m w jAc-v "'( s d -i' jxf ,, f If T, "1 vl i '& (.j ''J ; t ' '! ", (-i-fjv S.y" ' 'W' ?-' l"'?'-l" ' Myi'WAy, EVENING PUBLIC LEDGER-PHILADELPHIA, MOXftAY, MAY 1921 21 iviMtfw "' ' i i i'!'t ijjr Chestnut Street A NY ONE wishing to provide a fixed income or annuity for some relation, friend or dependent, can easily arrange to do so at a small cost by making what is known as a Voluntary Trust, which is done by placing the securities or fund in the care of a Trust Company as Trustee, with orders when and to whom the income is to be paid. F IDELITY , Trust Company CJpsoX 325 6324 ffi$ Capital 5,200,000 Funds held in Trust ,,A ; . L lfwyWKftS m.li''mM .i nt.-.-j i ,iarr - mm fi Y)TiMlif!i mM .11 :. . 1.!,- 7H H,ifeWtftSHsSHl iJ3fe3EErl - t, -S s-.' sv VJmtK' HHE surplus and undivided profits of this bank four million, four hundred thousand dollars represent earned money .solely. Gentral National Bank of Philadelphia Chestnut Street at Fifth ( .ifuiul $i,oco,coo 5'uriliti and LticiuiJcd Froiu L'amrd $4,400,000 CHARLES FEARON & CO. 333 CHESTNUT STREET .. APRIL 30TH. 1921 WK BEC TO .ANNOUNCE THAT JOSEPH E. MOflLEY, ALEXANDER C. WOOD. JR.. AND JAMES WARNOCK. JR. HAVE THIS DAY WITHDRAWN FROM OUR FIRM. CHARLES FEARON t CO. MORLEY, WOOD & CO. 333 CHESTNUT STREET VIP nr.G TO ANNOUNCE THAT THE UNDERSIQNED HAVE FORMED A PARTNERSHIP UNDER THE NAME OF MORLEY. WOOD 6 CO.. TO CARRY ON THE INVESTMENT STOCK AND BOND DUblNESS OF CHARLES FEARON 4 CO., AS HERETOFORE CONDUCTED AT THE ABOVE ADDRESS. May 2d, 1921. Members: Nt. ,YorlS s,ock Exchange Phlla. stock Exchange f11' WWMIM f &taxt, JRoeijucfe (Common tocfe) X E HAVE prepared a special analysis of this Company which we shall be pleased to send on request. itmne. Wtbbtv &' Company rialabllshril 1422 SOUTH PENN SQUARE S. M. W. BRIGGS, Manager Stock Departmont Members of lioatcn, Vhicngo and Sew York blvck Uxchanuts WWXllllHMrailfflM PainHng at Better Prices io.'"IMf." 1"" anvvvhere yinl in ies gl.en an where inllng I'ouhle, finnng i'ouhle. Plio,. ,'. "..'.""'VJIIHA AK Bonds for Investment t lr-..l- .. Jis?i?s; tr BO Cillct nm isi, rdnatk , .A Chestnut Street Woodland Avenue, West Philadelphia Surplus 16,000,000 more than $250,000,000 1 --"i I i: -s- Jr1 Joseph E. Morley Alexander C. Wood, Jr. James. Warnock, Jr. Holateln DeHaven Fox & Company 1880 Aincr. Lt. & Trac. Co. Common Stock Wo will buy, sell or quote full ilinrcs nnd frnctionnl nhares. HANK KKS Jf rutbtrf s rhlla fiiavk Kiihntipc Franklin Bank Hnilding ritone .Sprure 7301 7C1J.5I il ' syTi. IBM b' mm NEW YORK BOND SALES Spmraarjr of Individual TranaactJona on New York Exchnnxt C8M.E9 IN 110001 i A. a'd M ev A l o , , 10SHI t . M f H'l! 11. 100Klnedom Dn-l t.. . 14 Ctibsn O H t mark et tn vmn a u ea; in ... , 83 2 bl! I.. sat Amn Btnlt'r . . . gj IW'e ft Cudr' ci Co M a... . 7r, 1 . T0i Amn TAT elf ;oi, 2... . :".,:il k Hud cv Amn T A. T ,"s r,. . . gj I 08 s on pi 99 3 . J. . 1 . T. . 08H 1 D9'i n (Miei otn 2 SOU 1 ... (til il)el A Hud 7 Kingdom Nor. I. .. S's t.... 100H a . . M'llDenniark Con Amn TIT tlv ct A Ss (S.... 10O;' . .... OS's S.... 105'i I.. OS 1.. 100,l 1 OS ATI'S I' WiDeninark Con 7 .... M,1 ct II 8c 1 .. VJ,I 2 .... Mil way ct 8s lOO'i lOO'.i 100 '4 IflOH 100 '.i 10OH I00H lOOli ITtBMv 1 100', nr... t. "0i ' a 98 Klnr Hwd'n Os 70; I.. . tiT'l. 1 8214 77 'Pen ft ft (1 4s 824 2 70i, 7.. HtH1 8. . 82'4 t... . 70(i 3.. .. M4l R... . h2. 4.. ., 7fllDn & P. 1 M'Klnca Cty H b Aire rnilt 7, 1... . TOHiftrOi'S; 1.. ..'85 De Moines l 2 ... 0f Atlantio rief Kt Uie 4s lik Snore M ct O'Ss 43 B'n 4s '28 2. . 00'4'Dt Tunl 4'4s, 2... , 84 2 . 00 '4 ; 2.. .. 7(1 iLehlsh VI'V tlslt Ohio u I 2. . 78 b. 03 1 . 00'4 Del U It 4i'jLeh V ct fi'ls t nn',i ... oo 2 oss 1 . 104 Dlst (j Cp'n R I, A Myeis lis I CIYV 1 .. H, J... . 83 1 fl0iDo Canada '2Hl,ou A Nash 7s u A onio H'js 7 . ... 09i i. ioi u (1 81 ttIo tnnad '26, fl . . 8U41 1 01T41 1 Halt A oh!o Is'Do C annds '2p 2 . 07 ' 1 . . 2'i 1, II. . f!7 1.. 92 R, mm 101'i' jflli , 10l; 101'4 ' 3 07 ' 2 . . 92 Met l'et Ss n I Rait A Ulilu ."s Dom liep c Os j 1 . t'.S4 1. ... 80 I j. I . Oil .Duq I.lsht Os I 2 . 4 89 1 .. . 80 I i... 1. . CV,, 1 88'i R. Da It A Ohio Os 1. . . 88 fl. . . 1 ... SlMj'Krln (lenl IVen j II 1 O I' I. 11, t .... 4Pi! 8... A V V 4 iKrle Ily Cu 4s j , PS14 08 OSS OS '.4 9311 98 Vi 0814 0814 3 . .. fl I 1.. C2'i, 1. 08V4 II A 2 1 4. Holl I 3 O To! 4s Krle H II ev ti 1 9314 33 1 .. . 40 M 1 2.. :. 40i 64 il'ort Worth A 2 18. 9. 08V4 98 98V4 rct ! Oily lt 3 t03V4! 2... 41 MM S A Or Bs tu.l'iflenl Klee a'4i 1 . . 77 103k J 00S M A Stlj en Bs 1 Beth Steel fd lOene'l Kle! 3s 3... , 69 1... . 83!, 3 87 Mo K A T 4s Ituili Term.Bs 87 B9i TI'VGtn ' ,:ifo c' 2 60 Cvnsdlsn N Is 1 99 U M K A T notes 1. .. 1 00 fiovs't r H 8s 1.... 40 0S1 1 (anle 40 08 ij no Pacific 4 s 084 I r S3'. 9814 8 . . .VST OH!, b . . .vr. 98'ai 1... . 331; OS'ilo Tao Bs '2J 1 . 101 ' 1 . . 10Ii; 1 .. 101S Canada H'n Bs 2 . .. Ri' 2 .... 83 , il Leather 3s 1 s9;i 08 '4 1 SO 98 S 1 89 0S M A O St 1. A om Carlo 4s i',l Tactile 1st I . . --"311 fen' I I'sc 3Vjs T. ! 98'., 1. .741 (erro de Tasco'O Bwll d rctSMont'a Pwr 31 L'opp-r ss 103U, 1 . . St 1 1 1 . 1 r 11. 1 . 1 r h 1 10T. S . 103H'New Or Tsi & .. 103S Mexico 5s 2 . 103S! a.. .68 I. . 103'. -J . BS'. 1 103H N Y C'nt'l '.is 10: ; 107 10191. 108 14 iosn floodyear T 1 . 74 u tliib'r.8s wl N- y Cenfl (Is Ohio Mis 1. 3. ini', 5. . . 8'i . 101 I B . SR'.i 101',' 1 . . R'i toi'i'N Y O 7s rets 101', 1 .. DO' 111 1 . O!' 101'. 2. Pl 101 ', 2. 90. ioi i;s ... ni 101'. N Yl: Cenfl I. lOI'l. Shore 3Ss 101U 2 M' 10l' 2 ... DO'i 101', X T Chi St 101 ; I. outs 4s 101',, 1 71 S 101 4 .. 71', lOU.iN Tic Lnht II 101'il fc Tut Is J01S 0. . 07', Mm Now v n it, ft 101', It'd 4s '.'..I 101'i IB.. . 10 101', New T N II t. 101'i II 4s of Rt 101 I 1. .. 40 101 ; 2 40 101 'i New T N It a 101 , lllatfil its nU rcls 1 . , ,1R 100'i'N Y T-le 4',s lOO'l, 2... , S0'7 KtO'i.N Vk Tele fls lOO'l, 1.. .. DO'., Man fd j. . . 90S . GS'l New Y W C ft: M Host 4'-s . fln' 4 3.1T, 0', 6.. .. 30 60VNorth H'il'n Man ini rjell T 7s . 3 3. . 98 SS 1 . OS', 3S I ,1 flSS 3h 2 OSS ss a... ns; . 3S 2 . IIS-, 3S 'N'n I'atlflc 3s 3S 1 .. S3 '4 3S No n Tactile 4s 37S 1. 74', .la 3. 7S' 38 Org A Calf Bs rft'il . . 7.1 S TS'i, O cv t's .. TSV 7(1 'i 1.. a. 3 . I no.. 1.. . ! k .". i . S3', .S . . fc'J'4 thlrasro Ilur ij II 3'js ' CM H K ) 4s 911.70 np.Tl) in. TO I'li.-O . Olt.TO . !'(' 70 1)0.70 till. 70 Hfi.IO . 0!) 7 . n9.;o i. . Il t . .1 f.. 1 :. c. . a 17 3 I. 99.70 99.70 nn.70 1 I'D. tl, I . lUl , C II i Q 11 4,'Gd Trunk rcls 1. 1 . .. 1 2 rhlcaco H'n b 7 O 4s rec I P0.69 I i- P 3 ',vl llud 2 . Il)fi S 7 .. POi, 1 a . . sos i Chi & J w s a, 1 . . SO'!1 4. 1. M ,Hud t'hcaso Mil 12. pt m Is i 4 40. . 3 1. 2A 20. 14. IS 3. 1 . s' I'h'caKO Jill ' si p cv 4ja ! f.4'i 1 CI', 1 (H ' I ';' fhi,'in Mil (.tl1 W 4',s ! s .. r..',, 60. Chtcaco Mil III Cen 1 4s -B2 l. ... S9'4 SI 1' iim 4 Us 1 70 Orc-W'n H Co B . 73'4, 1 70 I Navl Co 4s Chicago Mil &I1I Cen'l la 'M 1. 701, Stl cv Bs I 1 eo't Pac O E Bs 25 dl 1111 Cenfl B',S 8. . . f? v hlcaao Nth 3. . R8' Packard Motor 'Vest n 0',s 'intboro It T M, Car Co 8s I ... 97H' 1 "' 1. -100 Chicago ft Nth 1 BOS 5 100 U W'est'n 7s B fi l' It im t',s 2. . 100S 2 315 S 5 . . 7(5 Lhlcaso n U'd 2 . Ml Si 1 7M A t'ac fd 2 . 3l5t, Ta II 4'.,a 21 33 BUS 4 BS'i 6 90S . .. 6S I M Marino rtsirenna II It Bf 7 1 St',1 3 . .. 8SS , 2 fid', I M'J Ta 11 R'd (IS, 3. 7 , 1. 8t', I Chicago Union .lap (Jov t 1st, S;a Hs ' 1. 3S, I a.. . SIM 11. . . W's' 0RS 93', 93 'i ons 03', or.u 93 '4 93 S 93i 2 . SI4. I. . S3, c St li t P 3s Jap llov't 2nd' 1 9B",; 2 8S Chile C'op'r fla-' ,-. . 83S 3 ... 7.1 22 .. S3',1 1.. 73i 1 83', 984 3... 73 U 'Jsp Oove't 4s Penna II It 7s 1 78S1 5. ... Olll, 1. . IO0S 17 (ssl) 78U' 1 MU 1 . 100H 2 . .. 73WKsn C t H In s . loni; 1... . 73l I .. . 3S' B 100; 78'4 1... . BB', B. .. 100S Chllo Cop'r 7a 1 BB'i1 I 100; I. ... 04 i 2 M'a 1. .. 100i chlneso uvt Bsi 3. 2.. .. BSl I Clly Heren 8s 1 1 . OCT, 1 4 . . 98 Kan 50'i.I'eorlh t K 1,1 Vl'i' 1. . 39s; 33', rero Marqt 4s 33S, I . (57 A H Bs Trie Marqt Bs 74 I 1 .. KOi, 71', Titts Cln C A 74V t I. b 4s 73 ! 3 .. 85 73 iftsadlna Ky 4s Illy 4s 1. . . 77H 71 ', IS 77 ; 71 ; Hep Chile rets 711 1. . on 1. OS 3 City of flerten 2. 8 rets 3 I .. OS',, 2 1 0B 1 Ct Onrts'a 8s K C 1.. . 0' I. Cltv Cop'n B'ii 18. S . 74U B. 3 .. 711 S. 1 ', nock I d A A fi . . 74 IK Uelgium hs ( I, out a 4,s 1 . 61 i liv Jiars s M, ,i , 1,3' i am..' I 03V, 1. . fl.T, Cill N T ',s May '67 1.. .02 i 04 .,.. B', 1... 02 bt I. I Alt t H K fletK'm 7',s II O dv 4a city farls 5s 5. 7. I 08 BI I. 03 I 1. OS I 20 08 3 nsH1 I .". ,' ! OR'i' 8 OA Vi ,HI li flflW PS til S K aj . .. 08 .. . 08 ) . 08 ... OH . 08 . . I 13 I. 1 1. 05'i 66 'i 1)3', 3, A3', 03 '4 0U, IS. Tuklo 3s 2 CO I. Zurich 89, I . . on; i . . 07 S1 I H In 08'i 40 , 40 . Ill, to; to, 40', ' . 111', 60 8 l'ran OSS OS', IIS I,1 HR i'I il Clll I hi St K He,g m rets Nt Louis fls IIS', 1 . 87',, Colo S 4',s 1 . 7, i r.ns il (Iss 7s, I 101 I 101 3 101 Cuban Arnsr'n .-tltar Ha I .., 100'. 1 10?', ... 100V, .08', 3 SR'i'ftt I, 08 Hrrles A IM", 08 hi 0. I 08ll 08', I. 1 ni 111 81 III fl I l 3 r. . 1 1 88U 0S, I. A S Kran 9! ' s.le n 8's 1 laVa 1 . 72i! Calf red 2 1.. 78U 79 2.... 72'4 J 02 11 I.... 7214 SI U A H Fran Berles C i 1 MS, n 01 at 1 Hoiv'n en' 1021! 9. 102W U B Hub 7'Js 102 V 1. 00 1 102S' 1.. 102, 1. 1024U S . too 100 Slett Os .. OS' . . on nj . 03V4 . . 03 !i .. 95 '4 . 95S . 08i . . 03 '4 . . 95 , . 984 . Oft'i . 93 i 0.1 . 90S . 93 4 . 0. . 03V1 .. A3i . 03 i i.. .. ai J... . 3'4 SI h Hw'n lit i oo"; 1 07 1 07 Tidewater Oil 8. Co ct UUr 1 'PS, i e.-., Union rao cv 2.. 1.. 3.. I.. 1 . 8. 1.. 2. 1 . 1 . 21. a., i.. i. ).,... 8f . I ...... 00 Vi Union, I'ao Is Ht 1' A D It fd S 101 1 30 'i Union I'ao fit m P'l A Sioux 2 07S C'ltr 7 !u K ct l Hrlt 8...... 9tU A I'll 1931 I... M't 1. 00 'i 90 V 00 M1 09SI 00.11 0(i Drain et S .. i S 0"',4, 1.. ! 07i 5.. 1 9T4' 1.. 2.. Heab'd A I, aj, 2, t 82 1.. 00 v, 00 , Va C CM i 0H4 U K of Q Brit 8... . 91'. siib'u A I, ct t I'd 1922 1 i7Tt 10... . 00 1 '!) 47 i I 1.., , 98U Heb'd A 1. 71i 30.. . . 00l Va. Mid Kin 4s 1.. .. 87 West'n Md 4s 8...,. 034 7.... B3i I 8 034 U K of O Brit, Sinclair c oil A rd 1929 I Corp'n 7'js J 2 00 93U 4. ... 69', W Union 4M,s i 1 8011 4. ... 69'4I 1 SOU Ofl'i'U K of t Itrlt'Wa'n Union 8s 03'4l A I'd 1087 i 1. .. . 83 'i O.Vj 1... . 88 W A K life 7s 934 Ut'd nya Inv't 1..... 99S . .vi' comrj'v as 1. 1. 2 1 2.. .1 4 1 r. . B. 99 Vi M94 99 S 90S 994 ;il,4 1.. .. 93S. 1 70 , ' 93',,t:fd Tfds Sam Mo n PacUlo ftl r cnuet 4s - 2 ... 70 1 81 8" ''c tv 4e t'fd ll'ds San, i nT l' unci in tto'nTacino Bs 20. . . 8l't, 1 .... 89 It; S Mexico 4s, S'n nalltrs 4's B .. . 83'4 1 "'! 7... . 8214' H'n Hall-s Bs1 8 ... 83 ' HOI 'n 09 ,i I 99 S n'i 99 i 0.. 99 V4 7 82T4'IT 3 Itubb'r OsiWIIson Co 1st . M 1 .... 78;l 8 88 1... 3 , 1 78i!Vls Cent I 4s mantra on of 1 .... 784 6 . . 08 I) IN. T. time) 11:15 Liberty 3s 88"o0 Liberty U'd 4s... 87.20 Liberty L'd lVif.. 87.31.' Liberty .'Id 1'4h.. JK).50 Liberty 4th IUb. . I7.4S Viu Notes .TJiH. . . 07.74 Vic Notes 4h,.. 07.70 I1W S8.00 87.20 87.20 1)0.30 87.1 07.08 07.G8 88.50 87.20 S7.IJ2 00.50 87.48 1)7.74 07.70 LIVE8TOCK QUOTATIONS fhlcaco. May 2. - CATTLl-lteclpts. 15.00O. Active a-cnerally 23ehlrhcr Spots up more Yearllar steers and helfe.s, JO. 23; heavy Lecf steers, s,73: some held hlsher; ,)iilk beef steers J7.73a8.r.0; bulk fat sho stock. B.iUii7, bulls largely. .'..liitffi.2.V miles, unovenh' hWher; bulk. S.B0tfU.23i stocUers and fedrs slow. ilOUM Receipts, to (ino. .ctle. ery un even. Mteady to 23c lo or. Averauinir mostly IP0 '?.15 lowi" o medium Mral heavies. Top. JS.r.u; bulk. ST.OOHJ H. III. pigs weak. HICKm' IWcelpts, 23.11011. Verv slovr. about steads Sliorii iambs eivrly. $lu. bulk. ID.'.'.iVD 7B' no owes or vvooled lamb, sold early: rood vD-pound shorn yearlings and tro-vear-olds. IS. ritttlMirgli, Ms.v .' - CA'ri'I.E -1IO0 yiea1 Ht.l. Ht,er. heifers, I7HS73; cows I3.BOB7 receipts. 17V0 head. l.ower. Top. Receipts, JS BOt0; Calves, 110. ituua ueceivts. iq.oou man. Lower, Heavies. 18 23: heuvv nn.l llrhr vnrl,pa ti Piss. IS.753fi.SB. HIIEKP AND LUIDil necalpts. 4000 head, Steady Top sheep, 7.23. top lambs. Has riosTnlo. N. V May 2. CATTLE Receipts. ;noo heaj. Active, ISttROc hleher. Shlpplni; steers. 8f.23tfh.R5: biitihers, JH.23 ?,:2: J'ssrlines. .SO0.23i heifers. J3.30 tth.30: cows 2.2S7.30. hulls. 4.SSjri.23i Mockers and feeders. IB.23B7. trash cows and tprlnacrs IBS' 13. Catves. reteipts, 8S0II hood Fifty cents lower: IBifll HOOK rteclpte, IS. BOO head. Twents flT to 30e lower. Heavy JR.7BtJ9: mlieJ. jorlsers. llaht vorkers and pls. J9, few. 0.1B. roug-hs. 7, stacs. It.SOtfS.BO. S1IKEP AND LAirtlS Recslpts 10.000 head. Lambs. 2Br hlKher. Lambs JB 11.23; yearllna'a, 17 30: wethers. 7.2B(S 7.30; ewes, 28.75: mixed sheep. 18.73 9 7. NEW YORK COFFEE MARKET ew lorlt. AIr.v '. The colTro f.i iuri'3 nmr'Ki't opcncl 1 to 1 pomtH Inwrr (Ii1k ninrniiiB with trndlng iitiirt nn-i Irnnsat'tionti condtictl to n few small lots in Hpiitoiiibor and Hctcmbor. t'loir. anccs from Uraril for tlip last week won the ninllft't for some time past. Tlit' ofii-inl al)lcs from Iirazil wri" Imi-cIv Moni'v and no! Rueli a to influ int nnv iMi'tiftilar clinngo in entiincnt here The ni.irk"t wits dull nl the end of 1 1. I first hour f trading, witli no fresh busi- f.i's enorted Titer the call. There nn- iearl to be a lack of buying orders and no di3posltin to offer frcclv. Sat. rlose .I.BOffiflS B.98ifB.no 0.381140 O.gSJfPO Op-n 3.B5 a. on II ss 0.83Q85 May . July . . 8cptembr Drcember Bid. Big Four Acquires Terre Haute Ry. Woslilnctnn, .Mav 2. The Ilic Kour P.all road was vithnrlz"! todiy bv lh Inter. Hate i.'onimrjH Coinmlinlon to acquire con trol oi the Kvantvllle. Indianapolis and lure Hau' road by purchase of the entire capital stofl; at not more than Jt.000.000. The commission's approval Is upon the ex press condition that the, car value of tho stock acjulrei shall b- "approprlatilv re duced ss tli commission mav hereafter or der and rhall not he ,ntd. ni,tv,i . ..i.. wise dlsr-ised of without con-sot of the com-! mission.' No consolidation of the carrlors ' into a sinfc.p sj,ini ror onnersnip and opr. a,.,?.n ' contemplated. Ihe commission said, adilna- that the rovernor and public service commission of Indiana approved the applica tion. Reserve Banks' Discount Rates Official isdlscount rale, ut thr- t.vclvc Ted era' Reserve banks are follows Treas. Lib. Com I 11kr. cue, uomi. r.iner. Accept. Roslon New Tori. I'hllsdtlphU Cleveland ltlchmond Allsnta Chlcsao HI. lvuls Minneapolis . Kansas Cltv , fJallso . s. ft H K . f. ft a .3', .n A ft n R a 3't a ii ft fl'i li II fl San ITancl-co a ;.P&bJac..ftOT rsti bornn eral. with rvlnlinum o all P CtTU '" '" r" Sf ASraTlpVla Pr "nt ln ,he "l . 1 .. ,. . -. I United State. Treasury Certificates, Rsl" l?sle "Id AsU.,1 Yield B, Mav IB 1R21 100 WinJL r t'BV t'fl 3'i li MB'? r t-M, BS June June .lulv Au Sept Sept. Oct Oot IK. 1021 tool 32 lOOVs S3 ' J J - u l o o ,s 4'a3 iooV ioou8Sn-?r mo i-32 loo s-32 nii. i .'J?.?:5'. "10',' 3.13, 1.00 il-32 100 3-32 B 21' IB 1021 13. 1031. Id. 1021. 15. 1051. 13. 1021. 13. 1021 13 1021 18 1021.. 3 Ss1 1110 3-32 100,', 100'. 100i 5 t? I Dec. n,R5 I 5.53 t3s. Star. 15. 1022 10O fl-32 10,1 B-32 Kxeinpl from normal ftdei-.il fnreim v 1 ov s tax' CllllflVIK i, ,.,, t- inA, tAcceptable for paymsnt of i due on date of maturity. RAILROAD EARNINGS MICHIGAN CKN'TUVI, 1021 $5,630,43' 888,357 1 A. 484. 4711 Incense 'ii 081 15 471231 4 410.112 1.820 871 March rc,s Net optr Income. Three months' sruie Net oper Income. . . 1 7103.6111 DKN VISIt AND RIO C1RANIIK March gross . . . Net oper Income Three nenth.' cross, Net orer. Income. . Pecresse f3.S71.JJI 418. 141 7.703. 70d 1.018.023 $4Sfi sail HO. 823 1,44.3H t 10S 010 DIVIDENDS DECLARED Nash Motors Co .quarterly Ixi per cent on I preferred, pajab'e May 2 to stoik of record April 25 Htardei-d fjnltars Manufaciurln Co ouaner ef I'i ner cent on prefs-rad and I 1' per cent on mnimon. pasable nj 10 10 rtei'l of record fay 3 Norfolk Ral'stay and L"a-ht Co semi annual ci o r-r ceni, paabts june.l as rriicrcii le? in. BAR silver: Ds ,. imi 'Id li she. in I nli . ' dtjr at JiV. j. , .,. . w rt . 11 n 11 liiiiui 11111 in 1 iiiiiidiiriiMi i, in, iir niiirinniiirii in its nn.i . - - - - - .?;?. Jf:i in.MurWWu'v,;? 1 !;r,n:"l,"5hJ1 n? i"-r?."t,,,,e. ,,n,J 1 3f-" vT tU"1 "'" """ tti & n n,,w .ir:";:::, '.,':: rn the New Vrt( loffe. anfl Br ,vcharr I i-lifnifirnnl (fid SlorVe nf oil on linml Treasure r .,...-. . Mhwslh havlns n lii.lrav.,, fi,.", h. h ?,, Nn transactions o.c,irred on th. opetilna , hII (htora(fO Mt the present tlmo HIV fi- , - f"A"I.l.S V Ht-.EI nn Secretary. All debts ,lu. the sa, n-m i ,n , ,.L", arenulste,! sujsr ,s quoted it ,1 In, , ' the lir-RlnillllK of lt14. I n other tviillK i fcK t"d,is , f ln N, s h.!i .1 Lh' Nm! sn'i' llen.le, , for i , ,,,,'. OBOe- ' ill spill' of xfven C.fR Of the sri-al t I f onuun, . will he l.ejd "iti .re ;,-i I ;r"!,',r '' "''''. nrn--,' "'" ,l" V" ' " nil iificliinmrnt nml iri,iliiitinn m il . foinrwm .. .Tif m ! V am, .,. , LT ?1'!.,P. .V .'.'. V " ,N '" "i f', GOSSIP OF THE STREET Such p.roiiouneed nrlvnticfs nft tooV Placr lust week -In the specialty group, IncluHfjix Hturlebaker, Kellr HprlnRfleltl 'Hre, etc., are not Jlkfd hy thr cnuior rntivr Lnnklnff clement, nnd it was felt thnt the technical portion of the flock market had ken greatly weakened hy Ihe Rearing of shorts which has elimi nated a big hort Intcrct which It wnst said had acciimiilntcd In the markft recently. It was pointed out that bank era are unwilling to advance cxtcnxlvc nmounts of money to cDcourngc a ig 8peculatlvo rnovexnent Mich os It la felt Iibh been under way during the last fortnight. A week ago, gossip around the street was that, there would be lime window ! dressing In the flock market In connec tion Willi tne .ortnern racmc-urrni Northern bond offering, and if such was Ihe case, those engineering the move. ment were entirely nuecessful. The great difficulty In connection with such a ulttiatlon Is that very often too large a following ncciimulatffi in on upward movement and the withdrawal of sup port means that many of the unsuspect ing get "hocked." Owing to the many conflicting elc- mnnti In tl nrpsnnt finnncinl situa tion, competent observe state it would j be impocHlble for nny one to ninke an accurate prediction as to the probable! course of stock market prices over the j neit several weeks. Shifting f Investments ' Ttnnit turn riii-psrd the onlnion that 1 ! . -" v. v.i' ::.,. the HUccessful oiitcomi 01 tne nuriinK- lon unnertaKing wnuin dc innrumcuuii in bringing about iinprovcment In the bond list as a whole and that during the coming summer prices will move Into new high territory with a keener Interest in the Investment situation ns a whole than has been displayed In many monthM. It was felt the money market riiuh Ia ,111 Mnitiliin It.. i-itl. itiatnr t tllntl in turn wfll inviic a broader partlclpa - tion in tho Investment ninrkcts n oi nriYc with a resultant broader di'trl- tuition of (.pciiriticH than at nrcsent. llond men say that as a result of the attractiveness of practically all high grade investment issues, there has been better distribution of this class of se curities dtirlrjK the lost year than ever before and thin Is confirmed by the KtocK anil nonii lsts which nave uccn published from time to time, showing' unusually large increases over previous . 221S- , .YLB "! ..".Vr'y .Ti7..V' uiiuiuuu iuu uiJiwiuiuii,, Mk m iiiiKutvi a inuumu. tion to ob- ent sccuri- than ever Jiarmx ucen iuuucii iu a j,uimuu iu uu tain the best grade Invcstmc ties: at vieldy much hiclict L.fn. Tjt'..!j..-i. -. u: .-.or,. r.j I.,,.. Individuals of big means and large income have felt impelled to sell Invent- ment iisttes berauf.0 of the hcaw Gov- incni issues Because oi inr nenvj imv rrnmont tnx impoitions and invest their, funds in the lower .nteret,t-licariii2 tut-. exempt seniritics. i,urh ns (Jovcrnmciit bonds, municipal and State issues. i Copnr Consumers Holding OfT The best authorities in the red metal trade, while not pessimistic, neverthe less admit that there is nothing to ' entire nny unusual cheerfulness in the present situation. They say the futtlre1 fltppiidy entirely upon tho recovery in business generally anil insist tnal tin ,llllll lilUU.tl . V.,11 l,V VttK VI Lit' 111.1 to feci the benefits of future Improve ment, because the red metal has been thoroughly liquidated and i.s selling Hi present below the cot of production. In some qunrters it is felt that the drastic curtailment in production of ropper has not yet been generally real ized in consuming circles, hut this Is considered hardly probable, because It is Known that Ihe iierH of the red metal have followed day-to-day devel opments more closely reccntlj than everj neiore. Of courfe. It ib felt that consumption of the metal at present is in etccy1 of protluction. but the difference is not sufficient to have any great intitrenee upon the technical position of the mnr ket for the inctnl as yet. The surplus above ground in this country must be something around 1.000.01)0,000 pounds ,.,! it iu f,.l l,t it Trill tntn manv Huiuths to work this stock down to a point where the situation Will auto- I matically improve. Uncertain Rxchange Situation"" Taken as a whole, the exchange sit uation was such as not to crcnte much I enthtisiasni from any direction during I lH"t week, nlthough there was eon- Hiderabl hpcculnfion in the trade as io the course of rates over the next few weeks, because of thesuneertninty in connection with the European political situation. Some careful student of the foreign exchongo situation recently have ad vanced the contention that Europe's currencies nre unlikely ever again to regain their pre-war international rabies , l The basis for such reasoning la ine radical reauction oi purcnasing power of this money. Even the re- ...kii.k - ,.i ...J. k.i ., v'-uivuiiiMiiin-iii ui u.muiui nut uoiainti, it is asserted, could not alono bring Kurnpenn exchanges hack to par. J Hankers, who .pccial.z,. in foreign , exchange, say thnt in the fucc of the manv cross CUrients wnicll must lie reckoned with in the future, the ix- ' chance .ituatlon w ill be one of con- 'slderahle unccrtaintj and be followed 1.. :ik .k t.....t ii. ,m. ...11. Willi III," VII' .Tl, IIIH.I13L h,Ulllll. 1 throughout the world. rtrolters' Opinions lluglms I)tr "Iteductlon ln the I rrnnsyivHnin ivnurnan uiviuenu had k... .,l.t II. Il fllrrtAlitilml ... ....... I the fact thnt the sfock 1,.U "Clll UDOVC UN IUVV ICVCl OI B ICW WCI'lts BO. The action of the directors was nccensarv considering rondltions in the railroad world at the present time That. POCAHONTAS rovsoLmATKH K? rate will bePrestored as inyr?ml?iirM ....I ...ol,ll It,. .!, .i.i.i. ,' v.,.. . 1. h..r.i,v rion ,i,..i .. ... j"" m"" "' "" juiun lirariT o per ifin ut hid i-urrrni innrKer price. Co millions in th railroad industry sow improvement and solution of the manv perplexing problems may be looked for within the next few month. ...mflnllr n iho A,mliuroi:n.. .. .aneciallv WnclilnotiMi 1 ,Oirnl9nnf tf ,k. ...... ' " ,,n " -n,.",, ,'. ,iiv ni'i i- ousncsH of the situation. The revival of interest In the market during the Past week i an encouraging sign " II. V. Ilarliman A Co. 'The cot- ton mark., fontlniich in a'deadlock be- ' tween 11 CO and l-.eO for Jlav eonlrarts I now in process of finul lintiiifatinn. He- i , tf ., , .i liveries on ,'in.v inns iur nave Decil proposition io mc,ea,. the mo-tsa,; indeh. less than lO.IIOl bales toutrasteil wllli'edrs of the , i.nipan from f40.000 to about lnO.lMNi naies delivered on March1 contract. The Hank of England has' .reduced its discount rale from 7 pti" cent 10 ifa iim rent .Mancnesicr re ports 11 good hiixincss doing with mills and a good volume of business hns been put Ihrough. An enrl.v settlemi'iit nf the lienuan indemnltj ntiestion nnik lo be In prDi-iri'l which will limine tionnbly stimulate business netivlt.v nil around." lones .V llaker- 'A cnreful htudv nf htkti-rv of k vviirltl. the oil iti'lu-lrv Im ma loon atilf to cRln on the world's deruaude. TUB TKADUH, ready tp Mart tun t mo when the coal , j.,-- nAtniiN iu'ii ihno ssori tiov strike is settled. 'I rado reviews re. kS? a sue, lai Meettn. of the stocihniV.r port a steadv improvement in bitsiiiess of the said asv-ist!n,, 7iu i? hen it it! in the rnlted States Market Improve- aTfc,,,,,re;n4!5i;;,.'XJl8? YVSi ment Is noted In the vnrn mnrkeis 11 n'rloel.. to iat, actin, t ,1,. .'".' ? . I .1 . I . . . J. 1 .. t - a I ...... II asC" . . 1 , --arati ojhMsyi- ira l;ir.iM1.!!f"SMOT 1 ?mmiii;is Federal Land Bank 10 20 Year Brc Bondi Exempt from Federal, Slate Municipal, and Local Taxation Datsl Star 1. 1MI rii ?tr 1. 1911 ., .Not rrdermahl hffore May 1. 1031 The Supreme Court of the United States has held 1hes Hanks werj letollr created as Dart of the Iranklne srstem of the fnlteil Hlales. nnd thai the . bonds Issned hr these Ilanhs ' ore Instrumentalities of the IT. S. flotemment. nnd nre esempt from rederal. HtAte. Mnnlrlpitl, nnd local tcijodnn. Thes bonds ar accptaW by ths l'nllsd Stales Treesurr as eeeur llV for Government dsftoslts, In cludlns; l'ostal Sav.nie fund- They sre lawful nstments for al' fldurlsry and trust funds nndsr Ihe Jurisdiction of tho United Sletes Oovernmenl. Thev are eligible undsr ths laws of muiiy of the states for Invsst menl of all publlf and rrlvsto funds, and havo ben orllflnlly held ellallile for Inveatmsnt hv fftvlnrs banks In thirty-seven states Price 100 and Interest Yielding 5 -Bi BATTLES & CO. KstablLiltcd MtlO Indetwiidrnr Pnnnre (Kasll ' aimiK'MIIWmnffilf;E1II5,Bllilin UICAIICp Dll!ICFVf!n ww laatiiiBiii.iiwviiss a v, Certified Public Accountants Drexcl Buildtng, Philadelphia Anooal Ktectlens -- TliK "Y company of . N. .W, Car. , of.lust Jan.,r Sis. in Annusi ivecvion oi krireciors and j The annual flection of Directors and Treasurer of Ihe Library Company of Phlla- , flslphta will be held at the Library on Moo- I I qvIocV In the afternoon, when the Tresurer I I win attend tu cfiva the nnnual uavmanla. As there sre ,tral shar-a on which Ones ' ar due. th o-vnsra of th-m or their rep. rsentatlvs are. hereby notified that thty ! forfeited, arreeahly tr the Charter of ,h(( ,jomp,nyi unless lbs arrsara J p,irt on tha Pecond day of -May or slto- .. . ... .. ... in len uii, iii-r-,ri. J. nODifAN PAUL Secretary nirlriends hTANDAKI) SANITAUV Ml'fi. CO. rittshurcli. fa. April 2. 1021 The tureclors of this Cotnpanv have h, dsy declared rociilar quartrl dividends of licv, on the I'raforrl Capital fltouk an, I , iV on ,1,. f.nrnmwii vnpuni mor L ne, K, , w,n h mailed not latr than Mji.t io. iy aw"""" " r - ":,." .,,, Secretarv. SOLTinrARK NATIONAL HANK Philadelphia May V 1021 Tli Directors have thl, dav declared a ssmlatnuat dividend of ! and an extra divi dend of 4,. aat: on demand, f-ce of all t-s.es H. H. WEFIT Cashier. ofKirrc or Tim heal kstatk titi.k INSURANCr. AN Tltl'.ST COMPANV 3S3 f hetnut St. rhllndclphlo. prit 12 1021. X quarter dividend of M per ehare has been declared hv thf Hoard of Illr-cti's pa. able Ma) 2. 19-1 . to stockholders of record this date Check" will h moll4 DANIKL. HOCSEMAV Treasurer ' rrormsjvls i-HorosALft nrt tiik instaijtio.v of an eicctrlc-Mahtlna ; sjstem ln the new ' esnerlmental shop bulldtnif office ,,f ,hT i ConstrirtliiR guarterinailer at fMnliford Aeaenal. Thtladelphla Ta. Sealed oroonVii. ' will be received her, utitl. S I. M May l7: J Jirl snu h.cj. v.hm u .iiaiAiiaiion as -.., .hnvH llan9 anil an4.clf!eit(tnna I plication. yilVLKU PKOPO".I.B WILL BR Rr. reived at Koorn i 210. Cltj Hall, until l" .UmL noon nil Tridx.,-. Mir A. foi ..11 opened t that time In Room 210. Clty'iiail, or. Schedule A Inlets, manholes, laterala, tchedule V Reconstruction of Main Hewer In Moore street from east of Delswars avenue to Usla- " ware River Inquire t Room 4in city Hall FRANK If CAVEN Director. F1NANCMI. F!KL1T TIHIST COIl'ANY. Trnatee I nfln- the fortrase of The Snnhnpr I H iiiiiW ! n iiRI w m) I " I Hn7leton A Nlllies-liarre Kullwav Com. pany, dated May i, ioth. hereby artvee notice tnt '" y"ne ."' ,5r,ov',",2 of the. said Mort-ite. seventl (.01 bonds qi eries 'A seouren llleeIr namal) ". 2. 33 is bi i, 77. 88. 7. 8 up. "A. l3 'Vho-CVtK?; bond' 5"":3". hollar. ..et, ) ons. 930 051. tono 1114 1188 (Kourtcen bonds tor i-ive uunareo j,onars eacn. 1 . '!-, ,-nm Jg3 ui' ,VV' M?- i37 1571 1020 l3l. I7n,s. i72fi mm .i2n. toil loso IMS IMJ. 106I IPS' -013 21H3- Ihl tv lnds for one hund-e I ilnllarn each.) in all emountln 'o Thlrtv-sls THousvnd Mo.lars iJ.lftOnO1 -vers this dr.y dub drswn and that said bor 1, w 11 N purchaetd a par and aeeru-d niiercst on the flrst ds of June 1021. tv id Trustee, ut Its ofllre No 3J5 to 831 1 hfnut street, rhllade' lht,. after which Ive said bonds wl' cease to hear Interest Aorll 30. 1021 KIDKI.TTT THCST COMl'ANT WILLIAM I OF.ST. President . -""'. .T ..;.'. j-l-r".'-.""'." " '' terms of th 3IortK.e ost-1 July i.t. 1007 mat ins 'inniiriiKiirg ,i. , rump. rm receive ealed proposals up to 3 oo I. ji on tns 7th dav of June I0JI foi On, kale to It of bonds as ahov.i describe ' sufnclen. to us tne sum of t071 IJ 'ihe underaUmed re eervra the rlurt' to leje, c an or all tndcr TIIK NBW TllIlK THL'ST COJIPANY, Ih- II ; CRTS .SeTreVL'r N-iv Y.,rk li' I 1021 xoTirt: is HK.itKin i.iks that m A resolution of the Hoard of LMrecto'l ,f n.lllnder i on" ln- p.cia m.etinai of the tO'Vholders nf th sla (--n..l SSJ. !?'" 'iV.'loiYlVi! RiiS".'0! th" nfiW uf the Citnnun Taconv and ' D".""x !!!,r'r''., 'h"'J"h. to takel anion ", n iFir,,,., ui , i.Apnmiai of -'"""" f. , v TrF., v Phii.de'ph api-h in '102V sr'r,'ar, HpeH.il Mwslnta nj-.aTs ch.nxlnt: ih ih- rat nf im.r,t ., loans rr.np I-. rilMil)T t-eerJiarv Anniiiil Mreihits ANMAI. MKI.IIMi ,u oi.unes'e i-a on t', llfll, ,l. r 1 - .. - .- .... n irnn man r 111 L-irrimii 1. riif 1- . nr fn ' (.-- llli: , Uu, It, nt Hi'in n'llark p. JI.. f0r ,hl 1 sletitlon of ni' etnii. and tT. transaction of snk p ,ef bjl ne . ha, iv(, rnms bJf,)l- h. mtHlnK. M, a. MITCH. Btor.Ury. ' (1 RENT THIS BUILDING rAltTlCTTBr.T KUAVTm FOR Banking & Brokerage House t, fJ H ITS? 1522 Walnut St. 22x1.16 Lttr improvements tftrcug-nnut. Will lease either flrst or second floor. J or entire bulldln. Farther Informatlen Apply te Heymann & Bro. Widcner Bldg. Exempt from Federal State and Municipal Taxes Federal Land Bank Bonds 5. due 1941 opt. 193) 100 ftint. yielding Bi Si due 193S opt. 1923 98?i 4 ini. yielding 5.10 4Ks due 1937 opt. 1922 92i 4 int. yielding S.18X Circular on r. quasi Harris, Forbes & Co Pine Street, Corner William NEW YORK PHILADELPHIA OFFICE WIDENER BLDG. Stocks Bonds Unlisted Securities Bought-Sold-Quoted Our Board Room, with direct New York wires and our Un listtftl Securities and Bond De partment offer you perfection in financial service. Your inquiries invited. RK. Guthrie &C? Mmbrs I'lnu Stock 1.,,-hsn;;. 1418 S. Penn Square S1ITE 300 5Pni"''K 0787 RACK 3.Td Private ll'trca lo nc York L "HUMAN NATURE" THE STOCK MARKET' li tie Title of oar Special Letter oF thii week. H'Wff for a Irmr copy lrm tciIj1f,i7 if tnfrrr.sfiti? MILTON HEIMC0 STQoq-Fotnox doumchonds 16'1J Chestnut Street riiones; Dell. S-t-ruce HM(.J.,1. IWstone. Usee JIM 74 IlroaHiray 40 Alii ve.. N T. SUmforil. Conn. Pprlncflrlri. Jim BolesWestwood Mabr3 Phila.tock,Exchanda INVESTMENT SECURITIES Iariitftle J&M4. Philadelphia PHONE' LOCUST 4721 I Buenos Aires 5s & 6s Argentine Govt. 4s & 5s Jap. Govt. 4s, 412S & 5s Chinese Hu Kuang Ry. 5s Brazilian Govt. 4s & 5s Inquiries invited from Uanks and Ftrokors. COWEN & CO. 67' L'xrhangc Place, Niv York Telephone Hector 6700 III ni.l.AIH INNlllANCB Fidelity and' Deposit Cohipnny of Maryland PLATT. YUNCMAN & CO. 4U0 HMMTH T II T. V.T AllTM'.RSHips S'1,1 11 1 i hei tot ki ,1 1 1 ,, 1 lireiofui U!l , I ! -' mu flw. ' - 'II - V l I 1 -,v Vl.H v I ,on' wi'tTie l.KWIS ,1 riNf.-TONI- " r" K U04 tl Lincoln fJU'iiims The Rights of Stockholders ? This tln.ti-i.rlato linnlrlrrll I . . ' - .ww...wv cieariy explains many o! them; also those of bond holders, etc. It al.30 tells: The General Rules of Trading--The Rights of Stock and Bond Holders The Deposit Requirements for Car rying Stocks How to Give a Broker Instruc tions Broker's Com mission Charges How to Indorse a Stock Certificate How to Group Invest ments. Call, phone or write for No. TU-410 Ath for latest available j newt an any active security JONES & BAKER "Members of New York Curb Market" PHILADELPHIA OFFICE WIDENER BUILDING Telephones Bell. Locust 4730 Keystone, Race 2290 BALTIMORE OFFICE 433 EQUITABLE BLDG. Telephone St. Paul 8451 Offices in 8 Principal Cities lllrect rrlvate Wires GENERAL ASPHALT Wc have discussed in detail this active stock issue, and have also analyzed the Steel Situation in a special letter just issued. Ask for a free copy. , J. F. McGOVERN & CO. Members nf I'hlln. Slock Kirhani 1480 Houlli I'enn tin.. I'hlla, friwuc 64 Id linen 8003 Nrw lurk ns llroadwsr , Direct frlr.le Wire lo All Slark.l. California Petroleum Tho current 1sbu "f our Market rtovirvr conUInn an IntorestlnK article on this com ran vvlilclt recently close,! a three-eHr contract dlisposliiB of prarticallv .ill Its proilurtlmi Other stocks dlscus&Rtl Include Mcrritt Oil Cosden & Co. Int. Petroleum Chino Copper Sent on request for L-Klt HUGHES & DIER ("Till la. fitook Kirfmnr,, Memberti Llf.,,bnrtt ftK Kiclmni M""Mr"rhlrso nonrd nf Trmle INrw lork Trodaee Kieh.n.e 1435 Walnut Strct Philadelphia riroee ftiS rnre nn flaee la1 New York, rittebunrrj, rirrelsnd Race 1S53 READING RAILROAD Indications are thnt the sr-tj-rcRation ptrtn will be fa vorable tn tho Common Stockholder? Recent developments in this issue nm shown in our special letter. Sent free on requent. Ask for L. 11 RK.MTHRIB&CO. V iMn Ph s S'o, 1 KacBsnis 1418 S Penn Squ.ro SUITE J00 i' B 8791 ItACB 3;7 i,if U'tres fo Hq York GEO. A. HUHN & SONS STOCKS M IIOMIM semtwrs of tlio I'lillatlrliihlu. New ioik nnd hlruto Mock Kirlianxe. Neve York tollon Ktrhnms Commission Orders l.aecut.u a All Ihe Principal Market Libert Uonds- -llouclit and Sold llrllevue lourt lllilc. Ills Walnut HI .N. .. Ill HroHlvuijr. Allanlle tit, Aoibu.sador Hotel ' HEWBURGER, HENDERSON&LOEB Mentha New York and Philadelphia Stock Hxchunata 1410 Chestnut St. Vjfc,,jJ,IS 1 .,! ... I I J IJ WHIIII HipJ c. s. l'A'riON & CUT all a I III SIMM' Hid J!ANK1;.S St,,, i ..ra In .S.AII hit A hri'l.riIV llonils unil Html., doualit ami salt on iQfnmlsslin l.m1.er I'lilU. Hln, I, r.rl,,,,t r s. ai'Kiit i
Significant historical Pennsylvania newspapers