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EVENING' PUBLIC LEDaERr-PILADELPHIA, WEDNESDAY, JUNE 1, 1921
BANON
FIREWORKS
IS SIGNED BY MAYOR
Moore Approves Ordinance Pro
hibiting Sale, Possession or
Discharge of Explosives
ALLOWS PUBLIC DISPLAYS
Two of the Outstanding
Reasons
.for success in business arc courtcousness and the exercise of
sound business principles. These have made ninny successes
with the aid of n good banking connection. Therefore, this con
nection should be decided upon with a full understanding of your
special neods and requirements.
To keep a bank nccount twenty miles uway from your business
is neither wise nor economical, and the added interest of personal
service is a large factor in your growth and success.
Wo render this service and we are convenient to almost any busi
ness in the city, for
We Arc in the Center of Tlwigs
Opposite Broad Street Station
Third
Organized 1863
The nntl-firvorks Inw becomes ef
fective today ns n result of action yes
terday by Mnyor Moore. He signed the
measure pnmeI by Council, which pro
vldes Hint It shall be unlawful for nnv
one to have fireworks In his possession
or offer them for sale, Public illsplnvs
arc permitted providing a permit Is oi-
The real "teeth" In the city ordinance
are found In the section which gives
the fire mnrshnl tho rich, i n.t. n
fireworks unlawfully used, sold, dig.
played for sale or stored anywhere In
tno city.
Announring his approval of the antl
nrenorks ordinance, the Mayor Issued a
stntement In which he explained lie win
supported by the opinion of DaVld J.
Smyth, the City Solicitor. ?
The ordinance, the Mnyor said. Is a
1n,,,p,?',p . Prt.lilbltlon hill so far as
Plillndclphin is concerned.
"It prevents nnv ner.son. nn-snnn. firm
or corporation from storing, selling-, of
fering for sale, or having possession of
with intent to use or sell, or discharging
01 causing to be discharged, ignited or
fired or otherwise set in action, nny
fireworks of nny kind. This menns that
no one can lawfully sell fireworks hero
after, or have them in possession, ex
cept in tlio case only where a public
display is permitted upon permit issued
by the Mayor. Any body of citizens or
corporations desiring to make a public
display of fireworks in Mime designated
nlace can do so if a permit is obtained
from the Mayor nt least fifteen dnys in I
advance of the dnto of the display."
GOSSIP OE
THi STREET
Coupons Payable
at this Office
June 1, 1921
Chesapeake & Ohio Railway Equipment Trust, Series "I"
Chicago, St. Louis & New Orleans Equip. Tr., Scries "A"
Consolidated Light, Heat & Power Co. First Mortgage
Eric Railroad Equipment Trust, Series "CC"
Eric Railroad Equipment Trust, Series "S"
Eric Railroad Equipment Trust. Scries "DD"
Indianapolis Traction & Terminal Co. Car Trust, Scries
Latrobe Conucllsvillc Coal & Coke Co. First Mortgage
Norfolk & Portsmouth Traction Co. First Mortgage
New York, New Haven & Hartford Equip. Tr., Scries "UK" iyts
Old Ben Coal Corporation First Mortgage
Seaboard Air Line Railway Co. Equipment Tr-, Series "S"
Spring Valley Utilities Company
Southern Pacific Equipment Trust, Series "C"
The Ironton Electric Co. First Mortgage
Vinton-Roanoke Water Co. First Mortgage
Principal Due.
4 Ms
5s
OS
I 'i
H2s
4Kb
D" 6s
6s
5s
6s
6s
6s
i'js
fis
6s
Commercial Trust
Company
Member Federal Reserve System
CITY HALL SQUARE
BROOKE, STOKES & CO.
Member Philadelphia Stock Exchange
140 South Fifteenth Street
lake pleasure in announcing that
Mr. Clifford C. Collings
formerly of the
GUARANTY COMPANY OF NEW YORK
has this day become associated with us
as'
Sales Manager
of our
PHILADELPHIA OFFICE
HlllllllllllllllHlllllljllllllllllllllltllliiliiiiiiiiiilllllllllllllllllliinilllllllllllllllll!:
Averaging Down
You no doubt have among your holdings securities
that havo cost you well above the present market quota-
; ' tion. Have you considered taking udvantage of the prosent
16v level of prices to average down your cost price?
Lot us make a few suggestions to you in this connection.
West & Co. I
Members
1417 Chestunt Hired
"" I'hlUdelphl
Philadelphia Stock Exchange
New York Stock Kiclmnto
fit Tiroadwar
New York
IIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIHIIIIIIIIll
News of x the passing of the Pierce
Arrow preferred dividend yesterday,
coupled with the- announcement of
further drastic cutting of motorcar
prices, naturally exerted a decidedly
chilling- influence upon speculative en
thusiasm' in the motor group.
There seemed ta be n growing belief
on the street after the closing yester
day that most of the bad news pos
sible on the motor Industry was now
known, Many, however, did not.alto
gctlicr concur In these deductions,, point
ing out that, with' the trade war now
a matter of reality, thero was Vvcry
possibility of u further slashing of
prices, which would! ultimately mean
the survival of the fittest. It' seems
mthnr like the lronv of fntc Mhnt
motor shares, which were the tirst of
the War brides in- the memorable bull
mnrkoiH of 1010 and 1017. should now
threaten the destruction of 'market
superstructure.
The remnrkablc- career of many of
these companies tends almost like a
fairy talc, and from n plaything the
Industry lins become one of the lending
bnromeoTS of cencral trade. While
the outlook Is dark .and gloomy, there
is every possibility of the bearish op
erations In these stocks being ns grossly
overdone as was the o-cr-cnthuslasm of
the bu)l movement. Most of these, con
cerns are more vnluablo today than they
were when the market prices for their
stocks were soaring heavenward. What
is more, the industry hns likewise been
established on a more permanent busi
ness 1wn!s and altogether out of the tfro
motion tficjd.
Thero may be a complete readjust
ment, with consolidations and amalga
mations much the same as In the steel
trade 'hrior to the organization of the
United States Steel Corporation.
No New Government Hond Issues
It is unite iMissihle that there will be
no further large (iovernment offerings of
bonds in the immediate future. On the
other hand, it is true that all foreign
governments are in need of large sums
probability
nf .iiiittht1 n.t1 ihil, In nil
BEQUEST TO K NG SFT ASIflP they will will unnn the American mar
ket to supply it when they believe their
requests will be grantee, by American
bankers-and investors.
There Is n mixed condition in this
country still with respect to the finances
of the corporations. Some of the larger
ones have paid off" a considerable nart
of larce bank lonns made during nnd
nfter the war. It is doubtful whether
they will.be in the market for some little
time with offerings of bonds or any class
of their securities. These statements
apply most specifically to Industrial
companies. Some of them, unfortun
ately, still have big bank loans nnd may
be expected to offer bonds with which to
The oosts of the action are charged I finance for n long period the temporary
to the Marquis de Itoya, of King AI- obligations. Such offerings would be a
fnno's household, who represented the I factor in the general bond market,
monarch in court. If the general railroad situation is
French Court of Appeals Refuses to
Give Alfonso $500,000
Toulouse. France, dune 1. The Court
Court of Appeals hns reversed the de
cision of tho Civil Court In St. (Inudens.
rendered In July. 10111. under, which
King Alfonso of Spain was warded
SfiOO.OOO bequeathed him by Albert
Snpcnc. formerly mayor of a small town
near Toulon, who died in an insane
asylum. The Appeals Court held that
the will wns Invalid and thnt the entire
estate should go to n sister of M. Sapcnc,
who was un ardent roynlist.
cleared up and the credit of tun rail
roads Improves materially, they may be
expected to sell bonus' in order to pay
off temporary loans, both from the Gov
ernment nnd the banks. As a matter
of fact, however, some little time will
have to elapse and prices will hare to
advance materially iiciore i great num
ber, of the weaker lines, could afford to
ell bonds.
West's Money Rates Unchanged
Although the Western money market
shows' some further signs jot relaxed
credit strain as a result of the exist
ence of a feeling of optimism coming
fromthe reduction of discount rates by
the Federal Ileserve Hank, "nevertheless
there has been very little change in the
financial situation as a whole. It Is
true, conditions are far better, in a
general way ns compared with a month
or two ngo, but business In' mercantile,
as well as In industrial lints, has proved
disappointing In the way of spring
trade. This Is accounted for' In a lnrge
wn. by the slow reduction In retail
prices, which have not followed in a pro
portionate ratio with wholesale prices.
Discount rates at the loading finnncinl
centers In the West are 7 per cent on
collateral, 7 to 7")i per cent' on com
mercial paper and 7 per cent over Hie
counter; banks feeling disposed to' con
sider flirt question of lonns favorably
only where consistency .and legitimate
requests are recognized ns csscntlnl.
More Freight Handled In, West
Officials of railroads operating cast
from Chicago and HJ.. Louts report n
moderate Increase in the movement of
freight, nnd the number of Idle cars
has been reduced to some extent, ftn
the big industrial lines there has been
no great chnnge. out miscellaneous
freight offerings have been larger. -The
hand-to-mouth character of general
buying is reflected In the movement of
local traffic. The movement of build
ing material Is held back' by the Inter
ruptlon of the moderate activity at the
principnl centers on account of labor
troubles. Coal Is picking up somewhat,
and there Is a fair movement of lumber.
Conl Is beginning to move to the lake
ports for shipment Northwest In some
what larger volume. Lake boats are
depriving the railroads of the'bulk of
the grain nnd flour shipments.
Southern road officials report a much
smaller movement of coal and lumber
thnn a year ngo, but the movement of
general merchandise is keeping up a
slow train. Wheat shipments in tlm
gulf ports continue heavy, as they have
ror several monms past, uotton ship
ments arc not heavy compared to nor
mal, but there has been a good sized
traffic in seasonable fruits and veg
etables. THH TRADER
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- ur.Famdvs
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w
'ITH the best of intentions for the
welfare of their families, many
men neglect to consider the future.
They forget that women and children, left
unprotected, are often forced to assume
financial responsibilities without previous
training.
There is one best way to provide for the
time when you may not be here. . .
That is to make a will.
The head of a family owes it to those who
look to him for protection to be informed
on these questions. They are discussed in
a booklet entitled "Safeguarding Your
Family's Future." We shall be glad to
send you a copy upon request.
GUARANTEE
TRUST AND SAFE DEPOSIT CO.
316-18-20 CHESTNUT STREET
1415 CHESTNUT STREET 9 SOUTH 52D STREET
- ------.---.---.. --------1. ---. --t. -. ----- ----------------. ------S. .
A Protective Committee
of the Class A Stockholders
of the
Ajax Oil Company
and the
Hercules Petroleum
Company
of Dallas, Texas
is now being organized for the
purpose of making a complotc in
vestigation into the affairs of both
companies.
Stockholders of cither company
should communicate at once with
BRYAN R. DORR
58 West 39th Street, New York
We Offer
DUQUESNE LIGHT CO.
(ritlM.nrKh)
Fifteen-Year 7i2
Convertible Debentures
Price 982 & Interest
Yield over 7.65
"Tax Free" in Pcnna.
Welsh Brothers
328 Chestnut Street
Philadelphia, Pa.
I WiU Invest
as a partner .or stockholder in
an established business where
the services of an experienced
EXECUTIVE are desired. In
reply give nature of business
nnd amount of investment, de-
mreu. io agents or
motors.
C 115, Ledger Office
pro-
V
How to Forecast
Sales This Summer
E. I. dfc Pont
de Nemours
7'2s, 1931
MILTON HEIMtfCO
STOCKS-roRtlCH HOWNGtMJNDS-
- MIM8 i
1622 Chestnut Street
IMionri I1HI. Hpi-nre U 1-2.3.4
-. n Kerntnnr) IUr 1M
.4 llroadWM 4SO Bth Avi.. N. V
htamfonl. Conn. HprinrflfM. Ml
Ww ntrwtt
Virgmuut Railway. Company
VTlfll flU lttlU anau
, Saimue! K, PhJlips & Co.
!. 61? IISBT.MIT TKi;i.T
I Frederick Peirce 1
HONUB O f INVEST
ron OC VX. must
ItZl Ckettnqt Street, Tiilfdelpbla
M
r
ITU inforwuUUn fntqintd in
DUs lk mnd riNvt bulls
tin )U4 f th0 pr 1$ 4ytUl
imprUinct t 0nt kuin4
man, Clip mtmt fti.
. Kt
IV"1 if.
Certain territories and certain industries pre
sent unusual sales opportunities. Will you get
your share of this business?
Is your sales manager following the old method of
depending on salesman for reportsofcondltionsor
is he basing his sales campaign on unbiased facts?
"Advice to Sellers" Bulletin )ust off the presa forecasts
ulea conditions in every territory in the United States and
Canada. With this information you can not only pick the
most fertile fields but, by a special method shown in this
bulletin, accurately estimate the sales you can safely
expect in each territory.
MmhlAik hr Bulletin
n:r BABSOINPS cKKsL
Wellesley Hills, 82, Mas).
(StAuk.IBo.Ui)
TU Lartul OrganUatien of lit CKtrctUr in On World
rrnrOTUPm
I mciviKj jor i our secretary
I Write Roeer W. Babeon. founder of The Baboon Statistical
Organiianon, Wellesley Hills, ta, Mass.. as follows: riease I
. tend a cooy of SDeclal Bulletin NuMlKA and HnnLlr, I
I "InareasinkSaift'' eratis.
AMER. TEL. & TGH. CO.
RIGHTS
BOUGHT SOLD
MORLEY, WOOD & CO
333 Chestnut Street
NEWBURGER,
HENDERSON & LOEB
Members , New York and
Philadelphia Stock Exchanaet
410 Chostnut St.
PENNA. TAX FREE
SECURITIES
PAUL & CO.
Members rhlls. WtocW Rxchance
1421 CHESTNUT STREET
WIEGNER,ROCKEY&CO.
Certified Public Arrniinlr..
II mml Uailding, PWWfeluA
jL
. i
J
A Leading Engineering
Firm Now Serves
"Tlie Workshop of the World
The firm of fOXv, 36aC01t d flvio has established art office ift
Philadelphia. The comprehensive engineering and .management
services of this firm are now immediately available to executives
, of this city.
- The reputatibn of this firm in public utility and industrial fields ,
is international. Its services are retained by governments, states, .
muriicipalitiesj corporations, firms and individuals.
Among its services the following are particularly adapted to
meet present economic conditions : '
Engineering Department '
To increase net revenues; complete service in study and de
sign rendered, if desired, in cooperation with owners and their
engineers and operators, covering exhaustive examinations of y
operating, production and accounting methods.
v ' .
Report Department '
To define present conditions ; investigations by practical engi-"
neers, operators, accountants and economists experienced hpub-r
lie utility and industrial work, covering physical and financial
conditions, with recommendations. Such investigations include,
possible revenues and markets, production costs and budgets, rates
of fare and selling prices, and general management and operating
problems. Valuation Department
To determine actual worth; inventories and appraisals ot -
property and businesses, both physical and intangible, for banking .
and management purposes, taxation, amortization, replacement and
. depletion, insurance and continuing inventories, accounting, reor-
ganization and refinancing.
-
Accounting Department
To interpret engineering findings; accountants cooperate with
engineers in developing from books and records data required for
specific purposes. This department specializes in analytical studies .
of revenues, costs and overhead charges, production and sales.
Construction Department
To cut out middleman profits; direct representatives of
owner either as supervising engineers, purchasing materials and
supplies, negotiating contracts, inspecting materials, supervising and
accepting complete work; or as construction engineers; by force
account. It functions with the least possible interference to normal
operation of the property or Jbusiness.
Management Department
Through this department the. operation and management, of
public utility and industrial properties is undertaken for executives
and owners, whether they be individuals, partnerships, receivers
or security holders. It comprehends in detail all the broad ques
tions of modern management.
i ...
-TN
Financing Department
Preparation of financial programs fitted to existing financial
conditions, to accomplish the purpose sought, js the most import
ant feature of this department, it organizes or cooperates with
syndicates, it negotiates securities and assists in securing credits
and loans.
OUR OFFER
With a view to widening your operating margin, we will,
for a limited period, at our expense, make- a survey of any
business in Philadelphia with a payroll exceeding $500,000
per annum.
We will present the owners with a report of our con
clusions, and opinion whether our services would or
would not benefit the business.
Wrjte or telephone (Bell Telephone, Spruce 6082) for our
representative and he will call.
jfork JJacon & avt0
Established 1894
1421 CHESTNUT STREET
PHILADELPHIA
115 Broadway New York
58 Sutter Street San Francisco
Electricity
in Industry
is the title of a
booklet we have
prepared for com
plimentary distri
bution. It explains how
electric power is
revolutionizing in
dustry and trans
portation. Ask for Booklet 7322
Bonbright & Company
Njw
York
437 r.rK..lnl.t Ct- l ni!i . . .
.. -"" "i, nuaaeiphia
Oostott Chic
logo
Detroit
AUTOMOBILE
INSURANCE
LIBKKTV MUTUAL rNHfRANrr r
. - --. -,
"T ,,on, ' ft" Ucrlp,i
riaemy " Depo.it Cornp
of Marvlanrl
Connelly, Schweder &
any
a hi. hu ?Xf
Dry.
Mftniiris.
wiuuKa
i
Spruce 8200
Chicago & Northwestern
Railway
Equipment 6V2
Due 1925-1936
SKCtniTIES DKTABTMKNT
CommercialTrust
Company
'Irnthrr redrrat Rnwrre BrHtn
City Hall Square Wast
The ,
First National Bank
of Boston
Capital, Surplus and Profit ,
$37,500,000
.j.-"iM.i,,r
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