iR33$S,'r,v 'ipr
?Tp
"sufjj ii'-n; " t-rij.
'r'r'IfTj-flJLt
"jft '
EVENING PUBLIC LEDGER-PHILADELPHIA, FRIDAY, FEBRUARY 25, 1921
2o
I
$2,000,000
Stewart-Warner Speedometer Corporation
Five-Year 8 Convertible Gold Bonds
Dated March 1, 1021 Du, Mtrcj, j, j jjg
Adhering no to be Issued. ,3 OOo.OoO rrlnslsal n Interest payable la Chleaeo tt th. oftlc of H Trwtte, or. t ths
eptlen of th bolder. In New Tortt, at ths offics of trs Chae National BoftU of ths t'Hr of New Torti Interest yW
Starch 1 sr.il Bepterntxr I without dedtiotlon tot I.'ornM Federal Income, Tot not In excess of 9. Four Mill Tsx lUfutid
In rsnneylrsnls. Coupon bonds In denominations of t.0O8 and Mft. RstislsrsMs (o orlftelp! only. nsdsemasts y
th Company prior to maturity at IM and Intsresl, us to Sod fncradlat KsrcJ, 1 JB25. and losreeftiir It 1D9 an Interest
teas 1 for each full year or fraction thsreof.
Convertible nl the option of the holdor at ny time before maturity, or if called for pre-pay-mnt,
then up to the redemption date, into tho common capital stock of th Company) each $1,000
bond bclnar entitled to 2D nharcs and each $500 bond to 12 har3, with a cash adjustment for frac
tional shares.
CENTRAL TRUST COMPANY OF ILLINOIS, CHICAGO, TRU8TKK
from a Utter of Mr. V. R. Buckiin, VicfPmiicnt tf th Compuig, u tummmriit tu follow:
The issuing corporation is the moat prominent manufacturer in iU line in the United States,
its products being standard in ita industry and fiavinr a irotM wide distriHtlon.
The present issue proTides funds to flnance a portion of the purchase price of a vary advan
tageous recent acquisition; to reimburse tho Company' treasury in fart for 1120 capital eipen
ditures of substantially 11,500,000 j to retire banlt leans ($2M0O)i and tm auure the Company
working capital commensurate with its increased fedlltlM.
In no year since its incorporation have the Company' net earnings after Depredation,
Interest and Federal Taxes, been less than 6 times the maximum intereit charge of llGMtti
upon the present bond issue. For the eight-year period of the Company's operation, such net
earnings have averaged fl,7C0,379, per annum. For tho year ended December 91, lt, they
were $3,210,0X7.
The Company's balance sheet as of December 31, 192, after giving effect to recent acquisi
tions and the application of the proceeds of the bond issue, shows Nat Tangible Assets of
$12,760,743, (equivalent to $6,375 for each $1,000 bond of this issue) and Net Current Asset or
$5,705,763.
The Trust Agreement will proride (1) That the Company shall create no Hen against ita
existing plants (2) That it will maintain current assets equivalent to St0 of its total liabilities,
including reservation for Federal Income Taxes and th present bond Issue (8) That it will create
a sinking fund sufficient to retire $850,000 principal of the present Issue before maturity.
The Company's capital stock into which th btnds are convertible at th option f tk
holder, is listed upon the New York, Chicago and Boston Stock Exchanges, pays regular dividends
of $4 per shar per annum, its record selling price during 1920 having been ZV.
PRICE 100 AND INTEREST
Offered when, as and if issued and subject to approval of counsel. It is expected that temporary
bonds or receipts will bo ready for delivery about March 3, X931. All legal details pertaining
to this issue u-ill be passed upon by Messrs. Pam and Hurd for the Bankers and by
Messrs. Winston, Strewn and Shaw for the Company.
Central Trust Company
of Illinois
US WKoTMONKOBHTKBET, CHICAGO
Hambleton & Company
rteak4 SMS
ltattlsasre Jfeer York
rUI4orkU Trsmljit.
Wo do not guarantee the sutemonu and AfUM3 canta-lnod herein
but they are taken from sources which we believe to fce accurate
ssnl
WE OFFER
Republic of Bolivia
6 Sinking Fund Gold Loan
Interest April and Offerer. Principal aad latsrast payable Ib V. S. 0I M
Equitable Trust Company of New York, Trustee
A direct liability and obligation of which the full faith and
credit of tho Ropublic of Bolivia is pledged.
Authorired Issue M2?'222
Redeemed by Sinking Fund "i'222
OuUtandlng, October 1, 1020. ...... 2,21,00
Through the operation of the SinWntr Fund bonds amwn
by lot semiannually April and October of each yoar and paid off at
100 and interest
SIZE: Third largest South American country.
AREA: 708,195 square miles.
POPULATION: About 2,800,000. , ,llL
Within its boundaries there consists a territory equal U all the
American states east of the Mississippi River with the excopUon of
New England. Bolivia is rich in natural resources, tho mineral
weahh being composed of tin, copper, sliver, tungston and similar
products. The country is fast bocoroinff tho world's largest producer
of tin and at this tlmo ita output is about one-third of the world s
yearly supply.
Large potroloum deposits exist in the eastern port of the
country. The forests may be made to yield mahogany, cedar, rose
wood, rubber, etc., in unlimited quantities. Coffee, cacao, tobacco,
sugar cane and cocoa arc successfully cultivated in the temperate
teno. Livestock consisting of cattle, sheep, etc thrive on the rich
grazing lands in tho valleys and on the mountain slopes.
Bolivia wnu a country without a foreign debt until 1900, when the
Morgan Joan of $3,432,600 was made. The total public debt as of
1017 was $20,716,180. of which $14,147,896 was External and
16,567.785 was Internal, all figured in United States Gold.
The foreign debt of December 31, 1019, was $14,790,831.40. The
latter part of 1020 Bolivia paid off the French loans of 1010 and
1913, thereby saving several millions of dollars, owing to the rate
of exchange.
Bolivia's indebtedness is tho lowest per capita of any South
American country, being loss than $7.50 per capita.
Bolivia's Foreign Trade, 1118
Export is.ets.uo.tt
Import tl,,tSI.l
rtalanro of export avnr Import! . . . .t9,048,lo'.?
PRICE: 77 and interest, yielding about 840, with a
imslblo profit of $230 par $1000 bond over purchase
price through Sinking Fund redemption.
WARNER & FITZHARRIS
421 Chestnut Street, Philadelphia, Pa.
'rh Information and ttlit1ci contained hrrvln bv..btn
obtained from mure which tllovo to pa rttlahlt.
American Can
With demand fr eanned goods
increasing this company is ex
pected to Improve its position dur
ing tho current year, especially
In view of its present strong
financial and physical condition.
The current issue of our Mar
tut Review contains a complete
analysis of American Can.
Among ether stocks discussed are:
Armour Leather
PreMd Stel Car
Cities Service
General Motor
Simm Petroleum-
Btnt on Jttffueir for .
Hughes & Dior
lliator
tktatt
1435 Walnut Strwt
PhlUdolphta
NUiiarifc
SM IMS
CilMUU
Veto York Bonds
IflAUtt! IN 11000)
Am Dlt 1 s,Dn b It OMaJ'crllt Wotlara
1 on
Amn llml(
nr u
3 77
1 ... 77S
Atii TAT ell
4. ... 70
Am V tTil
1. . MM
Am 'r a T iw
s
l.... 08
0..... oo
l oo
AlOi Toptka t
B'a l' 4
10 77H
.... 77 V
A Coast I. ell
1.... TOM
3.. .. 70
Atl Coatt U 41
1 77U
l.t... 77H
Atlanile XKtCt
ct m
1... . 9H
! MH
4 05 H
a.... oou
Halt a Ohio ev
l
4.... eiu
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t nH
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nan a otto Kj
1. ... 84
Halt a Ohio (la
3 .... SOU
nait a Ohio o
1 11
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1... 103
... 103
1.. . 102U
noth ;itti fa
10 tw
B CopMr M
o... sa
Drljyn 11 V 4i
8 3U
Caiia4lan N'n
niy ret
n.... 101
Can'l of CI s
2. ... 60
C a O cv 4H
1.. .. 75U
1... . TOW
(.. . 7SH
9.. . tov;
fl. ... 78U
C'U a u evti
1 04 W
l 1HI 4H
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1. ... Tfl
Do Cn St '31
fl .... 0U
t L'un 3't 'SI
30 09 H
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3 S3
rv. c'anaila 'At
10 U
18 HH'A
liu'i Llihl A
ftSfe
Kt'n tVi
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10 MW
3 88 U
I. .. SBU
E0I U t 11
1 80M
BrU Ornt l.in
1 41
t.. .. 41H
3 .... 41H
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Brit It It cv A
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07
07H
sfla
111 Spruce 8200
ItOUlttlT BOLD QUOl'CU
s io;s-ts
W.W KPort AaooiaMn. . .
nda Ha, t, Companr ,Aa JOS
Samuel K. Phllllnc X, Cn
MKHBHWI PIIIJjA STOCIt KXrilANdK
" IMWIIHHT
HTHKKT
United Gas Imp.
8a, 1923
CHARLES FEARON & CO.
333 Chestnut Street
Erie Lighting 5s, 1967
pa. Lighting 5a, 1940
I BOENNINQ, GARRISON &00.
U. G. I.
8 Notes
HARRISON CO.
BAMIEIt
W SOUTH roUltlf IT, MtU.
Members tfew J'ori r.d
Philadelphia Stock Kteli4iit
klncir tir.. .... .... ,.j..
hi, ;'! ""no niii.Dinu
- -ill ""- nimis iitn
naast
Morris Brothers Co.
rilabllibr 1SS1
Bond tor Investment
MutUdftal arrsi CorptwaUoa
142, Chennt Street
I
Missouri Pac. R. R,
Equip. 61: 126-30
United Gas Imp.
?' Not. 1823
SECURinES DIYAnTUENT
Commercul Trust
Company
MaaVr faan) B mi m'$rm
CitrlaU8raarsWet
jaMuetmmoeu
Phila. Co. 5s. 1949-5!
Brush Elec. 5s, 1952
Atlantic Ref. 6'2a. 1931
Penn Pub. Serf. 7j. 1935
Erie LiBhtln 5ar 1967
Penn..Ohlo Pr. & Lt. 72, 1940
Mowji4fi
itm trie mmmtng
ifiii(rr rtttta, SttiU JfttftSMs
i
8.
1..
1..
S..
13..
7..
1.
81
8H4
81S
81 U
StH
81H
8l
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06 Vj
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0H
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1
3
1....
1
1.. ..
1
1....
N'n f'aetno 0
8 HH
1.... 84
K'n faeldc 4a
1. ... 70
10... . 78K
Orncm 6 i 8
4 00 H
r II im 44a
8.... 70V4
rnna lt It A
1 88H
r tut (H v
l.
4.
(I llwlta'd reo
1.... 10JH
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8 101V4
Itoek'ir Vi- tat
lt -n
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t 4M
1.. .. 64 V
1 04Vt
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a 3i
1 8lU
4 81K
1 SIM
III Cnt'l OHr
C .... 01U
Intboa It T tn
82 H
63 V
GSM
S3 V,
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83 M
63 H
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. 80
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09
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4
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4..
28..
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4.... 103
Prnrla a 11 lit
1 81
rem lUrqt C
1 83
mill rounts' cv
6 01 H
rut cm Chi t,
Ot I. a oi
a .... 83
npe O 8 'M
1 70H
nneu iit A a
Loul'a 4M
3 86
1 08
3 CO
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08
03
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08
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BO..
80..
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S. .. 81
Chi a Erie lsl
1 77H
Chi i O W 41
1 DIM
Chlcwo Mil a
OtreviH
S 60
1 68U
Cblcaco Mil
BIT fo Vi
8 81U
B 1U
Chkaao Mlt a
Btr tm 4M
. . . . 77
ChKaco a Hth
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4 00 W
8 0OU
Chlcwo t Kth
W.tt'n T
8.... 102
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a rao tt
1 07
1 67 St
Chlcam R IV &
a ro 4
1 0
3 TO
Chteaa St P'l
if O en
1.... 101U
Chloato Union
TJtk i'A
1 81
3 81M
Cbloaco Union
Ola ct 6H
8 ... 104
1.. . 104
Chlla Cor fit
3... . 73M
Chlla Con'r U
1 08
1.. .. MM
City Rord x n
1 7M
Cly Chrla'a
1 OS
City 1ronn 6
1.. . 75
1
1
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3.... Ml
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ftowa Ctnt'l 4a
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Iowa Cent' I S
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4 MM
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1 64 V.
Kin UiHU
8... . 73 U
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3.... 00
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1 08
Ktntilom Don.
marts ct a
2 08U
1 08U
lelc RtMl '00
0 74S
1 74
L E a W l(t
1 TOM
tax Bnoro 11
8 4 'ES
10 84U
I. a wi or Ta
1 100
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t 83
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1 ... 108VS
Lett) a Nath
Ct 1. dv 8
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ttln a 61 T. (d
3 40
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3 .114
8.. .. C4
8. ..54
Mont' a lwr 3
1 88
1 83
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1.. .. 64
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1
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GOSSIP OF
THE STREET
St I. a a Tran
Serle H
1.... 72U
St li a 3 Xran
Serloa C
1.. .. 86U
6t t SoW n lit
1 66U
Bt U UoWll Si
2 63
St X a Kan C
8 b M
3 84
Siab'd A X aj
1 83M
d 88K
Beab'd A t. fd
C N Th 4 TiTiN If t ent'l 0
1 .. . 83MI 8 IDS
C K W 44 nil t. . 80S
3 03 ' 1 .... 8U
Cli I'arla in N Y C T roti
10 OR 7 S 1014
3.. .. 00 T 1.. . 1014
8... . 06 Tlfaw V N It
Colo a B'n 4f llart'd 0
1 81U 1 ... 661.
Cons'd Oa 7a K Y Tl 4 4i
9. .. 08U
Cuban C 8 ev
83
CXx lid Co .li
3.. 70
Sen a Jl ( (d
8... . 46U
-0.
2.. .. TT'l
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2.. .. 88
8. R0U
1,'fU a. Wn 4
1.
88
88 M
884
884
38
1..
3..
1..
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Oaab'd A t. 6
1 47 H
2 47 4
Bo'n Xaclflo (d
S 7041
B'n l'ao cv 4
8 T8H
1. ... 78M
'n Rail W a
1 S8M
1 B8
Otand'd Oil et
Calf ret
8.... 101 M
4.. . 1014
1.... 101 H
1. .. 101 4
Third Ave 4a
1 40
Tidewater Oil
Co et SM
1 0T
Toledo a O Ctt
W Branch 1st
1 76
Union Tao cv
7 MM
0... . 83M
SO 83 U
UKolO Brll
a rd loai
a on o
i . . . . oo o
UKdO Brit
a I'd 182J
1 0414
1.... 04M
2 08
8... . 94U
U K of O Drtt
a 14 10S7
1 88
U 8 Mexico 4
3 83 tl
U 9 ilex 44"
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0. ... 004
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0... . OS
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1 04
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0. ... 63 M
B. .. 03 U
Wn raclDc let
8.... 82
w a b ixtb it
2 0844
1.. .. 08.
J 084,
a .... 0BY1
Wllaon Co ev
1 ..80
OS
S4M
04 T
Liberty O'Xi ... l'lo
Mberty 1st 4V.8. 67.24
Liberty 2d 4H 80.40
Liberty Hd 4Vis . 89.01
Liberty 4th 4 Us 80.(5(1
Victory Note U a 07.40
Victor) Note 44(1 07.42
Low
01.00
80.00
80.34
811.80
80.60
07.40
07. 88
11 10
(fi.To
80.00
80.118
80.93
80 B2
07.40
07.40
It would notrenuiromuchspsrotono.
commodnte tlie tradtoj that has occurred
in dtocks since the Lincoln Birthday
holiday, but rooTttncntu of many issues
have been wide and at tlrries violent,
mtklojr thoe committed to the bear aide
confident about their ability to unsettle
values and malting the outlook one in
which further attacks and drives must
be expected, with the possible outlook
for bearish activities bclnit diverted to
other stocks than those which bad been
under pressure in tho last few days.
Apparently the Atlantic, Oulf and
west Indlen Interests hare mado a
market combination to protect that stock
from bear raids, but some of those talk
In, about the rumors that have been in
circulation, while the stock has been
violently broken, blame the company for
lack of publicity In r?nrd to its con
dition and of frankness in maklnr state
ments In which utockholders or Intend
Jn; buyers should be concerned. There
are all kinds of reports on the Street as
to steps that tho Atlantic. Oulf and
West Indies representative will take
acalnst those who they blame for the
chanied market position of the stock.
It Is Insisted by some that practically
all of the selling of Atlantic, Oulf and
west males has been for short accmini.
but the names of the sellers Included
houira representing Important Boston
Interest, and as the company is essen
tially a lloston proposition. It Is thonght
that this selling may Iist been forced
liquidation as a result of the crumbllnc
awny of the price of the stock ujv to
last Monday,
The speculative opinions held on the
Street are highly confused, the Palm
Beach element having an lacs that all
they had to do to break a stock Is to
sell lt and after concentrating their
power against Hears Iloebuck and
Kelly-Springfield they may devote their
attention to some other specialty toaiy.
Little Long Stock Sold
There is an important element on tho
Street holding tenaciously to the long
side of the market, which says that
strength in the situation li widely ad
vertised bf the action of the steel in
dustrials, especially United States com
mon and Baldvvln Locomotive. It
asserts that vcr7 little long stock has
been sold In weeks in the steel group
and that the demand for those utocks
is Increasing in volume and, urgency
every day.
Toe petroleum stocks are all looked
on with special favor, and there Is a
good deal of discussion about the posi
tion af the Standard Oil Co. in the
period of reductions of prices of crude
oil and petroleum products. In sorno
quarters it is thought that onn of the
Standard Oil companies may appear
within a short time as a heavy holder
of Atlantic. Oluf and West Indies stock.
Stxblllxlftf titeel Prices
The Iron and Trade fieri aw says:
Complete readjustment of the Iron and
steel market to a Btablllxed basis mani
festly has not yet been accomplished,
and conditions remain decidedly unset
tled. The cleavage between the position
on pjrices of the independent companies
and that of the Steel Corporation has
been rendered more pronounced by a
further dexcent of some of the pchedulcs
of the former producers. Competitive
prices ss much as $0 to $11 per ton
below maximum figures now being main
tained by the largest producers have
appeared the last week, and this spread
is growing steadily. That the Steel
Corporation must meet this situation
before many days is a matter of com
mon market opinion. Declining plant
operations of the Steel Corporation are
being given cloie attention in the gen
eral industry because of their bearing
on the question of prices.
Geld Stocks la Japan
The far eastern division, in reporting
to Bureau of Foreign nud Domestic
Commerce on gold stock of Japan, says:
"The Department of Finance. Japan,
reports Imports of gold Into Japan In
excels of gold exports as 824,280,000
yen during 1010 and 855,082,000 yen
during 1020. Comparing thwe figure
with tho increments to these official
holdings of gold in Japan shown that
during 1010 about 75,000,000 yen In
gold must have been added to private
holdings, while during 1020 about 50,
000,000 yen was undoubtedly trans
ferred from private to official stocks.
"Of the 1020 net gold Imports, all
but about 70,000.000 yen Is accounted
for by the redactions of official holdings
abroad, whereas during 1010 the hold
ings abroad Increased almost as much
ss did those in Japan. Nevertheless,
the total of these gold stocks Increased
120,000.000 yen during the lost year.
The shift of 103,000.000 yen from gov
ernment ownership to that of the Bank
of Japan is also an Interesting feature,
especially In view of the flnnnclal.crifh
experienced during the year. Excess of
Imports of merchandise over exports
amounted to 74.600.000 yen during 1010
nnd 887,800,000 yen during 1020."
Prnns) Iranians Own P. R. It.
In connection with the report that
the Pennsylvania llailroad had 1.14,743
ftocMioldera on February 1, it h.as been
pointed out that the company is "of
the people" and not dominated, through
stock ownership, by any of tho railroad
groups. It has been a saying In Phila
delphia nnd throughout the state for
many years that "tho state of Pennsyl
vania owns the Pennsylvania Ballroad.
'The drift of the last yrar seems lo
strengthen this claim, A year ago Penn
sylvanlans owned 30.71 per cent of tlie
stock. Now they own t.1.23 per cent
Nev Yorkers In the nnme time have al
lowed their holdlngH t fall from 80
per cent to 27.2-1 per cent, and New
Knglanders have diminished their hold
ings from 11.04 per cent to 11.14 per
cent. TUP: TUADEU.
STEEL SPRING'S NET HIGHER
Earnings on Share $18.44 Last Year
Against 916.06 In 1019
The Railway Steel Uprlng Co. reportj
for 1020 a surplus of 13,435,360, or
18 44 a oharo earned on the common
stock, arter charges and federal taxo
and preforred dividends are deducted. In
1919 earnings amounted to $18.60 a
Shore. Not earnings after deduellnK
manufactuiing, operating, mainte
nance repairs, depreciation and other
oxpensco, were 84, 486, 850 acalnst li,
304,188 For federal taxes $1,000,000
won .ot asldo Preferred dividends to
taled $948,000 and common disburse
ments $1,080,000, leaving ft final surplus
of $1 410,880 and a total profit and Iosa
surplus of $12,048,884
V. V. FltEp&trlck, president, said In
hit annual report: "Tho Item of 'atoclc,
honds and Investments' mainly comprlaos
United States Government securttlei A
reduction In this amount wa brought
nbout during 1920 by reason of the neo
esrnry Increase, In ths 'accounts receiv
able' and 'Inventories,' due to prevailing
condition, but this should be adjusted
ouring the currtnt year.
'The renults of the Canadian subsid
iary were entirely satisfactory and fully
Justified tho establishment ot tne plant
at Montreal."
The Qualtor Oats Co. In 1930 suffered
a heavy loss, according to the Income
figures made public yesterday. These
showed a deficit from operations of $5.
824,2G ana a net loss of $8,062,128 after
dividends on both classes of tock The
company's loco before depreciation
charges amounted to $C, 218,974, which
compares with a profit In 1919 of $8,713,
729. For depreciation $806,961 won
charred nff. mmmml with 8668 836 in
I the preceding year, and regular dividends
1 on the preferred and common stocks to
1 taled 11.080.000 and 81.147.600 respec
tively leaving a final deficit for the year
of $8,062,423, against a surplus In 1919
of $761,143. The profit and loss surplus
of tho company waa reduced from $11,
866,688 on January 1 to $1 263,163 on
uecemDer 31.
100,641 HOLD STEEL STOCKS
Corporation Passes Qoal Set for 20th
Anniversary In April
New YorU. Feb. 36. The number of
Individual stockholders of the United
State Bteel Corporation has passed the
100,000 mark, a goal at which the cor
poration waa aiming prior to the twen
tieth anniversary, which will be cele
brated In April The exact number of
stockholders February 12 was 100,641.
This represents an increase of almost
6000 stockholders since the beginning of
the year. Since the beginning of ths
world war In 1914, during which tlmo
tho Steel Corporation has built up the
greater part of the enormous wurplus
now carried on Its bookn, the number of
shareholders has Increased more than
100 per cent, ths total on June 30, 1914,
amounting to 47,695. On October 31,
1901, the first report Issued by the com.
pony following Its organisation, the
number of stockholders was 13,318.
These figures, together with the re
ports which glvo the amount of Steel
common held in brokerage accounts,
compared with the amount held by 1n
vtstors, substantiate the statement' that
this stock Is fast being absorbed by In
vestors. Tlie latest figures giving the
amount held In brokerage accounts place
the amount at 1.279.567 haroa out of a
total Issue of 6,083,033 shares, or 25.17
per cent. Tho amount held by Investors
Is 3,803,468 sharei, or 74.83 per cent of
the lenue Foreign holdings are 292, R15
shares, or 6.75 per cent
At tho offlcea of the United States
Steel Corporation a. chart Is kept up to
date which shows the fluctuations In tho
common stock In addition to the Increase
In the number of shareholders This
chart shows that after each decline In
the stock there Is generally a spurt In
the number of Individual shareholders.
i
Liverpool Cotton
i.li-mool. Feb 25. Spot cotton was
I weak today on the basis of 6 76d for
middling, compared with 7 48d yistcr-
t day. The sales of spot were 2000 balew
Tho receipts were 2000 bales, none of
which wan American Futures were
coaler. Spot prices were: American,
middling fair, 10.81d; good middling.
8 2ld; fully middling. 7.61d; middling.
7(d ; low middling 5.61d ; good ordi
nary. 4. lid, and ordinary. 3.1ld
A GOOD OPPORTUNITY
for a high-class technical grnduatc to becomo connected
with the selling organization of nationally known manu
facturer of building materials.
Tho man we want ia under 35 years of age, forceful
character, ambitious and reliable. If you arc tho man,
write full particulars as to personal qualifications, experi
ence, etc. Address A 907, Ledger Office.
WANTED
TO BUY OR RENT
a single or double front property on Chestnut street, between
Eleventh nnd Seventeenth streets. Possession in ninety days.
JESSE JAY SCHAMBERG
Empire BuQding, 13th and Walnut St.
Walnut 3204 Race 813
Aunmrai
taamf
I w
iF 'AND'
and 'BUT.'
In cl.oo: n are taught ta c'.
tlire wordi a flturea ot p-h:
conjunctions If vie remember
correct I-.
In coins throwh life thetr kIio
lactic definitions arc lont upon ua
nnd w Warn to rwsoimlce them a
figures of expremlon no lonjrer In
a irammatlcal aenae.
"IF." "AND ' and "nUT what
mlttit he been a practical tt
creaelon of relief or rrsret op
portunlt sained or lost.
A RPECIAI. ATtTICt.K dleusInr
tills aubject aa It affect th In
terest of the lneetor and trailer.
iae been prepared by our lJduca
tlonal Dpt. for free distribution.
Atk for ArticU "LR"
HbLTONHBiM&Ca
STOaCS-FOTCHQJ EXaiANtt-fiOKDS
I KtMHtl
PHILADELPHIA 3TOCK SXCHAMSI
CCXSOUnATED stock jxauxsitfKY
1622 Chestnut Street
rhonen Bell, Hproc 8917-4390
KeMone. Rarr 159
74 DroaJnay
A 4M 3th Art.. V. V
Ptamford, Conn.
If There Is a Market
We Can Find It
We hold sales of stocks
and bonds every Wednes
day, charging $1.50 en
trance fee for each item. Our
weekly catalogue! and postal
card servico reach every mar
hot. Wo tako plcuurc in
furnishing quotations.
Bariwa & Lofland
fitorL HroLera and Auctioneers
147 S. 4th St.
$75,M8
Lawrence County
PenniyWania
Roid KVn
Tax Frain Panna.
Exempt frttm Mil
Federal Incomo Taxes
$10,000 due
10,000 due
10,000 due
10,000 due
5,000 due
10,000 due
10,000 due
10,000 due
Oct. I. I92G
Oct. I, 1927
Oct. I. 1928
Oct. I, 1924
Oct. I, I934i
Oct. I. 1935
Oct. I, 1936
Oct. I, 1937
Prices : To Net 4.65
Biddle & Henry
104 SOUTH FIFTH ST.
Condition of
The Northern
. National Bank
Philadelphia
Is of the Close of Bu.tmc3,
February Slat, 10S1
RESOURCES
Loans and Investments. $5,842,630.00
Due from Ranks.. . 356,537.71
Exchanges for Clcunnp '
House 80,904.58
Cash and Reserve . . 001,810.28
$6,971,892.03
LIABILITIES
Capital Stock S 400,000.00
Surplus 350,000.00
Net Profits 03,700!;
Unearned Discount . . 30,750.01
Circulation 190,750.00
Bills Payable, Federal
Reserve Dank 100,000.00
Deposits .. .. 5,830,600.28
$6,971,892.05
H. E. Schuehler, Cashier ."
Improving
Conditions
We llerommen far lnTetmtnt
WATER POWER
Stock & Bond
Low Operating C6t
JosephW.Gross ficCo.
1421 Cheatnut St.
OorreKDondenta Alfred 4 Company
LOCAL MINING 3TOCK8
TONOPAll BTOCKH
Caiih Hov on 07
Jim Duller . . 15 17
MacNmara ..... in .18
iUc.N.mira CroJcem . 10 lj
Mtdwar 11 IS
Mljpah Ext . .. 03 oa
Montana ..... Ot OS
North Star 01 07
Heacue Cula 18 , -m
Tonopah Bit IS IS
weit una ' 01 o j.
.12
Win Tonopah.
DIVIDE BTOCK3
10
Allied DhlJ
Alto Divide.
lle.chrr
Iielrtier Uat
Hen Iti'r
MrouEh D!lJe ....
MUUo Kit
Dhlde Hnd .
ntlde Ccn . .
tlMdend ...
I'.mt Dl- tde
Harmlll . .
Ilaibrnuck DHIrie
illlh Phlde ...
tteert Divide , .
Itenn DMdt .
Itoiettn
Hllver King
Tonopah Divide .,
Tonopah HaebroucU
Victory DlWde ....
Verde Dlvlda
.tone
01
03
01
Ot
1J
II
0J
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w
11
.0J
on
85H
QOUDTIKUO OTOCKS
vtlanta v
Ulue null ...
Hooth
COD
Oomo I'raitlon
i-raikeriacu .....
lilamondneld lllut null
Daley
Vlorcfcc ...
Ooldfleld Con . . . .
OeidUe d Merer .
ColdAeta Development
Great Uend
Jumbo KM .
Iew-HK9 .
I-ona Star . .
oro
01
.01
.01
00
OOVi
is
cs
on,
01
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0:
on
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8
ol
ted llllli .
jlUer fleU
Iporhead
Ampa'o .
Aria United ..
flrt.n ... .,,,..
K't'th U ..
KeVLflo. 1(111 J ....
Nevada wonuir
Tecapa itltilnv
I White Cap ,-w
IwilWrt ,,,,,,,.
. . . . . 2 00
(X
o-j
MlbCUI.UtNGOUS
1 20
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ov
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.onvi
OS
1.2s
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i
B:8? B$?
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4"
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21
fa
Protect the
Business You Have!
In a buyer's market, manufacturers and
wholesalers should concentrate their effort
on selling activities.
Credits to those buyere whose financial and
paying ability warrant it, can be made
with greater confidence if the manufacturer
or wholesaler has the Unlimited Policy of
The American Company, which guaran
tees to prevent, else pay, bad debt losses
beyond tne normal.
There's no obligation in investigating, and
you'll find our representatives courteous and
to the point. May we have an interview?
Please write or phone today.
Payments tt Ptichttdcrs tvrr Jl 0,000,000 00
AMERICAN CREDIT-INWMNITY CO,
or NEW YORK
E.M. TREAT. "Hsimmt
tiaUM tTANDAaD UNLIMITCD POLICIES
W. J. MORPHY, M.na,.r
I. F. MoPADDEN, Co,,, At.t
toil Cttatbtnt St.
Pka Fnbart SS02
rMI.Jab.liia, P..
Robt.Glendinning &Co.
100 Chestnut St.
I'Mlladelphla
For many ycors since tho
establishment of this firm in
I860, wc hae specialized in
the hiirhcr grrades of Invest
ment Securities.
Upon application, nc will be
glad to write any investor,
BUBffOfctinp various well se
cured and markntable bonds
suited to their individual requirement!-,
when they are
made known to us.
Members of our firm vaft at
all times bo ready to give
their pergonal time nnd atten
tion to those seeking advice aa
to how to invest their funds
both profitably and safely.
Haw York i .,.,k
Members Philadelphia). ."
PiUsburih Exchantet
Hell rfaonea IJimblrd 1S4IM.1 4f 4
KejUne rhnnen Main '07 'II
A gradual improTemont in genaral
market conditions it outlined in the
latest itaue of the Investor's Review.
A financial summary is ntto Riven oa
U. S. Steel
Pure Oil
Pierce Arrow
American Ice
Bethlehem Steel
Endicott Johnson
Recent changes in important issues
are ouUined, including Norfolk &
Western K. K., General Motors, U. 3.
' Rubber, Republic Iron & Steel,
) Texas Pacific Coal A. Oil, etc
Aih for a fr copy
, BOUREAU tS: EVANS
Members Philadelphia Stok Hschailtfs
' 130 South 15th St
I Philadelphia
: Loeuit an: nr.ee lit
( West Phila. Office 7 S. 52d Strsasl
Wm. R. White, Manager
I rkonr TStlmon' li!3
WNANriAI,
NOTICK JH IIKRKI1V 011T2S THAT
Kotxrt Morrle Truxt rompuni, the trustee
nimeil In th- morte&ee at Celxrlrook Knit
tinw I'ompMi) do.ted Hepinmbr I 1017 has
reejirej from lliu Iruilr in-.ina In aald
nxirisace ild reslrnailon to take enact
upon the appointment of a successor tnjitua
DS l ha Cuurt of Cnmmnn I'leaa of Phila
delphia county Pennlviir in accordance
vitn the prollona of M moriatce and
lhat a petition will forth Ith be prrrenltd
IHa'M c2HTt rseuestltiB the appointment of
rwellfv Trunt CotiitMnr. of Philadelphia.
ae ench -ucceeaor trustee
HonsnT Moiutn Tnir?T compant
. . . TniJta.
' C O CAM AOHAN
Reoretrtiy,
M eeUan Netlre.
IouisviUe & Nashville
Equipment Triwtt 6'js
U.urd Tndrr Itie rhlladelphla 1'lsn
Due NrrlalU trum llnr.. Wl to Mar.. 13U
I'rlcee lo )lfld (1 30 for th- Sbsrtrat
Ifaturitlee. to 6.3.1 far the Tancrit
Clreular en neqarat
Townsend Whelen Co.
Members N , and I'hlla. Htoef. Kxtliuncei
305 Chestnut Street
Ajjy rOMMKUCMt. THIST IOMPAMT
-cV l'hlidelplla F-bruari H Id'.'O
..i1 OS, -V'nual Bleetlon held F.bruarj
31 st. last, the followlns eharehnldore war
e1e.led Otrrctore to ervo for lie 'erni ar
four eare
Themaa DeWitt Cus
Horatio O LlojfJ
ohn It Slarion
teh-i Ciulivalade
Caaoar W Morr ,
i r. Huston
Iha Board of Director, is nc- oompos.il
t IV H'dd'e
O Btuart Patterson
Hldney K Tyler
J It McAllister
Wllletn C Kprou!
Morris I, Clothier
Ji hn lt Mbeon
Jr'in I i.r"er
I. v -arl
T inrm 1"'III rUri,i
B-mu- Kei
llormlo u uoja
nolrt K fseatl
rharlenimrno Towar
'"harlton Tarnall
'J'l'"' M llHrrett
n ( i)tj
Vm,nt," ; ewho d Ilp-ri K Ir7lnd
Lft rrt
. li.aneiP L (.--l.
!,, a ie iil"llr
' M llllem O Warden
GEO. A. HUHN & SONS
KTOCKH INT) KONnt
Itembera of the I'hllailelnhla. New
Aorli and Chlearo hUittt Vnhassea
Nw lorli Cotton Kxehanre
Commission Orders Hxeuteit Id
All ths Principal Markets
Liberty Honds Bought and Sold
rVellerur Court Hid. . T. 0fe
MIS Helnuf. HI til nrodwar
. Tf r ..
T-" r . iiu.rnn
n carpenter ir
I 1t n meetlna of the tKrrt held todar
. l-e folo-lnB olilcre -er. nli c'cO for K
'March" V"r el'c,"", ,9 b""0"" efttellva
C lialrmsi of the Hoard Tho Pet lf r.ivl
President John It Maion uyl
I Y.'.ct prw,lJ',it. C P Llneftwar
Vlrc PreslJent. II w "ftelifeet
i Vlco Preeldent H 1 Crrser
1 Vice pr-ild.nt Mar.t Wl i.o
I Setretan. J. Watts Mercur Jl
I Treaau-er, II C Olbson
lasletanl Prertttrr, llsrry K Itialuei
Assistant Treasurer. Ilobert Mao.Vaili
, AsKlitant ')e-relir M- tsea. Smith
SAMt'KT A --nnZKH
I ureiary
Safe DondsySr Investment
HALSEYT STUART
& CO. inc.
PMrnvi iU
Kgr1
frl'l Nntlexs
"T'LnisB TAKK NOTICK TIIAT
Mabel llleber .iiwnier. who has been
I eonduiilna trralw nml fee.1 duslners under
ne oi v oaries iiieber H ro., at
I the trade nme
Marrhall find Catlowhlll nlrsets PhlladelnVil
l'a , nan idiii nq eaiu nu.inres in ITrderlcu
hla
fl. kBimrr as of January 1 tOJt .n .17
Ihr Taller will continue Ihs said business
under the same trade nam to wlti Coariee
ritBDEninc o hpah
Kebruary a. lull
nrun: oi
TnK COtTV COMMISMOM'ns
& iHZ-"; ritr 'l"' rhlladeioM,
healed Propceiils for the nrlnitna- , J,.
seasors" Hoehs renuirert for tnl, Department
lor in. xenr j.iji in 1- inhered lo Ihle
erfflce at such time; hiid in surh number. BT3
nuaptltlea t iroiwho it the ,ntir, ear. Ss
shall be n.lled for hi th's Hoard and aub.
Ject to Inspeitior, and rejection If not a
, repreeented -lll be rereivr.l n nontn IBS
lj o'eloek noon, at whlrh time .la rVD;:
la "III be "Penl and ronirarta Will K
aiardrl to the lowest n epon.lola b dilsr
ntAm ft-nm others thiin tlw... --T. "..lm!'
Mrwn
iwn.
Annual tee4lnaa
ff3 TIIK ANNUAL MKKTI0 OV TIIK
i stockholders of ths Cuinatatter
DutldUif AswesUtlMi Tli bs held stVhVmiit!
Ins pom. 11.1(1 N. Manendi Street. Tneadar
erenloir. March. .,5th. ML The propoaeJ
i
aTarqrj in wi" i"i r "iin.16 b dilar
nids from, others thun th,.e enS t
actual hu'lness In ihe hranehes mentlori'l
herein will not be cnnsld.rwl nor entaruinsV
?r,nted 11i''."n which hid. must b
maqe win ","'"M",V'r """ appiicat on to
this office wtijri the amount eireedi !,
hundr.d -lyllars fjioil DO) no Wds wl L ",,'.
c.e unleiui accompanied hj a esrtlneiia
from Ihs CIS' nitllcitnr. .lailnc thaf iTonJ
has been nid In acrordante Tith the Bro.
visions of an Ordlnanre. of founc , approved
M 31 M .The Hoard rjenes th riant
to accept or reject any or Vll bids la JiSfi
or in Pap.aa ii ma,- ueem heit for the il
tsreits et ths County. "r ,n V1
amenoroani to wy uy.aw Ineraaaln thi
rate of Interestion loans Irem flv per nt
to sU Pr, ftASLWU rVl n
ILMljrJ W, 0EULE. Uecntsrr.
ounnan v.
Coul CwitnvlsloiVrfv
J
,t.
, -.
.
S
VJ V, MlMT,etyi&ag'.iAB
T . t I