"j-iwvn if ' , IV' 11) EVENING PUBLIC- BEDGER-PHILADELPHIA, WEDNESDAY, MARCH 23, 1921 Maturity Price Dec, 1925 93i July, 1932 88 July, 1934 87 '4 April, 194P 100 April, 1943 1GT April, 1949 101J Exempt from Federal Income Tax and free of Pennsylvania State Tax Rale $10,000 City of Philadelphia 32 $30,000 City of Philadelphia 3'2 .$25,000 City of Philadelphia 32 $10,000 City of Erie School 4 .$20,000 City of Erie School 4, .$20,000 City of Erie School 43,' A return of 4.85 on a tax exempt investment is equivalent to a return of over 7 on a taxable security for an individual with a taxable income of $60,000 annually. Liberty bonds in various amounts and under different conditions' may also be held exempt from all taxes. i We shall be glad to discuss individual situations, and make sug gestions for an increase in tho amount of net incomes. REILLY, BROCK & COMPANY BANKERS 306 CHESTNUT STREET PHILADELPHIA Are Oil Stocks A Buyl Standard issues are down from an average of 700 to around 450. Other reputable oil issues have dropped even more. Are oil stocks a buy now? Or will they go still lower? lUUUUUUUUUUUUUUUt & J Babsoife Reports CaMilnti'iu fluHaf I...A J avl gives you the plain unbiased facts on the situation and shows you what Is aneaa ior me on stocks, it contains information of vital importance to every Investor. REPORT ON REQUEST Copies of the Barometer Letter are available tor distribution to Interested investors, gratis. Tear out the Memo new and hand it to your secretary when you dictate the morning's mall. MentyAtk forBalhtln 34d Roger W. Babson's Statistical Organization Wellesley Hills, 82, Mus. (Suburb of Boston) TLiLarsut OrfsniMaHm ef its OtarecUr rio in tkt Htrld IIMMIIMimillil !U3!U!I!!!!!!E Clip Off Memo SsSj Write Roger W. Babson. founder of The Bbwjn Statistical Organization. Wellesley Hills, 82, Mass.. as follows: Please send a copy or s,n--is.i Bulletin No. 3CT and BooVlet," oniing Int Afoir from Your Shan" gratis. Lull, i, mini ii in n.iiimiiiiiiMiimuiMiii THE VALUE OF BONDS HAS RISEN WITHIN ten months the value of bond income, measured in the quantity of commodities it could be exchanged for, has doubled. Hut as yet the price of bonds has not increased in proportion to the increase in their value and purchasing power of their interest return. , It is an economic law that price must reflect value. On that we believe the price of bonds will rise to approach their .true value. In the current issue of "Cassatt Offerings" we have listed securities we believe worthy of your consideration for the investment of your funds. KINDLY ASK FOR CIRCULAR K-12 CASSATT V CO. Catablished 1072 COMMERCIAL TRUST BLDG. , PHILADELPHIA BALTIMORE NEW YORK PITTSBURGH 3CRANTON i rum i iTnsijimi I Spruce 8200 A Nation-Wide Market for Liberty Bonds Victory Notes and Treasury Certificates SECURITIES DEPARTMENT Commercial Trust Company i Ktrobjer Federal Reserve Syiura v-ity Hall Square West r $1 invested today will produce practically the. same interest return with equal safety as $1.40 invested 5 years ago For suggestions write for Circular 7312. Bonbright & Company 437 Chestnut Street, Philadelphia New York Boston Chicago Detroit Foreign Exchange Explained ur latest booklet (four til 'iilnn "KorelRH Kxclmnge l-xplained" clarifies what ap '" " t he a dltllcult tirob "iPV.10 lwpectlve purchasora "f I'orelgn Securities. Owners or Korean Securities ''ill rtnil thla booklet of iatfb MmabW value. I1 5nl Irte upon reqntit lor F-40 WfH.MnnaaCa -3-31 V . 43,1 St( New Yofk international Railway Co. .(BUFFALO) Hef. & Imp. 5s, 1962 -fee Honds & Ctfs. of DepoBit INTERNATIONAL- RAILWAY CO. COMMON STOCK . PARRISH&CO. Nir vdJ'a' 1C0 Wulnut St. -'-" iurit II' I li l'hlladelphia BROOKE, STOKES & CO. DEALERS IN CONSERVATIVE, NON-SPECULATIVE BONDS, GIVING THE HIGHEST RETURN COMPAT IBLE WITH UNQUESTIONED SAFETY 110 734 Fifteenth Street -N. Wushingtoa Smith Fifteenth Street Philadelphia, Pn. W. 102 St. Paul Street ISnltinioro 'nna. Pr. & 1 1 7 m-.t All. City E ec. 5s, 1938 M- "uTnlo 0b, 19G2 HENRY D.BOENNINGt CO. WE HAVE PREPARED mi Interesting- uimljsls of the stoek market, touching up)n ltd trrlinlcnl position, price treyil i nit attendant possibilities. Copy rev iiioii tiucj' MILTON HEIWCO STOCM-rOMICN KCKANCEBONOS ' MIMOSaa, lMtLAOHMA STOCR EXCHANGE CMMUOAT(D STOCK tHANC?vm 1033 Chestnut Street l'lioncs! Hell, biiriue nntl.' i i .. .. Ke stone. Knee 7SU 71 llroudlTliy & IHU nth Ate., N ttmiifurd, (iiiiii, .lurliKllrlil, GRAIN PROVISIONS COTTON Our Uallu Letter Sent on llequeat Hughes & Dier I lulcugo Hoard of 'Irudt J.. Produce Knfiuuft 1 1" 111 1 ii . Mock KicUitnge (Pittsburgh Ntoek Kxiluini .Member 1436 Walnut Street curiiee 813 uu ,g8j Philadelphia Frederick Peirce BONDS JO ( INVEST tO QIC sO SIENT ltl CaUat Btrj.t, fhlUdelphU GEO. A. HUHN & SONS STllCKSl ,tvn iinvna Mrmlierit n' the l'Mlnitrlnhln New York and Ch.leacn Hfnek iilmnrei CommUtlon Order Executed Id All the Prlnclp.l Market Liberty Dond Bought and Sold IJellevue .Court Hid.. 1418 Walnut 8t. N. Y lit llrondwor Atlautle VUr, AmhMi1or lfoti-1 ' EDMONDS ASSAILS SHIPPING BOARD Tolls Ownors and Captains U. S. Has Lost Advantage Gained in War MASTERS ARE CRITICIZED " .ft, ...l... AI-.4- ,w!i,V 'j. . . lt.-X J't A "'' An attack on tho United States hMp ping bonrd antrRovrrc criticism of the American merchant marine, generally wanmado by Representative flenrfje W KdmondH In an addrens at the Hellevuc- Stratford last night beforo tlio Vessel Owner) and Captains' Atsocintlon. Mr. lMmonds asserted tlint the American merchant marine had lost all the advantages It had gained during the war and had a reputation for dishonesty In every foreign port to which its ships nau gone. George F. Sproule, director of tho department of wharves, Docks and Ferries, took exception to the remarks made by Mr. Edmonds. lie said ho hnil operntcd an American ship for fourteen years and had been unable to make it pay. iur. hdmonus address was re ceived in Mlcnce. During Ids address Representative Edmonds pointed to the vessel owners and captains and cried : "It is through your own foolishness and your own management of affairs that this de plorable condition in the merchant ma rine has been broueht about. "When the shipping board allocates a vessel to an operator he Immediately claims that he needs a $20,000 monthly subsidy from Congress to operate the ship. Such n demand Is preposterous. I know, hecnimn I've been making in vestigations and I've had detectives as sisting mo in my work. I know of one case where a shipping board vessel was repaired at a cost of $UH,UUU. l learned tho repairs should have cost $08,000. That's why these operators need their monthly subsidies. "American manufacturers on ship ping products to Europe fill an order calling for a dozen nrtlcles with eleven articles. Ma) he they think the man on the other nd will take this kind of stuff, but he won't. Foreign trade Is evading American shipping now. And every time n vessel is launched In Eng land or any other European country an American vessel In tied up and put nut of commission. I told the shipping board this would happen a year ago, and they laughed at tne. But today It If) happening. "I have heard of captains of vessels destroying food supplies in mldocean so that when they reached the other side they could buy fresh stuff. One sailor told mo he had got every piece of clothing he wore aboard his ship free. This means only one thing. We should make the captains liable for what goes on their ships." STEEL'S BANNER YEAR Earnings Last Year Equal to $16.62 a "Share on Common New York, March 23. United States Sfnnl fVirnnrntliiti'd minimi .Ait rA- ..... . ".I'tHiiwu r iiitiiuui ivjiutb IUI 1IJ20 shows n balance applicable to the .ii..tiu,(iiai common stock of ?S4, 474,r31, equal to .$10.02 a share, com pared with .$51.r74.l)05 or $10.14 a share in 1010 and the .$100,087,700 or 510.00 a share in 1018. Surplus after dividends for 1020 was $."0,0.")n,42fl, compared with .$20,150,781 in 1010. an increase of .$32,800,045. From the 1020 surplus, however. .$30,000,000 was up propriated for property additions, mak ing the net carried to undivided surplus for the year .$20.0,"!l,420. The report for the jenr. the banner one In the company's history in the matter of gross tales and earnings, shows: Operating expenses, .$1,570. .71.0(10. increase .f274, 104,470; net earnings, nfter allowing for federal taxes and interest on bonds of sub sidiary companies, $17tt,0S0.M)8. In crease fc33,007,830 : net income. $130, 002...3J. increase $31 ,050,308; balance. $10iUlD 1,228, increase .$32,800,015; surplus after dividends net income .$50,050,420, Increase .$32,8110,015; ap propriations from surplus fur expendi tures tor lldllltinnnl nrnmirft. .....1 ..n.. struction, $30,000,(100. increase S30 - iui,,uu; uaiunce carried to surplus ac count:. SUilfirifl 4rn !-.. t oo unn 045. miking that fund $523,454,801, i-xciumvc or pronts earned by subsidiary companies on intercompany sales of products on hand in inventories. Current assets, as of December 31 last, were .$702,370.4(14 and sinking and reserve fund assets $50,332,354. n total J?,7-7?H18' ,l"'1 urent liabilities .in 1,(45.10.). leaving net working nullum 4"'i,ihm,u.i, compared with $500,088,258 a year previous, an in crease of $25,fMW,305 and setting u new high record for working capital. Assets consisting of cash or It.s eiitilvalent in cluded $150,350,017 marketable secu rities (including Liberty Bonds and I nltod States treasury certificates) $8(10,807 time bank deposits. Among current liabilities are $03,003,030 ac crued taxes, federal and other. HIGH 0FFICEF0R WOMAN Mrs. Donges, of Camden, on Jersey Education Board Mrs. Raymond R Donges, of CHm. den. lending woman rVmoerat of South Jersey, has been appointed to the New Jersey Hoard of Education by Governor Kduimls. She said she would accent the appointment if continued by the Senate. In 1002 Mrs. Donges. then unmnr ried, became associate editor of n I'hil adelphla financial magazine. She held this position until her marriage in 1000 She took an active part as leader of the suffrage lights of .Vow Jersey ami New York. She organized tho Cam. den count) women into a Democratic club to educate them in political econ omy. Mrs Donges holds the opinio,, that the ballot should break down the class barrier between women, permitting women of all clashes to mingle on a common ground. Mrs. Donges has traveled extensively In this country and abroad. She is an authority on horticulture, is n llnguUt and tins been interested in public school ork. She has served as president of the New Jersey Congress of Mothois and Parent-Teachers' Associations and in other clubs. Sho is now secretan of the Camden County Democratic Wo men's Club. RUSSIAN BOY IN SCHOOL - - , George Gouroff, Stowaway, Sent to Doylestown Home George Gouroff. tho sixteen-) ear-old Russian orphan who arrived here as a stowaway on the steamship Haddim, on Jauuar) 12, was xeleased from the dlouccster detention house of the Uu reau of Immigration yesterday. Mrs. Frederick Schoff and Mrs. Anno Hall, president and wecretary of the Child welfare Association, went to Glouces ter yesterday, gave the lad now cloth ing and arranged to tmv bin. n,in,itii to the farm boardln school at Doyles 1 1 town, Pa, I I v.1 v b New York Bonds tflAI.i:S IN tioooj Advance Rum-' toy Co i'.n i onu Airni Aurcu'l Chem a 5 1.. . 100i Amn Smlt'K A net's Ss 1... 77 i Amn T JT! 0 .... 81 i .... Hlft 1 HI"i Amn T T n 117 U P7 D7 W 07 4 It.. 1.. 1.. 1 . Arn'o ltcp'o fi 1 70 i .... 00 Atcli Topeka tt S'a Vo a J 1 C9 Atch Topeka A S'a Fe 4s 1 77W t 77W 10 77U 1.. .. 771! 1 77 Atl Coast I, 7a S7I4 lOovo't V 11 8 1. 1 101 't 102 Atlumla net' ,ct 04 1 .1.. III. 4.. 4. noH on " nns tm: 00 H Unit & Ohio cv 1 Cil'A 11 & Ohio 8H 1. .. 81 Halt Sc Ohio 5s 1 07?; Halt & Ohio 0s 2. ... RS'i a .... 88S Halt A Ohio H Wwt'n aVi S .... 10 Hell T 7s rols 1 . . 103 1.. . 103 lleth 0 Ss '3(1 1 78W 2 .... 784 S... . 7HM, Ilrkm U T 7s 3 .... 454 Canadian Nt'n nun rets n.... ioiu Ctl I.eathi r n i on n no Centr'l It n of N J 0.1 a P7i i! 07 C & O cv 4 4 1.... 74H C'k & O cv fi 5 ... 1 ... Chi B a.... B.... B 10.... 10..., 10.... 1. 2.V . 11. 81 SI! Q 4s 03 OH 08H 09 l)SU 8U IlR'i 08'J (iSVt C & 13 I ct 4s U 30 Cht & Kstn 111 US Mte ct R1 10... . SOW Chi J: O W 4s 1 . 61 Chi Indiana & Lo Hly 6s 1. ... 05H Chlcaio Mil & fit V 4s 'SS 1 74U Chlcaeo Mil A StP cv 4 4s .2 .... 03 1.. .. OS 1 05 Chlcas-o Mil StP fd 4 4s 1 OO J. . GH1), Chlcaito Mil It St P cv us 1 ur.H 8 .... 01 ChlcnEn fc Nth Wn 04h wl 1.. . 2. B. 5. 00 now H0 4 09 Vi 00 4 " . . . no Chicago & Ntli West'n 1 101 1.... ion; 1... 101 Clil Itwy's Bs B OL'Ni ChlcOKO It Il'd : Vao fd b oai 1 ..07 1 . . .0 1 . . C'tilraeo It Il'd & Pac 4 s 1.. 70 Chile L'gp'r l a. l. l. 8. 0 70 70 70 4 City Heme ss 2 . 0.11, Cty Chris' a Sf 1 1 City Lyons rts l.. .. 71 D Can 84 '21 10 004 1 UtlVi 2 (PON Do Canada '20 8 02 a.. 14 . 1.. 8 07i 07 , 07 4 07" 07 V. 07 4 2..... O2l0reeon C Bs 4 024 7 02 B 01 Do Canada '111 S 88 2 88 4 2 884 3 88 Dom Itep'e Bi B 804 Duq Light 0s 1 BOM 2 004 Crle Uc.nl Men 1 104 10 104 Port Worth Itlo Ud 1st 1 08 .1 .... 80 Oregon It It b Navl Co 4s I B . . i n .Oregon H I. 4 70-i 70 4 70 4 Pao Q & Ii fis 1.. . 774 Pae T A T Bs 1 83 Pa II tin 4 4" 1... 784 Penna It II Bs 1 .... 884 4 . .. 8.14 1 ... 80 1 .. . 854 Oene'l Kleo B Pa H 04s wl 1. 1 1 1. 1. 1. 8. 2.. 08V, 08 . osi; OSS 08 084 08 4 08. 084 084 084 O Hwlta'd rets 3.... 103 2.... 10fl 1.... 103 OJ Trunk rcti 1.... 1024 2.... 1024 3.... 102: 07 074 07 4 074 0-v. 07 . 07 07 Penna It It 7s 10 1. 1 o 2 1 1. 1 1.. 1 1. 1 101 102 101 tua 102 10: Per Marqt 4s 1. . . 004 Publlo Service C'n N J Bs 4 02 1 02 102 4 IleaJIng Ily 4b IIuJ Man M 1 70". B 04 H Chile 8s wl llud & Man In! 1 . . 004 t 87 lltlo Oraml & a tins w'n elt '" 1 30 I 1 ... 50 Ills Centl 84', ocl: Il'd A & 00 Loura 44 111 C St I. L N u jt HJs r.H 1 . . . 83 Ills Sfticl 4 4" B 82 2 814 3.. .. 814 Intb Met 4 4 10 20 lit Met ct 4 4 B 18 10 18 Inttiorn II T 'el 10 84 00 004 0(14 St Ij & 3 V "J M 00 K 111 47 47 74 47 4 474 B.. 1. 1.. 1. 2. 1.. B. nr. Bl .14 B4 B4 r.4 B4 4 B4 4 B4i, M l 1. ... 1 StUB 1 3 B 3 1 St U & 0 Pran Serlca A 2 0 4 1... . 04 5 00 1. ... 004 2 004 2... . 004 2 .. . 00 4 3 04 8 004 St I. it S Fiari M Marine lis Series n 2 .... 704 2 73 Iowa Cenfl 4s, St U & S l'"ran 4. . ..41 Jap Oove't 4s 1 03 1 03 Series C 0. St I. 1 804 Sow'n en 024 1 Ko Mem bee Bs 1... . 78 Kan C & S 3s 8 B34 2 BB 03'St 1. Sw'n 1st Kan C & S 8s 1 K C T Rly Is B 714 1 714 IC Belgium 0s 2.. .. 01 K Halg'm 7 4s! 00 ... 00 ... 00 Sow'n Bs ... 054 ... 084 74 4iSao Paulo of 1 B 1. it I. 1. 00 00 00 07 00 00 07 07 074 Is Delg'm rets B... N... B... 20... 1... 4... 12... 1.. 1.. I.'! i.. 0.. 14. 07 4 97 074 07 07 4 07 4 07 4 07 4 07 Kingdom I)en- marie ct 8s 10. ... 08 1 OS 4 t 084 K of Italy 04 I. ... 81 10 .. 81 Kingdom Nor way ct 8s 3 . . . 100 t.ack Steel '23 04 4 l.nck Steul 'B(i 5 . .. 74 10 ..74 r.ehlgh Vl'y fls t ... 084 1 .. 084 r.ung lid It til 1 . 0(1 Mln & St I, 4s, 1. . 41 I Mln St P & SI Brazil Ss wl B 07 4 8 07 4 Beab'd A I. fd 1 37 So'n Pacific fd 2 704 1.. . 7'J So'n PjiMc Is 1 09 5"n Pac cv 4 s i....: 78 rt'n Hallw's Ss 1 81 Stand'd OH of Calf rets 10. . 101 5 .. 102 1 .. 101 Third Avu u) 1.. .. 334 1 . . 334 1 . . 334 Tidewater Oil Co ct 04s I. ... 0.1 I U5 II .... 05 1 ... W!i 4 .. 03 1C of a Hrlt I'd 1921 1 ... 004 1 .. 00 4 f IC of G Urll &. I'd 1022 , 1 . . . . 04 4 . . . . 04 1 . .. 04 1. .04 U K of U Hilt S. I'd 1029 8.. 88 U Ii (I O Urll & I'd 1937 U . . 8,1 1 . 854 1. ... 854 t . 8B Ste M 4s lut'd.IVds San 1 . . 78 ! V ctict 4s 0.1 Mo K t T ( ' 0 ... 33 0.1 3. 574 Ufd K'ds San Mo Pacific 4s 1" unct 4s S3 4 10 33 City Mars Hr'Natl ltlwys of U S Mexico 3s 1.. . 74 4 City Paris 0 1 004 B .... 004 B . . . 00 4 . . . 00 C Zurich rets 1... . 05 1. . . 0.1 Cl'd fin Chi i. St I. ni 4s 2. . 00 Colo U 14 1 ... 73 2 . 74 Columbia Clim b lJlec 1st 1. . 85 Cona'd Gas 7e 1 00 1 ... I'll 1 . . . 00 4 2 . . 00 4 Cuban Amnr'n ugar 8s wl Mex 4 4s 1.1 N Y . . 21 Ctl en 4a .. 00 Cent' I fis ... 88 88 88 1 10 154 iU S Itubb'r BJ 1 78 1 78 1 . 784 1 . . 784 2 .. . 7s 70 GOSSIP OF THE STREET 88 i nV York i'.t'l 7s rtts ' 1. .. 100 a. . 10041 1 100 I 88 ,u S Hub 74s 100 4 I004 100 4 100 ton luow 3.. 1.. 13 . 1 . . 8 . 1 1110 4 1110 100 4 100 4 100 100 100 Denmark Con I ct X 8s 1 .... a.. 1 . 1.. Denmark Con ct U 8S 2 OS 07 0s 08 08 .'I . ., I . I . 1 . 3. Dell 3. 3. . . 07 .. OS . 07 . 07 07 07 4 fd .. 4.1 .. 15 N'w Y .N 11 & U'd S Steel .Is Hart'd 4s ,-, . .. 05vk 2 41 j 1. .. 11.14 Vtw Y N II &1 3 . .. 0.14 II Is '35 lutah P &. 1. 5" d .... 11 I 1 . 774 '. Y N It tt i . . . 78 II Is '80 Va C C'l 7 4 8 12 1 1 113 N'ew York O 4 w.ib'h ilm 3 4 West'n 4s , 1 . . 31 2 . Bl j Wabash It 1st .' Y Tela 44 1 8.1 . .. NO'; Wes'n i:ii" 5s . . . SO 1 1 . OB 4 . . 80 Wn Paellle lei Ttlo'o lis 1 SJ . . . 00 'oi Shorn Is I 3 .V Y 4 1 00 Nfk So'n l Bs, I .. 88 1 Nflc is V cv On 5. 704 704 71 n North Western Hdl Tel 7s 1 2 07 4 1U0 4 iW A U Mfc 7s Ii.ti & It (I 4s 1 . 07 I Det-Kdl Bs '33 , 1 . 88 i' 07 1 07 07, 07 4 I 07 4 1 07 I 07' 07 07 07 Wicks .1 07, Stwl 1 07' a .. 07 4IW-1I k 07l 1 .. Liberty tt. .... no.tus iki.Tii) I.ibeit) LM is. ... St.70 Ml ill! Liberty 1st 1 1 s . S7.1M S7.0L' Liberty 'M IVis.. SO. hi sit.Ttl Liberty .Id 4'4s.. '.KUIS 00.01 Liberty 4th 4i,s. S7.0U Ml. Oil Vict'y Notes :a4s 07.1s 07.1S Vict'y Notes 4:V,n 117. !l '.I7.LM . 00 1. O'l .. 00 . . I'll , . 004 . !!. . I'll 4 . 00 w . 004 . 0114 . O'l 4 . OH', Hpner ' 7s 02 4 12 1st . Bl tl 13 1 11, IKI.Oll Stl.70 S7.(li; Ml S' 00. (Ill MI.IIS 07. IS 07.20 United States Treasury Certificates MiitnrluK (I lie April IB, May t June t Ju.10 Ju y Aug. T' ept. Oct. I" uec. 1921 1021. 1021. 1021. 1021 1021 11121 15. ioai IB. IOI21. l!s,mnt frum nr.pmul ..,., oni;. ' "' """' . tAcoeptable for payment of due on date of maturity, 10. 13. in. IB, 10. 18. Int. rale 54 , 3 . 8 0 84 0 0 B II 1111 100 II'O IO11 100 a 1(10 lOOrt. t004 loo 100 A As), 11)11.1, Ion,. 1004 H'OA ino A, 100 a 1004 1004 ioo,v '. lei, I 1.01 B 2U 8 ao .1 2u b a.i B 5(1 B BO ,1.80 B.BS Income tax Incomo UX Despite all the talk of the possibility of a reduction in the dividend rate, evi dentlt. ilii,r,i in nt, nvnrwltelmitur ma jority of small investors throughout the country who have not lost fnltn in me Fennsylvanln Itallroad management. Itcgardless of the brain -racking prob lems confronting the official family, re gardless of the general recognition of lean earnings, regardless of the feared obstinncy of the labor element, there ure a legion of people, with moderate means, who regard tbo slock as u big bargain . 1 these prices and arc quite willing to tnkc u chance ou the future. This Is corroborated in u convincing fashion by the virtual llnod of small buying orders which nrc coining in from almost every quarter of tho country. Many of the most conservative banking houses, which seldom give much atten tion to tho small Investors, have been receiving an Increasing number of orders which has about taxed the clerical ca puelty of the departments handling this usually small business. I'erhnps a more concise and illuminat ing Illustration is furnished In the ex lierieiice of a prominent untown house. This firm last week had three sailing orders in ' I'ennsy ' aggregating over 7000 shares. Nothing unusual attended this transaction, hut the Interesting side was furnished thut the same mail, that day, and the one succeeding, contained small orders for the same stock, ranging from three to fifteen shares, and ivliich in total were In excess of the three large selling orders. Further corroboration Is to be found in the jam which exists at the transfer desk at the general olllce at Hroad Street Station. Whereas, ordinarily, the trans fers are made on the snmc day of re quests, It now requires two or three days before transfer deliveries can be made. Some of the big guns may be getting out. If so, the little fellows are crawl ing into their places. , Federal Iinil Bank System Lnwycrs all over the t'nitcd Stntes have been Interested In securing copies of the decision of tho Supreme Court of the I 'tilted States in the farm loan case recently divided. Sufficient time has evpired for a study of the opinion, which is dear and very Interesting. It appears thnt there was no dissenting opinion whatever on the merits of the case, the two dissenting opinions being 011 the purely to"hn!"il questions of jurisdiction. On the merites of the case tbo unanimous opinion of the judges who passed on this question ivas that (he act was valid and the bonds issued by th banks cnnted under the act were exempt from Knifed States taxes, in cluding the income tax, and from state, munlci'inl anil local taxes everywhere. Coining at a time when income and other taxes were pressing heavily on taxpayers, the decision attracted wide attention among investors. One of the interesting points Is that the court met tho question squarely and held thut the Federal Land Hank system was created not under the power to appropriate money or any other special cluuse of tho constitution, but as the court said, "since tho decision of the great cases of McCullough is. Mary land. -1 Whonton, .'110. and Osborn vs. Hank, 0 Wheaton 738, it is no longer uu open question that Congress may establish banks for national pur poses ." The court added, "we may. therefore, conclude thnt the creation of these banks, nnd the grant of authority to them to act for the government as depositaries of public moneys nnd purchasers, of gov ernment bonds, brings them within tho creative power of Congress, although thev may bo intended, in connection with other privileges nnd duties, to facilitate the making of lonns upon farm security ut low rutes of interest. This does not destroy the validity of these enactments any more thnn the general banking powers destro)eil the authority of Con gress to create the I'nlted States bank, or the authority given to national banks to carry on additional activities, de stroyed the authority of Coucress to create those institutions." Thus tho Federal Lund Hanks became firmly established as part of the great banking system of the I'nlted States to alu the agricultural interests of the country, as tho Federal Heserve Hanks were constituted some years ago to co ordinate the facilities for the industrial and mercantile interests. The decision seems dtstlned to take a prominent place in the economic his tory of the I'nited States. Chain Is Closely Linked "The prosperity of the railroads Is so intimatel) connected with, and de pendent on, the prosperity of the coun try," said a prominent bunker jester day, "it is impossible to conduct u maintained udwinoe of securities, repre senting our industries, while tho gross revenues of the railroads continue to reflect the general business depression 1 and high operating co'ts and the neces sity of lowir wages. It is for this rea son the recent attempts to boost imli- I vldual slocks met with only tcmiiorary ! success and why it is sufer, wlille'the' railroad situation remains in Its present 1 uncertain stage, but to make extensive t ventures in an) sueh movements. There is no question in the mind of everj thoughtful man that railroad labor. like j lahor in all oilier directions, has got to bow to the iuetitnble or suiter the con sequences." Hccovcry Is Slow M. it. linker, president of the l'enn National Hunk, in the current number of the uiutithl) bulletin issued b. that institution glwng a business review of March, sa.s: "While there is evident u that taking the country as a whole, business has passed through the period of worst di pressuin. it is clear that the readjustment process bus not jet pro ceeded to .1 point where auv general re vival of huiness is lilcelj to oct ur. A number of important industries, includ- ! lug prominently silks, woolens, shoes and the uutnmolillc manufactories, have generall) held or impniM-d upon their earl) jear gains, but contrasting with these t'liangi's are sharp price cutting in petroleum, and further slackening In the inm .uul steel industrj . coal min ing, ami r.nhoailiug HuiMing Intel) lias show 1, -igiis nf ,1 1 hango for the better. Hradstrect's reports of build ing i'peiiilitutes in lVbrnar showing nn Increase of !1'J per cent over January. On the other hand, the January revival In Ihe cotton goods Industr). which vns nccompanied by higher prices and In creased mill operation, has subsided with reni-wed weakness in raw cotton, prices have ngaln fallen to low levels, and curtailment of production is once more threatened. The net result of all developments appear" to be somewhat more active mills and markets than at the close of 10-"), but business is still too much out of joint to tiermlt of nit) -thing more than a moderate recovery from the extreme depression and dull ness which prevailed at that time." Seasonal ltl.se In Sight It is the opinion of one of the best chart experts in diagnosing the current market sltuutlon thut the lim'.ts of it new trading area hav" been settled be tween recent high nnd low prices. further dlcusslng tho market trend he says: "Some idea of how much further reaction we expect ma) be gained by stating that we do not ex pect new lows in the main lxdy of rails, although they are, on the average, within a point of the low of March 11. Meanwhile, the industrials were checked In their advance when the) were up proximately half 11 point below the high of the yar, showing that there ,s nothing yet to indicate that it broad bull movement has been started, nl though evcrj thing points to the correct ness of the general theory that the seasonal April rally should put the main body of stocks higher than they were In Januury, just as in its first pluiKC tli js. seasonal rally has already resulted in new highs for the jenr for the motors and tire stocks. "It is pommenteil that the rulls have not participated In the recent advance to tho extent they should. On the contrary, we belieo the action of the rails was normal, inasmuch as the) recovered one-third of their loss, whereas the action of the induslrlals was abnormal, Innsmuch n thev were carried on a straight line Ut virtunll) the extreme limits of their probable ud- vai during eight successiie dajs of trading. Wo think the rails, there fore, hav less to low on further reac tion this week than the Industrials and much more to gain in a subsequent rally In ouse labo- troubles are settlcil tliis. week, as seems not unlikelj." TTIK TUADKIt. The Strength of A Corporation's Credi is established by its record in meeting all fixed obligation, its total net assets com pared with liabilities, its earning power, sta bility of demand for ' j its , manufactured products or for aerv i c e s rendered, its management and the length of time it haB ' : been successfully op- , erated. We offer a bond which I meets all of the above requirements and is selling at a price to yield about 8. Write 'fur Circular K nl. Hemphill; Noyes C& Co.$ Members Nrr York Stock Etchani Franklin Bk. BIdg., Philadelphia New Yotlc Doiton Scranton Buffalo Albany Syracuse Daltlmor J ; Raw Sugar Develops Activity New York. March 23 Th" raw iuK.tr nurkt cloelopeil moilerate activity late 'S !'Ma. I'nlted States refiners taklnrf 10 (ion tons old rrop Cubas from thw Cuban sugar finance committee for shipment lot" nxt muii'h at 5c, cost nnd freight, equal to 0 O.'c tlutv paid. Ixical reflt.vra also purdi ii"-d l.liiil tons Philippines. Marih ami April ship ment at 0.25c, f 1 f , 00.000 bags nnd 7HIIIIO lists Poito Illeos for prompt ship ment '.t 0 27c, c. I. f. . Canadian reflnrs took Inn tons Itaytlumi for Mann shipment ai .1, i I. f . 000 tons Sim Domingo afloat ut 1' . e I f . and B.lo tons I'erus f"r Man h hlpmnl at .1c c. I f. lmporta ttoiis Included 21.000 hagi Porto Hlos t" th American Co ilnnii Imga Porto Hieos to Arbuikle Pros.. 4 Ida bags San Domlngnos to th IVilcr.il Co . 22.0OO bags Sim Dnmlngocs en route to Canada and 217 bans Pru lo an Importer In th lot til retlnd market, the Kederal Co aiinounciol Its temporar wl'h tlrawl from the diuatlon, leaving the market on an H a.lc basis 1 is a fir tnt fur tash for fine grur.-ulated BAR SILVER Har silver Mas Id lower In I-onUur. todtt nt 334 tl Bonds To Net 7 Per Cent High-grade bonds with at tractive profit possibilities. Both railroads and industrials. Write for descriptive circular VL-47. Sent gratia. CiHHRLE5i.CLflRK50N& 66 BROADWAY: NEW YORK TELEPHONES .'RECTOR 4G53-4 Ms ' I Ift.S- tiSt 1 Jt iA l? New Issues vs. Old Issues There lias been some discus bion reKardinK the relative ndvantnges to investors of high interest bearing bonds nnd notes such ns have re cently been placed on the rnar Itet, and old issues bearing 4ei to 5"r coupons and selling at grent discounts. An example of each typo of bond nnd an explanation of their comparative merits will be sent on request for our Letter L i7. A. B. Leach & Co., Inc. Inrentment Securities 115 South Fourth St. The Motor Industry Conditions among the. auto mobile manufacturing con cerns have greatly improved during the last few weeks. We have issued a special letter on the Motor Industry with special reference to Pierce-Arrow We will gladlj' send a copy to any one interested. Ash for L-6 P. K. Guthrie & Co. Miiitw-rs PI11..1. s'oO. KxtJianse 1418 S. Pcnn Square stnL aoo sit.I '1 '7t7 I'wVCl. isi 1'nio'c true? fo ew York QU Pennsylvania Power & Light Co. First & Refunding 7s due 1951 Price 92 & Interest, To Yield About 7.68 "Tux Free" in Penna. Weush Brothers 028 Chestntut Stubby Philadelphia Lombard 15 13 n t TWENTY-FIVE High Grade Bonds Yield 5.50 to 8 We shall be pleased to send our circular upon request. ISAAC STARR, Jr. & Co. Member.. I'hllit sio k i:rhnn(e e urh Cotton Cxtlutngc Sixteenth and Sansom Sts. NEWBURGER, HENDERSON &L0EB Mcmhfg Ne- ' orl: and Plii'odi'il ci s,,0(.r hxehangea 1410 Chestnut St. Time-Tested Bonds I Returning B to 99o EDWARD V. KANE & CO. Morris Building rslnlillsheil 17 eare I C. S. PATTON & CO. ID A CHI'.siTNrT HTS. BANKERS Sneees.or. fn "j.iT.i:n ,v vrrvi:'oN Iveoda uud Mocks bought and sum on eoinml.Mloii Members I'lillo. Mora lehanrs MODOC BOILER COMPOUND for 1 ml lj-onulur THE MODOC COMPANY uf l'fnns.tltunU lT.lt MOOI IU.I.. o., itn,. The First National Bank of Hoston Capital, Surplus, and I'roltts . .So7.5()0,000 EDMONDS OIL & REFINING CORP. MANAGEMENT Kvery one of the directors'' at an un broken record of tucceit In the oil busi ness Thomas A Edmonds. President, previously managed companies m which the stockholders received IDC'S and 700 on their inettments. Theie men art making Edmonds one of the b companies. PROPERTIES Production It onle one tource ol ,. come Earnings from reflnerlei atture tontinuance ol dividends The corpota. lion now hat two refineries In opers. lion, one In Kort Worth and one tn nurkburnett, with 3,000 barrela dally capacity Another It being built In Urtc.enrldge.the greatest ot oil fields, which, with enlargement on the pres ent operating plant., wilt give a dally capacity of 6.uOi btr-rU The comptay has a completely etttbllihed and highly rrofttablt marketing organisation, sell ing the productt o! Its own and oil tr refineries. It has ery vt'uable leaira sgfregttlng 10,-5J acre,, h. four pro ducing wells and i drilling two one m Urecuenrldge on proven ttrict..ic and one In Mississippi v.Mch l eipeiteJ tc open up a vast nev. field EARNINGS Refinery earnings acne v,e oi sl,W0.r0 Total capita, it but tJ.OCO.OOO New refiner- (acil ties .nd pel uing in creased production t-e esretied to greatly Increase present earnings DIVIDENDS The company paid 24 incath dirtdenflt last year It is now paying 1 rash monthly, with e.tre dividendi both caah and ttock lea. Melhuish & Co. 40 Wajl Street New York Telephone: John 6006 BOSTON BALTIMORE WORCESTER "TU. litis Ui stftf UU Mcuilr wild ItQes I Mr it, U.rut Uriinh." Morris Brothers Co. rslnhllshetl iflfis Bonds for Investment Municipal and Corporation 1421 Chestnut Street Modern liunkiny Methodtt In a Modern liunkinu House Resources $ I if, 000, 000 L'nion National Bank 1' . I M ' -. I If in i,iii..viijum.i. Experienced Bond Man ' J M" I I l I 1 HI 1 - ml '" ," ' " J'' ' '" ' est i i us V i ol, l.i, , , ul,a I.I I M ,1 'h ,.,.,' II.. 1 1,1 JK ,n In'ial. ,li. l. in, i ,,, Ii, liamli'iiK .tl, T i .. , ii, ii, ir t ,t. 1 1 i it,, i!7.r ' I'' MS M ,', I , , 1, "'" I- ISBJ Safe BondsySr Investment! HALSEY STUART? &- CO. Inc. M III. II IIIISIIs, -r Fidelity' and Deposit Company t of Maryland if PL ATT, YUNGMAN &CO, ' Ui V 400 1VAXNUT STBMliiitJi. JiA,' 51 I 0 ' 1 v-il .1 ' fl .! '! ii il I 4 A '4 ,,VM,.'.!.r .''' a; v '-vifticjt'jjictv 1 ,u4v n" ...i i-u.-jx" ) r, tr ,. . Z.X!1 .. in-. ', ',i,, iifc. j-L-i,
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