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evoking jftmjic LBEipiamAiiBimA, Monday, September 12, 1921
,-j.C .1- nTT'it-H.i Tn 11 -. - , . i.
V
mmjww'mr'vpr&&MX
S 1 ' 1 - 1 1 iii it
- ' - : l
A
f I III! ' NEW YORK BOND SALES
1 "
Ladies' loom
1431 Chestnut Street
"iVri'H an organization ready to co-operate
W with those who earnestly intend to acctimu
late money, we welcome their accounts even
though they begin with a small deposit.
For many years we have encouraged thrift, and
have had abundant opportunity to observe the
benefits which our patrons have derived from
saving when it has developed into a habit.
Your account is solicited either for savings or
checking.
Fidelity
Trust Company
V
325 Chestnut St
1431 Chestnut St
Capital $5,200,000
if M YSV.
lGLffflSsWEi
6324 Woodland Ave.,
West Philadelphia
Surplus $16,000,000
Funds held in Trust more than $250,000,000
(SALES IN SlObo)
Adams Exp it
1 61
Am'n Agr'o
Chun 7U
2 flflH
1 DOM
AS IV r si
1 78U
10 78
l 78
2 78
Am T ft T clt
2 R2U
1 82U
Amn T ft T fis
1 88
1 80
8 88H
Amn T ft T Oi
1.... 100
B.... 100
1.... 100
4.... 100
Area Rep'o 6
1 71
Armour 4 Hi
0...:. 82
A T ft S F sj
1 73
A T ft S Ke 4a
1 7Si
2 78M
1 78H
1 78H
1 784
1 78i
12 70
Ateh T ft a Fe
cv 4a 'OB
3 00
Att'o Fruit 7a
7 85
Atlaa Pwdr C
7Us wl
1 08
B 08
10 08'4
Bait ft Ohls cv
2....I 7m
1 71i
Dalt ft O 3Hi
1 8TW
Bait ft Ohio 4a
70
1 71
Dalt A Ohio Sa
0 73
Dalt ft Ohla 0a
1 02 Vi
2..'... 02
2 (sale) 02
Cuba ltd Co B
a eo
Del A Hud cv
B..... 85
8 8B
St.... oo 71
Denmark Con
ct A 8a
1.... 102
Denmark Con
ct D 8a
4.... 102
1.... 102
Dan ft R O 4a
1..... 07
2 VI
2 07
Dt Cdl Co 8a
1 00
2 00
Do Canada'20
1 04
Do Ca'da '20
1 04
D d Nsmours
Pwdr 7
1 08
8 08
2 03
Duq Lltht aa
1 03
14.... 03
Brie Onl Men
8 43
B..I.. 43
14 48
Kris n n cv A
1 38
Brie It II cv V
1 43
tirte Ry Co 4a
S o6i
Oen'l Elea Bs
2 87
2 87
1 87
Qene'l Eleo fls
1.... 102
1.... 102
1.... 102
10.... 102
.Ooodycar Tire
ft ltub'r 8a
i.... 1111
1.... 101
1.... 102
Oove't French
n 7a rcta
North We'n D
Tel'a 7a
102
102
103
102
108 ,
102
103
1
3....
1....
2....
2....
1....
3
N 1'aclflc 11 3a
1 B0
Orefon S U 4a
1 84
8 83
Oregon B V 8a
1 02
rao O E Ba
80
18 801
Paek'd Mslor
Car Co Ba
8 97
Pa n cm 4a
2 81
8 81
Penna It II Ba
8 88
8 88
8.... 88
7 88
B 88
11 88
IB 80
Penna R 0a
1..
6..
1..
1..
2..
1..
4.
100
101
100
101
100
101
101
2.
2.
1..
02
02
02
02
02
02 Vi
$400,000
Illinois Central Railroad Co.
AND
Chicago, St. Louis & New Orleans R. R. Co.
Joint First Refunding Mortgage 5s
(Series A)
Dated December 1, 1913 Due December 1, 1963
Denominations of $1,000. Registerable as to principal only.
Interest payable June 1 and December 1
SECURITY: Those bend are the joint and several obligations
of the Illinois Central Railroad Company and the Chicago, St.
Louis and New Orleans Railroad Company and are secured by a
direct mortgage on about 1462 miles of railroad.
EARNINGS: The Illinois Central Railroad has an unbroken
dividend record on its common stock since 1863. During the
past few years, while -the majority of transportation companies
were showing deficits, the Illinois Central continued to add to
its surplus account. The statement of earnings for the year
ending December 31, 1920, shows a net income after deduction of
all fixed charges, including interest on these bonds and Federal
taxes, equivalent to $12.41 per share earned on the outstanding
capital stock.
LEGAL 'INVESTMENT: This security is a legal investment for
Savings Banks in California, Maine, Michigan, Minnesota, New
Hampshire, Nero Jersey, Oregon and Rhode Island.
We are offering these bonds
At the Market, to Yield about 6
Orders may be telephoned or telegraphed at our expense
Circular on requett
MILLER & COMPANY
Members New York Stock Exchange
120 Broadway New York
Telephone Rector 7500
The Information contained In thin advertisement has been obtained from
reliable aourcea. While not iruaranteod. we believe It to be accurate.
1....
1....
Dalt A Ohio H
W'n 3a
1 83
D & O Tol 4a
2 SO
4 R5
Dell Telephone
ot Pa 7a
1.... 105
1.... 105
Bkn Kdl Cj Ba
1 02
Urkn Kdl C 7a
1.... 100
Bush Ter'l 6s
B 7
Canad'n Nthn
0a ret
1.... 101
2.... 101
2.... 101
B.... 101
Canad'n N 7a
1.... 1"4
B.... 104
1.... 101
Carola Clinch
& Ohio Ba
'2 74
Cen'l ot Oa 6s
2 03
Ctl Pactflo lat
8 75
B 75
1 78S
Ct'l Pac 8a
S(eale) 81
Cero de Pasco
Cop'r 8a
0.... 100
1.... 100
C & Ohio 4a
2 77
1 77
C & O cv 4a
4 70
C'k & O cv 5s
1 83
3 83
1 88
1 83
1 83
Chi & Alton 3
1 4U
Chi U 4 Q m
4 80
C 11 Q 0i
3.... 102
2.... lUJ'k,
2.... 102
1 ... 102
8(sale)102
BtsaleUU2
2.... 102
1.... lUO'i
C ft E I ct 4a
1 20,
Chi O W 4a
2 B3
Chlrasv Mil &
StP 4a "25
4 74
12 74
Chicago Mil &
St P cv 4a
1 05
7 05
B 05
Chclaso Mil 4
St P Id 4a
B 50
Chlcaeo Mil 4
Stl' cv OS
1 05
1 85
Chi & Nwn irm
10 77
C & Nwn 0S
1.... in:
10 102
C R I A P Ml
10...,
1...,
4....
4...,
1...,
2...,
10...,
34....
o
Qovo't
B....
4 . . ,
2...,
1...,
1...,
10...
1...
1.,
00
00
00
00
. 00
. 00
. 00
. 00
. 0S
. nn
. 70
. 00
. 00
' It 8s
101
101
101
101
101
101
101
101
O Nthn Illy 7i
3..
3.'.'
1..
1..
1..
1..
3..
Hud ,
1..
1..
1..
1..
1.
102
. 102
. 102
. 102
. 102
. 101
. 102
. 103
M'n td
.. 68
.. 08
.. 08
.. 68
08
Hud & Man In
42
42
42
42
42
43
W Onion 4s
1..... 82
W U fls wl
1.
0....
At
1....
10....
4....
3....
1W
100
100
102'
100
100
100
1....
4....
1....
1....
1..
100
100
100
100
100
WtK Mfx 7a
1.... 102
2.... 102
8.... 102
1.... 102
:.
87.81i
Liberty 3'p
Liberty 2d 4s
Liberty 1st 4s.. 87.04
Liberty '2d 4Vi8.. 88.00
Liberty 3d 4a.. 02.08
Liberty 4th 4s. . 88.14
Vic Notes 8s... 00.04
Vic Notes 4 s... 00.04
Wleks'e Bpncr
flteel Co 7a
1 S3
WlleotvCo cv
1..A 82
4..... 82
1 82
Wilson Co lat
1 87
Wla Cent'l 4a
; i..... 70
1:80
P,M.
87.iW
87.82
87.04
87.00
02.04
88.14
00.04
00.04
7w
87.32
87.82
87.01
87.04
02.02
S8.10
00.04
00.02
AUGUST EXPORTS
SHOW BIG GAINS
Aggregate lncroa3e Approxi
mately $54,000,000 Im
ports Up $17,000,000
BKSQBTB-STK VMSfPS
II KHOKTK STEAMMUrS
ssBaaajaSSSjBBalsassBsaassaBBBBjajBMasBjBasMlBauyw'iiSaBBSs
The Lapland's
Next Sailing
Lapland passengers invariably are en
thusiastic about her steadiness and
highly developed comfort. Some of the
most experienced travelers, making
two and three crossings a year, have
the Lapland habit. Excellent accom
odations, at moderate rates, are still
available for the next sailing of this
distinguished Red Star Liner on
Tuesday, September 27
From New York to Cherbourg for France, Ply
niouthforlingland.andAntwcrpforthcCotuincnt to sRed Star JLineT
WjgESMRUNE X5vk Si AMBRlCAMllHE
NTBnNATIUNAf 'At BKC ANVILS MARINB COMTAUV
I'iiiludclphla Passenger Ollice: 1319 Walnut St.
a fecfc
W-- svmmbmS
MM,-..
. . .
K I
4....
0 ...
1
1.
on i
no1
on
r 4
74
74
it
74
C IT Hla 4h
4 81
1 81
2 74
C'hlciiun Union
Hln ct 0h
4.... 100
Chi & W I 4a
3 00
C & W I 7
1 07
Chile Cop'r 6a
10 72
10 72
Chile Cop'r 7a
fl 05
4 93
Chlnoso Qovo't
HU'K Uly Ss
,1 IR
48
C ' & D 4
in
Ct Chrls'a Ho
... 101
Clt. of Coiion-
hngen 5 Via
t.
8..
4..
8..
25..
10..
10..
4..
12..
1..
7..
1..
I..
70
70
70
80
80
80
80
80
SO',
80
fiO,
80
80
1....
1
11....
11....
1
1
Ilia Cen'l fls
1.... 102
III C at L A N
O Jt Hds 3a
1 84
Int M ct 4a
1 12
Interb HT M
1 R4
18 64
2 54
J 04
83 B4
Iowa cent'l 4s
1 80
Jap Oove't !1
10 80
Jap Oove't 4
...7:
Kan C43i
4 37
Kan C & B 3a
1 78
Kelly 8prlns'd
Tire Co 8
1 07
1 07
K JJelaium 6s
10 03
2 1)3
2 . . . 03
K DelB'm 7s
3.... 103
1 , in.Vt
2 .. 103
8. .. 103
1 ... 104
K llolg'B rets
11.... 101
4.... 101
1.... 102
1.... 101
Klnsdom Den-
mark ct 8a
2.... 103
2 ... 103
2.... 1"3
1.... 102
Kingdom Nor
way ct 8
1.... 104
K Sweden fis
1 ... 80
1 00
2 80
Lack Steel '50
3 . 73
Lake Shore M
Ho'n 4a 'SI
23... . 87
I.uke Shorn it
So'n 4s '31
1... 83
I. A Mers 7
1 ... 107
I.ou ft Ark 5a
1 TO
miu St Ky l
a 7i
Mex I'et'm 8s
Ksale) 00
M & Bit. fit 3
4 4"
2 40
Mln st T & 3
Sle M 0 wl
fl.... 100
1 ... 1"0
0.... 100
M K ft T 2mla
1(1 40
Mo K ft T 4s
2 03
3 0.1
Mo Kan & Tox
fit Ba
1 34
Mo l'aolflc 4a
8 B4
Nahil'e Chut
ft Ht I. 5
0 03
N Or'a ft T 4a
Phllo, Cnty or
10 07
2 07
B 07
rut c cm ft
St I. A 6s
1 83
8 83
8 85
Portl'd llwy A
Light Ba
S 68
Reading Co 4s
B 77
8 77
Res Chile rcta
1...... 08
1 88
1 00
1 08
R Cuba Sa '04
70
Rep'c of Uru-
guy 8s wl
B 00
J 00
10 09
B 00
1 00",
noelt It'll A ft
Loul'a 4 a
1 08
St I. I Mt & H
RlOdlv 4s
10 71
31 L 8 1' J
1
B 08
10 08
B 08
Ht L, ft 8 V In
S B8
1 37
0 37
10 58
10 68
St It & 8 "
flerlea A
3 02
1 02
1 62
St I. A 8 IT
Series D
B 75
!..... 00
8t I. ft 8 Fr
Series C
St I. A 8 Fr
cm Ba
1 01
1 01
0 01
3 01
St L Sow'n en
0 65
3t L Sw'n lat
2 68
Sao Faulo of
Draill ct Ss
4 08
3 08
Seab'il A I. n)
4 26
Seab'd A ' a
... 48
1 41
!fha 8 Hoop 8a
1 00
Sinclair C Oil
Corp'n 7s
27 01
10 ... 91
a iu
3 01
8 01
South Caro A
Oa lets
2..... 90
S'n Pacific fd
1 70
4 78
S'n l'ac cv 4a
1 82
1 83
1 S2
Suth'n Illy 3t
4 80
Stnnd'il OH of
Calif 8s
1.... 104
10.... 104
Tenn C Iron A
R R Co 5s
1 87
Term' I R R A
of St I. 4a
10 72
Third Ave aj
1 37
1 37
1 38
2 88
3 38
Union Tao cv
2 ... 87
Union Pac 4s
1 82
2 83
2 83
Union Pao (ta '
I.... 101
1 .. 100
Un'd Tuel Una
C'omp'y fla
1 ... 85
l' K Ort llrlt
ft I'd 1021
13.. .. 00
3 00
U 1C at llrlt
ft I'd 1022
25 08
3 08
25 0
u k at nrit
ft I'd 11130
C N Y 4 '37
10 81
City Purls 0a
1 00.15
City Zurich 8
1.... 101
1.... 101
era cm cut &
St I'O o
2 03
2 .... 03
Cone'd Oas 7
I i a.... 101
I 1.. . 101
I cuhun A H 8s
I B .. W)
B i on
I 1 .. I'D
II t'ulan C 8 cv
3 3 . . 37
., 18 68
sr . . .on
, 4(4tJ
1.
4.
N V
1.
1.
1.
1
1.
10.
in
10
3
Wiwdilnjfton, Sept. 12. Exports In
creased approximntoly 554,(100,000 nml
Imports about $17,000,000 during Au
gust, ns compared with July, according
to tho monthly foreign trndo summary
issued today by tho Commerce Depart
ment. Exports durlnc August aggregated
$375,000,000. compared with $821,000.
000 during July and with $578,000,000
in August. 1920. Export for tho montli
reached the highest total of tho year
ftlnco Mnrch, when tho figure was
$.187,000,000.
Imports for the month totaled $101,
000,000. against $177,000,000 in July
nnd $513,000,000 in August of Inst
ear. The imptrt total ,vas the highest
sinro May, when tho figure was $205,
000.000. For the elffht months ended with Au
giiRt exports aggregated $3,230,000,000,
against $5,475,000,000 during the cor
tcupondlng months of 1020, while Im
ports for tho period nggregnted $1,003,
"00,000, against $3,005,000,000 for the
right months ended with August, 1020.
fJold Imports for August aggregating
$80,000,000 were the highest for nnv
month of the year except March, when
the total was $87,000,000. Gold 1m
ixirts In July totaled S04.000.000 and in
August. 1020, $15,000,000. Exports
of gold during August amounted to
$071,052. as against $3,735,000 in July
nnd $25,000,000 in August, 1020. Gold
imports for the eight months ended with
August, totaled $502,000,000, comporod
with $100,000,000 during the corre
sponding months of 1020. while exports
for the period amounted" to $11,000,
000, against $242,000,000 during the
first eight months of last year.
Silver imports for tho month aggre
gated $8,000,000. ngnlnst $1,000,000 In
tho same month last yenr. while ox
ports amounted to $3,740,000, against
$4,400,000 in Alieust Inst venr. Imnnrtti
of silver during the first tight months
nggregnted S40.000.000. nirninnt S07.-
000,000 during the corresponding months
oi iiKti. wiuie exports for the period
totaled $30,000,000, against S02.000,
000 durlns the eight months ending Au
gust, 1020.
1
I
4
1
4
1
1
0
k at
uo
oo
80
80
001,
00
90
00
llrlt
& I'd 1037
4..
1...
1. .
4.
4....
80
Ml
80
80
80
80
80
GOSSIP OF
THE STREET
LONDON STOCK MARKET
Moderate Buying of Industrials.
Kaffirs Flabby Home Rails Dull
London, Sept. 12. There was no
feature to th'o trading in securities on
the stock exchange today, but the mar
kets generally were maintained. Opera
tions in the oil department were pro
fessional, but the undertone was firm.
Shell Transport nnd Trading wns.
5 1-32 nnd Mexirnu Eagle 5 3-10.
There was moderate bii!ng of in
dustrials. Hudson's liny wni 0. Rub
bers were listless, but steady. Kaffirs
were flabby and neglected.
Dollar descriptions were Irregular,
following New York exchange. Home
rails were dull nnd without a leader.
Light profit-taking was noted in Ar
gentine rails.
The gilt-edged list was firmer in spots
on purchasing for Investment account.
French loans wavered in sympathy with
Paris.
LOCAL MINING STOCKS
TONOPAU STOCKS
HI. I
Cnsh Roy ns
Jim Duller 07
MacNamara. 14
Crescent OS
Midway n
-MUpah Ext 17
Montana 04
North Star 04
Hescui Hula 20
Ton Ext 01 ,',
West End 87
West Ton 10
DIVIDE STOCKS
Allied Dlv 01
Alto Dlv 02
Relcher 01
Asked
.(13
.Oil
.10
.10
.13
.no
.07
.03
.22
01
.00
.12
Dlv
Belcher Ex
Ren Hur ..
Drouxh Dlv
DlWda Ext
Dlv Con ...
Dividend . .
East Dlv . .
Murrain
Hashrouck
Hlsh Dlv
Knux
Revert Dlv . . .
Reno Dlv
Roseta
Sliver Klnu ...
Sutherland ...
Ton Dlv
Tim Ilashniuck
Victory Dlv . .
Verdo Dlv . . .
Zone
Rooth
Comb Frnc . .
CruckerjHi'k
Dlamf II II .
Florence . . . . ,
iloldlleld Con
Oold Dev . ,
noldfleld Deep
Great Rend . .
Jumbo Ext . . .
Kewurms . . . .
I.onc Star . . .
Oro
Red Hills ..
Silver Pick
Spearhead
.01
.00
.31
.0.'
.0L'
.01
.15
.01
.0M
.O'J
.01
.02
.01
.01
.71
.02
.III
.02
08
UOt.DFlKLD STOCKS
.02
U 8 Draill Sa
04
... 04
Cent'l 0a
...03
...03
... 03
... 03
...03
... 03
, ... 03
... 03
. ... 03
y Cent'l 7s
1 ... 103
2... 103
N YT I-lsht II
ft Pwr Bs
1 86
New TMIU
Hart'il 0a
5 64
1 54
N Y Tale 4a
1 84
N Yk Tel'e Oa
0.. .. HA
1 .... 00
N'lt Ho'n 11 3a
1 43
Nfk ft W'n 4a
2 .... 70
4 .... 70
10 70
N A W Poco'a
Coal Co '4a
8..
I..
o
5..
2..
2..
1..
4.,
3 .
0..
1..
27..
MJ
39
2..
1
100
. 00
100
100
iuo
. 00
. 99
ioo
. 00
ioo
100
IOO
101)
. 00
100
U H Mexico 4
4 30
V 8 Mexico 5a
1 fll
5 61
1 51
U 8 Itubb'r 6a
8 78
7 78
... 78
I' 8 Rub 7a
2 09
I'M 8 Steel Ba
1 01
18. .. 04
1 04
14 04
1 04
Utah FtLli
X 81
M . ,"n
Amparo
ArU United
Caledonia . . .
Kden
Emma Sller
Eureka Croon
Eureka. Holly
Hecla ... .
Mother I.ode
Nov Hill .
Nev W'der . .
Success ....
Teropa T n
White laps
Wllbert
ni
.1)3
.01
.42
.Oil
.02
.01
ui
03
01
02
Ul
3.0(1
HI
02
MISCELLANEOUS
1.1(1
(I-
00
in
.02
II
.(It
.114
5.23
.111
.13
.02
,0'i
.(!'
.01
.02
.03
.03
.03
.01
,0S
.33
.03
.04
.02
.IS
.02
.01
.11
.03
.02
.03
.02
02
.73
.114
.112
.03
.11
.01
.112
.(13
.112
.44
.04
.112
.02
n.-i
.02
.11.1
.02
4.0H
.11
.03
1.20
.10
.11
20
03
.30
.Ot'l
nl'j
5.73
.02
.2(1
.03
.10
.01
.02
Probably the Improvement In the cot
ton situation throughout tho South has
had moro to do with the revival of
activity and strength in the stock
market than nnv nnn other clement
within the last fortnight. Bankers of
long cxpcrlcnco say that the significance
of tho release of money In connection
with tho advance in cotton prices will
bo moro far-reaching than the avcr-
ogo inyman realizes because tiiose woo
had felt that there was little chance ot
comlne out even nrn now nlaccd in n
position where they will bo able to not
only pay off loons, but at tho sama
time will have, Bomctliliif? left to con
duct such other activities as mnv be
deemed conservative and advisable. Not
only nriB there been betterment in the
cotton situation, but trade reports In-
aicaio some improvement in other lines
of Industry, which has tended to create
n feci I lie of crenter confidence thnn has
obtained in a year or moro past.
May Put on tho Uralics
UnlcRn bond men become ton enthtt-'
slostlc over the Improvement which has
Dccn shown thus tar In the trade, the
Indications are thnt there will bo an
excellent bond market for some time to
come. Within tho lost few days, how
ever there has been considerable ag
gressiveness on the pnrt of some dcnl
crs In the matter of putting out new
Usuca and thero has been a larger vol
ume of offerings thnn for a long time
past. The market, however, Is under
stood to have taken theso new securi
ties without much difficulty, but fenre
ore entertained that there will be such
a large volume of offerings in tho event
of prices continuing to Improve that in
vestment chnnnels will again become
clogged the same as they did last May.
Dctter Copper Demand
Developments In the cornier market
last week were more encouraging than
in somo time. Iiuycrs came Into the
market after tho holiday nnd the result
was that prices were advanced. Lead
ing selling agencies are now quoting
12 4 cents per pound for nearby deliv
eries and 12Vi cents for October ship
ments. However, the metal can still
be purchased for prompt delivery at
12 cents per pound from some deal
ers, but It is asserted In lending quar
ters thnt the amount of the metal avail
able at below the quotations of the big
Interests is small, nnd the belief pre
vails that before long this quantity will
havo been absorbed.
Domestic consumers are showing more
interest In tho mnrkct and. while they
linvp been hesitating somewhat since the
advance was made, it is tho opinion in
tho trnde thnt virtually all the users
are bare of supplies nnd will find It
necessary to get into the market to
cover for their requirements.
Itnllroad Ofuclnls Moro Optimistic
Officials of railroads operating from
Chicago and St. Louis east were some
what more optimistic In their reports
covering tho past week's operations.
There is still no lnck of equipment, but
the grain movement has made neces
sary the use of many cars In spite of
the fact thnt most of the through grain
If the seaboard Is going via the lakes,
.General merchandise traffic Is broaden
ing n little, and this lins been encour
aging. Moreover, there were a few
indications that the steel and Iron buxi
ness was working into n little better
shape, although Improvement In this
respect is still slow. An increased
movement of building inntcrinl is looked
for with the adjustment of Inoor wage
difficulties nt Chicago. Local conditions
In many sections are snid to he improv
ing since the heavy mnrkvtlng of the
crops.
Officials of Southern lines report a
slow movement of conl compared to Inst
j ear. moderate shipments of lumber and
continued heavy .shipments of wheat to
the Oiilf ports. Cotton is moving In
fair volume. General merchandise is
keeping up well, but total trnffic is still
below the figures of a year ago.
Brokers' Opinions
Nowburger, -Henderson & Loeb:
"The spectacular upturn In the cotton
market last week not only set the pace
for all the speculative markets, but un
questionably, ns time will show, marked
the real turning point in the general
situation. The week's developments, no
mutter from what angle they nre viewed,
did much to confirm tecent statement-
ns to the constructive program In the
making. It would he altogether un
reasonable to expect n prolonged major
movement on the constructive side nt
this stage of proceedings. Neverthe
less, there are sufficient signs. indicating
the bear movement Is practically over
nnd those of the professional clement,
who have for no long met little opposi
tion In their depreciating tactics, have
clearly lost their grip. It seems almost
little short of a paradox that n condition
which would ordinarily be viewed almost
in a nnture of a calamity should produce
a complete transformation of innrket
sentiment. Such, unquestionably, has
been the rcult of the Inst Government
report on the crop of thnt important
staple. It demonstrates the Inevitable
force of the ln of supply and demuud
nnd the usual results of something
every one wants with the supply cut
short. The Incident promises to bring
nbout rapid adjustments of fundamental
conditions thnt only n short time ago
were seemlngl) (insurmountable without
application of further drastic measures.
When It 1 remembered the level of the
active stocks is from ." to 20 points
above the low prices of the year a
temporary halt and some reaction would
not be surprising, but we think the
order of things has rndicnlb changed
and thnt the better grade of stocks can
be snfel purchased on all recessions
Instead of u snle on rallies ns hereto
fore." Herher & Co. "Now that the mar
ket lins hud n considerable rise during
the last wopk, caution should be exer
cised in luiying stocks on bulges in
which n large slioit Interest has been
instrumental in bidding them up. Many
stocks are still verj cheap, particularly
sonic of the preferred stocks and the
mils The latter how a gain of $17.
000. 000 in net coniiniml with June rep
tesenting a tetiini of l'j per cent.
Thin is onl) o beginning, The financial
affnirs between the railroads and the
Government arc rapidly being ndjusti'd
and ever development is working out
for the good of the equipments, ttcels
and business in general."
TUB Tn.VDKU.
Raw Sugar Market Steady
New York. Sept 12. The rav suitar mar
ket remained meurtv toilav at nbout 4c
c. I, f Thero ttcn no rates reprited on
Huturday. Importations on Saturday In
cluded 10.BOI1 bnK San Homlnitoes to tho
iiiMuiiiiK i umpan
lYErV ISSUE
$80,000
City of York
York County, Pennsylvania
5 Per Cent School District Bonds
Dated September 1, 1021 Interest March 1 and September 1
Coupon Bonds $500 and $1,000 each, with Provision for Regis
tration of Principal. Bonds may be Fully Registered
as to both Principal and Interest
Free of Pennsylvania State Tax
Free of All Income Taxes
No Certificate of Ownership in Collecting Interest Required
Legal Investment for Trust Funds in Pennsylvania
FINANCIAL STATEMENT
(as officially furnished)
Total Assessed Valuation (1921) $34,300,130
Total Debt (including this issue) . .$352,000
Less Sinking Fund (cash and bonds) 27,500
Net Debt (including this issue) 324,500
Ratio of Net Debt to Assessed Valuation less than 1 per cent.
Population (Census of 1910) 33,750
Po'pulation (Census of 1920) 47,512
We offer this issue, if, when and as issued, and subject to
approval of legality by Messrs. Townscnd, Elliott & Munson,
of Philadelphia.
MATURITIES
$ 5,000 due September 1, 1927 102.05 and interest
5,000 due Septombe- 1, 1928 102.33 and interest
10,000 due September 1, 1929 102.60 and interest
10,000 due September 1, 1930 102.86 and interest
10,000 due September 1, 1931 103.10 and interest
10,000 due Soptember 1, 1932 103.34 and interest
10,000 duo September 1, 1933 103.56 and interest
20,000 due September 1, 1934 103.77 and interest
Prices: To Net 5.10 Per Cent
Biddle & Henry
104 SOUTH FIFTH ST.
Harrison, Smith & Co.
121 SOUTH FIFTH ST.
The Information nnd statistics contained herein have been
obtained from sources which wo believe to be reliable.
a-iL t t
rvJpPlSsSii
THIS bank possesses a clientele
sufficiently diversified to insure
a knowledge of every phase of
business practice.
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Capital $1,000,000 Surplus and Undivided Profits Earned $4,400,000
Our September List
of investment sugges
tions contains over 140
high grade bond issues
carefully selected to
meet the individual re
quirements of conserva
tive investors and insti
tutions. '
Yielding
4.85 to 8.75
Ask for circular F-lll.
Harris, Forbes & Co
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Widonor Building
Telephone Spruce 7040
.iinraoMi
yiit
Murnu cnwp
a H I
Wo Own and Offer
$90,000
Grand Trunk
Western Rwy. Co.
1st Mtff. 4's of 1950
A llrt. rlneeil mortsitRT on 320
mile of iloiilile-triicKfcl main line
lendlnc Into ('lilrato.
A flr't mortK'tsn also on 0327
Krelulu and Pasaenitcr Cars and
327 Locomotives.
Price 65 5
To Net 6.70
BATTLES & CO.
EitnbHshrd 1R0O
Inilenendenre Square (Huet)
sp.iiiiiiiiiiiiirjtirL'rjaraimrarairaiiir.iiiiirattiicmii.Traffi
CHARTS
Hare an Important messnen for yon
if you have bouuht storks more It
jou have sold. Free cxumlnutlon.
F. W. UNGER
Ini-tmrnt Anulrnt
Room 202, 130 So. 15th St.
Philadelphia
Vi;
Bonds for Investment
Clrcuhir Upon Ileqilfht
The National City Company
''orrrdponrtfiit Offers In Over 60 Cities
l'hlliiileliilil:i 1421 Clic.tnut St.
Ml mtlr Tlt 122. Ilo-rrlivtlt
AUTOMOBILE
INSURANCE
l.mKRTY SII'TPAI.
Thonel T.orunt 01)71
NM'RANCK TO.
2n.;a so. mth at.
I'lNANCIAI.
"Strength tiJid Service"
;n
XI
(Established 181,6)
Tradesmens
National Bank
431 Chestnut Street, Philadelphia
Report of Condition
At the Close of Business
September 6, 1921
RESOURCES
Loans and Investments $14,020,809.18
Customers' Liability under Letters of Credit and
Acceptances 4,030,350.03
Due from Banks 2,1 70,389.38
Exchanges for Clearing House 335,418.85
Accrued Interest 29,024.15
Cash and Reserve 1,337,801.95
$22,543,883.54
LIABILITIES
Capital
Surplus and Undivided P.rofits
Unearned Discount
Reserve for Interest, Taxes, etc
Circulation
Letters of Credit and Acceptances
Rediscounts and Bills Payable to Federal Reserve Bank
Deposits
Sl.000,000.00
2.254.557.11
98,880.55
114.891.G7
489.500.00
4,243,463.77
2,13i.00n.0u
12,207,290.14
$22,543,883.54
ed
Howard A.
D. MrCnrthr. Vlre l're.
niuml Ulllliun. Vlre 1'ret.
ana utiiturr
t. M. rrlnell.
Loeh. l'res.
n ' '"'"nhflm Vlre l-rre,
loril It. Drlh, ,.t. CimliW
Asst. Cnehler
J-AI.i: OI' ?.M.00 riltT JIOHTOAI.K SIX
i'kb (i:.nt ti:ty-yi:au ciold
IIUMI.s DLK.MAY 1. 11)38
of
TINnr.I-MOltKIS COMPANY
Notlre Is nereby Klen trmt The Union
Trim Compn of Pittsburgh, Trustes.
under r certain Collateral Truet Agreement
of Tindel-Morrm Company, dated May 1.
W1K whereby Tlndel-Morrln Company
riedced with the Trustee 7S0 000 First
MirtBiiie Si Per Ont Twenty-Year Oold
HumlK due May 1 1H.1H sviurlmc an Issue
of tnun.iMio .six Per Cent Notes of Tlndal
Morris Company default hnlnK been made
In the pament of the principal and Interest
or said noted and the Trunteu limine been
requemed, In urltlnc. by the hold.Tn of one
third of the notes, to cell the rollaternl
Kerurlnz fie name, wl'l sell In one lot the
ltd 7:.0 (KM) Plrl MortKuue Mi Per Cent
Twent-Year tlold Honda, at the utiles of
.1 M Ankin Co Ructlnnei-re itoum 310.
Peoples Han't IlulldliiR. 307 Fuurth Henu,
rmaburith, PennsjUanla. on September SI.
1021. nt II o'elork A. M. to the bluest
responsible bidder
The t'n on Trust Company ot
Plttuburuh Trustee, under Plrst
Mortsraire of Tlndel.Morrls Company,
dated Ma 1 1IMH. '
JOHN HAMPTON- IlAllNKir Ksq
Counsel for Trust e
I'ENNMl.VANIA CKNTKAI. HllKWlNO CO.
fidelity Trust Company. Truire. under
the monk-ate of tne l'ennjj .. anu Central
Urewlne Company, dated October 2S 189T,'
Invites proposal for the rale to the sail
Trustee of all or any rrt of fifty thousand
dollars If.'O 0(H)) of bonds secured by the
ild niortk-ne. proposals to be addressed to
the said Trustfe at Its office Ni& 323-831
Chentnut street. Philadelphia, to ba opened
snd acted upon Thursday. September IS,
lt21. nt 12 n'rlnrk M.
KiniJUTY TRt'ST rOMPANT Trusts
'VM P flCT Prssldsnt.
phrsii.'n-!. . ........ on n?i
Stieilal Mrelinir.
MI'KTINH
3
U. S. Certificates and Treasury Notes
Int.
Itato
I'll
Ort.
net
!.
American Mount neimum uinpun-s iii.nuu .'.ti, uvii
bags Porto Itli-os to Arbucklo, Ilrothers. ind ,.'i' M.h
81,0011 bags Culms to an Importer. The I.i! tcli
local refined market Ih unchanged at o.BO I. Si, June
ft.Hae ess '.' per lent mr caan ror nnn .n Am.
t6N June
Uxempt
Tn
tn
srunulated.
Liverpool Cotton
I.lrerpool, Hept. 12. There was a good
demand for spot cotton today, with prices
hardening on the basis of an advance of
121 points for middling at 18 77d. Tho rales
were 1ft. 000 bales. The receipts were lS.niio
bales. Including H 700 bales American Pu.
tures were etrong In the early dealings Hpnt
prices were Ami rlran middling fair III ft'Jd
good middling H.lUd. fullj middling. H 22d,
middling 1.1 77d. low middling. 12.U7d; gouii
ordlnarj 11 l2d and indlnnry. 11 17d,
Miturlty
Dull.
1UJ1
1H2I
HUI
ll.'2.
1IIJ2
, 11122.
1U22
1U22
1924.
from
Hid Asked Yield
.100 1-82 100 3-32 4 30
luo l-io ino'i 4.2,1
Hi(i lt)0', -i iij
.1004 100U 4.87
iuo ,i-:2 ion .v.vj 4, hi
lllll fi.ltl 100 7-10 4.84
nnv, ionn (i.oo
100 3-ltl tOil 6-lfl S It)
. .. ltloTs 101 ft.34
Normal Federal Income
t'Acceptable for paiment of Income Tax
uuie ui malum.
due on
Reserve Banks' Discount Rates
Official rediscount rates ut the twe'vo Fed
eral Iteserve Hanks are an fnllnna:
Trnas. Mb Com I llkrs.
ctts, iioniis j'apr Accent.
Grain Trading
We have prepared n booklet dealinp with the Chicago Board of
Trade, in which the History, Methods of Tradinp and important
Economic Functions are discussed in non-technical terms. On
request a free copy will be sent to those interested.
Boureau & Evans
Members
Philadelphia Mork lAiliunte
Locust USB
Chlcngo Hoard of Truile
130 South 15th Street,
Philadelphia
llacc nsi
-y .i. .v. iqj.
Prices Heavy on Paris Bourse 1.,!Vi,E,l"a
on Chicago
Hnstnn JJv
New York ')
Phllndidphla .... ."ijj
Cleveland S'j
II
II
Paris. Sent. 12. Prices were heaiv on 'rhicimn ........ tl
inu iiaurse tuuaj. iurn ycr 'inui rentes ni. Laiuis ........ u
80 francs Aft centimes! exchange on I-omlon Minneapolis ..... rH
lit francs 05 centimes! a per cent loan. 81 .Kansas City fl
MM 45 MS1U7IW. The dollar was Quoted ' Dallas .......... 6,
)- wna swa'.
.sfvVtwri.,oo.tB,He
r.u
5
0
0
0
n
0
e
Si ftv,'
ft (V'l
K si
II II
a it
0 0
c :
Mi
Wanted a GOOD Bond Wan
An Investment houno with u elate-wido repu.
tatlon for fair dealings with Its customers
ulshiis to enlarge Its iraw
It can use one or two experienced bond men
Established cllentnle, while desirable, la not
essential. The ability and tho will to work
hsrd and Ints'.lgently Is paramount.
For such men tills house offers something
Sire than a permanent "traveling Job,"
Jdrsss Inquiries to C 133, Ledger Oftlos
Itn the assurance that you will not b
wriUo your present smploysr.
Sr" A hrr.n iii iii'i.ti.-mi tir tiik
fc3' stoikhodeis of The Moore A WhlU
f (iinimnj w 11 be be d at thi general offices
nf the ionipan. on the llrst d:iv of Novem
ber. 1021. nt 10 o't'oek A M.. to lake action
on approval nr dlsapprnal of the proposed
I sue ot illinium or !"- riimiiut'e pre.
frred stork to be inH nnqpil for the present
'-sue of lli'OOijii of 7Wr; preferred stock.
SMHI.TON A HII1IIS.
Sorr.-iarV
nn1111l Meellnci
"5T"rt-.riI Mll II. ft" I.. AShtlClATKlN.
fc 11n11nl inneting In Must Hall Tncony.
I ..n Medne.d.o. .Vnt. It. 1021. nt H p. 51,
T It ncitltlKft Hecy,
I Privnsjils
1 l'lLNNsVl-VANlT KKl'.vitilKNT OF
i IIFAI.T1I
Sealed iropnsils fur the construction of
s pliohius. and tunn.l at the State Sana.
irluni fur T"1" r,ul "' '""" Presson. Cam-
brli C'JUlO PeniiM'lvnila wll b, received
i, Kdwnrd M irun K'at. lu-alth Commls.
,lir at hit office In HdrrUbuiK until
M(iml.t. seiiiemlirr 20. in.il.
111 prim nal Items .f irk r-msUt of
ni-smrv cim iete-aim ii no m inonry build.
, ,,pnioxim itely toi.x.lii feet and a rs-
nfoiced cotitrela tunnui b'xW'xbO feet In
ni.n, and HPectllcntton may he
ihe office of tn0 atntu department
.. .,... 1 1 fi r-l ulm r. 1. 1 iHu Utn.- ,.
ItailU, -.. -.- ,,.tt ni.ia Dim
torlum. Creison and at the office of Walter
(1. Mton Architect Jnhnstuwn. and ants
mm bo obtained WeJ.iejJay September It.
at the aliou uffl' e In Ilarrlsburg or Johns,
town uiwn deposit of Twenty-five Dollar
jm fur return of each contract set In good
condition.
Hach p-opnal must b accompanied br
..1 titled cli'iK for 5uo The successful bid.
vr will '") required to give a surety bond
(pi ihe full amount of the contract. Tho
right Is Mtnul to r Jut any and all bids.
Healing lighting and plumbing not In
r 11 led In this ir'ipiiasl ""
puoi'nHvf.M ror." iiainiiiath, ori'ica
of the I'ointiiiiiMlliig Oftli er Phlla CJuarter
master Interni. il nle Iiepnt Phlla, a,
Sealed' prniima a In titnllcate will be re.
c.dved here u-ill 0 ,. M. (Hlandord Tlma).
October ft. 1021. for furnishing all or any
part of illi hod r almoin. Information on 1
reuuesi
sesn at
nent or
SUN CO.
10-Year 7s, 1931
SCHIBENER.B0ENNING&C0.
512-514 Walnut Street
Member. Phlla. Block Exehang
Iim. HS0 t , Main U-U
IMllU ll'lATI'll tftfitr
and builders for building a garage, Plana
in lie srefi ai naiiip neanjr 1 u,, aisis
ford avenue
CONTIIACTOB8
i-iana
Frank.
.MtTM-IIMIIII'H
Till: I'lltM OP HAMIKI, HIII-DKIl AND
Abe llutiii'in, trailing ua Holder A Kot.
11111 n. 'ias been dlsiwlrd l- mutual ugra
inent as of September H, 10SI
Tim busn.se wl 1 be continued by Aba
Itntnun under the name of Abe Itotman m
Co., at the i-ame addreas, 110 Norths
Sixth street, Philadelphia, to whom all UUai
should ba presented and jistd. ' w",
HAKinmr. tinttiea
ins nTungnnnn m.!l.J'jBA'V
So r. WJi .- VTi7 " w
:
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