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21
EVENING PUBLIC LEDGER-
PHILADELPHIA, MONDAY, JUNE 20,
1921
IPf' " I
THE UNITED STATES MILITARY GOVERNMENT OF SANTO DOMINGO
issues in behalf of the
Dominican Republic
$2,500,000
Four Year Customs Administration 8 Sinking Fund Gold Bonds
(External Loan of 1921) v
Dated June 1, 1921
Interest payable June 1 and December 1
Due June 1, 1925
Total authorized issue -$2,500,000. Coupon bonds in $1,000 and $500 denominations. Rcgisterable as to principaj only.
Principal, premium and interest payable free of all present or future Dominican taxes in United States gold coin of
the present standard of weight and fineness, at the office of
THE EQUITABLE TRUST COMPANY OF NEW YORK, Fiscal Agent of the Loan.
Sinking Fund sufficient to redeem annually at least one-quarter of the total amount of
the loan by means of semi-annual drawings of bonds in New York by the Fiscal Agent
for payment at 105 and accrued interest on each interest date beginning December 1,
1921. All bonds not previously retired by the Sinking Fund arc to be paid at maturity
at 105 and accrued interest.
The following information has been furnished by Lieutenant Comntander Arthur IJ. Mayo, Supply Corps,
United States Navy, the Officer Administering the Affairs of the Department of Finance and Commerce
for the United States Military Government.
The fssuc of these bonds has been approved by the United States Government, under
the terms of the American-Dominican Convention of 1907, and by the United States
Military Government of Santo Domingo. The bonds will contain the following clause:
"With the consent of the United States there is secured the acceptance of and vali
dation of this bond issue by any government of the Dominican Republic as a legal
binding and irrevocable obligation of the Dominican Republic, and the duties of
the General Receiver of Dominican Customs as provided under the American
Dominican Convention of 1907. are extended to this Bond issue."
t
Until all of these bonds shall have been redeemed the Dominican Republic agrees not
to increase its public debt, nor to modify its customs duties without the previous con
sent of the United States Government; and its customs revenues shall continue to be
collected by a General Receiver of Customs appointed by and responsible to the Presi
dent of the United States.
New York Bonds
Gene'l l!ee r.s I Al's
Slti Penna II fl',B
Oene I Uler Gil 3 00
2. 101 -4 i'n'i
(BALES IV flOOOJ
Am Ar A ChlDenmark Con 1 09
7Vi red ct n 8a N Faclno n 3s
1 04 S 98 2 B3H
1 B4 Do Canada '29 V raeino n 4
A. 8 tc n'ts 5s 3. ... 90S 1 .. 73 H
1 7GW no Canada '31 2. . . 734
1 7fl. 1. ... 8Bi 1. ... 78i
Arnn T & T Gs D D Nemours a. . . . T4W
...., 81W Pwd'r 7V4 Oreron 8 t 4a
1 81H 1 OflH 2 71)
1 81tt 2 BOH Or-Wn n Co
1 81W 4 00 Navl Co 4i
1..... 81 Erie Oenl Men 1 08'i
1 81 1. . 40',i 1 08U
1 81 Erie n n cv A Packard Motor
Amn T ft T 0i 2. . 87 Car Co 8a
2 97H i:tl R It cv D 1.. .. 03
A T ft S Fe aj I . . 30 Pse O ft K 3n
2 07 0 . . 80 3. ... 70
A T ft 8 Ve 4a Krlo Ity Co la 2.. 70
3 74 8.. 02 .renna. ft n ns
a 74
2 74
I .... 74
Atlanta Knox-
lllo ft C 4i Ooodiear Tire
0 70 a Hub M
0 70 0 00
0 70 0. . 09
1 70 10 PB
Atl'c Prult 7a 3 . 99
1 41 1 901.
All nef ct 0
1.... 100
Unit ft Oblo cv
I 07U
I.. .. 07
2 07
1 07
12 07
2 07
Halt ft Ohio 4a
1 C5U
Tlalt ft Ohio Sa
1 os;
i -1 :... 68 i a
I 1 08 I I
n ft o r i. c, i
A W Va la ,U! Trunk rets
. 1 02' 1 . 100 1
i... . 02 t lonia, a
II A OSwn.1.r Nth lilt 1! .".
1 77' 3 . 7-UBl 1
GOSSIP OF
THE STREET
00i
3 . (il)
0 no
2 HO',4
3 . UR
Penna II II "n
1 . 101
fioer t Trench 1 101
II 7a rcta Ken Chile rets
2... . 03 I 1 . 94
1 BR I I I't'i
M. G. Bolter, president of the I'cnn
National Hnnk In the monthly bulletin
issued by that Institution, dlsruwlng
the general outlook snys:
"Although there were several pvcnlc
In the course of financial and economic
development during the month of May.
which could bo dorsctl as unfavorable,
there were innny which were favorable
ond the holnncp by fnr was on tin- side
of the latter. It Is only natural. In view
of the extent to which th period of
economic readjustment has righted it
self, to expect sore sputi U appear here
nnd there. The unfavorable ront of
the lost month, however, were more a
reflection of what Iibh already hap
pened, rather than forecasting any
great change for the norce. Among the
less favorable events woo the ponding
of dividends by iniincrouH Industrial
corporation", an well as change b
several rnllronds. These, however, re-
! fleet more the piiM. nnd have little
hearing on the future. Also there l
the stagnation In the ttteel industry, and
the MiRJith tinner money rntcs at a
lilO.000 of the Drooklyn Hapld Transit
Co.'k three-year 7 per tent notes, Issued
In 1018 to refund n like amount of fi per
cent notes which matured at that lime.
That company Is in the hands of a
receiver, appointed by the Federal
Court, and it Is expected in Wall Rtrcet
that the notes will be extended. Among
more Important industrial maturities
ore Sfl.OOO.OOO of the Oulf Oil Corpora
Hon's serial notes nnd S.".000.000
of the 7 per cent notes of the Steel -Mid
Tube Co. of America. The largest rail
road maturity Is $Uiri.i;27.O0(l of the
Chicago, llurllngton and Qulney's 1 per
cent bonds, being cared for from the
proceeds of the recent ole of J?2.'?0.
OOOiOOfl of (.rent Northern-Northern
Pacific (Wi per rent bonds. The Penn
sylvania "'o. has funds from previous
financing to meet the mnturitv of SM.
717,000 of its 4',.js The Snn Antonio
and Arnnt-as Pass Hnilwnj. owned by
the Southern Pniltic. hns S.'l.lin.'OO of
5 per cent notes (ue on .luh 1.
TlIHTItAPF.H
Philadelphia Markets
WHIIAT llcipi 91 ni'l I'li-lirln Trad,
null, prlci-i r hliflior ''ar lots In "T"rt I
fMat.,r n J rnl wlnfr l ."rutt I.,".', Nn
2 rml lntr qarllfl y. II .Ti If I 30. (Hlir I
enidn nunt .1 r i Mip fellowlnir arlli'ilul'1 nf
dlarounti Mlx'l whint IV under rrd nilmit
No. 3 U'hnt 3p uridr No 2 Xn I whl
7e tmdnr No " No 3 uheut lr uniler No 2 ,
J'amiili' r. online to ounllt '
amiilii (i
ronv
Oo
I
I
1
1.
1
. , . iiRlt ., , i i ....... I OUN Ilici'lptH. 70. r.BB IjiiMiI Iul ami
I ''J L.1, , u t. ', , time when It was expected that ratet- I ri(.hani.-.d far mi 'n v,.nrt -loM.tur
i. i i- u . 1- pj" M0",,1 'nt,' t'10 favorable side of the ; ", 2 7.-. 70r No n 7.yrt 7lr
)e t I II 8a 13... 04 i,i. ,,., i ., i, ....iu nre OATS Il"inlnia. 02 2 liuh Drniaml
i 07 2 ' . Inlance sheet, however, the otcntH are , ni.rf n;nt( .ftr n(ij ftii o ,,.,,,
' ! . . I tin nil MIXHi.vmia. im.1 .nMA .ill 4 ut O llfl I II f I . li ...(.!. IFA loll . V-.. I .. I.ll. ( m ttt
07 t 2 III
07 H St I. ft s r in
07
07
97'
97 I
97 I
97
49
IH
8.
30
5SJ.
48
III
IS4
40
411 'i
ft 8 I'raii
A O Tol 4a 2 . 78 ' Serls A
1 31 i 2. . 78 I I...
Hell Telephone Great Nnrth'n 20
of Pa 7a nairy 7a I 1
3 102 I. 00
more numerous and more outstanding.'
Many Crms Currcntft
Theie wan little in the way of eon
Mrui-iivo gossip to tiic mock innrKct sir- i , fin inriiv ;
...i.. f.. .i. ,.- ,. 2a..-.ln, sralBhl H2ririrS7r.
iiaiiini . I' i lllV i.n. ... -... ......
.1 I. ." . - .! t !. .!!....: '
inere unnjf h i u.uiiniiiiii v hi iuu fnr, .irne and rlt rnllla pHiiit famlh
ticaiiou ol opinion reiauvo r rue our i r-ind lior.oflll ll- Omir ins.i'ior.o
look for (iiotnt1on.s during the pre-rnt piiuvihiuns st..,.i but iut-t oim ..
week. HankiTK stntetl flint because or Mr ,,,- nllei,iu Hn.i tndrr Mnokni ar.i
the ernss ellirents in the general Ml- ! sir dried, ',2c. tm- fnmlls. 13c linma S I
No 2 white 4Rf?IRc No 3 white. IT ff
I7'4r
ri.riUft-- tteL-elpti.. 20OO liW" I.. '.HO 10'.
ih in sa ka Trade .lull nnd pi"i ea tin
elmnped at th. fnllnwltn (luolntlnna I'er
11.0 Tb. packed In I III lb jute .i,ka
Snfl Hhitei Ktraltrhl eatern S73047 73
,rn , r.n Hard winter
dn. abott pHti.iii 1 7-i
f0.23 atir lie llr-l . ler tSWH.r.ll do lint
it 10 WO .".II do ho-t PMtent 19 ."li fi I
MEXICAN
Petroleum
PAN-AMERICAN
Petroleum
Our special letter, allowing
potiibilitio of these itoclc at
preient level nnd containing
other important information
furnished free on request,
Ah for L-25
K. Guthrie & Co.
M-inbera t'hlla. Stock I'xehance
1418 S. Penn Square
SflTB 300
XI-nt'C-B 0703 RACK 4837
I'ritatc IVIrci to Xrw York
,s nation it would be highly iHffi-iilt for ' , --; BV sai'r'.'h ..ni. i-.iie'i
30
39'.
no'
any one to procnosticntc intelligently in
this respect, (all money nguin was envy.
with only n iiifilernte iimotuit ot iuna
I onelef 43.' plrnlf ehnuldera. S P rured
luoe. .V d'l. HHiik d IIV ell In Plek e
lin.' IS.-, breikfaet baeen 22r lard tie
HI'T'lIiri -Plrni nnd in n.. I iletnxnil On..
1. . 103 3. 90'st ' & H i rB" , iiplnc lonned either on the botird or In intmn solld-niicked .realign limli n "
li... 103 'llud Man fd Srlea C i ,., !"?,,', 'V", 'pi,' t.L tl,,i ,., I ' "ls 33') 37e .vn. 31, . . xlra. Or-ta 32'"
nun li T Ka I rnul a 5. thf oulnitle market. Jlie foct Unit call n1 flr. jqi,iaor rnH. 2.".ii L7.
, -iii'llu.1 ft Ma,, ?J 1 ' sr.i. Mono. rnte.s last week dropped to thrieet nramw rhnl;.. io fnry :iW3T
.J.-- ..,,- I. ' Z, i Intvrat -In renortpil nir.re Vnmist l-lr to (rood. 2SW3.V fHii- prlnta JoM.lnr at
I'anadlan N 7a1 17 . 37'il 1 . . sft'i I lowest jKiliit reporteo fir,i i .uigiisr. . i4f,iinr tlilr ,, ,.,0iew. 30O l.lr.
SECURITY These bonds are secured by a charge upon the customs and other revenues of the Dominican
Republic, subject, to existing charges and expenses of collection.
CUSTOMS REVENUES The customs revenues for the period August 1, 1907, to December 31, 120. have
averaged annually $4,040,000. The highest returns were $6,274,000 for jhe year 1920, and the lowest $2,877,000
for the year 1910.
TOTAL REVENUES The Republic's total customs and other revenues for the five years January 1, 1916. to
December 31. 1920, averaged annually $7,374,984. The largest revenues were $10,494,386 for the year 1920,
and the smallest ,$4,749,370 for the year 1916.
FIXED CHARGES The total amount required for the interest and fixed sinking funds of the 5 Loans of 1908
and 1918 and of the present loan is approximately $2,350,000 per annum.
TOTAL DEBT The Republic's total debt, as of May 31, 1921, including the present loan, is $13,134,343. During
the period November 30, 1916, to May 31. 1921, the Republic reduced its debt by over $10,150,000 or approxi
mately one-half. In addition, the Republic has spent during the same period, under the supervision! of
American engineers, approximately $6,000,000 for public works of various kinds.
PURPOSE OF LOAN iThe proceeds of this loan arc to be used mainly for the completion of essential public
works consisting of roads, port improvements, schools, etc., and in part for the retirement of certificates of
indebtedness. This work will be done under the supervision of American engineers, and such portion of the
loan as is used for the purchase of supplies and equipment will be spent in the United States.
We offer the above bonds for subscription, if, as and ivhen issued and received by us and subject to
approval by our counsel, at
I
100 and accrued interest, to yield
18.91
13.20
11.28
10.37
if redeemed December 1, 1921
" " June 1, 1922
" " December 1, 1922
" " June 1, 1923
9.85 if redeemed December 1, 192c
9.50 " " June 1, 1924
9.26" " December 1, 1924
9.07 " " June 1, 1925
The subscription lists will be opened at our offices at 10 o'clock A. M.. Monday. June 20, 1921, and will be closed
in our discretion. We reserve the right to reject any application and to allot a smaller amount than applied for.
Amounts due on allotments will be payable at the office of The Equitable Trust Company of New York. 37 Wall
Street New York City, in New York funds to their order, and the date of payment (on or about June 27. 1921) will
be stated in the allotment notices. Interim Receipts will be delivered pending the engraving of the definitive
bonds.
Speyer & Co.
The Equitable Trust Company
of New York
Th Information given herein, whlla not guaranteed h
New York, June 20, 1921.
i.ii .i.n ..i in n
o ii orTlelal or other aources whteh we believe to be reliable.
1.... 101V 1 37
0 . mm, a , n.7 ',
I. .. 101 U I 3 37 K
1. . 101 lll Cant I r.4a
Canada S'n B 1 . 80
,1 Sl?i Inlboro It T fd
l II Pacific let 1 32S,
3 70i, 1 321,
70", 3 . S2i,i
Cerro de Taaco
Co pre r 8a
1 103
4 103
3.. . 10B
C A Ohio 4'ta
1... . 72'
1 .... 72
C"l & O cv 5a
3. .. 70H
3 . .70
St I. Huw'n
3 a 03i
Senb'd A I "I
1 31
1 80',
Seab'd A T., 0a
1. . . -IT
1 . IT
1 . . 47
6 . . 47
6 32i,l 1. . 47
3.. . 32 V ! "
1. . S2ai61nclalr O Oil
Jap Goi't latl Corp'n 74"
11 ... 84'. " P2'
I Ml, 1.. 91 '
Jap Oove't 4a I (i . 014
3.. 08J 1 . 02
3 . 0S4 3 . . 01 "4
to. 00 0 ... 01 'i
701,1 10 00 , S'n PaclOe fd
I.. . 70HiKan C rt a & 1. 7S',i
Uhl fc Alt 3!,,al Memp 4a 18 n Pacific 4a
t.. .. 33ii 3. . r.24 R .. . 0714
1 hi II ft Q 4a Knn C H .la 0 . 07
2. . 00. 00' 1 .. . 73 "4 1 10. C7i
V. . po 00 K C T niy 4a 1 . 07 i
C H A Q 0Tel I. .. 00. South'n Illy 4s
I. . OOW'Kelly Sprlng'd 3. B37,
1 jus' T i;o 8 wi 1 . . n"
I . . . . 00 2... . 0.1 ,
K nelB'm 7i,aiStand'd Oil of
S I'a", Calf rcta
2... 07'l ;.... 102
2... . OS', Swlts'd Con 8s
1 . 0R, 1. . 101
till I O W 4 a
2 4S
Chicago Mil &
St T 4s '23
I 72
Chicago Mil &
SIP cv 4Aa 7. 084
1 04H 3.. . 08', Third Ae, nj
Cricago Mil & 1.. . OR', I 2 27 '4
StP cv Bs K Balg'm retal 4. .. 27,'i
1 04 nj, .'.... . li7i4Tldwatr:r Oil
ChlciufO Mil & 1.. .. 07ii' Co ct fli,a
ll3'.
Str fd 44a 3.. .. ;i,, 1... 02
1 47 2. . U7iL"nlon Pac 4s
I'tSTVOiJi 3... . 07Ni 1.. 7H,
10 08 10. .. 07i 1 78i
r N Wn 7s 1 07, Union 1'ae lis
2 00 1 97H J. .. 00
3 . . 00H Kingdom Den. U K of O Drlt
I . . 00 mark ct 8a t I'd 1021
1. ... 00 1 ... 001,, 2 . 08
ChlUItPfd 3.. . 001,1 2 0ll"4
21 . .. 01", 1... PTNl 1.. 00a4
1. .. fll", 1.. 00H 1 00.
3.. . 04, I.. . 00'4 I 0P
044iKlncdnm Nor- U K of Q Brit
U Sta 4 Sal way ct fia & I'd 1022
1 .... 78 I r. ion, 1 07 ,
1 78 lack Uteel '00 3 tT 3
2.. . 78 I I . . 714. 5 07ij
8i4.LaUe Shorn MU K or u lint
S'n 4a '2S ' & IO 1020
1 ..82 3 ST",
Chi & W I 4s
1... . B74
Chile Cop'r fla
1.. .. 71H
4 714
1 71
824
82
Igh Val 6a
8.. 03'.
4
t.cliig
Exempt from all Federal Income Taxes
$250,000
City of Birmingham, Ala.
5 School Gold Bonds
Due April 1, 1950
Legality approved by John C. Thomson, Knq.
Price 86 and Interest
Yielding about
e
Descriptive Circular upon request
R. M. GRANT & CO.
31 Nassau Street. New York
Boston
(TKLKFIIONK I D. 80)
St. Louis
Chicago
We Cash NOW
GERMAN COUPONS
falling due
JULY 1st
And All Previous Coupons
For FREE information inquire Coupon Department
F. B. Warren & Co.
708 Denckla Building:, Philadelphia, Pa.
Telephone Walnut 5680
Main Office
11 Beaver Street, New York, N.
Y.
American Representative of
Nationalbank Fuer Deutschland, Berlin
(Niitlnnul Hank for Germuny)
Chile Cop'r 7a Lorlllard (' Ba
1 02'. 2. RB
2 024 I.ou 4 Naah 7a
City Heme 8a I 3.. . 102
0 PBi..Mex Tetr'm 8r
0 00 3 03,
City Bord'x 0s Mid b Or r.a
1 704 1... TO
City of Copen- Mln St V i S
hngen Ba Sta M 4i
r. . .. . 74il ft 73".
I . . 74ii 3 . 73llT S Meilco .Is
II . . . 74H Mo I'ocino 4a I 1 404
10 . . 14 3 311, 3 . .. 40'-,
city Lyons Ca , 2 311-j, 3 40,
1.. .. 70', 1 31V 1 n
( lly Mara'a OsjMont'a PnrBn 1 . 4fl,
1 I , . IJIj I S3 1, 10 10
i C N Tk 4a 'B7iNeiT Or Tex. I" 8 Hub'r Sa
.1 87 ,
I... . 87'4
U K of d Urtt
& I'd 1037
r. . . ro
m ss ;
3.. 834
..1 834
1 . . 834
1. 834
U H Hraill 8s
1.. .08
1 07 4
2 . 07 ,
I Ui ",
:i.
04 , Meileo 3s
I'll " I
MR. EXECUTIVE
You have often said:
I vlsh I had
0 good assistant
With a mind
That could grasp
nhat I am truing to do
(e me ot details and
fttp things going when
1 tun away."
"' Uou mean it?
C 729. Ledger Office
Eastern Shore Gus & Elec. 6s, 1955
Gcorgiu Ry. & Pr. Gb, 1951
i Penna. Pr. Lt. 7b, 1951
Hcrshey Chocolate 7'jb, 1930
Land Title Bid?., Phlla Pa.
Members Philadelphia Stock Eiehcnge
What Chance
has a
New Business?
CERTAIN elements of to
day's situation fnvor the
foundation of new busi-
neaaea. Others opyioiie It WJII the
actuation ai a u'hola Improver Im
portant advance Information oil the
nutloolc for new bualneeaea waa de
livered to over 30OO executives' thin
week throiiBh Iho unea and fore
casta of the " .
United Business Service'
tofuther wllli Mini Information on
Sales. Credits. Comtnodltlea and In
veatmenta. Tou may have a copy of
this laaue without cost simply by
wrltlna for It (on your letterhead) to
tha United Iluslneis Berylce. 834
lloylston street, Uept. 34-SU, Boston,
Mass.
IK1
V
Investments
Baker, Ayling & Young
JOUKVII W. BWAIN. J,.. Uanan,
Und Till. BIJg.
Boston PhlUd.lphi,
r V Tk 41,'00l 4 33V. 1 77
1 . . 824 V T i nt I 1i. 1' H Hub 7 Ha
i'Iiv Tarla 0a I 1 72. 1 ns'
1 . PO'i New 1'1( Oil 0j, 2 . . PS,
1 ... OOU 1 S8I4 3 I''-,
3 .. 09i 2
1'itv Zurich Ksi 2 88 1, 1! . OU
,3 07 10 . 881. 2 4 'i
,1 07 1. 881,1 8 04 14
iTd Cln Chi iN Tit Lleht II I 04 4
St L, 4Ha 1 & t'wr 4a 4 04i
1 74 fi... . 5rt-j v U CS 7'4a
Cleve 8 I. 4 Ha, 0 1 . 01
0 724 New V N H i,Va nll'a 3s
Colo & So'n 4s II 4i '30 1 2 . 70
3 78 0 . 42,IW U Mfir 7a
Cons'd Gas 7s' 3 !.', 1 00',
2 1001,1 1. 2i, 4 00',
1 100, 3 42, 1 00'i
Cuban A S 8 New T N H & 2 100
3.. . 07'i I Hart'd 0a 2 CO',
Cuban C 8 cv, 1 no 1 00',
11. . . 00 IN Tic Ilwja la 2. 00',
B... . 00 1 . 10H 3... . 00'i
2 69 Nae. YWCi 2 0fl'
Del & Hud cv Host 4'? a 1 00',
2 70J I 8m 1 101
I1 & Hud 7a Nfk L V cv (la 2 00',
3.... 101V4 20 oOS.Wlaon fo lat
Denmark Con North Wn II 1 83 it
ct A 8s Telephone 7a P. .S3,
1 .... 07Ti rt ... 09 ' 1 8.114
I 1 U8V
11 .13
llluli I ow A M.
'I.iliorty 3Vas . . Ss.lS S7.1M! 8S.K1
Liberty 1st 4'4-. '" S7.5'-' S7..VJ
1-ibcrty 2il 4'js.. R0.70 (1.72 SO. 70
Liberty 3d -lUs.. 0J-.S 1.42 01.48
Liberty 4th tV Srt.SS SII.S2 Srt.KS
Vic Notes r.s . 1IS.40 '.1S.40 08.40
Vie Notes 4!)4s.. 08.40 08.3 1 08.40
1010. wm 11 fiictor of iinportnncr. but
even the 3 pr crnt rate ostabli'-lieil mi
TTitirwlny did not enert any Vitillinli in
fluence throughout the general liM. On
Fridoj. there did not nppe'ir to br ns
heavy a volume of selling ns hud been
in effect on numerous previous (tii
moiik during Iho pnst week, nur did it
appear to bo as easy for the bi-arn to
depress prices a had bren the easo
earlier in the week, wh.'n M-virnn IV
troleum dropped to around 10.".. u ilrop
of 2-1 jiolnta in two day and nf 47
polntH within the Inst fortnight 'I'll.'
Mexican episode ncled as im ntiot tllt.tr
Inliuenre, and as followed l .1 .m-ver"
break in Athintic. fStilf and WVt In
dies, another ojriHiratiop possoiiij: c.
lenslie oil properties in the Mrxirnu
Hepulilie. The reori hi 0 JfiMTiiinent
ofliolnl that the inojurliy nf Mexirnn
solln uere fast tiininiK to ink natur
ally had a tendency to crciite much un
certainty in the oil croup, but some
seemed to orpin thot this should net n
a bullish inliuenre mi American oil
corporation securities. It was natice
nble, however, thnt the Aniericiti group
of issues showed no Improvement.
Hond Market Oierworhed
Troubles of the bond market have
been many in recent vtccks, but they
hove been brought about to a consid
erable extent by ovcretithusiasm on the
part of bankers in their haste to put
oht and crowd on the shoulders of in
vestors all the securities possible during
the period when an excellent demand
obtnlned for bonds, notes, etc. lt is
slmnb a case of hlstorj repenting
itself an overcrowded condtion in the
market which in turn has brought about
a serloun case of indigestion. Large of
ferings have been made with too great
frequency for the good nf the trade
Thin Is exactly uhat happened last
.Iiimiary. when the bond market had a
harp upturn nnd prices scoied new
high quotations on the then upward
movement.
But there are many who feel that the
present dork clouds of pessimism hnic
a silver lining and that within 11 com
paratively short time there will have
tnken place substantial betterment in
the bond list. With the continued
jdowing down in business activities there
naturally will be a greater amount of
money which must seek some snrt of
cmpln.wnont. anil this is the one im
portant factor which bondmen are now
banking on in their general expectation
of price betterment ns well as improve
ment in the 0Iu1nc of business trans
acted. Feelers in Copper .Market
Some copper sellers reported a slight
increase In inquiries last week, but it
was not known whether these inquiries
were in connection with actual need
or were put out for the purpose nf test
ing the market for quotations Tur
Increase in th inquiries were not note,,
until the lnt hnlf nf the week, atld tin
far there has been no actual gain in
the buying, so that the opinion appear
h snlninc ground that the inquiries
ss,;t"il s Steel Sal which wen- put out were nu-rcly "test
ers.
Odd lots of copper were sold again
during the week at 13 cents per pound
for .lime nnd 1".'4 cents for July de
liveries, although the quotations of the
leading selling agencies continue un
changed at 13' 1 cents for .Tune and
13ij cents for .Tulv. As heretofore,
however, these quotations nre mereh
nominal, as no business is being done
at the levels of the big interests.
Jul Corporate Maturities
Corporate maturities in July, which
are unusually heavj . but which have
largely been prmldetl for. aggregate
$370,200,000. dmdod between ?otjj)
300,100 of railroad bonds. .$30.fitS.2fK
of industrial bonds and S70.323.000 of
public utility bonds, according to a
compilation by How, Jones A: Co. The
most important public utility is .$."7,
I'iK.s Choir" e'ork In email siippi. up
fm Quitntlo'ie Nenrln Orals 'JSlje ur
rent receipt, 28e. Woatern. cxtrn. 0rst
'.'si?r. flrsta. 27ft2Se en-owls 2IW2'li- in
ferlor lota Imwr, fancv weirded ores r i,
lilntr nt VH IQ- fair to now! t 33i3sr
I'HKKMi: - Klrmlv held. Quotntlnna foil,,.
N w York. hole. milk, flnia. fiinnv frei,
HI1I17C do, rnmtnon to fair freed. HfM.'i.
Loneliorna. freah. lflWKc stride Inlaio). 1
freh. 10W17r, Jnhblnp enlea of funr goods
10W20e,
I.IVn rdt'I.TRY The ouoiiitions nr
Towla. fnnc. fat 32JJ33' . medium 2H3tr
srrlnit chickens, brnllera not lehnrna ko d
duality. Melclilnr 2W2'-, lbs nplere jj
l.".Rr nelghlnc 1 9 1 H Iha ape-. Z'rf
42c aprin? chlrkene I.ehorns uelchlna- 1U
lit" Iha. apiece. 3.10411. smaller !7r jsw
.14. rnostera. tflnlSc Dlji'ka Mine Peklli
2'iil20e. do. mixed colors 221V 2i llise,,n
per plr. old 4.111 3ilc nuns 3Mi 1'ic
nUKSHr.D POtll.TItT Quotations Knwls
freell klllei? dr -Picked In Soxes nelBhlns
, 4 rr Iba. apiece, ,14c. do uriKinns ;i, n
'tnnn ..A ...l.lilni, 1 11, iiDTP'iri.. i-
.1 1 n om , ni.. 11 muiMh . i '- " m n"i- , , ... i
fresh killed. In Mils d-plcke( ueishlnc I
ft 1 Ihs nlece, dri ttteked ,'trt.' dn v..h
InS 4tf3 lbs aplrn lr.. piil.e, a.,. fa
v elRlilna; 3's a lbs, a."'6 2ili iin ueishlns 3
lbs and under 231124c br"Ulnjr ehu U ns .
Weelern. 43 30c do, tiarl'i SOU (10. , o. '
roosters. dry-Picked Western IS, dn do
r.iuthern. Ifln. ducklings. i f .S'a ':ie .1.
iimrby 27c
priTATOICS WIiub potatoes per bhi
r.aatern Hhore No. 1 t" 301 3 .,-, rro
lli.a. No. I. J2H3 Norfolk. No 1 'J 7:.i
3 No. 2 nnd culls li?2.
What Is
Germany
Selling for?
What has happened to
German Capital?
What has the paper
mark done to German
labor?
Sec this week's
Barron's
At Principnl News-stnnds, 20c
SPECIAL OFFER: You
cav have the next six
issues mailed la you by
saidino On Dollar to
Run-on's, .',. Broad
Ni ic York City.
Philadelphia Office
436 Snniom St.
St.,
e
Liverpool Cotton
l.lTeniooI. .Tune SO. Thre was on'i a Inn
lied request for HPul coiton toda v lib prli .1
i.isj on the baals nf a decline of 13 point..
for middling lit 7 24d. The sales wrp 2n - I
ono bHliH. The receipts uere ! noo bale.
includiiu; 1S.I0Q hales uiu'Ncan r'uturrs
vere easy In the earlj deallllRa. Spot price ' ;
ii 're Amerlcin middling fair Blind koo 1
tnlddllnR. H 00d futlv mlddllnB. 7 tlod inul-
d Ire 7 04d. low mlddllnB. 0 Old good or
dinar". 4 79d. .ind ordmar I ol
Boles & West wood
MdmberU Phila-iock,Exchand
INVESTMENT
SECURITIES
LaniTitle JBld4. Philadelphia
PHONt JL0ClXST472r
:iiriii!iu!!!iiiini','!:ii'iirii;iiiiiii
PORTO RICAN-
AMERICAN
TOBACCO COMPANY
10-Yr. 8, Due 1931
Formerly American Tobacco
Compiny Subiidiiry
Price and particulars on
application
BIORElN&CO.
ITstubllalird IMS
410 Chestnut Street
Mrmbrrs I'lntatlclphia and
.ct Yoih btork JSxehanaei
mnMMmmwm:mmmmmmmmm!m
Bonds for Investment
Clrrulnr I'pon Iltsiiieat
The National City Company
Corrr-snonrfciif Office in Oier 30 CUIet
l'lilladrlphln 1421 t liestnnt St.
Atlnntlc rif.v 122.1 llnnrdiinll.
70
AUTOMOBILE
INSURANCE
i.innnrr MiTrvi, isrrt(i- ro
rlmne: Locust 0070 211-22 s,. ISth St
ftlGHER,ROCKEY&CO.
Certified Public Accountants
Drexel Building. Philadelphia
SERVICE
Quick, intelligent, reliable
service is appreciated by our
ilients, and by all pros
pective investors.
Our Wall S. Rccicw is
mailed free on request.
R. E. Lewis & Company
702 Finance Building
Philadelphia
Telephone Spruce 8317
20 llrouii "st.. Exchange tllil ,
Nen ork rtriiillnc, I'a.
Hiiect Ulrra to Nei York
Is Interest Surer Than Dividends?
From ,i siitisiili.iri nf ill
American Telephone & Telegraph Co.
1.10', .ilrld mif In i. lit, i nif il bv liuilcp
Southwestern Bell Telephone Co.
Fho-Yoar rr Note.
We re. nminciid ihen, fnr hank ,hm1 inrllv kJu.iI imnlmini
' trcuUn- a ' i pmi njtplii atum
SCHIBENER & CO.
im
"ppo-ii 1 nil. p. i lr in-. sriuax
.")12-."il Walnut Street
IIIIIIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH
p., "U'HU.AIIY INHCnANCR
ridehty and Deposit Company
or Maryland
TLATT, YUNGMAN & CO.
" WAlJJtJT STHCET
GE0.A.HUHN & SONS
HTOrKM AMI IHINIIti
Membera of the rhlludelohlii. New
VorU and Chlcaito Mtoch Kxchsnus
New oth t'ollon Kxrhang;
Commission prders Executed In
All the Principal Market!
Liberty. Bonds Qouqht and 'Sold
litlleTUt Court llldfi., til Wnlnot B.
II N. V.. Ill iironnwn-. . .iiinuiifi uiy
rlnilmssia Y uniri
Opportunities in Safe Bonds
Bonds given the highest rah
tags are now obtainable at
prices to yield B.SOfc to 8.
Send for our selected list and
state requirements.
Reed A, Morgan & Co.
H'rt Xni Truit Olifo., I'ida.
.: mbers of the I'lilla. Htnclt Exch.
CUSTOMERS' MEN
"A InrKe broUerngo linn doing
strictly commUulon budlncss In
.Stock Exchange securities In
deslroui of obtaining sovera!
uddltlonal Cuslomcrti' Men. Kx.
perlence neceHsary. Clientele
preferable. Opportunity to work
Into branch ottloe managership.
Salary, Itepllcs confidential.
Write Box
O 111, d.EDHK.It OKFICE
MONEY-LENDING RATE8
WAV YnnK . XTntiev nn call, hoth daft....
ct collateral, opened todn at 5W per cent
(or lendlnc and renewing
I'lllLAnEMMIIA Call r. tr cent time.
11 per cent: commercial paver, three to six
months, II per cent
Note Then., are rrereK nominal quota
tions, the l.-eal rat of Interest In the State
nf Pennsylvania helnu nxed at 8 per cent
I'lua premium and commission tlmo money
lor thirty to ninety uj is nianeu ai , to
7H pr cent while cnmmorclal paper. trnm
thirty to ninety days, li loaned at 7 to 74
per cent.
GOVERNMENT BONDS
ranama coupon la l"3,.
Panama rculstered J 1930
Panama coupon '.'a 1088
Panama registered 2s 1088
Panama coupon 8a J P" 1
Panama registered js
1061 .
1031
1038
103
I' H Oml rounnn Ss. 1030 .
II H Oovt registered Is. 1080,
V 8 Oovt coupon 4s. I0SS
IT H Oovt registered 4s 1920
Dlst of Columbia 8.6.',s 1024
Philippine 4s,
Philippine 4s
rhli ppine 4s.
oovt coupon
nid Ask
00 loo'i
110 . IHO1!
M) lOOiJ
70 0
70 Co
JO ur
0 83
80 83
00',
100 lOOit
lOU, 10S
1045 105
RAILROAD EARNINGS
KANSAS CITT SOri'llKHX 8VHTEM
Iicreae
May ros ..
Net after taes
Klv- months' Krcsu,
Nat atter.'sxts ,
$86,000,000
During the month of June there will be some $19,000,000
of Public Utility Securities maturing and $67,000,000 of the
railroads and other corporations.
We would be pleased to submit a list of securities to those
who, through the maturing of their holdings, are seeking
Safe
Profitable
Investments
IRtdmund &o,
Broad and Sansom Sis.
Philadelphia
Wilmington Pittsburgh
1021
1S7. 70 ll'iflin IJ
P.27R.MB l,04K'.62Tn(.
1,
,
Baltimore
33 Pino Street
New York
Washington
tiS
I
.958 TH.480 V.
IV
.,. f
il '
.1
r .
t-fani-tA-fj-f v r
Ji
I i'nt .
'w
1,054