' ?r
' . V'jMfr" ' - EVENING PTIBLTO TDBR PHtTADELPHIA, TUESDAY, 'AUGUST 9, 1921
" T1 -"!! aT- .
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How to Grade
Investments
A BOOKLET that tells
how to grade and classify
investments in vfcgard to
their safcty-
A booklet that explains
the firt principles of in
vesting money in plain
?Vnd simple language
Such is our booklet,
"Common Sense in In
vesting Money". It will
be valuable toyou.Writc
for it today, and specify
' BOOKLET 704-Q
ARE
NEW YORK STOCK EXCHANGE TRANSACTIONS .
Trading Touched Low Lovol for
Yoar and Was Meaningless
S. W. STRAUS &, CO.
ftS I Ifrnffrtnimn . trinr taiisr ! it
Stock Exchange B1dg Phlla
Ttltphr.t Srii'ct 56:8
39 year without loss
to any investor
Copjrlsht 1011, by S. W. Striui & Co.
tirat
iww. w w ., . w j j -jugjjjjjuujL I I
j W V
'll I
SAFETY
AND 7
We recommend the 7e Equip
ment Trust Certificates of the
Indiana Htrbor Dclt R. R. Co.
d"e sml - nnnunlly iip tn
Pebruary. Will 1.U"1 under
tie Plilladelnhls P an."
Secured by neresa-v lnromo
1l'es and tender?, with eah
equity of 331.
The Company operate t07
nil'es of terminal traclt in the
v'elnltv of Chteiso
The capital etoek of t'e ra.I
road It owned hv 4 icadlm;
trunk lino railroads.
Price to Yield 6.75
KtnHlu nfc for Circular K3-S2
CASSATT V CO.
Estabhthtd 1872
COMMERCIAL TRUST BLDG.
PHILADELPHIA
mw vcnn
DLTIMOBt-PlTTSBUBSM-SCP ASTON
iii;
, i
e
Nerr York. Ann. 1). It wni another
lull tiny in tlic utock market, but what
It Inrkorl In brradtli nml iictlvlty It more
thnn mode up in ntrrtiKtli. The llfrlev
chnrryter of the trading ran bo better
opnrpclnted from the rnct thnt during
the flrat hour, nautili? the humect period
of the dny, the turnover was bnrcly
00.000 shore. Thl reflected a utrict
adherence to the watting policy on the
part of the professional trading eon
tinirent, rr-nsone. for which remained still
unexplained.
Out more the -nCri" (I'.' n -n.
the htnbili-.lng Influence, and had the
market b tt u ir ,!, in ire i 'thv tiii-r
would be ground for atiapit'ion th.lt
the renewed Mrenitlii of tlie group vn
ce;ng adroitly emp oyeri to wirilitptP
tllatritiiition in tin- IntliiMrlnl quarter
The alertne(. however, with which
virtuallj nil the rnll. more enpeeially
the high grade iMiri. responded to re
newed demand. etiiplioviJii'd finite clenrlj
It nt it much ea'ler task to sell rather
than to buy theie particular 1iuipi.
About the only definite explanation
fir the relived Interest other tli-m tri
nieal conditions was the unoflicliil re
tort of the Railroad Labor Hoard Iihv-
p reversed the derision record tin tin-
ballot of the Pennsylvania Itnllrond em
ploes. The report was said to have
been made by a high railroad official,
but there was no continuation of it
from Washington.
Nevertheless there was a broad de
mand for all the railroad stocks around
midday Great Northern preferred,
Northern Pacific. Canadian Pacific.
Southern Pacific. New York Central.
Reading, Chicago Northwestern, I.ouls
ille and Nashville, Misoitrl Parlttc
preferred and Ualt'unoru and Ohio pie
ferred moved up 1 to ln4 point
Otherwise the movement was mean-iiijle-v
and to sumo extent inroii'-lsteut
with Individual lntluuiccs. American
Locomotive, for iir'tanoe, in fare of
the remarkable good showing for the
first half of the year, ran uff a point.
Desultory short covering brought mod
erate rallies in some of the industrial
Issues recently under pressure and drib
bling selling caused others to run off.
A cancellation of more tliHti half of
yesterday's wild udvanre in sterling
exchange revealed to what a large ex
tent tiiat movement had bet n of spcu
laliie orizln. At the same time call
iiuno. couiinuel tirin at ti c, cut Mini
ivports that the demuud trom the m
! terior fur agricultural need- was in
creasing. LOCAL TRADING
AT STAXDSTILL
Province of Alberta
Guaranteed
Thirty Year G Bonds
Issued by Lethbridge Northern
Irrigation District
Due May 1st. 1951
Principal and Int Tost,
payable In New York.
The Government of the Prov
ince of Alberta has by endorse
ment provided for a full and un
qualified guarantee of the pay
ment of the principal and inter
est of these bonds.
Price: 87.52 and interest
Yielding 7
(rarment tn United States Funds)
Write for Circular P-S9
Wood, Gundy & Co.
inrorpora'd
14 Wall Street, New York
Toronto Montreal
london. Kne. Wlnnlpes
Pennsylvania Failed to Re
spond to Flare Up in
Other Rails
Spruce 8200 I
BOUGHT SOLD QUOTED
United States
Government
Securities
All Issues
SKCritlTIES DKr-ARTSUSNT
Commercial Trust
Company
Member Frdr.il Itrsrne Mmm
City Hall Square Wet
Local stocks showed litt'e life in to
daj's market anil price change nrr
liicons.'iiuentlftl. With the dspui;i,ir,
to mark time in virtinll. all the lead
lug security markets the itidoleivc o
the IocmI outfit w.is nether s'ir.irisiii
r unin'ural. Trad ng was aim ist en
tirel perfuui tun, ulioUMUo Intevc
nf the lowest ehli witnessed In a l.im.
time.
About the onl. seniblaiiie of interest
was supplied in the dealings in Penn
sylvania Railroad and wlilth contrasted
with re.-cnt sessions were considerably
curtailed. The Rtock made a poor re
sponse, to the brief spurt in the rail
road shares on the big board, which was
more -surprising inasmuch as the in
fluence behind that movement was
prompted by the reported reversal of the
labor ruliug affecting that particular
company more than others.
Another illustration ol the thinness of
the market was given In the two-point
drop in PennsTlwimn Su't from the
previous ate to 17. hHi nm made on
ut limited offcing. Dei-lurntion ol
the ii Html ijuarterlj diwdeud-, on the
Philadelphia Klectrie 'hares was with
it effect. Little, howevet, was done
In cither the common or preferred.
With no transactions In Electric
MoraBe Battery, L'nlted Obs Improve
.nent, Philadelphia Rapid Trnniit. Le
nigh Valley and Lehigh Navigation
during the first hours a better Idea, is
obtained of the pronounced character of
the stagnation.
Considerable interest was manifested
mi the street regarding a reniirt in cir
culation of the. paper of one of the mora
prominent local manufacturing concerns
being hawked mound and offered at 10
ei cent, with a big bonus. A careful
anvuss of all the leading banks and
oilier loaning Institutions tailed to con
lirm this report and in better informed
Irvlos, when the name of the con
ern was mentioned, it was dibcredited.
Dlv.
Sales In I Hlnh Low
3M .. AJax llubber 33)4 23 Vi
2'J Alaska Juneau G M... 1 , 1ft
'0 4 Allied chtm & Dye. . Mi 37
200 7 Allied Chom & Dye pf . 80 80
900 4 AlllB-Chalmers 30 3K
30 13 Am Car & Kdy ltJU 13
300 Ani Cotton OH 18Vi 18
300 . Am Internat Corp.... 3JH 33J4
"0J 0 Am Locomotive 85 814
"00 . . Am Safety naxor 4 4
JJ Am amelt & litt 3H 3H
1800 Am Sugar Ref T'2 BOH
0 7 Am Sugar Hof pf . . 8S'i 88H
100 a Am Sumatra ... . 48?a 4H
100 o Am Sumatra Tob pf. . 7SJi 7t
1300 0 Am Tel A Tel . . .IOSkj 10'W
400 l j Am Tobacco . ... IMJi 12.1'4
300 13 Am Tobacco n ltSJ-i 13JH
100 7 Am Woolen 10'A toft
109 . . Am Zinc Lead & Smlt 7J4 7Ji
oo . Anaconda Copper .... 35J, 3S54
M0 l Atch Top ft Santa Ke. 84? 854
100 o Atch Top ft S P nf . . . 70J4 79'4
100 .. Atlantic Fruit . . .. 44 p 4
40 . . Atl Qulf ft W I S S . 334 2?H
400 . Atl GUlf A W t S 6 p 3214 33
100 7 Atl Heflnlng pf . . .107 107
Son g Auto Sales Corp pf . 3i ni
l-!.-1 7 Ualdwiti Locomotive . 77H 704
'"" r. Bethlchf m Steel B. . . M 0'4
300 Bethlehem Steel 8 pf 93 08 'i
10 i Baltimore & Ohio.. 3s4 .I1"'
3J0 4 Baltimore ft Ohio pf . l 'j -I ti
100 Butte Copper ft Zinc 4'i ii
loo s California Packing . . 00'i OoW
100 3 Cal Zinc & Lead 4', 4t',
1000 to Canadian Pnclfle . . ..1I4H 1143
MOO .. Central Leather .... 31 33
100 8 Chandler Motors ... . 402 4814
1000 . Chicago Mil ft St P. . 37 Vi 27
800 . . Chicago Mil ft St P pf 4M4 41 V
M0 5 Chicago Northwestern 7 V4
lion . Chi It I & Pac 33 33V2
100 Chlno Copper 23 U3
mo Coca-Cola. 334 33?,
500 . Colorado Fuel ft Iron 24 34
100 . Colorado & Southern. 30 30 4
100 4 Cot ft So 1st pf 88 M
803 .. Col Oraphophone 4JH 414
300 Col Oraphophone pf . . 18!4 18
300 7 Consolidated Ga 88J4 88
1000 s Com Products Ref... 7U 01'A
400 2. B0 Cosdcn ft Co S7V4 374
700 4 Crucible Steel 8R '
300 2 Cuban Am Sugar 15)'j 13i
200 .. Cuba cano Sugar .... lO'-J 10
000 .. Cuban Cane Sugar pf. 25 244
400 .. Denver & Itlo Or pf.. 1H 1
IU0 s Endlcott-Johnson . . S0'4 59!i
100 7 Kndlcott-Johnsan pf . . 35 05
6J00 8 Famous Ptayom L. . . 81i -M'i
800 Flsk llubber 10 Onj
5.100 .. General Asphalt ... . 5H'a "0?b
5100 s General Klectrie .. ..118',! 110H
1400 t Genernl Motors 10?i 10H
100 Gtn Motors deb 6 . . 04 84
3101) 7 Great Northern pf . . . . 75 74Ji
1400 4 Gt Nor Ore ctfs 23J4 30
400 4 Haskell ft Barker Car. 5BU 5S4
280 Houston Oil 81 4 51 2
100 1 Hupp Motor Car.. .. 10Ji 10JJ
1100 60 Indlnhoma Ref 3H 3
200 .. Inspiration Con Cop.. 33"i 33Jfe
200 .. Interb Con Corp 3J 3?4
100 7 Int Harvester now. . . 7S 7.T
too 8 Int Mer Marino pf . 44H US
100 nit Motortruck Id pf 58li 5S',i
200 .. International Nickel . 13'i 13lj
400 International I'apcr . . 51 50Te
SOI) InMnclblo Oil Corp. 8)'j R
HOT Island Oil 3 2'4
20.1 . Jewel Tep .... ' nl
41S Kansas Citv Southern 2J 3.1 '
1900 I Kelly-Springfield Tire 4t;8 41'h
JOO ,. Keetone T ft U I2i f..a
200 Lackawanna Stel ... 30',i 39
100 . Laclede Gas of St L . 5''i 53U
too 3.00 Lehigh Valley "
100 ..LoeweCo 1 "
100 1 Loft Candy . . . . i 4
100 lioosc-Wiles Biscuit . 3SK2 3.1 !4
100 7 Loulsllle & NaslnillellO 1J0
100 7 Manhattan Kiev guar 40?8 48H
700 Marlnnd Oil 13J
1011 Maxwell Class B ... 10 1
Commodity Markets iilf
i .nn Net
P. XT. Chse.
28 j4 yt
14- '
87 - H
80
soH - ri
125 1
18-14
331 '
8414- 1
4
UK
7i4 W
88H H
48H- H
ISM,- 2J4
10Hi- '
123 H
128 Vi r V
09)4- 1
7Ji- A
35J4 4- V,
84)4 W
79)4- 14
4
324 - )S
22 - V
107
3 '
774 J-
504- ,
08 14- Vi
3S4 '4
81 '-4 4- Hi
414
C0'j- !4
4)4
liiJi- H
31
4814- V4
27 - !4
41 M J- Ji
07 -f- Hi
32 Ji 4 V,
23 -r
33?4 4- H
24 4 1
384- 14
58
Hi
IS - 1
83 !4 - )i
01 'A- !i
Ii V
544 .
1514 4- U
10 J- ti
25 4- '4
IS 4- !i
5'.- (S
31
Sl!i4- 's
0V - 14
51 )i- i
117 - H
I0H
04
7414 1- 3i
291j r -i
50)4 J- H
514-'- 14
10J4- 14
3H- i
32)4- sj
3Js
Bales In t U'l,
3000 g Mexican Petroleum pfl0&4
oun 1.00 Aimuie Htntes corp... t-t-yi
.. Midvale Steel 2H
.. Minn ft St Louis 11H
.. Missouri rnclflo 204
.. Missouri Pacific pf.. 394
.. Montgomery Ward ... 17H
.. National Acme 14
7 National Biscuit 114
. National Con ft Cable. 14
7 Nat Enam ft Stamp pf 484
. . Nat R It of Mex 2d pf
5 New York Central.... 714
.. Now York N H ft H.. 17
1 New York Ont ft W. . . 174
7 Northern Pacific 774
8 OtlB Klavator 88
.. Otis Steel 101
. . Paclflo Devel Corp... )4.
S Paclflo Gas A El to. ... 58
.. Paclflo Oil 85)4
0 Pan-Amor Petrol .... 74
0 Pan-Amcr B 414
Pennsylvania H It.... 37H
.. Penn Seaboard Steel. . T'A
. . Peoples Gas Chicago. . 54
. Pere Marquette I9H
.. Phllllps-Jones 74
. . Phillips Pet 10
. . Plcrce-Arrow Motor.. 144
. Pierce Oil 7
8 Pierce Oil pf 40
. . Pitts ft W Va 37
Pressed Steel Car ... 89
8 Pullman 01 J4
. . Punta Alegro Sugar.. 304
II Uand Mln Am Shares. 19
.. Itay Con Coppor 134
4 Beading 70)4
.. Remington Typowrltor 204
.. Republic Iron ft Steel. 474
. . Republic Motors 0
.20 Royal Dutch N V 5t?4
. . St Louis Snn Fran. ... 24
. . St Louis San Fran pf. 374
. St Louis Southwest. . . 354
. . St Louis Southwest pf 334
. Santa Cecelia Sugar., 3
Savago Arms 11 Si
Saxon Motor 4
Sears-Roebuck 004
.. Seneca Cop Ccrp 104
.74 Sholl Transport 37
Sinclair Oil 114
78
44H -
58)4 -13
'4
811, J-
s!4 -3',
.'534
It 1
it 1
' 334 -53'4
-52
114-
8 14 .
334 '
110 4-48H4-11
10
!4
'
t
'4
i,
H
i i
1?
H
700
100
300
100
100
100
100
100
200
100
1009
1400
100
4800
100
100
100
300
2000
1109
800
2500
500
1300
500
100
100
500
100
too
100
ino
100
200
400 s
100
22O0
200
100
400
400 S
700
100
100
100
100
200
300
500
500
200
2000
100
3100
600
100
800
100
5100
700
300
1200
030
300
300
100
1400
1300
too
700
1800
400
100
200
1500
100
800
300
.. Sloss-Sheffleld 34
0 Southern Pscfllc 78
Southern Hull 204
.. Southern Rwy pf 40)4
7 Stand Oil of N J pf . . . 107 H
. . Stromberg Carb 3f 4
7 Studebaker 78 y
.. Superior Oil Corp.... 4
. . Tcnn Cop & Chem . . . . 7
3 Texas Co 354
.. Texas ft Pacific 234
1 Texas ft Pac C ft O.. 184
(1 Tobacco Products .... 58 H
7 Tobacco Products pf . . H9
.. Trans Con Oil 74
10 Cnlon Pacific 12014
4 Union Pacific pf 65
5 United Drug- 1i4
6 United Fruit 105)4
3 United Retail Stores.. 83
. . US Express 5j
.. US Food Products.. 17 !j
.. US Ind Alcohol 49
V S Realty ft Imp ... 40
, U S Rubber 524
I U S Rubber 1st pf. . . 97(4
100 3. BO U S Smelt & Ref pf . 37
5709 BUS Steel 74 'j,
100 7 U S Steel pf 109)4
8:0 S Utah Copper 4054
100 Vanadium Corp .... 204
100 .. Vhaudou Inc 5
200 2.50 Wella Fargo Express. 58
100 Western Pacific 3334
500 . . Western Union 83)4
230 4 Westlnghouse E & M. 43Jj
100 4 White Motor 334
100 . Whlto Oil Corp 8ifc
100 . Willys-Overland 06j
300 8 Woolworth F W. . 112 14
100 Wright Aero h2
Low.
1044
114
24
11 H
20)4
' 394
1754
14 i
114)4
Hi
484
4
70K
17
174
704
88
104
!4
85
384
48 Ji
41
374
'?.
63)4
194
74)4
10
HH
7
40
37
59
94
29f4
19
134
8J4
20
47(4
5I&4
21
37)4
2584
334
3
114
3 la
064
10
37
10)4
34
774
301-4
40)4
107
30)4
78!e
4
74
35)'a
23 H
18)4
58?
89
7
1104
054
53)4
104 H
61 'A
5)4
17)4
48 ,
49
51 !4
97
37
74)4
109 Vi
40 i.j
29 1 4
J
5S
23',
82)4
43 ,
324
8)
H
112
84
ONS'J
180 Nat
P. Jr. Chse.
1044- !4
114
214 -
ll- V
204 A
394 4- i
174 - H
144 4- ?
1144- V2
li
484
4 H
70 4- Ji
17 H
174
704 4
88
104 4-
94
86 - !4
35 i- !4
47 - 4
41 - 1 .
374
844 Hi
t994 4- '-i
744- "M
19
' H'(- '
40 - 6
27
59 - 1'i
29?6- "4
19 - 4
134
oo?4 -J- 54
33 4- U
474 4- 14
I)
5154-
31
374- 3'4
254- !i
334
3 - i
1U44- y
4- Ji
004 4- K
16 - 4
37-54
19)4- ?4
31
7754 4- V,
204 4- i
464- 4
107 - i
30)i-r 4
78). "2
4 - 4
74- s
35(4
sin 4- a
1SH
8K - 14
SI 4- 3
7)4 - '4
120 x i
(154
534 f 4
104H- 5
5354 4- 54
54
17)4 4 'i
184 f i
40 - ''
51 14- 4
97
37 - !4
74 Jo 4 ,
109)i-i- )i '
in ?i - y,
29)4 i- 4
7 - 4
6S - 1)4
234 r 54
824- 1
434- 4
33H4- 54
'
113 - J4
54- !4:
Stoady Buying of Glen Alden.
Farroll Moves Up Mines
Without Change
New York, Aug. 0. The price move
ments on the New York Curb market
were Irregular today with somo Issues
showing a rallying tendency from low
levels that wcro reached yesterday. Coal
stocks, as n group, were in better de
mand, Southern Conl and Iron reflecting
steady, buying and ngnln selling at 2
and n, and Glen Alden Cool, In which
there has been accumulation" In evi
dence for some time, sold at 35 to 30.
possibly on buying by some of those
who had put out short llnej of the stockii
and are now approaching the period
when deliveries must be made, iurrcll
Coal was another sttong feature, mov
ing up from 13 tr 13i.
'P.ie tone in other groups, however,
was' hardly stendy and movements were
without special importance. Swift &
Co. sold nt 08, and Llbby, McNeill A
Libby was again traded In at ll'i. At
tention was attracted to Colombia
Emerald because of increased offerings,
on which It yielded to the new low
record of 03c a share.
Dnrant Motors held firm, with sales
at 28V4, but there were steady offer
ings again of Republic Tire, which sold
nt 35 cents a share. United Retail
Candy continued heavy, chiefly as a re
sult of the cutting In rates by candy
makers, selling nt CC and 5. British
American Tobacco was quiet, with small
amount or business nt 1-'.
Cities Hcrvlcc common was the fea
ture of the petroleum group, making
a good rally from yesterday's low level.
The bankers' certificates sold at 13
and the preferred shares at -MMi- In
ternational Petroleum was traded in at
lO'i and KK-f, and Maracalbo nt liO',4.
"Ininis Petroleum was steady, with sales
Mining blocks were nctlvely traded
In, but without important chnngc in
their market position.
INDIWTKIAI.NS
Acme Coal
ltrlt Am Toh coup .
lolumbla Emerald
torn I'lnnnce . . ..
Jom Finance prcf
Uurant Motors . ...
Farrell Coal
CJIeti Aldon Coal
l.lbby ilc.Voll
Nntlonal I.oather . . .
rerectlon Tire . . .
Hudlo Com
Republic Tire Hub
Southern C I
Hwlft International .
U SI,J
U H Hteam . .
United I'rodt shorln
HlKh
IM
. . . I'.'
.. ill
.. 4S
... (i3H
::.:?&
.:::'&
. .. 8
03
. ... m
8S
. 08
. . U
. 31
H
Low
us
4H
1,314
HHVj
111
SB
014
8
81
l'
.TI
l'i
r.
1 3D
r m
II."
ti'
it:.
4S
Pt
13S
80S
si
8
87
14
35
S
9H
1H
JI
STANDARD on.S
Stand Oil of Ind . ... 704
INDEPENDENT OILh
Allied Oil 4
Hoston Wyoming 70
Ilraios Oil 1
Carlb Synd 41,
tiKiiioerj, 1 ciroi ........ 41
70' 704
Philadelphia Stocks
":lppMmfni
r.riiiii
CL. Hill 11
Rich
14 Am Cos . 35
3 I Co N A 2r)s5
lfid Pa U It.. 37-j
Id Phlla Ins
Wire... ,"0i-,
:'l Pa .Salt tl7L.
o Phlla Klee 'JL'-ls
lml r prcf 2tPt
lnUeading. (IIHK
KHltSeum-
Roebuck 004
10tU S Steel 74''4
15
204
37 U
."OW,
(17 "
',
(l!ts
714
1 IB
P. M
35
20 a
a-,-
riou,
Net
chco
GRAIN MARKET
C'liic.iKo. An,' '.'- Wheat
titli September undianged
lilBher and December iC tolc
with scattered commission house buy
ing and limited offerings. Receipts in
spected jestcrday were 525 cars; lust
year S72 cars. The cash market was
firm with a good demand and offerings
moderate. I
Official reports on the Russian situn
tion confirm previous advices telling of
the dire needs of that country, with I
'JOOO.000 tons of grain needed in tlm
famine area immedlatelj . The Argen-
ne surplus is now officially cm. mated
nt 1 vmt.OlKl tiins and private? imI-
viled at 1 .0110.00(1 ton-1. both belli;:
much smaller than Inst previous re
pons. Count ty ofterings to ann.' aic
mnjlnrn t P
Corn opened with Septemtx r un
changed and December s to n.
higher. Offerings were light and the
demand limited. . , . . .
Oats started with prices c higher
for both September and December.
Trade was light and featureless.
RiTAunN iRcrn
S IN TAX ON UTILITIES
1
(llenroclt Oil
Jiuir-on oil .
Int Petrol .
Lyons J'ct . . .
Maracalbo Ol!
Merldan Pet
Mexico Oil
Halt I'rcek Prod
HetiuoMih Oil
1 snim Pet
Kell 011
FOREIGN EXCHANGE
New Yul.. Aug. !!.- The opining
foieign exchange nmrket this morning '.H' -lht
di.sc'oso nil the Kurojienu rntes con-I
sideraoly below last night's close. Re
lations him- affected all of the issues.
Quotations were :
Sterling cables :Ui7, demand S.GGHi :
franc cables 7.00, checks 7.89; Belgian
cables 7.C0, checks 7.50; Swiss cables
10.38, checks 10.b5; lire cables 4.42,
checks 4.41V.; peseta cables 13.05,
checks 13.03 ; guildor cabsj-s 31.00, checks
30.115; Stockholm cables 20.08, checks
20.03; Christlania cables 12.SS. checks
12.S3; Copenhagen cables 15.55, checks
,r mi . -i... . 0,1
itj.uu, mump, i.i-j.
' The into of premium In Montieal to-
tiaiisuen. president 01 iiii ; uuv 011 .sew 1011. iitnils was ll's per
83
17
?.
IS
Til
in',
12
!
as
M
1
Philip H. Gad3den Wants Pub
lie Service Corporations Put
in Clas3 by Themselves
BUSINESS IS REGULATED
discussing yesterday the propofed In
1 reiue of the corporation tax contem
plated bv the Wnys and Means Com
mittee of the House of Representatives,
declared such a move would be un
fair to public servlco corporations.
Mr. Gadsden, who is vice president of
the United Gas Improvement Company
of this city, as well as an executive of
the American Gas Aei.ocln.tlon and the
Nntlonal Electric Light Assoclotlon,
smrireated that nubile utilities should be
,, placed in a special class for taxation,
COTTON MARKET Herbert Lloyd, president of the Elec-
New York, Aug. 0. Yesterday's ' trie Storage Battery Company, also yes-
wllers of cotton were in many instances icrimv nisciisneu iue huh Hhuiiiii
Pl.Hi!) H
American Klectrie Railway As-oc'.ntion, , cent. Tu rate of discount in New York
Ml.MNfl
Alaiika Jlr Columbia. nr.
Vrlzona Pat .iconl.i . . .',7
Caledonia Mlnli-s in
Cundeluilu llnlnu 30
Divide Kxt ., 83
i:i Salvador 111
Kureka Croeiua 44
Ooldfleld Florence 43
Oold Zone 12
nvun .iiininK 4
jiuwo oouna
Kerr Lake
Kr."0Jt Dlvlds
.MaeNamaru
National Tin
Nevada Ophlr
Hex Com . I
Hller Mine, of America.
80 Am l'io
Tonopah I)ld
TnnopHh Midway . ,
I 1 niTnu uahiurn
1 West End (.m
ulion Go.il
4
70
1
4V4
41
SO
10
fS
Til
10'i
12
11
S.
.15
;,7
n
ao
32
1!)
42
42
12
4
n 1$
12 13
17 17
(T.) 63
28 23
0 (l
li I A
SO 70
13 13
2'. 24
70 To
4
70
1
4H
41
ba
in
iok
2nft
18
7U
lu4
12
n
1
31
:i7
0
3D
33
111
42
42
12
k
13
17
08
28
0
1V
4i
fill
13
.
To
.. .... hah- n,i ,AMinvA.i rnmr ,1111.1,1. tT Tin rii.nnn
SleSrK" whiT P utilities coaVdei.thnincreasVin
Ae marltri an" irregu'ar start,, irst con.ora Ion a, : was much m
i..b M,-n. 1- ... miiii.n ..ua. ,..... i..v -- wrf 1 . ... ..- .... ...
.. t--.. .A J v,n
Iimra u """..- uf .,-,,:. .....l
lower 1 ne caon-r ' .:"
weather conditions In the belt over
night were rather unfavorable. Includ
ing reports of further rains in the
Extern belt. After the opening lie
list was eobier. and at the end of the
first fifteen minutes showed about ..
points' loss on active positions.
The receipts at the ports for the day
are estimated at IS.OfK) bales against
10 4S2 bales a week ago. 0l bales
n year ago and 8200 bales two years
ago.
07 2
JIW.-.-
ooi;
Prevlou
..oee
12 TT
12. H
ir,.is
13 113
13 Vi
74tt- if
JSt
WE
OFFER
an Equipment Trust fer
tlflcate covering tanl; cars
at about SO"", of their
aluo on a basis to yield
oer 8 v
WlDINIR BLM, PlIIUDUPHIA
NIWTO DJIAUTH. NJ.
N'it cliansu mad" b c"mpar!sgn ith
sale on New York Stoslc Klchins.
rillL.DELPinA IIONDS
1000 Liberty 1st 4'is '47. . .
1B000 Liberty 3d 4Vis '28...
87 SO
ViV 0... . lll.
1000 Liberty 3d 4Ws '28 91.88
4'is -H3 87.80
87.00
88.00
8000 Liberty 4th
250 Liberty 4th 44s '38
(500 Liberty 4th 448, 38
150 Liberty 4th -JV4S w
Open
12 lT
13 22
1 3 .1
13 r,T
13 on
is li
1 1 nfp
A M
1R 111
111 Ii'!
l r, .it
1 on
p l I
I
i i
I.I TI
13 73
I V J V I I k I M
100 Liberty 4th 4Us '38.
I 20000 Liberty 4th 4,s '.".S
40(1 Vlrtorj 4-'. s -2.".
5000 Victorv l '2:i
20IKI niecfir- fc Peo Tr 4
20f)0 Pernio R R temp nt 0V
'.01 10 Pennn R It temp cts (ILjs
-IIMIO Philndelphiii Elec 5s.
5000 Philadelphia Elec 1st 5s
rn U. S. Certificates and Treasury Notes
87.09
67.801
S7.S0I
0s 40,
OS 00
55 1.
not:,1
OiUj
SS1A
S85
Western N. Y. & Penna.
Gen. 4s, 1943
1MORLEY, WOOD & CO.
333 Chestnut Street
Mrmbers N. V. & I'lill.i Hlork r,rh'
Rate
IT
r
Sept
Repi .
Oct
Oet..
Dec .
Feb.
Mrcli,
Xlrrh
t'&rt June.
..Kl. In.
51 June
Maturing
Date
1021
1021.
fS'I
1P21. .
1021...
1021. .
11)23
1A22.. .
inn.
w.
Aked Yield
100 8-82 4. DO
Hid
100
loo i-aa ioo n-2 4 411
no no iij n.is 4 r,n
00 7-32 4 no
oou 4.fia
01U snn
100 5-10 IOO T-16 8 02
loo JonU s na
23. 1001. nntl r. 11
1(122 , 100 Lie ioni( r. 1
1024 loos loiiti n tr,
Exempt from normal Federal income tax
tAcceptali'e for psment of Income tax due
'ate nf niaturlo
.10QJ4 100 T.
.lOOJi 100J4
.JOnH 100
V.18UBI
soptemtr
f iriulAT
Wero nhe-
lununr-
rebruarj
Marcn
-Mil-
Bid
NEW YORK COFFEE MARKET
New York. Aug. 0. The coffee mar
kct was quiet this morning, but prices
were easier under scattered liquidation
by commission houses and opening
prices were 0 to 8 points below last
nlstht'f c'oslng quotations.
September liquidation wos tignin the
depressing feature, and toward mid
day prices were working to a lower
IiafIs. September having sold off to (1.44
and December to 0.00, nt- 3 to . points
below initial figures. Hie Wo market
ins reported unchanged to 100 reis
',,er This led to a uenei tun' me
situation nt primary points was still
uiiKottled. September was switched to
.lulv at 123 points and to December ut
40 points, the differences widening.
I'reviou
Close
September S'W
December i-SS
A;eh. ."..: :::::::: ?"
uly
41
5f
I SWIFT & COMPANY
yi 7S1931
A wmn L0WIER STOKES
Big Cut In Expenses
The mo'ithly r.purt f v,p IveMiione TV e-
ion foinp'iry fir J i.v n.nua null lurthor
rirei In lhe reducttrn of operatlns x-
nei Wh le thd arora r-'ienue i a tew
idiara more than met In Jul)' a year aan
the xieiis are ilO 0'I3 le than July, 1020
The r.ifli-waler mirU of iimum waa
leached lat December. when , tha nur for the
month waa U00.387, In April, Juat before
the ohatuta.to KUtoiutU, tb (Wnra waa
Ufiaj?5' lt .month lh rmom war
month pwrUsl.
LIVE8TOCK QUOTATIONS
Plttabunh, Aue. 0. HOC18 flecalpt;. 500
h.nd Market , h'.hrr " v" 1 , V
11 .10. heavy yorkere and llsnt yoriiera. I13.no
r3?i,ipSn W?UBi?n.lW.. 1000 head
Market steady Tod heep 13 50 top in inr-s
111
' A'
jleadv
il KH Re 'lull
r ip III' ("
80 head
lat IlurTalo. -J 0 -r- CATTLh He
retptu 323. StenJi 1 .llvee. rjcolpts.
10(10 head I'lf 'ills lower. JMifll
IIOOB-IVcelpte SOOO rer.d Twonty-tla
cent hleher Heavy. Jll 11.80; inlxe 1.
iI7512V,1, sorlmre. lluht yorken.und
r'-i, 112.23. ro'JKhi, IS.30U0. ktasa, tl 50
bHEIU AND L.A1II1H lUcelpU. 1000
head. Blow. twenty-five oajti Jowjr.
Lamb. 55ll.30l Trnnjri. I.6067.60)
wathar. 8.604; awe flo mixed ataaep.
H4M
new tax would not proie a dctiiraent to
business generally.
Reasons for Change Explained
In n formal statement esterday Mr.
Gadsden said on the question of taxa
tion of public utilities:
"Public utilities should be placed In
a special class for the purpose of tax
ation, so thnt the burden of Federal
taxation to be Imposed upon lliem maj
be determined in the light of the fact
that they are regulated industries Pub
lic utilities arc nlreudy by law treated
as n special c'ass for everything except
taxation.
"Hut when It comes to taxation,
nillili'' iltl'itlo-, have, up to this time,
been treated as any other lmines mr
poratlon, notwithstanding the fuct that
n public utility's icturn on its invest
ment Is limited by law. whereas the or
dinary business corporation is free to
mnke any profit whlih business con
ditions will permit.
"The American Electric Railway As
sociation, American Gas Association
and thn Nntlonal Electric Light As
sociation earnestly protest against nny
Inercnse in the normnl Income tax on
gas, electric railway, electric light and
power companies, and urge that the
normnl income tnx on public utilities be
kept ns at present at 10 per cent and
not increased along with business cor
porations genrrnll ns hai been proposed.
Suffered Heawly in War
"The reason for this dhtin'ttoii is
apparent to any one wno Is conversant
with the history of public utilities
during the last four of live jeurs. It is
admitted that of all classes of business
enterprise, the public utilities have,
suffered the greatest Injury as a result
of the war.
"Hore Is an opportunity, however,
for Congress to show Us appreciation of
the plight of the public utilities of this
country and afford them some measure
of relief.
In speaking for business outside of
public utility clicks Mr. Lloyd, said:
"The straight lncreuso of the cor
norntlon tnx as n substitute for the ex-
Market cos piofit tin Is much more preferable,
1 think, to the b.isincss world I do not
tlilnl; thnt it will proo 11 detriment to
business, but renllj. think it will prove
to be n benefit."
The tax bill will be discussed today
by thn Executive Committee of the.
Chamber of Commerce. It could not be
determined yesterday ns to whether the
majority of the members of the Chamber
of Cotmnwie wew In for of tho nw
Untlofcblll.
i) 1 nundiau tiniili wus lO" per cent.
Centrnl Europeun exchange-, stronger.
Greek. 5.00; Rumanian, 1.33; Bulgar
ian, .00; Austrinn, .115; Polish, .055;
Czecho-Slovskinn, 1.273; .Tugo-Slavia.
.015.
TEBTERDAY'S FINAL QUOTATIONS
stJr'nr Fjf"108 Mm Guilders
Demand 0.00H ft. 00 4 63V, 81.13
Cablea .. . 6,701,4 8.00Vi 4.58 8l!l8
TODAY'S OPENING QUOTATIONS
Sterling Franca Mrs Guilders
Demand S.OOVi T.sft 4UV4 30.0,1
Coble 8 07 7.01) 4 12 31.00
MONEY-LENDING RATES
NEW YORK- Money on cull, both claeeea
of collateral, opened toda nt (I per cent
for leniTlns; and renewing
riillDBT.rillA Cull. 0 per ci.nl , time
0 per rent: commercial paper, ihreo to tlx
months, fl per cont
Note -Thai ore mirol nominal quota
tion the legal rate of Intercut In the Stnto
of Pennsylvania belni fixed at 0 per cent
Plus premium and cnrnmlaalon. tlma money
for thirty to nlnoty daia t. loaned n ii
flV per cent, while commercial paper, from
thirty to nlntty days, la loaned at 0 to OH
per cent.
IXINDON' Money la quoted at 4 per
uiir DUcount rate short billn. 4 per
nit three months' bills 45, i,r nt
BANK CLEARINGS
Har.k riiarlni.-' tndn 1 .- r m r. ,i ,th ror
1 H.tor.dlnir U'i 'nst two iarb
1021 1020 1010
.! fir, 1101, nno 570 7-,.' ,3 7l,a.,o,il2.'
r v mi i.t.iki ijo-i s.i2 int i4ii 1 oni .-,r,o.ns:i
llOKlon J," 4lil) l',2 .IS Old (t3 74 D90.S7II
IIONDS
...;.; now
Ta 011
'4i : I177J
Allied Packer. n
Amer Tob T 11123
Amer Tel lie 1H24
Armour T .
Dnrnedall S
Doth Hteel Ti lbss
Can Nat Kwj ei 7
Chlcauo Un St 64 a
Cltlia Service 7 ecrlp .
Cone Oaa Sa .,
Copper Export Hh 1D28..!
ui,,i-f i.jiyaii on jyz-i
uueiiv le
CiOOdrtch Tlr.
Grand Trunk fl'4
,UI1 Jtl ,1,
lle'nr CI ?i
Humble Oil 7
Irterboro 7a
Kennooott 7a
Llbby-McNelU 7,
I.lssott 4 Mern 0a
MrirU & Co 7'.
Nnat I.eathei Si,
Southern Itwv iw
giittliMest Dell T
Strnd Oil N v 7, 1031
Stand oil N Y 7),
Hwlft 7s 1H3 1
Swift 7b 1025
(twine 34 h ..
tin True fis
Vucuum Oil
Wlnchietir 71-
4.1 lf 45' 4.1
lun lonii lon'v
I'TS 7ii 1-7 S
P7i H7Vi H7U
114 04 04
05 1)5 93
IOJU 101". 101V4
103J1 103V? 103
04 54 514
100H 100H mos
100U lOOC 100C
inOl .An ..nir
O0V4 II04
oivi oiVi
IITU 07 J
DT. U7i
nn;. ini'i fins
07 H7i 07 K
TSH 78 4 7hS
Ii8 113 V, IMV
,01'. IM unvj
1110 MO 100
Ul'Vi llli'j nuu
03 03 03
07 H7 97
"':) "' 7u
014 1011 1044
ipot 100;, mow
7I 1171 07 8
CTS OTV. HTt
H7! S7Va R7V,
M0 100 Mil
m'4 'SV- '!
.ioi;
DIVIDENDS DECLARED
t.A "',"' ?r(1 ra": Tea Company ouar
10 n?5 1. .Tr c,clS.nun' a"bla rteptemler
il;,i?hJ , "r:..""' . n preferred, payanl.
1 both to etork of
record Au-
Opn
R 47 040
6.04(300
T.81934
T.B0O55
7 83071
BAR SILVER
I .' l'or was l"d lown In London today
at 30 Ud
New Listings on Local Exchange
There hua b"ei adnill'ed to the regular
Hat of tho Philadelphia Stock Exchange
11.251.400 additional capital stock of the
American Telephone and TVlmraph Company,
laaued $20,700 In exchange for (25,400 con
vertible 4Vi per oent bonds due 1031. II3,500
In exchange for 163,600 seven-year 0 per
oent convertible bondu due MM, canceled,
and etrlcken from the Hat of the oxchange.
and tl, 187,200 being part of SSfi 810. 600
covered In company's application dated July
7, 1021 to he listed upon official notice of
maunnce and payment In fu I, arc mm of
elock allotment auth nz-d Mu 10 11121,
making lhe total amount of inld a:oc' listed
4' this dite $.113,206 700 and leduclnir the
nni'Mnt of convertible m per rent liands
1 nt, I nt this date m til ss7 (1 i'i hoc! the
amount of cnniort.bie 0 pci c nt bond llsiod
uj - :io, suu
Reserve Banks' Discount Rates
Official ledleeount rale- at tho tv.o:i Fed
cral IU'fcero llanos are no follows.
Tread I.lb Com'l nkra
ctrs, oonat paper accii
September
s.ur is
A.ltlS lowl,V r'KUlar dl denda have been
declared bs ulmu1i,rU,B of th Middle "stntt-i
Oil Corpoiatlon Texas Chief Oil ill LI
T..,m.ontn"v ""'"Inlon Oil. l r.ar4 cv0
monthly, Rnntrr Toxhi Oil, 1 per eo it
momhU au nr, navai,i fi,,.JK!. r"lt
'rMrrnl III... T ,- .".',''"--'-"-l
August .S"t"n,'r ''' 0 "l,ck of
cenls.
record
H !.lnn'Tr. ' , f'Klstemd August Id.
dlt Si 'nd"orh itcM'- .r""U'nv. .uart.r'y
o Unl r ?J.. . wr t,:nt "'ion common and
of leconl
Hoptember in ' '.. Vk.'.V., "um . Pauui
A........ .,. w DiMinttumuH
4.UI.UBL II,
t
tober
.y",n"oltl TP and. Die Corporation, nuir-
fly 2 per rint on preferred, payuble fjo
oUr 1. to stock of record fc'epteinbir 1.1
GOVERNMENT BONDS
it.
Doston oj on nw nv.
New York . . 64 3.7 J 8V)
Ihlladephla 6'i JV 6V4 6'4
Cleveland 6Vi 6V4 llVi 8V4
Uichmond . . . n s 1 n
AtUnta 'I 8 a 9
Chicago r,'4 6Vi 6V4 6V4
Mt. IXIUIB . . o t ii nu,
ovi 0 nvj
. 0 H 8H
. o n o o
. 8V4 5V4 64 6V4
with Intere.l
Minneapolis
Kansas uny . .
Dallas
San Francisco.
Discount
eral
rale corresponds
per cont
rule borne by rertincates plergfd ua collot-
wnn iniiiumuni or
P. F. Kernan Recovering
P V. Kernun. who bioko hi.-, thigh
more than two months ago. lias been
removed from the Medlco-Chlrurgicnl
JJoPiinl to the Mliurtcordla Hospltiil,
Kifty-fouith street and Cedar avenue,
for convalescence, where ho is occupy.
Ing the room endowed by htm as "a
memorial to the late Eleanor C. Don
nelly, the poetess and sister of the late
JJ""UU nneuy, wno tjied some ytnra
o.
f
Panama cou 2n 1038
Panama reg 2s 1080
I'anamn con 2s 11i3S
Panama cou 3 mill , ' ' '
UHr,',""? "" 3l ,nnl
I'hlllpplna 4. 10.14
Philippine Is ipii
Phlllpu'ne 4s 1li3il
I s (om cou 2s 103(1
t S Cot reu i
I h (1( VI cnu t jhji.h
t S (lent rcj 4h 1U2.1
V of Columbia 3 Ii,",, M2
Asked
lot
ini
Hid
mm.
1001'.
inovs joivl
1 ,1
76
TK
TS
TS
Hill'.
1001
iot'4
104',
03
lni1
101 i
M.1
1(5
bUIlD UUML lOOUCO
IN BETTER DEMAND
Bad Debt Losses
Hurt Most Now!
If there ever was a time when manufacturers
and wholesalers should protect their re
sources against abnormal, unforeseen credit
losses, that time is certainly rigit now!
More and more firms every day arc reali
zing that they simply can't afford not to
carry the American's Policy of Credit In
surance, This is the famous policy" which
guarantees to prevent, else pay, bad debt
losses beyond the normal. In any emer
gency of credit accounts, there is nothing
so strong or so safe.
All we ask is an opportunity to lay the facts
and figures before you. This won't obli
gate you one bit and it may open your
eyes tothe wisest investment you could pos
sibly make at this time.
Paymentt to PolicyhoUtrs ever $10,000,000.00
AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E.M. TREAT, president
ISSUES STANDARD UNLIMITED POLICItS
t
W. J. Morphy, Manager
J. F. McFadden, General Agent
1011 CHESTNUT ST.
Phone Filbert SS02 Philadelphia, Pn.
Pertinent Information
As a result of special analyses we have pre
pared circulars giving pertinent information on
U. S. Steel Corp., No. 285
United Fruit, No. 295
Scars Roebuck, No. 305
Miami Copper, No. 315
Endicott Johnson, No. 325
Copies free. Pleate request by numLer.
iiERje Schmidt &u0a
Mtwtbtrr COnroUdafd Slock Exchange oftftwYork.
PHILADELPHIA
1313 Walnut Street
I9cmiiBcn,'VaInut46&Ot Jfeyvtone,Kaeo 4080
NEVYORKt 30 Drosd Street 1 319 Fifth Avenue
Market news
summarized for you
12-page weekly. valuable
to investors and traders,
given on request.
'ulwvEST0B a Trader if
Thu Wecl'i Iue Cealiiss
Articles mi
D uslnoss anil
market conditions.
Helpful Informa
tion on sccurltlcr)
traded on Now
York Curb Market.
Raw Sugar Market Steady
Ji; -?ha ra.rsf'o:
duty paid, for Cubans The Cuban n,..
i ninnH inmrn taa m....,
I-S..T - . ""'j' .(! iuuu torn
of Cubas for August shipment nt 3.1 Oo"
f. o. b., ancouver. n. C and 18 000 tiaV.
freiSht1 .V ,,Wi7.aeJp,h,. ' e coat and
irelffht tn a Phiin,itniii. enAH u., "1
uncontrolled sugars Included 23.000 baas full
lunFl!?'??" .Htt2 Domingo, and Costa
lllcos) In port and afloat nt He ,, i
i, i. " "url Bn" anoat at Be. r,. I t
ilon. -included" 3.1 6oT V..T cJuW".?0' ?,
Ameilcan Hugar neflnlnic Company in Mm
hBB Cubaa and 30,000 hairs Pom., rim,
" S'tl!?l Huaar Ileflnlmf CotnfVany
12 0110 hass Cuhaa to the Wurner Hu.-nr He
El!'?? (!"n.1Lnv ",.00f, l'a Cul.as't, Ar
hu, kle llrothere and 1400 baus Costa ItlVus
en iimle in Canada Tho locnl refine I " ,i
kot Im unchntip, t nc t, il 13c le, ' ! , r
cmt fur i ash " r
Liverpool Cotton
Aeh for TU-1,77
Givo us an opportunity to
execute your brokerage
orders.
Call at our Board Room
or telephone or write us.
PHILADELPHIA OFFICE
WIDENEK IIUILDINO
Telephones: Bell, Locust 4780
Keystone, Itace 68S1
BALTIMORE, OFFICE
4J3 EQUITABLE DUILDINQ
Telephone: St. Paul 8451
Direct Private Wires
New York Chicago Boston Philadelphia
PltUburgh Detroit Baltlmora Cleveland
Jones & Baker
Members New York Curb Market
nANKKBS
Dealers in
Investment Securities
Ifnnbtu A'etu York and PilUnlefphlo
ktocli Kxchanott
321 Chestnut St., Philadelphia
f '
C. S. PATLTON & Ca
3I & CIIKHTNUT HT8.
BANKERS
MeARTALSSOaOOOOOU
H SURPLUS (EARNED))
II $2.ooo.6oo.oa JI
1871 to 1921
The successful manage
ment of Estates requires
knowledge of the law,
information regarding
values and a careful sys
tem of accounting.
THE NORTHERN TRUST
COMPANY
has all the desirable
qualifications of an Exec
utor fidelity, ability, ex
perience, financial respon
sibility and perpetual
existence.
50 YEARS
of continuous conserva
tive banking experience is
AT YOUR SERVICE
vih','w"iiB. c8lnnr Cooi .
VlrKlnl.i II, . i pUWPr j,.
Hjrracune I.lii it & Pijitrr Cn
?,"fl"flf''' "fr mnt,r,.n"'
lujlor Minrtun Iron i steel
liel.on lloel. t i:.. ic. i w.,
I.lirrprKil, Auit. 0 Then
,:. .,,. . , "' "' ....'.uiiiis
tuuBj,, uu. iiricea were eater. Th uiu
mand for spot cotton oruthe baala of a d.-iin.
11 I1I11IIIM fll H J J ,1 -J. v 1.1,111 '
- :m - " mi ii iiiiiiuiiiiar rnrtnH
Itlll rtrOsaa rsas-A ...I.. mC "
Of
Ui, all American. ?Tu(uro wr uldv
ntOI UflftBH wrai AmAl. niiii "Tz
? lU.'H
y iikii
A'n IUAI
f.'e III'.''!
I'H IUIJ
Samuel K. Phillips &Co.
.Mllil'jrr Phl,iielili,i Htvr', I i I' m
11117 lll'.,T 'V S'l Kl'.l T '" "
FOREIGN
BONDS
Before the war the External
Bonds of South American Gov
ernments were in large part
Issued in sterling and negoti
ated in London. Now sterling
is down and the bonds can be
bought at less than 50 of
their par value.
They offer investment merit
and good speculative oppor
tunity. x
We invite inquiry regarding then
'jonda.
HARPER &TUHNEH
Investment Hankers
lembera 0 Thilwlelpnlo EtocU KicAasK
Stock Exchange Building
Vl 'ill 1 .. ...
H-ranln,, I' II 1 IJ1 fl f I II II 111 Ills.'"-
IH.L.SMITH&C0.
STROUD & CO.
.elf(l
INVESTMENT SECUKIliw
100!) Land Title fildE. Spruce 6721-
l.awranra P.. Ritovn & LO,
CERTIFIED PUBLIC ACCOUNTANTS
1080 HEAL K8TAT1! UST "'"".i
InvestUat and adjust 001 poratloa "J ;
partnership acoounti fJiO piP' '"-""Ty,
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