i f "'' ';
' Y
'3 4"
V
srepfflri $evM$ti& 11
if""- - c- "- -- T'iV1iMlliii ih.iii iniMaiMieiiMiiirni JHHii li i nnaasarsassasajajas! i i ia i p , ma hmX" " -' ' 'J '
,1920:
3.
.a., a at a.
;iv
l' J' J'; '
aJj
Jm.
MWMHM
f fr1'
W1
f
$4,450,000
GALENA-SIGNAL OIL COMPANY
7 Convertible Debenture Bends
'Hi.
Dated April 1, 1920
Due April 1, 1930
Interest payable April 1 arid October 1
FREE OP THE PENNSYLVANIA FQUR MILL TAX
Autherised and te be presently etHsttftdlntf 60O0,0O0. Coupon Debentures in derfdminatiens of $100 and $1,000,
Redeemable 6ft tny Interest date during 1920 at 110 and Interest; lirhllsrly at 109 and intereit during 1921;
the premium decreasing Ift each succeeding year until maturity.
BANKERS TRUST COMPANY, NEW YORK, TRUSTEE
The Galena-Signal Oil Company) organized under the Laws of Pennsylvania, wa$ a subsidiary
of the Standard Oil Company of New Jersey prier t6 the dissolution of the latter in 1911.
Fer information regarding thest Debenture wt refer te a letter of Mr. L, J. Drake, President of th
Company, which ht has sutHMarieed briefly, as follews:
BUSINESS : Inception of business dates back te 1869; it comprises the manufac
ture of a complete line of lubricating and sifnal oils and greases; approximately
86 Af the steam railroad mileage of the United State! and Canada is lubricated
by Galena Oils. iiMHIiiih ,,,.-
ASSETS: The consolidated net assets, at of September 3d, 1920, together with the
proceeds of this isaue, were upwards of $20,000,000, or ever 3 times the amount
of these Debentures; the net quick asset alone en this basis were mere than
twice the amttmt of these Debentures.
EQUITY! The Company's outstanding Capital Stock, at current quotation, repre
serrts an equity of nearly $13,500,000, ranking junior te these $6,000,000 Deben
tures. EARNINGS: The net earnings of the Company and constituent companies, avail
able for inUtefci: and Federal taxes, after making allowance .fondepVeciatien, for
the ten years ended December 31, 1919, averaged $iS2S,Hl per annum.
The consolidated net earnings, similarly computed, for the nine months
ended September 30, 1920, were $2,302,154, equivalent te tha annual rate of
$3,069,536, being approximately 5 times the annual interest charges en the total
funded debt new outstanding, including this issue.
CONVERTIBLE! The Debntures are Convertible, par for par, into the Company'
common stock, with an adjustment of accrued interest and dividends.
SINKING FUND: The Company will provide a sinking fund en or before April 1st
of each year, commencing April 1, 1922, of 5 of the maximum amount of Deben
tures' at any time issued. The sinking fund is te be applied te the purchase of the
Debentures at net exceeding the redemption price during the year of such pur
chase, any unapplied balance te be used te redeem the Debenture. Credit it
te be allowed the sinking fund by reisen of Debentures retired by conversion.
RESTRICTIONS: Ne mortgage, except purchase menev or intercempany mert-'
gages may be created en the Company s property without including these Deb
entures equally and ratably therewith; the consolidated net quick assets are te
be maintained in an amount equal te at least 125 of the face amount of the
Debentures outstanding. .
The legal proceedings in connection with the issue are being passed upon by Messrs. Homblewer, Miller eM
Yerk, and Mr. Jehn WalSh. WasmnatOn. D. C.
3r
Garrison, Messri. Murray, Prentice & HewlanA, New
Interim raceipta or temporary Debentures will Ira da!irrmfkU in tha first Instance.
the
All flfertnis of
Debeatwres ear made' "wken, as and if Issued and received by us" aad sakject t approval ! counsel
Price 93lz and interest, yielding approximately 8
24
CHICAQO
CLEVELAND
Blair & Ce.
IHCOJRFOXtiXSD
BROAD STREET " NEW YORK
BOSTON PHILADELPHIA
BUFFALO VAN FRANCISCO ST. LOUIS
The ststtauats treseatsa sWte, trans aet resrsatsed, are Mais bass aearces vkWa sre Vsllstee te be teUshls.
The lubieriptien besks were opined rl4 eteitd en Kev$mber eighth, and a the
entire amount was evertnibtcribti, iht advertisement appear a a matter of record
Guaranteed
Protection
for Wholesalers
of Merchandise
The American Credit-Indemnity Company
is willing at this time te consider applications
for Credit Insurance Bends from a limited
number of high grade Manufacturers and
Wholesalers, whatever their 6ales volume.
Such wholesale houses must be -inducting t
their operations with care and caution ana '
with due appreciation of present day econ
omic conditions.
The American's Unlimited Policy guaran
tees te prevent, else pay, bad debt losses
beyond the normal, whenever excessive
losses occur, and whatever the aggregate of
the net covered losses under the policy.
Inquiries from Manufacturers and Jobbers
will have prompt consideration.
Payments te Policyholder about $10,000,000.00
:& AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E.M. TREAT, prmimnt
ISSUSB STANDARD UNLIMITSP SOUCIIS
W. J. Merphy, Maitaser
J. F. McFadden, General Asnt
Mutual Life of N. Y. BW.
Phena Filbert SI03
Philadelphia, Pa.
FIDELITY TRUST COMPANY
' 3.69 Interest en
SAVINGS FUND ACCOUNTS
Offices;
325 CHESTNUT ST.
1431 CHESTNUT ST. 6324 WOODLAND AVE.
Cspltsl, $5,200,000 Surplus, $16,000,000
Railroads te the Fere
Meedy's Railroad Rating Boek for
1920 New Ready for Delivery
The Standard Investors' Reference Boek en Steam Railroad
SecurttUi. Known the World ever as the great authority
en Railroad Investments. The Only Boek which combines
the features of a Rating Boek, an Analysis and a "manual."
RECENT DEVELOPMENTS in the railroad field have ence
mere brought railroad securities te the fore. The shrewdeat
investors and bankers have all been turning te the railroads in
recent months, and for six months past we have been steadily
advising our elients te give attention te the possibilities in
railroad investments.
THIS SITUATION makes the Issue of our 1920 Edition unusu
ally timely. The book contains full information and statistics
en all railroad companies en the American continent, including
operating exhibits, income accounts, and balance sheets, analy
sis of income, percentages earned en stocks, dividends paid,
margin of safety, classification and full descriptions of all
stocks and bends, besides ratings of nil securities and a Ten
Year price range. The volume is supplemented throughout tha
year with monthly bulletins of current earnings.
OVER FIFTEEN THOUSAND bankers and investors in thin
country new use Jehn Meedy's Ratings in judging the quality
of investment securities. Ne investor need own any but "Hall
Marked Securities" if he makes use of these exclusive ratings.
THE PRICE is $15 per volume, or $60 per set of four velumes
including our editions en Industrials, Public Utilities and Gov
ernment and Municipal Securities. In all four volumes ever
30,000 securities ure described, classified ami rated. File your
order for the full set and secure prompt delivery.
MOODY'S INVESTORS SERVICE
Jehn Meedy, President
1124 Heal Estate Trust Illdg. Philadelphia, Pa.
New Yerk Bosten Chicago
NEW YORK BOND SALES
Summary of Individual Transactions en New Yerk Eschange '
I.,... u
70S
r T A T ell
Adsms Ex 4s
i es
AlsbsmA O'st
Seu'hsrn 6s
1 . . 80
Ainsr flmtlt'e
snd n( bs
B,... 70
1 '70H
9 7SH
a 70K
8
a
Am
1 77 H
Am T T li
a 70K
3,.... 79 H
Am T a T 01
I,.... BOM
1 00U
1 80
9 SO
Ateh Teptka A
8 r ss
1 70'i
T TT
1 70
1 77
1 70
1 77
a't isnii
8 70
a 70
a 7eu
TOVt
l s
a t fl re
nky Mt ev
s 71
At Cqsh 1. sit
a 78H
8 7
Atl Count I. Tl
r,.... lea
8.... 102
s.... leaK
tislt A Ohie ev
n 7ati
8 .... 72H
10 72
2 73U
3 73
10 72
tUltaOhle 4s
a 71H
4 71H
1 71H
Bill ft Ohie Hi
1 70
Halt ft Ohie 0
B ea
1 01H
2 (UK
7 01
Dell Tl 7 .
4.... 101K
1.... 101 U
2.... lOt'l
a,... iem
.1.... 101
11.... 101
IB IfllU
IWw.r ft 7th
Ave en
B 42U
Hkyn Hapla Tl
7s et Sta
8 4H!
1 40V4
Buih UlS'K .
1 73
Cn'l of Oh. 1a
1 80
Ctl Ltathrr .
2 00
3 00
2 00
Ctl Pacific 8
2 78
C k O .v H
18 .... 7411
C'lt A O ev Mi
7 R7H
1 87
10 R7H
2fl M7H
4A 87 H
C A Alten 84
1 87H
2 87
Chlcaee B'n A
Quulney 4
(OALKft IK 110001
City Teklo BS
1. . . .. Bu
ei'd cm en A
st it em 4i
l ea
Cent'd 0 Ti
B.... 101
1.... 101
1.... 100H
a.... ioeh
CUbtQ C ev
I BV
a RftH
8 80
a seu
8 80
6 89
Dl ft Hud fd
1 80
Dtl A Hud da
B. ... 80
Dsl A Hud Ti
a.... 104
9 101U
Det Tun' I t
1 77
D Can Bt 'tl
1 esu
D Can BU 'J.
1 nfttt
D Cnads '2it
seu
a no u
D Canada "M
i D1H
4 SI
1) Canada '81
1 00W
Kfl Un I.ln
1 44
1 40U
0n'l Klcit Bi
1 80
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0 T
8 97
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ittp tcii
3B.
4..
8..
3..
1..
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0...
1...
8...
1 ..
1...
1 .
1 .
1.
1.
101
101
101
101
101
101
101
101
101
lUlfe
101
101
101
l0l
101
101
0BM.
00
00
00
08
00
08
00
0(1
00
00
8.
1.
16.
10.
B.
1.
Chlcsse 2111 ft
SI Fnul 4
1 08
Chicago Mil A
RtP cv 4
a 73
Chlcase Mil ft
8tP CO B
10.. .. 00
14 .... 09
Chlcacn Mil A
Bt I CV On
10 78
Chicago A Nth
W'n Sa 87
0 .... 05
10 .. . 05
Chlcaee A Nth
Wit'n In
I.... 101
4 . . 103
rhicacr, n ird
.V Pae fd
1 .. . 08
4 .... 08
1. 0"i
Chlcase 11 Il'd
ft rac 4
B .. . 72
Phlcase Bt P'l
MtOi
1 102
Chi U Bta 4
8 .. 70
Chi . W 1 4
10 .... 61
Chlle Cep'r At,
8 .... 71
10.. .. 71
10 .... 71
B .71
f... .. 71
Cltr Drnn 8s
8.. . 08
City of Copon Cepon Copen
hascn 8i'
2 .... 70
1 71
1. . . 78
CltJ' nf Chris
tlanln 8
1.... 00
8S . , 08
Civ New Yurk
4a 'OS
8 .. 04
Cty Naw Yerk
4 '07
4 . . 0
City 1'arla Aa
10 . 05
S . 05'.
O Swlti'd rem
.. 102
Hud ft Min fd
2... . 01
1 01
3.... 01
Hud ft Mun In
8. ... 22
7 22
10 23
1 28
5 21
2. .. 22
111 Central fd
1. .. 75
IllCen'l4s B2
1 72
III Cen'l 4a '58
1 .... 00
1. ... 00
III CmU'I 8b
1... . 01
Ilia Steel 4a
3 .. 7V
iJnttrbore Met
rt 4a
in .... 18
Intbore n T M
1 54
7 54
10.. . f,4
10 R4i
10. ... 54
10 ... 54
M Marine Ot
4. ... 80
8.. .. 80
2 80
14 80
2 .... BOW
3 ... 80
lima. Ctnt'l 4a
8 45
2 4B
lows Cnt'l 8
1 75
Jap dove' lat
7 74
6... . 74'1
Jap deve't 2d
1 74
Jnp Oove't 4r
15 87
Kali O ft H 3a
5 53
1 53
2... . M;
10. 63
Kan C 4 H In
0 74
3. . 74
K Dele 0" '25
1.. .. 01
K Delg'm 7a,
15 00
4 00
4 . .. 09
1 .... 00
B ... ion
I.ahUh V'y 4a
7 71
lA-hluh Vallej
en 4a
3.. . 80
I.ehlsh V'y fi
1. ... 081,
8 08V
1 ... 0B
Llst A Myra
T Ce 7S
4 105
Leu A Naah 4a
1 . . 81
I.eu ft N Bt I
Dlr 4a
8. . . 51
T.e ft N elt 5a
4. .. 88
Irfiula A Nnh
Rt I. cllv 0s
a. ... 00
Leu A Naah 7a
5 ... 104
1 .. 104
1. 103
llldv'c fltetl A
Ordln Bs
1 7ft
1.... 70S
Mln A !'t 1. 4a
1 . 44
1 44
is..... sa
Me Pae sm 44
1 B6
He Put Bs '26
1 8BW
Ntl Tubs U (a
a 89
Nw Orleans a
Nth B'n 4s
1 .... . 74
1 70
1 7fl .
New O Tx ft
Mexico bs
l ten
N T Air D 6s
a w
1 01
H Y O It
1 08
N T O A H 11
1 89
Miesim
n h os
S 3
1 03
4 03
1 93
1 02
1 03
tl T Chi ft B'
Leuia a "
1 71
4 71
1 71
N Tk Usht 11
A Pwr s
3 09
r as
He T U II A
lUrt'U os
1 70
1 76
1 70
1 76
Naw Yerk O A
Weal'n ss
10 03
5 03
N T Tela 4
1 7T"i
2 77
8 77
Naw TWO
Hei ten 4 a
8 47
4 47
1 47
Nfk A W d 4a
1 ;7
2. ... 77
N'k ft W cv fls
1.... 104
N'n PaclOq 3
1 55
Kn Pacific 4a
1 77T
Ont'e Trsn Ba
1 04
Oretf A Oftl 3s
1.. .. 8
Orar-Wash'n n
Ce Nav Ce 4a
4 71
10 71
11 71
Pae Od II M
1 80
1 80
Pa R n en 4
5 00
Pa Rtl sm 4
8 82
Pa nn 4 '21
3 .. . 08
Penna n n 8
10... . 01
1.... 01
10 .. 01
7.. 01
Penna n n 7s
3 ... 101
4 ... 105
1... 104
1.... 101
3 ... 103
5 .. 101
IS ... 104
Peoria A H let
1 05
pera Marqt B
1... . 84
Pita Cln Chi
ft St I. r 4a
4 .... 82
Public Service
C'n N J 5a
8 07
1... . 00
neadlnr IU" 41
11 R0
2 80
5 80
Reading Ce 1
Ctl Cel 4a
2 .... 02
llepublle Iren
A Steel 5a
1.. .. 86
Rie Orand &
W'n clt 4a
1 Bt
Ruck laid Ark
ft La 4a
1... 67
1. . . 68
Snn Antenla A
A V lly 4
1 . . 02N
St I. I'n Mt ft
S'n Ry 4a
1 72
Bt Leuis ft S
Fran eJ
11.. 60
10. . . 05
0 .. 60
St Leuis ft 8
Fran In
1
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1 ....
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4
6
2 ....
1.
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1 .. .
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1
Bt I. A fl Fran
Series A
R .... 01
1 .... 01
0.. .. 01
1 . .. 01
i .... niu
2 . 01
St I. ft H Frnn
Berlea C
a 88
Bt Leula i
Beab'4 A L al
a 40
Beabeard A L
Btstlen 4s
1. .... 66
B'n PsolOe fd
1 78
B 78
S'n 1'aolfle 4a
8 71
3 73
8 73
3 73
B'n Pae ev 41
77
4 77
B 77
8 77
0 78
3 77U
S'n Pae ev Ba
10...
1.. .
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3....
10....
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8.. .
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118
118
118
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11B
113
118
113
118
118
113
113
113
113
112
111
B'n Itwra 4a
0 01
S'n nallw'a 5a
1 88
3 88
B'n Illy Mobile,
A O Clfa 4a
a 60
Standard Mill
Ins Ce Ba
1 62
1..... 83U
Third Avs a)
1 31
Teledo St I. A
Westsrn 4S
7 04
Union Pae ev
8 81
1 , , . . . Oil!
Union J'ae fd
1 70S
6 75
7 75
Union Pae 4a
8.. .. 80
6 80
8 80
union rac gi
1 90
OKote tin
A I'd 1931
4.... 08 11
13 08
10.... 98 11
1 98
8 98
55.... 96 11
UKeIO Url
A I'd ieaa
4.
4.
1.
3
80.
30.
16.
10
U K of O Brt
A I'd 1930
20 H8
85 .... 88
3 88
1 88
4 88
40 80
.... ....
u k of a nn
A I'd 1987
6
1...
11...
10...
1...
10...
l0...
1...
9...
U S Meiloe 4a
fh.... 30
tl 0 Maxloe Ba
87
87
66
87
87
87
87
87
87
8.
80...
18..
8.
10..
10...
1..
6.
47
47
47
47
40
46
40
40 W.
04
04
04
04
04
04
94
04
Dt'd nds Ban
F unet 4s
1 80 .
O O Realty a
TMM1 sa
8 80
U B llub'r 61
Bl 77
ae 77
U B Rub'r 7a
t.. 08
U Rub 7a
B 08
1. ... 98
8 98
2 08
B 98,
U'd B fiteel Bs
02
NEW YORK BOND8 (Continued)
ttetfn Pae lat
3 SB
Weat Snore 4a
1 72
V?eatlnh'e 15
A MfS Oe 7S
8 05
S 06
8 .i.. 06
4 90
1....I
1
3 e I
6
laits
1 (
Is s e s e
0 s
l
2 ....
86
06
95
03
06
0674
88
96
05
95
t.mi 96
a .... esk
2 . . 084
Wilten Ce cv
3 86
6.. .. (8
feurleh rets 8a
10
10
8
...m
Liberty nVj frUK)
liberty Jflt I'tS. .biuu
Liberty 2d 4Ws... 87.00
Liberty 8d 4 Vis.. 60.00
Liberty 4tU 4Ws. .R7..10
Vlct'y Notes 8ye.00.08
Vlct'y Notes 4s. 00.14
Lew
04.70
88.110
80.88
80.C0
87.10
00.08
00.10
90
. 08
. 9B
11 IB
0480
80.10
80.00
sn.r.ii
87.20
00.(78
00.12
10..
13.
6.
10.
10.
4.
5.
. 0341
. 08
. 08
. 03
. 01
. 03
....
Raw Sugar Market Easier
New Yerk, Nev. 1 1 Incraaetns; esse
developed In the revf sug-ar market to
day, prices shewlnc a further deflllns nt
about Ue. follewlne the r.ale of 4000
hutm of I'orte Hlces te the Federal Hurar
nermintr Ce. late yesterday en the, basis
' 7.02c, duty JUld. Today, 16,000 bags
of Cuba for prompt shipment sold nt
6c, cost and freight, equs.1 te 7.02e, duty
rniu, ie me warner Hurar innninB t-e.
I was stated In the trade that further
Llldlentaa iSH IIih Ma Kaal. In 1. bkB.KKA S
Importations Included 10.09B bngs of fitllANDLES AM7flMPANY
Cubtui and 4r,6 bam I'erus te the Nn- jjimiiui.crt tunrAnx
tlenal Ruttar Uefintna; Ce. The local re.
fined market is unohnnged
United Security en 8 Per Cent Oasis
Th United Security Tjtfe Insurance
and Trust Ce. has declared a semi-annual
dividend of 4 per eent, payable De
cember 1 te stock of record November
28. This Is en Increase of H par cent
ever the disbursement made six months
rtge and places tha shares en an 8 per
cent basis. Tha company also added
(60,000 te surplus, making; that fund
$000,000.
Te Yield
8.75
Preferred Stock of an
essential industry.
Company distribuCes
daily necessities of life.
Business founded in
1877.
Dividend requirements
earned eleven times.
Profits steadily increas
ing. Applicable net assets
approximately 225 of
selling price.
Followed by common
stock showing earnings
of $23 per share.
Descriptive circular en request
Franklin Bank Dldg.
Philadelphia
Keir Yerk Dotten
Neer Haven Baltimore
50
60
50
.10
50
60
60
60
60
50
60
50
60
1 44
Mln dtPiS
8te M 6a
6 00
Ifn K A O Aa
1 .7114
Mn K 1 T 4a
10 .A3
1 62
1 03
Weit'n en
1 04
Bt I.OU I. (r SO
Weet'n 5
1 61
St Paul ft K C
Phort I. 4a
2 tlSH
3 OR
Serving
Our City s
Diversified
Interests
Philadelphia is one of the most important
cities in the world. Her interests and
activities cover practically every branch
of industry, art and science. Her educa
tional institutions are known and honored
the world ever; her historic shrines are
revered by every true American ; her
huge factories distribute products te all
parts of the earth. Ships that leave
Philadelphia transport valuable cargoes
te ports throughout the world.
Fer ever 117 years, this bank has served faithfully
the city's great and varied interests.
THE
PHILADELPHIA
NATIONAL
BANK
4.2.1 CHESTNUT STREET
XXE are prepared te
execute promptly
orders in listed or un
listed securities for
cash or en a conserva
tive marginal basis.
Correspondence invited
Charles E. Brickley
& Ce.-
Mcmbers New Yerk Stock
ExcJiange
Widener Bldg. Philadelphia
Telephone, Spruce 7391
61 Broadway S3 Suts Street
NEW YORK BOSTON
Direct Private Wires
1812
THE
1920
PENNSYLVANIA COMPANY
for Insurances en Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
$7,000,000
Member Federal Reserve Syatem
BOAT) BTBKET OITICK
Cassteat an Jualucr Btre
517 Chestnut Street
Philadelphia
We beg te anneunce the installation of a
Direct Private Telegraph Wire te
CHICAGO
extending through our correspondence in that city te
DETROIT AND OR HMD RMPIDS
and that we will be pleased te furnish quotations and information
regarding securities bought and sold in these markets.
ERNEST SMITH ft CO.
20 , ROAD STREET
BelU Telephone Itcoter em
NEW YORK
United Verde
Extension
ccurdlnr te official flgurca,
tha I'nlteil VetdA Ritrnatan
Mlnlnsr Compans' had 671.400
tens of pealtlvp or raerM
aa et Ptf-pmbcr 81, 1011). Aa
tha averair reppr content Is
167., thla la tha rlehatt irttdc
et copper ero reported by any
mining company In America,
Thee reaervea all abee the
1400 feet lavel ars eitcep eitcep
tlenally Ursa for a mine of
the veln tsie and .re ample
at the preaent rate of pro
duction for a period of five
and one-third year
An nnaljela of tha develop
ment and An&helSI cundltlen
of th United Verde Eaten
alen la contained In the cur
rent number et our irarUtt
Review,
Sent en ieque.1t or .-S77
Standard Oil Ce.
of New Jersey
Pref. Stock
at 105
7 Cum
Edward Lewber Stokes
20 S. leth Street
Lecuat 344
.Ml'u Is
FLORIDA
lly He
Steamer eery Tueadn 5 V M
and llmUi-d number herihe IncludeJ
Me't rionemlcul way te truxel
Mnl.e renrntlen early.
hltrchants & Miners Tram. Company
i;tubllahrd lRni
Millien of pnaatnserii cnrrlcl net u life lit.
tier 18 H. Del. Ave te. Lembard 1000
Hughes t& Dier
Membera
flilla. Bteek F.xchant
I'lttabursh HUKk Rtehuns
Chleace neard af Trude
ew Yerk I'nxlucr KifheDge
143B Walnut Street
ny
Conaelldiktr.1 Trndlen of N ,1
Kingdom of DemunrW
t. t'.. Itohelien I'n'ivnen Nt
(lalena ftlgnsl Oil Ce.
nlttJ & Kir. erp
lhlsh Valley It. II Cena.
lletlitrhrm Kteel t'orperatlun
Samuel K. Phillips & Ce.
Member rhlladrlnhlit Hlerk Ktchunge
5(11 Cheatnut Street
5'a IU31
R'a 1943
4 ' 101')
.'a 1B30
(' tun
4'-V,, S0O1
7'a 1U30
HAVE YOU A
STRONG BOX?
Many Uei ciuantltli nf
culled ,lnPrtnnrltR uihIt
lock mid key In Impregnublc
Miultf piitir-PH mere aluiih1e
before) nfrnitns thnn after
In tedn s bend market, at ,
prewilllnir huiIIIi prtcen,
lilBh-Brade bends niny be
speuri'rt at lnlds fennrlj
cenHldered hlrh for stoeUs
If ou hre a itrenB be or
Intend Fecurlnif one why net
place In It some of the de
sirable bend en our list
93-K. nnv of which may be
nurchiifHl en our Monthly
IntUnllmfnt Plan?
Srnd for JloeUt IM-K I
nud ask fur the Uet
Investment Securities '
J3 Exchange Place New Ye
TRENTON, N. J.
4y8s Oct., 1938
Te Yield 4.90
STATE OF SOUTH
DAKOTA
6s Oct, 1937-1940
Te Yield 5
W1LLIMANTIC, CONN.
4s Oct, 1924
Te Yield 5.75
Blodget & Ce.
Real Estate Trust Bldg., Phila.
Bosten Chicago New Yerk
Walnut 1600 Race 1271
We IUcemmend for Investment
Penna. Water & Power Ce.
Stock
One of the larueit hydro
electric plputs In the world.
Lew operating costs Ne
coal required and minimum
of labor FurnlshlnK Haiti Haiti
mere. Md, and Lancister.
Pa , with olectrle energy
Dividend Increased Oct, 1918.
from 6 te 6. Dividend
Increased Oct., 1920. from
6 te 7. Successfully
operated for mere than 10
years. Let us explain ths
advantage of hydro.electrle
securities. Lifted en Phila
delphia and rinltlrmr? eteck
exchanges
JosepKW.Greas &Ce.
1421 Cheatnut St.
rerrrffjK.Ttifrnfa
Aldrcd & Company
Hecker & Ge.
Bankers and Brokers
Irlphln And
Kiehanr.a
,nu citusTNirr btsi
Members et Ptilladrlphln And New Ter
inea; r.srnnni
Til AM
Xtne
rs. c tun, v
LEE, iilGGINSON & CO.
Katal.ll.heil 1843
BOSTON NEW YORK CHICAGO
East St. Leuis &
Suburban Ce.
Convertible 7, 1921
Chattanooga Railway &
Light Ce.
lat & Refunding 5s, 1956
G.UJ.!arf.$ge.
nANKEUS
321 Chestnut St., Philadelphia
Umber Kne Yerk and JVilladelsAfa
Bleck Jlxcftanac
8fr CUMULATIVE
PREFERRED STOCK
(100 Banue Common)
Afi'etH iquUalent te 208',, of
total Piefi rred Ishue
J'nrnlnBH llf times Preferred
dividend requirements, or at
rate of 5 "e en I'ommen tei.k
pri0u par und accrued dividends
i-lnulur Hi en request
Fairman & Company
Drexe.1 Dldg., Phila., Pa.
I aUhllalied 1002
f fTTTal1 .til, ?
Geerge K.Watsen & Ce.
Certified Public Accountants
Federal Tax Consultants
Real Estate Trust Bldg.
Philadelphia
i-
Phllndelphla
Telephoeea
Knrnra SIS
New lark, fltUliarih, CleTeland
Ttaee 1B05
PBOrOHALK
Ol'FlCK. DKl'OT UL'AKTKRSIAHTKIi
17tfi i r Hla N. IV.. M sahlnt tan. li. V.
Healed propeanla will ha urn-ned at nteve
addreaa, at 11 A. M.. .Netembrr SU, lUiO
for elretrlcal auppllra te be delivered te
Depot Qusrtermatter t K A,, Ban Pran Pran
rlare, California, and when delivered te l
panked for expert ahlpment I'ropeaal tilanka
and (paclncatlena may U had upon applies.
gn here.
Standard Oil of N. J.
7 Preferred Stock '
Quarterly Dlv. M. 15, J. 15, S. 15, D. 15
105 te Iletunt G.67
Circular en Request
Townsend Whelen & Ce.
Member of N. Y, full. Nlck KiUaers
505 Chefltnut Street
Fidelity 6c Deposit Company
OP MAIIYI.AND
HERMAN H00PES, Inc.
AQUST
niut. hrtati: irtuHT nun.nrKO
Lawrence E. Brown & Ct.
CERTIFIED PUBLIC ACCOUNTANTS
1M0 ItRAI. KHTATJ! TBrHT HUM.
tn?e.Uijt. arts aaJaat . partnerahlp sail
lien serennts. Alse Dreear t7. ar
fMwoeeatlon
lnroejo Taa Retnnas,
Mt J
a
I te.
vl!
"
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