'-' Wrtf"' i'WJfi
)' v-, i rVT?K!
'i i-ew v.
hj,i l..:ji
wwi .ipjfcww -rmr
wi.-. WMiTiS!!
" c'
& 4V
r T.ii'" iip WE V. 'T-f 'J
PVi .-
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h. 'l r"'' P1"'
EVENING PUBLIC LEDGEEr-PHILADELPHlA, TUESDAY, JANUARY 25, 1921
.2
How to Build Up a Fortune by
Sytematic Investments
REGULAR, systematic investment is the basis of most large for
tunes. By laying aside a comparatively small amount of money
each week dr each month, every man may build up a comfortable
fortune. For example, $10 a week, put by regularly and invested safely
at 6, will amount to $20,000 in a little over 20 years.
Study the following table, which vividly shows how small sums amount
up into comparatively large ones in this way:
II vrrk (3 n wrek W n vwrk
Jia. of
3 Savings ..
1 A " ..
" 6 Bonds . . .,
I 3 Savings ..
4 ' ..
6 Bonds . . .,
( 3 Savings ..
3 U " ..
Bonds . . i
Savings ..
5
8
10
15
20
I cm
"70
,3
i IO
6
3
4
'6
4
So
"70
$52.84
53.05
52.84
107.28
108.24
107.28
163.37
165.65
166.40
280.68
287.53
293.07
470.28
489.45
$158.54
159.13
158.54
$264.24
265.23
265.74
536.47
541.17
646.44
816.92
827.26
842.81
910 n WMk f23 n vrttV
$528.48 $1,318.94
530.45 1,325.28
531.48
1,072,93
1,082.33
1,095.64
1,633.84
1,656.51
1,691.96
2.825.83
2.875.39
2,998.74
4,723.94
4,894.66
1,327.94
2,677.74
2.704.10
2,736.81
4,077.62
4.138.62
4,230.57
7.005.58
7,183.86
7,498.36
11.737.71
2.228.81
321.87
324.29
326.40
490.14
496.94
505.38
842.08 1,403.51
862.50 1.432.50
Bonds . . . 293.07 893.47 1,493.69
Savings .. 470.28 1,410.90 2.351.58
1.468.27 2.435.17
Bonds. . . 515.39 1,570.94 2,626.91
Savings .. 606.43 1.818.95 3.032.34
638.04 1.914.00 3.190.22
Bonds . . . 686.49 2,093.37 3,505.30
3 Savings .. 984.47 2.953.05 4.922.66
4 " .. 1.075.75 3,227.25 5,378.75
'6 Bonds... 1,212.84 3,706.58 6,208.20 12,440.13 31,112.45
3 Savings .. 1,423.21 4,268.28 7.116.46 14,262.37 35.521.38
4 " .. 1,601.86 4.805.58 8.009.30 16.018.60 39.628.37
(6 Bonds ... 1,922.94 5,873.19 9,839.12 19,717.06 49,309.87
This table is a sample of the interesting material contained in our new
booklet "Common Sense in Investing Money." The many interesting
features of this booklet make it valuable to every investor. It will be
sent by return mail, without cost or obligation, on receipt of your
letter or post card. Write today and specify
BOOKLET No. S08-Q
S.WSTRAUS&CO.
5,271.05 13,182.44
6,086.55 15.135.71
6,380.47 15.940.95
7,025.91 17,572.96
9.870.67 24.571.15
10,757.50 26,615.80
ESTABLISHED 1812
INCORPORATED
NEW YOnit
CHICAGO
DirrnoiT
Stock Exchange Building, Philadelphia
Telephone, Spruce S62S
UUFFALO IIOSTON RAN niANCISCO
CLEVELAND INDIANAPOLIS MILWAUKEE
WASHINOTON riTTSIIUnGII MINNEAPOLIS
Thirty-nine years without loss to any investor
CcpvHoM. 1021, Iv S. 1C Straus A Co.
Bonds of power companies have
increasing values behind them
It is estimated that there are
14,000,000 homes in the United
States still to be supplied with
electric light, in addition to an in
creasing power demand from hun
dreds of manufacturers whose
plants are being equipped for elec
trical operation.
The constant increase in the in
dustrial and domestic use of electric
power is leading to the centraliza
tion of the sources of such power.
Such centralization tends to
greater economy in operation with
a consequent strengthening finan
cially of many well-managed power
companies. This is reflected in
earnings over a period of years.
However, the increase in price
of Power bonds has been in most
cases only in line with the general
rise in bond prices. A fuller
knowledge of the strong position
of good power companies and a
realization of the tremendous pos
sibilities of additional demand for
electricity should lead to still
further increases.
Some very good Power bonds are:
Price
Montana Power Co. 1st and Ref. 5s, 1943 86
Penna. Water & Power Co. 1st 5s, 1940 86
Georgia Ry. & Power Co. 1st and Ref. 5s, 1954. . 77
Niagara Falls Power Co. 1st 5s, 1932 88
Edward B.Smith & Co
Yield
6.10
6.27
6.72
6.55
1411 CHESTNUT STREET
PHILADELPHIA
ESTABLISHED 1892
Members New York and Philadelphia
Stock Exchange
165 BUOADWAT
NEW YORK
AUXNTOWN
pottsvillb
EASTON
WILIiAMSPORT
NEW LONDON
- . . a
GIVE YOUR TIME TO UP
BUILDING YOUR BUSINESS
LET US WORRY ABOUT"
YOUR ACCOUNTS
YOUR credits ore never a certain quantity.
Right now they are more doubtful than
ever. Post-war conditions have made
many lines of business unstable irrespective of
high prices and apparent prosperity. Credits
today ore largely n matter of Kuesswoik.
Commercial ratings' offer no protection. Col
lection agencies pay only what they manage
to collect. But
A Credit Insurance Policy in, the "London"
is an absolute guarantee against loss from cov
ered bad debts You are absaluttly jure of get
ting your money on any covered account, and
you know Just thtn you'll get it, too, whether
we collect it or not
Give your time to promoting your business
1", ,,',e worrying over your slow accounts
and bad debts. It's the surest way. Asking
us for particulars won't obligate you
OUR SUPER-SERVICE
Losses Paid In
AmericanCurrcnty
1 lvr Trrf'kii' iL
AT YOUR
SERVICE
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
. "R. A. IRVING. General Acent
ntXoahtttmt 8LTMtt.BM,. V,
PHILADELPHIA. PA. -. .- ,
....., i, .h.uu. rmTmuuinmwnmuiumwti
PRATT, BREHM & CO.
Government, Railroad
and Corporation Honda
592 Bourse Building
'iiir.M)Ki,i'iii
Lunibnnl. '.'IM Main, SCSI
GRAIN
PROVISIONS COTTON
Our Daily Letter Bent on Iiequm
Hughes & Dier
t rhicnco
N. V. !:
) I'lilU. Si
V l'lttxbur
Itantsl a! -V-...1-
-- v. -imia
Uembtn & tt3?'i,.S'
'lfffthnrvh Ktni, rrt...
.--..- -.....-, sutuiun
1435 Walnut Street
RorOM Ml nc 1IM
Philadelphia ,mt
General Motors
Fund for our rclal lfttor nn this stock
"20 Payment Plan"
Scott & Stump
Investment Securities
Stock Exchange Building
)I.II.A.)1SM'..IA, IA
40 l.iolmnir l'luce Jjew York
PENNA. TAX FREE
SECURITIES
PAUL & CO.
Members I'hlla, Mock Kxthuu
U2I CHESTNUT STKEKT
P1 "
GOSSIP .OF
THE STREET
Neiv York Bonds
tSAIXS IN' 11000
Keen disappointment will bo felt In
the financial community If nomcthlnR big
does not turn out of the Important coun
cil of the Allies nt Paris. Thcro is ft
strong impression that the keynote for
the solution of tho European situation
will bo found, or at least agreed upon,
before this important gathering of the
rcprcscntutives of tho various nations
adjourns. The settlement, nt least ot
t(ic terms of Germany's reparations, will
Jiavc the groundwork for an early ad
ustment of the perplexing foreign cx
chnngo situntion, and thereby open tho
way for a resumption of trade.
in tacr, some observers were or inc
opinion there was n big possibility of
tho deliberations of the council of
Allies becoming n potent bull factor in
the market situation. No one was pro
pared yesterday to pin down just on
what basis this idea wns built, but there
wag an tinmistaknbly hopeful feeling in
the air that borne good was sure to come
out of the deliberations nt Paris.
It was pointed out that it wns cer
tain, In all events, to clear up n num
ber of uncertainties now clouding tho
foreign situation. This alone would bo
certain to promote a degree of eonfidenco
that is now conspicuously lacking. As
a result nil advices from the council
chamber were read with great interest
during the day. nlthoush it wns ap
preciated that it may require Rome few
days before definite conclusions nre
reached.
More Litnio Ducles to Cans For
There nre reasons for believing that
sevcrol more of the lame ducks left over
from last year's pmnsh-iip In the market
have been taken cure of, and the hold
ings of these injured traders have been
transferred to strong hands.
It wob learned yesterday that one
block ot .1.",000 shares of General
Motors was taken over Inst week and
there were nlso several Inrge blocks of
Mexican Petroleum taken over nt pri
vate sale. As these holdings have
passed Into strong hands tho market
situation was strengthened to that ex
tent. No doubt there are other largo
holdings awaiting adjustment, but tho
market situation is considerably dif
ferent from what it was in December.
In all events, there is ample evidence
to indicate the urgent liquidation Is
a thing of the past. Some of those who
managed to hang on by their eyebrows
through the December slump may find it
convenient to lessen their commitments
on every rully. which many undoubtedly
hnve been doing blnco the turn of tho
year. The major operations have been
satisfactorily completed by the market
surgeons, nnd the few minor cases
awaiting attention arc giving little con
"ern. On tho other hand, all indications
point to an automatic expansion of the
short interest following each drive of
thu reactionary party. This results
largely because of the innbllity of the
bear crowd to dislodge nuy considerable
amount of long stock.
Today's Steel Meeting
Quarter nfter quarter little attention
has been paid to tho coming and pacing
of tho I'nited Stntes Ktecl dividend
meetings, which in former times were
watched with i;ch acute interest nnd
exerted n great inllucnce on inurkct con
ditions. It may be said that more attention
is now paid to the statement of United
States Steel fpr the three months ended
December HI, to be published this aft
ernoon, thnn has been shown for over
n year past. The belief prevniled that
much of the buying of steel was bosed
on contldcnoc thct the statement will
rIiow a good surplus over dividend re
quirements even after allowance is made
for the many cnncellntions of orders and
reduced output. United Stntes Steel
is now believed to hnve nn income from
investments amounting to more thnn
enough to pay the full dividend on the
common stock.
Stiidebalicr Dividend neg.irded S.ifo
In the opinion of competent market
observers, the recent btrensth of Stude
baker foreshadows the maiiftonance of
the 7 per cent dividend rate on thnt
btock. In view of the unsatisfactory
condition of the automobile industry nnd
tho steps taken by other automobile
concerns to conserve cash resources,
there lias been more or less n ecul.itlun
as to the stability of tho 7 per cent
rate. It is reported the company is
maintaining its 800-cnr-pcr-week pro
duction schedule, and the management
is said to bn confident of a revival of
business in the near future.
Tho financial position of the company
is said to be very tronc, with tf 1,00(1.
000 cash, against .$S.r.00.000 loans. The
directors nre scheduled to meet tin- lust
day of the current month and hence n
week from now nil doubts will be re
moved concerning the dividend.
Accumulation of Union Traction
It wns Ienrned yesterdav from a usu
ally reliable authority that much of the
recent offerings of Union Traction stock
hod been nbsoibcd by what is popularly
called tho inside interests. It is known
thnt one of tho intluentlal and largest
shareholders has recently been quietly
accumulating a considerable amount of
the stock. In fact, this individual in
terest has virtually been the principal
buyer of all the stock offered.
By reason of placed scnle-hu.ving or
ders he has been able to accumulate
quite a lot of the stok, especially the
odd-lot offerings. The llontlng suppl
apparently has been pretty well elenned
up. This was suggested at least cs
terday, when the quotation given from
tho board was HO to .11. but onh a few
transactions wore recorded at 110. It
is understood the largo stockholders nro
confident of their position nnd lellee
the Supreme Court will uphold the
ruling of the Superior Court regarding
the rental question.
The most forcible manner of display
ing this confidence is in bujing the
stockj and this, according to reliable
reports, they havo been doing.
Tim THADCR.
"GAS" PRICE CUT2CENTS
Indiana Company's Reduction Fol
lows Drop In Crude Oil
Chicago, Jan. 2.1 (By A. I ) A
i eduction of two cents a gallon in the
prlee of gasoline wus announced here
todn b the Stumlard Oil Co. of In
diana, as a result of decreases in the
price of erode oil
At wrvice stations the price dropped
from twenty-ninu to twenty -seven cents
and from tank wagons from twenty
seven to twenty-ilvo cents. Kerosene
wns cut from eighteen nnd one-hnlf to
llftcin and nue-hnlf cents a gallon.
A O'd M ev D
2 in
Amn Aurcul &
Chem D
1 044
8..... onu
Amn Arc"l
Ohetn d B
2(1.
S3.
1.
1.
n.
n.
40.
10
Amrt HmeltK &
n'B 6
1 78
1 78
Am T it T (is
100S
100H
100 V4
100H
100 ,
100H
100S
100 'A
on
on
tiKTi
n4
on
o
10 7RW
7 78
Nth Wn'n Hell
Tell 4tt
1 7U4
Nth Wo'n Hell
T1 7s
2.. .
H'J
2
82
82
82
MT4
0
7
1.
7.
1.
1.
Am T tc T fls
10 I'"
1 00
Ateh opeka ft
l'-o 4s
1
4 ....
a
2
Atch Torx-kn
H'a. K cv 4
1 00
I, ctt
71 .
71
U 4s
SO
B0
U Rwltz'd rets
B ... 102
r. ... ma
1 .. 102H
(1I Trunk rets
1.... 102
2.... 102
Hud & Man fd
I (II
10 (3
n ... nam
Hud & Man In
B 2HV,
2 ... 2H
III Cent'l B4
1 01T4
Intboro M 4ft
70
70
78 ,
78
A Coast
a
a
A Const
.1..
8..
Atl'o Fnilt 7s
1... . 70
Dlt 4 Ohio cv
b on
20... . COh
11 A Ohio !IHs
2 84
Dalt & Ohio 4s
i on
l . . . . on
Unit & Ohln r.s
l oni
n t o p 1. 1;
& W Va 4s
4 OB'i.
1 OftVi
VHO 8n US
1 78H
n 4 O Tol 4s
1 . . BBV,
Ucl T 7s rets
2.... 102
1.... 102
Bkn H T ct Ti
17... . 17
0 47
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10.
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IB.
:t
21
21
20
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204
204
Int Met ct 4 4
20
SO..
.1
10
10
1.
1 .
23
17 'i
17U
17
17
17
17
17
17
07'i
07H
(17 S.
07 V.
07
n7W
(17 H
07 V
07 K
07
n7V.
07 4
07 V.
OreKon 8 I. 4s
1 . . 81j
OrK-Wn H Co
Navl Co 4 s
1 74
1 .. .74
1 . . 74
rnr O &. 1. '
4. . 77
r.i rt irm 4Vjs
2 . . 81 i
2 . 8P4
1 82
t'n Hit 4Vi 21
00
rennn. II II Bi
1.. .. 01W
Pcnna 11 II 7s
ID
PENNA. IS I
IN LEGION LISI
State Ranks High on Roll of
Veterans' Organization '
Throughout U. S. I
D'OLIER MAY BE CHOSEN
Dellefonte Central Pays Dividend
New York, Jan 25 Thu Dellefonte
Central Ilallroad Co lias deelnri1 a
dividend of 60 cents, pnyubln FVIirunry
15 to stock of record January 2.1. Divi
dend wan passed on Jndary 17, 1918.
DIVIDENDS DECLARED
Ocn'rnl Asphnlt r ouartnrlx of l' per
cent (II 2 J C'r share) oil tT"trrrel mihM
Vorrli I tci slock nt rr"ord February 14
Liverpool Cotton
Liverpool, Jan 25. There wns llttlo
demand for spot cotton today with price"!
Irregular on tho hisls of nn ndvanco of
II points for middling nt 8 90d Tho
sales were JOno Imles Receipts were
7000 bales. Including 4300 hales Amorl
cnn. Futures wire quiet In the early
drillings Spot prices were American
middling fair, 12'Md, good middling,
10 6(d, fullv middling (i74d! middling,
8 fl!'d , low middling 7 74d , good ordi
nary, C 24d, nnd ordlnnrv. 6 49d
Intboro RTH
IJrkn narld T,
7s ct Bta 1
8 (2
2 . . . . 42
S.!' . 12H
Cal O & 15 6b
1 84
Canadian N'niKan
N'n Hls relsl 1.
20
BO
21
21
B
10
10.
n
20
B.
n
a
1
1.
a'
r.
B
n
(1
r.
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1
1 M Marine as
1 81"H
1 ... 81',
Jni tlove't 2nd
IS. . 71) M,
S5ij
S.1K
nS
S3
. S.'i
544
tm;
B1
BS
BB
SB
B44
B4H
nt'd
54 .
.14 S
r.4
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00
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00
4 .
2..
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1
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101
103 V.
10B4
1WSH
10SH
103
rhll County 4s
1 07 '4
Phlla Hlys 4s
1. .SO
Pitt Cln Chi &.
8t I. a Bs
1 .... S34
1 ... hBS
Pitts Htecl Bs
1 .... 84
Hep'c C Bs Mlt
10 ... 7HS
HIA&I.44
1
1
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St I. & 8
0
at i. ft s
1 . ..
1
B
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118 K
08 u
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CB'i
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48 ,
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48 Mi
484
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n 112
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101
Ctl I'aclOc 1st
2.. 74H
Ctl PaclOc 3 "4
3 77'i
Ch'k & O 4 Vis
2... . 77H
2.. 77 v,
C'k ft O cv Bs
1. .. 83V4
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00i
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39 mar ct 8b
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08
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V I- fd
. 414
. 41
I. 0i
. S3
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N All
Tlnnniii'limnin clntulu tlilrd III the IM
of stntes In number of posts of the
Amcricnn Lesion oiRnnizeil tliroiiRhnut
too I niteu ninn-.
This fnct is con
tained In the Is
sue of the Week
ly, which i ns re
r'elved by lcRion
nlres in this cit
today.
The list 1
lieailed by New
Ynrlf. with U'U
posts. Illinois is second with 00(1.
IVntiurlvnnlii tlilr.1 with 1")!).") and JOVVIl
fourth with mH posts.
William O. Murtlock. tho state ad
jutant, declared Inst niRht that pres
sure Is being broiiRht to lx-nr on nil
povt offlleers to remit dues to depart
ment Iieail(uarteis tor m.i liiiiiieuini.-
le un Hint the inelilhoruhill rolls mnv
..'..mnnre li-ill, 10"ll mill tills StrttO IllOV
maintain Its position of presticc. In
fact, the department is ncnunK tor st.-
..n.l nlunn mill If (d tllO nillllltlon (if
I'llll i.flv , ..... .1. J
Commander David J. David to displace
Illinois during the remainder 01 mi
term of office.
M.nsaehusetts led In the matter of or
canlzlm: women's nuxlllirlts In 1020 TVie
lll bo lncrenwil nrtlvity In IVnnflylvi.nl v
clurlnif thu prtsent yiar, due In th call -f
a rnnventlon for nmen which has Jui
bin Issued by tho stato cxicutlvo commit
tie Tonight the county committee will or
ganize, for tho new ear by adoptlnir a
constitution and lectins officer. Ther.'
hns b.en an ffort to p. rrniado Franklin
I) Oiler, former nitlnnal commander, t
stand as a candidate for county chairman
It Is doubtful as to whether he will accent
the, plao. Blnco It will make such ft draft
on hlH time and 1 neruy. Much will be ex
peeled of the committee this ear. and much
work will tirewnt Itself to the officers The
other leaillnu candidate are Heulnald l
lliwan and Thomas F Mielian The meet
Inir will bo h. Id In Kuitlcr's banquet nmm
Fifteenth street north of Chestnut, an I
there are l'ii) de!cKulo who arc ellulblo to
attend
LONDON STOCK MARKET
33
KlnKdom Nor
way ct Sh
Chi ft C W 4s
2 .. 32
20 . B2V.
Chicavo Mil ft
fill' CV 41-, 8
2 . . 71
3 . . 71
Chicago Mil ft
8tP fd 4,s
3.
1
1.1
.1
10.
1
1.
RRla '30
a . . 04 L
S'n raclflc cv
10. . 78t4
6o'n Pacific fd
1 .. . 7S
10 78
So'n raclflc 4s
3 . .72
S'n Pao cv Is
1 .. 78 V.
I 0 . . 78
IS .70
8'n nallw's 4s
1 . 01
S'n Hallw's Bs
1 SH'4
00 Term'l H H A
nn of st 1. 4s
100
mo
100
on '
100
71 Ti
1
1
1
C 4
1.
3
c n
10 .. .
10. .
c 11 1 ft
04
114 '4
04 V4
Nwn 3 '4 s
... OH
08
Lake Rhoro M Third Ave aj
I ft
P fd
ns'4
08 'A
P 4s
72i
Chlcag-o St P'l
Minn ft O Us
1 ... 102
Chlcaco Union
Sta 4Vjs
2. ... 82H
. 82
Chile Cop'r C
a .71
1 . 73
1 73
City Cop's SH
2 .. . 74 '4
City Paris fls I
2. . 00
1 . mm
C Zurich rets
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Lou & Nash 7s T'nlon l'ac (Is
2.. 101 1 S . 101
Mln ft St I. 4s 1 .. 101 4
2 42 IT K of O llrlt
Mr, K ft T 4 i I'd 1021
.10. .10 4
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1. ... Out. F unct 4s
I .... 01 I 3314
0. . . 01 U 9 IC ft I 3s
7s rets, L- 83',
3. . . 101 V S Hubb'r Bs
4 . . 101 ' 2 78
5 . 101 U K Itubb'r 7s
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N Y Hwvs .is
No French Loan In Prospect
New ork. .Tun 2G foncernlntr the
rumor that u JIOO.000,000 French loan
Is to ho tlonted In this countrj, Maurice
CiiBseimve. minister plenlpotentiarj and
director ituniral of I-'rench services in
tho United .States, Mid thero In no ne
cesslty for such an operation it tills
time Tho French Government will pay
on Kubruary 1 tho unsold portion of the
French cities loan amounting" to 123,.
800,000, That government vvtll also pat
on that date to the United States Trcas.
ury 110,000,000. beltiB tho semiannual
Interest on the 1400,000.000 bond of the
Frenoh Government held by tho United
Bto.te m ft gunrantea lor payment 0f
materials purehsed from tho American
armj',
Do fan 3s '21INw Y IV
BT.
1
C ft
10 004
3 . 00H
3 ... now
o Canada "in
4 . . 014
Do Canada '2i
1 . . 02
0 .. 02
Urle H H cv A
1 31 I
2 . ... 30 No n Pac 4 4
Hrle It It e II 2 . hi
1 30 I.N'n PaclOc 3s
Erie It H cv Dl 1 . . . Bill..
Host 4 4a
2 .. . 4'l
1 ... 43
1 . 41
2 . . 41
2 4.1
43
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. 70 4
in.
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1. 3s
80
00
.Is
81
It 21
. 80
V t'nlon 4 4s
1 . 8"4
W I ft Mfe 7s
.Ct.ib V
iVa HallvV
1 . ..
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44 1
.1
4
1
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OS 4
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Oovt F II rtcsiN'n Pacific 4
3 00 I 1 . . . 7S,
,1il4 i Wits n Co ll
I
I'm,
00.
11 1.1
, ,, . IllKll !)' a in
Liberty i II Vs Uii.'JO HL" on ii'J.iiil
Liberty 1st 1 ' i h . . SS.'.Ml ,ss (is us L'(
l.ileiiy M 4V(s.. ss n, ss.OD ,ss,i'j
I.ib'ity .'id -i's.. 01.00 !u in! in oil
l.itie ty -Ith -I'jh.. S8.U .s.s :ti in
Vie Notes !i!)4s. .. HT.JIO (17 'Jtl !I7 .til
Vn. Notes --,s. . . U7..'l(l .i7.'-N :7 2s
Raw Sugar Market Steady
New York, Jan 25 Tile raw sujt.ir
market continues quiet, but steady on the
h.iHla of 4 He. cost and freight equal to
6 39 cents, duty paid lluers are in
clined to hold off for the present There
vvero no hales reorted vesterdny in con
seiiueniv Arrivals Includul .'3,noo bapra
Cuban conslBtied to Arlmcklt- Hros The
locul rellmd maiket ts unihamred l.al
est HdvkvN from tho Wist ,ire that the
California and Iluwallun and tho west
ern companies nre quotlm; 7 55 cents
less 2 per cent, senbonrd basis, nnd the
American Suar Hennlne i',i u Knld t.
he meeting thu price of 7 55 cents west
of the Mississippi river, Including Testis
RAILROAD EARNINGS
CANADIAN PVCIFIi'
Third week January. 13 llol noo iWoi.I
jt.nui.rr i-january i-i io 13,-v noo 4311.000
KANSAB CITY HOI'TIU.IIN
Decembiir irro $2.01.1 B17 J48.1,73il
NJa .liar .bvam .1..,. n. '.'..
'"I "-. .--- . 1... Uf III, OOI
Twelve months' ktcbb 22,US3.2,.'0 B,74h!2IiI
i-iei aiirr lazes.... a,48.1,S3B 1,054,172
BAR 8ILVER
tn'VoVr Urt ,o,M,r ,n Lonaon
Wc announce the opening of our
Philadelphia Office in the Commercial
Trust Building, City Hall Square, under
the management of
Mr. Rudolf Smutny
Wo aim to have available for tho investment of.
National Banks, Savings Banks, Trust Companies
and Corporations, Short Term Investments which will
afford profitable employment for funds and will com
bine: Security of principal, adequate interest return,
and maturity to suit individual requirements.
BANK AND BANKERS' ACCEPTANCES
LIBERTY AND VICTORY BONDS
U. S. TREASURY CERTIFICATES
MUNICIPAL NOTES
SHORT TERM RAILROAD AND INDUSTRIAL
SECURITIES
EQUIPMENT MORI GAGES
Wc will be pleased to send our daily quotation shcclt
upon application
Price Changes Mixed and Trade
Devoid of Snap
r-oiidoii, Jan 25 Chnnffes in securl
ties on the, stock exchange were mixed
today and trading was again devoid f
snap. Ollt-edged lnveatment issues
werw firmer as the result of a cessation
of realizing and on further improvement
in tho position of the various exchange
Home rails wero dull, and the shares
of South American roads wero heaw
owing to selling from tho provinces
Dollar descriptions suffered additional
losses In smpathy with New York cv
change.
French loans showed fresh hunvnncv
with the upward tendency of francx
Belgian 3s were good on the success of
the $30,000,000 Helgian Issue In Xew
York.
Oils dropnod Shell Transport lira
Trading was 51? nnd Mexican ICagle
5. Hudson's Hay was 6 6-1 6. Kaf
firs wero flabby beciuo of the move
ment downward in the price of bar gold.
Discount House
of
Salomon Bros. & Hutzler
Members New York Stock Exchange
27 Commercial Trust Bldjj.
PHILADELPHIA
Telephone: Spruce 7591
27 PINE STREET 35 CONGRESS STREET
NEW YORK CITY, N. Y. BOSTON, MASS.
TELEPHONE JOHN G300 TELEPHONE TORT HILL 6G40
Financial Briefs
uuuuuuuuuuuuuuuuu;;ps::OTtrnuuujuuuuuuuuijnf
Hllj)
BilH
Rears. Iloehtifk & Co in the annual re
port for the year ended December 31
shown net earnings nfter all charges
nnd reserves of Hll.74G.fi70. equal to
10 C5 a share on tho $105,000,nno com
mon stock af tt r allowing 'or preferred
dividends, as compared with $20 Osi -067.
or $20.03 ,i share, earned in 1519
Tho Transue & W'llll.ims Steel Purg
ing Corporation In lis annual report for
tho year ended Deffmlwr 31, shows net
i at nings after all charges and taxes of
$670,734. equal to $fi 70 a share on the
outstanding capital stock as compared
with $735 ss or J7 35 a stinrc earned I
In the prl-vluus ear flross sales during '
tho year amounted to $7.55'l.S71. u
compared with $C,!iJ4.777 In 1910
The average price of twenty active in
dustrlal stocks declined 14 jkt cent to
74 77 jesterday, while twenty railroads
gained 20 per ctnt at 75 68.
Bankers say that suhscrlptlons to the
new Helgian ft per cent bonds totaled In
excess of J fi'l. ooo.OOO The lHue wu
liberally taken bv small investors, vvh
werj attracted by tho 8 per cent coupon
rate.
Local 'Change Names Ticket
.iiiiiiiiihii'ii-i i"i vmvvin nun KUt U li
nf the l'hll.afivi.ihi i Sto U Kxrh.tnK 1i.lp
t. ...... ,..! ... . 1' t-i .- ...
William I) tmnizfi , for frrrf t.ir
trennurer. U(ir." u Iav for chairman
JainoB T IiZHruH. Ktri W Mas;ill U.
., it 4 iMiiii.ir- rur iiirtuiier o J
i,u,Cllll,t, .,, 111,11 I Vf-r . ,ll . iar-
tln. Clarence I. Mover Trunk I.. New -burger.
Cushm.in New hall, George K
tkciuy, r reuericK i uisiine, josepn it
Straub. Harry C Thaer Ilenrv Ii
Wleand The el.rti n will be "held
March 7
Tax Free
in Pennsylvania
$50,000
Buffalo, Rochester &
Pittsburgh
4!2s
May, 1957
$38,000
Indiana, Illinois & Iowa
1st 4s
July, 1950
$40,000
Lake Shore & Michigan
Southern
4s
May, 1931
I'nces on Application
Blodget & Co.
Real Etote Truit Bld(f., Phila.
Hoston Chicujro NiwYork
Wulnut 1C0C iaee jo;!
THE soundness of Cassatt in
vestment suggestions has been
tested by an increasing clientele
for over 48 years.
Securities suggested must pass the
searching scrutiny of expert".
They must be such that wc will
buy them and own them outright
ourselves.
We should be glad to extend our
service to you. "CASSATT OF
FERINGS.'" a monthly list of
investigated conservative securities,
will be mailed on request.
KINDLY A.-K l""i: CI1H"CLAK K-l
CASSATT V CO.
Established 18T2
COMMERCIAL TRUST BLDG.
PHILADELPHIA
BALTIMORE
NEW YORK
PITTSBURGH
SCRANTON
r'l
CITY OF PHILADELPHIA
5 Bonds, Due December 16, 1970
Interest jjail J,n u.irj ,m July Kt
Price to Net About 4.80'',
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
Members Sew York and Philadelphia Stock Exchan
ges
1 1 n i "j iiimiiiiiiiuiiiiiiii rr U11J
i
UUIUIMIIJU,
3 We take pleasure in announcing that E
Willard R. Ginder, C. P. A. I
J lins lirrll mtlliltti-ll In llieililiri".li in (u, r, l,'
Horace P. Griffith & Company E
I CERTIFIED PUBLIC ACCOUNTANTS
IKIL KM, 111. IK.
riiii.iin i i-ii i v, i-.
'Tii'rrT mTri rrrro miT ni
r
nnTTw
Kingdom of Belgium
8 Bonds
EDWARD L0WBER STOKES
20 South 15th St,
Philadelphia
Baldwin-Philadelphia Built
Locomotives All Over the World
When'M-r r.uMi-. .m in fipi rutuwi ilu u.Ml , "HaliJ
MU, Philadelphia " i.n- utll ltnown n, UMU.
fiu'turi-d pioducl lifv- ilotii innri- to ((instantly udvor
tise the fanui of our i-ity in "'1 he Woild's (JrcuU'Ht
WorUbhop" than tin- .". 1,000 li.ci.rimtivi-s which wo have
built, thuubaiuls of which an- used m foieign countries.
THE BALDWIN I .OfOMOTl vc unot-o
i PHILADELPHIA .W I
t
V !'"
J'i
I J
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