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
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