'1
18
EVENING PUBLIC LEDGER-PHIBADELPHIA, THURSDAY. JULY 28, 1921
. M
p
It'
P0
I
Sift
rough of Dunmore
Lackawanoa County
v
Pennsylvania
School District W&
Duo September 1. 1928
September 1, 1931
Tax Free In Penna.
Froo From All
Federal Income Taxos
Legal for Trustees
Population (1920) 20,250
Price : To Net 5.35
Biddle & Henry
104 SOUTH FIFTH ST.
Investment
Opportunity
During the past 5 years The
By-Products Coke Corporation
earned all interest charges on
an average of 4Vt 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
193R, at 99 and interest.
Circulars on application
HAHPER8.TURNEH
Investment Bankers
Ifcmoers of JVillade'pMa Slocfc Etehanot
Stock Exchange Building
Bcrnton Philadelphia hm
Suggestions
How to Invest
for both large and small ;
investors will be . given
those who write for our
Circular No. L-143
A. B. Leach & Co., Inc.
i
Investnyent Securities
115 South Fourth St
Bell Telephone, Lombard 0S57
H
EQUIPMENT GROUP
WERESOFT SPOIS
Call Loan Rato of 3y2 PQr Cont
the Lowest Touched in
Two Ye are
!,-- y
II'
I
TO YIELD 8.107c
State of San Paulo
15-Year 8
Sinking Fund
External
Gold Bonds
I)UK JAN. 1.' 1930
A direct obligation of lh Stat,
of San Pau'o, commercially ths
most Important .tat. of Brazil.
Stronar sinking- fund require
ments. I'avable at New York
In U. 8. Gold coin.
Kindly ask for Circular K3-30
CASSATT V CO.
EstabUihtd 1872
COMMERCIAL TRUST DLDG.
PHILADELPHIA
NIWYOR
BALTIMOBe-PlTfSOUBGM-SCB ANTON
New Yorlt, July 28, The equipment
group was tho wenk quarter of today's
Mock market, although a number ot
other now soft spots cropped out la
other lnctutrll r-prclaltlcs. The slump
In the first named was eaMly trncenblo
to the deferring of the Pressed Rtecl Cnr
roramon stock dividend. This action
cnnn somewhat ns n surprise, but
M-rvetl to eniphaMr.c more strongly tho
standstill condition of the steel end re
Intcd Industrie.
With tho dividend actunlly cut. n
deferred notion Is equivalent to passing
of the quarterly distribution, the stock
within few minutes after the opening
dropped 0 points. Assuming the other
equipment concerns must licecsiorlly be
in about the name position, efforts on
the port of the reactionists were nnlur
ully concentrated ncalnst the group.
They were found more or less vulner
r'olc, or at !cnt were really easy nutiks
because of tho "extremo narniwness of
tho current market, lteforo the skirmish
readied a rcrtlng stage Italtluln l.oeo
motive had surrendered . American
Car and Foundry 2 and Railway
Steel Spring 1.
Other vulnerable spots included Fa
mous Tlayers, United Fruit. United
States Industrial Alcohol. Plerce-Arrow
and National Lead, in which recessions
from 1 to marly 10 points were reg
istered. The weakness of United Fruit
snrunc out of the unfortunate position
of the master mind of the United Drugj
Co., with tue suggestion ot otner uob
ton Interests practically bolng In tho
same uncomfortable position. The wide
break In National Lead was difficult of
explanation, especially In vlert of tho
announcement of the declaration of tho
regular quarterly dividend of 1 Per
cent. The stock, however, is one of the
inactive stocks and forced selling or
ders undoubtedly found little demand.
The break In Tressed Steel Car, with
yesterday's late decline, represented u
loss of over 10 points In the two days.
In the meantime United Drug, yes
terday's spectacular feature, rcrovcred
almost fi points bcauc of the state
ments made to the effect that the com
pany was not Involved in the personal
difficulties of the president. The rally
was shortlived because of the Intima
tions that while It might be true the
company1 was not involved In the diffi
culties of Mr. Liggett, there might be
f Ima Asi it nil y linit ntiulinrl In fnnl .
) thpro were open assertion intimating
"'MV Vt IV "'!. 1,111U .. -
thing but n comfortable position.
While these individual demonstra
tions were without disturbance on the
general market tho whole list showed an
inclination to slip back. Establish
ment of the 4 per cent renewal rate
for call money, the lowest in nearly
two years, nnd a subsequent reduction
to 4 per cent was without effect, at least
trndfug was not In the leant degree
stimulated by this easement in the money
I conditions. What little news there enme
to hand was altogether fnvtirable and
of a character tending to strengthen
' the" more hopeful feeling entertained
i toward future Industrial and business
situation. From n constructive point
I of view a great deal of satisfaction was
; found in the continued determination
.t 11... Tlannlilnn, ... ll.ll.M .- -U.'IdIiIII
ill iuv i irmuvui m uuit ,wa m...
foremost to receive legislative action.
There was continued weakness In the
specialties in the afternoon despite the
further reduction in the call loan rate to
3 per cent. Hallway Springs extended
its loss to 12 points, but noon made
half-wuy recovery. On the otner Hand
L'ullmnn reflected Increasing pressure
with General Klectric nnd I'ierce Arrow
common and prcfercd.
SAME LISTLESS
LOCAL TRADING
3
U. G. I. Dropped Nearly Tivo
Points on Mayor s Veto
of Gas Ordinance
W""" miMiiiinn
$100 Denomination
Bond Secured Gold Note
(Hue DffrmliT 1st. 102J)
of Public Utility Company, estab.
llslicd 1906 Earnings each venr
exceed those of previous year.
100 Increase for nvo-year period
ending 1920.
Price to yield 814
l ircutar T S on rrgucjt
Fairman & Company
Drexel Building, PhiU.
Kstahllshrd 11)01
A. H. Bickmore & Co.
Ill Broadway, Now York
Dealers in
Investment Securities
Ueiuli.rs .Vu York and Philadelphia
Slock Kxchanges
321 Clieitnut St., Philadelphia
More or less disappointment was felt
in local market circles over Mayor
Moore's veto of the gas ordinance This
action, however, had generally been an
ticipated on tho Street, especially after
his attitude during the public hearing
on the ordinance. Dealings in the stock
were small until the last half hour, when
the price dropped nearly two points
from the high of the morning to 32'4.
In the better-informed circle there was
disposition to suspend judgment until
some agreement is reached, ond which,
it Is believed, will now be hurried by
the Mayor h action.
In the eeneral list the deollncs of
fered little in the way of novelty. About
the only noteworthy feature wns chane-
I ing hands of a block of 3400 shares of
I'lillaneipnia namu xransit at io-J-j-
Transactions otherwise were small,
i Union Traction on limited offered
, yielded Vj. to 31. while Philadelnhla
'Traction wns off 1 points from the
previous sale at 52. This resulted
I largely because of the thin character of
the market.
1 The continued firmness of Pennsyl
vania Knllrond, which moved up another
peg to 86. or 3V, points above the
iccent low price supplied about only
i othci feature of comment. Electric
I Ktoruac Battery was well taken nt 105.
I Lehigh Navigation on tho purchase of
n few odd lots was up a point, rcw
nliM were made In Lako Superior at
"14. Philadelphia Electric preferred
was off :K.
! Continued broadening of the invest-
' ment demand was reported by all the
leading bond houses, especially nmong
tho seasoned high-grade Issues. In this
connection. It Is understood, the sub-
I Hcrlptions for the new Treasury ccr-
I tificatcs were far In excess of tho quota
for the Philadelphia Federal Reserve
j district.
RAILROAD EARNINGS
NEW YORK STOCK EXCHANGE TRANSACTIONS
Dlr.
Sates In f 'lllth
lot 4 Air Reduction , 30 W
300 .. AJax Kubber 33ft
TOO .. Alaska. Juneau a M... IK
400 4 Allied Chem & Dye... 38ft'
900 1 Allied Chem A Dye pf . 88ft
3100 4 Allls-ChAlmers 31 ft
10O .. Am Arrlo r-hem 3S
303 3 Am Bank Note pf.... 47ft
20 ., Am Deot Sugar 30
100 .. Amn Bos Magneto... 334
700 .. Am Can 37
100 1 j Am Car A Fdy 134
400 ., Am Chicle. IS
100 . . Am Drug Syn 4K
100 .. Am Hide & Leather. . . It
800 ..Am Hide A Leather pf B3J4
700 .. Am Intermit Corp.... 3S?4
100 .. Am Linseed 35
300 6 Am Locomotlva 84 ft
1300 ..AmShlpACom 7
200 .. Am Smelt ft Kef..... 37ft
700 3 Am Steal Foundries.. 25Ji
1400 7 Arn Sugar Rcf B
.300 7 Am Sugar Kef pf 1
1000 s Am Sumatra 0H
2300 0 Am Tel & Tel ..108ft
170o 12 Am Tohnceo 133K
800 12 Am Tobacco B 1334
3000 7 Am Woolen 73ft
300 .. Am Wrltlntr Paper pf. 23ft
100 .. Am Zinc Lrad A Smlt ' 8
800 ., Anaconda Copper .... 38ft
00 .. Assets Realization ... 1ft
100 0 Asfln Dry Goods 1st pf C4
100 . . Atlanta Blr A Atlantio 3ft
300 fl Asso Oil 89ft
100 0 Atch Top ft Santa Fo. PflK
300 7 Atlantic Coast Lino... 89ft
07 .. Atlantic Fruit 4M
3S0O .. AH Oulf A W I S 8... 22ft
300 .. Atl Oulf A W I S S pf 17ft
20300 7 Baldwin Locomotive.. 70ft
3100 .. Baltimore A Ohio 30
300 4 Baltimore A Ohio pf . . 3ft
SOO .. Bntopllan Mlnlnc .... H
300 .. Barnsdalo Class B... 18
3300 8 Bethlehem Steel B.... 10ft
100 .. Booth Fisheries Sift
100 s Brooklyn Kdlson .... 00
1300 .. Brklyn rtapld Transit. 12
300 . . Brklyn H T ctfs of dep 8ft
100 .. Brklyn Union Gas 80
300 .. Butte Copper A Zlne. . 4ft
800 .. Butterlck 25ft
100 2 Cal Zinc A Lead 4ft
3300 e California Packtntr ... 57ft
400 .. California Petroleum. 3fl)i
2800 10 Canadian Tactile ..... 113
100' .. Caddo Contral OAR. 10ft
100 ..CanoJIpf 70ft
53J0 .. Central Leather 34 ft
1300 .. Central Leather pf... 8
0600 0 Chandler Motors 30ft
900 .. Chesapeake ft Ohio... 30 H
700 .. Chlcaso A Ot West pf 17
1330 .. Chicago Mil ft St P.. . 37
3300 .. Chicago Mil ft St P pf 4ft
2000 B Chicago A Northwest. 07
300 7 Chi A Northwest pf. ..100ft
5000 .. ChlRIAPao 31ft
390 6 Chi R I ft Pao 6 pf. 64ft
100 7 Chi R I A Pac 7 Pf. 74
100 .. Chi St P Minn A O 50ft
300 .. Chllo Copper 10ft
100 . . Chlno Copper 23
300 s CIcv Cln Chi A St L pf 03ft
3700 . . Coca-Cola 3J
1100 s Col Fuel ft Iron pf 24
400 .. Colorado A Southern. 37ft
500 0 .Colum Qns A Elee.... 57
710o .. Col Grnphophone ... 4ft
400 . Col Ornphophonc pf . . 10
100 4 Coniput Tab Records. 31ft
100 .. Consolidated Cigar ... 20ft
700 7 Consolidated Gas .... 80
500 7 Continental Can 43ft
700 5 Corn Products Ref... 07
1500 2. SO Cosden A Co 20ft
3400
700
300
1000
100
300
100
3000
200
100
2000
5S0O
1800
800
0700
100
300
200
300
18100
300
570)
0500
300
700
300
mo3
.100
too
100
B200
100
300
300
too
100
0000
230
100
230
530
800
700
200
1300
400
3000
100
4 Crucible Steel 55H
2 Cubnn Am Sugar 10 ft
. . Cuba Cano Sugar. . . . 10ft
.. Cuba Cano Sugar pf . . 37ft
0 Delaware A Hudson.. 100
10 Del Mclc ft Western.. 187
.. PenvcrftRlaGrar.de. Ti
.. Denver Rio Gr pf.... lji
1 Dome Mines 17
S Elk Horn Coal pf 37
S Kndlcott-Johnson .... 01ft
.. Erlo "ft
.. Erie 1st pf 20
.. Erie 2d pf 14
S Famous Players L.... 46 J4
4 Federal Mln ft Smlt pf 21 ft
.. Flsl: Rubber 12 Ji
. . Freeport Texas 13ft
. . Gaston Wms ft Wig-. . . 1ft
. . General Asphalt 54
0 General Cigar 57 ft
8 General Electric 133
1 General Motors 10ft
7 Gen Motors deb 7.. . 73
.. Goodrich B F 32ft
.. Grnnby Consol M A M 17 ft
7 Great Northern pf. ... 71
4 Gt Nor Ore ctfs 27ft
1 Guantnnamo Sugar .. 0ft
4 Haskell ft Barker Car. 4ft
.. Homestake Mining ... 50ft
.. Houston Oil 55
1 Hupp Motor Car lift
. . Interb Con Corp 4
.. Interb Con Corp pf... lift
. . Intcrnat Agrlcut 7ft
7 Int Harvester new. .. . 73
.. Int Mer Marine H
0 lnt Mer Marino pf 4B
.. International Nickel.. Hv
.. International Paper .. 53ft
.. Invincible Oil Corp... JOft
.. Island Oil 3
.. Jewel Tea Jft
.. Kansas City Southern 20ft
4 Kansas City So pf.... 30
4 Kelly-Sprlngneld Tlra. 43
8 Kelly-Spg Tiro 8 pf. 81
IiOW
30
29
1H
38
88 ft
30 ft
33
47 ft
SO
3
7ft
123ft
IS
4K
It
32 H
33
25
70ft
0
37 ft
25 ft
07
89
49ft
105ft
121
132
71
33
8
37 ft
t
64
3ft
99
S4ft
.80
4
31ft
17ft
77 ft
30
53
17
48
ft
99
"ft
7ft
on
4ft
24 ft
4ft
63
35
111
10ft
70 ft
33
06
40
56
17ft
27
43
65 ft
100
I 33 ft
64ft
74
uft
10 ft
33
61
33 ft
23
37
B6ft
4ft
10
31ft
29 ft
8ft
43 ft
06
28ft
54
16
10 ft
36
100
183
ft
1
17
37
0ft
13
20
14
44 ft
31ft
13
13 ft
1ft
53
57 ft
110ft
10 ft
73
30ft
17ft
00
27 ft
Oft
51ft
50 ft
5
11
4
'. lift
7ft
71
11
40
14
63 ft
10
3
Oft
35
49
41ft
84
ft
ft
ft
ft
in
ft
1
-ft
ft
1
a
ft
ft
ift
1
K
TodAT'a Net
Cose ChRO,
80- ft
33 -1-38ft
88ft 4
30 ft-33-47
ft '4
30 -33
-37ft-
133 ft
15 -
4H4
11 4
53 4
38 -
35
70ft - ft
e .ft
37 ft
35ft
68ft 80
40-
105ft
133ft 4-
133-
71ft-
23
8 -37
ft-
1 -64
3ft
ft 4-
4
21
17 ft
77 ft-
39 ft
53
17 ft-
48 ft-
3ft-
00 -
13ft4-
8ft4
06 4-
4ft
25ft 4-
4ft
10ft
70ft -33ft
4
68 49ft -66
4
17 4
27ft -434-65
ft
100ft
33 4
64 ft 4
74 -50
ft
10 ft
33 63ft 4-33ft-
33
37 ft 4-50ft-ft-19
31 ft 4
39ft 4
66ft 38ft-
55ft -?T ft
16ft 1
10ft . 7
371
100 ft
187 3
ft - ft
1- ft
17 ..
37-60ft-
14ft
30,
ft
lft
1
lft
lft
1
ft
ft
ft
3
ft
ft
ft
1
'"ft
ft
ft
1
ft
ft
ft
ft
ft
- 3
Dlv.
Sales Jn f Hlfth
100 .. Kclscy Wheel 59
1000 .. Kennecott Copper .... 1
400 .. Keystone T& It 4 13ft
200 , . Lake Erie A West pf . . 33
201 2 Leo Rubber Tiro , 38ft
1800 1. 80 Lehigh Valley 58
3000 .. Loewe Co 11
1000 .. Loft candy
300 7 Louisville A Nashville 114
100 .. Marlnnd Oil 14
200 10 Manatl Sugar .1
300 7 Manhattan Elev guar. 48
200 a May Dept StOTes,,... 80
. 75 7 May Dept Stores pf... 100
8000 12 Mexican Petroleum ..108ft
100 s Miami Copper 31
3000 i.eo Middle States Corp... lift
-500 . . Mid vale Steel 22
409 .. Minn & St Louis 12.
200 7 Minn St P A S St Mo. 68ftK
300 .. Mo Kansas A Texas.. 3
1000 .. Missouri Pacific 21ft
3000 .. Missouri Pacific pf... 41
100 .. National Acmo 14
100 Nat Enamel A Stamp. 40
8000 4 National Lead , 70ft
300 7 National Lead pf.... 103ft
100 . . Nat R R of Mex 2d pf 3ft
300 .. Nev Con Copper. .... . 10
1100 e'NOTex&Mex 55
100 B N Y Air Brake 55
4100 5 New York Central.... 72
2100 . . Now York C A St L. . 54
500 2.50 Now York Dwck 33ft
ft
!
ft
ft
itt
ftj
ft
ft
ft
m
21ft-13-13
ft
lft
53ft 57ft
ft
73 -33ft
27 ft-
0ft
-lift
.
4
Mft-
7ft .
40
14ft
3
0ft
26 50 -41-84
ft
lft
ft
ft
ft
ft
ft
ft
"ft
ft
ft
1
ft
lft
5ft
1
'ft
ft
ift
ft
1
'ft
ft
ft
ft
3
1100
600
700
100
6500
100
v100
300
000
300
2500
10)0
400
900
5100
1100
500
1000
100
230
15000
6500
300
100
400
1200
200
9000
100
6300
200
6390
600
8100
too
300
700
1200 fi
3100
700
2403
600
200
VOo
100
200
180ft
400
100
4000
loo
200
16000
1400
800
100
600
' 100
16800
600
200
4930
10700
230
1300
200
1100
800
, 3800
12500
600 :
8500
100
300
3800
500
3500
3700
3500
laoto
300
1400
. 000
300
1900
600
600
1100
2700
100
100
100
600
000
2100'
300
300
2100
600
100
300
Now York N H ft It.. 18
1 Now York Ont AW... 18
7 Norfolk A Wcotern... 96
5 North American 61
7 Northern Paclfits 76ft
.. Okla Prod A Rof lft
2 Orphoum Circuit 20
8 Otis Elevator 02ft
.. Otis Steel 10ft
5 Pacific Ga A Elec. .. . 65
.. Pacific Oil 36
6 Pan-Amer Petrol .... 40ft
Pan-Amer B 43
.. Penn Seaboard Steel. 8ft
2 Pennsylvania R R.... 37ft
.. Peoples Gas Chicago.. 54ft
. . Pere Marquette 21ft
3 Philadelphia Co 30ft
.. Phllllps-Jonos 05
.. Phillips Pet 17ft
. . Plerce-Arrow Motor. . 17
.. Plerce-Arrow' Mot pf. 37
.. Pierce Oil 7ft
B Pitts Coal 54ft
7 Pittsburgh Steel pf . . . 80
.. Pittsburgh ft W Va.. 38ft
0 Pitts A West Va pf . . . 75
Pressed Steel Cnr. ... 68
7 Pressed Steel Car pf . . 85
8 Pullman 95
.. Punta Alegre Sugar.. 30ft
8 Railway steel Spring. 76ft
.. Ray Con Copper 12
4 Reading 70ft
3 Reading 1st pf 30ft
.. Republic Motors 13ft
.. Republic Iron A Steel. 46ft
.20 Roynl Dutch NY 33ft
.. St Louis San Fran.... 35ft
.. St Louis San Fran pf. S3 ft
.. St Louis Southwest... 27
.. St Louis Southwest pf 36ft
. . Santa Cecelia Sugar. . 2ft
. . Saxon Motor 4
.. Seaboard Air Line... 0
.. Seaboard Air Line pf. 0'A
.. Scars-Roebuck 66 ft
.. Seneca Cop Corp. .. 16
. . Shnttuck Arizona Ctorp 7
.. Sinclair Oil 20
.. Sloss-Shcfflcld 34
. . Strombcrg Cnrb 31
6 Southern Pncflle 70
.. Southern Rail 21
.. Southern Ralls pf 47
8 Standard Mlillntr 00
7 Stand Oil of N J pf... 107ft
2 Stewart Warner Speed 33 ft
7 Studebaker 78ft
1 Submarine Boat Corp. 6
.. Temtor Corn ft F "A" 8ft
8 Texns Co 31
.. Texas A Pacific 25ft
1 Texa & Prte C A O. . 10
6 Tobacco Products .... 69ft
4 Transue Wm Steel.... 31 ft
.. Trans Con OH 7ft
.. Union Oil 19
10 Union Pacific 121
8 United Drug 63ft
.80 United Druir 1st pf... 38ft
0 United Fruit 104
.. United Rwy Invest... 8ft
.. United Rwy Invest pf 10
8 United Retail Stores.. 66
..US Food Product... 17
.. U S Ind Alcohol 61
..US Realty A Imp 50
..US Rubber 54
BUS Steel 71ft
7 U S Steol pf 100ft
. . Utah Copper 40 ft
.. Utah Seo loft
.. Vanadium Corp 28ft
.. Va-Car Chemical .... 25
. . Va-Car Chemical pf . . 73
.. Vlvaudou Ino Oft
.. Wabash 7ft
. Wabash pf A 33
2 Weber ft Hcilbroner. . lift
. . Wells Fargo Express . 50
.. West Maryland 2d pf. 10ft
. . Western Pacific 25
7 Western Union Tel... 8i
4 Wcstlnghouse E A M. 43 ft
.. Wheeling ALE 8
.. White Oil Corp 9
.. Wlllya-Overland 6
. . Wlllya-Overland pf . . 29
B Wilson A Co 35
.. Wright Aero 6ft
Low
51
lft
19
23ft
27ft
63
lift
0
113ft
14
37
46
80
100
103ft
21
10
22 ft
13ft
67
3
20
41
14
46
07
103
3ft
10
83 ft
8)
71 ft
63
32
18 H
18
90
01
74
lft
30
03'
10ft
56
30 ft
49
43
8ft
36 ft
63
21
30 ft '
65
17ft
15
33
7ft
64 ft
79 ft
27 ft
74
56
85
02 ft
30 ft
68ft
12
r,q
39 ft
13
46 ft
52
24ft
33
26 ft
35ft
3ft
3
6
n
03 ft
15ft
7
20 ft
34
30 ft
78 ft
20
45 ft
90
100
25 ft
76ft
4
8ft
34 ft
24
19
57
31ft
7
19
119
65
38
101ft
8ft
' 10
63
17
47ft
50
3 ft
73
100 ft
48
10
28 ft
'24ft
68
Oft
7ft
22
lift
50
10ft
25
."3
43
8
8
Oft
38ft
35
8
Today's Net
C'oso Chse.
699
lft H
13-
23 .lft
37ft-
68 lft
"ft w
9 -
114 ft
14 - ft
38 - ft
48 2
80
100
103- ft
31 - ft
lift ..
22ft-
13ft ..
8ft ft
3 ft
20 ft - ft
41 ft
14 ft
40 - 1
71 - 5ft
103- ft
3ft - ft
10- ft
542
53-3
71 ft
84 ' ft
33
18H- ft
18 ft
06
61
75 ft
lft ..
20
02-3
10ft ft
55 ft
36ft- ft
49ft- ft
43- ft
8ft -
37ft
33 ft
31ft
39ft- lft
05
17ft ..
16 lft
33ft- 2
ft- ft
64ft - ft
70ft- ft
27ft-
751
57- 8
853
94 - ft
30ft -
73ft- Oft
13 ..
60
30ft 1
12 - ft
40ft ft
63 - ft
34 ft
33ft ft
27
30ft lft
3ft ft
3- ft
0
9 -
60ft ft
15ft ft
7 ft
30 ft - ft
34 - I
30ft -
78ft ..
20 ft
471
00-3
100-
25 ft ..
76- lft
6 ft
8ft ..
34 ft ..
251
10 - ft
68 - Ift
31ft- 1
7ft ..
19 -
120 ft
603
38ft lft
102- 3ft
8ft-
10 ft
33- lft
17ft .
60 - lft
50ft ft
53 ..
73-
109ft ..
48 ..
10ft
28ft-
24ft- 1
08-0
0ft
7ft ft
22
lift-
591
10ft- ft
23
f3 - 1
43 - lft
8-
- ft
Oft- ft
20 - ft
35
8ft ft
Vaii Vskftr Tul Ofl - - rptitA wfli tin
41VIT Vtll IMIIJ SUM AllltV HH '
speclol feature to tho business on tho
New York Curb Exchange market,
dealings in thnt trading group being
tfrrlif nttf-1 tiri1! iMrtvAtniinrB niitiAfiillr 4
moderntoly lower levels. Locomobile
ueciineti 10 me now low 01 sixiy cents
a share due to the lack of demand for
the issue. Durant sold nt 28 1 to 28 Vi,
nnd there wnB n little trading In Cnr
Light at 1 8-10, A small sale of D.
W. Griffith wns made nt 0. lntcr-con-
tlnentnl Rnhher until nf 7ft&. Vaw .Tap.
sey Zinc held firm nt 1184. United
Retail candy was inactive.
The netrolenm 1iiiif unn, .,..(, I (
henvv, but declines were trifling.
Atlfflo-American sn1,1 ?.... in ir; nnA
Standard Oil of Indiana ranged from
wits to wits,. j.nero was a little busi
ness In 8 mms Petroleum nt 0 nnd
OVs. Cities Service common sold nt
Hi and the bankers' shatcs nt 18.
..iiiiiiiB hiocks wern ngam actively
tiiitlnl In, with Bostgn nnd Montinu (he
strongest featuro In that group.
L
MOBILE
NEW LOW ON CURB
Lack of Demand Sends IssUfe to
Sixty Conts a Share.
Mines Active
INDUSTRIALS
Acme Pnrklnr
larusi Tiro
Columbia KmeraM ".!'.
i-om finance ,..,.,,.
f'om Finance pref ...
Purant Motors
n r nrimih
Hoodyear Tiro ..II!.'!
Ulrnoiden Coal
Hryoen Chem
Inter rtubber
T.lhhv MV..I1
Locomobile
Met Stores pref
National Leather
N J Zlno
Perfection Tire
n.irtlo Com
Kneflta Co
Tenn Rwy
united I'ront aharln
Wayne Coal
Hlth
:
: tSa
. 47ft
:2s&
. n
. law
. mi
n
7
. R2
. 15
. 30
. 8
.llflVt
. 8fl
. 1J
. 2i
Low
a;
7B
Si
2S'.4
fa
2
00
80
8
llSVi
8.1
"t
2H
4
2:80
r. m.
ji
02$
28
0
13U
b
on
80
8
lis'i
lji
2Vs
4
i- lft ift
STANDARD OILS
Anlo.Am nil i.-.u
Continental Oil ion
maiKinra un or Indiana H7f
INDETKNnENT OH.
Allied Oil new 24
Arkansas Natural Gas . . n
Hoston Wromln- no
Carlb Syn 4V4
Cities Service (old) 117
Cities Service "U" ctfs . . 11U
Crealo Svnd a
Engineers I'otrol 44
Fay Pet
OUllland Oil i,
Olenrock Oil 03
Int Petrol io
Keystono Ranrer 03
Lyons mo
Manhattan Oil 22H
Mexico Oil 08
Omar Oil UJ
Rynn Coiu r,W
HImms Petroleum njj
Tason 07
Texon rts 3
13
106
Hull
,S
24
:i
on
4H
117
1.1U
SVl
44
in
ns
iot
A3
11.1
21U
07
l!4
H
04
3
MIKINd
Alaska Rr Columbia
I31r Ledge
noston & Montana
Iioeton Flv
Cortoi Silver
Cresson dold
El Salvador
Uureka Croesus
Goldfield Florence
Hnrmlll Divide
Hecla Mining
McKIn Dar
Marsh Mining-
National Tin
Rex Con
Silver Mines
Sller Kills Nev
Tonopah Helmont
United Eastern
3ft
Commodity Markets
GRAIN MARKET
Chicago, July S8. Weakness in
wheat developed in the latter part of
the session There was n period of
firmness carl, but the market all
irough the session nispiayru ,,.- ..
l ,-.... r..l. r. tlio rilil,
t iroug 1 tie session iiiiiij" :
Ishh irregulnritv. Much of the trade
vSs local. A loading elevator IntereM
Hold wheat. Outside buying was , nb
sent Receipts were Inrge at nil winter
;..; Mnt. The Southwest repurrs
excellent demand. Export business is
somewhat dlnppoinunK.
Trade In com wo more aitUe and
the market wns higher. iW.b'ir'nB
was stimulated by continued hot nnd
drv weather over the belt and increasing
"top complaints. Iowa State report
was bullish. There was some extensive
short covering on the bulges Prices
eased off late on reports of rain in the
West. Further export sales wer; rc-
,,0Tho 'onts market wns nfected by other
grnlns, but met with selling on all hard
spots
boles to tho Continent nnd 17,575 to
Japan and China. Totnl exports for the
Wason have been fi,rt4l),477 bales, com
pared with 0.33-1.745 bales for the cor-
respimdlng prioti iom M-iiftn
ri.tii'u.
October .
December
January
March . .
May . . . .
CMn On.n
IS i."-' 11 0I
1S.53 12.4S
J'J.flil 12.4S
IS. 80 12.78
12.03 12 83
1:00
r. M.
11.IM
12.01
12.83
U'hnnt-
September
December
lorn ,.
Open Illfh Low
i ?7! !,' ! ;
L.nuri i i -a
1 2IH.
June cms ,
Jtalance after taxes
Net oper Income
Six months' roM..
llalanre after taxes
Net oper Income
ILLINOIS CENTRAL
11121
IlL'.fllT SHI)
l.lSO.SSfl
1.25S.7S!)
78.H70.U27
S, 31'.'. I1U3
0.228 2fl7
LARGE INVESTORS
Corporation desires to dispose of sumo
ol lis surplus property, the major por
tion ,of hkli Is on loni-tUne Wnrm to a
Vry lesponslU tenant at an attract!)
rtntat. Pr6prtr ha railroad connec
tions rr tiinvenl.nl (o nil railroads, anj
yrjll show a net proflt ot thirty per cent.
Fotir-OfUi on remain on morUags.
Onbjr, responsible principals will b coa-
wJH( o. ixDorjt oFncK '
rtALTIMOnE AND
rev .tin. SI us.t
l.SSM.illK
Hill. 13.
June rn-y oper
Net reenue
Net oper Income
MX mos. oper rev
Net roenue
Net uper Income
ATI.ANTIC
June sross
Net oper Income. .
!dx months' gross..
Net oper. Income.,
LONO
June gflrose
Net oper, income..
Six months' jtross.
Net oper, denclt
1RIE
June arosj ..
Net oper Income . .
Mx rr.onllis' spies
Net oper. iiioumic
9n,'.'3ll,N31
12, 70S 1711
7,030,404
Incre
l!1T.
1.070,
1.711,
l.ioo,
I SOS
I 703
iniio
11 2(18,
344
U0H
3.333,
S.72S,
7.l,i
ase
I S3
081
JOS
so.-.
1H7
018
SR3
BIO
1MJ
770
1(13
037
COAST LINK
14.080. U2
73. SOS
Mil.
1.2T0,
303.
1,(127,
2,828,704
ISLAND
I2.7r2.777
B00.81S
12.707,184
S!70,22
SYSTEM
IS,R(10,7(1 -11.074
UI.4.1P
34.U21 (HIS
SiKI,i!7N
1338.
81,
2. inn,
1.020,
4ni
320
001
ni3
321
324
(1112
2 140.
n,IW.-i
II 1S2
CENTRAL NEW JEftUEV
Jun gross ... ..
Net optr. Incom.
Blx months gross.
J't oper Incom ,
Decrease.
M.i-MI
28,M9.t3tf
SUA,
iiii.
.?&;
473
307
li
330
130
324
4UO
V0O
December
I1UM
hepttmber
Dreemoer
Pork-
July . .
Feptemoer
Lard
CsnfsintiSP
Octobr . .
c-n,-mK.r
OctoLer
111
354
42'j
03
n2;
40i
43H
(II.
SI1!
3D
42
Cli
12 S'i
t.27'rt
01 H
30
42
IS. S3
18.00
..12.22
..12 32
12 23
12.37
12 20
12 30
1
...10 110 10 00 10 S7
.33
10.87
10.R0
COTTON MARKET
New York, duly 28. Influenced by
poor cables and Southern wire house
selling, which was doubtless Induced by
good weather ov.t Mie belt, the cotton
market opened easy this morning nnd
S to 13 points lower. Wnll btreet and
urtife-hlnnaN furnished the only sup
port. After tho stnrt, October declined
to 11.05, or 17 points under last night's
rlono. , ,
1'ilrcH showed little fhnngc in the nf
ternoon. Omisionnl lucit (Itirrlr-i of
selllntf held rnlliea in check, hut, on the
whole, the market dUpInyed u sternly
undertone on the bnls of 11.00c for
October. . , , . , ,
Tin- Coninierclnl Appeal, of Memphis,
wan reported to have iilncrd the condi
tion of cotton nt "0.3. reprinting n
dcrllue -if '4 point from Inst month.
This wns unite In line with previous prl
into reports, nnd suggested n bureau
1..im a9 na-aliltlil AT. II
Kxports were 41,411 bales. Including
IHJ74 Dales to urcni. Jiriuun, i-,j.
NEW YORK COFFEE MARKET
New Yorii. July 2S. The official
rnbles from Hrntil today were a disap
pointment nnd were reflected in the
nnr.nlnc- nf the local coffee futures mar
ket when prices were 3 to 5 points lower. J
Hrth the lllo and nnnios spot uumuiin
are now nt1 the Government's fixed
price
At midday the market wns neglected,
dull, and with no special feature of
any kind. There continues to bo a
great lack of speculative demand, and,
with September liquidation not far off,
there seems to bo little hope of better
prices at the moment.
Test close
H.nt.mber (I44W43
December 0 ho00
March i ?'7 ? ?f
Mv&y ii.au
Open
0.304140
6 84 83
7.23JT23
7.30CF42
MONEY-LENDING RATE8
vt'lf MlltK Money on call, both classes
of collateral, opened todav at 4H per cent
ror lenuinjc ann trawini
MnriAv market conditions develOD-d further
esse todav. a feature beinc fairly trio offer
ing's or tune tunas m per cent inr .111. no
and U0 days. Tlmo monev Is now down a
.mii i rut- ,.nt from the rate rulttiir uh,n
the Nw York Federal Reserve Flank rate ot
rediscount nm "1 V"' inn.
Other Influences of the easier money were
found In a further decline of p-r cent In
trimo bank acceptance to a new low on the
movement at S to SV. per cent for 00 and 00
ft was stated thnt prime mercantile pnpur
was aenln- more at 0'. per cent than
for a long time pant Some New York bank
ers still hold outfur n"i ir cent hut It
Is claimed some business has been done as
low as 0 per cenf on extra choice names ond
short maturities.
IlllIni!!.riHA Call, ft per lent. time.
0 per cent; rommerolal paper, three to elx
months, a per cent.
Note rnese are m.reiv nominal quota
tion", in legal rate of Interest In the mat
of Pennsylvania hlns nxed at 0 per cent
Plus premium and commission, time money
.- ,v.,.o Ia nln.tv (lav. ! l,finu.l a T .
714 per oent. while commercial paper, from
thirty to ninety days, Is loaned nt 7 to Vk
per cent.
Pressed Steel Co. Defers Dividend
tUhurxli. July 21. Directors of th
sod Steel Car Co deferred action on the
lar quarterly dividend of 2 per cent on
Pittsburgh
Pressor
regular
th common stock riu at this time. The reg
ular quurisriy uiTKl.ncl ot I'M per cent was
declared on the preferred stock, payable
AukusI 80 to stock of record August V, It
was stated after the dividend meeting that
the common dlsburs.msnt was dsferred on
account of business condition and uncer
tainty aa to in xuiura.
FOREIGN EXCHANGE
New Yorii .Tiilv . llni.. n. .1.
principal European ccntera exhibited a
fclrong tono at the orening todny. I.e-j
uy sioriing, an 01 ine major exchanges,
with the exception of Helgian franci
nnd German marks, showed ndvnnccs
ever Wedncsdny'ri closing figures.
The (luututions follow:
Rtcrllric p,ihleu 'A nftl .!... 1
3.5784 ; franc cables 7.73. checks 7.72:
Ilelgian cnbles 7.50, checks 7.40 j Swiss
cubles 10.47, checks 10.44; lire cnbles
J.40V2, cnet'Ks -i.imj peseta cables 12.01).
cheok V'.RV, nitllfli.r ..nl.t. nit t.i
checks 30.70; Stockholm cables 20. OH.
ruif-Ks -i.i)., 1 iinsiianin caiiies I'J.IU
cliecks 12.00; Copenhagen cnbles 15.22'
checks 15.17; murks 1.24W. ; Ai-ccn-tine
20.50.
( Ccntrnl European exehnnges were :
urecK, ii.iiii; jiumaninn, j.'tiM; Aus
trian. .11'.; Uulgnrinn. .85: Poland,
jiu.i; tr.ecim-niovnKin, 1,J5; Jugo
slavia, .558.
funds In Montreal totlny was 12 per
cent. The rate of discount In Now
ioru on i annoinn itintiH trim 11 hop
cent.
YESTERDAY'S FINAL QUOTATIONS
ntrllnrr Xrn no t !.. A . .
n.m.rM a7-"" '-r'fXr i" UU,2H
Cables 3,n7'4 7 71W 410 Su!?!
TODAY'S OPENING. QUOTATIONS
Sterling Prunes Lire Guilders
30.70
30.73
mminri H ST', 7 7- 1 u
Cables ...... 3.3SU 7 78 4.18'i
NOON QUOTATIONS
Rl.fllnff li.-nnu V ...a, . ..
, "::;;' - . v.. wuwuers
CUiuiiu .. .. n,in-t ,11 4.11
. . 3 rim 7 72
rtONDS
Allied Packer Os
Aluminum 7s
Anaconda 7s, 1020
Armour 7
Beth Steel It. 1935
Beth Steel 7s. 1D23
CM Un Sta HHs
Cons Gas Ss
Conner Export 8a, 1D23...
Galena 7s
Goodrich 7s
Grand Trunk nui
Humble Oil 7a
Interboro 7s
Ill Cent ftHs
L bby jrcNelll 7
Kennecott 7
Nat Leather 8s
NYSHilHl
Sears Roebuck 7s. 1022 . .
Solvay 8a
southern uy is
Southwest Hell 7s
8 O N Y 7s. 1020
SONY 7s, 1030
BONY 04a
Texas Co Ti
Vacuum 7s
Un Drug ha
Western Elec 7s
French 4s
Swiss SVis
20 20
73 70
48 48
77 77
aJ" 24
42 40
40 40
13 12
4A 4A
II 14
4 4
02 02
0 0
IK 14
10 10
. ift 2ft
42H 42H
, 07H 97H
03 0.T.-4
07 (10
04S 0K
II8U 0SH
104H 104
,iooi imi
ino'i ino
03K 08H
S0V4 S0V4
OllVi Oft
H7K n"H
82 81 l
101H mi
03V. on4
1)3 P3
04Vi H4Vi
S8U 33U
084 IISH
00-i 00'i
07H 07Vi
03 on1
101 101 Vt
103 ioa4
lOOli 100'i
oi ons
ioi un
100 100
ions ioo.;
47 471!
, 8054 BOH
13
100
IttK
24
(I
0(1
4
117
13H
3U
44
2
14
03
10
03
Oft
21
07
ti
01
3
38
211
7J
4R
-77
24H
42
40
12
4A
14
4
02
II
IS
10
ift
424
07
03
00
04
0814
104.
l(IOk
100
03
S0
00
07
81
101
03
0.1
04
83
08
011
07
03
101
108
100
00
101
1011
ions
47
8(1
Certainly Not
We are not endeavoring to sell a security paying
16 p.er cent,
' BUT
We arc selling an 8 per cent secured gold bond which
the banks will accept as collateral on loans ot
6 per cent
THUS
netting you 2 per cent on your credit
Let us show you how to earn money on your name
Sherman & Co.
Investments
632-634 Widener Building
Spruco 6180-81-82
Expansion in the face of a severe
contraction in general business gives
ENDICOTT-JOHNSON
a prominence among industrial shares
which has caused us to bring it to the
special attention of investors in our
circular P L 432, now ready for free
' distribution.
WALTER J. SCHMIDT & CO.
Afcm&ers Consolidated Stock Exchange of Neju York
Philadelphia: 1323 Walnut Street
Phones Bell, Walnut 4800 Keystone, line B78I
Nemr Yorkt'30 Broad Street 319 Fifth Avenue
' ZZIJgj
. " . . M
How About This ?
"MEXICAN PETROLEUM A rally of $103 to $115 is about '
enough for a while. Sell it again on a furthor rally." .
"SOUTHERN PACIFIC This stock is a mighty attractive specu
lative Investment, and there should be no hesitancy or fear in buy.
ing at the present price of around 6876." '
These are the exact words used in our Market Review of
June 25th. Mex. Pet. sold below 88; So. Pac. above 77.
"UPS AND DOWNS" a weekly market review which cannot ba
bought at any price nnd which cannot even bo subscribed to
gives you the consensus of a multitude of opinions nnd tells yon
tho stocks that you should sell higher or lower, as tho case may
be. It will be sont to you for n limited timr.', without cost or ob
ligation, merely to introduce to you the service we render our
clients.
Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL TRUST BLDG., PHILADELPHIA
Key.! Race 0140i Hell! locust 3340-1.2-3-4 Ilrnnrh OITlce. nrldztlon, N. J.
1812
THE
1921
Pennsylvania Company
For Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus - $7,000,000
Member Federal Reserve System
I1KOAD STREET OFFICE
Chestnut and Juniper Street
Philadelphia Stocks
" "If h
1G0 Am Rtro. Tu ,
IS00 Am S&O (tys
300 El S:or..l05
300tOt North
Oro . . . . 27
r0 Hun & 1J
Top pf. ir
onicx A 121)
U()0 Lnkp Sup 7,4
2(li'i Nov. 04.
122a Loit Vol. ra-ls
lOOtl' Mnrq. 21
.r)-0 l'n It It. .TTVj
107 Phlln Co
cum pf.. 31', 4
200 Phil Elce 22Vfe
70 tin prof. 27
3510 P It T.. Iflty
105 PhllaTrnp 52
100 Ton Bel. ItV
40 Pii Trnc. 31
854 V C. I.. 34
lOtUastccl 73Tfc
Net
chee
.ti
Iirr Close
57 57
o a
104 IOIVj
27 27
15
2S
7
04
52 V,
21
30
31
21?fi.
20
10-J
52
322
73J
V:
15 ..
2.S-
(H 4-
53 1
21 4- h.
au
3l
ai .
27 ..
10-
52.S lVi
3, tt
32-li 1
73
V Va ti 4. i tr sa tYI r4s
sale en New York Stoc
hy comparison with la
ck Exchange.
Cables
4 12
BANK CLEARINGS
Hank rl.nrlnBK t-la .omivrdl nh cor-responding-
"lay Innt two yenr r
litl 1ujn ...
ihiia. ino.mio.ono $7n.:rn,i7 un Vti,
iialtimor iii.sio.rm irs,n7 oih "
Hoston . Oil llS.'l.itSH ni.lSA.IIII'l ,17 -.rl mr
v v ..ii-i ino n,n .on tec n.! ,''? '.-mm
ChleMo Kiooooo 'iiV.Mi.rBi "" -,,050,
HI. I.OUIS. ll.iUII.IWII .'.1.11011,1 Ol)
Raw Sugar Moderately Active
New York. July 28. The raw sucar nnr.
ket .risplavrd nioeralo aeilvl"-. WT ihY'ubJn.
In request on the hssls of 0c rust nri
freight KuroiM, conllnui-s Intoresteil. taking
In nl yesterday ahout S.I. 000 tons from h
Cuhan Hutsr Klnnnce CnmrnlltS f..r jhii"
ment next monlh at 2fle Od, e f tVur
chasers for United Htate refiners liirlun,i
20HO tons at c r;t nml frelahl nml 2S.01111
baits fpr Auust ahliuiiei on the same na.H
both lols KOlnp to New Orleans rellners'
wblle, as.""";., v, ex-store i-hllwin ,,hl:
went to a Philadelphia refiner nt 4 Hie iluir
paid Arrivals of r jesienlio Indu.iij
10,000 bacs I'orln Idcos. til. lino line Hn.
wnllnn to the National Nuirar Kellnlns Cn
10,(11)0 bass l'nrtu Illro nml noon men Hnn
HoinlnspH lo the Amerl;nn Huxar Heflnln
Co . 18,000 baKS Han Dnmlnros nml fiOOO
bars .rjuji'i" to Ihe Wainer Suiar Itenirlna
Co-.! ISA00. b"88 Cl"?n" ,0 Arlmekl Hros.,
anil 7000 bsis consltne,l to an Importer!
Th local rnnd market was tinchanitd at
list prloes rsnglnr from n.VBc to Oe, less 9
per cent for cash, fc; rineranuaud.
riiiiwvnRi.riiiA uosiw
2000 Liberty 2d 4is 10 12.. lots
300 Liberty 3d 44s 1028
70ft Liberty 3d 4b 1028
2000 Liberty 3d 4Mb 1028
100 Liberty 4th 4,4h 11)38....
1000 Victory 4Vin 11123
400 Victory 44iH 1023
2000 Hell Telephone 7s
3000 InterHtntn Ttnltwny 4h....
1000 Lone Superior inc 5s
1000 Luke Superior int- 5s
1000 Lrfilftli volley (Is 1028
3000 LehiRh Vnlloy 0 1028. . . .
12000 Pennsylvania 0R....lotH
1000 Phlln Co rono 5k
8000 l'hiln Rlec lot 5 loto
7000 HenilinK cenernl 4o
1000 United Hallway 5s
BAR 3ILVER
Domestb bar silver wns unehanced In
New York toilny at 014 e. Per One ounce;
foreign. 02io. it ealn nf !,, In lndin
the rrlee was 4rt higher nt nOVid
Reserve Banks' Discount Rates
Official reil'erount rstcu nt the twelve 1-Vd-
Cin, ,vcm ., ..., ... - .........
87.04
01.31!
01 .11(1
01.08
87. 3S
08.50
08.41
104
30
38
37
08
08",
00",
70
87
75
00
Hoston . .
V.- York
I hPsdelphla
i-ieinnu . .
Hlchmond . .
Atlanta
ChlcsKu
M. Louis . . .
Minneapolis .
Kr.nsas City .
IiallHs . ...
San Francisco
Tress.
cits.
I. IK
Itoiiiia
,1 (14
.V4 n
r.14 .14
Prim'! 111...
I'utr Acc.p't.
.1
II
. 0
. II
. 11
'U
. n
nv
a
11
n
o
n
n
n
11
v,
'U'
o'?
II
II
oVS
0
ni
11
n
0
8"
5W
Pill! i ritliwir". " n .'t. .. j ,,7
IHscount rale corresponds with Interest
rate borne by certificates pledK'd as collixt.
eral, with minimum of ,1 per cent.
French Bank Statement
Harls. July MR. -The Mr, Illy sl.itemnt nf
the ll.ink nf France shims the followlnr
cnanices: (join in nnnu increasen ihn.iiuo
finncs; silver In, lnuid Increased HSrt.ooO
frnnci notes In clrculntlon decreased 828,
fiOl.ooo francs; treasury deposits ilecrsusd
n.041.000 francs: reneral denoHlts lnerasj.ii
4Ml.j4H,OOd francs I bills discounted Increased
JP2, 711,000 francfl advances decrasd 41.-
nna.ooo rranc. aorsews tn irra niata dur
(ns th week amounted to 100,000, opo franc
Legal Investment for New
York Savings Banks
$50,000
Chicago &
Northwestern
S. F. 5s
Due 1933
Price 90
To yield over 6.10
Blodget&Co.
Real Estate Trust Bldg., Phila.
Boston Chicago New York
Walnut 1006 Race 4369
OOH'T SEND FOR THIS BOOK
of Graphic Charts
UNLESS
you've mndo up your mind
you wish to tnko advantago
of tho present nevcr-to-como-agaln
opportunities In tho
STOCK MARKET.
TTMle (he trillion Jnsfj copies to(ll be
gladly sent upon receipt of lOo In stamps
to defray cost of inadlnp. iVrtfe for I-to,
J. F. McGOVERN & 00.
MrrrnVr of I'lilla. filoek Kxelmnc
UO Heuih l'eun Bq I'lilla.
opruc ntiu ,,, ,
"'" reruieu in all Markets
New Yorki 32 Uroadmir
iii I ssrrei
517 Chestnut Street
Philadelphia
Service and Stability
Optimism
and Progress
are, nnd always must be,
closely linked.
The business man who,
with an abiding faith in
his own future, conducts ,
his affairs in a practical
nnd legitimate manner,
cannot holp but progress.
Wo nre organized to aid
in your progress, and we
are especially pleased
when we can serve a
dopositor with profitable
advlco on any subject
pertaining to his business.
Integrity
J Trust Company
Fourth and Green Streetl
Capital
Surplus & Profit
$500,001
.$1,760,000
Chicago & Northwestern
Equip. G'is
Scries "5"
Due March. 10S0-IW8
Price to yield G.35-6.40
Clrriilur on BMaest
Townsend Whelcn & Co.
... . ...... ct
503 cncsinui un ...-.I
Member. N. V. A VMU. HtotkE"
Scrnnton Rwy. 5s, 1947
Empire Gns & Fuel 6a, 1926 ,
8i5isaiftjas
"ENRV D.B0ENNINM
'"2K?alS
I'nlon rnrlflo Kuull'"' '2 ' (
SAMUEL, Ksrwi--ji
.Meinners ... . :.".".IrTHT,iKKr,
B07 f "-""'' ,777Ttii
;telephonejales3
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