vpwTjrTrKvvervrTt? V ' iS , r'Srft." r T4 EVENING PUBLIC LBDQEB-PHltXIELPBA, TUESDAY, FEBBTJABY 8, 1921- ' ... .i I "'- M K r it ill VJi ! i4 i' mi iW ins Pi ay -CI I IC GOSSIP OF THE STREET There la no changi) In llip rxprr5ton of spccuhtlre opinion, tlu professional element continuing bearish In it po sition and talking about iIwliniM In price being In prospect, with (illusions fo possible ilpvelopinent of friction In the railway flelil und to the pcni'rnl ODsenco of what tin-) nferrvl to os .buying power In the mnrlirt. Tlip most important foctor, however. Is not so much fears of railroad trouble or money tension m the fart that, with nil specu lative InttrratH dlsiw.ord to sell xtoeUs, , A 'J S "rr" 1B ""'c prounnility of outside buy- IB In i&V inB in volume enoinrli to cause nctlvitv y. tutjti U, jt!'a!SV Jl WjIIW ,w.nm WW t a 4 ., a n.jr -m rs u iJkI? Hr i and strength In the market scncrolly no 1 matter how strong the actual trading sltuulton may be. It is insisted by Fomp of those who study market conditions that a bull I movement cannot bo maintained with lout bullish sentiment gpucrnlly pre vailing, as It Is necessary to havo out side ImdIiii! in olump before the un- ward movement can be sustained. Out side of the professional element, how ever, the views generally continue confldent of the establishment of higher prices und in those quarters It is In sisted that outside buying will come in Wi.en there is a renewal of the up ward movement that was halted in the middle of January and that the pub lic will pursue Its usual course of buy ing on nn advance. Kar less Importance Is attached to tbe railrond situation in important quarters, as it is believed there thnt railway organisations will move In line with employes In other Industries and that railway transportation will not be. Interrupted even If wages are re duced. They attach most Importance to the successful Pennsylvania financing and to the prospect that other new rail way obligations that arc expected to be offered in a short time will find n broad demnnd and that offerings, will be oversubscribed for ot onco after their appearance in the market. It is Insisted by them that too much Importance has been given to the new financing by Industrials and railroads In the recent past and that, as'n matter! although there ore a number of actors which have caused financial conditions In general to Improve. Continued liquidation has been going on In vari ous lines of tho Industrial and manu facturing trade whereby tho credit strain has been considerably reduced. Tho first month of the new year brought forth a good volume of Interest and dividend disbursements which has found its way Into the investment field In a fairly large measure, although n groat part of such funds always goes Into the savings accounts of the Individual. As an offset to some of this fund, the spending power has been greatly re 1 1 V it M I I Hi T 1 L in r ' it r '- f, ' i. 1'.' Railroad Bonds for Investment There are still many opportunities to invest in well secured obligations of the railroads at unusually low prices to yield correspondingly high interest. List of railroad bonds which we recommend will be gladly furnished on request. r'niTiTlTr"ii. i GEOWKENDRICK 3rd & CO. 1431 WALNUT 5T. VZaiyJzers Member Nw York and rbllidolphU Stock Kichaniei PHILADELPHIA. Telerbonesi Il-rll Sprurr G130 Kejttonr Rare 1I3S of fact, much of this new financing Mdm'c1 through the laying off or un simply to replace standing obligations ' e'liploymrnt of men In many Industrial ami that the amount of new borrowings , Um'" 'iV'P'0 tho depression of busl are no more extensive than were in nfl's ?ut if n normal condition comes ' furmer times nrranged without public' l,MUt 'Wc wny or mng common , offerings and simply by the railroads '",' I'.nrtlal compensation will nccord obtaining credit from the banks In inS!y be . reallwd. which they had accounts. ! rresent rates, ot discount are , , , ., it- ...,. Pcr cent oil collateral, 7 to K per cent i Corporations In I nf.-norable rosltlonjo,, commercial puppr and 7 per cent In connection with the securities sit- over the counter. Iiorrowlngs continue uatlon there arp many who are less fairly Ntrong among the leudlng bank favorahl Impressed with the develop- ' Ing institutions. Country Institutions mentn which have taken place since the l have not increased their balances nt first of the year thnn the great majority ' the larger centers to any extent owing who do not carefully study general to the slow liquidation of loans In sec conditions. ' Some of the leading bank- I tions of the interior, ers InsiKt that many corporations, since nnks nt the larger centeis report thi first of the year, have found them- their ability to reduce materially their selves in a murh le-s favorable flnan- borrowings nt the federal reserve Instl cinl position thnn hnd been enjoyed tutions, this being otic of the strongest previous to that time. According to indications that n turn for the better ts Ilriidstreet s report on commercial con- gradually manifesting Itself In tho dltlons, there were more commerlcal i money situation nllypHnrZrlH,r.non.h,,oftl,nho' ' "'' "-rthweM. bank,- report the .nM rir, m',n,-v 'ark(,t nb0t "teady as dur- year except Jnnnnrj. 101o nR hi, ,., wcck tll(fre , ,m. This In Itself. It Is argued, is n fac- turally a good demand for funds owing tor to be .'otisldered In any prognos- t prevailing conditions, especially ns ticntlons that may bo maile relative to , t.r,. llls i.,.n comparatively little the securities markets There still are , liquidation In the uuy of lonns on grain milllnns of dollars tied up in Ho-called ' i Htore, DiKcount rates are prnc frozen credits and until retailers bring I ti(,an. unchanged from h to 8 per prices down to a point commensurate ccnt with the reduction by wholesalerH. It j,,' tllP Houthwpst, money is still in Is regarded as unlikely that Inventories I()nmtl(l (min tll t, iow prcC!l in will begin moving In any considerable cott()U Ils wo)f ns Rr,iin. itanks report volume, so as to release uiniis lieu up i drariiurs of good proportion with time h J'fj to M per cent TUB TItAUlill. REORGANIZING RAILROADS LEGION TO HASTEN SOLDIER AID BILLS Executive Plans to Spond Day Urging Passago of $85,000, 000 Appropriations I loans uuu! basis. I'luw.Miwrtiiiiijruimr In bank onn for the purpose of carry ing large line of goods nncl commodi ties. Ilond Issues Ke.idlly Absorlved Much t'avorubic comment 's caused b the heavv absorption of big issues .,,. , . ru,,- nt wrL. of bonds the hist week or ten dujs, all McAdoo Is in Charge of Work for being oversubscribed Dealers report Mexican Government iilibnral Imjlng of the securities, blnce . x-:i Paso. Tex.. Feb. H. (v At 1) rormer seeretiiry of tne Treasury I Baldwin Locomotives Spread Philadelphia's Fame DurinR the year 1920, American rnilroads spent $349, 300,000 for new equipment. This money wns expended in the interests of practically every industry in the country. As locomotive builders, we ore exceedingly proud that wo are so closely allied to the country's most important industry railroading and that our product is doinff so much to spread the fnmc of our city no a manufacturing center. THE BALDWIN LOCOMOTIVE WORKS PHILADELPHIA tlio nfferlnc of some of the issues, the I price, after working a little above the . subscription basis, worked back to the Initial price, this being especially the n c In tin- issue of I'cnnsy'vanln OV per cent bonds Most of the current 'nterest lies In 1 the offerings paying u liberal rate, sev eral issues jieldlng around per cent I being especially 'n demand, foreign government bonds continuing to find a fairly active demand Municipal bonds meet with n moderate demand. The tax-exempt features of the latter class of bonds recommends them to an in fluential class of investor, and recent Issues have been distributed readily. Anticipation that interest rnte.s will follow eventually the general declltip i n commodity prices uiiiioumpuiv is W. (i. McAdoo is In Mexico for the pur pot-o of taking charge of the reorgani zation and reconstruction of tho na tional railwa of Mexico, itccordlng to an nnnountcment today by I.to Antonio C'ampansunn, who represented the! Mex ican minister of "ommunleutlons nt the convention of the Confederated Mexican Chambers of Commerce which closed its session here today. Mr. CHiiip.itisuiio added that it was the Intention of the Mexican Govern ment as oon as the railroad system had been rehabilitated to return the ronds to their owners. Man Stricken at Graveside Dies .Marietta. Ia.. Teh. 8. Thomas NVI- stimulating more Interest in offerings ot ! son, seventj one ears old. Unurryvllle. bonds bearng high Interest rates. who was stricken with apoplexy as his ,,..,. tti.. rnri,.f t-i,,-.i brother Stephen was being lowered In Western Money Market I nrhanged I th(. grave at Heth.-da Cemetcrv vpster- Reports from money markets In the t ,iny. died estr-rclay He was a veteran Weht. which have been received hj local) nf the Civil War and the last of the bankers nrp not mater nllv chanced, i three Nelson brother) TO ACCEPT $5,000,000 GIFT Ity tlio Associated Press Washington, Feb. 8. Members of the executive committee of the American Legion here In a three-day session plan ned to spend a large portion of today nt the Capitol In conferences with mem bers of Congress In an effort to expedite legislation for the relief of disabled war veterans. While the committee was In session yesterday planning their pilgrimage to the "hill" Congress was enacting hos pital bills In which the legion was especially Interested. The Legion Is urging the appropria tion of n total of M," .000.000 In five hills for aiding disabled veterans, laying aside temporarily their campaign for the en actment of bonus legislation. The committee members were expected today to lay before members of Congress their views on the need of consolidating the vocational training and war risk bu reaus and as much of the public health service us relates to cx-sprvlce men. A hill now pending proposing such n consolidation does not mett with the ap proval oi tne puouc iienuti service, mom hern of the committee have declared, be cause they said "It removes certnitfiprc rogatlves and trnwers heretofore exer cised b the surgeon general of the pub He health service and assigns them to the director of a new department of the In terior Department. The executive committee nt the close of a lengthj consideration of the matter Inst night issued a statement announc ing it had decided to accept the offer of $."1,000,000 from the Knights of Colum bus for the construction of a memorial In Washington for those who fell In the world wur, provided the Knights would agree to make the gift uncondi tionally. A special committee will be mimed to confer with the Knights of MAIL ORDER TRADE STEADILY GAINING Soars, Roobuck & Co. Will Not Nood Any Now Financing PERFUMERS ARE OPTIMISTIC Chicago, Feb. 8. Sears, Roebuck A Co. sales each day this month have progressively Improved over January, and the company will not need to en gage In any new financing. The re ported Issuance of additional preferred ntock hna not been even contemplated. Leading State street department stores hnvc reduced inventories $15,000,000 to $45,000,000, which, they say, Is bed rock. John McIIugh, of tho Foreign Trade Financing Corporation, Is assured by George R. Meycrcord, president of tho Illinois Manufacturers' Association, that "many members would purchase stock If the corporation were orgnnlxed to function for local hanks by pro viding financial machinery so that they could handle the usual export three to twelve months' drafts. There Is no reason, it is asserted, why every ex porting manufacturer should not so In vest o reasonable per cent of his cap ital." F. W. Jones, president of the Na tional Ferfumcrs' Association, says: "American perfumes now equnl the best French product nnd more thnn cut the price in half. Wp can manufacture n hlffh crnde nt SI. 50 an ounce retail. The perfumery and drug business is healthy, and we Iook forward to a rec ord year. America s first annual beauty mart, February 28 to March 0, should stimulate nprlng trade. Chicago Is the world s perfume center, fer fumes and cosmetics had greater stabil ity during the wnr than most other manufactured products." Gains Modest, by Large Banks Detailed nnnlysis of Chicago banks' 1020 record earnings shows modest gains over lOlfl for larger banks, but some smaller institutions earned enorm Columbus and If that organization Is ously, Lnwndalc Nutlnnal. 137.10 per "willing to revise" the offer so us'to eliminate some of the conditions under which it wns tendered, the statement said, the fund will be accepted. Subscriptions for these Bonds in excess of the amount offered ha7ing been received, this advertisement appears as a matter of record only. $35,000,000 Gulf Oil Corporation Twelve-Year 7 Sinking Fund Debenture Gold Bonds To be dated February 1, 1921 To mature February 1, 1933 Authorized and to be Issued 935,000,000. Coupon Bonds in $1,000 denomination. Principal and interest parabU at office of Tho TJaion Trust Company of Pittsburgh, Trustee, or at Bankers Trust Company, New York. Interest payable Fofaroarr 1 and August 1, without deduction for normal Federal Income Tax up to 2. Redeemable for th Sinking Fund as bdow, and redeemable at the option of the Company as a whole on any Interest date, upon four weeks' notice, at 103 Vj and accrued Interest on or before February 1, 1927, and at 102'j and accrued interest thereafter. Staking Fond of (3,000,000 per canum, commencing on December 1, 1023, to be used to purchase Bonds upon tenders during each December at not exceeding 103 to December 31, 1926, and thereafter at not exceeding 103V-. to December 31, 1938. To the extent that this lund Is not exhausted by tenders, Bonds shall be called by lot for payment on tho succeeding February 1 (except in 1933) at the current redemption price. The operation of this Sinking Fund should retiro approximately half the issue by maturity. Tho Company agrees to pay or refund the Pennsylvania Four Mill Tax The Union Trust Company of Pittsburgh, Trustee The accompanying letter from Mr. W. L. Mellon, President of the Company, is summarized as fellows: BDSIKESS The business conducted by the Company and by Company is meant Gulf Oil Corporation together with subsidiaries all of who6e stock it owns, ex ceptmc directors' qualifying shaieE includes the producing, refining, transporting and distributing of petroleum and its products. It is one of the largest oil producers in the United States, its production from its more than 3,000 wells in the United States exceeding 60,000 barrels per day. A large portion of this is thoroughly settled. All of the Company'o oil fields in Oklahoma, Kansas, Texas and Louisiana are served by its own pipe line system, which, exclusive of field gathering lines, ex ceeds 2,000 miles. The Company's Port Arthur refinery is one of the largest and most modern in the world. In 1920, it refined over 22,000,000 barrels of crude. The Company's own ocean-going vessels are used to transport the refined oH to its own distributing sta tions on the Gulf of Mexico and the Atlantic Sea board. From these stations the oil is marketed through some six hundred sales stations of the Com pany. PURPOSE OF I6S0E The proceeds of these Bonds will be used in part to provide funds for the retirement of $12,000,000 of the Company's $18,000,000 Serial 6 Notes, of which $6,000,000 mature respectively July 1, 1921, and July 1, 1922; and to retire current indebtedness heretoforo incurred for capital expenditures. PROVISIONS OF ISSUE The Bonds are to be direct obligations of Gulf Oil Corporation and will be issued under a Trust Inden ture which will provide substantially, among other things, that so long as any of tho Bonds are out standing it will not create or permit to exist any secured indebtedness upon or against its properties, including properties of subsidiaries (excepting cer tain unmatured debt amounting to $100,000, and excepting purchase-money obligations on hereafter acquired property); also that quick assets of the Company and its subsidiaries shall at all times be at least equal to the aggregate amount of their indebt edness, including the amount of theso Bonds then outstanding. EARNINGS Ret earnings after interest, taxes, depletion, depre ciation, etc., have not boen less than $11,000,000 in any one vear during the past five years, and the average net earnings for this period have been in excess of $17,000,000 per annum. The maximum annual interest requirement on tho remaining Serial 6 Notes, due 1923, and the pres ent issue of Bonds aggregates $2,810,000. During the past six years over $34,000,000 surplus earnings, after dividends, have been retained in the business. The $36,093,100, par value, of capital stock of Gulf Oil Corporation at Its present quoted price indicates a value approximating $130,000,000. rent nn pftnltnl stock and fil.ilS nor cent on ajcttrrsato capital employed. Hunk f locks appear to'orerage less than 5 Ser cent yield. The Continental and ommercial National yield 4.71 at mar ket price. January's movement of atock cattle was the smallest for the month since 1012. Only 840 carload of atockcrs nnd feeders left Omaha against 1370 n year aso. No cattle ahortage is likely to de velop unless the industrial situation greatly Improves, as tho corn belt Is full of bullocks in the rlpmlng stage that will be liquidated as early as possible. GENERAL ASPHALT One of the business romances of the market tremendous natural re sources, values unknown small floating supply of stock a mystery issue and speculative favorite a careful anal ysis and discussion other features In Ask for a copy PE-Si MARKET OPINION FEINBLATT & CO. Mtmbtti of tlit PhltattitphlaStotk Exehanfi 139 South 13th St. Philadelphia rlMi fell tpnt 7(27 (Cirrtut !( 1101 Charles Jacket, Manager Dirtct PrivaU Wlrct to R.H.Mac MASTERS &CO. ittmheri CcmtnMntcd Stock Kith. af Y. 82-84 Broad St. New York rrsAxriAi. We axe receiving subscriptions, subject to allotment, for these Bonds at 98 and interest, to yield about 7V Witk, iiiU it Utd ia4 ref.nte kr tait nubject to pproTl et couul. II It cip.cted that dtSnlUre Banli wilt ba real? (or AtMrerr tbeol Febnitrr 17. All lt(tl dtulli itulnJo to this 1mu will tun si upon bj Mturi. Ro4, Sraltk, Skav A. BmI, cl PilUbareh. STRIKING TR0LLEYMEN UGLY Albany Car, Under Heavy Guard, Stoned Wire Pulled Down Albany. N. Y Feb. 8. (Ity A. 1 ) Heavily guarded by mounted poller und patrolmen in automobiles, the first ear to be operated by the United Trac tion Co. tdnee its employes went on strike .lanunry 251 left the North Al bany carbarns nt 7 :-() this morning amid a crowd of jecrlnc men. After 1 the car bad proceeded a short distance clown llroailwny toward the business section n rock was hurled at it, but missed its mark. The car. manned by strike-breakers, wan nearly filled with company guards. Its windows were sxreened, nnd before It started automobile loads of private guards were sent over the route to be followed, men being let olT at various corners. Following the car and the police guard were several automobile1- filled with newspuper reporters, pho tographers nnd moving-picture oper ators. Mounted police cleared the wny when the crowd swarming ubout the car blocked the tracks. The first car that left the barns in Troy proceeded only a short distance before it was stopped because a wire was down. Two strike-breakers were taken to a hospital ufter an altercation with a traffic policeman. A third man was arrested. The officer charged that the men attacked him with a wrench. Two cars were stoned by n ipob In South Troy. One was stopped and the crew of strike-breakers driven off IN DARK ON LEAGUE Argentine President Does Not Know Whether They Are Members firrrlol Cablr IHapcitch, Cnvvriohl. 1)11 nurnos Aires. Feb. H. Argentina Iih. bad no contact with the League of Nations since the retirement of lit, del egate. nnd It does not know clearly whether or not it is a member, accord ing to statements made by President Trigojcn In an Interview given to two Oernian Journalists. Referring to tho fact tnat the pub lication of documents last December left the Impression that Argentina wns not a member of the League of Na tions. President Irogoycn Fnld : "The government will be able to state clearly Its position only after the arrival of Senor Pucyrredon. Documents show thut the Argentine delegate allowed himself to bo carried away somewhat by tbe spirit of the assembly from the clear and well-denned lines of instruc tions. He was charged, to present the fundamental Argentine propositions unon tbe accentnnce of which denendei Argentina's adhesion to the league. 1 he assembly considered the proposl tions ns umendmcutft, whereas they were fundamentals, since amendments cun be ndded only through valid stat utes, and Argentina did not participate n making the sta'.utes WII.1.1AM CBASir BONS Sllll AND KNOINK lini.niM! COMPANY Hlnhln Fund Notice riiVllty Trust Omtmny. formerlv Tt-e ridfllty Insurance. Trnpt nnd fnfr Dt-' Company TruKtf unilr Mnrtirait" "f tho William Crump Fiona Ship and Ilnuln llulMlnir Company, clatrd March 1, 1Rfll. In vllaa tenders or propoiala for bond lsud undi-r said Mortnaae to be urrendrd for rdmptlon! propoala to N orrned and awards mnda on February 52. 1021, at 1? o'rlnrk m. FltlKI.ITT TUVST COMPANT. TrutM n:.VS31 Cheatnut at., l'hlladelnhla. la WM. P. (inST. President. P.bniarv 1 1021. sinkino vrsn of hoavokk n.ui.WAY A F.I.ITTRIC CO. CONflOL. H. F. fi. nrF. inss. lrauant to term nf tbo Mortaane of tn T'.onnoki- Unllwav A f.lcctrlc Company to tbe nrcAi. ERTATr. trust company or PHlI.ADIII.ritlA. Trustee, dited ln. 2 mna to iwcure nn lsu of I7SO.O00 Connoll. datfd Mnrtgn &" Honda, nftera of aald nondn nt not omt par nnd Interest tuftlcl'nt to Hl-iorh tho mini of nlfn,HH, now In thi SlnWm; Fund will be rer.'lved by th Trus tee un to .1 o'clork p. m., I'rhrannr 2S. 1981. nOANOICn RAILWAY & nt.KCTnic CO.. WAI.TRR W. rrjRKJNS. Secretary. Contrast from an investor's standpoint' conditions of n few years ago with those of toduy. Then it was only possible to obtain 7Cc or 8c,'c by investing in se curities in which the high yield meant n corresponding ri3K. Today the Investor may ob tain from 67e to over S't with 'ibso'iute safety, making hi3 selections from a wide range of securities comprising Government, Railroad, Public Utility and Industrial Bonds The present Is tho investor's opportunity. Wc u(II bn pleanrd to mail our list of attractive olJrrinvH. Samuel McCrcery & Co. Franklin Bank Building Members Philadelphia Slock Hxchatii Ppruco 78UO nac- -330 Dividend CITIES SERVICE COMPANY BANKERS' SHARES Monthly Distribution No. 24 Henry I. Doherty A Company nnnounre irut tbe Twenty-fourth Monthly Distribu tion on Cltlei Servlc Rankera Share, pay. able nn March let. 1021. to Rankera Htmrai of Rtcord. February lAth, 1021, will ba 3'l cent on" each Rankers Share. WHAT OUR TAX SERVICE PROVIDES Preimrntinn nf tux returns by staff nf former t'. H. Imonie Tax llurtMiu Kxumlnem. Arnllt of previous returns to dlnroTer errors of Interiiretnllnn. Aililrr rein lUe to IllInK clnlmi for iibutrmeiit or refund, (KRARI) TAX SKUYICF. CO.. Inc. l'ederut nnd rUnte Tnx Contolt.inta Telephonei Wnlnut 28n 1208 North American llulldlnc N. M. H All. Kit f. M. PATION The Shoe Repairers, Inc. Philadelphia A quarterly dividend of two per cent S) on tha preferred atock his been declared, payable February 3, 1021, to tha preferred etwkholderit ct record as ot December 31, mU' QUO. J. XIAHSINO. Treasurer. Annual Meetings lt3J? nfiKMTY TRUST COMPANY VSJ Philadelphia. January 38, lost. The stated annual meeting of tha stock, brlder.i uf this company will be held at IU cnice. ni'S-SSl Chestnut Street, Philadelphia, en Tureduy. Flbrnsry 8. 1021. at 12 o'rloea l, non. for the election of a Doard of Dl hi. tors for tha ensuing yaar. and for tbe transaction 'it such other business as may lo brought l"-fora them. JOSEPH McMORRIS. Secretary 1,231 tlTFICF, OF KStr riUr.ArF.LFlHA TRLMT COMPAXI Philadelphia. January 21. 1021. An Annual Meeting of, the Stockholders of Ibis Compsny v;lll bo hM a their offlct oa Tue.dio. February I. 1021. at II o'clock m.. and on the same day an election will U held, between tha hours of 12 o'clock m. and 1 o'clock p. m.. for Directors to aerv aurlnr the ensulnx ssr. II. f- McCLOY. fierete. -- THE ANNUAL MEETINO Of U29T stockholders of tha Surpass Leather Company, and an election for Directors to iere "! ". .tinui1. , ,,, ue ueiq at ins omes oi m. uiyiif iinio si wes j-niiaaeipnia. Hec, W..I. mnrlntitl HtrefltS. PMladalnhla. nn 11.1 Ofsdjy, Febroary 0th. at twelee o'clock nosn. trirn.i hiii.i.i.ii.ii iiuhuuh iKZP' K ANNUAL .MTW.TINO OF THK -i' stockholders of Westminster Cemetery Comp.iny will be held at the office, of the Company at the Cemetery, Jlannoulh, Pa on Wednesday, February 1A, 1021, ut 3 p. m' There will be un election for Hoard of Director"! to serve for tb followlntr year. OBORflK M PAtNTKIl Hecretary Sailer & Stevenson 3D AND CIIK8TNVT 8TS. BONDS Tax Free, Yielding 1 to 8 Stockwell, Wilson & Linvill Certiiied Public Accountants Land Title Bldg., Philadelphia Morris Brothers Co. F.fttabllahrd 1H03 Bonds for Investment Municipal and Corporation 1421 Chestnut Street ANNUAL MKKT1NU OF HTOCK- ..,. ... I imt'ieip v, ..,, mini jui... r.iirt' a. 1 rust .. iiuuui in.. i i o. r do neia on nan., ren. it, in com pnricipntion ol all Hlatc the Leactie of i 1!!Wce.?r.uJ! ?."?.r,e;.?t xi3"J,-Jn-. t nmce N'utlnna is impo.Mble." " ""' '""" """ "' " "ylur' By- IM S'e. Class The Union Trust Company of Pittsburgh Guaranty Company of New York Bankers Trust Company, New York The National City Company, New York Mellon National Bank, Pittsburgh Brown Brothers & Co. t ituarantee tbe rtMementa and flirures lonUtned herein bjt they are taken from sources which wo belle lo he r iul TO SPEED BOMBING TESTS . t Navy Prepares, for Experiment Under Conditions of Battle Waslilncton, Feb'. 8. (Tly A. I'.) Preparations were under wuv in the Navy Department today to deride by actual test the question of the relative Htiperlorlty of aircraft nnd the mod ern battleship". Secretary Danlc'o in u letter to Ste retary Tlaker yestcrdaj invited the Wnr Department to participate In experi ments to be carried out within ninety dayH, In which the surrendered Her man battleship Oetfrleslnnd tirobahlv will be used as the object of attnek b) airrruft dropping hlith exploHlve bombs from the uii. Condltinim ap. Iirnxlmallng an rlonely un possible those nf battle will bo simulated In the tests. Two Nearly Killed by Coal Qaa Kinni.it rr. !., Feb. 8. The ncv. nnd Mro. John Hi. Funk, of Mnuntvllle, arc In n critical condition from coal ga from a plpelrss heater. Nelehbors ttmnd the couple nt noon ye.stcrday un- conscious in their bedH. lronoails OTTRREPr1IRS SVe ro equipped to do the work at your plant and avo you tho expense of long tlo-up. 1'hone Wat. 1814 and MaJn 3444 JL xt-aaaa.DAwiBNST.V I TnilHl'RY UKrAllTSIlT, M'nshliiiton. 1. V February 2. lOl'l SKALED I'liO POSALH. In duplicate, will lw reielted by tbe Oeneral Supply Commute at lu offlou In Wafhlniton. D. C. until 2 o'clock p m Wednesday. Mnreh 0, tl, and then publicly npnid for furnishing, as may be ordered from time to time during; tha nmal ear be illnnlns July 1. ld'ji, and ending June 30 Hi'.';, materials supp lea und equipment de xrrlbed III the specifications and proposals for: rum 1 Stationary and Draftlnr Bupplles. CIujj 2 llardwure. Metals and I.eathsi ami Saddlery, nam 3 Dry Ouods. Cl&thlnif Hoots and bhcxn, Cloth Ilas-s, rihits. Wear ing Apparel, Window Shades and Cordugo. Class 4 Drugs and Medicines and Cheml cals. Class Laboratory Apparatus and Kpspl, tal Appliances und Surslcal In atrumonts. Class 0 Kltetrlritl, Knglneorlna and riumb- InK Uupplles. Class h llruehes, Olass, Talnters' Bupplle. i nd Paints. Class 10 llnuiehold Supplies Class 12 l'hotoarnphlc Supplies. Meteoro logical Instruments, Towem etc , and Meat-Inspectlon Hup. Piles, Clasa 13 Ensravlnir. Printing- and Lltho, graphic supplies (ejcludlna- gup. Plle tor the Government Print ing Officii and the llureau of Til. K-ralnir and Printing). Class lfj Incandescent Klectrlc Lamps Clues 111 Incandescent Oas-Lamn Sup'pll,, Class 17 Motortrucks, Tlree, Tubes !,, Accessories ' Class IB Machines Addressing Computing Dictating und Traiiscrt, r" Dupllcailng, Folding, Hea L Lmi Tpewrltlng, "! nd of the qeneral Kchnlul, of Bupplle, tor u, b,Lh 1-,e.cu"' I'fParlments and Other l' tbllhments of the tloernmnt of the L'nii.rf Htstea of America In Washington, D r and for use by such field services as ir's In": cuded in the specifications for the varVui classes of supp les. and for direct iiallJi from contractor's shipping point on rii,,y ment bill of ladlnr In accordance uTlih I" graph 12 of Form A. rrop".,lm'uJ,r" executed n accordance with Inst ruci inn ' . on blanks, whloh win be fVni.h, I in n Plication to the Oeneral Hupply CoSff Auditors' llulldlng. Fourteenth and i?Sl,uf' H. W Wshlngton. D. C. " s,r,,u n i.' iiAtln. 8r.r.t.rrV.KTiK- ury. A Bodk Full Of Hints For Every Trader It tells: The General Rules of Trading. The Rights of Stock and Bond Holders. The Deposit Require ments for Carrying Stocks. How to Give a Broker Instructions. Broker's Commission Charges. How to Indorse a Stock Certificate. How to Group Invest ments. fall, phone or write for No. T. U.-357 Lateit available neuia fur nithed on activ neuritirs. JONES & BAKER Sptcialtit, in New York Curb Marhtt Steurittet PHILADELPHIA OFFICE WIDENER DUILDINQ Tlphonei Bell, Locuat 4730 Kyatone, Race 2290 BALTIMORE OFFICE 433 EQUITABLB DUILDINQ Telephone St, Paul 81 Oflica ln 8 Principal Cltlea Dim Print WItm 11 y2.O0Ktofl.nyMJ Are You one of the 97 of Americans who die without making will? Neglect or too long postponement might result in hardship which mav easily be averted by acting now. You owe it to your family while you are in the possession of good health and a sound mind and can exercise your own good judg. ment in a p p o i n t i n e an EXECUTOR and TRUs" TEE Consult NORTHERN TRUST COMPANY freely on all matters pertain ing to your Estate and let us send you a copy of "Safeguarding Your Family's Future N.Y.& Putnam R.R. first Consolidated 4) Due Octobor I, 1393 Tax Freo in Ponna. , This closed mortgage, the direct obligation of tho New York Central R. R. Co.. i3 se- I cured, subject to $1,200,000 , underlying Hen, by a mort- pnge on 59 miles of road, from 1 155th Street, New York City, ' to Hrewstcr, and upon the 1 branch to Yonkers. J Price: 76 and Interest To Mot 5.30 Per Cent. Biddle & Henry 1 04 SOUTH FIFTH ST. Vi: Emniri (l:n X- Kn1 rtu 11174.111 Webster Conl & Coke 5s. 1942 Intern. Rwy. of Buffalo 5s, 1962 New Orleans Kwy. & Lt. 7s, 1919 St. Louis Trnnsit 3s, 1921 East St. Louis Inttrurban Water 5s, 1942 Mason City & Ft. Dtxk'e R. R. Jj, 1955 General Refactorics 6s, 1927 Morton Lachenbruch & Co. land TiTi.u iir.Do.. rmu, Tel. Spruce 8S1. Hace f.OJO Private Wires lo New York I'hlrtn M, Iiulu I'ltisburRh. Detroit, ClevelinJ iirann iiapldi GRAIN PROVISIONS COTTON Our Dolly Letter Sent on fltrjunt Hughes & Dier ( rhlrnro II. J N, V. Trot 1 I'hllu. Hto I rithiirh lloiirfl nf TrtiM rodtire KirhiMi orn r.itninif Mentor Sfnrk Kirklttl 1435 Walnut Street Spruce 813 llin IM I Philadelphia ?: SALESMEN WelKknonn hniise, oiH-rilnic rew deiiartment. requires the cnlr of aeTeri'l Mch-rrnrir Ixinil salm men. r.nd those vho ulh to be rome sulrarnen. Thla Is 11 rcl on lmrtimlty lends, iidrertlslns nnd eiMiprrntlnn. Kef Mr. Simlin, Jloom ni.. ,toek r.irlmnite lltdx. Ohio Power Co. 1st & Rcf. 7 to yle'd 7.40J Reed A. Morgan & Co. JIemlr of the. I'Mla Stnck Ktrhuip H'esf nrt Tmef. mifn., I'Mlo, H. L, &WUTH & 0 INVESTMENT SECURITIES 1000 Land Title Did?. Spruce 6721 I FOREIGN BONDS All Issues Sold for A'talttd circular I,. So. IM FARSON, SON A CO. Memtori" New Yorlt Stuck richn 11B HROADWAY. NEWTO.nK Tidewater Oil Company GVVs 1931 at market price rnwfinn inwnrn STDKES jo s. l,ni( ST. I.OCl'STji'l PUBUC ACCOUNTANTS TAX M'KCIW.INTS Tart time iMHikkreiilni;, moderate rhirfra KEYSTONE TAX AUDIT CO. 3W IMKKIVAY I1I.HO. Siiriioe 3330 V. J. VAN BILLIARD ACCOUNTANT-AUHlIOa UvtcioHiinu lit rcnrnAi. incomh taxes trmi.rl usth Inoomo Taa l"i Bureau nf nKrunl ""'""' nno KKAT, 15HTATK TIIUST nfJ"-, rilSerl Bl H- "", Lawrence E. Brown & Co. rruTicicn pnniir irrnilNTANTS 10S0 llKAI, KSTATI! TBt'ST !yi Iir.tlsiils' nnd nilju.l parlncrs'i" I lliruuie nil llrlurtis. Moore, Swartr, Hindle & Cluk AccocNTANTfl Incoms Tax Coil Sfiteai AC" Hlru 1177 UEKU llUH-" V V A t
Significant historical Pennsylvania newspapers