'FFHJ-
-!,$
EVENING PUBLIC LEDGERr-PHILADELPHIA, FRIDAY, MARCH 18, 1921
' ' '' - - .
m
35
ji
TffC
Exempt from Federal and c-u; York State Income Tax
We Offer
; NEW YORK GITY
Short Term Notes
Maturing from May 15, 192: to December 14, 1921
To Yield 5.85 Per Annum
These Notes, being free from Federal and New York State Income Tax,
yield the investor the equivalent of about 6fe to about 23 per
annum, dependent upon income as compared to a taxable investment.
DISCOUNT HOUSE
OF
SALOMON BROS. & HUTZLER
MBMUERS NEW YORK STOCK KXCHANQB
Commercial Trust Building
PHILADELPHIA. PA.
Telephone-Spruce 7391
NEW YORK
BOSTON
CASSATT
CONSERVATISM
CASSATT CONSERVATISM is
simply exacting carefulness in investi
gating before investing our own money or
recommending to our "clients that they
invest.
Investment recommendations are made only
after the most searching study of the securi
ties. In most, cases we have already dem
onstrated our own faith by investing our
own money in the security. In all cases
the final test is "Would we purchase the
security for our own permanent invest
ment?" The current issue of "Cassatt Offerings"
is a good illustration of Cassatt Conserva
tism. We shall be glad to send you a copy.
KINDLY ASK FOR CIRCULAR K-ll
CASSATT V CO.
Established IBte
COMMERCIAL TRUST BLDG. ,
PHILADELPHIA
BALTIMORE
NEW YORK
PITTSBURGH
UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUrjTJt
in .
3
Empire Oil Purchasing
Company
7 Notes
(NEW ISSUE)
GUARANTEED-p r i n c i p al
and interest by Empire Ga3
and Fuel Company.
PARTICIPATING to extent
in ratio of one-third the entire
profits of the company after
payment of all operating ex
penses. An investment embodying high
degree of safety and opportu
nity for ultimate additional
profits.
Circular II on requeei
Henry L. Doherty
& Company
G04 Morris Huilding
Philadelphia, Pa.
Telephone! Locust 1440
SCRANTON
C. KENNETH GARRISON
O. H. KILLION, JR.
GARRISON & COMPANY
MEMBERS
1 NEW YORK STOCK EXCHANGE
PHILADELPHIA STOCK EXCHANGE
ANNOUNCE OPENING OF NEW OFFICES
1030-32 WIDENER BUILDING, PHILADELPHIA, FOR THE
TRANSACTION OF A GENERAL INVESTMENT BUSINESS
SPRUCE 8370.1-2
RACE 3973-4-5
OTIS & CO.
Stocks Bonds
Acceptances
Specialists in
Ohio Securities
Members of
New York Stock
Exchange
Boston Stock Exchange
Cleveland Stock Exchange
Chicago Stock Exchange
Detroit Stock Exchange
New York Cotton
Exchange
Chicago Board of Trade
Private wire connections
with all principal markets.
CLEVELAND
New York Boston Detroit
Cincinnati Columbus Toledo
Akron Youngstown Dayton
Denver Colorado Spring!
We take pleasure" in announcing that
Mr. STANLEY C. EATON
has become associated with our firm.
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
Members New York and Philadelphia Stock Exchanges
Did You Ever
Buy a house and carry a mortgage on it?
Buy a piano on the installment plan?
Buy a talking machine on the "club" plan?
Our Partial Payment Plan Is practically the same thing
applied to the purchase) of high-grade investment securities with
even less red tape. Asl: for booklet, "Saving und Investing." It
explains the plan.
LIU
Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL TRUST BLDG., PHILADELPHIA
Weill Locust 6310.1.J.5-4 Brunch Offlca
Kcfilonei Knct 1071 llriilieton. N, t.
Your Future
Must be taken care of by
your ability to save NOW
Our Systematic Savings Plan
enables you to obtain an inter
est return of from 7 to 10
on your savings through
purchase of high - grade
dividend - paying se
curities. Send for
booklet.
Also ask for our
INVESTMENT SURVEY
Scott & Stump
Investment Securities
SI'KCIAI.ISIS .N 01)1) 1.(1 rs
Stuck Kiohunse lUclc. 4U i:iihniii.-r I
I'lilliiilelnlilii Nov York
J.oiimt 0180-0 lli-oud 1331.3
ILCON
IE SFORZA
TORNATO A ROMA
Egll
Commemora al Senato del
Regno il Dofunto Ro Nicola
del Montenegro
Publlnhfd n1 Distributed Under
. ,. , 1'HIIMIT NO 341.
...A'XnorlJM ''y tho net of Ootnbor n
jj'jj. on HI9 at ths rostofflce of Phila
delphia, I'a,
a s nunt-nsoN
Postmaster Qeneral.
Itoma, 1" mnrzo 1)1 rltorno (In T,on
dra, ovu lm prom pnrte alia runfe
renza dogli Allratl per In tuestlone dello
rlnarazloni dovute dnlla (lerninnla. e'
Rintito leri sera il, ('onto Sforzn. Mini
Ntrn pi-r k! Affnrl IMcri. KrII nl
rero subitn dnl Prcridr-ntr- del Con
slRlio del Mini.Mri, ove rltnne lttnga
monto n oolloquln.
'JiiPNtn tiinttina, alln seduata dol Ho
unto, U ('onto Hforzn lin ronimriiioriitn
Ho Niooln del Montenegro, morto
rcoenteinento dopo yrwant'iinnl ill
regno. I .a sediitn fu toltn per im ora
in M'Rtm (11 lutto.
11 Capltaiiii Pifferi, rhe fit nun iIcrII
nititunti (li (inhrlclo D'Annuiiido, o'
stuto nrrpxtniii per aver partooipnto null
attarrhi eontro lo tnippo rcKolarl ipinndo
il (ieneriile ('avIrIiii aviinzn' per sjjoni
brnro la citta' ill Plume dal leKlonarl.
11 Capltano rrelnmn lie anclic- per hi I
sin applicata t'mnnl-tlit die fu ni'onrilatn
a ttitti .fill altri ycxmiri ill IVAiiniinzlo.
II (liorniilc d'ltnlin orodo clip so I'nr-rei-to
del (lapitano I'iffori narti' tnitn
tonuto si nndrn' inrontro a gravl fti
Ntidl tra fusoisti, nazionulisti cd e.-lc-Rionari.
I'm iliriptipcio da Finine recit oho uno
spavont(iM) incendio lia nuni completa
inoiito distrtitto i cuntlerl naval! del
Cnrntirti. cnusiindo dnnni di oltrp otto
milinnl di lire. Ioperu dl ipegniniento
o' stnta dello pin' anhio ed cfliearcinentp
vi contrlbulrono i cnrnblnlcrl ilalinnt.
Da vurio citta' contitiunno ud cssere
soRnalati incident! tra fascistl c coinu
nisti o sociallsti. (Ill incldrnti, pcro',
non rapprohciitaiio nulla dl grave come
quelll dello Rcor.xp si'ttimane.
A Ucu-rIo Kmilia i Cum'IhU danno la
enccia al socialist! o, ieri l'nltro, tin
forto nucleo ill fahcitti Im percoiso il
dvutnto hociulNta Zibordl. HRiinlc
sorte !' toccata audio, al doputnto
I'rampolinl.
11 Uoputnto (iramli. rocatnsl n Tor
r!o Uiison, per farvi una Incliiootii Hiii
roeonti conllitti tra t'acisti o socinlitti,
fu assalito c porcosso a snnRiie.
Dal pacst tiiabri RiiiiiRouo uotilc di
occupaziono di ostpnc invahionl di tcr
leni. A StimiRliuiio, icino Itleti. r!i
apiiartmonti a ipiolla Kczluno socinlista
lianno Invnso i podcri hcminnti n Rruno
di tin ricchiHslmo proprictnrio, van
tando dirittl dl uso rivico,
Un dispaccio da Modena reca che i
consiRliori comunali e provinciall,
uscendo da un'tidunnnzn, sono stntl br
Krcilltl dn un gnippu dl fasciati, I quail
lianno iriRiuriato i deputnti ARnini e
Chlossl cd lianno percusso e bastonatc
l'On. Uonati.
GERMANYDRyES FOR TRADE
Making Progress In South America,
Says United States Agent
Washington, March IS. (Hy A. P.)
Germany in makinR Rood progress in
a driv? to revive her pro-war trnlo In
low-priced articles with South Americn,
according to n report to tho Depart
ment of Commerce today from Cnmmor-
inl Attache Charles A. McQueen, at
SnntinRo, Chile.
Germany 'a nppnil, Mr. Mi Queen
said, is made for the most part on a
prieo basis, though not as lo as he
ron) the war. However, ho added,
American goods are price.! so MrIi be
cause, of exchange rates that German
Roods nro at leant -10 per cent below
(hem.
According to reports from the cast
coast, lie continued, the Germans are
not working as hard in Chile as they
nro in Argentina and Hni7.il, The
opinion tirevails also, Im said, that
Gorman competition is not a Rrcat fac
tor In tho prosoiit checkitiR of Ameiican
trade with Chile.
LONDON STOCK MARKET
Gulf Oil Corp. 7s. 1933
Natl. Conduit & Cable 6s, 1927
Lehigh Pr. Sec. 6s, 1927
Bnrnsdall Oil 8s, 1931
Gen. Asphalt 8s, 1930
Lukens Steel 8s, 1940
MrCown&Cq
Land Title Bide.
Mrmbcm I'hlU. MchK Kxlmncf
J
C. S. PATTON & CO.
81) A CIIK8TNIIT HTS.
BANKERS
RucrtflMor (o
RAn.KIt-A RTHV12NSON
f.Vda uqd btocka buucht urn! hU
,U cuuittll,HUH
i com
hlU,
ihera I'hlU, Htork Kthmit
Tighter Money Causes Weakness In
Gilt-Edged Issues Trade Light
London, March 18 -Oil shares were
stcaiiy and frnctlcallv unchanged on
tho mock exchange toilay Slu-ll Trans
port was 5 5-1C ami Mexican Kaglo 5 Mi
Confcieiices with labor procioiUd favor
ably, promising Bond rcsulis aisled to
a moro hopuful fooling In tho Indiistrial
Kruuii. Alterations, however, wuro lr
rcKUl.tr IIudbon'H Bay was 5,
A tighter monetarv bltu.itlon caused
a weaker tono In some gllt-cditL-d in
vestment Issues. French loaua were
stronger on tho voto of eimfklenco Riven
to tho Urland mlnlhtry. Dollar ' de
scriptions remained around tho previous
day's iiuotatlons. ,
There was light protlt-tnklnp In home
tails, but Grand Trunk.-, were hard. Tho
shares of Argentine loads wero quiet
twin niiM-ii. i.reater si.tointy w.m rioted
n Mexicans, following hotter advices as
tor til.- dispute with labor. Katllrs moved
slOttlj.
Gunernlly, tho markets were check
end, with tradliiB IlL'ht There was the
usual week-end absenteeism.
Advance In Price of Raw Sugar
New ork, March IS The raw sugar
market deelop.d tlrmn.'ss late yester
la wliin tin- Cuban sugar tlmincu coin
lolttiv advanced its s, lllng pilco of '(
to 5';o. Kiunl to fi L'To, duty paid, and
i htnbll-liLtl .. innrket on th.it hauls
(Julte a eoiwider.ible huslness was re
pnrtLil In full duty paying sugara on
the above basis The naes Included
1 iiii.OUu bags l'ono Klcos, aoat and i'di
irutnit shipment, at fi U7c, c 1. f. ; lonn
tons Jhlllpplnes. aoat, at fi.!7c; lu.uOu
bags Cuban lu port at 6li cost and
freight, equal to fi L'7c, duty paid: MGii
bags Haytlan Ceiittifugals fur March
shipment at 5 Olfic, elf; ifinu ImiiJh
San nomlngofH In port at .Vow Orleans
at i! .'7c, duty paid to a New Orhans
tillm r; 7iino bags .San Domingo, s
in iort at N'ow OileaiiH at 0 27c, duty
pu'iV to it Now Orleans retlnor ; tihhi
lings .San Domlngoeoi noat at 5 mitt-,
I f. and ISOfi tons Kan Domlngues for
March Bhlpnunt at BnlSc. c, I f. Th.
Kideral Co ami Al buckle Hios w.ie
thi principal buyers Importations in
cluded Bl.Oiin bags Cubas consigned to
tin- Warn, r Co Following the uihanci
In the price of raws, the rellnod market
diveloijcd greater activity and nr.ietic-
ully all local ivllners l eadjusud tin lr
prices u an um.incc ot L'j polnis, to
& 20. less 2 per cent for cash.
United States Treasury Certificates
GOSSIP OF
THE STREET
A'cmj York Bonds
A minority etock, or a company in
uhich (he controlliiiR interest has pa.ied
over to another corporation, occupies
about (he koine position n an old maid
"1 a party, that of being shelved in the
(orner,
This was strikingly oxomplllled yes
tordnj In the complete Imlifferonf o
shown toward the Welsbach Co. annual
rojiort. In being of the current century
"olsbach was one of the most lively
speculntlvo footballs of tho local mar
ket. Now a quotation for the stock is
seldom scon. The United Gas Im
provement Co. owiih more tlitjn a ma
jority of the stock. Yestunhn's report
showed cross earnings in 11120 to be
largest of any recent jcais since 11117.
They totnied $l,07L',hsl. while lu Hie
lirocedliiR year won- $!l.ll.l)71. The
Miinaxcniciit eharged off Slis.-IilO for
depreciation. Then, after all charges,
Inking fund and preform! dividend,
there was left a balance of $."il!l.Nl1,
equivalent to l.-l per cent on the $.'!,
fi0(),()f)(i common stock, agaiiist II. I icr
cent in 101!) and 10.1 per cent in 1!HS.
During the year there was purchased
$.'!0(vl0O of the company's collateral
trust f per cent bonds, making n total
purchase of those bonds toilay by the
trustees under tho mortgage of ..".. '11 0,
700. Considering Uio very unpleasant
reading mutter which recently has been
furnished by various corporations, mioIi
nn exhibition is refreshing and shows
a few prosperous concerns are still on
the carpet,
Tow of the Old Guard If(
Commenting upon the changed com
plexion of the Kapid Transit Co. direc
torate, a retired local banker, who has
nlwayH taken a very active interest in
the development of troet railway
ptopeities, asserted yesterday there wns
evidently a very few of the old guard
still in the traction game.
"Unless I am much deceived." he
said, "the old interests who played n
prominent part in the promotion and
development of the passenger railway
lines of tins city, or their heirs, have
little, if any, stock in any of those'
companies. In tho last two or three
years, heavj selling of stock at times
was moro or less of a mystery. The
Identity of the seller, by skillful stock
exchange maneuvers, was always cleverly
concealed. It is now no longer a
mystery, for it is quite certain many
of tho former large shareholders quietly
slipped out and were quite willing to
let the dear public carry their share
of the bunion. This moans, of course,
that the stock has been widely dis
tributed, which is corroborated in the
largely inci eased number of share
holders on tho company's books.
"This docs not only apply to IMiilu
dolphi i Kapid Transit Co.. but also to
all the underhing companies. This
does not include what can be called the
original lines, which nro still held,
because thej return an income which
could not bo paid hy any living cor
poration todu t
Is It it Itedlirtlon?
Tho t'nited Cigar Stoios directors
yesterday declared a dividend of one
per cent. In the previous quarter 1 V
per cent was declared. Some raised
the point whether this should not be
construed us a reduction. It is pretty
certain the stockholders will consider
it a cut when they find tholr check calls
for n . per cent less than that which
they received in February. Those who
nsscrt no reduction was made point to
the statement "f the management that
it has no fixed dividend policy. In
other words directors arc free to in
crease or reduce payments at any time.
That may found nil right just ut tho
moment when all corporations are
tu'iiiti'liliiio eravol to find funds to pul
dividends, hut no one ever hoard of
this policy, or talked or hinted about it,
a little over a jour ago when the pools
nuil hneculativc combinations were try
ing to push the price of thi and other
tobacco storks up to me shvune. i.u
viioiiments nnd conditions nlwajs make
the perspective totall.v dittcrcnt.
Central Kloctrie Stations
The United Mates Geologii al Survey
statistics on generation of elietric eur
lent In central stations in IK'-'O indi
cate that de-pito tho many Handicaps
under which the centrul station indus
tn labored last year new records in
generation nnd transmission of electric
(urretit w-ore made. Had central sta
tion companies boon able to finance ex
tensions and additions to equipment to
meet demands mad" upon them for cur
lont h Industrial users, there is no
question but that there would hui been
even gn liter Inci cases in inluiue of cur
rent generated and distributed. The
Geological Survey flgutes indicate that
produitnm of electric current in 10-0
was 1'J '' per cent greater than in 1010.
The total kilowatt hours produced by
ci'tittnl station companies in 1020 is
estimated at I.'I.OOO.OOO.OOO kilowatt
hours, of which Kt.r.00.000,000 kilowatt
In Hi fs were h.Mlro-electrio current and
7 10(1. 000. 0(H) woio -team generated.
Theie was an increase ot l.i per cent
in the hjilro-oloctric current generated
and 1- s per cent in tho steam power
current generated compared with 11)10.
In 10-0 :iY.-M.M)l) tons ot coal were
used in the generation ot electric cur
rent, an ini ro.'iM' of It per cent over
1010. whi'o Wi.lisiV")!) barrels ot oil
were Ueo to geneiuie eieeuic ruiriiu.
an im pu-e of 1 per ci lit oicr tlic
preceding J car. The gas ui'd in gen
eration "f elietric current, principally
natural gas. was 'J 1.. ".00,000 cubic feet,
an iniria-o of IS (I per cent over the
amount "I gas used in 1010.
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Wu own and iccommend
Pennsylvania-Ohio Power & Light
10-Ycar 8 Bond-Secured
Sinking Fund Gold Notes
lu .NmnoliiT I, I1I.II), oiiinn Notea In fJenoinliintiuiia of
VI. 000, fiOO nnil $100
Tho Company supplies electric power and litflit in a populous
and busy industrial territory of about GOO square miles, mid
way between I'ittabureh and Cleveland, including the cities of
YoutiRstown, Oiiard and Struthcrs, Ohio, and Farrell, Sharpsvllle.
IChvood City and Shaion, Pcnnpylvania.
Net earnings for the year ended August 01, 1D20, after deducting
all prior charges, exceed five tinie3 the annual interest require
ments on these Notes.
Price 96 and interest, yielding over 8.60
Write for Descriptive Folder P.L.-G41
Hoffister,Wlrite & Go.
incoaporiArio
North American Building
IMIILADKMMIIA
ItOSTOV
si'iiiv(.ni:i.n
IKIMIII S( I.
I'lTlsriKi )
Nr:H' Minn.
1'0IITI.A.NI
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2 ... 101'i . 3
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101'i' 1 33 1 73i
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10Ui I, . . r,SH 3.. 02
H. . . 33 'Ht 1 Hon't. .'.a
. . . . 83 Kan CAM 3s 1 . .ill
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MlVa.i: llultf-m rcta st 1"! A Ht'.ux
r ni.su kjbjibii nmmmu.iiiiiHii nyiiTia
WANTED
AN ADVERTISER
rpilK livn Philadelphia dailies
-- mako large piofits for a
few constant advertisers who
have discovered their great
pijw-r, and learned how to i so
it. Hut why are such adver
ti;. rs almost oxrluslvolv ro(ullrrf
U'ln Ho riot ninro miinufarturvrs
I.-.I. . In ii'-ttupapor advt-rtlslm;?
I nil'- nihortldlnR f..r Wm r
t.l Ml '"iimp.-iny. th.- '.Vu-(iiira-1
i' 'noplo, and th ' K.ic 1 .ur"
l"ii ! in.itiiifiicturors. 1 u.int or-.'
more rlli-nt who l,l.-.s that j?'io-l
ti.l' r'.slne will put Ills buslnoHS
nl ') lu tho front rank. If Intor
'!. I, rail me up (Uermunlovwi
1-J'i W), or wnto.
HENRV FERRIS, Ad-Writer,
1.1! IV. llorttrr Iris-t
1
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2!) 'JCIiitfilom Den
A il W Isi mark ct 8s
. . 81 I 1 OSii
2 SDH IC of Italy "h
Clili-iif.. Mil ft! 13.. .
.St I' .1 la Klnu-dom
ri,i
3
3
I
5
C A
Chi
1
ft
7i
07 H
07 i
!)7H
(I7.
ti7M
1 . 38'i
Chi. .lm Mil .V:
at r cv ss i
3... 05111 14 .. . (IS
Chli"fttto A Nth1 2. . . HU
"n Cs '87 11,-ick Ht.-l '23
2 !3Vj 10. ..1)1
Chl'.ai A Nth I.ako Shor" M.
Wn fi'4 wl S'n 4a Ml
City 7s
il.. ('!"
Seab'tl A 1. nj
1 33i
H Air I. ata ta
1 . .34
Seab'.l A t. fl
1 .... 47S
2 47 V,
2.. .. 47j
r. 47H.
M 'So'n rnoinc fil
Nor-I a 7(1 li
3 ft!)'.,
a it)l
i .. uo
2 ... (ID'S,
4 . . Hlli
2 . . . (19
12 .. HON,
3 00
Oil K H Ba
2 ... 01
1 . . 01 '
Chli au It l'Ji
& I'ac dl
way ct 8s 1 . . 70'
2 nssJiHun.iM Oil of
3.. . . 82'; Calf rcta
. WIS
. lot's.
. 1013,
. 101
101 .
101
Tac lt
. M)
hll
Ave nj
.. 32W
. 32.a
. 32'j
. 32 V,
. 32 s,
31
I. ahl U 3a '31 'Tex t
2. . OS , t
I.UU A Nuali 7s 5
1 10T, nuril
Mtch Cfl 3"j- 12..
05 1 .
Sllch Cfl il fla' 3
2 7811' r, .
sua .S A Or r, 2
1 .. 70'1 i..
M" It A T 2ml Third Ao 4
0 . . 37 2 . . 17
1 . 37 ,TMi water Oil
SIo 1'aciflc Is Co ct 04s
r,3';l
r.3',.
31
51 II
.' 3
8..
0 07 I.
It ... 07 3
5 . 07 1. 10
3..
Chkiic.i rntim 5
Sia'n 4Hm 3 . . .
2 f0i$ 10
3 '. . bOHl 3
Chlcaso Unlunj s.
Stan Sa "1 SI) I'ac
1.... 100';! 1...
City Ilcrnc 8 stunt a I'wr
10 04 2 . . 8'U.
3 tUH 1 . 8.1 '
City Cop'e 3i,'n Y Air II 0
1... . 72Ujl 1 SUV
1..
1...
un
(It!
'15 "
li"."
d." "
SUPERIOR OIL
Controlled by the
Atlantic Refining
Company
Our special letter, showing
possibilities of this (lock nt
present low price and con
taining other important in
formation, furnished free
on request.
Ask for L'S
P. K. Guthrie & Co.
Slemti-ri t'Mla Hto. k i:ili intfu
1418 S. Pcnn Square
bL'ITi; 300
M'ltrci. sr. i'.aci: 221
1'ru.ati. H'ii-'J :o .Vrn Y01I.
n.1'4lt'li!iiii Tar c.a
3.1 I 1 (''
53 1 . .1'1
52 Ts UKgtO Urlt
"-01 A Vd 1021
(10'.
ton,
till
C ' .
III".
(I
81 I 1.
1 . 72-j S' Y Cent' I 4ai ".m) . (nil.
City SUrs'a 0 1 .. . 77'k U K of O Hrll
2 71s. 3 77 A I'd 1022
C N Yk 41., 03 N Y CM en (s j 041,
2.. . liJ'.i 1 0S14 a.!. Sl
C N Yli 4'-s (17'N V C. nt I .) -J . (if
7. . . Si-' I 8'iV',u K of O r.iu
Cliy 1'arla fls 2 sni. & x-j jo.,
3. . ''.'. 1 ST Rfl
2 . . SH'.' 3 sol',' 1 80 I
1 . . 'Ml 'a 1 Hll H. . . 8S I
7.. sni'. N'.'W Yoik C I U K of O Tin 1
Amcr. Water Works and Elcc.
5s, 1934
Empire (Jasj and Fuel fis,
192 1-2(1
Lehigh Power Securities fi
Butte. Anaconda and Pacific
OS 1911
Niagara. l.ocKport and Ontario
(is, 19,'S
St. Lawrence Palp and Lum
ber (is, 9.i:i
Morton Lachenbruch & Co.
42 IUIOU) ST.. N. Y.
I'hll 1. Tolriilinnr jlllilt 0107 IliKr 3030
Prl i'- 1'r. a tu New YurK. Chit .gn,
&t Uuis, I'a hij-.ii l iiuit. ClvtaUnJ
(i- ,rd Kii,id
Talks
To Investors
4.
Nl.sfrrY ri:n cent of the inTcntor
of tin; country arc tho profc
hioiinl nnd luiHiiu-ns men of tho
countrj'. Only n nmnll part of
tho imi-fitril wealth of America
in lirld liv retired rirli men, in
net ivc indiridiinls or widows nnd
orplintiH.
Aid. TYPES OF INVESTOrtS nccI In
Tcstmeiit protection nnil adrice
lint the ninety per cent need it
ftillr ua much nx those who do
nothing but live on their la
cstinent income.
1 iik WAcnvr. I-rviWTon can con
centrate his attention on hl
itivefltmenta und make n study
of fundnmentnb), hut the active
business or professional man
usually ha little lime for Iohif;
tlllH.
CoSKQLL.Y, It frequently hap
pens that a Keen business or
professional man will mulie
fortune evrry yctir in his actlre
producing capacity nnd loso a
larpe pitrt of it every year tlirough
iiiiboimil or foolish investing.
The -TinnD nusi.Miss mam" if wise,
will consult a physician or other
specialist to retain his health or
strength. AIho, if wise, he will
consult nn investment expert to
insure the integrity of his in
vestment capital. Otherwise, lie
mny meet with just as much
disaster in his investments ns ho
would in his physical well-being
if he insisted on doctoring him
self when seriously ill
Let us tell you about investment
protection. It will pay you to
inquire.
Moody's Investors Service
JOHN MOODY, Pis-urfent
1124 Ileal Estate Trust lildf:., Phila.
IKISTON WAY YOKI. ( IIICAGO
3... 11
Cliy Tukli
& I'd 103
1. .. S
1
8
Lukens Iron & Stcol 8s, 1U10
rii-neral Asphalt 8s, 1930
rit'ticral sphalt G, 192."i
Pan lliindle Gen. ,"s. 1070
Chic. & Western Ind. T'zs. 00.',
HEKRY D. B0ENNING S CO.
T(I( K ICIIN(,i: lllHDINd
Illrt-rl l'rl ilt- Ti-li-phniip to Nrii Ynrlc
Mi'ili.ir 1'hlla. Muck l.rhiilli,-r
Inl MaturlriE
Ilitio Dal
:. Arrll 15 1021.
-. May 10 1(121 .
t1i Juno 11. 1H21.
t'fl Juno 13, 1021
3', Julv 13, 1021.
il A UK 1(1, 1021.
I'll .Sept. IS, 10J1.
3s Oit 13 in.'!.
t0 !) 13. 1021
Hid
10ft
Kill
100
100 A
1011
100,',
I'lOl,
10(1
100,
Aak.sl Yk'l I
100,1, 1 K;
II'OA, ,-, 21
lilu'i 5 L'11
100 A
loo A
Kio A
lllll',
li.il'i
100 A
n '.'n
5 111
3 nn
3 in
3 .in
HMinnt frum normal federal lnmm. ..,
only.
tAniiptabla for payment of intume tax
due un dulu of maturity
Liverpool Cotton
I,li-riionl, Mnrch 18 Time was only
a Kuuill Inquiry for snot eotton tod.iy
with prlci's i-nslcr on tin' IhihIh of .1 ,1,..
ollne of Ilvo points for iiiililln(r nt 7 3 Id
Tho unles were 3000 bnles Tlni reci-liitH
were 2000 baleH, Inclurtlnp 300 bales
American Futures were rjulet In the
early denllnKH. Spot prices wera: Amor,
toon, nilildllmf fair. lOOOd: (rood mid.
(Hlnir, 8,66di fully rnMrtHnff, 8.OC1I: mid.
dlltiu-, 7.311 ! low middling, C.41J: good
ordinary, 6.1(0, ana ordinary, l.lld,
Our Trade With Hawaii Doubled
Slili'iii' ts fioin HiiMiili to tin 1'nlted
Stuti's pi 111 tu ullv diuiliU'd in Millie lu
the euleiidiir jear 1H20, eoniiuired with
HUD. Tli" total shipments to the
United States iiKlfrt'Eilti'd S1!)15,.'tS,'I,lS,"
In l'.i'JO. airiiiiiHt !?!).:H.01.r in 11)19,
an im i-.m-i of SIII.U-'O 170 The j.rin -ihml
in-i' uses ere: Cnniii'd pineapples
from SIT i.li), 710 In 11)11) to $2!.17t),
ini in l'i'Ji). raw sucar from STLl'tH.
.is-.) in nil' to jirii.nriO.'jn,- t, ni-jn.
retined siiu- from $,1,VJ,570 in lill!)
to S 1,1 li-'.t i.'l- in 1020 In both classes
of MiK'ir there were slight decreases in
iiiinntitles in 1020; raw sugar de
en HM 1 from l.Kil.DM), IH pounds in
lDl'.i to l.(77.()71.l!)d pounds in 1020.
and nliaid sucari from 15!, 015.01."
lioiimls to 22.5 17, (i.'l.") pnundi. Slnp
inetits of mollis' s roe from ..SSL,..(7
Riillons valued at IfT'Oif. ISO n 1!)1!1, to
12,12H.1.'!2 RiillniiH vuluid at JtKlTi.Sl'J
in 1020, and biiniinas from 1 in, 111"
Inmi'lies valued at ,'5102,7!it! in Utl!) to
1VJ.772 bum lies wilued at if 170, 020 111
1020
Shipment of coffee- to the I'nireil
States dei reused from .", 1 II, ,';," p(,ini(N
alued at ?i'..ri2.S.'t7 in 11)111 to l.sS."..
70.'S piiuii.ls Milued nt $17l!.(l.'l.", in 1020
Shipments of merehnndiv to Hawaii
(lurinK 1020 liiereased -Is pvi- cent over
I Oil). IVir the year just ended the ex
ports to that territory nia'recuted i?7-4,
0,"2. trill. HKiillist .SIO, Us'!. Ml!) In mm.
Increases occur in neai-li ewr dais
TIJK TIIAOKIL
Venezuela Reverences Washington
Caracas, Veiieucla, Mm-, , is. a
Koveinmenl deirte here Mtenlay Rives
the nun f WiisliiiiRion to 1111 'impor
tant iiM'iiue, ami oidei-K tin hiiililinR
nl a new pmU t" be culled 'iihinston
Park, in in-li the statue ,,f ashliiRton
will be placed. The old Washington
Park will be named after Ilemj ('hi,
and the 1 en monies uunlnit to the
miming of the two paiKs will take place
on April 10, tho duj the statue of Iloll
var, tho famous Veae.uolon tttatesman,
Is to bo unveiled, la Now York. Tho
govornini'nt dccri,V, Hays it is tho duty
of nations to perpetuate the memory of
crcai men,
. .s rem & i-j i!i;n
i lu . . 10P, 1. ..
7.. .'.'!'. 1" l"l 1 . . s.-, 1 ' I
C Zurich r. t I ... 10u ; . .-, , .
i'" ' mi"' :; Yk i.Uht'iii 1' cQ jpaa3!SJumiJX3BBmxsBaMB5Mwnrarm
n,.r.-,-;('!:ri 4,I,wr52 'sMV'rX HEWBBRBEB, 1
;v;riv"Y";::.ji: hehbersoh&loeb
V" sii:nvrL" A! I::-; J ? -: , - (i
Colo & S 11 IS S . ,,M ;, )t'4M lll'", ' ' r '''''' !'CJ B
Columbm l.a iN V Iijg 3h r Kt 1 .1 I I U "IIM"IIU' s51- ft i usIim1
i uieo no 2 oj, o ci , ltmigfjLu-u3iAmjjr,'j.i n.i-uj.m-rC
2 i n Y r.o i'.k a 3i -
,.... n. n t... , ,i. lmiv.t 5. PENNSYLVANIA '
r- ' - vii; ? :ri Railroad G'A's IS3G
T..n ..;-' ' f "l"b -:',: Price on aP1,lirtion. l
st . .-.vr",.( ? .;-. :;;:' edward lowder stokes
2 ss t , ,M( I M, mliir I'lnl i si,,iL ,,li,n.
2 ss. n ri,. s mil .r iiKisTtii'
I
Do You
Prefer
fl QncT. tor
SwJ J
O
one year
or
7,10t
for
wenty years
Circular 7311, which
will be sent on re
quest, summarizes the
advantages and disad
vantages of each type
of security and gives
particulars regarding
an issue of each kind.
Bonbright & Company
437 CliiMtnut Street
Pliilndelpliia
tueiiKO
lirlrult
00',
tn. r !l
UKur .s- w
3 . ini)'.
3 I'M.,
3 l"i",
Cuba II. I i ".1
2 00
ii 4 Ku i r J
II
1. 102
Denmark i'j
cl A 8a
1 f.T
Denm.ir.. i in
tt II Sj
2 0'l
3 Oil ,
Dim a i' n '.
2 I'l",
Do ( .Hindi -'
1 . lU'v
Dt-rn Hep e .'
3 .. Ml',
3. .sol.,
Dui I.tlit 0s
r. . so
V.rlr IJ.-nl M n
3 in .
Urn. 11 (il li
1
llrlu II)
1 . 32
Tiirt Wi.rth i
lllo O.I Ut
1 . . . 02
Gfm I i;kv 3s
mi . .- ii.iL' s
I . Mil's,
i-rn i
rili V,
Rub 7 ' s
. . . 00 X
Oil i.
St I
. . or.
. (M
m -,
l Tel 7s U'd S
U0. , 1 .,
i'0': 3
im. i n
l"l . i o:.
l"l jiV (J Cl.em l
0')'. I fil,
I'll' Vh imllw'a '
00 3 . SI".
n Puclfl. '. v., i nv.n i,
-. . f 1 s.l
34 'i W'nhl'n M.t 1
n I'litlflo I f.;
. T,li, Went Stior.- Ik
34, 1 71
:.'. V & K Mlu 7
1
on, t'.iv rasi
Co Is i
I'onnu It
1'k
It '.
('.!,
I'.i K 0'ai, hi
23 llS'
(isik
ll'l
III!
no
lis',
us
0S'
li'i
ll
;i'
1.
BS'i
OsV, Wllnon (.'" Isl
08 t 1
hS'j
Caddo Central Oil & lift. fi. 1930
Caitcrn Pcnna. Il. oh, 10 Id
Kinpiri Gas & l'iit'1 (is, 102i
ll.irrishuri; I.t. i Power ,'i, I'll?
Lillian Power .'ocuiitics il. iiJ7
'Mt-tro)olitan Kdiim ,"s, l(ijj
Plula. Suburban das & T.lec. .Is. PJGO
BAUER, STARR & CO.
1 nnil lill.- Hull. line. I'lnl nl l,,hl,
Ni i l.rl. IHllu. I I". llrouiln m
; i c i '.Wi i . i . nfficts
I IN M JAI.
II.:. I'B Ml ISllKL-l l'l,'
, , n i n i i i i ii." 1 1 1. i iiiinin r.r.i ii.-rn-up (I".
Fleali KrdurinK : nody DuilduiK '"- tie t -inuiie i umi i... u liomu,
19 I I '1. I . I I , . , ....
' ' l- L1 . '- .- on.
.1 I -J JJ I "J.
' ' '' - ( 'muany
. u .. i . ' i J l rl
s- a I um.-hmt llrt muriicnKo (!
t-nn-.ilii' ,-ir IhKIiis r u ml iruli) homlH.
ii i. I . t l- I t n f n,,t
v.,.- - .1. seul.a -i-tri, jinny
1 I 'ii-i ' ' "pun I : uad -i
' ' ! .. l "
1 . Il Ni-i.l ! lsiL. .i. Nj.s
WlEGJiER, HOeiiEY & CO.
Certified Public Accountants
Drexcl Building, Philadelphia.
I I A I. I V -
' ' r I'.
Fhila. Jack O'Briens 'J' h
II
l-
i n r
niniill l.ln liuiij,
JTT, 1 Illi: NNl J. JII.I.IIMj (,j
- - ' I t "U I I . I I 1
l- Il
HO I..
''I I mi (jr u
4 II
J1.1 .s. .
I'd" I .
1st !',.
L,1 -I',
I.ih.'in :td I',.
I,ihert 1th I',
i. Note .'I l,i..
ic ol is l',s.
I.ilicrti
I.tliTt,
l.iherli
I.iln i ii
Km,
Oil It
N7.1D
.S7.IN
S7 L' I
!hi II
s-7 r,()
1)7 :('
D7 :il
1 o.i
!") II
N7.10
n7. in
.N7.ll)
lill. .'Ill
n7 no
07 :t'j
!)7."l)
1 1
in
in. II
N". I"'
N7 INI
n7.L'H
'.in :td
N7 in
07.. 'I I
Brokers Petition for Extra Holiday
Nei, iMirl.. Mm. Il Is MtUioii was
atuKi.l MstiTilii in iia,. a , Y.,rK
Sloe). Kscli.itik'. .'.is,, .n ij,,, Fi ,l!,
ninl (lie follow ihk .,itui-il n Th. iiiij.
tlon liis lie, n ,i , t. n-lvi-lv Nluni il
nnil will tu. (l.-clilcl im W, ilne-.il.iv n, i
at tin r. Kului im i tluu of th,. iru,-rninj
Couimlttec
RAILROAD EARNINGS
KUIK SYSTI M
. 1021 Increano
Jnnunrv rroaa . (, ..t.i s ' l t.Z
Iijflclt n(tr taken,, llhl'.BIO -slTalaor
ai.1. uv47. uoueis,.,,, ,iil,,J lUJ.ifH
Put v '
air. i .
..i.., c .1
Ua.l 1 II I'M "O In '. 11 M n
11 Pi ttit o. N 1 ' ' ii l 1. c. H ,
1,n, ,-l -in , -' i. . V M .-
John W Tuw i -.-nl i ' i-i iV , i r
A ' in -M
I). I'.lll.W. II i ' i, hf
s. -it irv
pri'l it Mi'.iitiK.
LT lilNsl.Ni.tuN II M . IjN, . it vm,
III II IIINI. 1111 I WHIN.
I .'1 i-l I I' . ! 4 r . ,, i
lliinil-lll-ll.lll.l llllllilllii. .WmmiiiIihi. , , KI, '
I I, . " IS j( " ' I " I ' alii. i ,'
III 'I 1 .1 II I . ' I .1 J . 1 . 1 III,,..
III. M l III. MM ' s . .,. , lM".
li a i .i v ai I !,-- i- n '
Ml 1.1 , n . in I 1 I I j , ,
In , ,1 i, 11 -I "11 "i ill II ,1 .
pr. i ,i . f in I I . l - I r- ,
1 r .. - I iii u' ' . . .1 ,
H41.1 l- 1 ' un (rum H U.'U uiiij .
$3 nil i null
l.fcWIs W M..N1.' s r . ,,
m..s r. i' .,
CIIAIU I S J Mil 1.1 i: .
l.l'l . I . II -f
I
I
St
71
77
l'l
;.!
i.i
' i
1 1 .
i i
1 1 1
I i
Jin i.l, li. I
in iii I lsi ni nun , nuns i,
! I , !
T a. I " ' 'i ii,
uuin' ' ill '(I'lnl t on, umi tlirrr qn.ir
trrs (10) ir tt-tit i "HtiniJi. ,
ferred iitei-k ( ih n por.vtv pv ,u
April 1 1021. to atoikhuidQrB (7 reciml al
th close of tiualnvsi llurcli 'j I Jmi u . ,
uuui. iJiuipuu.'a .
. i . -I
. . i : . i
"'.''i "71
111- il.. ..i
.1 im. 1 .in I
ii nl Tri'i
M II ,i, ( ki .
I'l.'l ill lu
ll 1 !n!..
1 '
. ?.,,'
...I
J" I
. us
JUI
I , '
1 '7
I 'I'.
J' l J
'. o
I
1 .1
VI
IH
t
7
M)
II.'
1(10
111
1
H
14!) 1
1' 1
1H7
11
Is -
111.
J'l.l
J11
1
.'. .
5 2
I'Ot
iiiu
Iwr. d lj.i lUj lii, m rt
T u m d'S. 4 ,r i (',,,
"- n ro . i,,h ami
-I... ."a un !,. .
,i I" M i m ai-
1 ' in I ui. n men
" " l in)
" ' ' ' will lJ
ii j .i I. firaaa (.
.......... .i.".v:. ...i
IViUI.IAU J-.WI.4UIS ISMIl'i
iv; TniHT (.'QJU'-Sy,
vi.iu.i jsuifiid.
I3t! arul iriruVVti'..
i-wiiu);''.,
a
m
i
i
'ii
item.
iJ&-& X.X . '
a.
., vy Auf li.lli. ,-"V. lu
s
' v-
i.,(
w-?iaLto mm&t', .-j