Sfl
f
'r'
'I ;i
;S'i''
rw'
1 '-'
V,
.f I
.
"i
hi
m
a
20
The bonds and
short term se
curities on our
current list
offer attractive
returns at pres
ent prices.
Ask for circular rn-338
IheNationalGty
Company
OnVes In over BO Cltlei
NuUelpki 1421 Cteitnut St
Atlantic Citj Ckalfonte Block
1225 Boardwalk
EVENING PUBLIC LEDGER-PHILADELPHIA, WJB1DKESDAY, SEPTEMBER"., 22, 1920
' . , i 1 i iXJL j
ir)(
PR MOVEMENT
VERYOTLICTING
Line of Cleavage Between In
dustrial and Railroad Divisions
Moro Definitely Drawn
M
You
Can
Buy
Odd Lots
any active listed stock, in any
amount from
One Share Upward
on the
Partial Payment Plan
On this basis you can buy
five times as much stock as
for cash outright, thus antic
ipating your ability to save
over the next year or so, and
taking full advantage of pro
vailing high investment
returns and relatively low
prices.
Write for our Booklet Thrift-Savings-fnvestment,
explain
ing in detail our monthly pay
ment requirements and list
of Investment Suggestions.
Sent free upon request for
Circular PL-20.
vtSH.CU4i?
CP STOCKS-BONDS &
Telephone Rector 4663-4
NEW YORK STOCK EXCHANGE TRANSACTIONS
GRIFFITH says:
"I consider TVay Down East' the
greatest photoplay produced from
my studloH since "The Hlrth of n
Nation ' This picture nlonc should
yield gross arnlnga of at least
12,000,000 to D. W. Grltllth. Incor
porated." On such a remarkable, rcale of
operation Griffith estimates hlB com
pany's net profits appl.Cibleto divi
dends for one year ended June,
1921. to he In eii-eps of 11 S00 000.
or "more than eight timet the pref
erential dividend on the data A
shares."
Wo are extending to the public
the prlvilec" of eharlnp in tho
profits of Griffith's remarkable or
ganization, producers of the world's
greatest successes and hold nic in
terest In the film releases of Mary
Pickford. "Doug" Fairbanks and
Charlie Chaplin, through our offer
ing of 125.000 Class A shi re of
D. W. GRIFFITH, INC.
AT $15 A SHARE
Ful. particulars lent on requeit.
Scott & Stump
Investment Securities
Stock Exchange Ituilding
Philadelphia. Pa.
SPECIALISTS IN 01)1) r.OTs
New Inrk utiil (.ontestllle. Chambers
bare. Poltetoun and NorrUtunn. Pu
New York, Sept. 22. Considerable
Irregularity marked the movement of
today's utork market, with the line of
cleavage between the railroad and in
dustrial divisions being more definitely
drawn than ever. The volume of trad
ing was reduced materially by reason
of the large absenteeism because of the
observance of the JewUh holiday. In
the nbscncn of ans other important do-
i velopments much of the discussion een
1 tered in the doubtful trade conditions
i in the motor industry, which was the
' outcome of the announcement by Mr.
Ford yesterday of the re-estab11hmcnt
I of the pre-war price basis for the prod-
nets of bis plants. London cables In
I dicatlng that n great coal strike was
possible also came in for attention, as
well as the announcement that the
government will withdraw approxi
mately $12,000,000 from the bank to
morrow. The latter was without ef
fect on the money market, ns the sup
ply of call money at 7 per cent was
considerably augmented by out-of-town
, offerings at that rate.
' The conduct of the market during the
I morning suggested resumption of the
j bear tactics to force a general selling
. movement. This was indicated in the
concerted drives made in scattering
j parts, of the list nnd the testing opera
' tlnns in n number of supposed vulner
able spots. This was productive of
rather conflicting movements, ns weak
ness and strength oftentimes were dis
played simultaneously in the same
groups. While the industrials were I
seemingly more or less susceptible to
selling pressure, the railroads ne a
I whole, on the other hand, exhibited the
i same consistent strength noted in the
preceding sessions.
As might reasonably have been ex
j pected the motor shares and kindred
i issues were again singled out for pres
sure at the outset. Chandler Motors
I fell 2 points, Bosch Magneto, 2. and
Studebaker. 1. The trading continued
; fairly active during the morning on
i more extensive offerings of motors, oils,
, equipments nnd coppers. Shipping
I shares, leather issues and the rubber
stocks also made further recessions.
American Woolen, Bethlehem Steel,
i Mexican Petroleum nnd Pan-American
I Petroleum were singled out as partic
I ularly prominent targets. In these de
clines ranged from 1 to over 4
points.
The secondary rails, on the other
haud, notably Perc Marquette, Wheel
ing and Lake Erie preferred, Colorado
Southern and .Southern Hallway, were
decidedly strong, with gains of to l'-j
points. While some of the other more
seasoned roiK apparently were nuder
moderate realizing pressure, still they
held their ground well and rallied easily
I when thee offerings were relaxed.
Increasing dullness followed the
lower prices, but the undertone, espe
cially in the oiN, steels and sugars,
remained heavy. Mexican Petroleum
and Vanadium Steel were among the
few recent active leaders to show re
sistance. Obscure rails, including Western
Pacific, Chicago, Great Western and
Seaboard Air Line, were active nt 1
to L-point gains in the finnl hour, but
selling of industrials and specialties
continued.
LIGHT TRADING
IN LOCAL MARKET
Price Movement Was Con
fined Within Very Narrotv
Fractional Limits
Cleveland. Ohio
Funding 6 Bonds
Cleveland is the largest city in
Ohio and the fifth city of the
United States. These bonds are
exempt from the Federal Income
Tax and aro a legal investment for
Savings Banks and Trust Funds in
New York, Connecticut, Massachu
setts and various other states.
Price to Yield 5.70
Complete information on request
Harris, Forbes & Go.
Pine (it. Cor. William. New York
PIULWIKLPIIIA mnci;
WIDENER BUILDiriJ
I There was a pronounced contraction
, in the volume of trading in the local
! market, with a corresponding narrowing
of the dealings. The greater pnrt of
' the list was stationary, or else price
variation was confined within the very
I sma'Iest fractional limits. The trans
action", in consequence, were devoid of
feature of interest j
The aine remarkahle indifference was'
paid lo the latest developments in the
i local transit situation. Operations lu j
all the street railway shares were en
tirely perfunctory. At the same time'
'dealings in Philadelphia Klectrle, which!
lhavp been fairly large, shrank to insig
nificant proportions. Only a few sales
were made in United Gas Improvement.
Lehigh Navigation continued one of
the firmest spots on the list, making a
further fractional advance to 61 ,
making a new top figure for the year
In Pennsylvania Railroad and Lehigh
Valley slight shading in prices was
registered.
At tho same time American Stores
on limited offerings dropped back to
50, a loss of a point Only a few
shares of Klectric Storage Hattery
changed hands, but the price was de
pressed ?." to 1.11. Few transactions
wen- made in Lake Superior ut 12,
Philadelphia Insulate! Wire and In
surance Co. of North America.
Sales
100
1300
300
400
400
700
5M
ZOO
100
300
200
400
200
2400
100
100
100
100
3000
1200
380
400
700
200
100
800
1400
400
2100
1300
300
200
800
400
100
1100
100
100
1700
100
800
19500
300
200
800
26
14400
200
400
100
200
1800
109
11030
800
2300
3500
300
100
14700
000
400
4100
1800
100
300
18800
300
9)0
810
100
800
1200
300
1000
100
300
300
800
2200
COO
4800
200
2400
1200
100
200
900
GOO
300
300
1200
100
700
COO
11100
2700
300
200
40W
100
100
100
400
28109
800
300
1600
700
100
000
100
300
500
200
100
00
300
700
100
300
2000
500
400
700
800
200
.too
700
100
1000
1100
400
3.100
100
1900
100
moo
300
1700
500
201"
70.
100
500
eoo
100
Dlr.
la I
j
ca I
i i I . . i ulujuJSBs
I I
Spervicf
i&aatiay
I STOCKS HOW FAR WILL
(BONDS THE RAILS
COME BACK?
AILL READING AGAIN BE
A MARKET LEADER?
IS ANYTHING THE MAT-
r 1m no claim to prmrrN of Hiiir-fji
oyftiiPf. hut tlip furritoln qarnttnnt Hi
rnn o nnHwrrwi Him rrmtrnt iifw
prolinate tirrurary bv thr tmMrr
who hut rrad our U'fflr.l letter,
"IS. It M ," h romiillnipntiirr e.ipy
of uhlrh mII hm mtU uion rfjticM
Wari tnb -er-urt its carried upr i
eo "Mif . marginal latxa. Odd
'ot it w lalti
IWewBeiwGo.
(ioldberg A
In
I l'l.lf..llnl.l Ull. V..1.
l.l 1 ".-"""."''".," .' -K"!
'"""" Lonsoi. nik. i-.x. or
lltiai)
Y.
iSnerrorf
1
1G22 Chestnut Street
rbon?l rlrll. Hprur. B17-4!(H
Kerntont. Rite IBS
14 Un4iT ft (SO 5th Ave., N. X.
tamfora. Coaa.
Philadelphia Stocks
Nft
High 15' Closn chg.
TJAm Strs. RO?i 50 r,0i U
IK l Am Gas. ST, .'d :i.-"..
10 Brill .1 G -12 42 42 2
:ifiTChi O W WM 12 I'',T t.
7(ir. n stor.nu 1:11 i:i:t :i
.-.it I Co N A 2S 2R 28 . .
.".CO Lake Sup 12. 12 12 -- ;
J.-O Leh Nov. OH, OH, (11 1,4. U
H.'l I.eh Vol. 4t- HH, l(ti, t,
2MttMidvaie. anv, :io; :)i4 a;
30," Pa It It. I2"s A2 -12i3 VH
2(ltPlt(H .
W pf.. 7fl 75 75 4-11.'.
1(11 Philit Ins
Wire... 524 .2ii 52i '
l.'O Pht'a Co
cum pf. .'W-i V.'.W., rt.', iJ.
11'ts I'hil p.lei' 20-j 20't 20..
.'trtl do war. J, -f. , ,
.".(10 V It T.. I." UK Mi.
1IIOt Rending
2d pf.. K 49 10 ..
2."..-. Ton Bel. I). r-'K 1 rjf, i,
100 Ton Min. W 1 ," 14- A
:U.-. Cn Tract 2P, 24 2-- iH
imiugi... .'iflOs nr, v.r, v,
n w j & s 37 117 :i7 . .
nigh
. . Alaska Gold Mines... US
. . Allied Chemical & Dye 0'i
1 Allls-Chalmera 34H
8 Am Agrlo Chem 85H
8 Am Beet Sugar 80
10 Am Bosch Magneto... 81
.. Am Can 3U
it Am Car&Pdy 113H
7 Am Car ft Fdy pf . . . .107Ji
.. Am Cotton Oil 38
8 Am Cotton Oil pf "
.. Am Hide ft Leather.. 13K
7 Am Hldo ft Leather pf 8&
8 Am Internal Corp.... 76)
3 Am Linseed 87H
7 Am Linseed pf 88
8 Am Locomotive B5H
7 Am Locomotive pf...,101
.. Am Fafety Razor 18Ii
.. Am Ship & Com 30
4 Am Smelt A Ref 83(
3 Am Hteol Foundries.. 38 H
7 Am Sugar Itef 112
10 Am Sumatra Tob 00
5 Am Tel ft Cable 30J4
8 Am Tel ft Tel OAK
20 Am Tobacco laHi
8 Am Tobaoco pf new.. 0H
20 Am Tobacco B 13314
7 Am Woolen 80Ji
. Am Writing Taper pf 50
.. Am Zlno Lend ft Smlt 13 U
4 Anaconda Ooppr 54 Ji
. . Ann Arbor pf 34
.. Assets Realization.... 3
8 Atch Top ft Santa Fo 84 H
0 Atch Top ft S F pf... 78
7 'Atl Refining 7 pf..l08J5
.. Atlanta Blr ft Atlantic 10
. Atlantic Fruit 20
10 Atl Oulf ft W I S B..U1
8.50 Baldwin Locomotive. .113K
.. Baltimore ft Ohio.... 4jJ,
4 Baltimore & Ohio pf.. 51
.. Bethlehtm Motors: ..... VS
5 Bethlehem Steel... i. 75tf
r. Bethlehem Steel B.... 78
.. Brklyn Rapid Transit. 11
.. Butte Copper Zinc. 1M
.. Butte & Superior Cop. 20
. Oaddd Central O & U 17$
10 Canadian Pacific 13114
.. California Petroleum.. 20J4
Central Leather 47H
4 Cerro do Pasco Cop. . 42JI
10 Chandler Motors 82
4 Chesapeake & Ohio... 051
.. Chicago ft Alton 11H
.. Chicago ft Alton pf . . 1714
.. Chicago ft Ot West... 13H
2 Chicago & Ot West pf 30 H
5 Chicago Northwestern 755
.. Chicago Mil & St P.. 384
.. Chicago Mil ft St P pf SJK
7 Chi St P Minn & O pf 00
8 Chi Pneumatic Tool.. 82 i
.. Chi R I & Pac 40
7 Chi R 1 ft Pac 7 pf 70
.. Chile Copper 14 H
1.80 Chlno Copper 28J
. Clev Cln Chi ft St L. .
4 Coca-Cola 3j$
. . Col ft Southern 31 V
5 Columb Gas & Eloc. . . 58 K
1 Col Qraphophone 24
7 Consolidated Cigar... 78
7 Consolidated Gas .... 80
2 Con Interstate Cal M. M
3 Consolidated Textiles, 20J-S
4 Corn Products Ref. . .. 88
2.B0 Cosden & Co 30J4
3 Crucible Steel 132
7 Crucible Steel pf 94
.. Cuban Cane Sugar..., 38!5
7 Cuban Amer Sugar. . . 43J4.
.. Davison Chemical Co. 39
10 Del Lack & Western. .241 J-i
.. Denver & Rio Cranda 8W
.. Denver & Rio G r.t... CVS
1 Dome Mines 11 H
. . Duluth So S ft At ... . 5JS
. Duluth So S ft At pf. 9J$
3 Durham Hosier)' 43
.. Elk Horn Coal 24H
5 DndlcottJ-Johnson ... 7114
.. Erie 20$
.. Erie 1st pf 28H
.. Erie 2d pf 21 J4
8 Famous Players L. ... 7SJ4
8 Flsk Rubber 25
.. Freeport Texas 23
.. Gaston Wms ft Wig.. 8J4
7 General Cigar def pf.. 82
8 General Electric 143j
1 General Motors 20
0 Gen Motors 6 pf. .. 80JS
7 Gen Motors deb ".. 80JS
0 Goodrich B F 5214
7 Goodrich B F pf. ...'. 88S
4 Gt Nor Ore ctfs 34J4
7 Great Northern pf.... 70 H
CO Green Ctoianea Cop.. 28J4
.. Gulf Mobile, ft Nor... l3Vi
.. Gulf Mobllw ft Nor pf 29)4
.. Gulf State Steel 53(4
.. Hablrshaw El Cable.. 14J4
4 Haskell ft Barker Car SVj
.. Hendee ctfs 20
.. Houston OH Co 112
e Homestake Mining... 4754
.. Hydraulic Steel Co... 31
1 Hupp Motor Car 10
7 Illinois Central B0'
4 Inspiration Con Cop.. 484
.. Inter Con Corp pf.... 12J-i
.. Inter Con Corp Zii
7 Intl Harvester new...H8JJ
.. Int Mer Marlns 24
6 Int Mer Marine pf . . . 78
. Internal Motortruck.. 44
.. International Nickel.. 10
. . Inter Paper 81
6 Inter Paper pf ntpd.. 73
.. Invincible Oil Corp... 38
1 Iowa Central 0
.. Island Oil 8H
.. ,T.uaI Tea 7Va
.. Ivan City Southern... 22 Ji
4 Kansas City So pf . . 47
4 Kelly-Spg T 70
2 Kennecott Copper.... 25
1,20 Keystone T & R 15
0 Lackawanna Steel.... 88
.. Lake Erie 4 West. .. . 14 y,
. . Lake Erie ft West pf . 20
3.30 Lehigh Valley 4H
ii LlKeett ft Myers 145
Lew
1
eot
34ft
m
3K
80
113
107fi
34W
es
12H
)4
78
6714
85
95
101
18ft
19ft
01 H
38ft
100 ft
87ft
30ft
esii
133M
0
120ft
78
39
13
54
33
3
84
78
108ft
0
20
14ft
111ft
3 ft
80 ;
8ft
7-H4
73
11
7ft
20
17
120ft
29ft
48ft
42 ft
80ft
04ft
10ft
17ft
12
29 ft
75
37ft
67
88
80 U
38ft
79
"ft
28 ft
59
S3 ft
29 5i
68
23ft
76
79ft
nft
28H
88 ri
39
129
94
37
42
30
211ft
3
6
lift
5ft
8H
43
23 ft
71
19 4
27ft
21
73
24
23
8ft
83
143ft
20
8ft
80
81ft
86 ft
34 ft
78ft
28ft
13
28
83 ft
14 ft
07ft
25
111
47ft
30 ft
18
90
475i
13 ft
3?i
lid;
23
75 ?i
44
ll.i ,
50
73
37
n
C'a
7ft
31 Ja
47
67
25
15
85
II
20
48ft
145
Todur1 Net
Close Cbg-a.
lft ft
eoft4- ft
34ft- ft
84ft- 1ft
80 - H
81 - 1ft
3J ..
lasft
107ft- IK
38ft- H
68 4- aft
13 ..
08ft- 1
76 ft- ft
67ft - 2ft
882
98 - ft
101 1
18 ..
19 ft
61- 1
36 - ft
110 - ft
87ft - 1
30ft
8ft4- ft
136ft ft
90- ft
133ft 4
89 1 ,
60
13 ft
84 - ft
St
3 ft
84N4- 14
76 - 1
lOSft- 1ft
10 4-1
30
150 ft
111- ft
43ft ..
50-
8ft- ft
78 ft
73- 3ft
11
7ft- ft
20
17 - ft
121 -
20ft- ft
48 - ft
42ft- ft
81ft- 1ft
C4ft-
11
13ft 1ft
30
75 - ft
37- ft
67 1ft
66 ft
80- 1
40 1
70 ft
14 ..
28ft-
80 1
33ft-
3it; 1
6S
24ft ft
70 ft
80 - ft
Oft-
28- ft
87 - ft
39- ft
131 I
94
381
43ft-
391
34115 ft
3ft ..
6 ft
lift- ft
"ft ft
9ft
43
23ft ..
71 ft
30ft- ft"
28
21ft- ft
73ft ft
34ft-
23
H3"ft
30ft ft
08ft 1
80ft ft
63ft- ft
86ft - ft
34ft ..
70
28ft 1
J3ft 1ft
2ft 1ft
83ft 1ft
"ft-
07ft- ft
252
lft ft
47ft- 2ft
30ft- 1ft
15ft- ft
90
47 ft
12ft ft
3- ft
"Oft- ft
23!4ft
76 3
44
10ft- ft
70 2ft
73 - ft
37 - 1ft
6
6 ..
7ft - ft
2ft-
47 ft
87 - 3ft
28- ft
16-
05 2
14 - ft
29 2
"34 ft
145 4. y.
Sales
100
400
600
100
100
100
100
300
700
100
23200
100
6900
6300
3300
1000
700
3S00
2600
100
100
1100
300-
1900
2100
800
300
400
3600
200
100
300
9100
1700
400
300
900
100
200
800
10o
300
300
200
300
29000
1800
100
300
100
1100
12000
200
100
1600
1000
6500
100
100
100
8100
14700
300
1800
600
800
1200
1500
100
200
300
7700
.100
200
1500
5600
100
8000
1200
100
7500
2000
1500
1200
13000
5100
(100
20200
200
0800
38800
800
1300
300
1100
17300
1990
400
601
8100
1700
800
3400
10OO
200
100
3400
700
2100
100
100
500
2300
COO
300
300
0900
200
1000
2900
7200
100
100
14300
1009
1300
23600
2700
40000
181011
8700
700
11200
700
5000
100
1000
5700
1000
1000
400
14500
100
1300
300
Dlv.
Int
10
0
2.80
2 Lee Rubbor Tiro 33
.. Loft Corp l4
12 Lorlllard Tobacoo.... 144ft
7 Louisville ft Nashvlllel02ft
9 Loewo Co....... 31 H
4 Mack ay Cos pi 8ft
7 Manhattan Elov guar. 44
2 Marlln-Parrv 23ft
. . Maxwell Motors 8
.. Maxwell Motor ctfs... 7
13 Mexican Petroleum. ..113ft
2 Miami Copper 20
1.80 Middle States Corp... 18
4 Mldvale Steel ft Ord.. 40
.. Minn ft St Loul 17ft
.. Missouri Pacific, 28
.. Missouri Pactflo pf... 48
.. Mo Kansas ft Texas.. 7
. . Mo Kansas ft Texas pf 12
.. Montgomery Ward.... 33ft
4 Mulllns Body 31
.. Nat Aniline ft Chem.. 83ft
Nat Cloak & Suit.... 30',f
6 National Lead 78
.. Nat R Rof Mex 2d pf 8
1 Nevada Con Copper. . 12ft
N O Tex ft Mex !
New Tork Air Brake. 97
New York Central.... 76
New York C ft St Ii. . 46
N Y Chi & St L 2d pf 58
New York Dock 26
.. New York N II ft II.. 35
1 New York Ont ft West 23
.. Norfolk ft Southern... 21ft
7 Norfolk ft Western... 06
7 Northern Pacific 80ft
2.80 Ohio Fuel Supply.... 48
2.50 Ohio Bodv & Blower. 18ft
40 Okla I'rod ft Bef 4ft
.. Ontario Silver Mining 5ft
.. Orpheum Circuit 28ft
.. Otis Steel 23
Pacific Devel Corp... 33
Pacific Can & Elec... 46
Pan-Amer Petrol 94
Pan-Amer B 86ft
Parish ft Blnghnm... 28
Peonies Gas Chlcaso. . 34
Teorla A Eastern 10
I Pennsylvania R R.... 43ft
Pere Marquetto 28
Tere Marquetto pf . . . . 40
. Pere Marq prior pf , . , 02
Philadelphia Co 37ft
rhllllps Pet 3S
Plcrce-Arrow Motor. . 37
i Plerce-Arrow pf 89
Pierce Oil
i Pierce Oil pf 81
Pitts Coal 60
Pittsburgh ft West Va 35
Pittsburgh ft W Va pf 76
Pond Creek Coal 18
Pressed Steel Car. ... 98
Pullman U2J4
Punta Ale;ro Sucar. . 79
Puro Oil Co 30
Railway Steel Springs 9
Rwv Steel Spring pf..!02
High Lew
Ray Con Copper 15ft
Reading 94
2 Reading 1st pr ft
2 Reading Zd pf 49
.. Replo Steel 80ft
0 Republic Iron ft Steel. 81
7 Republic Iron ft Stl pf 03ft
4 Republic Motors 31
8.20 Royal Dutch N Y.... 0ft
1 St Joseph Lead 16ft
.. St Louis San Fran... 28
.. St Louis Southwest... 38ft
. . St Ix)uls Southwest rit 44
.. Saxon Motor 6
.. Hcnboard Air Line.... 10
., Seaboard Air Lino pf. 18ft
.74 Shell Transport 83
.. Rlnclnlr Oil 35ft
C Sloss-Sheft 09
0 Southern Pacific 07
.. Southern Ball 31
C Southern Rail pf 03ft
7 Stand Oil of N J pf. ,105ft
4 Stewart Warnor Sn.. 32
Stromberg Carb 72ft
Studebaker 63
.. Punerlor Oil Corpn... 1934
0 Superior Steel 83
.. Tenn Cop & Chem.... 10ft
3 Texan Co 62ft
.. Texas ft Pacific 38
.00 Tcxoh ft Pac C ft O.. 40ft
.. Times Square Supply. 22ft
0 Tobacco Products 00
7 Tobacco Products pf.. 84
.. Tol St L ft West 12
. . Tol St L West ctfs. . . 10ft
. . Tol St L West ctfs pf 21
.. Transcontinental OIL. lift
5 Transuo & Wms Steel 47ft
8 Union Bag ft Paper.. 87
.. Union Oil 20
10 Union Pacific 123
12 United Fruit 203ft
.. United Rwv Invest... lift
.. Unl Rwy Invest pf... 25ft
8 United Retail Stores.. 71
..US Express 0
6 U S Food Products... 50ft
BUS Ind Alcohol 85ft
8 U S Rubber 85ft
8 U S Rubber 1st pf. ..107
0 U S Smelt ft Ret 67
B U S Steel 80ft
7 V H Steel pf 100
Utah Copper 04
(1 Vanadium Corp fi!l
2 Vlvadou Inc 14
1 Va-Carollna Chem . .. 6Jft
.. Wabash 13
.. Wabash pf A 31ft
.. Wabash pf B 21
.. Western Maryland.... 14ft
. West Maryland 2d pf 20 ft
. Western Paclflo 31ft
1 Western Pucltlo pf. . oft
4 Westlnghous.) K & M 47
.. Wheeling ft L K 14
. . Wheeling & L E pf . . . 25
4 While Motor 40
32
14 ft
140
102ft
31
69 ft
41
23
7
i0ft
20
16
38ft
16
27ft
48
6H
12
33 ft
31
82
as
77 ft
8
13
AS
98
75ft
40
58
26 ft
34ft
22
30
98 ft
70ft
48
lft
4
6ft
28 ft
33
33)4
46ft
02 ft
86
37
34
13
42 ft
37
40
62
36
38ft
38
89
15
81
7ft
34
75
17ft
95
113
77
39
OS
102
15 ft
03
45ft
48ft
70ft
80 ft
93 ft
28 ft
88 ft
18);
27
33 ft
43
8ft
8ft
17
63
33 ft
08
96
29
02
105
32
71
01)4
19
82 ft
10
81ft
37 ft
40
20 ft
08
84
12
18
21
12
47ft
87
29
122
Toaay's Net
Close Che.
33
14ft ft
144ft 8ft
103ft ..
31 ..
88ft ..
44 ft
38 ft
7 -1
7 -1
lsoH- ft
30
16ft- ft
38ft lft
17ft lft
38ft ft
8-
7 ft
13ft ..
3ft ft
31 ft
82 - JS
30
77ft 2
6ft
13ft ..
88)4 Ii
86 2
78 K
46
581
38ft- lft
38 ft
231
21ft lft
06 ft
80 ft
481
18ft- ft
4ft ft
8ft-
28ft- ft
23 - ft
32ft
46 ft
82 - 1
86ft 1
28ft ..
34
16
42ft
28)4
49
C3
37ft
38
36 - ft
89
IS
81
60 IJ4
3Sft
75
18ft
79 -
30-
95
102
18ft
49
79-80-93
ft
30
86ft
34
43
f
18ft
ft
08 -07
30ft
63ft
105 ft
32
40ft -21
00
8 ..
12
18 1
21 ..
13 ft
47ft
87
2015 !4
13&3 - ft
3
ft
lft
lft
ft
li
lft
1
lft
-
4
lis
'
lft
'i?4
ft
ft
ift
ift
ift
ft
ft
ift
ft
14
ft
1
IK
1
ft
ft
ft
2
Total mien. 721. 300 shitres. compared will) 733 sOO shares estirijii-.
week, 1.404 W0 share"
Wick Spenc Steel Corp 30
1 Willys-Overland 14ft
0 Wilson ft Co 5.1
Wisconsin Central.... 3J
6 Worthlngton Pump... 01 ?t
Ul-dUld-nd. t Ex.rUhts.
Tliui far this week. 2.4S0,4
202 ft
10ft
24
70 ft
0
58ft
84
84 ft
107
57
89 ft
106
t3ft
05ft
12ft
C4
lift
30
'-'Oft
13ft
19)5
33 ft
COft
7ft
14
25
45)4
38ft
13
63
33
01
303
70ft
6
69
88 ft-83)4-
107
87 89-
100
C4ft
C8ft
12
04 - 3
13
ii K
21
14
20
34ft
09ft
47-
Hft
2.1
48)4
53 -34
01
y
ft
ft
ft
'is
ft
ift
ft
"ft
ft
ift
l
94
2ft
lft
ft
ft
'ft
lft
1
ft
1
iYeto York Curb
t it. Wirti,,
'' '' '' "' ,.-'".-.-t.u,.:,jj,,.. -. ,f...t .
i ll ,. I". '-. T-
INDC8TBIAIS
Itlth
Amtr Chicle pref 04
Armour LUir ......... 10.,
Tlrlt-Amtr Too coup 12ft
Hordens Cons 00
Car Light 8
Chicago Nlpoto Of
nreaione Tire.
flsneral Asphalt
Grap Ola
urane uia pr
oanana
..110
D D ...........
MM.y McNeil 13
Merer Motors .......... 12
N J Zinc mtl
Nat City Bank rt 105
North Amer Paper ftH
Kioto com
nadlo Com prtf trred....
RtDUblle Tlrs Rub......
Itoot V&ndsrvort 28V
Mincer M'r
Rwlft International ..,
Hwesta Co
Trlsnsl Film
U R.lllsh Speed Tool,
V B Hteam
United netali Candy ,
UnlUd Prodt 8harlnc .
Union Carbide
Wayne Coal
n
28H
...l'JH
::: 'it.
!!! sou
... 2i
... 12H
::: $
... 8
RTANDAItD OILS
f-outh Ptnn Oil 270 37
3 Oil of NY.. 8IS 88
Vacuum Oil 884 80
INDEPENDENT OILS
Allied Oil 26 38
74y
Atlantlo Gulf
UK Heart
84 H
"3
in .......
floaton Mexico
Hoone Oil
CAMb H)n
CltlM flervlre. "rt" ctfs.
rushing Pets
Dominion Oil
ICIk Basin ret
rintlneers Tetrol
Fedsrsl Oil
Olenrock Oil
nuffey Gillespie
Home Oil
Inter Petrol
Inno Htar On
Maracalbo Oil
.Midwest Itennlnjr
Merrill Oil
National Oil N- J
I'anhsndln pref
Produeer (tenners ...
Ked Hock Oil
Hoy d. Franco
Palt Creek Prod..-...,.
.iulpa rtennlns ......
Mmms Tot
HlncUIr rref
Pkelly Oil
Spncer Petroleum ....
railed Texas Oil
Victoria Oil new
Vuleati Oil
While Oil 21 Ml,
SIININO
Alaska Drlt Columbia.... H
Ills- Lda 12 12
JtoMon Montana 70 OR
Caled Mining so 20
Calumet & Jerome S 'J
r anaiians. Mln Vi 'i
Cresson Uold 1
Divide Kit 30 34
Dundee Arls 1 1
111 HalVBdor U.
Golden Gate Hip 14 It
Gold Cons 0 0
Gold Devel 5 ft
Goldfleld Florence 14 14
Gold Mllvor Pick
Gold Zone
I.'nimi Hllver
Il-rlu Mlnlnc
Iron niossom
Kerr Lake
Jumbo Enenslon
Mother IOdo
Marsh Mining
Ophlr filher
Prince Con
San Toy
Success Mining
Tonopah Kelmont
Tonopah Extension
Tonnpah Divide
Tonopah- Jim B.
Tonopah Mldwawy w
Tnnopnh Mlzpnh
Tonopah Ilescuo Eult
I'nlted Kantern
Vlrtorr
West End C
YVhlto Cups
DONDH
Allied Tack fis
Anglo-Amer 74 s
Amer Tel Us, lH2t
Armour 7s
Ilrrmcn 4 Vis
Merlin 1m
Hamburg 4"n
Inter Hap Tran
Munich 4a
Morris 7'4s
Pan-Amer 7'4n 044
Russian O'is 24
Seaboard 6s M4
Southwest Hell 7a OL'Mi
Pwl 5W fiOft
Sinclair 7s 12
Sinclair 74 a 0'.'
Un Tank 7a 07H
Wost Electric 7s OSS
84$
a
l'i
M
o;
n.ivi
7s
51
fin1;
t.a.
06H
10
14
lfl'i
fl.l
lflti
08
04'i
ASH
027
8SU
01 ',1
Ill's
f7H
0S"b
shares. Same period last
Commodity Markets
plied with purchasing orders. Mill in
terests continued to seek the cash article
which mode good gains.
About 240,000 bushels of wheat were
sold to exporters from here und It was
said that from 3,000.000 to r..O0O,0(MI
COTTON MARKET
v.r York. Kept. '--.'. The cotton
.1..t nnemwl bnrel; Steady todllj ntllmahela rinrl been worked at ('le hea-
IB noints advance to 0 points decline, 'board, portly gulf and partly litobn.
and immediately sold off to a net loss l September corn was boost sharply
of an to 40 points
The tropical storm, central over New
Orleans, promoted unexpectedly light
buving. being offset by unfavorable for
eign labor news, poor Liverpool cobles
and favorablo weather over tho belt in
The action of the New Orleans mar
ket which opened higher but quickly
broke about half n cent, tended to in
crease bearish Hentiment here. Wall
street firms were fair buyers and the
South was a iree bciiki
by hhorts. and the position si -d din
tinrt signs of congestion. La. months
sold off sharply, but rallied on buying
by professionals in anticipation of a
recovery after the recent break. The
market wns helped by a risn of 7c in the
cosh article afl well as b the upturn In
wheat.
Crop nnd weather news remained ex
cellent, but uncertainties as to how far
tho gulf storm might extend inland had
some influence on sentiment. There
wrro renorts that sales of 140,000
' Ki.ul.nlo Cnr! Hnnn innfln fnr ernort hi.r
UUnurin ,i,,i, ul v .. t,..... . .... .-, .-..v
MacMEEKIH
WILLIAMSON
INVESTMENT SECURITIES
UROAD AND HANSOM BT9.
NORTHrlAST COltNEK
Menhen PhUa. FJUdc Exchange
T
tNet change made bv comparison with last
sale un New York Stock Kichsr.g.
Ttal eals. 01S4 shares, compared with
13 BIS sbrs mterday Thus far this
,k 20 S22 Kharss B.ime period last wek,
;d f.7 -httr.-s
s. tn HONOS Ntt
tiuon High Eow Close rhge.
1 rity 4s 1017 87 87 87 . .
3 Elec & I'eo
Tr 4s ... 51i Cl r,l..
1-10 Lib Bonds
3V-s fio.rio fio.no fin.no-K 20
1.10 2d '.. 8.30 85.30 85.30 .20
13-10 3d 4L.8. 88.74 88.00 88.00. 04
6 0-10 4th 4'4 Sfl.fH 85.80 85.80. 10
4-5 Vic 4M.. 05.30 05.30 05.30 .24
0 I'enna R R
temp ctfs.103 103y3 1031i- A
11 W Phila Klec
1st OS .. . J ouji .i 4-
5 Reod'g g 4s ROiJi 80 80yt j
3 Welsbach 6s 03 03 03 . .
Total, 437,700, compared with 3118,400
rssterday Thus far tnl week. 1214,100.
Same psrlod last wetic. 8160.609.
.in ...... iittin ror inprnrivi m wit i . . h..i :-...
inere won ""' .. ' j T.j e, local I " rumors receivea liltio uuemion.
to the afternoon market and under local ) jN,0jptfI nre heavy,
and houthcrn Belling prices w"e '?"' The Southwest is offering new corn
with October off to ', (.0 or 11. Plnt8 25 f b f ,, j
under the close of yes erdai Bb getting to a level that may create com
ing notice clay seemed to be ea. ne petition with Argentine corn,
a good deal of wMtHnR "T"''"", Qots followed the trend of othe,
the near o1,1, th nossibUity of KralnB. Good buying for eastern ne
local stock precluded the Hostility ot . h Pmiums
large tenders on October, cw Orleans; although stocks are large. Trade
WU II "-"""?.,:,, ,,lr, beenmn in tllC lilt WBS not OrOac
more active uga n and the list broke to
"net ""line of 115 to 100 points. What
little, buying there was came principally
from speculative shorts
Tho exports were 400 bales, nil to
Japan and China. Clearances for the
.Tn,Nl with 002.137 bales in the cor-
responding period last season.
-vt inrtnv y
n... ii.vn
; O'i 2R 03
2H -'
Oct.
Dec. ,
Jan.
Maroh
May
191
pot
close
... 28 h0
... 28.12
... 24 8n
.. 34 OB
. . 28 38
SO. 50c
20 20
24 R!i
24 00
23.84
Low
27.80
20,40
23.02
23.20
22.60
Close
27 SO
20.10
24 80
24 0,1
23.34
Wheat-
Dec
March ....
Corn
September
December
Oats .
December .
May
Pork
September
October . . ,
Lard
October ..
January .
Hlbs
September .
October .. .
Open
2.81
2.24'
Hlzh
:.37
ISO
Low
2.2S
2.23
: 1.0
1.2S
1.04U
1.37
1 06
62 U
60
63T.
1 221
l.oas
82S
1 33b
l o.(i
.-.11
03
24,75 34.83
.10.83
20 33
18.32
10.87
17.B0
.18.10 17.80 18.00
24 75
24 75
10 95
IS 111)
IT 10
17 10
GRAIN MARKET
Chicago, Sept. 22. Iluying By liousen
with export connections und covering
by shorts brought pbout a sharp rally
In wheat today after the market had
Buffered further losses early. Commis
sion houses prensed the selling side in
the initial dealing, but later were sup-
BETHLEHEM T0JSSUE NOTES
Thirty Million to Be Used In Con
struction of Ships
New York, Hept, 22. A plan 1b under
way for tho Issuanco of S30,000,000 notoa
by the Bethlohem Steel Corporation. Tho
notes win run for fifteen years nnd
bear interest at tho rato of 7 per cent.
Tho purpoae of tho new bonds Is to
provide tho company with funds for
tho construction of Btenmera for Its
pwn uie, presumably oro cnrrlers. It
Is believed the Indenture will prove that
bouts to value of $30,000,000, ISO per
cent of the Issuo to bo at nil times
used as collateral behind tho mortgage.
Homo of the boats for which money Is
to be provided aro already completed
"" others- are now under construction.
Ofllolal announcement of the Ibsuo Is
"Pted Thursday morning.
The banking syndicate hooded by tho
Ouaranty Trust Co.. which Ib negotl
atlng to underwrite the Issue, has not
yet formally ngreed to purclmso tho Is
sue, henoe no official announcement liau
yet been made to this effect It is ex
pected the bonds will be offered for sale
to yield probably 8.02 per cant.
DIVIDENDS DECLARED
American Power and Lloht Co , quarterly
of 1H per cent on preferred, payable Octo
bef.J. 'V10,.0' T'0!!1 SePtembr 23.
Ohio Fuel fcupply Co., quarterly of su
nd S, p" T11!!1 1tr0 ln Liberty bonds, both
parable October IB to stock of record Sin.
temuer 30.
rranklln . Trrst Co.. semiannual of 4 pr
Kpt.mMr 2? t0b'r 5 ,0 "t0 of reo"5
Araaia Alius, quarter ly of 12 cavahla
October 1 to stork of record H.ptVmtSr 31
Arlington Mill-, aturtcrly of lu. pivibio
October 1 to stork of record September
Farr Alpaca Co.. quarterly of 8 per cent
gjvawe October 1 ta stock of rMorOeptenj:
Elder Manufacturing Co.. quarterly of 12
on preferred, payable. October 1 to stoek of
record September 23. "'
FOREIQN EXCHANGE
New York, Sept. 22. Opening of the
foreign exchange market Indicated fiuli
stantlal rallies for tho principal ex
changes. Sterling showed more firm
ness, but not mitflclent to make up for
the sharp slump yesterday.
Quotations were-
Demand sterling 3.48i. cables 3.49;
franc cables C.7E, checks 6.74 : lire cables
4.33, checks 4.32; marks 1.60; Swiss
cables 16.26, checks 16.21; Belgian
cables 7.12, checks 7.11: pesetas cables
14 62, checks, 14.60 ; Stockholm cables
20.20, checks 20.16; Chrlstlanta cables
13.50, checks 13.45; Copenhagen cables
13.66, cheskfl 13. DO; guilder cables 31.
checks 3". ....
A reaction to the opening rally sot In
during tho flret hour of business, both
sterling nnd allied continentals showing
weakness. Sterling eased almost 2 cents
from tho opening rate. Demand was
S.4C'a, cables 3 47U; frnno cables 6.71,
checks 6.70; lire cables 4.31, checks
4.30 ft, and murks 1.60. Argentine was
lower, at 110 10.
Central Kuropean exchanges: wero
quoted today as follows: Austria, .44;
Hungary, .30 ; Ciecho-Slovakla, 10.30 ;
Poland. .38: Finland, 3,10; Humanla, 2;
Jugo-Slavla, 90; Greece, 10.45.
YESTERDArS FINAL QUOTATIONS
Sterling Fianca Llrn Guilders
Demand .... 3.4KH Hill, 4.81 31.00
Cable 8.40't 0.71 4.33 31.12
TODAY'S OPENING QUOTATIONS,...
Sterling Francs Lire Guilder
...3 4H't I) 74 4.82H. 01.00
... 3.40 0.75 4.03 31.12
NOON QUOTATIONS
Sterling Franrs Llrn Gulldem
... 3 47lt 6 70 4. .10 30,05
. ... 3 4S 0.71 4.31 3U.70
CLOSING QUOTATIONS
Sterling Francs
3.47U 0S
. . . . 3.4 6 70
Demand
Cables
Demand.
Cables...
Demand
Cutiles
Lire Guilders
4. ,10 0O.K7
1 32 31.00
BANK CLEARINGS
Tonopah Mlnlntj Resumes Dividends
Tonopah Mining Co. of Nevada has
declared a dividend of E per cent, or
five cents a shorn, payablo October 21.
to stockholders of record September 30,
Tho company passed the dividend, which
waa due In March, 1820. In October,
If 19, the company paid a dividend of IS
per cent The labor situation at the
Tnnnnah and Divide mining camDa has
become more settled and operations gen-1 ,,
Ai-ntiv r almost bark to normal.
Today's Range In Liberty Bonds
High Low Last
00.40 00,10 00,20
82.02 80.00 80.02
85.80 85.54 85.50
80,08 80.80 80.82
85.80 85.0-1 83.78
88.00 88.70 88.80
80.10 85.80 85.00
05.50 05.50 05.50
05.58 85.50 05,51
! Liberty .TVis... .
Liberty 1st 4s. .
Liberty 2d 4s....
Liberty 1st -His..
Liberty 2d 4,h..
Liberty 3d 4V.. ii..
Liberty 4th 44h,
B'
Victory
ictory
;i04..
BiB.
Hank clearings todav romimred with cor
responding dalasi two ..rs.
Hoslon .. 30.022.150 30.077 (10 44,087.337
Haltlmore 15.2(t4.370 13, OKI. mil
N Y ... 778,607. 74H 7.14 S4B.S33 r.33.703.010
Phila. .." 178 0 77 17R 133 Jfln.31i3.UI0
Chicago 103.015,083 1)3,103,330
St. touts 2S.403JS71
SECURITIES AT AUCTION
The following securities were sold at auc
tion today by Barnes & Luna.ud
STOCKS
Shares . . .. . . .
2 I'enna. Academy of the lino Arts 25
10 Hlttenhous; Trust Co 125
400 Venn Seaboard Steel 22
875 Hockaway nolllng Mills Co. . . . 8
100 Allied Packers 12
100 Ooldwyn Pictures common 8
1 Guarantee Trust and Safe Deposit 127
100 Philadelphia Hourte common.... fl4
135 Houthmere Farms and Fruit Co. Lot 143
23 Mann Street Car Indicator and
Advertising Co Lot 18
1BA United States Land and Lumber
Co Lot IBS
O00 Calavada Copper Co.. Lot 1140
10 Marina National Hank of Wild
wood . . 200
20Hrlstol Trust Co. . 60
10 Pennsylvania Co. for Insurances
on Lives and Grunting Auunl-
tles BIB
lOWeat End Trust Co ion
IB Olrard Avenue Tltlo and Trust
Co 80
10 Victory Insurance Co ioo
.18 John II. Stetson Co, common ... 310
74 Arcadia Land Co Lut 189
100 Newlln Haines Co Lot ISO
BONDS
120000 Preston Fuel Co. 15 per cent
nrat mortgage! due 1048, Sep
tember. 1014. and all subse
quent coupon attached 1
7300 Consumers' Hrewlng Co. 4 per
cent general mortgage! due
1048 Lot 423
8000 Utile Falls Fire Clay Co 0
?er cent first mortgage: due
028. Certificates Ners 40. 60,
00, 187, 280 and 230 20
BOOO Washington, Arlington and
Falls Church Itallway Co. n
per oent first mortKage, due
1030 30
BOOOO American Public Utilities 0 per
rent secured gold notes; int
1088 20
BAR SILVER
Domestlo bar silver waB unchanged In
New York today at 00 Ho; foreign was
off Ho. at 04c. In London, tho price
waa Mi higher at 00d.
PROVINCE OF MANITOBA
6s
1925
To Yield 7
KANSAS CiTY, KANSAS
4V2n
1940
To Yield 52
Blodget & Co.
Real Estate Trust Bldg.
Philadelphia
Telephone;
Walnut 1G0G
Boston
Rnco 1271
Chicago Now York
Full Information Regard
ing Offer of Exchange of
Cities Service Company
Securities for
Kansas Natural
Gas Company
2nd Mtgc. Bonds
AND
Kansas Natural
Gas Company
Capital Stock
MAT BE OBTAINED AT OUR OFFICE
Terms of exchange are most lib
eral anT thn tnaftcr is of great im
portance to all hoWers of Kansas
natural Gas Company Securities.
Henry L. Doherty
& Company
60 1 Morris Building
Philadelphia, Pa.
Telephone! Locust 1110
Chesapeake & Ohio
Northern Railway Co.
First Mortgage Ss
Due October 1, 1945
First closed mortgago on Im
portant high grado road at loss
than one-fourth the cost.
Price 83 and Interest
Welsh Brothers
028 ChesttvvtStpebt
FbUadelohla
Lombard 1B43.
MERCANTILE BANK
OF THE AMERICAS
44 PINE HTIlEKT NEW Y'OUE
An American Hank far Foreign Trait
New Orleans Paris Madrid Marcelona
AFFILIATED HANKS In
Colombia Peru Venezuela Hrailt
Nicaragua Cuba Costa Hlca Honduras
BATTLES & CO.
INVESTMENT BANKERS
ESTABLtSHSD 1BDO
INDEPENDENCE SQUARE, EAST
STOCK SALESMEN WANTED
We want real live salesmen to sell
Stock of a Phila. Commercial Hanking
& Flnanie Corp. A secure 10 Investment
In a dividend paying Corporation. Wo
fay liberal commission and permit draw
ng account to men who hav proven
salesmen, Hoerlenoe In stock selling not
essential. Jleferences muHt bo good.
Address A 832, Ledger Office.
FOR SALE
IS ACItES
Ideal Manufacturing Site
Switches connecting with P. H. H.
nil
uauway on nrnprety. Hun-
P. H
nlng water through portion of property,
14 Mllea From Philadelphia
Adjoining Town 14,000 Inhabitants
ISAAC 10U0IITE.V, JH.
41 Ho. 13th Ht Phila.
For Twqs More
102y2 Flat
for t
Anglo-French l
5 Bonds
Duo October IB, 1920 '
In exchange for current
attractive securities
Write for Suggestions
Tmz&k&Qx
927 1BTH ST., WA8HINQT0N
FINANCIAL
Todd Shipyards Corporation
Notico of Adjourned Special Meeting
of Stockholders to Authorize an
Increase in the Number of Share
and Amount of Stated Capital
TO TIIK KTiirKIIOl.nERS OF TODD
, HniPVAniiN cnuronATioN
Please tulle notice that Pursuant to an
adjournment duly taken at the special meet
ing of the stockholders ot this company,
held at the office of the company,
on the 10th day of September, 1020, such
special meeting was adjourned to and will
be held upon the "d day of October. 1820,
at 12 o'clock noon, at the offlco of the
company, No. IB Whitehall St., borough
of Manhattan, city of New Tork, the ob
ject of such meeting being to vote upon
and authorize sn Increase In the number
of shares which this company may Issue,
from oijo hundred and sixteen thousand
(110,000) to two hundred and thirty-two
thousand (282.000) shares, and nlso an In
reaae In the stated capital of this company
from flyy hundred and eighty thousand dol
lars (IBBO.OOO) to one million one hundred
nnd ruty thoussnd dollars (11,100,000), nlso
uch Increases to be effected by amending
the certificate of Incorporation of this com
psnv In the manner provided by sections
twenty-two and sixty-three of the stock
corporation law nt the state of New York
Dated New Tork, September 10 1920.
WILLIAM II. TOED. President.
CAnL P. nillDRT. Becretary.
HV JIKNF.UAL
MOHTOAIIF. TO Till; llltKMTV iNMilit.
ancf. TitimT i Mm nni'OHiT roJi
r. i 1,1 in.
nun l a w.Mi; iiki'ONIT COM.
or Till", CITY (IF IlllnnVr i'.;(;V
niTIli laVlfAllV no.,1 sna " aai.a
jj- f-'' vrf ' S.HIII, SOU.',
IN OUC
tlc ! hfirhv nlvAn thnt tiia m.i...
nf the Central Nw Knicland Itallway Com.
tiany hnve. In acordanco with the term of
ih, WUIH..D "vjttjN. ...j. i.uih.b nes-ribea.
fixed and. declared Fifty Dollar (IB0 00) ai
the instalment ot interest on each of said
Muiiun iui ....i .... iiu.nK uu ine nrst uay
.. yi. ."'
Said Interest will be nald
the registered owners of the lli
bV RhM.li In
llnnrfa ,,nAi ....
Fidelity Trust Company of the City of
Philadelphia These checks will be mailed
to the address of the registered owners as It
appears on the bonks of the Company as of
September 80th, 1020. '
tly order of the Directors nf the
CKNTItAL NTAV IWOIjANn ItAllAVAY CO.
A-8LJ!iY'Tr'",i,r"'-
TIIK I.AKI! HllPF.IUOIl convTmATToTT
Notice Is hereby given that Interest will
te paid by The Lake Superior Corporation
on lis Income bond; for the sear ended the
80th day of June. 1020, at the rati of flVe
per cent per annum, and that Ih.i same wfll
be payable nt tho First National nanlt
Philadelphia. Pa., on the 1st day of ()f "r;
1620, on. presentation and surrender of the
coupons therefor.
Dated this 8d dav of Rentember, 0"O
lly order of the no rd of Directors.
ALEX. TATLOU. Secretary.,
1 08 12
was the price reached by
a convertible railroad
bond in 1915. Convert
ible into stock on which
dividends arc being paid
at the rate of 9, it has
remarkable future possi
bilities, if bought at its
present price.
These possibilities are
thoroughly discussed in
Letter P-46 which will
be sent on request.
George H. Burr & Co.
ftiuesfmenf Seeurfflej
421 Chestnut St
Philadelphia
Our Offices In 15 Cities Offer Ton
A National Yet a Perioml Serrici
'JlillllHIllllii
"""i b. Kl.iluC
Tg" FT
bong rerm
aT
securities
The growing demand
for seasoned securities
of recognized merit is
reflected in prices
which are gradually
seeking higher levels.
There are listed on
the New York Stock
Exchange obligations
of strong corporations
selling at prices which
offer most unusual in
ducements. We shall take pleasure
in giving full informa
tion regarding any one
of these securities on
request.
Cortttpttnltnce ine'ilti
Hemphill, Noyes & Co.
rmfc. Weill Torb filorfc l
Franklin Bk. Bldg., Philadelphia
I--.. lln.tni. ScrUlM
.ntf jvia -- --
Over 8
for fifteen years
offered Investors In the filteej'
Unnrli Or OH tn."'"
7'4
Chi ndower company wMchh.,,
grass C.I.....O- -',..-, -net
earnings over " twlc,
Net earnlnas are now over 1k
ho annual Interest requlrenient'on
the entire outstanding ""better "
Probably this company .,".bJ7'",.tn
cated from the '"'''"i.0 " ?.,
coal supply than most other simi
companies. . P vielnto o ''
In the immediate vlchi y
benefit.
The bonds arc free $
cnt Pennsylvania Four-Jim
Tax.
E. H. Rollins & Sons
1421 Chestnut St., Philadelphit
loston New York .Wife"
Baltimore Chicago San Jranfli
HFWRURGER.
HENDERSON & L0E6
1410 ChestnutSt
Hecker & Co.
Bankers and BWJ
v.... T.hiisdlDhla and W
me.uuv.. :",;- Mi-hanges .,
S" AND C1IK2TNESJ
5' !!f!
'. in-
!:-K
I'Mlii. iV (iiirrfttarord m.
Ilr Vr ril Truiiivvuy U
fn...
lionrsrl Ulliwur tv "" .-( i-n.
I'ortland Br. ,WliL A ,f V H. U-ii 3
I'lttsliurgli. Clnn., Cnlesgp ' ",,,, 'fj
KAMlir.I. 15, 1 '1l,W,ILi,k FJell, ii
Member Plillsdeln Mj 1,TiikiEI .
8 CIU!aV "" ,J
. .Sf,.!. -V J"' Vl'HlJi.irt,Wai
.-',: "" "..ftV.tg'' iiiii;
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