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EVENING PUBLIC LEDGER PHILADELPHIA, TUESDAY, AUGUST 2, 1921
Financial Judgment
-how to develop it
-how to use it profitably
Choose a
Good Bond
House
Give It
Your Full
Confidence
Study
Its Bond
Offerings
Use Its
Advisory
Service
FIRST, establish relations with a
bond house which has the record
and experience to advise you soundly.
The information about bondsacquircd
by Halsey, Stuart 6J Co. as a result of
their extensive dealings in bonds is
always available for the asking.
THE next 6tcp is to give the bond
house your full confidence. Let it
know about your investment needs
"and preferences. Tell it frankly about
your available funds for investment;
the more the house knows the better
service it can give you.
THE best way to keep informed
about bonds is to receive and study
regularly the bond circulars issued by
leading investment bankers. Halsey,
Stuart & Co. circulars arc more than
informative; they are authoritative,
reflect from time to time investment
tendencies; the trend of prices and
yield. Their offerings are always a rep
resentative list.
IN personal dealings or correspon
dence never hesitate to submit your
investment problem as freely as you
would in consulting a doctor or lawyer
about health or law. Our attitude is
that we are here to 6crve you in the
smallest detail as cordially as in the
largest transaction. "You do not obligate
yourself in the least.
Our booklet,"Choosing Your Investment
Banker," outlines our claims to your
complete confidence, and explains in de
tail the service we have to offer you.
IkUr Innrhi
P artltf Prt.l
::SAFEy
BONDS
tU ! C
Now Is the Time
to Buy Bonds
Thli i undoubtedly th time to buy
bonds it prices, which may not
recur lor years. To make sure ol the
present high yields, bonds should be
purchased NOW to the limit ol
one's ability to pay for them.
Buy'Out of
Future Earnings
Both large and small investors may
acquire a maximum amount, oi
bonds while yields are abnormally
high, by using our monthly payment
plan. Six per cent interest is allowed
onpaymemauntilbondsarepaid (or.
For Convenience
Use Coupon 'Below
ROOK ES AT
MEADE
LE
ARNING QUICKLY
Although Many Arc Only Six
teen, They Look and Act
Like Regulars
HALSEY, STUART d CO.
Land Title' Bldg? Phlladelphln
Please send me booklets checked:
Choosing Your Investment
Banker.
Halsey, Stuart GJ Co.'s Monthly
Payment Investment Plan.
Alto send me complete list
PA 1 9 and detailed description
of Issues of types checked
below:
Government Municipal
Industrial Power and Light
VERY FEW ARE REJECTED
A'a.
Street.
City.
HALSEY, STUART & CO.
INCORPORATED
Land Title Bldg., Philadelphia, Phone Locust 4820
CHICAGO NEW YORK PHILADELPHIA BOSTON DETROIT MILWAUKEE ST. LOUIS MINNEAPOLIS
Jew Offering
$6,000,000
Southern California Edison Co.
General and Refunding Mortgage
Six Per Cent Gold Bonds
DUE FEB. 1, 1944
Tax Exempt in California
Issnanco authorizod by the Railroad Commission of tho State of California
Tho Company agrees to pay interest without deduction for any Normal Federal
Income Tax up to 4, which it may lawfully pay at the source. Undor the present
law the Company will pay the 2 tax deductible at the source.
The following information is taken from official sources:
The Southern California Edison Company supplies electric light and power
to over 150 cities and towns, including; Los Angeles, serving an area of
55,000 square miles and a population of over 1,500,000. The generating
Elants operated by the Company have a total installed capacity of 3S4.700
orsepowcr, over 62 of which is derived from water power.
Both the gross and net earnings of the Company are more than four and
two-thirds times those of ten years ago. For the year ended June 30, 1921,
gross earnings were $16,209,088; net earnings were $9,364,077, or more than
two and one-half times the annual mortgage bond interest charges of
$3,641,210, including this issue.
The Company has paid dividends on its common stock since 1910, the pres
ent basis being 8 per cent.
We recommend these bonds for investment and shall be pleased
to send on request a circulac describing the issue in detail.
Price 88 and Interest Yielding 7.07
Harris, Forbes & Co
Now York Philadelphia
The National City Co
Now York Philadelphia
E. H. Rollins & Sons
New York Philadelphia
Coffin & Burr, inc
New York
Correspondent
Exceptional opportunity
for a Live - Wire Corre
spondent who has had
experience i n Broker's
Ufticc
P Apply at once
H. & B. Wolf & Co.
1329 Walnut St.
20
ATTRACTIVE
DIVIDEND
PAYERS
Average Price Under $30
Per Share
Average annual yield over .. "
Average high price 1920-1921 ovc
100 above present levels
All listed on .Veil' York Stock liich
The securities analyzed in
this list nro exceedingly attrac
tive from both an incomo and
speculative standpoint, and
should show rapid appreciation
in y i arket valuo with nny Im
p! ement in business condl-
Yr '8-
Vrite for Circular No. 458
t.S8glS8BN61&
Curiam ugwng
as Biowy lw Voi
VorKCty
OTIS & CO,
Stocks Bonds
Acceptances
Foreign Exchange
Member of New York,
Cleveland, Boston. Chi
cago and Detroit Stock
Exchanges, the New York
Cotton Exchange and the
Chicago Board of Trade,
Private wire cpnnections
with principal markets of
the United States and
Canada.
216 Superior Ave., N. .
CLEVELAND
Nw York Boston Detroit
Cincinnati Columbus Toledo
Akrjn Yountfttown Dayton
Den tar Colorado Spring
tiu a Staff Correspondent
Cithern' Military Training Camp,
Camp Meade, Md., Aug. 2. Untie In
arm, bo to spenk, nro trotting about
tho enmp todny, lonrniiiR to look like
soldiers, ami to net like them.
TIip drenching downpour thin morn
ing in no wny dampened the enthuM
iiHm of the hoys, but It did Rive then)
their ilrnt tntc of the dlneomforts of
military life.
It Isn't iictiinlly nn infant regiment,
hut Komo nf them rotihl not be much
younger without being mvltched from
nrmv chow to hrend nnd milk, 'flint 'h
what makes this particular citizens
military training cninn different from
nil thnt have gone before. The army,
that ponderous, Minooth-runnlng ma
chine, has eniight them young, nnd the
lads will go home with the Imprint of
discipline, celf-conlrol and obedience
thnt will Inst.
Many of the boys are only Mxtecn.
some do not look thnt. There 1m the
case of little -loo Hums. Youngstown,
l'n. .Toe went home todny. It wns n
hnrd pull, but they finally got him to
go. Joe Hnjs ho In disgraced, "for whnt
will they xny of a man who Is Hcnt
home? He is under sixteen ycary,
and weighs ninety-four pounds, so .Top
won't do. He almost cried his eyes out.
and drank water tilt his tummlc could
hold no more, but simply could not
lip the scales at 100. As 100 pounds
Is the minimum, .loo mint Wult until
next year.
The whole Men Is to give youths nnd
young boys military training at their
most Impressionable age, building up
a grcnt civilian reserve, from which sol
diers and ofllcer inntcrlnl may be drawn
In nn emergency. "They," so runs the
legend, do not want to have to request
the etornns of the Inst wnr to bear
the brunt of tho nct one. "They"
think tho men who fought the hist wnr
tnvp done their bit.
Pershing Expected at Camp
At any rate, the plucky boys at this
(limp, and others like it throughout the
country, are preparing to carry on.
(Jeneriil Pershing Is expected to come to
camp todny as tho guest of ltrlgadler
(enorai U liar I en .1. llnlley, commnnil
ing the Seventh Division, which is sta
tioned here. So the top man In the
nimy will look over the humblest be
I ginners, and they will gaze at him.
I "Till.,-" ,1.,,,', nil r.i 1,. ,..,!.) I.-
....j i,i,. v ,.,. .1 , , ,11114, ,111- ,1,--
ginners. Some of them arc good. Take
little Paul Kniiffinuii. lBUO North
nighth street. Philadelphia, for In-
stnncc. Paul says they call him "Young
.lack Dempiey. He said today he Is
so good not n man in camp nnywheie
of his weight can knock him cold. Those
are Paul's own words. "They can't
knock me cold." Paul ns he Is good at
soldiering, too. "I just camo down
here to brush up," he confided. "You
see I got all the real stuff during my
I'lnc months at the Wcnonnh Mllltarj
Academy all of it."
There Is plenty of music in enmp "to
jazz tho Iiojh up," ns Lieutenant
Charles C. Lowe put it. This must,'
does help n lot, but it failed to take
nwny the sting when the bugles sounded
"first call for reveille" at the unearthly
hour of 5:15 this morning. And with
reveille at f! :2."5. the hoys had some job
getting their wrap putties untangled nnd
draped around their shanks in time to
tumble Into line before the Inst note of
the bugles wnfted nwny. Some of them
didn't. They will next time.
"Hotront" Is (I o'clock in tho evening,
but the boom of the 31m does not end
the work. At 0:30 is first call for
moving pictures. Thee are pictures of
the army in action. The tnks of the
cay end at S o'clock at night. "Tattoo"
gives its sweet notes at I), "call to
quartern" nt 10 :I5 nnd "taps" plaint
ivelj sounds down the curtain at 11.
Muslrnl Program
After "recall" nt 8 o'clock Inst night
some of the boys got out their mouth
oignns and mandolins nnd, joined b
miiiii. icgiimrH. tlicy held a "sing- I
-"h. iiirir very nrst in tlie nrinv. The
old barracks echoed just once again to
the singing of youth nnd hope, and
courage, and it mnv ho the wraiths of
some who. too. had sung there not so
long ago listened and approved
It is a husky bunch of voung-teis
that hns come down hero for a month's
training. Only fire or six hne Iip.mi
rejected physically out of all who hnve
npplied. Tho boys will get plmtv of
physical drill in addition to their
soldiering, nnd the ball plniors from
Ol rani College will find plentv of teams
to piny. These uor came down c 1-
plctely equipped with bats, masks nnd
gloxes. They are Charles Kreemnn.
J niter -ntt. William Klein. Oscar
Pennock. Kdgnr Lornh. Ilnlph Olbboiis.
.Fames Costello, Lnfayctte Daw son,
I.ngene Vleban, William Kueli, .John
1 minor aim i'ari l.angpl.
I.fioy llaii'.er, filCO hclmim,, nve
nue, Philadelphia, who cut hN liiiml on
the wn down, is in good shape again ;
the injury was not serious II,. s;1s
soldiers do not mind such little things.
Ihreemen in camp hiked all the way
iiom I uiontown. Pn . n distame of
'2'2'J miles. They mnilo it in six ih
lYIvnte Andrew I.enchko. formerh of
the I wenty-olghth Division, was flu
lender.
"I got a hquad of eight men to
gether, lie said, "and started to
march them Cwn here, so ns to break
them in See? I wanted to git them
in shape before the camp opened
"Well, five of them dropped out nnd
went home ugaln. Two plugged along
with me.
The two referred to ueie John
(.regor and Joseph Hudock, neither of
vhom hnvo had pievlous mllitan ex
perience. The men carried n banner,
"1 iilontowii to Camp Meade Training
Camp.;' The faithful three clung to
the r banner nnd brought it to camp
with them when they arrived Priduy.
1 11011 investigation, It wns found nono
01 the three had made application to
(ome to the camp nnd been ne. . '-d
In the leculnr lminncr 'i'i,n ,. i,,,,,
I thing wns Irregular, so tmn the h,
begun laboriously mai-kimr 'the ml,iv.
side of their banner, "Camp Meade to"!
! Men Aro Accepted
It was not necessary, for such pluck
1 nuns Its own lewnrd. The men h"e
I hi en made regularly accepted membeis
1 ol the training regiment.
ice ten Is living kept on tap 111 eerv
mo- hall, free to all, and is might
acceptable to the boys N' trouble or
expense has been spared to make tnein
(omfortable and keep them well As
A P Harrison, of .ISli; Xo.ih Diuht.
centli stieet, Philadelphia, put it,
"Home was never like this, lint who
cares?"
New Financing by Illinois Central
Winli'nKton, Auir i! Tho Iniemini
( imiin'Trd i onim laa n 'o.li nuthorli-1 tho
Iillnula Oontrxl lUllrc-M c0 to Uiu, ami
,-ll r.t ivil lo thuii 118 7fl per font "f i"nr
IS.O(H).00'I in nrir.n.y.er n rr nm hoJ.I
.bjiula nivl ts Pla'Uu n cnllntrrM 48.2,l,ono
of.lla own retunillrir moriuauc 4 mf mhi
aula liomli end ia.HSO.O'iil lunula (.'antral
Itnllr.n.l Co. and. .Chleajre.. B ' tlnula Vni
symtr w(inna -, utu
CUBA FIGHTS SUGAR TARIFF
Speolal Delegation Coming to Wash-'
. Ington to Oppose Rates
Havana, Aug. !.(Sy A. P.) Culm
will send a special delogntlon to Wnsh
Ington, to appear before the Hcnnte Fi
nance Committer in opposition to the
sugar nnd tobacco provisions of the
Fordncy tariff law. The delegation will
be accompanied by .Sebastian (lelnbcrt.
Secretary of the Treasury, who nlo will
i n-l ns special envov III nn eflort to
lobtnlli n $u0,(HM),fl(K) loan in the rutted
I .mtos, to helti the principal Cuban In
dustries over tlie prcoiit period of do
pression. This announcement was mnde nt the
((inclusion of the third and Jlnnl con
ference between President Zayns nnd
rcpresentntlves of lending Cuban Indus
dial and commercial organization
The President announced, thu't If Con
gtess failed to act on hit mesnge, ask
ing for the special delegation, be would
authorize It bv special decree, since it
was necessary thnt the commission 1oae
for Washington next Friday.
GORKY'S SON SERIOUSLY ILL;
IN RELIEF WORK AT BERLIN
Stricken Upon Arrival at German
Capital to Aid Stepmother
Hvcctnl Cablo lliitatch. ( oiuridif. 10H
Ilcrlln, Aug. .. Maxim Gorky, Jr..
son of the Itussinn author, who Is
active In relief work for starving Hus
sinns, reached Ilcrlln on Siindn to ns
sist his stepmother In orgniiiing famine
icllef here.
For the first day in months young
Gorky had three square meals. Sundny
evening be boenme sprioul ill and Is
still confined to bed
Elks Get Badger as Mascot
Drexel I ill: Klks hi ought buck a full
giuwn bndger ns a iiiii(ot fiom the con
vention nt I.os Angelei Me Is thor
oughly tnine and answers to the name
of "Tom." He Is h- ing hoarded nt
the Zoo until a proper place can be
prepared for him at the Llks' head
quarters in Drexel Hill.
VIRGINIA PRIMARIES TODAY
Democrats Naming Candidates for
State and Local Tickets
Richmond. Vn.. Aug. 2. (Hy A. P.)
After n campaign described ns one
of the most spirited in years, Virginia
Democrats today are voting In o pri
mary to name candidates for State and
local tickets.
Harry St. George Tucker, of Lexing
ton, nnd K. Lee Trlnkle, of Wythe-
villc. are running for the gubernatorial i
nomination-
Continue Fight on Piggeries i
The Kirk nnd McClernln piggeries
will be routed from Dnrhy. despite the
recent court ruling in their favor, the
township Hoard of Health declnres. Al
though mnnv of the most prominent citi
zens testified the pens were n nulsnnce
the court derided in favor of the pig
geries when It wns promNod thnt their
methods would be modified Tho Hoard
of Health will begin the new action nt
once
j. JjyM
i f w
ArcAPiTAisftoaooopou
ff SURPLUS (EARNED)
II i2.000.0O0.00 JJ J
1871 to 1921 I I
i C. lotnt tint
Time mi Opportunity Are Passing
Time moves on each day; so does the Cycle of Trade and, as shown
below, while opportunity to purchase long-term satisfactory invest
ments at low prices with high yields exists now, this time is surely
passing.
THE CYCLE OF TRADE
General Prosperity
Bond PrieesDecline
Money J2afes
Increase
RealEsfate
Increases
Commodities
Increase
"CTSailKiTiift
.'AWiwS'J.sVW.ltSi
mw j m
R$mr 2S MP,
i -sjf iirvjF,!'1"'-
M fcax.tMTI T- 'r if . --
Stocks Decline
Commodities
Decline
Real Estate
Declines
General
Depression
The records of the past
SO years show that many
Estates have disinte
grated in a few years
under the management of
individual executors and
beneficiaries inexperi
enced and unskilled in
handling property and
making investments.
Practical men and women
are avoiding this by leav
ing their Estate in trust
to protect their benefi
ciaries. 50 YEARS'
experience in the manage
ment of Estates is at your
service and your Estate
will be protected by creat
ing such trust fund with
THE NORTHERN TRUST
COMPANY
Stocks Increase I MoieI?aiesDedine
Bond Prices Increase
The past is known but the future must be surmised from past
experience. We believe increasing bond prices are now at hand.
A list of suggestions may be had upon request.
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH STH STREET
PHILADELPHIA
I.OMIIARU moo
CONSERVATIVE
INVESTMENT
Duquesne Light Company,
Pittsburgh, earns nearly twice
all interest charges. It has paid
dividends at 7 or more since
1913 and has now outstanding
$18,226,000 of common and
$5,763,000 preferred stock.
We offer Duquesne Light
Company 15-year 7'2 Con
vertible Gold Bonds, due 1936,
at a price to yield 7.65.
Tax Free in Pennsylvania.
Circulars on application.
HARPER &TURNER
Investment Bankers
Jrmbcri of Philadelphia Stock Exchange
Stock Exchange Building
Bcranton Philadelphia nadln
$25,000,000
Swift and Company
Dated August 15, 1921
7 Ten-Year Gold Notes
Total Authorized Issue $25,000,000
Due August 15, 1931
Interest payable February 15 .nd Augmt 15, nt Illinois Truit & Snvinps Bnnk, Chicago, or at the American
Exchange National Bank, New York. Coupon Notes in interchiinRcnble denominations of $1,000, $500 an-1
$100, with privilege of registration as to principal only Redeemable, ns a whole or in part, at tho op'.io
of the Company, on thirty day' previoin notice, on nnv interest Dnvrnent dnte before mnturitv. on navmeit
rc. if redeemed during the year 1922. such premium decreasing l of 1'' each succeed
for as may be lawful, without deduction for Fedrrnl Income Taxc
Trust Indenture.
of a premium of 2
ing year thereafter. Interest payable, so
not in excess of 2, as provided in the
From information in regard to
follows:
Illinois Trust & Savings Bank, Chicago, Trustee
this issue of Notes received from the Company,
we summarize as
These notes will be the direct obligation of Swift and Company, one of the largest and
most successful concerns in the world engaged in the production and sale of meats and their
by-products. Tlie authorized issued Capital Stock of the Company amounts to $150,000,000,
upon which dividends at the rate of 8 per annum are now being paid. The Company has
paid cash dividends without interruption for the past thirty-five years.
During the eleven year3 ending October 30, 1920, net earnings of Swift and Company
amounted to $149,537,840, of which amount $72,099,380 or over 48 has been retained
in the business.
Annual net earnings available for interest and after providing for Federal and Foreign
taxes, for the five years ending October 30, 1920, averaged $28,157,564 per year. Tlie average
annual interest charges on all outstanding obligations during these five years were approxi
mately $9,094,996.
Total sales of the Company's products have increased from $250,000,000 in 1909 to
over $1,100,000,000 in 1920.
The Trust Indenture requires the maintenance of current assets to an aggregate amount
equal to at least one and one-half times current liabilities, plus the outstanding amount of 7
Notes due 1925 and outstanding Notes of this issue, and provides that no new mortgage may
be created against present assets and property.
The financial statement of the Company as of October 30, 1920, and after giving effect
to this financing, shows net tangible assets of $336,877,841, applicable to the total funded
debt, including this issue, of $94,591,000.
Since October 30, 1920, a substantial reduction has been made in liabilities.
Tlie proceeds of this Note issue will be used in retiring $25,000,000 6 Gold Notes, due
August 15, 1921. The Company's funded debt, therefore, is not increased by this financing.
PRICE 97 2 AND INTEREST, YIELDING ABOUT 7
c
8
Pcndine delivery of Definitive Notes, it is expected that Interim Receipts of Illinois Trust & Savings B(,nl(, Trustee,
he ready for delivery on or about dingus 15, 1921.
will
Illinois Trust & Savings Bank
I Chicago
The Merchants Loan and Trust Company
Chicago
First Trust and Savings Bank
Chicago
Harris Trust and Savings Bank
Chicago
Guaranty Company of New York
Continental and Commercial Trust and Savings Bank
Chicago
We do not guarantee the aboVe statement and figure., but they n.e tuken from source.
Which we believe to be reliable. , l
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