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EVfeNINa TUBLld LEDGER-PHILADELPHIA, TUESDAY, AU&TJST' 30, 1921
'u.
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By. .VVI
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. T
r
fA lffrrif T Tnif aA
Railway Co.
1st Mortgage Collateral
8 Sinking Fund Bonds
Maturing: 107Va and
Interest
On Auguat 1, 1941
Secured, through deposit of entlro
Ignuca of first closed mortg.-igo
bonda upon 202 miles of standard
gauge railroad track.
Value of mortgaged
property $11,304,485
Amount of this Issue. 4,000,000
Net earnlncs from
mortgaged property. 964,148
Interest charges on
this Issue 320,000
Price 99 and Interest
Dillon, Read & Co.
1421 Chestnut St.
Philadelphia
Telephone Spruce 5080
New York Chicago Boston
CALL LOAN RATE
1-2 P. C.
ll NEW YORK STOCK EXCHANGE TRANSACTIONS
001 TO 4
Further Short Covering Lifted
Industrials, but Market
Was Flat
Philippine
Government
?Vl Public Improvement Bonds
Due 1941
Exempt from taxation
by the
Government of the
United States
or any political or
municipal subdivision
Legal opinion of the Attor
ney Ceneral of the United
States regarding these
bonds will be sent on
requ.it.
Price to Yield 558
Write for Circular
Bonbright & Company
New York
Don ton
437 Chestnut Street
Philadelphia
Chicago
Detroit
Canada's
Production
From crops, forests, mines
and fisheries the four
chief divisions of Canada's
natural resources t h o
value of production last
year has been estimated at
over $1,850,000,000.
Continued development of theso
resources will brlnu Increasing
wealth to the whole country
and they are nssets which
secure and, therefore, mako
particularly desirable Can
adian Government and Muni
cipal bonds, now obtainable at
prices to yield
7 to 8
Principal nil Interest pajoble In
United 8tates funds.
Write for Circular PS20
Wood, Gundy & Co.
Incorporated
14 Wall Street, New York
Wnnlper
Montreal
Toronto
London, Eng.
Dividends Over Five
Times Earned
Through good times and bad
the business of the electrical
power companies goes on. Even
in the present depression estab
lished dividends of well-known
companies are regularly paid.
We offer Pennsylvania-Ohio
Power & Light Company 8
Cumulative Preferred Stock at a
price to yield 8.60 on the
investment.
Circulars on amplication
HARPER &TURNEH
Investment Bankers
Jfemorrj o Philadelphia Stack Exchange
Stock Exchange Building
Bcmnton Philadelphia iteming
New York, Ann. 30. The lowering
of the call Innu rate to 4 per cent was
the outstanding development of the day
In stock market. The renewal rate was
fixed nt 5 per cent, but call money was
soon offered freely nt the above reduced
rate, while on the outside free offer
ings were reported nt 4 per cent. The
easement of the rate was more striking
becntiRo of the knowledge of the further
large Government withdrawals from the
uuiiKs tins week. The piling up of loan
able funds on call, however, was partly
explained in tbo diminutive buying
power nnd also In the willingness of
Homo of the institutions to nut out
money accumulated to pay taxes next
month In demand loans. A number of
individuals also were apparently dis
posed to keep similar funds employed.
As n speculative factor the Incident
fell as lint ns a punctured tire. There
was little life to the market and most
of the dealing represented almost ex
clusive evening-up operations of the
professionals. Quite naturally, in view
of the nenr approach of the triple holi
day, none of the traders was particu
larly anxious to take on new commit
ments, but rather showed an Inclina
tion to cut down outstanding contracts
as much ni possible. In view of the
recent preponderant selling for the
short nccount, the bulk of the opera
tions represented covering on the pnrt
of the bear interest. There was still
n conspicuous absence of the "follow
up" buying. In consequence, when the
requirements of the shorts were met the
market beenmo flnt and noticeably thin.
Confirmation of this reluctance on the
pnrt of the trading contingent to ex
tend or widen operations wns given in
the Ktendlly diminishing dealings.' At
the same time the thinness of the mar
ket was indicated in the setbacks sus
tained by several of the more prominent
speculative Fpeeialties on moderate real
izing when efforts on the part of those
maneuvering against the short relaxed.
The market seemed to have divorced
Itself entirely from the lnllucnce of the
unpleasant local transit situation, al
though further recessions were made by
the related issues affected by the
threatened receivership. At the same
time, while they unquestionably for
the time being nt any rate lost their
grip on the market, It was evident the
bears were not vet disposed to give up
the contest. This at least was sug
gested in the selected issues which were
agnln subjected to pressure in the
earlier dealings, American Sugar lie
lining nnd Famous 1'layers being par
ticularly prominent targets. The latter
was depressed on the strength of the
Washington advices Indicating n pro
posed inevstigation of the moving-pie-lure
industry by the Government.
Soon nfter the Initial dealings the
mat ket began to pick up strength nnd
in a number of the Industrials substan
tial rallies were registered. Mexican
Petroleum, Atlantic Gulf common nnd
preferred, American International,
Mercantile Murine preferred, Vanadium
nnd Heplogle advanced 1 to .'1 points.
American Agricultural preferred, Vir
ginia Cnrolinn common und preferred,
L. S. llubbcr common nnd lirst pre
ferred, California 1'acklng und Kiull
cott Johnson preferred also improved.
Norfolk and Western featured the rails
at a gain of ili points, Heading mid
Northern Pacific showing support. The
heaviness of General Asphalt under
mined the nils before noon, Mexican
Petroleum reacting - points.
LAKE SUPERIOR
UNDER PRESSURE
Heaviness of P. R. T. Without
Definite Explanation Stock
Near Year's Loiv
Except for the frier offerings of Lake-
Superior Corporation uck and tne
heaviness of Pniladelphia Knpltl
Transit, the local market uns barren of
feuture. There was quile consUerable
amount of I.nke Superior on tap and
which wns fed nut freely until the mar
ket Miowed signs of satin iitiun. The
liquidation, came despite the announce
ment of the company having secured a
fniriy large rail order for the steel mill,
nnd dragged the price again under 0 to
fiTsr r within Ya of the recent low
water mark.
The yielding of Philadelphia Rapid
Transit to ln-li, the lowest it has
touchced since January, when it sold
at 15V4 was without nny definite cx
nlanntlon. The murket. of course, rc-
mnins very thin, und all sales out of
the ordlnnry odd lots oro almost cer
tain to produce price recession. For
some occult reason, however, the un
fortunate condition In the transit situa
tion in New York caused some uneasi
ness among thhu local holders.
In the rest of the list there Is little
to be ttanl. F.lectrie Storage Uattery
on limited transactions gained n point
at 10.Tj : l'ennsjlvunia Railroad was
firm touching the US mark again.
Everything else was neglected.
UANUBUls
Dealers in
Investment Securities
Member Htw York and PMkuiiltMo
Mteeh BecKangtt
321 Chestnut St., Philadelphia
Philadelphia Stocks
High Ixiw
121 KlecStor.lo:i'j K12Mi
"i
tl
US
121
G3
r,
37-
12 111
53
We Wish to Purchase
$15,000
Maryland Steel Co. First 5s
Due Feb. 1, 1922
A. P. Barrett & Co.
Central Saving Hank Hldg.,
Ilaltimore, Md.
.13 I Co N A
Kl.' Lake Sup
127II Pa K 11..
1211 PhllaKlee
112.-. Phi'a 11 T
7 PhilaTrnc:
riiiiADKi.rniA no
2000 Liberty 3d -JVIn '28.
.1(1(1 Liberty 3d 4Vi "-2S.
100 Liberty 4th 4,s '38
WOO Victory -1h '23
300 Ulectric At Peo 4s..
1 13 Net
1. M. chge.
103-f-l
2rt-Z -v.
BJ4- Vs
NUS
- . Dlr
Piles In f
19,10
800
300
1100
100
100
700
300
200
100
100
3100
400
100
100
100
300
100
2300
8300
3700
630
300
100
000
0)0
ton
200
7300
400
2000
3000
3100
100
1700
200
100
100
200
eoo
3000
10CO
300
300
2300
17110
100
200
ion
ooo
200
100
3700
200
S00
200
100
80
31)0
1900
400
100
100
300
Alaska Gold Mines.
4 Allied Chem & Dve... 37
4 Allls-Chalmera SOW
.. Am Agrlo Chem 27ft
. . Am Agrle Chem pf . . . 7
., Am ran 3SJ4
7 Am Can pf 80
12 Am Car A Fdy 123K
.. Am Chicle lltt
.. Am Cotton Oil 10H
.. Am Drue; Syn 1
.. Am Intemnt Corp.... 27H
.. Am Linseed IS
0 Am Locomotive SW
.. Am Safety Razor.... 3K
.. Am Ship & Com
.. Am Smelt & Seo 31V4
8 Am Snuff 99 ft
5 Am Steel Foundries.. 23
.. Am Sugar Ret 00
s Am Sumatra 30
0 Am Tel & Tel 105Ji
1J Am Tobacco 121
0 Am Tobacco pf new.. 88
7 Am Woolen 09ft
.. Anaconda Copper ... 341$
0 Atch Top & Santa Fo. 8JM
B Atch Top ftflPpf... 80H
.. Atl Gulf A W I S S.. 23
. . Atl Oulf & W I S S pf 10&
7 Baldwin Locomotive . 7H
.. Baltimore & Ohio.... 37
8 Bethlehem Steel B... 40
S Bethlehem Steel 8 pf 98
.. Brklyn Rapid Transit 04
. . Brklyn R T ctfs of dep rW
.. Butte & Superior Cop 1114
.. Butterlck 3014
.. Caddo Ccntrat O & R. 8'4
0 California Packing .. 03
.. California Petroleum. 8414
10 Canadlnn Pacific ....1H&
.. Central Leather 25J'o
.. Central Leather pf . . . 60H
0 Chandler Motors .... 4'2V4
.. Chesapeake & Ohio.. 53 J
.. Chicago & Ot West.. 71i
.. Chi A Or West pf.... 10ft
.. Chi Mil & St P 2U
.. Chi Mil A St P pf. ... 30
S Chi A Northwestern.. OS
4 Chicago Pneu Tool... 47?
. . Chi R I & l'ac 33
7 Chi R I A Pno 7 pf. 70J4
.. Chlno Copper 3l'4
.. Chile Copper H
.. Coca-Cola 34
.. Colorado Fuel A Iron. 2S14
0 Colum Gnfl A Eleo....
.. Col Ornphophono. . . . ,
.. Col Graphophone pf..
4 Comput Tab Records.
.. Consolidated Textiles.
5 Corn Products Ref...
300 2. no Cosden A Co
1300 7 Crucible Steel nf
.. Cuban Am Supar. ...
.. Cuban Cane Sugar...
. . Cuban Cane Sueur pf 18
10 uei i,acK ft western.. vv
(I Endloott-Johnson . .
7 Kndlcott-Johnson pf
.. Krlo
. . Krle 1st pf
8 Famous Players L. .
4 Federal Mln A Smlt Pf 21
.. Flsk Rubber 8ft
. . General AsDhalt .... 434
8 General Electric 13 1H
1 General Motors 9
0 Gen Motors pf 84
0 Gen Motors deb 6.. 01'4
7 Great Northern pf...
.. Oulf State Steel
.. Inspiration Con Cop.
.. Interb Con Corp....
.. Inter Cona pf
. . Internat Agrlcul . . .
7 Int Harvester new...
.. Int Mer Marino
0 Int Mer Marine pf . . .
.. International Nickel.
. . International Paper .
.. Irivlnclbl OH Corp..
. . Island Oil
. . Jewel Tea
.. Kansas City Southern 24 H
4 Kansas City So pf.... ii'i
4 Keliy-SprlnKfUid Tire. 37 H
.. Kennccott Copper ... 17 H
ltlih Low
a h
100
300
300
S00
1000
100
300
100
14000
100
200
7201)
0700
600
300
300
200
100
300
400
300
100
3100
300
21011
300
200
301)
400
100
700
2n0
2200
4u0
S4
3H
14
31W
13 'A
004
25
55
13
71.
59
00
13K
18ft
57
73)4
31
30
3
8
or.
73 H
41S4
12
42 Vi
8
2
10 Ji
38 Ti
39
3714
53
35
7S
13)14
11V4
10
30(4
17
85
3J4
0
32
09J4
32 tt
58
38
105J,
131
88
08 Vi
34
85Ki
80J4
3114
1814
7414
30
48
98
914
1114
30 ft
8ft
03
33
114ft
25 ft
CO ft
41
C3
7ft
10ft
24 ft
3814
05
47
31
70
. 31H
0
34
23
M'i
3ft
13
31ft
13 ft
00 ft
21
54
13
7J4
17
95
58 ft
06
13
18 ft
55 ft
21
8
42 ft
120ft
9
04
oi!4
73ft
31
30ft
1ft
0
Oft
73
8ft
39
13
42 ft
8
2ft
10ft
24 ft
49ft
37
17
1:80 Net
P. it. Che.
H H
37 ft
30ft
21K- ft
S3 li
35ft ..
804- 1ft
13S ft
lift ..
10
K ft
27 3
17-
85 -3ft
- ft
0 ft
33ft ft
ft- m
33
10 - ft
39
105ft ..
131 - ft
88 - ft
08ft-
34 f ft
85
80 ft
33 1
19ft 1
75ft 1
33ft
40 ft
981
9ft- ft
0ft- ft
lift ..
36ft ..
Rft ..
03 ft
31ft 1ft
114 ft ft
25J4
00 - ft
43ft 1ft
53
7ft ft
10ft ft
25ft
38ft
05 ft
47- ft
31
70 ft,
21ft ft
9 ..
34
23ft ..
54
3ft
14 -
31ft ft
13 ft ft
06ft ..
34- ft
551
13 ft
7J4- ft
17-
05
69ft ft
90 1ft
13 ft ft
18ft- ft
66-
31 - 1ft
8- ft
43 ft ft
131 ft
- ft
04 - ft
01ft ft
7214 ft
31- ft
30ft- ft
1-
? - 1ft
6J4- ft
73
8 ft
4U4 1
13 ..a
43ft ft
8 ..
3 ..
10ft ..
24 ft
49ft- ft
37ft ft
17 ..
., . Dlvi
Sftles In I Hlth
100 .. Lackawanna Steel.... 37ft
1600 .. Loewe Co 11
100 l Loft Candy 8ft
400 it Lorlllard Tobacco ...143
100 .. Marlln Oil 14ft
17800 12 Mexican Petroleum .. 08
400 l.eo Middle States Corp... 11
.. Missouri Pacino 18
.. Missouri Paclfta pf..-37
. . Montgomery Ward . . . 15ft
. . National Acme A.... 14ft
. . Nat Cloak A Suit 33ft
7 Nat Enam & Stamp 31
4 National Lead 73ft
0 New York Central.... 70ft
0 N Y C A St L 2 pf.... 08 ft
. . Now York N H A II. . 18
7 Norfolk A Western... 08
4 Norfolk & Western pf. 87ft
5 North American 05
7 Northern Pacific 78ft
Okla Prod A Ref 1
600
380
100
100
100
109
100
100
100
500
100
100
000
1101
300
100
100
3100
1900
100
1100
300
100
100
100
600
800
600
400
100
100
100
1000
200
100
1200
1000
000
2 Orpheum Circuit .... 18
.. Pacific Gas A EIco... 54
.. Pacific Oil 35ft
8 Pan-Amer Potrol 44ft
O Pan-Amor B 38
2 Pennsylvania R R. . . . 38
.. Peoples Gaa Chicago. 63ft
. . Pore Marquette 18
Ji Philadelphia Co 27
7 Phillips-Jones 00
. . Phillips Pet 31ft
. . Plerce-Arrow Motor . 10
. . Plerce-Arrow Mot pf . 25
.. Pierce Oil 0ft
.. Pressed Steel Car 61
. . Punta Alcgro Sugar.. 27ft
2 Pure Oil 33ft
8 Railway Steel Spring. 76ft
. . Rand Mines 36ft
.. Ray con Copper 11
4 Reading 07
. . Replo Steel 33
. . Republic Iron A Steel 45ft
000 5.20 Royal Dutch Amor... 48
J00 .. St Louis San Fran... 23
400 .. St Louis A Southwest 23ft
100 .. St Louis Southwest pf 32ft
3200 .. Sears-Rocbuck 4ft
200 .. Seneca Cop Corp.... 14
4200 .. Sinclair Oil 18ft
1400 o Southern Paclllc .... 77
100 .. Southern Rail 10
100 o Standard Mill .... 88
300 4 Standard Oil of Cal.. 70ft
300 7 Stand OH of N J pf.. 100ft
200 7 Steel Tube pf 68
5000 7 Studcbaker 00ft
100 l Submarine Bout Corp. 4
,400 .. Superior Oil Corp.... 3
100 .. Temtor Corn A V "A" 4
2500 3 Texas Co 34
300 .. Texas A Paclllc 23
100 1 Texas A Pac C A O.. 10ft
100 0 Tobacco I'roducts .... 50ft
1000 .. Trans Con Oil Uft
200 .. Twin City R T 44
300 .. Union Oil 15
700 10 Union Pacific 130
100 4 Union Pacific pf 05
1400 n United Drug 48ft
300 3. 00 United Drug 1st pf... 38ft
200 o United Fruit 104
3200 0 United Retail Stores.. 51
100 . . U S C I P A Fdy 12ft
SOD 5 U S C I P A Fdy pf . . 41
200 ..US Food Products... 16
300 4 U S Ind Alcohol 40
100 .. U s Realty A Imp.... 45
4100 ..US Rubber 44 ft
000 8 U S Rubber 1st pf.... 81
7100 BUS Steel 74ft
650 7 U S Steel pf 100
100 2 Utah Copper 44
4200 .. Vanadium Corp 20ft
300 . . Va-Cnr Chemical .... 25
100 .. Va-Car Chemic.il pf.. 07ft
100 .. Wabash 7
400 .. Wabash pf A 20
000 .. Western Maryland .. 0
600 .. West Maryland 2d pf 10
100 7 Western Union Tel... 83
800 4 Westinghouse RAM. 43ft
100 . . Wheeling A L E pf . . . 10
1000 .. Wnlte oil Corp 7ft
209 8 Woolworth F W 107
1500 .. Willya-Overland 5
Low
37 ft
"ft
Rft
143
14ft
90
11
18 ft
37
15ft
14 ft
32 ft
31
73 ft
70ft
60 ft
16
I
07 ft
63 ft
73
1
18
54
34ft
43
38
37 ft
83 ft
18
37
60 '
21
10ft
a
51
27 ft
33ft
75ft
20
11
60 ft
30
45
47
32'
33 ft
33 ft
01
14
18
77 ft
19
88
70
100
08
08
4
3
4
34ft
33
10 ft
89ft
0
44
15
130
05
40 ft
38
104
61
13 ft
41
10
40
48
43
70
73 ft
109
44
37 ft
35
07 ft
7
19 ft
Oft
10
83
43
10
7
107
5ft
1:80 Nt
r. W. Chre.
37ft ft
11
8ft ..'
143 3
14ft
08 3
11
18ft
37 ft
18J4 1ft
14 ft ft
33ft- ft
31-
73ft- H
70ft- ft
66J4 ft
18
08 3
67ft 1
63ft- 1ft
73ft
1- 14
18
64
35ft
44ft 1ft
38
38
88ft ..
18- ft
37 ft
GO
31ft ft
10 ft
35 ft
0ft ..
61 - ft
37ft-
33 ft- ft
70ft 1
30ft 1ft
11
60ft ft
33ft 3ft
45- ft
48 ft
33
33ft ft
33J4 ft
04
14 ft
1S14 ft
77ft- ft
10 -
88-3
70ft ft
10(1- ft
08
09ft ft
4 ft
3 ..
4 ..
34 ft
33 ..
10ft- ft
60ft ..
6ft- ft
44 - ft
16 ..
120 ft
05 ft
481
38 - 1ft
104 - 1ft
61
13 ft ft
41 ft
10 - ft
46 ft
48 - ft
44ft
(,0ft IK
74 ft
109 - ft
44 - ft
39 1ft
35 1ft
07 ft ft
7 ft
19ft-
0H
10 1ft
83 - ft
43ft ..
161
7 ft
107 3
6 ft
CURB SHARES SHOW
Commodity Markets
LONDON STOCK MARKET
GRAIN MARKET
Chicago, Aug. 30. Wheat started
with Kmtrmher J.c to r)c lower: De
cember Vic lover'and May e lower.
Trade was mixed, witn locnis pressing
the sellinj side, while commission houses
v,ere mixed. Receipts inspected yester
day were 370 car! ; last jear 1S.1 cars.
The ca?h market was firm, with higher
premiums paid for both spring and win
ter grades.
Business was held in check to some
xtcut because of inability of bujers
nnd sellers to get together. Wenther
reports Indicate more favorable condi
tions for the farm movement, with
practically no precipitation to intcr
lere with loading and deliveries.
Sentiment in the trade is pessimistic
and strong bullish inlliienco is needed
to enrour.ige bulng. while it is dif
hcull to check selling.
Corn itnrted Vs' to e lower, with
liquidation of long holdings running the
market into step-loss selling -ilmost ut
the start. Uuying was scattered.
There were liquidating salei of oath
by September longs, and that de very
started c to c lower. Other deliver
ies sympathized and sold unchanged to
c cheaper for December and c lower
for May.
COTTON MARKET
New York. Aug. 30. The cotton
market had nnother big opening today
with prices 20 to 40 points higher, one
delivery crossing 17 cenw. lhere was
heavy new buying based on bullish crop
news and considerable trade buying, as
.....i on onntuirt from Liverpool inter
ests. Cobles were strong, and early
watlier reports indicated no improve
ment in Texas conditions. " all street
sold on the advance, but the market
continued strong after the opening at
about 28 points net rise.
Tin, rooptufs nt the norts for the day
arc estimated at 10,000 bales, compared iHlirmm
Undertone Steady Dollar Descrip
tions Weak French Loans Dull
London, Aug. 30. Them were fur
ther evidences of confidence In the deal
ings in the security murkets on the
stock exchange today resulting in a
generally steady undertone. Uusincss
in the gilt-edged department was quiet
and price movements were of a mixed
character. In home rails firmness was
noted in spots.
Dollar descriptions displayed weak
ness In sympathy with New York ex
change. Transactions in Argentine
rails generally were professional with
the tone for those shares ruling steady.
French loans were dull nnd unchanged,
whim light realizing sales were recorded
in kafflrs. Oils were featureless nnd
price movements were Irregular. Shell
Transport and Trading was quoted at
4 13-1(1 nnd Mexican Kngle at 4.
Rubbers ulso moved In an aimless man
ner, holding around previous levels.
In the industrial section price move
ments were confined to narrow limits.
Hudson's Hay was 0 3-1(1.
Financial Briefs
BONDS
Alllo.l Prk flu 42
Allied Pack lis ctfn 404
. n... .1. .tift nQir
Aliirr ll un ju.
Amer Tel (1 1024...
Amer Tob 7b 1I)J3...
Anaconda it lltfu
Armour IB
IIMh ueel s 1022 ...
lieth Steel 7, lUita
Cons Gan 8a
Copper Kxport fia 1023
Copper Export Ss 1024.
Copper Export Si 1025
(Tonilrlrh Tlrn 7a
(TrarM Trunk IllAa OS
.t8r"t.'.Lle',rcclutl0I' Federal taxea. etc.. ot Oulf OH 7a 07
1. 004. 327. fluulvnlent In Hi NI -. ..- ftnmhlA nil 7m 07
earned, on the 20S.S23 outiUndlnu almr . Intorboro 7a 71
. . . . 0SU
07'1
Prnctnr Ar flfimhlft la 102H.101
Sears Roebuck 7a 1021... 1W)
Solv&y Ha 00i
tiMifhu.-t tiii ;. . .... fi7i
irom roemmr unKa In .New York district tSland OH N Y 7a 10L-.1
FEW PRICE CHANGES
Heavy Trade In Producers and
Refiners Industrials With
out Featuro; Minos Steady
New Yorli, Aug. 30. There wns lit
tlo feature to the trading on the New'
York Curb Exchange todny, business
generally being small in volume and
price movements in the list divided bo
tween email advances and declines.
The henvlest trading was in Pro
duccrs nnd Refiners based on tho an
nouncement of a contract with the -Midwest
Refining Company, for the con
struction of a gns line. The (stock
moved up 8 at the opening, to 4, Its
high price of yesterday, and then Iot
this gnin. Maracalbo, which hns been
heavy sinco It Wns forced nn tn nhnve
80 early in the summer, continued to
eiicci liquidation and declined 1 point,
to loVi.
International Petroleum wns fairly
well held nt OTA nnd 0. Slmms Pe
trolcum and Skelly OU were virtually
unchanged from the prices prevailing in
yesterday's trading. Arknnsas Nat
ural Gas was in supply at 7?i to 7.
Industrial issues worn without snn.
clal feature. Olcn Aldcn Coal sold at
34 nnd 34V6, nnd tho Delaware,
Lnckawnnna and 'Western Coal old
stock, Fold nt 75. Farrcll Coal wns
steady at 8, and Car Light wns traded
Jn at 1 to 1 1-10. There wns a little
business in Acme Coal and Acme Pack
ing without chango in market position.
Mining stocks, while actively traded
In, held about steady.
IN'DUSTltlAI.g
Acme Coat ha
Acme racking 85
wir .ism lft
Columbia Emerald 05
Continental Motor UU
Com Finance fls '
1& W 75
Hmplro Food 21
Karrell Coal
(lien Aldon Coal 34N
North Am Taper a'.
Perfection Tiro 85
Bouth C & I 1
U fl Distributing 2s(5
U H Ship Corp 19
u a steam ......;;.:.:; y?
United nt Candy li
Ven End Cham 75
Low
88
85
1
04
si;
(W
75
21.
34
1:30
P.M.
88
85
05
Sl!
78
21
8 I
IS
27
BV4
73
85
1
22U
10
27
7
STANDARD OILS
Atrglo-Amer Oil 14 14T4 14T4
INDEPENDENT OILS
.. 7?;
. . no
:: .ft
Arkanaaa Nat Cos ....
Iloaton Wyoming
Cnrlb Synd
Oltle Service "D" etfa.
Elk Ilaaln 1'et nC
Federal Oil 1A,
Hudaon OH 11
Int Patrol 0
Marland Del Oil 14
Marncalbo Oil M1
Merldan Pet 12
Mexico Oil US
Mountain Products 74
Noble 10
Producer & Itetlnera 4i
Slmms ret 0
Skelly Oil at.
Texon 57
MINING
Iloaton & Montana OS
Caiedon-la Mining 15
Cona Copper Mln 05
Cortex Slher 80
Creeann CI old 1 A
El Salvador 15
(ioldlleia Florence 811
Qolil Zone- 10
tlnrmlll Divide 17 v
National Tin
Nevnda. Ophlr-. .
Tlntlo Stand ..
Tonopah Divide
United Eastern .
54
35
4
o3M
5H
1J.
"
12
0M
7W
10
fsj
0
3i
57
00
15
I'O
78
1A
15
31
10
17
52
35
2
00
2ii
oH
1$
ii
0
.oil
12
OS
7 '4
10
44
A
3i
67
on
15
00
7H
15
30
10
17
54
35
o
00
The aveiago price ot tho tuenty active In
iluatrlal stock advanced !2 per cent yoster.
day to (iO.18. while the twenty railroads ad.
wncod .27 per cent to 71.4,1.
The Todd Shlpyarda Corporation, for the
jear ended March 81, reports surplus, after
Interest, depreciation. Federal taxes, etc.. nf
3. 004.327, equivalent to 814.81 a sham Humble Oil "a
of capital stock, as compared with aurplua f.lbby McNeill 7a
Of 10. 1117. 137. Or tllll.SlI n nhttt-a m h- . Ihlllnnln ftU
tin o.i. ....:.." ...... j".- . -.."" "" . " ""r". :.--
U......U .ii.i.i uuiHutiiuing in mo previous
year.
The Government will withdraw this week
LOCAL MINING STOCKS
TONOPAII STOCKS
nid
Cash Boy 04
Jim Ilutler Ott
,MnNamara 14
Crencent OS
Mlday 13
M pah Extension 08
Montana 04
North Star 04
lttiifcuo Eula 'Jl
ronopuh Extension 1 A
West End "5
West Tonopah OJ
DIVIDE STOCKS
Allied Divide UO V4
Alio Divide (JL
B.-lchr IV
Tielcher Exttnslon 02
urn iiur
Auk
.05
.OS
.10
.10
.15
.Ut
.07
.OH
.'.'8
o
.04
UrouKh I) vide , .
Dlvldu Extension
DMd Con ....
Dhidend
t'.ist Divide ....
...i.h on ms hii is list week, a.t.'.i
bales a year ogo and 40Sfi bales in 1010
lrelftUN
rioso
October 1 '?,
De-ember J r!
January : !,s
March 10 4u
My .. . 1H no
juy I "-OS
Open
1 A. 25
1(1 HI
lrt 70
in so
lrt.01
17 01
I.I
1
P M.
Ill 45
HI 73
1I 75
10.02
.lots
01. 88
01. 1)8
KH.10
OS. 70
no
U. S. Certificates and Treasury Notes
I Int
, Rate
1 :.i
C. S. PATTON & CO.
SD 8 rilKITNI'T NTS.
BANKERS
NitrrrsMiira to
HAII.KIt 4 hTEVENHO.V
Bonds and Htneks bought nnd sold
Mmlfr I'hlls BteeK Enrlinnxe
.fir b
IV nil. no Investor rirr lost u dollar
S itrlntloil . la. I ..... n.. . -. ..
. w. ... ... .i.iin u in,, or IP
our boaklel t.l) nnd leurn Hie reason
R W STiiAire a rn
Stork Exctaoxe Uldg., PlilladeiphU
Oct ,
(y .
Dec .
Keb .
Mch
Mih
t5S June
t5h Auu.
t'fi1 June
tn
1,7
'5!t
I'fif
Muturlni
Data
. 1021 .
. 1021
2.1.
1J
Did
10U 1-lfl
I 00 3-32
H0 7-10
in
HmVi
10J2.. 101
1UJ2 ..1D0II-32
1022 100V4
9 ' . . 1H04
1024 . . lUIIVs
Asked
1U0 5-32
loo 8-ill
I 00 0-1(1
100C
luu i3-a:
iom,
I'lOW
1U1
Yield
4 24
4 i'O
4.05
4.03
A. 00
4 05
8 IS
5 I'll
5 31
Ktemiit from Foderai normal Income tax
due on date of ma
tAceniptiiblo fir ri.yment of Income tax
lurnv
Reserve Banks' Discount Rates
e Ked.
Official rediscount rntes at th twel
eral Ueserve ilanks ore as follows
Tr. I. lb Com'l
ctfs uomi
Y
. nv
Huston
New York
Philadelphia
Cleveland .
Jtlchmond . .
Atlanta . . .
Chlraiio
Ht I.oula .
Minneapolis .
Kansas City
Dallas
Man Francisco
nvj
5?
a
u
u
11
5 4
54
11
II
11
II
II
II
a
64
Paper
ft
P. if
Hkrs.
Acoept
ft
It
ll
n
n
r.4
M
8
54
Trading Quiet on Paris Bourse
Purl. Aus 30 Trading was quiet on the
llourse today Three per cent rntes, .irtf
3q Exchange on London 47f 47c, Tin
rr rent loan. 81f 54c, The dollar was
auotsd at 12f 82c.
NEW YORK COFFEE MARKET
New York. Aug. 30. U the stnrt
of the coffee futures market this morn
ing, the near months were neglected,
the market opening 0 points higher to
2 points lower with transactions con
fined to a few scnttered lots of March,
May nnd July.
ruble advices from A iotorla said thnt
the Government was intending to raise
their purchasing limit for Victoria cof
fee whiih, if true, Is an Important trade
factor as Victorias have been the on'y
coffee sold here close to the December
option basis.
Interest in tho market wns lacking
nnd about tho only feature was a little
scattered demand from lornl Jobbing
houses in tho way of hedging against
snles of nctual coffee In the spot market.
At midday values held chisu to initial
levels, trading being quiet.
' PV I JIIHD
... II ()S 70
7.U0fl
7 45$ 47
, . . . 7 0417011
iUsbrouck Divide . .
Until Divide
Knox
Ilevert D vide
lli.no Divide
H i- tt.i
Silver King
Sutherland
'lonopah Divide
Tonopah Huabrouck
Victory Divide
Verde Divide
Zone
OOLDFIELD .STOCKS
Hooth "J
Comb traction
L'raikerjack
Diamondtleld Hlue Hull
Florence
(loldfleld Con
Gold Dev
.Ml
.32
.ill
.01
0J
.11
02
ot
00
0J
111
(ll
.01
14
.(IS
.02
111
US
.011
.li.l
.HI
..Tl
.0.1
.03
.02
.02
.04
.0.'
.03
September
December
March ...
May
Op'n
0.7475
7 101115
7 474H
7.85 '(Ji07
terly 1 Pr cam on wei-ren. p.il
Uctntier I (O aiocn ut rccoro nepiemoer ID.
American Can Company, quarterly l per
cent on preferred, pa) able October 1 to slock
of record September 15.
LIVESTOCK QUOTATIONS
IMttabiirili. Auk. 3." ot,itr,J'"li"
100O head Steady. H-atle 10 000 75,
na' M'tkers. 110.70 10 S5. light yorkers.
J1II1HI5I) tilB" l7l.
SHEEP ANf I.AMHH Herelpis, 100
head. Lower Top sheep 15 top lambs, 111
CALVES Receipts. 60 head Steady,
Top, 112 50
i:n lliifr.ilo, N. V, Aug 30 rATTI.F
n...nt. limn need Nienav I'aivnn re- ..-.- ... .1.4,11 nr -. in in.i n.. .1 .
i.tiuiH .l.'O head 7fle h gher J5.I5114 23. .,. 10 nnn . es. The nii-lnl. war. in
...""0HT,n,pKnYn,S;,,i-V,?ft': OOO bales. Including 8000 bale. Amerlean
I, .vr ',rU.V. .'.. ! . "'
era tin.cn " 1 n nn uent s
u1k. I0 50&1O, roughs
.01
.0.1
2 4
.03
.0114
OS
34
.vr,
.nt
.03
13
.0-1
.UJ
:tt
u'j
.11;
.02
2v-i
.70
.03
IIJ
.Hi
.11
.01
no 4
,04
.02
.37
.nil
.11".
.0.1
.M
.III)
.03
.114
,00t
14
.11
.01
(loliirield Deep
Great Dend . . .
Jumbo JIxt ...
Kenanas
lyone Star
Oro ,,
lied Dills A V.
Silver TJck Oil
Hbeurhead "j
MISCELLANEOUS
Amparo Lip 130
Arizona United "0 ;
Caledonia OS .1-'
Kden '" -
l.'mma Silver 02 .01
Eureka Croesua 81 .. 1.4
Eureka IIoll) . 1 ,01
Heel. J,0" 44
Mother I)de 54 0
Nevada Mils IJ . .-
Nevada Wunder )7 .fJ
Kuecess ''-'
Tecopa Mining 07 .
While Caps "5 .00
WUUrt 01 U,
DIVIDENDS DECLARED
Liggett .Mjere Tooucco fnmpany. quar-
per cum 011 t'lrireu, pioauiu
Liverpool Cotton
Mirrvool, Aug.
demand for
hardening on
jepoBita aggregating 410,500,000. of which
n.uuu,uuu win to withdruvvn today and the
balance on Thursday,
Minneapolis and St. Lnuls Railroad reports
July gross of X1.2IS.720. After deducting
operating expenses of tl.124.B18, net revenue
vwis ,3410. Deficit after providing; for fixed
charges amounted to 1280.782.
MONEY-LENDING RATES
nfNM..lI)l.lKMoni'!r P Cttll 1,0,h clasnes
of collateral, opined today at 5 per cent
for lending and renewing.
PHILADELPHIA Call, 0 per cent: time
" pt cent: commercial paper, three to six
months, (1 per cerrt.
Note These are merely nominal quota
tntlnns. the legal rate of Interest In tho Htate
pf Pennsylvania Iwlng nxed at 0 per cent!
Plus premium and commission, time money
for thirty to ninety days l loawd at (1 to
04 Per cent, while commercial paper, from
thirty to ninety daya, la loaned at 0 to 04
per cent. "
I.UMill Money Is quoted at 3i
cent. Discount rates, ehort bills 44
cent; three-months' bills, 4 per cent.
41 41
4(1 41)
f,UK nnl
,... 0HV4 084 084
....100S 1004 1004
034 034 03 4
. 084 08 08
. 004 Uiltt 00
. 084 084 084
.1004 HHJ4 1004
.1004 1004 1004
.1004 11104 100 ji
.1014 1014 1014
. oil',: 1104 out;
118 OS
07 07
074 074
70 704
03 034
074 074
101 101
100 100
0 4 IW.
per
per
N Y 7s 1023... 1024 1024 1024
N Y 7s 1027. ..1024 1024 1024
N T 7s 1020... 1034 1084 10.14
N Y 7a 1031... 1034 1014 1"S4
Stand Oil
Htand Oil
Htanrt Oil
Hun OU 7a ViVi u-Vi
Swift A Co 7a 1031 074 074
Texas Co 7 too 100
United Drug 7a 1"U mu
Vacuum 7a 1014 101
100
100
101
FOREIGN EXCHANGE
New York, Aug. 30. Influenced by
a moderato demand, foreign exchange
rates showed further Improvement at tho
opening today. Virtually nil the prin
cipal exchanges displayed fractional ad
vances over Monday's close.
The quotations were:
Sterling cables 3.70V6, demand 3.70;
franc cobles 7.78. checks 7.77 ; Belgian
cables 7.51, checks 7..r3 ; Swiss cables
17.03, checks 17.00; lire cables 4,33,
checkB 4.32 j peseta cables 13.04,
checks 13.02; guilder cables 31.43,
checks 31.38; Stockholm cables 21.70,
checks 21.05 ; Chrlstianln cables 13.80,
checks 13.75; Copenhagen cables 17.35,
checks 17.30; marks 1.18.
Tho rate of premium in Montreal to
day on New York funds was 10 per
cent. Tho rate of discount in New
York today nn Cnnadinu funds was
0 13-10 percent.
Central European exchnnges were
stronger ns follows: (Ircck, 5,70; 11 ti -mnninn,
1.20; liulgnrlnii, .85; Aus
trian. .12j; Polish, ,()4Vi ; Czecho
.Slovnkiun, l.lOVi; Jugo-Slavian, .50.
YESTEUDAY'H PINAL QUOTATIONS
Sterling Kranca Lire Guilders
Jemand 3 004 7.774 4.204 3134
rabies 3 704 7 78 4 30 31.40
TODAY'S OPENING QUOTATIONS
Starling Francs Lire Guilders
... 8 70 7.77 4 324 81.0s
. .. 3.704 7.78 4.33 al.43
NOON QUOTATIONS
demand
;ablea .
Demand
Cables .
Sterling francs
. 8 704 7.7ft
. 3.71 7.80
Lire Guilders
334
4.81
BANK CLEARINGS
Sugar Market Firmer
. ;?'', Yor.k' Aus- 30 Th" gr market
today Is nrmer, with all nffcrlfis nt tho
level of 4.OI0. delivered, for 00 test. In
prompt positions und for early September
shipment, taken by the Federal Sugar Ilo
flnlnir Company, ard 11 qunntltv of non.
preferential sugar In port at 2 73e c I f
to the American Hugar Iteflnliv Coirrpany!
The uncontrolled sugar In very modornte In
volume und very little muv be available for
some weeks to come. Indications are that
tenners may find It neeoHsary to purchnsu
suuur for September melting rcqulrem-nti
for whlih the views of the sugar flnnnce
rommlttee are said tn lie uncharted at 2 75o
cost and freight, a parity of 4.80c de
livered. Hellers, generally havo somewhat
higher pretentions for the remainder of their
holdings anil urn disposed to await develop,
ments In anticipation that there may be an
Si'MJ.n0? ln th.0,m".rk,U, Httl' mnorteil were
ilj.oiio hogs of I'orto II ins centrifugals afloat
nt 4 01 c. c If. n.'no tot., Porto Ulcus
centrifugals afloat at 4 01c. c I. f . and
150O tons St Croix centrifugals at 4 (lie, c.
1. f.. all for the Perioral flugur llefinfna
Company. nnd 2800 bags San Donrlngos cen"
imuwi s,i, c 1 1 . 10 the American
Migar lleflnlng Cnmnany. and tn a New York
refli'T. 2000 tons Philippine,, at 4.01c, c I.
f Importations reported were 1(1 800 bags
Han Domlngne to the American Sugar Its.
fnlng Company Iteflned si-gar situation Is
nominally unchanged except In so far na the
Perioral Sugar Refining Comparv la con-
fiiirniiJ Thai- I111111 aKir 1 1. 4 .. - . .l ,
. 1 ii u. -, i'"'" ni it it 1 ij Ult-rritBI-Il inHir ,' i rtrtA . mnZ mi
St'M arfir'r.'t""' ord8r" " ? ";.: . . s: v ?
(lllllltl'IC I'lllHlSllI ll'lll,til ,
N. York 647.800.O0O 757.289,715 B34,f.00,204
Brazilian Bonds
The Ui.lled States of Ilraill has sold to a
group it Amorlcan bsnkers, headed by
Dillon. Read A Co.. 128.000,000 of Its twenty-year
8 per cent non-callable external gold
bonds, which will be offered to tho public
today at 0S4 . to vleld 8.13 per runt The
banking group handling this loan is the one
Idet'tlfted with the Ilratlllan loan flouted hero
Htiveiut months ago, Associated with D'llnn
Head Co. are Lee. Hlgglnson & Co.. lllalr 1
Co , Inc White Weld 4 Co, tho Union
Trust Company of Pittsburgh, the Illinois
Trust and Havings Hank of Chicago, Halaey
Stuart 4 Co., Inc the Continental ami
Commercial Trust and Havings of Chicago,
and the Union Trust Company of Cleveland.
The bonds will bo a direct obligation of lira
xll and will hn specifically secured by first
charge on the consumption tax nnd stamp
tax which .vlelded approximately 158 003 0110
Inst year and Is expected tti yield 100,000 -non
In 1021 and also by second charge on
rect'ple from customs duties Proceeds nf
the loan are to be used In part to buy
materials In the United States requited by
tro Government.
I'hlla
.13
1021 1010 1010
l.dOO.flnn J7S 01'.' 04 J7.'i.ii85 '
78.-1
tgn
Today's Range In Liberty Bonds
1.31
p M
87.02
87.70
87.80
HleVt
87.02
87.81
i til
HHEEP AND MMIIH neielpls, 2C00
plow, Lambs. ISOOi fow, 10.23', othc:
cbangca.
"i mlxo J an I vork u bales, including 8000 biles American
jorkSrs IHlfito '. I-'JIU". were sleodv In the early dealings:
ifl7li7 in Sl't prices wero! Anielcan. middling fur.
" "'"'" "laB"' ii mid, good mlddlln, 11. Hid. fully md.
Mbertv 3Vas....
Liberty 1st 4ViS.
Aug. 30 There ut . good Liberty 2d 4Vis.. 87.80
ipot cotton tndav with prlci, 1 ihortv 'Id .11 h 11100
J dliri .y tin T'im, rin.wir
Victory notes .TKs 08.80
Victory notes 4'Js 118.80
Lai"
87.02
87.70
87.7(1
01.80
87.00
0,8.78
08.78
111.80
87.02
08.80
08.80
2000 head.
rs on.
Idling. 10.7(ldi middling. 10.3Cd. low mid
I tiling 0 80d good ordinary, 8,004, and or
dinary, 7, Bid.
BAR SILVER
Bar sMrer was Hd lower In Loniorr today
at 88V. d.
Spruce 8200
BOUGHT SOLD QUOTED
U. S. Treasury
Certificates
All Issues
hKrriUTIICN DEPARTMENT
commercial trust
Company
Member Federal llrtrrve fijslem
City Hall Square, West
s!$toa
vAt v?.
3Mb c, Power and Prosperity
rv.'
snAir '
The Industry Unharmed by the Depression
Hamburg reported by seventy-threa representative electrlo now.,
companies tabulated by the Mngailne of Wall Street, Including: certain
public utility properties most of whose Income Is derived from mw
and light, show Increases In irross earnings, with' but one excenton fo!.
the year ended December 11, 1920, over 1919, whllo net earnings ot'Si
ton show a decrease, over tho corresponding periods. Improvement in
earnings, both gross and net, for power companies Kenerally. ho wS
reported for the first six months of 1921. ucen
Gross earnings of light and power companies tend to Increase, in
periods of depression because of the diversity of the uses for thai?
product Tn prosperous times demnnds for power are 'In excess .5
capacity, while In dull periods the power released by large consumers 1.
readily salable, to smaller companies at higher rates because of the
smaller load. "'"
It has been estimated that the output of the average power proneriv
Is 10 to 30 below normal requirements and even In the present
depression many companies cannot supply the demands upon them Foe
the past decade the use of power Is reported to have Increased about
16 each year and last year 11. This situation means Increased
plant facilities, and far-sighted managements are taking advantage, nf
the labor situation to meet future demnnds, to finance which attractive
Issues of long-term bonds bcnrin&T high rates of Interest have been
brought on tho market during the past six months. '
Tho average prices of ten bonds of several classes, as reported hv
Messrs. Dow, Jones & Co,, with changes from a month ago and a vear
ago, are of Interest ln this connection. ' r
Changes from
Angnit 23. 1071 Month Aro Ymr t..
iv nignost graac ran 3 11. 11
10 second grado rails 74.56
10 public utility bonds 74.04
10 industrial bonds 84.71
Combined Averago . .'. . 77.62
The diversification In the uses to which electricity Is applicable la
an Important factor of safety ns regards stability of earnings, and of ths
business ln sight the electrification of railroads may provide valuable
new customers.
There Is no typs of business which has over a long period of veara
been more uniformly successful, and we feel there are fow forms of
Investment which givo ns large a return and as strong security as i
obtainable from sound bonds of this type.
A eelected list of power and publlo utility Issues may be had unon
request. u"
Harrison. Smith & Co.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMDARD 6100
.23 4-2.35
--.22 --4.87
- - .74 -f 6.42
--.14 4- .82
- - .33 3.62
A Personal Word
To Credit Men:
YOU can feel great satisfaction with
your record tne day your firm takes
out a Credit Insurance policy in the
"London." It indicates an appreciation
of the handling of your department, as
it backs up your judgment with facts.
This is why:
If your loss ratio has been high, the policy
costs more. If your loss ratio has been low,
your policy costs less. Your loss record sets
the costs of your insurance. And when your
firm takes a Credit Insurance policy in the
"London" it is the best evidence that your
loss ratio is satisfactory.
"London" Credit Insurance is the credit man's
best friend. There's no obligation in writing
us for data covering your specific case.
OUR SUPEfc-SEKVICE
ATVOUa
SERVICE
Losses Paid In
American Currency
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVING, Ceneral Aaent Credit Insurance Department
Stokes, Packard, Haughton & Smith, Managers All other casually lints.
Dell Phone-Lombird 4190 M Walnut St. Kertone.Maln 4190
Hediape
flISi
1 " e
3
with its confusing and com
plicated tangle has never
been allowed a foothold
within our doors.
In its place we havo installed
a smooth-running system, ever
improving, which is clarified
by a policy of frank co-operation.
North Philadelphia Trust Co.
Broad St. and Germantown Ave.
Above Erie Ave., Philadelphia
Tiftnk cleurlngn tntlivy compared with cor.
responding nay iusi ivo veitrs:
I Bro.dJlr.ir 5 JI I I
Market at, CityHall
(i O, Peon So., fj j
2i i I I I i
-ib uni i
Olfictsof
J ftVSovtrn
xt Company
UJOJPenoSi:
IT'S NOT AN INDIVIDUAL
you are not dealing when
the servient of this com
imnv lire enllrd on, but lh
combined ability nnd knowl
edge if nnr vvhole person
nel, which Includes bord
of directors of brod ex
perience. The Real Estate Trust Co.
Broad and Chestnut Sts.
Do You know how
to trade correctly
in the Stock Market?
We have issued a
book on the subject.
Write for it. L-22.
J. F. McGOVERN & CO.
Members of I'lillii. Block Kirlinui
1430 Bouth l'enn Ho... rhlU.
Bprure rtllfl lure B!88
(Inters eiefutril In nil Markets
New Ynrki 33 llrnidwoj-
WESTERN UNION
TELEGRAPH CO.
6y2s Due 1936
EDWARD L0WBER STOKES
Member I'hllu. Stock Kxchnt J
to fi. 1STH HT. tOCl'ST o"
We Specialize in
Equipment Trust
Obligations
Biddle & Henry
104 SOUTH FIFTH ST.
Lawrence E. Browu & Co.
CERTIFIED PUBLIC ACCOUNTANTS
issn nr.AT khtatf. rnt'dT ni.un.
Investigate and adjust curiioratloa and
pattmrslilp ntcouuu tuid irniu. Uiooios
faa ll. turn.
Penna. Co.
4s, 1931
MORLEY, WOOD & CO.
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