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'..
EVENING PUBLIC LEJD&ER-HrLlDELPJaiA, - IDTESliAXi JWY 2G-1921
wn
vu-'f
: ., 'A
Ei
U-
$
S
j.
is
m
I.
&
!-
hnM
WIW gT . I JIB I
kv
tlttfefcirch
Arreftfteriy County
Pennsylvania
4V l
-3 '
ft
I,
I. Coupon and RogUttred
Due Dsc. 1, 1931
Jan. 1, 1949
Tax Free In Penna.
Freo from All
Federal Incemo Taxes
Legal for Trustees
Papulation (1920) 583,193
Prices: To Net 5
V SAME LANGUID,
DRIFTING MARKET
Biddle & Henry
104 SOUTH FIFTH ST.
Far-Seeing
Investors
judge securities by their
merit and their safe
guards, not by their prom
ised interest yield.
To such investors, Straus
Bond! backed by a record
of 39 years without loss or
delay in payment, make a
powerful appeal. They are
. safe in bad times as well as
good.
"Write for our new book
let, "Common Sense in
Investing Money." Ask
for
BOOKLET 566-Q
S.W STRAUS &,CO.
IKCOHrORATTD ESTABLISHED iSSi
Stock Exchange Bldg., Phila.
Ttltfhtnt Sritrct 56x8
39 years without loss
to any Investor
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlv.
Sa)t In 8
S
WJJUCTl
Qjpjrttht 1921, by 3. V Straus i. Co
Canada's Soldiers
On a Peace Basis
Canada's ex-service men
have undertaken the cul
tivation of 4,854,799
acres, of which 194,253
acres represent virgin
soil. The value of crops
produced by these sol
diers last year is esti
mated at $13,953,178.
This steadfastness of
Canada's citizens iB the
fundamental security for
her civic obligations.
Write for circular de
scribing Canadian gov
ernment and municipal
bonds, payable both as to
principal and interest in
United States currency.
Specify Circular l'-7t6
Wood, Gundy & Co.
Incorporated
14 Wall Street, New York
To
T-omlon. Knr.
foronto
Winnipeg
.-Montreal
Investment
Opportunity
During the past 5 years The
By-Products Coke Corporation
earned all interest charges on
an average of 414 times. It
has paid dividends"of from 3
to 11 per annum since 1908
and' now has $6,970,000 Capital
Stock outstanding.
We offer this company's
mortgage 8 Gold Bonds, due
1986, at 99 and interest.
Circulars on application
HARPER TURNER
Investment Bankers
Mnbtrs of Philadelphia Stock Ercttanoi
' Stock Exchange Building
Bertitnn Philadelphia njm
Interest Centered in U. S. Steel
Statomont Published
After Closing
New York, TuJy 20. Today's stock
market continued to drift nlong In the
game languid manner ns noted In the
recent sessions, The movement of the
forenoon was almost an exact reverse
of that of the first half of jentcrdoy's
session, In that prices showed on in
dolent drooping tendency. The halting
character of the market was explain
able in the logical disposition of the
trading element to. await the publica
tion of the quarterly earning statement
of United States Steel Corporation;
also that of the Central Leather Co.
Then there was tho message to he de
livered thl nftomopu by President
Harding on the railroad situation.
Host everybody was prepared for u
miserable showing by the United States
Steel Corporation. A number of esti
mates were made as to tho probable
figures for the becontl quarter, which
rail anywhere from ono to two millions
under the requirements for the pay
ment of the common and preferred divi
dends. The majority of the estimates
put the net at from $10.00.0X) to
?li.000,000 The statements published
recently by the Lackawanna and He
public Iron and Steel Companies were
generally accepted as it forecast of what
the big Steel Corporation will show.
Each of these companies reported de
ficits. It was intimated by some, however,
that in skimping depreciation and other
charges there was a possibility of the
quartcrl earnings showing up much
better than figured from the standpoint
of operations. It requires something
like eleven millions for dividends and
Interest charges and many were con
vinced thi would he about the amount
shown. It wns evident, in all events.
thnt the bear crowd was quite reluctant
to take any chances, and the stock, in
consequence, ruled relatively steady.
As to tho Central Leather report
goasip had it that the quarterly state
ment would not only be unfavorable,
but tho statlbtlcs would al'o fall to con
firm 8ome of tho recent more optimistic
statements concerning the "coming
back" of the industry. At the same
time there wero additional reports ema
natlnff from Washington sources to the
effect that President Harding In his ,
message on the transportation problem
would incorporate the suggestion of n I
reduction in rates as an additional lever
for breaking the deadlock in trade. ThU
OI course, pill a luucrcui minims on
the proposed constructive program for
rehabilitating tho country's transporta
tion industry, in that It watt pointed
out that because of the famished con
dition of the roads none of them could
fctand any reduction in the present lean
Income.
necardless of either of these infill -
I ences, a moderate bnektet in the mar-
i ket was entirely natural In view of
the slow ndvanre which has been under
way for nearly a mouth, punctuated
by ' extreme dullness. Tho furt that
nrlces sll'ined buck so easily and with
out proeipitatlns a fresh selling move
ment gave all indications of a con
siderable Improvement In the Inherent
position of the general list. There wai
some degree of increasing inaction as
prices gave ground, as followed tho
gradual forward swing of yesterday,
Saturday and other preceding days.
As might be expected under the cir
cumstances, trading was altogether list
less and represented virtually little else
than the familiar jockeying for position.
Slight changes were made at the out
set, but with the majority of the more
active shares showing advances. These
gains, however, were effaced within the
first hour, mainly as result of the
heaviness shown by leading oil and
motor pharos, and samo of the more con
spicuous pool stocks. Mexican Pe
troleum, Sttidebaker, Bethlehem and
Crucible Steel, Wcstlnghouse and
American Tobacco were among th
heavier srots. There, however, ap
peared to be considerable realizing nln
In the sugar and rubber shares which
featured the recovery in the preceding
session.
1000
TOO
300
100
.100
109
190
too
100
TOO
100
900
400
400
A00
too
a oo
00
100
200
1009
too
1200
8500
1700
100
too
3700
4S
JJ00
H00
10Q
100
MM
0300
1000
100
3100
100
100
too
290
3100
3(00
11400
lOOO
1700
1400
300
200
100
too
100
100
300
100
300
IffOO
300
1200
too
3700
000
800
340
500
500
310
200
00
lllth
. . Adams Kxpresi 44
. . Ajax nubiier . . ?
.. Alaska Gold Mines... H
... Alpskn. Juneau O t... 1H
4 Allied Chem A Dye,.. S8K
1 Allied Client A I?y pf . MM
4 Allls-Chalmors S3
.. Am licet Sturar, tV4
. . Am Afrrlo Ohem, . ... 90
.. Am Can S7?
1 Am Car A Fdy. ,..,.. HO J4
(i Am repress no
.. Am Hide A Leather. . . 11 U
.. Am tlltln A Leather pf H
.. Am Tnternnt Corp.... 35 4
0 Am Locomotive fiA
4 Am nadlator 09
.. Am Safety nnxor.... 4U
. Am Ship A Copi 7 K
7 Am Smelt A Ref pf . . . 73
7 Am Steel Fdys pf . . . . MM
7 Am Sugar net SOU
7 Am Sugar net pf 8S
A Am Sumatra si
0 Am Tel A Tel.., 105
12 Am Tohocco 1J4
8 Am Tobacco pf new. , . B0
It Am Tobacco IT: 13314
7 Am Woolnn 73Ii
Anaconda Copper .... SflH
a Arao Oil 7
0 Atch, Top A Santa Fe. 85
8 Atch, Top A S F pf. ... 78J4
.. Atlantic Fruit 4
.. Atl Oulf A VT I 8 B... 3H
7 Baldwin Locomotv. . 80
. Baltimore A Ohio H
4 Baltimore A Ohio pf.. S3
5 Bethlehem Steol B,.,. 49
.. Booth Fisheries 4J4
.. Brklyn napta Transit. 11
.. Butte Copper & Hlnc. . 4J4
.. Butte A Superior Cop. 131,4
.. Cnlfornla Petroleum. 3fiH
10 Canadian Pacific 11.3
.. Central Leather 38 H
.. Central Leather pf . . . 71 14
.. Cerro do Pasco 37
8 Clinndler Motors SOli
. Chi A E 111 pf ctfs 1
.. Chicago A B 111 1st pf 1
. . Chi & K T ct 1st as pd 7
.. Chicago & ot West.. 7S
.. Chicago A at West pf 1714
.. Chicago Mil A St P .. 37H
.. Chicago Mil A St P pf 42J4
5 Chicago A Northwest. 65)4
.. Chi Pneumatic Tool.. 50J4
.. Chi R I A Pnc S.V4
0 Chi R I A Pac 6 pf. 84
.. Chile Copper 104
.. Chlno Copper 334
.. Coca-Cola 33J4
8 Col Fuel A Iron pf . . . 30
8 Colum Gas & Klec.... 57H
.. Col Oraphophone ... 4H
. Consolidated DIs Ins.. 7J4
7 Consolidated (las .... 88 H
. . Consolidated Textiles. 18
. . Continental Candy ...
8 Corn Products Ref. . . 07
11500 t.BO Cosden A Co 20K
1SOO 4 Crucible Steel 58(4
300 3 Cuban Am Sugar 17
3000 .. Cuba Cano Sugar.... 11
1300 . Cuba Cane Sugar pf.. 374
100 10 Del Lack A Wostf rn . . 10
400 .. Denver A Rio Orando. 1
400 Denver Rio Or pf . . . . 2Vfc
100 l Dome Mines 17H
300 ., Duluth So S A At.... 3
4000 5 Endlcott-Johnson .... 82'4
400 .. Erie 18H
300 ..Erie 1st pf 30H
800 8 Famous Players L. .. . 4914
100 8 Famous Players L pf. 75
900 .. Flsk Rubber 13'4
4800 .. General Asphalt 514
800 8 Oeneral Electric .. ..13514
3700 l General Motors 1014
100 8 Gtn Motors deb 6... 644
000 .. Goodrich B F 33
300 .. Gray Davis 13
Oitil 7 Great Northern pf.... 80H
100 4 Ot Nor Ore ctfs 37
100 .. Gulf State Steel SX14
800 4 Haskell 6 Barker Car. tHU
1200 .. Houston Oil 514
400 1 Hupp Motor Car 11 W
700 7 Illinois Central 9314
300 .. Intemat Agrlcul 74
1400 7 Int Harvester new. .. . 75
100 7 Int Harv new pf 1004
5J0 0 Int Mcr Marine pf . . . . 4UT4
400 .. International Paper .. 5414
400 .. Invincible Oil Corp... i04
1100 .. Island OH 3
300 .. Jewel Tea 014
000 . Kansas City Southern 26 y2
400 X Kansas City So pf 50
7000 4 Kelly-Springfield Tiro. 43
300 8 Kelly-Spg Tire 8 pf. 70J4
100 .. Kennecott Copper ... lty
Low
444
3H
H
tK
814
A8K
11
3014
38
m
133
130
11
SIM
9494
M14
80
4
1
72
M4
fiR
8814
4914
104H
123
00
13814
7114
37 K
074
84 J4
78 J4
44
3114
7854
39J4
58
4S
414
11
i
I3V4
344
1124
344
09J4
27
BJ4
1
1
7
7
"14
21 H
4314
05
50
32
34
1014
334
31 J4
35
"'
4J4
7
87
154
K
oax
38H
55
18
10
2554
100
Vt
1J4
1?
3
01
1314
30
484
78
13
SOU
124
10K
644
33
13
ooi4
six
3314
5714
54 K
1114
93
T14
78
1004
16 Ji
53
1014
S
014
25
40J4
4114
70 ..
19 14
1:80 Net
Clow Chit.
4t4 114
34
H
98ll
88 lt
81 4-
3014
30 7H
It
514-
344- .H
" Yi
o J4
t
X
4
-
U
14
14
14
H
14
1
tt
723
8014 ..
(4- M
M14- H
49J4- 1H
tot -f 14
129K- 114
09
13314- 14
71K- 94
S7- 14
074- V4
85 J
78T4 . .
44 14
2114- J4
7814- 1J4
314 .
53 14
48K- 1
414 It
11
4'4 ..
124 - 4
3614- 211
113V4- H
34 K- 114
60J4 - 214
271
40 -1
1
7J4-
1714 -
27M-
4214
6514
50
324
834-
1014-
234
32J4
25 -
504 4
7
S8V4 114
154- 14
14
87
2014
55 -
164
10 -
20 -
100
1
314
"4
3
81 -194
20
484
75 134-5014-134J4-1014
644
32 -13
oo H
37
3314
5814 114
544- 14
1114-
9314
714
78 -
1004
40J4
4
3
014
-'54-
50
4194- 1
7014 14
1914 ?4
14
14
14
v
!4
14
14
14
14
I
314
H
14
H
Y
4
Dlv.
Sslts In , ' tlth
( . . Keontone TAR .' ii
109 ., Ickawnnnn: rlteel,.,, 8814'
100 . . Lncledo Qm of St L. . S3
10 t jAn Rubber Tire.,... i 30
109 s. SO Lehigh ValUy ....... S3 14
1100 ,, T.nn'K Co U4
40 ,. Toft Candy H
100 .. l.ouf.f-Wlrs Biscuit . . 81 W
000 7 Ixjulsvllle A Nahv!llotl3
100 .. Mar)and Oil 1414
300 s May Dept Stores 79 4
0008 It Mexican Tetroleum ..1084
509 t Miami Copper 31 M
1100 1.60 Middle States Corp,.. 1114
700 . . Mldvnlo Btecl 33(4
400 . . Minn A St Louis 114
500 .. Missouri Pnclflo 31 J
500 .. Missouri Pacific pf... 41(4
100 9 Montana Power 4514
400 . . Montgpmery Ward ... 18
loo ., National Acme I14
109 7 National Biscuit 11
100 .. National Con A Cable. 114
100 7 National Lead pf 103
190 6 N O Tex A Mex S3
1809 b New York Central.... 7114
ious.eo waw York rro&i ai
, New York N H A II,. 1814
7 Norfolk A Western... 88
5 North American ..... 614
7 Northern Paclfto 74 H
. Okla Prod A Ref. .... 3
Jl!B BUI ....... a, IVY
100
300
700
900
800
800
1800
3500
809
100
100
1890
700
100
100
100
100
3300
1880
800
380
100
100
200
100
1300
500
500
1800
BJ 100
880
S Pacific Qm A Klec..,. 8414
.. Paolflo Oil 3JJ4
0 Tan-Amer Petrol .... 49
0 Pan-Amer B 41(4
.. Penn Seaboard Steel. 914
2 Pennsylvania R R..., 3014
. . Peoples Gas Chicago.. 534
. . Pcre Marquette .' 394
. . Pero Marquette pf . . . . 39
8 Pere Marq prior pf . . . 51
. . Phillips Pet 17
.. Plerce-Arrow Motor., 1814
. . Plcrce-Arrow Mot pf, 374
.. Pierce Oil 714
, 8 Pierce Oil pf 51
6 Pitts Coal 55
6 Pitta Coal pf 87
8 Pressed Steel Car.... 7414
4 Pub Serv Corp of N J 09
8 Pullman 0714
4 Pure Oil , . 35t4
. . Ray Con Copper 13 4
4 Reading 60 Ji
2 Reading 3d pf 40
iiepumic iron A Steel, fsft
1000 B.20 Royal Dutch NY 63
300
100
100
100
100
200
400
6200
0700
300
3(0
100
100
100
300
100
14000
100
3100
100
3000
100
4460
100
600
990
1000
300
100
3100
100
-, 100
2100
100
3100
100
7500
100
6100
300
100
290
100
190
300
1300
100
too
100
100
200
160
300
100
300
St Louis San Fran. . . . 2514
.. St Louis San Fran pf. 32J4
.. St Louis Southwest... 27
. . St Louis Southwest pf 30
.. Santa Qecela Sugar.. 2
. . Seaboard Air Line ... 0
. . Sears-Roebuck 07
.. Sinclair Oil 264
8 Southern Pacfllo 78
.. Southern Rail 2014
.. Southern Ralls pf 46
.. Standard Oil of Cat.. 73 Ji
1 Stand Oil of N J pf . . . 107
7 Steal Tube pt 734
2 Stewart Warner Speod 35 14
. . Stromberg Carb 31
7 Studcbaker 784
1 Submarine Boat Corp. 5
8 Texas Co 3114
.. Tcxus A Pacific 33
1 Texas A Pac C A O. . 194
.. Third Avenuo 1814
0 Tobacco Products .... 694
7 Tobacco Products pf . . 85
.. Trans Con Oil 74
.. Union OH 1914
10 Union Pacific 139ft
4 Union Pacific pf 0414
.. United Alloy Steel.... 35
8 United Drug 83
6 United Fruit 105 Ji
.. United Rwy Invest pt 3014
8 United Retail Stores.. nay2
5 U S C I P & Fdy pf.. 4414
..US Food Products... 19
.. U S Ind Alcohol 5314
..US Rubber 544
.. U S Smelt A Ref 31 V,
5 U S Steel 73ft
7 U S Steel pf 10914
.. Utah Sec 10
. . Vanadium Corp 29
.. Va-Car Chemical 264
.. Va-Car Chemical pf . . 74ft
. . Wabash t
.. Wabash pf A 33J4
.. Wells Farc0 Express. 4S
. . Western Pacific 35
7 Western Union Tel... 85
4 Wcetlnghouse E A M. 4314
Wheeling ALE.
. . White Oil Corp..
. . Willys-Overland
8 Worth Pump pf B..
0
14
714
56
Wright Aero 8
LoW
13
8814
S3
38
5314
1114
14
em.
118
UK
im
ia4
31 fi
Io,4
3314
13
31
4014
45 4
IB
US
114
108
63
71
31
1J4
90
0 14
74
3
1014
68H
fli'A
'484
4914
014
85 ft
S3
sox
39
51
17
17ft
3014
714
St
85
87
74
60
08 X
36J4
12
O0J4
40
46
5114
35
3214
37
30
2
C
67
3014
774
3814
48
78 ft
107
73 X
3514
31
70 X
5
24
2
19
15 !4
58 X
85
7X
J4
12014
64
25
H014
105 ft
3014
5614
4414
ioh
6314
5314
31 ft
73
10914
10
39
204
74 ft
8
23
68
25
85
4314
9
814
714
56
8
1.60 Net
Cor Chee.
MK- X
814 J4
S3 ..
38-1
5J14 .. ,
at is
31J4- 14
113 - 1
7nj-"4
104 - 1ft
six- ft
10ft- u
5314 -
I3H- ft
31
4614 - X
4514 114
18 - ft
18ft ..
110 1
tft- ft
1033
S3. 114
71X 14
81 -
18ft ..
9
6014
7X-
loft ..
MX ,.
35ft
49
48ft-
14
as
X
90X
30 1
81 3
17
17ft- 1ft
37 - 1
714 ..
81
55
87
74
6014
06X- 1ft
14
14
3IX-
13X
0ft
40
3314
32ft
37 -
30 ft
s - ft
6
07 -20ft
7S 14
20ft- ft
46 ft
7ft- ft
107
73X- 3X
25ft- ft
31 - 1
77ft- 14
X
3
6
31ft
23 -10X
ft
85
7X ..
1014 X
130ft ft
04 - X
251
80ft- 3X
105 ft - ft
20 ft
654-
44ft
JS14
52ft-43J4-
3114 1ft
73-ft
100ft ..
10
39
264 X
74 ft .;
8
23 -
68
25
85
43ft-
0
8ft
7ft
56 -
8
X
ft
IX
ft
ft
4
'x
'x
3ft
V
Commodity Markets
GRAIN MARKET
Chlcaeo. .Inly 27. Wheat
LISTLESS TRADE
I ' te
N CURB SHAR
ES
Mining Stooke Otily Group
Showing Even Relative Ao
tlvlty Olio Quiet "
New 1'orit, July 20.--Llkc In other
markets, a condltloh of midsummer
dullness prevailed today in tbo New
York Curb market to tho tame extent
ns in other trading groups. Ilusiness
was small in volume and dealings of a
listless character. Ev'en in the most
Important issues only sluggish .move
ments were noted.
Goodyear Tire, which has been in
better demand for several dayi, main
tained n good part of its advance, the
stock ranging during the first half of
the day from 10 to IfiVi. .Locomobile
sold at the low price of 05 cents a
shore. There was n moderate amount
of trading in Durnnt Motors at 28
and 28.
North American Paper was in good
demand, selling at 3 to 4. A feature
of the market was the sale of several
thousand shares of Iltiddy Buds at 5c.
(Jlen Aldcn Cool wna quiet, A few wiles
being made at 844 to 33. Sweet
To. sold at 2 and lletall Candy at
The oil stocks were quiet. Cttlc
Service common sold at 110 and tho
Hankers' shares at 124i Maracnilm
was traded in at 21. Internatlomi'
Petroleum sold at 11 nnd lli.
Slmms Petroleum was unchanged nt
0?i,
There was considerable activity in
the mining stoclts.
Buddy Budi
Cr Light
Curllalo Tiro
Columbia Emerald
Dunnl Motom
INDUKTRIALS
Hlh
n
J?
m
Low
k
78
xs
Olen Alden Coal alU S8'4
Oondjreur Tire 1.11 1B
Mbhv McNeil Rft Rl
I.ocomobllo en (1.1
&
Parron Autna 04
Porfectlon Tlr S2
Iladlo Com l- 1
Suu CA3 2 2H
Unfttd From fihnrlnr .... 1A 11.
United Rat Candy OS OK
11.00
P. M.
n
U
i
38
IS
05
SI
S2
1
2
1
24
30
STANDARD flILH
. nit -. T4
Stand Oil of N Y.'
nnw
a '
..809
INDETKNDRNT OILS
(IOH
307
17
04
Boaton Mexico .
rtnatnn Wvnmlnf
(rib Sym! 4U
Kit e service "U" ctrs... Yi.t
Klk Hnsln I'et 8
Fur Tet 11
Fcnal.ind 114
lltlrlnn 1111 VII
It. Totrol 11 llVi
Mnracalbo Oil V1H irlVt
7(1
17
lli
1".
Mulrn Oil 76
TXrw MmIco Arizona IK
Omar OH 1;
Produefr Rollners 2K
nIL (.rrw 4rruil ....... lf,
Slrtm, Pat S
1
Bkally Oil
inon
SI
07
67
Jit
308
17
04
1$
11.;
20
n4
21H
7.1
H
'r
2i
10't
nJ
31
07
MIXING
Alaaka. Br Columbia 3S
Arljnnn ratagonla, o7
nic Lede e .
Uoaton A M
Montana 72
CaHilonla Mlnlns D
Calumet It Jeromo 17
Crcaaon Oold .ill
)ltdn Kit 3
K Salvador 2
Eureka Croesus .It
OoldHeld I'lorenca 0
Oold Zone 8
Knox Dlvlilo IS
MeKlnley Darrngh 15
UacNamara 17
(.opper '""
nn
31
Mairma Copp
NoTlonal Tin
Nevada Oritur
Rar Kereulaa 25
3.1
6T
25
71
(1
in
111
32
22
50
8H
11
12
15
17
18
00
81
2.1
n
38
57
2(1
71
0
16
HI
83
rto
no
3(1
18
10
15
17
181
Of)
81
!5
9
Rx Cooa v v
Silver Mine Iff 1 1H
Booth Amer P & a ....: .44 4H 4V4
Tonopah Belmont ....... 1A rV lA
Tonopah Divide
united Kaaiarn
BONDS
Aluminum 7a ,
Amir Tel Ca 1022
Amer Tel 111 1024
Anaconda 7a .1029
A
Armour
netn
nMh Tlteel
Chi Un Sta 0Va
Cona Textile 7s
82
2S
07H
nn
04W
vail
81
2A
97
0V
II 114
03';
2H
07
on
II4U
n.iK
naconda 7a 1029 vau uj-4 h.i;
nitlo-Arrror 7Hs ln 100J4 lgli I
.rmour 7 CH flOJi 00 W
;ith Hteof 7. 1035 4 04 04
eth Steel 7 .1022 .. . . H 0 00
When Sales
Decrease
"The lower the sales, the higher the per
centage of credit loss." This is a fundamental
business principle which 'far-sighted man
ufacturers and wholesalers in every line arc
realizing more strongly every day.
That is why so many of these firms are safe
guarding their credit resources with the
American's Policy of Credit Insurance,
which guarantees to prevent, else pay, bad
debt losses beyond the normal.
In times like these, money invested in the
American's Policy is the wisest money you
can invest. You cannot afford not to have it.
Write or phone today for the full particulars
of this broad protective service.
Paymtntt to Pilicy holders ever $10,000,000.00
'AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E. M. TREAT, president
tSU)"ITANDAnD UNLIMITED POUCH
W. J. Morphy, Manager
J. F. MacFadden, General Agent
1011 Chestnut St,, Philadelphia, Pa.
Phone Filbert 5502
;
U
. ..104V
. ..inoi
. .102
to 104
10054 100
102
102
points net higher, but the rally
lower
then held In check by cabin advices re
porting Rio 100 to 250 rein
' September
. . , December
started birch
To), close Open
H.aii
TRADING STAGNANT
Uf to i'r higher for July, unchanged I1
to he higher for September and 01 c to
111 i,iniii. f.ir Dcppinbcr. Cash houses ,
nnd one of the leading wire house led
th businc wltn tne sciihib -.."""
0.74
..u
7.31
6 84 10
0.7TWB0
7 1JC2&
7 34U35
IN T.QCAT TOCK nnd trade only moderate. Estimated
in LiUKjLL, Ol LUA.O rcccint8 wcr0 800 cars. RecelpU in-
spected.yesterday were , 122o cars last
vear IfcH cars, jcany .., ---
Number of Shares Bought in "hedging0"? by receiving and' cash
houses, was followed oy u uuu . .
close on buying for Eastern "
Tbo seaboard estimated export sales
were around 1,000,000 bushels. The
cash market wus oil wun iuiur v
Under the Rule for Chan
dler Account
cun iuu.. --v "- . T
Dcnlinffs In lit lncnl stn.Iro rnmilnoil largest lorai i i,- temncra-
on the same diminutive scale with the "el and widespread rains in the Wert,
ttsunl mixture of price changes n- u U,r A 1". ' , Tnnnda
rule encountered in n narrow market. Northwest and t ann la. . ,.
Lesa than one-third of, the lurcm
1, ..i.u.io .t,tu wni'k is ot the nvi
nr. mnrkets. sho
principal '"'."" ,",. '.j .i,Uv
bv that the grain is going ''",; "V',
u'inz
' The rntf nf nrflnlllin it! Mnntri.nl tn
, -"-- --!- " ....v... v
closing up of the com- Corn itancu aw 'SlUtimW aic na on 'ew lorl l,!m,s was y-"i l,er
br thnt firm. Annroxi-! lower to ftc higher; BepttmDcrjsc CPnt Thc rate of discount in New York
of stock were bought lowor. and December c nl""' ,'..,, on Canadian funds wns 11S percent,
which virtually took was light with a lend Ing omm issio i (ntral Ellropcan MChnngcs were:
.nmln.nt I I l !...,., -... fhr Bl'lllnC Sine nnu ll w' i:rpI KS5. ltu.n.,ln 1 . 1J..I.
'..k, V.W. , ..UI..M...UU, a.,, ill,-
The
Equipment
Issues
Huge aurpluica
Low inyontoriei
No new financing
Big stock values
Buitnes proapecti A-l
Remarkable) invottments
Pompletely covered in Cur
rent Issue of our Investment
Survey No. 116.
Scott & Stump
Invcilmenf Securities
SPBCIALISTS IN ODD LOTS
Stock Exchange Bldg., Phila.
Jfew York. Coalesrlllt. Cliamkeraburs,
Carllfle
Interest more or lens still cpntcrml
the failure of the hnnking and broker-1 in the visible I
ugo firm of Chandler Bros. & Co. The principal W est
untiappy event was kept In mind
reason or tne
mltmcnts held
mately 000 shares
in under the rule
In nil tlin Tnrn nt
nnv.-.. . .t i . ... , I-,, inn SnntnmDer
iiit-c iiiiusuriiuiiB, miwovrr, were in rxnner oujuia - :-- -y- q.n,,m.
small lots, with tho exception of Cnion Oats stnrtcd c lililiar tor Hept i
Traction nnd IT. G. I In these to ber and c to c R ' n"c';
Issucr the operations Included 22.1 nnd Trade wan light nVii JinJ t.nBt h
UT, nhurcH respectively. on scattered buying, following strengtu
AV'hen it is .stated thnt these opera- ! In wheat,
tlons represented virtual) more than
fifty per cent, of the entire transactions COTTON MARKET
v vv.w, Inlv 'U. The cotton
FOREIGN EXCHANGE
New York, duly 20. Theie was n
slightly better tonu to the foreign ex
chauge market at the opening today.
Sterling showed an advance of c and
the principal Continental rates also were
fractionally higher. Pesetas displayed
a downward tendency, while tde Scan
dinavians opened Irregular,
The quotations were:
Sterling cables 3.58V4, demand 3.!)7 ;
franc cables 7.7414, checks 7.73;
Be! si an cables 7.55, Checks 7.!H ; Swiss
cables 10.48, checks 10. JO; lire cables
4.ariV&. checks 4.35 ; peseta cables 12.70,
checks 12.70; guilder cables 31.13,
checks 31. OS: Stockholm cables 20.30.
checks 20.23 ; Chrlstiania cables 12.07,
Financial Briefs
IIenrv T... nnhev a rn m..i .
the ClfleF SeFuce Co.r have" TnrSrwST the
tockholuer of detnlla of tho plan for tho
compare. In place of caeh dlvLlnd.. Th.
B.,?.i .P fi",r, J!" formation of the Cltlea
ofrH'i to.U1ild"1 ficri" PurchaalnV Kind
of la.'l. SloelcholiJera of tie cm.. riw
vlted tu luliwrlhn In kiu ...i .u
moner to be ueoil onlv for th J,, ..?,..!" U.i"
t'nnil Ti I. ... T.. .V ..." r-:"-" m,u-
aynillcate.
lo. lire Invited to aubacrlbo to this fund
ii'onej- io Lt ueoil onlv for tho Durwiu
. rv? 'L' ta..y vM t0 Henry I,. Uohrrty
fynd?c'J.iVh' wl" "rvo "" managers of th,
..7h?,.I''e(,,raI Keaon-e Hank tn the Kn.
?' Ji Plstrlet will abolfah the TproirrelalvJ dl.
KSai'VC't?- .l. """ 1- 't ti an,
"---.--. .MW -- Will
vvr ctjri
fi ,ISf Jf-"?..' ",ur"Jo .0
si? wki?v; "KM h. tF-Vors:
srttelve ayatem.
to auapend the Pfo.
. The. averaso prlco of the tu-entv nii in.
ausiriai atocice advaneed .37 per cent via.
terdai n no ha ..ii ...-. hrRS e?
aavunctd
80. white. h. i,.-n,. V.i 'V.
07 per cent to 78.01). -"
The
atorkholdera
vllle authorized
I.oulavliU uiid
In a special meetlnr In i-n.n
the
.N"aahlll HBllroiiTa
In I.mit..
propoaed Increase of
. - .. r -,.---- TI T ' ' I T"V BUHIU ,11
"t'na .....in., i.uiiniiiiuK-'ii uiuieii iu..o, i i.""." in ns cap lal stock anri ih
l.nH... 1 : id. Li... -i 7-.w . 4i. ' I execution nt ht.nv. ...? . i. ,ul- ,n.a
tnvtnr, ly.ia, miiriiB a.-t. "Vgeniine fnj (jj jJblj """" ."ximnifo ior reiund
of the KCbhlon, some idea ib obtained of
the htaenunt condition of the market.
tne MAgnant conUition of the market. "r '..u. it.mir nt the oncuing
Pennsylvania Itnilrond continued one of "rkrt,MX.' f t?rS prices lecUned 5
the firmest snoU. maklmr a ne nVnr today and, while first Pf1"" "v""," .
V-lfh"54 nbl,t th?,rTnt which Wa"cWvB rcstS d the'loes and
W Ith the current dividend K,qrS t wi ' MT ,,,n"
r cent, virtually assured. hsc S" r.," South ngln wns the
been considerable rebuying prlm"pn Rellcr. while Wall Street nnd
bought. There were
FRITTERED AWAY
ESTATKB are oftentimes
frittered away iMcnuie
ot unfialthful or Incom
petent Individual munoir
ntent. Till la luipnealhle
.with n well-urcnnlietl imil
well-munticed T r u p t (Jo.
audi ns duto.
Tlw Real Estate Trust Co.
.'' Mreid and Che.tnut Sti.
- .. --0--- . n it t nrc nnntr iiinL iiissti. wwvi
S. rLlTLI:. ihere w'as a" good demand Inm. shorts
-..., .... ...,..,..,. ...,w , intui ...ui.l
low price,
rate or pe
4MAw niec- hAM
iuvic nan iiiv-ji i iniaiiii'iiimi' rvnuying i.Jr,ii
., .i. . i... -ii i w, nrlnclpnl
un i.iu !... l i m,. aumii investors. 10- : i. ini.,i..i
morrow the dlrtctor will declare tho 1,' ....... 0 notices In circulation thix
1 per cent, (junrtcrly distribution, or ,nrin-
fifty cents n hhurc. It is twenty five. iVccehits nt the port for the day are
cents smaller than received a yenr ogo, CHtimated nt 2o,000 bales, ngalnst
but it is better than many expected ', oi hqi bales n week ogo ; 7214 bales a
h"Vua "Tk?-ag0- , . . I year ago and 15,310 bales two years
Philadelphia Electric Uniee. LT. G. I.
was firmer ns a result of the elimina
tion aP tho rtnuht.q nrtn!nlnf ,!.
payment of tho city's money on the gas , januTry"
win-,. iiiiiiiiiiMjiiiin jiiipiu xrniiRu piarcn
diopped Vi bccttiiw nr tiio nerrnwness
of the market. The tame causn nc
iimtitfl for tlie iHilnt dof'llri" in I trill .
ago.
October
DIVIDENDS DECLARED
Glraril N.iiloral Ilnnli QU.irmrly a per
cent, payable Auitust 1 to itock of record
July .1
Imperial OU Corporation, monthly ft nn
common, payable Auruit IB to atoclc of rec
ord July JO
Liverpool Cotton
Liverpool. July 3D Spot cotton wai quiet
today with pricea eaalor on the baala of a de
ollne or 20 polrrt for mlddltns at 7.083.
The aalea were U00O balea The receipt were
14,000 bales Including 5700 bain American.
vsifuvMB wre steady lc the early deallnza
vh... .- - . - : ,' -.!...- -'
American. miaunnK rair,
Spot pricea were1
in ikd' cffinii mi
dll'nir. H.3IM; mlddlln
7 orii, sood ordinary
5 13d.
mlddllnu. IS A7d
7 waa
B RSil
fully mlrt
low mlddllnc.
nnd ordinary,
Prices Improved on Parl Bourao
rl.. July i!(l Pricea lmoroied on the
ncurim today. Thrva per cent renta. M
francs 80 centime! i czcoAiuj on lndon, 4a
franca SB centimes; B per, cent loan. 8S
franca 70 cantlipea. The dollar ivm quoted
st 12 francs 02V ctntlmts. -
Frelous
Cloim
. 11! U3
. IB fl
. 12. IIS
. 12. 00
gurian, .SO; Austrian. .12si ; Polish,
."ah; Czw-ho-SIovnkia, 1.21); .Iuo
.Slavia, .02.
VKSTEHDAY'S FINAL QUOTATIONS
sioriine rrancs uro uuildera
a.B7fc 7.71 4.31 31.14
3.3714 7.72 4.83 Sl.il
TODAY'S OPENINO. QUOTATIONS
Slerllnif Frnncj Lire Oulldera
Demand .. .. 3.B7!r4 7 J3H, 4. St. 31. OS
Cablea 8.6SH 7.74U 4 SOU 8113
Demand
Cables
LIVESTOCK QUOTATIONS
Chlcaro, July 2d CATTI.B itecelpta.
O00 head. Better KTnde beof atMra. stront
to 23a hlgbor. ethrr ateady Top yearling.
110; top matured ateers, 10 70, bulk atl
nclichta. f7.B0t(.2Si fat alio Mock strong-,
bulk. I4.SOU6.7B: canners and cutter
largely IZ.73&S.7B: hulln neak to 13c loner
bulk. 13PH, veal calvea atr me to '.'Be higher
bulk. 110H 10,73: gtockera ur:l feeder" dull
1IOOS Ilecclptsr 10.0(10 head Moatly
2Bc higher than yeaterdny'a nvi'rnge, apota
up more; neuer srauea acue omer now
K oeuer grai.-oa till ;.-.
pua,
National bank not outetnndlng July 22
ris iJaa.0.iS-1'??7' FeJernl He.eTve notaa
JI38.B83.100. Kor wenk ended July "s ri.
tlonnl note Increaaad 2,lnn,4Sl; ffedefol
Ilenervo notea decreased I3.44S.0()0 4eaoo,
bund
weak.
The
Central
c to am
lias beeri
Rllfr.l PnMn.D.I..
m.-.i.,,. . ....w-zr"1 rt.'.2,'""
...Nk.t.,a in KMiuuriKV tO.UHU.UUd
rpeclnl
aealn adjourned for one
Copper Export 8a 1024.. ..100J4 100H 100H
Oulf Oil 7 07 07H 07i
oFand I Trunk OH OB nj 2 r.
Humble on ia "
Interboro 7
ill Cent AH
i.ibby sicrieiii ia ,
5lrrl 7Wa
Nat leather Ra . . . ... .
Srnrs itncnucK mil
Hears Uoobuck 7 11122..
Southwest Hell ia
Stand Oil N Y 7a 1025.
Htand Oil N Y 7 1D20.
7BV
.100i
. SH
. oxy
. (14V
. ntift
. 08
. ooyi
101V
miv
"11 1171
7811 70
100 10(H
oau oss.
OS'i U8V4
04$ 04U
not ooti
08V4 08U
05
101
Stand Oil N Y 7a 1II27...102
Stand Oil N Y 7a 1030. . .103 108
Si.nI nil K Y 7s ln.1D...103tt 103
BtarM Oil N V 7a. 1031 J04Ji 104J
'A I""
tand Oil N Y OVi
Hwllt a (.o 7. . .
Texas Co 7s
Vacuum Oil . . .
Weat Electrlo 7
nelclan Ba
.100' I
. 07M 07
. eDV 80t
.lnotl inn
.100 inou
. oa oo
03 w
101'i
10H 101J4
102'i 102JI
lOJVl 102VI
108V
103
mi
100',
07
00
100
100'
eo
Philadelphia Stocks
High
KHAm Strs
pref ... m
R Brill J (J. 32
Low
1:15
P.M.
Nat
chga.
M 03..
32 32 1
32 32 1
fin tdo uref. 33
.. -7 ..., nr.i ni-1.
U7u uam iron a.i'A uy ouy..
20ElecStor.l01Vi 104 104
10 Gen Asph oO'A WV? owb-f-l'Si
Top. 311 au bulk belter grai.'ii
11.25. bulk prcklng , Jujnuso:
l(h tn 15c hither.
' Itecelpta. 18,(100. lJnrlv hii
aheep and natlyo Ian-Ay about iteady, foednr
Open 12 ro.
12 21 12 20
12 R0 12.60
12 02 ....
12.03
8H1SEI' Itecelpta. 18,000
..n and native lamlni about
lambs to city butchers, higher
i4WBnn tiniiie I n -... .
months en.li. I t,n."in .:. 'V'S'.' A" BIIC
nnd charger fl 1 17 3C.s" aea ,' ' ,?& 5
same period 11120. .-.......
Negotlatlona were completed todiv for ri
Jinfi,'nlay "'""'" "t the llfilonO.OOO net
repinunre credit Krnnted to the Cuba Cano
Sugar Corporation, part of uhlcl. maturM
next .Monday and the balance August )7.
. il'plV.l,ne .M'nln,r Co I" J"" mind or
with estimated net n)ue of 1102.824. and
208,!52o!1U " ' "" ",lmB,1 " Mlue of
The Carlisle Trust Co . nf Carlisle. Pa
has become ii member of ih Fi-dvral He.
serve Hank of rhlladefphla. The InMltuilon
5n'i ? ,c?Pnl of W "O0 rplus lisn poo
and total reourcea 1 P4a.78Q
The reixirt of the Orcat Northern Iron 0'
reT'L'iin0' ,n?.ft ,t,ow ,hnt h" trust iaa
been drawlnir on Its accumulated eirnlnua to
ray 'Myldemis to holders nf tl, renine-u?" if
''nenclM Irtereet Pecelpts of (he truete".
l.. -. A!.a ' w ..i'i-.niu nnu iiiauurae
Native. SIO;
NEW YORK COFFEE MARKET
New Yorli. July 20. The local cof
fee futures market opened d to .i polntrJ
higher this morning, due to the higher
rate of IUo exchange on London. Ihr
nfflclnl cable reported an ndvance of
3-KW. and private dispatches later re
ported a further advance of Hd. rrad
ing on the call ws very Qiilet. buyers
and sellem being widely upnrt and
transactionH confined to September nnd
May. September was switched to May
at 100 points rjght after the call.
The recent advance in Illo exchange
on London, If t can be maintained or
further advanced, Is very important in
It effect on cost nnd ireigni price-,
provided their currency prices, as lixcd
by their Government, are sustained nnd
means higher prices for offer, co? t nnd
frnirM which alreadv make the mid-
down cost In New York considerably
above eilstjng spot Prices.
Towdrd mltiday, local values in the
lamb packer top. early. JO 50, no Western
lambs sold early; bidding lower, best fat na
tive ewes early. 13; one double deck feeder
lambs, 17.43.
-HlKW Hemp!, HrOO
. heavies. lll(ftll.2.v
light yorkers and plgi, 112
Plltsbnrali. July 20.
head. Market higher, heavies
hoavy yorkere,
mi" 10.
BHEBr AND LAMIiS llecelpts 30(1
head Market steady Top heep 83.50,
top lambs. $10.30.
CALVES Jlecolpts, 800 head Market
steady. Top, 111.
20 CATTLE.
celpts. ion head. Slow lower Culves,
relnti. 3(10. Steldl . 1.1 ft 11.
HOGS Receipt. 100(1 head Twenty-five
c to 3ftc higher; havy. Ill 23011 R0: mixed.
2V12.1(i; yorkei-H and light yorkers. 112.10
W12 25; pigs. 111753123. roughs. I8.50O
XT.'. i atna. 84 B0 00
SHEEP AND IJIIlfi Itecelpta,
hea7. I.ntnba slow and unchanged
Kast linffulo. July
ne-re-
1200
BANK CLEARINGS
Hank clearings today, compared with cor
respond ng uay iai iwo sears
1021 1020 Hill)
Ihlla . tot, 000,000 8Ht. (178.400 807.477.200
Hoatnn.. 41,301,011 3fl,81 1,(1011 T50. 283,021
N Y (121.100,000 733,1 10.(1(14 808.nl8.440
Ualto .. 10.284. 07H 13,7(10,734
Cotton Brokers Ask Holiday
Wili?. I000- "O 'hat nfler the pa men t nf
fn" .1i!.tle, r nd subsldlarleH for alx
aes and Federal taxes nf 11,147.608
,1 after prrferreil dividends to il'J7 n
o nn Il7.371,'l0ii common nock '(823
, azslnat 12,303.117. or 84.00 n shnre
810.082.(1211 outstanding tommon StoeK
TU. 7U
04 04 y
43 43 . .
3554 35 M
07 07& . .
nov. nov4..
21BJ 2l V
2iK 20S
20' 20? 4
?,35!H WT I
34 34 . .
73 73
28 20 14
tNet change mado by comparlaon w'th last
sale on New York Block Exchange,
tDought under rule.
40tLake Sup Vi
lOLch Nnv. 64
190 Pa Ccnfl
Light nf 43
207 Pa It R.. 30
fi Pn Salt .. 07-i
10 Phila Ins
Wire... MV,
00 Phila Ulpc 21-11
100 tdo .... 21
OS do pref.. 20
110 tdo pf.. 20
200 Phila T 10
Oimiil Trae 04
223tUn Troc 31
20 U G I. . - 34
245 tdo .... 34
fiOtUSStojl 73
38 Wcs.t Ter
& S ... 20
1'llII.AnKI.rllIA PONDS
share
pur)
same porloij fo20
. 'Hi Central leather Co reports for quar
ter ended June 30. de-dt after chrK0 and
Kedersl taxes f 10.201.102 nJilnst 'deOr
after Preferred d Odeml. lo the pfeped na
anarter of 4. 384, 811 nnd ilellilt In ror
responifing iunrter of 1020. ufier rhnrss,
taxes and preferred dividends uf 82 O70.O70.
The Oreat Northern ha applied for loan
of tn,o0O.oon for a. period of 0e year from
September I 1021. to enable II in rmiay to
the Uplted States a loan of like amount
nlilch matures Senlember 1
A Chicago llnaril of Trada membership h
been sold for 18000. off I20O from last sale.
New York. July 2 A petition la be'ni
rcuiate.1 by th New York Cotton'EscUangJ
iiiwuru u"i - ,'":"," 7,.tor ft noun
futures market had worked about lU-Laber Dr.
on the Saturday preceding
Plttsburfjh Rya. Plan Reorganlratlon
rillfiburgli July 2(1 A deflnltii plan for
the renrganliatlpn of thn rittsliurgh rtall-
wns 1. o. ns emiiiniieii in en nur-nment iim.
poeed to lit executed by the City nf I'ltts.
burgh, the Philadelphia Co, end thn Pitts,
burgh Railways Co, was presented1 to City
Council. The plan contempts tf the renr
ganlsetlnn of the Pittsburgh Rnllwnve Co.
hailnt 802.BO0.Qon stock hondi dr other he-
c-urllles in substitution of 'eeurlilds roiv out.
years It
value nf the rail.
rnpertlea fixed tiy th rubile Service
izini 1. inert)' za -l'is nn. ,
1000 Liberty 3d 4Mb 1028. .
100 Liberty 3d 4'Ab 1028. .
100 Liberty 3d 4Mb 1028..
0000 Liberty 4th 4Va 1038
."000 Interstate Raijway 4s.
2000 Phila Elec 1st fis
loti
87.54
01.54
01.70
01.34
87.00
30
87
Handing amounting to 8130,000,000. An an
nual rjiurn 01 n per cent ror ten
Mowed, which It "en the 'value of the rati.
ways prnperi
Commission.
MONEY-LENDING RATES
NEW lOItK Money on call, both claaiet
of collateral, opened today at BV4 per cent
for lending and renewing.
IIULAnELrillA Cnll. U twr rnt, time.
0 per cent commercial paper, thrco to six
month 1 per cent.
Note These ore merely nominal quota
tlons, the ley ul iat nf Interest in tho state
nf l'enii)tvanln being fixed at 11 per cent.
I'lus proiitiini and rommlsiiton. time mnr.ej
for thirty 10 ninety days Is loaned at 7 tn
T4 per cent, whllo commeicUl papr. from
thirty to ninety days, Is (tinned ut 7 to i'i
per cent.
LONDON Money Is quoted at 8Vi per
cent. Discount rates, short bills, 4K por
rent: thrco month' bllla, 414 per cent
RAILROAD EARNING8
WESTEHN MAKYfiAND
. 1021 Inrreaan
June grnss 81. 451, 220 843.044
Net after taxes.... 203,410 SSd.ini
Total Incomo 208,330 772. BU7
Surplus alter churg.s, l.nuii 740. B03
CANADIAN PACIFIC lUILW'AT
Third week July . .. l.t.8H3.O0n 285,rno
Jan. 1-July 21 02.t7n-.OIHI 0,807,000
Decrease.
4R SILVER
Par silver was unchanged In London to
day at 88Kd.
FOR BANK PRESIDENTS ONLY
A MESSAGE from the ,l LONDON "
THE line of credit you extend to your
customers is largely dependent upon
the earnings they show isn't it ?
But what assurance have you that your customer's
debtors will pay, and make those earnings good?
It's one thing to examine the statement of a cus
tomer's business, but quite another to be sure of
all the accounts owing to that customer.
Wouldn't you give your borrowers a better line
of credit if each one of them had all of their
debtor accounts Insured against failure! You
know you would.
"LONDON" Credit Insurance will do this for
you and your customers. It makes your loans
surer, because your borrower, protected by
"LONDON" Credit Insurance, is absolutely
safeguarded against excess losses.
It's worth looking into, right now. Ask us how
we can co-operate. There's no obligation.
OlTRSUPZtV fafl&-i
arj.cvK-c
AT YOUR
SERVICE
t
1
LosseaPaidln sFliQr Established
ArtrakmCUiTcTuy dwRJWMirHaa Eipjtteen Sixty-nine
LONDON GUAIMNTEE AND
ACCIDENT COAPANY LTD..
R. A. IRVING, General Agent Credit Insurance Department
Stokei, Packard, Hauahton & Smith, Managers-All other casualty line.
Ball Phone-Lomb.rd 4190 434 Walnut St. Ktritone-Main 4IM
CASSATT & CO. ' j
II Established 1872 I j
II COMMERCIAL TRUST BUILDING j
II PHILADELPHIA, PA, 111 .'
ill MEMBERS 10
HII New York Stock Exchange l'
HII Philadelphia Stock Exchange
III Commission Orders Executed
Hill Accounts Solicited
lllll I OFFICES HI '
Hill New York 111
I Baltimore Pittsburgh Scranton l ,
M - -M.
Use Your Credit
You can borrow money on good collateral at 6
per cent. With this borrowed money you can
buy a bond paying 8 per cent.
The difference is your profit. Make your credit
pay you an income. Let us tell you about this
plan.
Sherman & Co.
Investments
632-634 Widener Building
Spruce GlB0.81.fl2
PHILADELPHIA RECOGNIZED
AS BEING THE LEADER IN
LOCOMOTIVE DEVELOPMENT
a- J.iatflll
Among tho many tributes paid to Philadelphia ny tie A"Vniii
world, none Is more to lie npprcclatnd than the reference froqur
made to our ilty'e port in tho davelopment of the 1?"",,,
Today, the modern locomotive which oenrs the worn. ,l,".wi
Philadelphia," In recomiUcd the world over na the "Manrtaru
r.xcttiirncc," a'1" continually icflfctu tlto inaustrini uiiiv" -
our city.
The Baldwin Lopomotive Works
Philadelphia
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