Y
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2i
EVENING PUBLIC LEDaER-PHILADEtPHIA, FRIDAY, SEPTEMBER 9, 1021
I
:'.JHHBU'
LEBANON
riTYONTHEMAP
LEBANON, Pi., Is a
prosperous commu
nlty, with as many (or
more) big manufacturing
and business enterprises
as any other city .of Its
size In the United States. '
If your business is
languishing through un
favorable location, in
sufficient help, high taxc3
or want of proper mu
nicipal advantages, in
vestigate the City of
Lebanon.
WE INVITE YOU TO
LOCATE HERE
ADDRESS
LEBANON GIAMBERortOMMERCE
LKiDAINlH rJ..
PARTNER
WANTED
Ttventy-five thousand .dol
lars. Established whole
sale coal business. Prin
cipal only.
C 129, Ledger Office
AN nSTAM.ISIIKD. PBOUKBSSIVR
HOUSK. UKAI.INO ONLY IN LISTED
;SECUMT1E3. WANTS A
MANAGER
F011 1TH LOCAL OKFICU. TII3
orKNINO IS ONLY Foil A MAN WHO
IS BIO IINOITOII TO TAKH A HMAl.tj
onOANIZATIOK AND IiniNO. IT UP
TO A IIIOII STANDAHD. IIEPI.T IN
STRICT CONFIDI5NCK TO
c 118. lkdoi:r urr;en
Ftnth Jerwy (inn, ICIcc. & Trnctloii.S'N 10S3
Waterloo. Cedar Fullfc & Northern. .0' 1U10
ritlflr ITidt lUprrss HiiuId T
Cun.idl.in I'adde Kiiulnment 0'
Korthrrn l'urlflc Kmilpmrnt 7'a
fcoolvllle & Ninhiillp Taulp- fl','j'
SAMUEL K. PHILLIPS & CO.
Members riilliilelnliln Stork Kxclinnse
S07 rilKNTNl'T .STKl'.r.T
NEW YORK BOND TRANSACTIONS
Am A. & Ch Bs
2...,. 01
Am'rt Aot'c &
Chem 1
1..... nsU
A H & Il'c Ba
3 77
r 77H
'!.... 77T4
Amn TtTSi
l snn
B..... SOU
WAmn T & fls
i..., iwun
Ars'o Hep'o An
71
Armour 4 Vis
5 82
K T & 8 Fe 4
'4 78
Atch Totieka A
H Fe cv 4
2 71V4
2..... 72
Atch T & H Fo
CV 49 '00
1 80
A T & a Fa Ai
Dlv 4',4
1 83
A Transconll'l
Short L 4a
1 7BV4
A Coast L clt
0 78
1 78
A Const L 4s
1 SOU
0 BOH
1 HO
Atl'o Fruit 7u
1 07
B 87
Atlas Ptvdr C
74 a wl
2 071
Unit & Ohio cv
2 70U
1...H 7014
Unit & O 3Vis
8flr,
Unit Ohio 4s
1 71
1 71
Unit & Ohio fts
1 72
1 72;
2 72p,i
Unit ft Ohio lis
1 02'i
1 021.
1 02'i
2 02
H A O P L 1!
A W Va 4s
1 07
Unit ft Ohio H
Wn 3V4s
2 88
4 M
Bell Telephnno
of Pa 7s
1.... 104V
Dkn IMI D 7s
1.... iniV4
1.... 10114
Brliyn IlTTi
3 B2
IJrkn Rapid T
ct 7s stn
8 40
2 40
1 4014
3 r.o
Cnnnd'n Nth'n
fl'js rets
tSALCS IN $10001
17..
20..
3 .
8..
B..
1..
IB..
B..
1..
3..
100i
100 V,
1 on';
10014
1001,4
100
100
loovi
100 li
10014
Cannd'n N
1 . Hit'
1 104
2'.... 104 V4
3.... 104Vi
3....- 104 'A
Cnnnd'n Hn Bs
B 87 1,4
Cannil'n 8n 8s
1.... 101
Ctl Leather Bs
1 80
Ctl Pnclfle 1st
2., .11 70
25 75Vi
Central r fls
li.... 05H
Cef ro le Pasco
, Oop'r 8s
' 2... 100
C'k A Ohio Bi
2 01
C'k A O cv Bs
1 83 v;
4 83 U
C 11 ft Q. 0V4
1.... 102V4
1.... 1112
3.... 102
3.... 102
1.... 102V4
Chi A O W 4s
1 01
Chlcnno Mil A
St Pcv4'.4s
1 03
4 OBVi
1 0.1
1 0BV4
1 05
Chclniro Mil A
St P fd 4V4s
1 30
Chlcnxo Mil A
SIP cv Bs
4 03
Chicago St 11
M ft O Bn
0 83
C & Nwn 04
2.... 102
C K I A P fd
1 00H
1..... 01)1,4
C It 1 A P Is
1 73
B 74
Chicago Union
Stn ct 0V4s
2.... 100
1.... 1110
i.... looy.
C7.il A tl W 4s
1 01
2 oiv;
Chile Cop'r 0s
2 71
11 71
B 71
1 71
City of nenten
8 rets
1.... 1001
City lierne 8s
101
Ctv Chrln'n 8
3.... 101
rity of Copen.
hasen BV4s
1 70
2 78
1 70
1 70
1 70
1 70
"lty Lyon 0s
2 83
City Paris 0s
3.... 00.13
11 ... HO. IB
0.... 00.15
rlty Tokyo Bs
10 03
City Zurich 8s
1.... 101
3 100
2.... 100
4 ... HH
3 101
rl'il Cln Chi A
HtL urn 4
1 00
I' Tab . It 0
1 80
Cons'it bi 7s
... 101
2.... 101
Cuban C B cv
1 B7
1.,... BV4
1 B0
0..... 53
1 B0
12 B0
1 B0
Del A Ituct cv
1 84
Denmark Con
ct A 8s
B.... 102
1.,.. 102
Dn A n O M
B 441:
Den A R O 4s
05
Dot IMI Co 0s
4.,,.. 00
1 00
Do Canada '31
1 00
B 00V4
8 00
4 00
D Do Nemours
wd'r 7's
1 08
1..... 08
2 08
2,.... 08
Duqu Light 09
B (13
nnst T Va A
(In tl Bs
4 nn
Eric 'den I Lien
1 (2
3 42
1 43
Erie R R cv A
1 38
Erie R R cv D
8 42
4 42
1 42
Erie lty Co 4s
8 B0
Erie R Pn 4 s
B 74
Fre't Elk Mo
Vnt I
1.... 101
Ocno'l Elee 0s
I.... 102
Ooodyonr Tiro
A Rub'r 8"
2.... 101
1.... 101
4.... 101
1.... 11
Ooe't French
It 7 Vis rets
1....
2:...
l.i..
1....
25,,,.
2i...
a liny a
D
102
102
102(4
102
102,
102
102
102
W II
7
."'"
00
00
110
00
110
07
00
00
00
00
00
00
00
00
00
Oovo't F R 8s
ion:
3..
1..
101
101
101
101
101
mi
101
101
101
1111
101
O'd Trunk "k
1 103
2.... 103
O Nthn Illy 7s
1.... 102
8..
1..
1..
I..
1..
1..
1..
4..
4 .
1..
Itud A Man fd
I.... 1 07
111 Central fd
1 78
III Cenl 4s '52
8 73
111 Cen'l 4s 'A3
4 72V1
Ills cen'l 0s
0.,.. 103
III C Bt li A N
O Jt lids Bs
B 83
Info Met 4
20 14
Int M ct 4i
20.,... 12
20 13
lntb'o R T fd
1 B3
7 53
17 B3
1 M Marine 0s
1 78
Int'l Paper Bs
1 82
Jnp Ojvo'I 1st
1 80
Knn C A B 3s
B...... B7
Kan C A H Bs
2 78V
1 78
KCT Illy 4s
1 74
Kelly Bprlnv'd
Tiro Co 8s
1 00
K llelelum 0s
1 05
1 03
1 05
2 05
2 03
B..v. 0B
K IlelK'm 7r
a.... 103
K Dels'm rets
2.... 102
1.... 102
1.... 102
0.... 102
1.... 102
2(snle) 102
1.... 102
2.... 102
Bi... 102
Kingdom Den
mark ct 8s
6..
1..
1..
1..
1..
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1..
102 ;
.. 103
.. lO'l
. . 103
. . 103
Italy 0
... 88
KlnKdom Nop
way ct 8n
1.... 104
1.... 10
K Hrtcden fls
1 on
2 00
Lnvk Steel "2.1
2 01
1 03
Lnke Shsre M
So'n 4s '28
1 87
31 87
L A Myers 7s
1.... 107
Lou A Nnsh 7a
4.... 104
Mrx Petr'm 8
1 00
2 08
1 00
Mln St P A S
Ste M 0 wl
2 100'
b...: 100U
Mo K A T 2nd
2 40
2 40
B ! Sfttt
Mo K A T 4
2... It 0.1
6 03
1....I 03
B 03
Mo Paelflo 4s
4 53
1 B4
1 B4
B B3
15...,. 53
1 B3
N Y Cntl 3s
3 07
1 07
N Y Cont'l 0
4..... 03
2 02
4,... 02
1,.... 02
2 02
1....'. 03
N Y Cent'l 7
1.... 102
1.... 103
New TN1I4
llarl'd Os
5 04
N Yk Lluht II
A Twr 4s
B 00
New York? O A
Wesl'n 45
1 01
B 01
N Yk Rlys Bs
2..... B
New Y Vf C
Host 4s
1 85
N Y llya ct Bs
1 4
1 B
N Yk Tel'o fls
2 03
Nbrth We'n B
Tel'o 7
1.... 103
1.... 102
1.... 103
1.... 103
1.... 103
N PnclOc R 3s
1 B7
N Paclllo R 4s
1 77
1 771,4
2 77
2 77
lire A Calif Bs
1 .... 02
Oregon S L 4s
1 83
Oregon S I. Bs
... 02
t'nc O A E Bs
1 81
Packird Motor
Car C 8s
1 07
B 07
Pa R R 4s '48
1 82
Pa R en 4
1 0
Penna R R Bs
1 88
2 88
11 .... 88
2 88
1 83
Pennu ltd 0s
101
101
101
100
101
101
101
101
I'enna R R 7s
1.... 104
Peoria A E 1st
1 B
rhlla Cnty cv
1 07V
4..
4.
1.
1.
4.
O
l!
B..
Reading Co 4a
1 78
2 77
Rep Chile rcti
1 09
1 03
2 08
1 08
2 08
R Cuba 4s
3 07
1 00
R Cuba Bs '114
B 70
Rep'c of Uru-
euy 8s wl
1 00
1 00
1 00
1 00
0 00
Reck ll'd A A
Loul' a 4s
1 08
St U Pn Mt &
8 n Rl.v 4s
1 74
St L Pn Mt A
S'n Rly Bs
2 80
0 80 Vi
2 80
St L I Mt A B
R A O dlv 4s
Zt.... 00
flt L A S F nS
. B 08
1 08
St U A 8 F In
B B8
2 B8
St L A 8 Fran
S'lles A
1 02
1..... 02
1 02
St L A B Fran
erlei U
4 75
4 75
4 75
B 75
St U A 8 Fran
cries C
1 01
Bt I. A 8 Fran
Km Bs
1 00
St-L Sow'n en
1 04
St I, Sw'n 1st
1 08
St Paul BIjux
City 7a
1 02
Sno rnulo of
Rrazll ct 8s
2.... 07
1 07
1 07
Senb'd A L nl
... 20
... 20
Seab'd A L 0s
1 40
Rlnctnlr C Oil
C-rp'n 7s
01
01
01
01
01
00
01
00
01
01
T Bs
88
82
83
1
1
4
S'n Uell
1
1
B
S'n PaclOo fd
! 78
So'n raclflc 4s
1 73
Sn'n Pac cv 4 s
IB 82
Suth'n lily 4s
0 B8
Bn Rlr Mobile
A O Clfs 4s
H...1. 83
SUml'd Oil of
Calif 8a
1..,. 103
1.,. 104
,,1.... 10
SwIts'eVCon 8s
1.... 107
Thrd Ave aj
,... 33
2 85
Union Fao cv
2 87
12 87
2 87
2 67
Union Pac fd
1 7M
Union Pao 4s
1 82
Union Pao 0a
2.... 10O
1....I100
U K of O Urlt
A I'd 1021
2 00
2 00
U K of O Urlt
A I'd 1D22
1 08
2 08
U K of O Urll
A I'd 1020
1 00
l.i... 00
1 08
V K of CUJrlt
A I'd 1037
1 80
1...,. 80
1..... 80
8k.... 80
0 80
U 8 Uracil 8a
8
1
B
2
8
1
1. t. .
B
0
1
3
00
00
00 V4
00
00
00
00
00
00
00
00
00
2..... 09
U 8 Mexico Bs
1 40
8..... 49
4 40
B 40
U 8 Rubb'r Bs
1 78
1 77
U It Rub 7s
B 00
1 00
1 00
1 00
U'd 8 Steel BS
2 04
4 04
04
2 04
1 04
Va ttatlWa Bs
1 83
1 83
Wabash R 1st
1 87
1 87
WALE 4i
2 81
W U 0s wl
3.
2....
1....
1....
1...
1....
100
100
100
100
100
100
2.... 100
W A E Mfic 7s
1.... 101
1.... 101
1.... 101
1.... 102
Wilson Co let
87
87
87
87 Vi
I
Liberty 3K.8 ....
Liberty 1st 4t ...
Liberty 1st 4VJ. .
Liberty 2d 44s..
Liberty 3d 448..
Liberty 4th 4Vt8..
Vic Notes -I-")!...
itlch
87.40
87.00
88.00
88.0S
02.10
BS.tS
00.08
TyOW
S7.14
87.00
87.04
87.00
02.04
S7.04
00.01
1:30
i'. ji.
87.au
87.00
as.oo
88.0i
02.10
S8.14
00.03
1U21 1H21
RoMon 72.0 71.4
New York 72.0 73. B
Philadelphia .... 09,3 ilfl. 0
Cleveland 00.3 71.4
Richmond 42.0 40.1
Atlanta 4.7 40.8
Chicago 00. S 70.0
St Louis 57.4 B8.0
Minneapolis .... 38.8 89.4
Knnens City .... (tn.l BO.O
Dalln 40.n 4(1.1
Ban Francisco .. 01.(1 04.0
Total 03.2 00.8
Federal Reserve Ratios
TVnnhlnrton. Scot. O. Ratio of tntnl re
serves to net deposits and Federnl Rnservn
noto liabilities combined, for the twcHo Fed
eral Reserve iianxs and tne entire system
as of Heptember 7. 1921, compered with
previous weeK ana a vcar ago, ioiiow:
Sept. 7, Aug. 81, Sept. 10
IllZO
44.11
30.5
50.1
40.8
45.2
40.2
43,7
40.0
311.2
40.
41.0
44.0
42.S
Bank Increases Capital
NewYork. Sept. 0. According to a certln
CNto of Increase nf rnnltnllzAtlnn. Olml with
Lthe Secretary of State of Connecticut, the
mock of the Mercantile Bank of America,
Inc., has Nen Increased from 110.000.000 to
J2S.000.000. The Increase comprised 1BO.00O
additional shares of stock at 1100 a share.
of which 100,000 nro common and BO.nnO
preicrren. jierore tne increase tnere were
nutstnndlnc K8.0')n shnrei of thn rnmmnn
Of tho $15,000,000 additional stock recently
auuiunr.ru, if,ij,uuii nns ocen laKcn Dy
ltockholders of the bank, all In preferred
ine suDscriucra ana tho amounts of the pro
forrod each look wero as follows, according
to tho report to th Connecticut Secretary of
Stnto: J. A W. Sellgman A Co., $840,800;
Columbia Truet Company, $344,800; Czarnl-kow-Rlonda
Company, S017.7O0: Prown
jriiwturB re 10., 91.1SU.OUU, JVaO'IO Mnlll.
$700,000: aiiamnty Company of New York.
$5,000,000: Ouaranty Trust Company of New
jork, $78,800. The names of the following
directors wero stcned to. the certificate filed:
Albert Struusn. Jnmes Ilrown. A. Ilretnn. w.
', Conway, William Phillips and Thatehnr
$i. Ilrown.
Prices Heavy on Paris Bourse
Paris, Sept. 0. Prices were heavy on the
rourso today. Three per cont rentes. 50
iruni-n uii ceniimes; exennngo on London
40 frnncs 45 centimes: 5 per cent loan. Hi
francs 13 centimes. Tho dollar was quoted
in i.i minus ,-! ccnunias.
"V
NEW ISSUE
$3,500,000
Standard Gas & Electric Company
Secured 7 Sinking Fund Gold Bonds
To be dated September I, 1921 To be due September I, 1941
Redeemable at a ohole or in part at the option of the Company upon 60 days' notice at 07Vt and inttreit prior to September , 1926 and
thereof ter at & leu for each succeeding year. Interest payable semi-annually March I st and September 1st
In New York or Chicago. Principal payable In Neio York.
Coupon Bonds In denominations of $1000, $500 and $100 with tho privilege of rcgutratlon at to principal only.
InUreat payable without deduction for Normal Federal Income Tax not In exceaa of 2. Pennsylvania four mill tax refunded
upon application to the Company.
The New York Trust Company;, Trustee
i
From a letter signed by Mr. Arthur S. Hue;, Vice President of the Company, the following salient features are summarized:
Company Standard Gas & Electric Company and its
subsidiary companies constitutes one of the largest
public utility and management organizations in the
United States. The utilities are mainly electric and gas.
properties serving a population of approximately
2,135,000 in 533 communities including Minneapolis,
St. Paul, Louisville.Tacoma, Mobile, Oklahoma City, San
Diego, Stockton and other important cities. Only 3
of the Gross Earnings are derived from traction service.
Coafera5ecuricy-These$3,500,000 Secured 7
Sinking Fund Gold Bonds, to be due September 1st,
1941, will be a direct obligation of the Company.
Pledged as part collateral security for these bonds will
be the entire authorized and outstanding capitalization
of the Byllesby Engineering and Management Corpor
ation, including contracts of that company, extending
beyond the life of these bonds with the public utility
subsidiaries of the Standard Gas 6c Electric Company
these contracts covering the management and the
supervision of the operation and construction of their
properties. Theie services are indispensible to tho
public utility subsidiaries, and the charges of ouch
services are included in operating expenses and
property accounts of the public utility subsidiaries.
The charges for these services in the past five years
have averaged an amount in excess of the present
$300,000 annual sinking fund requirement and the
annual interest requirementon these $3,500,000 bonds.
There will also be deposited as additional collateral
security $2,019,000 face value Bonds and Notes and
$4,9 1 2,800 jjar value dividend-paying Preferred Stocks
of companies in which Standard Gas & Electric
Company has investments. The total appraised or
market value of the securities to be deposited is in"
excess of $8,700,000.
Purpose of Issue The proceeds from the sale of
these) $3,500,000 Bonds will provide funds toward the
payment of $3,107,500 7 Convertible Sinking Fund
Notes due November 15, 1921. The Company has
deposited cash to pay the $620,000 7 Collateral
Trust Notes due September I, 1921.
Earnings The annual net revenue from collateral
to be deposited is $1,402,000 or over five times
the annual interest charges on these $3,500,000
Secured 7J Sinking Fund Gold Bonds. The net,
revenue of the Company is in excess of 2.6 times the
annual interest charges on the total funded debt of
the Company, including this issue. Approximately
98 of the earnings of the Company are derived from
the Company's holdings of public utility securities.
Sinking Fund Trust agreement will provide for
sinking fund of $300,000 per annum for the first three
years commencing December I, 1921, calling for de
posit with the Trustee of $25,000 on the first of each
month. Commencing December 1, 1 924, Sinking Fund
payment will be $160,000 per annum on a quarterly
basis. Sinking Fund monies are to be used for the pur
chase of Bonds of this issue at lowest prices tendered
up to the redemption price.Total cash payments to the
sinking fund will exceed before maturity the total
present issue of $3,500,000 bonds.
fuifv-These$3,500.000Secured 7 Sinking Fund
Gold Bonds and $6,500,000 Convertible 6 Bonds
due 1926 are senior to $8,790,650 unsecured Notes
due 1935, $12,667,400 Preferred Stock regularly paying
8 cash dividends and $12,679,550 Common Stock.
The present market value of these Junior securities is
in exce3S of $18,000,000.
CURB TRADERS IN TROUBLE
Property Owners, In Injunction, De
clare "Outside Market'' a Nuisance
New l'orlf. Sept. O.JJrokors who
railed to follow tho New York Curb
Indoors, but who havo continued to
trade In otocko In the open nlr on Uroad
street, .delighting BlithtBcrrs with their
rIrii Inngiingo, aro defendants In a milt
brought by abutting property ovncrn,
on file In the Supreme Court today. Tho
plalntlfTs, who hot forth that tho value
of their property nggrcgate more tlmn
$1.1.000,000, nk for nn Injunction, as
serting that the oprn-nlr mnrkct 1m n
nuifinnec. Interfering with tho rinhtu
of realty owners nntl the public.
Jo or years, the curb market had been
the feature of the AVall Street district
for tourists, but a year or to ago nn
expensive building was erected and the
market wan sunnoscd to co Indoors.
According to the plaintiffs, however, nt
least HKJ brokers ore mill trading In
the oncn air and they linvn formed nn
association.
LONDON STOCK MARKET
Grand Trunks Feverish .Some Industrials-
Firm Rubbers Sag
London, Sept. 0. Grand Trunk
shares were feverish ojraln on the Stock
Exchancd today. The quotations were
nominal, p.nd they niotcd upward anil
downward. The decision of thC Arbi
tration Board, which declared tho pref
erence and ordinary issuca to bo value
less, continued to be discussed.
Generally tho markets were stale, and
tho nttendanco In tho house was small,
many brokers remaining nway for over
the week-end. Alterations in tho oil
section wero narrow and mixed. Shell
Transport and Trading was 4 01-32
and Mexican Kaglo 0 3 -10.
Some Industrials were firm. Hud
son's Hay was 0. Rubbers sngged, but
they were Idle. The gilt-edged list con
tinued to bo maintained, hut was with
out feature. French loans were dull
and unchanged.
Dollnr descriptions Improved, but
wero quiet. Homo raite also were hard.
Argentine rails gained ground on re
buying. Knfllrs wero firm, but dealings
were professional.
LOCAL MINING 8TOCKS
TONOPAIt STOCKS
Rid
03
07
Cneh Roy ,
Jim Dutler
MncNnmnra
MncN'amara Creacent
Midway
Mlipah Extension ..,
Montana
North Star ..,.,
Rescue Euln
Tonopah Kxtenslon .,
West End
Wost Tonopah
UIVIDE
Allied Dlvldo ,
Alto D.vld
Helcher
Jlelcher Extension ..,
Hen Hur
Hrough Dlvldo ,
Divide Extension ....
1'iviue uuns
15
09
11
07K
04
02
' 20
1.50
01
STOCKS
OOtf
02
02
02
!!!!!! ,oo
02
.11
.02
.01
,011
.02
.01
.02
.01
.01W
.70
02
DUIdend 114
East Dlvldo , oi
...ilium .,,,,,,,,,
"hrouck Dvd
High DIldo
Knox
Ilcvort Divide
Reno Divide
Hosetta
Silver King
Sutherland
Tonopah Dlvldo
Tonopah Itaabrouck ....
vipinrv 11 iiiii a.
Verde Divide ..'.'. '.'.'.'.'.'.'.'.'.'. o2
Zone nl
OOLDFIELD STOCKS
Booth 02
Combination Fraction
Crackrjnck 02
Dlnmondfleld B U 01
Florence 45
CSnldfleld Cone on
(.oldfleld Development 02
.01 "A
.02
.03
.02
.02
(loldfleld Deup
Oreat Rend . . .
Jumbo Extension
Kcwanns
Lone Star ......
Oro
Red IIIII
Silver Pick .
Spearhead
a.oo
10
02
MISCELLANEOUS
Amparo 1.10
Arizona United O'l
Caledonia 08
..uvt. .......,,,, ,,u
Emma Sliver 02
Eureka Croesus 30
Eureka IIollv m
Hecla ? 4,00
Mother Ijde 5.00
Nevada 1 II 11 01
Nevada Wonder 17
Success 11"
Tecopa Mining or
While caps n."i
Wilbert oi
Ak
.OS
.00
.17
.11
.IS
.osH
.07
.03
.22
1.B0U
.03
.04
.01
.83
.03
.oott
.os
.34
.0.1
.00
.02
.13
.03
.01
.11
.04
.1)'.'
.03
.02
.02W
.73
.03
.02
.03
.00
.04
.01
.04
.02
.47
.OS
.04
.02Vi
.03
.0.1
.03
.03
.00!i
4.00
.11
.03
1.30
.11
.12
.20
.03
.32
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4 23
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All legal mattera pertaining to thia iaaue will he subject to the approval of Meairs. Cummina, Roemer & Flynn of Chicaroe.ml
Meaaera. Winaton, Strawn & Shaw of Chicago. The account of the Company are audited annually by Haakins & Sella, Certified
Public Accountanta,
We offer these Bonds for delivery when, as, and if Issued and received by us.
PRICE, 94 and Interest, to Yield over 8.10
Federal Securities Corporation
Chicago
fc
H. IVI. Byllesby & Company Hambleton & Company
Chicago 302 Franklin Trust Bldg., Philadelphia
Tl Information tontatntj htnln It JeilixJnm Munct uihlth uk rtarJ rtllahlt, tnJall iloltmenh In thlt aittHlumnt an baud u(tn uuh Infamathn,
f
' I
Phlla. Federal Reserve Bank
The cnrdltlon of tho Vederal I!oi-rv nni.
of PhlladclpMa nt the cloeo of business Sep
tember 7 follows:
Gi1 and Bold cor-tlllc-iti'S
(J ii 1 d nettlenient
fund, IVdral Re
icrve 13ank
RESOURCES
Sept. T
12.131,080
Au. 31
12.003,743
31,051.777 40,011.043
Totnl cold held
by bank ...... J34, 103,437 148,074,700
Oold with Federnl
Reierve nuent .... 130.000,303 152,753 113
Gold redemption
fund R.filt.OOO 3,110.400
Totnl cold re-
nervoi $213,003,782 1200,843, 30,1
Lecal tender notes,
sllcr, etc 0.373,700 3,440 07.1
Totnl reueneti . 1220,170,402 1210,200,041
tl I 1 1 s dlicounted
necured by V, S.
(Juvt. iibllk'ntlons.. $70,030,754
All other 20.240.423
llllli boueht In
open market .... 2.288,333
7. 140.972
2S. 379. 020
3.127.50.'
bills
on
and
Total
hnnd
U, S. bonds
note ...
U. 8. rertlMcates
of Indbtrdnem
Ono scar rertltl-
rntea (Plttmnn
Act)
All other
1103,471,313 100,03S,101
1,448,000 1.448,000
23.280,000
110.500
23.280,000
140 000
Totnl earning
assets
,.$130,810,018 $134,325,301
Hunk premises ....
5 p. c. redemption
fund nmilnt Krd
ornl ReBene Ilnnk
notPi .
I'rcolieetivl item .
All other ro-sourcei
$532,780
700,000
1.010,747
412,033
$529,331
700.000
43,530.313
4 10. 000
Total resources .$301,782,571) $301,083,147
paid
Capital
Furplua
Res' veil for
franchlso tax . . . .
Deposits
(loernment
Sf.'niber II a n k.
lies, ncct
All other
LIABILITIES
$t.0S3.1BO
17.5tW.127
In ..
Govt.
3,210,000
0,444.083
00.347.010
i.iit7,(ion
i.ni.n.-.o
17,504,127
3,148.000
2,185,581
07.175.743
1.00d,424
Total depoelts . .$103.8ii0.nSI) $100,007,752
P, dernl Res, notes
In actual elrcula-
tlnn ... , $213.818.4 13 $213,704.03.-,
Ped-rnl Res. Ilnnk
notes In circula
tion (net liability). 7.2S7.O00 7 001,000
Deferred availabil
ity Items 30.413014 40,103,131
All other llnblll
tie 053.022 ,800,R30
Total
Ratio
liabilities.. $301 782.370 $301,083,147
of totnl reere to detmslt nn,l
i-ptu'rai iinwrvr nui- iiiiiinitiFs roniniiini,
September 7. 01'.3 r cent: previous week,
110 0 twr cent.
Ratio of Bold rsTves n iVdern lf..re
notes In rlrculntlon after si-U'mi aside 33 ppr
rent aKulnst deposit Ilali1llllis, week nf jtvxu
tember 7. 80. 0 per cent, previous week, 81.11
per cent.
Above per eentaires rnlru'ntcil on basis nf
nt deposits and Federal Itescno notes tn
circulation.
MEMORANDUM'
Contlnwent liability on bills purchased for
foVelun correspondents, week of September 7
$2,7211,220: previous week. $2,003,532. '
Improvement In Wool Market
lliiHlnn, Sept. 0 The Commercial Hulletln
tomorrow vlll sr.y. "There has been con
Mid' rnble liupnmm nt In thn oo market
dtirlnir the list week und falrlv rnnldernhln
wclehu of fine r,id On. medium territory
wools and of hrlvht medium wools are ri.
portid lo have, been told nt fullv ilrm prices
Tim Government miction of low wools showiMt
averaKO advances nf 5 tn 111 per rent with
drawals nmnunt ns W only nbout 17 per
rent. Tho goods market seems to 1m ralh r
Improved and the carpet auction has been
fairly successful. The foreign markets aro
nil strong.
LEATHER MARKET STEADY
Demand Is for Colors and Dettor
Grades Staple Lines Firm
Tho leather market Is steady nntl
shows Improvement In volume of soles,
accprdlng to the weekly review of trade
for tho Philadelphia district by R. O.
Dun & Co. Glazed kid manufacturers
nro fast approaching pro-war produc
tion. Tho demand continues for colors
and better grades, but staple linos aro
selling In larger amounts. Tho manu
facturers soy they have received sub
stantial orders for standard boots,
while oxfords in special styles arc in
demand.
There Is little change. In the chemi
cal market. Tho retail drug business
Is fair, but tho sale of crude drugs to
manufacturers is slow. A fair demand
exists for dyostuffs. Prices nro nbout
normal.
Tho paper market shows little
change. Manufacturers and Jobbers re
port little buying exceptor Immediate
needs and prices arc declining.
Continuing, tho review goes on to
say:
"Paint manufacturers, dealers in
paints and painters supplies report
ilttlo chnngo in business. Purchases
aro in small quantities and for Imme
diate needs. There appears tn ho little
work under way. An Increase, how
ever, in this line is anticipated during
the fall. Thcro is llttla "hangc in prices
and collections nro slow.
"Wallpaper manufacturers, Jobbers
and dealers report business quiet. Tho
volumo of business U much Icsh thnn
for the same period of 1020. atid, while
there has been a decrease In prices of
material, there appears to have been but
little change in the amount of work
done and collections are reported slow.
"Tho wholesale leaf tobacco market
continues quiet. Thcro Is a moderate
inquiry for old grades of Pennsylaynln
and Connecticut, but high prircs rule,
generally. Sumntrn and Havana are
coming In small lots to meet immediate
requirements, fJtlier tobaccos are ?
selling In small quantities. ,;,
"Tho large cigar manufacturers' rsv
port more activity, but tho business i
not In normal condition, although it U
expected that during tho next stir
mouths trade will materially IncreaW.
Tho smaller manufacturers nro hand!'
capped for want of capital and lild;
nriccs of tobaccos. Tho local rets
trndo is in fair condition, but there haa'
been considerable cutting in prices
which materially affects profits. Col
lections still contlntio slow.
"Sugar is dull and with .Ilttlo de
mand, owing to fruit rrop falluro and a
further drop in price Is anticipated."
India Cuts Wheat Production
ATaahlnrton, Sept. 0 According to a cable
gram received by the Department nt Com
merce from .Its representative tn India, the
cultivated acreace of nheat In that rountry
Is 25,722.000, a decrense nf 14,1 Per cent, or
4.827,000 acres, fiom Inst vear. The produc
tion of wheat la slated at H.700,000 tons, a
decrease from last vear nf 38.7 per cent, or
8,413.000 ton. The tstlmate for the re
maining area, for which no exact fig-urea
can be ulven. a 432,000 acres and 11 J, 000
tons.
rTfa"H3b "HiVi?' i . i.i i" i i- t t ii i'i i afiifTML-1 1 ii J il ' Jrf lllllljlii. jRjB
Treasury 'Building, Washington
NEW ISSUES
United States Treasury
Three-Year Notes
Series "B"
Dated September 15th, 1921 due September loth, 1924
One-Year Certificates
554
Dated September 15th, 1921 due September 15th', 1922
Six-Month Certificates
5
Dated September 15th, 1921 due March 15th, 1922
We solicit subscriptions in amounts of $100 and upwards
Price 100 and accrued interest
Commercial Trust Company
Member Federal Reserve System
CITY HALL SQUARE
Spruce 8200 PHILADELPHIA
NEW ISSUE
$1,070,000
City of EVSemphis, Term,
Municipal 5, 5, 5 and 6 Bonds
Due serially 1923 to 1961, inclusive. Principal and semi-annual interest payable In
New York City or Memphis. Coupon bonds in denomination of $1,000.
Exempt from all Federal Incomo Taxoa
(both normal and surtaxes)
Memphis, with a population, according to 1920 census, of 162,., ..;, located
in the heart of the Mississippi Valley. It is the largest and most important
city on the Mississippi River between St. Louis and New Orleans, and is said
to be one of the largest inland cotton and hardwood markets in the world.
Memphis is also one of the largest grocery jobbing markets in the United
States.
Maturities and Yields
1923 to 1924 yielding 5.00
1923 to 1930 yielding 5.70
1931 to 1935 yielding 5.00
1930 to 1961 yloldlng 5.50
1
Complete information on request,
Harris, Forbes & Company
Pine Sftrcet, Corner William, Now York
Widencr Building, Philadelphia
Harris, Forbes 4 Company
Incorporated
Bcatoo
Harris Tmst and Savings BnV
Uond Department
Chicago
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