j.i 't ' v S " A ) EtMlVGf PV&lAC LfebGEB-PklLADELPHIA, FRIDAY, .tANTJARY 28, 1921 23 -u lllillinilllllllliilHHIIHlMUillllililliliHlliHIHHIUiliiiUilWlllHHihHi)i,tllH,ll-nmronnii A Remarkable Forecast: ' Made in June, 1916, by Atthur S. Dewing, of Harvard University ' "The attitude of the general bualneBB man will chnnge. Peace will bring: its reiuBurances. General busineas activity will ahow signs of revival. Gradually tfenoral prices Will rifle, with the increase of demand for commodities. Optimism will supplant pes simism and hesitancy. Large investments of fixed capital, by-producers of floods in plant extensions, and by consumers in better houses and more luxurious living, will easily absorb any accumulations of savings Bet aside dur ing tho war. Interest rates on current loans will rise as the fabric of credit begins to stretch ; but this sign of impending expansion will, as always before, go' unheeded. , The United States will experionde a general business boom 6n a scale of breadth and aban donment never befdro witnessed. Prices will be higher than ever, wages will be higher. All caution will be lost in the hectic orgy of speculation. Business men every where will come under its spell. Farther and farther will the fabric of credit stretch; having been Stretched to its uttermost, it will break. Then the deluge. In any case, when the crisis does come, it will bo with unprecedented velocity and intensity. The very strength of the feeling of industrial optimism will make easier a sudden reversal of feelings. And when the business community finally becomes conscious of its con dition, the stretched credit will rebound with a force proportionate to the extent it was stretched. This sudden contraction will reach and paralyze all business. Europe, loaded down by external debts and struggling to reorganize her own industrial machinery, will still be looking to us for help. Such a panic will come quickly and the period of intensity will soon be over." Everyone wants to know about business in 1921. Dr. ' Dewing gives a profound analysis of the situation in the next issue of "The Corn Exchange." It is a different kind of a forecast READ IT. 3. Corn Exchange National bank Philadelphia Chestnut t Second you arc not on the mailing list, and wish a copy, advise xu. nilllMIMIIIMIIIIIIIIMinillllMIIIIIIIIIIIIMIIIIIIIIIMIIIIIllllllltlllllllUIIIMIIIIMHnillllllliniiiiiiiiiiiinHHiiiiiiniii!!),!!!!!!,, The BeneflGial Saving Fond Society of Philadelphia 12th & Chestnut Streets Condensed Statement, December 31, 1020 ASSETS Ca9h on Hand Due from Banks Investment Securities : United States Loans... ? 4,363,858.26 Municipal, Railroad & Other Bonds 12,985,981.97 Mortgages 8,187,129.00 Loans on Collateral .... 1,448,069.96 Real Estate 247,075.13 1,862,644.67 1 LIABILITIES Surplus Deposits 21,034,989.18 809,000.00 124,858,608.98 1,888,351.48 22,965,257.50 924,853,608.98 Number of Depositors, 20,883 President Jehn J. MacDanald Vlr-Frldtnt ' William V. MrOrMh, Jr. Secretary Am. Trem. I.aula X. IVtilrnot VlnxPre. A Tra4urr Alfred J. Uoralijr AmKtaat Treasurer Thorna. It. OolUoan Alfred J, Murphy Jtrt-mlah J. Htilllran Charl A. MrManua Jalin T. Dohmi Walter (laortt Smith Anth.ny A. Mint lrnatlui .1. Horitmntiu 0ro TV. Norrla Sollellar Anthony A. lllttf, K. MANAOfcllH John J. Mar Donald JairtM M. Krllry Joirph M. Knttl Edrfhrd J, llooner Joirph O. Trainer Hon, 3$ph T, Laxaartll John K. Lolitriraji Thoniat Drtlln Joieplt T. flallatfhMr TTat. V. MaOralfc, Jr. Mttharl T. Hum Henry O. Kallac Kmrr r. UIhTl TVIIllira . Darle Uarld J. Smyth Loal K. Prqalynol Murtha 1. qnlnn Over 8 Still Obtainable Although the yield of good bonds is gradually decreasing, it is still possible to invest in the mote conservative type of mortgage obligation at prices which provide 8 and batter. For an example ask for our Circular No, 7304.' Bonbright & Company 437 Chaitnut Stroat Philadelphia, New York Chime a lluitoa Detroit A COMPETENT MANAGER FOR AN INDUSTRIAL PLANT A "turn of the whacl" mnktm available for enjrajrornont n man whom I can Indorse ns competunt to aft an operating (head of nn Industrial plant of 250 employes and over. His 12 years' exporlenco ns enrjinaor and exocutlvo and his record of nccompllahment recommend him. A trained, ulurt, active man possessing poise, Judgment and decision. Address MOKRIS L. COOKE MOD Finance Untitling, Philadelphia, Pa. Combines Safety and High Return Cities Service Company Preferred Stock naclird by lare and trotting eqnltlei. Illrldend earned 4Vi lime ot.r. 24,000 holders of retard Indicates wide dlntrl bHtlon, broad mnrkrt a ad confldrnre of Interior. Rttarnt, at prmnl prteo mwi th&n 9 Prle at marhtt Clrtalnr "I" an r.cjuatt Henry L. Doherty & Company 604 Morris Building. Philadelphia, Pa. Telephone I Locoit 1440 G tO. A. HUHN & SONS xwbrbl ., Tort n-O nlttUn Order .an Jt tU frlnotpal M 111 Prosdwar. New Yot " new ?-'nanm WaK'i Near TerW nie . CammlttUn Order Ekaeytad la All tU rrinlpal Maricefia VUVUl tslUHs. GOSSIP OF THE STREET The chief topic of discussion in finan cial clrclm yesterday was the reported new $00,000,000 bond issue of tho Pennsylvania Rnllrnad. This, of cotirso had been foreshadowed by the recent announcement of Bamuel Ilea, president of the company, asking the authority of the shareholders to in crease the bonded indebtedness of the company by $100,000,000. The action of the Pennsylvania management to make n public offering at this time was considered hlgh'y significant for a two fold reason. First, that It indicated a much improved bond market situa tion, which, however, was clenrly re flected In the rapid absorption of the Helglan loau and tho American Agri cultural Issue. Secondly, It was ac cepted as foreshadowing tho initiative on the part of the railroads of tho country for consldorablo new financing. It Is understood that negotiations arc already well progressed for the financing of several of the large western systems. It Is appreciated, because of tho rundown condition of the roads and the delay of tho government in making setfement with the different systems, virtually all the roads will have some form of bonds to sell. Tho remarkable side of the Invest ment situation In tho phenomenal nb Sorption capacity. Many observers long ago were of the opinion that the Maturation point was rapidly approach ing, but since then numerous issues were successfully llontcd and the de mand for tho high grade goods with nttraetlve Income basis Is as keen ns ever. najincr Year for Chain Stores An interesting compilation of tho business of the big chnln stores last year has been made by one of tho promi nent New York commission bouses. This shows, despite the big slump of business In December, sn'es for the previous months of 1020 were In suf ficient volume to make the year-n ban ner one so far as sales were concerned for these corporations aud mall order houses. Sears Roebuck was the only note worthy exception reporting total value of salcH for 1020 as 5234,005,050. against $257,300,025 in 1010. On the other hand, Montgomery-Ward Co. reported sales of S112,3H0.025, against $100,514,807; Woolworth & Co., $140,010,207. ngaihst $110,501, 000: United Cigar Stores, $80,040,000. ngAlnst $04,000,000; S. 8. Kresge. $ni.245..'tll. acnlnnt S12.0lLS.0ni: .T. C. Penny $42,840,000, against $28, 783.000; S. II. Krcs Co., $28,072.0-12 acainn ?T).'4i,ia ; Jones Ilros. Tea uo., u,oj,ati, against ?l(!,&o;i.HU5; McCrory 8tores, 14,301),327, against $12,081,741; American Stores. $10.1, 057,574, against $70,401,S30 . and American Wholesale Corporation, $38, 252,310, against $35,345,712. Must Cut Down the Margin One of the prominent New York com mission houses, In n special market letter commenting upon the railroad sit uation, remarks that considerable space Is devoted to the falling off in railroad traffic and to the reduction in working forces. More nttentlon might well be Riven to the possible reductions In the operating rutins and to the probability that the railroads will be able boon to show a substantially Improved margin between grost revenues and operating expenses. The country generally hns been "fed up" on very large dollar totals representing the gross volume of business done by the rarrlers, forget ting largely that these figures are not fundamentally n measure of railroad prosperity. It matters not how largo the volume of business may be If that business is done on an operating ex pense bosls of from 80 per cent to 00 per cent. e consider it of at much Importance that account In two years up to $025, 201, During the year the corporation purcnnseii ac $801,132,034 i making n total 1, 780,043.051, $854,080,121 fo nurcnaseii acceptances aggregating $801,132,034 and sold $8811,811 ,50(1, making n total volume of business of I ns compared for tno year HUH. THIS TRADER, with TRADE OUTLOOK IMPROVES More Orders Coming in to Manufac turers for 8hort-Tlme Delivery There 1 an optimistic tone In many lines of business, according to the weekly review of trade for tho Philadel phia, district by R O D-un & Co. Moro inuulrlca aro coming in aud orders are being placed by retailers for short time deliveries. Clonk nnd suit manufacturers report rrotlvlng a number of orders for Imme diate delivery together with some future business. Many of tho Inrwer plants are working on full time and tho general trado consulted In this lino speak en couragingly of tho prospects for future business. Whllo the Orders received at present are union, appearances Indicate a moro steady market. Manufacturers of dresses report that many of tho plantn resumed bualnerfl on full time and are receiving orders enough to justify continuance of nteody opera tions. The rovlow, continuing, goes on to sny: "Wholesalers and JobborB of cottons and woolens report sales havo picked up within tho last week or ten days, while prospects for tho future appear encour aging Collections In thn line aro slow. "Manuffluturors of shirtwaists state the trado continues quiet, although there Is a demand for tno better giude of merchandise. Homo of 'ho plants have sufficient orders to Justify the oporntlon of their plants on half or part time to take care of lmmndlato orders. Col lections In this lino aro alow. "The Iron and steel market continues tiulet as regards new business. Soine Increased activity, however, Is noted In foundry Iron nnd In tin pint. Pipe Is also reported moving fairly freely nnd automobile manufacturers aro return ing' to tho market In ft moderate way. "Wire products are In fair demand and structural steel moro active on small tonnage. It Is anticipated that tho opening spring season will cause a re vival of trade, but at present the situa tion Is generally a watting one. "The hardware line shows little chong-o In general business conditions There appears to bo a fair .amount of activity and purc:inHes are in moderate quanti ties An early Incrcnso In the volume of business Is anticipated. There Is little change In prices and collections re main good, "Tho electrical trade notes a good volume of huslmss In housenold special ties, wheroln a brisk demand Is reported on labor-saving devices, both Jobbers and retailers being well employed, Some activity Is nlso noted In connection with bulldlnc operation work. It Is antici pated that tho spring season will bring considerable business In this line, al though nt present a waiting spirit ap pears evident. Prices aro steady and collections fair. "The stove trade report n fair volume of business. In stnplc goods with consid erable activity In supplemental heating apparatus. Foundries are operating at about 80 per cent capacity and Jobbers and retailers nro fairly busy. Prices are reorted firm and collections show an Improvement. "The leather market continues dull. Sales aro In such small amounts as not to affect the lanro stock on hand and prices offered necessitate a sacrifice "Thero Is shown a slightly better de mand for glazed kid, but not suff'clent to affect tho market. Shoe manufacturers are working on novelties, having moder ate sized orders for Raster delivery. Staple shoes for spring trade are being purchased, but In small amounts. Thero' appears a growing scarcity of men's shoes and prices are firm, "Millinery dealers aro preparing for the spring soason and report good-sized orders. "The local lumber market Is reported quiet, there being no demand of mo nvnt. It Is reported that considerable Inquiries aro being received. There Is no change In the price of lumbar and TOino of tho manufacturers report their mil's are still Inactlvo. "Tho local coal market reports no change of moment In tho bituminous fields. The lack of industrial aotlvlty Is retarding coal In this dlroctlon, but thero Is a fair demand otncrwlao. "The anthrnclto market Is fairly ac tive, with an Increase In demand, owing to the weather conditions lately. Prices aro about the same "Tho general condition In the build ing trado shows very little Improvement and, whllo materials In some lines are getting lower others are still holding to the old high futures. The segregate vol iVctt; York Bonds Am T ft T B 3 am a .... si'4 1 81V, Am T L T 0 1.. .. OSVj 1... . !MV, 2 0.1 ',4 0 DSU Armour AM 3 80". Atch Topeka A if a Fa ft J 11 T2 7 70 6 70 Alch Toreka A S'a F 4a 2 7h 3 78 1 70 1 78W A C Line 4 4" S .... 78 n.lt L Ohio cr tflAI,i:i IN 11000 Erie niy Co it 1 S .. . M'4 1 64 One' I Klo 1. .. J01U 1.... 10U. 1.... 101 U Gov't P It rcli 1. I. 1-. s . 13 . !H 00 u (10 , ... eo .... enn II t Ohio am S S3S 1... . 93S nun a Ohio 4i 1 BStt 14 . . n', 1 081 IUU t Ohln 2 70i a .... 7o; 1 70 IUU It Ohio 01 3 Rl 7 00i S DOS 3. ... OOfc DtOTIiD A W Va An 1 (1C.V4 nto arm as 1 .... 7S'S 1 78'4 II c O Tot 4 14 .... SSH 3 BVt l tr.y. ncll T 7 rets 1 ... 102V4 3 ... 102 3. . 102', 2 ... 102'i 1. .. 102 Ilrkyn X T :. 2 28 myn Union R lt ta 1 04 "j Canndlnn N n niya rets 1 ... 101 10 ... 101 1 ... 101 1 ... 101 1.... 10fl. Canada S'n S 1 esw Ct'l of Oa If 2 0B Ctt Pacific W 3 .... 73M 1 734 Th'k & O 4H s. ... 7n 1 .... 70H C A O cv IS" 00 Pfl no on p't uu on fi!t l l. l. 4. 1 1. 1. 2. O Rwlts'd ri'a 1 ... 103'i 2.... 102i 1.... 102S (Id Trunk rets 2.... 101 3.... 102 3.... 101K O A 3hlr t 7a s cm; Ifii'l A Ma-, ' 3 .... 27H 10 27S ft 27H n 27V 10 27"4 li Centra 10... . 70i ;HICen'l4s '81 1 71 111 Cen'l 4a '92 1 73 Intboro M 4 V, 10 18 3 18 a is 4 IS Ibtboro II T fd 2 .... 31 8 31 2 31 2 00V, 1 SI I SI Marin 1 RHl 1.. .. 82 1 St',4 lown, Cent'l 4f 42 Jup Oovo't lt 2 80 i sou Inn Ooy't 2n-l 2 .... P0 12 .... 80 Jap OovVt la Orrr A Csl 3a 2 DO Ornron H in s S0V, fl SOU 3 . .. 0'4 Ort-W'n Co Navl Co 4 1 73 I'jc O A i: 3a 1 77't Pa II II 4 '4i B 00 ra nil en 4.,a l m 4 WV, 1 01 Ph H sir B 1 S 1 1. ... B re-ina It 1 2 r-rmn It I' 80 80 80 80 V. SO H 81 ' 1l 80W 80 80 1. 1.. 3.. 3.. B.. 2.. 4.. B.. 4.. B. . 23.. B.. 4. 4 . 1. 103 104 104 104 104 101 104 104 104 104 10-1 104 101 101 101 8 ... 3 2.'.'.! 10.... 11 ... 0 ... 23 ... 10 1 4.... Kan C Ft 3 A Memp 4i B 03 Kan C A H 1 sou Kan Ct Mi 1 33 Kan C A V 1 74 1 74 fll 01 01 J 02 02 01 01 02 01 S 01 01 Peoplea (Jan V A C Co H a oo Phil Count -i 4 01 Pitt Cln Ctii A fit t. A Be 4 SIS 2 84 S 8... . 84 2.. . 84 n-a'llnr n t 2.. .. 81 1 81 Klo Ornml U Wn elt 4 4 .... Sl (I I A d t. 4 2... . 08 St l I'n Mt ft S'n niy 4 3 B Ht I. A 1 8 1. ... La8 3. 2. 3. 81 t, A 3 I'ran f4vrte A 01 03 VI 03 48 41 48 3 .... 01 a oi 4.... 01 0 HIS 1 .... 01 2 01 B.. .. 01 K Dela-'m 7s pi I. A 9 Pran 3 00' flerlei P. to watch the proportion of operating ex- j ume of new business for he last week penses to grops revenues us to empha- amounted to J276.810. while the corre slzo declines In gross revenues as com- snomllng week of 1020 showed $1,678.- narcd with Inst year's results. We are I 11?- . , , .... ,. nt h nnlnlnn Hit l,o rnllron.l. n-lll The local conditions are not favor- .it i fT i 1 i ra.llroa',s w.1 ' able to the starting of activities In this Ultimately Win through tO a niUCll , linn (no! nmt- uil tho hrteV mnnnfnp. sounder position with the present freight rates as the basis of earnings. Declared Exports From Fnwce The value of the exports invoiced at American consulates and agencies In France to continental United States during lfUiO amounted to $401,12ri,023, against l(l,ntl7.:iOS In 1010. Exports to the Philippine IslandH were valued nt $3,3(l2.17.r. ugalnst $1.4-10,0(13; to Porto Klco. $507,311. against $127, 1)71: to Hawaii, $10.r.7!)0, against $r01 ; to the Virgin Islands , $t)784, against $100; to the Panama Canal, $ll".ri, against nothing in 1010; mak ing n grand total from France to the United States and possessions of $407, 2CU.84S during 1020. ngalnst $1US, 140.032 ... -CIO, an Inerense of $200, 112,810. There were notable Increases In all the principal commodities from Paris except cattle hides, cigarette paper, horiehidcs, precious stones, saf fron and seeds, which show decreases. The total shipments of gold from Paris district to United State during 1020 amounted to $81,071,417, against noth ing in 1010. Growing Popularity of Acccpfanco The second annual report of the Dis count Corporation of New York fur nishes illuminating evidence of the rapid growth In which "acceptances" have grown in favor ns investments. The net profits of the corporation Inst year were $."(00,070, after mnklng full pro visions for stato and federal Income taxes ond dividends; $300,070 was added to the undivided protlts, bringing turers at a meetlns: held recently acreed that there could be no reduction In the cost of bricks at this time." LONDON STOCK MARKET -In- Oils Improve Home Ralls Sag dustrlals Fall to Rally Ixindon, Jan. 28 Addresses hy Influ ential bankers and the half-yearly meet ings nr stockholders failed to help sc curtles on the stock exchange today. Tho markets generally were dull, and the customary week-end absenteeism was In evidence. Korcrd selling caused weakness In spots In the gilt-edged sec tlons. Foreign loans also were In cllned to droop. The oils showed an Improvement. Shell Transport was 5 and Mexican Knglo 8 3-IS, Rubbers also were hotter, hut Industrials did not rally. Hudson's Uay wns 6. In the face of dividend announce ments, home rails sagged Dollar de scriptions nlso were tlabby and South American rails lacked buoyancy. Kairirs were slow. B 7T 4 87 3 74 1 70 1 .... 00 r. Bt L A 3 Fran Ck A Ohio M K Pels ct 8a Serba C 1 01 1 63 1 .. . 80 Ck A O rv St K ntlrm wl 8a flt L HoWn Bi 10 82 3.... 100 1 .... 03 B 82 2.... 100 1 03 C A Alton 3'. 1-... 10O i .... 05 1 30 18.... 100iBt P & Sioux Chi n A Q Km B ... 100i ctty 7 1.. .. 80 1. .. 100' .,. ... BR Cll A Q 11 S'A 12 ... 100 I 1 08 1 .... 72 1.... 100 3 .... HB Chi 11 A C) 4 12. .. 100 Senb'd A I. nj R 07l 1.... 100l 2 ... 30 2 07 0.... 100 3 . . 38 1. ... 07 1. .. 100 (Heab'd A t. fd 23 07 3.... 100 B .... 41 A O V In 4.... 100 ' Air U ata 4a 1 B3 1.... 100 1 33 1 S3 0.... 100 Bo'n Paclfl- fd B .... B3 ' 2 . . 100; 1 .... 77 ChlcaKo Mil A 10.. . 100i t 77 8t l" I 4a 8.... 100 fio'n Pacific 4a 1 00 Kingdom Ien-I 2. , . 71 Chlctico Mil A mark et 8a ,B'n Pac c BP 4a '23 1 i)0! 1 ... 78 10 .. . 7B 2 0JV, io .... 78 Chlcuco Mil A 1 ott 3 78 fMP cv tu 3 PO'iSo'nPactn Ba 1 70 B.. .. ni! 1 00 1.. .. 70 0 DOS S'n Rulhv u 1 .... 70 Kliwdnm 2 00 1. 70 way ct ,' l ... em, Chi Itallw - 1.... 100 I 1 00 I . . flll 2.. . 100 23 . . SO 5 01 1 100 S'n lUllw'e B B 01 1 . . 100 1... . 80 Chicieo n I. d 1.... 100 Bparta 4a A Pac fd 2 100 3 .. 78 0 ... 09ilark Ute. Union Tar 1.. .. 08 1 0 1. ... 82 3 . flv ,I.il He Sin 1 . . . . (-3 1 08 M 4 "31 If ...h ! Chlcaa-o It It -li T !' B,... 100 ' Par 4 1 84 f K. nf PENNA INCOME TAX WAS DM J One-ninth of Whole Amount Recoived in 1918 BIG EXCESS PROFITS SUM P. R. R. BONDS GO ON SALE New Issue of $60,000,000 to Net Inveotor C.D8 Per Cent Kuhn, Isoch & Co , of New York, an nounced yesterday that tney had pur chased nnd would offer for subscription today '10.ono.Qoo llfteen year 6 per eent gold bunds of the I' nnsylvanla Residents of This Stato Paid Ha,lr0!l(1 rn- Tl"' offering price is to i sr.i'i aii'i a'-eriien n.i.-resT, ill wnicn I'.guro the yield will be 6 68 per cent. I)for- noon tod.iv thr announcement win mudi that the lists had been operd nnd wi re rlosod. IndlcutlnK an om rsuhscrliiti'in nt the lMUe AHoelntei with Kuhn, I .neb A Co, Is a syndicate composed of (he Natlonat City Co.. the riuainnty Co. Dillon, Iteail & Co, Hnrr'" Korhi t ft C-j Kidder, Peabody & Co, l.ic, Hlgglnson & Co., Illalr & Co. nml Cnssntt ft Co,, of New York, th" I nlon Trust Co of Pitts burgh, and the r-ontliientiil and Com mercial Trust and Havings Dunk of ''h lea go. The bond.'l ar s'Ture.l nbllgntlons by JfiO 000.000 of geiifrnl mortgage 6 per i-etit gtdd iKinils, of tho Pi nnsylvanla Ilallroad and $C,n(0,ooo general mort gage 6 per ient gold bonds of the Phila delphia. Baltimore and Washington llallroad Co This in Hie first big offer'ng of rail road bondH in the present mnrkct. The proceeds of the isiiji- It was said yester diy would l.e ii(d to prolde funds for taking rare of T'ennsvlvnnla Co. maturities during tne present year Tho offcrlrg Is s'mllar In many ro slu'fts to that whlen the same bankors brought nut lam spr'ng. Just after the roads had pissed bn.k Into prlvnto con trol The previous issue wns it $60.- ono 000, of ttn-ear maturity nnd tho Washington, Jan. 2. Dr-tnilcil fig ures on personal returns from Income for 101R nnd war and cxcimr profits taxes collected for the same year, made public mby the bureau of Internal reve nue, show that out of a total of SI, 127.72! .WW In personal taxes IVnnsyl vunlans paid ?1.'I7,71..'170, and of the total wnr nnd excess profits tnx of .?2. .ri0,'5.ri(l5.1)30 I'etiiisilvanin roriiotutlnns contributed .$.1011.020.821. One resident of I'entisylviinln out of the 51 R, 720 who mnde Income return pnid on tlio basis of an itirome of S2.000.000 to iV! 000.000, two on 81 .."00,000 to .$2,000,000; five. ,1,000, 000 to $1 .nOO.OOO, and e'even on in comes ranging up to .$1,000,000. The nn..in1 na... .... ........I f..... tft .., ..-y. .mil iiijv.i ii-iuiiu iniiii i'1'iiiic.vi- iino quo, or ttn-enr maturity n vonla amounted to f1.701.2."iO. theitate waa 7 per cent. Those bonds also surtaxes $r!0,OS0,12O. were secured by collateral of tho samo The number of IVnnsylvnnians who description nnd In the same ratio ns tho made returns for 11)18, in addltioti to rrr.e,lt bon,',.H .... , i,... .i i '.'.' ' "'I""-"'" u The syndicate letter announc ncr tho "T """"iivii noove, nre as I0lllW4. r,tf,.rna wns snnt mil Inal nloht ,...,1 h subscription books w'l. b opened this rnornlnc Bond men jsierday were of the opinion that the bonds would bo oversubscribed within a very brief time, nnd It win said that orders nnd been taken by dealers for amounts which ait- i rs ! rfrejrato more than the total OH 7K It Is expected that this flotation will 1 nil brlnu out others, and the predict on was in li- made yisteday tha' se -ral roads, not- 'Ji !.', ably the Chtcaito. Hurl'tiuton nnd I (,-( Qulney, would announce financial pro- S.v'.'i Rromi. 2.310 l.'.i'i i . l r.:is No of ri-turna .'iS.TIil 141. Ci2 '.3 1132 IJ'.'rt-. nontaxnhle Incomes being ilcsiRnntcd by s star : ' Incomi r.ssa" tl.iJO') u 12.000. .. l.fHlO ti, 2,000 . . 2.IHIO to 3.1100 . . .' Of ai tr S.nno. . 3 00O to 4. 000 .1 000 to t 00(1. . . 4 imo tu r,,isp( . 4.000 to r. nun . , r..noii to o uoo 0 (i0 tu 7.O0I). . , 7 nun tu h iino . ., 8 000 to ll.OlM . . ii.omi tn lo.ono . . 10 OO'I to 11.0(10. . 11.000 to 12 UOO. . K'.liOU to 13,0K0 .. 13 Oou ti, 14,000... 14 000 :o 15 000 13 000 10 20 UOO . 20.1(00 to 2", 000... 23.00(1 to ao.ooo, . jo.doa to 40 oo';. . . 40 000 to Bo onn... Ml, 000 to (10 000. ,. II0.IKO to 70,000 . . 70.000 to So.OOo so 000 to tio.noo. . fifl.000 to 100 000... 100,000 to lsn.uQO . 1.10,000 tu 200.000 . 200.000 to 230 000. . 230.(100 to 300 0OO . . 300,000 to 4IIO 000. . 400.00) t .'.oo.Oon. . SOO.U'M) to 750.000. . . 1.23(1 1 uoo FINANCIAL 2 Hill 1 '12S l."S3 1 tiik (iiuaiik rinr. vm mahink IN-fltANCK COMPANY NOTICB TO HT(ICKIIOI,I)i:nfl Tou are her-by ronfled thnt pu auant t tlio rcaalutlnna n1n:t.-(l by the stockholders R-ld the Itoar.l of Dtrecto-s there wilt b Ji'ij I laucd on February 10. 3 '-21 nve thouaand 443 aisres r.i me cuiniai nt'ieK or nin company ui ne car vaiu" 01 nn, nunareii niinara foch at the prtre of On hundred and ftfty fh'e dullara per nhnre and that on Monday. January 10, 1021 tren- will he milled to ill atockholrtera -if record at the cloaa of hua'.nras tela lay aanlmab's auhaerlptlnn 204 21 H 14f i:3 8 12 121 warratita prnntlnff tn tii-h lni-li(iilflra n- tn .- 1 their aajlrna th. rlitht tu subucrltxi for aald ;,A to-! in proportion to th.-lr reapeetlve hold JJ Inca nt aald price of ttr.3 00 per at.are, aueh Si, uber ptlonj ti t piynhle at th otllro of AccordlnK to the fieurrs on excess J" ,,.. 'Jl'''' frynJ0lh1.,.2,inll!.nC.Vh.S5 ,--.. w . u n r I'liiiaii 'ipnia runila, and tnnt tn eaae any nronts taxes the five sreat miinufactur- , jto-khoMer fail to ruhncrlre for the atoclc ItlR States of I'ennsvlvinla, New Ynk tn wh eti he r ehe 1 be entitled or fall to Mnuknchnunttu fihli. nml Il'l.w.lu n.,l I aaalcn hi; - her rtcht to aubacrlbe. to sny MassncnuseitK, unio ami II iliols pnid , ,on who rhall ercla aald rleht. auch more than one-hnlf, to the total of Si! - ' utirk to which auch a'ockholder or hla or her 50."i TiOJi 0.10 wnr nnd excetis niYitlifs aa'laa were ertttled w'll be aold nt Puhllo ... . 1 ??i 'LPSM . p ; , 1 Au.'.on on Wednrailay. Pebruarr 16th. lfI. taxes recehed, while the ncrieiiltunil t isreive o'elork nonn tn the Public 8l-- States contributed little In this form of I room. Philadelphia Hours-;, at n price- of not -.,,..,, n , ''" 'han (jno hundred and flfij-flva dollars ' "' 1 tier snare. DAVIS Ci. PhlladelpMs VAT-'ailAtf. 8eC.try. P.i January s lt21. Of the total, the five states mentioned paid $1,000,740.01.1 In wnr and excess nrofits taxes, ns follows: Pennsylvania $.109.020.821 : New York, $0.1.-,.ri47.510; Massachusetts. $2211 -W?,"(i ; Ohio. WlO.sr.O.ri.-ill and Illinois. .$21.".S10.. ,, ,t i 1 i .1 , ., .tl vv-' " wj u"- ...wi iKn . ..niru i-curunr; -111. .iiiciiiKiin. me mil inner cwiiu iuou. at a price r.ot ureedine 101 nnd Jn whose excrss prohts tax co'lectiotis "" ' "je amoiintor tre annua, atnklinr amounted to more t'.an S100.000.000. i.u.?.!:...!?'?2' .Hi',11 " m' " Tliur.day. A. II. POX JiLN CDMI'ANY Proposu's "vll, lie leeclved hy the under lur.eil for the urrna-r of outa'andlnt lords ct tie A. II Pox Onn romnany. ay cur.-il by Truat Murteav dsted Peliruary L r'iipuiirv in in?i pnid to the government in tins form ofjTHK land Tiii.n & trust c-o.mpant. revenue .$118,.'2,ai0. Some idea of the amounts received in excess profits from the purely agricul tural states can be snined from the fol lowing figures on col'ri'tiniis from thtue states: Kansas. $12 002.4(10: Iowa. ISU.:i40,8ti!l; (ieorgia. $2:1,010,078. BETHLEHEM EARNINGS LOW Net Income Available for Dividends Was $14,458,835 The nrellmlnnrv repot t of the Beth- J lehem Steel Corporation for the last j year shows press sales amounting to tzii.si ;.i. ine ktohh snies in tne precvdlnK year were $281,641,907 Total P. W. Cor. Uroai and Chertnut Sta , I'nna ra irnst ln-Tiirliiuiit. 1 MeHIni". net eirrilncu nf 117 131 SM In llifl nl. Panr. The ll'f sn.-iinl mi tlnir of the Nto L. ITiI,m- J,i ",hl ti- 41 it v i1'1! old-r of tht Munuf.ictiirer' Plre In.iirn most coincide with the 11..441.21S re- (omp,ny m j. helfl ,,, ,,, , rnp cltlet. 10 ... 72 ' 1. . .. H41. I'd 102' rini. Cop'r C.si' i Mv. ! 1. . . 0ft S . 724 4.... 108 3 Pfl 10 . 73U 1 108 , 2 00 73H Minhat li'.t 4a 2 .... 00'i 3 36 V K of C. ilrlt 3 ... SS i I'd 102 Stan K Pta 4 1 37 S "i s . r 6 77S Mn KtTt 4.. .. SOU 12 . . 30 Mo Pacific 4' Phlllpplno I'hllliplne -Is, GOVERNMENT BONDS Hid 4a. 1034 108.1. If H lov cou 2a, 1030 V B Oov re 2a, 11130 U H Oov rir 3 "in U S Oov coup 4a. 1023 SI filH O'.i t'O li - 102 Ask I'd 00", oo v "1 ". 103 Tradlno Quiet on Paris Bourse Parla, Jan. 28. Trading was quiet on the II on ise today. Three per cent rentes 6lfr 26c; exchang-o on Ixindon. 5Cfr 0c; 6 ikt cent loan. 85fr '.'Oo. Tlio dol lar was quoted nt Hfr Ifi'-jo. fJTTMAATTQMQ Inner Lights on Lives and Whims IT. U rJLjt 1 J. 0 1U O of Personages in the Public Eye By WILLIAM ATIIERTON DU l'l'V To the boy of sixteen n man of forty Is old, says Chattncey Depew, but there is a reverse sido of tho shield. A year Or two ago when Hichard Choatc died, an old lady friend of Mr. Depcw's was commenting on the pnssing of the famous diplomat. .She had reached the life of ninety-five. Choate wns such u young man, she said. lie was only ilghty -two. Mr. Depew tells the story of a visit to I'arin some years ago during which visit that city was celebrating the 100th anniversary of a well-loved scientist mist, chairman of the Tariff Commis sion, been me what he is by Occident. When u young man he went abroad to study. He was interested in literature and art. He spent some time In Kng innd. where he made a study of the passing of serfdom. Then he presented himself at the university of his choos ing. lie was sent for examination to tin man in whose department he was to work. He made n mistake and got into tho examination rooms of the professor in nn i iii-m i-i'iiuomy. lie tooK the ex- 111, . , .. , s " '-..... -. v.....,,,,,. , l,7 l 7l'" '"".""VJi" ,u "int ;u1 ""Yft ?""" It consisted of writing a the p-ople happier zentlcit.au, despite his years, partict tinted In all the entertainments of the Jay and was still chipper when Mr. Depew sot opposite hltu nt a dinner lato ut night. Tho American asked the Frenchman for the thing to which he nttribufed treatise on tlio passing of serfdom in Iinglnuil. The young American passed with tho highest murk obtainable. Why (houliln't he? He hud Just completed an enthusiastic study of tho very subject. Having thus got such n fnvorivhle l- 1UKIU1IICU . . . . .. ...-. . --........ his longevity. The latter snld that he" "i c ,0''tleiU wouoiny class he had never smoked a cignr. thnt he had ."'"J'0'1 V'T' . l'nmc h,.ck to AJner' never taken n drink of intoxicating ,cn nl Ims been teaching political iqtior. that he had never worried about "i-i"'-. '" coIIckcs all about the conn anything. trJ' cvcr ce. Ir. Depew commented on the evident He says, however, that he still re- nornl of the story. Ho said be often members well n favorite statement of told It before prohibition audienres nnd political economical Importance which topped right there, Hut when he was old Prof. Uacon used to make it Yale uddrcfcHlng'nonpmhlbltlon audiences he .and wonders If It was fundamentally told ij second story of Paris. correct. Prof. Uacon held that the ills- lhl.s story was of a veteran of the rnverv nf Ainertn n, ti,,. t.i.. .. Najioleouie wars When Mr. Depew . wciitti that followed was due to the knew him he was 10.1 years old and was earning his living ns a messenger boy. He was reputed to have failed to go to bed sober n single night since Napoleon surrendered at Waterloo. Dr. Thomas Walker Tage, econo-f- stimulated desire of the Kuropcan palate nf thut time for pepper. Food was so poor in those days thnt It called for strong seasoning. Columbus was rtvlly a pepper hunter. Ho wanted to find a short cut to tho Far Kast from which that product came. ChlTlie a-t 1 .... 42 1 . . 421. City lierne 1 . . r'3. City llnrd'x 0 1.. 03, Cty Gnrla'n R 2 .. 07 I .. . oo; City Mara' a fl 3 0 M 3. City Parla fl 3 . PH 8.. l res n.. 2. ... 1)3H 3.. 1... . 00H Cl'd Cln Chi A 1.. N li Wl H 1 10.. .. 71 1 Cl'd Cln Chi Bt Loula 0s 2 HO Col O A E lt 1 f.3 Cona'd Oaa 7 1.... 100 2.... lOOS Cuban C 8 4, ... Mi, Del & Hud fi 2 SO Den & II O M 2 41i,lS T C 1 451- 1 IU H U M ct C 43 Den it fl i 2 . ... 03 , 4 0 04 Utt u 111 ,i 3 00 Do Can 3a '21 23 . .. 00"j t) I'm 34 'Ji 3 .. S0H Do Canada "0 1 P2l 1 .... Ii2. Pululli t i n Itnncn 3a I... . S7S I'U'i I.leht ns l, 1 ... 0OS 2 . . 004 10 . not 00 Duluth S M Atlantic 0 .1 . . OR 1 Haat'n T Va A 2. Ceurala en 2 1 W'j 12, Hrle Jtnl '.ler' j. 0-. .. 42H 8.. Urla It It e . I to. 1 IIS 2 .... 3K Ilrle II 11 cv I) 2. ... 43 .33 34 34 '4 34 S3 .13 33 r34 .131, 33 4 113 '1 2 .... fi.l'i K of O Ilrlt & I'd lOSli I.... !" 4 SO 2 fs's 1 e8, U IC of CI I.r 1 A I'd 1037 Mont' a Pwr .If 1 1.7V, New O Tex I Mexico Qa 1... , 04 N Y Cent'l if 10 ,. 70', V Ctl en 4-1 3 . . 724 S- r Ctl 4', el' 1-. . 70S N Y Cent'l Bel" 1 . .01 t . . 004 1. S. CI 8 3. 3. 0. .1 10 1. 3 Mexir 104 HO 4 40T 41 41 41V IIS 414 41 v. Ut'd R'ds Snn 'ran eqn " 4 . . 32 ft d P.M s in V unct 4a 4 .... 814 1 . 32 V, h rt . 1 r.e 1 . . . 3 S 8 nubh'- S a reial 1024' 1 1021411 Srur Ynrls ft !. .4 3 4a 2 024 N Y Tele i,r 1 .. 7TS 2 . 77H 1 77 jVn C Chem lis 2 ... 7T. I 3 . . 03 3 77V V.i rtalln's S Y Te.e'a il J . , S5 1 IM4 Weat n Md 4- eiv Y W r ,4 2. . . . f.3 "t Hv 1 0 . 34 4 1.. 1.. 2 . 1 d I 20 . 0 . 1 . 1. 1 . 2 78 77S Stei-' .. 04 .. 04 . fi4. .. 04 4 .. 04 4 04 4 2... 41' N'W & w I 3. . 104 V 11 Pl.-'fl I I7SI -7". Nth VVn lii I! Tell 4 4 I ... ".' Nth Wo n lie'" Tel 7a Oil 4 V I'nion 4 4 1 . . SI 4 3. . SI) 4, V li K Slfr -1 tM, 1 f'lS 3 . fill 4 W t CO 4 1 . . O'H . 0S4, . o.s . Osl, . ris, . fs, . PsS . ps 4 0S4 . fsi, H 4 4 33 HO', on C.i Pil'l1 0 ... S04 Ii0'4 W lion Co ie Pin, 004, Hlgb l.ir 0J l'J lj HO s7.-io sr id N7.10 S7 10 S7.no s r.u s7 :to S7 jo Liberty 3d 4Vd . OO.L'ft fHi 10 Liberty -Jth ,, . S7.70 s ."o Victory Note Mi'.s 07..'ltt 07 .11 Victory Note 4V,h 07 110 07 .14 Liberty .IV.s .. Liberty 1st la . . Liberty 2d 4s . . Lili.nty 1st 4V,i. Liberty 2d 4Wi po , f.0 4 1 1 .1 3 02 00 S7 10 S7 10 s7 kO N7.21 lK).2s 87 OS 07 :l(l 07.. Ill Oniollne and Kerosene Reducod Ner York, Jim 2S Gasoline Ii.k. been reducial 3 cents a gallon In Tt.n anil a similar cut hns been made In kerosene. Oitsollno Is now qtmted in Dallas at 23 cents wholesale. Undue tlona of 2 cents In gasoline and 3 cmts In keroseno havo been made In Jlocky Mountain territory Tho Denver price wns reduced Irom 32 to 28 cents whole uale. , pcrled In 1310. After all chanre.s and allowance to cover federal taxes th net Income available for dividends wns Jl 4.458.835. or h equivalent, after pre ferred dividends, of $18.33 a (.hare on the A nnd B common stock This net Income repreBcnts a pmfl of 6.27 per cent on the total volume o' bUHlne.su In tho previous repor the earnings ap plicable to dividends amounted to I". G -336,860 or 113 SO a share after allowing for the preferred disbursement The following table shows the chief Items of income account for the last two years Oroaa aalra 1271 431 21R I2S 041 007 Ilxreni-a, tixei etc -lis 4(IS Kil.1 JH1.4H4 130 Net mfc. pn.Ot . H3 Iul2 371 13 117 74 1 Other inrnmi- . 1 3S't,lh2 J2'(3 4,i' Toliil net enrninss .17. 1"! v.i 37 04' " inierea ana niei-uurt n 1131 -111 S.40U 330 HZJ rtl.MI'ANl NOTICB Plttahurch r.i Janusr 2fl 1021 The Ar-nual Meeiine of Hteekho'dera of the Continental Imnroierre-nt C imrany will be held at the office f the 1 'm i.mj Room P10 Pennsylvania biatlon, Pittsburgh Penn. slvnnla. nn Il'l'nv-'SUIV pr-ir" . nv 11 -eo, fit 10 o'clock a. tn., for tho election of laven Ii.reite- ,u r, f 1(j rrrtll their auecesairs are elected, nnd tha tranaartlon i;f aurh ott-er liua'neas na may properly be preacmej u (he meiini S. It. curncir - Serretary. to Tin: stockiioi urns of tiie " .lliiniifnrturrrs' Fire Inanranre Cora- inn ii-i" sn.'iiui m. tmir of the siock- nce t A ma coTipnnv iii wtunui erreer, pniladal pi la on Monlu). .Iiinuary 31, l0!l. at t p -n 10 Meet fnur niri inra to aerve for a period of 'tire- yenra. four Plrcctora to Rerie for a perl d of te-o years and three Dl r co- to afrve for one year nnd to tranaact auch ether buslm us mitt'-r ne may properly c mo before thi s-n.-i.ho'der J K AM. EN Secretary repp to thi: sToriinoi.KKns of Tnn -' .IHniif irtiirfra' Cuunltr Insnrano Company Th- urnjAl m-e'ini: cf the uock t oiders of r. vinnuf ictnrers t'namlty In nimnce Con-pan wl'' be hM si the horns ffices of the cimi.an 0.1 WUnut stre,.t rhllid!ph!n 01 fonilnj. .Innunry 31, 1M1, at 2 p m to tlnct 0" Dlree.ora to aarva fur 11 period of three .n .nn Director to er- I ,r tirj imr ,md to trinaact auch ofier bulneca ma". r as may properly lume ui'ium nip bi'ichi piuerii J K ALf.EN Seeratarr. H.31S 200 ' ffSSaWAItWItK IHOX A .sTEKI. rO.MFANT IlAlancn es.idi, Hn 97 n'l.s .tl -i 1 - Th Artuiil Meetlnir r-r h Hiiwi.. Depreclntlen is cV- hilders of the M'uriilili Iren i Steel (oinumy pletlon 11011.113 12 m) 132 'will b hald n the Tr! nd''phla Office of tha Net Income . 14 ISfc ..!.', 15 l.'.f. Ill i Company. 323 rnea'nut Htr-ei. Tuesday. The follow-In statement was l.,..Ull .V.e'T-r? 'f ."p'-.rd'o? nirSSS,.l''toMior55 In connection with the report- i for th eneuln year "The allowance of tU.stl.OQO for d. . i Transfer book f tho ("V-np.sr.y will clnaa preclntlon and demetton exceeded liiet ' Jonuary 20th ami ' "Vir.V Phr .,arv ,,lh 1021. yenr'q allowance by II. '175 .'(id. This in- i Il'"l " ,'-'j;e'arv crease was caused by the Increased i-t rinr.MTY THI st Comimnv value of plants In or-ern'lrn throueh i- ...'' ptn'.d. ,i h.a unun js Tin, thn vear and In addltl n all Inventories rte etAte.t imiiiI 'i ..f'tic atocke 'vere adjusted In value to -ithr th st s.iidera of this mrmm l ', he h. , Bt It of production or purch-ts. price, usln.- .7.. I-,'.';' ' i.V.... a '. .; . . ' " .. i"'l. tne lowest utrure in e.ieti es,. Financial Briefs i 'I ui-Mlaj . I rlirner S tti.'l, m o'clock Mill, HI nn- I T 'i..n ,,i I ll()1r(j ,,f ni. tnr" :or me eisj'n M-ir nn I for th "ua h may lr,.t,ffaettiin of t-ii i'l - 'lirl.t I. t ir f-. "i J i-P.l'H M Mum . retnrv The average, price of tivutv heti.i Industrial ntiK:k nihancil 52 'r ct-t.t to i( ji yesterday, unue twent- rail pS?0 oprin: or rmr inn.rui v tucst PhlHIo'rhl.i .far ary si to"! An Arnual Me-inf of i . St irHnM.;. .. roads madu a B.iln of .19 ih.t cent to .''', C"""'.' M,:l '"i h'? 'Jl hlr offlca on 7G.19 Tnrsilaj 1 eliriittry S .1021. ai 12o'ooil! m and en the m da in eiert'on will he h'ld heiw-ri the ni-s of 12 o'clock rn The 1'nlt.sJ Krult Co has Issued It.' 'in' ' ?Lc.'f ?..?-?-!'. ' D""r t i.rvi inual report, fur th- year ended D, ' , xtprro, i emuer ji xnnu nL' net in.-rtmd nfi-i- Interest and tnseH of 129 005 107,'eou'- i i-fT TJ't.. ulent to I.'S oi ii bhare earned on the I .' h ., )., I .1.1 nil ft nnn ..n..t.n, . .- . . j , erfn el .n ', j-i,,vwu iiii'n ii eiiv-i iis conipa.ea with net Income of 520 Iit.1,R17. or 140,07 a sh.uo eiirneil on the ISO JH". f.UO e.ipltal stock In the previous fifteen months. 7:30 r. '"YSerretarr. SMVL MKITISO OF TniB V v ."' " '. 'd at isoo iniliir. .lantiiiri 31. 1021. it CMAnEtir p i.itiniipt,. Pi-uiilo'nt. spccl.il riuettnp; uf Atlantic It, 1r Inp Co s'oekbolilers will be he.d A pi I ll to authorize an Issue of flioi ten-j ear 7 iwi cent if". note.s or di - dentures Peupoanl illl ' iiri-if'i: nl i in 1 1 in CITY IIU.I- .., ,e I I't ' stationery end t--i; le ll h m.Uet .. th ii. i rim wim i-iii iV i'iin..4i)i:i..n.C or ,r!i -,. 1, ,.,k ,,,,. h- ejr trij ' "' 'loniliiv. f. r t ..... bi. i i nr; . tir mum n . ' !', P ""'-, ' ' ' ' , F,f".' ' - ' mmitVii 'Jl Thn Centrtl Wlsitmsln Hallwnv Co- ' .iH . 'r'"' '. '" "! , ' n i..hih thi was imthorir.d mdav bv the Interstate I "li-,m.u1,,n ', "."!.'. .e.. at .i ;h"':h,i '"n Commerce Commmslon to a.-uu're nn! ;i',,nr t.. dmiver-t .'jrtnjt im rin!? operate a alt (lie nille road In lim , ordered N. il'4- Ml Ui -e.ei"d . Claire and C'.irlt nuintle.s Wlseonsln, rept frim peie.ua a' n-e munufaciurerl unib-r lease from the rotrchlld and or dealers t t'- a-tif thry miy l Northwestern lth an option of pur- fr- Tne rrei. ir. r eyr,., . r(ht ihnse About liisiioo w ul I tv n-ed.d "V.1. .J"JVe ,..ni..i i . . . " .'i .?.rPoal '." ti.d h.l. li-eli 1.1 - 'h ,IV-L-'"V to ispilp and start rperstnu !h new line, It was stated The American AVboiesale Conionit! in for the ear er led Deeemner 31 re tains net i-.irtilncs after fi,l .r.il tuxes of i 26 774, i'(Ullllli-llt artel tl-.lui lion "f tire erred dlMdends to Cd cents a almre earned on the l'nl shares oi ommi n sli'i'k o" no pur ahii- ns eompired with 4?!2812 or 12 21 o blmre on the Oi "00 sbsren !n fie pre iIIfik jetr ,....! lid A ISlI.d h.l. I"''" ,,. ,t na duo nil lertH, I ii h 'i I. n.i ii " f ray ai rilEPKUi'K J MriY,-T, ' i' v,a,Jr;r rrois's-ils fr Hie 'instriieiloii of Non. i.niTlllKsl.llltsJ Oltlerrs' UimrlM Ullltt- of tie (oiisiruitliiK liiMrtrrmaair. I'runklntil irnil. I'hllu . l'a. Hralod unit. . P- ,.,.. in .t for Vli -ia uii.l S p ... wi 'i i,t ..-elvtid h.r. letriiary s iuzt. nn,i tn,i 14 ll ' t '(ill .1 Si alucl .v",l n Hi'PMatloiv in- tttnrii The Old Tin Box Contained the'iso' . , upon thousands of hIiuiv i of stock, hut they werti not worth the pirw they w.'te written nn Do ni know Hint mi maj pi'. I us.. tliiiin.-'i us uh uri.ill a Jot as 10 shares nf u.v of the 'etter K-"iid 'Isted N'. w York Htiek Kxi'hanirs socurlti-n tiy pln"irK m inltia, I'cpos'i and nrmt. to poy the halanc In mon't.lv liibtnllm. nis Our booklet '.S.iwni; nnd Intestine ' will be chei rfully sent to you. It explains tin- etoi) Alan A. Alexander & Co. STOCKS and BOVDS COLONIAL TRUST DLDG., PHILADELPHIA Hell I I.oeust 3340-1. 2. 3. 4 llrimrli Offlea Keyatonri llneo 1071 Ilrldgeton, N, J. 'v. 3