THfrlKU ' ft JJrt.JP A V -fif P""V! i V .-a 'I EVENING- PUBLIC LBDGERr-PHILADBLPHIA, THTJBSDAY, MARCH $A, 1921 23 x "tK''a "L" VI Ifiiiiiiimililitlll iiiiiiiiiiiiii iMiiiiiiiiiiiiiiililiMtiiiiiiiiiiiiiiiiiiiiiiililiiliiiMiiliiiiiiliiiiiililiiiiliilllMiiiiiij It's, Dangerous to be your own Banker A LABORING man who had Worked hard for his money was murdered recently near Philadelphia. He carried upon his person $8000 in cash. " In trying to be his own banker, that unfortunate man lost all his sweat-bought savings and his life as well. It was a tcVrible investment for him to make. On the death of another man a few weeks since, it was found that he had buried $1500 about 30 years ago. In the ground, that money earned no more than could a bunch of iron washers. If you are afraid of being swindled out of your savings, bring them to the Trust Department of the Corn Exchange Bank. It is our business to manage other people's property for them. The cost i3 trifling. , Resources of the bank over fifty million dollars. CORN EXCHANGE NATIONAL BANK Philadelphia Chestnut at Second : I hllllllUlllllllllllllllHIIIIMIlllllllllHlllllllllllllllllinilllllllllllllMIIMIIIIIIIIIIIIMlMUIIIIIIIMIIIIIIIllllllllllllllllllllllllll EATING ONE'S CAKE AND HAVING IT, TOO The nearest approximation to this in finance is found in those invest ment securities that carry with them a conversion privilege which affords an opportunity to share in the prosperity of a corporation during good times, while a better secured obligation may be held during a lean period. Occasionally an opportunity offers for the investor'who only buys the very highest grade securities to follow out his principles in full, and at the same time have a strong probability of substantially increasing his principal. This occurs when a very high-grade bond is selling on a reasonable income basis and at the same time is close to its conversion price. Two convertible bonds of high security, rated "A. A. A. and A. A." one yielding 5.75 , the second 6.80, the former due in 1929, the latter 1925, present the opportunity that appeals so strongly to the astute investor. We will be glad to go into the detail of them with you and unhesitat ingly recommend them as Safe Profitable Investments New York Pittsburgh Mtiiond&Ca. A COMBINATION OF FRAZIER & CO. and REDMOND & CO. Broad and Sansom Streets Philadelphia Baltimore Washington W r Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS ,1M0 UKAI, ESTATE TIUJST ULDO. IiiTtstUat an adjnii partnership u4 Income Tax Brinrss. Moore. Swartz, Hindle & Clark ACCOUNTANTS , locom Tai Coit Sjritiat Andits Bprufo 1177 IIKKD nUlUHNO Maryland Steel 5s CHARLES FEARON & CO, 333 ChaYahuar St: Denver Board 8, 1033 Col. Graph. 8i 1925 Butte, Anac. &'Pc. 5, 1044 Amer. Lt. & Trac. Com. Portland Kwy. Lt. & Pr. Com. Morton Lachenbruch &Co. 41 IIROAD ST,. N. V. I'blla. Telephone Walnut 0101 Race 6030 l'rltat Wire to New Tork, Chlcno, St. Louis, Plttsbursh. Detroit, Cleveland, O mud napldi Kardos & Burke Stotkt, Bonis, Portion Kiehangt 1424 Walnut St., Philadelphia NtW York ft Plttiburf b Chicago ) Baltlinor pfroct FfUatt Wlr) Pcnna. Pr. & Lt. 7b, 1951 Ohio Power 7a, 1951 Penn Seaboard Steel 7a, 1923 Amer. Gaa & Elec. 6a, 2014 Lehigh Power Sec. 6a, 1927 Penn Pub. Ser, 5a, 6a, 7Js Land Title Bid?., Phlla., Pa. Members l'MladlepMa Mock Kichann Modern Banking Methods In a Modern Banking House Resources $19,000 J)00 Union National Bank "lfler A'nh ffrree OrofM Third' IN PHILADELPHIA Now York Bonds 00 ',4 noii 09 V4 Ama Bmlt'g a Ret'c Si 1...,. 7TU a ts !.... 77 74 B. ... 78 Amft T T clt 1 78 5 . .. 781 Attn TAT (is 1 81!4 Amn T T oi 1 . . TU 3 . . 97H B.. . 07U 1 .. . flTtl 87H Armour 4 Hi 1 80 1 80 Atch Topeka t a-a re aj 1 S Atch Topeka 8'a Ko 4s 10 77H 1 77 H Atoii Topeks k 8 Ke OV 4 a en 14 -7 C0U Att Com i.4 2 77 1 77U J 77i Atl'c Fruit 7b 8 67 81... 87 Atlantic. nf'K et 6Vi 8... . 7 1 Halt Ohio cv 2 (in '4 2 88U 10 . . 00 U nlt. Ohio 4n 3 (18 Vi 8 83 Dalt & Ohio Da n1 88M D i. O V U H & W Va 4i 8 03 W 1 3H n ; O Tot 4 4... . S3U Hell T 7s rclB 11.... 102T4 netti steel ri 1 81 Chlciiro Mil a StP cv 4H 1 05 Canadian Nt'n Illy rets 3.... 101U 1 ... 101U 1.. . 101U 1.... 10m 1.... 10144 Ctl Leather ft 1..,.. MK Ct'l Paclflo 1st 1 73 ! S...S. 73 '4 OtOcv 4W 1. .. 7414 C'k O cv Si 1... . 82M . 10... . 83 3.. 82 C & O Rich & A Vlv 1st 2. ... T2H Oil II Q cm ISAI.E3 IN 11000 1... 0. . B... Cuban 1... Del It 1... 1.. Dtn B S... 3... IB... . B... Chi 1 10... SB... 78... 36.. 10... 38. 0... 10... 23... B... 10... 80.. 10... 10... 8... 40.. 19.-.. SB... 3... Chi I a... Chi WW . 101 u C 8 cv ,. 84 Hud cv . 83U . 82(4 a o m , 4B4 D Can DH '21 IB Bm 8 09U 3 99H Do Canada '2, 1 02 1..... 02 1.. .. 02 2 92U Dj Canada '20 1 91V, lr .. 87l It.. , 7U Ko'n raclflo 3a 1 84W 8 64H' Oreadn 8 I. 4s 7..i.. 70 Ontario Bltver Mln'c Co i..;.. oo Po Q It K 6 1 77H 1 77 Pa n -m 4V4s 1 784 1.. . 78U pa n i wi 20. 1. 8. 6. 1. 1. 10. 01K 01 -.4 0114 9114 91' 91 K 91H Do Canada '81 A 88H Kast'n TVa ft Omnia en 1 87'4 r.rle Utnl Men 3. ... 40V4 1 40 Brie It K cv A 1....: 86U Erie Ity Co 4s 2 02S4 Qen Mutur 4s 4. ... Oove't V 8 . .. 4 1.. . 2 .. . 1..... J... . 4 2. 1 2 . . 1 41 K It 8 0R 98 88 1, 08 U OSH 08 V4 98V4 08 08! 9SU 98. 1. I 2 1 20. 2. 7. Grand O Bwitz'd rets 10IH 10 1 U 103 108M 10314 103 103U 103H Rapid Ind 4Via 1 83 Q1 Trunk rets 1... 102U 4.. . 102U 8.... 102U Hock's V 4Hs t... . 74 1 741.4 Hud ft Man til 1 04H 8... . 04 S Hud Jb Man In IS 30 80 S8V4 26 SOU ' 2 384 8 80S Incll'a steel B 8 80U tnt Met ct 4(4 10..... 1714 Intboro It T td 70 M 70 'A 70 j 80 Q 4s 03S 08 V, 08V4 08'., 08 H 08 H 0SV4 08H 08 Vi 0fl',4 VRSi, 08 S .-. .. 9H .... 08 H .... 08H . .. 08 . ... 08S .... OSS .... 08U l a m os .... 87 t Estn lit TIB Mts- ct 0a 10 87); 18 87 Chi A 1-: 111 US Mtr ct Bs sta 1 70 Chi U W 4s 1 01W Chlcaro Mil & St T 4a 1 87S Chlcarn Mil 4 Ht I d 4 1 BR Oil I MIL i m I cv H, I. ... !U 1 05W Chlcaro Mil Si RtP fd 4V4 1 OOH 2 OOH Chlcaao Mil HtP Em 4V4 2 7414 1... . 7414 2 76 B.... 744 Chlcaro t Nth Wn 014 wt 1 do; 2 00H 90 . 90S 90 1 094, 1 90H 4 00 S Chlcai-o k Nth West'n 7 7 07 Chi Rwya Bs 3 0214 Chics ro It U'd t Pao fd 1 07 Chlcaro Union ata'n 8 wl 10..,. 101 10,... 10U 10.... 10114 6. .. 101U Chi W I 4s 1 00 Chile Cop'r 7 10 0.1 1 4 6 03H City nt I)e.rren Bs ret 4 0414 City Ilerno Hs B OftK Cty Chrls'a 8s 6 00 1... . 90 City Cop'c 5 4 B 73 City Mars' 0 1 7414 City Paris 0i 6 03S C Zurich rets B OS 0 00 CI'd Cln Chi a 8t U 414 2 77 Clevn Pitt It Toledo 0 1 9844 Colo Indust 3s 4,, .. 70 Columbia Us & Klec 1st 2... . 86 Cons'd Qis 7a 1 . 004 1. .. 001 Cuban Amer'n Sutar 8s hi 10.. 10.. 13.. n N.. 1. 2. .1 10,. 101 101 101 10114 101 101 101 6114 04'4 B4U 64 H 6114 6414 64 H 64 64 1. 10 1 0. 28. 2. 2. 9. 6. Jap Oove't 1st 1 '8214 10 8: Jsp Oove't 2d 10.. .. 82 Jap Qove't 4n B 84 4 04 K C T niy,4s 10 714 K Belgium 83 3 01 2 01 1... . 90i IC nelK'm 714s 2 97 4 07 I . . 06 a oo"4 1 97 IC Belc'ra rets 0714 07 '4 07 H 97(4 97V, 07 1j 07 4 2.. .. 07H 1 07 Klnrdom Den mark ct 8s 3 1. 4. 10. 1. 97 97 97 K 07 i 974 97 07 4 97 H 8. 1. 3. 2. 6. . 10. 8. Pnna It II 7 2,... 10114 B.... 101 i i.... ioa Phil County cv 1 03 Publlo Bervlce C'n N J Bs I.. .02 8 02 Iteadlnc Ity 4s 1 80 ' R Chile 8s wl 10 09 1... . OOH 1 .. . 00 St I, I'n Ml & 8'n Rly 4a 1 704 St Li lb 8 Fran gm Bs 4.. ... 8914 B..... 804 8t U 4 3 I'" aJ 1. ... 001i 8t I & 3 T In 10.. . 47H fl.. .. 47i 6 4714 8 47H 8t fi ft 8 Fran Bene A . 3 00U Ht I. ft 8 Fran Bcrlos U 2 7814 2 7814 1.. . 7314 St I, ft 8 Fran Series C 8 8014 1 80 1 80 Bt L, Sow'n en 1. ... OS 3 0314 8... . 04 St L, Bw'n lit 1 0014 8t Li Sow'n 6s 2 00 1 00 ' 2 66 St P'l Minn ft Manl'a Mont 1... . 8114 m I"l A Sioux city 7a 0 04i Seab'd Abu GOSSIP OF THE STREET 2... 2. . Seab'd A 3 Seab'd A 1... 1... 1... 8... 1. . 2.. . So'u Pad do fd 10 7014 8'n Rallw'a 6s 1 83i Stand'd Oil or Calf rets 8214 J1214 L. 4 6811 I, 0 47 47 47 U 4714 4" 4014 1.. 2.. 3.. 8.. 1.. 1.. 1.. 1. 1. 102 102 101 101', 102 102 102 10-' 102 6... 8 .. 1. . 4.. 10... . i .. V. 1 . 1.. 7::: 9814 9814 9814 9814 98 It 90 084 0814 98S 90 0814 0814 0814 Nor. Klnidom way ot 8s 1 .... 00 1 001& 2 OOtt Lehlch Vl'y 0s 1 0814 1 08 4 Li ft Myers 0s 1 8314 L. ft Myers 7 4.... 10711 1. .. 107K Lorlllard C 0 1 .... 84 Lou ft Nash 4 2... . 8114 Mich Ct'l d 6 1 78' MlchlCn State Tol Co 6a 1 8011 Mid 8 ft Or 6s 1 7014 N Y Cent' I 4s 1 7714 NT Ctl 4 42 1 TBVi N Y Cent'l 8s 2. 1.. 1 1. 10 . r i RHTi 8814 88S 88 U 8814 88 H B84 8814 New Kork Ct'l 7s rets 1 ... 1 . 1. 1 8 . J 1. 1001J 100,4. 10014 100 ioov; 10014 innv. New Tork Cfl I. a 814 S 0114 1 fllU New Y N II ft Hartt'd Os 3... . 80 1 (11 N T Rly ct 4s 10 1814 N T Tclo' fls 2 OOH Nfk ft Wn 4s 3...1., 77 N'k ft it d 4s 4.. . . .' TIM North Weitern Bell Tel 7s 6.. 4.. 1.. 1.. 1.. 2. Llbfery 3,.js .... Liberty lht 4r . . Liberty ' 2d -ln... Liberty lHt 4s. Liberty 2d -IUh.. Liberty 3d IVis.. Liberty 4th 4V18. Vlct'y Notes 4?ts 97 K 0714 . . 07I .. 07 ; . 0714 0714 87.10 811.81 87.48 87.10, mi.'Jlt 87.SO 07.42 Third Ave aj 1 3211 Tidewater Oil Co ct 04 s 3 96 3 . . . . 00 8 .... 08t 1... VS14 Union Pao fd 1 7B4 Union Fac 4s 1.. .. 80V, 8 80S U K of O Brit ft I'd 1021 ' 00 901, 09 00 90 99 88T4 Bfl'4 80 8H14 80 8R'4 88 8814 8. 11. 2. 1. 3. 10. U K Of O Brit ft I'd 1022 1 0474 U K ot O Brit ft I'd 1020 8. 1. 1. 1. V 6. 1. UXstO Ilrlt ft I'd 1037 12 85 "f, 7 .85 18 86 1 8B4 ,2 8614 Ut'd R'ds San V tact 4s S 83 10 33 lO.i... 33 Ut'd R'ds Ban F unct 4s 7 33 10 83 10... . 83 10 83 16 83 U 8 Ilubb'r Bo 1 70i; H 70 U Rub 7VSs 12.. 11.. 1.. 3., 6.. 100 100 100 10O11 1001, IPd 8 Steel 6s V DO 2 Oft 1 OS 1.. .. 05 UtftJl P ft I. Os 2 78 1 78 V C Chem lt 1... . 01 Va C C'l 7'4 02 02 02'4 02 0214 Va Rallw's 6s 1 82 1 81 IV Union 4'4'J l,i. 7014 VWn Union As I. .. 84 W ft B Mfr 7e 2 00 0 . 4.. 1 . 2.. a.. l.. i . i.. l. 00 90 0lt 0014 00 00 9014 00 00 Wilson Co 1st 2 . .. 88 1. .. 88 I.OW 00.48 87.10 80.81 87..10 80.80 00.14 87.14 07.28 n in a m, 00.4tf 87.10 80.84 87.40 87.08 00.20 87.22 07.30 French Dank Statement l"KrUt. "f1 Hi'-"Tn weekly statement of the Bank of France showa the following chantei doldln.hsnJ Increased 187.OO0 franco silver In' hand Increased 478,000. notes In circulation decreased 111.678 6oo! , Narlyt Ml those who had the Insk of analrxlna- tho United States Steel re port for 1020, published yc'ttcrtlay, re garded Mint document as n factor or thu highest Importance in connection with e-ctabHshlnit a basis of calculable value for tha securities of the corpora tion. It hhows lOVi per cent earned on the common ntock, and an undivided surplus, at the end of December last, of over $533,000,000, or more than the entire issue of capital stock nt par. The point's from the report were pretty well known in important circles In Wall street Tuesday, and some of U1080 who are persistently bearish in their market position said dispatches over wires controlled by tbem referring to thfe record rnade In the report as an- . dent history, perhnps meaning that it I referred to conditions thnt have been passed and that it can have no bear in; oir the situation at present. Tills, however, cannot apply to the statement of undivided profits, which 'still exists, not only o the amount shown in tho balance sheet of December 31, but must certainly have been added to in the period that hns Place inter vened. This surplus, In itself, must bo renardcd as a steady revenue producer, especially In view of tho heavy Invest ments of Hie corporation in the highest class ot securities and its stenay ap-( propriations for improvements and cr panslpn. Tlie Abnormal Money Market ' One of the New York financial writers, In discussing the monetary situation, states the abnormal character of the money market is recognized, but It Is part of the abnormal credit situa tion. It is possible to say that, except for a year ago and for actual panic years such as 1007, 1803 and 1873, the present rates for money on cnll and time are the highest quoted in March for half a century. But this is no more remarbiblc than the foct that the Bank of England's present 7 per cent discount rate, which hag now been kept unchanged for nearly twelve months, is also at a level never established in that institution's history for a century past except in the face of a great English or American financial panic. Perhaps the simplest explanation of such 'a phenomenon Is that the waste of real capital has never been creator than in the recent war and that the exces sively heavy after-wnr taxation is handicapping fresh accumulation of capital. Brighter lu Spots The business situation, according to the testimony of the leading bank offi cials, is growing much brighter in spots. Not so much concerning the basic indus tries, but more among what may bo termed as tho contributing or accessory industries. The head of a concern producing a widely nsed household article dropped in to chat with the prcsldenteof one of the larger downtown banks yesterday. During his conversation he asserted thnt In December the plant was virtu ally shut down, with hardly an order in sight. In January the business done wan six times greater than November. The volume In February was nearly double that of the preceding month, while indications for the present month point to the banner one In the history of the concern, which has only been in existence ubout five years. '.'Oin- new plant was turned over to us in December, four months behind the promised time," he said, "and at a cost of $450,000 in excess of our origi nal estimate. With the up-to-date ma chinery installed und lnbor-saving de vices we are turning out 430 machines a day with an average force of 135 men, against 380 machines with "2Ki men be fore we opened the new plant." Better Steel Construction Demand Included in some of the favorablo fea tures noted in the steel industry in the post week were somewhat better buying for construction and in some slight measure reinstating of automobile manufacturers' contracts. Tho spring demand has not become apparent and the market seems to be reconciling It self to drifting, according to the Iron Age. , "The Steel Corporation," writes that Journal, "has been taking new busi ness, nt tho rate of 10.000 torti a day, or nearly one-third of capacity. The flow of specifications in some lines hftH slowed down under Independent offer ings at lower prices, but tho effect has not been marked." More blast fur naces are going out and there hns been rapid curtailment of pig iron output by the Steel Corporation. 3L Spruce 8208 I FEDERAL FARM LOAN BONDS 4,i2 nd 5 - Due 1937 to 1939 ncuwLTTimvzTAxnatrT Commercial Trust Company MwatM VwImI RaMCVo'SrseM City Hall 84puur Vt Service and Stability When You Buy a Property you will find it a great advantage to have your title insured by a Com pany which takes a per sonal interest in its clients. Our Title Department has recently been jrreatly enlarged. With our added room and facilities we are nblo to offer you prompt and courteous service. Integrity Trust Company Fourth i and Crden Streets Capital . . i Surplus & Profit . $500,000 .$1,770,000 JONES & BAKER Sptcialiitt in NtW York Curb Market Sacuritttt Booklet containing t li ' General Rule of Trading, Commission Chnrgas, etc., on request. Call, phone or write for No. TU-389 PHILADELPHIA OFFICE WIDKNKR BUILDING Telephones Bell, Locust 473 Keystone, Rac 2290 BALTIMORE OFFICE 413 EQUITABLE BUILDWO Tttsphona St Paul 1431 Ofrhaa In 8 Principal Citlaa Otraat Private Wrraa Liberty Bonds Bought and Sold Edward B.Smith & Co ISI1DLISUIU 1802 Uembera New Tork and Philadelphia Btock Exchanges 1111 CHESTNUT STREET PHILADELPHIA TWENTY-FIVE High Grade Bonds Yield 5.50 to 8 We (hall be pleated to tend our circular upon request. ISAAC STARR, Jr. & Co. Member Flilla, Htock Hicham St York Cotton Eiehanca Sixteenth and Sansom Sta. Membership Home of good stand ing hat attractive openiaf for young: man familiar with the Brokerage business, and understand how to handle customers' accounts. C305, Ledger Office. PARIS-ORLEANS Railroad Company 67c Bonds Due 1056 I'rlce 1114,00 per 1000 Francs at the present rate nf exchange which would be worth 1103 OO at the normal rate of exchanr. EDWARD L0WBER STOKES Member rtillu. Stock Kxchanxe 20 S. 1STII ST. LOCUST 344 We arc interested in Portland Ry., Lt. & Power Ce. 5 1942 Com'wealth Pr., Ry. & Lt. C. C Dividend Scrip Portland Ry., Lt. & Power Co. 6 First Preferred Stock . &UJe.arftj,eo. nANKWtS Ifembcrt Ntw York and Philadelphia Stock Exchanges 321 Chestnut St., Philadelphia (Safe Bondsyfcr Investment HALSEY, STUART &. CO. Inc. Time-Tested Bonds Returning 8 to 9 EDWARD V.KAI1E& CO. Morris Building; Established 17 Year Capital for Magazine Required J.frmine with national elrcutitlon havlnc purchased another mi saint thus rnUrplnic Its sUe and scope, ha placsd a block of Its stock on the market. Small or Isrre lovestora Intereslsd in a splendid return on their capital and the prestlae of belnc a part owner In a powerful mouthpiece ar inlt-J to writ for lull Information. TALE SPINS 407 Finnnce BIdgr. Philadelphia Wjvr Factors in Your Investment Problem Oafety, yield, and market ability arc factors to be consid ered in the selection of any investment. Wc shall be pleased to consul t with you and to suggest investments inwhich the balance between these factors is suited to your individual requirements. Philadelphia Office Guaranty Company of New York 421 Chestnut Street 111 I NEW ISSUE Exempt From All Federal Income Taxes $1,079,000 Monmouth County, New Jersey .Dated March I, 1921 6 Bonds Due September I, 1926 Interest payable semi-annually, March 1st and Septem ber 1st, at the office of the County Treasurer at Free hold, N. J. Coupon Bonds with privilege of registration. TAX EXEMPT IN THE STATE OF NEW JERSEY LEGAL INVESTMENT FOR SAVINGS BANKS AND TRUST FUUDS IN NEW YORK AND NEW JERSEY 0 FINANCIAL STATEMENT Assessed Valuation (1920) $126,006,151 Total Deb. 1,198,141 Population (1915) 107,636 Legality approved by Messrs. Caldwell & Raymond, Xcit; York City Price 101.40 and Interest Yielding 5.70 M. M. FREEMAN & CO. 421 Chestnut Street Philadelphia Ttltphsne Lombard 710-711 .11 'rfl A i ?M .m 3-1 ';1 li M r 1 .11 1 '. adyan.ee itate K LV-tu.-tt.jA ..O' - W t?7J n'-y-;.v ; ., v , rAr.-Oi - io, '.trJtc, T$W-',.'s,v -?'.. AiitoS&J lYi ms.j
Significant historical Pennsylvania newspapers