prpr ;' ' 1 ni"m mwm 7 v ' -'V'kf'B 19 i I - . t . lift M v r h 'j VJ s'?,. 11 vt 1 a&i il'l: '.K'-r l ', w . EVENING PUBLIC 'LEDGER-BHILAELPHIA, WEDNESDAY,, AUGUST 3, 1921 rJ 1 1 'Laa $3,500,000 Tidal Osage Oil Company 10-Year 7 Guaranteed Sinking Fund Gold Bonds Tide Water Oil Company Guarantees Principal, Interest and Sinking Fund by Endorsement Dated Ausust 1, 1921 Due August 1, 1931 Total Authorlied luue $3,500,000. Principal, interest and sinking fund payable in gold at the office of Firit National Bank, New York City. Interest payable February 1 and August 1, In coupon form of $1,000 denomination, with provision for registration of principal. Redeemable at the option of the Company on any Interest date after sixty days' notice: On or before August 1, 1924 at 104 and Interest, the redemption price decreasing yi of 1 per annum thereafter. Interest payable without deduction for any Federal Normal Income tax up to 2. Pennsylvania four-mill tax refunded. An annual sinking fund of $437,500, operating quarterly beginning August 1, 1923, will purchase bonds if available at or under par. and interest FIRST NATIONAL BANK, NEW YORK CITY, TRUSTEE The following information is summarized from a letter from R. D. Benson, Esq., President of Tide Water Oil Company : Business Tide Water Oil Company, incorporated in New Jersey in 1888, constitutes with its subsidiaries a complete and self-contained unit in the petroleum industry owning oil producing properties, pipe lines, refineries and distribution facilities. Tydol Gasoline and Vcedol Lubricating Oil are the Company's most widely known products and have a high standing among automobile and truck users. In order to add to its present and future production, Tide Water Oil Company has purchased 54.8 of the common stock of Guffcy-Gillespie Oil Company, the name of which Company it is changing to Tidal Osage Oil Company, at a cash cost of more than $4,000,000. The latter Company is entirely a producing Company, its properties consisting of large and very valuable producing acreage in the mid-continent field and a 22 equity in The Colombia Syndicate, owning approximately 1,000,000 acres of well selected oil territory in Colombia, South America. 4 Security Principal, interest and sinking fund of these bonds are unconditionally guaranteed by endorse ment by Tide Water Oil Company, whose net tangible assets, together with its subsidiaries excluding Tidal Osage Oil Company, amounted on March 31, 1921, to more than $57,000,000, after deducting depreciation and other reserves of more than $20,000,000. The price at which the stock of this Company is quoted indicates a market equity in excess of $60,000,000. The bonds will comprise the sole funded indebtedness of Tidal Osage Oil Company and it agrees to place no lien on any of its fixed assets, other than purchase money mortgages for property hereafter acquired, so long as any of these bonds are outstanding. Earnings The consolidated annual net earnings of Tide Water Oil Company and itn subsidiaries avail able for bond interest, before federal taxe3 but after providing adequate depreciation and depletion reserves, for the year ended December 31, 1920, were $11,291,079, and for the five years ended the same date averaged $10,801,389, being more than ten times annual interest of $1,025,000 on present total funded debt, including these bonds. Dividends Tide Water Oil Company has paid cash dividends annually since 1889, ranging during the the past 15 years from 8 to 19 per annum. We offer the above bonds for delivery when, as and if issued and received by us, subject to the approval of legal proceedings by counsol. It is expected that temporary bonds or interim recoipts of Dillon, Reads' Co. exchangeable for definitive bonds when received will be deliverable about August 30, 1921. Price 98!A and Interest. To Yield Approximately llA, Dillon, Read &. Co. NEW YORK BOND SALES (flAt.KH Kt '0f)0l Adams Kip 4' 0,,,,, flJ i n:m 1 m Am Airr A ChlColo L 8 44ii 7U rein 1 7(1 1 tmH 1 70 1 Ofli 1 70 ABA IV it lia Cons' il ia "' 1 70 1.... 102 Am Bu Il'it U' 4.... 103',i 1 70V, 'Cuba A B AmnTATelt j,,,. JOO 4 7n, J.... n 7!S Cuban 4 Ml j,,,, 1 M) (,.... Amn TAT f.i l . . . . 6 MH' 12.... i Mtt n.... 1 Ml Amn TTC 1.... JOO 0.... 100V, 4.... 100". Armour m 5 fO 1 CO 1 7B 09 4 H OTU 07 V. 07 07 07 07 00 tt cui 0 r. D'nmorli ct K f 1.... 102 Denmark con ct n Sa r..... 101i 1.... 10 1.... 1024 Klne.lom .Noi- way ct 8n 8.... lODVi 1.... 101i 1.... 10.1U 1.... 1034. 4.... 104 K Hw.d.n 0 t F0 n mm o huh 4 IHl I 2 H.0 2 Ml. I.acUd Gdi U of 3 I. Si 0 70 tak Sfaori' At flo'n 4a '31 2 Will L Val en 4 Ha (1 70 'J lid II irm 4t The information contained in thia advertisement hai been obtained from aourceswhlchufoconslderrcliable. While not guar antced.it It accepted by usai accurart. V-odKaa '(' ' IRRESPECTIVE of the financial weather during the last 55 years, this bank has added each year to its earned surplus and profits. Central National Bank of Philadelphia Chestnut Street at Fifth Capital $1,000,000 Surfltii und Vndiuded Vwfiis Eamtd $4,400,000 n Advertising Outlook it S I I AVrTr"--!.! . Av4 Jrl itattf f lirriL. r 'r 'sin 1 1 I Before you place a siriRle insertion, for the Fall or Winter be sure to read Rojjer W. Babson's special message to !ie advertiser in Babson's Reports. Barometer letter off the press August sec ond outlines the present situation and shows you what's ahead in the publishing field. With thte information you can see what's coming and govern yourself accordingly. WRITE FOR COPY TODATI Copies are available for distribution to Interested execu tives, (rra:U. Tear out the Memo now-and hand it la your becrctary when you dictate the morning's maJL Merely Aih for DalUlln 34UC Ro?er W. BABSON'S If you leant to stt just lui o litibsoii't Strvice iiltl make and tavt dollar) in tltt various dtpartmtntt of your cwn busintts, Irar out tin MEMO now anil hand it to your stcrilary tvhrn ycu 1 dictali the mormmt's mail. Statistical Organization Wellesley Hills, 82, Boston, Mass. (Suburb of Uoton) .n Lartutt OrflanutatKm qfutM Adnitn in tA TT.rU - CLIP OFF HERE - . - MEMO for Your Secretary Write Rojer V Itabxin, foundrr of The Ualison Suthtical I I OrBanliation, Wellesley 1IIII K. .Ma . aa follows: Veaie . send me, .1 copy of Uulletii;S4UCand booklet, "Inctinmis ' Net ProjUt" Kratl3. fr1 Wev TVndf r Handbook" -will make clear many Ilnu reganUng your I. 1 l,ranlni and wIU txpuia market terms. Alk for TU-175, no charge Call, phono or write Helpful information for traders To aid in making your mar ket decisions, we supply un biased information on Xcw York Curb Market stocks in our Board Room, ovcrthe telephone or by mail. PHILADELPHIA OFFICE WIDENEH MJIXDINCJ Telephones 1 Bell, Locuit 4780 Keratone, Itace G8C1 nALTIMOItU OFFICE 4M EQU1TADI.B UUILDINO Telephone: St. I'aul 8(51 Dhcct Private Wires New York Chlcaxo Uo.ton Philadelphia I'ittskurvh Detroit Daltimore Cltveland Jones & Baker Utmbtrt Njo York Curl) Markit xmrotMjfiAmxBtMjuLvtnAnrmMuiliaiitTMaaKamxiaBn.-mvmLutmnmi i,iM-riwa CHARTCRUD MARai 10, 1812 Tlie PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities iMember Federal licscrre Syitem EVERY TRUST COMPANY SERVICE 517 Chestnut Street Philadelphia 1 IJUOAD STRCI.T .OITICU Chestnut and Juniper Street t.r.i...J.n -uwii-rniiii E. H. Rollins & Sons l'oumled 1176 Investment Bonds 1-121 Chestnut St., Plilhtddphta I'hiMio- -hiirucu S1C0 Hoston ru Yoik Willrs-Barro lliiltlinore Chicago San Fraiicltco Southern Cnlifornia Edison Company Gon. & Ref. O'a, 1944 Price 88 and Interest to Yield 7.07 Send for descriptive circular The Rails In a special article the rail road situation is tliscusBod to gether with tho prospocts for: Southern Pacific New York Central Rock Island Atk tor a f'rtt Copy Boureau & Evans Meinbara I r.1?1.'1' f't'"',, Kchu I CMIcubo Hoard of Tradt 130 South 15th Street Philadelphia tociwt 5182 Rae6 net A T B aj l)n ft It l fJ 1 71'd 2 47 a 7'Jlil 1 47W 1 73 D A n O 4H A T A B Yf W 2 004 2 7A Ocn A n (1 ft D 78H 4 72S a 7S iDt TA B '40 lfi 7R 2 77B4 Atch Topkn h Do Canada '21 B Fa er 4n s 2?4 r. 71 I r. .... on 8 71 I IU Namourr A A Danv In l'wd'r THi 1 OS 2 08U A Co.it I. 4i 4 1)8 VI 1 70 I 2 PH AtlBntlo Ilpfa 3 tmVi et O'.iii 2 t)8t4 2.... 101 Duci Ltaht fls Halt A Ohio cv a DM. 2 71V 1 0U, n.... 1..., 1.... 1..., 1.... Halt A 1..., 4. . 7t' . 71 . 71 . 71 . 70 K . 71 . 70 K O ll'4'i . K7S h Dnlt A Ohio 4i 4 llt)T4 tlalt A Ohio ra 1 72 1 72H 4 72 2 72, Unit A Ohio 1 01 1 01 2 01 B OlVi D A O flwn nv, 1 R2 1 h2K U A O Tol 4n li r.r.tt n r.n Boll Talrphune of Ta 7a 1 101 'i Si.... 10l 2.... ion; l . . . . ins llrkyn U 11 1st l eW Canadian N'n 0ia rcta 1 08 ",i 2 08 2 08'. 2 flR'4 ft 08 Canadian N 7a 1 . . . . 10.1 1 (a 7) 102U Canad'n tin 8i 5 87 Ctl Tactile 1st 1 73 3 73 7 73 v. Ceu'l Pae 34 1 70 Ccrro il Taaco Copp'r 8a 1.... 107H C ft O cv 4 'it 1 71 1 77 '4 2 77 2 78 C'k A O cv 5 1 34 1 83 1 fi3 Chi A Alton 3h 1 4rtH 0 4.1, Chi A Alt Jl'io 2 35 4 C 11 A Q im r.tt 0inl l.Xrt r. 44 1 44 nrt n n cv a i aovi Rrle n B f v I 1 BOH :ru it n cv i 1 41 Orne'l Kim ft 1 JIOH flcna'l Ulfc 0 0.... 100; 1.... 100, 1 . . . . 100 i Jtodyrar 'i'ln A Ilub'r Si I ( 7) 101 4 a., Mm 11 1.. Man 1 ... 70 Kid 2'ln ... 434 K 4 "In 67 4 8 1 ... 8.... n . . . . i.... 8.... Omt't lft... BO... 77... ... 1... 1. 22. II. 101 1014 101 101 101 101 Frcncn 7Ha r!t 4. 1. .10. B0. 4. 1 10 ft. 1 ft. ft. 1. ft. 0. 20. 1. (aO) IS. ft Oove't V 0(14 0(1 0(14 HOW 0(1 U 00K 00 oe 004 004 onu on 4 00 4 oo v; 00 4 on oo on on 4 00 4 on u P'14 Oil 4 00 Ml 4 004 00 004 00 Oil 4 004 K Hi 100 100'. 100 loon,, 100 Mkt St fly tut ft 71 Mtx Tatr'm Hn ft 08 1 08 1 OH 1 US Mich Tel 3n 1 00 Mo Tactile la 1 044 II ft4 4 ft R4 1 ftt 1 U 1 .... ft I A O Bt I- A 'Mrlo 4a 1 7ft f. .... 7.14 lout' a Pwr n I 80 Mnr'a A C m 1 714 s V Cnf ! I...... 704 S Y Can 4 4" 1 704 N Y Cent' I Hi 1 02 ft 02 i o'.m; 7 0UH V V'k Ct'l 7" 1.... 102 a ioj 2.... 102 V Tk l.toht II A Pwr 4i .1 17 4 Sr T N 11 A llart'd Si 1 Ill N Y Tela 4 4" 1 824 2 824 1 824 N Yk Telan fl 2 034 X'k A W c- (Is 1.... 104 4.... 101 2.... 101 N'orth WVn 11 Tola'n Ta 0 .... 824 Su'n 1'acHV- f ft 774 2 77i Hin l'nrin- li 2 . .. 72 fio'n lao cv 4a 2 S1V4 I.. .. 81 1 . .. Ht 2 81 Bo'n I'nclOc ft 2 00 South'n niv t a ft 1. ... 1... 1 1 1 ... Etand'd Cnlfa. 2.... 0. r.7 ft7 07 li ft7 B74 ft7 4 B7 Oil of 7 1034 10.11'. 10SH Bwlta'd Con 8 ft.... 100 1 105 1 . . .-. Kill 2 ... 10.1 Term'l It It a of Ht I. 4l .. 71 Ave ftj -. 31 Ave la .. B2 B. . Third 4 . Third ft.. 1.. I.. .11 B0 iTIdenrater Oil Co ct 04a 1 U04 Toledo Ht 1, A Weact'n 4a 2 47 1 47 Union 1'ac cv 10 .... 854 Union I'hc 4i 1 82 3 82 2 81Ti V K of (1 Ilrh A I'd 1021 ft... . OOU U K of O llili A I'd 1022 4 00 UKotO llrli A I'd 10211 2 804 3 80 4 1.... 804' 5... V K of O Ilrh1 af n ft I'd 10S7 1 1.. . 12 . . 87 4 W 1 1 .... 874 11 874 1 .... 87 4 U a Ilruxll Mk U S Mexico Ri ft 4.1 2 444 U H Ilubb'r BH 1 704 1 704 V ft nub 7 4 1 ... 101 U 1 9 Bteel fta 0 .... 01 1 01 Z 01 Vtnh P A I. Be 1 . .. 70 Wca'n nieo fts 1 074 1 .... 074 W-at'n N Y A V n n lat 1 83 Wn Paclflo lat 100 110 on -4 100 101) 10(1 101 100 ion 100 . 80 . 804 . 80 Md 4 . r.4 4 Mfir 7h 1024 101 101 102 1014 102 1024 1024 103 Wilson Co cv 1 604 WIlMon Co lit Ulyrtj Mlxrty Liberty Liberty Liberty lllljh r w .li S7.1I4 87. Hi Ut -I'Ah.. NT.'.Ml S7.110 1.M 4',.. S7.7H 87.74 .Id 4M8.. !U (to 01.70 1th 44n. 87 00 H7.74 es 4-?id... 1).S() 0S.72 804 . 80 4 1 30 r . 87.1)4 87.00 87.78 ni.8i S7.S4 08.80 1.. 1.. a.. 15. . S.'. n.. 4.. ft.. 1.. 1.. 1.. 1. 1014 102 102 1024 1014 1024 10J 1024 102 1024 102 102 102 4 102 102 N Pacific U 3a a (a a) r,i N Pacific II 43 1 7S ir;r A Calf Sh 1 01 "r.xon n U A N.ivl Co 4i B 7S Orir-Wn It Co Nixvl Co 41 3 73 1 724 lOOijIi'a n am 4 4" 11111 1 804 ll)i I'n'ina Rd il'ii 100 100 100 , 100 100 100 100 100 1004 100 1004 ft.... 100 Chi A Krlo ll 1 M)4 Chi A O W li 1 .... 52 !!.. .. 53 Chi Mil A I'st Hound 4a S (l.'i'i Chloaito Mn x Bt 4i '2.1 1 70 2 70 1 7'14 2 704 Chicago Mil it 8IP cv 44-t I 2 01 qhlcaao Mil &i SIP M 1 1 01 2 ill 4; CI 1 ii Nwn m 13 77 Chi A Xwn 1 1.. . 1"3 4 3 103 I'hl It I A I 1 I 100-1 (M Trunk - m 1.... 1024 2.... 102 7 ... 102 4 1 1.... 102 2.... 1024. 1 1024! 1 Nth Ilws 7s 8 . 8.. 3.. 1.. 700 100 100 100 100 100', . 10n .... ina . 100 4 ... 103 . 100 3,1 103 4 . ..K'0 1 ... 1034 . Kil P Cuunty ov . 100 0 . .. 004 . 1(10 Pull Srv Cp'n . 1(10 X Jsy Bs Man f I 11 ... nil . . . Ilfidlne C11 4i S.. I 1 os, ns 1.S4 '-4 C u 3 Hla Ch'.lo 1.. Chine 11 j 3 1 P.. -. It CI 1. ft . 20.. O 0.! 4.. 1.. 1.. 1.. ft.. 1 if.!! i '. Hud 1.. 2ft.. 1 ". 1.. 1.. Hud 11.. 0.. 4.. 1.. 1 HI Ocntru 2 704 0 7U4 til Cen'l 4h Mj 3 71 14" 82 SJ T fl .1.14 1. 81. B. 1. ronna R P. 71 l ... 103 1 . . 103 0 !!, 00 (i!) 00 0'l Wi 00 00 00 H'l 00 GOSSIP OF THE STREET For the first time in the hintory of the Ktorlc Kxehnngo, dnmngc by lire, which fctnrted nn hour before the usunl time of opening, cnitKed n ruspennton of buil ncssi for three lioiirn on the big boanl. Virtually the entire financial community felt the effect of the -toppace of the in tricate machinery of Wall ntrcet. Tor that reai-on the official of the Kx ehnnEO made herol.- efTort to resume buiinesH nt the ver. enrlicnt con venient hour. Earlier program was re peatedly upset by tin diunnce wrought by the conllnKrntion. the immediate ciiuk; for which has not jet been fully determined. It lievertlielenn put the whole machinery of the market out of commission from 10 to 1 o'clock. Iluslnesn during tlie rcmninlnit two hours was trnncaeted with n great deal of difficulty, especially in the various departments, particularly in tho mat ter of bond trnniactlons. Tires occur every day, of course, and put all kinds of business out of joint, but the inci dent yestcrduy demonstrated beyond all dispute whnt a big factor the ofter, much-nbused Stock I'xehango Is in the Nation's busincsH welfare. Banko' DUcount Rateo ISk --.., t.J I xtSSS 1 ttY"i liuml". l'uimr. Acce"' fH-y imi'v nua ' ? ft ? f 'i kiiilSlllj il l 8 M M r.4 n r-4 a a n n n'4 11 11 0 04 64 r.4. ft 4 te c'irretomn w.m inierex ierlinitea rlrdned aa collat U Reserve Offlclnl redlrenunl thIhh nt the HVilo Fed eral Itesone llanka ni ni fulmwa Treaa Ml,. ('iin I Ilkri el lloatr.n vi w- lorK . . . . I'hllndnltihU . . 1 tPvei.inu . . . illchninnd . Aiianta 1 hlcaeo HI L.oun . . . Mlnneapnl a . . i.anaaa Clly . IMllaa Mn KrnneiKO )leount inte borno tiy i-iaf, with minimum of ft tr cent. U. 8. Ccrtlflcatea and Treasury Notea B Int. iinln "BV4 0 .38 -0 5! 3 M Malurlnit Il.it Raid . 1021 . Bopt . 1021 Oct . 1021 . Oct . 1021 .. lrr , 11121 . Knli . 1022 March. 102 .lircli. IS'2.' 102." 1022 1021 5 4 June, J4 Auk , 5 Jut.e. P.lil 1 00 ,s loo 3-32 100 A 100 J 1o KIO , ICO, KiO.V ini. Akd Ylald K.04 . a ' 10117-32 4.1 100A lllll'l K104 1 00 A I0'4 K'OA mo1' 100 A ldO 1(10 4. .Id 4 '. 4 fii 4 H 4.0 1 4 01 5 1 n 1 r, 1 Kxi-reiit from nnrmnl l-deral li"(im tax tAcceptnlile rnr pavmeni oi inrunie la lue on dale of maturlt. Fewer Idle Freight Cars Hurplun freUht ran iMmbrred 310.77 July 23, 21, J iJly 15. aorordlnK on feuer than tho tntii on to report uf Ine rai rvle division of the American Halmn- Aaaoelatlnn Thr rcd'jrtlon wiia i-au 1 mainly by the lneread demand In th cen I ml wentern r"(;."n for Brain enra Id's bo t.ira tntaled 11' H2 Hnd c"fll cixra 10S.fti .ipcreaaisii of HI 101 and 50111. reipectlvel from the prprfdln pp1 Hurplux atoe,v cura undcrwem i daereaao of 02S curs. French Bond Issue Succeeds Pari, AU 3 PubfPNptlons of nearh 5 500,(1(10 011(1 frann hu hppn rrrnhPd In I ,n (lotpiiinn-rt f r tlie laue of 0 ppr cent n raury lxnli which wl'l maturr In t-v , par. ay the Journal The npw-pipr t ar't that the bond lnuo has tx-en ue . siful Our August I n v estment Suggestions will be sent to you on request for PE-410 timely lint nf lilrtll irrnde 1IOMIM Irlillnrr from 4.10'f to 0.23 The National City Company Philadelphia 1471 Cheatnut St. Atlantic City Chalfonta Block 1223 Boardwalk a C3U XT. ulI "" 1 rf-i-innrr' ! Hall .'Moement tiiiqiie.'.tionably a much .. os(, 2 . . ns 1. . . 0S4 1 . . ii4 np .. CSi 1 Mna 1 1 1 . . -13, 2. Ilia Htetl 1 12 Inlbro n .. 70 704 ., Chile .rcla . ... os no os 41 1 3 .... os 4 I Kep'e C B 'OI 434 'I .... 704 , i ' 1 III 1 Grande X ( ' V n c-.i -I 1 52 '.v k I. . . .V! I oui'a 4 j : . C.7 I n Mt A n rtlj- i 1... . 72". St I 1. 20 r.ft '. 1.. 1. 20 St I. & a 1 .11 , 1 .'.14 .1.1 (i A S 4 4i "... .114 R04 I M Marin- On Mt I.. .. 7'i Cop 1 0i I 7'i 1 -' T'' t I ... 711 St 1 1 7'", II IS ;.... 704, 41 lO'Ul Cent I It- ' 47 .1 :iii 2 r a. , ,-i 1 . . . 40 ' 1. Jnp Uoie'i lt 00 l ... M U'4 I S.I I . Il.-r.i .. Jo 1 Oow.'h -in 1 1 ''0 1 .111 1. . . 2 li'H, I ... 70, rit I. 4- H ! H'I4Kjii C I't a 1 t -rln a 2 HO',! M. mp 4 ' 7 City llord x Hi I ... US 0. I 7:v, 7.' 73 I .0 r.oi, O'll, (iii 1,114 1111 4 (I'll, (l'l (10 CI (10 r in ,vi 'i "i 4 u', .-,' 4 "' ' VI ftini Tho "While (here better feeling all around concerning the railroad, there is. nevertheless, con siderable diversity of opinion as to the stability of the forward swing in that croup. It was rointed out yesterday by a conservative mnrket observer that the prices of the rails have consistently advanced for over several months, and the representative shores are anywhere from f"i to U0 points above the lowlce' of last spring, with nveroge gain ot approximately 10 points. Eventually. If tho carriers fniccessfully work cut the problems of the day. the will se 1 much higher, but the question nt tho moment arises whether the current movs metit, In view of the undetei mined fu lure, is not moro speculative than of a permanent ehnrncter. It remains, therefore, to he fccn wheth'-r there is in progress an organ ized -iccumulation of these lung-abused stocks, or whether they arc not reach ing a juncture wherein u distributing stage is close at hand. The recovery has bep;i nlore pronounced in the repre sentative shares, particularly tho so called l'McifieH. Orent Northern pre ferred has ri-en from (50 to within 11 shadow of 7(5 and Northern Pacific from (11 'j to above .SO. The lower fig ures, of course, were made when con siderable doubt existed as to the sta bility of r!u dividend rate. Tlmt np penrs now to have been eliminated l'rispe.'ts for the trnnsportnton com panies are brighter than they were Fome months a:,', but every sens.ble-tliii.U-ing person recognizes they are not et cut of the "voodi Western Money Market Unchanscd The A Vest cm money market shows coinparativel no change in face of the lowering of the call rate In the Host. The period of harvesting crops has caused rates to hold steady, with the requirements for funds being of fairly good proportion for such purposes. With signs of moderate Improvement in a tew lines ot iraue, it is pronnnie mat with the Inc miing fall the demand for fundi may be somewhat accentuated, nltliough it is hardly probable thnt such requirements, will cause much change. There is nn apparent feeling of nptlmUm ever the developments in respect to the future of the railroads In aeqiiirin,; some necessary funds for placing their equipment In order, anil such funds would indirectly benefit com panies engaged in the manufacture of railroad supplies generally. Tin: TKADKIt Mva$il 5 of 1903 A direct obligation of the U. S. of Brazil also secured by specific taxes on customs revenues. Yearly income 8la at present rate of Ster ling exchange, and over 11 at normal rate. If called at par with Sterling exchange at present rate, profit 64, and at normal over 120. Descriptive circular on request. 33atne, Wzbbtv & Company KSTAIIMPIIEIl 1BH0 .Ifrtnbrr? .V Y. Stock llichnna' 1422 So. Perm Square PHILADELPHIA Roaton Mfctny New York Chlrarn Hartford fyvn-'Ufvtr. r.orv a ii tiffi 'i - I il mil I 1 a 7c,c l M t rmam We own and offer Swift & Co. 10-yr. Gold Notei nt 97 2 to net 7 Clevcld. Elcc. Illuminating 20-yr. 7r'r Gold Bonds nt 95 to net 7Yirfc United Light & Ry. Co. 10-yr. 8r'c Note nt 98 to not 8.30 Those bond may be pur 13 chaied citlicr outright or on our Monthly Saving Plan. BATTLES & CO. 1 ritabln'i'tl ll'JO Inilriwnilenrr Snnnro (Knit) I'Hraritti'siiii.ii'rTiiiraiFriircnniiiiETa.mi Position of Various Groups Since deflation began we have put forth every effort to analyze the statistical position of industries for the purpose of deciding which groups of securities are the most attractive. In our current Weekly Re view we have discussed practically all of the va rious types or groups of stocks. A few copies of this review arc available for interested investors. Write today for Circular No. 122, sending two cents for postage. MOODY'S INVESTORS SERVICE JulIN MOODY PronldVnt 1124 Red Estate Trait Bldg.,Phiti.,Pi. r Yur.i Huston I'hhago Southern California Edison Company General and Ref. Mortgage 6 Gold Bonds Due 1944 Company is substantially hydro-electric and supplici electric light and power to over ISO cities and towns, in cluding Los Angeles. Popula tion served, over 1,500,000. We hare been identified with the bond financing of thii well-known Company and its predecessor for the past nine teen years and recommend this issue for conservative investment. Price 88 and interest Yielding 7.07JS Complete circular on request. Harris, Forbes & Co Pino St., Cor. William NEW YORK PHILADELPHIA OFFICE Widencr Building Telephone Spruce 7040 LOCAL MINING STOCKS TONOI'AH STOCK rilil .U "h 111" " mi Jim Hu'.r o.l ,ns Mih-N'Uj i'u .... .I't is ( ririni 0'i 1 1 MIJ . M II Mlii'.u I'm .... n "'I Mi n'ttui 01 us Nor .1 nr .0" n.1 Hcu Ku 2. . .. .2i JJ 'I on i: vt .... I ,', 1 1 w.m KnJ . .70 7.'. W n- Tjii .".' .in niviKi: sTii'K.t Aiii.i.i niv . . .in us .Ml" III ".' Ill lv ch-r '! o;.' I Vi 7.x ... . . I'l o.' 1'i-n llur nl - . K.l4 . . hi l of i'op r- !mt-on A Si 1.1. . 1 . B 1 1 A f'ty Kun O 1 i' 1 1 . . . . .17 :i a.7 n .17 v; 1 ( 30) J7l4 !in .' JL - a .1 -I. 1 . 1 ft. St I. H ii-' iljt l-'1. 1 Mil a.. . . n . l.. i.. i.. i . l. '!. I 1 . '. K C 7S4, 7 . 7 S . i .1 . 7il 1 . TS'i Kelly . . 77i h-rlte II .. 77', I 1 .... 71 . . 77'- S! I. UjWm en r l!l j .1 . , . IW 7.1 1 (lil', . TJ'. 1 . .. ill) . 7.1 Sum IMu.o I ripr.naM llrnill ci si T rv i. 7M. 2. . 7S I Lit Uiam Gi ft y. s 2 . . . M. 1 .. . Ht 1 .... 8.1 Cltv Mars' el r... B.. 1 . B. Cit- ... 8H'4 ... M Si ... SI ... S.I l'arli ii ti i ' . (IP's i;yi k i p. .. mi", . . 100 a ... io' 2 .. ion v, 2 .. l(lil' OlM Cln C'lil lit Lcul Cm 1 uuu Colo Bo'n u .... b:k I' I I .. H7 i .. 07 S 117 V, .. H7S . McltlUUI IH 1 ... Wl, It Heir in 7', l 1. S 1 (a 7 .s, I' i i W) us", is tin I aj V! "li. r. cnJ i . i . ioa i (ii: 2 . lnl Seao'U A .1 . 1M 2 .. . (1 ... 101 . '. a iuii : . Mn, 1.. . 101', '. Ml 1 101", S.b'J A I ft 1 lo lk 1 . .. i0 K Hi-lj m ii Ik -trul' J A 1 ill 1 .1111 1 fill.. I. Ill l V S Sli' 11"' 1 .. f.JJ, liniT, sinw-uir i' i i.i . Ilinunh I'lv . on I nivlile Km .!M I l pv i.iii .fij jpi iii'-nii .hi Tuft Ilv 0 llnim'll 11 Hi lr-'i l'r. ivj IIUli juv m Un.x 10 '( n IHl . ... OJ Itenu HU- 1 it' i ii j M!i Klne "1 'i h."' -nil i'i , Tim Hlv 70 Ten llaili k n .' Vlc'nr IHv (ii i Vinlj Ii,.- ' 1 Zulu- . 1 1 i r,i!.iii:i.!) srixMc-i I )o-Mn . ivj i'nib Fr ic ... i 'iip:eii.n lc o.l I Iii.mf 11 11 01 I'lorence 11 fl I.I' Cm nil unit r 114 u,..iiir ii-op in On-nt I'-n.l 1' I.liinbn K.t ni howfcn 1 . tp'i '. vn St,r 01 I Oro 1. ii irn f'.wr I'tili "liearh-i 1 nl .nl .01 .'.I nl ii J .!.' ii'l (1 J 0 1 I' '1 In light of the recent activity in the bond mar ket and indications of high er prices, we believe con servative investors will be interested in reading our Monthly Survey of Investment Conditions Copy of which we will furnish on request. BSodget&Co. Real Estate Trust Bldg., Phila. nniton f hicaijo Walnut lCuil New York Knee 1369 HIGH-GRADE BONDS are stearV.ly nlanclnn In prl i' WV art- 1 rcparod to 2UBffet ijc-wti. 1 sjes Jleld I11B frum 5.. to 8 L.lii rt- F'i-i n .md .- . Hought WlOtHin CLRC, PHILAOtlPXIA MmiirTmaaWJcajx A'ui lLr&MucA ttrtAufw IllXABtTH. NJ, rl ?l 2' IM 1 1 Wanted 1 toi Kiiijilmn lii m.irk ct Sa 1 1 , 1.... ' pr'n Tl l-J nil, ua n'j 02 T n 3 .1 lO'.'S, (1 .. lU'.'VSi 2 .. 102t,i 1 .... 103H s'n nu 1P2K1 1,,.., Ar rr llU ( ' .'.ii.m'i 1 '. ., I' "iin 1 M'- f I U-- 1 t Or m I -kl llul II.. 'l M..!ll l.u.l V v 11111 v W .n .-i Hurcrsi Tciip .Uln 1'hlt Cpa , Wllbert ..,, 02 MIUfSJM.AN'KOt'rl . . 1 0'.' 01 in 11 .0" .',v 3'p 1' I I .1 .02 .OT .0 .OX 1 1.1 I 1 II i'l (VI .Oil .02 Northumberland Co. G & E., S'i 1946 Villiamiport Get ,5'i 1939 Nashville Gas & II. . 5'i 1937 Georgia Ry. & Power 7's 19Z2 Reed .4. Morgan & Co. 'I ml .ti . ' I", i - , t, i - ' ' ' . " ' 11 ..' ' i-uh, AUTOMOBILE INSURANCE Municipal Bonds Maturing in from 2 munths tu 20 ycais Yielding i'rom 1.80'' to T Free from all Federal Income Taxes Write for our Circular L-142 A. B. Leach & Co., Inc. Invvstment Securities 115 South Fourth St. Hell lLph'iuc, Lombard 0257 1f;l" "" iMMWmi--i !,IHtT ' 'lOtir' 1 im" ' mi n i. iNsriiANcr: co. il "PHI llt 11, si I'ENNA. TAX -KtE SECURITILS PAUL & CO. tommmw, timm & loeb i1f0mtVi.r.i New York and Philadelphia Stock litchanata 14,0 Chestnut St. laeaaaaaaaaMcecajLaiujuiHitijLiJi GEO.VKEND15ICK 3rd Q CO. VKfwuw li3lAlUH Mambcra N. Y Phlla. Block Kichi. MILAOUJHIA IUII. I Hrrnra MtO Krr.t Miff M0 1 1 & lr I'M. "7" Icnn. llwy. I i t hi., -. Miur- & Milw'Jccv tu, 1938 Winston .S.'tli-m I n Stii. 5s, 1060 Wrmunt I!'Jru. li i-ct. 0s, 102l hemwy a ouraiiMG & uo. KXI'MAMIK IIUII.lJINd IB PM Kxrhca N1C1CI u,rtte; rilp Telenliuno jr Ml R J i ii,t,.,,tl hr I'lilla. Klo.U ML I 1A 1 VJi
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