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On December 6th, 1919, We Expressed Ourselves in Print as Follews:
"It is Inconceivable
that the United States can live without railroads.
It is Impossible
for our reads te continue in existence with their present credit.
GOSSIP OF
THE STREET
We urge nnd ndvise purchase of geed sound
Railroad Bends.
They may sell lower If great industrial troubles
ceme te this country.
They should eventually sell much higher.
This country must have railroads and the rail!,
reads must have money for extensions and for
general purposes.
They cannot ralse money by sale of new securi
ties at these prices.
We de net knew what corrective measures will
be token, but something must finally be done.
Nobody wants te buy new.
Therefore, we say new is the time te buy. Net
en light margin for speculation, but outright
for investment.
If we cannot live without railroads, must net
the credit of the reads be improved, either by
allowing them te earn mere money or by direct
gift raised by taxation?
We ere all sitting around with our money idle
because of the 'uncertainty.
We say there is no real "uncertainty' In the
situation.
Consider carefully the proven fact that the man
who makes money is the man who buys when
ethers will net buy, and sells when ethers are
buying. v
We advise purchases new.
We will name specific issues if you nsk us."
Later developments have mere than borne out our analysis of the
situation the Railroads have been fully helped out by large
increases and all Railroad securities have had a phenomenal
increase in value.
We New Say
That most high-grade Public Utility Securities are selling below
intrinsic value; that the better Public Utility companies are
steadily improving their position, and that their securities will
increase in value. We new say of Public Utility Securities as we
said about the Railroads en December 5th: "Consider carefully
the proven fact that the man who make.s money is the man who
buys when ethers will net buy, and sells when ethers are buying.
We advise purchase new. We will name specific issues if you
ask us."
Safe, Profitable Investments
Frazier&G.
Bread and Sansom Streets
Philadelphia
68 Broadway
New Yerk, N. Y.
19 Seuth Street
Baltimore, Md.
Pittsburgh, Pa.
Wilkei-Barre, Pa.
Washington, D. C
Lebanon, Pa.
JpjpMBMJpllMpiMpMpjpjpjpiMMpMpipJM
$50,000
The Philadelphia Electric Company
6 Per Cent. Secured Geld Notes
Dated February 1, 1B20 Due February 1, 1023
Interest February 1 and August 1
Tax Free in Pennsylvania
Company Agrees te Pay 2 Per Cent Federal Income Tax
Girard Trust Company, Philadelphia, Trustee
These Notes, tn addition te being the direct obligations of The Phila
delphia Electric Company, are secured by the pledge of $5,500,000 of Its
Flnt Mortgage 5 per cent Bends, together with the entire outstanding
Issue of $12,500,000 6 per cent Mortgage (practically First Mortgage)
Bends and all of the capital stock (excepting directors' share) of the
Delaware County Electric Company, The property of the Dclawore
County Electric Company (Including Its large Chester Power Sta
tion), upon which the Notes are secured, alone will represent en
Investment materially In excess of these $12,500,000 6 per cent Secured
Notes. This Issue Is followed by $6,000,000 S per cent cumulative
Preferred Stock and $30,000,000 Common Capital Stock of The Phila
delphia Electrle Company, having an aggregate market value of about
$34,000,000. Fer the 12 months ended June 30, 1920, Net Earnings, after
paying Current Maintenance, Rentals and Taxes were $6,474,690 against
Annual Interest en Funded Debt, Reserve for Renewals and Replacements
and Amortization of Debt, Discount and Expense of $3,236,700 leaving
a Balance applicable te dividends of $3,235,918,
Price: Market te Net 7.75 Per Cent
Biddle & Henry
I 104 S. FIFTH STREET
The Information and statistics contained herein bars been obtained from
sources which we believe te be reliable.
$75,000
Westinghouse Electric & Manufacturing Company
7 GOLD BONDS
MAY, 1931
FREE OF rENNSTIA'ANIA STATS TAX AND NORMAL 2 INCOME TAX
PRICE: 9534 AND INTEREST, TO YIELD ABOUT 7.60
REILLY, BROCK & COMPANY
DANKEItS
306 CHESTNUT ST
rilJLADKLrillA
Fer Investmekt Ratikes Use
Meedy's
RATING BOOKS
OB
Railroads
Industrials
Public Utilities
Governments
The Standard Bankers ana In
vesters Reference Beeks.
The only books which combine
the features of a "Manual" and
Rating Boek.
Issued annually in four vntnmM
Price, $15 per volume for 1920 ed
Meedy's Investors Service
JOHN MOODY. IWUet
1124 Real Eatate Trust Bldtr., Phlla., Pa,
Bosten New Yerk Chica&e
J "luriJ cSiiilr"" "' " '"jjl J
Pcnna., Lt- & P. Bs, 1940
U. G. I. 6s, 1921
Cens. Cities Lt, P. & Trac. Bs,
19G3
B0ENNINQ, GARRISON & CO.
STOCK 1CXCHANOK BTJlUiINO .
Direct rrlrate Telephone te New Yerk
Members rblla. Stock Kxcuauee
Moere, Leenard & Lynch
Cushman Ncwhall, Manager
Bend Department Beard Roem
ICtt Walnut Street lUtx-Carlten Hetel
PHILADELPHIA
A'seclated (Ins ft Kleetrle.....! A. in
Catawba IW, Cemuinv " ! ' ' 'SI' JSJ2
iaffs.?-.!.w. ::
Portland I
.,0s, less
, .As, 1033
UEUUicml' .l.t.i,VII,lMrrt company"
M7 CHESTNUT STBKKT
Norfolk & Western
63, Due 1921
CHAVSKEKN&ceff
333 Chestnut Strut v
"THAMBiJCAN
New Yerk Acenejr, 40 Ure.clway
S Branches in Benth America
One Brunch In Mexloe
8 emces In Kareps
Investment Securities
Yielding 6 te 9
Hollister, White & Ce.
Incorperstsd
Nertb Amerlcua Hulldlns
., ruiiurlpDla
Bos.en New TerK Uprliwlfld Providence
Rebert M.CoyIe&Ce.
'THintrv l
UNITED
QECURITY
ureijs. AND
Trust Company
4 Per Cent
interest paid en
savings accounts
Capital, Surpltu
and Profits ever
tt, 000,000 jtfftflll
r i
Segregation" hits become a word
poneesilng equal speculative stimulating
proclivities as that provoked by the
mere mention of "amalgamation" In the
early years of the current century. The
greatest bull movement In the history of
the railroad stocks en the New Yerk
stock exchange was inspired and pro
moted entirely en the strength of what
was then popularly designated as the
Community of Interest," or a gentle
men s agreement among' the high lights
of the railroad world. Unification of
n,",aeinent nnd amalgamation of com-
PetlniF. linPA trn.4 n blAff.n tnw ffin mAtnn.
rnble movement, which terminated In
the never forgettable Northern Pacific
and May 0 panic of 1010.
It would seem curious therefore' that
me (iisiutesratien of stme of the pet
policies which grew out of this idea te
concentrate ownership into as few hands
as possible, Bheuld tevcrt Inte as power
ful stimulating factor ns thn onneslte
purpose. Just a whisper these days of
eeiue biti or segregation is a signal for a
violent outburst of speculative enthu
siasm, and the accepted excuse for push
ing prices of the stocks of the ceuccrn
auecieu skyward. The two mero promi
nent segregation schemes new before the
public eye is the separation of the
Heading coal and railroad properties
and In the Southern 1'ftclllc of the oil
and railroad properties.
Of course, It is a peer rule, In Wall
street's way of thinking, that will net
work both ways. Much has been said,
written and spoken ceuceining the in
consistencies of the law, but these frail
ties aru a zcphyrlike breeze compared
with the ever constant changing logic of
thu market world.
A Tumultuous Career
Sale of the Denver and ltle Grande
Itallread te the highest bidder by order
of the United States Circuit Court of
Appeals marks the close of a tumultu
ous chapter in the history of the read
fcunded by General William J. Palmer
in 1871.
Millions of dollars a year in wnjM
were paid annually in the prosperous
period of the read's history, and ether
millions were used in numerous efforts
of various financial interests te gain
Ccnttel of the railroad. Frem the time
the Jav Gould interests caused the re
tirement of General Palmer from the
read in 1883 It was the object of finan
cial campaigns of rival interests until
'the receivership caused by the default
of the read In payment of Western Pa
cific Hailread bends in 1018. bend pay
ments having been guaranteed by the
Denver and ltle Grande.
The bend issue was for $50,000,000,
and when the Equitable Trust Ce.. of
New Yerk, brought suit and obtained
Judgment in 1018 this had been reduced
te a little mero than $30,000,000, the,
amount et the judgment. Un January
20 of that year Edward L. Brown
president of tic read, ami Alexander It.
liuldwln. vlce president of the Western
Pacific, were named receivers by Judge
Walter L. Sanborn, of the United
States Circuit Court of Appeals. A
month later Brown was named sole re
ceiver te cemplv with regulations et the
United Slates railroad administration
during the war. He was delegated
agent of the administration.
Hearings wcre held before a United
States master in chancery, and en Sep
tember 23. 1020, an order was signed
by Judge Sanborn for the sale of the
read ever the pretest of a stockholders'
committee, who asked postponement for
a month. Mho read was advertised fur
sale for thirty days and November 20
set as the date et sale.
The read was built originally as part
of Palmer's dream of a line running
from Denver te El Pase. Development
of the mining enterprises in the western
pert of the stnte resulted In n chaugc in
the direction of the read's devclenment.
nnd extension of brnnch lines westward
Inte the mining communities became n
part of the contest between the read
nnd the Union Pacific for control of
the Recky mountain territory, the Intter
read already bavin? nn advantage in
the northern Itecky neuntaln region.
Among the prominent railroad men
connected with the read In various ca
pacities wero Gcerge Gould. Benjamin
P. Bush and II. U. Sludge
Southern Pacific's Big Turnover
One of the financial news bureaus
yesterday furnished a very interesting
resume of the tremendous transactions
in Southern Pacific as the result of
the official announcement of the pro
posed segregation of the oil lauds owned
by that company. There wns a block
of 25,000 shares changed at the opening
en 'Wednesday, and en that day the
turnover tetnled 20U.200 shares. Yes
terday, with the continuation of the
movement, approximately 150,000 shares
changed nanus, niamng a tetnl turn
over for the year of 2,787,000 shares.
The record year's trading in stock
was In 1001. when the ble railroad In-
terests were maklne a het ficht for the
control of Northern Pacific. In that
year the total sales reached 11.332,000
shares and, since January 1, 1805, te
the close yesterday's sales totaled 12,1,
884,000 shares. Such figures would,
te the unitiated, seem amazing, but it
Is often a common experience in Wnll
street during periods of big market
swings when the ca stock of many
companies are sold iuw--feId in less
than a year.
Before checked by the heavy profit -taking,
the stock sold up te 118, a
net advance for the week of ever 18
points, and the highest price for the
stock since August 10, 1000, when it
sold at 130. The lowest price was
made en April 13. 1808. when it sold
at 12. The initial sale en the Stock
Exchange, 30, was en March 17.
1880. The value of the company's land
holdings In California, aggregating
101,000 acres, is variously estimated
from $250,000 te $500,000. The com
mission appointed by the government in
1017 found n value for the lands of
$430,000,000.
IRAOilll
WITHOUT FEATURE
Price Movements Narrow Le
high Navigation Dull Carib
Syndicate in Supply
New Yerk, Nev. C The Bread
Street Curb market tedny was generally
quiet and without sncelnl fpntnre. nrlee.
mevemchts being narrow, but consisting
in almost all cases of declines.
Lehigh Ceal and Navigation, which
was n feature yesterday, was dull, with
n small amount of business at 78.
Carib Syndicate was in supply and
ranged from 14 te 14. Rlmms Petro Petre
ieum was again heavy, selling down te
0? in the-first half of the day.
Hercules Paper yielded te 20, and
North American Pulp old down te 5.
Bwcctj was unchanged. General Asphalt
.uugiu irum uu te OO.
INWUSTKlALtf
AcmettMl "'?h
Aute Fuel 43 it
lirltlsh-Am Chem .. "
Kmplre Tube 17
General Afphalt e,n
Hercules Paper 20Vi
LehiBh c ti n ::;: 7$
Mercer Moter 0
JJr Am I'aier r
Perfection 1A
Hadle Cem 5J4
Itadle Cem pref -'U
H J rteynelda (new) "11". Je
Ptnndirl tlas h Klectrlc. i:,K.
Sweets Ce ...I
U S H!h Speed Teel ... Snti
U H Steim iJ
United Preat Sharlne.... 1
Wayne Ceal 4
1:30
l,nw r. m.
1T4 114
Ui 01H
(I
nr,
20
7S
R
n
ia
2'i
as
lsy
1
snji
34
0
10
lift
BO
78
1A
as
n
Ohie Oil
Stnndard Oil of N Y
STANDARD OILS
...SIS
...300
INDETKNDRNT OILS
Allied Oil je
Arkansas Natural Oas .J 12
Dejne Oil
ISosten Wyoming 1A
Carib Sn 145.
Cities K'tvlce "Ji" at.. 35
Cushlnic Pete i
Dominion Qll 10C
Elk Uasln Pet ti?
Federal Oil 2
Granada. t)
duffer Olllesple 32
Hudsen Oil U
Kay Oeunty Oas l?t
Merrltt Oil 14W
Midwest ltef let
Ne Am Oil 2
Ohie Ilanser
Omar Oil 3
Ponnek Oil K
Producer & Henners 6Tt
Ked Reck Oil U
Hey de France 4
Slmms Pety 10
Sltcllv OIK UW
Un Texas Oil H
Victeria OH new 1
Whelan Oil
.112
3'JO
10
312
3 1) (J
10
MINING
Alaska Drlt Columbia.... 1
Ills' Ledse A
Heeth
Uosten and Mentana 44
Caled Mining 18
Calumet and Jereme A
Candelarta Mlnlne U
Cens Virginia M.
Certez Slver CI
Creseen Geld IV
Divide Extension 27
i:i Salvader 'i
Eureka Helly 1
OeldOeld Cens 0
Oeldflcld Development ... 3
Oeldrlcld Florence 18
Oetdfleld Kawann. 2
Ueldfleld Silver Pick .... 0
Oeldfleld Zene 10
Great Send 1
Emma Sitter 3
Ilccla Mlnlne 441
Jumbo Extension H
Knox I) vide O
McNarmara ft
Arcadia Copper 4 Si
Marsh Mlnlne 10
Metherlnrin HO
Motherlede new 6
Nlplsalnr: Kit
North Star . 1 4
Ophlr Silver
Prince Cen fy
Kay Verde lii
Hex Cen O
llechester Mines S
Hepe Ureup U
Han Tey 0
Slvcr Klnc Divide 3
S Silver Lead A
Success Mining 3
lonepah llelment li
Tonepnh Cash liey O
Tonepnh Divide lrV
Tonepnh i:xtemlen lta
Tonopah Jim U 17
Tonopah Midway 8
Tonopah Mlnlne 1A
Tonopah Mlznah O
Tonopah Muntnna 8
Tonenah Rescue Eula. 15
United Eastern -Mi
Went End C 1ft
White Caps U
BONDS
Allied Pack As 04Vi
Amer Tel Us of 1W1!- 05
Amer Tel Us of 10J4 04
Anaconda Copper 7a of '20 OU'i
Armour 7a 1... U7S
C CC & St L, Os 01
Diamond Match 7Vis ....100
Goedrich Tires, 7s 01
Grand Trunk lO'J
Inter R T 7s 75
l'nn-Amer Pet 7s Olli
Seaboard 0s fiSH
Sears-Iteebuck 7s of 1022. 08'.s
Sears-Ileebucy 7s et 1023. SU's
Hlnrialr TVss vi'.
Keivay. ss
Swift 7s
itt
COTTON YARNTRADE DULL
Prlcea Remain Almest Stationary
Textile' Business 8tagrtant
Ne Important change Is reported in the
potten yarn trad a by It. a. Dun & Ce.
In their revlew of business conditions
in tne l'lijlnaelphin, district, wipea re
main almost stationary and It la the
opinion of many dealers that prices have
nbeut rcnfhiul thn lowest limit.
Textile mills report huslnesi exceed
ingly dull, many are closed entirely or
running with reduced forces. Ne better
ment In conditions Is looked for In the
Immediate future. Retallcra are dispos
ing of their merchandise slowly, holding
for higher fleure-s, and are buying little
from Jobbers nnd manufacturers.
Conditions In wool are unchanged.
Dealers eny there is virtually no busi
ness and are net expecting any change
In the Immediate future
Continuing, the review gees en te say:
"Cleak and suit manufacturers are
aelnfr little, there being a feeling among
buyers that there will be decided reduc
tion In prices later en. Manufacturers
of shirts report a falling oft In busi
ness. "Manufacturers of men's and boys'
clothing find llttle change A number of
buyers are In the market, but they are
net disposed te pay prevailing prices,
consequently sales are small and llttle
advanced business. Wholesalers and Job Jeb
brrs of cottons, woolens and plcce goods
report little tramng.
".Manufacturers or snirtwaisw say
trade continues quiet .There Is Borao de
mand, however, for the better class of
merchnndlse. Buyers are net disposed
te plnce any advanced orders. Collec
tions are slew.
"The automobile Industry shows an Im
provement and some canceled orders are
reported te have been taken up. Struc
tural Iren Is dull and the tube market
shows considerable activity.
"There Is considerable nctlvlty In the
hardware line with a 'geed demand for
all grades of material, which condition
It Is believed will continue for seme
time. Trices remain firm and collections
geed.
"The electrical trade reports Increased
Inquiries for holiday business nnd Job
bers and retailers nre laying- In geed
amount of stock In theae line?. Electrical
henters and appliances are actlve and
work In connection with bulldlns opera
tions shows an Increase. Laber-saving
devices are also In poed demand.
"The stove trade Is rather quiet en
stnple goods, owing- te continued mild
weather, but foundries nre operating at
about full capacity and Jobbers and re
taieors nre fairly well employed. Prices
are reported firm and collections fair.
"The leather market continues dull
and prices weak, only moderate sales are
reported. Glazed kid manufacturers are
werklne at a minimum production nnd
there Is llttle demnnd for this class of
leather. Shoe manufacturers and deal
ers report small sales, but regnrd In
quiries as encouraging.
"Millinery houses are doing a small
volume of business as compared with
ether years nt the same period,
"The paper market shows little Im
provement Manufacturers and Jobbers
report a fair amount of business, but
there Is little Increase In volume of
sales. Prices are a little higher.
"Paint manufacturers, dealers In
paints and painters' supplies report a
steady Increase I nthls line. There Is
considerable work under way amenr
painters. It Is believed there will be a
steady Increase In this line. There Is
remainder of the year. Prices remain
firm and collections are geed.
"Wallpaper manufacturers. Jobbers
nnd dealers report little change. There Is
a ceed demand for all grades of mate
rial with considerable work under way
The price of wallpaper Is Increasing!
and Is Is the Impression among manu
facturers that prices will remain high
during the coming season. Collections
ere reported normal."
Liverpool Cotten
Liverpool. Nev. 6. There was only a
small demand for spot cotton today with'
prices easier en the basis of a decline
of G7 points for middling at 15.65d.i The
sales were 4000 bales. The receipts were
11,000 bales, Including 9800 bales Amerl
can Futures were easier In the early
dealings. Spot prices were: American
middling fair. 0.BBd; geed middling
17.80d; fully middling, 16.80d; middling
lD.BGd: low middling, 11.75d; geed ordi
nary, 8,80d, and ordinary, 7.80d.
Flflh In Fourth Maryland District;
iiaitimore, Nev. . (Ily A. l)
Official canvass of the returns from the
Fourth Congressional district In Tiles-
day's election was continued today.
When adjournment wes taken yester
day, William O. Atwood, Republican,
had gained ninety-one votes ever Rep
resentative J. Charles Lluthlcum,
Democrat, who was re-elected by a
plurality of 071 en the newspaper
tabulation. , Mr, Atwood claims that the
police poll shows his election by a
plurality of forty-five votes.
fcteU
' sssssSfp ' J
The Advancing
Bend Market
In the Utter rxirt of Uay of th
present year, many rnllrend
nnd utility bends, as well as
Liberty bends reached the low
est prices in their history. At
about the mme time It became
quite apparent that consumers
were beginning te curtail their
purchases and consumption of
commodities. Since that time
prices of goods of almost all
kinds .have fallen rapidly, at
tended by equally ntpld ad
vances in prices of securities
bearing a fixed rate of interest
We hare prepared a booklet
which discusses the recent de
cline In commodity prices with
the accompanying advance In
bend4prIcea. copies of which we
shall be glad te send te Invest
ors upon request
We asceest yen sik for booklet
Tbe Advancing Dond btarksf
Harris, Ferbes & Ce
fin street, Oerner William
NEW YORK
Philadelphia Office I
Widcner Building
Wears'
Alieadl
Under New
Administration?
Are steclt3 a buy? "'
Hew about bends? ,
What will the change in '
administration mean te
the market?
Bateerfs
Southern Pacific
R. R.
We have prepared an up-te-date
letter en the most re
cent happenings in this rail
road's affairs. Write or tele tele tele
phone for a free copy.
SMITH, REDPATH & CO.
Members Phlla. .Stock Exchange
1524 Wnlnut St.
I'HILADKLI'IIIA
1'hene: Spruce 0880
Reports
Special Barometer Letter, last
off the press answers these ques
tions and outlines coming con-,
dltiens in light of fundamentals
already active.
It is vitally important that you
de net misjudge the trendl With
this information you can sea
what's coming and govern your yeur
celf accordingly.
Repert en Request
Copies of this Speculative Bulletin
are available for distribution te
interested executives, giatis.
Tear out the Meme new anrt
hanu'it te your secretary wheal
yuu uiciate uie morning's mail.
Merity ask for Bulletin 34-LE
The Babson Statistical Organization!
""' tuns, u( uosten, Masa. I
uargttl Vrgamiatien cItt Chencttr
in tht World I
P TEAR OFF HERE.-1
Ms Fer "four.
1 XvIWI Secretary
Write The Babson Statistical Or
ganization, Reger W. Babson. Presl
dent, Wellesley Hills, 82, Bosten,
Mass., as follews: Please send a coey
of Special Bulletin Ne, 34-LE
and booklet, "Cettingthe Mostjrem
Your Meney", gratis.
b6immV .! ""Hi
ISSSHsu.
--.-i ::,
WANTED
Stenographer for
Investment Banking
Heuse
also
'Assistant Bookkeeper
C 615, Ledger Office
i!f
os os;
03' 01
etm eiivi
7 UTH
01 01
1110 101)
UOT4 01
iei mi;
74H 7l's
IMU 011
fiS'a B8'4
08 H8V4
HH SSH
Uli 01.
100V leliH IOiiW
OH4 BT'l 071i
Texas Ce 7s 08!i 08H US.
Union Tank 7s 10054 10054 100?.
West Elea 7s 00 00 00
Westinghouse 7s 05H 05U 03H
Berlin is 12 1 11'
Chrlstlanla 8s 08 HSH Ob's
Denmark 8s 100H 100 lOiiV,
French if of 1017 43t '48 43
Norway Xs 101 100 lOeT,
Zurich 8s 90S OOh 0UH
START NOW
TO BUILD FOR THE FUTURE
Threurt the Investment of your savlncs
In hlh rrady (llvldand pvln securities!
under our 20 1'ayment lIn" Bind for
? e1Snd0nO.Ur M"k" Sa" "5
Make reur mtUet ern tne rtcht Income
Scott & Stump
Inyentment Securities
BTOCK UXCHANflE iWlLDINO
. . VMIsdelpJiU, Vm.
te Kichanse I'isce New Vnw
CotrTllle and Chsmbershnn?, pji.
INSURANCE
Bend far M'A Clans Eiplsnstloe.
Stenographers In New Yerlt Bank
t-K0!'." e8rtrtln Urs downtown
wnlt fur capable, experienced stenecrsphera
under 25 years, l'ermartnt peslUqns. ei"
lunches. Bute are. education, eip.rUnce
cellent working; conditions. . Ooed salary and
and salary expected. WrlU
i ,1 inMr,i
iiLU. A. HUHN & SONS
Uembmi of the l'UladeUliJa N
"war P?ndcVp'.,EK,. -
I41S Walnut bT
hkw veiui u-JTes
111 Ureadway. New Ifert
Ble Antliraclte Combination
There were vngue rumors en the
street niter the close yestcrdny of the
proposed formation of a big anthracite
peaf combination, which would hAV
control of nil the principal antliraclte
properties in the stnte of Pcnnsvlvnnin.
This undoubtedly hail its inception in
the activity of .Lehigh Navigation and
the ether coal stocks and the expectation,
of an early nnueuncement of the Itead-
I ing segregation pnn.
I According te me Biery, tne Heading,
iLehiRh Valley, Delnware, Lncknwanna
and Wentcm, Delaware and Hudsen,
Central Railroad of New Jersey and
I Ontario and Western coal properties
weum an no poeicu in me new com
bination and would be controlled by
Interests directly, or closely, affiliated
with each of these various companies.
The tale had all the footprints and
finger marks of the fertile brain of some
rumor-monger with a wide stretching
imagination.
DIVIDENDS DECLARED
United Clear Stores Ce., quarterly li per
cent en preferred payable December 15 te
stock or recera ,eemDer av.
St. Jeseph Lead Ce., extra 25 cents and
quarterly 25 cents, payable December 30 te
stock of record November 0.
Perte Itlcaw Amerlcan Tobacco Ce , d.
vldend of 3 per cent, payable In scrip De
cember 2 te stock of recird Ngvemebtr 16.
Middle Oil Corporation, extra 1 per cent
In addition te quarterly 3 per cent, both
payable January 1 te stock of record Decem
ber 10.
May Department Stores, quarterly 2 per
cent en common and l$i per cent en pro pre
ferrrd. Common Is payable December 1 te
sttek of record November 15 nnd preferred
January 3 te stock et record December 15.
NUes-Ilemerrt-rend Ce., quarterly " n.r
cent en common and 1H per cent en pre
ferred. Common Is payuble December 20 te
stock of record December 1 and preferred
.,u.w..v. w .w ... w. icwjiu tuemDer 4,
Harbison, Wnlker nefracterles Ce., quar
terly 1V4 per cent en common, payable ni.
cemner 1 te stock of record November 2f
"an r'n a. .,.-.. . ...
Acme Tea Ce.,
Payable De
auartFlv nt i &. ... .1.
nn (Irst and second preferred, both payable
December I te stock of record NeiSmber 15
Peninsular and Orlantnl R.nM k,'' ,.."
On a ,11 ".,, nd for ir .nffiVr';!"0.?
15 per cent. ' "'
SUiidaiu Oil of New Tork. quarterly 4
psMible December 15 te stock of record No Ne
West "Philadelphia Tile and Trust Ce .
semiannual a per cent ami extra 3 per cent
payable December 1 te stock of record Nei
vember 5
Pennsjlvanta Ceal and Coke Ce., .,uar-
terly 2 per cent, payable November le te
stock of record November 0.
NEW YORK COFFEE MARKET
New Yerlt, Nev. 5. The cnslcr tone
of the primary markets brought out fur
ther selling at the opening of the local
coffee futures mnrkpt thin morning and
first prices were 20 te LVS points net
lower. The sellinc neemed te be for
trnde and Wnll street accounts
Mticn of tlie early nelllnc was at
tributed te the receipt of private ad
vices of a lower Santes market. This
was later confirmed when a special cable
Lehigh Valley
The physical condition of the Le-
nigh Valley Railroad, its im
proved earning capacity, the pos
sibility of segregation of its coal
properties, its low capitalization
per mile as compared with ether
reads operating in the same terri
tory, together with its past divi
dend record, are discussed in the
supplement te our Market Review
this week. Among ether stocks
mentioned are:
Standard Oil
of Indiana
Stock Dividend Benefits
Midwest Refining Shareholders
Farrell Ceal
The Ceal Situation and its effect
en earnings.
Producers & Refiners
Gain in Gress Earnings
Bent en reauesf for L-S7S
Hughes & Dier
( VhUn. Stock Kxetinnrn
Strmbers L'L,,,.f,'"rh S'lt rrhn
J fhlenre nnsril of Trnde
I New Yerk Produce Kxclmnce
1435 Walnut Street
Philadelphia
Telephones
Spruce 81.1 ltace IRftt
w Yerk. Nttsburrt. CleVeland
Yielding 6 te 10
Upen i
.Request """"" --votes
Selected Equipment Issues,
nauread Ce.'s,
0. Klec, Light
Tower Ce.'s,
Industrial Ce.'s.
w
An Assured
income of 1
Hit e
Attractive
Investment
Securities
Reed A. Morgan & Ce.
We can offer a long term first
lien bend tax free in
Pennsylvania
te net I
Interest earned ever threa
times.
Baker, Ayling & Yeung
JOSEPn XV. BWATS. Jr.. M.nairr
Land Title Building
Bosten Philadelphia
Tax Exempt in Penna.
BELL
TELEPHONE CO.
of
PENNA.
25-Year First and
Refunding Mortgage
7s
Particulars en Application
A. B. Leach & Ce., Inc.
Investment Security,
115 Seuth Fourth St.
I.aminrd 237
An Income of
$50 a Menth
may be secured by
Investing $6600
in a Security of one of
the largest industrial cor
porations of the Country.
Cities Service Company
6 Cumulative Preferred
Stock affords
Safety of Principal
and stability of Income
threligh large assets,
high " earning power and
efficient management.
Circular en request
Henry L. Doherty
& Company
604 Merris Building
Philadelphia, Pa.
Teleshune: Locust 1140
Bell Telcv'tenr,
An Excellent Connection
la nwnltlntt a forceful man of
wide acquaintance te asslrtt in
the distribution of the Initial
stock of one of the most nrom nrem
IslnB, profitable nnd strictly
clean-cut enterprises known te
finance. Spotless character
cneruy, sincerity nnd carncstnesi
or purpose mere necessary qual
ifications than selling ability
Answer In confidence
Ad. Secretary, 508 Bulletin Bldr., PhiU.
Capable Executive
fleslrs connection ss
TnnAHTiKft.COll'TROr.T.KB
AUDITOR ACCO UNTANT
Csn msks Investment If necessary.
i, Uex0 70S. Idtrer Olllce
Such a combination or amalgamation I r.f 1"rt0d a decline of 76 te 160 reia In
ine niuiiruLuu com interestH nmM "" i w. iieur inuiiuia nere eased
be posslble, and in a sense probable in wi,n YJ, 'i-lS fr.?,m Jn.'ilal "res,
view of the natural desire eAhe present SiUVh.S?.1'?
Yest. rlniA
. 7 f7i8.()0
. H.O7Q0S
. fl.90MD.00
. 0.30 32
r-j"'i
tjfCflmif ii .
owners 10 maintain tnu strict ceminii. a sainrlmr tendency after
nlty of interest which surrounds the ' Trading at midday was eulet
UIHIIH.iuvui null uiJV.utiVM Ui ml Mia
antbraclte collieries. What were called "fne'
years age the wild dream, of Garrett. iw ..V
Cerbin and MacLeed have ervstniiu.i July ...
In ble profltmakieK actualities. nn,i . 'DM.
is only lesical a desire should eslst te
maintain the continuance of such a rier
feet organization,
While the laws will net permit the
conthniance of the existing form of
management, there Is always acorfiera.
tleu lane by which the obstructed rr,a,i
---'-'-"-- n'rn.- mnlmnn
7 lHbiHfei" PtsWs
OpTl
7 mnnn
8 ttqua
8 7DW80I
0.05
Penna.'-Ohie P. & Lt.
1st and Ref. 72S
Due Nev., 1940
State Tax Refund
Free Nermal Tax
96 and Int. te Net 7
Circular en Request
Townsend Whelen & Ce
Members l'hllu , N. v. Sterk Kxeliiu.es
505 Chestnut Street ""
Geld en Kalserln Augusta Victeria
New Yerk, Nev. 6 Kuhn T.nh x,
Ce. are receiving t.000.000 In Boid bars
en the Cunarder Kalserln Victeria which
sal Is from Southampton today. This will
-,ll4n OOVCMMHt. 'TT's ,T ,
BOND SALESMAN
TO DISPOSE OF MMITBD AMOUNT
A Boek Full
Of Hints Fer
Every Trader
It clearly explains:
The General Rules of
Trading.
IIew te Gire a Breker
Instructions.
Breker's Commission
Charges.
IIew te Indorse a Stock
Certificate.
IIew te Use Collateral
in Trading.
Hew te Greun Invent.
ntcnts.
The Deposit Require
ments for Carrying
Stocks en Account
The Rights of Stock
nnd Ilond Helders,
etc.
Edition limited. Call,
phone or write at once.
Ask for Ne. T. U.-987
JONES & BAKER
SpttitdtU in New Trrk
Ctrl Markit Sttttritki
Widencr Bldr., Philadelphb
Phenes Bell, Lecttst 4730
Keystone, Race 2290
Offices In 9 Principal CI tie
Dlrtt$ PrivaSt Wirt .
High -Yielding
Bends for Investment
Even many experi
enced bankers did
net anticipate that
inflation, the demand
for money, and post
war conditions gen
erally would make
it possible te buy se
many geed bends te
yield 7 or better.
Write for our recom
mendations of in
dustrial, railroad or
foreign government
obligations.
Hemphill, Noyes CS, Ce.
Afemeers New Yerk Stock Eichtirtg
Franklin Bk. Bldg., Philadelphia
New Yerk Bosten Scrsnten
Buffalo Albany Syracuse Baltimore
i
Bought Sold
and Quoted
American Tire Cerp.
Seamans Oil
Templar Meters
Revere Meters
Stevens-Duryen, Units
Metropolitan Stores. Cem. and Pfd
Harvey Crude Oil
R. E. Seamuns, Inc. Cem. and Pfd.
Commonwealth rinanee Cerp.. Cem.
and Pfd.
Petty lehn Pure Products
H. F. Wilcox Oil and Cas
Quotations Furnished en "Unlisted'
Stocks and Bends of All Markets
JONES & BAKER
Tel.t Bell, Locust 4730
Mltc. Sees. Dept.
Tel.t Keystone, Race 2290
Widencr llldg., Philadelphia
J, P. MAGILL & CO.,
Investment Bends
. LAND TITLE IiLDQ.
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