t - . - ., '. -
iy
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- -
Wfe&iiwr POTEtCP IiBDGBy.PHlirla)BEMr MCBSPAT, SEP03SMBBB 87, tt920
V ('' J"
.uJ.
tW.Vf
GOSSIP OF
THE STREET
The president of olio of the largo
'downtown banks, who returned lafit
week from an extended European trip,
brought back with him a Tcry Interest
Inc booklet just Issued by Sir Gcorgo
Tnlnch under tho caption of "Tho
World Crisis A Suggested Itcmcdy."
In brief, It Is a plan to overcomo tho
economical and financial danger, and
to rcstoro tho exchanges. Becauso of
Sir George's Intimato knowlcdgo of'tho
Kuropean financial and economical situ
ation his views naturally como in (or
teS-lous consideration. s
In discussing this intrlcato situation,
Sir Ocorge says:
"Economically, tho,war has had con
sequences which cannot bo easily or
quickly overcomo. First, It has
earned a great curtailment of the pro
ductive power of all tho belligerent na
tions. No less than 10,000,000 of tho
most able-bodied men of Europo have
been killed or haro tiled of discaso and
many millions havo been so severely
wounded that their labor will bo perma
nently lost. Tht8actor nlono is re
sponsible for a considerable decline In
productive power and can bo overcomo
only as children grow to maturity. By
reason of tho underfeeding of children
and young people as well as tho adult
population of tho greater part of
Europe ine process or restoring pro
ductive power Is being further delayed.
"Tho second factor is tho exhaustion
caused by tho war and tho Inability of
tho great mass of tho pconlo of Europe
to exert tho energy they displayed dur
ing the war, especially as tho conditions
of tho pcaco havo given them no fresh
stimulus to action. Tho prospect of
making reparation payments has tended
to paralyze the peoples of tho Central
Powers whllo tho prospect of receiving
reparation payments has paralyzed' tho
pcopio ot ran co and Italy.
"The third is that tho great mass of
the people of Europo learned during tho
war the value of their labor and nro
no longer willing to work long hours
for a mere pittance. In every country
there nro demands for higher wages,
ihorter hours and better conditions.
"The fourth is that, with taxation so
burdensome and with production so
deficient, the supply of capital every
where is inadequate to the need.
"Thus Europo is face to faco not only
with a greatly reduced productive power,
but with no prospect of effectively re
storing It until, In somo way or other',
conditions can be changed.
"Compared with pro-war conditions,
Europe's productive power has been re
duced between 30 and 40 per cent, whllo
its desire to consumo has increased rath
er than diminished. Moreover, tho peo
ples of Europe, capitalists as well oh la
borers, have an exaggerated idea of their
power to purchase, brought about.by the
immense, profits made during tho war,
as well as by tho great advance in the
rate of wages. Thus, while tho quantity
of things avallablo for consumption has
greatly diminished, national purchasing
power has Increased enormously."
Car-Bulldlng Statistics
Statistics regarding tho number of
freight and passenger cars delivered to
the railways of tho United States by
the car-building companies during tho
first seven months of 1020, and tho
numbers on order with the carbuildcrs
lut undelivered at the end of this period,
aro published by tho Railway Ago In
Its current issue.
"When tho year opened, tho car
bulldern had orders from American rail
ways for only 24,810 freight cars and
407 passenger cars. The number on
order and undelivered increased steadily
until at the end of July it amounted to
fjO,'J75 freight rnrs and 811 passenger
cars. Tho steady increase in the num
I brr on' order and undelivered is ob
' vlously due to tnc fact that tho builders
were constantly receiving orders faster
than they were turning cars out. It
Is significant that in April, when tho
effects of the outlaw strikes were felt
most by all Industries, the output of
freight cars declined to tho lowest fig"
ura reached. i
"The number of freight cars built this
year up. to July 01 and tho number on
order on that dato comblncU amounted
to 7A27Cl Therefore, If all on order
at that tlmo wcro Millt before the end
of tho year, tho total number built iu
the TCnr Wnillrl fnll tar otinrt r,t ",
100,000 which past cxpcrlcnco Indicates
should be built each year to tako tho
place of thoso which aro so badly worn
out that they should bo scrapped. The
uumocr oi passenger cars butlt up to the
end of July nnd tho number on order
at that time amounted together to 800.
If all thORO nil nrrlnr at (tin ami nt Tn1
should bo built beforo tho end of tho
year, tho number of new passenger cam
provided would bo substantially lesi
than In any previous year excopt in
1010, when It was 300. The smallest
numDcr ot freight cars over built In ono
year for domestic servico was in 1015.
when It was C8.220. Tho next smallest
n'imbcr was In 1010, when it was
Nearly all the. nettvo orxvnlntlrn In.
forests on the Street continued to tnlk
about ipdustrial conditions and to find
reasons for various bearish develop
ments after tho closing on Saturday,
Further pressure against tho market
was generally expected, with continued
unsettlcment in tho various industrial
groups.
The reports of decreases in coramodlty
prices continued to be almost tho solo
topic of discussion, and it was felt would
llkclr influence further tlnnrpclntlnn in
tho Industrial shares without regard as
to wnctner tno marKct had already dis
counted business declension or not. It
was pointed out, however, that In all
other times of uncertainty professional
Wall Street has moved beyond reason
and may do so again.
As a result of tho conflicting currents
which havo logically been Injected Into
tho situation, tho tenor of tho weekly
mnrket letters of tho leading commis
sion houses nro 'rather guarded. Tho
majority, however, aro rathervlnclinel
w .v lunutu UIU UUIIISIl HIUU. Kjyilk-
ions of somo of the more prominent
houses follow :
II. F. Bachman & Co. The private
condition reports now coming to hand
would lndicato that tho government's
next condition report on .cotton would
bo under CO, indicating a rrop of prob
ably half a million bales below last re
port. If indeed somo of the reports
being received can be relied upon the
condition report might prove nearer C5
than GO. Since Tuesday, the market
has declined over 200 points in the
faco of damaging rains over a large
area. This decline has been due prin
cipally to general pessimism over pros
pects of a coal strike in Great Britain
nnd tho announcement of the Amoskcag
Manufacturing Co. ot n cut of 31 1-3
per cent in tho price of cotton goods.
It is our opinion that tho worst news
now ocing out the marKet has practic
ally discounted same and we antici
pate a turn for tho better In the very
near future. Having been consistently
bearish since last June, during which
time wo havo witnessed a decline from
43 cents as represented by tho July
option to 22Yj cents ns represented by
tho new Julr option or CO per cent.
Wo now feel that It would bo unwise
to follow tho decline any further and
advise tho covering of short contracts
and buying of tho distant futures by
mills and trade interests.
Hughes and Dicr: "In the final
analysis, tho market for our securities
is but a barometer reflecting tho sound
ness and permanency of our. industrial
and commercial conditions. If thoso
matters which make for the upbuilding
and continuity oi industrial pcaco and
prosperity are fostered and encouraged,
then we shall novo a sunstaniiai ana en
during basis for our great transnorta
tion lines, industrial and commercial
corporations. Without this thcro can
be only disturbance nnd disintegration,
followed bv a disturbed and unsettled
state of market values, Instead of the
higher prices and more substantial con
ditions which can readily exist If our
people will only rise to tho necessities
wnicn contront uicra anu ibko intelli
gent, comprehensive action along con
structive lines."
THE TIUDER.
NEW YORK BOND SALES
Snmtnanr of InnlvlanlTranactlons oa New York Exchangf
CBALSS IN'tlOOOl
From Optntnr Until J:00 '. ni. IN. T, Time)
Amr'n Air
Chem Si
1 SOU
1'..... 79
Amtr Smelt's
& ne'K Ba
1 77U
18 77
3 77H
A Tel A Tel r.
B flOU
4 80U
A Tel A Tel fle
1 B0i
Ann-French Be
1 00T4
a now
1 00 !4
Armour co
n.Kit 4Ui
8 78K
Atch Toptka &
BFllI V
1 77
B 77
1 77
Atch T A B Fe
ev 4s '00
2 M
0 84
Atl C Line clt
10 71H
Atl C Line 4 V,
1 70V4
Atl Collet IV
rets 7s
8.... lOOH
2..., 100 U
3.... 10014
Atlanta Knox-I
vllto & C 4s
S T4U
Bait A Ohio cv
2 OS 1
2 07
1 07 T4
1 07T4
Halt A O BUs
1 83 U
Bait A Ohio 4a
B 08
Bait A Ohio Be
6 08 4
3 OS
Bait A Ohio Oa
1 SOW
2 SOU
n U
1 80
1 sou
B A O P Li K
A W Va 48
1 03 ;
1 03
1 03
3 04
B A O 8 W'n
niy avis
2 70W
2 70U
SJ A O Tol 4s
1 64
Beth Steel M
4 7S
Bethle'm Steel
Bs ot '20
2 7814
Brdway A 7th
Ave en
18 43
Brown Shoo 4n
7 03S
Brk U U'd 1st
B 68
2 00
Buffalo IVr A
ritfh 4 Us
1 70
Buffalo IVr A
Fltt'h Ba
1 004
Canada S'n 6s
3.'.... 8BU
7 80
Ctl Leather 6s
Q no
4 00
Cenfl Pao lat
2 73H
8 74
0 74
Ctl Poclno 3H
4 77
C A O cv 4V4s
1 7BK
I.....' 78
2 7B,4
3 75V4
1 75
C'k A Ohio Ba
10 01H
C'k A O cv Ba
01.
6..
B.
1.
1.
1.
1.
8.
6.
80
80S
88
80
80
S0
B7
87
88
1 87
8..1.. 87
Chi A Alton 8a
4 40
7..... 40
Chicago B'n A
Qulncl' 4a
1 05 !4
1 0B
B 00
Chloaxo B'n A
Qulncy II 4i
1 70 !4
1 80
4 80U
Chi A 13 111 4a
1 80U
3 80
B 38 H
0 87U
Chicago A U'n
IMS ct s
23 38
17 38
6 38U
22 38
Chlcafo Mil A
St P 4s
1 08
1 08
Chicago Mil A
8tPcv4Us
B 71U
2 7Z
2 71
Chicago Mil A
ftP fd 4Us
4 03
Chicago Mil A
BtP cm 4 Us
3.,... 78
8 75
Chicago Mil A
StP cp 6s
1 08
Chicago nail
ways 6s
8 60U
Chicago R I' a
A Pao ra
B 08
2..... 08
OHlcago It I'd
A Pao 4a
1.... 73
Chicago Union
Sta ct OUs
2.... 103
Chi A W I 4s
1 60
Chile Cop'r 0
1 73U
B 73U
Cty New Tork
4U '00
1 85
1 85
Cty New YorU
44a '04
2 85
Cty New York
4Ub "07
4 01
City Paris Oa
3 04
4 05
7.:... 04
15 04
ClVd Cln C A
St L el D 4s
1 07
Cl'd Cln Chi A
St L, 6s
10 85
Colo Indut 6s
1 71
Col A 8
3
Cons'd Oaa 7a
1 75
Cuban C S cv
10 03U
1 03
B 03
1 03
Den A It 11 fd
10 63
60 63U
4 B3U
5 B4
8 63
D A It 04Us
1 00U
D Can Ba '31
8 08U
D Can BU '31
3 08U
D Canada '81
8 89
Dominion Ho
public Ba
8 82
Klkhorn Cor
poration (d
3 78U
Erie Oenl Lien
1 47
1 47
1 48
Erlo n II cv B
2 44
3 44
10 44
,Erl II It cv D
I B2K1
4 B2U
Rrl It Co 4 a
3 B8
Brie II Co Oa
1 03
Oene'l Eleo fls
1 00
1 00
rjove't French
ItepuDiio OB
o. .
2....
3....
8,.". .
13....
8....
8....
1....
B....
1....
0....
7,...
1..
101 U
101
101 U
101
101
101
101
101
101
101
101
101
101
10.... "101
1...
3,.
10...
IB...
16...
4...
3...
a...
1...
10...
3...
10...
4...
4...
10.
101
101
101
101
101
101
101
101
101
101
101
101
101
101
101
Tift
0 Swti'd rets
8.... ,103
3.... 103
8.... 103
10.... 102
13.... 102
1 43
Oreen B A Wn
Jlwy u 4S
R 10
Hud A Man (d
8 BOW
R 60
Had A Man In
1.... 103
24 23
2 24
OX... 24
20 24
Ill.Cen'l 4s '83
i 71
ni Cen 4s '83
1 71U
Ills Cent BUa
2 00
ni ctl St L A
N O Jt uas
R 83
Iniburo M 4U
1 1HI
B 18U
B 18U
10 18
Intboro Met'n
ct 4Us ,
in 17
Intboro It T t d
3 40
10 40
10 40
10 49
10 40
8 40
I M Marine 8s
10 82
1 82U
10 82
7 82
1 82
Jap Uove't lat
10 78
25 74U
23 74U
Jap Uove't 2d
10 74U
10 74
10 74
B 74
0 74U
2 74U
Kan C A 8 3a
20 65
1 64
Kan C A a Bs
B 71
2 71U
2 71
2 70
Kan City Ter'r
Rwy 4s
1 71
2 71U
12 71U
K Dels Os '25
4 02
K Belg'm 7s
Lacelede O Co
ot St 1 Ba
1....? 00
Lack Steel '23
1 00
Lack Steel 'BO
4 80
Ltg't A Myera
T Co 7s
8.... 103
Lorlllard C 7s
4.... 104U
Lou A Nash 4s
1 80U
8 80
2 80
LAN rets 7a
2.... 102U
8.... 102
Mo K A T 4s
17 00
10 00
Mo l'ao gm 4 a
7 B7U
6 57
2 B7U
1 67U
10 67
1 67
M A O St L A
Carlo 4s
4 73
Mont Pow'r 6s
1 8314
New O Tex A
Mexico 6a
2 B7
1 B7U
N Y C A It It
II II 4s
1 77
N Y C A II It
n n os
5
20
1
10
1
1
2
1
N Y C A It 11
R R ct 7s
03
02
03
02
03
03
03
02
1.
2..
0..
3..
7..
3..
8..
1..
1.
100
100 U
100U
100 U
100
100U
100U
100
100 U
10.
B.
1.
!5.
08
08
07
07
07
08
New Y N II A
II 4s '68
1 BO
New Y N H A
Hart'd Os
5 78
4 78
2 78
NTf SRys4U
2 51
N Y Tele 4s
1 77
B 77
B 77
N Y Tele's Os
0 00
New Y W O A
Boat 4a
3 50
4 60
N'k A W'n 4a
2 70
N A Wn d 4s
1 7B
N'n Pacific 4s
B 77
8 77
Nthn Statea P
Co. 6a
1..... 75
Org-Waah'n n
Co Nav Co 4 a
B 71U
Pa 11 R 4s '08
B 80
Pa R gm 4a
1 80
1 80
4 80
6 80
Penna R R 7s
Peoria A K In1
1 80
1 80
Peoria A S3 1st
3 D3
neadtnr Tlr i
B 80i
0 80
Repubtlo Cubs
Bs of '14
B 81
Rock Isln'd A
A L- 4e.
1 87U
Ot li I'n Mt A
B'n nr 4s
1 74U
St t I'n Mt A
B'n Riy os
1 87
S 87
R 87
St Louis A 8
Fran J
1
1
6
20
7
in
St Louis A 8
Fran In
B
12
4
8
2
25
SO
17. A..
7
0
21
B
10
14
1
4
10
10
0
B
10
3....,
2
7
3
1
St L A B Fran
Series A
10
B
6
25
0
B
10
St I. A 8 Fran
Series U .
2 73
1 78U
St I. A 3 Fran
Series C
1 80
St Louts A B
West'n en
88
08
08
88
08
08
68
B8U
68
BBU
68
88
08
BO
68
88
BO
BO
60
60
60
80
60
60
60
60 '
BO
B0
BO J
B0
W
B0
B0
60
60
89
80 U
00
SOU
1...
el...
2...
10...
6...
10...
103
103
103
103
104
104
04
05
05
05
05
00
05
0S
68
00
65
A B
10.
8.
3.
8.
14.
10.
1.
0.
30.
1.
0.
St Louis
Weat'n 1st
1 67
1 00
St Louis A B
West'n Bs
0 63U
B 63
6 03
3..'... 03
Beab'd A L a
1 30
Seaboard A L
Sta 4s
1 64
B'n Paclfla fd
6 76
2 70
12 70
2 70U
S'n Pao cv 4 a
1 78
2..... 70
R..... 70
B'n Pao ev Bs
ir.....
i 00
a . 09
B'n Rsllws 4s
B out
a"... 01H
a 01
1 01
R 01
s'n ntiwr &
10...J- B0
B'n RT Mobile
gk U tua "
4 00
Union Po M
3. IU71
1 70U
Union Pao 4s
B.... out
3 80
10 80
ai 80
Union PJ ;
B
DEotO Brit
fo 08
35 08
8 08J4
10 Q81
1 08
TJ K ot a Brit
A I'O
sua
O Kot O Drlt
A va i"
5::::: "?
8 B7H
10 .... 8
3 87
2 88
1 8
O K ot a Brit
A la u"
0 84
3 ... 8K
0 84
B 84
t 84
2 84
1 87
B MH
n .... 83
U 3 Mexico Bs
8
? 43
U'd Rwy IV t
Cbmp'y D"
2 00
U B HUb-T os
j BV
U B Rur is
2 o
(J S Rub T
0..... v
3..f.t 88
1 ... 08
n .. f 08
U'd 3 Steel 6s
3 w"
10 02
1 02
1 s?
nn 03
B 02
Utah Power A
Light Ba
1 78
Virginia 6s B
Bros Cits
R 60
Vlr"a Carolina
Chem 1st
2 01
2 01
Vlra Carolina
Chem Co as
8 08
1 05
Wea'n Pao 1st
B 3
1 83
1 83
West 8 4s reg
10 71
23 71U
25 71U
11 71U
Wilson Co 1st
8 80
3 88
1 86
High
Liberty 38 .... 00.00
Liberty 1st 4s.... 88.00'
Liberty 2d 4s 88.40
Liberty 1st 4fils. 80.00
Liberty 2d 4'4s.. 80.10
Liberty 3d 4 Vis.. 00.00
Liberty 4th 4V4.. 80.00
Victory 3-?is 00.50
Clctory 4-y,s 00.C0
N. Y. time
Low 1:15
00.20
88.00
88.10
80.00
8T.80
00.00
87.88
00.10
00.10
p.m
00.00
88.00
88.30
80.00
87.80
00.00
87.80
00.12
00.12
1 ,
!
Announcement
ABOUT OCTOBER I, I920,THE BUSINESS HERETOFORE
CONDUCTED BY THE BOND DEPARTMENT OF THE
OqARANTY TRUST COMPANY OP NEW YORK WILL
BE TAKEN OVER BY THE
Guaranty Company
of New York
This separation of the activities of the TVust Company is one
of corporate organization only. It has bten effected because
the grcat'growth of the Trust Company's business in securities has
made necessary a type of organization which is free to render the
fullest scope of service by means of its own branch offices through
out the country.
The Trust Company owns the entire capital stock of the Guaranty
Company of New York, and in policy and management the new
company will be the same as its predecessor, tftc Bond Depart
ment of the Guaranty Trust Company. The Guaranty Company
wiU have the complete co-operation of thfe parent organization.
The Main Office of the Guaranty Company is at 140 Broadway,
New York. It has branches in the other offices of the Guaranty
Trust Company and in 28 cities throughout the country.
The Guaranty Company of New York places its complete in
vestment service at your disposal.
GUARANTY TRUST COMPANY OF NEW YORK
v
, s
The Philadelphia Office
of the Guaranty Company of New York will be at
421 Chestnut Street
T
NEW ISSUE
W"
i.
4
$4,000,000
Cleveland Electric Illuminating Co.
8 Cumulative Preferred Stock
r Tax Exempt in Ohio and Exempt From Federal Normal Income Tax
A sinking fund of 2 per ynnum of the total amount issued b provided for the
'" sis I ","" '" ' '' ,tf" '" 1 'a a a.
purchase of the stock up to 105 and accrued dividend
Redtamable at a whole at 110 and accrued dividends. Dividends payable quarterly December, March, June
' and 'September 1. Par value $100.' Total authorized $10,000,000. To be presently issued $4,000,000.
First Trust & Savings Co. of Cleveland, Registrar. Citizens Savings and Trust Co. of Cleveland, Transfer Agent
allllllllaaalllllll(aiiilakia1all.aHaM
The following information is summarized, from a letter to us from the President of the Company:
Business The Cleveland Electric Illuminating Company operates in the City of Cleveland,
Ohio, and adjacent suburban territory, serving with electric light and power a total
present estimated population of over 1,200,000.
.r S
Capitalization
..
Authorized
15-Year 7 1st Mortgage Collateral Bonds, due 1935.. $8,000,000
First Mortgage S Bonds, due 1939 (remaining $11,
500,000 bonds are pledged or will be necessary as
collateral for the 7 bonds) . .... . 30,000,000
6 Cumulative Preferred Stock 800,000
8 Cumulative Preferred Stocfc. .-....-. . 10,000,000
"Common Stock ,.... 19,200,000
After proposed changes In capitalization.
Outstanding
$5,000,000
18,500,000
800,000
4,000,000
9,763,500
Earnings
The business of the company has more than doubled in the last five years, operat
ing reveenue having increased from $4,392,579 In 1915 to $11,700,465 for the 12
months ended August 31, 1920, and gross income from $2,200,987 to $3,899,086 for
the same period.
Net income after taxes rfnd interest charges available for depreciation reserves and dividends on
the 6 and 8 Preferred Stocks was $2,729,215 for the 12 months to August 31, 1920, and averaged
$1,992,890 for the five years to December 31, 1919.
i
The property has been well maintained out of earnings, the company having set aside $3,962,295
out of earnings in the 5 years ended December 31, 1919, for depreciation reserves or an average of
$792,459 per annum.
The dividend requirement on the $800,000 6 Preferred Stock and the $4,000,000 8 Preferred
Stock is $368,000 per apnum.
Property Value The physical property of the company after the new financing will be valued at
approximately $41,000,000, giving a net property value for the 8 Preferred Stock
of over $417 per share, after deducting the outstanding bonds and 6 Preferred
Stock.
No additional Issues of bonds, or notes maturing beyond one year may be created,
except for refunding, or atVpar for not exceeding 80 of the cost of additions and
improvements, and no Preferred Stock can be issued having priority over this
issue. Additional Preferred Stock can only be issued when approved by the Public
Utilities Commission of Ohio and when available earnings after depreciation for
12 months have been at least 2V& times the annual dividend requirements on the
8 Preferred Stock outstanding and to be issued.
A sinking fund, beginning 1921, of 2 per annum of the largest amount of 8'
Preferred Stock issued, must be used to purchase stock in the open market up to
105 and accrued dividend. If stock is not available at that price any unexpended
balance reverts to the treasury of the company.
The Company has paid dividends on its 6 Preferred Stock since issue in 1893
ana casn dividends on its common stock at the present rate of 8 since 1904.
The stock offered is subject to authorization of stockholders and stockholders' rights and to the
approval of the Public Utilities Commission of Ohio, and of all proceedings by our counsel.
Restrictions
-v
Sinking Fund
Dividends
Price 100 and Accrued Dividend
Wm. A. Read & Co.
New York
1421 Chestnut Street
Philadelphia
Chicago
, Boston
Tho Information contained In this advertlsament has been obtained frcm sources which
wo consider reliable. While not guaranteed, it Is accepted by us as accurate.
NEW ISSUE
, if,. Free of Pennsylvania State Tax " . T 'Y'
...At. "
ftfe Exempt From Federal Income Tax " J.
$550,000
Butler County. Penna.
512 Road Improvement Bonds
Dated Sept. 1, 1920, Maturing Sept 1, 1927-44
Assessed Valuation Taxablo Property' $31,645,418
Net debt less than 2
Maturities 1927 33 prices to return about 5.20
Maturities 1934 44 prices to return about 5.15
Bonds maturing 1935 44 optional
Offered subject to approving legal opinion ot Messrs.
Townsend, Elliott & Munsotu
M. M. FREEMAN & CO.
421 Chestnut St.
Phone Lombard 710
FRAZIER & CO.
Broad and Sansom Sts.
Phone Walnut 5370
.--SS5SSSS
T
Bought, Sold and Quoted
East Coast Fisheries, Com. and Pfd.
' East Coast Fisheries Products, Com. and Pfd.
Elgin Motors
Revere Motors ,
Stevens Duryea Motors, Com. and Pfd.
Metropolitan Stores, Com. and Pfd. '
Seamans Oil
R. E. Seamans, Inc., Com. and Pfd.
Metropolitan Credit Corporation, Com. and Pfd.
U. S. Mortgage, Com. and Pfd. 1
fl. F. Wilcox Oil and Gas
Quotations Furnished on "Unlisted" Stocks and Bonds
of AH Markets
JONES & BAKER
Tel: Bell, toeust 4730 Misc. Sees. Dept.' Tel: Keystone, Race 2!90
Widener Bldg., Philadelphia
nr
$100,000 per month
increase in earnings
s
:
Philadelphia Insulated Wire Company shows
total gross sales to August 30 of $1,979,419 an
Vo7oeaSMf $813'.671 .ver thc me period 'for
1919. Net earnings it is estimated arc now
running at the rate of about $12 per share,
equivalent to 24 on thc present market price
of the stock, which is 52.
The company has no bonds or preferred stock.
This stock is listed on the Philadelphia Stock
Exchange and may be purchased through anv
banker or broker.
Further Information can be obtained on '
request.
GEOKENDRICK 3rf S'.CQ
-J car-r uozny
14JI WALNU Oi
tSItmbtri New York and rhlla-
delpliia siock ticnair
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PHILADELPHIA.
Tc,epto;,'t,."!l,.r:?i"?fr.
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ESTABLISHED I86S
BIOREN & CO.
BANKERS
4IOChestnut St., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
"MHiiiiiiuwiiiiiniinr
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Utmters New York and rMladtfphia
Uloch Bichangtt
Canadian Importing
House
requires the services of a hosiery
buyer. Must have experience in
English, United States and C.
nudian markets. An energetic
capable man can make an attrac
tive contract with great possibill.
ties depending on his own initia.
tlve and ability in co-operation
with an active Bales force covering
the Dominion All applications
strictly confidential.
Address Box No. A 632, Ledger
Office. "
NEWBURGER,
HENDERSON & LOEI
Members New York ,ond ,
Philadelphia Stock Exchangeo
1410 Chestnut St.
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