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T"
r
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stt ' . ' . . una
.... if- i j'f . ; j
n
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r -, . A- . j r- - r J
f v l,TWYi"7V -.' VA ""W-, . ".v'w i
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VgyDjf frtiBLlC iLEDGER-PHItiADELPIIIA, TUE&DAX JANUARY 11, 1921
"&
' "j
rMJ I?i-H Tn, J,, '
II
r r
$5,532,600
The Detroit Edison Company
Ten-Year 8 Convertible Debenture Gold Bonds
Dated January 10, 1921. Duo January 10, 1931. Interest payable Jami. in ,)
July 10. Denotations. $100 and $1,000. Redeemab (on 60 day? nX) o
January 10, 1923, and thereafter prior to January 10. 1924. aUnZi,,2
of 5, and on January 10, 1924, and at a$ time hereafter
a premium of for each year or unexpired portion
thereof to maturity.
Convertible'betWeen January 10, 1923, owrf July
10, 1930, a fi option of the holders, into paid-up
shares of the cabital stock of the Company at par.
The Detroit Edison Company, incorporated in 1903, does the entire com
mercial electric lighting and industrial power business in the Citv of
Detroit, and also serves various cities, villages and townships tributary to
Detroit, the combined population of the territory served being estimated
to exceed 1,379,000.
There have been issued from time o time $21,903,500 Convertible Bonds
(exclusive of the prteent issue), all of which, except the $10,143,100 still
outstanding (of which $8,103,500 are not yet convertible) and $111 400
called for payment or redeemed at maturity, have been converted into
Capital Stock of the Company.
Dividends on Capital Stock were inaugurated in 1909, when 2 was naln
in 1910, 5, and from 1911 to 1915, inclusive, 7'. In JanuaJJ? me,
dividends were increased to 8 per annum, the present rate.
Gross earnings have shown substantial and uninterrupted gains for the
past eighteen calendar years.
Surplus earnings over mortgage bond interest for the twelve months ended
November 30, 1920, were equal to over 2 times annual interest require
ments of all the outstanding Debenture Bonds, including the present issue
of $5,532,600,
Price to yield 8
A substantial amount of these bonds has been subscribed for by
s the stockholders, and we are offering: the unsubscribed balance.
Descriptive Circular Furnished on Request
Spencer Trask & Co.
New York
Security Trust Company
Detroit
Coffin & Burr
Incorporated
New York
First National Company
Detroit
All information given herein is from official sources, or from sources which we regard as reliable
but in no event ore the statements herein contained to be retarded as representations of the Bonier.
Income Tax Return Blanks
No. 1040
For Individual Incomes over" $5,000
I A HIS form may now be obtained at either
office of this company. We will be
glad to assist in the preparation of your
return. We make no charge for this service.
Philadelphia Trust Company
415 Chestnut Street :: Broad and Chestnut Streets
i
1920-1921
A REVIEW AND FORECAST
WRITTEN BY MR. JOHN MOODY
Mr. Moody, a widely known writer on financial
and economic subjects, has written an article
under the above title, which will, we believe,
be of interest and value to business men and
investors.
We Will Be Clad to Send a
Copy of Thii Article on Reqitett
Parsly Bros. & Co.
BANKERS
1421 Chestnut Street, Philadelphia
MKMHKIIN l'llll.Alim.rillA STOCK JIXCHANOK
Kardos 8C Burke
STOCKS & BONDS
Hn. John Burke 1
"fflHtlr Ttuuret of Sutcmon to
JKSCjf. c
The Kardos & Burke
Review
.V'umnuryofnnmdal
,"0 economic conditions in
WKt r,1n to security Vilaes.
W 'will He aent FltRH to
'yone rciumtlnir No. 135.
WalnutSt.,Philadd phia
uwt Private Wit "
Pennsylvania
Railroad
A descriptive oight-pago
circular of the nbovo
company, complete in
every detail, will be mailed
upon request.
H. F. BACHMAN & CO.
BANKERS
Established 1866
Members New Ybrk and Phila'
delphia Stock Exchange$
1425 WALNUT STREET
Philadelphia
Reading Extended 5s
Due 1933
Charlfcs Fearon & Co.
333 ChesttyU Street
Buying1 Bonds
for Profit
In the face of falling in
tcreHt rates, profits from
' 6 lonpr-tcrm bonds sell
ing at substantial dis
counts are not limited by
the possibility of re
demption. We suggest
the following:
North'n Statei Pr. 5i'41
To yield ibout 7.15
Gt. Western Pr. 5i '46
To yield ibout 6.80
Colorado Power St 'S3
To yield about 7.10
United Lt.& Ryi.Si '32
To yield abost 9.00
firmlara mill bo sent on rroKMf
Bonbright & Company
437 Chestnut Street
Philadelphia
Now York Clilco
Huston Detroit
GRAIN"
PROVISIONS COTTON
Our Colli Letter Bent on Jltguott
Hughes & Dir
alembera
t Chicago UosrU of Trade
flii.' i.rou.ufJ! Wchangt
I fitti
mock Kicliiuica
Htock Kxclunii
In
Ittlhunrh
1435 Walnut Street
It a ce 1805
liprure 843 Philadelphia
Georgia Ry. & Pr. 5s, 1954
American Gas & Elcc. 6s, 2014
Penn Central Lt & Pr. 6s, 1963
Public Service Corp. Pref. 6s
American Gnu 6s, 2016
B0ENNINQ, GARRISON & 00.
rtirrrt
NTOCK EXrilANOK lIUH-DlNfl ,
rri PHtI fflrphan to itf Verk
MnnWn rhll. Work rUrhanat
Neiv York Bonds
A Omit A n 8a
BAI.ER IN tlOOOl
7TW
77
77 4
77 H
T clt
78 li
.
8
8...
2...
Am T
2...
3...
Am Tel A T 8j
1 M
1 8tK
i 81 rt
Am Tel (TOi
l on
1..... sou
Ara'e Rep'c 8a
. 1 7
Armour 4 Us
8 78U
ATiSFMi
77H
7714
S3 77
IB 78
ATtBFtit)
1 71
A Coaat L'e 4a
0 79U
1 78V
A C Line 4W
1 70
A Coaat le 7a
1.... 10ti
Atl'o Fruit 7a
4 88
Halt A Ohio or
i
Brie n n cv A
8 30K
1 U
2 30
2 80
Cene'l Eleo Ci
1 09 Hi
,aort P 11 rta
l.v
o
2
1
8
Dalt A O
2.
70
70
71
71
71
SUs
B2H
3.... 100H
5.... 10.1't
8.... 100 1,4
2.... 100U
6.... 100U
n.... iooh
1. .. 100S
1.... 100,
8 .. 100i
1... 100
4..i-. 100V4
4.... 100H
B.... 100U
1.... inos
1.... lOOi
1.... 100H
1.... 100H
2.... 100H
1.... 100H
O flwlt'd rets
!).... 103U
1.... 104
12. .. 1034
11.. . 103
CM Trunk rcte
2..
1..
2..
2.
2..
1..
102
102
104
102
102
102
Dalt A Ohio 4al 10.
Q Nth'n II let,
1.. 82
a n a w ny
00 H
00H
3 00
Halt A Ohio n
2 71
Unit A Ohio (In
VJ
01S
01 H
om
01
91U
1.
.B
1...
1...
1...
1...
1...
1...
3...
Salt A O Sw'n
Illy SUa
8 70
II A O Tol 4s
8 S3
2 3U
Del Tel 7a rcta
7V4
Hud A Man fd
1. ... 02
1 02
4 (12
Hud A Man In
2.. .. 20 ,
10..
a..
8..
0..
1..
01'lll Central fd
02 I 2 70U
01'lirn-Htffl 4tta
21"4
20 S
20.
20
20 4
02
0..
2
s'.'.
S..
1..
1.
101 H
iom
101Vi
101
101
101
Hrkyn n T Ba
2 23
Drkn napld T
7s et ata
10 8HH
10 38
Hush Bids Ss
1 72
Cal O A E 6s
3 84
C Nn tlya rcta
1.... 7
li... . 77
1 77
.... 77
Indt'a Steel 0s
1 88
lntboro M 4
B 18
2 16
lntboro R T M
2 40
6 40
M Marine 0s
1..
1..
0..
1..
1..
1.
101
101
101
101
101
101
101
101
70
70
70 V.
70
78V.
A O cv B
R4
84
84 j
86
84
Canada H'n 6s
3 87
Ch'k A O 4s
1 78
1 70
C'A O.cv 4a
2 7H
1
1
20
1
2
C'k
3.
16.
1.
4.
10.
Chi A Altnn 3
3 46
ChlJ) A Q 4a
3 00
2 08
8 00
20 00
CM A Erin 1st
1 80
Chi A O W 4s
2 63
1 S3
2 63
C M A St r in
I.. .. 70
Chicago Mil A
Sir 4a '25
2 78
ChlcaKO Mil A
BtP cv 4a
6 70'.
3 70
Chleas-o Mil A
StP fd 4a
70
80
80
80
80
70
80
2
3
1
1
1
10
11
Jap Oove't 1st
1 78
Jap Oove't 2nd
1 77
1 77
2 70
Jap Oove t 4s
7 88
1 88
Kan C I'l H
Momp 4a
1.. (16
1... 06
Kan C Ft H A
Memp 8a
0.. .. 06
Kan C A S 3s
I)oit 4Mb
2 88
Kfk tWdli
6 70
2 77
N"n Pacific 8
1 86
8 60
-n Pacific 4
10 78
Ore A Cal 8a
2 88
Oreton 8 Is 4
1 R0
1 80
4 80
Orrion S 1. 6a
8 87
OrcW'n n di
Navl Co 4s
2 71
6 72
R 71
B 72
Pao O A n Ba
1 77
Pa R n 4a '48
1 B2.
Pa It m 4
10 81
7 Rl
Fenna It It As
10 01
1. ... 01
renna It It Is
1.... 108
Reading- llr 4S
10 80
Tllo Orand A
wn'clt 4
1 61
3 60
R I A A I. 4
1 00
1 00
1 08
Bt L. I'n Mt A
Bfn niir 4a
4 72
Et L. I'n Mt A
S'n nijr 6a
1 80
St L I Mt A U
R A O dv 4a
B.... 70
4
08
08
06
03
03
05
!' In
80
81
Bl
61
61
61
Bl
61
Et I. A 8
1..
10
4..
6..
1..
16..
1..
Bt.t, A B
60.
fl.
7.
36.
20.
12.
B,
IB,
Gt 1. A 8 Fran
Series' A
8
4
4
1
0
2
8
2.. .
Kan C A
63
112
02
03
1.
B
B
1
Chicago Mil 4
Sil' gm 4s
8 7H
Chicago Mil A
St P cv 6a
1 71
Chi A Nwn 7a
1.... 103
l.... io:;
Chl natlw's 6s
B 03
Chl It I A P fd
2 68
2 68
2 68
67
07
07
07
67
07
10.
1.
3.
2.
1.
1.
Chl It I A P 4
1 70
Chl U Sta 4
2.. t.. 70
1 70
Chicago Union
Sta ct 0b
2 108
Chile op'r 7s
3 1)8
1 06
City Home Re
66
66
66'
68
65
66
65
B5
S 4a
2 .... 05
7 03
K C T niy 4.
8 72
K or Uelg (la
1 02
4 02
...... w-n
K Uelg'm 7a
1 08
Keokuk A Vi
Molnee 6a
l.i... 72
Lncelede O Co
fit I.o 4a
1 00
1 00
Lack Steel '60
1 75
1 75
Lake Shore M
S 4a '28
0 83
3 83
Lake Shore M
S 4s or '31
1 81
Lehigh Val 0a
1 00
L A Myera 6s
1 74
Lorlllard C 7s
( ... 101
2.. . 101
I. A J Bdge 4s
00
Lou A Nash 4a
1 83
Lou A Nash 7s
3.... 103
Mich Ct'l d 4s
77
Mo K A T 2nd
1 87
Mo K A T 4s
4 60
1 60
6.... 60
Mr. K A T 6s
3 03
Jlo Pacific 4
4.
0
14.
6.
0.
00
06
00
00
96 1,
City Chria'k Rs
I OR
2 07
City Parla 0a
1 00
I OH
C Zuurlch rcta
1 B . .. 07
Cl'd Cln Chl A
St Louis 6s
3 1)0
Colo A B 4,
2. . . 74
Cona'd Oaa 7s
1 ... 100
8. . 100
Cuban C S cv
1 86
1 RB
2 85
B 84
2 86
84
84
8.
3.
Cuba Ttwys 6s
1 50
1.... 60
Del A Hud 7s
.1.. . 103
1.. . 103
Den A R O fd
2. . . . 70
D A n O 4s
2 68
Do Can 6a '21
2 00
I) Canada '20
2. . . 02
3 ... 02
p Canada "II
3. .. 00
Doin Itep'c 5a
2.. .. 7.1
. 73
. 74
7B
T Vn A
Georgia en
6. .. 86
i:rle Oenl I.l'n
10 . . 44
6
8.
6
Kastn
0.
65
66
56
66
65
65
55
Mo Pac Ba '28
4 86
Mo Pac 6s '66
4 70
Mont'a Pwr 8s
5 85
M A l'z 3
5 70
toew Or Tex A
Mexico Ss
10 .... 88
v y c a u n
it n as tj
a ei)
1... . 08
N Y C & 11 It
It It 4s
B ... 70.
6... . 70
N Y C A II It
It It 6a
8
0
01
02
02
01
11 11
3.. ..
10
7
N T C A
It It 7a rets
2.... 101
4 10P
1. .. 101
1 ... 101
N Y Chl A 81
Lnuls d 4a
2 .... 73
2 78
N Yk Light II
A Pwr 4a
1 66
1 06
N Y N II A II
3a of '64
2 45
N Y N II A II
4a of '65
1 44
New Y N II A
Hart'd 0s
1 68
1 .... 08
N Yk S It 4
2 48
N Y Tele 4s
77
1..
1..
34..
10..
1..
3..
1..
15..
2..
13..
'2..
7.
02
02
08
03
03
03
03
03
63
03
08
03
Et L A B Fran
Sertea D
2 74
1 .... 74
B 74
Bt I. Sw'n 1st
4 07
Ct L Sw'n 6a
2 63
2 64
4.. .. 64
fcoab'd A I. fd
8 40
8 Air L Bta 4a
1 B4
iB'n Pacific fd
1 70
4 70
B 77
1 77
S'n Pacific 4s
8 72
1 72
B'n Pac cv 4 a
8 77
1 77
1 77
1 77
S'n Pac cv Ba
00
00
00
00
00
00
00
00
00
00
00
00
S'n Itallw's 4a
1...
1...
1..,
II
1...
8...
7...
10..
1...
IB...
6...
18.
60
00
60
00
00
6..
1..
1 .
5..
3.
Tex A Toe 1i
11 .... '
1 70
1 .. 70
Third Ave 4
2 41
6.. . 42
Union Pac cv
15. . 83
Union Pac fd
4 78
Union Pac 6s
1 0
3 00
1 00
U K of a Brit
I'd 1021
1 08
1 00
2B... 08
1. ... 08
08
08
U K of O Brit
A I'd 1922
05
04
05
03
08
05
1
1..
25.
10..
2..
26..
U 1C of O Brll
ft I'd 1920
3.. .89
1 .... R0
8 .... 88
TJ K of O Drlt
A I'd 1037
1..
1 .
3.'.
1
1
1..
1
85
85
85
85
R5
85
86
85
V M Itilbh'i 5
1.. .. 78
I 78
4 78
1.. .78
iU fl Hub 7s
3 08
6 08
10 08
1 ... 08
U'd S Steel 5s
04
04
04
04
04
04
Vn ttallw'n 8s
2.. .86
1 . . 85
Wustn Pac 1st
8 ... 84
West Shore 4s
1. . 71
W Union 4s
1. 7H
W K A Mfg 7a
6 ..
8...
7 ..
1
77
77
77
77
77
7R
78
78
78
New Y W O A
1
1..
1.
1..
1.
B.
8
2..
I
1 .
1
06
07
117
III
07
07
07
0(1
07
06
06
07
07
tVllaon Co
5 . . 83
Wllaon Co I t
1 . NH
6 8K
AVIa Ccnti'l 4s
8. . . 70
Prlcei Flrrn on Paris Bourse
Paris. Jan. 11. Prices wore firm on
the Bourse today. Three per cent renteH
orr; ezenanse on ivonaon, eirr 7o;
per cent loon. 85fr 20c.
qiioUd at Iffr'iSlc.
The dollar was
RAILROADS GET MILLIONS
Advances Last Year Aggregate More
Than $205,000,000
Washington. Jnn. 11. Advances bk-
greg-atlng- moro than $205,000,000 wro
made to thn railroads last year from the
$300,000,000 revolving- fund provided In
tho Transportation Act, It wan an
nounced todav bv thn Interstate Com
merce Commission. Loans aggrefrntlnK
$51,653,594 mav ba made oh nendlnK
application!), the commission said, leav
ing $2,626,049 of the fund available for
additional loans.
Of tho advances last vear. 188.173.760
was to meet Indebtedness; $41,385,670
tor me purcnaso of new equipment;
$17,291,294 for betterment to way struc
tures, and I00.C70.443 for frrleht train
equipment
.Forty million dollars of the revolving
fund already has been set aside to meet
any damagei against tho roads which
may result from miltn nnnrllnc- ii nil In-
Htltuted during tho period of federal
control.
FOREIGN EXCHANGE
New York, Jan. 11. Tho market for
foreign oxchango opened with a further
uprush which carried the nrlnclnnl ex
changes to new high records on tho
movement to tho highest levela reached
since last summer. At 3.74 Vi, steNIm:
cables were Hi cents above yesterday's
final and cent above tho high record
slnco last summer, showing a gain from
win iow pcint lost year of 65: conts.
Demand was quoted at 3.73 . Predic
tions are now made of n 14. nr hltrher.
ratp being made on this movement
which, It Is claimed, Is discounting ex
pectation of further declines In our ex
ports, tho cfTect of the refunding of tho
British war and other loans, tho relaxa
tion In money In this country and pros
pects of shipments of gold from India,
South Africa and other quarters.
Francs, at 6.13 for rnhlpn. allowed
a gain of 2 from yesterday's flnnl and
iui improvement 01 0"j points ever tne
high record on thin mmpiTifmt pimtmrpfl
with a low last year of 6.70, or about an
equal gain to that In sterling. Checks,
at the opening, were quoted at 6.13. Lire
Hiiowoa u gain of z points from tho
previous clofio and an itdvanm nf tho
previous high record of point to
3.64 V, for cables and 3.64 for checks.
umer quotations at tho opening were:
Swing cables 16.60. phorUa IK R7;
guilder cables 32, checks 32 ; pesetas
cables 13.45, checks 13.43; Htockholm
cables 21. C5, chocks 21.60; Chrlstlanla
was aown i!0, at 17.26 for cables and
17.20 for checks: Copenhngcn cables
17.60; checks 17.66; Belgian cables
6.44, checks 6,43J ; marks were
1.42 Va.
The UDWard trend of atorllnir In New
York has caused a decline to the lowest
figure yet touched on tho premium on
New York exchange in Montreal. Com
pared with tho high of 19 per cent last
year, the premium, after opening today
in io per cent, uroppecl to 14 per cent.
The discount on Canadian funds In
New York foil to tho lowest In a long
time, to 12 per cont.
Y13STnni)AY'8 FINAL QUOTATIONS
Hferllni- Wnnfta Tin. n.tllfls.
Prrnand 3.72 6.03 3.40 32.60
t-OClc 3.73 0.03 3.31 32.80
TODAY'S OPENINO QUOTATIONS
Hterltnir tVfima Mm llnlM...
i.e maim il.lili tl.I.'l a,n4 32.7.1
Cable 3.74 6.13 3.54 32.86
MONEY-LENDING RATES
NEW YOHK Money on call, both
classes cf collateral, opened today at 7
per cent for lending and renewing.
PIIILAIIKLPHIA Call 6 per cent:
time, 6 per cent; commercial paper,
three to six months, 6 per cent,
(Note Theso are mcrelv nominal
quotations, as tha legal rate of Interest
In tho stao of Pennsylvania Is fixed at
6 per cent. Plus premiums and com
missions, time money for thirty to
ninety days. Is loaned at 8 to 8 per
cent, whito commercial paper, from
thrco to six months, Is being offered at
o io os per cent.;
Today's Range
Liberty 3Vis
Liberty 2d -in
Liberty 1st 4VJs.
Liberty 2d 4'is. .
Liberty 'M 4 'As..
Liberty 4th 4 Ms.
Vic Notes SftH...
Vic Notes 4 s...
In Liberty Bonds
11:15
HlBh Low a. m
112.40 l)2.af fi2.4
87.00 8tl.no 87.00
87.80 87.40 87.70
87.18 80.0(1 87.1
no.no 00.30 00.40
87.70 87-.30 87XiO
07.00 no.no no.ns
07.0 nO.llO 1)7.02
Jones Bros. Tea Co. Passes Dividend
New York, Jan. 11. Directors of the
Jones Bros. Tea Co. have tiasaed hA
quarterly common dividend of 50 cents
a snare, nuo at mis time, it was stated
that the action was prompted to con
serve cash nsaetg and maintain a strong
position during tho present period of
price readjustment. President H. I.
Jones stated that, excepting sugar, no
HiioMianuiu losses occurred anil all In
ventory lobscs had been absorbed In the
earnings of the month In which they oc
curred At tho close of thn year, all
stocks were carried at or under current
marxei prices, inventories Doing at the
lowest HgureB In many years. Retail
sales aro now being mude at prices ap
proximately equaling those In 1914, It
was stated that net sales for tho year
will approximate $2,200,000
$100,000
Pennsylvania R. R.
General 4,ii June, 1965
$25,000
Pennsylvania R. R.
General 5i Dec., 1968
$15,000
Pennsylvania R. R.
Com. 4'28 Auguit, 1960
$20,000
Pennsylvania R. R.
Com. 4i May, 1948
$25,000
Morris & Essex R. R.
1st Ref. 32s (Reg.)
Ieo.. soon
Pricen on Application
Blodget & Co.
Real Estate Trust Bids., PliiU.
Boston Chicago Now York
Walnut 1606 Kacc 1271
e.ap.larfte.
BANlittS
Dealers in
Investment Securities
Ifrmbera New York and Pn(ladlph(a
fllecfc Exchanges
321 Che.tnut St., Philadelphia
Studebaker
Rend for our pecUI letter on thlj atock.
"20 Payment Plan"
Scott & Stump
Investment Securities
Stock Exchange Buildinc
.-- . FHILADBLPM1A. PA. "
(0 Excitant Fit Mew Ywfc
yauflMiM
The ChemicalISTational Bank
OP NEW YORK
EuMihed it 14
CONDENSED STATEMENT OF CONDITION
jtl lit thu tf hninm Dtttmltr o, 190
Loans and .Discounts.
U. S. Bonds and Certificates of Indebtedness
Other Bonds and Stocks
KanVSncr House
1 .... f Pr.rllt 3nr1 Aecentances
Cash, Exchanges, due from Banks and U. S. Treasurer.
Interest Earned
Capital Stock-
Kurplus
Undivided Pofita
Unearned Interest-
Keserved for Interest, Taxes, etc
Circulation Outstanding
Letters of Credit and Acceptances.
Deposits, vir:
Individuals, Firms and Corporations,
Banks, Bankers and Trust Companies.
U, S. Government
Bills Payable with the Federal Reserve Bank.
Bills Payable and Rediscounts with the Federal Reserve Bank.
l&ecured by oovernment Bonds)
Bonds Borrowed
r
PERCY H. JOHNSTON,
riUHK X. HOUSTON. TW-Pm't
rnVNClH IUU-IN. VU-Pm't
1HAAC B. IIOlTtlt. Tlot-ITM't
CMrroRD r. hunt. viofPrw't
JESHK VL SUmi. Vlerra!
XDWAKD H. SMITH. Vto-mrt
KDW1X OIBBS. TTMt OOtoar
nucDnuc w. srrmrNS
W. EMtXN ItOOSBVK,T
noBurr wiiroN ootur
DABWIM P. UMOeOT
CIIAB1M CHZKXT
OFFICERS
HERBERT K. TWITCHELL, Chiirmin
PraUt EDWIN S. SCHENCK, Firrt Vi President
ALBION X. CHAPMAN, CuhUr
JAMX8 U FAIISON, Ant Cuhkr
JAMKS MeALUHTKn, AuL CwhlM
JOHN O. BCItMELZHU AM. Cuhlar
JOHN B. DOOD. Ami Cwhltr
SAMUCL T. J0.VX8. Ami. CMhUr
C. B. DUNHAM. AmX. Cukl
DIRECTORS
WILLIAM TKLLOWKii MOKOAM
ABTHtni 18XXJN
OABBABS COKLT
HJCNBT A. CAJ8AJI
rslDBKlO A. JUILLIAitD
USUT WATTS
sakukli snAvr, in., aml cubitr
BOBKBT D. SCOTT. Ant CuM.r
WIUIUB T. CROOK. AML Cubltc
N. B. JACKSON, AMt Cuhltf
B. B. BATMO.VD. Uir. ror. Dpt.
IL M. nooinfl Ami. Mr. For.D.pt.
X. J. WATIKMAN, AMI. Tr. Omar
CIIABUS A. C0BU8S
JOHN A. OABTXB '
HXBBXRT K. TWTTCHKJ,
rxBcr a. Johnston
KDW1M S. SCHXMCC
imhMWMWWWMMW
U. S. Government Bonds are the highest
type of investment security in the world
Today Liberty Bonds are with
out exception selling' considerably
below their face value, a situation
which has not existed in the case
of bonds of our Government since
Civil War days.
To many owners of Liberty
Bonds this fact has been, the cause
of considerable concern which a
deeper analysis does not justify.
One of the chief factors in the
present low price of Liberty Bonds
is the cost of money. The prevail
ing rates of interest on money
since the war have been abnor
mally high, and Liberty Bonds to
be salable have had to seek a price
level that would more nearly meet
these prevailing rates.
Another factor is the great num
ber of Liberty Bonds on the market
for sale. -The amount of these
bonds outstanding nineteen bil
lion dollars' worth is so "huge,
that although the number on the
market represents a smaller1 per
centage than in .the case of many
other securities, it is still sufficient
to provide an oversupply.
The above factors have in no
way affected the security back of
these bonds. It is recognized as
unimpeachable.
The cost of money gives every
promise of becoming cheaper
steadily until it reaches normal
levels. Liberty Bonds should reflect
this by increasing in price.
Liberty Bonds are now being
bought constantly by the U. S.
Government itself for sinking fund
purposes as well as by other pur
chasers who plan to hold them
until maturity. The supply should
therefore decrease, tending to im
prove their market value.
They are selling now at prices
affording a yield very much above
that of many less desirable securi
ties in normal times.
Buy Liberty Bonds
B.Smith & Co
CHESTNUT STREET
PHILADELPHIA
EOTABUSHZD 1S9J
Mcmfccn New York and PhOtJelphU
Stock Exchue
liS BROADWM
NEWTORK
AlUntTOWN
POTTSVOIK
EASTON
WQJUAMSPORT
NEW LONDON
What Thousands of Shrewd
Investors Deimahd
THOUSANDS of shrewd investors have come to the cbnclusion,
in this period, that one factor in investment is of more impor
tance than any other. This factor is Safety.
Such investors do not ask whether an extra fraction of interest can be
secured or "how the market is" or what are the chances for price
advancement. They ask, first and foremost
Is It SAFE?
For investors who seek safety above all things, our January Invest
ment Guide has just been published. This Guide lists a nationwide
diversified .selection of the best safe, worry-proof investments. Every
issue is surrounded by all the safeguards of the Straus Plan, with its
record of 39 years without loss to any investor. If you are interested in
finding a really safe investment, write for this booklet today. Ask for
BOOKLET 496
S.W.STRAUS & GO.
ESTABLISHED 1BS2 INCORPORATED
Stock Exchange Bidding, Philadelphia
Telephone, Spruce S623
NEW TOIUC
CHICAGO
DBTnOIT
1IUFFALO
CLIBVKL-AND
WASHINGTON
IIOSTON
INDIANArOLJS
PITTBDUnail
SAN FRANCISCO
MILWAUKEE
MINNEAPOLIS
Thirty-nine tyears without loss to any investor
Tm. HAH.KIt I". H. I'ATTON
Sailer & Stevenson
SD ANII CHESTNUTS BTB.
BONDS
Tx Free, Yielding tVi o 8?'
1 ' '
Stockwell, Wilson & Linvill
Certified Public Accountants
Land Title Bldg., Philadelphia.
ii nn,; '", MU 'T VnfrMi ,. i !.u, xm.jg
assets n p
: - $I2I,806,49U7 H &
. 7.680,528.11 H
.. 4.684.906.62 Ufe
. 600.000X0 p
, 13.572,737.61 fe
32,687,199.42 1 r,
9X)t 1)71.51 1 fe
3181,319,941.56 j C
LIABILITIES j C
$4,500,000.00 1 p
1 13,500,000.00 &
. t ,960,1 8 1 .37 19,960,181 .37 1 p
1,098,312.15 j &
1,147,351.88 p
3603170 j k
I5JI9 82IJ4 A &
$10291390 3 P
24,650,52136 I fe
1.360.000.00 128401,76056 P
5.050.000.00 1
9,10196.66 C
I
980.000J0 i
II8IJI94I.56 1
Safe Bonds for Investment'
HALSEY. STUART
U CO. Inc.
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