,-'
t't
- 'EVENItfG1 PUBtaG 'If DGEIMlLDBPHIA, f UESDAY, JUl & 1021
il
(V
j in '
It
raiiiMiwiwiiim
, 57 Ysars Conservative Banking
The Central Union Trust Company has served the varying require
ments of a continually increasing clientele to their satisfaction.-
Conservatism has marked its progress and now, past the half
century mark, this Company offers its rich experience and
excellent 'departmental facilities for the efficient solution of your
banking or trust problems.
Banking Department
DOES a general banking business
including the receipt of deposits sub
ject to check on which interest is
paid on daily balances;
a commercial banking business in
cluding the discount of notes of its
customers; the acceptance of bills
and drafts and the collection of out-of-town
items;
a Foreign Exchange business in
cluding Commercial and Travelers1
Letters of Credit, cable transfers
and other transactions in foreign
finance.
ASSETS
CASH on hand, in Federal
Reserre Bank and due
from Bank and Bankers $39,627,830.52
UNITED STATES BONDS 20,178,915.54
Muncipal Bonds 6,258,220.28
Loans and Discounts.... 141,707,139.93
Bonds and Other Securities 17,524,288.20
Stock in Federal Reserve
Bank 825,000.00
Real Estate 3,295,000.00
Customers' Liability Ac
count of Acceptances . . 11 ,807,226.1 0
Interest Accrued 1,427,902.09
TOTAL
CentkalUnionTrust Gdmpany
ofNevYork
80 BROADWAY
FIFTH AVE-AT 60! ST
Capital, Surplus
ilMffliTBIIlEi
rjSSSSSS
Investor
Trader ' B
S. -
ThW Wk't Imm CooUJas
ifotlMdrntat
Anglo-American Oil
Heyden Chemical
Radio Corporation
Tonopah Divide
Boston-Wyoming Oil
Business and
Market- Conditions
Ask for TU-iS9
Also ask for a report on
the company behind the
stock In which you are In
terested. Teit our equipment for ren
dering brokerage tercic.
WILL STEEL PRICES BE CUT FURTHER?
The question is raised and answered in simple
language, free from technicalities, in a discussion of
THE OUTLOOK
for the
U. S. STEEL CORPORATION
a circular which our Statistical Department has
just prepared for distribution.
We should like to send you a
copy yours for the asking.
Call, write or phono for PL-428
WALTER J. SCHMIDT & CO.
Members Consolidated Stock Exchange of New York
New York: 30 Broad Street, 319 Fifth Avenue
Phone Broad 1118 Mnrray 11111 6S40
Philadelphia: 1323 Walnut Street
Holders of
Belgian 7&s
and every investment house in
the country will want the table of
yields at various prices and re
demption dates in this week's
Barron's
The National.
Financial Weekly
Ordinary bond tables show yields
on a par of 100, while these bonds
re all redeemable at 115.
This copyrighted table ia
not elsewhere available.
At Principal News-stands, 20c.
Editorial and Btulnoit Office
44 Broad Street New York
Philadelphia Office
436 Samom St.
AUTOMOBILE
INSURANCE
...I.I.UTV Ml'Tt'AL
lwnl Locun uuifl
INMJItAMtT. CO.
S0.-.'2 Wo. IStli M.
h WIEGHER, ROCKEY CO.
It Certified PnM: a..
M Dretel Building, Philadelphia
if s
Trust Department
ACTS as Executor, Trustee, Admin
istrator, Committee, or Guardian;
as Trustee of voluntary trusts;
as Transfer Agent, or Registrar of
stock of corporations ;
as Trustee of Mortgages;
under escrow agreements;
RECEIVES securities under safe
keeping agreements with the
owners ;
HAS safe deposit vaults
Street and 42nd Street.
Condensed Statement as of June 30,
LIABILITIES
Capital $12,500,000.00
Surplus 15,000,000.00
Undivided Profit. 3,147,446.11
DEPOSITS 197,382,249.51
Reserve for Taxes and In
terest Accrued 1,281,939.52
Unearned Discount 468,954.02
Acceptances 12,870,933.50
$242,651,522.66
TOTAL
and Undivided Profits Over Thirty
Member Federal Reserve System
What stock
interests you?
Those shown here and
many others traded on
the New York Curb Mar
ket are covered in this
week's 12-page "Investor
cc Trader."
PHILADELPHIA OFFICE
WIDENER BUILDING
Telephones; Bell, Locust 4730
Keystone. Race 6861
BALTIMORE OFFICE
433 EQUITABLE BUILDING
Telephone: St. Paul S4S1
Direct Private Wires
New York Chicago Boston Philadelphia
Pittsburgh Detroit Baltimore Cleveland
Jones 6c Baker
Member) New York Curb Market
' D
Boles &Westwood
Members Phila.;5iock,Exehaiid
INVESTMENT
SECURITIES
M.'fftte BMk Philadelphia
PHONE LOCUST 4721
GE0.A.HUHN & SONS
n
Mfmliera
Commission Orders Executed In
am tne Principal Markets
Liberty Donds Bought and Sold
llelleiue. Court Hide.. UIH Walnut HI.
N. V., til Irnnihn.v. Atlmtlp City
mlnailnr Itntrl
CUT RACKS
Any Length
ACME GEAR CO.
N. W. Cor. 7th & Wood Sts., Phlla.
iF
at 60th
1921
$242,651,522.66
NEW YORK
MADISON AVEAT42PST-
Million Dollars
OTIS & CO.
Stocks Bonds
Acceptances
Foreign Exchange
Member of New York,
Cleveland. Boston, 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 Slates and
Canada.
216 Superior Ave.. N. E.
CLEVELAND
New York Boston Detroit
Cincinnati Columbus Toledo
Akron Youngitown Dayton
Denver Colorado Springs
A First-Class
Record
The Milwaukee Electric Rail
way and Light Company has
earned more than twice its in
terest charges for the past 10
years. It has paid dividends at
6 on preferred stock for 21
years and more than 8 on
common stock for 18 years.
We offer the mortgage bonds
of this Company at a price to
yield over 8 on the invest
ment. Pcnna. 4-milIs tax refunded
Further particulars on request.
HARPER &TURNER
Investment Bankers
.Vet iters rhltadelphia Stock Exclianyt
Stock Exchange Building
frrnnfoii Philadelphia IteniUno
Investor's
Pocket Manual
record of stocks traded
nil exchanges. Over 270
of complete and essential
m.itlon nnd statistics.
In on
PflRPS
Infor-
Bent trot on rfijucsl.
MBLTON mmfJCG
STOCKSTOREIGHtXCHAVGEp'ONPS
- HIMDH9- .
ZXL W,?.W.?IA JOCK CKCHANG6.
C0N30U OAT ED STOCK lACHANCtydri
102 Chestnut Street
I'honrai Hell. Spruce 110 1 1-3.3-4
UoMune: Itnie 7SU
; Ilroadiviyr & 480 8th Ae,. X, T
Mnmfuri). Conn. flnrlncllelii, yu.
STOCKS
BONDS
GRAIN
Weekly Grain Review Free on
Request
Boureau & Evans
McniMrn I Fhl'a. Block Kchon
I Chicago Board of Tradi
130 South 15th Street
Philadelphia
Locust S1S2 Race 1781
U. S. PATTON & CO.
3D A CIIKHTNUT SM.
BANKERS
BlVC
rraaora ia
mAwn wb' a. uwr.kH.
eic
Kind and Mock hoasht nnd anil
memnern i-nnn. pinfK tTflmn
New York Bonds
I BALKS IN tlOOO
m A t Ch B
pene I Eleo 8a
Pa nrten 44
1 0H
z.... 103
1... . 68 4
ri Hum 4 4a
... ... ov ;
Am At r ti Ch
Oove't French
R 7 4a rcla
1 704
1 704
8 704
2 77
7 '4 a rets
1.
0B
ft .... tH
10 (14 U
1.. .. 04i,i
1....
1....
1....
B...,
2....
1....
1....
1
0B
OS
OS
0B
03
OS
03
03
Ponna. n It ft
Am Cot Oil B
4 8311
6 Ts
Penna, It 0V4s
A 8 A ri'B n
1..... 074
1..... 074
4 074
2 074
1 074
t 754
1 7oi
Amn T T clt
Oova'l
It 81
2 78 U
3....
i..:.
12....
1 ...
1....
10....
B8K
0SJ
08 ;
084
084
084
084
084
Amn T A T As;
Penna. P. It "a
MVi
1.
4.
2.
1.
1
8.
10.
4.
1034
2
82 H
82'i
82 H
82 H
103
1024
101
1014
102
1024
1024
0...
0...
1...
1...
82H
Od Trunk rets
Amn Til m
1 101
2 07tt
1 071
O Nth Illy 7a
Phlla'a
n lipid
14
1
1
4
0
3
3
074
Tranalt 8a
A T & B re 4
07 "i
074
07
074
074
074
1... . 044
14.. .. 7fli
1 7fli4
1 "ft
3 7f)
b 7m;
B 70 'i
Atch TopUu
8 V cv In
1 09
S 00 '4
flap Chile ret
4 00
1 00
0 00
1.. 034
(Joodrear Tiro
P.ep Cuba 4 4
A Itub'r 8a
3 004
1 004
1... . C04
Reading rty 4a
1 744
1 744
Hud & Man M
Bait U Ohlocv
2 .... 004
nock Il'd A A
1.. .. 08S
Hud h Man In
Loul'a 44a
3 0B4
n ft Onto 3 Ha
7 804
1. ... 30S
S 8.1 i
St MSr ill
Bait & Ohln ts
Ilia Steel 44a
5 004
1 004
13 004
1 07
1 60
Unit & Ohio at
Indi'n Steel 3a
1 884
2... . 88-X
7.... 6SU
0 88
3t L h S V In
Int M ct 4 Ms
10
B24
2 134
3 134
10.
1.
10.
11.
R.
12.
1
4
St I.
.... B24
.... B14
, ... B24
.... B24
. .. r.2;
... 324
. ... 02 4
B24
t. S Tran
Bot'm Stfel fd
1... . SOU
tnboro It T fd
Ilull Illd'if As
1 B44
2 B44
1 B44
4 B4
21 S44
1.. .. 73
Canadian N 7a
1. .. 1014
Ctl Leather As
10 71U
10... 71.
4 .. . B44
t M Marino 0a
Srl A
2. .. . 004
St Li A H Kran
Serlea I)
3 . .. 724
St L Sow'n Aa
2.. .. OS
Ctl Paeino lat
1 78,4
B 73
Jap Oovo't lat
Cen'l Pao 34a
3 844
1 784
Jap Oove't 2nd
Cerro do Paacu
10 844
IP'e OoVt 4a
8 004
1 004
Copper 8a
R.... 100
St P I Kan C
B ... 108
B.... 1084
St L 44a
1 . . . 03
Kan C & S 3a
C'k & O cv r,t
3 80
1 B04
St P'l ft Sioux
B 81
City 7a
1 .... 024
8 .... 814
S 81H
Kan C(Sli
4 7B4
Seab'd A I. aj
C A char Si
K'lly 8prlni"i
3 31
1 ... 204
4 83
Tlra Co 8s
C n & Q 04
10.
014
044
04
034
04
024
04
Seab'd A I. M
16...
2 .
3...
21 ..
10 ..
4...
10...
a...
2. .
074
10..
1..
1B..
10..
20..
4..
1..
1..
4..
3 40
3 30 4
0
07 4
07 4
Seab'd A L ill
1 404'
07V
07 4
B 40 4
B... . 404
os
OR
03 4
Sinclair C Oil
04
Corp'n
1...
f4
014
014
014
07 4
03 4
074
Belgium 0
10
2
10.
4
10.
1.
1.
1.
1
20.
07 4
074
1 024
8 024
1 024
20 024
014
014
IU4
014
014
014
014
Chi Oaa Llsht
h Cok Sa
1 ... 78
: DelB'm 74
2 004
ChtcaRn Mil ft
St Paul 4i
004
00 4
28 . . 734
1.
Chicago Mil &
00 4
014
St P d 4a
004
S'n THCinc 4a
1 . .. 584
00i
1 084
Chicago Mil A
l.
004
So'n Pao cv nn
StP fd 44a
K I2lE'm rote
4 00
1 09
i no
8 004
2 00 4
Klnidom Den
mark ct 8a
3 004
2 100
1 100
0.... 100
Kingdom of
Italy 64a
1 874
Klnttdom Nor
wny ct 8a
3 1004
1.... 1004
1 ... 1014
Klnednm of
Sweden 0a
1 844
Mki St Ry 1st
3 .... 71
t ... 71
8 784
2... . 004
2. ... 00U
StnntM Oil of
Callt'a, 7a
2 101S
I.... 1014
1.... 1014
1 .. 1014
Swltx'd Con Sa
8 103
1 105
1 . . 108 4
Union Pao cv
7 844
4... . 844
L'nlon Pac 4a
10... . 804
1 804
Union Pac Os
4 084
1. .08 4
t no
1. 084
U Tank Car 7a
1 ... 1004
C K of O Br!'
ft IM 1021
1 004
U K of O llrlt
ft I'd 1022
1 07
8.. .. 1)7
1 .... 07
C & N'wn 6a' 87
1. ... 014
(. h N V (14 a
2 ... 00V
2. ... 08
Chi Rallw'a Ss
1 03
4 824
Chi R I ft 1' fd
1 084
2 004
1 004
Chi ft W I 4a
2 B8",
I Chile Cop'r 0;
1 71
2 71
l'hlne Onva'l
llil-K nys f,t
4 434
2 43
f'lty IUrne 8
2 08
1 . ... OS
1 .... 08
Mid S ft Or Sa
2 . . . 74 4
2 .... 78
City Ii'ird 0
1 70
3 70
t. ft Myera 8s
2... . 86
Cty Chrla'K 8
ft Myera 7s
1.. .. 08
1 08
City of Copen
hneen 34
2. . . . 7R
3 .... 784
1.. .. 73
3 ... 1004
1st R Aa '37
8 07
1 .. . 074
!! K of O Brit
ft I'd 1037
3 . .. 84 4
1 88
Mich S Telo 3a
1 804
Mo l'aclflo
84 4
. S.'l
... 83
3
. . . 83
h.V.
. . 83 4
.. 83 4
I'.rarll 81
1 . 07 4
. . 07 4
... 0?N
. . 1)7 4
... 074
. . 074
2 . . 33 4
3 83 4
1 . 83 4
1..
8. .
13
7..
1
1 .
L'ltv Mars'a il
1 .... 7B
city Parla Hi
2 .... 00
2 tin,
Met Totr'm 8i
0 . . , . (13 4
1 08',
3 . . . . 1)3
1. 03
City Zurich S
V S
2 (184
10 .. '!4
Mont' ft I'u- 3
0 8t
1 .
3..
I..
l!
Colo Indust 8s
N V Cent! 314a
1 724
1 .. . 724
Colo ft So'n la
1 74 4
Colo ft S 14a
2 814
Cona'd Clan 7a
1 1004
1 ... 100 4
1.... 100 4
I.... 10i)4
8 . .. 1004
Cuban A S 8s
1 .04 4
V Y Cnfl 14e
2.. .. 714
3 74 4
' H
3 .
4..
1
Mexico Ba
New Yk Ctl 0a
484
45 4
484
1 SO),
2 804
1. .. 80.
1 80
1.. .. 804
U S
R ft I 3a
8.
80
V H Rubb'r Sa
New Tk Ctl 7.1
2.... 77
8 704
1 .. 1004
N Tk Centl I.
U S Rub 7 4a
I
08
s c
on
02
cn
Hhor 3 4a
1 . .02
N Yk I.lnht It
3t I'owoi 4a
1 . . 00
S York Stito
Ulys i-t
2 . 83 4
Now Y W O ft
1 084
1 . . n84
Cuban C
8
1 .. .
Denmark
' A ba
1
4
Denmnrk
ct n 8a
1 . .
I'M S Steol B
8 ... 014
1 OS
1 . . 04 4
I . . . I) t 4
1 .. . ni4
00 4
004
Con
1 114 ,
Brut 4 4a
U-tib P ft L Sa
SO 4
S.. . 38
8 ... 77
1... . 77
Vanadium Cn
of A 4a nta
1 . . 83 4
Va-C C.I 7 4
1 . . 884
Den ft R O 4a
Nfk ft Wn 0s
I ... 1014
1 ... 1014
North tYe'n U
T!o'n 7a
1. 034
Del ft Hud cv
3 . . 834
Pet Kdl Cn Bo
2 . . SO 4
Do Canada '20
3 ... 01
1 . 01
1 01
1 .... 0t4
1 ... 014
P (".inad.i ':il
1
004
OOS'Wabaah R tat
0041 3 84
004 Wesfn Md ta
00 4' 1 83
0!'4IWn Paclflo tt
!'ik 10 784
l)!i , Wchi Shorn Is
I
10 . . R0'4
I..".
Oil 4,
70
Mftr 7
I mi
inn
100
inn
inn
100
100 4
I. H 4a
S3 .
Co cv
7
. 78
804(.V l'acltlo It in w ft K
P Pe Nemnura
4 1
I'Hd'r 7 4a
1 . . 07 '4
1 .... 074
2 .07 4
1 . 07 4
Erie, It R cv A
2 . . 884
Fort Worth ft
1" City lat
N Pacini.' It 1
10 . no 4 1
8... 07 4,
20. .. 074
Oru i Calf s
1 80
Oru-Wn R CoWhl ft
Nail Co 4a ,
I
1.
704 'Wllann
i: 8 2
. 704 2..,
54 Pac O
1...
Today's Range In Liberty
Bonds
11 13
M
Libert.. .'Has... .(! 4 1 Ml. 40
Liberty 1st 4U. S7.(i S7 III
Liberty 2d 4',n. . .S7.10 s7 (M
Liberty Sd 4','is.. 00. IIS 00.M1
Liberty 4th 4Vin. S7..10 S7 IS
Vie Notes R.. 0S.3S 1IS..1S
Vic Notes 4 h... DS.40 IK.'IQ
Ml. 40
.S7 4"i
S7.K1
00. SO
S7.32
I1S.3S
OS. 38
DIVIDENDS DECLARED
Morris Cnnnl nnd rinnlilnr Co . aem'. annuM
8 rar cent on Auiust 2, booka close July 13.
and a aeml-annual 2 per cent on consolidated
lock, voabla August 2 aa rcsistered July
15
England to Issue Treasury Notes
. Iirdrn Jul 8 rn. rhanclw r f the
l.ki'hcnu r .inniini-d in in jin ie t 1 'nni
rmm iikIm Ihnl ho hid df I V I t nttri f..t
-ul'i 1' I'Mon ti xhii i ,ri .. 111 rcts
1 ' md iniii'jiii4 11 ill 1 hp"i ih i
I i- n Is uo .' Ne." hi 117 Tf p naperiuei
he 1 him Ui r ml! nmild 1.. 1 - - j ,1 ,v
II No ilvfin'tr umiuni for the I. .in ould
tie iririnrd. hi added.
Trade Dull on Paris Bourse
P;(ria, July 3. -Tradln aa Jull -n lha
Bourse today. Thrta par cent rentes 80
frncc 30 centimes! exchange on London. 4d
fianca 38 centimes, 8, rr cent loan 82 franca
Jo oentlmes. Th dollar waa quoted at 12
tranci n centimes.
1105,803 INTEREST
CITY DEPOSITS
Amount Paid Treasury in Six
Months by Banks and
Trust Companies
Tho City Treasury lifts bren onrlclipd
to the extent of $105,803.00, which
Mim roprrsonts the Interest received
from the various barflts nnd trust com
panies on city moneys deposited with
thera tho first six months of the current
year. Of the totn'. $40,008.04 was pnld
by the trust companies nnd $23,702.70
by the banks on the city's deposits; the
sum of S22.034.1S on the nrtlvc or-
count, SlH.0fl8.81 on tne sinking-fund
account and $3 GO. 23 on the deposits
mode on account of the city's fire insur
ance. Under the law these depositories are
required to pay the city interest at the
rate of 2Vi per cent per annum on all
municipal money deposited.
Interest Worn Banks
The amount of money paid br each of
tho banks In interest vm ns follows:
Amer. Rank
Hroad Street
Central
Centennial .
Cltlisna
Commerce
Corn Exch .
Urovera and
forchallta'
$428 05 Penn . . .
300 43 Pennsylvania
111111,07 IVoplea .
001.03 Philadelphia .
100 711 Public Dank
444 73 Qunker City.
1228. 0J Rooawelt . .
Statu Hank
240 34 Kecurlly
1142.70
313 4S
318.25
3043.41
148.27
427 4(1
148 27
377.80
038 12
73.00
103,00
540 41
425 OS
328.03
000.08
402 33
S5P ns
303 01
732.41
827.38
878.34
028 70
031 21
20 03
40 44
East Falls
40.72 Sona of Itnly
Fourth Street lliso.83 South Phll.i
Fox Chaa
102. '11 Southwnrk
Franklin
Oermantown
Olrard
Kenslnstnn
Manayunk
Market St
Middle C'ty
N. America
Northern
Northwestern.
Olney . .
Ovcrbrook . .
Oxford . .
1113.71 flouthwcstrn
500.80 Toxtlle
1484 34 Tradeamena. .
474.73 L'nlon . .. .
300,31 Flrat
517.13 Second
417.78 Third
070 09 Sixth
072 SO Blehth
373.70 Ninth
230 30 Tenth . . . .
14S.27 West Phlla .
328.10 North Th'la.
Trust Companies
The trust companies paid interest as
follows :
Aidln T Co. $332.03 Merchants-
riflmont . 77.02 Unton
Central . 870 40 .Mutual
Chelten . . 213.84 Ninth
Colonial . . 787 si North Phlla.
Columbia Av. 445 32 Northern ..
Comm'uealth 418. H'l No. Central
Commercial 1220 0J Northwestern
Continental- Parkway ...
Kgultable . 420.83 Pelham
Empire . . 100.01 Pennsylvania
Rxeelslor . 802 Od Penna Var'
Federal ... 200 30 houeinc
Fidelity .. 8513.42 People's
Finance . 1304 22 Philadelphia
Frankford 370 84 Phnenlx . . .
315 51
348.21
281.14
331 4ll
887.07
141.80
508 12
ill) 111
ISO to
1S00 23
341 25
001 SI
1480.12
411 28
Franklin 083 13 Provident
1287 43
Oermantown. 724.11 Rnl E Tltlo 1517.20
Olrard 24tH73 R'l E Trust innn.03
Olrard Ave 230 in Hepubilc
Ouarantee . BOH 11 Rlttcnhous
Haddlnton . 188.71 Roborounh . ,
Hamilton 320.88 Tncony
Holmeahurg 180.40 Tloca
Industrial 1180 08 l'n Security.
Intexrltv 738.04 Wayne June .
Kenslneton . 341.20 Weat End
Land Title 2001 8S West Phlla
374.31
327.118
JOS. 21
4in 71
izo. ns
818 30
277 40
1301.04
542.48
Llbertv . 451.21 Nnrthenstfrn
Stnnayunlt
Market St
33 4 JO Trust Co. .
310,85
58 53
Intci est was paid by deposlturc of the
active amount ns follows: Mho torn
mercial Trust Co.. $.1S02.70; Corn Kx
rhaiiKe National Hank. .$3471). 71
Franklin, S3(S07.:i0: .Mnrkot Street.
53S.rf.7fi; Philadelphia. S3S.ili.00. and
Third National, S3480.03.
GOSSIP OF
THE STREET
There appears to be a trend of fen
timent favorable toward railroad ecuri
ties, both bonds nnd notes, this doubt
less having been prompted by reports
relative to payments bv the (Jovern
ment to the carilers and a funding
operation which will enre for moneys
now owed to the fJovernmcnt by mimic
of the large railroad corporations. Thus
inr mere nas neon no Important re
flection of such a chancing situation In
prices marketwi.-e. but bunkers profess
to oeiievc there will be within nnolher
ten-dny period. Numerous railroad
bonds are now selling at prices close
to the record low quotations in their
history, and the yield on securities of
this class, which n few years ago ranged
at from 4 to 4 per cent, and in some
instances fi per cent, now average... from
O'-j to Uj per cent, with some bonds
showing nn S per rent return. There
fore, it would nppenr that with the
ensier money market conditions now
obtaining there mut necessarily be an
important reflection of this phase of
the situation in bond market prices be
fore long. When the turn takes place,
some entertain the opinion that it will
first bo 1 effected in the rail group.
In discussing the money market
.situation ns n bond markd factor, at
tention may be directed to the gradual
lowering of frozen credits held by the
banks. All over the country tills cla.s
of credits is being cut down because of
the inactivity of business and the desire
of those thus indebted to eliminate
such obligations at the earliest pos
sible moment. This naturally means
that money will be made more plenti
ful arid this in turn indicates thnt the
0 per cent interest rule that luis ob
tained at times during the last week
will not long endure. Some piomincut
bunkers Hy thnt in their opinion nioue.
will be a drug on the market before
the end of the present summer and that
a renewal rate of -1 per cent will not
Le uncommon, with a lower rale in tlw
outside mnrkot. This wl'l force Idle
funds to the securities mm-lci'to, ami
when this condition obtains sin.e be
liee the present high rotes if leturn b.
corporate issues will be materially re
duced A 'i has been stnted hcrctofoi .
moni cannot be permitted to remain
id'e, ind this hns been one of the im-
1 "riant factors In bringing funds nut
Itinnjc the past month It is stated
that out-of-town monej h.is been in
t-trumental in the lower 'nil mouc.i
l'litiB that recentl have obtained
Therefore, notwithst Hiding the cone
jiaiotive quietudo now obtaining in th"
bond market, many insist that there is
a sijer lining which will emctge when
the clouds of pessimism have rolled b .
Few Bond Issues In Prospect
Some of the leading bond market ex
perts say Hint aside from n substantial
amount of municipal offerings, new is
sues will be few and far between dur
ing the remainder of the present ear.
The bond market is ifecidedl tired;
there is n continued indigestion of se
curities and it naturnlh will require
Mjme little time for It to emerge from
the period of convalesence It is no
secret that there are n number of syn
dicate operations which have not been
successful and dealcri.' shelves nre
pretty well loaded up with undigested
securities, Therefore, until such time
a.s t,bs condition tiOH been eliminated
to an appreciable extent, it is unllkelv
thnt the bond market, as a whole, will
reflect nnv pronounced upward move
meat. Even th" municipal offerings
hat have been made In icceiii weeks
have not met with ns pronounced sin
cess us might hne been desired, and
there is sniiv skepticism ns t n,, , ,,( I
look for tho'" ah nit ti be pit ma b
some of 1 he le.hling inunicipnlnic . of
Hie cou nt r..
In other words, the investor at the
moment seems to he consorting ro.
sources nnd 110 doubt Is imbued with a
feeling of skepticism because of the
many disquieting elements obtaining In
general busincsn an well ns in the e
curitics markets, t'ntll such timo as
tho market assumes a decided trend for
the better, It Is felt that the public will
be slow to entertain fresh commitments,
It is freely predicted thnt exchange
rates will show a decided trend down
ward until such timo as the general
situation has nssinned more normnl pro
portions. Much stress is laid on the
Importance of the proposed Kordncy
tariff hill, which, if passed, In the opin
ion of foreign exchange experts, will
prove disastrous from a trnde point uf
view and In turn will net ns a most
depressing influence in the foreign ex
change mnrkctH.
In nil commercial nnd financial cir
cles with international relations, con
stcrnntlon prevails over what they rea
son will be the result of the Fordney
tariff bill on commerce. They fear, m
the first place, a dlfappenrnncc of Un
improved credit which had been estab
lished in England and In the Continent
as n direct result of what, in their
minds, in a direct embargo against im-
Forts of foreign goods in this countrv,
t is not alone importers, however, w io
look on this measure as an Influence lliai
will check International commerce, but
exporters also were acutely alarmed
over the situation, as thev fear that. If
Imports cannot be brought In, exports
cannot go out.
The direct influence, however, of the
measure must be shown in the market
for foreign exchange, which has been
pressed for sale nil through last week
hut lludlng few buyers because credits
In foreign countries cannot be regarded
ns desirable unless the goods of those
foreign countries can crente 11 balance
by finding n market here.
n.illroa:! Hloclts Becoming More Active
Railroad stocks were more nctiie nnd
tended toward hijher quotations near
the end of last week on the theor thai
the rnilrond situntlon is in line for con
siderable betterment within a compara
tively shrt time. It is expected that
the rnllronds of the country will be
placed in n much more favorable finan
cial position through a funding opera
tion of their present debt to the t'nitcd
States (iovcrnment.
There nre other factors in connection
with th rnllronds of prime Importance,
including the unusually Inrzo savings
thnt will result from the reduction In
wages, together witli the large number
of men that have been dropped from the
forces reorulted under Government con
trol nnd operation, n large pcrccntag"
of which were not needed. The ex
cess baggage handed down by the Gov
ernment to private managers in this
connection necesarily had to be elimi
nated, because It was evident that the
efficiency of the carriers bad been de
stroyed to 11 considerable extent through
Government oKTitioiis.
Knilroad securities at the moment nre
regarded in an entirely different light
from a few years ago, and the general
expectation in the best-inf irnied quar
ters is tint there will be a greater de
giee of confidence in the rnilrosd "situa
tion from now on than was possible to
obtain iiutfer the conditions operntiv
during the lust four or five cnrs.
Following the announcement last 1
week that some of the Independent steel
coinpnnles propose to reduce prices, as
well as wages, there was some lrregu- j
larity shown in the steel issues ns a
whole. It is felt in well-informed cir
cles that the steel stocks, ns yet. have :
tiot fully reflected the true conditions .
obtaining in tho trnde and that even
tually much lower quotations will have
been established for this group of stocks.
This, however, will depend somewhat
on the rapidity with which general busi
ness conditions nre revived and brought
back to a more normal basin than nt
present obtains. At the moment, build
ing operations arc nearly nt a stand
still because of the excessively high cost
Involved in this line of industry. Wages
of employes engaged in the building In
dustry have not been reduced and labor
leaders nre understood to be strongly
recommending that no reductions be ac
cepted and therefore, the lull in new
erections nil over the country. This
element in the situation hns nn Im
portant bearing on the securities mnr
kets because there are so many lines of
commercial pursuit which are involved
in the iron nnd steel business.
THE TRADER.
U. S. Certificates and Treasury Notes
Ini
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1021
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torn, mm, .134
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inn 1004 A To
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tl)24
Kxfmpt fri'm normal F'lerHl Income im
Airi-ptablc for paimnt of Incum tax
due on date nt maturlt
Reserve Banks' Discount
Ortc .il re-l.fcount rate ar the twfhp Fed
.mi tin. rii.. H.inki are as filloiin
Treas 1.1b C.im
Ufv
Rates
Hond Papr Accept
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fan irnncwn
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corresponds
y certificates nlede,j
ecal. with in
lntnium or a
GOVERNMENT
Panama
Panama
I anama
..fiupon 2s tn.iii
reRlsteiel it 11130
coupon 2s 1P3K
registered I13S
coupon 'Is Holt
ri-6ltiT.1 3 1931
I'anam.i
rannma
Pinania
I'h llpn nr
l 11 .
4 11.1.
Is 11130
LOupon 2s 11)30
leclster'Vl In 1030
cov,pon 4s 102,1
Philippine
I'lil'ipiiitM
f S lieu
f S (Inn
r s lion
P S Oot
frinerea is iiii-.-i
Dlst of Column 3 fl.ls
l.lierpool. May .1 Spot cotton as nuiel
tnrta with prices teRil on the batls nf an
advance of 7 nolnia for mtddllna at T Sil.1
The mica were 1000 balee The receipts were
ln.non halef imliMInn 11''0 bales Amerlrnn
rutures were qu'.r' In ihe ,arl ilcallnus
noi prices were Vmrri m inliMllnir fair
10 21(1 good n-tn-1 inc l'l middling 7 1d
lovt mldillliK ilrt'1 e o I ( r.llnars laid
and i i d.nan t 10
ii'NF.lLSOrJ & L0B
Members .Vcu1 Ynrk tittd
f'lnlarfelphin fUnelt Exchange
1110 Chestnut St.
STROUD & CO.
Liverpool Cotton fl fl Our record of having I
. tat ion for good service, g '
'1 fl i
ragy , I McClintic-Marshall J j
I if&jr ' ! Company Q j
nW I r.eneral Ofnt Plttermrtli. Pa. 1 I
T I riillndelphln i Morriii lllilic. I I
I ' Nri lork rhlraxu Htn rnuclmi I 1
Invcslments iJMcClintk-MarsliallS'
i , jjsteel Bridges j Buildings J ,
Baker, Ayling & Young m ima
JOMtrn ' 'MAIN. Jr. Mannier i Z
, ... S.Wu H.L.SMITH &CO. ,
, i INVESTMENT SECURITIES I "
'irnaMMMMmamiiniTina. ' 1009 ltai Tillc BIJt- SP" 6721'2 if. "
El iUkrujUlllftrticn )i '
w arts n- mo n aa mm m
i
" ;
Does a Large Institution
Like THE FIDELITY TRUST
COMPANY
Care to
Handle Small Estates?
It d
DCS.
care to them that it docs to large estates.
Its good name and professional reputation
arc just as much at stake.
A small estate docs not incur undue expense
if a trust company be appointed executor.
In many cases, a trust company, by its
knowledge of the financial market and its
superior facilities for doing business, is able
to save an estate money where an individual
might not.
The Officers of the Company will be glad at any time
to answer other questions on trust and estate matters.
Fidelity
Trust Company
325 Chestnut Street
1431 Chestnut Street
Capital $5,200,000
Funds Held in Trust
I TELL YOU in a few words the opinions of a multitude of
experts.
I GIVE YOU the approximate buying and telling prices of
stocks.
I AM forever awake to guide you into channels of safety
and judicious investments.
I 'AM the complete digest of the bulls' and the bears' opinions.
I AM first class in every respect.
I AM sent to you free for a limited time by first-class mail.
I CANNOT be subscribed to I am beyond the price of sub
scription I cannot be bought I am priceless.
I AM "Ups and Downs" A market review one that knows
no rival. If you want me ask for me from
Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL TRUST BLDC.
Itarr 011(1; llrl: l.nruM .1340-1-2.3-1
KJ.
I
t J I
, IL
an
Non-Callable and Sinking Fund
We will be glad to explain why this 'two-way" feature Is
advantage in favor of the lnirstor v. ho buys
Government of France
20-Year Gold 7V2' f Bonds
Suitable for investment of $'J5 and upward to yield 8'
twenty years.
Schibener & Co.
I
i
I
Opposite Independence Square
512-514 Walnut Street
1 ' Lombard .ti!?
I 54
H II I
II II '
-ith Inteiest
ed bb collat- a".
r cent aajac WBBq. -
BONDS SZ&ZFiWSI I
on ir Factory Building. Ingersoll-Rand Co B
ion. Yni sreet ruRNitHFo ao trcrco ar M
104i ( , r-iCCLINTICHAHSHAU CO. fl
1021 1)3 u a
constructed more than Q
5,000 steel industrial 1
buildings of diversified I
fl character reflects the I j
y appreciation of our repu- a
r -Jv
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
loiu KUV1. LnlAlh 'irilsl 1ILOL,.
InirtlUute uuii udjutt turtiututiou and
imrlnri'sulii uituunu uuj impjr. luc.uis
l'vv llrliirn.
1
PENNA. TAX FREE
SECURITIES
PAUL & CO.
-v
4?''
V
Furthermore, it devotes the same
6324 Woodland Ave.,
West Philadelphia
Surplus S 16,000,000
More Than $250,000,000
PHILADELPHIA
Ilrnnrli Ulllrr, llrlilccton, S.J.
for
Ini cstmrnt Bonds
Commonwealth of
Pennsylvania
Thirty-Year 5 Bonds
Due July 1, 1951
Exempt from All
Federal Income Taxes
Legal Investment for Sav
ings Hanks and Trust Funds
in New York, Pennsylvania,
New Jersey, Massachusetts,
Connecticut and other states.
Froo from Pennsylvania
Personal Property Tax
Prico 101 & Interest
Yiolding 4.93
Circular on requett
Harris. Forbes & Gt
Pine St., Cor. William
NEWYOriK
PHILADELPHIA OFFICE
Wldencr Bldf.
.W.laiKB.
UAMitUa
Dealers in
Investment Securitie
U.Mtci. Aw lurit unit rhUulttm
KkH Ktehange -
321 Cbattnut St, fhlUtfVW
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