rf ;,v. EA'ElSriy4- PUBLIC iLaERTHILADELPHIA atOKDA,' r JANUARY ' 31, 1021 10 $60,000,000 The Pennsylvania Railroad Company Fifteen-Year 6-2 Per Cent. Secured Gold Bonds Duo February 1, 1930 INTEREST PAYABLE FEBRUARY 1 AND AUGUST 1 Coupon Bonds in ilciiuiniiifilions of $1,000 and $500 each, with privilege of registration as to principal and exchangeable for Bonds registered as to b.uh principal and interest, which in turn may be exchanged for coupon bonds. NEW YORK BOND SALES Summary of Individual Transactions on New York Exchange IL Financiul Briefs ts.M.ns in' imooi Amn AtrlfM AlChlcmro II 11'OiJan Ciovo t ti ('hem tl flu H Iao fd 1 . . cat! il.... loo",1 1 . . Its S .Knn c ft H t Amn HmultB ft, 0 . 11RI4 2, 8Si H'b " I .. , US14 K c T rtl) Is 1 T7'l fliipuitu It ll'd! 1 72; AMI T & T clt & Pur 4 j; llelicium Hn 3 .... TS 1. ... Tl'S a .. !I1U ' .. 78 I 10 "I'ilK Itelit'm 74n Am Tl T .11 f. . . 7H 1 . .. nfi. I. . . . SI 14 Chlla C'oli'r fill' It-linn l sj I t .. 117 Pt I. I'll Ml S 0... . fl.V. ! . lid 1 H'n my , I .. . ti:, ." . 11 I 3... . 72 I a ... OSW 1 . ti7 I ft . 72 U K of l Urn a . mi'a.st . n h w Hji & I'd loan n. nil', r. ... nsijl 3 w Oreirnn S I. 1 1. . i;r,u DKoltl llrll 10.. Mir, St I. . .1 I' Irii A I'd 1037 2 . S0VI 1 . . 4S Om-U'n 11 Cu m I. t H lran NaiI Cu 1 I Series A 1. Vlll 1 lll'fl! 1 Oft'4 1 tlB4 I fi.V. 1 Ii5! II .. . 7.1 1. ... 7.1 73 '4 Chilis i;ot'r 7 1 . . t'fl I : it'lly Home Sn n nam f. . .. lis". Aru.our 1'4 iCty Ciitlfl'u h- n.i Principal and intcrcM. payable in gold coin of the United Stale.-, i America, of or equal to the present standard of weight antl fineness without deduction for any tax or taxes (other than a Federal Income Tax on the holder thereof levied by the Government of the United States of America) which the Railroad Company or the Trustee under the agreement securing the tame may be required to pay or to retain therefrom under any present v future law of the United States of America or of the Commonwealth of Pennsylvania. To be secured by deposit with the Trustee of $60,000,000 The Pennsylvania Railroad Company General Mortgage 6 Gold Bonds, Scries "C," due April 1. 1970, and $6,000,000 Phila delphia, Baltimore & Washington Railroad Company General Mortgage 6 Gold Bonds, Series "A," due April 1, 1960. The issuance and sale of the Bonds arc subject to the approval of any Governmental Author ities that may be necessary. Application will be made in due course to lit the Bonds on the Xew " ork Stock Exchange. , THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FOR THE ABOVE BONDS SUBJECT TO ALLOTMENT AT 99 AND ACCRUED INTEREST TO DATE OF DELIVERY AT WHICH PRICE THE BONDS WILL YIELD ABOUT 6.58 ON THE INVESTMENT IF HELD TO MATURITY. Payment for Bonds allotted is to be made at the office of Kuhn, l.oeb & Co. against delivery of temporary certificates deliverable if, when and as issued and received by them. II. . Kill S.. . lOltl, I. .. too ,7. . mo 1. 1001, 111.. 100 r. . i on i mm, 2. Ki)'i I .10 1 s .. 1(10 t.i. . 1UII CoP'K ft' a Kliwilum Don. , ... "I'll marli it Si 1'nrn cs i ir, r. r. 7.1 k i; .-, .7H I'nc O 1.. 1 . 77 W Pn It mn 1 1 1 so I'd ltd n't,,, w, 1. 7 l7, Kuhn, Loeb & Co. The National City Company Guaranty Company of New York Dillon, Read & Co. Harris, Forbes & Co. Kidder, Peabody & Co. Lee, Higginson & Co. Blair & Co., Inc. Cassatt & Co. The Union Trust Co. of Pittsburgh Girard Trust Co. of Phila. Commercial Trust Co. of Phila. ContinentaLand Commercial Trust and Savings Bank, Chicago. New York, January 28, 1921. All the above bonds having been sold, this advertisement appears as a matter of record only. HI . . Mi .,. Mill Tonelm & 1 S'a Ta a J 4. 2,. . 72I.JCIU 1 71 I 2. t 71iJ,Clty Aii ti Torek &. 1 nil. S'k Pe 4 1 . , tirtV,, (I. .. 78 IJ U Zurich retM1 H . 7h'll ft .. . (17 I 2(1 7 'Clil 1 In Oil 4, ft.. 7'ii HI I. I14R Atrh riN l'cl 2 . 80 cv 4n '00 It. 80 1 . St iCoIh n H I'll 1: Lin- 4'jbi I.. . . 71 1 78 , t 71 ' AH c Kruli 7k 1 ... T3',1 I TO il'oiu '1 Hun 7'K of Italy 11 1 nult t! Oillr ov 100 I 1 . 2 I ni'j. .. . Oil" KlinC'loin Nur- 3 t.i' fi . TO', way ct 8, Unit & Ohln 4, rieti & It (1 l j,,,, 100 2 ... CS4 ft dla I.nlio Shnro M Unit JLUMu rm1 1.... OI4H4K'ni 3 .... (M'.IDu (.'atimla -tl! ,-, , St 3. . HO 2. . . 00 iLphlgli Vy fli Halt t ohl.i (Ix'tium ltcp'c ftH 1 fw; 1 11 I ft 77 I, .n'.Mcm r. 2 dO'4, 10 77 I 2 SUM, 11 & U P t. 131 ft,. .. 77 'i r.orlllar.1 C Ra K XV Vn, In I g . . 7;ij,l t f,n I CVil 3... . 77, o.. . R2 Unit it (i mi S. ft 77 Si i,ou Nanh 4a W'n .I'ti" ' 10 . .. 77 Mil j.... 0'k I... . 7sVi)uci I.lBht (la ,1, . s Mono -la 1 7Vi .1 . , . no a... . 701 Hft't tm, tmij li'i 1; tm fllHj !i 0D ftftU (lit fl'l III) lift Hell 1. $5,000,000 Southern California Edison Co. General and Refunding Mortgage Twenty-five-Year Six Per Cent Gold Bonds DUE FEB. 1, 1944 Tax Exempt in California Issuance authorized by tho Railroad Commission of the State of California The Company agroos to pay intorcst without doduction for any Normal Federal Income Tax up to 44, which it may lawfully pay at tho source. Under the presont law tho Company will pay the 2ri tax deductible at the source. The followiiiR information is taken from ofiicial sources: The Southern California F.dison Company supplies electric light and power to over 150 cities and towns, including Lo Angeles, serving an area of 55,000 square miles and a population of over 1.300,000. The generating plants oper ated by the Company have a total installed capacity of 311,800 horse power, of which 176,000 is derived from water power. Both the gross and net earnings of the Company arc more than four times those of ten years ago. For the car ended December 31, 1020, gross earnings were $14,648,000; net earnings were $8,240,000, or more than 21, times the annual mortgage bond interest charges of $3,294,630. The Company has paid dividends on its common stock tincc 1910, the present basis being 8 per cent. We recommend these bonds for investment and shall be pleased to send on request a circular describinc the issue in detail. Price 87V2 and Interest Yielding over 7.10?o Harris, Forbes & Co E. Ei. Rollins & Sons New York Philadelphia New York Philadelphia The National City Co New York Philadelphia T 7 rctH 102 10J II Copper M (la ft Hft ft hft Ilrkyn V 'l fta 1. ... U 1 74 l.' ill I lilll MM N II Hlya rcta 1.. . 102V, 4... 1001 Cirol flliirhfil t, Ohio fta 1. . 7R C'tl I'Hilfir lit II 7ft j 1. 7.1 ". 1 . 7ft 'a Cll lVuflo 1 ... 77'i II... 774 Cli'l. & O 4 in I.. .. 7li C & O c IH M'l lU . Nnh 12.. at . OS. ir,. 70.. ft., r... 2ft!! a . id.. 25 1 . 3 IS 2 1. ft.. ' Id.. 1 13 I. t C. Ienna I 3 Id 4 (I :i r .i mo 10(1 inn li 10 ft n 1 fllVi H OIVtT S Mexlfii ti niij! r. (li'i, 1. Ill 'Hi ft. 2 . Ill 4 u s V 111 Hi 10 1 . . 01 "j L H Ileslty .it I. S Krun Imp't fta Hcrifi 0 '2. W'j 2. .. .SS'l 2 ... R.V TI10 iiM'tKgo price of ttttil netlv- In dustrial HtorltH iiiKiiiiccd It per cent mi Saturday, to 70 11, while twnty mil roods lost .07 per nut, lit 7i i)0 MttOiollliii 'Cruet Co of I'liiludi 1 pliln, with 11 cupltnl ot JMJiiOnO unit puld-lii Furpliis of J 1 011,0111). Iiiik bcuii or riiiiIkpiI. with temporun olllct. ut 201 Kullor MuIIiIIiik. l"i mil If. Tult Ih prose dent. I'll', St I. How'n in U S Hull 7'H IHO 4. ... rta- , 8 ... tl!l. (ifi'ilBt P Mnux' t . (1014 .'isi! citr 7 1 a ni'.j IO11 II.. O'.l, tJM M rttl fta inn 2 . HSU I .. I'ft fft't'St I. S'n lata 1 . . (It', I'l'l It. OS ! 1ft ... 1)44 lilllKpHl'd A I, fill 1. (i IV 10D 13... 40V, 10 II I "I H0 I 1 . 40 I 17 . til'i inn 'So'n I'ncltlc fi t. lift W, 20 . . 77'4'Vn ltallw'M 5h flft'.' 2 . 774 j 2.. . bft fi' 8 t'ac Trm'l (MVa'n llloo fti I'H'li, 1 . 72'n ft 01 111" S'n IUIIu'h l Wchi'ii Mil 4" 100 , 1 01 ft... HI'i I'm 1 . 00 W Union 4Sn litl'tWn Illy Mobllj 1 SOU 100 I ft O Ctf 4 ItV U Sift 7a t'uloii Unit mid I'nper I'orpnrulloii In ventorled ut the clocc of I'i.'O wic tin- :itk 1 proxlm.ilch I. ".or.. 000. imuliiHt $ l.ulu.- , .. .it1 'Hit tlin prcMous i,m 1111 lnteiii ol 311, 51.ISC.122. 40' 1 A KtorIliold(r' mocllni; of t'clin Sn- iKiani nitei nun im-.-m i'hiiio ioi- i'uimo- ury in 10 uuinuiin iwiiih c nun kui" hi the hnntd of ilhfctiHH of unniueil slinrcs whlcli luive hlthfim hou uuthor l.i d. LONDON STOCK MARKET Kaffirs Inclined to Sag Dollar De scriptions Firmer I.iiiiiIiiii, .Inn III (li'iidr MtiMlltv WIIH llOlf'll III tlo'Ulltl' 'I UN tin Mil, 1 1 i ' nic tnihit, iltlioiih trnilmi: 11.14 Hmall Oll'-cdccd H'ctliiu im KttiirntM mill 1 ' niinll.in lo m ( n. li'n on tli Hiillifmlorv tcniilliKtinn of the tiKitltiK of the SupKtnc ( oiiin II .'1 i'ii If 1 rcllntf In liidualrliilR wiw cheerful lluiNon k Urn WIIH 1; 1-lfl iKmlliiKH 1u the oil ttroup u re prnl Hlotml and iIiiiiikih In prlcci ueie nils..' Me II TntliHIiort won ftll-lij mid M. xl. .1 l-'nuic 0 1-1'i. Hollar I M-rlpttoi s i 1 llnmr. rind the ihiiien of South mcil i'iu italltwiju Mil hnrili In "un ntiirceM Home rnilo win lu.. mil ',rn 1 TrunkH were ! aitlM K.UIu.s in lui lllitd to f.tK ' I I'll In, 20 . .. ftO 1 It 7a, l . . ftll, lilt lT"X . l'ar Isll 10ft I 2 . SO. I 1 03 4 .Third AVn la 1 101'., 1 10 I l')1"4, I. . . 4(5 ' N" J fta, Union I'm. la 2 . 01 I 7.... f.2'1, 1. 01 Union l'nn in nln (li.ind ill. . 100H Wn 1 It a tl K of O Drill 1 S0".' ft I'd 1021 Moil, tal 1 A V. 10 . . 01 ' I.oule ,t 14a .1 00 (IS tin- 0S4 !i4 tift. Si, (l34 nss (IH1, dS 0H, HIV 18 s ns4 3... 7D4 C . Alton 3'i 1.. 3 (.'hi ft.. 8.. 10.. ft.. 10 Oil I 1 3. ft M) , 4 ... 107 I3rle 11 It cv a , ft Naah St 2.. .. 3D i, i)v da a 3'J , B 100 Uila 11 11 cv U'Mun i;i'd 2nd 10 . .. :i'li 1. .. 44 'I 1 34 jnci, Cfl 3'5s 1 .... 3D-4 1 71 2.. .. :i(lMlil 10M .1 3l)i o ... 7T Hrlo II It cv U ., . , 77 0 M'ijlo IC ft T fd 1 4341 i . . ft4 1 .... 431,, Mo K ft T 2nd' Hrlo Illy Co4a .j , . 37 '4 4 . ... '.3 lMl, ic ft T 4 2. . . r.3 1 0. . fts4 Gcnel lilpct fta j,i0 Vaclflo 4a I . . IS I m . . ftftH im.OoVt I' K rct, in ftfti 8'.,Mo 1'ai.inc lfc '! 10 .. M14 I'S'j'jIo I'nc 0a '0ft flS'4 1... . 70'. OS! 1 . . SO l'N' N Or Tpx tt Of I Moxlco fta "R-l 3... . (li'i HK4 ' 1. .01 t'S'k! 10 Ot '4 !'H4 N Y Ccnt'l la I'D ft .. S014 01 IN Y Cent' I 0a DU 10.. . 0014 (19 1 , . (101, f ft now Ct) . . (ion P','4' 2 . .. . flO"i dsv a . . po'4 t'O l.v " C 7a rcta 01 1 ... 102, I". '4 . . 102'i OS ns liri iu 1: of n tint 1 ft I'd 1022 ' 2 . Ol iWllaon Co tat 70 7(P 1. 1.. 1. 1.. I.. H. 10 3 1. .1.. 2. . C Bwltz'd rcta 10 ... 1024 1 371.1 B7,! ... 37 II ti Q 4a . .. t'7'4 . .. 0714 .. . 07Sl 07 " I t'7 I. 09 OS Chi ft 0 U 4a 3 .... ft24' 1 102',, 7 102 10 ... ftU'.j'Gd Trunk rcta .- - Tale I'js Ohlcncj Mil ft ft ... 101', 0 .... 77 ip il it ' 1 iniTi o -t ft (11 1 .. 101', n y Tflc'a 03 OlVi Hud ft JUn In 1. . )1 2 .... 2S xi,i ft I.ont III f'on'l la 'ftfti 1 . 3 2. .. 70'N'ft W uni 0a III C Ht li & Nl ft 103'; O Jt Uda fta ,x pne c 3'4a 1. ... M 3.. .12 Intboro M 4 14 v states I' fta Chlrneo .Mil ft hlP cv 4'ba 3 70 1. ... 70 Clncafcu Mil ft tt P cv B 1 71 Ijihciti Liberty Liberty Liberty Liberty i Liberty Vic Note Vic Notes 4 'J.1 1st ',"" '.M 4 is. :m -i'ii., Kll di4S. s :tn;s. . . iih. ti'sl. !.fHI Mi.nn s7.n0 80.7 1 S'.l.lMl sn.ju !)7.:!0 D7.1U I n 111 Ht Mi.itn S7.'J0 Sli.ll) Ml.till Mi.oo !I7.:!4 !i7.:t'j SO '4 Ml. 11 1ft Orders for Jll.OOO.mli) tcii-jear fi ij per cent Atlnntlc Itellnluc ('o deheu turca havlnjr been reedfid In evresw of tho amount nvulluhle hoolia weio I opened ut 9 o'clock thla moinlm,' and lui mediately closed Edwin II nthr will ho fidtnlited ti membeiahlp hi the llrm of (JcorBo A Iluhn .t Sons on I''ebrtuiry 1 Tim 1'ureltu Pipe Line f'o report- for the jcnr cndid Dei efnher 31 profit $r.l3.21S, equal to Jl'sr, a hnro f Sinn , par) mtned on Jft.O'io.oOO lapllul Fto. )?, 1 uKiilnHt protlti of $362 331, or $7..'l a Khaic, In l'.illi. 1 Morris . f'o, tmckir" In their tltcit - clnl letiort for tho eur etidlni; Octole-r 30. ronllrui wliEl t.'. alreaih known rr 1 KiirdltiK the poor icsults of the pmklnt;l house InduptrleH for the last year, in , that their surplus linn decreased ilurit if , the jiii loil $2,'i00,000 'III. if oluni. (fi Kales is unite FQllHiHctorj, (orupind. with pievfoUH earM. InventoileH have been priced 11 1 the market Canli in the bnnk la ocr $O00.HOft and their uuirk IIiiIiIIIIIch, lncludlti(r their nirrjtt m. o , drnflfi nfralnit export Mtlpmcnti ate , I about JJO.OOil.OOO Aa their quick ,is-et( , iitiiuunt lo over $CO,oOO 11(11), the ratio Ih ah jut thre to one Tin in t profit h tm.. I Intereat and tnx-j as I1j70-,i7. iBulliKt JC.Sll.W. In tho preceding .ar I 1'rvin R f'o , jn-xcl llulldlni,', nnn .tmro that, pendlni; renioal to new ollli 1 1 at 1 142S Walnut street, they will be Incited 1 on and after i-iutunri 1 111 tno oin. e or Charles P. llarnij . Koutth sticct. 1: i! - l. todv . nt 1 dime No vi inhir at . '.V BAR SILVER WIM 1 .ll !'.' I , 1 I, , 1 Thin hi the low i t nl n 1 l'MC when it MM Co, 1JJ Siuth I ( o.. corn -pond t Vow Yin an- I to II.' I01r13 after tod iv. m.oi Sli.'ill , S7.40 j .Joseph W. ilross i S(i.."0 entH of Aldred & Co, S'l 7(1 nounre their removal Sit' 70 I llulldlng. I'lilliidelj)hl.i, i7.:m ' l)7.4Di Investment Houses Merge 1 The mercer Ih announced of tli Hi in- of lU'ltnond & Co. of New i ir. mid l'r.izler & Co. of I'hil.ulclpliM The new firm will lontlnue tho hu-me-M of both hoiiKes under the nnuvi of It' Itnoml & Co, and will remain member- of the 1 Mock exchanttes at Niw York, I luladel- I phl.i and I'lttnlmrifh Tho pirttius hi 1 the new firm are franklin I. llrown. ilt'njamln Weal l-'razler, Jlow ird 1 . . , I Mmmell. Jr . .1 F II. Mitch. II. IVrrv Uikt lluiTuJo. N. V. Jan 31 -( ArTi,i0vtmrn ln(, -wnrrin S. JarW- I-iahr li, litrh-ra. J7 ftnfiS 2ft enrllnia, f.SUIl I I?' b HenJ.imin VoHt lr.l. r and 11. ti"ifers Jftftoiis. oona. $j fto'iiii 7'. Howard llaniell .Ir Thlrtv i..n ico bulla $1 ftnfi i 7ft. atoeliar anil r"ira .illletir S Itidmiiinl orcanlr." il K ilinotid United Fruit This company owns and upcratcs large fruit and Miliar plantations, railways, a licet of nhip.s rtntl lias :t substantial interest in an oil rompnii). The current issue of our Market Review contains an unaljMs of I'nited Fruit, with Hpecial refer ence to the recent change in capi talization. There is al.- a lomprehcnshc outline of the position occupied lj Merritt Oil . . unci Salt Creek Producers in their relationship to the Mid west Refining Company. .""it on rcjU"i( 1 ir L i'i Hughes & Dier jllilli. siork I.Trlnncr J ritthhurrh mopK lilmnee f hldieo Itonnl of Tr.ulf Neu nrk l'roihur I.xrlnncs WOOLF INSTRUMENT CORP. 516 Fifth Ave., New Yoik The annual nicotine of the stockholders of I his company held nt the close of the first year of (he company's exist ence, look place 011 Tuesday, .luit'inr 2."th, From the re ports of the tariniiH officers, a ter j'ratifj.liiK condition of the com pain's business was discloMtl. The company has not finlt been able to achieie n hilfli and efficient rate of pro duction of its product, but It has ptirt based a er substan tial plant in llrooklyn for Its new factor. 1JY RFHOI.I TIO Ol TUB HOARD Ol DIRBCTORrVrm: (i')Mr,N II S DI-TI.ARBI) ITS FIRST DIMDBM) OF FIFTY CENTS I'KR SHRB ON TDK ISSIBI) AND OFT STANDI NO CAPITVL STOCK Ol TIIF, COMP VXY, PAYAHLi: M'RIL 1ST TO STOCKIIOI.DFRS OF REC ORD, JNFRY 2STH. 1021. The present Hoard of Di rectors ntul Ollicers were re elected for the ensultiK ear. Dalcl New Yorh, January 2Stli, 1021 HARRY F BRISK, Sccretwy GET THIS BOOK It's Free! elrnr, oni lar nuiiljala of Inie.tiMrnl prlnrlples writ ten III alinpla noli-trclinlral ImicuiiKe la coierrd in onr new hound booklet, entitled Mfrnliara LIVESTOCK QUOTATIONS Cliliaco. .tan 31 1IOHS Hatlmnied re. relpt- (ID.OOO IkmiI, left .ier. 3J7.1 heart Ver little dolnv. V ama lftr to 2ftc loer $10 paid for light, iiimllty mostly COOil i'TTf.I naumated reralpta 18.000 licml SIIIJI.P liatlmatil re.olpta l'.i. 000 head. 1435 Walnul Street Philadelphia Ail. m : SALARIED P E OPLE Sprtue R13 rw orL I'litabureh Knee laOS tltirlanJ freah roa ntfl "iirttm-era. fiKPfilou rci'lpta. '.OHO Klfty ii nta low. r J. ft il ftii l'Hhe 'll 1 'I lllMi.s Hee. IrtM 24 000 1 -111 Sn S'earl' to !" loner lle.i ill 0W10 mixed. 110 J,tlu ftii- sorl.er' l0 7ftIU lli.ht nrkeia and nlsa tll'DllS. rouifhi, 7.7ft 1s .tnaa. CIV" 10 Slli:i:i' AND UVMIIS lterolpta 2s nno he.nt Tilltv-lle renta to II lor Lamha Jiiii'.i Ml aarllnua. liK'i S. thera. ?5tf 3 .'.0. miwi, S."0ft, mixed ahecp Jftiilft 2ft. Kerr & Co, of New ork, whl, h In became Ilcdrnond .St Co, with ullk. Hum city gllill! "3 a I'ltl-hursli, Jnn 31. fATTM. Ilreipi ig 1IKHI h"a'l Iiwar Slenrii, s 7ft'ili "u B helfera 5iM17ftO. cow. $" lirt ftfl. Calun i p" rerelpta vflO head Ton 110 IKKiS I'.eielpta 7ft0ll he.nl lllKhrr i gs 1Ienea, ll 7ftfl 10 h-a Mirkera and lluht 31 jorkera, Jllflll.fto Pica. Iln 7ft1l 1 1. . a SIII.RP AND UVMHS It. c-ltita. ftnno a hand. iHcaito. Top aheep, 0.7ft, top lamba i a ? irmiriiiii'iiii'iivJlliiiiii'iiiu!: Tax Free in Penna. Penna. R. El. DIVIDENDS DECLARED .7 C. Whl-n (o nmrterlv if t'4 pi rent on pn fvrre.1 ranhle Man h I i tc.ek nt re.or.1 fehruari 1ft N'atinnil Carhon Co . r,uarlprl 2 per ant ......... 1 nBiol.t. Pihruuri 1 In -tnt.lf .... k... .. . .- 'nil liri.ii''" ,...,,.....' .. j . ... ...... S"1;.:?..,' ' 4" ' " J '1 TS (of ie,ord Janniry 21. , htl' fd 4Ha Intboru n T M'Nlh XV e n noil I Vatlonal Rrtlnlnir Co t par cent on eom- I 1 .... C311 1 ... MH Tel fta ' nion jn.ilile In enmnion atoric rcl.ruarj 1ft' Chicago ft Nth a r.l', i K71. l" tn,u "'. le.ord rehruarj 1 Wn -.'XT 1 VV t.. .,. I .. .. T. International llarieater (o nuarterls "" .1., ,' M Marln'' ""Mh e 11 Hell . ,,'t- p ,,referra.l pmnble March .' to -lock , I... . c3'4l 7 Sin, Tel 0a I t retold I'cbruarj 10. I Chi ft Nnn 7sjnpGoo't 1st, 1 no', - 1 .. 10111 s .,., si Nih Wo'n Uoll 1 ... IO.I14I 1(1 ... SUil Tel 7a 10.. . 1034.JBP Gov't L'iid 1 . . rm'i Paris, Jan 31 Price were steaih Chi rtoilw a fta 2 .. SI i 2 07 on the Hoiirfp todav Three jxt cent I... fil'nl ft . Rl l . fin' i icntes. ftSfr 9"o . xchanpes on London 1 014, 2 . Si', j ud'a i Itfi , 5 per cent loan Sftfr 20c The 8 .... 81', l . (i.r, dollar was quotnl at 13fr !'2Uc Prices Steady on Paris Bourse 15-Year Secured 6Vis H nought, Hnld'ntnl Quoted P g I -InhlMird ISO. BI0REN & CO. J n.Mii:itN I J10 Chestnut St. I'lilludrlulil.i, l',i. Vrmhiri .Vrn Yin k ntul I'liUndclphUt Stork- I T,hor 3 i1 S CAPITAL FUNDS SUPPLIED To Established, Going Concerns FOR EXPANSION PURPOSES $200,000 to $400,000 Issues H. A. STONE & COMPANY Corporation Financing Widener BIdg., Phila. GUTHRIE & McGOVERN afrmliara riilln. Stork l"iclinnr ' 1430 South I'cno bq., I'hlln, Sprnce 8110 Ilarp SOOT rir YorU tl Uroadwar Penna. R. R. 61-.S, 1936 Pcnna.-Ohio L. & P. 7 1 -s. 1940 Pub. Service N. J. 7s. 1922 Amer. Ag. Chcm. 7'os, 1941 L. H. Gilmer Common & Pref. I.nr.ist.-,1UI Land Title Bldg. ltcll Sew YorL Tel Connection. Cnnal IS)i m m I w S Pa WiUillllilHIII HMIIIIll," ll!l lll'l'liillllllllll lllifflM,wl ( f We take pleasure in announcing that Mr. Harlan B. MacWliorter lias become associated with us. Cadbury, Ellis &? Haines Investment Securities 301 Franklin Dank Butldin-; Ml IlllKf-. PhiKidclphia Stoik Evhangt T lephonc-. spruce 7UTJ Race U'&i,") DENMARK ANNOUNCEMENT To facilitate our constantly increasing business wo shall be located on and after January thirty-first in our larger and more commodious quarters at 412 Morris Kuilding Joseph W. Gross & Co. 1121 Chestnut Street C'orrrjpdmlctita ALDRKI) & COMPANY 'w York Mr. Executive re nn eelilnu- the arrilcca of it mi i it i: mii-mw K.intv On., ulin will hull. I nnil train u aulea fore., whl.h will lirlnic hnnit. thr Inir.in'.' I mn .miihib eniuiKli to hne mi iiliiinilaui'.. of iiiiihlllnii hii.I old rnniiKh t linie Iniliinie, ItrKiirdlraa of what onr line nini he I am remit to (alio olT nn hut mid ( nut mid do the work of my life. May I ho or afrilie to .Mill'.' ( K.'li, Ledger Ulllee (jlofe fflJP"PerDo i " ami fnlllnr. T.i ' Boxei nnil Malllna Tubes EDWINJ.SCH0ETTI.F.C0. Denmark unconditionally guarantees this loan as to principal and interest by endorsement on each bond. The credit of Denmark ranks high with the most important nations of the world. In the twenty years preceding the war the Danish government borrowed abroad at rates from 3 to 4rr . The average yield of three government issues listed in Copenhagen was 6.28 on December 30, 1920. Th wealth of Denmark, as officially estimated before the war, is nine times the debt of December 31, 1920. The debt is one of the lowest among European nations, being but $90 per capita. Government-owned property, largely revenue producing, is valued at $309,139,000, which is more than the total debi of Denmark. The soundness of Denmark's fiscal policy is shown by the surplus of $16,438,000 of ordi nary revenues over ordinary expenses for the fiscal year ending March 31, 1920. Denmark ranks equally with Holland in ship ping tonnage per capita and is exceeded only by Norway and Great Britain. && ssMfh! $15,000,000 Danish Consolidated Municipal Loan Twenty-five Year 8' , Sinking Fund External Gold Bonds Unconditionally Guaranteed by the KINGDOM OF DENMARK as to principal, interest and sinking fund by endoisement on each bond Iiitcn-t date- 1 ih laid Niiij 1 lvL Iumu.m l.T'ln Sinking Fund sufficient to "purchase or redeem entire isue at or before maturity. Redeemable only at lO?10,, I'ajul Ic in time of war a m tunc of pi-nct, u.t'mteil Stat s t.l(l mit , t I'lic Niitioi.nl v Bank i.f New York, without ilciluction foi ati Danish ta -. Jii-tiotii' . .on- s'u'O vml $uv This isMie will be divided into two series. Series "A." $7,000,000 principal amount. will be the joint and hcvcral obligation of 27 Danish municipalities., embracing nearly all the chief municipalities in Denmark outside of Copenhagen and the ad joining municipality. Frcderiksberg. Scries "B." $8,000,000 principal amount, will be the joint and several obligation of Copenhagen and Kredciiksbcrg. The 29 municipalities comprise about S0' , of the urban, and about one-t! -.1 of the total population of Denmark. Copenhagen has a population of about ,5o9.000 and, with its extensive Free Port, it. one of the mot important trade cciuc:., of northern continental Europe. The municipal law of Denmark provide:, for control by the Danish Government over the financial policies of municipalities. The sanction of the Minister of Interior must be obtained prior to incurring funded indebtedness by any Danish municipality. Under this supervision, municipal finances in Denmark have been conducted on a conservative basis, and. as a result, the credit of the Danish munici palities is well established and highly regarded. Price 98 and Interest, to Yield about 8.29c'c to Maturity I IV OlTer fii'sf Hi !, ii, 0 . .( rl i I i i i-ijim, i! it . . u' nn i ,,,,) ,, , (,. it, t il (I (I) 1.1(1' of win ,i . li'i ifM i c 'he vnilit to ,!,, t i, ,,, , hi irrt, mill i.nn ullm 1.1 ''"' Svi k . l)t lit tn( hi te in mm ril 10,111 on 1 nhon' !' Inimii I'jli !'''. Complete descriptive circular will be sent on roquet. The National City Company Main Office: National' City Bank Building, New Yoilj Philadelphia 1421 Chestnut St. Athintic City Chalfonte Block, 1225 Boardwalk Information .-untamed in thi. adwrtiheineiu had bien uhiuiiKd patliy hy cnhle from union I -in.teent ird -.tn'l'rn W All statist ics iiUtmu to Ion rii mono ate imiumiI d I. ll K' t'll I ' hi "e 1 to h i-iji reel ,11 m I tlJY l$33N lliliS: l J V :j&&if.J&j ..'
Significant historical Pennsylvania newspapers