pppwPPPWIJ Wl.lPIw,ll'i'T AWW'fJlfP!lv ' 'M'WW'WPWW'1-'11 -pwmwpu- r -a
--
,.".
tr'il
M
If
f '
Mk
MlriCSlP OF
rrffr CTDCCT
? I JTIJI - AYA-A-i A
. .. . - .. tiA wAll.liinwn
A director 01 uv "- " -
ntliltr companies, on IiIh return yestcr
i'.r from mi Inspection trip over nomo
I tm lino In tho Middle . Wert, oh
itcd hi found evidence of u distinct
finrovcincnt In nil tlia principal lmlus-
Mm In that section.
"Ve enmo In close touch with the
Jnncr of n wide tllvernity of imliiN
trics trnverroil by our system ana In
lich cum sutMfncloiy umnovcinunt wim
i.nnrtfil. IIC IUUU. ' -mere iins ucun
ep' .. miiiIi nf orders nnvwliere. but
?' .' ..m.iMif in stnrt thu wheels mov-
lit ncnln, which ' ,nin' Instances
II
l. urn In. WHICH III nnuiy iiisuui
k.re remiilned 'die nil iiunnjr tno sum-
'-. Wt found coiiiiriuiuioii in me
ErrenMni,' earnings on both our trolley
linM and power" service. From my per
tonal observation It only require some
K?nr to mnkc ft lnrt. flint 1m to wiy,
David Whitney Bldg.-Detroit.Mich,
Our ability to apply
large-scale production to
the manufacture of steel
structures is one of the
reasons for the growth
of this organization.
McClintic-Marshall
Company
(Jrnrritl OfllMsi rittshiiHli, 1'a.
riillndrlphliii Morris Hide.
McCHiitic-Marshall
SteelBridges , Buildings
oino particular Industry to begin to
sh,w signs of revived nctlvlty and you
will find tho mt will soon be following
In Its wnkc.
"We found the banking poMtlon
throughout the Middle West much more
comfortnblo thnn It was n yenr ngo,"
ho concluded. "A great many loans
nnve been liquidated nnd the loaning In
stitution!) hro In better position to not
only nld tho crop movement but also
give tho farmers tho needed assistance.
Altogether, tilings nre looking brighter
nnd It lo almost certain the worst of the
business dcprcslon has been seen."
Railroad Situation tho Keynote
It was ngnln insisted by those who
had much to do with directing recent
price movements that nil the develop
ments tlmt might come as n sequence
to thn change in business nnd llnnnclnl
conditions In the last two years can he
regarded as n closed book ns far as
market Influence is concerned. These In
tercets nro looking forward to new de
velopments that will have a broad and
bettering Inllucnce on tho Industrial
situation generally and on the trans
portation, field In particular, meaning
that they look for favorable action by
tllC Seiinto nil flin rnlli-nnil f.itifllut 1.111
as noon as Congress rcsumca Its work
on Wednesday, nnd the enactment of
that measure Into low is expected to be
followed by the placing of railway
orders for materials necessary in con
struction work that hns been held In
abeyance for practically ten years.
Llttlo construction or nddltions hnve
been ninde in that time, although rail
way engineers hnvo been making every
effort to obtain allowances for needed
ciiunges nnu improvement. This is ex
jicrled to be n nucleus for new activity
in the steel Industry nnd should extend
also to the copper trade.
Prico Maladjustments
In pointing out the Inequalities In
liquidation ns an obstacle to business
revival, the current number of tho In
dex, published by the New York Trust
Company, Fays In pnrt:
"While considerable progress has been
made in the readjustment of prices im
portant inequalities still exist, and it is
generally agreed that these maladjust
ments constitute onn of the principal
obstacles to business revival. Ky com
paring wholesale price index figures
with the prices of individual basic com
modities (all of which nre Included in
the general index number) it is possible
to find out just where maladjustment
exists, nnd how great is the Inequality
in prices as related to particular com
modities. Such an examination indl
cnU'H that while some nre selling miite
vlally below their pre-war levels, eer-
tain of them still command prices more
than double those of 1013."
LlUle Strain Front Crop Movement
Two Important factors augur well for
Improvement' In tho money situation,
both In the West ns well as tho Hast,
namely, tho recent successful llnnnclnl
operations of the Uovernment In retiring
Treasury certificates and tho reports ot
a substantial Increase In the rescrvo of
tho Federal Reserve Institutions.
It Is apparent that tho period of nil
tumn purports of sufficient funds for
taking enro of tho crop situation where
by little strain will be noted In the sup
ply of funds for nil sections of tho conn
tjy. In fact, tho opinion Is expressed
that some easing In rates Is forthcom
ing. However, It Is hardly probable
(hat. when business revival takes place,
which Is looked for on a modciuta sculo
between now nnd the end of tho yenr,
that tho requirements for manu
facturing and Industrial concerns will
bo sufficiently strong to keep money
intes on about tlio sumo basis as they
now exist.
Cutting Down the Overhead
rursunnt to its announced policy of
retrenchment, tho Mcrcuntllo Bank of
Amcrlcn has still further reduced over
head cxpenm's by releasing a largo num
ber of employes. Among those released
aro one or moro vice presidents and
managers. It is expected that this last
reduction In its forces will reduce the
operating expenses of the bank to n
point where present cnrnlugs will show
a profit.
Whether or not tills hnnk wilt even-
'"ally liquidate Its affairs entirely Is not
definitely determined. Humors thnt the
bank Intended tn llmllrlnto hnvn en fnr
ucen ucnieii by tnoso responsible for Its
affairs. It was pointed out that tho
first problem to bo disposed of was to
put the bank on n paying basis. After
tnis nns been effected the directors will
then take up the question of whether
or not to continue activities.
In nnv event it Is not expected thnt
there will be any immediate chango In
the present policy. As in tho case of
the recent sale of Its Argentine affiliate,
the fianco Mercantile y Arrlcola de
Buenos Aires, the disposal of more of
Its brunches nnd nlilllntes may be ef
fected in the future if favorable oppor
tunities present themselves nnd such ac
tion is in keeping with the policy of the
bonk at the present time.
TUB TRADER.
Raw Sugar Market Quiet
New York, Sept. 20. Tlw! raw minnr mar
ket remains oulet nnd unchanced on th
busts of -Is c. i f. Importation were
IS. 000 biws I'orto n'cos and J4C0 basrs
fosta nicna conelitnrd to Importers. Tho
lncnl reflnprt market Ij unohanned at 5.fl0c
to S nnc. less 2 per cent for cah for Una
Brnnututed.
Financial Briefs
Th vrit prlo of th twenty active lr
QUHiriai lincKH qdcuiku U.I I lr cent rrn-
terday to Tn.ofl. while thn twenty railroads
accimeo. u.io per cent i" i4o.
noureau A Evans announce that they have
opened a hond aepariment under tno mnn
aeement ot Warren T. Hamilton.
O roue earnlnm of 13,113.07$ aro reported
hv tin, Market fltraet Aallway for tha four
month ended July SI. Net tarplnra after
taxes and After Inclnaton nf mlaenllanenus
Income amounted to IRON, 407. and surplus
after flxed charges S242.5I1, Itecently tho
city engineer 01 nan l'rancieco niacea a val
uation of 110:000.000 on the cnmpany'a prop
erties. The Voters will rieMrift Ihla fall
whether they wtnt the city to take over the
system,
. The TVnneylvanta Hankers' Association
has sent out a circular ntklnr puhllo co
operation In an effort to limit operations of
tellers of worthless securities. The cam
paign Includes use In movlna-picture theatres
of slides asking prospective Investors to
"ask your banker" heforo buylnc stocks and
lunui ot wnicn iney kiwiy notnine.
Atchison' loadings last week were 80.SOS
cars or 290 morn than a year ago. rhls
Is first weekly Increase this year. This
gear's totnl Inndlngs to date are 057,829, oft
2 0-10 per cent.
Tnld In capital nf the flnuthwark National
Dank lias been Increased by 1230.000 to
fSOO.noo and surplus by 12.10.000 to infiO.OOO,
maklmr capital and surplus 11.1.10,000. Au
thority fur the Increase was voted last sum
mer. The Minneapolis. Bt. Paul and Sault Ste.
Marie nallwriv Company was authorized to
day by tho tnterstato Commerce Commission
o Issue and sell at not less than DTU per
cnt of par and accrued Interest (Ki.OUO.oon
f ten-year flli per oent nollattriil tru'.t colld
i onus; to issue ana pieage ns collateral se
curity for the proposed collateral trust uold
bonds! J12,r.OO,000 of first rffunrtlni: mort
gnro bonds, nnd to procure authentication
and delivery of tho carrier's treasury of $2.
M10.UOO of first refunding; mortgai?e bonds tn
be held In treasury until the further order
of the commission.
Today's Range In Liberty Bonds
High I-ow
Liberty 3V4s 87.1)0 87.74
Liberty 2d ls.... 80.10 80.00
Liberty 1st 4Vis.. 80.28 80.10
Liberty 2d 4s... 80.30 80.18
Liberty 3d 4V,s.. 02.04 02.81
Liberty 4th 4.s. SO.fiO 80.30
Vic Notes 3-s... 00.0(1 00.00
Vic Notes 4s. .. 00.08 00.01
l:30
V. M.
87.84
80.10
80.28
80.30
02.02
ao.no
on.rm
00.00
DIVIDEND8 DECLARED
Bteel and Tubo Company of Amerlrn, nuar
terlv 1 H per punt on preferred, payable Oc
tober 1 to Mock of record Septoml-cr CO
Dodge Manufacturing Companv. quarterly
1H per cent on common and lai per cent
on preferred. Common 's payable October
3 to stock of record September 24 and pre.
ferred October 1 to stock of record Septem
ber 24.
Philadelphia and Western Hallway Com
pany, fiuarterly H4 per cent on preferred,
payable October IS a registered Septem
ber 30.
New England TeIephon and Telegraph
Companv, qunrtorly of 12. payable Sep
tember 30 to stock of record September 21.
New York Bonds
SALES IN SIOOOl
Adams Exp 4s
1 OJH
A S ft II' (Is
1 77
1 11
Am T It. T clt
2 "an
Am T T Ss
0 SO
Am T A T o
T....
2...,
B...,
8....
14....
20....
(1.
jno'i
100
100
J 00
100
101
mi
A T A 8 l"o Is
1.
20.
1.
2.
78tt
78
78 i
78H
2 78A
Atlantic nef'g
ct OUs
i.... mm
llalt A O.ilo cv
0 7,1
llalt A O 3Hs
2 88
llalt A Oho 4s
1 70
Halt A Ohlj ns
1 72
2 72W
Halt AOhln ns
2 03
U A O P I, B
A W Vn 4 s
1 08
Halt A Oho S
Vn 3"
2.... 83
11 A O Tol 4s
1 B(l
llkn Udl P 7s
2.... 102
2.... 102
1.... 102
Hush IIM'K 5s
1 73
Canart'n Nthn
0'4s rets
1.... 101
4.... 101
Canad'n N 7s
r.... 104
B.... 101
1.... 1014
1.... 104-14
Cent of On (1
2 04
Ctl Paiinc 1st
70S
Cero de Pasco
Cop'r 8s
1.... 108
1.... 108;
1.... 108l
C A O cv 4s
1 70
C'k A O cv ,1s
1 84
C A A char Bs
8 BBU
Chi Hurl A Q
II 3a
1 74
C II A Q ns
102
2..
1.
1.
fJ,
2.
DB
, 0B
, 0R
, DB
IIBt
Oove't K It 8s
2.... 100
100
100
100
100
100
1..
1..
1..
(I'd T'k Os wl
3.
2.
1.
2.
B.
O'd Trunk 7s
1.... 101
O Nothn II 7s
03
0R
0B
0.1
0B
1..
1..
1..
10..
4.
102
102
102
102
102
Hock'g V 4s
B 74
Hud A Man M
B 07;
n 07
2 07
Hud A Man In
1..
4..
31..
8..
IB..
10..
2.
4B
4.1
4S1i
4.1
4B
4B
4.1
Panna n n 7s
1.... 10
2.... 101
Heading Co 4
2 70
1 70
nep Chile rct
1 08
1.... 08
1 08
2 08
nep'e of lira
guy 8s wl
1 00
2 00
nio O ft Vn
clt 4s
1 B7
Home Wntr'n
A Og en '
2 00
St L, I n Mt A
S'n nty 4s
1 7fl
Htl, I Mt A 8
n i a div 4s
2 72
St I. A B P ej
2 00
1 00
1 00
St t. A S V In
10 67
1 87
St Lo A 8 Ff
Series A
Int M ct 4s
12
12
Interb II T fd
B..
10.
03
03
08
03
03
S4V
04
Bin
B4
78
S4
04
B4
To All
Telephone Users
Become a partner in the "Bell System" by purchase of
American Telephone and Telegraph Company stock.
We believe that there are few, if any, concerns in this country whose positions are
more secure
BECAUSE :
B.
1.
B
1
1
10.
1.
Chi
1
Financially
Its Jissets in value equal not only all its in
debtedness but also at least twice the par
value of its outstanding stock. Its stock
holders have paid in, IN CASH, much
moro than the par value of the stock.
There is no "water" in the capitalization.
Commercially
Its growth is sure and steady regardless
of the ever-changing business conditions.
As it has come to be more and more recog
nized as a necessity, its expansion is more
rapid than the growth of the country
itself.
Earnings
THE AMERCAN TELEPHONE AND
TELEGRAPH COMPANY has never paid
a dividend which it has not earned with a
wide margin of safety. It is now earning
at the rate of about $12 per share plus its
equity in the undivided earnings of its con
trolled companies.
Record
For forty consecutive years the Company
(with its predecessor) has paid uninter
rupted dividends of at least $7.50 per
share. The Directors have now placed
the Company upon a $9.00 per year divi
dend basis.
Prospects
THERE is a large business in sight and the
evidence of the past points to an endless
increase.
Distribution
The $515,000,000 stock of this Company is
owned by more than 175,000 different
people, an average of about 29 shares to a
stockholder! We believe that no other
Company in the world, having no pre
ferred stock, has so many stockholders. It
has many stockholders in every State and
is adding new ones faster than ever before
in its history.
Politically
The Company is "NOT IN POLITICS."
The Public Commissions NOW know that
this is true and they know that the Oper
ating Companies endeavor to be fair with
the public and with the Commissions. They
therefore almost universally accord fair
treatment to the Company.
Character
A CORPORATON may be quite right in all
the above respects but still be unsound be
cause of its management. This Company
is sound.
This Company has CHARACTER in its
Management, sound, honest, faithful intel
ligent CHARACTER.
Its traditions are those of fair treatment
and efficient service to the public ; its per
sonnel is saturated with these ideals from
its President, H. B. THAYER, all through
the organization and through the organiza
tions of its associate companies.
. .. 102
... 102
... 102
... 102
... 102
... 102
Hwys Ss
... 04
C It I A P fd
2 "... 70
Chicago Union
Htn. ct 0a
1.... 100
Chile Cop'r Os
1 73
City Heme 8s
2.. . 001
Cty Chrls'a 8s
2.... 101
City of Copen
hagen 6s
1 81
2 81
C N Yk 3'BJ
2 73
City Paris 03
1.... 00.15
City Zurch 8a
2.... 101
B.... 101
Cl'd Cln Chi A
StL gm 4s
1 70
1 70
Colo A S'n 4s
1 8.1
Cons'd Oas 7s
1.... 101
Cuban A S 8s
B 08
1 DO
Del A Hud cv
10 84t
Denmark Con
ct A 8a
1.... 102
Den A II O 4s
1 07
D A H O 4s
1.. 71
Det Edl Co Os
1 01
Dot U H 4s
1.. . BS'S
Do Canada '20
1 03
Do Cnnnda'31
8 00
D do Nenviurs
Pdr 7s
1....
1....
B....
n....
3....
2....
1....
1....
I M Marine Os
1 78
Jap Uovo't 1st
4 8B
Jap Oove't 4s
2 00
Kan C A S 8
1 BO
KCT Rly 4s
1 78
1 74
B 78
Keokuk A Des
Moines 6s
4 03
K Helglum Os
2 0.1
B 01
1 03
K Helg'm 7s
3.... 102
3.... 102
1.... 102
K Oelg'm rets
1.... 101
2.... 101
K Sweden Us
3 80
Lack Steel 'SO
2 70
Lake Shoro M
S 4s '31
1 85
Lehigh Val tls
2 87
f. 1st n Ss '37
1 00
L A J Odge 4s
1 08
Lo A Nash 7s
1.... 101
3.... 104
Mkt 8t Hy 1st
1 73
Mex Pet'm 8s
0 00
1 00
Mid 8 A Or Bs
1 77
1 77
1 7T
M StP A 8 Ste
M 0s wl
1..
10..
2..
1..
1..
St Ito A 8 Fr
Series O
1 70
St Lo A 8 Pr
Series C
1 01
St P'l Minn A
Manlt'a 4s
1 88
Sao Paulo of
Hraill ct 8
8 03
Heab'd A I' J
1 20
St Clair Con
Oil Corp Bs
S B3
Sinclair C Oil
Corp'n 7s
1.
4
1
1
S'n Hell
7S.
02
02
02
02
T Bs
83
S'n PaclOc fd
78
78
78
78
78
1
1
20
1
1
8'n Pao cv 4s
Hsale) 83
Stand'd Oil of
Calif 8s
3.... 10i
Swu'd Con 8s
1.... 100
a.... 100
Third Ave aj
B 38
Tidewater Oil
Co ct 0s
0 07
Union Pac cv
1 82
Union Pao 4s
1 02
1 82
U K Ort llrlt
A I'd 1021
1 00
U IC Ort llrlt
A I'd 1022
S 08
U K Ort Urlt
A I'd 1020
1 80
4 80
1 80
2 80
00
00
00
00
00
T 4s
03
no
no vi
nn-s
oo
no
ns
oo
Erie (Inl Lien
1 43
1 43
2 43
Hrlo H H cv A
2 3S
Erie It H cv D
1 37
Krle A Jsv (In
1 . 82
risk llub'r Co
8s wl
13 09
i . no
flene'I Kite flu
2 .. 101
Onodsetir Tiro
A Itub r Hs
2.... 102
10
(1
1
3
B
Mj K A
1
Mo Pacific 4s
1 54V,
Mo Pacific 3n
0 70
M A O St L A
Cnlro Ss
1 78
Mont'a Ctl Os
1.... 103
3 103
Mont Pwr Bs
1 80
N T Cent'l 4s
10 80
' Y Ctl on 4s
1 71
2 71
N Y Cent'l Os
1 03
3 03
S n.v.
4 03
N Y Cent I 7s
1.... 103
New V N II A
II 4s of MO
1 3N
N Yk Tel 4s
r 8 1
3 84
8 84
New Y W C A
Host 4s
1 33
Nfk A W'n 4s
1 70
North West'n
II Tel'e 7s
3.... 10,'PJ
1 103
1 103
2.... 103
1.... lO.'H.
N I'aclllo It 4
1 77
3 77.
2 .... 77,
N Pacific H Os
4.... 10.
3 102 Vj
Nth S Pwr Ss
3 02
Parard Motor
: 80
! 80
U IC Ort llrlt
A I'd 1037
1 80
1 M
2 60
U S Brazil 8s
8.... 100
1 00
1 00
3 00
2 00
1.... 100
V 8 Mexico 4s
U S Mexico Bs
lO(salc) B4
1 .
1..
3.
102" j
1"24
102
Oove't French
It 7h rets
We recommend the purchase of its shares, which are now selling" at about
$106.50 per share, and should be glad to receive orders for any amount from
one share up or to give any further information desired.
0
mi
0.1
!:.
ns
n.i
n.i
n.1
(Mil,
ts
Car 8s
1... ,
I
1
1....
P.i H cm 4 'is
1 81
Tenna It It Ss
1 80
Penna It fls
07
07
07
07
4..
1
I 1.
101
imiT,
100
101
100
101
1 73'
1 73'
V V 0s wl
1.
4..
3 .
I..
4..
101 1,
101
101
mil,
101
101
2 .. 1111
W-st'h'e Hieo
A Mfk- 7s
2 . 102
1 .. 102
1 . . 102
2 102
Wis Cent'l 4s
2 71
L
Kidder, Peabody & Co.
18 BROAD STREET 115 DEVONSHIRE STREET
NEW YORK BOSTON
PHILADELPHIA CORRESPONDENTS
Thos. A. Biddle & Co.
established mt
424 CHESTNUT STREET, PHILADELPHIA
"We do not guarantee the figures and stutenients contained herein. ut t'.iey aro Uken fium sources whloh wa believe to bo rellabls,
FOREIGN EXCHANGE
New orlt. K.pt. 20. Them woh i
sternly tom throughout the entire list
of axeliuiigp rates thin morning, there
oolnc hut xnmll clinnge in qii'itatioiiN,
ns eiimpureil with jcxterilny'n' limit.
Iliere uns a fllxpoyltlnn to believe thnt '
.sterling will work lower within a Hhort '
time, when eominereinl hills begin com
ing into tho murket in volume, as mut
neeeksiirlly be the case as soon ns cot
ton begins (lowing to murket in uny
considerable amount. ,
The following (juotntionH were re- !
loriloil :
.J; "I sterling a.71H. cable.
.ilr's; franc cables 7.0li-., checks
7.05'...; lire cables -1.11. checks -l.'Jl);
Swiss cables K.L'n. checks 17. '.M ; guild
er cnbles .'(l.fi.T .'IimcUm .'tl .in. im..
cables 7.00. checks (l.il'.l ; peseta entiles
lli.ori. checks lS.O.'lj .Stockholm cables
;'" ulceus -'i.iki; riiristlniila cables
ll'.lir.. cheeks l'.MIO; Copenhagen cnbles I
17.70. checks 17.0." j marks .114. I
TllO (Vll trill Klinwimtn ,w silt m. .......
were generally week, particularly (Ireek I
mui'ii iiiuiie a n.v low on tills move
ment. (Jiiotathns were; ltiimntiinn
.117, Austilnn .Oll'-i. Hungarian .ixi'.
Serbian 1.7Mj. Ittiljcnrlmi .71. n.m.i
4.11.", ('(Cecho-Slovaklan 1 .18. .luirci.
Slavlnn AWiC 1'olMi .()2W..
The premium on New York funds In '
.Montreal tmlny was lower nt ll'x, p,T
iriu. iiiiniiinn iiiniis in .New York
were stendltr at UV per cent iIIncouui.
YBSTKnilAY'H PINW Ol'OTATMNN
Hlerllnu Krunis I. re llu IiIits
Demand 1.71 7 ii-. 8n ai 41
CnbU-s 3.71 7.0(1 4 21 31 60
TjllnV'H iml-'VIIv.n ntvrtt.n....
8,.,ll'.n Francs Lire Uu Wars
Demand 3.71 7.03 4.20 Si in .
Cable 3,71 7.08 4.21 81.05 '
$1,540,000
Public Service Railway Company
7!4 Equipment Trust Certificates, Series E
(ISSUED UNDER PHILADELPHIA PLAN)
Bankers Trust Co., Now York, Trustee
Guaranteed principal and dividends
by the
Public Service Corporation of New Jersey
Warrants for semi-annual dividends mature February 1st and August 1st. Certificates
and dividends payable at the office of the Trustee. Certificates in denom
inations of $1,000 each may be registered as to principal.
Dated August 2, 1920, maturing semi-annually as follows:
On February 1, 1922 $140,000 On August 1, 1922 $140,000
1, 1923 $140,000
1, 1924 $140,000
1, 1925 $140,000
1, 1926 $42,000
1, 1927 $42,000
1, 1928 $42,000
1, 1929 $42,000
1, 1930 $42,000
ii
if
ii
i
it
ii
a
ii
ii
ii
1, 1923 $140,000
1, 1924 $140,000
1, 1925 $140,000
1, 1926 $42,000
1, 1927 $42,000
1, 1928 $42,000
1, 1929 $42,000
1, 1930 $42,000
ii it
U II
II II
II II
II II
41 II
Secured on following equipment:
200 Safety Cars 15 Snow Plows
100 Trailer Cars 15 Snow Sweepers
EQUITY
Cost of Equipment $2,434,400
Equipment Certificates Issued 1,820,000
Equipment Certificates Matured and Paid 280,000
Initial Cash Payment 614,000
Total cash paid $894,000 or 36 of cost of Equipment.
The Public Service Corporation of New Jersey was incorporated 1903 in New Jer
sey, under perpetual charter. It operates through the medium of subsidiary corpora
tions all the gas, electric and street railway business throughout the larger cities and
more populous districts of the State, excepting the shore resorts, the gas business in
the City of Elizabeth, and the street railway business in the City of Trenton. The cor
poration serves one of the most important industrial, commercial and residential sec
tions of the United States, having a population of nearly 3,000,000 and an area of 8,224
square miles, and receiving a constant overflow population and industry from the great
centers of New York on the north, and Philadelphia on the south.
The net income of the Public Service Corporation of New Jersey and subsidiary
companies as reported by them for the year ended December 31, 1920, showed a sur
plus over all charges and available for dividends of $2,218,408. The maximum annual
total of principal payments and dividend warrants on this issue amounts to $391 650
We offer these certificates, subject to prior sale, when, if and as received by us at
100 and accrued dividend, to Yield 7l4
Plympton, Gardiner & Co.
40 Wall Street
reliable.
Cassatt & Co.
Philadelphia
New York, Pittsburgh, Baltimore, Scranton
The Information contained in this advertisement has been obtained from sources which wb consi.i.r.
e. While not Guaranteed it Is accepted by us as accurate. consider
New York
Exempt From All Federal
Income Taxes
Duval County, Florida
Bridge 6s, 1931
Price to yield 5.62
CITY OF
Middletown, N. Y.
Street 5xs, 1924-35
Price to yield 5.30 -5.10
Town of Islip, N. Y.
School District 5s, 1929-1933
Price to yield 5.35,
Bonbright & Company
437 Chestnut Street
Philadelphia.
Jirvr Turk
Itostou
ChlrntTO
Detroit
September
Investments
Investors with funds on hand
at this time will find it to
their advantage to study our
list of offerinpts of Canadian
Government and Municipal
bonds which have both prin
cipal and interest payable in
United Stutes funds.
Added to the paramount fac
tor of safety of principal
these bonds enjoy u broad
international market while
American investom may now
purchase them at prices
which yield
6.50 to 7.50
Write for Circular P-020
Wood, Gundy & Co.
liunrpnrnt-Ml
14 Wall Street, New York
Torontn
I.omlnn, Kiik.
Mnn'rriil
M tlllllprK
rprr,
Ii :
izzz'u ' .." . , m jssrsssr r ' " "" I
Self Preservation
Is Nature's First Law
TO PROTECT oneself and those close
to one is a natural instinct as old
as time. From the days of bare hands
or the war club, self protection has
developed with civilization into many
complex divisions.
One of these divisions is insurance life,
accident, fire, etc., and latest, but far from
being least Credit Insurance.
It is almost an instinct for most to protect
themselves, their homes or their buslnesies
with the first named forms of insurance, and
as a better knowledge of Credit Insurance is
had, no business worth while will be without
it, for it is the only perfect safeguard against
excess loss from failures.
To get that better knowledge ask our agent
today.
OUUSUPEIV
" SERVICE
dfcPeaSF
AT YOUR.
SERVICE
Established
Eighteen Sixty-nine
Losses Paid In
ArnericftnCurrcncy
LONDON GUARANTEE AND
o ACCIDENT COMPANY LTD
R. A. IRVING. General Ant-P,4i1 it7....A.r:
Xtlt. "A" .?.m.!V: M-naaerAII ethereally l.nes.
" wiii-nuiHimunTu , wiinitr Sr v . .
" ATiinniMi n tiun
int.-
fflcrticll Sron. & (Co.
gubllr Utility lieruHtiro
fiock xrbanne Bullhlnn. Jhila.
American Gas & Elec.
Pfd.
Lehigh Pr. Sec. 6s,
1927
Portland Rwy., Lt. 6c Pr. 5s,
1942
1'iiunrsi l.uiui uo-i-K-.l-i
Prlmts I'hmiss lo Nw York llostnn
NEW ISSUE
$45,000
NORTHEAST TOWNSHIP
ERIE COUNTY, PA.
20-Year Road Improvement 54s
Non-Callable
Dated September 1st. 1921 De September 1st, 1941
v t r. ,Intc,TVH March l8t nnd September 1st
Free of Pennsylvania State Tax Exempt from Federal Income Tax
FINANCIAL STATEMENT
Assessed VnluMlon, 1921 t2 ,,R ...
Estimated Real Vnluo "' 'J
Total Debt (including thi. issue) . . . . , ,. , ,. '. '. ' ' ' ' 'oZ
Favorable Iwl "Pinion of Men,. IlrooUs rcnllRh A Qulnn. 'f Krle, Vu
1 rice 103 & Int. to yield over 5.25
Circular on requeit
TOWNSEND WHELEN & CO
Members of .Vciu Vorfc and I'hihulelphta Stock Kxchanpra
I
I
I
Vtr lrtr , Krruniini'iiil for Imrslinrnt
Penna. Water & Power Co. Stock
Yieldinj 8.20
JosepKW.Gross &Co.
1421 Chostnut Street
Coi-re;iondsnts Aldrmd ft Co
'' " - ' -. Si S I
We wish to announce that we have opened
a Bond Department under the management
of Mr. Warren Hamilton.
Boureau & Evans
Member. n',I:i',,,':p'',0ri. ""
I I iilrHco Hoard of Trd
130 South 13th Street,
Locunt ClBi
Phlladolphls
llaoe 1711
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