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TUESDAY, JTJNE U, 1021
PUBLIC itBDGBIN-PHlDAPBLPHIA,
EVENING
"jM
- - J. , . , ..... p ii nannilsji aaieaaaaaajfjaisaajaflajsj JB
it '-V. I
Money at 8
Doubles in 9 Years
7J& if doubles in 10 year
THE interest irom a bond yielding 8, com
pounded annually, will amount to the price
of the bond in 9 years; or in 10 years u the
bond yields 7.
At such rate of accumulation there is a real
incentive to save and invest The present bond
market offers many opportunities to acquire
Safe Bonds Yielding
, 7to8
Such bonds offered by Halsey, Stuart & Co. are
of the quality which banks, trustees and insur
ance companies select for their own investment.
They are as sound as expert opinion and search
ing analysis can make them.
rt.i r D I ,il
I ttmfwf H lit III
1 BONDS 1 mi
I FT
A Few Examples
eArdUU rW 100, 300 and 1000 Amnts
.. YtaUt.
KJL 4a Baet ik Knoun O Ca.
7k , May 1.1931
Mshutrr Abeut
Kdar8orisfiAlT!rtCa.SinUa(
Ptjaa & .............. .May 15. 1931
Ore Northern Ry. Central
Mortfafe 7a J"!? U 1936
RuCltylWtr&LtCo. lat
a&olIUru&dB'e Dae. 1,1940
GovwsBMat et French RapuUfc
Exarmal 7)i? IUM M941
Pardaad Rr. Ix & Power lit and
Refund 7f a Mir 1,1946
jklUM fc $JMmdttoeO HMO h.
5.72
8
8
7.85
USB YOUR CRBDIT
TO BUY BONDS
By mean d our Investment Savinp
Plane! 10y down and 106 monthly
you can acrjulra bend at peasant hlh
yield. Just a eflecdvejy m by paying
cattuYou a allowed 6fi on all pay
ment and receive the bond on com
pbttoa of paytnanta.
Thb plan enable alaeat anyone to
bacoene a tytaoaade invactor. Many
large invtatcrs are nov utfUdag thla
plan to buy all de bond they can pay
lor out el future Income.
Haxsey, Stuart Co. pa-1 :
Land Tltlo Bide.,
Philadelphia
Please aendiM complete list and detailed
dcacripdenolianteaol type checked bclowt
D Covemtacnt
O Municipal
Railroad
Induatrial
D Povcr and Utht
Sand booklet PA-II explaining the.
Halaey. Stuart & Co. Monthly- Pay.
merit Investment Plan.
&Camt.
off .
i... ........ .....
Dry.
HALSEY, STUART & CO
ncorporated
CHICAGO NHWrOMC PHILADELPHIA BOSTON
:
Land Title Bldg., Philadelphia
Telephone Locust 4820
DETROIT MTLWAUKxTS
GOSSIP OF
THE STREET
NEW YORK BOND SALES
tvmtaary of Individual TranaaciWa en New York Excfcug
ST.tOtriS 'MmNEAPOUS
I I 1 , . . . II,
Bad Debt Losses
Increase Six-Fold
Are You Protected?)
Unforeseen credit lossei hit each of the following houset.
But every one was fully pntttttd by the American'
Unlimited Policy of Credit Insurance and every one
was paid the sum indicated after its name. The list ii
but a very small portion of all our policyholders who
have been reimbursed for losses:
Kum.I1 M.Ur All. C. Detroit, Mkh. M,&r
Hahlo Company N.w York City IS.I3S
Curtis Publishing C. Philedelphle, Pa. M.1U
Cordon & PerfUtem St. Paul, Minn. 20,183
Arnold Shoe Co. N. Ablntt.n, Mut. 1.5J
Van Zandt, Jaeobe C. Troy, N. V. IM
York Card Papor Co. York, Pa. 1T.W1
Etoetrlo 3nr Co. Philadelphia, Pa. 1M
Barkthtro Cotton Mfs Co. Adam.. Mom. I4.O00
Harry C Michaels New York City 11 ,8T
Durham Hoalary Mill Durham, ti. C. ll.m
Wngw Armttronc Patrelauni Co. Chicago, 111. t,So0
In times like these, money invested in a premium for
the American's Policy against abnormal bad-debt losses,
is the wisest money you can invest. Manufacturers and
wholesalers, write or phone for the full particulars tiJay,
Payments H PtlUyhUm tvtr $10,000,000.00
AMERICAN CREDIT-INDEMNITYrCa
Of NEW YORK " v' E. M. TREAT. wiiiDWf
uauaa tandaio unlimitid reuoraa
W. J. MORPHY, Manager
J. P. McFADDEN, General Agent
1011 Chestnut St.
Phone Filbert SB02
Philadelphia, Pa.
GRAIN
In the execution of grain
ordera on the Chicago
Board of Trade we are
enabled by a faat pri
vate wire and inatan
taneoua quotationa to
give excellent aenrice en
all ordera, either in full
or fractional lota.
Weekly Grain Review
Free on Request
Boureau & Evans
.nemofra ChCago lloard of TnuU
130 South 15th Street
Philadelphia
I.ocut MS2 noes 17S1
Jid
j
ROAMER CAR-
ANNOUNCEMENT
FIAT automabila,
ino louowmc
The Potter-Dieainger Motor Co.
havln decide to (J.voU thalr anllra attention totbe aala of
hv dlicontlnu.d tba enor for Roamtr cara. The company
ROAMER care In etock. all of which ar eftrd for aala.
New Roamer Cart At Attractive Reduced Price
One four.paaaenffer tonrtnr palotod mtrin MU, kbaU top. blua Bpanlih
uvholttary, wtilte wire whMla,
. One thrM-pa.ii cabriolet oalntad Itborty rrean with tipanlab leathar
usholitary. Tbla a a beautiful all-aeaaon oar.
One Umonaine town cor painted maroon, with eold, trlplh, richly uphol.
rtered, white wire wheala.
The eomoany alto haa In etoek the fellawlntj
One four-pMUfrr BOAMKJl dtroonatrator painted coach red, ktiakl top,
blue Opanlih leather upbaletery. white wire wheel!.
BUOniXY U8ED
nOAMCn ceupa, aUna nre, and a four-paeaenaer tourin, car.
Potter-Diesinger Motor Co.
2207 Cheetnut St. nU Phenei Sprnca SUi
BAMKJCBB
Dealer in
Invettmant Securities
tfeaOar Jftia York mud rHkuUlpMo
OiotU XxoJKHffM
321 Chaatnul St, PhlUdelphla
i
j Trenton Pa88eng;er R. It. 1st 6s, 193i
Norfolk & Portsmouth Trnc. Ca, 103G
iicrancv unucuiuie i yjn, lUflO .
Cities Service Corp. all issues.
mCowntrCn
Lend Title Bldg., Phlla- p8.
Member Philadelphia Stock Kxehaitge
AUTOMOBILE
INSURANCE
UHERTY MUTnaA. tNNrittMrm nn
rkaai'Loout'81rfJ,. f0.aa b,,, 19u, Jt
. V
Spruce 8200
BOUGHT SOLD QUOTED
U. S. Treasury
Certificates
All Issues
SECTJR1TTE3 DETAllTSIEM'
COMMERaAL TRUST
COMPANY
Member aXorel Steim halrm
City Hall Square Weil
Whlln jldliiK to one of th Maahor
romnrlm nti i3i.mmr m ...milkman WtU
known In'Iocnl flnnnclal clrelos anu wno
la genernllj nupposftl to be w "',
piled in worldly goods, atartled a;Jl
of his frlundn b awertlng, "What
would you think ff I should say I y"
drad broke?" .After a few minutes
llnce one of the party ventured to
reply that thr apeaker was Joking.
"Kerer was ao earneat in my life, ''
tlomcn. I do not mean to say I of1
down on my uppers, but as to rcaoy
real ensb I om poorer than some ot
the men running this train. Let mo ex
plain. My income tax payment tot
last year ttns close to $250,000. Many
of the concerns from which I derived
my income have either reduced or omu-
lr! tllr1inr1a flin InrirKnf ncrCCDtage
rinlne tlin latter. Not only baa that
.MAiiitt nf Innm. Itj.fln iMlt off Dtlt I
cannot borrow the same amount of
money on the snme securities as I olo
a vpar nio. The tax narmenta tooa
pre'tty much ull the loose cash I had
n imnd ha vnn ran tri. I em cleaned
out. To such an extent, In fact, that
I an compelled to alter my entire plans
for the summer and do sorao drastic
economising which a few years ago
would have bcemed ridiculous even to
suggest. What Is more, there are lots
of others In the same boat with me.
Liquidation Believed to Da Over
There was a growing belief after the
closing yesterday that the worst of the
liquidation was over. This was based
largely on the idea that a good deal or.
the selling had been made necessary in
order to obtain funds to pay the- sec
ond Installment on tho Income tax pay
ments due on Wednesday. As funds lor
this purpose must bo secured by toda
at the latest It was felt that the end
of such selling was reached yesterday
morning. In all events that the char
acter of the decline indicated quite
clearly that tho preure comprised
something else besides short Belling.
This was partly Indicated Jn the ability
of the list to inane any material i
rm in the Intermitting rallies. A
great amount of selling, of course, w
for the short account In the last ten
days, but the volume was nothing near
as largo as some pocple estimated. One
of the curious phenomena of the cur
rent market is the conspicuous lac k
of faith manifested on all sides. Borne
of the shrewdest observers declare they
look for little elso than a traders or a
technical rally, as In their opinion
there Is nothing In sight to bold tlja
market up. For one thing there la ai
together too much unanimity of opin
ion as to the bear side of the market.
Experience has repeatedly shown when
everybody about gets to the one wav
of thlnklns n radical change In the
temper of the market Is not far distant.
Western Money Conditions Unchanged
Little change Is shown In the West -
.... ,. Yn.rk.r hnnVa renorUDf the
Clll tnvy .......-, ---..---- i, , T
volume of new business ratner iigm.
is apparent that a period of marking
tlme'rls going on in manufacturing and
Industrial lines whereby production Is
comparatively limited and the super
flelnT Imnrovement noted has arisen
through tho release of certain locked -up
funds or slackened demand rather tban
Increased supply.
Tba rflahnrsement of June Interest
and dividends will afford some increase
In the available supply ot tunas in cer
tain quarters, but the greater propor
tion of such funds will find its war
directly back Into deposits, so that with
the quarterly payment of Ineomo tax
having to be considered, there Is reason
to believe that money rates will continue
fully as firm as for several weeks. Dis
count rates at the leading banks con
tinue on the same basis as for several
weeks past. 7 per cent being the ruling
rate on collateral loans, 7 to 7 per
cent for commercial paper with counter
transactions remaining on a 7 per cent
basis.
Decrease in Mexican Oil Exports
A cablegram from Commercial At
tnehn Carlton Jackson, at Mexico City,
dated June 7, states that according U
official figures, the Mexican petroleum
exports durlns April amounted to 18,
200,000 barrels. This figure represents
a decrease from the exports for March,
which Is attributed In some quarters to
manipulation, according to tno com
mercial attache. (The exports from
the Taraplco oil fields In March
amounted to 15.500,000 barrels, ac
cording to a cablegram from Commer
cial Attacho Jackson. The present
cable does not specify whether the April
figures are for the Taraplco fields only
or for the whole of Mexico; but prac
tically all the Mexican oil exports come
from this dUtrlct.)
German Competition Kxaggerated
Catching of stop orders was largely
responsible for the rather violent break
In the steel shares In yesterday's mar
ket. Tho trading contingent, however,
In openly bearish on the entire steel
group end attacks these shares upon the
slightest provocation. Among the fac
tors to Justify such soiling are un
precedented depression In the industry
and the fact that German interests are
offering some products In this market
nt below ruling domestic prices. But the
fact must not be overlooked that the
trade and the financial community has
been through other periods of depres
xton, nnd so far as German competition
In the homo market is concerned, the
i trndo experts are not Inclined to worry
I very much about It. Its effect is nat
' urnlly felt In a dull time when every
I ton of sales counts, but with normal
I consumption Germany could not affect
1 the American market for the simple
reason she docs not have enough steel.
THK TItADEll.
Adam Era U
1 esvt
Amn ACli
8 va
Am B Be Be
5 78
4.. .. 76U.
1 Tl
Amn T T clt
6 ITk
Amn T T 6
9 OTtt
(sale) OT
Armour 4 Ha
1 IS
A T fl Fe aj
1 98
a 8B!4
A T & 0 Fe ta
ISAMta IH I10M1
1...
Cuban
33. .
3...
B..
74
78
7Stt
7ST4
74
Ii T(
101
6SU
C S ov
I 7B
74 H
74H
N T Cnt'l 44e
I ,
1
0.,
3.,
0.,
3.,
4..
Ooe't
Province of Alberta
Guaranteed
Thirty Year 6 Bonds
Issued by ,LethbrJdge Northern
Irrigation District.
Due May 1st, 1951.
Principal and Inter.et
payable In New TorU.
The Government of the Prov.
ince of Alberta has by endorse
ment provided for n full and un
cnjalifled guarantee of the pay
ment of tho principal and Inter
est of these bonds.
Price: 87.52 and Interest
Yielding 7
(Payment In United flutes I'undc)
Writr far Circular P.6U
Wood, Gundy & Co.
Tneorpnratfxl
14 Wall Street, New York
iutoum. ""ntreal
Indan, Kns. tVlnnlJJJ
PENNA. TAX FREE
SECURITIES
PAUL & CO.
Members Falla. Mock Kxtbaata
IMI CHESTNUT STRUT
DIVIDEND8 DECLARED
Nuequehanna
main? 14.00,
to mock or record juno jo.
Albany and
reculer aeml-annu
Itallroad Co.,
payable July 1
Pamoua Piav.ri.l.aaliy Corn.. recuUr Quar
terly of 13 on preferred, payable Auirum 1
to etock of rerord July IB. ,
General Cigr Co.. regular quarterly of
114 per cent on common, per cent on
preferred, and 1H Per cent on the debenture
preferred. Common la pnahle Ausuu 1 to
toclt of record July 38; preferred Septem
ber 1 to etock of record Ausuet n, and
the debenture preferred October I to stock
uf record September 24
Tide Water OH Co., quarterly of 2 pr
cent, payapie June o io mocn oi rrcoru
June
1
1
1
8
4
in
A Coaat
1.
Atl net ct 04
ii eH
Dalt Ohio cv
B 67
D Ohio 3He
2 80U
Salt Otilo 4i
i es
0.. .. SB
7 4H
1 A4H
1 04 H
Halt A Ohio Be
1 SU
4 0AH
6 AS Si
Bait Ohio Oi
1 88
D A O I I. B
tWVill
1 OS
Bell Telephone
of Pa 7a
5.... l3tt
8.... 103U
Beth B Be 'SB
2 78
Bkn Edl Co Be
2 79
Bkn Edl D Ta
1 es
Brkjm n T 7e
1 44 H
1 44 H
Bkn It T ct Ti
18 48 U
Bkyn V K let
1 84 H
Canadian N 7e
1.... 101
3.... 100H
8.... 10014
Keale) 101
1.... 101
Cen'l of Oa Sa
B
Can't Pac 8Vfce
8 78
C A O ov 4Ha
1... . 72H
C'k A O cv Be
1 80U
3... . 8BH
1 80H
1 SOU
C n A Q It 8H
1 C-Ott
Chi B t Q 4
1.... 00.83
Chi D A Q AH
1 B8H
1 09S4
8 'Btt
Chi A Q W 4i
1 48
1 48
Chi Mil A Tat
Sound 4a
1 M
Chicago Mil A
8t Paul 4s
2 SB
1 4
7 68
Chicago Mil A
Bt P 4a '33
3 70H
8 70W
Crleago Mil A
BtP ov atts
1 65
1 6BC
Crleago Mil A
BtP fd Hie
1 BOH
C A Nwn a '88
2 89
CA Nvrn 8087
1 00
C A N W SHe
8 07i
Chi Rallw'a Be
1 03
Chi It I A P fd
1 64
1 64T4
1 04
1 4'4
1 94
Chi R I A P 4a
1 68H
C A W I 7He
I OS
Chi V Bta 4 Si
1.. .. 70
Chicago Union
Sla cl SUi
1.... 101
Chile Cop'r B
B SS4
Chile Cop'r Be
1 72H
8 72X
1 74
Chinee Itly Be
1 48
City Berne He
1 00 H
Cty Chrla-a 8e
2 90
City Cop'n 8
8 78 I
CNIk 4'B7
B 88
B 88
1 8S
Ctty 'parte Sa
1 onu
1 00 1
a 9.i
8 90,1
City Zurlrfi gi
B 90S
rid Cln Chi A
Bt I, cm Ii
1. ... 3SV4
Cl'il Cln Chi A
St L. 4H
1 78
Colo A Bo'n 4 s
1 77
1 77
Coin A 8 4e
1 7
Cont'd Oas 7a
3.... 100
I.... 100
Cuban A 8 He
1 ON 4
Dtn A R a fd
4 43 H
Den A R O 4e
3 88
Det Tun'l 4s
1 76
1 78
D Match 7 lis
1 .. 103
Do Canada '38
1 93
4 03
Do Canada '39
3 00
1 00
Do Canada '81
3 86
XI De Nemours
Pwd 7s
3 90
1 08
8 08
Duq Light 6e
1 90
IS T V A O en
1 .... 80
Krle II It ev D
4 63
Oen'l Eleo 0s
1.... 100
1 100
Ooodyear T A
Rub Bs
09
09
09
90
09
00
00
French
R 7a rets
8 73
73
Hew Tk Ctl 6
1 87
3 87
J 87
1 87
New Tk Ctl 7a
3.... 1W
N Tk Cent' I Ij
Bhora 8a
1 60
4 60
N T Cent'l M
Central 8
3 60
New Tk Dk 4s
1 68
1 67
N T A Jar Da
1 84
8 84
N Tk Light If
A Pwr la
1 81
N T Rys et Bs
2 fl
N T Tale 4S
0 77
77
2 77
1 77
12 77
1 77
New T W C A
Cost 4a
1 84
1 SB
Nia F Pwr 6a
I.. .. 86
1 86
Nth WDTtl
03
08
08
OB
08
08
0.1
08
08
05
OB
R 8S
07
07
07
07
07
07
08
05
OS
1.
B0...
7....
35....
3...,
SB....
3.. .
1....
3S . .
30.'.'.!
Oove't
8....
3....
1.. .
1....
1....
2 ...
4.
18...,
3....
Croat N R 7e
1 06
2 96
Gd Trunk rcte
1.... 100
Hud A Man fd
3. ... 06
1 66
Hud A Man In
30 37
0.. .. 87
1 87
I... . 87
1 87
111 Cent'l 5e
I.... 87
tnt Met ct 4
3 13
1 11
1 11
Intbora R T fd
1 61
1 81
I M Marine 6a
8 80
8 80
4 80
1 80
Jap Oove't 3nd
20 84
Jap Oove'nt 4i
1 88
3 68
Kan C A B 3s
1 B4
1 SB
1 SB
Kelly flprlng'd
TColiwI
8 00
4 00
K Belgium' 6s
3 03
1 01
K Relsr'm Ta
4 08
1 08
8 08
1 08
2 08
K RelaTm rets;
IB 07
07
1.. .. 07
2 07
6 07
Kingdom Den.
mark et Ss
3 .... 00
1... . 09
Kingdom Nor
way et 8s
1.... 100
1.... 100
Klna Bvd'n 6s
8. .. 88
K County K U
A P 4s '07
1 . .. 0T
Lake Shore M
B'n 4s '38
A ... 83
Lehigh Val 6s
t 08
1 06
1 04
Lex A East Bs
1 88
Lou A Naeh 4s
1 .... 78
Manhat EM 4n
1 . . 84
Marland Oil 8s
1 .... 06
Mai PstVm Se
4... . 04
1 05
Mleh Ct'l d 4s
1...
1...
1...
1...
3...
6...
6..
08
08
08
08
08
08
08
08
08
2 08
N 1'aclflc It Ss
11 63
1 83
N PaolBo R 4a
3 73
Nth B Pwr 6a
1 78
Ora A Cat Ba
1 80
Org-Wn R Ca
Navt Co 4s
1 68
1 68
P M Car C 8a
3 08
1 04
rao O A E Bs
1 76
Penna R R Bs
1 81
1 81
Penna Rd 6s
Union Pao 6
1 09
1 09
(iKofO Ilrlt
A I'd 1931
1 00
7 00
7 00
1 90
U K of O Ilrlt
A I'd 1023
3 97
1 ... 07
3 07
7... . 97
UXolO Brit
A I'd 1020
3 88
1 87
S... . 87
1... . 87
B 87
UKolO Brit
A I'd 1887
1 84
2.. .. 88
2... 88
1.. .. 83
a 88
tJ Tank Car 7s
5.. . 100
U 8 Uraall 6s
2 .... 07
1. . 07
Saasjjaw-- -pa .aa?ailWBBaaW ' -V'. J
Mealeo'i. "T J HHBta3.l D WMffiVfiP I
A..... v' ' - ' :i ----T'-. tt -.ti . 7... ......... . MaaaaHHBiaiavaaaaMMnanOTaM.aw! . .
8.. . Jfllt fegw,ni mmrimiin . o w - a aTJk. aW 'A.'. 4
a .... 04 lMJkSMairiMMMyGRw' ' '(JJ
It 88
1 .... 88
11 8 Mexico ss
2. ... 0O
12 ..B0
6 (aala) 60
BO
40
69
60
80
60
80
B0
49
40
49
40
40
40
I Oa
87
U S Rubb'r Bs
1... . 77
V B Rub 7a
1 08
3 08
1 98
2... .
1..
11
6...,
8..
6
2. . .
8
1.. .
1
0..
4 ...
6.. .
ft.. .
U fl R
1.
mi
IUs.. 87.42
Vis. . . 88.84
ttt... 01.64
Liberty 4th 4Us.. 87.00
Vic Notes 3is... 08.38
4s. ,
Liberty 3V4s
Liberty 1st 4
Liberty M
Liberty 3d 4
Vie Notes
08.40
Utah P A L Bs
4. . . 04
Va C Ch 7H
I... 00
Va Rly A P Ba
2... 65
Wabash R 1st
1 83
Wash Tvr'l 4s
2 78
Weet'n Md 4s
2 88
West B 4 rag
1 60
W A K Mfr 7S
8 08H
2 .. 98
2 08
1 . .. 08
3 08
1 08
Wilson Co lit
7 88
W A LB 4a
1 47
11.16
Mi
87.42
80.84
01.52
80.08
08.38
08.30
1.42
87.42
86.70
01. BO
80.00
0S.38
08.30
Reserve Banks' Dlsoount Rate
Official rediscount rate at the tweKa Pad
oral Heaervo oanas are as joiiow.i
Boston . . .
New Tork .
Philadelphia
Cleveland .
Richmond .
Atlanta. ....
Chicago ....
Bt. Louis .
Minneapolis
Kansas City
Delia. S
Ben Francleco .. e
05
05
08
05
05
04
0B
05
0S
06
Treaa,
ctfs.
. 6
. a
.6
. a
.
. 6
::
Lib.
Bonds.
n
6
0
a
A
6
6
6
0
a
6
Com' I llkre.
Paper. Accept.
6
B
6
6
fl
AH
5
9
6
6
vlth
fl
6
fl
fl
6
6
2
A
Intreet
niaenunt rat. corresponds
kArn. hv r.rttflAia pledged as collai
oral, with minimum of 6 per com In th caee
of Kansas City and
o
f Kansas City and
if Philadelphia.
par cent In the caee
3
1..
2..
6..
11..
1..
1..
1..
1..
6..
Penna R R 7s
1.... 101
B 101
rltts On C A
Bt L a 6a
4 80
Rep Chile rets
8.. i.. 04
Rep'o C Bs '04
1 81
Rln Grande A
W'n clt 4e
11 B0
Bt L A 8 F aj
3 J
8 68
1 68
St L A B V In
IB 80
1 80
2 60
Bt L A a Fran
Series A
1 60
2 60
Bt L A 0 Krau
Series B
12 73
1.. .. 71
Bt L A S I'ran
Series C
3 88
at L Sow'n tn
1 04
Bt P't Minn A
Manlt'a 4s
3 63
Ban Antonio A
A P Rly 4s
1 63
Beab'd A L 6s
MONEY-LENDING RATES
PITILADKIJPH1A--CS4I. 0 per cent! time,
6 per cent; commercial paper, three to six
months, fl per cant. , ...
Note These are merely nominal quota
tions, the legal rati) of Interst l;n the Stata
of Pennsylvania being fixed at fl pr cent.
Plus premium and commission, time money
for thirty to ninety days. Is loaned at 7 to
7 per cent, while commercial paper, from
thirty to ninety days la loaned at 7 to 7
per cent.
The superstructure
of the Beaver Bridge
contains 17,000 tons
of steel work. All of
it was fabricated and
erected by this or
ganization. McClintic-Marshall
Company
Oenernl Offices! PlUehtirgti, Pa.
Philadelphia) MORRIS HLDfl.
New Yerfc, Chicago, San VVanHsrv
McQintic-Marsh.aU
Steel Bridges Buildings
The Greatest
temptation to your Wife
or other inexperienced
beneficiaries of your Es
tate is the promise of
"get-rich-quick" returns
from attractive-appearing
investments. You may
guard against possible
dissipation of your Estate
by putting it In Trust
with the
NORTHERN TRUST
COMPANY
riWANt'lAI.
Liverpool Cotton
Liverpool, 'una 14. Spot cotton vras quiet.
wltb pries eaeler on the basis of a decline
of 8 points for middling at J fl7d The
sales wore 3000 bales: receipts were lfl.OOO
bates. Including 10,800 bales American.
Futures vera aulet In tti- early (Teallnrs.
npot prices- werwi Amcnuin iniuqunr,
fair. 10.62d: good middling. s.Tva: run,
nMriilna. R.S2d! middling. 7.67d: lour mid
dllng 6.67d: good ordinary, 6.426. and
ordinary. 4.67d.
X
y
oil
Pennsylvania Crude Oil Reduced
rltUbursh. Juno 14 All grds of crudo
I auoted In the Pittsburgh msrknt uer.
reduced 25o a barrel by the, principal pur
chasing agencies today, making the new
prices as follows:
PnnsjlanU crude. I3.7B- C'Mjntng, 11.65,
Cabell, 11.68; Homareet. II. SS; Somerset
Light, 11.55; Itagltnd. 1.
Financial Briefs
The average price of the twenty
uuviriai einrn
aetlv. In.
aatanctta u. I'er nni yti
to on ui
terday to 70.08, uhlle the. twenty railroads
qoounaa u.ue per
cent
wa..a of Krle atreet-rar man
from old eraln of 30, A,t and on cent.
iraur, io 4, n ana do vein, an nour.
ar reduoed
10 centH an
ur. to i'l. 4rt and So cents an hour, a rut
of 1.0 3-8 per cent, by declalon of the Arbl-
iraiion iioara.
The Treaaeury Department haa made pay
ment of I7B, 'JSl to the Ann Arbor Rallrou
S. ano itiion io tne riiwiric nnori uin. Ter
nal Co., under section 300 ot the Trans
orlatlon Act, and eAO.OOfl to the Orand
nK iiauway c'o,
Trun
Chimin
Junction
the act,
Dstrolt
Ilallrosd Co
of Canada
anu (.ansoa
aeesee
. rand
rand
" . i"
m ine
jjyw
under Beetlon 313 o
Tno Mey production of the
to. wae e aia.noa pounna
3.600 In April and 8,605,000 I
0 pound
In May. lS2n. Ih. iriMrll. nrfw4nlM
,t. .:.::: ..T.i.ii"-.v.v""""
me Hmptn was u,oiiiiruu vQunos,
Kennacett Cop.
.000 In uarch,
production et
pounds,
., It .was officially announced trdy that
the United Btnlea Tpoil Products Corp. hai
erranajrt, an ealanslnn of M.BOO.OOO bank
loans felling due. The stock failed to ri
p v ino anr-iuiirenieni, pnnwing a ...
poni
iivclin
point
fpr thMinarket session ot half
1...
Mil L
Mich
8...
Mid B
1. .
Mo i:
1
77i
B W
d (Is
.. 08U
k Or ft
76U
IT
BSM
Mo raclflo 4e
B. . . B3H
1. .. 634
Mo Tae 0s V
1 .... 83
Mont'a Pwr Bs
1.... 83
M T Cent tV,'
B (sale) 04
3 04H
N T Centr! 4e
B 73V4
47
46 1
47
46 K
47
i.
6,.
4..
S..
4..
t..
8..
Blnelalr O Oil
Corp'n Ttia
1 "Hi
3 B1VI
7 01H
1 91S
3 81H
1 91 Si
4 (sale) em
1 01U
3 9 Hi
B'n Dell T Be
i am
B'n Paclflo fd
6 78
1 78k
B'n Pao cv 4s
6 70U
1 76U
South Rwy 4s
11 BBT4
South Rwy 6s
8 80 H
Stand'd Oil of
Calf rets
5.... 101 U
1 103
3.... 103
Bwts'd Con 8s
B ... 103S
1.,.. 108U
Tex ft Pao 1st
8 78U
Third Ave aj
3 38H
Union Pejj ev
8 am
16 S1U
Union Pae fd
1 7SU
Union Pac 4a
B 78
B 78Vi
8 76S
To yield over
10
Central State
Elec. Corporation
5 Secured
Gold Notes
Due) June 1, 1922
Details on requett
Blodget&Co.
RctI Estate Trust Bid;., Phila.
Boston Chicago Now York
Walnut 1606 Race 4363
LUKENS STEEL COMPANY
First Mortgage and Deed of Trust, Hated
November 1. 1P30
Dankers Trust Company as Trustee une'
tho above mortgage gives notice that It will
receive at Ita Corporate Trust uepartmoni.
No, 10 Wall Street. New Torlc City. Vl
8 o'clock P. M.. on July 7. 1031. 8ealed
Proposals for the sale to It for the Sinking
rund at a price not exceeding 107 tV ft and
ai-erued' interest of sufficient 1st forgags
30-Tear 8 Oold Honds Issued under said
mortgage to exhaust aa nearly as practlebla
the sum of $100,000 on hand In the Sinking
rund at the date of fhlg notice, flueh pro
posals should b made In sealed envelopes
and must reach the said Truetaa not later
than 8 o'clock P. M.. on July 7. 1031 Notice
of purchase of bonds will be mailed on July
8. 1931. and the bonds so purchased must be
delivered to the Trusts, before the closs of
buslnees on July 13. 1031. on which date
Interest thereon will eeaee. In ease mors
bonds are offered at the same price than trie
Trustee can purchase It will be determined
by lot which bonds will be taken. The right
Is reserved to rajeot any proposals In whole
er In part. Federal Income Tag Ownerehlp
Certificates covering accrued Intereit
nhould accompany accepted bonds.
Dated at New Tork. this 7th day of June,
1931.
rJANKFJU TRTJPT COMPANY ne THUrtTEn
By H. P. WILSON. Jr..
Vice Preeldent.
to noi.nnns or
NOTicr 18 irnBEnv givkv. tjtat on
Jnly 1, 1M1. ati the principal ofne of the
Equitable Trust Company of New Tork, No,
97 Wall street, Ttorouh of Manhattan, City
and State of New Tork. the undersigned
Troy Laundry Machinery Company. Limited
will redeem, at mm per cent of the face
value thereof, all Ita Serial Seven Per Cent
Rinkln Wiinrl flolri Note, dated January 1.
1BJ0, outstanding on the eald redemption date:
and the said Notes ars hereby required to
h tti.n and thare oresented for payment
with all ooupona for Interest maturing sub.
aequently to the said redmpllon date. The
said Notes will pe-tr no further Interest after
the said data.
At any time prior to June SS, 1931, any
holder of any of the Notes hereby called for
redemption may, without prior written
notice, surrender the same at the eald office
of The Equitable Truet Company of New
Tork. with all unmatured Interest coupons
attached, for conversion Into nn equivalent
aggregate par alue of 8 eumu'attve pre
ferred capital stock of ttte undersigned, full
paid and non-assessable, subject to adjust
ment of Interest and dividends to th. date
of such surrender. In the manner provided
In the Trust Aarsement under which the eald
Notes are Issued
New Tork. May 81. 193J,
TROY LACNTJRY MAmiNRRY COMPANY.
LIMITKD
rty BTANLP.T ItROTK
President
I Consult any of our of- I
ficials. I
THERE WAS
A TIME
WHEN-
The Bond Buyer had to hava
surplus funds.
NOW
The man with a limited in
come can buy A FIRST
MORTGAGE on the biggest.
most conservative and best
managed companies in the
United States in $100 denom
inations. Write for our Utter K f 1
BUYBABY BONDS
J. F. McGOVERN & CO.
Member of rhlla. Bterk ITsrhanga
1480 Mouth Trnn Ha.. Phlla.
Npruoe 64 IB Boea MM
Orders executed In all Markets
New York! 31 tlroader
ttlng numbers of bends
nirnrd Trust t ompnn
Cold
June
SERVICE
Quick, intelligent, reliable
service is appreciated by our
clients, and by all pros
pective investors.
Otr Wall St. Review ta
mailed free on request.
R. E. Lewis & Company
702 Ftnance Bufldtng
PhUadalpr.L
Telephone Spruce
8317
10 Dread Bt.. Kxcliange nidi.,
New York Reading, Pa.
THteet Wires U New Yerfc
IIAIIYTOOD KLKCTMC COMPANY
PIIIHT MOnTOAOK TnillTY-YKAR
VIVK PKK CENT GOLD IIONIJH,
Hl'K 1039.
Pursuant to terms of Indenture dated
(July 1. 1B0P the undersigned Invites tenders
of above bonds for .ile and delivery as of
July 1, 1921. at a prlre not exceeding lf7S
'and intereit to extent of SIS. 828 08 a sum
1 then pitabip to Hinxing i-una
I Bealed tenders, stating numbers
nfTrrea. annreeaed tn
Trustee Harwood Electric Company Plret
I Mortgage Thirty-Year PHe Per Cent
i nnnde will be received until IS M.,
28. 1931.
fllRATtn TIIUHT COMPANT. Trustee
OEOHOB II STUART 3d Treasurer.
Philadelphia Pa June 14 1921.
HAT.K A KILnurtN CORPORATION
Blnklne fund Netlre
healed proposals for the sale to Fldel:t
Trust Company, Ttuetee, at a price not to
eieMd 1024 per centum of per and accrued
Interest of a sufficient amount of the first
Mortgage Twenty-Tear Sinking Fund
Gold Bonds of the Hale A Kllbum Corpo'ii
tlnn to exhaust the sum of I800O.OO. M: h
I received at ttie office of .aid Pldellty Trust
, Company, Trustee, Rl'-fUl Chestnut etrt,
i rhlladslphla. until Thnradny. June 31. 1921,
nt it eriopx ,M,
FIDELITY TAUST COMPANT. Trustee
1VJI. T. OUST. Presldsnt
Itilladslphla June 10, 1P2I.
BIDS INVITED FOB 888,000 LOAN BCIinOL
District ef the Horough of Miaron Hill,
rati. Co., P.. 30-year coupon bonds 8W
and state tax. Hubmlt bids to W If. H.
MrNatr. Sharon Illll. Pa on or bfore June
18, 1031. Illght reserved to reject any
bids.
THK TOLTIH1
Chicago Union Station
lit 6VlB
Due July, 1963
101 nnd Int. to Net 6.450
Townscnd Whelcn & Co.
505 Chestnut St.
N. 1. Phlln. Stock Kxeliangee
P rope wain
CTHl. COLVMTIUH 4 OHIO RrVKK
HAILROAD COMPANY n,vrJl
OfHoe ef Ibe Treasurer
Pittsburgh. To , June 3. 1021
Plret Mortgage 4H bonds of the Clee.
land Marietta Hallway Company to an .
cregalr coet of Eleven Thousand Hlx Hun
dred Sixty Dollars (111. nno. OO) will be pur
iaeed for the Hlnklng Pund July 1 ji,
from Oie loweet blddrrs. at a price not to
rireed par and Interest,
Healed proposals to sell bonds must he in
the hands of The I armers' Loan and Trust
rompan. Ne ,.n'k City. N-fore clo of
nuin"ie, viirre o w i-. ji.,
80, 1921
three o'clock P. 51., Thursday, June
T II B. McKNtlJHT. Treasurer
Dividends
Members
IKYBSTO TKASn
TaaiWesk'eUswCesaites
Wromttui Oils
8. O, ot Indiana,
OHb BritaUcaVia)
Tobacco lrrA. Erp,
Tonopoh Erteajskna
Botston A Montana
BoainefW and
Market OostdlUoraa
INVESTOR & TRADER"
inaued weekly will give you
the latest news on the stocks
in the New York Curb Market.
ATLANTIC VIIOH OIL COMPANY
Juim X j;t
The Doard of Directors of the AtlanUt
vwi oil Comonj has this dny di.ci.r.
I u .tividtnd rf t per share on Its rrnferr.
BloeU, Clais A and dMdend of 82.82 prr
ehiire on Its t'feferred sloj-Jr Class Ii, p.l..
atle July 15. 1921. to stockholders of record
at the cloee of tmslness June 24. 1U21
Tne qinervnwr m .,n ""lumQ urciaratlon
of tne to cir . rrriprrra stock ae
is uy rrnoui. v.. niv uiuvreiKe in the
5
For bale at newsstands.
Copy given without obli
gation at our Board Room
or Bent on request. Ask
for TU-1-17.
fTt eatTi fj fvmUk
you eeneUt reprt$
on the JVm York Curb
Market ttecktU tchUk
you or Mrtt$d.
It gives review of general condi
tions and market trend articles,
news and charts on specific stocks
quotations and record of high
and low prices.
It will lo explain how to open
an account, commission charges,
deposit requirements, etc,
Ask for a copy
PHILADELPHIA OFFICE
WIDENER BUILDING
Telephones Bell, Locust 4730
Keystone, Race 5861
BALTIMORE OFFICE
4J3 EOUITABLE BUILDING
Telephone St. Paul 8451
Direct Private Wirea
New York Chicago Boston Philadelphia
Pitlaburfh Detroit Baltimore) Cleveland
Jones & Baker
Member Nev? York Curb Market
OTIS & CO.
Stocks Bonds
Acceptances
Foreign Exchange
Member of New York,
Cleveland, Boaton, Chi
cago and Detroit Stock
Exchanges, the New York
Cotton Exchange and the
Chicago Board of Trade.
Private wire connections
with principal markets of
the United States and
Canada.
216 Superior Ave., N. E.
CLEVELAND
Naw York Boaton Detroit
Cincinnati v,oiumDUs toiaas
Akron Youngatown PaytOB
Denver Colorado Springa
J
atv
OM,
ite
the
of the preferred etork Including UoUi rlastss.
will be entitled to the eeni. participation
CHA3. n UOLDSflOnoi'OH
Mffreiarv and fraaurer
LITTLE Hrill'lLKH.L NAVK.ATinTt'
UIMluan .'.' l"'' nuir.tY
338 Walnut Mrret
Iilladelphla. June n injl
A Plvldenil offline Mr JMI per share
has been declared paable rridjij', July 13,
1011.
Checks will be mailed.
Tranefer books to hv rloeed Mond4 June
20, 1021, at 'i o'clovk P. M. and reopm
Mondai. July 1 10-1 hi 10 o'clock A. M.
imESTON IlIlCAriLKY jn
Tre.nurur
United States
Treasury
Certificates
are free of State and the full nor
mal Federal income taxes.
We invite subscriptions to
Sli Treasury Certificates of
Indebtedness, due June
15, 1922.
554 Treasury Notes, Series
"A." due June 15, 1924.
At 100 and interest
HARPER &TURNEB
Investment Bankers
Af embers of Philadelphia Stock I'xchanfft
Stock Exchange Building
wcrotuoti Philadelphia iummo
Fidelity and Deposit Company
of Maryland
KVKHY KIM? OF HtJKCTY no.ND
HERMAN HOOPES, Inc.
General AsenU
oOft ttr.Al, KWTATK TOPHT tlLTKl.
H. L. Smith & Co.
INVESTMENT SECURITIES
1009 Land Title BMi. Sprnca 8721-Z
At,tMO...L&VNKl rU,B,Tov
At the Mar meetlna of "is rjoard of Dlreo- I
tors oi this corporation a dividend has un
declereO on the preferred shares of the Auto- i
mobile UanlUiiir Corporation, payable Ju&
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
ltlAO BKAL EbTATK TIllhT IIIJJO,
linretlsate and iuUusI eorporatlen and
iiirtnerelilp lurounts and prepare Lieome
Tax Itetiiro.
June 25 1021. at the rate of 8 per annual.
P U. NKWMAN Tr.ssurer
KKAMIL1N KKt'l KITII1S t OHroilATIKN
l'hllsdelphla June la, invl
The Hoard of Dlreeiore liui tlila ,y ,),
rlared 6 dMdend of threo ner rent (3) out
- tlie ernlns of the Company prtshle
Julr I. 1031 to stockholders of record at
the c'oee of business June IS. loal
annAi.n iioi.hmas
Treasurer
r.nTr.nsniPH
. C. S. PA1TON & cor
au & CIIKBTJKUT HT!J.
BANKERS
SiirtcfeAnm in
HAIT.KH A RTKVKNNON
V,rmnv
llnnrfii Willi Htrtrk buhi nn4 m4
MfmiTa I'lllll. miapu
uiuuu ijiimua tLuuumtuaijjmiLiujjijcittiiul uu juuuui ui i,u i j.m j llijj uj i u
NOTICK lb 1IKIIKH (IIVKK THAT THK
late partnership (Ltd i lately euhalstliiK
between llenrr A. Rath, (Irorxe C'arenn
KdwaH ('. Bead. Jr.. tUmuel U. Kms'
Bhla. under tf name of the Alph, Menu-1
Jaturtnr tomlemny, Retlslrreji was dia
solved on me ievn dsy of June 1821 h
oi an th. partlaa i.i.,
""htP .Kdward C Read
to do and nrrnrm ail .,.
1st, settle and renrlude the
varinsrsnip.
hiiIii.I Mnm.n
ested In said Pt
.lr . Is authotltl
necessary to ail
affairs of the H
Uduard C. BeJ
and Harry :-
2Rath, Oeorae Carson.
mue( , worn.
CRBW LEVICK COMPANY
i.i ds oue iumi
Ilenemlnatlvtis uf 1100, tAoA & V1000
SAMUEL K. PHILLIPS ft 00.
Members I'hlladelphlu Moek Rxehanat
801 t'HKHTNOT HTKBJST
STROUD & pOs
;l
A
'l
fc-ity'iA'lfisJl -vJ-S
ww.rtM.V.v a.kt w,. ii ,s?f tfrWi.
; f "Yj
,Kj
I
ai.-
' 4 , , 4