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EVENING PUBfcld ED&PfiinMfcfcPHIA! WE'DNEaPAY, 'ATJGTJST 10. ,1921
.UK H'-7
rM
NEW YORK BOND SALE& I
h'"'"';
'- -
r
IT"" '
It
' $13,306,000
City and County of San Francisco, California
Gold 4 Water Bonds
r,
Dated July 1, 1910
Due July 1. 1945-1964, Inclusive
Principal and semi-annual interest (January 1 and July 1), payable in gold in San Francisco or at
the National Park Bank of New York. Coupon bonds of $1,000 denominations
rcgistcrable as to principal or both principal and interest.
Exempt from all Federal Income Taxes and tax exempt in California
Legal investment for savings banks and trustees in N. Y., Massachusetts
Connecticut', California and other States
Eligible as security for Postal Savings Deposits
The City of San Francisco, with a pbpulation, according to the census of 1920, of 506,676, is the
twelfth largest city in the United States. The assessed valuation of taxable property is officially
reported as $864,881,977, including $258,705,387 operative property which, htas not been taxed by
the city since November 3, 1910, except for the payment of that portion of the City debt incurred
prior to that date. The net bonded debt is $33,079,600 or'less than 4 of the assessed valuation.
These bonds are a direct obligation of the City and County of San Francisco, both principal and
interest being payable from taxes levied against all the taxable property therein.
MATURITIES AND PRICES
(Accrued interest to be added)
Amount
$236,000
558,000
558,000
558,000
558,000
558,000
603,000
768,000
768,000
769,000
Due
July 1, 1945
July 1, 1946
July 1, 1947
July 1, 1948
July 1, 1949
July 1, 1950
July 1, 1951
July 1, 1952
July 1, 1953
July 1, 1954
Price Amount Due Price
88.00 $769,000 July 1, 1955 86.07
87.76 769,000 July 1, 1956 85.93
87.53 769,000 July 1, 1957 85.80
87.31 769,000 July 1, 1958 85.67
87.11 769,000 July 1, 1959 85.55
86.91 769,000 July 1, 1960 85.43
86.73 769,000 July 1, 1961 85.32
86.55 769,000 July 1, 1962 85.22
86.38 661,000 July 1, 1963 85.12
86.22 559,000 July 1, 1964 85.03
Yielding About 5.40 Per Cent
Legality subject to approval of John C. Thomson, New York, N. Y.
FIRST NATIONAL BANK, N" Y"
KISSEL, KINNICUTT & CO.
THE NATIONAL CITY CO.
E. H. ROLLINS & SONS
The above Information Is derived from aources which wo rcjard as reliable. Wo do not guarantee but believe It to bo correot.
08J
08 4
no
00
09
00
0814
American Tobacco Company
merits the attention of investors because of
its consistent record as a dividend payer.
The securities of this company are discussed
in our circular P.L.-433, in which we also give
a brief description of
THE MENGEL COMPANY
We mall copies freo on request
AlIERLSCHMIDTkOo.
MtrntbirJ- ebhrtUdaied Stock Exchange ofttevYotk.
PHILADELPHIA.
iya Walnut 8tret
PtionMtBenjValnut4660t Kyrton9.Rac4080
NEWYOBKJ30 Broad Strerti319nfth Avenue.
What's Ahead for
"Motors"?
Win we see further price cuts?
Are we approaching the saturation point?
How about trucks and tractors?
Babson's Reports
Barometer Utter, just off the press give you the
plain unbiased facta on the situation and ehowa you
what's ahead for the "motors".
IlEPORT ON REQUEST
Copies are available for distribution to interested execn.
tlvea, gratis. Tear out the Memo now-and hand it to
your Secretary when you dictate the morning a mall.
Aim! Ad foe BoU.ftVi 34DK
Roger W. Babson's Statistical Organization
Wellmley Hills. 81, Mass.
(Suburb of Boeton)
tXt Lmymt OrtanUatia eAuftMW Adfimrt i WtrU
p i CLIP OFF HERE- -l
! MEMO for Your Secretary ,
' Write Roger W. Baboon, founder of The Dabson Statujtieal
I Organization. Wellesley Hills. fliMaas., as fo lows: Please
send me a copy of Bulletin MUKtnd booklet, Incrtattns
JNti PreAli" Rratls. . mm J
f"5 tott just how
2J dtfiartmtnts of your
Wm4. tear out th$
iSfr''tarywkm you
-m mvmingsmau.
Utilities and Industrials
Examinations for Managers and Bunkers
Reports covering operating costs, fares and
prices, markets, valuation and economies
in man power and methods.
.fort), iBacon & am
Established 1894
New York Philadelphia ' San Francisco
New Issue
Exempt from Federal Income and Excess Profit Taxes
Free of Pennsylvania . Personal Property Tax
Legal Investment for Trust Funds in Penna.
$200,000
UPPER DARBY TOWNSHIP
Delaware County, Pa.
SCHOOL DISTRICT
Thirty Year 5 Bonds
Duo September 1..1951
1 at the
Dated September 1, 1921
Interest payable March and. September
Lansdowno National Bank.
Coupon Bond3 in $1000 denomination, tho principal
of which may be registered.
THESE BONDS ARE NOT REDEEMABLE PRIOR
TO MATURITY
Tho legality of this issue to bo approved by Messrs.
Townsend, Elliott & Munson, Philadelphia.
Descriptive circular upon request.
Price, 104 and Interest
Yielding About 5.20
Graham. Parsons & Co.
43S Chestnut Street
Philadelphia
WHAT STOCKS TO BUY
There are certain reasons why
three particular stocks should sell
higher now. Send for special let
ter S 1, which tells all about them.
EDWIN E. KOHN & CO.
Mimbtri Consolidated Slock Exchange of New York
1522 WALNUT STREET
PHILADELPHIA
NEW YORK
PITTSBURGH
TRENTON
WILMINGTON
EASTON
POTT3VILLE
GE0.A.HUHN & SONS
STOCKS AND IIONIIN
Mrmbera of th rhlludelimlu, New
ork mid CIiIciiio Mock ICxcliniigrs
Nnv Ynrk Ciiltnn I rliiiiii
Commlaalon Orders Executed In
All the Principal Market
Liberty Oondt Bouqht and Sold
llelleyuo Court Hide, 1418 Walnut St.
AmbMindor Uotel
NEWBURGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanatt
l4lOChMtnutlt.
Am Asr A Ch
7We rets
1 08W
18 OOVi
1.,... SOU
A 8 n'K SI
1 TO
(I 78K
1 88 H
A.mn T ft T clt
1 BU'.i
1..... SO
Amn T & T On
1 85 H
8 SO
1 83
1 83 'I
IB 8SH
S 8BS
Amn TJTOi
0.... 100
1.... 100
Arc' Ilep'o 5a
. 1 09H
Armour 4W
1 80S
A T A S F aj
1 70i
1 72
A T ft S F 4a
4i.... 77vi
ft 77U
1 77tt
B 77H
1 77H
1 77H
A Transcontt'l
Short I 4 a
1 78
Atlantlo nf'g
ct OHb
1 101
Alias Twdr Co
wl 7W
R flO'i
Halt ft Ohio cv
1 70S
1 70H
1 70H
1 70'i
a 70
B 70
Salt ftphlo 4a
1 08H
18 60i
7 oo;
Bait ft Ohio Ba
3 71
1 71
1 72
Bait ft Ohio fli
1 nou
1 nou
2 00U
Bft O awn 8H
1 82V
Dell Telephone
of Pa 7a
1 105
Beth Stool M
2 87
1 80
Bkn Ed I C 7a
1 0154
Brkyn n T 7b
4 04 '4
Bkn It T ct 7a
2 B2V4
10 S3
Canad'n Nth'n
0',4a rets
08
Cm
4.
4.
13.
.1.
1.
1.
Canadian N 7s
1.... 102?;
1.... 103
1.... 102
1.... 102S
2.... 1024
8.... 1021J
1.... 101! M.
Cen'l of Da rn
8 84 U
1 844
8 84V,
1 84U
Cen'l of Oa G
1 80
Ctl Pacific 1st
BO 78H
1 73H
Cerro de Pasco
Copper 8a
1.... 107
C ft O cv 4Hs
1 77
Chi ft Alton 3a
1 45U
Chi ft Alt .Ti
1 .... 354
Chi B ft Q Km
7 78 4
1 70
Chi H & Q neb
S 00
C B ft Q O'is
1.... 100
4.... 100
2.... 100
B.... 10O?i
B.... 100
0 100
Chi ft O W 4s
1 Bltt
2 82
3 S2
Chi Mil ft PBt
Sound 4a
1 .... 00
ChlcaBO Mil ft
StP cv 4s
1 fli
1. . . C0
C & Nwn d '33
2 00
C ft Nwn OVia
0.... 100
8.... 100
Chi ft Nwn 7a
2.... 1024
C R I ft P fd
8 00H
Chi R I ft P 4s
8 71
8 71
Chlcaco Union
Stu. ct 04s
1.... 103
City of Bomon
8a rets
1 00W
City Berne 8s
1 08
Chile Cop'r Oa
2 .... 70.
Chllo Cop'r "a
IB .... 034
1 03t
Chlneco Gove't
IIu-K By 6s
6 48
Cln Sandusky
ft Clevo Bs
1 00
Cty Chrls'a 8a
1 004
City of Copen
hasen &4
2 78U
13 78
1 78
City l'arla fla
1.... 00.15
City Toklo Bs
0 02
3 02
1 .... 0.'
2 02
City Slurlch 8s
1.... 1001.
1.... mo
1 00
1.... 100
2.... 100
B &0
C Tab ft n 0s
2 80
Colo ft S 44a
1 70U
Cona'd Una 7a
D ... 1014
Cuban A B 8s
1 . .. 004
B .... 1)0 4
Cuban C 8 cv
1.. .. 05
2. ... 04
1 04
1 04
D ft it a 4 .
1 .... 00
Bet ft Hud cv
1 834
1 85
Denmark Con
ct A 8s
1.... 101 U
1.... 1014
8 ... 100
Denmark Con
ct B 8s
1.... 101
2 ... 101
1 . . 10t,
1 ..101
1 101
Den ft It (1 fd
H . tilt,
2 . . 40
Den t H O Ba
1.. .. 70
Dot Va Co Oa
1 884
1 884
l... 68VA
t8ALKS IN 11000
Det U It 4 4a
1 88
Do Canada '20
2 034
11 03
1 03H
Dom Ilep'o Bs
1 70
1 70
D De Nemours
Pwd'r 74
2 00
1 07
11081.. 00
1 00
1 07
2 00
Due Light 0a
B 054
Brie Qenl T.len
2 434
Erie n n cv B
1 88
Erlo Itr Co 4a
R BS
1 BBS
T. ft Jersey 0
7 774
2 774
Ooodyear Tire
ft Ilub'r 8s
1.... 101
1.... 101
1.... 101
1 ... 102
Oovo't Trench
It 7 4 rcta
14.
4..
B..
n
1!!
B..
1..
1..
1..
1..
21..
05
054
03
05 "4
054
054
034
00 ',1
00 V.
05 4
054
0-.4
05 4
05 H
05 4
BB4
054
0B4
OS'S
05 h
054
054
05 4
05 4
054
054
05 4
084
Oove't T Tl 8s
B 804
B 804
Mo K A T 2nd
7 804
Mo K ft T 4s-
1 014
B 01
Mo Paolflo 4s
1 B4
Mor'a A C 44
1 7B
Nil Tube C Bs
A 04
2 04
New Or Tex ft
Mexico Bs ,
.2 B04
1 B0
1 B9
4 88
N Y Cen 44s
4 784
N TXent'l 0s
fl 024
B 024
1 024
N T Cent' I M
Cent'! 34s
1 02?!
N TU Lack ft
Weat'n 4 s
3 OB
New Y N 1! ft
Hart'd Oa
1 CO
1 00
8 00
Nla P Pwr 0
1 884
Nfk ft W'n 4 s
3 78i
N'k ft W cv 0a
1.... 1031.
North Wo B
Tele'n 7
1..
3..
1..
1..
1..
3..
1.
2.
0.
0.
4.
11.
0.
Tidewater Oil 1..... 87 V 8 Bub 74s
Co ct 04s U 87 4.... 101 Vi
1 05 1 87 VJ'd S Steel Bs
U B ft P 74s 4 87 1, 044
8 00 1 874 1 04
Onion Pao cv 2 874 2 94('
4 83 2 87 3 044
4 85 22 87 Va- O Ch 74s
2 88 22 874 1 014
Union Pac fd Ut'ed Il'd Han Va Ilwys 5a
2 77 V unct 4 1 88'4-
U KofO Brit 3 28 Wea'n Kteo Ba
ft I'd 1021 U S Brazil fia 1 074
IB 80 1 004 4 074
U K of O Brit 1 00 Weat'n Md 4s
ft I'd 1022 2 00 2 B44
7 00 1.... 1004 2 64 4
1 1111 1 09 1 B44
6 00 1.... 100 Wn PaclOc 1st
24 00 1.... KID 8 80
1 08 1 00 1 70
1 00 1 00 W ft U Slff 7s
UK of O Brit 1 00 1.... 101i
ft I'd 1020 1.... 10O 1.... 101
7 88 1.... 100 8.... 101
1 80 U S B ft I Ba 1.... 101
1 88 1 874 1.... 1U14
1 80 2 874 2.... 1014
8 88 2 87 Wllaon Co 1st
E 88 4 ,87 1 80
U K of O Brit U 3 Bubb'r Ba 4 80
ft I'd 1037 1 704 1 80.
0 87 l
Liberty 89 .... SN.ns
Liberty 2d 4 ... 87.(1'.!
Liberty 1st 4Mb.. 87.W)
Liberty 2d 4V4h. . 87.74
Liberty Jlrf 4VtH.. IM.Mi
Liberty 4th 4 "As.. 87.88
ic xsotcs ;5h... iis.fiO
Vic Notes 4918.
08. W
Low
SS.42
87.02
S7.7S
87.70
01 .SO
87.82
lls.t"(l
i)8.."
1-30
P. M.
88X.0
87.(12
.87.1)0
87.7 1
M.Rl
87.80
!S.."0
03.02
1...
1...
1...
2.
1...
1...
1...
1..
10214
1024
102 4
102
1024
102
1024
102h
1..
?!!
3..
1..
1..
1..
o..
IB..
15..
Gd Trunk rcta
2.... 102
2 ... 1024
fl ... 102
O Nth Rwy 7
100
100
100
. 00
. 00
. 00
. 00
. 00
100
100
. 00
, 00
004
1.
1...
1...
1...
1...
1...
4...
4...
1...
1...
1...
11.
loo',
104
100
100V.
100
100
100
100
100
100
100
100
N Pacific B 8a
1 80
1 804
N Pacltlo n 4a
1 70'i
2 70
2 70
Nla V Pwr Bs
1 7014
1 80
Ors ft Calf Bs
1 01
1 01
Oregon S L 0a
1 004
Org-W'n It Co
Navl Co 4a
25 714
8 71
Pao O ft 13 Bs
4 78
1 78
1 78
0 78
1 784
Packard Motor
Car Co 8s
2 05
1 05
i....: 05
Pan A Pctr'm
ft Tr Co 7s
2 01
Pa It gm 4 4s
1 80
1 804
Penna ltd 04s
GOSSIP OF
THE STREET
What would you say is
good brokerage service?
Quick and accurate execution of orders
f Up-to-the-minute Quotations
Prompt acknowledging of orders and
remittances and mailing of notices of
execution
1 Prompt delivery of cash or securities
"Accurate monthly statements of ac
count Late market hcavs and casy-to-read
stock reports and a 12-page weekly
market publication.
Wc fire prepnred to give un
excelled service In handling
your market transactions In
New York Curb Market
stocks.
CALL, PHONE or WRITE.
PHILADELPHIA OFFICE
WIDENEIl BUILDING
Telephones: Bell, Locust 4730
Keystone, ltaco BBfil
BALTIMORE OFFICE
433 EQUITABLE BUILDING
Telcphoi.e: St. Paul 84D1
Direct Private Wires
New York Chicago Boston Philadelphia
PlttsburRh Detroit Baltimore Cleveland
Jones &. Baker
Members !few York Curb Market
8.
B..
2..
1..
Ilackenaack
Wat 4s
1 08
Hud ft Man fd
1 074
B 07
1 .... 074
Hud ft Man In
2 41
1 414
0 414
11 41
1 41'4
111 Cenl 4s 'B2
2 73
111 Cen'l 4s 'S3
1 704
111 Cent'l 04s
3.... 101
2 101
lll.i Steel 4 4s
1 82
ntboro It T fd
B .... 30
7 no
1 50
n no
1 80
I M Marine 0
1 70
1 (s30) 70
1 70
Iowa Cent'J 4s
.... 40
Jap Oove't 1st
1 (sO) 854
Jap Oove't 2nd
1 854
Jap Ooven't 4a
.. . 71.
.... 71'
.. . 71'
. . . 71
Kan C Mcmp
Brldgo Bs
1 81
Kan C ft s 3s
0 B0
Kan C ft S 5s
B 704
2 704
IColly Sprlnif d
Tiro Co 8s
1 004
1 00
B 004
1 004
IC Belzlum 0a
1 04
2 04
1 04
2 03
K BelK'm 74a
1.... 1011,
.1.... 1014
4.... 1014
ti.... iut
2.... 101
1.... 101
yi.... 101
1C Bcls'm rcta
1.... 10O
2 ... 100
7.... 100
7 100
1.... 10014
1 ... 100
Klinrdom Den
mark ct 8a
00
00 H
00
00
00
00 't
MM.
004
00
Penna It It 7 a
1.... 103
Pera Marqt 4a
074
Pere Marqt Bs
824
Pitt Chi Cln ft
St L. A Bs
3 B3t
Hoiullnc Co 4 s
2 784
Rep Chile rets
1..
3..'
I::
1.
102
101
101
103
10J .
1014
1014
1014
101
101
1014
K'm Italy 114
3 804
ICInvdom Nor
way ct 8a
8.... 103
1.... 103
1.... 1034
K Sweden its
1 804
0 SO
8 80
1 80
1 . . . . 80
Lack steel '50
1... . 74
Lake Bhora Al
Su'n 4s '31
1... . S3
B ... 83
Lehigh Va! 4s
2.. .. (10 4
L lal It Bs '87
1 01
Lou ft Ark Ba
1 084
Louis ft Nash
Mono 4i
1 084
I.ou ft NaBh 7s
1.... 104
Marland Oil 8a
1 01
Mex Per'm 8a
0 .... 08
1 08
4... . OX
1 . . 07
1 ... 07
Mid S ft Or Ba.
2 70
2.. .. 70
Mln 8t P ft 8
Bta M 4s
5..... 804
08
08
004
084
084
08
084
00
004
Bock Il'd A ft
Loul'a 44s
2 074
1 07
St L I'n Mt ft
S'n Illy Bs
1 884
St L ft S V al
5 07
40 08
St L ft S T In
S 07,
3 .... 87
2 . . B7 4
13 ... 574
(I . 574
31) . . 57
1 ..57
20 574
2 . 574
St L ft 3 l'rmi
Serlca A
3 0J
5 02
15 01
St L ft S Kran
Series B
1 71
1 74
St L Bow'n en
1 054
2 05
B .... 05
St L Sw'n lat
1 004
St L Snw'n 5a
1.... 07
tao Pauln of
Brazil ct 8a
1.. .US
5 . . OS 4
2 . P
1. . 08
Saxon Motor C
Corp'n clt Bm
1 . .. 80
Seab'd A I. aJ
1 2S
Seab'd A ' Hu
B 404
7 40
2 . . 4S4
1 . . 44
2J . 40
1 404
1 ... 404
Slnclulr C Oil
Corp n 74
2 01
1 !H"(
2.. .. M
tij
. 01
. 01
. III'.
. 01 4
AluUl
03
S3
1
1 . .
1. ..
0 .
3....
i ft N
Bu of
1....
So'n PaclOc fd
1 70
So'n Paclllc 4a
n -
. 1
1 73
6.. .. 73
So'n Pao cv 4
4 81
0 Sl
1 . si
Si
So n Pacific 5s
1 014
B . 11
South n Illy 4a
5 . 'ST 4
15 .. . 57 4
1.. . :
4 57
1 . .. 57
South'n Rly B
1 84
5 84
Stand'd Oil o(
Calif 7a
B. ... 102
1.... 103
B.... 102
B.... 103
2 103
Swlu'd Con 8s
1 ... 100
2 .. 10(1
Tex ft Pac lat
4 78 4
Third Ae 11J
1 . 33
1. . 32
1 .32
7 .. 32
Third Avs 4s
1 01
Two big evcntB nro on tho schedule
today for consideration of tho market
contingent. One, tho monthly unfilled
tonnago statement of the United States
Steel Corporation. The' other, the meet
ing of tho directors of the American
Sugar Refining Company for action on
tho dividend on tho common stock.
There is likelihood of a surpriso in
both instances. It has been variously
estimated that tho former named cor
poration will show a reduction between
300,000 to '100,000 tons In the unfilled
orders. A great many believe the Sugar
directors will find It ncecsoary to sus
pend dividends because of tie contln
und chaotic condition of the sugar trndc.
Recent reduced prices by the United
States Steel Corporation are reported to
have brought in quite a good deal of
new business. If these reports nrc re
liable, there Is a likelihood that the
shrinkage In the unfilled tonnage for
the month may prove much smaller than
anticipated. In that case there is a
possibility of those pledged to the con
structive side making considerable capi
tal out of the event and employing It as
a slogan of returning activity in the
steel industry. ,
Nobody can tell whnt the sugar divl-
!nnrl wilt ho etfnnt tho ilirpptors. Story
had it yesterday that even the board
hod not yet made up its mind nor
would it do so until figures were before
it at the meeting.
Real Troublo Is Over
"A good many people aro taking a
pessimistic view of the situation that
In individual cases is absolutely un
warranted," said an official of one of
tho largo downtown banks yesterday.
"Quito a few come into this bank al
most every dav with what has become
almost a stercotypcu interrogation, ,
'What bad news have vou today V The
reply they get is w'linvo no trouble!
here nor do we expect any.
"As a matter of fact, It is the con
sensus of most of our u"-ocintPS that
tho real crisis of our troubles was
safely passed six months ago. We aro,
more convinced of this today than ever.
Everything is coining back slowly in
some lines faster than others. Of
course, nftPC the tumult of the last two ,
years there are many readjustments,
still to be completed. Thcso nro only J
minor incidents to tho general program.
Much of this has neen due to Inability 1
or the lack of courage to accept in- j
cvitab'o losses.
"Quite a few are still in that boat, 1
and the sooner they make up their
minds to tako the dose, unpleasant as
it may seem, that much quicker tlie.v
will bo cured of their present. ills."
B. and O. Coat Fields
Officials of the liultimore and Ohio
Railroad's commercial development de
partment, of which II. O. Hartzcll is
manager, have just completed an analysis
showing thcro aro more than 1000 coal
mines on Its lines in forty-four counties
in Boven of the States through which It 1
operates and forty seams 01 coal an
minablo with a coal reserve of 25,000,
000,000 tons. In West Virginia alone,
which ronks third in the coal output of
tho country, 18.000.000.000 tons of coal I
nro nvallablo for bteum and technical ,
use, in mines adjacent to the company's t
right of way.
Tliis and other data compiled con- '
renting the mines and grades of coal in
liultimore and Ohio territory are dealt
with in the nnulysis which has been is
sued in pamphlet form under tho title. '
"Coals and Their Relation to Economic,
Industrial Locations." Three other I
pamphlets have been prepared for dis
tribution, one dwelling on "Salt and Its
Ry-Products," which describe loca
tions of salt mimv and chemical uses of '
salt: another, "Lime, Limestone Flux,"
serving as n guide to maniitacturcrs who 1
use limestone in quantity, and the
third. "Sands Molding and Class,"
points out whore these materials are
found in abundance.
WestlnglH)tiso Bookings
Shipments of Wostutghoue Electric
unci Manufacturing Company nro now'
tunning at 11 rate of slightly less than
.10.000.000 a month. In April and
Muv total billings wore well over $20,-
000.000. In Juno and .Tulv tliej
amounted to npproximnteh $20.000QOO
They nro now just 11 trlllo under trhit
rate.
Bookings nre said to be coining in nt
a into about half that of last year.
Tho company docs not renort bookings,
but from billings ntrl unfilled orders It
can be estlmntcd that booking lat year
amounted to about $H.". 000.000. It
appears, therefore, that bookings, are
now running between $11,000,000 and
.$7,000,000 a month.
It cun bo fuither estimated that un
filled orders, which stood at $05.021.
000 nt the beginning of the fiscal year,
April 1, now amount to about $50,000,
000.
If Wcstlnghouso should put into un
filled orders at the roto of $.'1,500,000
until the end of the present fiscal venr.
that item would stand at about $22.
000,000 on tho 1st of next April. That
is about as low as the company can
wisely allow its unfilled mnrgln to fall.
Thus, if lookings show no improve
ments lu the nevt eight months com
pany officials boliee that there will be
n considerable improvement long before
next April- the piecent rate of hil'mcs
could be continued and tho year's gross
business would stand at about SI'J.S..
000,000, compared with $1.10,000.000
last year, when the company earned
SS.4U a shai'o on the $71,812,050 com
bined common and preferred stock out
standing ($50 par value).
amq TRAPPR,
An Underlying C. B. Q. Bond
Legal for Savings Batiks in 14 Stales
Nebraska Extension 4s
1927
Secured by first mortgage or first mort
gage bonds on a total of 1,471 miles of
road at the rate of only $10,790 per mile.
Offered at the Market
To Yield about 5.80
Bonbright & Company
437 Chestnut Street, Philadelphia
New York
Boston
Chicago
Detroit
Cental Leather
The outlook for the leather
industry and for this com
pany in particular are sub
jects discussed in our re
cent analysis of Central
Leather.
In addition to comprehen
sive statistics and informa
tion regarding this com
pany we go into detail as
to the probable future
market action of the stock.
A few copies are available
for interested investors and
will be sent upon request
for Circular No. 129, ac
companied by 2c for post
age. MOODY'S INVESTORS SERVICE
JOHN MOODY. President
1124 Retl Eitate Truit Blde.,PhiIa.,P.
New Yorlc Boton Chicago
w
LEATHER
STOCKS
A upeclal letter has been pre
pared by ub analyzing the two
large leather corporations,
namely:
Central Leather
American Hide
and Leather
A copy will be sent
gratis on request
RK.GVWRIE&CO.
Mrrrhrr I'llll". Stock Eichnno
1418 S. Penn Square
SUITE 300
srnt'CB O705 RACE 4S3
l) tect Hires fo ,Yu 1'orfc i
an I'nncipat Jlu;eti
A Record of
Investments
can bo kept in a most conveni
ent way by the use of our
specially prepared loose-leaf
folder. These folders contain
detachable sheets, properly
marked ahd .spneed for keeping
complete information reard
ing all income-producinjr prop
erty bonds, stocks, mortgaKes
and real estate time pur
chased, price paid, income
therefrom, etc. There are also
sheets for keeping records
pertaining to all forms of
insurance.
A complimentary folder will
be sent to any investor
on request
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St.
1
WE
OFFER
no nrjulpmont Trust Or
tihVato covering tank cara
at about 60 of their
Uuu on a basis to )ieltl
oir S'o.
WlDINER BtDO, PHILADUPH1A
NtaYotStocktdtw
IUZMUTN. Nl.
fl 1 MIWYOSK
, . . ,
jjUn
GRAIN AND STOCKS
Facts and figures relat
ing to securities or grain
cheerfully supplied. Wo
specialize in
Odd Lots
Boureau & Evans
Member I 1'I1I Mock KichiDi
V Clilrato Honrd of Tr
13CJ South 15th Street
Philadelphia
Locust Slat ltaco nat
Thirty
n nnictti rpresntltiB canh anrt
nfurltl" u!un. hn d by one of
the world a InrKem Industrial con
itrns TIiIh amount In equal to
$120 a share
rn th common Block rrnsont
riUldcnd rat $0 a vr, ileld.
.'. our KOUTNIUHTI.Y nE-
IKW niitllniti lu rurtiUtornblft
jn ill thw imnparo a excellent
niidiiUul iuHttiun.
Aik or lie iuj.j of ! L-711
E. L VVITTMEYER & CO.
Incorporated
Investment Securities
42 Broadway New York
PENNA. TAX FKEE
SECURITIES
PAUL & CO.
Member 1'lilH. hloik Itvrlinnxe
U2I CHESTNUT STREET
Virptinia Uwy. & Power 5s, 1934
American (Jus 7h, 1928
United Giih & Elect. 6s, 1945
HENRY D. B0ENMNG & CO.
STOCK l:( HANdlC III IMIINfl
llret I'rltiilr 'lelriihnrip In Nrir York
Mrmbrro I'hlli Stork Kxrhxnrr
AUTOMOBILE
INSURANCE
tinEBTY UOTVAIt 1HHUHANCK CO.
tUwjm iciuWMW S(Kta flo. lBUt pu
FINANCIAL HOUSE
of mtt-rtmtloiinl n-nututloti tlnelre to
nminunirate wlti hluh-Braile unleimen
of proven ability Hplendld promotion
for rlKht men. Stuto ate, SutXrtiiS!.
Phone and full pnrtlcuUre, ""
i-:i. ekixikk nrriQK
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