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PENNSYLVANIA RAILROAD STOCK
At Present Prices Yields About
8.25 Per Cent
FREE OF PENNSYLVANIA STATE TAX
Dividends Not Subject to Normal Federal Income Tnx
N Whether or not thin Stock at present price (nhout $36 per shute put
' V" j j ' V an n,'rac've purchnse depends upon the continuance of
dividend at the present 6.00 per cent rnte.
IT IS OUR BELIEF THAT FOR THE PRESENT THE
DIVIDEND RATE WILL NOT BE CHANGED
The Trnnsportntion Act of 1920 is clenr in its intent thnt conditions relntinR
to railroad companies shall be so regulated as to permit such companies to
receive a reasonable return on their investment. That they are not at
present doing this is beyond question the result of the fact that business is
&eV?.rlIly.?5 " ,ow anJ operating costs continue high. IT IS INEVI
IAr?cLk,JHAT BUSINESS WILL IN TIME IMPROVE AND THAT THE
PRESENT ABNORMALLY HIGH OPERATING COSTS WILL BE
REDUCED.
For generations the policy of the management of the Pennsylvania Railroad
has been one of ultra-conservatism in respect to the maintenance of the
property, the standard of its service and in regard to its financial policy.
As a result of this widely known conservative policy and the confidence
which it has naturally inspired, over 133,000 people have become holders
of the Company's Stock. Many of these are largely dependent upon their
income from this Stock. The management is not unmindful of this, and it
may safely be assumed, would order a reduction in the dividend rate only
when they had lost hope as to the satisfactory readjustment of those prob
lems with which they are now contending.
C6nditions which have ruled during the past six months and still prevail
are the inevitable aftermath of the war period. Every student knew that
thry would come and knows that such conditions are o necessary corrective.
We predict no period of abnormal prosperity, but we are confident that
those problems which today seem so serious ore going to be adjusted within
a reasonable time so ut least as to bring business in reasonable volume with
its resultant effect on railroad traffic.
Railroad operating costs must move in sympathy with the general readjust,
ment. The cost of supplies is going down, living costs are going down and
labor costs generally are going down. These indisputable facts point over
whelmingly toward lower wages for railroad employes.
We are confident that the readjustment will be effected to a point which will
enable sound railroad companies to obtain earnings, as intended in the
Transportation Act, sufficient to maintain their securities in the esteem of
investors.
'or tlwir who can property afford to purclianc Htockn we
regard the Stock of the Pennsylvania fiailroad Company
at present prices as lioinr a highly denirable purchase.
We shall be glad to supply information in regard to the Pennsylvania Rail
road and its securities and to execute drders in any of the Company'
securities.
Parsly Bros. & Co,
BANKERS
H-31 CHESTNUT STREET
PHItADELRHIA
MEMBERS PHILADELPHIA STOCK EXCHANGE
Direct I'rhuCr Wire Connection Willi .Members of the ctv York .Stork Lxchanre.
-h-
New Ifork Bonds
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GOSSIP OF
THE STREET
SAY FOREIGN
Officials of bank, triut tompmilcx
and other institution-, on well an brok
"" ore beltiff swnrnped with letters
contiiinlrif- niacnt nppml- of Hinnll nml
'veil Inrgc invetotM from nil pnits of
tne rniiiitry mmccriiliiK tlio Pennsyl
vniiljt Itallioatl divldi'tiil. One liituk of
tlcinl "trtteil jcHtenlny, m nddltlon tc.
npiicult of the rouipnnr'K ilicntcle. lie
1,0,1 MTCIvctl (Utile n tiiiiiilii-r of per
miiihI lettei-H from Ititlnmli. iit-iiiaiiit
IU1CC8 nil sceklni; the munv iiifnimution.
nnil that I whether the I'entiovlvnnln
iliriftors will lie nble to miiilitiiili p:l
men of Hie present (i per i-ent illviileml.
it has been HUMeMed that I should
188ue u 8lnteiuenl iiiiiIkp mi ,.n m.. ,i,.
eniiiiit tlio dlvliJeiiil pioeiici Im. whie
AN
E
British Expect to Rid Soviet of
Ito Most Objectionable
Features
NEXT DOOR TO RECOGNITION
tinilon. Morel) 22 - The Anjrl-Rti"
sinn Agreement, cnnled tliroiiffli hy I'i c-
mlei I.loyd Oeorvte nml Sir lloliei I Ste-
ioii Home, president of the Itonid
of Tiude. In the fnce of determined op
l.lnl, mle
it won (.'Indued would linve n rei'issurliw ' -n
I'lieri nmonK me viii nrm nf hnre
llUlltei'H. JIC tlC Dot ill n tn,illrm In. ... . .. , ... . ... ..
foreciiHt the nrtioi. of the .Ihritori. on I"""11"" b,,t" ,ro1" u,,ll", """ "" """
this important question, ii wns not ' llie enblnrt. !b nenornlly recnided ns
within my power to Mipplv the iitinh-! mote impoitnnl fiom it polllieal thnn
soiiRht lufoniintlon. If it eie po8lble. i it ePOnoinlc itnpllentions. IniiKiniich ns.
nV he ll ":;,Ur1n?r,.! ir, ,tr,,!.,,.!!'l n! I nl.l,oBl. I. does , re,,,snl,e the Soviet
first to ncnd forth the cornl news To Oovermiienl in the reuulnr iliploinntic
I'tiniM down to the hiiltii'ii fni tx of the
enxe Jt 1h my opinion the diieutoi'H
tlienmelves do not renllv know whnt ne
tion will be tnken. If it is nn win
posNible. yuii win test municd evei'v
effort will be mode to ktep the ic'
mnrknble dividend recoid iinliroken. At
the moment, the outlook is nol so prom
iii)K. bill n meat iiiiinv Ihiiiy cun Imp
pen within u month."
Common Sense in
Investing Money
A BOOKLET which
gives the fundamental,
common sense rules of
safety in investment has
hecn published by S.W.
Straus &. Co.-thc
House with the record
of 39 years without loss
to any investor.
This booklet will be
sent free on request as
long as the edition lasts.
Write today for
BOOKLET 502.Q
i i
Cslt O A i; rn inth Met 4'i j
1 84 j t . 30'i
Canadlun Nt'nilni Met ct 4',
Hbs rets j 4 18'H
1 101 'i Intboro It T 'J
t 10l'4 3 . 113
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in 72. 3 Bin
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Earnings 4V2 times
interest charges
t
i
I t431 WALNUT ST
We own and offer a First Con
solidated Mortgage 6 Bond, at
56 and interest. This company
has a strong sinking fund fea
ture and is earning over 4Va
times its invest charges.
Further information
on application.
GEOWKENDRICK 3rd CO.
aivkers
Members New York an
Philadelphia Block Exohances
w
PHILADELPHIA.
Telephones! Hell Surore tilt
Keystone Kara lit!
MirDiHuniiiuiniinnnirrm
H older s of
Cities Service
Bankers' Shares
can obtain some very interesting
information from us upon request.
Land Title Uldg.
Memberu I'hila. Stock Exchange
BUSINESS OPPORTUNITY
Is theie a mnn in the community who will join me in u maniilac
turing enterprise of unquestionable merit? Am thoroughly taniii
iar with manufacturing and selling, aiui also have estnblislieil
clientele of customers. Have just resigned position paying ?iJ,ooo
per year, and enn prh'e references fiom men known for their in
tegrity, reputation and square dealings, as well as bnnk reterences.
Such a man will have to invest upward of $50,000, besides
my own investment. Hac vou the vision, the nerve and the
money to join me if as represented? Not a gct-rich-quick scheme,
but an extraordinary opportunity to et into a business where the
potential demand is certain and the competition reasonable.
Don't waste your time or mv own unless you really mean
business. C 2U, LKDGKR OFFICE
rCAP.TAL$50Q00O,OO1
SURPLUS (EARNED)
$2,000.000.00
DO YOU REALIZE
that you may jeopardize
the future of your family
by selecting an individual
as your Executor?
No matter how high
your regard for him may
be, he is not under the
same supervision as a
Trust Company, which is
supervised by the State
Banking Department and
the Examiners of the Or
phans' Court.
It is also controlled in
the management and ac
counting of your estate by
the strict and inflexible
rules and regulations of
the Orphans' Court in
every step in its adjudica
tion and distribution.
Consult us freely and
let us show you the ad
vantages of appointing the
Northern Trust Company
Executor and Trustee or
YOUR ESTATE
411
an
C II S U II 4sIUnn
1 73 I
Chi A llastern Iv C T Illy '
III guar ct r.a I ?l:
17 SBV. 2 71 ;
I'hlcaao Mil A'lC DclKlum da
Si P d 4s 4 V0,
3 RR . 3 . I'll'
Chicago Mil A 3 tl0;
fat l 4 '33 IK lleia m 7',a
f. . 74.1 1 tid'i
u Mil A I IKI'i
Chlcasu
Btl cv 4',in
3 . 83'.
t 03
Chicago Mil A
HIP til 4j
1 30 'i
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1 . B9'i
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Chicago Mil .-
St V cv ss
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4 os
Chicago A Ntb
W'n 0U' "1
2 00 i
ill) '4
. no',
10 ,
no H
oo ;
no -j,
A H iVan
Caution Still the FasMwiul
Moil of the leading commission house
Hie K'niK "Ut of their vu,v to (llsioutiige
nil tiilk of h liossllilllty of ii iniijoi'
hull movement n the stock inuikct In
the iinnu'dinte ftitiue. While there it
u Kiowim: belief the worst side of the
situation has been seen nml l he maiket
is in n rulr way to enjo considerultle
imiiiovement. ,el imition W still tin1
pnssuoiil, nnil on nil sides the ndvlce U
openly given again! follow irn; up the
lollies
This was esneeiallr nolieeiilile ve
terday inonilnc. when the pools "nml '
other speculative coinbiuiitions tnkini;
odvnntnKe of tho eiibler cnll money mar
ket, hhl nil. with considerable spirit,
a number of hl?hli mnnlmilntive sin'-
cialtles. It Ik generally recognized in
euiHPi-vntive elides the time Is not i-t
ripe to warrant any big splurge on tlio
part of the pools. Such demonstrations,
it Is tlgtited. would bring more harm
than good
In some iinarters the wisdom of the
recent tound-iip of the aborts Is n.ues
tioned. Ilecnuse it is felt in robbing
the market of this underpropping the
technical position Is correspondingly
weakened and In certain to leave the list
in n vulnerable position should mine un
expected disturbing event turn up.
Indigested ltond Holdings
About the same condition annlies to
the bond market, but here it is n clear
cut, defined cose of indigestion. Dis
cussing the undigested state of the
market, the manager of one of the
prominent bond hoiD-es stntwd ester
day the nubile seems to entertain a.
seine of the wonl. it is ncveilhcfs tan
tamount to recognition of I be tie facto
government
The strongest advocnles of the agiee
tuent have usmillv bid sucks on I lie
belief that more inulil be iKconiplished
In fleeing the Soviet regime from IN
most objectionable features In opening
ItiiMiu nnil the Russian people to inlPi'-
o'lrse with the world thnn could bo
achieved b a policy of Isolation andnn-
tugonlsm.
Krom this viewpoint the opening of
ItUMiu to foreign influences, indicated
in a number of treaties aud agreements
already concluded, or about to lie ne
gotiated, is a mutter of tiisi class im
portance
A wireless message ftom Moscow
gives au extract from the official
organ I'mvdn. dated Htinilnv, emphasl.
ing Hint Itussln is entering upon a new
phase of international lelntions In gen
etal and economic i elation in pni'tlcii-
Jar bv the (oiiclusion witlilti a few days.
under the adverse ciicutnstances of the j
Kronstntlt tislng. of two peace tieatles.
with Poland and Turkey respectively, '
ami a trade agieemeut with I'.iigland.
Tli" Pinvda says :
"Cleari.v Hussia has become a mightt
woild power, and tliis is lecogul.fil In
the world Moik exchanges "
W. STRAUS SL CO.
iNCOsroriAtsu asMaiiMivti tt't
Stock Exchange Dldg., I'hiln.
Itirphett Smuci 618
39 yc.irs without loss
to any Investor
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 Botrd of Trade
Private wire connection
with all principal markets.
CLEVELAND
New Vorh Ilotloi Detroit
Cincinnati Columbui Toledo
Akron Youngstown Dayton
uenver
Colorado Spring I
Cojtvrltht lelU bv &. V Jlfiu & Co
Series C
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02V.
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wav el 8s
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1 11
Safe Bonds ;6r Investment'
HALSEY, STUART
&. CO. Inc.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
io'.o niii. ri'Aii: 'iiifsi' ui.nu.
Iitvratteule ami mlliiet uarluerslilu aid
lncnine Tttt Itrtiirne.
GRAIN
PROVISIONS COTTON
Our Outj, Letter Stilt. on HerHot
Hughes &. Dier
. Chicago HoArd vt Iraue
sttubcre 'N- v- I'niiture l.iliu)lg
"' ll,llie. Mtiitk l'.iilMince
I I'lii.iiursli Ktuci. biiluuii
143G Walnut Street
WM t Baca
PltiUdilphU
United Itwys. Havana
Steam Railroad
l.ll)l. 'vH
I'lilla. I'lnii
Hue !l. 1.1. I0.HII
!l!J .V Int. to net 7.02",,
Town send Wholcn & Co.
Memliera N. V. X I'lilhl. -Hoik Kicbunnes
505 CHESTNUT ST.
t
Moore, SwarLt, Hindle & Clark
ACCOUNTANTS
Income Tax Cult Syitemi Audits
Spruce 177 111X11 IllII.I)INO
We Build
Special Machinery
ACME GEAR CO.
N.W. Cor. 7th & Wood Sta., Phila.
Chlougi) It tl'J
l'ac t
1 70
Chlcauo Union
Sta'n i Via
j so ;
Chile Cop'r fi
1 . 70W
I 70
I 70
cjil!i- Cod r 7s
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CUv ll'jinf- 8e
J DO
no
4 or.',
4 03 .
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Ctv Chrls'n Ke
1 0R.
cif Cop k r.'i
7211
1 TS'iJM
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nil r.iek Sleel '(10
17 I llli
II" Lako Hhore M
(17 B'n SV4
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Lake S-hor M
H'n 4s 38
8 81
Lake Hhoie M
H'n 4s 31
1 82
20 82',
Ionian V'lv le
'2 09 't
Mid Or r.s
1 7H
Brasll 8s wl
10 07 H
2 07 'b
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8 .13
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Seab d A I. til
2 37
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1 47',.
1 4rti
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S'n Hl-ll Tel Os
2 . 81 Ti
So'n ('acini- fd
lit 70'.
10 70i
Sn Pac cv 4s
10 78",
1ft 7S.
2.1 78 'i
I 7X.
S n lUllw Is
1 ftS
Stand'd Oil l
Calf rets
102
I ' I ',
102
102
102
102
102
Ave a I
33',
33 'i
S3',
83 .
33
3!t
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33
Tidewater Oil
Co et O'.ja
1 on
2 on
Union Pao rv
1 . . . 83
10 84
a 84
L'nlon Fac fd
J 70',
1 7il H
1
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S
7
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I
lieNinifois. .Mnrcli '22. Tin vlclori
vhi Kionitiiilt. it i hcliovt'il li'n
will not ilivuit N'lliiilni I.Riilne. Itnin n
nolihi'viit picniiiT. f out the prnt'tirii.
.olif. in whii'li lii liui Intely onibnrltfil
rmlfi pii'hHiiri' of tin- lnCPtHnnt unn',
In- i'nntiiiuii to piirnup IiIh iiroguim
fm inJfil mi lotnnrilintiim with tin.
unlit ttma nf tin' Socialist, nirt'i-t in
fiutiintiiiii from Moscow I'otifirnis tin
iiolt tlint iiMjiurutury neentliillons in.,
iiinlir wuy .sfckinir for ooiilition tiPtwci'ii
tlio Iliilslioviets nnil tin Monh(vit..
nnil hopi' In vntcitnlncd tlint I'volution
hiunul tlic ipi-onstriiption of Ku'-siu Im,
nlivnilv cmnriiTicj-il
l'li sov-inl rovolutionoiies nml iii-
A REAL
BOOK OF
GRAPHIC
CHARTS
Covering the price
history of all active
Stock Exchange it
sues has been pre
pared by us for the
uie of investors and
traders.
While the edition laitt
copimt will gladly be sent
upon receipt of 10c in
ttampt to defray cot of
mailing. Write for Q'10.
J. F. McGOVERN & CO.
Members of I'hll.i. Stock Kxch.mce
1130 Houlh I'enn. Mq,, I'blla.
Hnir 30!l
$1
invested today
will produce prac
tically the same in
terest return with
equal safety as
$1.40
invested
5 years ago
F o t suggestions
write for Circular
7312.
Bonbright & Company
437 Chestnut Street
Philadelphia
( lilrnso
Sfn Viirl
Ito. Inn
Detroit
conviction nt i he moinont (hat noun'- I "fiitulives of the iii-oppnitivi' nruflnis'
tliliij; tfrnhlo is jjoing to happen nnu
llii'j will In' iible to buy liixli-graili;
M'i'iiritii's .si'vcial Mrrit,s cheaper thnn
tin- ptcM'iit tmsis nf iiiiutii tiotiH.
In IiIh opinion, iibnut thi' wort-l ihul
ran hnpen nlrenily lias taken place, mid
from now on the iluy-to-dny develop
ment will be nf a constructive char
acter lie milled tluil this tilimild not be
interpieted us indicating that there
tlmw hne modilicd in f-ome form the
Nivii'l system bau'd on the reform,
nduptcd bj the recent Communist, con
gte-is
Leniue's new orientation is leinlinx
Ii'ik (.utiporterx considerably uwny fiom
the left wing led by I.eon Trotzlcj . the
woi inliiiiiei-, who (ommnnded tin
Sovii'i Hoops in I lie tnhitiK of Kron-
-Indl. and tllle lite inuny indication
Mirme 11410
fiv ork
it llruadnaj
Spruce 8200
will he ii sharp advance in seciiriV ' f fe coming of mi open conttict I
Tirlcc. Inn that, ijeuerally speukini. J rotky bus fotined n new bmlyKiiaril I
the market for all classes of IssuOJ 'I'lisMing .if cadets Horn (ill the Hus- 1
should maintain a fnith even keel, with ' i'1" iIihkc. Hnil has oicnniKfil liis oin I
ii tendency toaul miprovement Ilei kjstem of poln for the puipose if
8nfd that everv effoi t should be made I l.eeplus him informed nf vcr muiu ,
on the part of bankers In conHne new """"t '" 'Pinion iiltninst him I
offeriuKS within ns nnrrou limits nm N ... .,,.....,, .,., a...,;.., tins-'
i;10 h"'s?i "n,e,,,oJ,:1!r,,T --i-uio"Vubii;h " .,,.":
proper, . iRestion nf sec.int.es now , ,,,.. inllllll.ti .,,, ,.
aiiharmi Hnd oiitMani Idr. lintrodi.ee n tixed tax in pin. e of ,c j
II develops that he iuitul .1 stribu-, flllslitiolH j, n temporary ...enu.e. .... !
lion of n large ...iniber of seem .ties put , ,',.,,,, ny in,,,,,'.,.,,,,.,,, , ,.,,,
o.U in i went months was not nf the ,.,1,1,H . ,.fll,.ln, i,...,..., s,-i..i ..ni.l,.
..!..!.. .i ..... v. .......:..... ' ' - -' "-.. .......
I IK1" i fllll MLli:i . iii'ciiuei' im r-ri-iii 11 n-n
thus snld have not remained sold, but
4 70'4,Unlmi I'uc 4.
Hi Pacific 4s I 2 Miv
H3 ',1
D8'4
.13 i
.13 'i
sail
03 'i
C3!i
tn.'
03',.
I'sclOu 5.1
10 OS
Moni'a 1'wr ftl
I 83 V
Montr I Tram
ways (is
1 72
1 74 I . 72
1 74 N V Ctl CD 4
I'ltv N V l',i 1 70
Ma B7 I 70i',
1ft 02 N T Cut I 1'i,
C N VU 4 '.00 77
3 Hfla, N V Cent' I ll
City I'a Mil 0s I 2 8fii
2 tlil'MNew Turk Ct I
C Zurich rcta 7a rets
14
73'1
74
71
74
74
I', a
10 Ml',
l'nlon Puo Us
1 OO'i
U K of a Ilrlt
I'd 11)111
0 119 ',
1 00
ft WU,
10 1()',
10 00 .!
ft . 00 ,
V K of O 111 It
& I d 1022
II) Ol'l
J K of O Hi II
& I d 1020
2R 80
2 HK
1 SO
11 KM.
2ft Wl
1 ' Ml
U K of II II, It
I d 1037
ft Nil
I v.'.
1 . oo I 2 . iooi. i :',
crd cm cm A1 i mo i up,
Ht Uo u i III0 l Nft,
ID 8R"i .1 IO0, I ft SSI,
Colo t S 4',s ft 100". Ul'il It tin S.in
2 7S".! H 100, 1' unct 4s
10 73', New Vorlc Ct'l! il .1.1
Columbia (lis i 1. S 3'4s I ft 3.1
& Blcc 1st I Ui'-i'U ti Mexlc r.
1 84'i New Yl. Dlt 1s ft 4ft
Columbia Oai 1 11(1 1,1 ft 4ft.
i V. 1st sta I-'-' Vk IjRht II. u a Realty A
2 8ft ' A Pwr 4a I Impv I ,1s
Cons d Cas 7s 2 6'4' ', sft ,
ft 00',j,Nw Y N II Al I K(P
Cuban Amor n llirl d fls
uitar Si wl
I
20
Cuban C
t
ft
I
ft
ft
Culi.l Kd Co Dl
a 70
Tlennia.k Con
ci A 8s
4
10O',
ino,
100',
8 ov
S3,
84
81
8.1 1 1
84
84
1
1
V
Y
ft
N Y
New
1
1
I
0
II
ft
Denmaik
ct U Bs
8
1
n
07, 2
s
Ma
3
O d Kubo i
t i i :s,
111 ft 7S
00 2 7s.
11S Is, 2 78.
ftoJU H ItuLb , 7s
Tele 4 'is 2 07 ,
Ml U8 Hub 7't-
TcIo'b (Is 1 1fla.
00 1 111.1
SOU, ft 100
Y W C UM S tfle.1 -s
have been chaiiR'ni; hnnus ilnlly niiiuiii;
dealers during the past few weeks.
French Iron l'loilmlion
An increase of npproximiitel. tour
mid one-half million Ions in French
production of iron ore in 101M, com
puted to lill'.l. is indicated h leturns
just received bv the French comuiiH.siou
in the United tltntes. Tlie increase wus
mainly in the invuded lejiioti of Ilriey
I.oiiKwy, wheie the output amounted
to 4.1H1,L'2!) tons. Til's imtpul wns
live times the production of the Hriey
I.onewv district in 1I1! The yeiuly
Intal proiluclinn compured is us follows
Dill). 1.-I2!.78! Ions; IflLtl. tn.871.lUT
tons.
Nt.il'stics for the inoie impol'tunl
d.stlii In Hie
lO.'O
Prod Tons Workmen
MeU-ThlotiUlle . . 8.074 080 10.013
llrlcv-Ixinsrwv 4 181,220 7 407
Nancy 818.201 1..H40
Normandy 337 200 t 20H
An increase of about -1000 woikers is
shown In H'll) the eleven mining d's
tricK employed 10,ri58 workmen v The
number in 11)20 wos 23.143
Western Money Conditions
The steadiness reflected in the west
ern money market wns nut materially
nffccti'd by the flrst pament of income
tuxes uUlioush the results nf the with
drawals from the banks by Inittc cor
pon.tions will not be known until check;
have luiil sufficient time to be recorded.
Ntituinlh, tli" amount of the payments
will t.ill considerably shot l for the
enr 11120. as business done during the i
enr 1!H1 was of much larger propor
tion mid profits realized much heavier
in CM r icspect.
Km the tune being the sluggishness ,
in liuMiicM. is causing a iiukIi lighter
li iiuiidI tor hinds than for several
months past and the enforced liiiuldn
tion and apparent wlllluiriit'b of iiianu- '
facturiug concerns to meet the situation
nnil lighten their obligations is very j
mi. fin tory to the latge banking in
stitutions The nossihillty of a st i ike al the
milkers' vaids is awaited wilh mm h i
imlet by the business public in gen
rial, and the developments in the ses
moiis of the rnilnmd labor board ns to i
when and what will he the effet I mi
wage., as well us fi eight rules, arc
piii'iimo.int fin tnis enteiing into Ihe
sun. ml limiriL'iiil situutiou today I'ntil
mull time i.s tni'M' elements me elimi
nated time is little hope of nun I. ic-
Mvnl being seen in coinmetcial mid
.ndustriiil lines TIIK TUADKK
1000 Shopmen to Be Laid Off
Tii. N'. V. March 22 Moie thHii.
Ilitld 'men iiuplo.ed Ii the Delaware
and Hiidmu Co in the shops nt Co
lonic and (lieen Island will lie laid oil,
mdctiniteh next Satiuilai
message received here yesterdav from
Moscow by the magazine Soviet Itussia
Tlic message added that the Hi.maniiiii
loreigu minister hud nnnoumed the de- ,
iiarlure on Mnrcli 111 of a represent!-
five to Ileval to ncgoiinto an agreement
between Itiissin nml Itumnnin. and that
the Itushian rcprcentn'tive to Italy had
arrived in Itnlv March 1." !
The tnessoge. signed "Hussmn Tele- J
graph Agency." added that decision to
intioduce n hxed tn would neuessitut
important measures for stabilizing ftus
sin's niunetnrv svstem.
KING AIDS POLO PLAYERS
Robert E. Strawbridge Granted Per
mission to Use Royal Mews
Hubert i: Su aw bridge, of this city,
lias obtained permission from King
fleorge of England to use the royal
mews nt Hampton Court I'nlnce for the
American polo ponies which are in
training foi the international match
early in Ma
Fifty Anieiici.n ponies liave been sta
bled all winter at Salisbury IMnin. hut
n heller (raining ticld wns required foi
practice
Whin this wns pointed nut in the
royal famih llic Ilnmptou mews lu.me
dlatelv wns nfteied and the ponies will
lie trained at the Sunbiiry field iienrbi.
U. S. Treasury
Certificates
5i2odUe Sept. IS, 1921
534oodue March 15, 1922
Both issues
dated March 15.
1921
ECURtTlBS DBPA1VTMBNT
Commercial Trust
Company
Miber Federal lUeerr Hhn
CitT HU Square West
OFFICES FOR KENT
Occupancy May 1st
1429 WALNUT ST.
3rd Floor
(l.nngacrc Hotel Building)
Aixm U'O si Ten in Hl7. We are
jrl nc hent up n ihihh .ii'o tarcer
odlcee hi 10U3 Walnut Sneet
Moore, Leonard
& Lynch
CUSHMAN NKWilAM.. Mgr
7?oirt Drparlmmt
1429 Walnut Street
Hoard Room
Ritz-Cnrlton Hotel
J(ri!ier
New Yoik T'lilladelpliU t'ltt-
burgh Stock Exchanges
TA
We Have to Offer
Well-secured Industrial
Bonds to Yield from
6 to 8C,
Highest Grade Railroad
Bonds to Yield fiom
5I., to 7.
F. P. Ristine & Co.
I. stab, too;
' I"' '"' in' 'til a a hi e
Slow. , cftnnot'ii
Widcncr BIdg., Phila.
lorl.
61 Brosdwar
New York
103 Broad St.
Eliiabcth, N. J.
We are interested in
Portland Ry., Lt. & Power Co.
5s 1942
Com'wealth Pr., Ry. & Ltf Co.
6r'r Dividend Scrip
Portland Ry., Lt. & Power Co.
6 First Preferred Stock
G.UJalarK.e;o.
DANKRnx
Jlrwlirrt .Veu I'm fc mid
'( 'Ii dilplna S(ot. Vxcliangt.i
321 Chestnut St., Philadelphia
Atlantic, Gulf &
West Indies
Gaston, Williams
& Wigmore
v,iim im sn in the current
Tiumbpr of
The Kurdos & Burke
Review
I! ml t iiiw-.to s ntid Imrtl
i - im i Mi i rtticlwxi the
t mm i oi w ii, M'n free
.p(ii itfiiivf fui No 135
Kardos & Burke
. IIICKS A I) IIO l)S
1124 Walnut St., Philadelphia
I'lttshiirsh
New urk
CIllt'HRIl'
Direct I
Itiltlmore
eie A ires
Hershey Choc. 7 2a. 1930
iPenna. Pr. & Lt. 7.i. 195 1
Gen. Asphalt 8s. 1931
iDeere & Co. 7' s. 1931
'Lehigh Pr. Sec 6s. 192 7
.Portland Rwy.. Lt. & Pr. 5s. 1942
AiCown&Cct
Land Title BIdg.
' Meniliern I'lilb Moil r.Mlinin
IS YOUR MONEY WORKING?
ufll-kiMiM ii i itiiirtii time
ii ml ritclnr criiiR ronip'tn
rMiilrr itiUtif (onal riirtidil
n iIimmc thr i onti tirflon
(if ii mi (Ion cf IVntittlt A
tilu'
$100,000,000 HIGHWAY
mm uprn Tin ttidn V III)
rnl pfrrnap of ill
tirtiftlN Iif ixilil tor nf
tf tnuiir. I'rlnclpitlH
dill
dilrt's C 215. Ledger Office
l" ' " '""' i,S m
H
I.L.SrvilTHtScCo.
INVESTMENT SECURITIES
1000 La Tills Bldf. Spmce 6721.2
ll.nton 4 'is
AT'.
tlT',
07 4,
lTi
UT ',,
117 i
117 !
Coll
TT
an
.in
3.1 ',
33'
I'wr Cs
III
ft
i
1
ft
Utan I'
1 77
V C Omm 1st
01
iift'i
'LI
n.i,
US 1 1
l. ,1s
wn. Bo n 11 (Is Vs. C C I 7',p
1 ID', I I n.i
North Western I 0.1
Hell Tel "s Vs. RiIIw h r,s
H 07' 1 . . K-".
1 P7U West n lid 4s
.... 97S! T 8S'4
XorrJ
-S- -,..- " '
V.
S. MlL rcei y . G Colladai
SamuelMGeea
RANKERS
,; hi I'll u 'oih rVji'ii'iye
L'. S. Liberty Bonds
Inwstment Securities
bcvuitlic Nought and Hold
mi Cammibbion
KranUlin Bank Building
TWENTY-FIVE
HighGradeBonds
Yield 5.50 to 8
We shall be pleased to sand our
circular upon request.
ISAAC STARR, Jr. & Co.
Ilemlirrs I'lilli Smk Rsrhanie
Nei lork lotton Kiihnnse
Sixteenth and Saniom Stt.
Not Merely a Place
to Handle Money
Ihe Hi'al Kstait" 'Itust lo, a "ln.-,iu's.s-titiancml"
focal point m close touch with first
hniul soutecs of im'ormution throuiiliout tin world,
with a wealth of worth-while experience for you
to thaw upon at anv time. Such lenitu you
must use in order to know its full value.
REAL ESTATE TRUST CO.
OF PHILADELPHIA
Bronrl and Chestnut Sis.
.Man ulio lias built up i'eral
HtucU hrokerajro linns uanls
partner with $20,000 to torin
new firm with plan of proven
merit.
Ron C 217. Ledger Olhce
Modern Banking Methods'
In a Modern Banking House
Resources $19,000,000
Union National Bank
"lliere Jrcli Klrtr Crotset Third"
I rilllwVDEMMIIA
Time-Tested Bonds
Returning 0 to $r'r
EUWARDV.KAME&CO.
MnrrU Ruilnins
IsAtnlilitliril I? Y'r
C. S. PAiTOiN &CO.
in nirsTxtiT st.
BANKERS
Siffffor In
biud auu NimUit iHiuiftil null w.w
mi iniiiiiiUilun
Mrmhf I'hlhi. N)fh KvtUmnw
f ii
A
7
iil'Vs-i lab. I fJ i . . '' C -viis' 5J v. ?t . ' . .;.?
. 'M. f
'. , . 4. W t .
-nil ft'
,,A,