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EVENING PUBLIC LEDGER PHltADfiLPHIA, TUESDAY, SEPTEMBER 13, 1021
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55,000 Baldwin Locomotives
Baldwin Locomotive No. 55,000 has recently been completed and
will shortly be operated on the Atchison, Topoka & Santa Fc
Railway, ono of the greatest systems in the country, operating
closo upon 12,000 miles of track.
Baldwin Badge Plates are to be found on locomotives throughout
the entire world.
The Baldwin Locomotive Works
Philadelphia
Statistics show that estates of $5000 and
often times more are dissipated in a few years
where there is no trusteeship. We assume tho
responsibilities of a trustee, which assures the
future Of those VOU Wish carnrl for. A mmnHfl.
tion with us may set your mind at ease on many
of your financial responsibilities.
THE REAL ESTATE TRUST CO.
OF PHILADELPHIA
Broad and Chestnut Sts.
EXPORTERS
Wc Can Help You
We receive an average of 250
letters daily from Buyers,
Brokers and Sales Represen
tatives all over the world who
are anxious to handle American-made
goods. We can put
you in touch with them.
Don't you want this service?
These inquiries propoir as settle
ment find against bill of tatltna
or short credits against bank
guaranty
Our organization include men who
know the Export Business in all its
Ehnsee. We analyze the export possl
ilitlcs of your products, and furnish
complete information on anything con
nected with foreign trade.
Don't you want this service?
America" rfoo.ts icorth buttons are
bcinv shirked every year to foreign
latrrfx It c can help von take your
sluirc Don't you too nt this sen ice t
Our Translation Department
Intelligent translation of business lit
erature for the Export Trade Is an
absolute necessity. Literal transla
tions ore often absurd We furnish
most dependable translations from and
Into any foreign language. Write to
day for further information.
TRANSATLANTIC EXPORTERS
SERVICE CORPORATION, Inc.
7210 Pershing Ave., St. Louis, U. S. A.
I'lNANCIAL
PENNSYLVANIA CENTRAL UKCYVINO CO.
Fidelity 'Irust Company Trustee, units r
the mortgage of the Pennsylvania Centra,
brewing Company, dated October 25. 1SD7.
Invites proposals (or the sale to the said
Trustee ot all or any part ot fifty thousand
dollars (150,000) ot bonds secured by tht
said mortgage, proposals to be addresssd to
tho said Trustee at Its office. Nos. 3'.'5-33l
Chestnut street. Philadelphia, to be opensj
and acted upon Thursday. September IS
lMl, nt 13 o'clock M.
KIDKL1TT TRUST COMPANY Trusts
W5I, P riEST. Presldtnt.
PhltsnelnMs,. Aunist SO ;21,
IF TOP CAN' lneet :'no todoy and ISO n
month for ten months ou can associate
yourself lth an International chain store
organlzaf'on which Ij paying dividends
guaranteed no service with It
V '"SS. LEPORll OFFICE
Pminnts
depahtmlnt or rrni.ic wokks
III'llKAl' Or' 11 Hill WAY
Ruom T.V., I'll? Hall,
Philadelphia
PHF.D C DVNLAP.
Chlif of Itureau Sept. II 1021.
Sea ed proposals will be receled and
Opened In Room 21H. Cm Unit at 12 o'clock
noon, orntembrr 23, 1U31, for:
OHADiNO
ASPHALT PA VIVO nssmf nt workl
VITKIFIKD HI.OCK PAVING (assessment
work
SMooTH-rnK.F.r granite block
PAV NO (assessment work).
SMOOTH DKKS.TJD GRANITB BLOCK
REPAVINO
SHEET ASPHALT nHPAVING.
IIKDIIESSED GRANITE III.OCK RE
PAVINO DEMOLITION OF IIL'II.DINGS ON LINE
OK DELAWARE AVENl'E
ri'HNISHING AND APPLYING HIT!
MINori MATERIAL
ri'RN.SIIINO AND DELIVERING
BROKEN STONE
REPAIRS TO BRIDGES
Ft'RNISHINO AND DELIVERING MO
TOR-DRIVEN FIA'HHERR
FUIIVISHING AND DELIVERING JrO-TOn-rmiVEN
ASH TUCK8 (fl cubic yds I
FURNISHING AND DELIVERING PACK-
AJID OR MACK. JIUTUIITHUCKS (.'i ton).
FURNISHING AND DELIVERING Ilnl.T I
AriTinTl.T..iT TnifTfivm vfi-ri? cvrtw i
FI.OW8
FURNISHING AND DELIVERING MO-TOR-DniVEN
STREET SWEEPERS
FURNISHING AND DELIVERING 300
HORSE3
FURNISHINO AND DELIVERINO I.mi.
BEn.
FimNISHINO AND DELIVERINO CE
MENT. HAND PERRLES AND SLAG
rURNISHINO AND DELIVERING
BUILDING I1RICK
FCRNISIUNO AND DELIVERING
PAINT.
FRANK II CAVCV
Dlri- to
Inquire at Room 535 "lt Han
PROPOSALS KOK IIAI.MnU.s. "oFriC'K
of the CumrcundlnB twin r Pi I h Qu.irtfr
master Intermcd ate Depot Ph'la Pa.
Sealed propose. s In triplKa'e will b re
ceived her until 10 A. M. istundard Time),
October S. 11)21, for rurnlxh.nu all or any
part of 05 000 raincoats. Information on
request
Speelni Votlre
KZS TAKE NOTICE THAT THE TRVS"..
-y f book ot the I. ike "-itperli.r I or
pornlloi. will 1m c os(1 from 1 r c rk In 'h
aftomo in of September H. 10J1. tt
o'clock In the forenoon uf October 1. I'm
for the purpose of hn dlr.s the iinnuji n .t
tnff of tho shireholilers
ALEXANDER TAYLOR
Sr rret.irv
Dli blends
PIIIIUIEI.P1IIA FINANCE CO.
VVEKJHT.M AN lU'Il.DIM,
The directors have iletlnied h r, tfijlar
quarterly dividend of i'c on the prefin-l
A' sio I: Wi'r on the preferred V
atock anil 10p per share on the romrnm
atnek payable In cash, and nn ixira
dividend of o ft-0 un th' i i.i'imnii .i . , .,
payable in rommon Ktoi It all dlvld'tirls ju.
able Ortobcr 1, I Ml. tu slockholders of
record SeptemU'r 17 1021.
CheckB and certiorates represent mg itur-w
dividend will be mailed.
rilAItlESA ScmVENk
Trasuror
AUTOMIlllll.F HAMvl.VCi COIIPOK TION
Plilliidrlplil.i. Pu.
At tie resular Septemler meetitiK of the
Ilonril of Directum uf this corporation (he
quarterly dividend on tl.e pieferred shnres
has been declared puvable us of Septrmber
,SO. at tin- rute of Hr,'c P) annum Hooks
closed September 3d n P M Cheeks will
be malied
P R VKI'MAN
TreHnnrer
ACCKPTAX K A PIN NCI, CORPORA HON
Plil lldelphla IS Sept 11 1112)
The Heird of Directors uf thl corporation
his declared a quarterly dividend of 2V4r
on preferred stock and also a quartern
dividend of 3Tiv per share on Its mmmon
atock riv .b e iu all stockholders on record
as of September 20 1021. Checks will be
mailed Orlobrr 1 mil.
W T Sl'LLIVAN
Treasurer
"" OFFICK OF
THE ('. II (1F.1.ST COMPANY
l,NII TITLE lU'll.DIMI.
PIIILADEI.I'IIIA. PA.
September 12 1021,
T e Directors of Indlannpntis Water
t.i' Securltlss Companv iiave thin day
declared a regular semi annual dlvlilend of
three am) one-half per rent 0.1.110 iter sh.irel
on the preferred stock of said rnmpnny pa.
able Orlnber I, 1US1. tu h'odtrs of aatd
preferreil slnck nt record on the books of
the caxipany t the- close of business aep-
riivsismi., lui. ihhihs win ui uioseu from
ten' 21, 1021, B o'clock P.
skB lU!t in n'etnelf A. Uf.
u.. to
Clucks
lad.
C.T- " r
1
Estates of $5000?
&
ijN,
END for this depend
able market review
Investor 4 Trader
V , (
This week 's issue contain
special articles en
United Prof. Shar.
Producers & Rcfs.
U. S. LiRht & Heat
A. U. C. Metals
and other stocks
Market and Business
Conditions
-If k for TU-4SS
fc
What stocks interest you?
PHILADELPHIA OFFICE
Widcner Building
T,t.r,t,-,. Bell - Locust 4730
Telephones Kcyltone .RaCe5B61
BALTIMORE OFFICE
433 Equitable Building
Telephone t St. Paul 845 1
Direct Private Wires
New York Cbieaio Boiton I'bllidelphli
Plttiburfb Detroit Biltlmore Cleveland
Jones &. Baker
Members 'NewYotk Curb Marfcct
SALESMEN
C We distre to secure the scrMces
of two (2) of thp best bond sales
men In Philadelphia to handle tho
hlphest frrade investment bonds.
f The arrangement we contem
plate making Is straight commis
sion, on a very liberal basis
T We will only be interested in
hearing from hlg producers, who
have an established clientele and
know the bond selling business
from A to Z.
" This Is an exceptional oppor
tunity to become associated with
a fast-growing Xew York and
Philadelphia house, which Is being
built up on conbtrvatlve principles.
I Send us full information about
jourself All letters will be
considered strictly confidential.
ddrcss C 117 I-edger Office
Terre Haute, IndpU. A ljiMern
lerre llniitr Traction A l.l-'lit
rorurusr I.leht 4 Power Coll.
MIcIiIl-mm Its .vn A Klrctrlc
Ixiultulile III. (i.is I.lnlit t".
AVrlsbuch Comiunv toll.
Pennsilvnnla It. It. fonsol,
$outli Carolina & GeorKlu . . .
as inn
ns io 1 1
AS 10.11
.us ios;
as ions
SS lO.'il)
.4Wh moo
. SS 1020
3S llttT
S"""' "."'. ..?. i"
"rrnaii '.1,!,utl,,t
I'nrtlunil Ralluuy. Lt. & Power. .7W 10411
Penn Public Service Corp. . OS 1021)
SAMUEL K. PHILLIPS & CO.
Members Philadelphia Stork Kichanie
SOT CHEHTNTT STRF.r.T
NORTHERN CENTRAL
RWY. 425, 1925
MORLEY, WOOD & CO.
333 Chestnut Street
Member N . & I'hllil (orU P.tchS.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
loso rem ir.vrn Tin t iii.imi.
In'i''1 ,r '' '1)uut iri ration and
pu-" rsl ' unia jnd 'irt-pare income
In I'M inn
PENNA. TAX FREE
SECURITIES
PAUL & CO.
1421 CHESTNUT STREET
Phila. Elect. 6fr Notes
Feb. 1, 1922
HARVEY FISK & SONS, Inc.
Land Title Bldg., Philn.
New jr I a l iff , ., Jj K0n
CASSATT & CO.
Investment Hankers i
lOMMl.Itl I A I. TKltr Ill.Uli. I
Plilliiilrliiblti
Vik iMi'imira H runun I'utsburBh
Newspaper, Trade Journul.
Direct Mull nml Ml Olhrr
Forms of
ADVERTISING
Planned nnd Kiecutetl,
If. Alt Till II
ttNGLEMAN
S1 Tronsportutlon llldp.
HYDRflULICO
mntf
We are equipped to do the
work at your plant and save
you the expense of long tie-up.
Plmne V tl. IDlt and .M In 3111
EmflrrW,UIl."
IX-2a V.BMIIN ST.
hiimiH EJfHBI
10111 (K
Utile IV
1411 ti
RS
J fsWlrssrUd,Ws" i jl
GOSSIP OF
THE STREET
As every little bit of good news
eotintH by renion of the painfully slow
progress of the reconstruction program,
there were crumbs of comfort to be
found in the1 statement published yes
terday covering the foreign trade sum
mary for August. This showed an In
crease In exports of approximately
$o4,(X)0,0(K) nnd Imports of about
$17,000,000. Tho gain, It Is true, was
small, but, In lino with similar slight
improvement shown in different direc
tions in the domestic situation, went to
show that the wind was blowing in the
right direction. When comparisons are
made with a year ago, the results are
not so encouraging.
The month's total of exports of 5.175,
000,000 contrasted with $578,182,001
wan the corresponding month of lllJO,
while the imports total of Sll) 1.000.000
compared with 551U,111,4!)S. The col
lapse of the foreign trade is even more
strikingly revealed In the eight months'
statement. when exports totaled
$.1,230,0S7.224, against $5,473,303,5IW,
and imports totaled $l,0i),'t,2Ol,2UU,
against .S't.001, 723,0113 In corresponding
period of last year.
A Flimsy Hull Argument
Dining a discussion of tho market
situation jesterday In the boardroom of
one of tho prominent uptown commis
sion houses, one of thn Inmllntr tlnor
traders on the big board, who dropped
in to pay a short call and who Is gen
erally known for his bullish proclivities,
caused general consternation In express
ing doubts as to tho permanency of the
market upturn.
"Thcre is no doubt In my mind," lie'ucts for the purpose of liquidating their
said, "but that the big bear party hndi obligations with interior bnnks whereby
their lllng and have lost their grip on such banks arc abje to correspondingly
the market. There is nlso no doubt In reduce their obligations at the larger
mind but that the downward movement, centers and build up their balance. Such
was overdone. Neither is there the
slightest doubt concerning the improve
ment in the general situation. No sen
sible peron is looking for any sudden
outburst of prosperity, but rather looks
for a healthy and grndual improvement.
Admitting all this makes for the con
structive side of tho market, yet I feel,
if a major movement in the market has
no better basis than the transformation
of home big individual trader from a
rampant bear to n 'spread eagle shouting
bull is surely not starting out on
very solid foundation. It is rather a
confession of weakness and shortness,
of ammunition on the part of the bull
leaders. The matter may only be co
incidental to the reversal of the market
trend, but still the incident has been
i played up entirely too strong to my
liking."
Godsend to Uio South, But
One of the financial news bureaus
.scstcrday published the following ex
tract from n letter from the heud of
one of the 1 trgest commission houses
to Ills Southern customers :
"We thauk you for your courteous
telegram on tho subject of the advance
in cotton, and while it is alarming
from n manufacturing standpoint, what
a blessing It is to the entire South. It
means the rehabilitation of this sorely
stricken section of the country ; it means ,
-
fPLUMBIMG.HATlgJr
IV 524Walnut St. J'J
JOBBING A SPECiALT I
, JMKES rW. fffLVfV CO.
, LUMBERS
Wall Boards Tar Roofing Paper
We Deliver SV..t.,
IIC UOIIVt,! Jht TIME Jon want 11
! Otftom A Tmrtt i.iiitii :. i.i. dirurtUn.
UNION METAL
COLUMNS
For Porches and Pergolas
SHEETROCK
WALL BOARD
IS EASY TO ERECT
PEARCE FIREPROOF CO.
13 ili Arch St., Phila.
W3GKER FURNITURE
MADE NEW
Our method I.i entirely
netr our cost smalt
Fin" variety of new
Reed . Wil ovv Turniture
all styles arid colors.
Repairing Ileflnlshlns;
Iteileooratlne ThU Choir
$12.00
it is Heed or Ifillou; u'e moke it
L. C. KIRCHER & CO.
Manufacturers and lirtatlern
1810 CHESTNUT ST.
. r.Bllmates Cheerfiill) dlirr
PHILADELPHIA
NEW YORK
LIMITED
Inuirporited
M I hf.ti O ll.lltr. Presiif, at
Certified and Bonded Carriers
NEW YORK
lfll-6 Perry St.
v.1. .liking 7.147
I'll I LA DELPHI A
Front & Richmond Sts.
Ivi nolORlmi 3.1KI
(".''
Stsnda Tee
Wood Products
ol'tb
Better fynd
Gerrj'co Household
Products Are
Everlasiinff
--and better thun ever if
they are Gorryco. Every
ir.rndc of (Jerryco Wood Pioi-uct.-t
maintains the old-time
stanilatds to which our im
proved method of handling
nnd drying add appreciably
to the quality of the finished
product.
Cedar Client Saw tin Display
Frederick R. Gerry Co.
MUIWKOOM
, 1835 Market, Street 4
II
liquidation among the 7000 banks of
tho South; liquidation nmong the farm
ers nnd the payment of long overdue
accounts! it means n sudden Increaso
in their assets of perhaps a billion dol
lars, but more than that where there
was despair nnd utter discouragement
It has turned to encouragement nnd
hope In tho future, with which tho
whole country joins.
"Certainly the wicked cotton specu
lators In Wall street Avho have used the
lato Government report ns their oppor
tunity nnd who have won nnd lost mil
lions for themselves nnd their friends,
have done a great service to the South,
and I am only hoping that some simi
lar enterprising gentlemen will turn
their attention to another staple prod
uct which hns been even more acutely
depressed, that is sugar, and bring
about similar results for the countries
dependent upon the prosperity of this
staple.
"Tho slogan goes forth, 'God bless
tho benevolent gamblers in Wall
Street. "
Farmers Reducing Their Obligations
Some receding is noted in money
rates In the West, although this Is
thought to be only temporary, ns it
must be borne in mind that due consid
eration must bo given to credit require
ments for ngri-ultural sections ns well
as to cenernl business in maintaining
production in keeping with public ne
cessities. The increase In reserves nt
times nt the majority of Federal Re
serve bunks hns had n beneficial effect
on the general financial situation, hut
it has nlso caused members of the insti
tution to adhere closely to conservatism
In the wiy of loans.
One of the satisfactory factors In
fnnneinl circles is the attitude of farm-
Inn communities to market their nrod-
a move on the part of a fnrmer is di
rectly in contrnst to his manner of in
difference lor the last year or two.
Rroadcr Ruling on Oil Paper
More liberal ruling by Federal Re
serve Hoard in the matter of oil paper
which is eligible for discount has met
with the general approval of oil men.
according to the Wall Street Journal.
They look upon the step as one which
was needed and which will put the
business on n mos liquid basis. Under
the rtiiinc. oil producers ran consider
.oil stores and supplies ns quick assets,
while seltU'd production can be antlei
pntetl ninety "lays ana piaceu in the
same category. Loans made on uch
collateral ore then eligible for discount
nt the reserve banks. Previously these
assets had to be put down as fixed
nnd pnper on such collateral was not
eligible. Similarly, refiners of oil are
benefited by the ruling because Inven
tories may now bo classified ns quick
nsscts Instead of fixed, os heretofore.
Paper with oil inventories ns collateral
Is now eligible. Another factor In the
ruling is that In the future oil men
will not have to declare the purpose
for which they are borrowing money.
In the past .in oil company borrowing
funds wns asM the purpose for which
it would be used and if it was for drill
. W(,iih th(. riPrVD bank 'would not
discount the pnper. This was based
on no- interpretation oi tne nnnsas
City board that money spent on drill
ing was part of capital account.
fine of the innjor independent pro
ducers points out that these rulings will
1 nrtlcularb benefit the small oil pro
ducer. Ills borrowins facilities were
rather hindered, to sny the leost, by
tho fid that his loan on stacks cf inn
ti rials and supplien and anticipate!
production was not eligible for dis
count Duo to the nature of the busl
ness, producing compnnies have little
that could be clnttl ns quick assets,
under the 3ld regulations. In some
I nunrfi's it . believed tli.it the present
)iii'ings mark only .lie beginning of
inure lihi'iul incs. which may be expected
later oi.. It is pointed out that If set
' tied production ""an be anticipated for
iiinet; d:is Mild the lo-in ln.tde elicilile
i i; would nlso be possible to anticipate
rcttlod !)iodtiction. on a conservative
valuation, fur six mon'hs or a year and
enlargo tho borrowing capacity of the
producer. THK TRADKR.
U. S. Certificates and Treasury Notes
Int M
Rite
r.4 Ort .
.1i Oct
t"rt n-o .
St IVb
t'S'i Mnr.
tr, Mar
ir4 June
Mi Aug
Maturity
uatf
, l21
ll21
. 1B21.
1922
Il22
1022
11122
1H2S
Hid Askeil Yield
inn 1-32 100 3-32 4.30
. . . .100 1-1U 100'jj 4.2.'i
. ...lKOS 100W 4.02
...lOO'd lOll'i 4 R7
100 3-32 100 S-32 4 8!V
100 B-10 100 7-111 4 HI
100 U lOOVi n.on
1OO3-10 loo s-inn in
loo's ioi n.ai
Normal Federal Income
t.1 June
Exempt
Tar.
1S24
frum
Acceptable for pavment of Income Tax
due on date of maturity.
j Quality 1
I in Bricks.
p TrvVER since William Penn ft
ft ii u' tno "ttle nouse T'c" i
p tuied above, Philadelphia !
has made the bent brick? in H
the world. Great industrial S
concerns like Disston's, Stet- s
son's, Plumb's, Foerderer's and a
William Steele & Sons know, fa
their nunlity. and have used H
1 millions of our bricks in the S
1 great mills and other build-
ingr, that have r.mde Philadel
p phia famous.
I And yet some Tr.ople, fol
fi lowing a silly fashion, will
send to other Mates and get
inferior bricks, soft, crumbling
and defective, often artificially
colored, and pay more than
the price of tho standard Phil-adelphia-made
bricks.
jfi Good brick is the cheapest
t4 firo.nrnnf liiillrlinre mnfprlnl
U known, and Philadelphla-mnde B
p hricl is tho best. Builders can
S have all the variety of color g
H and marking that is found in m
any brick, and it is burned H
into the whole brick, not g
merely put on the face. B
When you want nny Information a
about hr cHh, tlitlr Kinds, color3, H
fiualltles. stylos uhcs or prices, the H
Iirotluctp of illffernnt mnkern, how g
competent architects, tiulldcro, en- M
(.'inters, etc., call up either of our i
olllcea, y
KEYSTONE RHICK CO. 1
Oodfrey K. of 21 HI Pike. Fkfd. S-31 H
F. SEITTEU'S SONS H
Nlcetown I.tiae 1 a Ht Kens, 6B-(17
II. M. & C. B. SINER
Church and Tacany. Fkfd. J4.3U
JOHN H. EARLEY
Nlcetown IJine A IS. at. Ken. M-OS
Liinmumiii;iiiT,HinnTniiun.niiniimnuminiimiH:mniFitnmi'iJiijniiiiiiiriiT;iim!
CAR TRUST NOTES SOLD
Funds to Be Used by Government
for Railroads' Benefit
Woshlnston, Sept. 13. Sale nt par
nnd nccrucd Interest of $7,500,000 par
vnliio of railroad equipment trust cer
tificates held by the Government, with
tho npprovnl of President Harding, was
announced by Director General of Rnll-
ronds Davis. Tho certificates were
bought by Kuhn, Loeb & Co., of New
York, through the War Finance Cor
poration, which handled tlio sale for
the Railroad Administration.
The equipment trust certificates, the
corporation said, bear Interest at 0
per cent per annum nnd mature seri
ally from 102S to 10.1i, inclusive. The
securities sold were In equal amounts
of 51,1500,000 of the following railroad
compnnies : Atchison, Topckn nnd Snnta
Fe. Chlcniro. Hitrllttpfnn nml Oulnev.
Jsorfolk nnd Western, Ccntrnl Railroad
Company of New Jersey and Southern
Pacific Comnanv.
Sale of these certificates, It wos ex
plained nt tlio Trensury, vns tho firBt
of n hcrics, n the Administration is
planning to mnrkct blocks of ns many of
the SHSO.000,000 worth of car trust
securities held by the Government ns
can bo disposed of nt pnr. Funds real
ized from these transactions, It was
said, would be turned over to the Rail
road Administration for the benefit of
the railroads.
Financial Brief s
The Avernso srlco of the twenty acttve
Industrial stocks declined 1.24 per cent
voslerduy to 70.(18, while the twenty rail
roads declined 0.18 rer rent to 73,23.
The nand koM oiitnut for the month of
August nmountrd to 711.000 ounces,
. -nj 'ntfstAtc Pommerce Commission ap
P,rvpd n lonn of Jl noo.OOO to the Western
aiarylnnd Jlnllwny Company to enable that
carf. r. ,0 enlarge Its Krnln elevator facilities
at Port Covlnnton Terminal near ilalllmoro.
'n..Vleflr,M Vrn m(""n of 1021 Lehigh
ii.v nnllroad expenditure for mslnto.
J. nn l'"ene of vlrttially J4.000 (100 '
or 32 per cent over tho rame period ot 1020. I
fn? ,1. 0,n '5 "' Ixu'" ftn'I Snn Francisco
th- ii.t r'" ,ev'n mnths of 1021 'was
ih LV8". ou'r. 'nrnd In that period, with
tho 7;eptlon of 1020 Compared with last
rear tho shrinkage In gross was 13,372,704.
?-... p" ccnt- Net however, was tho
largest ever reported hy the road for the
hl.'e""'"1 months of tho ear Frisco
V.... ?r ome time been conspicuous for tho
ay in which Its earnings have held up.
even under the trylnc conditions and high
expense ratios of 1020.
eTu l'l"S-OverlnniI Company has paid
?.aiiaut 1 "','" ot " outstanding borrow
JiS!,JTom ',an.k"- was learned In banking
.-.. estrr',2S'A.Tnn "mount paid was
"Vft'''l0.0'000 out of bink loans
of JlH.nooooO After that cash payment
tne company had a considerable amount of
cash, eav nearly 17.(100.000. In lis treas
ury, on hand or In banks.
sn"hU.p,P en Corporation as of June
S?.r.R1Jrt47 ,0S ln ca"n- f300.250 In United
States (lovernment certlflcates. and '13,180.-
uuo inventories at cost. Total current as
sets i amounted to IB, utflOS. Current lla
bllltles wero J2 72.1,. 127 comprise,! chleHv
or ordinary accounts payable, reserve for
taxes, etc. Prodt and loss surplus January
I last vi as carried nt H, 000, 101 and In
creased to $4,831,707 on June 30, 1021
The. Increase of $231,300 represents net
profits for tho first lx months of tho cur
rent vcar, less dividends paid out.
Tho Japanese oovernment has notified New
j?Ik hanker,, that It has redeemed 2.730.
100 of first series Hi and 13.013,140 of eec
ond scries 4'4 per cent bonds, a part of
which were sold in this country.
Stockholders of Syracuso I.lehtlnr Com
pany, a- subsidiary of the t'nlted Oas Im
provement Companv of Philadelphia, voted
Increase of from $4,000,000 to 10.000.000 In
authorized capital stock of company. The
additional capital Is to consist of $2,000,000
S per cent cumulative preferred stock.
Vanadium Corporation showed a net In
come before depletion and depreciation
haws in thn six months ended Juno 30,
I0J1 of J80.013. J. Loonard Heplocle. pres
Idem, told stockholders at the annual meet
.nc Monday. After charBlnc off $140,004 -for
depreciation and depletion llrst half-year
showed a total deficit of J(i(),2l. added Mr.
Hepliiule. Current assets ns of June 30.
said .Mr Ileplogle were 14 1111,130. OKalnst
current liabilities of $27.0118 These totals
would leave a net working capital of $4.13(1.-
In the six months ended June 30, the
I'nlted Druit Companv oarned net profits
after taxes of $1,101,303 before preferred
Hll'ldnn.ta unH In, n.,a. hn..i.a. A. ....
........ ...,(. .,,,., in,,, vol ,., T-n. rfllt.T, UV" I
due Unit Interest charces for tho six months,
the luliince Just rovers the semi-annual dlv- I
laena oi ;m per cni on tne Ji,;i2l.mi0 nrst
preferred stock and .1 per cent on tho $lfctl,
100 second preferred stock.
Although WnshlriKton advices state that
Iho $0011,000,000 of new Oovernment cer
tificates ond notes have been subscribed,
books will remain open mil Thursday The
quota of the Third federal Reserve District
Is $42..inn.dU0 and subscriptions to date are
at least four times that amont On tne pre
ceding Issue of cortlficites dated Autrust 1,
the third district, on n uuola of I21.1HO.000.
nn up subscriptions of (201.315,000.
The lianque Franco Serhe, In Ixindon an
n"Uncei a new Serbian loin issue for .".Oil,.
00(1. 001) klnara nt par he.irlmr 7 per cent In
terest redeemable In fifty vears by drawlnir
or ro.iu'Chaso Interest, p.oahle hJlf year.
Th Union Trnctlou Company's annual
meeiinc will bo held Sept, mber 21, nt 11
A. M at the offices. York road and Lu
zerne street.
Treasury Offerings Oversubscribed
Washington, Sept. 13 Secretary Mellon'a
offer of $000,000,000 In Treasury notes and
certificates dated September lr. has been
fully subscribed, Treasury officials said
Preliminary reports did not Indlrate the
amount of tho oversubscriptions, but the re
sulfa of the Oovornment's flnanrlne were
considered very satisfactory by the Treasury
The condition of the money mnrkct lrelleated
h tho absorption of the heavy Issues of
(iovernment securities nt reduced Interest
rales. hlKh officials declared, mlnht nreun
the possibility of a further reduction In Fed
eral Heserve rediscount rales
Liverpool Cotton
l.lirnol. Sept IS, Thre u. a con
tlnu tig rt' mand for spot cotton tinU, but
prlrew w re taster on the basin of u decline
nf (13 iiolniB for inlrtilllnB lit IU NId The
sal.s rn IT. OD0 biles. Th" receipts wer.
Ill O0I1 b.ilis IneluilInK 1-' 1100 balen Amer-
ii nn Futures wero easv ln the ctrlv Ueal- 1
InKs Spin prices were Anvrlcan mlrl- ,
illlns (sir tr. r.Drt Koort mMrtllnu, 13.BSI
f'lllv ttll.l.llinK I'l L'llil rnlrlelllnu UHld
ln ni.liiini. I JO lil iMod ordmurv, lU.OOii
unit "1 i irj 111 'Jlil
WATER METERS
For Voluntary ond Compulsory Servlcst
PHILADELPHIA METER CO.
IM2 Real Estate Trust Bldi., Phila.
NAILS
Edwd. L. Hand & Co.
321 AUCH STREET, PHILA.
Established 1802 Both Phone
William R. Chapman & Son
1506-08 Washington At.
MASON BUILDERS
ALSO OWNERS
HIE rilll.AIIKI.I'HIA IlltlCK COMPANY
CupneJty of 30,(IOU,OUO prr annum
Kerbaugh Lime Company
Uullilsr' Suopllfs
John T. Dyer Quarry Co.
lliiklnrhN i:t.ililllinl lllfll
BIRDSBORO
TRAPPEROCK
Harrison Bldg., Philadelphia, Pa.
WHEN IN THE MARKET FOR
Steel and Iron Burs. Rolls, Nuts Rivets,
Washers, etc
Immediate DelUcry Krom Slock
T
PlDEMTi
DONNELLY :C
LtZJV VI.. gr
OMPANY
reet
LITTLE
BENNY 'S
NOTE BOOK
By Leo Pnpe
'Me nnd Sid Hunt wuntcd to go er
round nnd get a lee crecm cone yts
tldday, ony Slds little brother Bert
was there nnd wc dident wunt him fol
lowing us, so I winked nt Sid, saying,
liny Sid, has the mnn came crround
yet giving out samples of candy?
No, but Im goinc to wato hcer till
he comes, nil rite, sed Sid, nnd Bert
quick sod, wnt man, wni ennuy, wnw
G, dldcnt yoiv heer, holey smoaks,
Bert dldcnt heer, sed Sid.
Holey smonks, he must of bin asleep
nt the switch, 1 sed, nnd Bert sed,
Wy, wat? Wat candy, wat man, wat?
Thorcs n man coming crround this
nftlrnon giving out samples of candy,
nnd nil you linfT to do Is wato for him
nnd you'll get one, I sed. t
Well how will I know wlch man It
Is? sed Bert, nnd Sid sed, You enn
tel him by the snmples of candy, alnt
you got cny scnts?
And him and me started to look up
nnd down the street ns If we dldcnt
know wlch way the man was coming,
nnd after n wile 1 sed, Well I toll you
wot, If wo all stay heer nnd wnte for
him wo mite miss him. lets you nnd
me wnte crround the corner, nnd Bert
can Itecp on wniting necr, nnd then
wlchcvcr way be comes somebody will
bo sure to see him. .
Wlch me nnd Sid started to wawk
down to the corner nnd Bert stnyed
there looking up nnd down the street
anxious, nnd as soon as me nnd Sid got
crround the corner wo rnn to the Ice
crcem cone p'oce lnfilng like rnythlng,
nnd nfter we hnd ntc our cone we
watched 1! men painting 3 ladies on
n wall with letters saying Wear Hem
stitch Corsets for n Permanent Figure,
and then we went Onck ngen nnd wnt
dld'llcrt have but a hat full of little
24-Hour Delivery on
Rawhide Gears Up to
7J" Dia.
ACME GEAR CO.
N. W. Cor. 7th & Wood Sts., Phila.
DAMPPROOFING
and WATERPROOFING
problems solvrd. Hrsiilla Kuarantred,
CRACKED PLASTER AND
STUCCO WALLS
economically repaired with
MORENE PRODUCTS
Srnd for nddlllonnl Information,
THE ARV0N COMPANY
Heed Building
Hell I.nriit 0008 Keys. Race 0150
l
EH RETS
SLAG ROOFING
EHRET ROOFING &
X, MFG. CO. a
DREXEL BLDG. P
C. A. G.-
1922 Prices Now in Force at
GILLINGHAM'S .
Pure Mixed Paints
ALI, SHADES AND GKADI'.S
At $2.25 Gal. and Up
For Home, Factory & Contractor
C. A. GILLINGHAM
t... 00'h I'ust Sts.
STOUK3 aist & Wharton NIs.
l'Jth & Jlorrls Sts.
"SAVi: IT WITH PAINT"
FINANCIAL
DEMOCRACY
PROVES SUCCESS
Commonwealth Finance Cor
poration Investors, by Their
United Efforts, Do Away
With Industrial Waste.
(AKTIL'LK No. 1)
IJttabllsbcd In 1010, the Common
weulth Finance Corporation, 100
Broudwai, New Y'ork, wurt ureair
IzrU primarily for the punnue of co
operation In the Imestmrnt Held. It
accepted (lie fundumrntul thturj
that tho dollars of many Individuals
hrutiKht Into H common fund mill
Intestril br men (ruined to biuli re
KpoiiKllillltlrN uml of rHtablUlird In
trKrlly, uoiilil hate crcatrr earning
riiHir than IIH'A tuuhi posMhlt hue
If liiMstrd hy their Indltldiml
owners. The biistnrsH policy ot the
( orpurutlau from the outset has
In en to Irml mono oil some com
modity, miiklnic the hlk'hest Iritlll.
mate prollt (onslHtrnt Willi sufvty
uf the liHeslmeiit.
Whether this theory nnd this
pollc hint been wise can be deter
mined h relerenie to the Corpora
tion's Brow (h and illtlilrnd rrrord.
The Commonwealth brirun with ten
Ktoikhiililrri, In lite Jrnrn the 1 1 -1
of liohlers of Its fommon nnd prt
frrnd stotk hi'.s Inireascd until now
it nimiliiTH mure than 3I,(M)0. On
Mine :io, 1(I7, Ihe n ( eiir'eut hi.-i-eln
of the Commoiinrullh l'limnce
Corporation were fS07.ll'J2.n:i. Its
let current assets Julr Kl. I0J1,
were shown to be 1,3.11,5'i3.KK.
This rimarkahle crow til Is the n
Milt prlmirll of retoiumenil tlons of
thrlr Imestment made by stockhold
ers to their friends. The Common
wealth Iiiih bren aptly referred to
a, u (a-oprmtle drmocrucy of II
mime. The orlKlnal lommon stock of Ihe
Commonwealth 1'lnanee Conorutlon
went iih a bonilH Io Ihe pun hanTH
of preferred stotk. Mncc Ita nrgun
Izatlim the Cominonneultli has pnlil
lonslstently 7 per cent on its pre
ferred stuck. Now Ihe rommon
stock Including extra dUldrnda Is
also on a 7 prr rent busts, ami
meanwhile u lance sum la annually
hrlnit uddrd to Us surplus.
In a rrrl sense the Commonwealth
U n polltlio-tlnanel.il orirniilziitlon,
ihe storkholdrrir bunk presidents,
Judres, phjsliliuis, school teachers,
farmers, clerks coiuposo n Mills
drmocrucy, clrmonstriitlnc what can
br accomplished when ewrjono
works to u rommon end and for the
common Kond, The stockholders
elect the men who are to' control the
destinies cf their Corporation. They
are a little closer to the control of
thrlr common affairs tlun are tulrrs
to the control of u c't). This Is be
i iiiim' Ihey h'ii a direct monetarv
Inlrrrst In the "bod Politic" ami
do not merely hate the Indirect In
terest rrsnltliiK from taxation.
Moreover, the stockholders In the
( ommonwculth possess u prlillrue
not iK,Bfssed by the ordinary Amer.
Iran ntrrt If dlssatlslleil, he rnn rid
himself of his responsibility and of
his tote by selling; his stork,
Of the development of "co-opera-tle
democracy" this Corporation Is
ii slrlklni; example In the realm of
llnanre, It Is in harmony with the
essential Amrrlcnn Idea, There can
be llltle doubt that such corporate
nrKiihliallons In various Industries
In the Vnlled .st'itrs are mrrelj
forrn-nnrrs of icrrater ro-oi)rratlir
c'omoanlrs, whl'h will rntruge In Ihe
huslnv and selllnx of Hie ordlmrv
nercHsltlra of life nnd by thrlr ef
ficient methods do awar with the
treat and waslctul illtrerenre In
rV.".' I',w"n "' Wflueer and the
nltlinnle consaaaar.
f I.KO, U REDDINO,
i
packldgcs of salted pecnuts, saying, It
wnscnt caudy nt nil, It was palled pec
nuts. ho gnvo me ono packldgo nnd
I got the rest out of vestcrbulcs.
G, glvo us some, sed mo and Sid,
BTKAMHIIIP NOTinK
teguiar
isrcxci
Iteyser Hide, Baltimore. Mobile New
MH Amrrlenn Legion hold Speed Itecord
NAWSCO LINES
Pier 10 North Foot of Vine Street
S. S. West Isleta
Scheduled to Sail Sept. 17th DIRECT to
SAN DIEGO. LOS ANGELES, SAN FRANCISCO, OAKLAND
SEATTLE, TACOMA, PORTLAND, ASTORIA
AND VANCOUVER, B. C.
for Rates and Information
NORTH ATLANTIC & WESTERN S. S. CO.
Agents V. S. Shipplnp Board
136 S. Fourth St., Phila. Phone Lombard 5791-2-3; Main 7781-2
12 DAYS
WAY AMERICAN TRANH-PACIFIC PASHKNOER RERVICB .
between HKATTI.K and YOKOHAMA. KllllE, HHANOIIAI.
IIONO KONO and MANILA Tl the HIIORT HOIITK
New and ptUttal U.S.S.B. liarrr. S3S It. lon; 21,000 test
Keystone Stnto Nov. IS
Keystone more nor. u
Firsi. itssrvtdoru. etc.,
HUGH GALLAGHER,Gen.fcut.At17 Stste St.,NewVctk
gfeADMlRALLINF
i,
rassenger nnd Freight Serneet
1'Tora New York
ciiEnnouno and Southampton
nEKENOARIA ...Hept. tZ Oct. 20
ACJIIITANIA Oct. 4 Oct- 25 Not. IB
CAUMiNIA Oct. 8 Nov. 0 Dec. 3
LIVERPOOL
CARONIA Sept. Si
AI.I1ANTA (new) Pent. 20 Not. 1 Dee. 0
EMPRESS OI' INDIA Oct. 0
srVTHIA (new). . . .Oct. 13 Not. 1 Jee. H
CARMANIA Dec. 31
PLYMOUTH AND HAMBURG
8AXONIA Hept. 17 Oct. 20 Dee. 13
LONDONDERRY AND OLASOOW
CAMEROMA (new) Sept. 24 Oct. 22
AI.dERIA Oct. 1 Nov. 12 Dee. 21
roi.r.MUIA Oct. 8 Not. rt Dee. in
ASYRIA , ...Oct. 29 Dec. 8 Jaa. 7
NEW P.EDFORD. HORTA, ANORA. ST.
MICHAELS. LISBON. GIBRALTAR. PAT
RAH, DUUROVNIK. TRIESTE. FIUMB.
CALVllltIA Oct. 13
VIQO. OIIIRALTAR. PATRA8.
Dl'imOVNIK. TRIESTE, KIUME
PANNONLV Oct. 22
ITALIA Oct. 20
Also calls nt NAPLK8
RONTON TO LIVERPOOL 4 OLABOOW
ASSYRIA Sept. 22
PHILADELPHIA TO LONDON
VASCONIA Sept. 17
CUNARD MEDITERRANEAN CRUISES
MADEIRA, OIIIRALTAR, ALGIERS. MO.
NACO. NAPLES. ALEXANDRIA, PIRAEUS.
PATRAS. TRIESTE. (Porta vary accordlns;
to cruise).
OARONIA Oct. 22 Dec. 7
CAMEROMA Not. 10 Jan. 10
Cnnaril nml Anrhar Rleamslilp Lines
Passenger ORlee. 1S0O Walnut St.. Phila.
rrekht onire. Itnurse Hlils.. Phila.
PHILADELPHIA to ,
NORTH AFRICA, BARCE
LONA, GENOA & MESSINA
SS "BACCHUS" Sept. 20
Through Bills of I.ndlni: for nil ports ot
Spain, Morocco, Algeria, Tunisia, Cette,
Nice, (lllinltnr. Levant A Lerhorn
TRANSHIPMENTS VIA
OUR OWN STEAMERS
Earn-Line Steamship Co.
139 South Fourth St., Phila.. Pa.
Lombard 82no.01-02.mi Main S2BI
Agents for
Three Star Line
Ste. Affreteurs Itelinls
Dixie Steamship Lines
PHILADELPHIA to
BRISTOL, MANCHESTER,
GLASGOW
USSB SS "OPELIKA"
Expected to Sail
Middle September
AT CO.NKEUKNCIS ItATIM
Harriss, Magili & Co., Lie.
425 Lafoyettt. Hide, PhIadclphI
I oinburd 52211-1 Jluln 7,"i2(I
BALTIMORE TO
HAWAII
' nnd rctnr.i
Cnllln;: nt Hnvnnn. Pntm mi Cansl
I.os Anclrs Sun rrieelseo
ik i.i'xr, stkaimi:p.s
BUCKEYE STATE
HAWKEYE STATE
LenTrs Ilaltlmorr for Hawaii erery 8 weeks
MATSON NAVIGATION cb!
"""& .7la,Svtiffl!ffilK.,a
or 'nr local steamship nrrnt.
OLLAHn
AMERICA UNE 0
eW York to Rnttpjrlam
cry turn io IVUlieraam
Dl......iL -.i rj..i
in. Dl iL .1 D-..I
via i lyiuuuiu auu U0UI0gne-fur.)lH
N. AMSTERDAM.. Sept. 17 0c(. 22 No.2
NOOIIDAM ....Sept. 24 Oct. 29 Dec. 3
ROTTERDAM ....Oct. 8 Nov. 12 Dec. 17
RYNDAM .. Oct. IS. Nov. 19 Dec. 24
Pmentrr OfCce, 1531 Walnut Si. PbiU
Savannah DnyllKht-Savlnj Tim.
jncKBonvuio; Tuea., 5 P. M.
IJoBton, Wed., 5 P.M.; Snt. 2 P.M
nirinviKfirannir enjoyable ocean oy.
rtsd. n"t a iir ia.i
elude menls berth nn main ijch
MERCHANTS & MINFR3
i.i ,..' v'u' '-V-JUIIslitU j6j
. r in n i
18 R Del.
. Tel. I.i
nn. lUllilVV
eft est rt 1 a A V1 1 a
mm wu ocu, J..1K0 Inn J, wl
the moro wo nskct i.i iu' Wl
wouldcnt, proving the more tJ? H
do for spmo pccplo the Ieta ,i.0.r'iii
pricinio k. ip.j
ftTKAMRttlP NOTirgq
express, rassenger i
Freight Service
t
'
I
N. Y. to RI da Janeiro, Montwldto, Bstiot Alt- '
flS AMI'.nmAV I.EOIOV. at nun .... ,.. j"1
SB SOUTHERN CltOSS. 21,000 tons (el VT
0t.
Steamers or u. b. BMpping Board
(c) First and third class
Tor rates and particulars apply
(o nny Possenter Agency or to
Munson Steamship Line
67 Wall Street. New York
iiuiiuiiiK - i uiiuaeinnin
Orleans. Ht. I-onls Conwnr nM rTT
l.etvvten N. Y. A Wo Time 12 days. 1 ""
art.
N
TO YOKOHAMA
SAILINGS-
Wenatchee Ort. it
v Hllver Htatc Nov. 20
apply arw ntlroad or tourlrt snt, or
KERR LINES
Sailings from Philadelphia
BREMEN
HAMBURG S. S. "Bannock" (USSB)
Sailing September 17
ANTWERP
HAMBURG SS "City of Hint" (USSB)
Now Loading-Sailing Sept. 14
(Via Antwerp.)
Hudson Shipping Co., Inc.
LAFAYETTE BUILDING
PHILADELPHIA, PA.
Bell Telephone Keystone Trlrphni
Lombard 8201 .Main 6149
.-COMMERCIAL.
PHILADELPHIA to
CORK, DUBLIN, BELFAST,
LONDONDERRY, SLIGO
Other Irish Ports if
Sufficient Corro Offer
S. S. "EASTERN BELLE"
Expected Loading Sept. 23
E. W. STRINGFIELD
Philadelphia Manager
Moore & McCormack Co., Inc.
428 Bourse Bldg., Phila.
Lombard 0385 Main 7318,, .
SEAGER LINE
PHILADELPHIA to
Christian!, Copenhagen, Gothenterf,
Stockholm, Helsinjtors and Retal
U. S. MAIL STEAMERS
TJS8II SS "MAKdl'H" .About Hept. IJ
AT MIIIITINO IIOAItll UATK9 -ThroiMth
Hills of I.odlpir Issunl to 0
Norwexlnn. Danish and Swedish Ports.
Direct sailings for all Scandinavian M
Ilaltic Ports as rarKo olTrrs.
SEAGER STEAMSHIP CO., Inc.
W. J. Grandfield & Co.
PHILA. AOKNT3 30K Chestnut SL
Lombard 517U-7 Main 7M
LUPB01LBEGE
BELGIAN UNB
PHILADELPHIA A.NTWXnP
SS NERVIER SepU2Q
RICE, UNRUH & CO.
noncsr. iilu(!.. phila. .
Lombard 2005 Mnla SMI
ST I UMSIIIPS KIXIKTH
- ihr TO BALTIMORE
frfrSsgT. ERICSSON LINK
L'ry evenlrs- at 6s Saturdays. 3 o'lMki
Cars, tno way. Ili.OO round trio. JJ..
DAY STE AMER
from Philadelphia every Tui"-. Ih.Vrfi
day. KatL-day. at 8 o clock. ar. IMf
mo nay: 52.50 rounl trip. nhin'il.
Most beautiful water r de nut of Pl;y
pbla?8endlor pamphlet, No Rundayste.m
6teamer leaves on 'lavlln,:"V.?
Ofllco Pier 3 Bouth Delaware avnu.
e. Lm SPECIAL SUNUAI
jn.t!Sti-st . EXCURSION
All day on tho water to
Beautiful Lorcwood Grove ,
on the mosapeake A Delaware cnI.! V
riy same evenlns. J2rison "'"- vmi
lUtn Delaware Avs.i 8 a'e Jock every BJJ
' .oufii Delaware Ave.! 8 o'eiock svsry
. soornloc, davllaht-savlne time 1 are.
i
TOUBS
IaCRUISEdeIUXE
TO THE
MEDITERRANEAN
By the &S.CAUON1A orlhCUNAnDU1,.
SUllr4from N.wYorU
JAN. 281922 -DURATfb,"r
Strictly Li miitd to 350 Guests
Tht Itintrary inthiu i" '
MM)i:illV, hi'AIN, 'l"AIJrri"
i.tnitiis, mont' rAK''i ;J1.-
oTAvriNopi.i;. at ii "
VTCcr.iisrvE MANAGEMENT
THOS.jC0OK&SpU
225 S.-di tfUi S (kl Wf
ma
Main 4078-71
"u-i-.--,., ..,. ... -'k
L."
"r
L''....-T " J"' "' ." .'.
a""l"l ifle . 1
.,f;.-l,. .1.i14rfiti's'j.fs &-.
i
n ..,
C. H. WJSAIt, Baora Hr7,
WHKiMmiilBWIIIHiW
-M