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1
A aMWritiias
V
EVENING PtJJBHO LEDGBR-PHlMpIiPHlA, TOTBStfAX rFEBRIJAftX 24 192k
- .- -,--- ,
S 1 PPRWTFNT QFI I IMP. I nkw york stock: exchanof. transactions ! INM IQTPIAI S HNl W
Ml .... . . ... . tC.4..)! V.t
t.Ant Cnsf. llll I I IGftl I I II llllllll
WtLLUM mtbUKD
'IF 'AND'
and 'BUT.'
til fnnl " tuht " mas
th-e word aa fla-u oa of apeeen
tonjunriloiia if te temembsr
rorroetlv.
In B-nliut mrouirh life their ache-
liatlc definition! er loaf upon via
nnil we I urn lo rrrocnU lliem
flajuraa of Mprmn'on no loncar In
k srammatlrRl aeine.
"tP "AND' snd'BCr what
mlKlit time been practical es-
preaaion of re iff o' 'esrel on'
portunlu sained or lor
A SPECIAL Atirtll.K .netin
thle subject ss t , ffei-te Ih is-
IcrtMn of li inlnr nnil trdr
hs I in prrnii1 hv our Krtuc-
ilonal Dfpt for frr iliirlhmiou.
Aik for Articlt "LR"
MiltonHeim&Co.
STOaS-f ORMH EXCHANGE-BONK
MIMI
PHILADELPHIA STOCK HXCHAJitf
COXJOLIOAUO STOCK SXCKAKG...Y
1622 Chestnut Street
rlionr.i flfll. iitiii- iniT.4800
firolnnr. Itiirr ioU
;i ni-iwB
A. 4HI AHl '.. N-
Mnfnfanl. Coo.
Better Business
The anticipated im
provement in business
is already evident in
many industries. More
settled vahtcsandmorc
dependable earnings
arc being established.
Write (or Letter 7308,
which describes bondi
and notes that still yield
large returns and are ob
ligations of corporations
benefiting by the trend
towards normal price
levels of commodities
and service.
Bonbright & Company
437 Chetnut Street
Philadelphia
Nrw Yolk Chicago
Boston Deliolt
SENDS STOCKS OFF
Specialties Hammored to New
Low Levels Oils Wero
Without Spirit
Nw Norli. IVb. '.M, A series of
fllln wnvos rolloil lnivtirclr ovrr I tic
lork iiuirkpt (0(l nnd wumi prk'Ph
eciierull lowpr. At tli openlnK. II wat.
the tire nnd niblier. that were ipr"l5l
onlh Mlil thru tlio nlln were tnkon H!
nnd otinkon modorntclv nnil. In thoi
nfti'rnnon, Ihr trpN for (ho firnt tlnn'i
orr onorcil down rntlier freel.v. in
lirtwppn tlicMt itroiip mjovrnwiiti. n
iiuinhcr of the inw'nltlcM wrr' limn
inrrod down to new Iowr. To ndd to
tin' dnv s dronn tnl. forclcn rxeliHiigi'
vmi vorv ncak nnd call inonPT lipid
ilnnM nt 7 nor cent.
The nprnlnp nttnek on the tiro inuc
cpntfrpil on Kelly -Springllpld. nnd In
tlio fm-p of h rnthrr farnrnblc annitnl
report, it whs finally puihr-d bolow
K for n lout of virtually 5 iioints.
Tnilrd StntCH Rubber nnd Ooodrlch
aim HiifTercd losse. Tt wnn nfiturnl
that Hip motors would be afTectcd by
thcje operations, and. Iillo they did
1 not share in any of tlie Iiir Io-cs, tncy
mil ijot below their opening prices.
I Tlio nnnounoi'ment tluit the director
of Texas Co. hns voted to rpeommend
to stocklioldern of the company nt the
annual inevtini; on March 31. thai the
I capital stork be inrreased IS per rent
.and that (.loeklioldeis would have the
right to MibHribe for the new issue at
par. wae responsible for n lois of one
point in I lie companies' sharfc. Texas
Pacific Coal nnd Oil was weak at nil
times and dually Rot belo "tt.
The oils uere without spirit. The
bears for eomp time have been looking
with hungry eyes on thp Hteels. but have
not had the pourac" lo nttnek them.
Today the nibbled cautiously, Appar
ently encouraged by the reports that
ponditions In the industry, instead of
growing better, are tlullj becoming worse
and stagnation has practically overtaken
i lie independents.
I'niteU ytatcs Steel got down to SO.
Republic nnd Crucible Ion more than 1
loinl. nnd the other indeicndcuts were
down fractionally.
Among the upecialtics. Atlantic Oulf
nnd American Woolen lost some of their
gain of jPHterduy. but. on the whole,
I'pKI "ompnrntivelv firm. I'nited Fruit
uho fought to stem a hrrious decline.
Scnrt.-Roebuck, though, was siihjrptcd
to i-nnliiiiiiil prcsure and lost li'.nly 4
I ditile.
S f In )
2l
409
mot
too
lilt
tot
3100
(00
sot
lOo
40ft
3(10
209
Rftii
1(10
too
200
00
200
100
2199
Hft
SJ0
409
'!
.11)9
t3
IAD
209
400,1
Z19
1310
M00
1100
3SI0
109
200
lOt
20(0
100
400
14200
COO
8010
109
20U
200
lllrrn
4 Alax nubbr 281
.Mask Oold Mlnn .. I '4
1 AI1ld Chem A Dye.. 40
Allied Chem & Dye pf '4
4 Atlls. Chalmers 80
7 Allls-Chalmera pf . 8ft
8 Am Airrlc Chem 4
Am Agrlo Chem pf . . . 7
4 Am Hank Note 1J
t Am Bank Note nf. ... 4J!'
s Am Bosch Mat? 88
Am Can 2iJ
1 Am Can pf .... 8
12 Am Car A Kdy 123t'
1 Am Car Fdy pf 11.1
Am Chicle. . . . . 23
Am Cotton OH S2''
6 Am Colton OH pf 61 ij
. . Am Drup Syn 0JJ
Am Hid" & l-oather. . li
Am Intarnat Corp... 43;
3 Am T.lnse-d 80'!.
0 Am t.ocornotlvs 83?r
Am Pafnty rtazor.... 1H
Am Ship & Com 10
4 Am Smelt & Ref 41K
3 Am Stcl Foundries.. .19
i Am Surar Rf 2?i
T Am Sugar Ref pf l2',-
10 Am Sumatra Tob 80'i
8 Arn Tel & Tel 109
12 Am Tobncco 129
6 Am Tobacoo pf new.. 9I!5
12 Am Tobacoo B 118
2 Am Woolen 3
. . Am Writing Pap-sr pf a.V
Am Zinc Iad & Smlt 9
o Am 2lno & Icad pf.. 28ft
.. Anaconda Copper ... 38 14
4 Aaio Dry Goods 28
6 A ten Top & Santa Fa 82 W
10 Atl Gulf & W I 3 S.. 49Ti
B Atl Gulf & W I 9 a pf 40A
7 Baldwin .ocomoliNo . H9t,
i Palo win lxico pf. . . .
.. Baltlmoro ft Ohio. . .
4 Baltlmoro 4 Onto nf.
309 ".so BAmsdale Clans U
H
- , . I. '
1 "1
1
Railway Equipment
Trust Obligations
We have just pub
lished a booklet de
scribing the peculiar
advantages and fea
tures o f Railway
Equipment Trust Ob
ligations. We shall be glad to
send you a copy.
Kindly ask for Book
let K-8.
CASSATT ty CO.
C0MMEROAL TRUST BLDG.
PHILADELPHIA
HEW VOSA
EAJTtMOOt- PffTSB JBCH - JCRAKTOM
3
&fER -.
s ffj VTt? IJ J f)r - I
- 1 T 1VV
15'
bmall Investors
Bonds in $10u amounts that
nrr just the fame as the
securities of laiger denomi
nation; arc availcMo for
small in-xs'or--. Permit us
to upcrr st w n f h of these
c conbi'lcr nic.
BATTLES & CO.
I,j!ibl''iff if
todrp'o'l"i'l Squar ilti
atatajar3riwv8jn !
TRADE IS LIMITED
OV LOCAL 'CIIAXGE
Pennsylvania Railroatl and
Electric Storage Malic I p
Built of Business
Tie shares nf the Pennsylvania Rail
ronu Cn. and those of the Illectric
Storage RnttPrv Co. wpip about the
only issues ou tlio local exchange that
gac opii the semblance of activity to
tho market today. These topks took
the lead from the start nnd held tlw
interest throughout the ln. ThPrp is
an improved sontlmeut lownrd Stornge
Battery by reason of the better con
ditions in thp nutomobile industry, and
fh stock hold steady, the fluctuations
being betwen 102 and 100a. Penn
lvania was steady around -10.
1'tillty issues claimed some attention,
hut price change!, were inconsequential.
The biggest decline In the local traction
stocks was made by I'tilon Traction,
villi h was off more than a half. Phila
delphia Rapid Transit was oft and
f nited (ia Improvement declined a
half point, with the preferred holding
at 407s. Philadelphia Ulectrie was iu
fair request, but was weak.
Rands were netive. but a pprtain in
decision marked operations in this sec
tion of thp exchange. T.chigh Vnllpy
general -Is snerltiPPd 1, points on a
sai ot a smgip uond, tlic price being i
CiOij. That pompany's coal ."is were l
nlfii 7eak and fell a lrilf. The new l
Pennsvlvnma d'js ranged between HWn
land 0!)t.
lho publw is still shy of the market!
nnd whilp thp pnssagp of the Winslow
bill, which Is expected to bring imme-
diate old to the railroads, had the effect I
of prod'ii ing a peitain firmness in the!
i arrier issues yesterday, the seniritlcsi
market is without the punih that i
usually hen when there is agre-ie
buying bv outsiders. I'oi the present,
and in mcw of the precarious earning
statements that are being put out bv the
railroads, the outsider is nut pirticu
larh interested in the absorption of tbe
earner issues, but is rather favoring
the Industrial, the higher grade oil nuU
the motor groups.
There has been u considerable slowing
down in the bond market and there is
little prospect of betterment for the
Ufit couple of weeks. Rond hoimcs say
they are satisfied with the condition as
if gives the market an opportunity to
200
lift
fiOOO
200
200
.100
200
100
400
.100
o
400
1200
4100
3lt0
too
9100
200
300
230
3)0
t;oo
too
1f)!
200
300
-loo
300
3A0
22)0
.T0
3011
200
3250
S80
421n
100
5,10
10(1
400
10100
coo :
ti too
noo
BOO
loo
ion
loo
coo
700
4011
10
iQO
00
lion
330
300
2S0O
200
100
10)11
100
3700
10)0
too
1000
21800
200
csfto
too
400
200
190
1200
100
300
800
800
300
301)
700
ton
3(10
Sll)
4UJ0
700
4A&0
2000
soo
200
1tl
18210
too
. 34 !i
49i
. 2514
Ti
. 3Ji
47
llatonllan Mlti'tur
. . Bethlehem Motors .
S Bethlehem Steel B.
.. Booth Fisheries 4
.. Brklyn Rapid Transit 13
10 But-ns Bros S8
.. Butte Copper & Zlno.. fl'A
.. Butte & Superior Cop 13'i
. Caddo Central OAR. 14J4
California Packing . . 0SJ1
California Petroleum. 41'4
2 Cat Zinc & Lead
10 Canadian Paelfle . .
. . Central Leather . .
7 Central leather pf.
4 Ctrro de rasco
lo Chandler Motors . .
4 Chesapeake & Ohio.
. . C ilcaco ta Gt Wost.
.. Chicago ft Ot West pf iHY
.. Chicago Mil & SI P.. 27 '4
.. Chicago Mil ft St P pf tVi
8 C' rnctimattc Tool.. 64
.. Chi R ! ft par 27
0 f'hl R t ft Pae 6' pf (12
7 fill Jl I ft Pac
.. Chile Coppt
. . Cliir.o Copper
0 Cluett Teabod;- . .
. . Coca-Cola
3 Colorado Fuel ft iron.
. . Col ft Southern
8 Columb Gas ft Hlec..
1 Col Graphoplione ....
7 Continental C.in
Continental Candy
5"
.117
. 39iA
. 844
. 27 ?4
. 70
. 39':
8 i
Pf 73 tj
.. mf
22
.. 2
. . 20
20
32 'i
CO
9'i
1'4
3 fontlnental Iti6uranca C2',i
7 Consolidated Cigar .. 5n
7 Consolidated Gaa .... 79Ti
a Consolidated Textiles. 20
4 Corn Products Ref . . . 0'i
.30 Cosden ft Co 2J,4
8 Cruclblo Steel 34
.. Cuban Cine. Suga-. .. '-'Mi
4 Cuban Amer Sugar... 32
1 Davison Chemical . . . 25
30 DeBeers Cons Mln l.ti 16'4
0 Delaware ft Hudson.. 102
.. Denver ft Rio Grande 114
. . T'enver ft Rio Gr pf. . 3"j
1 Domo Mines ISJi
"0 Ilaatman Kodak . ...670
Rlk Hpm Coal 21
3 Iidlcoit-Johnson ... nl
.. TCrlo 13'j
P.rle 1st of 1T5
Rrl-j :d pf . . . . 134
H Tarioup Tlaycrs I. .. 8S'i
s Fjitioub Players pf . . . S2-i
7 Tederal Mln & Smlt pf 28Jj
14 i
17
2i
. . Flak Rubber
. . Freeport Texas . . .
.. Gaston Wins & Wig
. . General Asphalt .. .
General Cigar
8 General Electric . . .
1 General Motors ....
7 Gen Motors deb ""
0 Goodrich B F
7 Goodrlc'i B T pf "s
riranby Corsol M ft M 23
7 Great .Northern pf...
2 Guantinamo Sugar .
. Houston OU
1 Hupp Motor Car. . ..
t Indian Refining . . .
CO Indiahoma Ref . . . .
. T'uplratlon Con Cop.
IrterU Con 'orp. . . .
Inter ''en Co-p pf .
.-. !nt Agr.c I, 'orp pf .
-, lnt Harvester new. . .
lir Mer Marire . .
lnt Mer Marln pf .
International Taper .
.. International Nickel
Inducible Oil Corp. .
.. Island OU 4J,
. Jewel Tea to
. Kansas C'tj Southern 20!i
4 Kansas Cltv So pf . . . 40f4
4 Kelly-Sprlngneld Tire. 44
-s
, 07
. toy
.up:
. 14!'.
. 77
. 3(i'.4
15U
69
13J
IS
0U
34 J4
!i
14'
4
9SU
13'
11 '4
t3-
16U
20'
Ijjiv
28 '4
1
42'4
894
38 54
89
48 ?
7414
81
4'4
aU
85S
122'i
11.1
23
21's
64'i
6M
S't
44
4'4
V,
74
'
41S
2'i
01
H1t
S3'
1004
1184
l!4
1IR
61ti
3.1'i
2.Sli
38
28
82
47'4
r.'i
S8
100
31
4'i
28 H
"i
ns
86U
4?i
13
86i
8
12'i
U!4
Vi
40;;
stj
118! j
3S
S2
25 !i
8 !4
89
!
18 U
27l
42
C4
27
62
73'4
11 !i
2i:i
.'.!',
19
2S 14
32 !i
CO
0U
861,4
IU
2'i
84
78fi
20
r.)
29
91 'V
21 ?4
3M4
28
IOI4
102
t'i
3?i
15'J
019
29
cnu
13'4
1U
13N
64
82'i
26'4
14
17
2U
C8K
ro?i
129!4
77
84 'i
7S
22
76 H
15!
60
13U
18
6U
3t'
44
It
47' .
HSU
135,
51'.
to
MU
H'i
4
.
20
46U
39
Tort.y's Net
I.s.t Chice ) Sslss
1 '.
43?i- Vi
90J4 1)4
Ti
1
3U
l'4
1
i
!i
H
Hi 1
3S 1
1!
Wl
'4 '
H
38J4-
80 -4714-74J4-
81 -t-48U-89
-2H4
-
85-
12S?i
113 2.1 -23U4
44
M .
9!i-
4414-
4954-
8?4
7Ji
10 -41
i
SO
92'4-12M-
8414
Id0' llftU-91J4-
117 -
tJS
3314-
28 '4
38 -26
'
82 -48U-39U-88
'i -100
-31
-
49;:--
25V-
3'i
87 -
V,
13
8'i-
S'-4
13'4
IHi-I3.-40'4
-
1164
JS
271-i
CI
fit -
sti -
18U-
27U-
42U -
64
2?
62
73 '5
11U-
81"
Slit '
2 -
28 4-'
33'i-
00
9H
88'H" 1"4
C2 ' -84'"-78T-20
-69
-
20 - 5
1 To- Ifi
23J4- U
31 !4- si
25
16'- 2
102 - JJ
1?4
3?4- !i
1.7 li U
CJ0 - 8
31 - U
16),- U
W'i- '.
1Ii-- is
1.1? ' U
64 -
82'i 1- '4
26 J
14
17
Dlv
In I
2800 2 Kennecott Copper , .
7.110 ,. Keystone. T & R....
1100 6 Lackawanna Steel ..
.100 . Lnko Erie ft West pf
300 2 Lee Rubber Tire. . . .
20U0 3. SO Lehigh Valley
ion 12 Liggett & Myers....
2 Loewe Co
IS Lorlllard Tobacco
4 Mackay Co pf . . .
209
100
loo
loon
17(10
209
28890
800
11m h
18
18 14
8SJ,
23
26 !4
. S?i
.isori
. is
.188
. 7
7 Manhattan Kiev guar. 86
.. Maxwell Motor 8J
8 May Dept Stores "4
12 Mexican Petroleum . .M7'
Miami Copper
7190 1.60 Middle States Corp.
Hi
SI
!8ii
's I
"ii
. 1
i!
H.
:oo
409
1009
409
300
100
809
1599 3.
109
100
1800
100
300
too
509
8W
300
609
12)9
3
199
900
310
2209
6800
1100
100
6000
2009
too
400
600
too
3400
100
400
10ft
200
190
700
200 "
4800
100
250(1
200
200
5000
500
500
800
100
300
59)0 3
000
6110
201
SOO
too
4)0
22500
200
SAO
0SOO
.1600
17730
200
600
300
900
ItlO
600
300
20400
010
5300
200
600
200
Mldvalo Steel & Ord.
7 Minn St P ft S St Me.
.. Mo Kansap ft Texas..
Mo Kansaa ft Tex pf.
.. Missouri Pnclflo
. . Missouri Paolflo pf. ..
.. Montgomery Ward . .
60 National Acme
7 National Blseult pf . . .
.. .Nat uiouK ft suit
. . National Con & Cable
Nat R R of Mex 1st pf
. . Nat n 11 of Mex !d pf
18!i
13 ?i
31
7
2!i
4U
1ft
3t
16'i
2i;i
HI
SIS
3!i
8S
6U
. . M!V uon copper n1
fl N O Tex ft Mex 73!4
0 Now Torlt Centrnt... 12
.. New Tork N H ft II.. 10Ts
7 Norfolk & WcBtcrn...l02
ft North American 654
7 Northern Paelfle 81
Nova Scotia S ft C. 36H
40 Okla Prod ft Ref.... 3J4
0 Pacific Gob & ISlec... 47i
.. Pacific Oil wl 2!4
6 Pnn.Amer Petrol 74 U
0 Pan-Amer B ?,4
Pariah ft Bingham... 1.1 Ji
3 Pennsylvania R R. . . . 40
.. Petui Seaboard Steel, llli
.. Peoples Gaa Chicago. 38
.. Per Marnuotto IJTi
3 Philadelphia Co 33'4
.. Phillips Pot 24Ji
.. Plerco-Arrow Motor.. 2615
8 Plerce-Arrow pf . . . . IftJJ
.. Pierce Oil 104
8 Pierce Oil pf 74
n Pitts Coal fitU
7 Pittsburgh Steel pf . 80!4
1 Pond Creek Coal 13
8 Pressed Steel Car.... 91
8 Pullman 108
8 Punla Alcgro Sugar.. 49
4 Pure Oil 31 !4
8 Railway Steel Spring. 86
t Ray Con Copper 13!J
4 Rcadlne 76J4
2 Rending pt pf 4S4
2 Reading 2d pf 47
.. Remington Typewriter 34
. . Replo Steel 30J
6 Republic Iron ft Steel. 67! -4
,20 Royal Dutch N V C0?i
I St Joseph Lead. ... 12
.. St Iiuls San Fran... 21 !4
. St Louis San Tr.in pf 31
.. St Lours Southwest.. 27
.. Santa Cecelia. Sugar.. 4J4
.. Saxon Motor fi!i
8 Scars-Roebuck 79
. . Scars-Roebuck nt . . 99
.. Seneca Cop Corp 16J
.. Sinclair Oil 2.1?i
0 Southern Pacific 78',
.. Southern Pacific rta.. 17',
12 South Porto Rico Sug. 74! J
.. Southern Rail 21 J.
ft Southern Rail pf. ... 87
7 Stand Oil of N J pt..lftSM
7 Stern Bros pf 94;
4 Stewart Warner Sp...
2 Stiombcrg Carb ....
7 Studebakcr
2 Submarine Boat Corp
2 Superior Oil Corp....
4 Temtor Corn ft F ,,A"
.. Tenn Cop & Chem...
Third Avenue
200 2.50 Times Square Supply.
.1 L?4
36 '
S94
8?i
8J4
18
8!i
"!i
10 U
42Ji
24 U
264
84
t
J- 1
(!3?4-CO?,--129i-
13 Ji
77 -
35;i
7S !
22 -764-15!.
67 -13'
.
13
6t,4-
34 U-
44
14
4s -
esu-11-.-
51 'J
51!i-
15'.
20U ;
4U .
94
20 -464-f-!4-
1
u
Hi
IK
Mi
U
5 4
2430.1 3 Texas Co
2100 ., Texan & Paclflo
3000 1 Texas & Pao C ft O.
3200 0 Tobacco Products . .
690 . Transcontinental Oil
900 ,1 Transuo ft Wms Steel 44)
200 s L'nlon Bag & Paper.. 71'4
300 .. Cnlon Oil 21
1100 in Union Pacific 121
.1100 4 I'nltcd Alloy Steel.... 32Ji
800 8 United Drug 95
7600 8 United Fruit 102 !5
11330 3 United Retail Stores.. 84T
9S0 . USCIP&Fdy 11 '4
200 ft U S C I P & Fdy pf.. 5?4
SOO .. U S Food Products.. 24
Itoo 8 U S Ind Alcohol 70!4
2!ll00 s U S Rubber 68U
400 2 U S Smelt ft Rof 334
13S00 D U S Steel 8.114
400 7 U S Stcot pf 110J4
1600 c Utah Copper 50 J4
800 4 Vanadium Corp 36
2700 i.Va-Carollna chem ... M
200 8 Va-Car Chem pf 08
1100 1 Vlvadou lnc 7
200 .. Wabash pf A 20 J4
100 .. Wabash pf B 134
100 . . Wells Fargo Kxprcss. 65
200 .. Western Maryland ... 104
7(10 . West Maryland 2d pf. 17 Ti
100 Western Paclflo . . . . 26)4
200 n Western P.iclOo pf . 69
200 7 Western Union Tel. . 7
600 4 Westlnghouse V. 4: II 46
200 . Wheeling ft L U . . . . U
5'M 4 White Motor 39Ti
200 .. White Oil Coip MU
100 t Wick Speno Steel Corp 17
1200 1 WtllysOMiland 74
200 r, Wilson & Co 4:t
MoO k Woolworth F W Ill
500 i) Worthlngton Pump . . 18
100 0 Worth Tump pf B.... 05J4
l.ow
-W
14Ti
44
33
204
824
ISftJi
18
188
87
4
4!4
74
184 14
18J4
1314
31
694
2U
4
18'4
3
Ml
20J4
111
314
24
84
5!i
nu
724
71U
in
1014
53
hV.i
364
34
47 J4
314
7.V4
6',5
134
394
104
34
1714
33
24 ',4
28 !4
781-4
19J4
73
594
sou
124
91
19314
49
.1.14
86
13 U
784
44J4
4 6 14
33
364
60K.
6U
114
211'
31
254
4 4
ft
76
99
10
23
77Ti
16
71U
31 54
57
109 !4
944
so 4
36
674
84
7 "4
17 '4
n4
17
10
414
23 !4
25! 4
52 '4
84
39 r.
7H4
204
120
nt';
94
ico'S
531-4
134
5!4
2314
69 4
C54
344
b2?
IIO14
50
352
32
9S '
C-4
20 4
134
63
94
17!'t
;n '4
C9
Si
454
u
38JJ
1414
17
754
43
108U
474
5 U
17 Ji- 14
154- 14
85 54 J'4
23-1
304
824-
1694- 314
18
168 - 3
87
68 2
854- 14
74-3
189 - 15
18!4 ..
134
81
70 Ji
2J'- i'
4 - U
I8J4- Ji
39 - U
16J4- Ti
21 - 4
til - 3J4
314 li
314 - ii
84- H
fill
1M4 4
73J4- 114
7M4- V
194- !'
191J4- K
65 !4
83"4- 4
364- 54
34
47 K H
314- t
734- Wl
60 J4- 4
134- 4
40
11!'4
38 - 54
17 4 14
33 - 14
2414- 54
36 - 54
785' 5
lftJ4
78
891'- 4
89', -I- Is
124- '4
91 - 1
10154- 14
19 1
34
so 4
13!4 !4
784- 4
444- 34
40 li- 4
33 - 1
304- U
- 4
Cft'i- 4
12
31 U- U
31
264- 4
44- u
5 - "4
-4 - 21-4
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19 - 4
23l.j ia
78J4- U
16 - 1",
7454'- 1'4
2153- U
67
108J4- U
944 ' 14
:it!5 !4
36 - 14
5814- Mi
84- 4
7'4- IU
1754- !4
HU- U
17 t- 14
lo - y3
IJ4- 2J'
234
20 li- 1,
5314- li
9
39)4- '4
71 15- I
204- !i
120 - 4
31 - 2
95 f 1
102Ji- 4
54 Ji- 4
14 -5- i-
6!i- 4
23 Ji- 1
70 - (i
66)4- 24
32 Ji- V
83 - 4
1104- 4
aftjj- 4
35Ji- 1J4
3.1 U
98-1
04- li
20 4- 4
1.14- 4
68 - 14
4- !i
U4 ' 4
JJi !i
C9
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454- U
U - U
3S!i- 1
- Ji
17 .4
54 ..
43
108 JJ- 24
74- 14
fl5)i-r Vi
Acmo backing S'olls Off Read
ing Rights Range Around
16 Oils Strong
New York, Feb. 21. There was n
generally firm tone to the trading on the
Rroad street curb, although n few Is
sues of which public knowledge Is lim
ited declined under small sales. Acme
Parking, which was traded1 In flt the
hi ginning of the week nt 014. when It
replaced Indian Packing, sold down
this morning to 8V, but other indus
trials wpic generally well hold with
some making moderoto galnH. Durnnt
Motors ngnln sold nt 20 nnd the candy
nnd shipping stocks were unchanged
from their iccent trading positions.
Rending rights seemed to have set
tled nt around 10 nnd there was little
disposition to spcculntc In them today,
only n few sales being mode nt 10',.
Mnn nlontnn In lirlnr nnid. llOWCVCr,
to the possibilities from the exercise of
these rights, but these possibilities maj
not Impress themselves on the mnrkct
until fitter the Reading Co. has dchn
itcly announced the rights nnd the
privileges to which they are entitled.
This nctlon Is not to be expected .un
til after the government has formally
passed on the plan nnd the matter been
definitely settled by mandate of the, Su
preme C'onit.
Independent oils were generally "well
held, with (iuftcy ngnln the most
prominent feature in the group, making
11 sharp advance today from 27 to 21).
There was initial trading in Tains Co.
(lights) at 2 to 2i'a. The rights arc to
subscribe to lo per cent 01 present
holdings at -,i
from 22j
The Maracnlbo rnnged
to 22. Lake Torpedo uoat
eotd at !,i and is.
INIU'HTMAIJ
ltllh
1 .111)
P. f.
Acme Coal
Acme luck
Jlrlt Atner Tob coup .
Durant Motors
Furred Coal
Ilalnoi KnlltlnK "A"
inter llubner
Inter Trado Mark . . .
I.jike Torpedo
Perfection Tire
Iladln Com ...
Heading rlsliln
Hweels Co . .
I M Htdp Coip
1' S riteanr
Cnlte.l Profit Sharlni
L"i Ited Ilet Candy . . .
31
13
2D
10
14
10i
0S
L'4,
l'l
8',
3' .14
13 13
20 an
ir is
14 14
10J4 l'i
ttOlj 6ttl
4 '
IS 14
IV. 1 .
14 10'
i' 2J,
STASiMiiu oils
Hl.nd Oil of lnd new... . liO'!,
INDEPKNUKNT Oil-!
Allen Oil 13
Iloonc Oil 1 '
Hoelon Wjoinlnz tl
Carlb Synd
I'ltlen flerilce "U" ctf... 2s'i
Denny Oil ,'i
lllk Hosln Pet ;i
llnglnecm l'etrol 1
Perteral Oil ''
Olenrock Oil '-
lluftey Ullleaple '.".I
lludnon Oil . ;'i
lnt l'etrol lu"-j
l.nnce ('reck '
Maracalbo Oil 22j
Merrill Oil 12S
l'rodurem & nellner. .... 4'
fall Creek new 0',
Hlmins Pet ""
SUelly Oil "'4
Texas I n riwhn 'JU
l'l? TeXHs Oil j,
Victoria Oil new . . .
Western States .. . 'a
V Oil i"i
.minim;
Alaska Dr Columbia .
AtUnla
Jioolli
Hoelon i Montana . .
Caledonia Mlnlnc
Candelorla Mlnlnc .
Cortez fllhcr
Cres'on uotd
Crearent MacNnmara
Kurcka I'rpesus . . .
Curekn Holly
Oold Conn
Hold eel
UoldReld I'lorence . .
Hold Kan.is
Hold .silver Pick
Hold one
flrpat Ilend
llecia. Mlnitrx 4U
Iron llloitflom i1,
Jumbo Intension 8
Knox Dlvldo 10
Mnr.N'amarj. IS
Mnumu 24
Mil mil Mlnlnc 8
Mother Lode 52
Mother Lode new ft',
Nlptnelm; 8
North War tl
Ophlr SlUer 1
Prince Con J
Ilex Cons
Ilocheeler Mines
Han Tov
Silver King Divide . .
no Am r a
Standard HIKer Lead .
Nuccrii Mlnlnc
Tonopah llelmont . . . .
Tnrwpah Canh Hoy . .
Tmiopah rxtcnnlon .
Tonopah-JIm llutler .
Tonopuli Midway
Tonopiiii Mlupah .
Tonopah Montana
Tonorah Heecue Hula.
t'nlted Eastern . . -i
Victory .... . . 4
Wt't Knd con i f
White Cap .. s
Wllbert 3
BONDS
Allied Packers 6
Amer bti unem 7j....
ivj.
14
84
0D
09
15'.
Vi
7
1
I '4
?.' !"
i
I,
i
63
10
1"
71
,H
8S
IU
8
1
37
20
r.
r2
in
in
t
l
1.-,
8ft
1,
s
I
3S
20
4U
RA
1H
I ft
24
S
12l
i"
r.
3
111
111
71
!
1.1
Sft
HI
s
1
37
I
n s
r, r
a a
4i 4
3 a'"
li'i li"!
1 :'i 1 '
1 li 1 H
13 13
W It
9 ft
20 Jl)
FOREIGN EXCHANGE
V -.- X ...I, I'-l. 0 1 TVlll, ,lii n-rff.n.
digest the manj new offerings that hove, Uori 0f Swiss cxchs"nge.. which opened a
i oine out recently. It is said that sev-' point higher at IS ;. for c.ibles and
'nil bond issues tiiHt have been Hanging '
Commodity Markets
eer the market will not be put out
until there are some definite signs of
improvement
Philadelphia Stocks
Western N.Y. & Penna. R.R.
General Mortgage ! 1943
Price to yield 7.30"c
Harrisburg Light & Pwr. Co
1st & Refunding 5. 19S2
Price to yield 7"v
Moore, Leonard
& Lynch
CLSHMA'.' M.WTIALL Mcr.
.ot ) D'P' rfn e 'f
1129 Walnut Sticet
ftr-irrf f.'uo's
K:,.z-L'Hrlt.-'n Hotel
ife'.ibei j
flew Yo !. rii'l.-ide , a A P. its
burgh ftijv-k lixi haiigis,
'j
lO's
71',
."I ' ..
IS
tin
JIlO'
i'i
-'s' .
Si"
r.'.'-s
.i5)-K
7P,
.'i
Is
flfl
101
it;
Ml..
r,2-s-
10
7i; .
:.i
If ;i
1" A Hi Insur 1S
1 ti Arn St r.. .V."
i'i" ("am lion "'7
.jO Chandler
Motors OD
Om'. i:i stor. .102
on IIcs-RTpf
Ptf (lib 10
:;.-, I c N -Jsi
n I,ai'e Sup
.',0 I.eii Val.
l.",r,l IU R K.
.". Pn Salt.
.'!" I'hilo Ins
Wire
r,r, phiia ru
urn pf .T.'iv
j::s, phii i;ie- -J'JU
f'.ll ii pref. 27 "h
07 V R T . 17-
KKitReadog 7t5'4
5 2d & .Id
Pass R.17.".
2( in Ton P.cl. l-
lOM'ni Fril.lOlU
I" r Trin t :;im
-ill i ill., .in ...i"! ;;.r
I do pief. l0Ts 11)" -11)':
Mill. West Md 0 ins; Ifti,
Jl' .area '.vrd.i . Tnus tar '
sT2t shnrf
, t i". .x ,r Sw.,. r;xchans
IIU.SIIS
Nl
C"
.- 1
22 22' i-
27-4 27",.
17 17s
7 6Vi 76U
17." 17.1
l' I.
1017, 101 Ti-
.".oi, nou
PT
COVVVJ;
ihmi Hih
.". II e. O fis . 110
I Hell Tel 7h 10:',
1 I.eh Val (W. US
1 do gen in. liO'j
0
('.
Val
A Systematic Method
which .how. vau now to
DO YOUR OWN
wdBjpafjaajBxjajajaajaji V.UI.L.&S. I inw
Celman Printing Houia, 209 Vine St.
VVltltt
inWCi'
-efr
Safe Bonds for Investment
HALSEY, STUART
9. CO. Inc.
1 I ehigl
Coal ."s.
2 Lib Rond'
2d 1Us. .
1 rid 4U.
.!.' , 4th lUs.
20 Vic 4',s..
."'a Penna Co
0'js . .
i'.i . Philn Kie.
I si .-
Hi II .nlm:
gen Is.
2 Span -Amer
Iron fit.
.r V
l
10:1
on'
7S
u I
I ,0.9
IN I
1(1.".
!1S
Bfl'..
7S
111
N.t
ehf
16 5: for rhetxs, anil irulldeis. whkh
were urchanffeii, tl. entire forelsn e
plunge market opened y,eak with de
illi.es ranging up to 10 ,iolnts In Helsian
aiid fi-lstlan.
Met ling slatted It. U rrn' lower, nt
"i;i, for cables and T si?', for demand.
I'i.i i' cables were t points lower, at
7 it lor . abls und 7 1 for checks. Lire
-phlei 34U i hei kH ".'JI, guilder
rafts 14 110, 'h.'!.s "lli. pesetas
tab'es 11.54. d.erl, t"S.'. Stockholm
cali'.tjs 2: 40. rhecks "J.JO , f hrl'tlama
cb'es 17 05. cliecl.s 1T1j, topenhaKeu
'cables Is.'O, ciiet l.s 111": uemian
cub'e.s 7.4'. checks 7 4: narUs 1 . 2 ..
1 'Iiie prumum on New York exchange
ii Montreal todaj . after oj.cninrr up ',.
Ceclinca ti i-i'i per ceni ine uiscoum
on Car.ad.nn tunds in New York was
lower at IP, per cent
The cen'ial Huroptn exchanges we.re
quoted todav nomlnall.v as follows:
tire'-. 7 S3 ; ( V.e-ho-Slo- aklu, t 23 ; Juro
S1.i1.i, .60: Klnland '1J; Poland, .13;
Hungary. IOU; UulcarU 120; Vienna,
.;. , rieibla :7s. Rumania, 1.35; Hs
mdos 'i'i rent".
At fie bi'Biii'i'nc o' 'he Irtjtt hour, the
market cont'.iiiK il to l"P!Ine. SterlltiB nt
.1 SC for cables and o S5U for demand
was down 14 from ; esterday's final.
1 francs at 7.01' 'a for cablet and 7.084
' for chocks were down 7U points Lira
' c 1 r. 1 tnr rvahli.s .inrl ?1 A a 1-. for rherkn
i snOW'CU R JOBS 01 . poinin nnil lioirHK. ni
1 60, wero now n 1 '-j points irom ine
previous da dose Sterling at the
I above ngrie is now n nearly 1 cciim
' 1 frfim the recent hlsh and ftanes howed
1, an extreme, less from ihcs high of about
j 39 points
' I Yv:srBi'.t).w s fs.m. oi otatio.vs
1 r intf I'rrt rves Lire UuUd.ri
.n.rr-nd 3 "T". 7 il 3 A .". ! -.
ub t- ss'i t.v'j 3 e.ii r.t ."
TODAYS OPLNLMi Dl'O TATICiVS
S erllne Trjnci Lire Oulldem
R SH'j 7 is .1 01 .H.I
t ..ti:
I
, Demand
Cables .
ren-e- 1
"l
II .' 7 14 .1 14' .11 i'O
CI.O-IVQ QL'OTATTON.S
Htorllnnr IVants I.lro Gj K-r.
a sv, 7 os 3 "j 3i us
3 si 7 0 11.1,1 ill ij.
7
0)
Vi! 72 tl 72fi0,72 ,0S
flO.Oil S().!)4 fiO.Ot..
S7.00 mi nn Mi.fW .02
i)7.t2f)7..!0 07.80 .02
!niH !"l's 0!)' .
BANK CLEARINGS
I 1 1 or
11- r'er ins 10 U ' "llt'.iied
reipulid'nir da ''ml I mi e.ne
lll.'l 1H20 IDlli
l'hl. 11 Sll8.fl7S fft.nl2 341 K.I) 117 :,Vi
. Vnr. nil.l.M.O'.'S 848.Sil7.ftO 5h7 HU3 Si I
iinston 41 7i nni an nn.7n7 51 012.073
111 titni.r.. r.'.ISS 2IKI lU.HSn.7hS
( hn4B l'7 71(1110-,) 11 -J .'.17.74.1 1'Jtl .'Sit 812
m I o t t 10 .'.Ift s.-s ;. us; torn
81 'a
OSL.
s
OS'
OS'j
BAR SILVER
Dnicesin hiir silver was unclianged in
New Vo'Ii tod.i' at D&'ii fori gn ."ifii
a deiline of 1 r In Londop I Ue prle
if the metal dei lined d to 3Jd equal
COTTON MARKET
New York, 1'eb 21 Pessimistic ad
vices irom Manchester, weak cables
fiom Liverpool, unf.norable reports
from il(jinetc nn'l renters and tcces-
sions m inri-ign exchange promoted mod
erate general selling at the opening ot
the fotton mntket. First prices were
incrangrd lo ! points lower.
ltemand tame Irom some of the spot
interests and from Wall street, but was
comparatively limited.' Later, quota
tions t-asrr to a net loss of 0 to 22
points. One March notice was io
ported in circulation.
A private cable from I.iveipool said
that banks were pressing for pa)mrnts
and that more Lancashire mills were
closing
Rpcepits of cotton at the ports for
the day are pstimated at 1-1,000 bales,
against 14,700 bales a week ago, 1-S.-701
bales a year ego, and 12,077 bales
two years ago.
Previoue 1- 3i)
Close Open p ni
Man h . ll-'.M I'.'.SII 1-' IU
13.311 I" 41.1 )' '-
.llj, IS liO 13 7fl lil 17
Oct'cbo: 14 411 14 3S 14 111
Deiembe 1 l. M :
JniM-y H SO I4 7ft
nil.
GRAIN MARKET
(liicngo. Feb. 21. Heavy selling oi -piineii
in tin1 wheat pit today und t ho
niatket developed considerable weaknes-.
'I he prinrir.il depressing iiillucix wa
the attitudp of labor unions. Tlio be
lief gained ground that capitul and labor
wpip about to enter into n snuggle
vulrli would undermliip the business of
the nation, and. with this belief in
view, holders liquidated and new huing
powpr failed to develop.
Other bearish fat tors included dr
plines of 2' i to "ij cents at lluciios
Aires at Hip i-Uim yi-stenlay. weakness
'n spciinties nt New York lind ifi fu
sions In foielgn pxchnngp. Monover,
the wei-klv report of the weather bun nil
from Washington was favornble and
pnvutc crop udvifes were nptimisl'n-.
It appeared as though the green bug hud
taken a vacation, as "alarmists' had
market for wheat nnd that I'.'.OOO
bushels had been booked. The move
ment of wheat in all positions has in
creased. Corn was under pressure because of
the break in wheat and nn enlarged
movement, and the undertone of the
market was weak. The fact that values
failed to respond to yesterday's big ex
port business was disheartening to the
bulls. TIip tosh basis was 'j cent
lower. Rids from exporters were off
rent, with a fair quantity booked here.
Fair amounts also were worked at the
sco board for export.
Oals worked lower in sympathy with
the other grains. Trado was without
feature.
"nn lllih Low cio-o
l.704 1 7I 1. 87 1.117
1 00' 1.01 l.GU'i 1 oe4
7"'j 70'i flO?. CO!
. 724 72', 71, 7Hi
454 45J1 44', 414
. 40'; io'; ms -5H
"0.S0 20 83 20 7ft 20. SO
W-.at-Murrli
Mv ..
t ..rr.
M-"
Julv- .
ooit-
Mav .
July .
I'orl, .
yuv
Lard
ltib
Mav
.lu'j
ft4
07
eo'A
HB'i
94
Amer Tel s.
Anaconda, lis
Anaconda. 7s. lO'.'O...
Anclo-Amer 7',ia . . . .
neaver Board 8s .
tleth Steel 7s. 10S.1. .
Ilrooklyn Kdlion fl.
t'erro de Paaco S.
Cona Oa f.
Grand Trunk O'is
Oulf Oil 7'is .
Interboro P. T 7a
Morris Co Tin
Nat leather Ss
Seir.-Itoehuck (scripl
Sinclair 74 a .
RnH av Sa
Southwest Hell 7, . ... 984
St.nd Oil N Y 7, 10.'1..10t'i
Stand Oil N Y 7a. 1020.. 1014
Rwlft Co 7 .. nfi'-i
l'nlon Tank Line 7s . 100S
Wetern Kler 7a. . . fls'l
SnU. Oovt ft'4i . . SI'i
Copper I'.xport Sj. 1B22.10D
Copper Kiport Ss, 1023. PUS
Copper Export Ha, 1024. ?v
Copper Kxport 8s. 1!'2B 00U
. ooil
. 08S
. 00
,10ft
00.
oftS
117 4
70
. PS'v
. tift:
0I,
91I
1UD
07
004
86si
0E'
80!,
00 4
9fl4
90
104i
nI
Oft'i
074
08'?
051;
0.1 'A
001
mo
06.
lot W
toi'S
oow
100s
us'.
llOU
004
US'.
s'1
II
1
S
fj
.1
.1
4
3A
U'i
tt
13
-II
2i'
4
r.o
117
nou
SH'I
D.I4
4
COS
II .14
06
105
on1;
o.i;
D7K,
04
SsU
Ooi
om
004
100
OD'A
1014
1014
flBS
8,3
100
oV
00'i
094
12.0ft
1J.4I)
1 1.2ft
U.IIJ
12.10
12.
11.27
II. OJ
1 1.00
12 28
n.u.
11 ft-
11.02
12 27
11 17
11., -.7
little in siiv nhnut I he nest
Premiums on red grades dropped to
12 cents over May, compared with 15
lo 16 penis over yesterday and 21 cents
over two dais ago. The milling do-
nnwul fm ul.cut nm slow and local
millers leported the Inquiry for flour
l,tr - is 6 ihc Italian (iovcrnment was in the
RAILROAD EARNINGS
KANSAS CITY hOCTHLnN hYSTLM
.. 1921 ' Irrreaa.
tanuarv Eiote JLtiill 7SD s:if)T o ,
Net after tax 4113,48ft 01 453
sorTiH.r.N mailway hysti:m
(t inee Latl and n
Second week I'eb 13 von, en 1407 ir.
Jan l-l'Ob 14 21 1)9', 170 ! S01 773
lie reaie
French Bank Statement
Purla, Feb. 24 The weekly atuiement
of the Dank of France shown tho fol
lowlni; chaJigcs: Gold In hand, in
creasod 415,000 francs; silver In hand,
Increased 1.343,000 francs; notes In cir
culation, decreased 264,342,000 franca;
treasuty deposits, decreaueil 36 273,000
frnncs; general deposits. Increased 126,
870 iiOlt frnncs HIIIh discounted. In
creased t.a,iii,uuu rrancs. Advances
decreased 4C 77C.O0O francs. Advances
to tlio Htate during me vveti;, 200,000,
000 francj.
Big Call for Dunlop Rubber Stock
London. "eb 24 There was a large
advance demand for the f 3,000.000 8 per
cent debenture stock of the Dunlop Rub
ber Co , to be offered uliorll," by Hit
Ur'tlBli Foreign and Colonial Corpora
tion ami 1-cp lllggtiiHon a Co The
whole amount was underwritten within
twelve hours. The security Is favorably
reKardod In th local market.
LIVESTOCK QUOTATIONS
riilrasn. I'eb. 24 CATTLB Itecelnta.
0000 hejd Href ateers ateady to 25c hlfher.
Top. J10.7ft hulk, IS.fiOWlO; butcher atock
and bulla. lftHfJftc hlsher: bulk fat row nnd
heifers, $.1.25 07: bulls larnelv 1.1 2fKttO;
few choice light beef bulls 17 and hlnher;
calve. 23000a hlsher: atockera und feeders
atronC.
HOOS Receipts. 81.000 head Talrly or
live, lOtqloc lUKlier man yefioriaj- uver-
aae. I chla up most. Top, Jin.in: uu c 2no
pounde down. 8101110.80: built. 200 pounds
up 111 2.1W0 7ft. PlB.s, 2ft'S40c hlcher bull!
UeairaMe 1110 to il-ii pounn piaa, iii.riiiia 111.
HIIKKP neielpta. 11,000 hnil Klllln
elniws snerallv ftOe hlftliT. 70-nound khorn
tamba. ilO: no rholco linndy wool Imnlia Hold
rsrlv. 110,7ft bid: bulk fat lambs. 10 Mv
lO.ftO 101 pound vrurllnsa, 17, no ttinlce
noft!-,(i earltn79 sold early: 103-pouii'l evvca,
$0,60. bulk fat iwm 10170 40
Final St. Ixiula, III.. Feb. 21. CATTLL
Itecelpta. 1f00 head bieers ateadv to
strong: lO.n, top paid for one load of
4ncui )lulk. J8.2BI7n.Bll- tight vi-arllnua
and liclfira si -ona to ?ftc blaher, 11. 7ft pild
for two loads. cov a sted to 2,"c hlclier,
lop 17 bulla Head) not enough Mod.- -.
1,1 d cantier. to tniil.e a mitrl-e' vai calf,
ion. 112. ftn bull.. 1124J12.B0.
HOOK Itecelpti. 7301) head Aflne and
20W30c hlsher than yoaterdai'a everac.
Top I1O.30 on llshta: bulk lluhlv Jio.fft W
10 40 built mediums, tlfiBlO'.'O- bulk
heavies. lO.ftOCO.OO. no extreme .heavlea
her, packrr eowa pnd heavy pin mostly
2ftc hlhan llcht pica steady: duality good:
everythlnc In a.nd aold.
SIlEl'.r Ilecelpn. 800 head No market,
nil receipts direct to packers, good limbs
nuoled up to 110 SO.
lUst Duff als, N. Keb. J4 CATTLB
IUcMPI". '-Oil head Hlead) I ale. if
lOlpta (iftO head. Fifty pepta lowor, IftV 10.
HOIJM ivec-iri. .'tun neatl. steiiny
Heav. IO.2ft9IO.2ft, mixed. I10.2ftjln 7ft.
torkera. llcht orkera and pica, 111: rousba.
17,8WT.B0i atag. I8O8.
8IIKK1" AND LAMBS lttrelpt, L'4110
heed. Steady to ,10o hlsti"t. Ianilm h:1j
10.SO. fer I1Q 85: enri;ns in.snH
wethera 18,2.10.00, w l.'tpU mixed
aheep. 1198 2ft
l'liubiirsh. Ib 24. HOUR nrte rta
JIHIC head Siei'il Itravlea JU .'r,fi-H.,-iii
Heavy orler. Ilsbt r.era and plgl. SU'lt
11.10
KllKIvP AM) L.MIlr4 neetipl sort l.eaij.
Hlcher. Top ateep 0 BO: top lambs 111,
CALVFCS Recelpte IBS hill Hlcher.
Top, lift.
$100,000
The Pennsylvania Railroad Company
6V2 Per Cent Fifteen Year Secured Gold Bonds
Due February 1, 1936
Interest February 1 and August 1
Free of Pennsylvania State Tax
Coupon Bonds $500 and $1000 Each
With tho return of lower rates for money, many
corporations which have been forced to pay 7 per ceni.
and 8 per cent, on recent security issues, will take advan
tnpc of the callable features of these loans nnd pay thcni
off prior to maturity refunding the same tit lower rates,
to return the investor only AM per cent, or 5 per cent.
For this reason certain issues, not subject to redemption
before maturity nnd running ten to fifteen years, should
be considered at this time by the investor who is socking
n maximum income commensurate with safety, rather
than issues where the income can be reduced at the
pleasure of the debtor corporation.
Both the Pennsylvania Railroad Company 7 Per Cent.
Secured Gold Bonds, due April 1, 1930, and the Pennsyl
vania Rnilrond Company 0',2 Per Cent. Secured Gold
Bonds, duo February 1, 1936, arc equally secured and
have no redemption .clause providing for their payment
prior to maturity. Therefore, an investor may hold the
7 per cent, bonds for a period of nine years and the
Oij per cent, bonds for a poriod of fifteen years from
this time, without the possibility of these bonds being
called before their maturity date, thus receiving nn
income of 7 per cent, or G's per cent, as the case may be.
In January, 1917, the Pennsylvania Railroad Company
General Mortgage 4V$s, due June 1, 1965, sold at 104i
and interest, equivalent to a 4.28 per cent, basis. That
was four years ngo. Four years from now the Pennsyl
vania Railroad ConsJJuny General Mortgage 4Vbs might
possibly be worth the same price they were four years
ago. If this wero tho case then a 4.28 per cent, bnsis for
the Pennsylvania Railroad Company 7 Per Cent. Secured
Gold Bonds, which would then have five years to run,
would be 1121,4 nnd interest. A 4.28 per cent, basis for the
Pennsylvania Railroad Company 6V Per Cent. Secured
Gold Bonds, which would then have cloven years to run,
would bo 119 nnd interest. Theso two issues therefore
have the possibility of an increase in value not to be
found in issues subject to redemption nt prices ranging
between 102M, nnd 107 and interest.
At tho present time the Pennsylvania Railroad Com
pany 7 Per Cent. Secured Gold Bonds, with a life of nine
years, nre soiling nt about 103 V and interest, equivalent
to a 6.62 per cent, basis. Tho Pennsylvania Railroad
Company GJ,6 Per Cent. Sc'curcd Gold Bonds, with a life of
fifteen years, are selling at 99 and interest, equivalent
to a 6.58 per cent, bnsis. As these Secured Cs are
soiling at a relatively lower price than the Secured 7s,
with possibilities of greater enhancement in value, and
as they produce tho same income basis for a period of
six years longer than tho 7 per cent, bonds, they should
he more attractive to the investor nt this time than the
Secured 7s.
Price: Market
To Net 6.58 Per Cent
Biddle & Henry
104 South Fifth Street
The Information and statlHtics eontalned herein have be-n
obtained from sources which we believe to bo reliable.
New York Telephone Connection
To facilitate the transaction of business in New York,
we have installed a private telephone connection
through William R. Cotnpton Co., 14 Wall Street,
New York, the telephone number being
Rector 1945
By calling this number, connection can be made from
New York with our offices.
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
Philadelphia Telephone Connection
To facilitate the transaction of business in Philadel
phia, we have installed a private telephone connection
through Harrison, Smith & Co., 121 South Fifth
street, Philadelphia, the telephone number being
Lombard 6100
By calling this number, you can be connected with
our New York Office.
William R.fi)mpton fo.
St. Louis
Cincinnati
Investment Bonds
14 Wall Street, New York
Chicago
New Orleans
ij 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ii 1 1 1 1 1 1 1 j 1 1 1 if 1 111 1 1 1 1 1 1 1 4Vi 1 1 1 1 ri 1 1 j i f turirtf MtiiHi
Concerning New Bond Issues
It is now possible lo buy
Pennsylvania Railroad 6 Bonds
Atlantic Penning 6 Bonds
at about the original offering price
We will be glad to execute orders nt tile market for
investors who failed to get bonds when first offcrc.1.
West & Co.
1417 UieatnutSlmt
Philadelphia
62 llroadoar
New York
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