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102U
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103 H
102'i
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1 . . O0H
1. . '
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pi rUl 4 ,
8.. .. 0!i
. . . . 69
rhlcaio Mil
BtP 41 --o
J i 74'i
2 ... T4't
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8tP cv
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2.. . 104
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4
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89 U
09 'i
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73
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2 81H
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1. 10BI
Chile Cop'r 7
1 . 83
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n
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1
1
ct
i 4
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nou
ooti
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on'-i
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84ii
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100 VI
101
101
City of Copen.
lmeen 3'i
is . 7tn.
8 70
1 7ti
B 79 Ti
1 78 Ti
Cltr Mars' Oi
1 . 84
1 . . 84
CltV Paris Bs
on. in
00.18
09.18
9)1.18
09 IB
Tokyo 6
OS
1 .. 102
1 103U
Den U O fd
1...,. 44H
Din illOli
2..,.. 80U
D U O 4'4
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8... . TO
Oct U It t'i.i
2 SO
D Match Tli
2.... 10414
Do Canada '20
8 04U
Uo Canada '29
i .... oau
1. ..04
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.. .. 78Ti
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A..... 4ntil m nt jm
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D.... 102H
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24
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1 (aale)03
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3 .. . 87W
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1.... r42
1 .... 42
11 L Joracy Ci
4 . . 70i.i
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8.. .. 92
den' I Kite Bs
1.. 87'i
1 .... 87
1 . 87 U
2... 87"
Oena'l Kleu ni
8 .. t02
J . 102 U
aoo'dyear Tin
& nub'r 6
1
2.1
a
n
i
ii
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l
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101S
101'i
toi;
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2
2.
.8
1 '
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1
loivn lent l
2 .... 89 H
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6 .... 80 '4
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B... . 72U
1. . 72
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8
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0 88U
0 (sale) 281.4
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8...
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city
1
City Zurich 6'
101
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101
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crd cm cii
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1
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Cuban
6 . . 87
Del Hud cv
1 . 85
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2 . 101;
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101
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Klnadoifi Dan
mark ct 8"
1
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8
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103
I03U
103
102 ;
1031;
103
103
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39
39
V 4
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03
03H
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Mo Kan A Tex
ct 4 Us
1..... . 41
1. . 40
2 40
Mo l'aclflo 4
1 . . . 84
2 84
1 88
1 84
1.. 83W
2 B3H
New Orleans t
Nth II 4s
1.. .. oi;
N V Cntl 3's
. . 07H
Cant'l 0
02 ;
93
93
... 9
. . V6
Oent'l 7a
2.... 102;
N Tk Llfht 11.
fc Pwr Bs
3 80
New T N II &
Hart'd 8s
12 . .. 84!.;
1 33
28 . 811
Sew lork O A
Wesl'n 4
1 fll'i
1. . 0114
N Y Tele 4i.4s
1 .
N' Y
n
A
2 .
1..
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3.... 103;
PuU Berv Cp'n
N Jiy 6s
t 88
1. . 8814
lteadluv Co 4s
1 . 7014
nD. Chile rets
an ni'i
1 . . oau
7 98T4 !
a.. .. uhu
1..,., 98T4
11 i.'uba C 114
1 77
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a 90i;
2 09U
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Lnul'a 4i,lh
2 68H
, 2 08H
St I. l'n Mt ft
S'h niv 4s
1 74
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H'n lily 8s
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90U
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4L I'd 1937
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8
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1 .
1
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15ot t'l
2... . 30
NfU ft W il 4 s
. 77H
N'l ft V rv il
2 . 103
3 103U
North W'n B
Tel'e 7s
1.,
3t I.
7.
1
0
at 1.
2.
n
8
r.
2
2
2.
St Ii k B Fran
Srles x
1 ... 2;
1.. .. 03
SI 1. ft H Fran
erlea II
1 .. 73
Ht I. Soir'n en'
f .. 84. I
St Ij Hw'n 1st I
1 ... 07; I
Sao Vauto of I
llradl ct 81
2 07 H
60 U
! J
08 H
884
084
nsn
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89
891.4
38
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8SH
88
88
88
09
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t
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4... 37.
U U Mealcu B
ftftt
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99;
90
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09U
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99 '4
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Itubb'r 8
78
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1.
1
1
1.
3
1.
UNI
a
a
Liberty 3ijS . . .
Mbeity UJ 4n ..
Ubcrly Ut 4 14 H
Liberty 2d lUis
Liberty Ilil 4Ue
Llbcily ttli i,s
Vic. Xutc :ia.,B .
Vic. Note Alia .
o ;
. .. 90H
. 09 H
... 99H
... 8J11J
HUH
Hleel Bi
04
.. 94
94 'i
lllnh
S7.10
87.7(1
87.00
87.00
01.08
88.00
00.08
00.08
A''aV;li M
B...1. 80 f
i:l,i,'l,
1.. .80
1-C Chlrti n
2'.... 80
i.-c eti 7H
1 . . 01H
'll ItalltT'H til
I..... 83H
Vrifn Mil 1
3 . . S4;
tti l'aclflo l(
3 ., 79T4
.Vest Hhore 4s
1
a
2
v a
1
1..
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1
n .
18
1
2
6
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4..
1.
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7a h
73U
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. 100U
lOOi;
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. 100U
. 100.
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10014
100 h
. 1004
1001,;
m mik 1
MAK$. TAKE ANOTHER DROP
10.
102
ion,
Wilson Co 1st
87
1"
87.Jlli
87.70
87.78
87.88
01.02
87.00
00.02
00.02
Remittances, at 1.01 Cents, Touch
Lowest Point Since Early Last Year
New York, Sept. 8. German marks,
the normal vslue of which wnp 2!l.80
cents before tho wnr, today fell to 1.01c
In the local market.
This is the lowest quotation for this
romittnncn nt this center since the early
liart of 1020. The further collapse
seems to hnvc been precipitated by
cables from llcrllti which reported nn
other slump in flu: value nt the mark
nt ull Important Oerinaii trading cen
ters.
The Merlin llotirse. the same nil
vices stale, probably will be closed un
til next week to enable members to
catch up with the high pressure of Ac
tivity canned by excessive speculation.
.Similar measures wero taken ti forliilxlil
ago when the machinery of the lierlln
exchanzc became coucotcd because of
101ft I the enpruioiis business then behiR trani-
ocieu.
Local dealers icjiorled Utile inniej
tlian a noinlnnl mntket for iiinrk, ul-
thoueh German Interents are believed toi
lmve been amonjc tnc recent Heavy buy
ers of raw cotton.
All other leudliiK foreiRii bills, mil-
j,11," ably the Drltlsh rate, were active and
S7.40 slrtini:, sterling slionlnj an early gain
87.70''' -'t'C to tho pound. v
87.00
.,JM.... ifiii.T i. I, I Ii , '., 'I i i'ii ; iV.'Wijili'J. i mt ;.; ' ', " l'X'1 "''" 'L1 ' 1''. ii. . 4) .' .'Ill1-
inrW IM ICUCI -TniVy VnTprffl' ttitP.ni l inATED tU isifaenr7..rtjrt "tready on He I tt'I D05 1
87.88
01.00
88.00
00.00
00.00
LONDON STOCK MARKET
07';
T fil
80',
40
I, St
19
4H
49
iliKimr C Oil
Cnrp'n 7is
8
1
4.
Seab'd
3
1
Seab il
a
103
103
103
102'i
103
N Pacific II 4s
O Nihil Rly "s
102U
1024
1024
103',
102;
102'4
1021;
102;
102H
102U
lOi.
103 V4
ifud ft Man fd
1. . 67U
2.. .- 674
ray ct 8a
1 ... 104V1
2.... 10414
K Sweden Is
1.. SOU
1 . . . 89
1 ... SO
4 8i
l.aciedo (las C
of St !j Bs
3. ... 77
Lake Shjre M
Po'n 4s '28
3 80ii
Lake Shore M
80'ti 4a '31
2 6P.1
r . MH
1 8414
Lou ft Ark 8s
2... . 69';
Louis ft Nash
Mont 4 Vis
3. ... 8i;
Mex Petr'm 81
1 98
1 (sale) 90
a.. . o.v;
Mich Ct'l d 4.
2. . . . 80
Mid B ft Or til
1... . 76'4
77V4
774
77';
-714
774
Oi ft Calif 8s'
1 . 112
9 . 02
Ore-Wn IX Co
Nuvl Co 1
2 . 72
1'ao O ft H 8
1 . 70 V.
2 794
7014
8 73
Packard Motor,
Cnr C Ss
2 07
1 . 117
i . VI
I'.i It sin 44 s
4.. . 804
Penru I', n 3s
0.. . 87T4
4.. .38
Penna ltd fli.li
1
4
1
2
J
r.
1
S'll
8
Bell
01
91
01
91
01
01
90'4
0(i'4
01
r bs
83
DIVIDENDS DECLARED
International llariiitr Cmnpim nnar
teilv II. aa on eoaamon. pajable October 13
to stock of record September 24.
Tide Wster Oil Company nuarteriy 2 pir
rem. payable Ceptmbtr 80 to slock of lecord
September 19
(f. II. Krass rompan) quarterl.1 of 1 ,iuc. '
pr cent on prcfrneiJ payable Octobjr 1 to ' robliyln
ii.-i 111 lecoru pispteriiwr SU.
Cluslt. Poabodv L'n
ireferred. pouiblo O'.tuuer
vni oaieniuor il
H . Loulr, rirnk MouuUir and rclfl'
('ompHny, aunrttrlx l pr tent mi cotnu.Gii
nd 14 per cent on preferred, both nayolil)
September 0 lo tock of roconl Srf Umli.
10
Amei-lcnn Hxpie-a lompato. quailrl W,
1 Hi able Octubei 1 ,0 atoik f r.cori Sep
lombor 10.
lnor Itall-a sn.l Klrctrlc Comvanv
tiuarterly 1; per cent on preferiod. paysblt
October 1 to stock of lei-ord Hptembr 20
l'etin I'entrsl I.luhl nd l'owei Conipn,
nuarteriy o cnts on uieferred. payable Oc
tober 1 hi rendered Kepteinbr 10.
Callfotnla. I'jtioleum Comiwny. uuaiterl
per cent on srif erred, payable October 1
1
Violent Slump in Qrand Trunk Oils
Stronger Home Ralls Higher
1 London, Sept. 8. There was 11 vlo- j
I lent slump in Grand Trunk Issues on j
.the stock exchange today, brought about
I by the publication of the opinion of thel
majority of the Arbitration ISouid that1
, the common and preferred slimes of the!
I Grand Trunk Hallway were valueless.
The oil department was (.Monger, on
buying by nrofeslonal onerntoiis. !
Shell Transport and Trading wax 54,
,$id.6d0 IN JEWELS "StOLEN,
Woman Awake. to Find Burglar
Under. Her Bed In Lake Placid
Lnlie i'laclil. N. V.. Hcpt 8. -The
robbery of Jewelry valued at $10,000
by 11 masked burglar from Mis. Isaac
N. rSellgman, nf New York, and her
guest, Mrs. Adulph Lflwlsohn, at the
Sellgmun camp at pper Haronac Lake
lust Friday night became known yes
terday. Mis. Sellgiuaii u nolle to II111I the
burglar under her bed When he cau
tioned her not to scream, she managed
to push a button and summoned a maid.
The burglar escaped and left the camp
by boat. The Jewelry Included n dln
mond ring and a Jade necklace.,
SPECIAL RATE TO FAIR
Railroad Concession for Atlantic
County Exposition
I'Vir I he benefit of person who ileilie
to visit the Atlantic Count Agricul
tural 1'alr nt Kgg lintbor today, tomor
row mill Saturday, tii" riuiaiieipntn nun
Heading Hallway will sell special ex
cursion ticket" from Philadelphia. Cam
den, Atlantic City and other point and
return. Theie tickets will be based on
fare and one-half, with n minimum of
iwenlv.tlip rents for tile round trip.
TJckcts for children between live and 1
twelve years of age will be sold nt half I
(me.
These th kets will be goi'd going on
au train and good returning on any
tinin until September 12. incliilv.
palm7raYuilders ACTIVE
book, . . . I
lain state OI nnnira in nmuiirsi- in
' 1, -
i. 1 J ., 1 ' if 1 MiMjf 'ii.
WAD00 miljtO END NAVltfl
.iiin niiiitr vi ntLiiifH in iiiimniifv . .. , , .. .
Hundreds Ordered on Roll In Cheater the other wards where the court has neauction or Armament! la Not
Were Alreadv on the Books oruereti names on uie awwimin ". cnougn, aay ex-aecreiary
........ y - r. ,, .. , , 1'Iic- linn cation of mimes will mean a' .c.()n ir... u.nt h n A TM
Media, !'., Sept. 7 -Duplication of .pUcntloii of the tux duplicate and It ;.,,"'; Bept Hu A- r
voters' names on the assessment book will mean that the County Commls- Keuuction or narai armaments Is
of the Cltv of Chester is made a cer- sloners will have to exonerate tne noi enougn. tnc world should be made
navyirss. Hiiuain utuus .MCAUOO,
former Secretary of the Treasury, de
clared yesterday al the Mml-centennlal
celebration of the founding of Newton.
He criticized sharply policies of fh
piesent Administration, particularly its
protective Tariff Hill, and asserted
there was no possibility of a reduction
in Federal taxes this year
"The prophets of better economic
conditions ahead wrro all wrong," Mr.
McAdoo said. "Th grarest business
depression in our history Ik upon 11s
and II will grow more acute as the
policies of the international isolation
are further developed and enforced "
. i... - - ....... .11 . - ...n,i l.r i,,,Uf. county lax collector from collection of
tninli ns n result of n ruling Uy .luilgc, . , ,l .llriipntlnii 1
William II. Ilroomiill. at Medial jester- j ,nlCH " ,ne HiPcaUons.
1 av. Honoring petitions men ny 11- , , . .
tornev J. DcHnvi'n White, of the Mc- Chilean General Exonerated
Clurc faction of the Hepubllion Party, Santiago, tlille, Sept. 8. The mill
he ordered approximately 10(H) names j u ,... I)locc., commenced In 1010 agnlnst
Complying with .ludge HioonmU's accused of forming a secret league with
order. William .1 Ciirrlden, assessor I In the army was concluded yeijlerday nnd
Mi- 1 Im Kourlli Wind went 1 reel o tie (iovernincin iueu h iieciarnuon.
tin1 (Nullity CommixHiotierV oflice and
began triincribiiig the ininics from the
list to the iiHicssinent book. lie found
that eier. person holding real estate
was already on ibc list and fully 70
per ccnl of the iininev ordered put on
bosHl 011 the jiidgmenl of the Mupreme
Court, thst the charge had not been
substantiated. When the pioress be
gan the military prosecutor nsked that
some of the licensed be sentenced to
death
quarieriy 11 7.n nn 1 nnd Mexican Ragle "i1,,. In the Indus-
' ' "' ' itiial division changes were mixed, but
lo.. '
Hudson's I'av
neglected, but
A (sale) S3
2 . 83
Jo'n I'aclflc fd
1 77 4
2 77'4
Ho'n l'tttlflc Is
0 . 70
3o'n l'uc cv 4 s
li
10 stocl. of record September 20
Reserve Bank' Discount Rate
Official rediscount rates at the twelve Fed-1
cisl Itenerie Hanks e.rc ss follows' '
Tieas 1.1b. Com'l nkrs. '
rife bordn paper accept
Ilcston
New York
Philadelphia
Clcland . . .
Richmond
I Atlanta . . .
I I'lilcago
St. I.ouls
1, .Mlnneapol
Kansas I'm .
. Iljlla.
I flan Frand'co
0V4
8
r.i,
s
it
ii
n
81,
It
ll
3'a
8U
3,1
.514
II
II
It
5'.
4-14 ni,
.-.14 8'4
S'4 5t,
r.i,i r.a
s 11
n s
11 n
r.14
', s
11 .u;
1; 11
BS as
1
Bn I'ac
3
1.
82V
s2 ;
82';
' 82,
Term'l
70
78
1.
1
1
1
J
I'enna
I...
101
101
101
100T4
101
r. n 7s
. 103-U
loutU'n Illy 4s
1 . 3814
. 58 V,
South n Il'.v 6
4 . 83 '4
11 85'4
Spatta Is
2 771
SwIU d Con 8s
1 107
S... 1011'
107
Term'l It A of
St L 4s
1 7IS
Thrd Aie 1
.8 3S
Third A.e 4s
3. . . 52
Tldisat.r Oil
Co ct 8 !4 s
1 .. 001
Union Pac cv
3. . 8814
1 80S
Union Pac 4s
4.. 104
Union Pao 6s
3.. 100
Liverpool Cotton
l.lieniicl, Stlil S '1'ieiff r,:.H .1 f.. u in
quire foi po cotton tod.-.y, but prices ere
wiak .in the baI of a de'Mne nf 1IJO points
fcr mllllnc at 12 0?d. t'he sales m.to 18,000
I'lles. Th" recelnii- ore ilOOO b.ls, of
vhlch yisl bales ui 4:ncilcan. lAiturci
were i !, snd unsettle.J in tb -nrly daal
Iras. Sun- p.-lcvs wer Am-rlisn mlddlliis;.
fnlr. 13.4111 rood ip.Milllnif. 13 70d- fullv
miiMllns;. ta.lfld: inlddll'm. 12 03d: 'nvr mid
dllnr, 11 ssd co.iij ordlnirr 10 n.l an 1
ddln.r Hi 03d.
Bank of England Statement
'the tin inner was small.
, was 0. Ilubbeis wen
1 showed Hteadlncss.
Notwithstanding the setback in New
1 York exchange, dollar description were
j maintained. Argentine rails were In-,
dined to sag because of repot ts that
moisture was needed In that country I
for the crops. Having been oversold.1
the home railway group moved upward. I
(illt-edgeil imestiiient issues wen:
quiet but haVdcr. French loons were I
lnactite and unaltered. Favoinlilci
monthly return stiffened Kaffirs.
MONEY-LENDING RATES '
.'."' Vwt Money on rail, bolh iI.k. of'
cullatrrol. opened today at ft1. Per rm foe!
Undlns nnd i-n-nlnr. ,
I'JIirMlKI.I'IU A Call 0 pe, ,,m , ,n. j
u tr cent cvin'tinclal papi . ihre iu alx '
n.unths. ll per tent 1
J.olo -These air. tnrel nominal yunln-I
tlona, the leral late of Intereat In the mate
of Peniikylvanlj 1Iiib Cx-d at 1) per tnl
'Mis premium and commission, time innne.
rnr ihlrH to ninety tie- la loaned n 11 t..
('., pr csnt. while commercial pjp.M rii.m
llililv 10 pinetv iiav, a luan-d nt 11 10 ii,
p tint.
U. S. Certificates and Treasury Notes
I lot MsMir tv
iiate uare
Nearly 50 Houses Erected In New
Jersey Town This Season
Palmyra. X. .. Sept Palmyra
has consistently forged iiln-ad 111 the
election of new homes. Sin. 1 the first
of the year approximated forty new
propei ties hae bom built in Hie en- ,
viions of llie town and about (en more j
hotiies arc now under construction. The ,
honsei range in cost from Hboiit $1500 I
to iUKlOO. and most of them me huilt by
persons for their individual u The
territory south of the railroad linn con-
stittiles the section of the town which 1
Im llgilied chiefly in the building oper
atioii. To Wed Philadelphia Clergyman 1
Aiiiiouiueiiicnl Im- been made of I he J
ngugeiiiMiit of the Itev. I.oal Y. (Ira ,
ham. .Id. 'if this city, lo Mis Snr.i ,
Nanette Stow, of Mldd'.etown. Conn. 1
Mr. Graham lived in this dlv at Hoi
enteenfh and Spring Ganlen streets, j
At present he Is curate ill Grnie,
'"Impel. New York. After giadiiation ,
frniii the fnlverolty of Pennsylvania lie
attended P.erklcy Uivlnity School. Diir-
nig tlic wnr lie served .! .1 nrlvnle 111
!" I'i'lli VliiriiieM.
September 8th, 1921.
yZcMrKte?KNv
fcMEMREH FFDEBAI. HrERVE 3Y5TFMi)
The Pennsylvania Bank and
Trust Company
IS
pleased to announce that its business has
acquired by the PEOPLES BANK.
seen
"P"-
The PEOPLES BANK announces that it will
conduct its present offices as well as the two offices
of the Pennsylvania Bank and Trust Company.
1 he combined resources of over $5,000,000, together with the Service and Security
offered by a strong, well-managed institution such as the PEOPLES BANK
will be placed at the command of all depositors.
GIRARD AVE. AT SEVENTH
410 South St.
WALNUT ST. AT NINTH
Seventh and Wolf Sts.
SI.
84
'i
5!4
514
i8;
ITS
3S
1'8'4
Del tlijl
Oct . 1021
Dec 1'JJI
Feb . 1322
Mch , 1022
Mch.. IB22
.tuna. 1922
AlH- , 1022
June, 1321
Hid Asked Yield
I On 1-32 100 ( sill
100,V 10O 6-32 4 11 I
100 III0V4 4.0ii
HUH; 10H, I. Hi!.
100S-32 100 0-32 4.AJ
Oil fl.32 100 i:i-3L I )il
100S 100U r. 1 1 ;
1110A too a n.n!
UUli IOI ,1.34 1
K.xempt fium Kedftal normal Income ia
fAccepmiiie itr payinnt or Inionip tax
due on data of maturity.
I.undon. Sept h Th weekly atutiimenl of
llie Hink of Cnxland shiis th. follnMlnt
nlmtmi..' Totul i.i.rv, lirreii.il flSfi.onn
circulation decreased 437.000: bullion ' In-S " ""' of IIO.OOO.UOO llrst closed muii
creas'd 1071 other s-curlti:e lncieaI Serb twenty vmr s per cent alnkliiK fund
Flak Rubber Bond
una mini's or tne kisj ftubber Compan Ii
cnertu ioua or inion. lleaa , Co at Oil
end Interest, to vlld 8.LO tier n Th. '
.o n. i.ft ...". "T ... - .i-.i- .!...' i. ". '"
tnii'i.iiuyu. itm propr.l-. i oi.un &,v iiuii'imiauie uniu September I
27.100. other d-ooslta lnereaied 117 7.-..vnnO
public deposits ItiPreased 1,073,000; notoi
I i?np iiicierheii 1 l.i i. iiii'i uovernineilT fie
iuihi.. ii';.rnrii
tlon of the hank's receive to llahllltv this
week Is 13 OS per cent; lant week It was
14.80 pel cent Hate of discount 3W per
rent
Per Capita Circulation Now $52.41
Washington, tfipt S. Money In ilrcula
tlon on Hep'cmber 1, hnd on the estimated
porilatlon of continental United Statea of
1(18,30.1.000. amounted to R.07n,140,:ni,
acalnst I1.212.0.10.077 on September J. 1020,
nnl 1 "38.778.887 on Auenst 1 1021 Per
capita circulation. September I. 1021,
J52.il Aiisust 1 1021 J33, and Splemb-r
1 1920, 158.22
;.U. on which date nnd thereafter the.i nre
Hiiucii, uiii- en a noio si ni'i and In
tereat until September 1, 1030. and there-!
affr a 1121-j nnd Interest. A semi-annual
snnklni fund imfflclent to purchase the en-'
r'- Iiue If obtainable at or below 110 and I
Int-reV is nrmlded i
Local Banks Merge
file Pennsylanla Bank and Truai Coin
pany announces that Ita business has been '
acqulrod by the l'eople'a Bank Tin Peopie I
Hank M.ll cc! iuet Its present offlc s as wo'l I
as thu two effVe- of the Pennsylvania Bank
end Trust Company.
$10,000,000
Minneapolis, St. Paul &
Sault Ste. Marie Railway Co.
Ten-Year 6!2 Collateral Trust Gold Bonds
Dated September 1, 1921
Due September 1, 1931
The Bonds are not callable as a whole or in part
Coupon Bonds of $1,000 denomination with provision for registration of principal. Interest payable March I and September 1.
Principal and interest payable in gold in New York. Total authorized issue $10,000,000.
BANKERS TRUST COMPANY. NEW YORK, TRUSTEE
The Company agraas to maka application for listing thaao Bonds on the New York Stock Exchang
Theae bonds will be the direct obligation of the Minneapolis, St. Paul sand Sault Ste.
Marie Railway Company, specifically secured by pledge with the Trustee of $12,500,000
Twenty Five Year First Refunding Mortgage 6 Gold Bonds, Series A, which series is
limited to $15,000,000.
The First Refunding Mortgage Bonds are secured by direct mortgage lien on all the
Company's railways, equipment and appurtenant property now owned, subject to the
Company's present prior bonded debt, outstanding at the rate of $22,283 per mile.
The Minneapolis, St. Paul 5s Sault Ste. Marie Railway owns over 3,305 miles of railway
(nil of which are covered by the Refunding Mortgage), extending cast and west from
Minneapolis and St. Paul, giving those cities outlets to the Pacific and Atlantic Coasts
in connection with the Canadian Pacific Railway which controls the Company by owner
ship of a majority of the stock. The "Soo" Railway Company in addition controls the
Wisconsin Central Railway of over 1,000 miles, as a division into Chicago.
Dividends of 7 per annum are now being paid on the outstanding $12,603,400 Pre
ferred and the $25,206,800 Common Stock. The Company has paid cash dividends each
year since 1903.
We offer thtio honda for dtlirorj when, a and if ittued and racaivd by ui, and tuhjnct to approval of tha isjue by
thalntmratate Com more Commiition and by our countal. It impacted that temporary bondt or interim receipt
of Dillon, Read V Co.,cichang'able for detlnitira bonda whan received will be deliverable about Sept. 30, 1921.
Price 99J2 and Interest. Yielding over 6.55
Dillon, Read & Co.
Tfc larormarlon contained la this adTrrh)nao has been ebtamad from wiure which mnuder reliable. While not tuaranteed, It ii accepted ky ui si accurate
Order has heart rcird in antes of the amount of bonds offered. This advertisement appears as a rnatter of record
$10,000,000
The Fisk Rubber Company
First (Closed) Mortgage 20-Year 8 Sinking Fund Gold Bonds
Dated September 1.1921 jy September 1 . 1 94 1
Total authorized $10,000,000 Coupon Bonds of 51.000 nnd S50O with provision for registration of principal.
Principal and interest payable in Ne-v York Interest payable Mrch 1 and September 1 Pennsylvania four-mills
tax refunded. Non-callable until September 1. 1931. on which date and subsequent interest dates callable onlv
as a whole; at 117W and interest to and including. September 1, 1036, and thereafter at II2V4 and interest.
Application will b made in due course to list theae Bonda on the New York Stock Exchange
THE CHASE NATIONAL BANK, NEW YORK, TRUSTEE
A semi-annual Sinking Fund is provided sufficient to purchase
the entire issue if obtainable at or below 110 and interest
The information given below is summarized by Mr. H. T. Dunn, President of the Company, in a
letter to us:
",nef--The F'sk Rubber Company, incorporated in Massachusetts in 1912. with plant at Chicopee
Falls, Mass., is one of the five largest manufacturers of pneumatic and solid tires for automobiles and
trucks in the United States, and also does a large business in the manufacture of motor-cycle and bicycle
tires and tire sundries
In connection with the present financing. The Fisk Rubber Company is to consolidate, through the ac
quisition of their properties, with The Federal Rubbei Company and The Ninigrct Company, both com-
K hafV'"K C,nilcrJ;t0,0rie c,jr,UollJEd throu " ownership and operated under the supervision of
officers of The Fisk Rubber Company. The consolidation of these properties will result in substantial econ
omies in operation and management.
SelvSi.ty,x T7hC,nduiWilUbc SCCUred by dirCCt f,r3t raortBaEe licn on the entire fixed assets of the con
solidated The Fisk Rubber Company, now owned and hereafter acquired, and by plcdce of certain stocks
representing inteiests in affiliated or other companies. certain stocKs
The mortgage u to provide that the company will always maintain net quick assets, as defined, equal to
at least 125 of the amount ol these bonds outstanding.
Assets The balance sheet of the company, as at June 30. 1921, but after giving effect to present financing
and completion of consolidation, as prepared by Messrs. Price. Waterhouse & Company Public Acrnunt.
ants, shovs; ""m nuuum
Net Property Account, lct,s Depreciation $17 211 840
Net Tangible Assets, less all Liabilities except First Mortgage Bonds 356800
Net Current Assets '"'' 072 13041
Earnings Following are net sales and net income of the companies now being consolidated, for the nast
five fiscal years, including The Nin.gret Compandor 1920 only, that being the first full ye" s nee control
was acquired) as prepared by Mews Price. Waterhouse & Company:
Year ended December i 1920 9Q nfi 1917 ,0h
Net Sale. S59.172.358 $57,419.3(,0 $4G,S36,5t;7 537.W2.W8 S"3 !7 I'M
Not Income after Depreciation. ' -,.. 1-1
available for Intereat, Taxes
and Inventories Adjustment. '7.244.551 7.0U6.25I 5.U58.810 5.030.730 2 309 087
menAts 5 inventolie '""' yCar '" l92' " J4-J5 was en off net income ,n adjust-
Since that date further adjustments have been made, aggregating S10.2J2.042, covering not onlv
materials on hand but also rubber and fabric under commitment covering not only
Net income available for interest and taxes as shown above for the five-year, period, after the U U4 10S
inventories adjustments made at the end of the period, averaged $4,835,025 per annum W'1-"-
lne company estimates that net income available Tor interct and taxes forth.. 1? ,..i, . t
1022. will be ,n excess of $7.,00.000 The balance sheet rXeTred'
operation from the close of the last fiscal year, December 31 1920 to lune 30 1021 h ri,
and commitment adjustments above mentioned ' J 1921, a'ld t0 thc mv"try
Sinking Fund The mortgage will provide for a sinking fund accruing from the date of the honHs A
available semi-annually, to purchase S500.000 bonds each year if obtainable a" or below 1 n IZ .
nrid"C,XfPCnded ba,ancoflthe -enn-annuol ,:k,R fund! as defineHS J2 Skta S"
arTlfbt c3arncetled,nem f UlC Sl0ck' A" ' ' l K
Kct LU 'j
h Co., Otis H. Cutler. Chairman of the Board of American Brake Shor & FnlTv r Dillon, Reaii
Dunn, President of The Fisk Rubber Company, or ZTjjoZ
0JJV;,e ble Bnd fr de'"'0' H,e. as nnd ,f t.sued And
receded by us, subtect to the approval oflegal proceedings by counsel.
Price 99 and Interest, Yielding 8.10
Dillon, Read & Co.
Brown Brothers & Co. Graham, Parsons & Co. Edward B. Smith & Co.
Th Information rontainr.1 in tlvi artvri'.mnt Viai hffn r.(,,.,nM fo ,nur.t ul rl, wt ronndff rtl iblr W,,r
nnt r.a,.a.,M. , , ..
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