p-r. g, , ,(,m..,mi-. w'wmmmwMmwvmmmmmmmMmmmi
'i
V ;
J'
I
I- "
tiVJSftltfG PUBLIC, fcED&EBPEfttAbBiiPHm', WEDKESfiAY, JTJOT5 1 921
New York Bonds
IftALKB IN llOOOl
STILUMPRDVING
Roeervo Bank Chairman Re
ports Greater Activity and
Downward Prloo Trend
Aran A1CH
1 02
8 4U
1 98
1 98
1..... 98
Ft WD C 1st
American' D'k
4 45U
Not Co 4
1 02
OenVI Elee 6
N' PaelOo H
3..,., 8SU
8...,. 98
Am BAR Kb1
Cene'l Eleo tti
Nth B Pwr Bs
1 T0H
6 70
8.... lolU
4.... 101 H
1 82
Ocg ft Calf B
Amn T T elt
Goodyear T ft
4 89
2...,. 88
3 89
1 TS
i T8
1 78
nub Sa wl
1
oni
1..
1..
1. .
1..
on H
09 K
Oreron B I B
A T A T ev U
4 88
a..... 70
OrgW'n U Co
Amn T ft T 8s
N&vl CO 4
1 70
8 80
1 82
1 82
1...
90S
IRON INDUSTRY STAGNANT
O F nep TViwI
Amn T ft T 6
20
r 5
1 3 .. ! . .
- 1 1 1 1 , . 1 1 1 i 11 1 -- 1 1 1 ii, .. r . . ,...i.i ii. - .... aaaaiMi 'j
ii i ii i Tii in i ii i m
TRADE COND
ONS
-'",'t.tM'?irin0Hct or BRITISH COLUMBIA k.'rf iVaa,.. 1
. 11 '.' I T T-trai ieifcw.'A tii
w"'" "" rM tsooyooo . mt Mi 1 rsrwissttftarrttBsatf
98
05
P M Car C 8s
A Monument to Safe Investment
cAnnouncing the Opening of the STRAUS BUILDING, New York
Fifth Avenue at Forty-Sixth Street
THE new Straus Building, open
to the public today as the new
and permanent home of S. W.
STRAUS &. CO. in New Yor City,
stands as a monument to safe invest'
ment-the embodiment in stone and
steel of an ideal of thirty-nine years
duration.
Ever since this House was founded
In 1882, S. W. STRAUS & CO. have
held without deviation to the fixed
principle of safety. We have dealt only
in investments of unquestionable
security, and have protected the inter
ests of our clients so thoroughly that
they have never suffered loss or
even delay in payment of principal or
interest.
Whenever you visit New York, we
invite you to call and inspect our new
headquarters, in the heart of the up
town financial, hotel and shopping
districts, convenient in location and
planned on an ample scale to further
the most thorough-going investment
service to the clients of this House
S.W STRAUS & CO.
ESTABLISHED 1832
OFFICES IN FIFTEEN PRINCIPAL CITIES
INCORPORATED
STOCK EXCHANGE BUILDING, PHILADELPHIA
Telephone, Spruce 5628
39 YEARS WITHOUT LOSS TO ANY INVESTOR
Copyright 1021. by S. W. Ftraus & Co.
the co.partner8hip heretofore existing
Under the name of
MONTGOMERY & CO.
HAS THIS DAY BEEN DISSOLVED BY COMMON CONSENT
ROBERT L. MONTGOMERY
WILLIAM J. CLOTHIER
WALTER C. JANNEY
JAME8 H. PERKINS
HARRY E.
133 SOUTH FOURTH STREET
PHILADELPHIA
JUNE 1, 1921
MICHAEL QAVIN
EDWARD P. CURRIER
CHARLES P. STOKES
J. TAYLOR FOSTER
MARLOR
14 WALL STREET
NEW YORK CITY
THE INVESTMENT BANKINQ BUSINE6S HERETOFORE
CONDUCTED UNDER THE NAME OF MONTOOMEIW CO.
WILL BE CONTINUED BY THE REMAINING PHILADELPHIA
PARTNERS AND THEIR ASSOCIATES UNDER THE NAME'OF
MONTGOMERY & CO.
Incorporated
WALTER C. JANNEY.
President
HARRY E. MARLOR,
Treaturer
CHARLES I'. STOKES.
Vice President
J. KEATING WILLCOX,
Secretary
133 8QUTH FOURTH STREET
PHILADELPHIA
JUNe 1. 1Q21
F.
JIM
GE0.A.hUhN&S0NS
STOCKS AND 110
ONUS
OiSffi.HrV.ffiS? BTpt .
L,..A" rfiip.r&k,:t. ,n
Membersof New York and
Brings the Market
to your desk
Oar special telephone service
will kep you posted on active
NcwYorlc Curb Market stock.
Well-informed representatives
ore at your service.
We can give you concise Stock
Reports, a 16-pnge weekly
"Investor and Trader," lata
market news and quotations,
continually posted. Tell us
the active stock in which you
are interested and let ua keep
you informed.
Make our Board Rooms your
market headquarters or rail
, us on the telephone.
"Investors and Traders Guide,''!
b-page book telling the general
rules of trading, deposit require
ments, commission charges, etc.
1 Sent on request no charge
call,phone,or write for No.TU 439
Conveniently located oflices:
PHILADELPHIA OFFICE
WIDENER BUILDING
Telephones Bell, Locust 4730
Keystone, Race 2200
BALTIMORE OFFICE
133 EQUITABLE BUILDING
Telephone St. Paul 8451
Offices in 8 Principal Cities
Direct Private Wires
JONES & BAKER
Member of the New York
Curb Market
Philadelphia Stock Exchanges
The service of a broadly experienced
executive and manager are about to become
available to a firm holdlnr the above mem
berahlpa, wtvti office In Philadelphia. Ha I
highly trained through an active career, of
20 years In atock and bonds. Itaa a sue
cesstul record as a business builder and
possesses qualification rarely combtntd In
his profession. Jfor particulars address
"Experience." Crtrej'of Katoe Advertising Co.,
uu'tsijn ma,, ruga.
Equipments
nhltato & Northwestern ....014 1028.!U
Illinois Central Kq . . . 7 io?0
Kne n - 2"' 'o-io37
uUtourM'aeUle Eji. .. ,6s, Dec.'lu!
N. Y. Chi. A St. Louis, Pa Sa. joji
Price to Vivid osa.7. ' al
Townsend Whelen & Co.
80S Chestnut St.
Member tj. y. ft rhtl. WtocV Ffrehnnr..
PricM on silks and certain irrndc. of
worsteds, as well ns on upectalty and
semi-specialty grades of shoes, are de
clinlng, accordintf to Richard Ii. Austin,
Federal Rescrvo agent and chairman of
tho Federal Reserve Bank of Philadel
phia. In his monthly review of tho
business and financial conditions of this
section there is much cheer.
Collections In every" industry in this
district, according to the report, are
fair or good, except in the iron, steel
and coke trades. Prices are tending
downward, mvo in silk hosiery, upper
leather, rn.w skins and hides.
Mr. Austin comment on the severe
declines in prlcon of raw materials from
peak prices, but points out that the
relations of commodities to pr.e-war
prices are by no means in agreement.
"Reductions in wages have been ac
cepted for the most part, but at least
four Important strikes are going on in
thin district as a result of attempts to
reduce wages," the review states.
Hosiery Workers Out
"These include tho full-fashioned
hosiery workcrs( the printers, the enr-
et weavers and tho building trndes.
omc textile plnnts and fIioc factories
havo added to their personnel.
"Indications of a slackening in retail
sales, which were noticed after the ex
ceptionally nctlve Easter 'season, aro
now more pronounced. During April,
net sales, In terms qf dollars, were
.4 per cent leas than In the same month
of 1020, and the unseasonable weather
of May has so Interfered with retail
business that many stores report a
greater decrease for the first two weeks
of this month. Decreased business is
by no means the universal report, how
ever, for the figures of many stores
reveal considerable gains over the totals
of last year. This Is especially true
of those establishments that have con
ducted intensive advertising campaigns.
"The buying policy of retailers lias
undergone a marked change In recent
weeks. Whereas the purchasing of prac
tically all firms was confined exclusively
to the satisfaction of immediate require
ments, many merchants ore now In the
market for fall goods.
Agricultural Conditions Fair
"Agricultural conditions throughout
the district are favorable, except for
the damage done to fruit crops by cold
weather earlier in tho spring. A re
duction In the acreage of potatoes
planted is reported from some counties,
but the acreage of other crops Is esti
mated at present to be about normal.
"Although domestic consumers are
still slow to purchase hard coal at
present prices, the ordertt placed during
Mny have shown a considerable increase
over the total for April.
"The estimates made by the United
States Geological Survey of consumers'
stocks of soft coal on band April 1 were
n distinct surprise to dealers, for thev
Indicated that these reserves wcr far
larger than was thought possible. It
is apparent, nowever, mat consumers In
general, and especially industrial con
sumers, have been drawing upon their
stocks for at least part of their current
supply.
"Demand for metallurgical coke is
still low, and beehive coke ovens in the
uonneiisviue district are operating at
less than one-fifth of capacity. The
estimate of beehive coke production for
the week ending April 30 was 72,000
tons, as compared with an output of
tnO.000 tons for the week ending May
1. 1020.
Iron and Steel duffer
"Tho iron and steel industry is still
Biuiermg irom wiacspread stagnation.
Tho equalization of corporation and in
dependent prices has failed to stimulate
new business. Seasonal purchases by
automobile companies and oil interests,
though larger than they were last
month, are far from normal, and it is
apparent that automobile manufacturers
are drawing heavily upon their accu
mulated stocks of raw material.
"Tho lethargy that has marked the
flvnnrr trflrl iitiflnne nrsA lin Ih ......
filon abroad gives no assurance of nnv
immediate improvement in this field.
Wltptliftr rnnftiimntinn u'ntiM Ko wmin
(it imilln tori ViV finefhni- m-loa PAsliistfri a.- t
'aee4i t.uu w .u..a.I JUlV 4 VVi U(, 11U113
doubtful, but the consuming trade bo
neves mat tno new prices announced
liV tho StHal CmTfyttHr n -a mAM.1
transitional and will be followed by fur
ther decreases in the near future. An
other potent factor responsible for the
present state of affairs Is the expecta
tion that material reductions will be
made in railroad freight rates."
07 H
0TH
07 H
97 U
07U
07W
97U
1
1
8
1
28
5. . .
a , . .
8
A T ft 8 Fe 4s
1 70U
1 (sale) 7SH
1 78H
A Coast U 4s
8 TS
A Coaat L 7s
1.... 100U
Atl Bet ct OH
4(sale) 100
T 90
1 99
1
Oove't F
2
32... .
18
0
8
a
l
2
20. ...
3
23
14
2
5... .
2
8
7
1
noTt
l.
i....
3 90
nlt ft Ohio ev
i estt
n & Ohio mis
S 81 H
1 sis
Halt ft Ohio 4s
0 07
Bait ft Ohio Bs
1 '60H
Dalt ft Ohio (Is
0 ASH
2 M8U
Bft O Swn 3'i
8 784
Bell T Ts rets
00H 20....
It 8
99
99
00
99
99
90
00
99
09
90
99
99
09
99
90
90
99
99
90
O Bwlra'd rein
1..
1..
1..
1..
1..
1 .
1.
1.
102
101
101 N
1014
ton,
ioi ;
101 ;
101
Beth Steel M
1 82
Bkn Ed! Co Gs
2 80
Bkyn U K 1st
1... . 04
3.. .04
3.. .. 01
Canadian N 7s
ft 100
1.. . 100
1 ... 100
1. . 100i
Canada B'n Ba
1.. .. 83i
Cen'l of On en
0 82
Ctl Leather Bs
1 R8
Ctl raclflo 1st
in 72
ft 72
C It N Jey Sf
4 . OtU
C de P Cop 8s
1.... 108
ft 108
1.... 108
C ft O cv 4s
Od Trunk rets
1 ... 100
1. . 100
2 ... 100
Great N It 7s
1 .. 90
1 . .. 00
2 08
Hud ft Man fd
2 (17
1 .... 87
1 07
Hud ft Man In
1 38
1 . .. 38
B 38
ft 88
III Central fd
1 74
III Cent'l fs
1 .... 87
Intb Met 4
0 10
lntboro II T fd
2 63
1 53
1.. .. B3
2 03
I M Marine On
1 78
Iowa Cent' 4s
1 40
2 40
Jap Oove't let
n.
74
74
71
74
cv Be
81
80
8144
Financial Briefs
The averare prlee of twenty active Indus
trial stocks declined 0.8T per cent yestrrdav
to 73.44. while the twenty railroad declined
0.1ft per cent to 71 83.
TA 1IIIi..a. - - ............... ...-. n...
. "bi .i.'aBiiiouii w u. mmuuiivo lliai vli
nam J. Lnckey ha become associated wltti
the bond department In their local office.'
Edward B. Smith ft Co. and Elklna. Mor
ris ft Co. are offerln $1,000,000 fifteen-year
flrt mortgage 8 per cent sinking fund void
bonds of the II. 6. Wilbur ft Son. Inc . at
00 to yield 8 05 per cent The bonds are
frea of the Pennsvlvanla four-mill tax and
o; the normal federal income tax not ex.
ctedlne 2 per cent
The Chicago, Burllneton and Qulncy Rail
road In 1030 showed corporate net Income
after taxes and charte of 122.924.803.
equal to 120.88 a share earned on f 110 830.
1U0 capital stock, against I23.B42.470. or
121.24 a share In 1910.
The Denver and RIo (lrande TUIIroad Co.,
for the year ended Decumber 31. reporta net
corporate Income, after taxes and charges
of $1.041, 413. equivalent to 13 20 a share
earned on the S40.77S.670 preferred stock
This compere with a deficit of 1281.807 In
the previous year.
Raw Sugar Market Quiet
New York. June 1 The raw ujrr mar
ket I quiet and about unchanged. The first
sale of full duty-paying raw, under the
new emergency tariff was made on Tuesday
a lot of 8000 bags of Costa Rlcas. In port
and for prompt shipment, being taken by the
American Sugar Reflnlr. Co.. at 8Uc, c I
f., which, with the new duty aiWed. brings
the duty-paid price up to 6.28q. Importa.
tlona Included 25.000 bin r?nh .. k
Werner Sugar Reflnlng Co.; 447000 bag
Cubas and 2000 bags Costa Rlcas to the
American auaar jieimiiiE tQ.l zu.nuil Dags
gned to the trade. The local refined
marital ! uuciieiigpu.
C'k ft O
8
4
1
Chi ft Alt 3s
2 SB
2 .... 35
Chi B ft Q Km
1 75.0
Chi B ft Q 4s
1 99.00
3.... 99.8
2 . . 99.02
1.. . 09.0:
2.... 90.60
CB ft Q 6wl
1 06
2 06
ft.. 96
Chi Indiana A
Lo Rly Ba
1 70
Chicago Mil ft
StP cv 4n
2 67
Chicago Mil ft
StP fd 4
1. .. 00
Chicago Mil A
BtP ev Ss
3 60
7 08
C ft N W 0s
1 (sale) 07
2 07
Cht Ratlw'fi Be
1.. .. r.3
1 03
Chi K I ft P fd
1. . 00
Chi U Sta 1
2 . 79 ;
cnicago union.
sta ct G
4 . 101
2.... IM
Chi ft W I 4
1.. .. 00
Chile Cop'r (In
1 7ft
1 7ft
City of Berg-en j
8 rcta as
1 . ... 94 K
City Bord'x os
1.. .81
Cty Chrls'n 8s
2 . . 06
City Cop'ii 8 14
S . .. 78
2 ... 7ft
1... 78
3 . . . 7B K
City Mare's 6s
1 . 0
3 . .81
C N Yk 0h
1 80
City Paris 0s
1..
1..
1..
I..
1..
4.
102 U
102
102
105
102
102
1 06
Pa II irm 4s
1 76
Penna R R Bs
7 84
Penna R 0s
1..
B..
4..
B-.
1..
1..
1..
a..
3..
4..
Penna R R 7s
1.... 101
1.... 101
Fere Marqt 4s
2 65
8 05
Phil County cv
8 04
2 04
Port Ry t Ba
1.... 70
Publlo Service
C'n N J 6
1... . 64
Ren Chile ret
OB
Oft
0B
0ft
9S
Oft
flft
09
03
95
I'L. wvia I ."'Iv-.T.e -o- y I --J 5
- UI. 7 , 1 I I ."-. - W. -
SHSW 'rL-.U; i- . 'tO,..? -"w 1
r s -. ..,MJ 1 Z5 aT' i
-Z. r w.TcuarVtwr: V.aT. .7 rn. .. ', 1
y WiiLjrr"1 I iL z iflM XMSGmmmmmammmmmmmmm7. I
1 - r" T
.JTStM VT What Our I
I M K IflrVnilUlWf -v pa
lam. r Jsn "
J
95
95
0B
05
9B
91
94
94 1
Rio Orande ft
W'n clt 4s
1 .. B3
St U t'n Mt ft
S'n Rly 4s
3 69
8t L. ft B F aj
8...
18..
2...
8...
0...
8...
2. . .
4.
3..
St I.
2..
ft S
2 .
1..
20.
..
3..
St I- ft S Fran
Series A
05
F in
B2
B2
52
B2
B2
52
B2
3
8...
0...
1...
1...
Jap do vet 2nd
8 8B
0 85 U
Jap Oove't 4
8ft
85
88
85
S3
08
09
09
69
S Bs
74
76
1.
1.
1
4.
Kan C ft
1
1
K C T Rly 4s
2 71
1 71
Kelly Sprlnrd
Tire Co 8 wl
1 90
K Belgium 6a
94
94
94
94
04
04
01
1.
1.
1.
7.
30
K Belg'm 7
4.
1.
1..
3..
ft. .
1..
2..
98
98
08
98
08
98
98
08
08
98
98
8S
98
08
99
98
98
98
98
K Belg'm ret
1 98
S..
1 .
1.
0
0.
ft .
1
Kingdom
08'
98
08
08
9
98
08
98
Den
mark ct 88
09
99 ;
99
99
99
Liverpool Cotton
Uverpool. June 1. Spot cotton was slow
of sale today with prices easier on the baals
of a decline of 1 point for middling at 7.B3d.
The sale were 2000 bales. There were no
recBlpts, Futures were steady In the eerlv
dialings. Spot prices were. American, mid.
dllns fair. 10,53d', good middling 8.63di
fully middling. 8.18d. middling. 7.ftAd. law
middling rt.Md, good ordinary ft 38d, and
ordinary. 4,68d.
Prices Heavy on Paris Bourse
, . 10 t'inw. wen ue&vy on tn
uourse vuuay. inree ,isr cent rtntes B7
franca 10 centime: exchange on London. 46
franc 48 centlrhe! 5 per cent loan. 82
franc 70 centimes. The dollar was quoted
utrll franc 01 centimes.
Liberty 3as at New Low
'w Tork.lrn l.-Utrty ju, refehed w
mw, low referd today when they laid on
th Kaw Yot Stock Exeharc at iT.38. n
99
09
09
99
90
90
99
00
90
90
1. .
1..
1..
8 .
3..
King Italv u,
5 86
Kingdom Nur-
way ct Ss
1 . 100
3 . inoit
1 ino
1 . . 10"
3 . 101
King Swd'n tl
1. .. S3
D 15 ft Wn Ind
1 . . . Hi
l.ehlgh Val flu
60
60
60
60
60
2..
1..
1..
1..
1..
St Li ft S Fran
Series B
1 73
1 73
1 73
St I. ft 8 Frin
Serle C
1.. 80
St L. ft S Fran
gm 6
0... . 95
St L. Sow'n en
1 64
1 84
6t P'l ft Sioux
City 7
2 92
1 92
1 92
Sao Paulo of
Braill ct 8
1 95
1 96
8 96
Seab'd A I. fd
9 40
Seab'd A Li 8s
1 .... 40
Sinclair C Oil
Corp'n 7
2 02
7 92
8 .... 02
Seab'd A L. al
2 101
S'n raclflc M
1 74
1 74
8'n Paclflo 4s
0 67
S'n Pao cv 4s
1 77
So'n Paefle 6s
8.... 80
S'n Rallw' 5s
1 82
Stand'd Oil of
Calf ret
1 70
Third Ave 4
2 .... 47
Tidewater Oil
Co ct 6a
2 93
6.. .. 92
Union Pac cv
2 82
8 82
12... 82
Union Par fd
1 74
Union Pao 4s
1... 97
Union Pac 6s
1... . 08
U K of G Brit
ft I'd 1021
3... 99V
r. 99
fl (19
U K of O Brit
ft I'd 1922
CI'd Cln CM ft Mid fl
St I.ouls 6s 1
1 85
Cleve S L 4s
5 81
Cons d Oan 7 1
1. .. 100 5
Cuban A H Ss 0
1.. . 100 20
3 . 100 1
2. . 100
2... 100
CSn
R0
80
. 80
. 80 2.
.80 NY
. 80 1
ft R flJ t
. 70 I
4 W 1st p
00 1
98
98
08
Con
Cuban
1 .
ft .
3
4 .
1 ..
B .
C Tab
1 .
Dal
2
Pel ft Hud 7s
4 101
Denmark Con
ct A 8s
3 . .
t
B. .
Denmark
ct U 8s
2... 98
Den ft R O fd
1 45
Den ft R O Be
1 .... 71
Do Canada '20
1.. 01
1 .... 91
18.. .. 91
0 .... 90
D De Nemours
Pwd 7swl
7 .. 99
ft 99
5 00
5 90
3 00
Duq Light 6s
1 ... 80
1 80
Erie Oenl l.len
7..... 42
Erie R n cv V
li 43 u
3 97',
3 117'.
3 97
7 1)7
I 17N
1 07.7
1 99 T
1 09 7
1.. . . 97 7
OfliJU K of O Hrit
95 II 1029
J 1 . . . . 89
95 ' 1 . . . . 80
Myers 7s 1 1 . . . 00
in 5 . . 90
I.orlllard t. isU K of o Brit
5 . . si' & Id 1037
Lou ft Nash Ts1 8 84
1.... 101. 1 84
Mex Pet 8s mi 1 1 85
1 . OS', I I--. S4
2 . . . . 9 t'nlted States
2 . osi, HrMll 8 l
2 9HV 5 . . . 97
ft Or As 5 . 97
..76 1 .... 97
Mln ft St L (1 1 ... 97
1 . 41, tT s Mexico 4s
Mo Pacific 4s 5 . ., . 36
V S Mexico 5
2
I. ft
1.
3.1
53
58
51
53'
M ft O St 1
Cairo 4s
7
1 ...
4 ...
tl . .
25 ...
8 . .,
I' S R 4-
50
B0
50
no
50
I Bs
88
Mont'a Pur fts'f s Hubb'r 5a
. . S4 I 1 . .. 77
H, 2 . . 77
. . S4 U -s Hub 7s
Cent'l 6i I 2 .... 09
871,1 2 . .. 119
87 K 1 .99
. 1971, U S Steel 5s
. 87
.. 87'
4 . . 87
1 87
N Y C 7a rets
2.. .. 00
1 99
New Yk Dk 4 s
1 . . 67
New Y N H 4
Hart'd 6s
1 . 60
N Yk Tele rt
1 01
1 ... 01
New T W G
Bost 4s
1 .. . 87
1 . 37
Nfk Son R 5s
3 . . . . 43
Nfk ft Wn 4a
l.i... 75
Nfk ft W cv At
5 . 100
N ft W Poco's
Coal Co 4a
1 74
NlhWBT 7
1 93
4 -,. 08
1 . 98
8 08
l....t 98
1..... 08
05
95
2 . 94
1 . 91
I 9
1 1 sale) 91
U'd S S 5s re?
1 . 93
1 .. 03
V t-' C'hem let
2 92
4 . 02
Va Rallw's 5
1 ..81
Va Rly ft P 5s
1. 69
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What Our
Buying and Distributing Ability
Means to You as an Investor
In your choice of bond investments two factors
are pre-eminent: first, their safety; second, their
adaptability to your individual requirements.
The safeguards provided by our buying
experts resulting from their extensive experi
ence and specialized knowledge assure in our
offerings, so far as is humanly possible, the
first of these qualities safety.
Our extensive distributing capacity provides
a frequency and variety of new ojerings which
assure at all times a wide and diversified list
of bonds from which every investor can make
a selection exactly conforming to his individ
ual needs.
The character, extent and variety of our
offerings are best indicated by the issues here
with illustrated, representing a partial list of
bonds in the purchase and distribution of
which our organization has shared since
January I, 1921.
May we, without cost or obligation to you., tend
nur current offering tet and add your name to our
list to receive subsequent offerings t Ask for list
P.i-10
HALSEY, STUART & CO., Inc.
Luml Title Bldg., Philadelphia. Telephone Locust J,S-20
DETROIT BT. LOUIS MINNCAPOUO MILWAUKKK
NEW YORK PHILADELPHIA) BOSTON
i 1
We announce the admission of
MR. EDWARD P. CURRIER
and
MR. J. TAYLOR FOSTER
as of June i, 1921
and the opening of an office under their
direction in the City of New York at
14 Wail Street
1
Marshall Field, Glore, Ward & Co.
137 S. La Salle Street
CHICAGO
Investors WUl Want
This Boo
luffiioilEnf
w1 y
TT covers the birth and the develop-J-
ment of the Electric Light and
Power Industry
It shows the constant rapid increase in
the number of consumers served.
It graphically portrays the growing
output and the steadily increasing net
revenues of the jndustfy.
It pictures present day uses and points
out the broad field still to be occupied.
It shows a ratio of earru..ga from pres
ent business which justifies the pur
chase of well selected public utility issues
by the most conservative investor.
In writing kindly ask for booklet PC-JO.
Our Juni Offering Shut, jtut off ths
fret:, will alio b unt ufon rtquist.
The National City Company
Nttlonal City Bank Building, New York
Philadelphia 1421 Cho.tnut S.
Atlantic Citr Chalfonta Block,
1225 Boardwalk
If-
High-Grade
Investment Bonds
may be bought on the
Installment Plan
$J0O 1!1 wrurr a 1000
lioml, und tlie linlanr mm
b paid ut rommlMit periods.
WlDtNtR BLoa. PHIUOIIFHU
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Foreign Exchange
Explained
A.0 Intersstlnc bookfet explaining In
Impls lancuat an Important ud
J.V . Investor and business man
oii And tt of sreat valu.
fisat (r upon isquest lor booklst
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W-H.MKenna&Co.
221 S. 151k Cl PLtl.J.t.Lt. B.
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