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Evening Public ledger-Philadelphia, Wednesday, june 22, 1921
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Treasurers of Clubs,
Lodges and Charitable
Organizations
may save themselves detail
work and anxiety by trans
ferring their Responsibility
to the Trust Department of
this Company under an
agency arrangement.
The individual availing himself
of the. Company's agency service
has the benefit of the combined
judgment of a staff of trained finan
cial men.' The Company relieves
him of the often intricate account
ing problems involved, and as
sumes the duty of collection of
funds, interest due etc.
A consultation with the Trust
Department will reveal the. econ
omy of agency service and its
many advantages.
Member Federal Capital nndSurplua
Reserve Syatem $10,000,000
EFFINGHAM B. MORRIS, President
GIRARD TRUST
COMBVMlf
Chartered 9JG
L
ifiP Philadelphia
i'fcSrtT-
NEW YORK BOND SALES
Satntnnrjr of Individual Transaction on New York Exchanx
tSM.KH IN 1 100(1
Am Asr A Chi 1., .. BK
7Vi rctfl Ufl & Hurt Ta
4..,,. 04 ',i I t... 101H
A R II K n Denmark Oun
10 70
Amu TAT uit
J 78
Amn TAT fa
10 82H
7 82
.. .. B2U
B S2W
3 81 i
Amn TAT 0
1 07
1 .... "Hi
8 tT'
1 07U
Aril's lleP'e 8
1 09
Armour 4 We
10 (sale) 77 Vt
A Const b clt
1 07
A Coast 1. 4e
1 74
A Coaat'T. 7i
1.... 100
All Hef ct 0W
0 . . 100H
2. . . 10fn4
D.... 1004
R.... 100W
1 in . . . 100.
! Ilalrt'n I. W .'.
I 1 02U
et A 8s
1 D7V4
Denmark Cuu
ol li 8a
!! 0-14
1 118
1 08
Ln A It t. r.t
2 1114
Den A It O t
.... 03
Don .MotnoH A
Kt Dodire 4n
3 431.
Dot Kill Cm 111
1 H8
Drt V It t'jV
00 U
Do Canada '21
1 oo
Do Cnnadn '31
1 SOU
T I)n Nemoura
1'wrt'r TH
2 HO
2... OOVi
21.. .. mm
I. ... 07
4 ... 004
Dun i.Unt iu
1 oon
no
Unit A Ohlll CVI 2 1)0
a rtnti Hrl Oenl I.lm
1 . .. 07
1 .... 07
tl A Ohio Stta
1. .., 81
2 81
Ililt A Ohio 4"
1... . 0ti
0. ... 0!t
n (eale) 04 "i
1 .... 04'.,
i. . ns
2 OS
r'k f- Ohio Si
2 . 08'i
2.. . 00
tlnlt A Ohio fl
S 88
10 .. . 88
II A O P I. B
A W Va 4
1 .... 02K
nll Telephono
of Pa 7s
10314
2... 103'4
3 . 103 H
2. . 103'i
llcth a 0a 30
1 .. . 74
Urlcvn II T 7a
8 40
2 .... 40?,
5 4fl'i
Hkn II T cl 7n
3 40'i
llrkn Ilnplill'I
- " .... '
10 . il)
i:rlo It It, rv A
1 30'i
Eric It II cv II
1 30
Krlo Ity Co 4s
.12
02
(lone' I l'lo .:
1 84
1 84'j
3 81V4
Ocnc'l Hire 0
0.... 101
(Inndvenr Tire
A Rub 8s
S 07'4
07 'i
07
117 '
7 H
07 U
07 i
10..
10..
4..
1..
1..
flove't French
11 7a rqts
ct 7a sta
L
THE most competent judges of a bank's
status are those engaged in the bank
ing business. The high opinion of this
institution held by bankers everywhere
is the best indication of its standing.
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Capital $ 1 ,oco,ooo Surplw and Undivided Proiu Earned $4,400,000
F
42',
5... . 41 i
Tlush lllrt'c fa
1 . 7
3 74
7 . . 74i.i
Canadian N
1. .. 101 M,
4 . . 101
C n N Jay 3a
2 . 04
Carro do Taaco
Copper 8a
3 . . 103
1 ions
2 . 10Ri
C A Ohio 4 '4 a
1 71 n
C A O cv l'is
3... 72H
1 72i
C'k & O cv Ss
4 70i
1.. .. 79
C ti A char 1st
2 85
Chi 11 A Q 4s
r. ... 00.00
7 . . 00.00
20.... 00.00
C U t Q 0,4
00
in
1
1
I.
1.
Chi
00 "4
00 '4
0fl,
00 1
00 14
110'
00H
. . MT4
Mo4'ac fa '23
1...... U4
t DIM,
Mo lac 3a '20
... 81K
Mont' a l'wr 0a
1 63U
1 83
X Y Ctl Stta
1 oa
2 03T4
.-. 031
New Ylt Ctl 0a
1 88
3..... 884
1 88H
1 884
1 88 H
Now Ylt Ctl 7
n o!4
2 00T4
I 100
1 . . . . 100
1 100
I ion
N V C M O
3Via reit
2 . . ft7
N Y Chi A St
l.ouls 4s
2....: 70
N Y Connecl'n
II 11 4Vis
1 7114
N Y'k Lack A
Wedt'n (la
1..... or,4
V Yk nws Is
10 184
N Y Tela 4 Ha
1 -T.i
i VU Tele 0
1 80
N'fk A IV'n 4s
2 . .. 73
Nfk A W cv 0
1 .. O0U
r mi i
1.... 100
N'orili WVn H
Telephone 7s
17..
1..
12..
r...
0..
2..
10.
03-
, on
, US'
, 03
. 0ft
. or.
. OR
, or.
. or.
05
5oc't V II Bs
01
01
07i
07 s
07'.
07 H.
07 i
07'i
07 U
07S
07 W
07 U
07 Vi
07
074
08.
08
IH
08
08
01
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i
fi.
I.
10.
1
1.
1.
n.
4.
2.
1.
1.
1.
1.
1.
1.
f Nth Uly 1b
10 77H
O Nth Uly 7a
10.. .. 00"!
1. ... 08V4
I .. 0014
10 00
Hck'K V 414s
1 .... 08
llrtu'n llelt ns
1.. .. 77
Hud A Mnn fd
2 04K
1. . . 04 i
1.. 05
llud A Man In
7 nos
8 .. 30
5 . . 30
1 37
111 C St I- A N
O Jt Hd" 5s
2 70
Intb Mat 4 '4 J
14
N I'ncIO'- It 3s
I ... 53
N I'liclOc It 4a
10 . . 73i
X VnelOc U 0s
5 (aalel 00
Nth S Pwr 5s
5 77H
I . 77
Orison ri 1. 4s
! . . 70
Oreiton S I. 0i
3 00
Pac (1 A 12 ."1
2. 70
1 . . 70
Packard Motor
Car Co 8s
1 05
Pa It en 4s
1 . 83
Pa It em 4s
3. 73
! (sale) 74
I'rnna P II 3s
10 . 82 V,
5 . 82
Pcnna. It 0s
a ..., o?
1 07
L y Mexico if
4 34
V H .Mexico 3.
2 40
2 4.1 H
V S It A I ft
2 801,
V M Hub i
0 08,
1 110
UM H Hteel 5s
1 04
8 0414
5... .
10
10. ...
0.. .
8
2$
8
Va-C Ch
I
1
Wn Pacific lai
1.. .. 78
West .Shore 4 s
1 .. 70
J4S
111
fill.
UJ
!MH
01
04
114 U
7s
90
80S
We'n Unl"n 5s
1. .. 8314
,V A H MI 7
1.. .. 00i
1 PON.
1... . 0014
5 POtt
4 00
1 OOtt
Wilson Co CV
1 70
2 79
Wilson Co lal
1 ...
Illcth
Liberty .IVuh S7.D2
Liberty lr.t -IViH. 87.-IO
Liberty '-M 41h . 80.80
Liberty .'Id 4,in . 1)1.42
Liberty -lth IUh. 80.00
Vic Notes 'A. 08.42
Vic Xoti-H IJh . 08.42
Low
87.82
87.40
8(1.74
01. W
80.82
08.40
os.rso
83
. 83 ,
11:15 !
A. M
87.02
87.40 ,
80.70 ,
01.40
80.00
1)8.42
1)8.40 ,
GOSSIP OF
. THE STREET
it' Vj W 4f tt"ro R T fl
4. .
5 . .52
5. . . 52
.1 . . r.2i
2 32".
111... 52
8 . 53
2 . 32
I M Marino fa
4 (sale) 78
'.' . 70
1 .. 70
1 (Kale) 70
Jap Qovo't 4s
1. ... 78
Kan G l't S A
Memp 4s
10 02
10 02
. .1 ... . ir a .
Chl II 1 A 1 W " -'"
I.. .. 03
2.. . O.'l
Ivan C A H 3.
1.. .. 53
5 . . 54 "
1 ... 53
nr.
48
48
2 . 48
Chlcaco Mil A
St P 4a '25
2 . . 71 i
CIiiciko Mil A
StP fd 14s
58.3
1 58
1 .. . 50
C A Nw'n 3
3... . 08
3 08
C A Nvn 5'8i
12. .. 00
Chl A Nwn 7h
1.. . 101
Tlicrp u-08 vnltlernlV Rosip on tbe
Stri'ct ypNtenlny conrernlnc the embnr
rn8iiHiit of prominent innrket Interests,
wbo, ncronliiiK to reports, were coin
pellcil to li(iii(lnt( quite 11 Rood deal of
reol pood stock in order to tnke up
Ichh mnrkeinblo proposltloiiH. Niunes
wcrccliruluted with KitrprisliiR freedom,
nnd, If only half of the Htorius told were.
true, 11 liirR.- part of tin- lenderslilp of
Wall .Stieet .soon will be inuklnR for
11ml npplieiitiotiM for admission to tlie
various poorliotises tliroURhout tbe
county. .No doubt not since' JSOIt has
then; been so many cripples in the mar
ket, and no doubt miiiic IiIr guns suf
fered severe grueling, but none of It
Is quite so bad as sonic wise ones claim
it is.
It Is certain, nevertheliAs. in read
IliR between the lines, tliut there were
quite n few in Wall Street tlmt started
somethliiR they could not finish. This
came because some or them hit off more
t mil they could chew. In other words,
there was quite 11 hi clement in Wnll
.Street that suffered the same inistnkc
lis many others of the big war profits
being u continuous performance.
' It is generally ndmitted. in well-in
formed banking circles, that (Here still
are a few remaining sore spots to be
cleaned up. This, Iiowcwt, enn, uni
will. 110 accomplished without nnj
mi market disturbance. In one In
stance it will hn accomplished bv n
mere shifting of the burden to new
shoulder.
I5re!leiit ."Mnrgiii Response
There was 1111 excellent response to
morginn calls sent out .Monday night,
nciording to the testimony of the lead
ing brokerage house., yesierdaj. The
response was quite surprising, Inas
much as the Monday call had been
preceded by nt least four additional
calls within the hist two months. Mo t
of the local opeiators appear to be
hanging on with stubbornness that is
astonish iug and refuse to be scared out.
M.1I II .1 . .
1... . 001, uiuiimrii, neur wie end 01 a great
1.. .. li04 iiownwani swing, n large niimlier lie
2 ... oo come disheartened and rather than face'
1 0014 , additional nance losses let nrm..
Pemrn II It 7b ticall at the bottom. Despite the mm1-
! init,,'t's wnsplcuous inability to retain
Phil County cv ""bstantlal rallies, there beems to be a
1 or. KU11111H.-1H icriuiK in tne ooaio rooin1-
,''' 05 'nmone the smaller traders that the end
Portl'd nwy I of tho big bear motement is in sight
I.lcht 5s ; and when the market doe turn, the
i ,''. I rctJ.-liiul Is goliiB to he swift.
What the market needs most at this
time Is 11 lender who will step Into the
thick of things and, by example of his
action and words, gather a following
about him. The bear contingent has
such a leader, whom tliej follow blindly
and religiously. It Is going to take a
big mnn, a man with plenty of moncj ,
plent of hacking .tnd a whole lot of
I A s 5h nervo to do the trick. He i around
81 ',4 somewlwre and some of theie days will
turn up unexpectedly
fl-
State of
New York
Gold 5 lionds
Due RcriaU 1942-19G7, litcliisluc
Kxempt from New York State
Incomo Tax and free from nil
Federnl lneomo Taxes.
l.eiral Investment for B.tvlnits
Hanks and TruxteeB In New
York, all New Kncland und
other ?tntes.
To yield about
4.70cc
Circular on rrqunt for 'E-308
The National City Company
Philadelphia 1421 Chestnut St
Atlantic City Chalfontc Dlock
1225 Doardwalk
European
Collapse
Ahead ? j
Europe owes us oillions of dollars
on foreign securities, held by
American banks and investors.
Without exception these coun
tries struggle under an over-
lifllstlnilrtrt ltHc1 Ati i ? 1 U4
lYitkUIIIU UUIUUII W 1 UCU13, f
Things are getting worse rather B
than better.
. ij nnropeEocs oamrupiKnatwcn?
"New Issue
$1,250,000
Troy Laundry Machinery
Company, Limited
Fifteen Year Sinking Fund 8 Gold Bonds
Dated July 1, 1921 Due July 1, 1936
Interest payable without deduction for Federal Normal Income Tax,
so far as may be lawful, hut not in cxicss of 2. Pennsylvania State
Tax not in excess of 4 mills will be refunded.
Authorized $2,000,000
Outstanding $1,250,000
The following information has hecn summarized from a Inner
signed by H. S. Wilcox, Esq., Chairman of the Board of Directors
SIT
Msoifs K.eotts
s
oo;
00l
on u
win
mi
oo h
oo
00
W( Barometer Letter lu?t off the press
Kivestne piain unmased facts on the
situation and thows you what these
conditions will precipitntelntheUnited
States The matter is of most vital
interest to every American Investor
and business man
REPORT ON REQUEST
This Barometer Letter and Booklet
GttUnp the Most roil Your Maury"
is available for distribution to inter
ested investors, gratis.
Tear ouf the Memo now and hand
It to your secretary when you dictate
the morninu's mall.
" Mtrtly Aik for DalUtin 341'X
Roger W. Babson's
Statistical Organization
Wclleslcy Hills, 82, Afass.
(Suburb of Boiton)
Tht VarotA Orpariiatlon cflu Character
in t World
0
II
'"1 I
.,., Clip Off Here
Memo scaTs
Write Roger W. Babson, founder of The
Babson Statistical Organization. Weltesley
Hills, 82, Mass., ns follows: Please Band
a copy ot in?l rsr'SS"WHv""
liui etin no. ail' . I
and Booklet." utttitIS
ih Afnti frftnx Vnttr
Money" cratis. t.totn.3flii'gTj
rfMUMUIIMIIHIIIIHIIIIIIIIIIIIIIIIIMIIililllllHMIIIIIIIIIIIIIIU
Business: The Company, incorpo
rated in 1882, is the second largest
concern of its kind in the world. It
manuractures.sclls and installs laundry
machinery in hotels, clubs, public in
stitutions, industrial plants.Veamships,
commercial laundries, etc. Branch
houses are maintained in 6 of the
largest cities in the country, and sales
offices in 5 other important cities.
There are representatives in London
to cover the United Kingdom and
Continental Europe.
Assets: Net Quick Assets will exceed
234t'c,-Wid Net Tangible Assets will
be over 275, of this issue as sho'wn
by theMCompany's Balance Sheet of
November 30, 1920, after giving effect
to this financing. ATI inventories are
carried at current market values, or
cost, whichever is lower.
Sales: The sales in 1920 were the
largest in the history of the Company,
and the sales for five months ended
April 30, 1921, showed an increase of
10 over the corresponding period of
the preceding year. Unfilled orders
in process ot manufacture on hand,
amount to $328,177.
Earnings: Net Earnings for last fiscal
year and average annual earnings for
last three fiscal years were almost 5
times annual interest requirements.
Sinking Fund: An annual sinking
fund of 3 the first 10 years and 5
thereafter, and 25 of the annual net
income as defined in the trust agree
ment, will be applied to the purchase
or redemption by lot of Bonds at not
more than 1 10 and interest.
Management: The present success
ful management have been associated
with the Company for many years,
are large holders of the Common Stock
and will continue in active charge of
the Company's operations.
Dividends: Since 1884 dividends of
not less than 6' have been paid an
nually on the Common Stock of the
Company.
All legal matters pcrtajninj to this issue will be passed upon by Messrs. Graham, McMahon,
Buell St. Knox, New York, for the Bankers, and Messrs. Snearman 6k Sterling, New York, lor
the Company. The accounts of the Company since 1916 have been audited by Messrs.
Marwlck, Mitchell and Company, Certified Accountants. Physical appraisals by Messrs. Ford,
Bacon &. Davis. '
v'.'c offer these Bonds for delivery when, as and if issued and
received by us, subject to the approval of counsel
Price 97V2 and Interest, Yielding over 8
Trust Company Interim Receipts will be ready for delivery on or about June 27, 1921. with
Interest at 8 per annum discounted from date of delivery to July 1, 1921, exchangeable for
definitive Bonds as soon as prepared.
AAN
rtep Chile retn
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2. ... n.v-i
l. ons
St I. 4 S I-" In
in.. .. m
10 . . 40
l. u"i
i. . io
'J. 10 '(,
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RerlfH A
'.... . "'0'j
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1 .. . 50't
41 I. & S I'rnn
Sftlcn II
I. . . Tf'n
1 . . 703
it 1. Bow'v en
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t li Sow'n Sk
Ot
QUICK CONTACT
WITH THE MARKET
Well-informed representatives will
give you news on New York Curb
Market stocks in our Board Room,
over the telephone, or by mail.
"Investors ft Traders Guide"
Gl-)ngp book explains the
Rfiiernl rules of trndlnp, de
posit requirements, Uroker's
rnmmlsslon chnrges, rights of
Stock nnd Bond holder.
fPy Rlvi'ii In mir board
Itnoin or mnilcil on re
'inest. AkU for TU-451.
One us an opportunity
to demonstrate the value
of our brokerage wervlcc.
PHILADELPHIA OFFICE
WIIlKNHH III-II. DING
Teli-phiine: Hall. l.oeuat 17.10
Km stone, Itaca 3H01
BALTIMORE OFFICE
'4 8 3 K Ql I T A II I. K II V I I. I I N (1
Telfiihonei Ht. l'uul 8101
Direct Private Wires
New York Chicafo Boiton Philadelphia
Pittiburfh Detroit Baltimore Cleveland
Jones & Baker
Members New York Curb Market
I't'inny StocMinlilers (! row
It i' (iiitc evident tin Miinll imeotnr
lin. not lost his fnlth in I'oiiii-.ilvuniu
Uni!ro:i(l stork. For tonic tiini tht
prineipnl roiiiiiilKslon house-, reported a
iari;e lut-rcnoo In Hinnll odd -lot l)iiiiiK,
ami this Is rotiilriiicil In t ho latest -tnte-inent
eoveriiiff the number of Mock
holders, whlt-li shows nil lin-iease of
i"iM inveslorn (liirinc tlic nmittfi of
1 .. 114 7 -"! " , : ... ' .May. mis urnuj;iit tne loiai Ui 10 a
1 .. 04. I.- M q ''' now I'Wh reeor.l iiiiiiiImt of Hil.T-ll)
8 ... "i ,.- , u ,. .-.oi, Mure Hie bcjjiiiiiine of 1 Slil the ua.n In
C U sta 4'j ' - - ' " - ., stoekholdrrs lias been 7I!71!. The list Ims
1 . .. 0 .... ' (,u irt.l.tt'11 cIlll.A Hl.l tiu .F til. ...It. .. u f..l
C.ilcaBo union " . . s ,. !,..,.. .Tmnmi-t i:t:t nils p,.lm,ni.r
Sta Ct 0'1 ' ,!. 151 TH. M..r..l. HI-. !-.-..', .Ml 1'lw-'
. " ..... t. p. u U 1 70U .ui . M... i.iii i-ii ..,i i...w. , in -in
H ..' 10l n" w 1. ' . -ns ' "", '"'"" """ uiiin- n".i-iu.
Chi k v I 4"i ' i4 i 'u'.w'u en "s enmputiMl with a jenr in;o tho
l. . "'il3i r ' -. r An, ntimner of MocKiiohicr- on .nine i
.ii's. '.. :....". ... ; a !t showed an increase of lii.iliin. lhenver-
c t W I 7Sn ' '" '.," ' ... ,1E,. holilinir on .lime 1 was 70.H5 shares.
0' ,...,. .'i i ... j,"i'i'Kn (1 I i ninnnred with 71. 'Jl mi Miiv 1 ninl
..... r...... .'K,IIV DUI1 III. II '. --' -i- -- - - - ......
unuo y.uv ' '"i -.;... u ...i s i. aii Tfl SI nn .lime 1
- 4 I V.U OO li .....- ,.,.....-. ....
i " .. or i niv
.. . . iin- .... --
II ... '' ", . r.. ..la, n Minn Jt - l. -..-! ... ,1 .....I !..
CMlo Cop'r 7s1 in "' ui iiie iuiui uuiniiuiiiiiii; iii, nn ill -
.1. " -" eieuse oi w.iii ner veiir. eoniiiiieii will
An Opportunity
for a Bond Salesman
A house drnlinr; in conservative
securities has an opportunity for
n min to sell securities to privntu
investors As a role no Issue Is
InrKe. but every issue offered has
been Issued by a substantial cor
poration with nn estnbllshcd earn
lni record nnd lth most favor
able prospects for the future.
In addition the house participates
In oil Important syndicates. The
selesmnn selected will have an op
portunity to make money and
render a real service to hiB run
tomcrs. Pleas Klve references and
full explanation reurdln past ex
perience Address Dox C-823. Ledger Office
Chandler & Company King, Hoagland & Co.
Boston 14 South La Salle Street, Chicago
New York
INCORPORATED
Pniladelpriia
The informantm contained m ilii, uf,.rrrfiemfnt has been obtained frem
ttliobU Kurcet, anJ while not ruarantted i acceftci by ui m accurate.
1020. On the llr-t.of I
thiH month women held .Tl 13 per cent i
n
fll'-j'
rt,ln.. Gove t ' "n'i!
I llu-lCn" 5", '''., . n!i
. jr, K llolBlum 0
j l-O. Iti.rnn Ha - -N
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t
ino
1.
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or.
ims
IMl
un "-i
07
ntn
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I'lly Honl'x 0,
I 3... . 70
I City Chrls'a ss
I 3 00 Vj
City of Copen
i haucn r4 i
I 1. . . 74 t
1 1 . . 7 1
'..... 74'i
1 . . . 7 I '4
City Mars'H lis
1 70
C N Ylt 4'1'OU
1 h2'i
City I'nrln lis
an
20'.'
10
02
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..ii. i J t.i,.iiv l ,HUI "K". tl 1111 It'IIUIiri i'll Ul,iivrla UN IU
.! - ' fri'if-e of fiS.S7.
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i
I7'i
1 00 - i
: . un' ' '
i . .. oss, ' 4TI'
Ilels in rct.i sditiM A I. dl
110 4
00 V,
00 4
till sa
oo
21S (nle) lilHitalngilom Nor-,
K ... 00',V
BOND SALESMEN
menhS,i?i"l'?nlnB' for experienced
ana vlelniiv1"nt,cle- PlUlni'elphUi
14 'irituty and out-of-town.
Moore, Leonard
& Lynch
Cl'SllMAN NMartuu, Mer.
1503 Walnut Street
N'w v , o"iorr
itrJ:ill'lKlhla A Pitta.
"" '"v juxonangea
bliO.A.HUiiN XcMNS
rirtlt'liS AMI IMINlis v.
UleinlH-Ve of tlie I'hllui rli'lil.'. New
Yorh nuil Chlroao Htoclt ICicliuuges
New York Cotton Kirlmnue
Commlf.lonOrders ExecuUd In
All tho Principal Market!
Liberty Qond Dounht nnd Sold
llillevi.e ConVt llldK.. 141 W. njit Ht.
N. Y.. Ml llriinitnnj. Atlnnlle C.ty
Anilii"''"'1" H'ltfl
American ( ns & htec. Corn.
Cnnmlian North'n Kqulp. fis, 1028
Georgia Kwy. & Power Bs, 1951
HENRY D. B0ENMNG & CO.
07'i1 l !17
07'iMlnrlalr C Oil
H7'i c.irp'n 7'-j
07'. 1 (huI HI'.
07 4 (mli) 01 '
07'i . . 01
07 '. Simth'n lll 4b
07'. I to .... 5R14
-.. ..... .. .-.ii ..
dipi, Kinwrn vrw mhiui u mi "i
niiVn mark ct Hs c aif rotii
Z, 1 ,,("' I- ,0"
nn!i '-'.. I'"'. 1 llT
" I . r.r. 1'. 1 . .... ..
.Ml J . , , I'll -H
1110
00
O'lS, in ... 104
00 Si 3.... 104
1.... 101'.
wy ct Bs f nlon ran -is
0 ... 00', i . loot; I i....
city Tokio on i i. . mm. ' n"" ,nc ""
1 .IT I I . 100U1 - '.l,n.
City Zurich bs, l . . 100v; f Tank Hir ,b
1 . . 07 lliikv' hhom M. I . U'0'4
7 .... 0ail S'H 4s '31 2 ... 1"
era cm fill si io .. 70'j'i .V'.".1
St I.ula .'is lihlvli Vnl ill I ll 1021
1 .. . 82 s .. no i I.. om,
Cl'd Cln Chl ftiLorlllnnl f Ss1 7, 00'j
Ht l.ouls in ' 7 . fcVj ". 00
1.. . 85i 4 ... 80 I 2 . . HI'S
C"3o S. S 41.4 t. ft J IkUe l, 8... . 0US
V 7.'l'4 2 .. . OI'J 2 .. . Ii0
Columbia 0 ih Lmuii IS 4h mm It: Iv of 1 Ilrlt
K1.UU I 2... . .V. ! r 1022.,
2 82 Mot I'ftr'ni 2 . . 0i 4
Columbus tins I 11 04 I 1 07'i
jr i:it- ,1s 1 ... 04 v, I 0TW
1 70il !. ... iV.ll KofO llrlt
I'.mn'ii lla 7,MM S i- "r S'l l'J ioin
1 100,i 2. . . 7M'i 2.... 87".
1 . inili-i I 70 I . . T V
7 tooy, M A Hll. . 32.. . B7
I lnnv,. i OR 1 U.. . 87V,
Cuban A ss Mln .'t l' .v S,U IC of O Ilrlt
M ... 00'i, f""1 ' i ''d lu37
1'ul.nn C S 0 S 7(1". I . . 83',
A Low Valuation '
llohed upon Momliiy'H low, the prp
ferri'tl n ml eonimon Hluirps of Aiaeriran
iix'oniDtlve had a value nf Ic-j than
$4:i,nno.noo. or about js.i.ono.ono in
excess if rnmjiany'N nnrUnc eaiiital.
This wnrklnit capital i larceK In cash
nnd investment Hecurities. The rnm-
jinny owph nothinR and Its iiiventtirles
i are down nlmost to what they were
previous to the war. On bat-is of
market value American I.ocoinotivp'H
plants are rIvpii a value oi oniy
.$.",(11)0.000. The could iml he dupli
cated for .fr.0,000,000.
Sales Manager
Wanted
An Investment Danklnft House with
oMlccs in New York and Phila
delphia Is looklnn for nn experi
enced man to take charge of tho
sules force in the Philadelphia ter
ritory The man who qualities
must have had a number of years'
experience, d-aliUK in conservative
securities of all types The house
has stronu financial connection
and underwrites entire Issues of
recuritles for its own account
which It disposes of to both dealers
and private Investors A real op
portunity exists The sales man
ager will work on n salary nnd
commission basis All replies
treated with strictest tonfidenc-
Address Box C-822, Ledger Office
Moody s
Trade Barometer
A few copies of the June edi
tion of Moody's Monthly Busi
ness Letter are available to in
terested investors.
This letter discusses the gen
eral business situation and thu
outlook for the future. It
touches upon the condition of
trade, both domestic and for
eign, price stabilization, the
building situation and other
vital points.
Write today for letter No. 81,
enclosing 2c for postage.
Moody's Investors Service
.ioiin Moonr rnnsiDTN-r
1124 Real Estate Trust Bldg., Phils.
Hon " NViv York C'hlciKO
'MSBBSCBKSBBSdS
Cubin Finnneliil CrKU
A cnhleRrnm recolved from Consul
General C. H. HuiHt. at Havana, re
ports that tin- situation with reference
to finances still piisiikp- thu ecneral
attention in Havana anil throughout the
inlniuli Thcro Is a stnmir iiiovumeut on
Ci.ni fur ii ri.ilmilon nf Coveniliieut ex-
.lt''ii Con H . pemlltiireH, but owinK '. ihe fact that
in 101 Kiirtntltiieiit lu KTtreineK illllh'lllt It ills-
cushion for new taxation ! .taking
place. It seems vlrtunlb eertain tbut
nlthotiKli tl' customs reienues have,
been the most fruitful source of in
come in Cuba they will be dec dedl
less i urine the vcar lli-'i. . mil iin-
STOCKS
BONDS
GRAIN
Weekly Grain .Vi'ictt t'rtts un
Uniui.it
Boureau & Evans
!..ii.lier jl'lilla. Murk r.xeliiincp
MinuierH U'tiii.iiro llunnl of Trade
130 South 15th Street
Philadelphia
.oriisf .W.v.' l'if i fSl
uawraoaiMMH
12
.1
10.
1
4
7
4
as i
oin;
oo u
II0'
oo v,
oo l
oo',;
ti (sale) 1)0 i
1..... 09
Mn K 'I' ,
1.. 0i
4 B2
lln l'aclllc H
n..
1
1
1 ..
O
8.',
1
ti..
ni
Mil
r.i'i
ni;
82
1
S3'V
h.fj
n:iS
U S llraill Ha
3 .... 07 4
6 07 4
1 07H
3 07H
.!..., 0T
already passed one Iioiim- of the ( oii
L'resR cf Cuba aiiRiiieiitins' s.i'aries In
(he diplomatic nnd con-mlar serlce.
and to cover the (.'renter outlu) ion
sular fees will be i",,,,.,
BANK OFFICIALS SENTENCED
Convicted In London After Fallurs
'for Isculno False Report
London, .lune 'Jl!. -Thomas Farrow,
founder of FarrowV Hank, the fallule
of which just before lnit Christmas
brniivht misery to thousands of small
depositors, w sentenced jesterday t"
four j ears' penal servitude, convicted nf
haviiiK published .'. report and balance
sheet for the enr ended in .limp lust
which ho knew to be false.
William Walter Cuotch. on associate
of Tarrow, was also sentenced to four
M'lirs in prison, and Frederick Harb, an
iii.i.iiuiitiiiit. uhn was recniumcnded to
lo'cimo'ntt ST& t&TSSl hleH,BOCI.Y&Ca
rtn . Certified Public Accountant
port und bnlnu.-c sheet. Drwcl Buildinff, PbiImcllpUa
Sn
Spruce 8200
Particularly
LIBERTY BONDS
VICTORY NOTES
TREASURY CERTIFICATES
WE ate able to give
an immediate net
price on any amount.
BOUGHT-SOLD-QLIOTED
SECURITIES DEPARTMENT
Commercial Trust
Company
Member Federal Titxern't) ituta
City Hall Square West
asig
fje,
V 'iT
Mt : 0&&
Do You Treat Your Banker
As a Partner?
Our depositors realize tho experience we have obtained
in dealing with so many business men and on many
occasions consult us as they do their partners.
In many ways we are able to give valuable information.
Are you seeking business banking advice?
I
Vi incite yowto commit us.
We Arc in the Center of Things
Opposite Broad Street Station
1 JB &$
a. i: x tsl ca
Organized 1863
Opportunities in Safe Bonds
Hands given the hiahent rat
ings arc now obtainable at
prices to ukld 6.50rc to Src.
i Send for our selected list arid
I state requirements.
Reed A. Morgan & Co.
Went 1'nil Tru-t lllihi . 1'htln
Ml'mrtra of tin 1'h'l.i Stuck Iixi,
C. S. PATTON & CO.
3D A t'lll.ST.M'T ST3.
BANKERS
SnrrfrM to
SAII.KH STKVKNRON
llnmls nnd Slni'kn hmielit nml unit)
,Mnilir iiQ,i l li yh inr.
E. H. Rollins & Sons
y I'mindi-il 18.11
a Investment 12ond
1 121 Chestnut St., Ihil.itleliiiisi
riioni' spriiee BIBft
lloilon Vr ii York ll'llfc. s ; t.
llalliuimc I htctiu" Sun Fi'imcis
The Van Camp
Packing Company, Inc.
Firat Mortgagoa 8fr Gold
Donds, Due April 1, 1941
Price 99 S: Interest
to yield 8.10
HuMtii lli.H iomuiii)V liUHlnenH
ih national In hcopi. becauno It
iltnl.H In priniP neoeHsltles of life,
and becausp It Iiuh proven Its
ability to earn far In excels of
bond intfreBt requirement!), we
BtronKly recommend these bonds
for Investment.
Betid for ieeertptlw circular Zi-109
OUR VAULTS
AT
1415 Chestnut St.
aui; i:u 1 1 ii i) to orrr.it
s.vri: nr.roMr mi:iiui:
Guarantee Trust and
Safe Deposit Co.
310-18-20 Chestnut Street
141,1 Clir.tiuit St. 0 S. IHM Ht.
CUSTOMERS' MEN
A l.irB.- I rok m1bi. drill doing
nrlrily cotiiinlisiun business In
SiueU ICxi'liutiK,- HecurltifS It
ilHiuuiH of obtalnlnif bevnral
iidilinoiutl ('ustmners' .Mfn Jix.
pi i im i , 1 1 . ssary ('llrntela
iiriftrnblr. Opportunity to work
Into In urn h nrliou inuiiuKeniliip.
Salary, itepllea conllduntlal.
Write Hox
c mii. i.i;i)(.i;h oi'i'icis
'J
HENDERSON &L0EB
Members New York and
Philadelphia. Stock Exchange
imoh-tnutSt.
WANTED SALES MANAGER
A in mi lin linn hIiIIII.v In linmllti out
put nf two liirni- trxtllr plmitN. Nell,
log ii 111 re lorutril In New York City
arllliisr forre locutrd hi erry atoU
of the U. N. 3lut lime rxirptlnnal
ability und knowledge of bundling
men.
.0 4. I.KOnKK OKFIfJK
n.
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