiiinimnmiiinHy
1 PENNSYLVANIA
I MOTOR OILS
I.lelit Medium llmvr -HroT
5 I10SIN. TUIU'KVTIMO
H I.INSKKI) OIL
I PENNSYLVANIA REFININGCM
OIL .M NAVAL STOKl'S
e i)i:i..itr. am:. . hoi'tii st-.
MiitiiiMiiiiiiiit:iiiiiiiiiiiitiiii!iiMiiiti!iiii!iiiiii:iiiiiMMiiitjmii;
Lehigh Valley R. R.
Cons. 6s, 1923
Charles Fearon & Co.
333 Chestnut Street
Wanted, Partner With Capital
for Export
Will ilfinontrii(e liiiilntai! ronlldrntlal
lntrrili'. rt quirk.
I'-1327 I.Mlerr omro
Lawrence E. Brown & Co.
CERTIFIED PUELIC ACCOUNTANTS
mill Itr-M. I'STATB TRUST 111.1)0.
Invri.tlicitr' nnd nilliiat nartnrralilu und
rorporiitlnn arrnnnf. AUo irfoar II, .
tnronir III ivrmrnw.
riMM'iAi.
Anniiul liTtlnBa
Till: M NL MLKTINCi Or TIIIV
stiiikl-oldira f Ih t'llANMinmir IKOM
ANI COAI rcntl'WY will Ii.. lirld at tho
oillci of Hi l' mpnuv C'ratili.rrv Avery
inunt Niirih I'm 1II1111 on Thursday, tho
ninth dnv f iint.inlir Itijn nt te 1 .filrtx
n'clniU A M (Uaatirii Tlm ) for tho pur
ihipo of flcollni; u llounl of Dirrrtorn tn
atr durlni; th fnvuliiR vrur und for such
nihpr hUHlncHH aa ni b brought before
tin nifitlnK
1J FllfHEn,
Mrrf Inrr
1 .'."k
10 .1
1 . BR
St 1" n i. K O
hliott H 4'a
Oil,
.' Ill i-i
Hrab d A 1. u
1 31
1 :u
r 11
A 33
henWd A I. frl
411.
I -
Tennessee Power Co.
Fint Mortgage 5, 1902
Portland Rwy., Lt. &
Pow. Co.
lit & Rof. 5a
Due 1942
DANKEBS
321 Chestnut St., Philadelphia
Mrtndtra .Vu York and Philad$lthla
Stock Kxchanotl
Morris Brothers Co.
Hatnbllihrd 1R03 1
Bonds f or'Inveatment '
Municipal and Corporation
1421 Chestnut Street
Indluiin, Coliim. Si Knat. True, fl'a
I'ltta., tlnr.. thl.ft, Ht. Loufa 5'a
Vmrrfi'un I'lih. I'lllltlra Cn. '..
I'uhllc Mfrtlrx l'lfftrlc Co. '
l.rnun vnllr) 1 0111
1'iiiia,
1
...1020
,..10711
ivin
!!:
..V...H
aIIm foul f'n. 4'mJI'm
hlla, Kltrtrlr Co. ota 6'a ,.,, ,'wtt
hlla. Hiihiir. (Ilia A Klrr. Co, (IV ...1(101)
.. NVMl'l'.I.H, I'llII.I.Il'A CO
Philadelphia Will Help
The piosperity of the nntion depends upon the
ability of the railroads to trnnspoit manufactured and
ood products of every kind.
Philadelphia's manufacturers know thecrovded
condition of the railroads and the temiinals, together
with the shortrtgc In locomotives and cars.
As a Philadelphia industry, e will strain every
effort to lush to completion every locomotive und so
help overcome the present serious condition.
The Baldwin Locomotive Works'
Philadelphia
B aaa n ... a
a 11
,r INSURANCE
ii
MT,
" II Ifnn Im m ,1... .I,... ,,111,,. nft. II
r i iim-, ui i ,.ii-i ii.i- n.ti.i i - inn ... .,
Ii, tunos jimviili's u liulilii ilun wliuli
i J Htiicks Iiiim- koih b. i'is stnm-v, nnd
at. i wliiih (III 1I10IO tllllll Olll" III (llslon, lull, j
vi ' , ciiciimM'iitcil n M-rious sitnntlon in tin1.
bl't . st(H k innrl.f t. ilosliltn tin iiliilllitn nf u
former govcinoi of one of the )itotiii-in-lit
custiiu HtntPn to tin1 cuntiui
"Tnkc sonic of tin' otlirr inaiKrt",
liKc wool. Ifiithor, hiisiu t( . in which
short snlos mi' to a Iiiirc oxtcut tin
known When tin ili'pii'-sinii innic
nlons in tliOM- conunoditii's thi'lr piirM
took tilinost n pi'ipi mlii ulnr drop In
utlifr wonlx, thc IiiiiI no IndiliT b
hiih to climb down Stcx ki liiixc
i iiimi down, it io quite tnu , fiom the
loft j war Ipm-Ii und me us low, if not
lowci, in piopnitinu, lis -ome of the
(niuiiioditiiK, but m-itead nf u pel pen
(liriilnr drop, iliuli would lime mined
ii legion of nun Ket operators und even
home mm stor. tin diclme bus bien
b) en nnd slow stuues
"In other uoids. the short lnteiest
under the innrket bus providul u soft
lnndniK plnce So it iiiilit he Miid, the
stork innrket beur is uot, nftir all,
siiih n terrible an i mill ns he bus bun
pointed mit to be ' TUP. TItADKH.
Today's Range In Liberty Bonds
l l.'i
p in
Ml ll'J
S I (10
M HO
S4 7S i
84 -IS
S7 7.S
84 74
!)." 50 i
fi.- rir
I'roiini IN
I'ltlllMI". I S I OK llTS--fmi. of lheR.
poi Quirt inii'fr I' H A Phllacl.l
phi i Tn srnlid nropoiialH will ho iccilvod
hen until 1 10 n nt HiptmiliiT 20 lli'JO,
fur fiirnlnhlru 1 1 x noo Korvkc liata Infor
rn id i on r iiui hi
Watch Your
Checks
fAr. TWaTTTli AMrr
r" - xi-i'v,Jc
HECK forgeries are on the increase. No
check you write is safe while crooks find it
so easy to change the payee's name, alter the
date or raise the amount.
EeJs. -on,y one Positive protection our
CHECK ALTERATION policy. Let us explain it
Harris J.Latta
PEVNSYIVNIABI.DG, PHILAfE' UTA.
Iornt BtSB.SQ.S7 Ilace S43J
mmmm i -- - i i i n in n-iiri m m mn
I Illurh Low
I.llieit' it' .S . '10114 Ml .)''
I Ubirtj 1st' Is . hl.llll SI T)S
l.ibeit '-'d Is . s4H s HO
I.ibert 1st 4Vs SI KS M (IS
I,ibert 2(1 4l,s ,S4 ."0 Si 10
I.ibcitv lid 1,k S7s'.' S7 7'-'
I.lboit) 4th 1'js S4 M) si 7U
Vie Nnten :tV,s .. 0.154 ll."i..ri0
Vie Notes H.s 1 .S O.'i 1 1
One-Year Paper
Highest Commercial Rating
Abioluti Fint 'Lien
Security Threefold
Interest Earned 8 Times
Price to Return 8&
Edward V. Kane & Co.
Morris Building
TafWiMahrit It inra
Quiclervicc
By Our Staff
of Market Men
Rain or shine, our staff
of seven market men and
seven quotation gatherers
are on duty in the New
York Curb Markets. This
large staff not only means
rapid service, but the
executing of orders at
the most favorable prices.
Head this week's
issue of the
Investor & Trader.
Ask for No. T. U.-951
JONES & BAKER
Specialists in New York
Curb market Securities
WidenerBldg.,PhiIade,phia
Phones Bell, Locust 4730
Keystone, Race 2290
Offices in 9 Principal Cities
Direct Private Wirca
1'
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id ' -
iHiuiirra f nil iiriimn hi
rk lvrlii. ii.k
tAl Chratnut Htrft
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