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.dfclL
EVENING PUBLIC LEDGERr-PHILADELPHIA, WEDNESDAY, AUGUST . 31, 1921
vr
wte
5
of New York
Gold Bonds
Dated January 1 and
March 1, 1921; annual
maturities from 1944 to
1967 Inclusive. Exempt
from all Federal and New
York State Income Taxes,
and a legal investment in
many States. Net bonded
debt of New York State
about 1.29 of assessed
valuation.
ijf New York State has
licuuy uut-igillll inc yup-
ulation of entire conti-
nental United States.
Estimated wealth over
twice that of all the New
England States.
Prices to Yield about 4.70
Particulars on request
Hemphill, Noyes C& Co.
Members Nanr York Stock Excitants
Franklin Bk. Bldg., Philadelphia
New York Boston Scranton
Buffalo Albany Syracuse Baltimore
PRICE MOVEMENT
WIORE TWO-SIDED
Short Interest Greatly Reduced
by Yesterday's Sharp
Round-Up of Shorts
NEW YORK STOCK EXCHANGE TRANSACTIONS j
I)lv. I 1:3(1
la J
Railroad
Convertible
Bonds
High grade
seasoned issues
What the privilege of con
version into stock means
and what the recent mar
ket action portends.
Outlined in our Circu
lar PL-68.
Copy sent gratis.
&HRlKftCtRRK5DNafe
66 BROADWAY NEWYORK
TELtBOWUrtO GREEN 4020-23
u
Illinois Central
Railroad
The unfavorable showing
of this company's sub
sidiaries as compared with
the excellent earnings of
the parent company is
brought out in our recent
analysis.
The reason for the strength
in thin stock during tho
past few months and the
, , outlook are also discussed.
Copies of this complete
analysis will be mailed, free
of charge, to interested
investors upon request for
Circular No. 150, accom
panied by 2c for postage.
MOODY'S INVESTORS SERVICE
JOHN MOODY. President
1124 Real Ettate Troit Bldr.,
Phil.., Pa.
New York lionton Chlcaeo
New York, Aug. 01. It was quite
generally conceded thnt a larger part
of yesterday's Into rebound was due to
short covering. In consequence, In the
absence of this urgent demand, con
siderable irregularity marked the oper
ations of today's stock market. There
was further covering on the part of
tho lesser shorts, but it was quite evi
dent as the seision progressed that thn
bigger fellows had already cleaned up
their commitment. At the same time
tho advance the mniket hod since Mou
(lav invited quite n good deal of profit
taking, as there was general inclina
tion on the part of both sides of the
trading element to cut down commit
ments n much ns po-ible. because of
the near approach of the triple holiday.
There was nothing particularly In -spiring
to encourage "follow-up" buy
ing at the opening, either In the over
night developments or in the morning
news. It was quite generally accepted
technical influence had alone been re
1 spon-ible for the sudden reversal in
1 the market trend. Some were of the
opinion the recovery would be contin
ued b iue of the supposed wide ex
tent of tho bear account. Nohodv. how
' ever, on tho other hand, was disposed
to advl-e extensive pur.-ha-es on the
advances, but rather recommended de
ferring of new commitments until the
iinrket was allowed to stand on its own
I bottom. ,, 4 .
1 It was quite certain in nil events the
! -harp run-iin of prices yesterday after
noon had reduced the short interest to ti
great extent. Continuation of which
was found in the reduced number of
I Mocks loaning at a premium, which in
i the preiedlng seslon strongly suggested
1 1,.. ..vi.r.mlil condition of the market.
The question therefore arose whether
I . - . P ll... .......tint. I.i-Wl
or not tile position oi wie marim )"
, not been weakened rather than helped
in the sentatlonal rounding up of the
shorts.
(juite n number of stocks forfeited
part of the substantial gains in the ir
! regular and active opening, but in quite
n few of the speculative specialties the
boar account wns apparently still ex
periencing quite a little difficulty in
s'lUirming out of a tight hole. Koac
lioiiM from yesterday's advance among
1 s'lels. equipments, motors, shippings
and specialties were extended during
tin. iiii.rnini!. Crucible. IJethlehem, He-
public. Harvester. American Locomo
tive mid Ceneral Electric averaged two
point declines. IMerce-Arrow preferred
fell II points, and Pullman. Chandler
and Studebaker lost 1 to 'J. I'nited
Fruit was weakest of the shippings, de
clining almost .'$ points. American
Sugar was under pressure, with Sears
Uoebuck, American Tobacco, Retail
Stores. Sumatra Tobacco and Famous
l'layers. Mexican Petroleum held the
better part of Its 1U -point gain. Kails
were irregular, .oruicrn rncinc suow
I ing heaviness, while Southern Hallway
I preferred roe Hli and "Omaha"
J jumped oni on two transactions.
SAME DRIBBLING
SELLING OF P. R. T.
Transactions in General List
Continued of Same Lim
ited Proportions
E. H. Rollins & Sons
Founded 1876
Investment Bonds
1421 Chestnut St., Philadelphia
l'hono Spruce 5400
Boston .Veto York WUkes-Barre
Baltimore Chicago San Francisco
h'rw Imsuc
Province of Saskatchewan
6 Gold Bonds
Due August 1, 1927
These bonds are a direct and pri
mary obligation of the Province
of Saskatchewan, Dominion of
Canada.
Price 92 and Interest
Yielding About
(for payment in United State fundi)
Send for descriptive circular
Continued dribbling liquidation of
Philadelphia Kapid Transit stock sup
plied about the nly noteworthy devel
opment of the day's operations in flic
local market. The motive behind the
recurrent .-oiling of the stock in the last
few days still remained skillfully con
cealed. There was also good abiorp
tion, for the price was successfully
'.egged nil during tho mjrning at l."iai.
On the street, however, some veiled
i nticlsin was heard concerning what
was regarded as unreasonably large
overhead "til and btaff expense.
The selling was not communicated to
Sate
ion
1,10
400
300
030
100
100
100
1000
300
303
100
ino
too
3000
1.100
1300
100
soo
r,oo
3700
3000
7100
530
400
00
2300
2Q0
1300
300
1S00
30
CG00
6200
4400
3100
200
200
500
too
SOO
200
2M0
3300
300
3300
1400
100
100
1200
1400
100
100
7100
100
100
000
000
100
100
100
1J00
1011 ,
103
(100
300
303
1500
iooo :
C300
200
100
700
400
500
soo
1100
000
300
7500
600
3100
7000
100!l
100
100
100
1530
330
200
100
100
200
1000
1030
100
2300
100
300
700
003
1100
20U
530
3200
1200
13.00
400
703
200
400
100
5)0
100
Htlth
. . AJnx Rubber 31
.. Alaska Juneau O M.. 1H
.. Alaska Gold Mines.'.. to
4 Allied Oiom & Dye... 37 H
4 Allls-Chalmors 31 K
.. Am Agrle Chcm 30ya
.. Am Auric Chem pf... M
.. Am noiich Mnpnoto.. S3J4
7 Am B Shoo F pf new. 88
.. Am Can 30J4
12 Am Car & Fdy 1J4H
.. Am Chlclo 11
.. Am Cotton Oil 17H
.. Am Cotton Oil pf. ... 40U
.. Am Drug Syn 4J4
Am Internat Corp.... 30
. . Am Linseed 20
0 Am Locomotive 80yS
.. Am Safety Razor.... 3?i
.. Am Ship & Com C',i
.. Am Smelt & See 34
5 Am Steel Foundries.. 23 Ji
.. Am Sugar Itet 014
8 Am Sumatra -V
0 Am Tel & Tol 100
12 Am Tobacco 13214
12 Am Tobacco B 130 J4
7 Am Woolen 71
. . Am Zlno Lead & Smlt 7 14
.. Anaconda Copper ... 35 H
.. Ann Arbor ltji
0 Atch Top & Santa Fe. 85 J
5 Atch Top & S K pf... 804
.. Atl Gulf A W I S S.. 25K
7 Baldwin Locomotlvo . 77 Vs
.. Baltimore & Ohio.... 33
B Bethlehem Steel B... 50(4
.. Brklyn Rapid Transit Oyj
.. Brklyn Union Gas... Cfi .
. . Caddo Central O ft R. 0
0 California Packing .. 63
.. California Petroleum. 35
2 Col Zinc & Lead 3J,
10 Canadian Pacific . ...115M
.. Central Leather 28H
.. Cerro-de-Pnsco 23 H
0 Chandler Motors .... 45
.. Chesapeake & Ohio.. 5514
.. Chicago & Gt West.. 7V4
.. Chi & Gr West pf 161$
.. Chi Mil & St P 3014
.. Chi Mil & St P pf 30 J4
a Chl & Northwestern.. cey2
4 'Chicago Tneu Tool... 48
.. Chl R I & Pac 33
0 Chl R I & Tac Co'pf. 64
7 Chi R I & Pac 7 pf. 7GU
. . Chile Copper 0 li
.. Chlno Copper 23V4
.. Coca-Cola 31
.. Colorado & Southern. 30
0 Colum Gas & dec... 5
.. Col Graphophone 3U
.. Col Graphophono pf.. 14H
' 4 Comput Tab Records. 32 Ji
7 Consolidated Gas .... bO
.. Consolidated Textiles. 13J4
. . Continental Candy . . H
B Corn Products Ref... C8H
.60 Cosdon & Co 351.4
4 Crucible Steel 67(4
.. Cubnti Am Sugar.... 13
.. Cuban Cane Sugar... 8
.. Cuban Cano Sugar pf 1BH
0 Delaware & Hudson.. 00H
3 i:ik Horn Coal ,. ... 18
5 Hndlcott-Johnson .... 00
.. Erie 13H
.. Erie 1st pf 10(4
.. lirlo 2d pf 13
8 Famous Playora L.... 5CJ4
.. Flsk Rubber
.. General Asphalt .... i&V
8 General Electric 13416
1 General Motors IJi
0 Gen Motors deb "To.. 73
.. Goodrich B F 31(4
.. Granby Consol M & M 1014
7 Great Northern pf.... 7314
4 Great North Ore ctfa. 29
1 Hupp Motorcar 1094
.. Indian Refining SH
60 Indlahoma Ref 3
.. Inspiration Con Cop.. 32
.. Interb Con Corp 3H
. . Inter Cons pf 7 V2
., Internat Agricul .... 5H
7 Int Harvester new. .. . 70
.. Internat Motortruck.. 29J&
.. Int Mer Marine 10
o Int Mer Marino pf.... 42
.. International Nickel.. 1314
.. International Paper .. 5
.. Invinclblo Oil Corp...
.. Island OH 2
.. Kansas city Southern 25H
4 Kansas City So pf.... 51(4
4 Kelly-Springfield Tire. 40
.. Kennecott Copper ... 17
.. Keystone T & R 12J'i
.. Lackawanna Steel.... 3s;fc
2 Leo Rubber Tire 25
7 Liggett & Myers p...100
. . Loewo Co 13
.. Loose-Wiles Biscuit.. 33
Low
31
1H
14
37
31)4
3SK
53
33 Ji
88
28 14
134 H
It
17(4
40(4
4(4
28(4
19(4
84
3
6(4
33(4
23 K
5914
40(4
105JJ
131
120(4
00(4
IV
34 a
11(4
85
80(4
34(4
75 y,
37
40
r,(4
63
0
63
31
3Ji
1I4V
37 V
25H
43(4
53 n
7(4
10(4
25
39
60(4
48
33(4
64
70(4
OH
23 !4
34
30
54
3(4
14fs
33 Ji
85
13(4
(4
67 J,
24(4
S3 V
13
S
10
09'z
10
59(4
13(4
is (4
13(4
3
9
44(4
133
0
73
31(4
10(4
72K
28 Ji
10
8(4
2
33
t"(4
OH
75
20 ji
on
41
1214
44
8(4
2(4
24! 4
50
.T
17
12 '4
38
25(4
100
11
33
Net
Chics.
(4
a
1(4
V
V
H
2
1
(9
1
"y
v,
m
1
(4
1
J4
V
Va
IV
V
1(4
(4
31
1
(4
37 -31M-28
53
33J4
8S -204-134
It -1814
4-
40(4 iV
4(4- W
39(4-
20
80(4
3V, C(4
34
23 Ji
-1U5J4
131 -
130J4 l(J
0014-
7(4
34 M
11(4 85
80J4
34(4-
75Ji
3S 40-
0(4
05 0
C3
34-
3J4
7J-4 ..
10(4 ..
20(4 (4
39 (4
G0(4 ..
IS
33
64 - (4
70(4- V
OH ..
23(4 1(4
31 (4
30
51
3H
II f
33Ja
80
13(4
(4
6S -24H-50
-13
-
N -
10(4
00(4
10
10(4
13
55 -
!4-44(4-
123 -9-12
31S4
10(4 1J4
73(4 ..
20
10- (4
8(4 H
2 ..
33 1
2(4 (4
7(4
70 -
20J',
0J
42 -12(4
44 -
814-
2H
25(4
51
3S
17-
12(4
100
13 -33
(4
Ji
1H
14
54
(4
H
H
H
1
(4
7a
!4
1(4
i
1H
Ji
1J4
"l4
1(4
V
V
Dlv.
In $ ltlirh
7 Louisville & Nashville 103
. . Manntl Sugar 24
7 Manhattan Klov guar. 35(4
8 May Evpt Stores 70
12 Mexican Petroleum . . 103
2 Miami Copper 19(4
1500 1,00 Mlddlo States Corp... 11
300 .. Mldvale Steel 3314
. Minn & St Louis 10(4
. Missouri Pacific 10
. Missouri Pacific pf. 38
7 Montana Power pf. .. 04
7 Nat Enam ft Stamp 32(4
4 National Lead 74
. Nat R R of Mex 2d pf 4
0 N O Tex ft Mex 51
6 N Y Air Brake 50
0 New York Central... 71(4
. New York C ft St l), . 58(4
6 N Y C & St L 2 pf.... 07(4
. New York N H ft H.. 15 H
1 New York Ont & W.. 17 Ji
. Norfolk & Southern.. 0
B North American ctfs. 33
7 Northern Paclflo 7494
. Okla Prod ft Rof 1
1 Orpheum Circuit .... 18J4
2 Owens Bottling 27 J4
. Paclflo Gas & EIco... 54
. Pacldo Oil 25
0 Pan-Amcr Petrol 40(4
6 Pan-Amcr B 40(4
2 Pennsylvania R R.... 38(4
. Penn Seaboard Steel.. 8
, . Peoples Gas Chicago. 54
. Pero Marquctto 10H
. Pero Marquctto pf . . . 39
3 Philadelphia Co 27(4
,. Phillips Pet 31 Ji
, . Plerce-Arrow Motor . 12(4
, . Plerce-Arrow Mot pf . 29
. . Plerco Oil 7J4
B Pltt3 Coal 61(4
. . Pitts West Va 20J4
0 Pitta West Va pf '2(4
. . Tressed Steel Car 53J4
8 Pullman 04'i
, . Tunta Alcgro Sugar. . 38
2 Pure Oil 35
H Railway Steel Spring. 78
. . Ray Con Copper 11
4 Reading 08(4
2 Rending 1st pf 33(4
. . Remington Typewriter 23
. . Rcplo Steel 33
. . Republic Iron ft Steel 47
100.1 B.20 Royal Dutch Amer... 40
310 1 St Joseph Lead 11
1200 .. St Louis San Fran... 23(4
.. St Louis & Southwest 24(4
. . St Louis Southwest pf 33
.. Saxon Motor 3(4
.. Sears-Roebuck 00
.. Seneca Cop Corp.... 15
. . Shattuek Arizona Corp 6(4
74 Shell Transport 30
.. Sinclair Oil 10(4
0 Southern Paclflo ....70
.. Southern Rail 20
. . Southern Railway pf. 48
4 Standard OH of Cal.. 70J4
7 Stand Oil of N J pf..l00
. . Stromberg Carb 28
7 Studebakcr 71(4
1 Submarine Boat Corp. 4(4
.. Superior Oil Corp....- 3Ji
3 Texas Co 35
.. Texas & Pacific 23
. . Texas Pac Land Trust255
1 Texas & Pac C & O.. 17(4
0 Tobacco Products .... 01(4
.. Trans Con Oil 0(4
. . Twin City R T 43
.. Union Oil 18
10 Union Paclflo 121
Boles
100
100
1100
100
28500
100
100
200
2000
003
300
090
300
100
100
700
1300
600
100
100
80
600
4600
200
200
100
100
1500
6600
1500
000
100
203
1400
100
590
1330
7500
1300
700
100
13'I0
100
300
1031
1303
1200
100
531
5100
100
100
3)0
800
700
300
200
2700
310
100
100
7400
1500
6100
3200
300
100
100
10500
100
2000
3500
1300
35
1310
1100
700
100
1500
800
400
100
4 Union Paclflo pf. .
H United Drug
300 3.60 United Drug 1st pf.
v
1S0O
3103
1200
1800
4400
400
15200
703
000
100
100
400
200
soo
200
400
200
100
1300
203
200
500
100
400
700
201
100
0 United Fruit
0 United Retail StoreB,
..US Food Products..
4 U S Ind Alcohol....
..US Rubber
8 U S Rubber 1st pf . . .
BUS Steel
2 Utah Copper
65(6
. 51
. 37 Ji
.103Ji
. 52 Ji
. 17
,.M7
. 15(4
. 83(4
. 75(4
40
Vanadium Corp 20
. . Va-Car Chemical .... 20
. . Va-Car Chemical pf . . 68(4
. . Vtvadou Ino 6(4
. . Wabash 7(4
. . Wabitoh pf A 21(4
. . Western Maryland .. 0
. . West Maryland 2d pf 17
. . Western Pacific 22J4
7 Western Union Tel... 83
4 Westlnghouse E ft M. 44(4
. . Wheeling & L E 8
. . Wheeling & L E pf... 16(4
4 Whlto Motor 33
. . Wnlto Oil Corp 7
. . Willys-Overland 5
. . Willys-Overland pf
8 Wool worth F W..
0 Worthington Pump
Ex-illllend.
28
109(4
30(4
Low
10S
34
37
70
Oil V
10
ni4
23(4
10(4
18
37
04
33(4
71(4
4
1
50 j
71
64(4
00(4
15
17 J4
9
33(4
73(4
1
18
37 Ji
54
36(4
44(4
30(4
38(4
8
54
18
39
20
31
11(4
30J4
7
r-4(4
31
12(4
63
03
38
24
78
11
67(4
38(4
33
32
46
48(4
11
32 Ji
33
33
3!i
63
15
6(4
30
18(4
70(4
lftJi
44
70(4
100
38
69(4
4(4
3Ji
31 Ji
23
265
17
co (4
0
43
17 Fe
131
65(4
51
37
104
61
10(4
45(4
44
83 (i
74
43
38
30
68(4
6
714
30
0
10
33 Ji
83
43(4
8(4
10(4
33(4
7
6
20 Ji
109
30(4
1(4
114
'.'
V
(4
(4
'il
2(4
V
"i
V
(4
"v
1(4
V
V
(4
V
V
2
(4
(4
1
(4
1
(4
SUPPLY OF STOCKS
1:30 Net
P. M. Cliee.
108 1
31-r
10(4 i-10-37J4
04
32(4
61
50
71(4
68(4 3(4
07(4 1
33
73(4-1-18-37Ji-61
35(4-44(4-39
-54
10
39
27(4
21 -13(4
39 -7
-54(4-30Ji
72(4
63J4 04
38(4
24 -78-11J4
08(4
38(4
47
48
11
23(4
34(4
33
3(4
0(4
30
30(4
4S
70(4
70
4(4
3Ji
253 15
17 -
01 ..
0(4 ..
43-1
18
121
37
10 -51-10
40 -4-83
(i
20
68(4
0(4
714
31
0
17
22J4
83
43(4-
8
10(4
32(4-
7-
5-
27 -
iofl(4 1
30(4 ..
CHECKS CURB GAINS:
Early Advances fot Hold Oils
Quiet and Without Feature.
Market More Active
New York, Aug, 81. There was no
change in trading conditions on the
New York Curb today, that market not
being influenced by tho violent advances
which occurred on the stock exchange
yesterday. Although Bomo issues made
slight gnln in the early trading, the
advances were not held, n supply of
stock nulcklv nnnennne and cheeking
any advancing tendency thnt might
have been in process of development.
Tho tone, however, nftcr tho first hour
n3 UUlUb UUt Oll'UU. 1U nil' mivi ,
dealings tno list ot stocxs traded in
showed nu increase over the measure
of nctlvity for many preceding days.
Olllctto Snfcty Razor wan traded in
nt 112, and there was n little activity
lit Durant Motors, which sold at -(I.
Continental Motors changed hnnds at
D1. Wen Aldcn Coal, nftcr opening
at 3434, met selling orders and de
clined to 3-1. Commonwealth Finance
was fairly active, tho common stock
selling nt 03, and the preferred at its
high record of 81. A sale of Chicago
Nipple was mode ut 3. British Ameri
can Tobacco was heavy at ll'd and
11. Fnrrcll Coal was firm. Sweets
Company of America was quiet, with
a smnll amount of business nt '2Vl.
Philip Morris was traded in nt 3Vj.
Willys Corporation first preferred de
clined to n new low of 0. '
Tho petroleum stocks were quiet and
without special feature. Imperial Oil
rnnged from D to 8na and International
Petroleum sold nt 10 to 10'4. Mara-1
cnibo, after yesterday's easiness, showed '
a firmer tone today nt 1SH to IS. Pro-
ducers and Refiners changed hnnds nt
1 to -1 and Ryan Consolidated sold ,
nt 5 to 4-71. I
INDUSTRIALS
Utilities and Industrials
Examinations for Managers and Bankers
Reports covering operating coats, fares and
prices, markets, valuation and economies
in man power and methods.
New York
Established 1894
Philadelphia
San Francisco
What's
Coming
This Fall?
nnil rnlao Tf1r tin? IB
How about prices, up or
down?
Will we see a boom in
business?
J
abson's Reports
XVI
1 ll
FOUR BOOKS:
. . HlBll
.wmo mcKinir 113
llrlt Amer Tob coup
i-nicaco .MPpio . . .
Chlcauo & Kaat III
Columbln Emerald
I'onilneiHnl Motor
Com rinanco
Tom rin.inco rrof
Durant .Motors . ..
Kmplro Food ....
IlImpMon l'hono ..
5 1 ! Arrell Cool
4'4
V
'4
V
V
V
V
Vi
Vi
V
"v
V2
1
V
1
"A
V
'A.
3i
2
Cilrt Alden. Coal
Olllette S II
HeMlen Chem
I.lbbv McNeil
North Amer Paper
I'erfertlon Tire
1'Mllp Morris
Jtnrtlo Com
llaclln Com pret
Southern C & I .,.,....
Pweets Co
lT S Ship Corp
V 8 Steam
Vane CoM
Willys Corp 1st pro:....
STANDARD OILS
Anitlo-Amer Oil 15
Atlantic I.ohos lOVj
StanJ Oil of Ind UO'4
11 V,
. 1.1
. 7.1
. r,4
. (:U
. si
"!'
; 31
. II
. 34 i
.HI!
. m
.
. 3H
. sr.
. 3JI
'S
"J'
. l'i
. 2'
. ill
. 2
. 1,V
. lo
Low
m
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S.T
Babson's special letter on the Fall
outlook gives you tne plain, un
biased facts on the present situa
tion, and torecasts coming condi
tions with remarkable accuracy,
contains information of vital
importance to every executive.
REPORT ON REQUEST
ThU Barometer Letter and booklet
"Increasing Nit Profiti"i available
for distribution to Interested execu
tives, gratis.
Tear out the Memo now-and hard
it to your secretary when you dlctato
the mornlnc's mail.
Mirth Ash for Bultttln 34US
Roger W. Babson's
Statistical Organization
Wcllesley Hills, 82, Mass.
(Suburb of Iloitoa)
Ths Largttl Oraaniialim of Its Charaettr
in tht World
You Should Have
"How fo Figure Margin"
Tells ycu all about th at
tractive maretnal rosthod 01
truflltiff,
"How to Figure Interest
and Carrying Charges"
A now book, which ezblatns
clearly how to flruro your
transactions.
"The Investor'. Digest"
Olves you useful and valu
nllo Information about SOO
different stock.
"The Dividend Payer"
The Magazine ot the
Slock Market
Any or n ihene books wtH
ho eladly icut to you upon
request.
Viiit Oar Board Room
There's a "welcumo" en
ths mat for you. and a
now quotation board that's
a model for clear, concise.
Information on all Naw
York ana Phtla. Hitod N,
Y. Stock Exdianga and
Ciirh Securities.
Edwin E. Kohn & Co.
Mtmbtrs Consolidated Slock
Exchange of New York
1522 Walnut St., Phila.
New York Trenton Kniton
rittsburrh Wllmlncton
I'nttsvllle
2i, " rM"-;l"
? r ltHlt.tl(ttlm ""' V7 " HtlHHtllllllllttlll
1? 'I - 17 V
MEMO Secretary
10U
cow
INDEPENDENT OILS
Arkansas Nat Gas 8's
lloston Wyomlns 70
Carlb Sym! 4't
Cities Service prcf 4.1'd
Klk Ilailn Ptt .'
roderal Oil lli
C.lenrock Oil SO
Granada '..'Ti
Imperial Oil I)
It.-: Tctrol inH
I.vons Pet .S7
Mnracallio Oil lS'i
Merrltt Oil 7
iMerMan 1'et V2
Mexico Oil 73
iPennok Oil 3'
I Producer & iteflura -
Han Cons .
Sapulpa Itef .1
. Seuuoyah Oil H
Plmms Pet OH
Skelly Oil 31
Texon 57
Commodity Markets
GRAIN MARKET
Chicago, Aug. HI. Wheat etarted
f. 1 1-
to l lower tor cplulu.r, vj-- uu
tho othiT utility share. Inlon Trar. i-for Uocembcr nnu "if 10 jc iolt iur
tion with fractionally higher and I'. G. I i,iv itJi p:ttorc(l ofC'irlnb'x ut reduced
I. dlsnla.ed noteworthy finnnPss nt
IU'.j, nnd fluriUB the day touched :il:n.
1 The" flculinK" in these two btocks with
'the Philadelphia IHcctrlc issues were on
( a minor scale.
1 In the remainder of tho lifct trans
actions comprised binall odd lots. I'enn-
I tylvania Railroad opened fractionally
better at liV's, later shadiiiB to 38.
I Electric Storage IJattcry held at 104.
Philadelphia Stocks
We Have Actual Orders
in the Following;
Atlantic City R. R. 5128, 1929
General Asphalt 8s, 1930
Phila. Sub. Gas & Elec. 53 & 6s
American Ga3 Co. 6s & 7s
Knox. Ry. & Lt. Ref. 5o, 1946
E. Shore Gas & Elec. 6s, 1955
Crew Levick 6s, 1931
Empire Gas & Fuel 6s, 1924-26
'Empire Refining 6s, 1927
Eastern Pet. 7s, 1928
Dusquesne Light 7 J2S, 1936
Keystone Tel. 1st 5s, 1935
Paris Orleans R. R. 6s, 1956
U. S. of Brazil 8s, 1941
Ind. Ser. Corp. 5s & Adj. 3-6s
Rio dc. J. Tr. Lt. &Pr. 5s, 1935
iletnlors I'htlatlclphla Stock Exchange
Land Titlo Illtlg.. Phila.. Pa.
Hlch
.V) nice Stor.lOt
lOOtl St North
pref ....
S I.eh Nav.
1 Minehill.
W Pa U it..
S la Salt..
L'O Phila Co
cum pf.. .11
10 Phila K!er
UP! d" prcf .
.-.HI) Phila UT
lOtKcudiiic.
10D Sdo lxt pf .'t's
litlUtTex iS: V
C ft O.
Ill I'n True.
l.-i IMS I...
HUOtl' S Steel
1 Weit Jer
& S ..
"3 V!
fit
1 's
Ult
l.-.a;
(17 '
tiTjvr
101
73V!
01
44
:is
05
31
2'k
1!IH,
7S,
lis
P M.
104
Net
chiss.
7.T4- li
04 ..
44 1
as - Vi
Im . .
31 ..
2V'n..
liC.V, . .
151..
-;-
38Vis
price.., 1 uniting into buylnp by houses
with Hnstern connections. Trade was
only fair. Receipts inspected yesterday
were 07 cars; lnit year 12." cars. The
cash market wuj relatively firm, with
premiums well held.
Local contracts decreased fl.Ii, 000
bushels for the week and totaled 50i,-
000 bushels. Export business yester
day was estimated at 1,2."0,000 to
1 r.nn fuvi lumliels. nractlcallv all of It
done 'on the lute break. Minneapolis
millers report fleur pries "1 to .10 cents
lower on leading brands. Weather con
ditions genenillj aro invornoie nnu
' Corn started with September and De
( ember VU' lower, while May was VsC
lower to ; higher. Trade was mixed
and .insisted ch'.elly of exMiunsiiiK Sep
tember .mil December nt even money to
isp differetice.
Hats iii,i ned unchanged to v-c lower,
with nnderatily active trade, mostly 111
the way of exclmnslng between Sep
tember nnd December.
QUIT S-5 SALVAGE ATTEMPT
Navy So Orders After a Year of
Effort
Attempts to salvage the American
submarine S-." sunk in l."0 feet of wnter
off the Delaware Capes, hnve been
abandoned after a year of effort , ac
cording to officials nt tne navy yard.
Tho Navy Department, after receiving
u report of the difficulties encountered
by the salvaging crew and the condi
tion of the wreck authorized suspension
of the work.
The Bubmnrine sank Just a year ngo,
September 1, fifty-five miles off tho
capes while on n run from 13oston to
Ilnltimorc, nnd the rescuo of Its crew
of forty-onn officers nnd men from the
nlmost wholly submerged wreck marked
MIMNQ
Uoston & Montana OS
Candelarla Mining -.'
Kureka Croesus 3.4
Qoldneld Florence 37
Harmlll DUtilo 18
Hecla MIimic 4
i Iron HloxHom In
I, .it'iiiinn . em'-" it
' Kerr I-ihe .17.
Knox DUIdo 11
Mother Lodo Clt I
National Tin r.7
Nevada Ophlr 37
Hay Hercules 1!0
.silver Mines ot America., b."
Tonopah Delmont 14
ronopah DlUde ns
:a
Financial Briefs
The averatre prlco of the twenty active In
dustrial stocks advanced 1.U2 pr cent cs
tcrday to 07.80. while tho twenty rallroadi
advanced 1.03 per cunt to 71!. 41).
For thn year ended December 31 tho Pa
c nc Dnelpment Corporation reported a net
Income after chais-es and taxes, ot 12.14,
(I4U. tqulvaicnt to TH cents a share earned
on tho outstanding- 3J1.UU.1 shares of capital
stock, at no par value. This compares with
a net Incomu of $1,331.4:,'.'. equal to J7.SO
a shure earned on tho 170.7IH shares of
stock, at 130 par value. outBtandlnu In tho
preceding year. lKtlcIt after dividends
amounted to 1230,324, uualnst u surplus of
Ba,i27 in lull).
Tho United States Hteel Corporation Is
expected to show a further decreaso Irt un
n led booklnps for Auuum Early estimates
Place tho cUcllne. In orders at somewhere
between 1UU.00O and lSu.000 tons, com
pared with a decreaso of 2U7.541 tons ill
July, and 3U4.01U tons In Juno.
The nnnnnl rAnnrt nl Tnnle n...i.nn.ni
rorpormlon for tho yoar ended December 31
tati that on tho basis of a consolidated
Tuolumne
United Kastrn
West End Con
1ION11S
Allied Packers fis
Amer Tel lli 111-' 2
Amr Tel Hj 1D24
Anaconda 0
AiMconda 7s 1H2U
Annlo-Amer 7',us
lleth Steel 7s lli'ja
Can Nat Ity en 7a ...
Chl Un Sta HVa a
Cons Clas Ss
Cons Textile 7a ... .
Copper Hxport Sa 1U2.1
lalena 7s
Goodrich Tiro 7a
Orand Trunk O'ia . . . .
(lull Oil 7s
lIuinDla U ,a
Interboro 7
43
8
CI)
4j;
43'
KW
10 tt
87
IS
7
12
lis
3'i
4-
O
H
a
so
(IS
32
37
IS
311
111
17
3'4
11
4
.13
3.1
20
8.1
1
(IK
40
75
one of tho most thrilling Chnpters in "tatement for the year tnded December 31.
n,,- ten iinnnlH The crew of the S-5 i J . th! net lots of thu corporation, on
Olir SPa IinnnlH. ii " ui uil o "business comDleted durlnu- th. o.-.r inoii
were imprisoned in the vessel for fifty- amounted, to 12,144. 304
17ij
:io
i.j't
nu, nu.
:iovl
ai5
7."1'!
:toa'.
75 VI
rip,.. 'vu xiVi
tNet chandn made by comparison with last
sale un Nw York tfloik Hxchanue.
piiii.ini.riii. noNns
2000 I.ibnrtv -'d 4kH '12.
5i Mill Liberty .Id 4',k '2S.
KlOO Liberty ith l,-i 'Z
1(10(1 Victory I's '2.T
ln.'.O Vli-tf ry 4-1, n '2.'1 .. .
MX) Victory His '2.'l . . .
4d00 Hell Telephone 7s...
4(100 Pennsylvania (I'jH. . .
40(1(1 Phila IZlertrln 1st 5s
1001) I'nited Itntlwayn 7n.
K..M..I tl.ilfA.I l!i, I.I ..ill Tr
I'bfui. Suburban tins & I.lrc. Co!
M's toil
hrlanslty. & I.Kt. Series "A" ft's lulu
Kauroau Lumuuny . . ti's Uz
on lies s r.irriric gunman) D'h 1U.13
n.t ltr. Lt. & it. 1st lets. 7W 1010
UEL K. PHILLIPS & CO.
tr Phllsd ilnlilu Hlock Kxrhants
nwi iiir.ni.ij nim.i.r
)WKENDRICK3rd5,CQ
hmimm ;2r .iNMit
VbuKXtV Uell.t Buroce OJSfl!
'. . Kw.t Kno aj
LIVESTOCK QUOTATIONS
Plttilniricli Au. 31 IIOOH Ile.e'pts
2000 head Uir Ileivlei III Illfl II l).1 .
houvv cirKer 110 SOfl in (11, llsht y .rkers
jlOf'Ui'J." Pits, Jli flufi 10.
HHKi:i' AND (.MH.S - Itecelpts lnnu
head Steud. Top sheep, IS, top lambs
f a .n
I CALVES Hecflpts. 100 lad llluher.
I To, J13
I'llkt HiifTlllo, Aus 31 CATTr.R ne.
celiits 1 SO head Wow, 2.1c lower than
M'nda Co!e rereltits. 150 head Twen
it.fiiri tentu lower S.lftll.
ll(i()H--llecelpU, 210(1 head Fifteen csnts
to 2Sc lower, plus :.07.1o lower, heavy. Ill)
10 25 mixed and workers. Jl 23W10.r.O,
light yorkers U 2O0 .10; pics, 0 23;
roih HJMfl'T. star.. Ilfn
SIICEP AND I-VMK3 Receipts, 2000
heud Steady, uchanned.
fhlrnco, Auir 31. CATTLn Receipts.
11.(100 head, flood and choice beef steers
steady, fat she stock and bulls slow to weak;
val cales, Sll.' hllmr, stockers and feeders
strunc t iji yearllnK steers 110 7.1. hulk beef
steers 75J3 1 u'k fa r ws and h if
tr II mull ,1(1 ciini' rs end cult' rs 12 75
OS 10 b- ignao infill 13 .10W4 beef hUils,
l 7IW1 71 IlKht vea'ers mostly U'J 12 73
HOOS Receipts, 111.000 head, Twenty
v runt to (lOo lower than yesterday's aver
Hk. tsitter grudes.crt nrostl bulk ales. $.7.J
Oil 40. Top, Jll.flJi tifavy jlht. 47.7.1 U
lintfun wHuht. MbQfiB.lsM i.wrljht
IIKPII.00: henvy packing MWeyimooth.t9.7S
0T.2lil packlmr , ovr, routK I0.60tf0.00j
COTTON MARKET
New York, Aug. .",1 . A reactionary
spirit was ci'lent at the opening of the
cotton market and llrut price were un
changed to 111 poitns 'ower, lellecting
heavy unlonding through commission
houses, nearly all of which liad advised
taking profits. Tho rather bearish
.loutiial of ('iinmer"e condition report
1,0.1 itc effnff nn Hentlmeiit and there
7-S0 wu-. active selling, based on further le
JI"oo ' I'oi ts of showers In Texas,
ni ' , Wall Street nnd Japanese liitereUR
:, . sold freely, and the combined weight of
" ..nr..i.,., I.rnlin tho lnnrket to levels
IlS.DO , .moJnn. Klnn.lnM nrder were
uncovered, with tho result thut, nt the
end of tho first twenty mlnute.f, the
market was down Sll to $5 a bale. At
thnt time the trading wns enormous and
selling orders were pouring in from all
quniturs. , , .
ite eipts of cotton nt the ports for tno
day are estimate! nt 15,000 bales, com
pared with 20,050 bn'es lost week, 5570
bales a year ago and OStll bales in
1010.
Prev close
October 10-57
Dei 1 mber Id si
Jnnuary l-
March
May
July
L, Will go to the Chesapeake n-nturlni Indebtedness, and 111 prnvldlnt Itself
.n In nn nttcmnt tu rnlse tliel""" nJ.''lons and bettcrmmts 11 1 n total
a in an aitcmpi to raise inc c08t of 1111,011,323. T.ie .arrlor Itself Is ro
il submarine I H-lll, which quired to llnanc. IJ.Oll 323 to meet tho loan
lots 104'K
lots
lots
ots lOOU,
CI!"!
05 VI
17 03
17. IS
17.20
Open
10 00
1(1 Si
1(1 8S
17. UU
17.00
17.03
1 P M
1110 i
Vi 31
10 87
HI 50
NEW YORK COFFEE MARKET
New York, Aug. 31. On quiet trad
lag the local coffee futures market
opened 1 to fi polntH lilsher on a littlo
OtltSHIO PpeCUIUUVe Ulljlllii, nun 01.un.v-
ly nny selling pressure in evidence this
morning. ,
The early bulge failed to hold nt mid
day, the market being so narrow thnt
n fow order either way affected prices.
After Helling u" to 7,12c. December
sold off to 7.05c and March to 7,4oe, or
(i t points uciow jnuiaj ngures
March ,, ni. ,.,.... MV
nni hours before their plight was discov
ered bv a passing merchant vessel and
they were finally rescued by cutting ir
hole in the stern of the submarine with
the hand tools that were available.
The Falcon, which linj- now abandoned
tho wrecli
Canes un
f.Y.dermn
sank while being towed to sea last .Tunc
to be used us a target vim other uer
lnan ships for American airmen.
The S-5 was n new submarine. Its
cost to the Government wns $1,750,000.
It was 2.'15 feet long and displaced 000
tons.
AVERSWIFE SHOT AT HIM
Intercollegiate Football Star Gets
Warranto for Arrest
Chicago, Aug. 31. Charging that
his wife had attempted to murder him,
.lames Wright Mnrtln. Jr., former In
terni'lesiate football star, yesterday nb.
mined wiirrnntu, charging Mrs. Huth
Turner Martin with assault to kill
and carrying deadly weapons. Mrs.
Mirt-tln Is a daughter of tho late Colonel
Henry L. Turner, nn lutlmaio menu
of Theodore Ilooscvclt.
The warrunts chnrgo timt .iirs. .iinr
tin fired 'jlx shots at her husband while
he was standing on a street intersection
near his home.
Martin also obtained a wnrrant
against Joseph llnttersby, wealthy
realty man, as nn accessory.
FEAR RIOTS ON SHIP
Pocahontas, Detained at Naples, lo
Short of Rations
Naples, Aug. 81. (Uy A.P.) The
situation arising from retention of the
Pocahontas in port here since June 8
because of failure to pay for repairs
has become serious uecauso biio jibs
aboard only fivo days' rations for the
twenty-eight passengers and thu 253
members of the crew.
Owing to spontaneous combustion,
bunker fires are becoming freiuent nnd
serious, and many toiiN of tho 1400 tons
of coal aboard havo been burned. It
will bo necessary to remove tho coal if
the ship remains much longer in port.
' TrniiblA with members of the crew is
expected, since they havo been without
In UfMllli.n in Ihla
actually ascertalmd loss tho corporation ond
Its arlous subsidiaries havo set up reserves
of $,,S47.3ts utfalnst future losses.
The Interstnto Commerce Cnmmlsxlon has
approved a loan of $H 0(10 000 to thi New
York. New Haven and Harlfonl Railroad
Company to enable that carrier to rntot Its
of the O ivermnent.
is xor len jcara.
Tho term of tho loan
I.lbby .McNeill 7s
New Haen 4h
Southern Ry 0s
Southwest Hell 7s
Stnnd Oil N Y 1031
Stand Oil S V Oh
Swift & Co 7a 1U23.. .
Texas Co 7s
Vacuum 7s
West i:irc 7s
Bwlss 5V6s
.. 42
, . . iib;
. . lis
, . . Sl
. . . ll.',
...111(14 Unity
, . ,102
,..10.1
. . .lllll'i
. ..lirj
. ..HHi
. . . ot
. . . liU
, .. 077
. . . I'K
... H7U
... 71
. .. I)3'4
. .. 52
. .. 117s!
. .. H7H
. ..Hl.'.W
. ..10OH 1II(S.
. .. DiVa 117-Sj
...100 10(1
. ..101W 101 Vi
. . inns ion5.
. . St)',? bU'i
42
I)Si
US
Mi's
114 U
102?t
10.1
ion;
1112
mi5;
04
ixi;
07'
117',,
U7
71
HI Vi
(12
i7;
U7V.
111.1
1
20
21)
13
00 t
s
to ,
4i'
43H
tit
60
2
ti
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87
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7
12
73
3
4
r.
a
x
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:
CD
ns
2.1
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87
IS
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111
17
3'.
11
4
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311
20
S.I
1
OS
4'J
lift
42
Us5.
IIS
sim
1H'.
101)1
IS
102
10.1
lDO'.t
J02
101
til
IIOU
()7'lS
07 Tu
117't
71H
U.IU
3"
07;
07H
io. m
lOD'i
Ii7i
100
101 V,
10()n
SO V4
Write Roger W. TJabson. founder of the
Babson Statistical Orttanization. Wellejley
Hills. 82. Mass.. a9 follows- Please srnd
copy of Special
Bulletin No. 3ll'8
and Booklet 'In
creasing Net Profits'
gratis.
(IMIIHIIMIHUHMMtltlHHIIIIItMMIIIHIIIIUIIHHIIIIIMIinrf
Spruce 8200
m
LIBERTY BONDS
VICTORY NOTES
TREASURY NOTES
&
CERTIFICATES
i
ili
3'
hi:riRITICS m'.l'AUTMENT
commercial trust
Company
i Member rslcrnl Reserre System
j City Hall Square, We.t 9
I.ehlch Valley's net erimlnr.a In TmI.. ,..rA
the ben this yiar, and converted the operat
Ins deflclt standlnix e.t thu end of tho llrst
'.alf ear Into net GDCratlnc Inrnm. nt li
JUl for the Boven months' period. July net
amnunted to 1000,700, against a deficit ot
1737.741 In the same monih luit year, uhllo
the small balance shown for oon months'
operation contrasts with an operating d;(lclt
of 17.178,863 In 11)20
There has been stricken from th.. list on
the New York Stock Enchaneo North Amer
ican Company common stock, pur aluo S100
Admitted tu the list, tho North American
Company temporory certiorates for u per
rent cumulates proferred stock and tem
porary certificates fur common stock, par
Milue J.10
J. Howard Moody Is associated with Mc
ullnn & Co
The Interstate rommerco Commission ap
proved tho 83,140.0011 loan to lloston and
iiaine to aid that carrier In meeting- Its
maturing Ir-lebtednoss Commission also
apprpjed 11 733.7.1U loan to I.'rle Railroad
to aid that carrier in providlnv Itself with
new equipment and other addition and bet
terments and In meollnc Its inaturlne In
debtedif ss.
BANK CLEARINGS
Rank clearings today, (omtiared with cor
respondlng day lust two years:
1021 1U20 1010
rhiia .. sni niiti.onn $00.177 11R2 jsn.iu.nsn
.S. Yorkl0ll.200.O00 1,031.100.314 S7,020,liy
Prices Improve on Paris Bourse
I'nrlH. AuirSl The slock market ad
vanced today, following the announcement of
an Inorosso of 30. (ino 0011 francs In the capi
tal of the Rank of Paris. Three per cent
rentes, on rrnnca no centimes; exchange on
Umdon, 47 francs 00 centimes, B per cent
loan. HI francs 43 centimes. Tho dollar was
quoted ut 12 francs 77H centimes
U. S. Certificates and Treasury Notes
Int
Rnto
''"f
fd
1'nu
t3"i
t'W
nvt
.Mrturlty
uate
Oct .
Oct
Dec
Ken,,
Mar,
Mar..
June,
Aug.,
Rid Asked Yield
Rid 1-1(1 1011 3-32 4.13
100 3-32 1011 3 111 4 Oil
ino 7 id inn ii.in 4 in
ino'a lnnu 4. mi
Kin i in inoH n,(io
i money and .tobacco for foity-fivo days, dua en as,ta of nuturity,
11121
11)21
11121
11122
1022
1022 ,,. ldO 0-32 100 13-32 4.0.1
1022 mow. inou roa
1022, 10(1 3J0 100'4 3,20
innl 1AA7Z1 im K !
Kismt from normal FedAl Income tax.
tAcceptabla for paymentkVf locoraa tax
1,h..J",
FOREIGN EXCHANGE
New York, Aug. III. Tho furcigu
(NchniiRi matl.'et opened strons tlodny
making new high figures no far this
week, with sterling ehowlns n uniii of
e.
The' other e.schnnses nndo sympa
thetic gains of 1 to 4 points, as fol
lows: Sterling cables .'t.Tli1.,, checks
,1.72; Franc cable- 7..V1, checks, 7.SI! ;
Ilelglnn cables TMOVi, checks .r)U:
Swiss cables 17.10, cIiccKh 17.07; lhe
cables 4. -10, checks 'l.Ii'.l'j ; peseta ca
bles 13.00, checks 13.04; guilder cables
rl,70, checks 31.03; Stockholm cables
L'I .73, decks J1.7U; UirlMlnnln cables
13. 7-, ehe'ebs 13,07; Copciihnljen cn
bles 17.fe."i. fhciks 17. SO; marks 1.17V...
The rate of premium on New York
funds in Montreal today wus unchanged
nt 10 per cent. The rate of discount
on Cnnadinn fundo In New York wus
unchanged at 1)13-10 per cent.
Central European, cm images were n
shade cosier today n. follow; Raman
inn, l.lS'j; Scrblo. 12.13; .lugo-SIiivla,
,r(l; limitary, .'Jliaj ; (ireccc. 3.70;
I'lnii murks, 1,40; CVecho-Sloviikln,
l.tsaj ; l'.ulgariun, .Sii ; Vieni..i, .12t.
YKSTURDAY'fc! K1NAI. OUOTATIONH
Sterllnu- I'rancs I. Ith (lulldera
Demand ... . 3 70. 7 SO 4 3t 31 43
Cubles 3.71U 7 Ml',j 1 ;i4'4 31.31
TODAY" H Ol'ENINa QUOTATIONS
Htorllpg I'rnncs I.lm Guilders
Demand 3.72. 7 S3 4.3H'i si n.1
Csble 3 72 7 S4 4.40 3170
MONEY-LENDING RATES
NEW YORK Money on ceil both clashes
of collateral, oponed today nt 3 per unt for
lendlnx and rtnenlng.
rillUMJKI.I'HIA roll, 0 per cent; time,
(i per cent, commercial paper, tlirco to six
months, 0 per cent.
Nnte These aro merely nominal o,uota
tlnns, me iesi rmu ui uurivri in inu mate
of I'ennsylvnnla belnn fixed at 0 per cent,
l'lus premium and commlajlon. tlmo money
for thirty to ninety daya ts loaned nt 6 to
(i',4 per cent, whlln commercial paper, from
thirty to ninety days, Is loaned at 0 to U'ai
per cent,
JAXSnOH Money III quoted at 314 per
cent. Discount rates, short bills, i per
cent; thrco months' bills. -I 11-10 pir tviit.
DIVIDENDS DECLARED
Tratt l'oml Company quarterly 4 iior rent.
pnyftblo Auk Jit 31 lo ttotli vt rocrril Auiunt
braper Corporation, quarterly 3. payable
October 1 lo stock nf record Hcptemuer a, i
I
bar silver;
Par silver wa Ud lower n rnOon todur,
At ST IB a,
High-Yield
Short-Term
Municipals
Free from all
Federal Income Taxes
Maturities
' 2 months to 1 years
A most conservative way for
firms and individuals to cm
ploy their funds in anticipa
tion of future business require
ments. Suggestions on request
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St.
tfc Telephone, Lombard 0257
r
Investor's
Market Almanac
A record of BtockH traded In on
nil exchaiiRCH Over 270 pages
of complete and essential infor
mation and NtatlstlcN.
Sent frco on request
MILTON HEIMtfCO
STOCKS-F03EIGN EXCHANGE BONDS
1 ' MEMBERS
PHILAOetPHIA 570CK BX.CHANOC-,
CCH JCU0A7ED STOCK M:HAHSt.ft
1G22 Chestnut Street
I'liunea; Hell, burner BOU-2-3-1
Kesslonn Rare 730
71 Rro.ulny i 480 fith Ai, N. V.
Stamford, Conn. Hprliulldd, Jla.s,
lloljoke, .Mass,
Foreign Exchange Explained
Ash for Free Booklet F-2
Wm.H.McKenna&Co.
221 South 15th St., Phila., Pa.
Hell 1'liunu l.uiust 177H
New York
Pater
Traders and Investors
It Is nur business to Ue,,, ()llr t.r, ol,
Hip rlullt side ot (lie niiirl.nt. If Inter
ested urlte, or (nil.
F. W. UNGER
130 S. 15tl. St. Ir-v,,tmnl Anclyit.
AUTOMOBILE
INSURANCE
A Hydro-Electric
Power
Twenty-Year Bond
Yielding 7.45
Secured by mortgage on all
the property of the
Central Maino Power Co.
serving an old-established
industrial territory including
eleven of the sixteen .counties
of Maine.
We have been identified with
the bond financing of this
Company for the past twelve
rears and recommend this
issue for conservative invest
ment. Price 95 and int
Complete circular on request.
Harris. Forbes & Co
Pine St., Cor. William
NEW YORK
rSIILADELPHIA OFFIC1
Widcncr Building
Telephone Spruce 7040
Financial
Preparedness
is a unlerbjl necessity. To td
ftroiiBly fortldeil with a thor
ough knowledge ot what Is trans
I It Int; In tho altatrs of 1'ie
eompanles In H-,vh!ch you are
'Inanclally Interested ns ueU as
reneral i.nslnr.s roprllilnns con
stitutes IiKMcSal prejianliiejj.
Keep atircast ut the times
through our Investment orlc
which tomprlseii a
Fortnightly Review
Investor's Pocket Manual
1021 Standard Oil Booklet
and
"Answers to Inquirers" Dept,
It costs itoCMiifl to writs
E. L. WITTMEYER & CO.
Incorporated
)ircf.rmeit Securities
42 Broadway New York
C. S. PATION & CO.
3I A rilKSTXI'T hTS.
BANKERS
Successors lii ,
SAII.KIt A SIKVI.NfiO.V
llnn.1u i.tul NlnrllH hnlicllt mill ftO'1
M,.,l,.r. I'hll SleeV I'tfli'inre -I
LrnERTY MimiAIWINflirRANCK Ci
ivia tM. un flt.
rhMI Locust 670
fP.
ci.E you posted
on conditions that may
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fluctuate ?
You can get the latest
reliable news, boiled
down and treated impar
tially, on specific stocks
and market conditions
in this week's 16-page Issue
Investor &. Trader
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PHILADELPHIA OFFICU
WIDENEK I1UH.DINO
Telephones! Bell. Locuit "
Keyitone, IUce 5S61
BALTIMORIS OFFICK
433 ECJU1TAIII,E DUlIiDlNd
Telephone l St. Taul 8
Dlroct rrlvats Wr" i ,
K.w Tors CUlowo ,W" J Waf 'HJ
lttl,urU Uuttol', lltUlmw C"" ,.
Jones &Bawr
u
J.
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