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TfAVJ JiV
trk'r y"1
2f
KVENIl HJBEIC LEDGER-PHILADELPIIIA, WEDNESDAY, MARCH 2, 1921
"jVW"
Ls
Pay Your Income Tax AtP,
Commercial Trust Company
THROUGH the kindness of
the Internal Revenue Bu
reau, a representative has been
assigned to this bank
Until March 15th
to assist in making out your Income Tax
Return, accept your affidavit without charge,
and receive payment of the first instalment
of your taxes.
Commercial Trust
Company
Member Federal Reserve System
City Hall Square West
fmmm"mim
Income Tax
Returns
Customers and friends of the National
Bank of Commerce are cordially invited to
make use of its Income Tax Expert in connec
tion with the preparation of their Income Tax
Returns. These must be filed on or before
March 15.
National Bank Commerce
in PlxiladelpKia
713 Chostnut Street
Nathan T.FolwraU.I'rtt nidcixt
in- "m IP llll! !!ilinill!lll!l!illlllllll!!!llllli!l,lllllllilll'lll!llirilllllllllllll!l!llllilllll!lll!llllll!ll,l!l!l I'llll
ONLY 14 DAYS LEFT
in which to file
INCOME TAX RETURNS
Through the courtesy of
Collector of Internal Revenue a
Deputy Collector will be stationed at the
North Philadelphia Trust Company
Broad Street and Germantown Ave.
Above Erie Ave.
to assist in making your return. j
,, it ill"!1!! ,i!llll!l!!!ll!l llllll.llHIIIilllCllllllllill IlilUlliinilllllllllillllllllliUlli'llllll'll'llllilllliltliUIIXIIIIIIIIIIIIIUlliillllllll i- mm illilMOi':
Income Tax Assistance
rPIIE Internal Revonue Bureau has
assigned one of its representatives to
ii' at this Trust Company frorn March 1 to
March 13 daily, for the purpose of assisting
I ho public in making up their income tax
returns'.
CotvtinentalEquitable
Title aw Trust Company
Twelfth Above Chestnut
( anilal
51,000,000
Deposits Over
SI 1,000,000
iiaiumauiiuucausiai
8
iP win be obtained by
" ' .I'-niR tl:e security of a
u and well-established
"uifnoturinp; company
ri products are csscn-
i
' ' uik'njr this investment
1 hi have tlio privilege of
' i" mi uitf Common stock
t ix nominal prico witli cx
'fpt'onal possibilities of
tii, so shares becoming of
' U ulue.
hi Folder PPL-JSS
Hollisler, White & Co.
1' ip'untitl
North mericnn Hitililinj;
rim i)i,i.i'iiiA
lotton 1'rot iilriir.) ...., .,.i
bPrtngllfia
I'llUUtflil l'oiilunj
i-dv-si Jwau giAiitil iiBi.,vsarrfif1lti,iMfa
Ullllll!l,!llil!!!!ll!!,llllll!l'llil!lllilli;!lili'lli!!!!!!&
f1
I
f
I
Surplus
81,000,001)
M A IIIB-MTHWlMIMMMtfLll ITim
Methods Are
Continually Changing
anil tile li.mk that is
pronri'.iMve lulps to
meet this with reme
dies to overcome the
diflieulties. We arc
always willing and
ready to advise our
clients which course
to pursue.
Come in and sec ua.
Opposite Brond St. Station
J
(hganittJ ISCS
TP
d
m
GOSSIP OF
THE STREET
liven Homo of tho Rhromlost trnclers,
npimreiitly, nrr- finding it a difficult
Ins!;
to mnku monoy out of the current
iimrkcl. At lenst tlila wni Miceestcil
"itrnlny In tlm remarks of two proml-
iii'iil Oiinntllnn trailers who dropped in
town on (lirir way lumic from n short
vacation nt one of the popular Florida
icnrtn. One of the traders who hni
the ipputatlon of IjcIiir n considernblc
1'liingiT arid ulio, It Is said, lias lost
mid made n couple of fortunes said
piv few big operators had made what
would bo called big profits for boiiic
tune.
"'I'" illustrate lnv ivilntH." lie snld.
to my own knowleilKc. I know n nnin
ner of active opernlnrs In the Provinces
wlm liiue been short of Steel for some
lime and had little opportunity of
iiMluiig in ,mlrii ,,f n p,.iit. To the
cnntritrj. they hnvo paid two dividends
mid up intll sellinp- 'ex-dividend' yes
lenlnj, Sleel has not had a tiprcad on
mij tint eM-i-ediiii; iniich over n point.
In nil mj intuit, jenrs of experience I
never cin-otintrrrd n market that was
more dillieiilt to pniKiiostlcate. No mat
ter what Hide ,voii espouse ,vnu run the
chnnce, nine times out of ten. of pel -Iiiik
vnndwiched nnd that is umirthinr;
unite dlslnsiefnl t nny active Iradcr,
as it tends to muddle his vision."
Marlipt in I'elirunry
.tames A. rn.vne. of Unrnhlovver &.
vv eeks. whose market deductions arc
alwajs read Willi considernblo interest.
couuneniiiiK upon the current market
Hitunllon points out that 1-Vbrutir.v
ended with the imhiKtriat list down a
cant half point and the rail list down
sdifditly more Hum two points, ns a
resuh of the month's fluctuations. Yet.
he mijs, no Ics than twenty-five Mocks
mad" new lows for the year during the
month, with some issues Ruing lower
than December.
ConlinuliiK. In- m.vs: "It is an un
balaneed condition that the lisMs in,
lint it is n correct reflection of the
unbalanced and spotty conditions of
Kcncrnl business. It (ontiliues to be a
market which declines in sections
rather than in general, and we would
he surprised if. before its fundamental
character changes into a bull market,
those groups which have been free from
reaction do not feel the effect of traders'
selling. Hut at sinli n time stocks
whli h have lecenll.v been especially
weak will prohnhl.v he advancing which
Is whv we would continue the policy
of bu.v ing selected issues as they inuke
an approach to December lows."
Kpidruilc of Dividend Omissions
Ileal causes for mini) of the uuex
plaimible declines in n' number of the
Industrial slocks in the closing months
of IJiUf) in (j furnished in the uuplensniit
announcements made almost each day
of the reduction, or if passing, of divi
dends by this and that company. Com
pared with a jenr ago, the list of divi
dend pavers looks like a target whirl)
had been shot lo pieces by mniksinen.
The two latest additions to the list of
those concerns finding it inconvenient
to make further distribution to share
holders aie Columbia (irnphophone and
the Keunieolt Copper. Conditions, with
which most cer one'js now familiar,
made tins radical action imperative.
It should have caused little surprise,
in thai omitting the dividend had been
clearly foreshadow ed lij the recent pur
iisent decline in both issues. Omission
and reduction of dividend" lias become
little short of an epidemic, and it fur
I'Vlics coiiluriiiR testimony of the
-i rained iinlit situation and the wide
liicad character of the business dc
in ssion.
Measured b, the current policy of
i npitiilizing debt-, and the inability of
uinnv corpointions to obtain inucli
needed fumN, except at piohibilivc rates
nf interest, would seemingly indicate
a fi'iilier lengthening of (lie list of non
ilivnli'iid pa.veis or radical reduction of
i Mstmg rates.
The Kailro.iil I'avioll
ISased on statistics ti'-cpnied by the
Interstate Commerce Commission and
made public l-Vhrunrj js, the llureau
if Hailwnv I", ononucs cstiniate thai
lie ):i roll of the i .'lilmaiU for lil'JO was
approximali'lj Sli.tilO.IMKUIOO. This
hgui-e represents an iiicieasc of SI.R70.-
."il".s,,"s over the railroad navroll of
.i.T.W. VJ..2 in 1!M7. the .venr before
govt rniiieiii coutiol of the iiiilroads.
I I he inlcrstate t oininerce t omnilsaion
figures dial not include last jenr's wage
waul, which was made retionctive to
Mav 1. Adding tliis increase t.'?117,
IMM).(HI0 for two-thirds of the jenr),
.uid linlancnig the leduction of fences to
v niI the end of the jenr against in-
i lenses during the si'inmer produeis the
total stated. Calculations h the Itureau
of Itailway Kconomlcs for the third
put ter of IPL'l), combined with the In
iifslalc Coinmcice Commission'n ie
i ins for the I'm -t two quarters, Indi
iaie lliat the total compensation of
'.nluii) cmplo.vcs, up to October 1 was
sl 7."ill.ll(IO.OfHI. Adding to this SIKIO,
ihhi.UOO fur the fouttli ipinrtor (allow -cine
being made for decrease in num
ber of employe) a total wage bill even
larger than the amount stated above Is
indicated.
1 'I he wage increase of S(V.."i,Ono,OllO.
effective for a full year, would put the
lailroad pn.woll on :i bnsls of SIi.MS.
(ifln HIM) per annum. On this basis the
ltd pn.v rolls of the rail rod us will iep
i -'iit an iiii'ic.ise over I!)I7 o
.isu'.ii7s,r,i7.,s."s.
Sensational Drops Completed
In summarizing the business situ-
ai mil. the I 'r:uilclin National Itank in
tic March issue of Digest of Trade
Conditions sajs;
"Tor tl.e Inst senr,il weeks many of
the imiioi i.iui maiiufactiiriug plants of
t! iiintiv liuve been closed eutircl.v
nml niusi ot tliosi) in operation have
In en i mining at a small pciccntagc ot
i.'ipacitv. During the same peiiod sales
at v Imli's.'ilo have been in leinmuible
volume and at tetail have been almost
normal for the sea.son. This situation
-(cms to have created a belief that the
icndiustiiifiit in prices has been vir
tuall.v completed. While uinnv raw
iiiateriiiU have probably i cached the
liotlom in price and in volume of move
ment and while pri es and volume at
wlioli-a'e have iili end) gone through
.i hciiv) 1 1 ad lustmenl and pi Ices and
I volume nl ictail have experienced some
icidjustmi nt , there is little eviibnee to
iipiotl the idea thai icadjiistment is
I behind us The sensaiional dtops have,
i it is hoped, been louiplctcil. but a fur -
lln'i- shrinkage m total volume of busi-
iii ss and in the average prii c of all
iomii lilies would seem to be inevi
table." Tiii:Tit.ni:u.
WILLS $75,000 TO CHARITY
Good Shepherd Home of Allentown
Gets Kuelm Estate After Widow Dies
Allentown, I'll.. March 1. The (inod
Sliepheid Home, an Allentown institu
tion, oigani.cd some yents ago, for the
uie of old people and crippled and
hi plum children, will receive the hull; of
the estate of the late David Kuehn, a
i ct n ed 1 1 ink farmer of this city who
died ncailv two )cars ago. lie left cash
ami piopertv amounting to more than
s7."i,(i(in, ami most of this will go, upon
tin death of the widow, who is now
Ughlv six .veins of age, to tho home,
in mils sums ranging from SfiOO to
1!."iIMI. and aggregating about $21,000,
me hciiic,itlicd to fourteen iclntives and
friends of Kuehn. but oil) ns life estates,
the prim liml to jo to the (!ond Shepherd
lluine a i.ipldl) ji- Ihe legatcuei die off.
' .ftlairffcsi,.
New York Bonds
tft.M.ns IN Jinnol
AdBtns V.tp 10.. . 00'ilt'n Ittl r,ij vvl
I . . n."!a liolll (.1(11 TJ I i.
Am Cut Oil ftp IIS! 'i.
1 ?4i s; . 01'4 1.
H.. .. 741,4 1. .. !1 T.
Am Hincll'K A J., ., tll't 10
llt'K SS III. LrtllMlIlt :il! 0.
tiO'fi
lid',
tifi'k
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r.
t. . do
1.
Am Hui? tttr 7" tluluth i. Iron
t . . . . (ill I IlnnKo fin
Amu CAT rll 1 SSH
1 .... 7fi Dun I.ikIu in
4.. . 78 'i I 1 . .. !)
Amn T t T ruiitSi.i! Hint l.ien
I'ninn It li ''
1 102',
1 . . 10-"i
Phil Count iv
M ca'j
n nsi'i
1.. .. 81 v.
Alnn T & T H
4 (US
b .... nr,.
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41 i
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10
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sm
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IX- Ity Co 4e
1. . . SHIj,
Gdid Ukc fl
l... . no
t . 100
tin
(Itl
(III
(III
(III
!i!
Alrli Tipfka A.Oovt I'
11 rein
S'a I'a 4b
1 77",
1 77 V,
A 'oipl T, tit
t . fifl '
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flunk iris, ft.
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tft.
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ft
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t . . :i2' ft P'l suiut
lii'l 111 f. I Is City 7a
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tnilt'n Htei-I fts Senli il A I. i'J
2 I I S'l I 2. ... .It
tnl Met u I', Senli'il A 1. Ox
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. 7,1 ml 1 . ,12'ti S'n l'no cv is
. 7r.'4' r-.. . 32'; ' .-... "K"
. T.l'l 2 . r,2'a 1 . . 784
Tft'il 3 .12'", S'n lliillw'a 4s
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i i.,.,. ,, tluii n! 1 SI..S'n ItnllH'a lis
Q 11 3'3s 2 r.lljl 2 ..
I 8 72 Kn (' A - ' 2 . .
'CM 11 . i I' 3 7.1M 1
S . liT'k K C r l!l i H'n 1U
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8:i'4
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12.. 7 1'
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In lulilm (', i 4. . . f,N
ft !'7 H
2 (Ml1, M' ii ttnllromi
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1. . . !(0', ,1 . 70
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ft
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1,7 1 K ilelK 111 (,"- 1
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t,7'i 7 . I7'.' nll rets
Chli'.iB,' Mil .
St P Is
.1 . 07'.
3 . 07 4
ChlciK" Mil &
St P il l
7 .... 01
flilrnxn Mil i
SI P 4i4 '2.1
!i7'4, 3.... mi"'
H7i 2 . ml
H7 Third Ave nj
T. , ,., ,. S!(l,
!KI,TI(le.iter (HI
till', Cn ct O'ns
(Id', 1.. (1.1
lnl',Tnlon I'ac M
ii? I 4 .. 7r."i
H7 .Union I'uc l
1 .... 70'4l
1 . 7111
CIlll'HBD Mil t
HIP fil i..
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(n'4
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17
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4.. .. flfl'.' 1 . O'.l 4 . . Hl"
Chicago n PI,!' 2.. .. tui , :i .. in
A Pae til I . l' ft. . !."
3... . 07 . Ulnirs Cly I! I..U K of U Hi II
Clilcano Unlotil 4- P 0s '!I7 I d I'd 11120
Sta 4'Ja ' I . US', 2 . ss',
4 . 81 Liii.e .Shorn .VI 1 . SS1.
l'.'.' .. hi S 4s '28 V K nf 1 lint
Chi . VV I 4a in .. 84 H 1 il la
o no ,Uik Shore M
2
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111
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faclfle .Till S Mexico Is
. i4 ' 1 3S'
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1
City Hiinl'x (is Mo I'nclllc Is f M .Mpxlcii "
. . 70 I 1 .M ' 1 ... IS'
Civ ClUls'e Ss '. . fil t; H t nits
1 .... vn I.M'1 I'ac ,'ih 'M impv l
1 t'5
f. . . US
City cop'i! r.ij
1... . 72'4
n T2.
Cliy i.joiik ns
1 .. . T(i
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rt Sti l Ss
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. .. nt'.
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30. . . 11.1
N V Cent' I il 2
1 . .. (S'. V S
n v c ; iet. i
i tnn'h r s
l 80V t . mi t
C N YU 4 h 'OS Now Yorl. I'fl s
2 .... U2 I I. S 1'i
C'liv Tartu tli I 2 II U'1
10 Ofl'i N Yk I.loht It, l
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2 .... T.V, 2 ... rtT'O
1 . .. . TSi.iN YU t.tslit II
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1 . .
1 . ...
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1.. ..
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i in Cr
1 . . . (Ill , 1 . . .
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1 8.1 4 I 1 S
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21
4'J
1
;'U, Va (' -"l T'ji
till'.
Mi,
Cuba JW t'o S!N V
l'( If II lli i
1 TO I 2.
Del & llu.l cv NfK i VV
si'i vn iuiuw'm r.s
'i", i . .. i"
80 's
Con
07
tmu
inn,
nit i
Oll'i
III!
I'd 'j
Con
10 HI1, in H2'j
Noitli Winiirniiu l'.n idi 1r
licit tyi r. r. sj
1 ... S.I IWml Shore I"
N'irtli Wcsterni i . . 72
Dniiiui It
A ( t hu
I .. .
Il"ll Tel
W t'ulnn I'jk
no' j 1 .. Tti'i
linVa.VV I! Vtfrf 7s
4
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1 . tnl' j 1 ... ns'j
1 tKl'4 1 US",
N'll I'.icllle 4 ;; iiV,
!inmnrk
II il &
X... .
1. 7;.'. I r. us1;
07 iNorlirn States iisi..
2 . . !i0', 1" ' r Sn ns
(I . Oil', 1. . 70 , I I 1X
I). 11 & It 11 ilirofon & l' 3 WIIxiii Co c
S 40U I ll . . M) I t fcil';
Di-n 4 H tl Is nr.-miii S I. r.B
ill . siiij i
1 flnUi . .. 8!j
i. ... ns t'u it urn I'"
D.-n 4. II fl Sn, 3 71) 4
llMti1 Co ll
1 . . Ml
Wla Cen'l Hue
S flSi.iPmii.t It It os
& Muluth 1U
tb Ter' I -l
D 'an S'j '21 1
7 (in, 4
S7',
1
t'!i
2S nnct J'cnim
1 1 I'.H
IS
U'H
l
IH1
1 1
Hl.;li
III. IS
Sit. '.Ill
sit.cn
.s7.Hi
si!. '.in
'.HI. in
ST. Ill
HT..'!
(iT.."ii
l...n
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Stl.lltl
Sll.lltl
ST. tin
Ml S I
'.III. Ill
sT.d'J
'.IT .".I
HT. is
l.ilii'l't.V
l.ilii'rly
Mbort
Liberty
Liberty
Libfity
Libert
Vict'.
Vict " j
(11 11! I
Slt.ill) J
mi ltd '
ST. ii I i
MS S I I
'.Ml HI
ST nt! I
!7 .'.I
'.IT .VJ ,
Ihl Is...
I'll Is. . .
IfU l',s.
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-It II ll,s.
Notes .'!'' j n
Notes -I !,s
Raw Suoar Market Quiet
h Viirls. M. u eh :' -Tlii- inn suK.i
market eoiitiniii h unlet nml hIhuii hm
c'lUlllKtll "i Hie IiikIh of I i ('Ills. ...
mill fivltflit. for I'nh.is, imiuiiI to ;, t:
duty iinlil. 'Iln' Hiiif.ir tliuinci lonnn.i
tee Htlll hurt Mime miK.ir avail. ilil,. nt Hi
above level. Init icltners hlnm Inilltfii
euro, t'nnnilii ii'llnem ni'iiiilien 11 i1
lniKi San DoinlnirooH for prompt (U.i.
anee nt ) U-10c. . I f linportuttonw in
cluileil AS.tlOU Iuiks Porto llleo.s and 2" -5U.1
Ihikh San Ponilinroi'H to the ineu
can Co . 11,3(11) Iiiikh l'oito Itteos to tl,
l'edeial Co, and 3Ti Olid Imkh i'uKih i.i
tlie W'uiiur i'o The local refined m.u
liet t uneliaiiBed The reilvi-al. tin
Warner and tlio National are ultlnlraun
and Arliuelile Ilron tttlll teipilre nm
tractH to uontuln 25 per cent In the cult
KrndeH.
1 . . KO'il
1 . RT'jl
t . 89'i
llll T 7s nisi
1 . 12i I
Ift.t i
St. 10S!'l
Ilplll M fi "10
1 . 80
llllli ll'ilit "
1 .. 72
CmMilltiM .N'n
mn rets
.1 111
i . mi'.
Ctl 1'iii'illu I il
.1 . . . 72
4 .... 72
GOVERNMENT BONDS
n i i ,
I'llll, ppinn 4. 1034 OH
II H llot ooupon Jb lUin (I'ltsj
f S Ojvi r kUi c ' " 'fl 09' 'nil
U U Ooyi cuuiion U. 1U23.... .. 1UK
K'iw.MisUta.i.an,
AtUltA'&.
- f
HUMANISMS
Im.cr Ufhln on fJvcn nnd Whims
of Personalen in the Public s'ic
.v WIMJAS! ATIIKUTON 1)1 ITY
Mrs. Maud Howe lllliott. daughter
and biographer of .lulia Ward Howe
nuthor of the "The Hnttle llvnin of
the Itepubllc," probably the most in
nplred piece of writing that nny Atnei -ienn
woman has produced, told n group
of newspaper women in Washington the
other dn.v that the sunr total of returns
from it was !.".
.Mr.". Klliott remoihed on the fact
that newspaper refcieuce.s to jieople of
hixty usunlly styled them "aged." She
wald she liad nsked tnanv editors wliv
this was n fact. The explanation was
that the news is usually written b
.vnungsters between eighteen and twen-t.v-two.
To them a person of ixty is
aged. I low much more chnrltable It
would be, fcho said, if writers would sub
stitute "elderly" for "nsieil," "middle
aged" for "elderlv." "young" for
taidille.aged." It would i-liare the feel .
lags of those who watch with trepida
tlon the running of the sands through
Ihe hourglnss of life.
Attorney Central I'alnier was bmng
grilled by
lUuiresentative McLaughlin J
when be appeared before the nppiopila
' K
turns (ommtttee in defense of some lie :
nun in uie iKiminisirntion. lie ucicnnco
his position and refused to'nduiil any
thing. "lint are jou not willing lo grant
me." vntd Mr. McLaughlin. "Hint there1
are two sides to this ipiction?"
"1 will admit," inid the attorney gen
eral, "that there are two sides to everv
question and that one of them i"
usuiill.v wrong."
t
When Mr. Coolidce comes to Wash
ington mill begins looking nrouml be will
lind that there arc very few iei(uilte
attached lo the office of Vice Prcsi
dent. Thete is, for instance, no mileage
allow nine 'J'he appropriation for Ins
oflice gives him $101)0 a jenr for a sec
retary, SKino a war for a clerk. SHOO a
jenr tor a page, and SloOO a year lor a
tclegiaph operator.
This latter pol is the most peculiar
piece of pntioniiiie that falls to his lot.
He has no use for a telegraph operator.
The man who holds the post never sends
a message. The post was created in
that era when there were telegraph,
lines, but no telephone wires, t'oni
luiinicittion between tho Capitol nnd tli"
goterntnent departments was by tele
graph. Patronage at the Capitol dies hard.
This operator sticks around more or
less, and nlwavs appears on pajdnj.
His appointment is vice presidential pat
toiiage. i ('opllBtl ItiJI h Pulillc f.rdaer (o I
D0UBTINGL0MAS CONVINCED
$25 and Costs Prove Reality of
Aerial Taxicab Service
New otl(. Maub ''. Smuebndv (old
C. A. I.oinns. n Inwier, it vvns possllile
to hire an aerial taxieab. He didn't be.
lieve it. and telephoned a companj en
gaged in t lui t service, convinced lie could
prove the information given linn to be a
mjtli. The companv sent a plane to a
Hudson river pier, but the passenger
did not appear.
Magistrate Iiavies, in nty court, ves-
tiiday nwarded the comiianv .?'..", plus i
costs a nil (lisDui'sements against Lomns.
THE INTERNATIONAL
FINANCE CORPORATION
SIS2'0 $5,000,000
NOW payinn 9' r on Preferred
MONEY!
In v. itin'j ! n (lie . i pit.'i I of .(
Wt:i.j-M MSKH utiipi i-
civ nil? ininii v its I'l'II. ri'i ilk"
Kiiiir 'III- lentnl ;ilue is i,pn
H. ntei" l' iiiten l lul. tie
c.niiliur ii iv r w ri piv s. nt. .1 li
pi In -. ..i ih idi mix
'I ' s. it men (f i ori"r 1 1 inn
I' . htlLT l lllfillev .Hid ( li il ' il.
tin - it. i t .ill ioiiior.il' i m -i-nii-nt'i
,
Descriptive BoohUt Upon Request
E. L. STOCK & CO.
118 Dresel Bldg.
High Grade
Investments
Yielding over T"
Ohio Powtr Co. 7i . . . . due 1951
Pcnna. Power & Light 7s.. due 1051
Mil. Cohc & Gas. Co. 7'2S. due 19.13
Scranton Fleclric Co. 8s... due 1931
Interstate K. R. 5r'r Equip.
Tr. Clfs. due 1925
'.
IIIOM
Reed A. Morgan & Co.
Meitili.
J ' , "'
I'll I 1. .
Tmst 7. '
I-
1 kin n.
1 n 'iii.i .'".imiiaiiii'i1 Tii1
A ', ullnl
High-class Engineer
Is Available
'.-.p. I'irilU Hlulltd In i. ,.,r-. (,,,
plant u"l ni iiiufm tuuiiir miuli.
tllllls 1111(1 ll" llllH tl Hill' lt,1-
hldl in Kui'i'pe .mil Soiitli Sin. i.
till lll.lkl' H ' "lltMi'lltl.ll IllV.-i (.(.
tl.m- t ii' lio-iiicss pn.'ii. es ai,,l
oiiin !' il " I"" 'unlln s
ii .;,. i r.iKir.u orrtt i:
I'llll'illMTII Hill'lllllli
lumiiniii
1111 r
Imestment
Bonds
Welsh Brothers
028 Ciikstim-lttStrkut
Philadelphia
I iiinli ml 13 lit
EfDEeSO&LOEB
Uri'iot'!) ci Yolv and
I'lidadvlnfuti S'urli E rchnnqca
(410 Chestnut St.
rWBUHOEBI,
Income Tax
AIDirs SSTI..Mi
nOGLE & BOGLE
CI11tllltltlllS
10) I tnl 'i-1 Ik IIIiI I oiii.I (WH
A
1 'U
.. ..WOfjiV.,,.,.
i k:j- 'ju-UsuJabdibu.
, CTHnwOTasmaiiBamaBiiinrampnqini
I MlpVlMlMHllM I IMJ
JfcQjKiTI-rSt .I..I..I.
on Koiidis
Watch these pointa in buying a bond
and you will enjoy a security obtain
able in no other way: 1. Don't buy
until a security has settled. 2. Study
fundamental conditions. 3. Watch
holdings carefully for profitable ex
changes. 4. Follow only unbiased
recommendations.
EooMet on Request
Tho great confidence Investors bare In
Ilabson'a reports lies In the (act that the
reports are absolutely unbiased. A booklet
on bond buyinu and o recent Babaon report
will be eent to Inteiested Investora, uratis.
MirlyA$h for BoohUt 3401
BABSON'S
Wellestey Itltli, 82, Boston, Mum.
Th0 I nr st it OrgianxtfUion cf It ChArtuitr
n (h World
KfvyiimiMMHMMI CUP Off Ht9 IHIttMlltlMmillM
!MEMOlccrrSrVr
S Write the Habon Statistical
i OrganUation, Roger W. Hab-
son.Presldent.WeMesIeyHllls.
82, Huston, Masa as followa
82, uoston, mi as louowa.
Please send me a copy of
Hnl.1 &. n I f'll ,J....1M l.nHr. '
rj rPCnt reoort. aratla.
t,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,
One of the Grea
French Railroads!
i
has issued 6rr bonds
which have been sell- '
ing at from $67 to $69
per 1000-franc bond.
This railroad (Paris
Orleans) has met all
its obligations for
over ab years, its
stock is selling on the
Paris Bourse at about
182 'r of par. The
bonds provide a fixed
income and full pos
sibilities to profit by
any improvement in
exchange rates on
Paris.
I'or further particular
write for Circular i-J.7.
Hemphill, Noyes C& Co.
Members New York Stock Eichango
Franklin Bk. Bldg., Philadelphia
New York Boston Scranton
Buffalo Albany Syracuse Holtimore
UNITED STATES
TREASURY
CERTIFICATES
OF INDEBTEDNESS
ALL MATURITIES
Mar. 15, 1921
to
Dec. 15, 1921
BOUGHT AND SOLD
Discount House of
Salomon Bros. & Hutzler
M i hers s, V Sim I. I'jrtinnKc
Commercial Trust Bldg.
Philadelphia
TcU Pi
lurk
line s,)rtjfr 73i
Nfll
Huston
E.H. Rollins & Sons
I oillllleil IHT0
Investment Honds
1121 Chestnut St.. Philadelphia
rlione iriu'f ,1100
.V.Nfon Nri. lui: WUkcs-Rarrg
Hall morr (lin'iio Sun l' 1 art jtu
Riordon Company, Ltd.
8 Bonds due 1040
99 & Interest
to yield ,
8.io ;.
Sciured by first mortgage
on prop'rtie 1 hich hnvo cost
up to Nov. t, l')20, over twice
the totnl amount of the issue.
Sunt rot descriptive circular
Wc Wish to Buy
Portland Railway,
Light & Pover Co.
First & Refunding Ss,
Due 1942
HARRISON & CO.
IIXNMIIS
106SOUTH FOURTH ST
PHILA
Urmh.'is
J'i'il'.ii. ll'l HI S
I'm k nml
I F.drhangcs
Amer. Lt. & Trnc. Com.
Northern Indiana Gas & Elec.Pfd.
Penna.-Ohio Elcc. Pfd.
BOENNING, GARRISON & CO.
Miitu i:iiim.i iiiii.niNo
tllrcit l'ri i.p 'leleiilidiie In New urk
Mi'iuIjiti. I'lill.i. Muik l.ulimntii
I miller I MMiri fi illon h'h Scrliil
ll.ilo , Isllliiirii I iirimr itlini I'h lutt
I'llll i. l.iirrdi ,. Hi . ni.v,
lli'islii-j tliiiio!.ili (iiniiMiis Tv'h llilil
l.nililrr Kiliiiluc ( huiu. mi iVs mj-
I 1 1' It-sill. (, imp mi h'h t ;l
f .urn. It.i. I 'clitliiK K.' lii.ii
ViihtIi 111 Ills I iini.ilHil Th ,.H
I'mlliiiil Iti It A i'r. In .V till'
Vil.ititii lli'lliilim (iiiiiliini !) j'h inn
SAMUEL K. PHILLIPS & CO.
Mrintirrt. riillmlrliilil.i Mwk i:rlmnco
5ti7 c iii'siM r siki:i:-' kq
Banking House of Issue
tli iritlumil illntrllMitluii ii r linclirsl icninY
srinrlllcs run u.r I lit- nriii, of two or
lirre rituil h.ili'.ini n fur I'IiIIiiiIi-IiiIiI i unit
tin c.is rrn .ri'ilun of reniisjlt miln. Kr-nll.-s
Mill lie i onslcl.rnl In trlrt ronll.
iIfiiif. XiiMirr I.Filcrr llns. ll'J'ill l.nlrer
llllliF. r
i
i
J
H.rJLiX.UlJM i
WHEN "STORM SIGNALS" FLY
IT'S NO TIME TO TAKE CHANCES
FINANCIAL conditions at the pres
ent time arc not what could be
called stable. In many lines bin profits
are being made, but in general, produc
tion is not what it should be and there
is a spirit of unrest in both business
and labor. .
This is not pessimism, nor on the other
hand, is there any occasion for alarm,
if your business is well piotccted.
But is it?
If a crash should come, in what condition
would your accountsbc.' Arc you sure of themf
There Is a way to be sure absolutely f.urc.
Our Unlimited Credit Insurance rolicim
insure and protect you against loss from Kid
debts. Better ask for particulars before, rather
than after. There is no obligation.
OUR SUPFJV
SEUVICE
Losses Paid In
AmcricanCurrency
"f
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVING. General Acnt
rl.rt f.nmliafM 4P16 1 nil A T-r I
Profitable
'iliiPCGinronlci
Minont!.ia.
1 ( omlfitiaf (O)' vf
(Frazier & Co. and IRedmond s Ca
Bread 6 Sansora St
Philadelphia.
33 Pine St
New York.
Biltimorc Pittsburgh Washington
la n xtry it A
POP I Mnn Hnl M'' k nf t s r.".
pan tm nffni irrl 1i t1 " i '
nhipp'nB 'iiitlfin nn us n l
r'-'crt tr.n'kf't h-t, ii p
TM r port tl1 tw miii cr- s
up-'n r t)t If 11 .! imi
tHtP i In V'nntJr Ou.f 11 l
m
'ir HflvrinTiR t'i
f
MiltonHeim&Cq
STOCKS-FOREIGM EXCHAKGE-BON'CS
MtMBCIfS
PHILADEU1UA STOCK EXCKANoE
CaiSCLIIATED STOCK EXCItA'3Eu r.Y
1G22 Chestnut Street
I'M I) Mil I fill
IMinnri. Hell, sprnir .-. J 17 - J..90
Krstonr II i(c (Til
74 llroiulMii
,. 1R! .". li r . V.
Miinitiirit. niin.
s.v)rliii!lleli
yTSBJTKCJinra
miiiiiini iajli
Combination Investment
Two Bond Secured Gold Notes
(Short and long term maturities')
j nf tritioi -i l rM"".'i I' I t'ul ' '
t t.li lp inn
; Combination ield, S's0
s c'ombit i" ,n an i s
J - Uin times w i. u M i .n K
J I'oml'lnatioti Keriiiin
J fiji tinmlH pli'iiuo'l fm i .i li
SJli'ii note (uitsi.iiiilitit;
i oiiil'iii.itli.n tin,
J 'ii,', iird nits-re-'
11 i ' i ui'ii nil i
Fairman & Company g
3 Drfol Iluildinn. Philadelphia e
j l.tulillll (I ltHI'!
3 A. H. Bickmore & Co. :
3 111 llroadway. N. Y. ,
rtin !! iriTiT-ri-T-r nrz
ft
A lonij frni bond sccjip I
by mortoane on piopert
consei v.itlvely valued it
more than 1 tunes total
(unded debt
Earnings at r.itt- ot i
times Interest charnen
Followed by 8". dividenl
pay i nil stocks whkh it
present quotations sncii
equity of ICO'i followintj
these bonds.
Deo-'iptive circular on icquist
PAUL & CO.
l CHESTNUT STREET
GEO. A. HUHN & SONS
M'lll lis M HIIMis
Mfinberis nf tile I'lill'iddnliln, vP
AurU I tlilnijtn Kinrl, fvs liiinses
Nru nru futtsti 1 xilmnci.
Commission Orders, iltecuted In
All th. Principal Marketi
Liberty Hoiids Hought and Sold
llrllrxim ( ourt llldg.
HtH Wnlnnti Ht
N. . llflllr
Itl llrondiiuy
ft
AkubvPi&si
I I 111
I I llt,,..- .,,imuijuumiiu.u,""- tVl'--"llJ j
I.
Service" " i"T,'MMgg!M
A tnwAcrsi n
k ktccls s m s stTirt H
!.c&, A 1 LAIN 1 H, i I'lionr- Bclmonl W3
Has it touched bottom? 0 ! ' I
I-I'li'" 1 i
f ll H
g
i u
i.ish. ;s
1 1 1 1 1 1 1 1 1 1 1 I 1 1.
AT YOUR
SF.RViai
I'tablishcd
UiphteenSLxtrune
til I! V O V "- la t JVC
itf V
The
Market Outlook
A gradual improvement in gcnernl
marhet conditions is outlined in tho
lntcst issue of the Investor's Review.
A financial summary is also given on
U. S. Steel
Pure Oil
Pierce Arrow
American Ice
Bethlehem Steel
Endicott Johnson
Recent changes in important issues
I are outlined, including Norfolk &
j Western R. R , Gcncrnl Motors, U. S.
I Rubber, Republic Iron & Steal,
I Texas Pacific Coal & Oil, etc.
Ash for a free copy
BOUREAU & EVANS
Jfetnlirn rhtlntlrtphln FtocU I'.xchang
130 South 15th SL
Philadelphia
I.ormt SIS! f' CO J19
West Phila. Office, 7 S. 52d Street
Wm. R. White, Manager
Idaho Povyer Go.
First Lion & Gen. Mortgage
79i Donds Due 1947
Pricj 24i and nt.
Yielding over T1
'I ins compapy dovel-ip.- a!'.
of its power from h; ,! n
elcctiio bijutcus nml d s
not have to m a i in a . ti
.slcani lcsc-rvf pliint-. No
fa''ninc:s mrr 'J. 1-."i t lie j
'.MtclT'-t i l'.-Ji ft -.
Descriptive circular on
request.
Harris, Forbes & Oo
I'liie btrrrt. Cornrr William
NEW YORK
PHILADELPHIA OFFICE.
Widcncr Uld8.
Federal Farm
Loan Bonds
4a'. Due 1937 & 1939
5. Due 1933
srci'niTiis ni PAitrMi nt
Commercial Trust
Company
" ' '
r I1
r:
Mem! tr I edir,.l Hr ,cnr .rm 1
Cit l!.ill Sijuarc U i-t T
i 1 1 ni n
l( It'll i V I'l I I ICNs
Mlt
ii. II
i .( , r i
: (., li (.1111 I 'si K If I. ii Sf
I iili r il i ii si ,t,. i. H, ,, ,i, ,,,(
I i lis 1 slttsit It .11
I IMp S,ir li tun ill an' 111. I.-
". """'
Kt'iniiiKtim l'li(iii(iK'r:iili
( t-lltildsi' Silk Co.
Ni'utnn Cna I ( i Plil. AL C nminnn
I ml ed Auto Storr I nitb
O. B. LANSINGER &. CO.
130 S. I'llll Si. bxiruca Mi
)
MsHh.i lasiHiil.is,.
I
I
ffl
I
E
o I