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V
EVENING PUBlko EDGEHILADELPHIA, TUESDAY, AUGUST 16, 1921
Mf
$1,500,000
New Jersey Worsted Spinning Co.
' GARFIELD, N. J.
First Mortgage Sinking Fund 8 Gold Bonds
Dated July 1, 1921 Due July 1, 1936
nedwmabU In vrheta or In put at option of Company en 60 days' notlca on any Interest data at 1 10 and accrued Interest.
Principal and interest payable at tha principal office of the Truttea In tha City of New York or, at option of holder,
at Central Truit Company of Illinois, Chicaio. Interest payable January I and July I without deduction for normal
Federal Income Tax not in excess of 1 per annum. Pennsylvania Personal Property Tax of 4 tnllla refunded.
Regitttirable as to Principal. Total Authorized Issue $1,800,000.
Coupon Bonds In Interchangeable Denominations of $1,000, $600 and $100.
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, Trusts
New York Bonds
(.SALES IN $10001
From a Idler of Mr. Christian Bahnstn, Praldenl of the Company, we summarize as follows:
The issuing corporation was established in 1905, its product now having a
high reputation and well established market. The Company's annual sales
for the past 5 years have averaged $8,549,300, or over 300 of its annual gross
sales for the first 5 years' operation.
The bonds are secured by closed first mortgage upon the Company's plant,
comprising 40 acres of land owned in fee, upon which are located 11 acres of one
and two story buildings, of modern mill construction type, with all essential
machinery and improvements for the production of worsted yarns. Sdch fixed
assets, in an appraisal as of January 31, 1921, are given a reproduction value, less
depreciation, of $4,408,517, or substantially 3 times the total bond issue.
The Company's balance sheet as of March 31, 1921, after giving effect to
the proceeds of the bond issue and the recent acquisition of an interest in Gera
Mills, shows net current assets of $1,993,928, equivalent to $1,329 for each $1,000
bond of the present issue. Net tangible assets, in accordance with such balance
sheet, after substituting the appraised for book value, of the Company's,, fixed
assets, may be stated as $7,207,446, equivalent to $4,805 for each $1,000 bond of
this issue.
For the past 15 years the Company's average annual net earnings, after
depreciation and taxes and all expenses, other than bonuses to officers and
directors on profit snaring basis, are stated as $594,000, or substantially 5 times
maximum interest requirement of the bond issue. For the 5 year period, 1917
1921, such average annual net earnings are stated as $1,223,839, or over 10 times
maximum interest requirement.
A semi-annual sinking fund is provided sufficient to retire $100,000 of bonds
annually at 105 and accrued interest; bonds to be purchased if obtainable at not
to exceed 105 and accrued in:erest, and in any event $50,000 principal amount
of bonds to be retired each year, either by purchase up to redemption price of
110 and accrued interest, or by call.
Appraisal by Ford, Bacon & Daels, Engineers.
Audits by Haskins & Stilt, Certified Public Accountant.
Legal opinions by Pam & Uurd, Chicago, and Rushmoit, Bltbet & Stern, Nctf Yer.
Offered for subscription uhen, as and if Issued and accepted by us, for delivery In form of temporary bonds or Interim
receipts on or about August 22, 1921 at,
100 AND ACCRUED INTEREST, TO YIELD 8
Central Trust Company of Illinois, Chicago, 111.
Elston Allyn & Company, Chicago, 111.
Pistell Trubee & Company, Buffalo, N. Y.
While not guaranteed, the information contained in thU advertisement
la taken from sources which we believe to be thoroughly trustworthy.
Am Asr ft Ch
7V4" rets
1..... "0
Am Cot Oil B"
4 T4V4
Are' Hep'c ft
1 70
1 00V4
Armour 4'A"
B B2
2 814
a s & n'lt x
2 7HS
1 7BW
1 7BH
1 78W
A. TAT cv 4'Aa
1 87H
Amn T ft '1 V
11 '
2 85 H
A T ft S V al
2 70tt
A T ft 8 Fe 4e
17 T7H
0 tl
1 77W
r mi
.1 77i
Atch Topokn 4
8 Vm cv 4a
1 70
Atch T A 8 Pe
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2 7H
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1 71
Atlantic net"
ct fltta
1.... 101
1.... 101
Atlaa l'wdr Coj
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1 ans
1..... oo'A
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8.... SO
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1 8BV4
Bait A Ohio 4
2 60
n a o r i. is
A W Va 4k
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of Pa 7a
1.... 104V,
Beth S fis "HO
1 774
1 77',4
Bltn Edl Co Us
1 80
Bkn lifll P 7a
1.... 100
2.... 100U
4.... 100
Bush Ter'l ns
1 72
Can ad' n Nth'n
6tta rets
1 no
1 00
2 P
1 8T4
1 DO
1.... 00
Cansllan N 7a
8.... J03
1.... io:ni
2.... 1031J
8.... 103U
Ctl Lather :.
2 88
1 88
Ctl Pacific 1l
3 73U
1 73U
Cerro de Pasco
Copper 8a
1.... 10IHI
C ft Ohio m
2 75S
C A O cv 4'4
1 7SV4
3 75H
C'C A O cv &s
1 81tt
B 81H
Chi A Alt 3'4
1 3(1'4
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1.
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1 02
1 02S
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1 42U
1 42!i
rle II II cv A
2 39
rle II n cv B
1 37
8 37Tt
Tl Ily Co l
2 88
1 any.
'eno'l Kler 8'
2 8t
Midyear Tire
A Bub'r 8a
0.... iom
clove' t French
II 7Ma rcta
M raclflo n 0"
8.... 101V4
1.... 101
Nth S rwr Bs
1 ifl'A
1 70",t
Or A cam (
1 00H
Oregon S t,
2 wrt
Packard M"l r
Car Co o
1 08
a 08
Pa lilt en 4'4a
3 BOVi
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1 70tt
R 70
Ponna It Tl 8a
1 ht vn
1 87
tr-nna ltd II 4
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a..
2..
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1..
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GOSSIP OF
THE STREET
GENERAL MOTORS
98 V,
08 S
05H
08
118 S
o.'.h
08 H
08H
08 H
o:.t
08 14
08 4
05 'A
115 Vj
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1.
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1.... I"4
1.... 104
Peoria A B 1t
1 87,4
era Marat 8'
1 81S
Pitt Cln Chi A
St I. A 8a
1 B3
'lendlnc Co 4
8 0'4
tlep Chile rcta
Oove't V U 8
100
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100
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mo
100
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100
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::::
After One of Your Debtors
Has Failed 1
THEN it Is that you wish you had
been protected by "London" Credit
Insurance.
But there is no use in regrets now, for
things that have gone by. There's more
to come in losses as well as profits
provided you are still in business and
extending credits.
Whether you have hod Iomcs or not,
"London" Credit Insurance Is your beat pro
tection, your absolute protection against cxcom
lostci you may sustain. With a "London"
policy you always know exactly where you
stand, and that any excess loss under your
policy will be paid within forty-five days.
Better ask now before some debtor falls
there's no obligation.
Losses Paid In
AmcricanCurrency
in- mil
OUR SUPETfr
SERVICE
AT YOUR.
SERVICE
11ANKEU8
Dealers in
Investment Securities
Mmnbtr New York and PMladelahla
Slock Exchange
321 Chestnut St., Philadelphia
100
100
100
100
100
ino
100
10(1
100
100 14
loos
l.
l.
St L
1.
1.
Ht I.
2.
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1..
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28..
20..
30..
30..
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Security Salesmen
If you nro havlnpf dlfncultteB In effecting
pales on account of aluirglsh conditions
drop In nnd havo a talk with us. Wo
can use two experienced men on fnnt
pelllng Issues of hluh-ernde Mocks nnd
nonds. Call or phone 1203 Pcnnii. Bldg.,
Spruce 7DG5.
STROUD & CO.
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.. r
itokei, Packard, Hsuahton Sl Smith, Manaer-All otlui Miuslty II
ilcll Phonftamhani 1190 414 W-ilnut St. K-vifnn."
I
I
no :)
"
Yesterday
Today and Tomorrow
Sound, conservative advice from experts or specialists
has always been a factor in important decisions in
every line of endeavor. Out of modern requirements
there arise specialists in various lines of businqss,
each serving an individual need.
To provide detailed and exact information relatlvo to
railroads and their securities we have had a force of
engineers engaged in compiling and keeping up to
date an analysis which may bo of great assistance to
you in the selection of investments, or to obtain a
report on your holdings. We can tell you which of
the railroad bonds is best at today's prices and retums
the highest yield with unquestioned safety. Wo shall
bo glad to consult with you.
BROOKE, STOKES & CO.
Mcmbsri Pliilsdoliliiu Stock ExchanRo
140 South Fifteenth Streot
Philadelphia
102 St. Paul St.
Baltimore
KUMBWCHCAmg
WM.U.H AYBERRY 8
52 Walnut St. foj
HNO SPECIAL!:
734 Fiflomth St. N. W.
Washington
Did July mark
"turning point"
in market?
Get this week's 12 page
issue Investor & Trader
hrnltml'' T krtmrllradtr,
WnLUkl-l!J r firm. ,-..1
I3JEESSEZ
am
A
I Head articles on l
jj "Ititsliit'tis and Market
1 conditions" i
? hpeciiic stocks l
ee-'ikiiiiiiH irniiivi nn rw
York Curb Market."
CALL, THONE or WRITE
for n copy no charge
Ask for T.U.-170
PHILADELPHIA OFFICE
WIDENEH BUILDING
Telephones: Bell, Locust 4730
Keystone, Itace 6861
DALTIMOnB OFFICE
483 EQUITADLE I1UILDINO
Telephone! St. Paul 8(61
Dlrrct Private Wires
New York Chicago Iloston PhlUdelphl
I'lttibumh Detroit DaHlmore Cleveland
Jones & Baker
Msmbe-rt Ntw York Curb ilarktt
101
101
101
101 u
10114
101 14
101H
101 V.
inin
101
101
10114
mi 14
ioii
ChlCREO Mil &
St 1 U "J3
2 74
4 75
Chlcaco Mil ft
StP cv 4V4
I fl.1
1 05li
Chlcnco Mil &
St P M 4H
2 (Kale) ns
S 58
Chlcniro Nth
W'n Kin ln
4 74
C & Nwn II '4
2.... 101
fl(salo) 100i
Chi H 5
1 on;
1 01
C II U 1MJ
1 07.
2 07 s
1 0" S
1 07'i
1 07
C U Sta 4Vi
1 Bl
Chlnae Oiive" t
Hu-IC Hly 5"
1 47
City ot Dersen
8 rcta
1 0ST4
City Herno 8"
2 118
3 nan
3 PS'i
5 .... H8!4
Cty Chrla'a H
1 00H
City of Copen.
hairen 5V4'
4 78
C N Yk 3j"54
1 .... 72V;
1 72U
City Pnrla 0s
1.. .. 0'4
City Tokyo Ui
1 04
City Zurich 8
,1 K'O
1.... lOOU
Cl'l tin L'm
St I. outs 111
5 . . . . 8f"4
3 8U
Cuna'il Oa 7
4.... lOHi
3.... 101H
1.... 101 'i
Culian A S '
1.... OH '4
5... . mm
Culm It Co Ss
1 07
lleiimnrk Con
ct A Sf
1. .. 101
1.... luoVa
1..
1..
1..
Hock'e V 414"
7114
Iluil & Man M
1 00
1 (sale) 00 H
1 00'4
6 oo;
Hud ft Man In
1 iiV,
1 42
3 42W
111 Central M
1 .... 70H
111 Cen'l 4a "53
2 704
1 70
1 70S
III Cent'l 0H
B.... 100
1.... 100
1.... 100
1.... 100 V4
Intboro IIT M
5 55
I M Marine fla
5 70'4
5 77
2 70'4
Iowa Cent" I 4i
1 40
Jap Oovt lata
2 80
1 8OM1
Tap Oov'nt 4
1 71
1 714
2 Tlli
1 714
Kan CtBH
1 50
1 50
Can C & S 5a
1 754
Kelly Sprlncd
Tire Co Hn
1 05
2 05
K UclKlum )
1 HI
IC IlelK'm 7 4
4.... 101
4.... 101
1 101
1.... 102
3.... 101
2.... 101
1.... 101
IC llolK'm rets
3.... 100
1.... 100),
1.... 10
Klnrdom Dan
mark ct 8a
1.... 101
2 1014
5.... 101
1.... 101 Vs
l.aku Shore M
So"n 4a ""."i
1 85
5 854
1 85
1 85
4 (aale) n's
1 1184
14 osy.
Rep ot Uru-
Kuay wl 8
1 t)8
2 1)8
8 084
U h l"n Mt u
S'n uly 6a
6 874
St I. & S ' ln
8 57H
5 574
at i. s Fran
Herlea A
1 014
1 01
1 014
St I. A H Fr"
Series u
1 74
"While condition arc still far below
normal, Information received from our
corrcHpondPiits in all parts 01 me coun
try liidlenteH steady nnd widespread
Improvement," Knya Henry D. Xudor,
president of the Commonwca'tli linnnce
Corporation, of New York. "I nave
been on nn extended trip Into the 't,
nnd everywhere 1 found n pleoMnB
ntmoBpliere of rctiiriiliuj optlnilsni. Xlils
ntinoHplierc pnrtlcuiurly is noticeable
in Philadelphia. Labor Is showliiR n
crnllfyiiiB willingness to co-operntc
with capital, anil, ns a result, tlierc is n
gencrnl confidence thnt conditions will
return to normnl in the early future.
The fnct that tlic rallronds arc Retting
on n sound basis earlier than they
were expected1 to is grcntly helping.
The Commonwealth Finance Corpora
tion Is 'nrgely interested in building
operations, and it is pleasing to find
building tun.strui tlon taking un upward
turn."
Ono of Many (Jroundlcs.i Itumoig
A few days ngo a report was freely
clrcii.oted on the Street thnt the paper
of a well known steel compnny, w men
unf ninnv pnrH turn U'nH Controlled by
Philadelphia lnterest-swau helng hawked
nrnnnil without Hmlinir takers. All in
vestigation of this fanciful story not
only proved the story entirely a mental
creation of the rumor monger, but thnt
the concern practically had no paper
outstanding. On the contrary, in one
of the several institutions in which it
lias deposits, it litis a balance of over
SI .00(1.00(1. Another had ncnrlv the same
amount. ni.e tu more active ucrimiii.
of the compnny ii held In ?ew lorK,
It Is reasonably certain it had a coin-
fnrtnhlo worklnir balance of over
$5,000,000.
I,lki most, tif Mm other steel corpora
tlons, the operations of its mills have
been reduced to the lowest minimum
In Its history. I'ndcr the circumstances,
as one bank offielul said ycterdny, It
had no occasion to borrow ot the mo
ment, and would not be compelled to
do so until things get much more nctlvc
than they arc now in the steel trade.
EARNS BIG
MONEY
Report Shows $14,551,516 for
Quarter Whrch Ended
June 30
BIG GAIN IN THREE MONTHS
... 734
... 734
Kow'n en
..'. 04yt
...05
flow'n 5fl
... 07
... 07
St P'l K Clt"
S U 4i,a
5 . . . 05
San Aitonlo &
A V Illy 48
1 .... 02
2 02
Sao Paulo ot
llraall ct 8e
1 1)8
1 08
leao'il A I'
1 00
Seab'rt A I' B"
1 404
C Oil
74a
. 014
. 01 H
. 01
. 01
. 014
. 1)1
. 01
T 5a
83
Poor Crumbs of Comfort
The miiltitudo of dividend omissions
nnd reductions the last six months has
caused a lamentable amount of suffering,
especially among the smaller investors.
Quite n number, tumble to overcome
the terrible disappointment nnd loss of
Income, have written to the management
of these various concerns hungry for
some word of comfort. The replies,
while polite, have given little encourage
ment and lirnctlcnlly offered no excuse.
The following is n sample of the scant
crumbs of comfort offeicd the luckless
stockholder:
"Answering yours ot the , I
am very sorry thnt it was necessnry to
defer our dividend action on the common
stock, but, ns you know, business con
.lttlnnu nlmm pniilillv. nnil our Industry
wns lilt rntlier hard the early part of
thin venr. ns Is evidenced by the fnct
I.-. nii ,1... inn... onmnnnlcq have de
ferred dividends on common or preferred
.i.i, - Kntt, n i nn to our mnnnge-
ment to get'bnck on dividend paying
hnsis at the earliest possible date, and
I nssure ou we are making, nnu snnji
make, every effort in that direction.
Second
quarter
S14 551,510
1.120,110
I, Val en 4 4
1 774
l.ehlnh Val 0
1 084
I. & Myera 5a
2 . . . . 80
I. Ill II 6a '37
2 00 T4
Mkt St rty tat
4 004
Mkx retr'm Ss
2 004
1 004
1 08
Mln & St l Is
1 40
Mo K T Hill
3 30)4
Mo K A T 4
0 00
M IC & T 4 4'
1 30
tn PaclOc 4s
Sinclair
Corp'n
1
a
1
1
1
1
4
an Hell
1
So"n Pacific M
1 704
5 704
So'n Pac cv 4s
81
South"n Uly 48
0 07
Siiuth'n Hly 5a
1 84 4
Stan Mil C 5a
1 80
Stand'il Oil ut
Calif 7a
3 ... 10.1
2 ... 103 4
2 10314
1 1034
Swltz"il Con Sa
1.... 100
0 100
Term'l II R A
of St I. 4
0 71
il .... 71
rhlnl Ae 5a
2 .... 814
1'lilewater Oil
Co ct 048
5 04
2 05
1 05
"rtlon Pae
7 K54
1 85
t'nlon Pac M
1 .... 77
t'nlon Pac 4b
5 .. . 81
5 1
1 . .. 814
1 (aale) 81
i; IC of O rlt
A I'd 1022
2... . 0S
1 . . . 0S
1.. .. 08
ft .... 08
L' IC of O llrlt
& I'd 1020
1 81)
2.. .. 80
1 88
3 S8
5 80
1. ... 8h
U IC of n UrU
A I'd 1037
Freight Tonnage Still Low
Officials of railroads operating east
from Chicago nnd St. Louis report little
clmnge in conditions the last week. The
shipments from the iron and steel cen
ters have not increased to any extent,
nnd building mntcrials are moving in
about the same volume as the last few
weeks. General merchandise shipments
also arc running at ubout the snmc
totnls as recently, indicating there is
no great Improvement in business.
There continues to be a good move
ment of grnin from the fnrms, and
there has been considerable- all-rail
business from Western points to the
seaboard, uith fairly liberal Hour ship
ments. The grain movement of all
kinds is muiali larger than 11 year ngo,
but this is more thnii offset by the con
tinued light movement of coal, so thnt
totnl freight tonnage is still consider
ably smaller than a year ngo.
TUB TUADEU.
New Yorlt. Aug. 10. The Oenernl
Motor Corporation reporting ycslcrdny
to New York Ktork Exchange for the
six months ended June .'10 through
Pierre 8. tin Pont, president, shows
earnings eniilvnlont to 32 cents a share
on 20,528,700 shores of .$10 pnr value,
a working capital position in excess of
SI 20,000.000. of which nearly $,"0.000.
000 Is cash, nnd a striking gain In
enrnlngs in the second tpinrter of this
year ns coiiipnrcd with the first.
Tills corporation uent uirougii n jir
rlod of extreme depression from Sep
tember 1, 1U20. to March of this year,
and Is now emerging from the read
justment. Disi'tissing the lliUUlntlon
period, Pierre H. tin Pont told of in
ventories mountlne to n nenk of $222,-
008,805 Inst October with n great bur
den of commitments for materials un
necessary in view of the coii)pnn's re
stricted output, grndiinl amelioration
of Inventory to the present figure of
$147.502,0S(J. nnd n reduction of $71.
C!)0,71i), of which $25,770,112 was nc
coinpllshcd through writeoffs. He told
nlso of accounts payable of $40,7.'K1.
127 ot the peak since reduced to $10,
852.581 and of notes payable, which
aggregated $87,500,070 nt the maximum
since reduced to $(rj.H0S,2.i().
Figures Show Improvement
The significant improvement achieved
In the sci'ond quarter of 1021 is shown
in the following tabulation of salient
items :
rir
quarter
Net earnlnira J3, 707. 041
lnlereat on nola and
trade accptanc" 1,501.215
?ot pronta niter
taven, pmploea"
fund. provisions,
but horore relunda
to cuatnmcra 1. 075. 403 12 533.010
In nddltlnn to a total surplus of
$117,510,000, the company has set up
reserve aggregating .$.'18.77.'!. 100. Mr.
du Pont describes la the report the
condition of the compnny as "healthy"
nnd declares that the company is well
prepared to take advantage of Increnscd
volume of business in any line pertain
ing to the automobile industry, calling
attention to improvement in the manu
facturing part of the business ns well
ns in financial position.
Vnlncal Plant at S25-1. 303,0.13
Oenernl Motors Corporation June .'10
valued its real estate, plants and equip
ment at $254,.'W.'.(l5ri, n llgure which
tho trade has regarded as conservative.
Corroboration of this, belief wns oh-
tnined by .1. J. Hnskob, (lmlrtmin of the
Pittance Committee of the corporation,
who nftcr William C. Ilurnut ceased to
be a factor in the company's nffnirs
asked the Manufacturers' Appraisal
Company, of Philadelphia, to ninke n
careful reappraisal of the corporation's
physical properties.
The appraisers found the fair valu
ation of the properties to be nboiit !?:i0.
000,000 in excess of that shown by the
corporation's hooks, basing the np-priil-al
on reproductive co'-ts as of June,
1021. les depreciation accrued. T'-ls
valuation, however, did not include nny
allowance on account of the reappraisal
of tools, dies, jigs, etc., curried on the
corporation's honks nt a very low lwis
of valuation due to the system of charging-
off to operations ench year the cost
of nil such Implements. That system
the appraiser legnrded as "ultra-con-servntive."
Were the permanent In
vestment account increased by .$.10.
000,000. the corporation total assets
would exceed SOOO.000.000.
XAPITAL$500,000.001
SURPLUS (EARNED)
,000,000.00'
wfelrth&SpiingGarderj
.PHIIAOEIPHI
-e?C-.. S
col
uuu
1871 to 1921
IT IS YOUR DUTY
to protect your Estate
and yoir family while
you are living in order
that your family may be
protected after your
death.
The best protection
you can give your family
is to so arrange your
affairs that your Estate
will be handled by those
experienced in the man
agement of estates.
You can best accom
plish this by making
your Will and naming
the
NORTHERN
TRUST COMPANY
your Executor and Trus
tee. Fifty years' expe
rience in the management
and settlement of estates
is
at Your Service
nVANriAT,.
1'riiiwn tla
IIKI'AIITMKNT OF WHAKVKS, DOCKS -
AND IW.KIttKH ....
650 Hours l:il., I'll lnillnlitri
AuKUBt 11, Mt;v
Healed proposals, Inrtnmetl "ltlrts for tnt ,
construction of toe auperatrtictiire c Chert
nut Hlrcet PIT n, nuh Delavr
niver." and addreaaod to the underaKntf
at the office nbovn mentioned will ha ,
celved until 12 o'clock noon '''" vllaht-jnylnij ,
t me) Prlday Heptimher 0, 11)21 and thM
pulillcly opened. 1
Pans Kpcrllliatlona and blank forma U001J,
whcli Mi muat he made can he ohlalned t
Ihc offlep ahove mentlonrd upon Ihe deposit Of
a rertlflrd cheek In the sum ' . " !
rover O.e rnt ;t Mu-, prlnla wh ch check : will t
he n turni'd uoon Ihe rerelpt In thla Offlo t
nf the plana and "P' cinratlona In aood con t
dltlon and unmarked Tho aucieaaful hldder I)
will l furnleh, d with nil hluo pilnta nct
ap;oof"mC'tCl-ruhmll.ed the ,1epartmfr,,lt
hy tho rontrnetor tl'at he haa accepted ln
nrnvsons t the Workmen a r'ompi niftlon
Aet if June IS, 1017 relative to working. ,
men' ompenarV Ion. and Insured hi llMir:
Semind r or ruted prempilon therefrom. J
ii.a-r "'"' ' ' - ... 1,1. a-A1 imlnfia nroiim4
Nn Illll Will l' ."iii-i'J' !"" "'-,,-,,"
nanTv. ! a rertinr.tr from the rity Bollc'lor,
It the r Itv of Philadelphia to the
?hat tlie pn.vlalona of nn ordinance n'ovcl
May ".-. 1S00 requirlni' nropoHil hcndi 1 on
ill I.Ida rx.-'dlnif In amount .600 have bttn r
The I.rer f re-e.ve- to himself the rUht
to reject any or all hlda na he may rlem
lest f..r the interest of the City of Phlla.
delpl.Lt.
or.onnK f.
HPrtOt'I.K.
Director.
ikpahtmi:nt hi; i'f t-ir ,fi:ty
lllri-i tnr'a HI! re. itomn 21,1. t ll Hall
inriito "pillla,lHlpM, Auau.t a 11)21.
Feale.l prnt.oai.la will b r reived at thl
ofllre Aonm 2K. rity H..I1 until iwylv
o'ciork r.-mn. d.iMlKht-sivln time Turtdny.
fceiitemlier 0, 10'il. for the followlnse
I 1 1 "rKlfAI. IICUKAt" Pjr toe con.
.irar'i'nti f. and the Inel.i lallon of h ectrlo
,,,,..., in City Hull P'ana and apcrirtM
Tm a nay Le oMnlnnl In the im.-e of th
, llv rr.ll.eci U'Mtm n..., -..'j ...... -
Hip d. met of f-T. mi. Tl.ls sum will D,
.... ... .... ... r.itirn nf anlrf nlat.a an(
rpiuiii.'i. ,j.'"ii ." " ..".. . ".ri.i-
iih, UlratloiiH n un unuirnuiieu '.""""'""
."ml will. In 0110 week after date of aubmla.
""The' n'rector reseM tho rluht to rejaot
nny or all I.Ida, or parts of 1,1.1a. ns majf
! -,a..m.d t"Arinth,Tln?r- EoWharCIW.
Director.
1
Till'-
OHIO (O.NNIX'TIMI IIAH.UAY CO.
,wiw .if the Trri.Ht.r r
plttalnjrrfn. I'a July 2. 1021.
rimt MoriKJKe Honda of this Company to
... ,iTirrBnt c at of eiBhtecn Ihonsand alx
hundr.d flftv dollara (118 .ir.O 00) will b.
rurr used September 1 1021 for the sink'
nJ fund from t' h.weat hldd ra at a price
r,,,. 0 .xiee.l cur and Interest.
Healed t.r'.poanla to ae,. honda must b
..,' the hanila uf The l-a-mera Loan and
Truat fompaiiv New York flly. befor.
in 1. rl, ik teilnead.i iifieriii.1.11. Aniciitt
Vi 1021. anl I onda uctpie,l must he dellv
rVd n Suptemher 1 or M'curtty furnlahed
Uii day If reiu'ied th.it .1. m.ry will
be mado within t n d.ia .,.,
Treasurer.
th
Financial Briefs
1..
1..
1..
1..
1..
1..
7..
.IS
r.i'i
114
hi
r:i
il..
1..
2..
1 .
3 .
3. .
1..
1
87
H7
87
nll
SOT.
SlUi
Ml '4
LONDON STOCK MARKET
rrtTfip''' J ii V If sJpsyspsyyy H
Mononcahcla River Brltloe 1
i A
I Capable Engineers !
I Modern Equipment 3
Seven Large Shops
J Over Twenty Years'
Experience j
TTprHntir.ATnvcltn1l B
llAtiVtlllti'V IIUIOIIUU n
Company I
nenernl (Ifflcea: PltUhurRh. Pu. B
Phll.ideli.hl.is Mi.rrN Hide. D '
'ew York Chkano Sun Prune! o M
1 1 McQintic-Marshall I
HSteel Bridges Buildings!)
I1 "
(0M.I1OMU-..M.1 I IIP I'lANHlMANIA,
I Vi. rtment of AKrU.iltiire. llnrrlalinrs. I'a.
L -JeHlei Pr.,isals wl.t la; rw ved u th
office of the .Secretary of AKrlculture In tha
&. i nnlti
ino i 'iimn I id)
" .... .t .. wl nnlrnrlw
irn f-,i ft"? .vv" ii.i tnr tha fntlowln
rtrer a wnritw - - -
InrtM Idttal tlo
npitol tint I 10 A M . hcplemut-r 1.
Will 1'W t,U,.,. J K ..t
awir,ja aa aoon
"'.":'";.. i.i.. inn ooo
lleenae ceek taca. coin -.tamped, approx.
jmntelv 30 oim kennel doe license check ta.
COi'tlddrnmPWa'r.ka and en-nflratlone may ba
.l.'alne.l free upon application to the Sacra.
Serrtnry of Acrlcultura.
3
John T. Dyer Quarry Co.
Hualnea. l.et-hl.hed 101
BIRDSBORO
TRAPPE ROCK
Harrison Bldfj., Philadelphia, Pa.
rt llrazll fs
1.
Mor'a (Cli
fl 7n
M A Ka'x .14
1 II
New Or Tex &
Mexico 4a
1 03'i
Now Or Tex &
Mexico Aa
1 SR
N Y Cent"!
2 7SU
I'DV
ODN
llla
ons
lll)4
lilies
fill
too
Denmnrk Con
ct II Da
1.. ions
a.. . ions
1 ... 101) S
1 ... 1004
Ven & U il fd
1 .. . 4SH
D i H U M t
3 .... 'a
15 i i 11 li 4
n . iHH
Den i H " "'
3 .... 70W
net i:di ft" "
4 10
4 .... 71)
11 Miitcli ' a
1.. . 1034
nis a IV n &a
1 024
Do t'anudi "
fl H2'l
1 U2H
D, Canada
linn, n y Ctl on 4
I
03
1)3 ;
U3S
PSS
1)4
H3'i
U 8 'A
D'. Canada 31
3 .... lil'H
ft 1)0),
1 00
D Ua Ntmuuri
Pwd'r 7 Hi
2..,.. U7 ,
1....
13!!!.
n t ,
a....
ft....
1
3.
N Y
...no 1
... 7ll
Cent'l 'Is
... 12
. .. 02',
... 2'
1)2
N Y
a.
1.
n
tr h Moxlcn .1
1 43H
,1 .... IS',
ft 43j
ft .... 434
I' S Huh 7ia
I . . . . 100
1.... 100
1 . . . . 101)
d H Hleel ft
1 04 "4
1 I'l'j
1 IHH
1 .. 04 S
1 i) Us
lor the alx months ended June .10 Oenernl
Minora Corporation Miowa surplua after
charuea, Kt'di-ral tax.'a and iireferred nnd d
berrturo dividends of Jil, KIM ."..". 1 rquiiiitent
to 31 centa a share earn.d on the outMaml-
inir 2(.,S'.'S,7lio ahnres of cnrnwn slock nf
n,t par value, and Sfta..(Hm nf Slon i...r tnek
after allowlnc for the comcralon of the latter
nn the basla of ten for one Thla compares
Willi aurp us 01 I3.'.ftiil.0i 4. or II nn .. h r
earned on the ln.Slb.Nli.'i shars of no par
common stock In the eorrespoi.alinB period of
IVmU.
The averace tirlce (if the tn-enK nellm
Industrials declined 0 7.1 per rent yeaterday
to UU.U2. while the twenty lallroads mH.inceil
o.lo Per tent, to 71 H7
Oovernment withdraw ala from the Federal
IUore banks today will amount to 1120 -
on mm tw thn entire counir. With
drawals from New York amount to JS.Vono
out). i"ne uoernment will piy out IIS7,
01111,1100 In Treasury maturities Of this
.New York district's ahare will be iM.OOO,.
000.
For thn alx months ended June 30, Stewart-Warner
Speedometer Corporation reports
profits after expenses and depre, intlon hut
hufura Federal tnxea of Id.Vj M73 .uul tlent
In II. 3S a share earned un the 473, 327
shares of capital stock of no par uluo.
The Ooernment will call for re,Hment
approximately 1112,000,000 of Federal de
posits today. New York's share la about
1.1.1, QUO, Olio. Am an offset to thla ilnre will
ntatuie approx. mati Iv Ji.17.nuo n ." f tl
per tent loan certificates of In lel.ledneas
New York'a participation was iileiut 117.
nnii.oOO. The trans ictlon thernfuie will t,
viuuuiiy a uuui.Keepinv iiltulr
The Loft, Inc . report for the fix namtha
ended Juno 30. shows net proilln after
churues, but before Federal la. if J.133 113,
equal to tlfty-one cerrta a shnre on H5H OOil
hhares ntock. no pur aicnlnht !7".l'OI. or
J1.0S a ahare In the same pen,, I f IHJo
Net anles 13 124.170 decrease 12.12 20.1
Coat expenses, depri elation. Hi . $J S011.41I11,
Increati. tin 1123 llalance 3i,iiii ,,
rreuso 13.10 aja Total prollt J333 3J.) de
treuse, J373.381.
Oerman marks decllntd to I Ollil tnurhlnu
the lowest llprure since .lnnunn 21 1112"
when marka sold at OKU This weakness
emanated from Uiiulon. where Herlln t
chanae sold off to 1112 to the pound siei linn
against purity of 24.02 llunkera u-n ni"
uscriiio continued wmkness in er nin:e t.
,1 1 umber of faciorr, thief of uhuh In th.
accumulation of funds for repirathn pir
uoeeH Further exiuinslon of not. a of Hi,
lleUhslmnk. which ure now p a, ed i-t 77.i10u-
nil) uno marks, un Increase of more than
1 uno. 01.0,1100 murks In a month, la ulvo
lellectvd 111 the weakntss In marks.
A pellllrn la help c mutated on th lloor
of th New York Stock KxchuiiRe to ilos
1 he exthance the Saturday precidliu I..il.or
UaV.
Industrial List Confused Home
Ralls Have Poor Support
London, Aiik 10. Oil shore, whi.e
irreeii'nr, Imil n wnnker iiinlcrtKno ,n
tlic stork cxt'linngo toiluy. Stool Trans
nnrt nnd Trinline wni 4 'J7-.'U. 1111'
Mrxicnn KhrV 4 Itl-.TJ. The intln- 1
trial ll"t lniil a ronftisci npppnrnnrp I
witli irndi" Htlr".i. IludsonV Un
wiih O'A. Kniiwf narps wore iionvy
fowmiNp of fln niiMitisfnctcr outlni.k
for tlio stniilo.
Support 111 Ih'iiip niiN wn poor nnd
thi'.v snifci'd. Dollar di'-criptlons wito
ipiirt but linn in i inpnthy with Now
York ost'liniiRo. AiKi'iitlno rnllv srorr-'l
n Rood upturn on roinatateiui'iit of hold
limn br iirofi':iiiiiiils. ('hniiKP" in tin
ilt -edged Hot w.'rt' niirrow nnd innln
1 11 1 11 od.
Fri'iii'h lniins won atcmly. followini;
I'nriK, hut i"ri' wltlmut finturo. Tin
Kaffir tlopnrtmt'iit diaphiyi'd linniicss,
but qiiotntions did not inovo fnr from
the previous pIom. Tlio iittptidnnrp In
the limine roiiinliinil -miill and tin ninr
kctn gi'tionillj wen quiet nnd irrcgiilur
EMIRS
HYDRAULIC!
H.CH1HERYS
We are equipped to do the
work nt your plant and save
you tho expense of long tie-up.
Hstabllshed 1802 "oth Phonasj
William R. Chapman & Son
1506-08 WnshinRton Ave.
MASON BUILDERS
ALSO OWN BUS
run riiiLAiir.Li'HiA iikuk roMPAXf
f,pl,ritT of 30,000,000 per nnniun
Kerbaueh Lime Company
Inlldera' Suunllea
SERVICE Everything That
Word Means
at the d hposiI ,f 1 ver Hullder and Coll
u.ior " I" 1 1 ! I 1,1 1 and icinit f m
DONNELLY & COMPANY
'317 Vine Street
( ill 11 "U' t '100 or llin I070-77
-rta
JAMES m. IBSWIN & GOm
&.UMBER SdV-
Wall Boards Tar Roofing Paper
... i, WHAT you want
Wf llfMIVPr The WAY you want it
w ULIIII Ih, TIME you want
Otftam Ynrtf I' -litli i l OlrurdAtria
riione l 1 HI 4
mill II.1I11 "1114
V,
tidimarxirMach.nlstff'
610 CHESTNUT STREET
RAWHIDE GEARS
ACME GEAR CO.
N. W. Cor. 7th & Woqtl Sts., Phlla.
I
Cenfl 7'i'tah 1 S. 1. lis
10.' yt
102..
102 H
S Yk I.liht II
A 1'vnt B
1. ... 85
N Yk Hwys Ai
1 .... B
V Y Tele 4 Ha
1 82
1 N'.'U
8 82
N Yk Tele 0a
2 04
1 ... 1)4
1 01
Nfk L XV d 4s
1 7flU
3 70U
S"l & XV rv lis
1.... 103
Jorth We'll U
I'ele'e 7s
1 . . 10S
3 . . 10314
1 ... 103's
3.... 1U3H
1.... 103H
N I'acllla It 4
0 ton
Bun. TU
3... . 0
Va-C eh 7Vi
1 01
1 HI
1.. .. Ol'i
1... . 01
Va, Hwya .Is
1 . . . . 83
S . . H3U
A'abaiti H lat
3 . Hil
vVn l'aclllo 1st
8 . . . HI' H
V union 4 4a
1.. .. 80,
V V U4a wl
2..
"i".
il..
a..
18.,
a..
a..
1
nott
iiH
HUH
onvi
Otltl
00 vt
UDV,
Today's Range in Liberty Bonds
1 'in
Hush Iou- r Jt
Liberty .'l'.i NVM Ss.TH Ns.Tll
I.lbertv 'Jd ... 7 71 s? () s; 00
Liberty lit -IV. S7.D1 a7' S7.VJ
Liberty LM 4', a 7 71 S7.I10 S7.70
Liberty ad -'4a. . J1 ! I'l.sj ni.M
Liberty 4th lU". s7 io s7.S" S7.s4
Vic Notes :',', ... Ps7 IN 7"' !1S 71
Vie Notes I-',- . H 7i! '.IS.7U PS. 71
MJht3h
:
7-j,s'
That's the way your
wishes, as expressed in
your will, will be carried
out if we are made the
administrators.
We have tho fat-ilities, thu
personnel nnd the disposition
to carefully and faithfully euro
for your ehtute.
GOVERNMENT BONDS
Hid
Time mi ney market quiet th b rrowera
li'ddltlR it per t,ent fir loe.na and am.lll
iiuounts plai'.il at that le 1. 'Mil,,! ,m.a
ire urranaed nt (racllua.ilU hluhei nxurea,
renewals, 0 per rent
The New York Htoek KxiIihukf his admit
led to the lUt of Amerhan .rt ultural
I'beinlfnl Company SAil.nOll 00O flrii ,,nd le.
fiindlUK morlnnHO 7i rar rent lnkln fund
lu.niU Hrrl-s A due Keliruar 1 1041 and
i.is strlekeu from the list Intel lin ivivlpta
for same.
Tlv
(HMI.flOO Stock Growers" Klnance I'nriniratlnn
of Chlravu has rerelnd npplle iilo'-s f,,r
loans of inilO.OOO from stockholders of Viah
nnd south and astern Idaho
Phe I'tah commltlee renresentlna the JI10.
1. 000 Stock Growers' Klnance Curiairatlm
W A i: Mfu 7s
1.... 101H
1.... 101H
4.... 101 U
Wilson Co lat
Raw SuQar Market Easier
Ne York. Auk. Id The raw suuar mar
ket ilc eloped an easier tendencs at the close
yesterday, snlea of I'orlo Hlco, ben ef
fected nt 4.730. cost and freliiln which rom
oares with the last duty-paid nrice at 4 Mir.
for lubas Sales Included ln.oOu I.iil's I'm to
Itloos, about due a,t 4.7Jr c I. f in th
I ederal Muiiar Hellnli.K foinpany. 10,0011 b.u a
li rto Hioos In port nnd about due ,u 4 71c
r II f., to the National Huaar llerinlni; t'.im
naiHT! 11,300 baas San Domlnons. il.mt and
ir about Aum.st 23 at 2.87?ir elf t,.
.1 American Sucnr Iteflnlnif I'mmum n.i
i nn buna San Dom nt'na In 1I, nt
iBi. c. I f . to the American Suir Heili.
company. Importations liclud. d lo.ooo
.ma San Dom'nKoa to the American Suiar
inflnlnw Comnanv. VA.nno It.ab h... ik...... ...
'!i0:Xn.,LonaUJ,u'c,U'. Hoflnlns Coinpany. and
0,000 bas t'urtu nicos to Arbuoitlo nrothfra.
Panama coup 2a HHrt
l'anama rei: l' ln.lil
t'anamv cou 2 I '!
Panama cou Ms ll.ill
l'anama reK 3n Hull
Philippine 4 Hill
Philippine 4s IIM1 . .
Philippine 4s HMil
l! S (lo rou 2 l',.1i'
IT H Oov re 2s lli.li.
I' S Uov cou 4h In.'.',
I) of Columlilu 'I H',a 1HJ4
lnni,
1.11. ' .
lou't
73
73
7a'.
7n.
78',
lim't
ion,,
1014
03
.rk
101',
Ml .
Mi's
81
81
81
1"!V.
lot's
lor,
North Philadelphia Trust Co.
Broad St. and Germantown Ave.
Ahoc Eiic Ave., Philndclphiu
Reserve Blinks' Dlscoi-nt Rates
IVd-
OltUlul redlsi,,imt lates at the lie
oral Heservu Hanks ar, ns follni. a
Tr um l.ih. 1 um I
Huston
New York . . .
Philadelphia . ,
("leMdand
Hb'hmnnd ....
Atlanta
Chicago
St Louis .,.,
Minneapolis . .
Kiinsita City .
Dallas ..
Sun l'ranclsco
cifa Honda
S'l "W
II il
il 11
P iper
3'S
34
Hkrs
A.iept
4
11
11
34
II
II
11
11
11
III,
11
II
o',
u. s.
Certificates and Treasury Notes
Maturity
Date l.ld Asked Yield
lli.'l . . loo ton 3 3 4 ,-
HUl . Inn 1-:12 IiihU 4 in
l'ljl loo i-lil Inn l-lll 4 IR
lli.'l liln'a luil'i 4 fd,
lll'.'l 110. miiu ( sr,
1HJ2 10 , 1-1 11 inii ,a, ni,
lll.'2 ion ,1-lH Hill 710 ., 111
lll-'2 100 in HH -, ill.
H1".'.' inn 1 HI in. ., -, m
IIIJ2 IH11 l-lll Hi ', a, ,
. 1IU4 lOlCa, IOii. , 4-
i:empt rrom normal rrnerni income 1,1
t Acceptable for paunent of lm.nme tax
dun on date of maturity.
Int. M
Hate
tT.'-a Sept
I'll Sepl
US tlrl
,-. Oil
I'll Deo
.Va, Fell .
.I. Mar
1. Mar
t'.'.H June
t-'a Aue
15. June,
I mm m itKar,
Vl I' i" " iwiwi Mim".
csrfr'tSO
jmSL .1
THE
LI
Safety and Convenience
"e nsouidi m tlii arrangement of in r -.if
eiioMt vhi'it1-. Iti'l vitlunl boxes can lie liad
fur .la htt'e .i J.i per year, Inch jrif- jou A
b'iuii; w 01 tli many tinii's the cost
-0
REAL ESTATE
OF PHILADELPHIA
Broad and Chestnut Sts.
TRUST
CO.
BT I ?h, Wal ,r,nni markat Is unchannBd at j
01 I to O.I80, Itss a per cant for cash. w
New York Stock Broker Assigns
New York. Aub HI !larr IViachhoin
a atock broker of 21) Hrn'id sireel, has mad,
an assignment In the Supreme I'nurt for Ihi
lieifllt of hla credllora IMward J Dowlln
nnd Max lte'ih
Trade Quiet on Paris Bourse
Paris. Autr 111
the llourse today
Tradlnir waa very quiet on
ji.ree pr cent repira nn
franca no csntlmesi eirnanga on London. 47
franca id centimes; A per cent loan, at
franca 4rj centimes. The dollar ya quoted
HI A., iraitoa 00 vv.iiiMiv
PHILADELPHIA'S PART
IN THE DEVELOPMENT
OF THE LOCOMOTIVE
It rilinulil In, n mutter of ureal sntlafuot'on t 1 very 1'hllinli Iplilan
tlmt i In nt mt nti. ret. r,iu e I-. m idi of the hleturv of motive power
tho wi It nt MntthlitN W H.ilduin ih tnvnrlul.ly ineiitloiie.l It wg
h ri- in I'hilud. Iph a neiiib 1 iM'tj 5, lira hk tlmt th utrntii locomo
tlvi wna (1 moiiHtruttil to he pnu-tu i It Ih therefore natural that
the loeomoini- i.f toilm licaruiK the naino nf the l'ouniler uf thM
Worka. hhouM Ih known um tile HUinilunl of lOxcellence."
The Baldwin Locomotive Works
PhiUdelphki
Arf
.4 A
i
M
I
n
m
m
".!
tt
ifl
1
'1)
i
'4i
I
'R
XI
T
Z
'
a-.
leW.W.
mV ,
' (eair ., .'B.Ki-i.Ug tu.
.f-arf Mkw,
i
?ekjkia.y