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'"PHOSE who save money will be self respecting and respected
by their friends. In thrift dicrc is dignity, independence and
no fear of poverty. Other things being equal; the person who
saves naturally is happier, more contented and a more useful
and desirable member of the community. To those who desire
to be included in that class, the facilities of the Savings Fund
Department of this Company arc offered.
FlDELIT
Y
Ikusx Company
05!JN
325 Chestnut Street
Capital
5,200,000
6324 Woodland Avenue
West Philadelphia
g
1431 Chestnut Street
Surplus
16,000,000
Funds held in trust more than $250,000,000
MOTORMAN HELD
FOR TRAIN CRASH
Alleged to Have Passed Brook
lyn Danger Signals, Causing
Collision Injuring Sixty
15 ARE SERIOUSLY HURT
New niU, I'cb. 11 IMwurd Co
tollo. nintonnnn on J.nng Islnnd Inml
ritllrnnci truln tluit rolllilod Inst iiidit
with mi (Aproo trnln In lirookl.wi. in
IjiiritiK mori' tlinn slxlj prrsnns, (Htcon
M'riiil, wis held today cliorRcd wltli
I felonious ussuult.
Tlir loml tr.i'n, imWic nor-ioc lino
I tlfrntois s.nd, pivso,) hcoral dnngrr sic
I mils Among tlin-o Injured were socrul
women and children.
1 1'iifli trnln ronsisted of srpn oar!.
TI10 oxirrss us linuiul from .liunnira
I to flic rintlnish a(nuo stfltlon, nnil it
slilpsuipcd the lornl ti'nln nt tlie Hall
mad iiM'tmr rrusslng near tlio ('rrstcnt
'nvrnuo -tiitioii in (jneeiis Four curs
1 of tin Imal win doraili-d, liosido tho
lirt car nf tlm cvprcss.
Acfordin; to police and employes of
the Lone Island Railroad, the loeal
train wliiih had left .lumalcu about
II olok, was to have gone on n
spur nt the Railroad meniie erossinc, to
tie passed tin re liy the express train.
Charles II Small, tou crown nt, the
crossitip -aid the m itorman of the
local train Ignored the block signal set
Hcolnst him and was Kite in making
the tin n into the spur. Consequently,
when the express tr.iin, drien nt liljih
speed, tame iiIoiir it clashed ngainst
the side of the local,
The fort e of the impact was such
that the local train was cut in two,
the couplings breaking under the blow.
GK0.A.HUHN&S0NS
htocks and novus"
Mffnhrrs of hf I'hllmlrlphln. yew
lorU nnil Cliltnro PIikU Kirhnnm
New York CVJInn Trl-r
Cotnmliilon Ordr( Executtd la
AH the Principal Markots
llif.Ll.hVl,l. tOtllT lilUiu,
1418 WHlnilt St.
KK 3.0RU orncE
111 llroadwajr. Nw Yort
$6,000,000
United Railways of Havana
Fifteen-Year 7!2 Equipment Trust Gold Certificates
Issued under the Philadelphia Plan
Dated February 15, 1921
Total Authorized $6,000,000
Due February 15, 1938
In coupon form of $1,000, with provision for registration of principal. Principal payable at the office
of Commercial Trust Company, Philadelphia, Trustee. Dividends payable in New York February
1 5 and August 1 5. Redeemable as a hole on any dividend date at 1 1 and accrued dividends, and in
part by lot on any dividend date after February IS, 193 1 , at 1 02 1 2 and accrued dividends
Provision is made for retirement of $200,000 Certificates each six months; by pur
chase at or below 103 and accrued dividends to February 15, 1931, and thereafter
by purchase at or below 102' and accrued dividends or by call at that price
The information given below is contained in d letter from Mr
Hoard of Directors.
C. J Cater Scott, Chairman of th
Security These certiticates arc issued against standard Raugc steam 'railway equipment purchased in
the United States at a cash cost of $10,834,180. The certificates therefore represent only approximately
550 of the cost of the equipment. TiMe to the equipment remains vested in Commercial Trust Company,
Trustee, for the benefit of the certificate holders. The equipment is leased to the United Railways of Havana
for rentals sufficient to retire the certificates and to provids for dividends, insurance and all other charges.
Equipment costing $6,250,810 was delivered during 1920, and a further amount, costing $1,612,988, is
still to be delivered. The aggregate cost of these two lots alone is more than 30co in excess of the amount of
these certificates. The remainder of the equipment, with total cost of $2,970,382, was delivered in 1919,
1917, 1916 and late in 1915.
Provisions for Retirement - The semi-annual rentals shall include an amount sufficient to retire
S200.000 certificates as follows, such retirement to be accomplished by purchase of certificates in the market
at or below 103 and accrued dividends, if obtainable, and, to the extent that they are not so obtainable, by
the purchase of certificates at a higher price, if the company so desires, and any balance of such semi
annual rental shall be paid in cash to the Trustee to be used for the retirement of additional certificates,
otherwise invested by it m U. S. Government securities maturing not later than February 13, 1936. Up
to and including February 15, 1931, certificates cannot be called (except as a whole at 110 and accrued
dividends) On any dividend date after February 15. 1931, certificates may be called by lot at 102 2 and
accrued'dividends. in sufficient amount to accomplish the semi-annual retirement of $200,000 certificates.
These payments of rental may be made cither in certificates or cash; all as provided in the lease and trust
agreement
The Company The United Railways of Havana (formal corporate title, United Railways of the Havana
& Regla Warehouses, Ltd.) owns and operates a standard gauge steam railway system of 1 190 miles, under
perpetual franchises from the Government of Cuba The original railway, built in 1843, was one of the first
constructed in the world.
The company is incorporated under the laws of Great Britain, and is controlled and managed by British
interests.
The funded debt of the company, exclusive of these certificates, aggregates 10,741,960 ($52,205,926).
Capital Stock comprises 3,554,262 57c Preferred and 6,556,846 Common with a combined market value
on the London Stock Exchange of approximately 6,584,000 ($32,000,000). The company has also out
standing 494,756 Deferred Stock on which no dividends arc payable until 8 per annum is paid on the
Common Stock.
Dividends have been paid in full on the Preferred Stock since issuance, and have been paid at various
rates on the Common Stock without interruption since 1908, the present rate being 7 per annum.
Earnings The following consolidated statement of earnings has been prepared by Messrs. Deloittc, Plcndcr
fin Griffiths, Certified Accountants, from their audits of the accounts of the companies now consolidated
in the United Railways of Havana:
Year Fnd.d Jun. 30 IO 1119 HIS 1917 1916
r,m,.r..rnlnt, S:V"7,7M 523.7bl.157 j::, 543, Ml J17, 362,456 115,498.117
Tol.l N.t lncom 10,479,071 8.SG4.027 10, 11, Sin 8,G53,D91 8,427,621
Flt.d Ch.ri.. 2, 31,306 2,432,203 2,413,412 2,380,515 2,382,848
Baltnca lor depreciation,
(!. nd dtVidcndt 7,847,767 C, 471, 819 7,768,102 6,270,483 6,044,775
ISIS
112,763,413
7,063,990
2,390,949
4,673,040
1114
112,091,270
5,898,820
2,301,010
3,597,809
Dividends on these $6,000,000 certificates amount to $450,000 per annum. The balance after fixed charges,
shown above, averaged $6,096,257 per annum for the seven years
We offer these- certificates when, as and if issued and subject to approval of legality by counsel.
Price 99 and Accrued DividendTo yield about 7
Dillon, Read & Co.
Formerly
Wm. A. Read & Co,
Tfc UformitUn contained in this idrertiKment hit been obtained from lourcci which we conndcr reliable. While not ruutntttd, It li accepted by ui at accurate.
,Tlir- first Uirrc enrtt of the lornl nnc
puxlictl forwnrd nliout linlf. n block nnil
then tlornllcd. The fourth cftr of the
Inr-itl unn piiihr-d to ono side find le
inllod nnil the third enr of the lornl
mid the first rnr of thr express -trnln
wore hnillv dnnuiRpd hnt they hnd
romo together. The paHioiiRers In both"
trnins, whlrli were crowded, were hurled
fioni their cntn Into the iiMen nnd
jammed nuiilnst (hr sides of the earn.
DeafenliiR sercnitix nro'-c ns. the trains
rrnHlinl nnd In a few moments the
window si wore jammed with men,
women nnd children trjltiR to jt out.
I he danger from the third rail wns
Krent, but the punle strleken passengers
forgot about that In their rush from
the enrs. Mnnj women hnd children
wore knocked down nnd trampled In
the rush and It was in thin wnj Hint
innnv were hurt. The fart Hint both
trnlns were mnde up of tecl inr- prob
ubly pretentcd n Inrgc loss of life.
HAMMOND ADVOCATES
FOREIGN INVESTMENTS
Favors Restricted Immigration Op
poses "Impenetrable Tariff Wall"
Now York. 1'eb J I. f lly A. I'.)
MUcral invoMtmi nts In foreign trnde,
"restrictive and sclei'tive legislation" on
immigration and a policy Hgninst the
erettion of an "impenetrable tariff wall"
were urged bv John 11ms Ilmmnoml In
an addicts lioforc the annual meeting of
me .Minonal iit I'cucrntlon nere to
day. "lrtiinntol there I u growing dis
position," vaid Mr. Hammond, "to re-
gnrd the Inriff ns an uonomie rather
llinn a politiinl isne. as evidenced bv
the renunciation of the free trnde fetish
ly mnn tc tinns of the southern states
As a creditor iiutlon. we arc faced
with the danger of being impaled upon
one of the two horns of the dilemma in
the liquidation of l'urope's indebtedness
in us. i.uropc cannot pny even the in
terest upon our loans In gold, nor wouV
tlie piiMiient mg old be altogether toxuir
ml Mint age If we accept tlie pioduets
in i.uropc in pajment, we must greatlj
curtail the operations of our own mills.
Involving widespread unemployment nnil
i-iinwqiicni incniMt nil distress. Itwould
up rrn lie tier i"i us to cancel our I.n
ropean debts than in risk this clanger.
On the other hands. If we place an
cmuargo on ttie prociuc t of our nines
tney win not lie able to repaj their
mini".
This liquidation process would hi
greallv aided, he declared, if definite
mini inciemtiitv were liec for (Jermnnj
to pa. "An indeterminate indcniiiit".
.mi nn- line mirici. lie sain, "or a sum
iiiipossiDie in reiiiijtiiiii on the other
vvntil dbe ;i suicidal policy for the Allies
themselves
LINCOLN BIBLE STUDENT
Minister Says Knowledge of Teach-l
Ings Showed In Addresses
' Lincoln s speeches ami writings re
licet. d his ,,e stiich of and Intimate
Know ledge of the HUilc." declared the
Itev. Ir. Alcvmder MacC-oll, of the
Second Pre sbj terian Church. Twentv
hrst and Walnut street.s. in his sermon
11' V8ht on "Abraham Lincoln's
Heading from Lincoln's second innu
surnl uddress, he showed how the spirit
of the Scripture,) was evidenced in that
inspiring work The simple, direct
stjle which nude such nn nppenl to all
classes whs shown to be the result of
the fact that ihe Hible was one of the
fi w books studied by Lincoln as n
child and continued so as he realieel
more and more how leliublc a guide
for life it was.
"When men have Cod ns a guide nnd
factor in their clailj life as Lincoln did.
Iliev will begin to approach his accom
plishments, which were so j:rcat ns to
si ein nliovc the power of a human be
ing, said Dr Mac Coll.
GIRL CONTINUES TALKING
Vocal Chords Show Signs of Strain.
Strength Is Remarkable
WatiUcB.ni, III., l'eb. 14. (Ily A
V.) Miriam Hubin, the clglit-jear-old
girl whose Incessant talking hns puz
zled phvslclans, was prattling stendlly
on this, the tenth day, of her strange
malady. It wns announced, however
Hint the manual spinal treatment which
last night gave lier n period of sleep,
would bo resumed this nftcmoon.
Miriam slept last night soundly from
8:110 p. m. until 10 o'clock nnd dewed
restlessly from the latter hour until
midnight. I'h.vsiclans said that her
strength nnd normal functions were
continuing nt n remarknblc rate, but
thnt her voenl cords vveie showing signs
of me strnin.
City of Philadelphia
5 Bonds
Jnn. 1, 1951
Price to yield about 4.75
Sun Shipbuilding Co.
lit 5 Bond
Jan. 1, 1927
Price to yield about 7.25 !
Auto Car Company -
1st G Bonds
Apr. 1, 1922
Price to yield about 8.30
Scranton Electric Co.
Secured 8rr Bonds
Jan. 1, 1931
Price to yield about 8.25f,'c;
Elkins, Morris & Co.
Land Title HIdg., I'hlla.
f tork A IMillu Stock nxchinsea
National Biscuit
An analysis of the strong finan
cial position of this well-known
conipanv is, contained in the cui
rcnt issue of our Market Itevipu
It has been a divirii'iul-p.iycr for
o or twenty yeaib nnd s-hould
continue to do a piospcious
business
Magma Copper
Development work maintained
thinucrhout the depression in the
coppci industry has improved
this company's ore reserve posi-
turn and thus fortifies it to take
advantage of the expected le
new.il of activities in the tiadc.
Otlii stocks dibcubscd include:
, Butte & Superior
Ametican Smelting;
Merritt Oil
Cities Service
' em rrrurst for 1 but
Hughes & Dier
(Villi i. Mm
J riftriiurrh
I ( hit a en Ho
Nm urU
Mr ml rtt
h Ntork r.trl.nnri
Ilonnl of Tr wT
I ruum c i.iiiiniiKV
1435 Walnut Street
Philadelphia
Sprue sn
I'ilUburEii
line 189S
Llrirlaod
The Best Free
Book for Wall
Street Traders
It clearly explains:
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. Call, phone or write for
NO. T.U.-361
Latest available newg fur
nished on active securities.
JONES & BAKER
Specialiits in New York
Curb Market Securities
PHILADELPHIA OFFICE
WIDENER BUILDING
Telephones Bell, Locust 4730
Keystone, Race 2290
BALTIMORE OFFICE
433 EQUITABLE BUILDING
Telephone St. Paul 8431
Offices in 8 Principal Cities
Direct IrWat Wlf
nfe
IProfiinble
ilnuofiliiioiiln
State of Delaware
4Vz' i Highway Bonds
U..led J.ui I. ')2
Due J. I, I'JGI
Date
Redeemable on Any Interest
at I 05 and Interest
Coupon Bonds in Denominations of $1000
Exempt from all Federal Income Tax
Price 93 and Int. to yield 4.90
Lcy.ility to be approved b Messm Cclclucll tz U,,j nionci,
New York City
IRedmond&Ca.
Broad and Sansom Sis.
Philadelphia
Pittsbureli Baltimore
33 Pine Street
New York
Washington
A 6 FEDERAL INCOME TAX EXEMPT MUMICIPftL
BOND TO YIELD C.60 TO
MATURITIES
51,500 annually October 1, 1922-26
O.SOO " " 1, 1927-31
10,000 " " 1, 1932-46
$220,000
Tarboro, N. C.
6 Gold Bonds
Dated October 1, 1920. Principal and semi-annual interest
April 1 and October 1, payable In Gold in New York City.
Coupon Bonds of $1000 and $500 Denominations.
FINANCIAL STATEMENT
Assessed Valuation, 1920 $7,402,493
Total Bonded Debt $734,000
Less Water & El. Lt. Bonds, $208,000
Less Sinking Fund 28,586 236,586
Net Debt 497,414
Population 1920.., 4,568
TARBORO, the County Seat of Edgecombe County (popu
lation 1920, 37,995), is located about forty-five miles North
west of Raleigh. It is an active industrial and trading cen
ter of this part of the State. The Municipality owned Water
and Electric Light Plants, during the last fiscal year, yielded
a net revenue of $19,000 after deducting operating main
tenance and repair charges. Railroad facilities arc fur
nished by the Atlantic Coast Line System and the East
Carolina Railroad.
These bonds arc n Direct General Obligation of Tarboro
payables from an Unlimited Tax on all the Taxable
Property therein.
Price 99 and Interest
Circular giving full details upon request.
riicsc Iwnds ure ready for immediate delUery.
R. M. GRANT & CO.
31 Nassau Street, New York
Boston St. Louis
Uhll wfl do not guarantee the nbo
aUtcmcnlr, o Ucllcvo ttum to be correct.
Chicago
Rex Seal Products Co.
Manufacturing
SEAL,
GINGER ALE
and other superior non-alcoholic
beverages, offers an unusual op
portunity to the investor.
A limited number of shares at $10
For Details Communicate With. '
KOONTZ & COMPANY
Members C oniolldMed Stock Exchange of New York
SECURITIES
723-26-28 Widener Building, Philadelphia
NEW YORK TRENTON WILMINGTON
Direct Private Wires Connecting Offices
Railroad Mortgage Bonds
TO YfiELD 7.75
Freo of Penna. State Tax
Company Assumes tho ?. Normal Federal Incoma Tai
For the conservative investor who prefers the
old seasoned mortgage railroad bonds we arc
recommending investment in NEW YORK,
CHICAGO & ST. LOUIS R. R. 4', Gold
Bonds, due in 1931.
A 40fr increase in freight rates, earnings of
more than TWICK its fixed charges, and
dividends earned and paid on both Preferred
and Common Stocks, place the mortgage
bonds of this road in an especially secure
position.
Price and full particulars on request.
CARSTAIRS & CO
C'rMisrriHlnr luimtmint Sccuritiis
J'nt, o .Nice 1 or, nn riiilaiieiplua Moil, l.ichunuts
Mil) Walnut Street
'iiii.iii.i.ini
HliH M v
City of Sao Paulo
UNITED STATES OP DKAZtL
6 External Secured Sinking: Fund Gold Bonds of 1919
At fiscal agent for tlie Municipality of SSo I'Julo, we ire prepared to
receive oflennp of the aboie bondj ag-alruttnelhirdteml-tnnual Sink
ing I und Payment b) tlie city Ilondj up to f 8 5,00" -ill be purchased
at the lowest price offered up to and including Ft 11,1911.
IMBRIE &. CO.
NEW YORK
CHICAGO
BOSTON
Bonds for Investment
irc-ul r I n He in n
The National City Company
Con. V'Hil ui (llllr li On 5(1 lliii
riilluililiililii llj dictum ,S,
AlUnllc (111 1:.'1 lieiirilitiilk
FOREIGN BONDS
All Issues , ,
ffniif or rfrfatlcci circular r, ho. "
PARSON, SON & CO.
J!emlrH r.w Yorlc Block l,',,l,
ll IlltOADWAY NKW VO"K -
Safe Bondsy&- Investment
HALSEY, STUART
& CO. inc.
. II SMI.UU CH-nTTO."
Sailer & Stevenson
3i ami niiMM r trs
1JONDS
lax l-'rcc, Ylcldins Wi'j'o l0 ' '
..
H aw 1