"''.!
'BVEStaSTtf-'FC
M.
J-" t-
'
The Astounding
Results of Systematic
xvho r.rMPsI5-achicvemcnf-
even A ?IWW W0.000 n.
the Ifmit' of hil Sv?
not know the re'jJv r b,i,fies-does
tfW? . . ,.".nr' f '0U Inv
", if you luyl SJ59'fO a
money and let the . Wth ""'
i.a:?.
"me you would actuallv ng that
only $18,000, for Sy Put aside
receive $50,000neiriJ lU WouJd
as much. nea"y thrce timcs
lfi&
TXE announce the com
" pletion of bur book
let, "Invest as you Save,"
which outlines in detail a
system of applying your
savings during their ac
cumulation to the imme
diate purchase of bonds.
We will gladly mail this
booklet to any one wish
ing to build a sum for
later years.
BATTLES & CO.
Established JSM
Independence Square (East), Philadelphia
$1,000,000
Adirondack Power & Light Corporation
First and Refunding Mortgage 6 Gold Bonds
Dated March 1, 1920 Due March 1, 1950
Interest payable March 1 and September 1 at the New York Trust Company,
Coupon bonds, registrable as to principal, or fully registered bonds in
denominations of $1,000, Interchangeable. Coupon bonds in
denominations of $1,00(T and $500. Guaranty Trust
Company of New York, Trustee.
Issuance authorized by the New York Public Service Commission
TAX PROVISION: The Company agrees to pay interest without deduction for
any Normal Federal Income Tax to an amount not exceeding 2, which It may
lawfully pay at the source.
The following information is taken from a letter of Mr. J, Ledlie Hees, President of
the Company:
The Adirondack Power anj Light Corporation does the entire electric light
and power business in Schenectady, Amsterdam, Watervliet, Oneida, Sara
toga Springs, and many other communities in this intensely industrialized
region. The Company also furnishes, under long time contracts, all of the
electricity used by the distributing companies in Troy and Mechanicsville
and by the electric railway systems in and about Albany, Schenectady, Troy,
Utica and Rome, including practically .ill the interurban roads in the terri
tory. In addition, the Company docs the gas business in Schenectady, Sara
toga Springs and Oneida.
Earnings
(Year ended May 31, 1921)
Gron Earnings . . ,-, -. $4,805,492
Operating Expenses, Taxes, Rentals, Maintenance and $201,506 for
Depreciation 3,442,172
Net Ear nines $1 ,363,320
Annual Interest on 914,171,000 mortgage bonds (Including- this
issuo) 800,260
Balance . ........ . $563,060
Net earnings over 1.7 times the above Interest charges
The First and Refunding Mortgage Gold Bonds are secured, in the opinion
of counsel, by a first mortgage on property (including the new steam plant)
which alone has a replacement value in excess of the face amount of these
Bonds outstanding. They are further secured, in the opinion of counsel, by
a mortgage on the remainder of the property of the Company subject only
to a closed divisional lien of $5,000,000.
The General Electric Company owns approximately 50 of the common
stock of the Corporation.
We recommend these bonds for Investment
Price 85 and Interest. Yielding About 7.25
V
Bonds are offered for delivery when, as and if issued and received
by us, and subject to approval of counsel as to legal details.
Harris, Forbes & Co Coffin & Burr. inc
New York Philadelphia New York Philadelphia
E. H. Rollins & Sons
New York Philadelphia
GUARDSMEN MARK
WAR ANNIVERSARY,
Ponnsylvanlano Helped to 8tom
Gorman Drive Three Years
Ago Today
TRIBUTES TO BE PAID DEAD
Netv York Bonds
To Banks. Brokers and Bealers
Tho indications are all pointing to a recovery of
German Marks. This may happen gradually or suddenly.
r"e purchase now of Germun Bonds nt the present level
appears to offer an excellent opportunity for profitable
investment.
It must be seriously considered thnt Gorman Bonds
compared with pre-war prices ore Bulling nt from 5 to 6
tents on the dollar.
. P'nce our facilities ns to etntlatlcs and ns to any
wner information In all Foreign Bonds nt your disposal.
JEROME B. SULLIVAN & CO.
Foreign Government & Municipal Bond
44 Broad Street New York
Phones: Broad 1723-4; 6234-5j 7180-1-2-3-4
A corporation umnufncturlcr a well-known
nutouioulle troek . Iurt. nnedlni udilltlonnl
cupllii for expansion, I. ottering for Mir u
limited lunonnt of lt rrrferred ana Common
Kiporienrcd stock tfulestucn will dud thin
an eicrpUurml opportunity.. Attractive com-
BISK t?V' "&? ""
SALESMAN
A corporation nmnufnotnrlnj n well
Imowrt nutomobllo trnck inrt, needing
oddltlonnl capital for expansion, Is 0f.
ferlns; for sale a limited umount of
Preferred and Common Hloclt. lixuerl
enced snleimen wilt Olid this an vrceti.
tlonal opportunity. Attruetlve com.
mission bails only. Replies will be held
In strict confidence. aire teloyhone
number for appointment.
Address A-iSS. Ledger Ofllce.
Special JHipaicn to Evening Public Lttlatr
Mount Oretpa, Pa., .Inly IB. Tho
8000 members of the Pennsylvania Na
tional Guard in camp here will cele
brate tonight the third anniversary at
the first artive engagement of tho
Fifty-fifth Infantry in tbo World "War.
Today is also the fourth nnnivcrwiry
of President Wilson's proclamation
mustering the troops ot the country into
I'vui'riu service.
Three years ago tonight nearly DO
per cent of the officers and about 30
per cent of the enlisted men of tho
present brigade were lyln? along Ihu
line between Conde and Brleux, whin
n barrage from the German lines opened
the disastmui push on Paris, which
was the beginning of the end. It was
the last great ofTomdve of the German
army, und proved tho turning point of
the war. Although n great many of
ficers and men were cither killed or
wounded, the American lino held and
Paris was saved. It was In this en
counter that three companies of the
old Tenth Regiment were almost com
pletely wiped out.
"Kaiser's Horflo Routed By Yanks"
Cable bulletins of the engagement
published at the time read: "American
doughboys erusli great German offen
sive,' "Paris saved by heroic defense of
members of the Twenty-eighth Dlvl
s'n "'"1 "Kaiser's horde routed by
l"U AUI1K8.
All of the guardsmen will participate
in thn fri'r.Wtou ,.i.ti. ...in i 1...1.1 . .i
iii ---"" Muitu mil ur iiviu un
joining the ramp of the 110th Regl-
...rui,, v,oionei inward Martin com
manding. -Major General William G. Price, the
commanding officer; General Richard
Coulter, commander of the Fifty-fifth
JJrlenno. nnl pn..ini. .i . .. . ..
ni....ii i yui'imu j.uwani ncuau,
'n,n:!,',L!,' n0th- will deliver
nil M cjvjcis,
lear.r?'!ll?nd!.W-0o'!.
nJi,n J iftl nut,on. 1" addition to
JrilmVA ,".'. ?"'? "S"0- . fecial
,Ti-J . V""1 l0 tue ticau ol-
baek,to,"tlK.0f ln ,,rc Mu bTw
rrn. s country.
The offli'crs at division headquarters
arc ill MPKHlnn tn . .nnt.i.i . i .
modification f M"
the first time at a National Guard cn
cammnoiir. v
After having been thoroughly tested
.r . t ""l wruK ll '"is ueen proved
that the system is weak in one respect,
lbat weaknuss is what the higher of
ficers are seeking to correct.
Weak Point or System
It Is clnlmorl thnt 1... ..,... .
deprives the officers of contact with
,1? ",'" wh" undergoing the twenty -
eight different stages of the instruction
nrocrnni. TMu ,ii..lain.. ..i.i..
is detrimental to the new men who have
not the self-confidence in the hands of
strange instructors that thev would dis
play with advantage under their own
uuiL-era. -cis a consequence, manv of tin
new men are somewhat discouraged
nml it linu lixmi tvlth .1... i.ti
culty that they have been persuaded to
... i mi me worn emctcutiy. it is not
known whether or not the modification
Will ne ncr-em! iinnn hut It iu ....1.1 .i.
the change will have a beneficial effect
uii uii: n-iiiiiu urigiuie, wtileli. after
week of long, hard work, is now begin
ning toshnw adeiiunte results.
The first Kerlew nf (lw,r,,,,i. .. ...
., ."".misii (lllllll in-
opectlons, begun yesterday, have now
been poiniiletpil. Tl... ni .i...
i .ii . . j. '"" " inni
i"tetf fe'.?.,nior..G,,5S!.,!,.'w H.
,vTt : M.,,",,Jllmiil Hureau.
Washington. With him were rvioiiol
John W. (,uliek. of the general staff,
and Lieutenant Colonel Louis Wilton
financial officor. Tho second inspection
was held by General Richard Coulter
commander of the Fifty-fifth Brigade
He was accompanied by former Con-'
pressman Thomas H. Crago. former
lieutenant colonel of the old Tenth and
by Congressman Henr.v W. Temple
former chaplain of the Tenth, who are
visiting the camp of the 110th fufnntrv.
Ihe third inspection was under the di
rection of Colonel Fred T. Pusey, di
vision quartermaster, on the adequacy
of tho camp sustenunce arrongements.
Sanltarj' Conditions Kxcelleut
These inspections demonstrated that
the sanitation of the camp is m ex
cellent condition. Special emphals
wns placed on the storage houses, where,
it was learned that the rations issued
tho guardsmen, especially the meats,
were of the highest order. Rigid safe
guards have been taken to prevent nny
of the meat becoming tainted.
Sergeant .T. Camp, of Companv II.
of thu llOlh Infantry, is suffering "from
a fractured left leg, suffered while
playing after mess. Private Itexfor.l
Jordan is in the Lebanon Hospital re
covering from a rdlght attack of ap
pendicitis. It was reported this morn
ing thnt he will be bnck in camp within
u few diys.
A radio fan of the 110th is ossein
tiling an outfit that lie and a few iitln rs
brought from their home town. It Iiiih
been erected outside the tent of General
Coulter at Brigade IleadquaiteiH. As
n icsiilt the camp is now receiving radio
iresages within a radius of tiOt I miles.
It is expected thnt the power will soon
be increased so thai messages imij lie
suit a distance of 500 miles.
Major General Price is considering
the sentence to be Imposed upon the
twenty -ssven members of the 100th
Itcgimcu; who were tried on u summary
court-martial for absence from camp
without leave.
Today's Range In Liberty Bonds
l
lllBh Low p m
HH.04 Mt.r.ti Mi.00
Ml.0-' 80.02 Ntt.02
M7.10 S7.0J hT.tm
1)1.10 01.01 01. p
LibertJ Ith 41s.. 87.10 S7.08 87.10
Vie Notes a-Ms... 08.34 US.H4 08..'I4
Vic Notes 4Ms... 08.34 08..10 08.34
Aflsms H0 4s
1 00
'Am Aar & Ch
7 He ret.
1 All
2 . .. or. 14
!.... (IS
"Am I.lns'd .14
a sn
a s a It's fin
1 7rtH
Amn TAT clt
4 78
1 78'
Amn TAT f.e
1 8S
1 824
8 S'JV,
1 821
Amn T A T On
tHAI.K.1 IK II 000 1
1...
5...
r...
2...
1.
7H
07 4
117 H
07 H
07 H
w
UV bus no InvMtor erer lost a doUu
ot I'rtnclpal or jjttl on nr..oeo.
loslit of b. V. Htraus t Co.? Writs
ir booklet S-Cl nnd lisrn the tuui
rltr boos
for our
" ' 8. W. STRAUS & CO.
Block Brrhnmre Pldr.. riillndtlobj
Stockwell, Wilson & Linvil!
Certified Public Accountants
Land Title BR!g., Philadelphia
Am'n W J (l
1... . 7JH
A T A 8 Ke 4i
7... . 7n
Ateh TopUn A
8 Fo cv 4s
1 00'A
A Coast I. 4i
1 70
AtPo Fruit 7
1 40
Atlantlo Kct'B
ct OUs
0.... 100t
Vtl Kdl Co 1 1 7111
2 .. . 8RU N I'seino Jl ds
Det Tun'l 4is
1 .. . 70W
t) Mutch 7tts
2 . . 103
Do Cnnaila '20
2 01
8 01
2 ntu
4 nml
Do Csnada ".'ll
IB .... 01 Vi
1 0P4
1 .... niH
2 .... 014
t)n Canaris '81
2 . .. 87i
Dom nep'e Rp
1 SO
2 SOU
1) On Nemours
l'wd'r 7Ws
20. ... 084
1 OH'l
Nth B lw'r 5s
2 70
Oregon 8 i 4
10 81
rc Coast C 6
1.. .. 05
I'so a A V. Ss
1 77H
rokunl Motor
Car Co 8s
1 05tt
2...e.. onu
I'enna 1W fl'4
07H
07 4
..074
07 H
07
74
07H
I.
0...
1...
5...
1...
3...
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5 01 '4
1 til 'I
1 01
1 01
Erla Onnl t.len
7 4 2 ',4
tola n It cv A
8 88
1.... 100V4 I-Ho Ily Cn 4s
Halt A Ohtn cv 1 Q4H
RSl 1 .... 54N.
. 0H4'Clnii'l VAoa 0s
. ns4 1.... 101;
. 0R 4.... 102
. IWH 1.... iom
O AUs.Oood.vesr Tire
nub'r 8s
1 OO'.i
1 00
1 .. . ODtt
7014 1 08S
70 ; nove't Frencn
701' ll 7'4s rets
.. 7t 1 .... OR
.. 71H 1 .... 05
Ohio fls 1. ... 05
.. 8T4 Ouve't rnii
RS'J 1 00'4
2...,
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1....
t...
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3. ... R8S
Halt A Ohio 4s
1 lVi
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4..
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084
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08
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78 4
07 i
07 4
07 '4
07 '4
07 !4
I'enna It 11 7s
8.... 102
1.... 102'd
t.... 102H
1.... 102t
1.... 102i
neadlns Ily 4S
2 74'i
1 74
Ilep Chile lets
004
08
on
00
Hlo O A W 4s
05 '4
0514
05
05 V
D A OHwn 34
a .... 70i
n A O Tol 4s
S 54
Hell Telephone
of Pa 7s
2.... 104
1.... 104
Uet'm Steel M
6 81
Ileth 8 Ss '30
5 7714
23 .... 77 '4
Itkn Krtl Co s
3.
Illtn IMI D 7s
3 . . 07 i
Urkyn It T Ti
2 .. 18V
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ct 7s sta
48 '4
434
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08 H
118 '4
08H
08'
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08 4
Hush nid'K 6s
4 .... 75
1 .... 75
Canadian Nt'n
04a wl
7
1
1 .
1
1 .
5..
Cunndlun X
2 . 101 U
2 . 10m
1.... loin
00 '4
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2 .... 00'i
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41
4t
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40i
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0.
4.
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2.
tnt'o Met 4V4s
4 10V:
2 ... 10,
tntboro II T frt
1 65 '4
2 55W
15 55 ;
Jap Oore't 1st
1 84
101lJsp Oove't 2nd
Cen Ohio 4 '4 s
1. ..83
Ctl Paclflc 1st
1 724f
Corro dc Tusco
I'.iliper 8s
5 ... 107il a...
5 ... 107H t...,
C'k A O cv 5s Kan C
1 M 2...,
2 .... 8144 5...
Chi A Alt 34s
5 84 H
Jsp Goven't 4s
8 .... 00S
5 (s 30) 004
5 (s 20 110 14
1 (a 20) 00
BO 14
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H 3k
87
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34 Ivnn C i. S 5i
H'i 1 75?,
34
GOSSIP OF
THE STREET
53
53 T4
54
84
54
raw
54
54
83 ,
St It A K Fran
Hcrles A
1 OO't
1 OOS
SV IiiH Krsn
Series H
1 73
3 73
Ht I. A 8 I'rnn
Sorlcs O
1... . 8714
St I. 8ow'ii cn
1 02W
St P'l A Hiotix
City 7s
1 0214
4 02
Pan Antonln A
a p nir 4s
1 0214
osb'd A I. lis
4.. .. 4
2 48
1 47'4
llnclalr C Oil
Corp'n 7V4s
1.
2...
1...
1...
1...
1...
1...
3...
0li
01K
0114
Ot
01 H
on;
01 4
01
S'n Pacific M
1 75H
H'n Pacific Is
1 704.
tn'n Pac cv 4s
2 . .. 7SI4
78 "4
78 4
78'4
'If rm
70M,
3..
1..
S-n I
1...
HAS 4 TBU South'n III 4a
0S4 7 75Vi 20 80
OSS Kaokuk A Des South' n niy fti
08S I Moines 4 ',4s 1 824
S 14 1 0.114 Siurta 4s
1 IISS H Helslum lis
OSS 1 03U
OSS,!' HellT'in 7H
2 . . 100'4
1.... 1O0H
1.... 100H
2 1004
ios
CM Mil A I'Kt
Sound 4s
1 RO'4
ChtcaKO Mil A
Ht Pnul 4s
2 05 K Ilolic'm rciu
Liberty 33s
Liberty 'Jd 4a.
Libert) 2d 4 'As.
Libert) 3d 4,4h.
DIVIDENDS DECLARED
Mulllns node Corporation, quarterly I'i on
profurmd, nayulile Ausuat 1 to stcllioldtr
of record July 2.1
Anicukonit Manufaclurln Co., auartarly
(1 80 on common and soml-unnuat 12.75 on
prefened, both payable August 2 tu stock
of record July 1.
I mill cm ml Co. semSannuul 18 on pre
ferred payable Ausust 1 io stock of record
July 12.
Comnwnweallh Title Insurance and Truit
Co., quarterly S per cent, payable Aueust
Id in -ock of record July 80
Motor Products Corporation quarterly
$1 :'5 on ii.i" "A ' Pftiuliifl August 1 to
stock of reourd July 20.
American Bodu Fountain Co., quarterly
SI 511. raynble Auuust IB to stock of record
August 1.
U. 6. Certificates and Treasury Notes
Int, Maturing
Hato Date Hid Asked Yield
"O AUIT. J"J1 'l I'O'J lutiss 4 uo
I'Ull MfPl li; lu i.bb IHOVh T5
t0 Hept 1021 . lOOH 100 7.32 4.75
.H4 Oct 11121 . 1110 1-32 HlO'i 4.00
ft4 Oct . 11121 10OU mil 7-32 1.00
tii Dec 1031 Inn,v tonA 40.1
5'4 Kcb. 1022. . 100 3.82 100 5.82 5.20
t5 March, lt22 l0 100 n-82 5.20
tSI4 .lnn 1022 100 S..12 inn .1.9? .1 an
IMJj June, 1024 10014 100'4 8.05
Exempt front normal Federal Income tax.
tAcceplable for payment of Income tax
due on data of maturity.
Chlcavo Mil A
BtP cv 4H
4 05
2 05
Chlcavo Mil A
HtP fd 44s
1 ... nou
1. ... 00
Chicago MM A
StP urn 4V3S
6 73
1 ... 74
Chlcairn Mil A
St P cv 5s
1 ... 64
Chlcairo A Nth
Wn sin ta
8 72H
1 78
Chi A Nwn 7s
1.... 10214
Cbl Hallrr'a 5s
1 04
Cbl It I A I' fd
2
1
2
1
1
1
a
1 . . .
1
1
5
Kingdom
mark ct 8s
1
1
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00 H
llH
00'4
110 'i
lift '4
00
lilt '4
I1914
Utn.
75
Stand'd Oil of
Caltf'u 7s
1 . . . . 103
5 . . 103
SwiU'd Con 8s
1..
1..
1 .
1.
1..
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105H
105S
105 i
10.11,
105,
10314
100
101
2 . . 100 '4
2. .. ino
1 ... 101
2.... 100?
2 ... 100S,
Klnsdom Nor.
way ot 8s
1.... 103
8.... I(l2i;
0 08V4 !. 102S
1 0i4 1.... 103
1 flflVK Sweden 0s
C 11 I A P 4s 5.. .. 854
1 72i; I. A Myers 7s
w u nia '3S v.... iuu
1 h0 l.orlllard C T
Chllo Cop r 0s 5 . . 107 '
1 ... 71Mkt St Ily 1st)
8 ... 71M 1 l'JT4il
1... . 71; 5 OflVi
Chlnt-so Ooio't'.Mrx Petr'm 8s
Hu-K Ily 5 I 1 . . . . 4
l(HS0)43Vt 1 04
City of neriren'Mo K A T 4s
Third Ave aj
1 ... 30
Third Ave 4s
J 47V4
TM.atr Oil
Co ct OWe
1 flttt
2 . . . . 05
8 . . . 05
t'nion Pac ts
1 . . SU
Union Pac (Is
1 00 '4
V Tank C'rfr 7s
1 ... 100
1.... ioo;
U K of O Iirtt
A I'd 1U22
1 .. t84
0 (s 30) DH'i
5 (s 0) U8
25.
1.
1
2.
1.
8s rots
1 O0H
City Hord'x 0s
70 K
80
Cty Chrls'a Ss
1.
1.
14
1
no
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os
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City of Copen-
linen B'is
5 . 70
City 1.) one 0
1..
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5 .. S84
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S Mexico Hi
5 44
Kwy 4s I
2.. .. 1SH
V V Cent' I 41
1 771;
0'4'N Y fenfl 4',,
'-' 70 2 77'4
City Mars'a OslNew Yk Ctl Ct'
6 . . 80 I 1 00
C N tk I'j'Mi 2 nosidHHAIl
I 80S New Yk Ctl 7 1 .... 8fl4
C N Yk 4Vi'Ul 1 ... 10H4IU s nubb'r !
1... . 84'il 8. .. ll)li 1 77
City Paris lis I 2 .. inm'ii S Itub r 7s
7 ... 100 I 1 .. 101 nn.
1 en la s Kill", t
CHy Zurich Hs,N Y I'ounect I,
5 . . fis ll R 4M,s If s
Colo 4 8 mi1 1 . . ., 74 2
1 . . 74 Vi New N II Jl Aif d
7 74 V llart'd 0s 1
Ciilum's A lull s. . . . fltn, 4
Avenue 4a (New Yorv O A 1 .
ti ... 07'i West'n 4s 1
Cnns'd Oas 7s 1 88H 8
1.. . 100'4 N Y Tele 114
1 . 1IKIH
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1 ..
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nuh 7'ts
HU14
I HleU 5s
.. 04',
. . 01
... 115
. . 05
. . 115
04
04
5014
2 . . . . 50
Del A Hud fd
1 .... 78
2 .... 70
Denmark Con
ct A 8s
1 00H
1 . . 100U
Dsnmark Con
ct II 8s
2 .... 00U
2 . ,,,P0
1
0014
Dan A H a 4s
5..
1..
16 .
13..
03 T
03 '4
0314
kOV,
. Hl)M.Va-i' Oi 7 '4 s
. SOVil 5 SO 14
SOU, 5 SO 1,
V C A'Wabash H 2nd
Host 4Vs I s 73'
1 . 85H Wtst'n Md 4s
N'la K Pwr 5s 1 . . . 2
2
5 SOU
Nfk A Wn 4s
1 ... 70
North We'n n
Toleptine 7s
1.
1.
'J...
a...
8...
3...
1...
4...
1...
o
1.'!!
5
OSUIN Pacltlo II Sa
Del r.dl 5a '40! 1 044
j .... 1 mil racinc it 4s
.... ' 1 75 H
80V4I 1 .... 82iA
Wn Paolflc 1't
2.. .. 78V
W Unlun 44s
8 88U
W A B Mfc 7s
2.... 100H
a,... 100 h
1 . . ioo;
4... 1001,4
1 (s 0) 100 U
1 ... 10014
!.... 101
Wilson Co cv
5 78't
1.. .. THU
Wlloon Co 1st
2 83H
3 83
0 4
10014
100 u
100 K
100
100H
10014
100
10014
100
10014
loou
100 H
"Tlie Ameriean peoptc hnve eome to
their senses nnd nre ngnln tlilnklnr In
terms of nortnnl prlees," says William
A. Lnw, president of the First Na
tional Honk, in an illuminating review
of the business nnd lliisncisl outlook.
"ItuslncHa I beltip stabilized nt n sen
sible price level. Kven labor, not from
choice, but In a state of brend-nnd-butter
seriousness, Is thinking In terms
of lowered wages and better service for
the pay received. The strike hazard Is
much loss of n mennee. patriotic Ameri
cans are working iuirur than ever and
the Administration officials nre doing
what thor tnn to build no business.
Great Hritaln has offered to anticipate
payment of its r ner cent loan due
next November, and the second Install
ment of the German indemnity has been
paid without causing undue disturbance
In the foieigu oxclianee innrkct. These
aro signs of progressive recovery from
the chaos of war. and, while there is n
long way yet to go, we have the cour
ageous leadership nnd enthusiasm to
carry us through. This is the time,
therefore, to look up and not down and
to view the future In the light of our
growing service to the rest of the
world."
Trend of Itiulncss Via Charts
John H. Mnson, president of the
Commercial Trust Co., has ndopted au
unique scheme of keeping the clients
of that institution fully posted on busi
ness conditions and the general situa
tion, by showing the general trend of
affairs by charts.
The company Issues a monthly letter
containing about ten charts In a nut
shell giving the jteueral trend of busi
ness. This tells in n glance more than
columns of rend Imp matter could nos-
slbly do. The cttrent Issue contained
0 chart showing the estimated actual
volume of private building os compared
to the customary requirements of the
people of the United States. Others
show tho number of tons of paid freight
carried one mile by the rallrondi ;
Transvaal gohl monthly output; immi
gration laws for lllUl ami IOL'1! ns llxcd
by the Dillingham Percentage Law; our
national wealth for 1020; the cotton
crops; Dun's Index of commodity
prices ; wheat crop ; fluctuations of the
Liberty and Victory ISouds, nnd weekly
corn exports for thin year.
So the whole story Is told on four
pages of comprehensive nml Intelligent
ehnrt drawings.
Pools Mnrklng Time
A well-known market observer, who
lis known to lime 11 considerable fol
I lowing, volunteered the information
yesterday that pools nre not trying to
j do anything jtm now. There nre 11
number of them in existence, he stated.
, but the managers are biding their time
' They will tnke stocks on recessions,
'but do not feci t lie time Iiiih arrived
when bidding up of stocks will nttmct
n public following.
To a great extent ttiut Is true, but
he failed to mid Unit quite n few of the
members of these speculative combi
nations only recently had paid dearl.i
for their former recklessness and in
ability to read the renl signs of the
times. While not generally known,
11 very rnnaidernble bull; of the recent
enforced liquidation was for the ne
count of members of VHrious pools who
had bern irtliltv of 11 serious mis
judgment of their ability to unload
their holdings on the poor unsuspecting
public.
Only a few days ago a member of
one of the most conspicuous pools dur
ing the Inst tew years, while walking
down the street, stated he wlTTs out of
the game for good nnd mift hereafter
do some real hard work tu order to get
a living. He recently nceepted a po
sition of a representative of a well
known conl firm in the New Knglund
I district. There are n few more like him.
I If there are pools on side lines, their
1 forces must be fortified by fres.li re
nlaremcnts before there N nny pnxsi-
I lillity of n successful coup on thee
lines.
Kernrd Wheat Exports
The I'nlted States mnde it-- highest
record in supplviug bresdstiiffs to the
world lu the fiscal jenr just ended.
Of wheat, which the world must have
and will find snrao way of buying Irre
snective of other conditions, the ex
ports were the "biggest ever." totaling
in round terms .1fl..00(i 000 bushels, an
overage of 1,000,000 bushels 0 day for
tin full yenr. in against a former high
record of WJ.OOO.OOO In the fiscal veor
101 . Of corn the export record of
the jenr was far above the nvenige of
the lust decade, nnd In r.ie. which we
no lougei ne for ilistilhitimi purposes
und of which the worm s chief pioiluc
Ing ureas In Russia. Poland nnd (Ser
many have been cut off from world
markets, our exports lu 1021 fur ex
ceeded that of uny earlier year.
The United States bus surprised Itself
and certain of Its economists, says n
statement be the National City Hank,
of New York, by supplying to the out
side world more brendstuffs than in nny
earlier yenr. despite the current belief
tlmt with the growth of our own con
suming population the quiiutit.i up
should be able to snuie for other parts
of the world Mould decline. Wheat
exports for the fiscal year 1021, Includ
ing flour In terms of wbent. total ap
proximately ail.-j.OOO.OOO bushels; corn
more than (50.000.000. rye nearly 50.
000.000. and of rice, of which we were
until recent years very small producer,
and large Importers', the exports of the
year total more than -100.000.(100
pounds, and nre larger thun thoso of
any earlier year except 1020. Of
course, this large distribution of wheat
bv the I'nlted States has been due lu
some degree to the fact that the wheat
Imports of the jenr have been larger
than ever, aggregating nearly 110.000.
000 bushels, nw agnlnr the former high
record of about .10,000.000 bushels In
1018. but nevertheless the quantity of
genuine United Stntes wheat passing
to the outside world is far In excci.s of
nny earlier year, and the proportion of
the 1020 crop which we have sent
abroad In the fiscal year 1021 is prob
ably lorjiT than In any earlier year
despite the considerable "carry -over"
from the 1010 crop
Difficult to Make nolli Knds .Meet
Taking the poor showing made bi the
Lackawanna Steel Co. for the second
qunrter ns a criterion, most of the in
dependent steel companies are expert
enclng quite a little trouble in making
both ends meet. The same condition
unquestionably applies to the motor
concerns. According to the Street re
ports, Chandler barely eiuned lt,s divi
dend In the first half of the current cal
endar yenr.
Those fumtliar with the trade condi
tions, furthermore, stale there is little
prospect of any great improvement In
the latter half of the jenr, ns compared
with the first six mouths. "Cnsh poor"
is apparently becoming a serious epi
demic among almost alt classes of cor
porations. The appetite for fresh
capital cannot be appeased. Almost
each succeeding day report is heard of
some company contemplating new
financing. All would llko to, but few
nro permitted to do so,
TIIK TRADER.
Liverpool Cotton
I.lirrnoiil, July 15 I'liero ia iv tiood de
rrnnd for spot cotton toda, but prices wera
easier on a basis of a decline of ,1 points
for middling at 8,10d The salos wera
10.000 bales The receipts were 41100 bales
none Ameilcan. Future wore iiulet In the
early deallrms, Spot prlcos were Amorl.
can mlddllnp. fair lo.70i; sood mlddlln.
O.OPd full mtddllnjr B.UDd, middling, s lull
low middling-, T.29dl ood ordinary,. 6,Wd.
and ordinary, 8.304.
LEATHER MARKET QUIET
. 1 ,
Sales Aro Increasing, but Size of
Orders Continues Small
The leather market Is quiet, accord
ing to the weekly review of trade for
the Philadelphia district by It. 0. Dun
,' Co,, nit bough stiles tire snld to be
increasing, (he she of orders Is small.
Glnicil kid denlcrs and manufacture! s
report a moderate business and Inquir
ies for leather of medium grade con
tinue. Shoe dealers nre dolne it mod
erate business and collections arc fair,
The electrical trade reports good
business lu household specialties, and
Inbor-savlng devices nre moving freely.
The continued lint weather has greatly
stimulated the demand for electric fans
and dealers report that stocks have been
much reduced. Jobbers unu retailers
nre fairly busv, hut manufacturers
complain of di'ness. Prlcts nre fairly
firm onu collections snow 1111 im
provement.
The review, continuing, goes on to
say:
"The chemical market Is fairly ac
tive. In the drug line, manufacturers
report sales normal, but the sale of
crude drugs to manufacturers and man
ufacturing pharmacists is small, witn
no prospect of Immediate Improvement.
Prices keen high. In the chemical and
dyestuff lines, buying has fallen oil ,
somewhat nnd prices nre low. 1
"The paper market shows little I
change. Manufacturers and Jobbers re 1
port very little buying, except lor Ini- 1
mediate needs, Prices arc declining.
"Paint manufacturers, dealers Ir ;
paints and painters' supplies, report ,
business quiet. Iluslness appears to be
confined principally to local jobbing
trade and purchases are in moderate
quantities nnd for immediate needs.
There is little chnnge In prices and col
lections are fair.
"Wallpaper manufacturers. Jobbers '
and denlers report little activity. There
Is only n moderate amount of work un
der way nnd the volume of business is
considerably less thnn for the sumo
period nf 1020. Then. I little change
In prices and collections remain about
normal.
"Trade conditions in leaf tobacco re
mained uuchnuged the last week. De
mand is light nnd prices high. In
Pennsylvania nnd Connecticut grades.
demand Is fnir.
"Cigar manufacturers are fairly ac
tive, but the volume of business is be
low normal. Itetall dealero are doing ,i
fair business, but ure buying moder
ately to till present wants. Collection
nre fair.
"Wholesale grocers lire dull, Collec
tions are slow. The ilemnnd for cniineii
goods Is light. Tomatoes are firm.
"Coffee is unchiineed. Humors
exist thnt the Ilrnzilinn Government
will take over the coffee business. Fu
tures showed slight upward tendency
Spots nre unchanged, inllds steady.
"Ten dealers report better demand.
Prices nre fnir. There is a moderate
every-dny demand at fairly steady
prices.
"Sugar is below normal. Tlefiners'
prices range from ."5.20 to .".40 for
granulated. Demand Is only fair, with
no indication of any change. I'nws arc
unchanged."
Federal Reserve Ratios
Wnslilncton, July 15. Hanoi of total re
serves to net deposit and Fedeial Heservf
note liabilities combined, for the twrlte I"od
rnl Ilesern" l!anl:s nnd the entire oynsm
os of July IS 1021. compared with previous
week end a year asro. follow:
Juli 12. July 0. Jut- Id
1I11S1 lli'Jl lii-d
rtoaton 70.1 75.1 -,3
New- Vork lis. 7 iiii.n jc ,
Philadelphia 03.0 03 0 is 7
Cleieland 85.0 05 s -,
rtli-hmond 43.0 Us i j
in int 1 . . n 1 11: J" s ,
Chlcaxo S7.4 51.0 3s.;i
SI. IaiuIs . . 53.:' .10 li ,'N 1 I
Minneapolis 3'i .1 3s s ;
Kimsis City ... 81 3 51 4 41 s
I.allss 40.5 30 J 40 ti
Kan Francisco ., 00 2 3s j ,r, p
Totuts 01.0 00.0 43 1
D0N7 SEND FOR THIS BOOK
of Graphic Charts
UNLESS
you've mnde up your mind
you wish to take ndvnntnge
of the present r.evcr-to-comc-again
opportunities in the
STOCK MARKET.
While the edIHon louts copies will be
t)Uttlly Kent upon receipt nf 10r (i attimp.
' ilefiay cof of uiallina Write for I.-to
J. F. McGOVERN & CO.
Members of PI1II11. Murk lUcbunse
1430 .south I'enn Su.. I'hlla.
Spruce flllfl rtore 8188
Orders etcruted In ull MurUct,
New York! 32 llriiudiisy
WE WILL BUY
Terre Hunt. InilnN. Knst. Tr.ut.
Vlrelnln lUtUmy 4 Timer Company
ViiiaKM'n & slitir.m ll. A i.at, Cn
I'lillndrlpliU Ilnpld Tr-inslt Cn.
Atlantic ('In Kletlrli- Co
faylor Wb.-rtan Iron .'. Stl Co,
errc Iliiutr Traction A. I.lslil ('.
luilpls,, Criiufnrilsiltlr Iiintllle
I'l-iinsjliiinlu Alabonlnir Viil'e.r
IVelsbncIi t'omp-iny 1st MnrtKiuce
.--.ininix- i.isni 1 1 oner 1 -
Samuel K. Phillips & Company
Members I'lilladehihl.i .stink Ktihnnge
5's
n'
.-.'
S's
r.'
,Vs
ft's
8 -A'k
.V
I'.VR
10.. 4
111.11
10.17
10::s
104
ui'i
1012
IH'W
10.10
IIS I
R07 (HKSTM'T STItrXT
NEWBURGER,
fc
Mflmb-era New York and
Philadelphia Stock Exchanges
1410 Chestnut St.
SERVICE Everything That
Word Means
Is ht Ihtf diBpos.il of cier Hulldir and fun
tractor In Philadelphia and Vh-lnlt from
DONNELLY & COMPANY
317 Vine Street
Cull Market 3400 or Main 407(1-77
John T. Dyer Quarry Co. !
Dnil. p--.M!.hd isfti
BIRDSBORO '
TRAPPE ROCK
Harrison Bldg., Philadelphia, Pa, i
Readjustment
ALLIES PACKERS,
INCORPORATED
Notice l licieby trlven tllflt
the iinili'i-NlittHMl I'oiiuulttcR
Iiiih iiiodind tlie I'lnu dated
April .10, 1021, und Iiiih ciiuvcd
11 Mtateiiietit of tuicli modifica
tion dnted .Inly 1, lll'-'l. to lie
filed with f'K.NTHAr. UNION'
T It V S T CO.MJANY OF
NBW YOIIK. the IJeioi.ltnry,
und with 1'Ilt.HT NATIONAL
II A N K OK PHIIiAniJI,
I'MIA. KOItT UKAitliOltN
T It V H T AND HAVINOH
HANK OF CHICAGO, und
F1HKT NATIONAL HANK
OF nOSTON. the Sub-Uo-posllnrleH.
Holder of Ortlll
cnteH of Deposit will be Irre
vociibly bound mid concluded
by "ut'Ii modification iiiiIchs
tliey exercise tlieir right, of
wltbdrnwal within the period
nnd otherwise ns provided in
snld I'lmi nnd Agreement
dnted April .'1(1. 11)21. Hold
ers of Certlllcntei of Deposit
cxcrclxing sueh right of with
drawal thnll not thcrenfter be
entitled to nny rightH or bene
fits under sold Plan und
Agreement,
Tho Modification of the
I'lnu extends the voting rights
of the I'rior Preference Htock,
llniitH the authority of the
bonnl of directors to declare
dividends', other than the
rtimiilnthc 49r dividend upon
tlie Prior Preference Stock,
pnldci for the estnbllclimcnt
of h Hlnldiig fund for the pur
chriHc or redemption of the
Prior Preference Stock nnd
postpones payment of pnrt of
the Tr dividends upon the
Preferred Stock until nfter
the pnyiuent of the partici
pating: dividend upon tlie
Prior Preference Stock Cop
ies of such Modifientlon and
of tlie Plan nnd Agreement of
I'l'iiil.iu-'tmi'nt ns t-o modified
tony be obtained from the De
positary and tlie Sub-Depositaries,
or from the Secretary
of the Committee, and nil per
sons interested nre referred to
the nnie for 11 full nnd nc
riirntc Mntciiicut of the con
tents thereof.
The modification of the
Plan linn been inndo nt the re
iUPM of the representative" of
holders of Debentures, with
the nssniit of the renrei-entii-fives
of stock of both clnvses
und upon nsvirntu'cu thnt
nddltionnl deposits would be
mnde if and when such inodi
Mention wns effeeted. There
Is now on deposit more thnn
4-K'r of the Debentures, more
than ."(W, of the Preferred
Stock, 11 nil more thnn JIOTo
of the Common Stock.
Tlie time for deposit of nil
clnsses of xocuriHes bn been
extended until the close of
business on .It I A' 157, lnat.
Oited New Vork. Jnlv S, 1021
(iKOHtir. W. II Vl"fl riuilrmun
ri.HTON II. nU'lNNTI.!.
'AMHS C. "KNlllllKN
.innv n.r.TCHi'it
HKItllKUT I. FOITKR
WII.I.IAM A. I.AIV
I'.nniN C Limits Committee
C 15. Slgler, Secretory
:n Urondwny, N. V. City
JUI Spruce 8200 L
BOUGHTSOLD QTOTED
United States
Government
Securities
All Issues
II
s.r.rrniTir.s iikpautmknt
COMMERCIAL TRUST
COMPANY
Mrnilirr l'edrrnl Reserve fjstem
Citv Hll Square West
tn the recent alliance In
Koml pries no security has
sliouii n more consistent In-c-renm
than well pecureil
old line Hulls V Hpeeiul-.-
11 tliefci- bomla and are
pn pared to recommend
IfcsiRH Meldinff fiom tlvo to
nine per orllt.
WllXNtR BLDC. PHIIAMIPHIA
MtmimPluladJpHl cum
Hiio Krk Slodt tJnfMft
StWYOSS CUtAllTH. N .
f SIW YOSS CLirAHTM. Ht f
GE0.A.HUHN & SONS
SToriiN ANn uoNns
Members ut Ills rlillsili-lplila. Nest
lorU ismI ( lilrncn Mnel r.irhantfs
Ni' lurk Cot tun Kselianxe
Commlislon Ordsrt Executed In
All the Principal Market
Liberty Bonds Botiaht and Sold
llrllruir ii'irt Hide. 141M Walnut Ht.
N. Y., Ill Hronrionv. Atlnntle Cllr
1nt111sssdor Hotel
American Ice Gs, 1912
Metro. Edison h, 1922
Mnrhet St. Elcvntcd is, 1955
Philn. Hnpid TrnnHit 5s, 1902
HENRY 0. BOENNMG & CO.
fTOCK M'llANCIK llUIt.OINO
Dlrert 1'rllulo Ttltpliune to New York
Members I'hllii. Stork Exchange
KstsliMshed 180'J jinth Phones
William R. Chapman & Sons
1506-08 Wntjliinston Ave.
MASON BUILDERS
ALSO OWNUnS
tiik riin.AnKM'iiiA iiiurii chmpanv
Capsettr of 30,000,000 per unnura
Kerbaugh Lime Company
Builder' Supplies
C. S. PATTON & CO.
HI) rilKSTNl'T HTH.
BANKERS
H'lreessnrs tn
, SAH.Kn A, BTKVKN80N
llonils 11111I Mtneks IioiikIiI sii.I sold
Members I'hlln, Utork Uselmnfe
AUTOMOBILE
INSURANCE
I.II1KKTY W'JVAU INfll'RAVrr; ro. '
rkenet Locust 60)8 20.22 ti0i isA H,
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