7-,S.'V
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EVEJNIHQ PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, JUNE 20,' 1021
&
A Billion Dollars a Year
.
Recent Performance is the
Surest Test of Present Ability
TOURING 1920 our valuation and accounting
J- engineers valued public utility and indus
trial property for purposes of bank credits, taxes,
recapitalization, production costs, determination
of management policies, etc., in the amount of
$1,004,953,295. During 1919 such valuation
work amounted to $1,060,034,155. This valu
ation work comprised a great variety of plants,
large and small. The organization that perform
ed it is now at your disposal.
Send for our working leaflet giving details.
Established 1894
cAn o
rganization of experienced engineering and management
specialists in public utility ana industrial business.
1421 CHESTNUT STREET
PHILADELPHIA
Telephone-Spruce 6082
115 Broadway -New York 58 Sutter Street San Francisco
What High Interest Rates
Mean to You
At 4. compounded semi-annually, $1,000 will amount to $2,000 in 17
years, but invested in 7 bonds, under the same conditions, $1,000 will
amount to $4,000 in about 20 years.
Hcsidcs this high income, bonds purchased at present prices should pro
duce a substantial profit, or increase of principal, for those who care to sell
in periods of lower interest rates than now prevail. For example, $950
will now purchase a $1,000 20-ycar 74?o bond, which, if sold at the end
of fnc years, at a time when such investments yield 6. will bring $1,147,
besides'the income of $375, or a total growth from $950 to $1,522 in 5 years.
If the $375 of interest is reinvested as received, the total growth in capital
will be larger.
Very rarely, perhaps 'once in a lifetime, interest rates reach extremely
high, points, as a result of acute far-reaching conditions. These conditions
must later adjust themselves and interest rates then automatically decline
to normal levels.
'If these abnormally high rates occur only rarely and arc temporary, it is
obvious that when they are obtainable, money should, as far as possible,
be invested for long periods.
No form of investment so safely and conveniently provides this long term
employment for money at present high rates of interest as sound, well
sclpcted bonds. They do not require frequent reinvestment at declining
rates of interest, and being quickly salable, funds needed at any time before
maturity may be readily obtained.
For safety, high fixed income, opportunity for increase in value without
additional risk, and ready convertibility into cash, we advise the purchase
now of good long term bonds. We will shortly issue our July Bond Cir
cular which will describe a wide assortment of bonds we arc offering with
our recommendation to yield from 6 to over 8.
Ask for ourXjencral Bond Circular F-ll
Harris,, Forbes & Company
Pino Street, Corner William, Now York
Widcner Building, Philadelphia
To Yield 8.70
Louisville Gas & Electric Co.
Bond-Secured Notes
Due January) 15, 1923
These Notes offer a good opportunity
to get a high yield for over a year anda
half from a security which should not
fluctuate materially in price, due to its
early maturity. Applicable earnings 3l2
times interest charges.
Send for Circular ,
Bonbright & Company
437 Chestnut Street, Philadelphia
Now York Boiton Chicago Detroit
We Will Sell
thro" lilBli-ftrnde bunds
maturing
$1000 in 1912
$1000 in 1931
$1000 in 1929
fnr 2""n Ant. Th iirejcru
iimrlcct price la WUTi. Th
nnnilH' Inroma will he J 1110,
frc from normal Wdernl
Iiirnnn Tax
Wis nir Bita, Philadupwa
SfcmhmPMadMtlaajtd
NimYatk Sack ExtAiut
MtW YOt (lIUaiTH, N.J.
NEW YORK BOND SALES
Summary of Individual Transaction on New York Exchong
msmm
The
First National Bank
of Boston
Capital, Surplus and Profits
537,500,000
Amn T & T (V
ft R2
Amn T & T i
1 DTK
07H
Arnr'e Ilep'c II
1 OTV4
1 OO'A
Armour 4Hn
1.. .78
A T & S I'c R
ft 6DV4
1 09W
A T b 8 Fe 4i
1 71
Atrh Topka ft
H Fe cv 4
2 ... 07
Atl'n Fruit. 7
t... . 40
Atlantic Hers
ct OUR
2 . .. M
H It OMo .Tin
4 78
Hnlt Ic Ohio R
1 .... 08
DiOFIili
& W Vn 4s
2 .. . 0.1H
IUO Swn 3V,
1 78
De?ll Telephone?
of Pa 7(1
2.... 103
1.... 1MN,
2 ... 103H
!.. . 103H
Heln Cop M flu
2 . .. 83H
Were Edl Cn ft"
4 78li
Hrkyn It T
J . . 40
n V O 1st Bin
1 .... 78
Canadian N 7
2.... 101
1.... 101
1.... 101
1.. . 101
Ctl I'acltlo 1st
1..
ft..
Ity
1.
sales in 11000)
Chi III A P fd
3 .... Oft
1 OilU
1 .... fli
Chicago Union
la ct OVjS
4.... 102 V,
ft.... 102i
C & W I 7W
1 Oft
3 Oft
2 00
Chlneso Clnve't
IIu.K Itys fts
1 44'1
4 4T4
City Derne Ri
... 0 . Vt
.. 07Vi
llord'x (1?
, . . . 70
City of Copen
hagen RV4
2 7ft
1 .... 74H
1... . 74,
City Clara's lis
1 .... 70
1 7IH
'Ity Paris Os
18.... 00
Colo Indust B
3 .... 72
"lolo & So'n 4
1. ... BOH,
"ons'el Oas 7i
ft. . 10O,
Corn Product
ilefB Co Ss
ft B0V4
Cuban C 8 cv
ft .... s;
ft 00
Denmark Con
it A 8s
23....
c n
1.
71V.
. 71H
. 71'
. 71
714
Jsy Rf
. 04 V,
C'erro do Pasco
Cop'r 7VJ
3 07
1 07
Cerro do Pasco
Ceipper h
4.... 100
2.... IOU'4
f iOcv 4l,
73
721
1
30
1
("k
ft
1
Chi
3
73V
& O cv fts
.. . "Vt
.... 70
& Alton
. .. 4l4
3 41
I'M & Alt ;.
1.
va
1 onvi
i 0014
! 00s
Hud ft Man In
1 0i
21 30 VI
J 30tt
2 30
111 Cent'l 0Vi
1 88
1 88
III C Ht b & N
O Jt Hds fts
1 70V4
InlU Mc 4V4
ft .... 1B4
tntboro It T fd
2 . . . . ft4
1 .... r.vi
1... ftW
10.. .. r.i
ft r4
13 (sale) ft4'i
1 ft4 VJ
0 ftltt
1 .... ftl'-i
1 ftA
lap ilove't 4s
ft nnU
Kan O ft H 3s
1 Rfttt
1.. .. Rft4
Kan C ft 8 B
1 7ft
2 78
K C T HIV 4s
2 . . . . 70
K UelKlum 0s
2..'.. 02i
1 02V4
1. ... 02V1
1 112 Vi
K llelu'm 7V4
N Tk Cent'l Li
Bhore 3V4s
S. .. 01
N Tk Chi ft Bt
Louis d 4s
1 7fl4
1.. . 704
N V Tele 4H
1 1H
New V V C ft
llost 4 Vis
8... . 3ft
Nfk So'n It fts
1 30
North We'n 13
Tele'n 7s
0S
lilt
I'.i
00 4
no
no
0H
(l"l,
1... . 80
II lo Ornndn ft
W'n clt 4a
2 BO
St I I'n Ml A
H'n Illy 4s
2 00'i
ft 00S
1 70
2 00
St I. I Ml ft 8
II ft O dv 4s
lft 00
81 I. ft S K 1.1
1. . . Oft'l
2 08
2 ost;
4 jimn
Denmark Con
ct H 8s
2 ... 08'i
ns'i
08 4
Jn Canada "Jl
3 .. , 00",
) Ie Nemourt
Pwd'r 7 Vis
2 07
2 07
"Vti ft U O f('
11 41
ft 414
S 414
D Match 74
2 1024
uti Msht il
1 .... 80 ,
3 80 4
1 .... Wi"
:rle Genl I.len
1 40Vi
1 40,
:rln II K rv II
1
11 lie I
1
iene I
1
02
08 i
084
08
08
08
084
00
no
K llelB'm rets
I.
1.
1.
1
n
Kingdom
07
07
08
07
08
Den-
N 1'aclOc II 3s
3 .',l4
N Pacific II 4i
1.... 74S
1 71".
Ont-W'n II Co
Navl Co 4 s
ft-. . . 00 14
18 (sale) (! 4
ft (sale) i'i
1 (in
ft.. .70
I Pac Q ft K Ss
1... . 771.
Pan Amer Pel
A Tr Cu 7s
1. K9
renna It It cv
1... . 0ft
Pa II cm 14s
1 7ft
1. . -r.t.
Tcnna It II fts
8:
04s
07
n7
nil",
07
07
nr
74
31'
Q 04e
. ooh
. . 004
. . no's
ooi
1...
c 1
n
n'..,
4 .
18 .
Chi I: Q W 4s
2 . . . . 48
R. ... 484
ChicaBo Ml' &
St P d 4s
1 R0
Chleairo Mil &
StP cv 4 4s
1 . . . 03"!
Chlcauo Mil A
StP fd 143
4 ft0
X 004
.. 004
c ft Nwn d '33
1 88
Chi i. Nwn 7
". .. iot;
. 37
lilM
. 8ft
l.ler lis
100
3 ... 101
lo(lcar Tiro
& Itub'r 8s
3. ... 08 'i
love't French
II 7 4s rets
01
ft . ...
1 ....
3
3. ...
love't V
mark ct 8s
1.
way it
OR
OR
OS
Oft
OR
II 8s
08'
2... . 08 Vi
2 . .. 08H
ft 08 4
.1 084
3 084
3 08
O Nth niy 7s
1
1.
I...
004
00 Vi
07
004
304
00
100,
100
09
1004
1.. . 1004
Lack Steel '23
1 02
1. ... 02
l.ehltfh Vnl 0s
1... . 0
ft Mers Rs
1. .. 8R4
l.uu ft Nash Is
R 80
tnrland Oil 8s
10 014
Mex Petr-m 8s
3 00
2... . 08
1. .. 00
Io K ft T 4s
1 . .. R7
Mo Pacific 5s
1 ... Oft
Mont'n Pwr fts
1. ... S3.
Montreal T fis
1 72'i
Sew Or Tex ft
Mexico fts
1 .... R34
New Yls Ctl 7s
j inn
1 100
1 .. 100
I (sale) 00
Penna It
Hep'c C Bs '0 J, Third Ave 4s
14.
I).
St 1.
1.
1.
3.
o
12
1
1.
1.
St I.
ft 8
Oft
OR 4
V In
M
. ... M4
M
. ... ftl4
ft2
. .. Bt
ftl
. ... Rl
ft 8 Fran
renna It II
1. 1014
1.. . 1014
3.. in
Peoples fliH I.
ft C Co fil
I. . 72
Pcre Marm fts
ft . 78 4
rublle .Snrlc
'''i'n : J Rs
1 04 ;
illtu; Ity 4s
72
Series A
ft r.n
1 ft0
St I. ft S Fiai.
Series 1)
3 71
2 71
1 71
1 71
4 71
St I. ft 8 Fran
Se'rles C
1 P0
3.. .. 804
ft Mt
St L. a w'n 1st
1 . . . 04 4
Seab'd A I. n
1.... 30
1 30
S Air L. 4s stn
1 ftO
Sinclair C Oil
Corp'n 7 Vis
8 01
2 02
1 . . . 02
1 01
S'n Pacific fd
1.. . 74'-
So'n Pac cv 4
2 7T
Stand'il Oil of
Calf rets
7 .. 101
Swltz'd Cim 8s
4ft
4ft
Tidewater Oil
Co ct 04s
2. . 01'i
'KotO Ilrll
ft I'd 1021
ft fli
U K of O Ilrlt
ft I'd 1022
4... . 07
R ... 07 I
1 07. ft
O K of O llrlt
ft I'd 1020
884
40. ... 884
20 .... 884
U K of O Urtt
ft I'd 1037
4. '.. 834
1 ... 834
1 . . . i83S
33 . . 83S
2 . . 83
ft . 83
Ufd Ifds San
F unct 4s
1.
V S
i
2
1
1
o
'8
1
1.
1.
v a
1
2S
Ilrazll 8s
. .. 07
. . 07 4
07 4
. . 07
. . . 07 S
... 07N.
Mexico Is
. . . 30
. .. 3ft
3ft
TRADE RECOVERY SLOW
Head of Local Reserve Dank Sees
Few Signs of Improvement
HnmmuriziiiK IjiinIih-sh ronrlltiniiH in
Hip Third Kwipi've I)iript. Itli'linnl L.
Austlti. phnirmnn of the I-Vdcrnl He
rvp llnnk of l'lillndplplilrt, sn.vs:
"Nnrmnlly nptlvp trnditiR did not dp
vplop during thp lout inontli, nnd fpv
hIriih of itnprovpniptit nn- iippaii'iit in
the liufdnosH world nt thlw time. l!n
(TH in oil HtiPH nri; pnutioiii. cnMlinlnK
plirphnscH for flip most port to goods
iippiIpiI for ImnipdintP poiiHiiniptioii. nnd
plnpliig futnrp orders of only limited
nlw.
"Not nil indiitriPH. indeed, nre fn
vored with pvpii rPHtrlcted future buy
Init, iron nnd --tepl IipIiir a notable ex
nnlplp. The lnt four weekx have been
one of the worst perioiN ever ppcri
piippiI in that business. The demand
suffered a fiirtlipr relaji'-e, prices dp
clini'd in ;pitp of the nttpmptpd stabili
zation, nnd production wIipiJuIph were
reduePil to n point le.ts than 'J.'i per rent
of the Industry's eimneitv.. Sbinbulld-
iiiK plants are In the throes of still '
Rrenter depression ; no new orders nre
belfiK rerelved, operations arp ronllned
to thp ronipletlon of ships nlrendy under
conNtniPtlon, nnd ninny old orders nre
being canceled.
"The demnnd for pptrolcum, both
crude nnd refined, is nonr. nnd that for
hltuniitious and nnthriieitu conl but little 1
better,
hnmncred
trades nnd. ns n result, sales of build
Philadelphia Markets
WMKAT Rtrelpls. 73.810 bushels. De
mand IlKht nnd prices lower. Car lols In
xtpnrt elevntot Ni 2 red winter. I.37W
1.311, No. 2 red winter, mrllpky, II I0&1 21.
f'lher Biides nuolfd at the folln'tlrm seliid
ule of d'ecounts: Mlxerl wheat fle under red
winter. No. 3 hrfat 3r under No. 2; No. 4
nheit 7c under No 2, No ft wheat Mr under
No. 2. Hsmple according 10 fiullly.
crllN- Itecelpts. lns7 busneis Firm and
lev lilBher. Or lots. In export e'entor
No 2. T2tt73e.i No 3 7fiTlr.
OATH Iteceipls. ITflJl buhels Dull nnd
'in lower. Car lols as lo location No. 2
while. 40404e. No. 3 whltf, 4ftWlft4e
FI.Ot'11 Ilee Ipis 1000 bbis nnd i 7S7
778 lbs. In sacks Dull rnd lowr. Qu t
llnns: Soft, winter Mralqht, Weslern, 40 7"i
nt. do do. nenrlv 10 I.IWO 70, hanl w,nlr
etra'pht, 0 HOW7.40. do. short pa'ept 7 40
'if7.80; eprlmj llrsi. rlear. fl.r07, do
patent. S7.7.1?ih 2ft. do, short patent. s.2.W
s.7ft fanev sprlnu and cltv mills, patent
family brands. 19! II. .10. IMe Oour, ist
8.7ft.
I'ftOVISIflVf) - Siendv The ruiotntlnns
fleef. In pein smokeil nnd nlr-drled .lie, beef
knuckles and tenders, smoked and alr-drled.
12c. pork famllv, 13'. hams. S P.
cured loose 2,1 W 27". eklnne.l loose. 1
V .'7t d', do. smokeil :71iP2nr: hams, bolld,
boneless. 4lr. plcnl' sboiildere H I' piped
loose i.lr do, smoked, lfle, bellies, In pickle.
lone )iir, breakfast baron, 2-'e, lard lo-jr
IH'TTCn Firm. Quotations Solid packed
irn.invrv h xh senrln sonds 37 413114',
"1rn .1(14 e extra Orsis 343ft4e Orsis
.11 r He eeennds 27f30r sweet ernnni'TV
choke tn fine 384i3cic fall l cood, 314
"!'.'t74e, fsn'V prints JobbinK at 4 7 W 10c fair
io , hoi' atiirioe
1,'lflH Firm nti On' s'oek. fj'ioinilons
N' irb extra Orel. .'I14e. do lire's. 3li
"'t'-rn ex'ra flrtle 3I4e. f,ris, 3l)fi
.'lit nerotids 2111" Inferior lots lower
fHnrv, selertrd ecu 1 J il.Mnc at 119 42c, fiflr
to (fond at Sftftl 411'
iti:i:SI': Firm Isolations New Vork
whole milk, tlrsis fnn v. fresh Hl(fl17e- do
nmmnn in f'llr. fri-sh lltllfte. I.onthorns
iresn 1H1V 1 r
10
10
47
47 'i
47'i
C S Hub 7 4s
1.. 08
U'd 8 Steel Rs
01
7a .1 le
II" I cr- 1 I I IcH III
SO'tSle rooster
iuallty 171? JOe,
1.
10Ui
101
10-1
101
1M
1
1..
3 ..
West'n
1...
Wn PaclOc 1st
1 784
W ft U Mftr 7a
1 00
2 .... 00
II . .. 10O
W-Il ft H'n 1st
Mlvh
K7.10
W!.(i(l
IJberty .'I'is .
Liberty I'd" -Is.
Liberty 1st 44s. 8"..".0
Liberty I'd 414s.. 8(!.7S
Liberty Oil -IV, s... 1)1.(10
i.iberlj -Itli 4V,s.. Mi.H2
Vie Notes 4i.s.. . flS.il
1..
Wilson
1
Low
sti.no
wr.rto
S7.04
S.7()
HO.!)!
.S0.S4
i-S.40
nil 11 .! .. .. ..Ill 1 I''"" m " i' einKie in eies iresnL l o -if
IlihllllK operation!) ure still I Kr tn'.hlne sabs "f f .ncv en ls. 1Ii4i-jii,,
by the strike ill the nllicil I'DTATOKS White potatoes per bbl ,
j-nuinern .no 1, $1 -,n 71 -,inj, .-so. iirt'l
eillls. HO 1.75.
1.1 VK I'fUji.TIlT The quotations wer
I'owis fnnc fit 34if8fte medium. .110
;i.ie sprini? enieKens nroiiers nnt i,eHBorn.
qui i. wemnim? 21124 lbs ople(n aj
. weiKhlne 1fll''i lbs nuleec. .IMS
l.' . sprinu ch ekens. I"uhorns. HelKhine
llliiflS. Ducks a" t
peons, tier pair old. I.Ka
. ur ' njtiK. .i.i'tf Ule
DIIKMSF.D Pufl.TIlT Fowls fresh-kll ed
dr picked In boxes wlKhlnc 4f'. hs.
.ipbce ,iif Melahlnic 34 lbs 3.T3.1r,
WelKhllltr 3 lbs.. .ini32e fowl", fresh killed.
In bids.. dr -picked wlBhlns 41S1 lbs
apbee dr-ilrked. 3V ulghln I It .1 lbs.
i'l" .tr- -P'irkecl rt.1i- wefchtll? 1 " " 11"
27' 2Sr. ueitthinB 3 lbs. nnd under 2Rf2rte
Md 4s 1 lllROtlt request, owing to the ynrdtj ,.nrh .1nt1.Hk old roosters dry-pirked
,12 freniPii nv Hie FtriKP 111 tne 1 iiiiiiuci- .lesiern. inc. 00 .10 wouinern iii'aiui.
phia mills. At the present time, there ,'cuckiiPj.s. I.. I. 2sc d... nearbv. 2...
ore no signs of a break in tin- cbail
lock, though it lins existed .-ince Ih
tempt was made nt the I11-1 nt tlie
to icdiice wages l." per cent
"The shoe situation 1- enrciurnging.
Orders for fall deliverj .nv Ix-ini; re
ceived dnil.v. and the imlii-tr, i- ai-uiu-ing
11 more normal aspnt. Tin. ,.,itlier
market for the first time In aliinist ti
year showed definite sign- of improve
ment. The demand brunch n d anil much
uetivitj wns displayed in lines wbieli
Mexico fts 1 ing materials are sinull. Textiles nre in
n much better position, but tlmir inn
ditlon has not improved since hist,
month. Silk goods ure moving in good ,
volume at linn quotations, unci the tnw
silk market bus recovered from its in- ,
cent decline. The call for cotton audi
woolen goods Is fair, but .varn- unci the
raw stocks are moving nlnwlj Knit
goods, as a group, are in good -pot de
mund. but there is still much tn In- de
siied in the n of orders fur future de
liver). Full fashioned litiier is in 1
crcnue of $2!a-llfl,r00 In the compaBv'tJ ,,
cnpitnl stock. Totnl rorporntp surpHM-a
,', V' 't"it vv J nnw,n mi ii,-i-ic-cj u.in ( ,
?H!,72S,y. " A1
Barnsdall Corp. Defers Dividend
New York, .Tune 2!). The directors pf ih
narnsdnll Corporation doferred action oa
tne quarterly uivinenns on inn a ana. n,
shares due at thin time. Quarterly ills-
Irlbufnns of 24 per cent have been mart,
on both of these Issues for some time. th
I.. -......... I...,-. Mn.1. Anvil 90
fuel, ."wiiii-iii. uviiih luuii in ii wu.
01
01
tll
01
04
04 J
. 47'i
Co 1st
. 83 'i
11.11
A. M
e 111 I
year .
SO. PAC. HAS GOOD YEAR
Operating Revenues for 1920 Show
Gain of 17.78 Per Cent
New York. June L'!). Totnl rnilwav
'iitcriitlnig revenues of the Southern
Pacific Co. mid It- subilinrics fnr !in
nggregatetl S2v2,lM!!l.."t)l. nn increase of
SJ2.II1 2.2:t2. or 17.7S per cent, over
previiui- ,etir. according to the ie-
Mt.CO
K7.40
SII.72
IK1.II4
80.S0
J)S.-10
DIVIDENDS DECLARED
Hart, Srhaffner .iirx, quarterly 1 per
cent on eommon. payable Ausust 31 to stock
ro AUKUSt 2U.
of
Nortbcrn States Poer Co. quarterly 1
per rent on preferred payable- July 20. to
stock nf record June 30.
Klein National Watch Co. quarterly 2 per
cent payable Aucust 1 to stock of record
Ju'v 21
Ilod.-man Rubber, quarterly " per rent
on preferred li.oable AtiRUst 1 to stock ut
rtcord July lft.
American Ice on 5 Per Cent Basis
New Vork, Juno 20 The American Ice
Co. has declared a quarterly dividend of
Hi per cent on the common stork, plac'nc
It on a ,1 per cent basis, and the reculnr
quarterly dividend of m per cent on the
I preferred, both paahle July 2,1 to stork nf
I record July 8. Since January, 1020. the
I company has been payln? 1 rer cent quar
! terl on the common and paid 1 per cent
extra In January of this year.
lected. A most favorable
was the lncrensetl export call. Prices
of the more desirable leathers advanced
sharply Into in Mii ; but this in a
nictisurc served to check hu.iing. and as
a re-nit quotations have reacted slight
ly. The hide nnd skin market.-, too, im
proved (luring the month."
Hurley Machine Cuts Dividend
Chlraco, June 20. llurlo Marhlne 1 Co.
has declared a iUir'erl di.und uf Mil
a shore on the commnn a redue"nn nf .1o
as compared with the last previous dividend
declared three months .i.. liM.iiii 1- pi
able July 7 to stoi k of record Juno .'7.
Tho regular quart. rl dividend nfl per
rent on tho preferred stork was declared
Paablo July 1 to sloe k uf reemd June 27.
Directors of Hurley .Machine Cn s.n ' While
earnings for this ear hau- equaled divi
dends paid heretofore It ni thnuKht lest
to rc-ducc rate In ord -r to uinmrer th.j com
pany a cash resources."
per
Eureka Pipe Line Reduces Dividend
Oil City. Jun? 20 Hiirek.i Mpe i.in. has
dc-clared a dividend nt 2 n.val'1 Anu-jsei
1 to stock of record Ju. 1.1 This Is a
reduction of $1 fiom the amount pud three
months oko.
I the
lieg- ' tnlletl I'l'llOl't of tlln SV-teltl U.nml t.wln,'
levelopuieiit Total railway onerTititiL' innemnii ).f
S212.1i:i.7!)ll increased S.":!, 72s. ills, r
2s.."i2 per cent, leaving net railwin
opciating Income of S21..'112..'t44. 11 de
c rea-e of sis,:(i4,7l'l. or -lit. 2s
cent.
The constant growth of expenses is
ili-e-losecl In the operating ratio. This
amounted to ,s."i.77 per cent in 11111.
against 7S.(il per cent in 1!M!. 7.'? l.'l
per cent in Jills, and onl tiLMS per
cut In 1017. Maintenance of equip
ment alone increa-ecl s'ightly over 21
per cent, and the heiny iiicrease of
traffic epenses re-dlted chietlv from
the regnining of traffic diverted while
the road was under Federal control.
Current a ets of the Southern Pacific
-t',' -,'!, oom1'"!1"" n,s1 "PProMmatiiig
.sili. ..0(1. 0110, show n large inc-ren-e oxer
the previous ear. Included In tlii-
iccount me materials nnd supplies of
Arc you
posted on
Nov York Curb
Market Stocks?
Y will furnish without ob-ligntion-1-iiinrkct
news, quo
tations, reports nnd tlicso
helpful publications:
"INVKSTOK AND THADKR,"
lti-papp wtrkly, which contains
articles nn active stocks nnd ft
concise review nf the market
trend. Ask for T 1-4J7.
INVESTORS AND TRADERS
GUIME, fit-nag? book telling the
general' rules of trn(lingwi(le
posit requirements, commission
charge-, 1 ti . A-l; for T I - I"i7.
Tell nt Ihr ttock in
which you am interested.
Call, telephone or write.
PHILADELPHIA OFFICE
uii:xi:it iicn.niNO
Telephones! licit. Locust 430
KrjMonc, Hate 6801
BALTIMORE OFFICE
43.1 J,ll ITAIII.i: 111 II.DINO
Telephone: sjt. I'uul" 8131
Direct Private Wires
New York Chicago Boiton Philadelphia
Pittsburgh Detroit Baltimore ClereltntJ
Jones & Baker
Members iN'eie York Curb Marled
1
the compain'- oil proper! e. which are
li-ted at SI0,".i;.i.oT,fl. ngamst SI..'",. I."
in inr.i.
Current liabilities include- loans and
bi'l- p.i.vable of S.,(i00.iion and an in-
To Owners of Stocks, Bon
and Mortgages
A Ti SK illv
Wwl m .1 1 fel f ffli a 1 1$ 9
Chartered 18 36
AGENCY SERVICE
Among other Anjfj
Provides for the safekeeping of
the security
Collection of coupons and divi
dends. Collection of interest and princi
pal on bonds and mortgages.
Payment of income and other
taxes.
Rendering statements of securi
.ties held and income collected
as directed.
General investment information.
Every effort in made to obtiin complete
information aa to called bond; "rights";
dividend distributions; appointment of
receivers, protective and reorganization
committees; opportunities to tell bonds
to sinking funds, etc
. Individual Trust Funds
$257,303,831.42
'""PHE proper care of securities
- of any sort involves not only
risk but also a closer attention to
detail than is usually possible for
a busy individual.
Many cases may be cited
where, through neglect or
lack of information, financial
loss has been suffered by the
security holder especially at
this time of the year when
occasional or continued absence
from the city is the rule.
By placing your securities in
charge of this Company under
an agency arrangement you may
be assured of their physical
safety and relieved of their rou
tine care. The individual does
not surrender control of the se
curities but has at his disposal the
judgment and experience of a
staff trained in financial matters.
c, '
GIRARD TRUST'COMPAMY
BROAD AND CHESTNUT STREETS, PHILADELPHIA I
C0Pimr,SrpIUS EFFINGHAM B. MORRIS Membcr Fedcral I
$,0,00'000 f PRESIDENT Reserve System
seaMeseaJSIlZZii ISy,l',M,',a,llll,CT,B'11 ir ,.:..m.,.vxIwtB-r,-tmmy!marJZZljk
F- " : '
ii.U i ' ! L ' v .
8 Seconds
The Keystone Telephone
Company's automatic equip-,
ment makes it possible for
subscribers to connect with
each other in eight seconds.
To finance the installation of
this equipment the Company
issued
6rc Equipment Trust Certificates
Due November 1, 1929
which we are selling at a price
to yield 7.60 r; on the invest
ment. Tax Free in Pennsylvania
HARPER &TURNER
Investment Bankers
Members o Philadelphia Stock Exchango
Stock Exchange Building
rnuacieipnia trading
Y
, i
i
Seranton
A Complete
Banking Service
for individuals, firms and
corporations desiring prompt
and accurate transactions in
a location you go to every
day, where you will find the
officers willing to assist in
any business banking detail.
Wc colicit your ivquiry.
Third
National Bank
We arc in the center of things
Opposite Broad Street Station
Organized 1863
Cities Service
9 Henry L. Doherty & Co.
GE0.A.HUHN & SONS
si III l.s MI HIIMIs
Mrinhcrs uf tlie- I'lill uMiiliiu. Nrw
eerli unci ( hlr.iKO sll(U l'e IlilllBPN
Niee rk I eellnn I liuriKf
Commission Orders Executed In
All the Principal Markets
Liberty Bonds Bought and Sold
(le-lle-lle en rl lllllir IIIH Milium St
. Ill Urn eclvim llemlr ( Ity
inlniNsiieleir Unlet
Experienced Executive
" I r H i I It 1 S IK M v )-v
i i i vi i: is nn rim iki phia
V I M I .- -II'H , '.i I . i( r,W
- r i i h i i i i i i i.i, A,
-1 " Me i II Wdil- i I1 CI! I'K'R
- v ' 1 ' 1- II'M .'. . . I iltf
Ml NT -
107 I I. Ill, I Ii oil ( I.
C. S. PATTON & COT
3I A ( HIsTM T STM.
RANKEKS
sin f eirN 1(1
SMI III Jt- STJTU SSIIN
Ileends nnd simkb Immii;IiI ,im anll
M.elir I'lill'i st, u I .,,-iis-
Frederick Peirce 1
the
HON US O 1 ISVKHT
FOB OC VO. MKNT
14(1 Chodtaal Utrcet, riillcMltlpbla
1 i Illicit illei It illrintil lei-n
Inilluni Se-rie(e 4 iret iJ
I'lill ,(IHilll I lliuelel 'lr lltlslt
Ivnn I'iiIiIIc he-rle- ( ,
I Irulnl.i lt I'n i r ( n
lc-rri lliiuti Iniliis. A I s
It) 3003
Win, -iota
In, 10.17
), I Ifill
no, ltl(t
Is. 10(1
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Samuel K. Phillips & Company
Mimlurs I'lill iilrlitli ii S, U I'.m Iiudbii
.eiee e ill n 4 - S(.;
WIEGSEB, ROCKEV CO-
Certified Public Accountants
tyrexel Building, PWMIph
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