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19
EVENING PUBI2C0 LEDGERPHILADELlPHIA, TUESDAY,. SEPTEMBER 13, 1921
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Tax Free
Pennsylvania Municipal Bonds
wf-V VJa
Incomfrom Municipal Bonds is Exempt from all Federal Income Tax
No -Certificate of Ownership is Required
$20,000 Commonwealth of Pennsylvania 4l4, Series "A"
Due July 1, 1939 93.40 & interest to net 4.80 per cent.
$25,000 Commonwealth of Pennsylvania 5s, Series "B"
Due August 2, 19B1 102J, & interest to net 4.84 per cent.
$80,000 City of York, YorkCounty, School District 5l2s
N
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t I
tltnnn Ann SerjtembrV 1. 1027 fn ln9flR
5,000 due September 1, 1928 102.33
10,000 due September 1, 1929 102.60
10,000 due September 1, 1930 102.86 '
$10,000 due September 1, 1931 103.10
10,000 due September 1, 1932 103.34
10,000 due September 1, 1933 103.56
20,000 due September 1, 1934 103.77
Prices: To Net 5.10 Per Cent.
$646,000 Mercer
$63,000, due August
16,000 due Auguit
26,000 due- Auguit
16,000 due Auguit
26,000 due Auguit
3,000 due Auguit
12,000 due Auguit
25,000 due Auguit
37,000 due Auguit
40,000 due Auguit
19,000 due Auguit
County Road SlZ
& 100.69
1, 1924
1, 1925
1, 1926
1, 1927
1, 1928
1, 1929
1, 1932
1, 1933
1, 1934
1, 193S
1, 1936,
100.89
101.09
101.27
101.45
101.62
102.07
102.21
102.33
102.46
102.57
$40,000
43,000
5000
4,000
22,000
40,000
41,000
34,000
47,000
33,000
1,000
due Auguit 1, 1937 102.68
due Auguit 1, 1938 102.79
due Auguit 1, 1939 102.89
due Auguit 1, 1940 102.98
due Auguit 1, 1942 103.16
due Auguit 1, 1943 103.24
due Auguit 1, 1944 103.32
due Auguit 1, 1945 103.39
due Auguit 1, 1946 103.46
due Auguit 1, 1947 103.52
due Auguit 1, 1950 103.70
Prices: To Net 5.25 Per Cent.
$28,000 City of Butler, Butler County, Main Street Viaduct 5&
$2,000 due January 1, 1936 $6,000 due January 1, 1942
6,000 due January 1, 1943
1,000 due January 1, 1937
3,000 due January 1, 1938
6,000 due January 1, 1941
1,000 due January 1. 1944
3,000 due January 1, 1945
Price: 100 & Interest? to Net 5 Per Cent.
$29,000 Cambria County Road & Bridge 5Y2s
$10,000 due July 16, 1924 100.78 &
11,000 due July 15, 1925 101.03 &
8,000 due July 15, 1928 101.71 &
Prices: To Net 5.20 Per Cent
$5,500 City of Philadelphia 3l2s, Fully Registered
interest
intereit
interest
$5,000 due July 1, 1931
$500 due July 1, 1934
88.46 & intereit
85.92 & intereit
Prices: To Net 5 Per Cent.
$3,000 City of Bradford, McKean County, School District Building 4l2
Due April 1, 1923 97.80 & intereit to net 6 per cent.
$3,000 City of New Castle, Lawrence County, Improvement 4s
Due July 1, 1931 92.40 & intereit to net 5.25 per cent.
$2,500 Borough of Uniontown, Fayette County, 4s
Due May 1, 1928 93.04 & intereit to net 5.25 per cent.
$2,000 Borough of Dunmore, Lackawanna County, School District 4V28
Due September 1, 1928 95.09 &. intereit to net 5.35 per cent.
Accrued Interest to Be Added Wherever Omitted.
Biddle & Henry
104 SOUTH FIFTH STREET
Th information and statistics contained herein hive been obtained from sources which we bellev to be reliable.
u
fcJ!U3ii:i!i!rTi'C!ngn:irniiiitiiUJiiiiixiiuin,ngnniiniiin'inii:i,iiiiiiiiin tninni,roimiTO'itinniimaTiiiiiiiniiinnniiii:iiwn.uiinTiiwiiiiiiiraiiinm.iinntimiiniina;uiuiin.'; 1
tacBarsrira'iii'niiifnmiiniiiniiinit.iiniii'iiiiiiiiiinnninsiii.iraiinntnninii aimniMraDnmnnnriiin'iiiiiiii'niu nriiir,Rri!niiRnni'itimiinn ttmiminnnirit'i'.'g s
French Railroad Bonds
With Possibilities of
Exchange Profits
Paris-Orleans R. R. 6's
L HESE bonds are a direct obligation of the sec
ond largest railway System in France, both in
mileage and in gross earnings. The Company has
been in successful operation for 85 years, during
which time it has never failed to meet an obliga
tion. Bonds are redeemable at par not later than
1956.
Payment of principal and interest
of these bonds secured by guaranty
of the French Government
In addition to the other attractive, features of
these bonds, they offer possibilities of consider
able profits with improvement in French exchange.
Based on a purchase at prevailing prices the fol
lowing tabic indicates, under varying rates of
exchange, the increase in the dollar value of the
principal and of the interest:
Increase Your Principal
We have available for investment
a seasoned tax-free railroad bond,
secured by mortgage, each $1000
bond selling for $760.
This bond pays $40 interest per
year, and will mature at $1000
in ten years.
The average annual yield, if held
to maturity, would be 7j4,
Full particulars on request.
Carstairs & Co.
Investment Securities
Mtmben Philadelphia) and New York
Stock Kxchanre
1419 Walnut Street
Philadelphia
52 Broadway, N. Y.
Ilele of Kxchanc
r.rprtiatn lit
Dollar Value
of Fra. HO
TnrnniA nn an Dollar Eaulrti-
Orlrlnal Invent- lentof I'm, 1,00(1
Cent Dtr Fr. 1 Annual Interest ment of flS llonil nt I'nr
7 4.20 6.45 570
9 5.40 8.30 90
12 7.20 11.10 120
15 9.00 13.80 150
18 ' 10.80 16.60 180
19.3 (Par) 11.58 17.80 193
Price and descriptive circular
upon application
untiMuii tiiu'ij)miiniiiiHiiiunia'hMtiuiiiiiiiiw:iiiniiiiiimTnTTnniriscrno!nun,niimiNiririitiliiiii'titiHiiiii mn tnm fritHtitiiiiifnfin.inninmiimTntt.niminiu 3
Halsey, Stuart & Co
Incorporated
tTOiwrmmmwitniMiiiiMnnntinoniiMiimM
Larfd Title Bldg., Philadelphia - Telephone Locust 4820
CHICAGO
j, DETROIT
NEW YORK
MILWAUKEE
PHILADELPHIA
MINNEAPOLIS
BOSTON
ST. LOUIS
.. .........,.. ........ .. ..... H.W..M1H ...- FI H
'""""'"'"'wiuiiiHnuiBiailiilUIIIrtUnilMniinillllinilllUtliriffrillilltllUIlli it iLUIt. w mnniummir nummr,' he ;ic,;m in i am-wmamM irni'inmiw, r
iwummrsxiw tnn i umiiminniiiauniimnmTigiiRiiTiriunimiiair!niiPiti uihir 'i,jirii!nii!ii,innii!iiiminniOjni.Tiiii!nji.irit!iitiiii,iitt:ni'!iiii;iiiiii,liiii(;!'ii?
BROOKE, STOKES & CO.
HO S. Fifteenth St.
Philadelphia
Washington Baltimore
p' S' V. 7a, 1922
"n 'Handle 5s. 1970
ruJLv Poga A Ohio 4js, 1935
woU United 8s, 1941
irfflgcwrosco.
. DREXP. BUfhMNQ
STROUD & CO.
1429 Walnut St., Philadelphia
43 Exchange Place, New York
Correspondent Office
24 Milk Street, Boaton
211 Colorado BIdg.,Waihington
J)URING the year 1920
the level of prices of
good bonds was the lowest
on record. Now the aver
age price of fifteen well
known public utility issues
is 7 points above the
figure of last year and is
still considerably below the
average of 1919.
For investment we recom
mend the mqrtgage bonds of
established Electric Power and
Light Companies, and believe
that these securities will con
tinue to advance.
HARPEB&TURNER
Investment Bankers
Uemotrt of VMtadttpMa Block Orehanp$
Stock Exchange Building
Scranton Philadelphia Heading
NEW YORK BOND SALES
SAIEfl IN tlOOOl
Adama Kxp
1 OIK
Am'n Atr'o A
Chim 7'4
2 00 H
i0 WJ',4
1 OOtt
A 8 & n'r oa
1 78
Amn TTS
2 80
8 87
2 B7
A mil T A T 0
1.... 100V4
1.... 100 V4
Armour 4H.
1 B2V4
1 82U
1 82tt
ATaSfeli
1 78 4
2 78
2 78H
5 78H
Ato TtSFt
cv 4a '00
1 85U
A T A 8 Fe A
Dtv 4H
R 82
Atlantic net's
ct 04a
1.... 102
nolt A Ohio ov
1 71W
6 71
nnlt A O 3 Hi
S 87
Halt A Ohio 4s
I 71
2 71
Bait A Olila Oa
2 0214
if IWH
1 02W
1 02U
Dalt A Ohio S
Wn imrf
n 84
Hell Telephone
of Pa 7s
1 ... 10S
1 ... 108
2 ... 105
a.... io.
Hetli Steel lat
1 03M
Drkn Edl C 7a
2 ... 100
Duth Ter'l Si
4... 72..
Cnnad'n Ntbn
04n rets
1.... 101
Canad'n N 7a
2.... 104',i
2.... 104
Cen'l of Oa en
1..:.. 87
Cen'l of Oa 01
2 08
Ctl Leather Re
1 80 i
Ctl Tactile lnt
1 7074
Oro de Pasco
Cop'r 8i
1.... 100U
C A O cv 44s
1 .... -7074
1 704
2... . 70H
Chi A Alton 3i
1 lOV
Chi O &.OQ urn
1.,
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25.
1...
3...
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2.
80 '4
Q OUa
102
102
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102
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102 i
Chleaao Mil A
St P cv Ri
1 00
Chi Ilwy's Ra
1 01
O 11 I A P fd
15... .i no 14
Chleaao Union
Bta ct OVia
2.... 100
Choo Okla A
Quit Ra
R 824
Ctille Cop'r 0s
1 72
Chinees Oove't
IIu-IC niy 5s
1 48K
8 48
City of llera-en
8a rets
1.... 100H
i.... ioon
KaaleHOO
C... 100 W
City Herns 8a
B.... 101U
City Bord'z 0s
1 83"i
R 834
14 84
City of Copen
hagen O'.ii
3 flUi
7 M'J
1 80 ;
r si',;
Cty Mara'a 0s
8314
City Zurch 8s
1.... 102
Colo A B'n 4i
10 85
C Tab A II 0s
0 80
Cl'd Cln Ohl A
St Lo 01 I
2 08
Cona'd Oaa 7a
1.... 101?i
1 1014
1.... 101i
4.... 101H
5.... 101
Cuban A 8 8s
1 09 Vi
Cum T A T Ra
1 80
Del A Hud cv
1 8Rtt
Den A II O 4s
1! 07
5 07M
Det Rdl Co 0s
1 00
Dom Itep'c Rs
10.... 70U
Do Canada'20
2 04
4 04
D da Kemouri
Pwdr 7 Ha
8 08
1 08
Dui Light fls
8 00
Krlo Onl Lien
B 43
1... . 48
Gen'l IClec 5s
6 874
Ccne'l Uleo la
0.... 101 i
2.... 101
Goodyear Tire
A Kub'r 8s
1.... 10174
3.... 10174
0.... 10174
Gova't French
n 7Ha rets
O0H
1.
10
1.
20.
13.
60 M
0
no
00
00 'A
06
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4..
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Wova't P 11 8i
1.... 10074
8.... 101
12.... 10074
1.... 100
2.... 100
O Nthn Illy 7s
Chi A W I 4a
4 5274
1 53
Chicago Mil A
St P cv 44b
1 054
3 054
Olcago Mil A
StP am 44a
10 77
3.
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102
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A M'n M
... 074
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ttud it Man In
0 . ... 48U
8 43
01 434
2 43
III C St U A N
O Jt Bds Rs
12 84
1 814
Ills Steel 4 4s
10 834
2 M4
t M Marina in
1 784
1 78
Jap Gove't lat
fi 80
Jap Qove't 2d
R 80
2 8074
1 80
Jap Oove't 4s
6 73
K Belgium tts
1 05
1 054
K Ilelg'm 74a
1.... 103
8.... 10374
3. .. 10374
2.... 103
K lleleV rets
i.
1.
1014
ioi yt
101 ;
101
101
101
i..
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Kingdom Den.
mark ct 8s
1.... 1 03 U
1.... 103
1.... 1034
Kingdom Nor
way ct 8s
1.... 104
1.... 1044
Lack Steel '50
1 70
L K A Wn lit
1 81
L A Myers 5s
I..... 854
Mex Pet'm 8s
1 08
Mid S A Or 5s
B 77
Mtn St P A 8
Ste M 04 "1
1.... 100
3.... 100
10.... 100
1.... 100
10 100
Mo Pacific 4a
1 54
Mont Pwr Rs
! 87
N T Ctl 34s
5 OS
N T Ctl cn 4s
2 72
N T CentM 0s
1 034
8 03
2 03 U
N Y Cent' I 7a
1.... 103
N Tk Light II
A Pwr 4a
1 00
N Tk Light II
m x'vvr db
2 80
New T N It A
Hart'd 0s
8 54
New Tork O A
Weat'n 4s
1 02
N Yk T4'e 0s
1 00
5..... 57
15 574
St I A 8 Pr
Series A
14 024
a 024
4 024
1 02U
rft I. A 8 Fr
Series U
1 75
1 75
St L A B Vr
Series C
2 00
fit L Sow' n cn
1 05
2 or.u
12 05
Ht L Hw'n 1st
Nfk A Wn 4a St L Sow'n 0a
1 0
fi 00
U K Ort Brit
A I'd 1020
2 60
R 004
1R SO
U 1C Ut Brit
A I'd 1087
1 7071
4 70
4 70
North We'n B
Tel'e 7s
1.... 102
N Paclflo II 4s
4 77
Oregon 8 I 4s
3 884
Oregon S L Rs
1 024
Oregon 8 L fls
S 001
l'ac O A II 61
2(sale) 81
1 81
Pao T A T 5s
1 874
Pack'd Mwtor
Car Co 8a
1 0774
Penna II It 0a
2- 804
1 804
1 80
I'enna It 04s
1 10U74
2 101
0.... 10074
1.... 101
Penna It n 7s
1 ... 101
1...8 104
1.... 104
4.... 104
Pere Mara 5s
2 8274
Pub Ser Cp'n
N Jsy Rs
1 08
Beading Co 4s
2 704
Beading Co Jy
Ctl Col 4s
2 704
Bep Chile rets
1 08
1 00
1 08
It Cuba Ra '04
1 70
Bep'c of Uru
euy 8a wl.
1 00
1 0074
5 004
St L A 8 F nj
4.. .. 084
3.. .. 084
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1 ... 83
0. ... 59
it 07 1.
47 074
4 07
Sao Paulo 'of
Brazil ct Si
1 08
2 07
Seab'd A I. aj
1.
1.
2.
Sinclair
Corp n
n
3..
S'n
1.
25
20
204
C Oil
74s
1)14
01
Pacific fd
78
78
S'n Paclflo 4s
1 .'34
1 734
S'n Pao cv 4s
1 82
S'n Paclflo 6s
1 02
Sutb'n Hly 4 s
1 R8
HXeale) 58 74
20 50
28 60
1 69
Suth'n Bly &
1 8574
Stand'd Oil of
Calif 8s
i . . . . JLM4
8.... 104
4.... 104
Swlt'd Con 8s
1.... 107
1.... 107
1.... 107
Tex A Pao 1st
J 8U
1 80
Third Ave aj
.. 87
.. 87
.. 374
.. 38
Ave 4 s
. . R274
Tidewater Oil
Co ct 074n
6 004
1 00
Union Pac Os
3.... 100
1.... 100
U K Ort Brit
A I'd 1021
H.,... 00
3 09
1 0974
2.
1....
2....
2....
2...
3....
4....
1
R.. . .
2....
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I enct 4s
1 2774
1 2S
1 ...... 2774
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89
80
80
80
8974
89 '4
80 74
80
804
89
8..
2 .
3.
2..,
1..
a..
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Third
100
100
100
100
100
100
U rf Mexico 4i
2 39
V H Mexico 6a
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60
r.o
6074
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2 60
U S Rubb'r 6s
1 7874
1 78
V H Hub 7 4s
1 0974
2 094
l' .1 a Hteel 5s
r. 04
2 .... 04
1 .. . 0174
1 0474
0 05
Va-C Chem 0s
1 80
Va-C Ch 74s
4 014
Va Itallw's fls
1 83
4 84
0 84
Wabash It 1st
1 87
Weat'n N Y A
Pa II P. 1st
8 88
Wn Pacific let
2 804
1 80
0 80
W Union 4 4s
8 81
W U 04s wl
. 100
. 100
. 1004
. lOOVb
. 1004
F. M 7s
102
102
1024
102
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4...
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W A
BU8INE88 NOTES
The firm of Dastlnn A Davis, women's
outfitters, at Fifteenth and Walnut atreets,
has leased the properties at 111-18-15 Houth
Thirteenth street, and will open business
theto next. month.
The reopening of the schools has had a
marked effect unon ribbon manufacturers.
for now again, after a lull of over two,
months, they nre busying themselves sup
Plying the hatr-rlbbon needs of the llttlo
girl pupils.
The popularity of silver belt buckles Is
as great as It was a year ago, and for
that reason manufneturers are designing new
ones every day. The latest to make Its ap.
nearance In the. local market Is a buckle
through whlrh tho belt cannot slip, no
matter how hard It Is tugged,
The humid weather, while not spelling
ruin for woolen manufacturers, retarded
business to a very irrent extent. Virtually
nil the clothing manufacturers placed their
fall orders with woolen houses when the
lines were ready, and while that meant fair
business for the mill owners they have not
had any duplicate orders since. ,
New things for table decoration are In
Venetian glass mado from old designs In
randlestlcks. compotes, etc. They come In
blue. In soft shades which look to bo pale
5 allow or lust old glass, and different pieces
nre decorated with little designs of flowers
or frulta In colors,
The upset condition of (he gray goods
market, which was brought about by the
high leap of raw cotton last week. Is steadily
righting Itself, Yesterday was the first day
since the upheaval that dealers In the un
finished cloth put prices on their goods
and offered them for sale. 0
DIVIDENDS DECLARED
Famous Plajers-Laeky Company,
SIOCK
12, payable
1 to
quarterly
of record
1.80.
High Low P.M.
Liberty 3&S .... 87.30 87.'-8 ST.IiO
Liberty lot -VAn . 88.00 88.00 88.00
Liberty 2d 4i,4s. . 88.04 87.00 88.00
Liberty 3d 4Vts.. 02.14 02.00 02.10
Liberty 4th 4Vls.. 88.20 88.14 8S.18
vict'y .Notes 4is 09.03 00.04 00.0S
RAILROAD EARNINGS
NEW YORK. CHICAGO AND ST. LOUIS
Quarter Ended June 30
1021
Gross fl, 032,559
Net after taxes. .. . l.l.'iv.nto
Total Income 1,189,457
Surplus after chgs. 052,058
Decrease.
November
October 16.
Tonopah Mining Company of Nevada, 8
oer cent, payable October 21 to stock of
record Beptember 80.
NIngara Falls Power Company, quarterly
J 1.50 on common, payable Heptemlier 16
to stock of record September 10. and quar
terly 11.75 on preferred, payable October
15 to stock of record September 30.
Loose Wllos Biscuit Company, quarterly
$1.75 on first preferred, payable October
1 to stock of record September 20. Also
$1.73 on second preferred for period from
November 1. 1010, to February 1, 1017. pay
able November 1 to stock of record Octo
ber 19.
American Oss and Klectrlo Company,
qunrterly 24 Per cent on common, payable
October 1 to stock of rerord September 17
and 14 Per cent on preferred, payable No
vember 1 to stock of record October 16.
Wilson A Co.. quarterly 1 per cent on
preferred, payable October 1 to stock of
record September 23.
II. It. Malllnson A Co.. quarterly 1 por
rent on preferred, payable October 1 to stock
of record September 23.
United Fruit Company, quarterly $2. pay
nhle October 15 to stock of record Septem
ber 20.
American Brake, shoo and Foundry Com
pany, quarterly $1 on new common and 1
per cent on new preferred, both payable
September 80 to Btock of record Septem
ber 23.
Chicago Pneumatlo Tool Company, quar
terly 1 per cent, payable October 25 to stock
of record October 15
National Licorice Company quarterly 14
per cent on preferred, navablo September 80
to stock of record September 23.
Raw Sugar Market Quiet
New York. Sept. 13. The raw sugar mar
ket continues quiet and steady at about 4c,
c. 1, f. Moderato nmount" of Porto Itlcos
are said to be available at that level, but
lellners are showing little interest at th
present time. The Cuban Sugar Tlrrance
'ommlttee maintains l'a prlee nt 8c. c I.
f. The only sale reported on Monday was a
lot of 11,600 bags, San DnmlnKos afloat at
2c. c. I. f.. equal to 4 76c, duty paid, to
the American Sugar Beflnlng Company. Im
portations Included 20,000 bags Sun Do
mlngos to the American Surnr Ileflnlrw Com
pany; 30.000 bags Porto Itloos to the Federal
Sugar Banning Company, and 412 baas Costa
lllcas consigned to nn Importer. The local
refined market Is quiet, with refiners' list
prices ranging from 5.00c to 5.05c. less 2
per cent for cash for fine granlated.
AMERICAN ABATORS OFFER
TO AID SPAIN IN MOROCCO
Tribesmen Flee From Positions Near
Melllla In Face of Offensive
MtMlrltli Sept. 13. (Uy A.-1'.)-Moorlsli
tribesmen fled prcclpitntcly
from tbclr poMtlotiH' nenr Mclllln when
Spnniuli forces there begun their offen
sive yCBtcrdny, said nn official etate
ment here totlny. The Mcorn, dlscon
ccrtcd by tho terrific fihclliire poured
upon them, abandoned foodstuffs nml
everything belonging to them In their
Illght.
A number of prominent aviators con
ferred yesterday with King Alfonso
' relative to the formation of nn aviation
Kquodron composed of foreign pilots, in
cluding several Americans, who haw
offered their services to Spain.
Melllla, Kept. 13. (hy A. P.) Of
cupotion of Huk-Kl-Arahaa has been ef
fected hrilllnntiy without hpnnisn
losses, it is announced In an official
statement Issued hero relative to the
offensive begun ycstcnlny.
Melllla wns a hive of enthusiasm yes
terday, with the troops leaving for the I
front crying "Viva Spnin, Viva King I
Alfonso." General lterengucr, thei
Spanish High Commissioner, placed n I
vcpscI nt the disposal of newspnper cor-
respondents so they could follow nnval j
operations, which were carried out in
conjunction with the milltnry offensive.
CAMP CONFERENCE ENDS i
in
i unitea urug masses Dividend
Boston, Sept. 13. The United Drug Com
pany has passed the quarterly dividend of
$2 per share, due at this time. The com
mon stock was put on an $8 annual dividend
$Ala ! fnvAlt if 1nlfki v1a a aa -
I """." "." " - "'"if 'u iai time It
i had been on a $7 basis. Tho quarterly dlv-
Increape , Idend of 1 per cent on Its first preferred
$1,004,2011 i stock was declared. paable November 1 to
339,045 stock of record October 15. Regular auar.
s.noo terly dividend of 14 per cent was also de-
V. W. C. A. Officials' Meeting
Jersey a Success
Clayton, N. J., Sept. 13. A camp
conference of the Y. W. C. A. secre
taries, club leadera and group and coun
ty director, which was opened at Cnmp
Yowochasko, summer hcndiiiiartcrs for
"GirlH,' of Gloucester, Camden and
Iliirlington coalition, was concluded
here yesterday. The conference wns
well attended.
Mrs. Elizabeth Flcrrinif was the camp
director. The conference program In- '
eluded discussions among association
secretaries und leaders and talks by ,
Mrs. Clarissa Spencer, on the 1". W.
O. A. work in foreign lands, and by i
Miss Mildred Howe, on -'girls' needs in
the present generation. Mrsi Srhuy
ler, of New York, was rrfusical director j
at the camp. Arrangements are being
made for conducting the summer camp
again next year.
CONGRESSMAN TAYLOR DIES
i
Arkansas Democrcat Was on Rivers
and Harbors Committee '
Washington, Sept. 13. (By A. P.) j
Hcprc-entotive Snmuel M. Taylor, of '
Arkansns, died at his home here today, '
after un Illness of several weeks with i
nleiirisy and tincumonia. I
Mr. Taylor, who was sixty-nine years
of age, had been In declining health for
several months and had not attended
sessions of the Houbc since about July
1. He was rnnking Democratic mem
ber of the llivers and Harbors Committee.
rHBHPn
LEBANON
A CITY ON THE AVAP
JANY people think of
Lebanon, Pa., as an
iron-and-stccl town.
Do yoti know that
Lebanon has shoe fac
tories, handkerchief fac
tories, silk mills, hosiery
and underwear mills,
cigar factories, paper box
factories, creameries, ice
cream' manufactories,
chemical plants, etc.?
Other industries will
find a hearty welcome.
We invite you to lo
cate in Lebanon.
ADDRESS
LEBANON CIIAAUlERorCOAMErlCE
LEBANON. PA.
Iff Spruce 8200 j
I
BOUGHT SOLD QUOTED
U. S. Treasury
Certificates
All Issues
M lltlTIKf ItEPARTMKNT
Commercial Trust
Company
Member I"elrral Rrserre System
City Hall Square, Weit
7""""""""'""'''""""""""""""""""'""'"' -'
172,133 I dared on th second preferred ntoc.c, paynble
i wcviciijut: x iu siun. u. recura oveinDer 15,
C. S. PATTON & CO.
3D CIIKSTNCT ST3.
BANKERS
Sucreannra lo
SAII-KIt Si STKVKNSON
Honda and HtocLa bought and nolcl
Memhera I'hlla. Rlook Kxrhnnae
II
''L JI
$1,500,000
THE AUTOCAR COMPANY
6 SERIAL GOLD NOTES
optembv 1, 1921. Due, in Series of $250,000, December 1, 1921, and Quarterly Thereafter
-nd'tatarS? de.","!ntti0n I,r000, uC""bIe " who,e- r y ""- on thirty day.' notice at 101
and .nterett. Interest payable December 1st, 1921, and quarterly thereafter without deduction
of normal Federal Income Tax up to 2.
FREE OF PENNSYLVANIA PERSONAL PROPERTY TAX OF FOUR MILLS
Girard Trust Company, Trustee
rtry3!onr Bridfic.
Pa.
CCL
The making of a supe
rior product is the result
of knowledge gained
through the crucible of
experience. Our more
than twenty years of
successful effort is re
warded by recognized
leadership.
McClintic-Marshall
Company
( enernl OIIlra: I'ltlnhnrgh. Ii
I'lilladejyhla. Morrja Ulile.
Vork Chicago San Francleco
McClintic-MarshaH
SteelBndges $ Buildings
" I
Brsly Bos. & Co,
BONDS
Municipal
Railroad
Public Utility
Industrial
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH STH STREET
PHILADELPHIA
4
We summarize as follows from a letter of David S. Ludlum, Esq., President of the Company:
71,0 m.?fan WM i"corPra(Jed Pennsylvania in 1899, and is engaged, at Ardmore, Pa., in the
manufacture and sale of commercial automobile trucks of iy2 to 5 tons capacity.
'OV5rs!iS l SC ConP,y,i ?uPul Id direct to customers through its Branch Sales and
Service Station., which are located in thirty-one cities.
Over 25,000 Autocar trucks are in use by more than 8000 owners.
The SSSSsS&'n il921' 3hT qr? a"el4 f $6,012,826.28, against
current liabilities of $3,338,847.23. As the proceeds of these notes will be used to reduce
present current liabdities, this issue will not materially increase the debt of the Company!
Inventory 'at Factory and sundries at Branches are carried at cost or at market prices, whichever
plufreigt"' PartS ranCh" arC Carn'ed at the 3ame vlans a, 'at Factor"
"""'to SUT ha ?dUCCi IiabiIit.ies $916,325.16 during the first six months of 1921 and plans
andP Baches? " """ the ,uIdatio" of P ' inventories acTy
The Indenture vsecuring thest notes will provi de that
Tpe Company shall maintain quick assets equal to not lea. than 150 of the
amount of ,t. current liabilities, including the principal amount of these no?e. out.
standing and any F.r.t Mortgage Bond, maturing within six months.
' .n,n? i r "". occ.ounUJ "celvabla shall equal not less than 50 of the face
amount of these notes outstanding. race
- -N MiBBBe h"" b. pUced. n "y of ihe P""nt property of the Comnanv
or .t. .ubs.diaries, except.ng an improvement morta on the nroo.n. -! f7m.P-?"y
The annual net factory sales have grown steadily from $1,017,052 in 1909 to $11,266 690
1920: sales for the first six month nf 10.01 -t Acr- ' 'Oo,ou
, . .. were i,'ioo,ujo.
Annual net earnings for the past three calendar years have averaeed ove. ftQR nnn r. ..
ance for depreciation, but before interest mdTKM"0 M"T
justment in values, operations for the first month of 1921 ,nnvT B i ! c1 read'
1921, however, the Company has been ISolA'T S,nce APril.
ticipate, that earning, for the year a, a'whole will Toe ihtSZT' "'
TheS 10 upon the
tion to stock dividends. 3 inU hasp'fe -
i
1
1 I
i
iy cAPtTAL55oaooaoou
If SURPLUSIEARNED) 11
! If 2'000-000-0 JI
! o&Spring6aTrJeny
in
The books of the Company have been renularhi atidittrl hn ir...... r..i. j t
j Legalities in connection with this issue "of Note are subif, Z tLV " R,e8, r0fl- and Montgomery
Bodine and Stokes, and J. Howard lUbcr, Eal,iounte?ftrnL,! aPPrj of Messrs. Henry, Pepper
andMcKcehan, Counsel for the Bankers. 'J ' the LomPanV. ami of Messrs. Robert, Montgomery
SUBJECT TO PRIOR SALE WE OFFER THE ABOVE NOTES MATURING AS FOLLOWS-
Marchber V IS!? 1 y-CU ' V ' T4 September 1, 1922, to yield . . 8i"
1 J' Jo??' l y?eN 8 December 1, 1922, to yield v
June 1, 1922, to yield 8 March 1,' 192 to yield . .' 8
Montgomery & Co., Inc. Redmond & Co. Brown Brother & Cn
133 Sft ?i?h SL Broad and S St.. Zl td CH ? .
Philadelphia Philadelphia p"1 Sl''
t A?U,n an, .laustlc. .a, bttn oM.,n(d (rom uf(. ,. , ,
i1 '
VICE PRESIDENT
Coolidge says: "He who
puts money in a bank
improves his own condi
tion, benefits his com
munity and becomes
truly a pillar of the
State."
He might have added:
He who is saving money
is going up hill. He who
is not saving or is spend
ing even a little more
than he is earning is go
ing down hill.
Open a Savings Ac
count today with
NORTHERN TRUST
COMPANY
and begin going 'up hill.
You may withdraw up
to $100 at any time
Without Notice
I
I
ClU.Clarkeo.
IIAMUtH
Dealers in
Investment Securities
l.mbfra Ktw York and PMtadtlpMo
Stock Uichangu
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LOMBARD I1M
KaraMntt Main 711
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