',). "wi jffr: ..-.- ,.'.. i .7 " , , , ,. .' ,, i.
- ;
.., ,, , . ,. -r- ,---- ,
EVENING1 PUBLIC LEDGERPHiEABElDPHIA, 'MONDAY, OCTOBER 3, i&21
W
J
wh-hjiaw 1 jtii jWLjaiikmuuimgwuaB
New YorktBend$
Subtcriptlent for theie bends in excels of the amount offered he vine been received, this advertliement
t app&irs ai a matter of record only. '
$18,000,000
Aluu m Company of America
Twelve-Year 7 Sinking Fund Debenture Geld Bends
fSALKS I.N 11000)
NEW ISSUE
Am'n Air'e St
Ch T4
B . J8't
1 . 034
8 . .. 804
0 POM
3 0!4
Chlcice HII A
28
StP c !ii
2, ... 65
b .... M
1 33
T.-''V-"'
21 . - 1
I... i i .'. . -f
" M-af""rr t- i
IP t
!& -'
1
n
i
4
2
A
A.
A
2
2
JO
1
A
18
1
A
I
AAV,
034
83H
03S
63 H
03W
08
PA
00
03 h,
93
03S
03W
03 'i
0S.
03.
93'j
Exempt from Foderal, State, Munlelpal and Lecal Taxation
$60,000,000
Chleure Mil A
MP til 4H
1 St
1.. .. 88
t Ri
A B A rt'ic Bi
T8K
7f4
SO
',
60
Cntcite Mil A
10-20 Vear
St CV SI
2... . 04!
IT .34
Federal Land Bank 5 Bends
Am T A 'I C
2 . . M4
3 .. B84
Am'n Tel A 1
cv 4Ut
C A Nwn fl',id
Te be dated October 1, 1921
Te mature October 1, 1933
10JU
Autherised and te be issued $18,000,000. Coupon bends in $1,000 denomination. Principal and interest payable at the Bankers
Trust Company, New Yerk, Trustee. Interest payable April 1 and October 1, without deduction for Nermal Federal Income Tax
up te 2.
Redeemable for the Sinking Fund as below, and redeemable at the option of the Company as a whole en any interest date, en or
after April 1, 1927, upon four weeks' notice at 105 and accrued interest.
Sinking Fund of $1,000,000 per annum, commencing en August 1, 1934, and each August 1 thereafter, te and including August
1 1932, te be used te purchase bends upon tenders te The Union Trust Company of Pittsburgh during each August at less than
105 and accrued interest. Te the extent that this iund is net exhaused by tenders, bends shall be called by let by Bankers Trust
Company, New Yerk, Trustee, at 105 and accrued Interest.
BANKERS TRUST COMPANY, NEW YORK, Truste.
FREE OF PENNSYLVANIA FOUR MILL TAX
Frem a letter of Mr. Arthur V. Davis, President of the Company, we summarize os follews:
Business
The business conducted by the Company and
by Company is meant Aluminum Company of
America, together with subsidiaries, all of whose
stock it owns, except director's qualifying shares
was established in 1888 and consists of the mining
of the ere of aluminum, smelting of aluminum
therefrem and its fabrication.
The Company owns large fabricating plants in
which aluminum sheet, wire, tubes tfnd ether fabri
cated forms are made, also large water power plants
for production of electricity required by its smelters.
The principal plants of the Company are. located
at East St. Leuis, Illinois ; Niagara Falls, New Yerk ;
Massena, New Yerk; Edgewater, New Jersey; New
Kensington, Pennsylvania; Shawinigan Palls,
Quebec; Badin, North Carolina; and Maryville,
Tennessee.
Purpose of Issue
The proceeds of these bends will be used in part
te provide funds for the retirement of $8,000,000 of
the Company's Serial.6 Notes, of which $4,000,000
mature,, respectively, March 1, 1922 and March 1,
1923; and te retire current indebtedness heretofore
incurred for capital expenditures.
Previsions of Issue ,
The bends will be direct obligations of the
Aluminum Company of America and wjll be issued
under a Trust Indenture which will provide substan
tially, among ether things, that se long as any of the
bends are outstanding and unpaid, Aluminum
Company of America shall net create, or permit te
exist, any secured indebtedness upon or against its
properties (including the properties of sudsidiary
companies but excepting the present funded debt
of subsidiaries amounting te $648,988.95), but, this
prevision shall net apply te or prevent future pur
chase by the Company, or any subsidiary, of pro
perty subject te mortgage, or the creation of pur
chase money mortgages upon property hereafter,
purchased by the Company or any subsidiary; also
that current assets of Aluminum Company of
America and its subsidiaries shall, at all times, be
maintained 'in an amount at least equal te the
aggregate amount of their indebtedness, including
the amount of these bends then outstanding.
Earnings
Fer the ten years ended December 31, 1920,
the net earnings of the Company, after interest,
taxes, depletion, depreciation, etc., have averaged
in excess of $10,000,000 per annum. The lowest of
such earnings occurred in the year ended Decem
ber 31, 1912, and were $4,462,956.60.
Fer the seven months of 1921 ended July 31,
net earnings available for interest before deprecia
tion but after payment of 1920 income taxes
(charged when paid against 1921 profits) were
$2,648,698.64.
General
Aluminum Company of America has outstanding
$18,729,600, par value, capital stock which, at
present quoted prices, indicates an equity of about
$75,000,000 behind these bends.
The active executives of the Company, its direc
tors and many of its empleyes have been associated
with the properties for many years, and their
financial inte'rest in the Company is large through
ownership of its capital stock.
We arc receiving Subscriptions, subject te allotment, for these bends at
99H and interest, yielding ever 7
When, u and if issued and received by us and subject te approval of counsel. It is expected that definitive' bends will be ready
for delivery about Tuesday, October 11. All legal details pertaining te this issue will be passed upon by
Messrs. Gorden fit Smith, of Pittsburgh.
The Union Trust Company jef Pittsburgh
Guaranty Company of New Yerk Bankers Trust Company, New Yerk
Lee Higginson & Company Mellen National Bank, Pittsburgh
We de net guarantee the statements and figures contained herein, but they ere taken from sources which we believe te be reliable.
1 M4
S H3H
Amn T A T Sa
2
2
2
!
2
I..
7.
Aft
88
Amn T ft T fli
a
10
10
l(t
I
teau
10214
10'JVi
10:14
102 i
Am n W P 6
rse4
J
Chi
2
1
10
10
2
Nwn 7
. 10IU
lOSu
. 104U
104.,
1044
I0U
R I A P fd
0
I
fl1i
Am rtep'e ft
1 ... 72
A T ft 8 K J
I .. . 72
A T A S Ki 4l
r. ... 784
7 78i
1 .. . TrfU
2... 7S
7 . . . TS
. . . 78
Fruit 7
1
70H
70
70 jt
TO 4
70V
704
Chi V 8t 4 4
4.. . SAW
2 83V,
II till,
( hlcace t.'nle
fit cl 04
Ileal) 107 '-
Chl W I 4
A . 6.x.
Chits Cep'r 0
7'IS
At
i 4 .... 2.',
linn Pwd r C
' 7i, n wl
i . . ni',
i 8!;
I 994
e .. 09
Ceail I. "
. 103 1,
rBnlt A Ohie cv
2. . 704
1 ... 704
1 7U4
"1... . 701,
2 .. 704
1 70'.
I'alt A Ohln H
I . 71
1 ... 71
bait A Ohln R
I .. . 734
1 73 4
1 73' j
Halt A OM.' lit
1 93
1 ... 03
l . t3';
1 .. . 02
1 l2 ',
B A O P I. K
A W Va 4i
2 ... 074
2 . . 07 4
I 18'.
07 4
I Halt A Ohie S
w n :i'i
II S34
II A O Te! 4s
2 . .. 7f)
Well Telephone
of Pa 7a
i 10114
ion
2 108',
2 ieni
IJelll StCCl fd
3 S3
" Hteel 3i "36
I . 79
2 784
B'Jn cop M 6i
1 8
Bkn Edl Ce B
1 . 84
Bkn i:il Ce 6i
04
D 7i
102'.
I0J
1112 4
102
iy.
V Upld T 7
2 A 8
7 . r.n
i! P.rfp T ct 7
AS
Hilcn fteplrl T
ft 7a ata
I :..-.
Buah Bldg .'.
8.
2.
1.
ft.
3
0.
4.
n
A
i
10
7fl,
76W
7A',
70?,
7R'i
76'.
70',
78
76
14
08.
Cove I r lit)
1. . ..
1
1... .
1 . ,
1'
2 . ..
2 . .
0
44
SO...
1
A . .
I
4...
1 .
A .
A
1
S
1
4
Gr-tnhv
06 K
Ofl'i
00 1,
09S
0'
00K
00 i
01)
00 Vm
09 u
oe u
09 4
0U
!',:
PB
eeu
00
00',
Oil
DO't
00
Ilfl'i
Oft'.
00',
00
00',
00 .
; m
$230,500
SUSSEX COUNTY
Delaware
4Va Per Cent Highway Improvement Bends
Dated July 1, 1919 Due Serially Interest January 1 and July 1
Coupon Bendi SS00 Each, with Prevision for Registration of
Principal
Subject te Redemption by the Levy Court of Sussex County en
July 1, 1929, or Subsequent Interest Periods, at n Premium
net te Exceed Five Per Cent.
Principal and Interest Payable in Geld Coin of the United States
of America, at the Farmers' Bank of Georgetown, Delaware.
Exempt Frem All Federal Income Taxes
Ne Certificate of Ownership in Collecting Interest Required
FINANCIAL STATEMENT
(ns officially furnished)-'
Total Assessed Valuation (1921) $29,039,978
Total Debt (including this issue) 1,061,000
Ratie of Total Debt te Assessed Valuation 3.65 Per Cent.
Population (Census of 1920) 43,741
Legality approved by Jehn C Thomsen, Ksq , New yerk City.
Maturing serially July 1, 1943. te July 1, 1961.
Prices te Net 5.25 Per Cent
Biddle & Henry
104 Seuth Fifth Street
HIIlLADIiLPlUA
Harrison, Smith & Ce.
121 Seuth Fifth Street
I'HILADUI.PHIA
B. J. Van Ingen & Ce.
46 Cedar Street
m;v veniv
I'll" nfernirttlnn "nil Mntittics rfiniainel VrUn bvr brtn
1 'ainH frnm uuriij h!h we l!in te h rlall.
Sll
V
Philadelphia, Sept. 30th, 1921
RESOURCES
Canh en Hand and In Hanli
I'. S. fliTrnment SMiirltle
Leam and Intratmrnta
Vniilt Furniture and Flxturra
MUrrllnnreu.
SI.13(,AIU.2.I
1.01 a. 003.09
lO.AAM.'tf.Sl
136.3AD.0O
3.214.37
LIABILITIES
Capital
Surplna and I'ndlildrd Profit
rteerre 1'iind for Depreciation nnd nnttncencles
Dividends I'npald
Depe'lta . .
Unearned Interest
Bllli l'mnble
$13,782,226.19
fi.onA.nne.oo
A97.S60.4H
AA.A20.37
17H.AO
ll.SAO.AOMS
17.3SA.44
. . 300,000.00
$13,782,226.19
Franklini
4
Addison Harris, Jr
Prendtnt
Trust Ce.
W
A.
B. Dauphinei
Treasartr
Main Office, 15th St. Belew Market
Delaware Ave. Office West Phila. Office
Del. Ave. & Market St. 52d & Market Sts.
"Tht Institution that Gave Tnln. Day and Night Service."
12
rtille Cep r
i ns
l nines Oeve1'
Hu-K niy As
1.. .. 47i
Cly of Urrgaa
8s rcta
1 . . me,
1 . , ."
r.ltv Kerne 6s
1 . . Hill,
- 101
c i (jhrl a n-.
10 . 101',
City of Copen
hagen 5'ie
10 . Sfti,
A . SOi,
1 . h0'
1 . SO'
1 80 i
City Lyona flf
A . . 84',
1. ...Mi,
City 11ar's 8i
A. .. 84i,
rltv I'arls nt
1 . 00 1A
.Mtv urth Ai
2 . 10t.
1 ... 101S
3 . 1 'i i .
i d C chl ,
hi I. 4s '
2 . AR'i
1 Atli,
rid Cln Chl L
St I. A.
i 04
1 ti3,
2 4
.' . . 94
ele A S 4'-s
L'.. .. 78
Celnmbia Oat
& Elc tat
2 AA
"ens'd dia 7
2... . AD
(S-'d Trk (!a rl
PA
Dated May 1, 1021
Due May 1. 1041
0A
nr.'.
0A1,
n.v,
SA
fll
AA',
(l A
O Nth Rly let
i
f! Nth n II 7i
10
.
i.2. '.
14
2 .
A..
A..
10
1... 103'4
2 . . I0,ii,
7.. 103',
2 . 13.
1 13'i
I 1031.
2 103'.
3 103 ,
1 10.'
Heck' V 4iiS
1 73
Hud It .Man fd
Dkn Udi
4
I
I
1
1
Wi
Cuban A S Si
2 ... BA'i
OS7,
98 Vj
Juabn O H ev
1
77ij
JA';
Flush Ter'l A'
75 'i
7A't
2
1
1.
8
P
A
A
2
12
3
A
A4
A 4
A31;
A3
A3
A2,
A 2
AJ',
A2 ',
A 2
A2
."uba It Ce A?
3 '7
Pel A Hi!d c
A . . . . SB
Det Edl Ce As
1 . . Bl
4... . 91
4 01's
Met U It 4', i
1. . A8
De I'anAda 'llrt
Cn nil.. V'.hn
- - .,
Canad n
1
1
I
101 't
101 'i
101 '.
ion.
I'll
101
N 7 a
103,
104
104
103 ,
104
101
On I of Oh 0"
2 '.14
Ctl l.eaiher As
P P0
1 1)01.
C1I Pacific lat
A .. 7A1J
1 . 7A.
1 7.'.'.
I 7.V,
Cnt I I'ac 3'j
I
ct A 8s
4
I..
1
1
10J1
102
1U.!
I0J
Den i. n (1 fd
44 .
44
I. . hi,
2 . . r.Si,
2 . AS',
1 63 U
2 hS .
I.. . fiS'fl
2 08 .
A i
4 . 181,
1 . 118'.
2 r.8'4
Intere
Pn
Net redcomable bofero r3ay I, 1931
At payable May 1 and November 1 at any Federal Land Bank or Federal Rm'fJ
nc.pal payable at the Bank ei Issue. Coupon and registered bend, (intrrrh;.nRcabl
in denominations el 510,000, S?,unu, 5i,unu. auu. aiuu aim . "'""'"- "
par and interest at any time after ten years from date el issue.
Bank.
e)
The Supreme Court of the United States has held, (a) that these Banks were
1-Kally created ai part of the banking syitem of the United Stales, and (b) tnat trie
Bends issued by the Banks are instrumentalities of the United States Government
and are exempt from Federal, State, municipal and local taxation.
Issues of outstanding bends dated prier te May, 1921, are redeemable five years
from the date of issue. In order te meet the demand for longer term securities,
Congress enacted a statute authorizing the redemption period en new issues te be
gin in the eleventh year from date of issue instead of in the sixth as heretofore.
The Bends new offered are issued under this authority.
Special attention is directed te the following
Statement of Secretary of the Treasury Mellen:
"In vte'v of the tcrv satisfactory financial condition of the Banks themselves,
of the exemption of the bends' issued by these Hanks from h'cdnal. Stale,
municipal and local taxation everywhere m the I'mtcd States, and of
the very adequate security back of these Bends, thcx iheuld prove an
attractive security te investors large and small throughout the country,"
Acbeptable by Treasury: These Bends are acceptable by the United States
Treasury as security for Government deposits, including Postal bavings
Funds.
Legal for Trust Funds: They arc lawful investments for all fiduciary and
trust funds under the jurisdiction of the United States Government. They
are eligible under the laws of many of the States for investment of all public
and private funds, and have been officially held eligible for investment by sav
ings banks in the following States:
Hud A Man In
11
41",
42
41 '1
42
4
42
42 i
421,
42't
421.
I'U Cent 04
8 .. 10SU
III Cenft Bt L.
Ov 3'ie
2 A8'.
Ilia Steel 4iK
82 U
Interb R T fd
in
in
4
p
3
13
1 .
A
1
1.
e
10
1
4
Aft
Aft
A0
Af.
AA
r.r.,
AA,
A.V,
A A
Int'l Asr C 3
1
72
I M Marine r.i
1. ... BIU
1 . 82
1 . 82',
1 . 82
a 82
Alabama
Arkantaa
California
Colerado
Delaware
Flerida
Georgia
Idaho
Indiana
Kentucky
Louisiana
Maine
Maryland
Minnesota
ManachuietU
Mississippi
Missouri
Nebraska
New Hampshire
New Jersey
North Carolina
Ohie
Oklahoma
Oregon
Pennsylrania
Rhede Island
Seuth Carolina
Seuth Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
The United States Government owns ever $6,500,000 of the capital stock of
the Banks and the United States Treasury has purchased ever $183,000,000 Fed-
eral Land Bank Bends. The Banks themselves are under the direction and con
trol of the Federal Farm Lean Beard, a Bureau of the Treasury Department of
the United States Government.
At the request el the Federal Farm Lean Beard In co-operation with
and en behalf el the Federal Land Banks, we eiler these bends att
Price 100 and ac rued interest, yielding 5
Alex. Brown & Sens -Brown
Brethers & Ge.
The National City Company
Harris, Ferbes & Ge,
Lee, Higginson & Ce.
Guaranty Company of te Yerk
The statement! contained l-rrem while net euirartfd are based UP' n
information and advice n we believe te he accurate and i'luele
s
82 U
S2k
I
I
82
81 ,
82'.
Ct I P 8 1. 4s
1 72 1
t'en Pi "is 3ft
2 Si
' en f'j A 4.)
3 78
Cere a- 1'asne
Cep'r 8
111'',
IUH
111'
11 1 H
111
lim
Ohie fd
2 6A
A. Ohie 445
1 . 7.
I 77
(I iv i,
I
I
1
I
C'U
Pen t, It O Is
2
Dm ci'ii
2 71
ren i, n :,', '
1 711'J.'
Dei Ldl 3s '40 Kl,i
I s4'
He I Hill Ce 1!
I m
D .Malch 7 'is
1 10S
Dem Rep c 3s
1 . . 78
D cans da 'UP
3 94',
D de Nemours
Pwrt r "i is
2 . 08'4
... Pl,
2 . nri'i
1 . MM,
7 00
Din Light 6
03',
9.1
11,1 '
9.1
S2
Ir.t 1 Paper fts
1 S2
or a Cent' 43
3 30 j
Jan Cleu Is a
5 8.1
Jan Gev't 2ds
n . Sft i
Jan Geve't Is
70 t,
70'.
70',
& h 3j
39
1 ss,
1 .is-,
; ss,
Kan -' 4 S .Is
70',
Hly 4s
73 .
74
73',
K C
I
1
I
1 ,
I
1
E T V A O ctl
1
80
I
;n,
Cki Ohie ,1s
die Genl I.len
1.. 43'.
Krle R r. cv
4 I 30'.
Erie K R cv I.
1.. .. SS.
10 3R.
.1 3 .
I SRi,
l-'rle n II n f
2 44
J'ej Sprint .1
Tire 8s
1 00
.1 Oil
fi . 9fli,
2 ... 09
1 . 90
09
K Leuntv K I,
t P -97
1 88
K lielictum ris
I
I 10
4
3
1
1 in
9.1 14
us',
9.11,
93 i
en i.
0.1 4
0.1 .
95H
ti
e:i.
9.1 1,
1 u 4 O evs, rtk ,w 11,1, m n
' S3 " 8s nl. ' '02'
" .! 8J ri" fl9 4 102
Cln 11 4 Ml
1 . . 47
1 In t All T.i
If? 1 - . 3H
I'1 ''''''Illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllli
October Bend Letter
Total reserves of the Federal Reserve Bnnks have
increased mere than $400,000,000 durine; the past year.
Jl! this money lie idle and se have no effect en security
alucs?
Our October Bend Letter discusses the effect of this
steady rise in bank reserves en interest rates and bend
pricep.
Copies Sent Upen Request
West & Ce.
.... , , Member
I'hUmlelilil
H nrU 'loci. lUelMllne '
I'lillnilelplilii hterk Kxrlmnite
32 Itrnmlnn.T
Nfn Vnrl
'iJM'lltIllL!!lililllllllllllllllliliiiiniiiiiiiii iiiilllllillllilllllillff
THE CONSOLIDAflON OF
RAILROADS
WE HAVK studied the plan of the Interstate
Ceijnncrce Conimi-sien, as well as the mere
ItUailcd suRKestiens proposed by Professer Ripley,
for the consolidation of the trunk-line railroads
of the United States into nineteen chief systems,
and shall be plnd te dis-cuss with the owners of
eutstanding: bends the general effect of same en
the securities they own.
We invite revfemicr en unn current invest
ment subject.
HARPER &TURNER
Investment Bankers
iltmbrrs n PMInifWii(n ilei-A F.xchnna
Stock CxeliaiiRc Buililing
Mruni.ii. Philadelphia umi
,i
3
I
I
rt
C II 4
37'
3S
371
3S
37 i
"Pis
103H
. 103',
. 1031,
. 1031.
10IH
I03S
10.1',
lJ'.
103',
10.fi
103 4
Iml 4 t.nu
17
1 .IV 71
; fhi 4 U W 4(
I 'I A3
' .1 . ,131,
I .13 is
I S3',
1 . 54
'hi Mil fl.-t
Snund Is
I .03',
I 03 ,
Chl Mil k Tgt
Sound .Is
II . . K.
Clucatfu Mil
St I1 I 4s
3 70
I'hlcacn Mil L
SI P d 4s
in M't
fhlcate Mil
SiP Is '23
I 7.1 S
09
09
.'lltll & Pere
Mi unit 7'i
I 914
tin I Klec ,1s
S 8K
Ooeile TTe
& Rub 8s
102
102
101 4
I0'j
102'a
ion.
K Be b m rets
let
1(14
103 4
104
101
1 03 ,
10.14
10.14
104
;'i4
'04
itn
Oee't frenrh
n 7ijs rcls
3
30
2
1
1
ft
8
1
10
1
r.7.
38.
I .
0.1
034
US',
934
934
93 4
934
014
93 4
034
.i
03 4
93 4
93 4
101
101
101
101
101
1001,
101
101
101
101
101
1004
101S
1004
I0ll,
1004
1004
100
7 100
Kingdom Den
Mark ct Ss
Short-Term Investments
At High Rates of Interest
Particularly attractive for business firms having
idle funds, which can be realized upon at fixed ma
turity dates, according te individual needs.
Due Date Price Yield
Copper Expert Asse. Dec ix'1 lOOVs 7.10
8'r Serial N't te
Remington Typewriter Ce.
First Cenv. fis
Philadelphia Electric Ce.
2-yr. Sc. firr Notes
The Autecar Company
fi'-r Serial Geld N'etc-
Susquehanna Silk Mills
67 Seiial Geld Notes
Philadelphia Company
Cenv. Deb 5s
Central States Electric Cerp.
S'r Secured Notes
Acme White Lead Celer Wks. Jui 1022 99
First Serial (is
Cens. Gas, Elec. Lt. & Pew. Ce. AuB iyj2 991 2
' r Sec. Cenv. Notes
Ohie State Telephone Ce. sept, uuj 100
74- Serinht'env. Nete
Amer. Tele. & Telegraph Ce. Vt. 1 '..-. 99vfi 6.10
.1-vr. liri Nete-
Mengel Bex Company
(Rub. Am. Til. CO
J. G. Brill Company
7' F.11. Tr. C'tfs.
Jan. 19J2 99 978
Feb. W2 993 6
Mar. 101- -991s &Y&
Pr. 1022 99 8.05
May 1022 981 4 8.10
June 1022 98
8.10
6.50
7.60
V.00
Nev. 1022 992 7.50
Senal Pelt
Per 22 99a,, 7.20,
GARRISON & CO.
Widener Building, Philadelphia
Members Telephones
Phila. Stock Exchange Bell: Spruce 8370-1-2
N. Y. Stock Exchange Keystene: Race 9721-2-3
l.
i
3
1
1
1
I
I
10
103 4
103
103 4
103
103'. 4
1034
1034
103
1034
103 4
93 4 Klngdam Ner.
93
93 4
93 4
93 4
034
034
03 4
934
y c Sa
1 .
1.
1.
1.
1.
3
10
107 'i
lern,
106 4
10D4
104
1M4
1 lltll.
pnill" ! !
AnaSysis of
GREAT NORTHERN
RAILWAY CO.
. ' IK" ' I ,r .'. of
t' c iic .'lid tJ-
lurr ) ;. i'm!i!u "f
! 'll - '.illiOLd, v i l h
I'.ii ti -ular ivieriTi f t i
ll ii'iml-. .Mid v, i .
1 ',, . ll' he ,, fill,
I i i nl i (I ll Jill, I , I I, . l
CARSTAIRS&C0.
Mi-nilit i S, -u imi I'lillu.
' "t 1. I l n i. !
lil!; Walnut Street
Philadelphia
'2 !5rat! .., N. V.
BOND SALESMEN
i ' i i i in i i: t. i i
Invester's and Trader's
Hand Reek
Call or urttr for n I Hi. hi eepy el
the Intrit issue
SMITH, RliDIWTII & CO."
. ..,' .. M, I M, . ' I -. I, ,.,..
I."i2l Walnut St., I'hila.
I'm in "-in mi iXi 'ti.i .l.iSI
ParslyBres. & Cc
Investment
Securities
1421 Che.tnut St. Philadelphu
n
Pennsylvania R. R.
Equipment 6s
due Jan. IS, 192S te 1935, Incl.
Pi'icei te yield
5.80
issued under thePhiladelphin I'Un
R H Knllinc Rr Snnc
1121 Chestnut St.. Philadelphia WIEGNER, RQGKEY &G0.
PheiM1 Spruce .MM)
isfe .Veil Vmfc M'llkes linrrni Certified PnKlic A.mnf.).
nni, ,, i ii'cnrm .son ,n. ,,rn -cr"ea ruDiic VcceuntatiU
Utexel BuiIHiVp Philitdelphin
Edward B. Smith & Ce
1111 ( ii 'nut Street
I . . - i i n i
I
1 Investment Securities
Plllllldrlphi.i .Sew erk
I
""a
""'""l" . Wiail !.. ,v te a niniM
C. S. PA'iTON &. COT
Jl) A ( III Nl M I WJ.S
BANKERS
AiinrrM1;1 .
Ilimtlh immI tiith '
M
1
1
i HI
i'
1
m
'1