?; 5J7; 7f WafPMlP v?V f!? . V -V 1 vyj?' - . ? i - ! , 17 EVENING PUBLIC' LEDGEE-PHILADELPHIA, MONDAY, AUGUST 1, 1921 i I' nff What Are The qualifications Of A Good Executor? cffl Executor should be honest and financially responsible; acquainted with (i) the procedure governing decedents' estates, involving the assessment and pay-' ment of the various succession, inher itance, and estate taxes; (a) legal documents pertaining thereto; in touch with the securities market and provided with adequate facilities for the safe-keeping of documents and valuables; considerate of the personal side of mat ters in his care, and yet impersonal him self, in order to be scrupulously just. These qualifications are possessed by a corporation specializing in the care of estates. Fidelity Trust Company 325 Chestnut St. nHSm 6324 Woodland Ave., 1431 Chestnut St. laf ratimJgl West Philadelphia Capital 5,200,000 gjJajB,' Surplus 16,00000 Funds held in Trust more than $250,000,000 43 l CHARLES E INQERSOLL . . . President STANLEY E WILSON . . . Vice-President A. D.SWIFT Cashier DAVID R. CARSON . . Asshtanttothi President ALBERT H. ASHBY . . . Assistant Cashier :: :: WILLIAM POST . . Chairman Executive Committee Central National Bank of Philadelphia Chestnut Street at Fifth Capital $ 1,000,000 Surplus and Undivided Profits Earned $4,400,000 gjiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiinii We take pleasure in announcing that we will shortly open a Branch Office in Harrisburgr, under the management of Mr. William Russell, who has had broad experience in managing Branch Offices for members of the New York and Philadelphia Stock Exchanges. Our office will be located on the THIRD FLOOR YOFFE BUILDING HARRISBURG, PA. West & Co. 1511 Walnut Street Philadelphia Members 52 Uroadway New York New York Stock Exchange Philadelphia Stock Exchange GOSSIP OF THE STREET New York Curb HALES IN $10001 iiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiie Endicott-Johnson How it met the test of readjustment, took advantage of depression and expanded its business, is told in our Circular P.L.-482, which is ready tor free distribution. Miter J Schmidt LCo. Members Consolidated Stack Exchange oJV?u7brA PHILADELPHIA 13WWalnut Street ro Phonar,BoU,Walnut4660t Koyxtono,Race 5781 NEWYORK. 30 Broad Strecti 319 Fifth Avenue rbonei Uroud 1116 Murray I1UI 08l I The National City Bank of NeV York, in a rovlow of the International 1020 trade figures, holds that imports form an unusually large ebons of the aggregate. It says : "As nearly as can now be deter mined, tho nominal value of tho mer chandise imported by all countries of the world in 1020 will aggregate about $55,000,000,000, and the exports about $40,000,000,000, making the share which imports form of world trado in 1020 about 55 per cent, as against an average of about 52 per cent in the pre-war year, this high ratio of im ports to exports in 1020 being duo in part to the largo sums which trans portation added to the vatuo of the ex ports when they became Imports, and in part to tho fact (lint In many coun tries tho 1010 advance orders of im porters proved greater than tho export ing powers in 1020, the year in which tho morchandi&o reached tho importers time of 1010. "This abnormally high importation of many countries in 1020 is appar ently one of tho causes of the very heavy falling off in our exports in 1021, especially as the excessive Imports of 1020 consisted cblelly of manu factures." Better Bond Absorption Thero aro a great many bonds of the highest class which arc yielding more than can bo obtained in either Uio rail or tlmo money market. Then, too, in vestors aro steadily regaining their con fidence and arc coming to feel that thero need bo no apprehension longer nbout putting their money in the best railroad and Industrial issues. Thero has been no sensational price advance, and It is to be hoped that none will develop. A highly speculative market in bonds would bo altogether undesirable, as it would certainly brltig nbout a sharp reaction in prices Inter. What Is most to bo desired is a steady absorption of bonds by individuals and Institutions altogether en nn invest ment basis. This is what tbe leading authorities say has been going on re cently and what hns been chiefly re sponsible for the uniformity of the up ward movement. , Lower Copper Prices Tho fight between the copper buyers and sellers regarding prices has been on for some time, and the former finally havo been miccoM)ful In setting Quota tions considerably lower than tbey were whon the stagnation started. Had the .illpra nrliHnnllv met tho views of roil- Mimers they would havo obtained some fair-sized orders. Now, however, tho users nro of the opinion that by hom ing off they can get still lower figure. It is difficult to find nny optimism in tbe trnda, and to tho fact that demand is entirely lacking, about the only business being done being in nmnll lot3. which lire going to the dealers willing to soil nt twelvo rents per pound. The higher prices named by the larger interests are entirely nominal nt present, because, thero is no order to be hnd abovo the twelve-cent level. Heavier TrniTlo Movement Officials of railroads operating East from Chicago and St. Louis sound a little more optimistic note in their characterization of the trnffic situation. Koine officials are of the opinion that their lines have definitely turned the corner toward permoncnt improvement. There Is n big movement of grnin from the farms and to the seaboard, and this Is helping to swell the total ton nage. Coal is being moved in fnlr volume, where there is much hopeful ness expressed in regard to the steel and iron industry, numerous indications pointing to a substantial response on the part of buyers to the lowering of prices. Lumber dealers aro getting larger order, it is understood, nml building material shipments nro ex pected to pick up. Itetail trade condi tions in many sections nro reported bet ter by the various ronds, and there is a good movement of general merchan dise. Officials of Southern roads report traffic keeping up well, with somewhat larger loadings of cars. The coal ship ments still fall below those of n yeor ago. hut there Is a big run of grain going forward, especially wheat for ox port. Oeneral merchandise shipments also nre (liiilo liberal. There is n con siderable (junntltv of lumber going for export, utui imp domestic shipments arc increasing moderately. Brokers' Opinions Newburgcr, Henderson & Loeb: It Is in the long-distance view of the mar ket situation the more hopeful signs nre discerned and the most encouragement Is derived. A number of contributing developments during tho last week did much to confirm tho judgment hereto fore expressed of a constructive pro gram was In making. With the lowest money rates In nearly two years and with the reserve ratio of the Federal Itescrve banks still mounting thero nro many reasons for supposing tho credit situation is rnnldly being brought to a normal equilibrium. Supplementing this nre undisputable facts of the further progress in adjusting economic conditions. The more encouraging de velopments, however, come from the consistent efforts on tho part of the Ad ministration nt Washington to quicken legislation that will bring early and material relief to the general business situation. The line of demarcation be tween the railroad and industtlnl shares is becoming moro clearly drawn. A survey of the list proves the rails have been recovering with consistency since the lowest levels of the spring slump was touched. The worst of the trouble of tho carriers aro undoubtedly over, and with the operation of the refunding plan and other adjustments agreed upon the transpoitntlon industry should soon be put again on a solid footing. I'os sibly, however, the more slgnifUaiit de velopments nt thu moment are the speed ing up and broadening of the bond market. This not only foreshadows u turn In the corner, but is usually the precursor of a bull market in stock. lleclicr & Co.: "Tho rallroud shares have now had considerable riso sluce the third week in June, nud they have been the outstanding strength of the R'urket uiuce thut time. Should good crops materialize and general business increase, their earnings uuder the new wage rate should bo very satisfactory. Eimy money Is at hand and the encour using Increase in bond prices Is gener ally a forerunner of better stock prices. In tio industrial line thoi stocks which have not been deflated Hhould be u voided." THE TKADER. Am Arr A Ch 7 Ma rots 1 BAH 0 00 Vj A S i R'l A 1 784 Amn T A T clt 1 70S 1 7DK Amn T T Be 1 fil'i Amn T ft T 01 I.. 1.. B.. 1.. 1.. 1.. 1.. Anr nep'o ss l 00 Armour m 1 79W AT4BFHI 100 100H 100 100 H 100 tt 0074 Ooodyear Tlra A Rub'r 8s 1.... 101H 1.... 101 Mi 1.... 101H 1.... 101 Hi 4 (7 101',4 1.... 10U4 2.... 101'i Id 8,0 101 H 1...'. 101V4 Qove't French II 7Ws rets. 78 H 78H 78 78 i 78 U 78H I, 4s 70 03 M N'n S8U OS 084 084 08 OB'l 08W OSS 1 S 1 1 1 1 A Coast B A O Line 4VJ" 1..... 78H Halt A Ohio ov 2 71 1 70H B 71 Bait A Ohio 4s 8 00i Dalt A Ohio OS 8 01 1 00U D A O P li V ft W Vft 4 B 00 D A O Swn 34 1 83 8 82U Deth Steel fd 1 83 Urkyn II T 4 2 78 2 78W BUn Rapid T ct " sta 1 Canadian OH" rot 1. 8. 2. 1. 1. 1. 1. 1. Canadian N 1.... 102W 1.... 102U 1.... 1024 Ctl Leather Ss 1 80 Ctl Pacific lt 8 74 C A Ohio 44c 1 7B4 C A O ov 4Hs 1 77tt 0 78 2B 78Vi C'k A O cv Ss B R3'4 8 83M 1 83 2 83; Chi A Alt 8tt" 1 3S C B A Q 64 1.... lOO'i 7.... 100H B.... 10OS 1.... 100'i o.... ion; 23.... 100 Chi A Erie. 1st B 77 Chi a O W 4s 1 B2. Chlcaco Mil b St Paul 4s 1 .... 09 Chlcao Mil A StP ov 44s 1 00 Chlcaco Mil A StP fd 4H 1 01'4 2. ... 01 Chicago Mil A StP urn 44s B 7BU Chlcaro Mil A 8t P cv 5s B. ..OR 00 H . 004 . 00 . 05 . 05 . 00 . (10 . 00U . 00 . 08 . on . 93 tt . 00 . 00 . 9(1 . 00 . 904 . 0B . PO . 00 . 004 . 904 . 90 . 904 . 904 . 00 . 904 . 9S4 . 004 .' 06 F It 8s 2.... 1004 2.... 100'i 8.... 1004 7.... 100 T4 1.... 101 1,1 Trunk rcta 1.... 102 1.... 102 O Nth rtwy 7s 4 8 2 1..., 0..., 2.1... 8... 8... 1... 1... 0... 4... 1... 1... 32... B.C. 1... 1... 4... 1... 4... 20... B... 3... 1... 1... 2... 1... 2... 2... Gota't 1 784 N raclflo II 0a 1.... 1004 Or A cair ss B (I 80 904 Oregon 8 Ij 4 B 84 Or-Wn tt Co Navl Co 4s 4 734 1 74 Pao T ft T OS 2 884 Penna It It Bs fl 884 2 884 Psnna ltd 04a 90 00 094 90 H 09 994 90 09 99 09 09 Penna U It 7 2.... 103 1.... 103 1 103U rtep Chill rota 084 1. 1. B. n. i. B. 11. 1. 1. 1. B. RAIL BOARD ANNULS P. R. R. L ABOR PAC T Election of Representatives of Shop Crafts to Draft Rules Held Unfair NEW BALLOT IS ORDERED 3... 3... 2... 2... 2... 1... 2... I... 5... 1... B... 1... hid A 8... 1... 1... 5... 8... Mud 1. 1. 1. 13. 1 100 V 100 1004 1004 100 100 4 100 100 100 100 100 100, 100 Man M ... 07 ... 07 ... 07 ... 074 ... 08 ... 074 A Man In ... 444 ... 44 ... 44 ... 4t 44 '4 00 084 98 08 084 98 984 98 98 98 98 08 084 Ulo O A W 4s rt 08 nock Il'd A A Lout's. 44" 1 87 St L Peoria A N West 6s 1 B74 1 874 St L A S F lU B.. 2.. 2.. 1.. St I. 1.. B.. 2.. 0., 8., 2., 2., 1. 1.. 2. A B 884 08 08 08 F In B7 68 B8 B8 B74 B84 884 BR 4 834 St L A S Fran Series A 1.... Ill Central fd 8 704 III Cen'l 4s 'B3 71 III Cent'l 64s 1 01 1 014 III Steel 44" 1 82 Int M ct 44s 1 184 Intb'o llTtd 0 60 15 (s 7) BO 4 8 M 30 6(14 28 BO Iowa Cent'l 4s 2 30 8 30 1 30 Jap Goe't l"t 1 85 0 834 Jap Ooven't 4s 1 70S Kan C Ft S ft Memp 4s 1 07 1 07 Knn C A H s 1 .... 87' 1 67' Kan C A S Be 1 77 1 77 Chicago A Nth K C T Itly 4s W nt 4s 2 72 4 1 00 Kelly Sprlnf'd C A Nwn Bs'87 1 01". Chi Itawy's 8i B 0444 1 04 4 1 014 Chi It I A P fd 1 08 1 0M 8 084 C R I A P 4s 1 72 Chile. Cop'r 7s 1 944 Chinese Qova't Hu-K Ry Bs 1 404 City of Bersen 8s rets 6 (a 8) 08 B 8 City Hernn rt I' 90 4 City Hord'x 0 3 824 Cty Chris' a 8 2 90 1.... 100 City of Copen hagen 64a 1 784 1 784 2 784 1 784 City Lyons 0s B 83 City Mara's as 2 834 City Pari 0s B... . 004 8 .... 094 1 004 8 994 1 994 Clly Toklo 8s 1 89 4 City Zurich 8s 3.... 100 1.... 100 1 100 Cons'd Oaa 7s 3 ... 1014 2.... 101 . 101 , 101 , 102 C S cv , . 004 . . now . . no 4 . . 4 . 07 . . 07 07 Tire Co 8s B 97 1 07 1; 0 97'. (124 02 02 02 024 024 024 024 02 2. 1. 2. 1. 2. 6. 8. Bt L A 8 Fran Series C 1 f!4 1 89 4 5t P'l Kan C H L 44s 3 684 Sao Paulo nt llrazll ct 8s 2 984 5 98 0 98 2 98 1 98 1 03 Seab'd A L aj 8 27 4 274 Seab'd A L fd 4 40 1 40 I .... 40 Seah'd A L fls 2 50 3 60 1 60 8 BO Sinclair C Oil orp'n 74s 2 914 3 01 1 91 0 91 0 014 1 914 So'n Pacific fd 1 (s30) 774 Fnuth"n Illy 4 1... . 574 2 . . 07 a . .57 K U'lKlum On i 8 2 . .05 6 .. 38 1 . .05 So'n Pac cv 4 Today's Range in Liberty Bonds 1 30 II ih I.mv ! M 87.80 87.70 87.70 87.5S ifJXS 87.58 87.80 87.80 87.80 87.74 87.(14 01.01 01.80 87.88 87.80 08.01 03.00 Liberty fl'j Liberty 2d 4s Liberty 1st VAt.. Liberty 2d lKs.. LIheity M IViS.. Liberty 4th 4Vis. Vic Notes -Mis .. 87.70 01.82 87.8(1 08.02 Raw Sugar Market Unchanged New York. Aue 1 The raw suaar mat was unchiinvod on tbe hnsls of 3 i enit Hml freight, for uut)i. equal to i.auo. outy nam. Importations on Saturday Included 80,000 bags Philippines to the Federal. Mugar Ile nnlps' Co.i 01. 000 bags Philippines nnd 28.000 bass Porto Wcog to tha flatloml Sugar Rannlng Co.. una 12,000 bags Porto Rleoi to th American fliigar Retain Co. Tha looal rflned market la unchanied both M t ooaaltfofls and prlosi, 1... 1... 1... Cuban 1.. 12. 1. t 1. Cuba R Co Bs! 1 004 D.1 A Hul i 1. . 85 Denmark Con ct A 8s 1 ... 102 2.. . 102 Denmark Con ct II 8a 1.. . 102 Den A It O 6s 8 72 Det Tun' I 4 4s 1 774 Do Canada '2il 2 024 Do Canada '2V 1 024 2 024 1 .... 92 2 .... 924 2 .... 92 I .... 02 ' 4 ... 93 1 ..03 1 93 Dv) Canada '31 1 .... 89 8 80 D Do Nemours I'wd'r 74 2 98 2. .. 984 Dua Light fls 2 .... 91 Krle Oenl Lien B. ... 414 1 .... 444 F.rlo R R cv II 2. . . , 80 Krlo Ry Co 4s 1 .. . B7 aerte'l Klec Bs 8 b04 1 804 Qene'l EIro Os a.,.. 100 K 95 01 K Belg'm 7 4 1.... 101 8.... mm 1.... 1014 1.... 1014 1.... 1014 1.... 1014 K Uolg'm rcte 8.... 101 2 ... 101 1 . . 101 1. 101 2 101 1 ..101 Kingdom Den mark ct 8i 1.... 1024 Kingdom Nor way ct 8s 1.... 1084 K Sweden fls 1 iPi 1 80 Laka Shore M So'n 4s '28 0 87 1 87 2 83 U Val en 4 4s I ... 80 4 4 ..SO Lehigh Val 0s 1 .. 10O L A Myers Ss 8 80 Louis A Nash Mono 4s 1 00 Man K 4s sta 1 554 2 87 Mt-x Petr'm 8 1 07 4 . .. 07 4 6 074 HM.l S A Or 8i 1 .... 78 Mo K ft T 4s 5 014 Mo Pacific li 3 54 1 514 1 64 1 84 Mor'a ft C 44 1 74 New Or Tex A Mexico 3s A .... 68 4. . . 58 N V Cntl 3 4s 3 1. 1. IB. 3.. B0 4 80 80 4 80 80 Poulh'n Rly Bs 8 .... 8t IB 83 7 83 5 84 1 84 Stnnd'd Oil of Calf'a 7s 1 103 Snltz'd I'i'ii 1 ... 103 4 2 105 4 1.... 105 1 1054 8.... 1034 Third Aa ij 1 81 Third Ave 4s 1 624 1 82 4 33 Union Pac cv 1.... 83 6.. .. 834 fnlon Pac fd 1 78 Union Pac Hi 1. .. 101 UKolO Rrlt A I'd 1921 1 094 4. . . 90 V K of a Brit A I'd 1U22 1 084 1 .. . 90 tl.. .. 9H4 2 .... 98 5 04 ' K of O lint A I'd lDltO Chicago, Au&. 1. (Declaring elec tions of employes' committees hold by the l'cnniylvnnln Unllrond and by the Pennsylvania ahop crafts unions 11 ' legal and void, the United States Rail road Labor Board yesterday isaued a de cision ordering n new ballot to select a committee on negotiation of rules covering working conditions to replace tho natlonnl agreements established during Federal control. The decision also cnnceled rules now in force ns a result of agreements reached by the railroad with tho com mittee elected on the Pennsylvania bal lot. The shop oraftn unions are fully recognized in the board's decision, al though non-union men were declared to hnve full and equnl rights. In n form ballot drafted for use In the new election employes nre to be given their choice of representation by the Penn sylvania System Federation, affiliated with the railway employes' department of the American Federation of Labor, the Amcrlcnn Federation of Railroad Workers, or by any other organization or Individual for whom n majority vote Is cast. Sidesteps Open Shop The Labor Board refused to be drawn Into a discussion of the open shop, for which the Pennsylvania has openly contended. It was on this prin ciple thnt tho railroad refused rcccntl) to recognize the unions' rlnlms to rep resentation of the majority of shop employes and proceeded to hold a gen eral election. The board, however, said , the dispute which nrose over the unions' claims was "merely one of pro cedure." Neither the Pennsylvania's general election nor a ballot conducted by tho System Federation wns fnlr or legal, the board paid, and the employes hnvo consequently "been denied their legal right to nelect representatives for this important conference on rules." The board's decision declared the dis pute one of technicalities, adding thnt "nt the time when the Nation is slowl and pnlnfully progressing through the conditions of Industrial depression, un- emp'ovment and unrest. It Is almost trensonnbl- for nnv employer or employe to stuhbnrnly haggle over non-essen- ' tlals nt the riik of social chaos." The board's ruling orders a confer- once on or before August 10 between i representatives of the road, the Pcnn I sylvania System Federation, or nnv other organization having shop craft i members and established to function n n labor organization, as set forth in the Transportation Act, nnd nny other rep reseutatiie carrying tho signed authori zation of one hundred unorganized em ploics. I This conference Is to determine the j method of holding the new election nnd the general committee will also hnve I chnrge of the e'ection. ( When the Labor Hoard, last April, directed the railroads to negotiate wont ing rules to Microed those established b tho Railroad Administration, and con tinued by the board pending their re placement, the Pennsylvania System Federation, comprising the six shop crafts unions, authorized Its general chairmen to conduct the negotiations. Refuse to Recognize Commltteo The carriers, however, refused to ne gotiate with this committee nnd a ballot was hent out by the rond. Tills balloting did not provide for designating un organization, requiring votes to be cast for inditlduaK Upon refusal of the company to amend the ballot n'lowing votes for organizations, the union men refused to vote the com pany ballot and issued one of their own. The Pennsylvania recognized only the committees named by its ballot, conferred with them and subsequently put into effect rules negotiated with those committees. It is these rules i which the board has declared void. The dispute, ns the Labor IioaH viewed it, was entirely one of who should represent the employes. Th Transportation Act. however, does not presenbo the method by which employes shall select their representatives and "both parties correctly concluded that on election by ballot would bo neces sary," the decision said. There the dispute arose. "The carrier had no more right to un dertake to assume control of the selec tion of representatives of tho employes than the employes would have had in supervising the naming of tho carrier representatives," the decision said. "In this sophisticated land of popular elec tions, no political party would submit to hnving its primary held and managed by tho opposing party." Tho Pullman company was recently involved in n similar dispute nnd after holding a general election, disregarding the unions, wns ordered by the board to negotlnte with the union committee. Tim I'ennsvlvnnln. however. Is clvcn the opiiortunlty of n new election, by which ' It lu nvnnnlnrl Knth llntnM nnA tirtn atltllnn l Ik in VAl, ..,.. uwi. ,....', I u.4 ..V... ......- employes will be pntifcfied. Boles s-Westwood McmbsrtJ Phila.jSlock. Exchange INVESTMENT SECURITIES T Lan&Trile JMd& Philadelphia PHONE' LOCUST 4721 Vice President W. 'W. Atferbury nnd other officers of the Pennsylvania Rnilrond would make no comment last night upon the ruling of the Railroad Labor Board. They had had no op portunity to study it In detail. Mr. Attcrbury said, and would make no announcement until nil of the facts were before them. The order of the Railroad Labor Ronrd Is directed at the manner in which the Pennsylvania Rnllroad con ducted a vol for tho election of em ployes' representatives who should meet with the railroad management to ngree upon working conditions. The shop crafts union of the Amer ican Federation of Labor charged that the mnnngement hnd refused to nego tiate with thnt organization in viola tion of n decision of the Railroad Labor Board. Instcnd. tho Pennsylvania Railroad Issued ballots in which the employes were allowed to vote for Individuals even union men If they chose but not for tho union Itself as an employe rep resentative. In explaining the railroad's pro- . cedure, uenernl Attcrbury, vice presi dent in charge of operation, said: "The I company gave every shop craft em ploye nn opportunity to vote for em ploye representatives by a fair. Im partial and secret ballot. A ballot was distributed which did not nnmo nny organization. Employes. If they de sired, could hnve voted for union em ployes to represent them, but tho union exerted every effort to persuade the men not to vote nt nil. i "Every employe had a chance to vote, however, and If nny neglected or refused to vote, as some of the shop craft employes did, it Is their fault and lie fault of the compnny. As In nny 'other election, the votes cast must de cide the election." To Net 8.30 V First Mortgage Serial Gold Bonds Duo 1921-39 Tax Refund in Penna. Full information upon" request Baker, Ayling & Young JOHEPH W. SWAIN, Jr.. Manmrr Land Title Bldg. Boston Philadelphia The Railroad Situation We have in preparation a series of articles deal- ing with the railroad situation. The first of these is now ready for distribution. Amons: the issues dis cussed are: Lehigh Valley Chesapeake & Ohio Baltimore & Ohio Aih for a free copy Boureau & Evans Mtmktr ( I'll Indrlplilu Ntock I jiflinnis l Chlenro IlnnH nf Trnde 130 South 15th Street Philadelphia Locuit BIS! Knee 1JS1 f Taylor M burton Iron Steel Co. American ,ns Campunr . . . inru.inn .orinern irjnimi i. fnlon Traction cr Inaii Indiana V.x. & 1 rrrninn fompuny ion Traction uo Kn Iwijr Co. Oen.. iffer IMI itenninr riraipinr American Rnlinius Company Ken'.uriy Traction & Terminal Hcrnnton Hallway rompun, Portland n.. l.lslit l'ow I'Jttxhursn Hi Hhimer tin . O's lull! .Tt 11)28 . mm S's 1031 fl's 1022 S's 10.11 b' inn 6'm 1041 s's ior.1 ii's 10"0 Vs 1022 SAMUEL K. PHILLIPS & CO. Members Phltadeliililu Stoi k Kxchance 807 CHESTNUT 8THEKT Penna. Lighting 5b, 1940 Phila. Suburban G. & E. 5s, 1960 Lehigh Power Securities 6s, 1927 American Pow. & Light 6b, 2016 Lehigh Power Securities Stock BAUER. STARR & CO. Ind This Ilnlldlnc. Philadelphia New ork (Mice, 2 Rector Street Direct I'nva e Telephone bet Others I Will Buy Interest in Mill MAKING SWEATERS BATHING SUITS FANCY KNIT GOODS AT PRESENT AM MARINO ONK KNITTKD HPK.fIAI.TY AND HAVE CAIMTAI. TO FINANti: LARGER HUSI NESS A 915, Ledger Office Detroit United Rwy. 8s, 1922 Autocar Co. 6s, 1924 Sun Company 7s. 1931 E. Shore Gas & Elec. 6s, 1955 tCj e, ? We offer in limited amounts Phils. & Reading Imp 4' 1947 Phils. & Re.dinr Comol...4'i 1937 ! Conncctinf R. R. (P.R.R.).4'i 1951 Wanted i Alleihenr Val. R. R 4't 1942 Harwood Eltc 6'i 1942 ' American Gai 6'i 2016 Reed A. Morgan & Co. Members of the rhlla. Stock Exci. i West End Tnist Illdy., Phila C. S. 1'ATTON & CO. tD 4 CHKSTNVT BT9. BANKERS Hnrrenr to HAII.KK rVrKVENSON pond" snil Stocks boocht nnd sell Members PhlH Kloek KTrhnnre Lnnd Title Bldg.. Phila.. Pa. ittmbrrs Philaile'vhltx Stock Exchangt AUTOMOBILE INSURANCE MTIKBTV 511'TCAt. INsVlUNCF. CO. rtrane- I nen't 07 ?0-2t o 11th t. ttlEGHER,R0CKEY8,C0. Certified Public Accountant! Drcxel Building, Philadelphia Acme Tea First Pfd. N. Y Chic. & St. L. First Is, 1937 Empire Gas & Fuel 6s, 1926 Penna. Wt. & Pr. Ss, 1940 HENRY D. B0ENNING & CO. STOCK EXrilXNOK Ill'll.lHNO Direct PrlTiite Telephone to New York Member Phlln. utoek Kxrhnnee itIIIMIIIIIIIIIIllllllllllllllllllllllllllilllllllllllllllllllllllllllllllllllllllllllllllll $100,000 I LEHIGH VALLEY RAILROAD CO. General Consolidated Mortgage 4V2S I Due May 1, 2003 Normal Federal Income Tax paid by Company. Free of Pennsylvania State Tax. These bonds have &old as high as lOG'. E Price on Application 5 West & Co. 1A11 IValnnt Street ,, , Philadelphia Members rhllndelphln Mock llxrlinnue New York Mock l.xrlmnirr 52 Ilronrlwnjr New York 5 N Y'k 1 ... n... 8.... s.... N Y'k 3 ... n 3.'..'. 1... 1.... 1.... New Y Hurt'd as R 014 N Yk Telcn (Is 3 113 New Y l' 4 Host 4Hh 3 . . 38 N'k So'n It Ss .1 . -I2. N" & W cv Os 15 . 103 Ui. .. 103 North VWn II Tsls'n 7s uTH Cti n . 02 4 . 0J.j . 02 ', . 02IJ Ctl 7s 103 li 103 103 101 H 103U 103U N II & M 8(1 81) SO 80 US', 80 80 of a Urlt 1. 1. 20 7 U K A I'd 1837 n.. 1. 87 87 87 871, 67 8(1 87 U S llritzll 8s 1 103 103 103 103 101H 2. ... 101 4 1. .. 101 'i 3(s7) 101 ; 1.... 103 N Psollla 11 9s 30..,.. BT 1 BT N radios n 4s 1 T8H 1...., TI4 . 100 V, . 1004 .. 100U . 10DU .. 100H . innu .. loo u 100 100; .. 100H .. 100 H . 10OU ... 100 100H 1014 irtOH Mtxlr . 1H 1.1 ... .134 .. . 3.1 U H Si 1 3s .... 87 Itubu r ft a 7li4 Hub 7Hs 1.... 101i it tl Bitot' Ss "iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiif: FINANCIAL 1IIK AMKKICAN PIPK HAM rACTUMXQ COMPANY 5 COI.IjATKRAI. TKUhT I KKTIFH ATKS. SKUIKM "II." UVTK KFIIKVAm I 1020. American PltM itrul rnn.lMiHInn rnmrmnv JmOnu njilOed thli fompanj ol Its Intention to deposit on Aurust 1 1021. funJs to corsr K ntr n. C.h.1 .- - .- - '...n.MA r UII'J viiniiriiin ui rcmu.il j. 101H tn 1P21 ineluslv- notlro in hereby irlrsn that pursuant to the term of Trut Agree ment dateil February 1. 1000. 1200.000 ot said Cettltlrates numbered as lieiow. tiavs be-n drawn for pament r 1034 and accrti-ri int...., . nf c.hni.v i m on "hlch date the Interest thereon will case. i Option Ib hereby jrhen to the holders of i J.-.i'1 1 Ji' fa'" ireenunjr the aine ON on AFTF.n Al'dl'ST 1. lOJt. and reeelT i paym-nt therefore at 102'n 1 and accrued nl...t .a . i .. . ...i.b - " Mjnn ui preeniAiiuii. One hundred and ctuiity Certificates for 100O esch. 4 1 rm 12 117 "214 334 438 .141 B43 781 821 70 833 !- 1IT 217 Sin 4311 rS'l 031 7TD 833 11 121 2211 340 444 SOI (ISO 778 820 10 131 SI'S 342 44H 603 (IflU 717 82S oc. t4t .. a. .Zm . a. ma m9t jr.? mi riii htn ix 'V UI m 1 Hit 2' 132 23H .113 OJ J.ID s 3T.4 14.1 mtn iiiii ow its i'.-ii; 3H4 47H fiH7 40 l.ltl 3,'.? 374 178 Bl0 1 lfl.l 307 177 41-H Bfll S3 107 374 30 40t Ml3 14 175 3Si 37 r.114 Ti'14 ft 17(1 nul ow. .nT . i i .'i' ,'t an nun 77 I7 2fin 4 On f.2 nn7 k2 14 3in mm (lis 4'!'l M'.l 778 833 781 ASO Th! K44. nl 700 840 05 701 BJ 707 70S 839 700 701 85 711 T.IS 87 13 70B BT1 802 881 nti 41' ."MO 02S 747 (0.1 883 H0O 88 717 7JO 31 810 880 813 88 41 81 89T 734 820 000 1081 1071 14 10.x -'(IT I c- in), vi -ii-i ,vw tr.' 1 98 201 132 410 S89 014 Inj nrtfi nn .nn '"t .1 l 1 u-j ll.1l l"T Furlv I'.rflfl. ) f.. IKfin -nih. I I'O pin gas pro 1001 1030 ions iiimi liT.i nu I... I inn. inn limn lui HI.". 1141) 1)03 (HH 1011 1031 ion 1'J 010 B4I 001 OSS 101B 1040 10BS 108T 011 948 089 003 1031 1049 1088 109 Ahos Cerilfti-ates with all unmatured coupons attached should bo presented I'M 'inymert t oil nf Trnitee OIRAltn TUI SH" COMPANY Trustee. OEonoK H TCMIT 3d. Treasurer. Ph'ndelnh.i l- Jub 2U 1021 August Clearance Sale Extraordinary Price Reductions in Electric Labor-savers! WE offer you some splendid bargains in this sale electric washers, cleaners, ironers and dishwashers which have been used as floor samples and demonstrating machines in our ten stores are available at unprecedented reduc tions. All are standard advertised makes, carrying the same guarantee as new machines, but because they have been on display, cannot be sold as strictly new merchandise. Easy payment terms in nearly all cases. nn. MiKicit in pii'i: ii NfrciiTiiNO .l' (l.l.l! It W. Tltl ST F.KTItT- CATi:s sKiir.s "A," Ill'K OtTOIIEB I 1027. Amrtran P.pp nnd Construction Company having notified this C mpany of Its Inten tion to d-uBit i. i Auirii' 1 'OJl f "ds to cover Sinking Fund payments of October 1, 1018 to 1020 'nc'uslve notice Is hereby Kiven that pursuant m tho terms of Trust Aarevment d.led Oi.tobrr 1 1007 $130,000 of said Certlflcaies numbered as b-lpw. hi been drawn for pavmnt at 102S ana accrued Interest ns of Oi tober I 1031. on whlh data the Interest thereon will cease. Option I hereby given to the holders of ea!d ertlflcm-a nf prientlnir the sam ON OK A1TKU Al'C.FST 1. 10tl and r-e-'v navment therefore at 0Tir anfl accrued Interest to time of presentation. ' 'nt hundred thirty five Certificates for '. ltl) 222 13.", 44H 340 n'S I' 11H 331 34', 4Sil III M'l VP" ,1s 4,1", :'! T.s 472 .17 L'M SIM 4-M ".- 141 "',3 3ll 47 (1112 I'.lli 780 871 377 40H unil 7114 7110 87S 1S3 "O". ill '11 71-' 700 877 3'M M.l l 14 71.1 108 880 107 ".JO 831 711 813 881 101 ".'1 nil 71 H 828 883 411 13 811 7.'7 811 887 431 ".10 837 710 819 890 1J3 28 1,11 17 4.'l 14(1 4.- ins n? r 741 83T nil Itrtj 734 8.18 fill 871 7,17 813 l,3 7H1 883 "1 Hill 787 887 Sh 4 Mir 1 2 107 282 .70 :7: 181 '.'7'' 1 'l 3H7 no i, 1 4 "nn Ki 311 .118 431 117 812 737 !"-. 117 .!' ". 811 894 810 800 1003 10M Electric Washers About 25 available some new but not the latest model; demonstrating and display washers all in good condition and ready to use. Original prices were from $125 to $175. Clearance price . $90 to $135 Electric Cleaners Nearly 100 machines in this lot, including such splendid machines as the Phila. Electric, Superb, Eureka, Western Electric, Deft.Universal.Torrington Original prices were from $45 to $80. Clearance price, $20 to $47.50 i M . i I ' l N - -i i I 1 1 7. r s i i. 3 r h n Electric Ironing Machines Electric Dishwashers a., i.. l.. a . 18.. 0.. .. 0,1 .. os .. 03 .. os .. 04 'i .. 03 I'lah V A I. fin 1.... 60 Va, IUIIw's Ss S 8.1 S 8 t &8H St B5H 1..,.. 8SH t Six of the well-known Thor make; new machines, but not latest model, although fully guaranteed. Also 4 Simplex ironing machines- floor samples. Original price, $150. Clearance price $100 Two well-known makes Whirlpool and Western Electric both splendid, practical dishwashing machines. Regular price, $110 to $130. 4-, rhlrtv l erllflr in. s til ISO'I acl not P '3 iii)', invj i o i tfl'T ni3 (MR 1,40 0811 1"7 in2'l 181M 1874 t'2l 0",M 1183 1014 1H3" 10'I 11181 j 037 080 ! 18"3 I04'i 1081 1(183 AN- C'rtlOriit.s lth nil unmaturad coupons n'rn..nl vn v. prosented for illlunn I ltl Sf iMMl'VVT rruntee. I rip.iiF. it STfAHT 3d Treasurer. ' Vhi ile'ihln l'r Julv 28 1031 TO Till. Hill 1)1 US OI' noAMiui: rii.( ritis mi limit cosi. I'lr-t Muriense nml ( iilliitrrul Trust S l'er Cent sinking- I'unil (mill llomls N r e I- ti.ietn rlvi t'ut li nformlty mlth t'n .-JinlilMK Pun 1 iTnlnon nf Deed of Iriist ti.m 11 mnok i' ,i M n uml I.tght i jmnani ' The !'a t m ' , s- p Ouar nti e, i 0Tin.aii Irtinot -Ii'im August 1 ltion thure hart ,. m ji i , u io' for re di nun i on iiu-et 1. 11)41. it io.i and ft' rud Intel tbai I iio th. f llowlnir Hjau,.iti Tra i.on a i'! I.l i'jinisn First Miruj" uml i . I an rrt Tmih -i I,r i'nt HlnklliK I'und ut.Id Kiiml Nun 7Wi 131,1 1837 .".'13 3IJ71 7l I S3 1 1"03 ..17 7l 2818 i 13 133s 3003 "3.13 311) 101M lilt 31Ub 3.108 3i30 Thi' aliovw liomls wIP I nalif ui n prssen- 1 tallon it ilie nfriro nf Tin II iltlmoro Trust i-omiiny Du'cisno Truetei., In tfc , C'.ty ot , 11lt ' re Marlnnd nn and after Aiucust 1 '1031. 'iDkit which date Interest thereon will ' TI1K I1AI.TIMUIIIS TIUMr I'DMIMNI Hu c.H.ir Trusts. Ilit'ili'iuU a l' Iul 7 102J .. L.".'r:' ' 'mi- Clearance price $90 I'1 l.uile.p ,m rue I,,t.l I nl Pi i iiii.ii nil i .1 i I ri liiKLt I. lUil in - i i , , r,,,! .July 1.1. l'l.'l Trirhn, 1.U..US remuli, op,a. viirtrtii " 'i ih Mini g Al.l-lti.o M Ultiy Hecrstary. 250 brand new Miller boudoir lamps in their original packages a $10 value. Clearance price .... $5.75 Supply of this clearance material is naturally limited. Make your selection early On display only in the basement showroom, Electric Shop, Tenth and Chestnut St. -The PHILADELPHIA ELECTRIC COMPANY rIUM.KsIIs mmki: is iii iti:in ,ivi:.N that tiik imrtnereii j, li-r. mr,ie existlnv Iiiwmu Louis M. LlMer nnd licorie .11. Itohn con" iluctlng a Kuni ral rea, eslata liuolli.ee ha Imeti dlesolvod hy mutual idiiinii or) jnjj 1 1031 & 't1 (Hmneil) " Lfil'IH M LIFT EH . . (irt.n.u: M KftfiS: OtrtMi III IIJATII Oi; "tVII.I.IAM B. Mi wmril Jlnrii ja 1031 the firm ot T. II. nliruimrd A. huns is ds, vj Tha aur vlvlnu partnera lll rimiiri.e the tiuslnaM, A MAXWKI.I, HIIKI'I'AItU. ICbtlAIl it Hlll.I'I'AItl) iimn i-f e.inot nf WE Wt TO AJ riownra all Tbfcuaa '1. MrtMAiiJl "SSJT: .J Ilk. i. on nil IV .-. ?. K , " t"t. . I . i. . 'it-UM,! Ail ... t -e . vy i, m
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