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EVENING- PUBLIC LBDGERr-PHILADBLPHIA, THTJBSDAY, MARCH $A, 1921
23
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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
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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
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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
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C & O Rich &
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ISAI.E3 IN 11000
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4.. . 102U
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Hud Jb Man In
IS 30
80 S8V4
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Incll'a steel B
8 80U
tnt Met ct 4(4
10..... 1714
Intboro It T td
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St T 4a
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Oil I MIL i m
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Chlcaao Mil
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1 do;
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90S
90 1
094,
1 90H
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Chlcai-o k Nth
West'n 7
7 07
Chi Rwya Bs
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Chics ro It U'd
t Pao fd
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Chlcaro Union
ata'n 8 wl
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10.... 10114
6. .. 101U
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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
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1 '8214
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Jap Qove't 4n
B 84
4 04
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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
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mark ct 8s
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C'n N J Bs
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8 02
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8'n Rly 4a
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gm Bs
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8 47H
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Bene A .
3 00U
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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..
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102
101
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102
102
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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
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