we " 'ftw ?
"pr
pm. t '.ri rwffr-"' ' i'l ! ITlvJ5' j r
Cr ,'ic i'?r,;-,-, " "t ' J.' !' -' '-1 X
.
21
LEDaER PHrCABELPHIA TUESDAY, OCTOBER 11, 1921
UVBOTHG PUBLIC
y vi
"-i. MT
itlf"
r:
railm
I llilA IRWs NEW YORK
STRAUS BUILDING
r??.---!-
SHflljHK
Safety Tested and
The best test of the safety of a class of investments
is their record a record long enough in time, large
enough in volume, te afford real standards of judg
ment. Apply this test te Straus Bends:
THE TEST
The varying conditions.fa cenditions.fa conditiens.fa
vorable and unfavorable, ,
during 39 years, including
two wars and four finan
cial crises.
THE PROOF
39 years of prompt pay
ment of hundreds of mil
lions of dollars of princi
pal and interest, without
less te any investor.
We submit that this record is ample evidence of the
soundness of the bends we offer and ample basis for
the confidence of the investing public. Investigate
these bends and the reason for this record. Write to
day for our "current Investment Guide, and specify
BOOKLET 723-Q
S. W STRAUS Sc CO.
INCORPORATED OFFICES IN FIFTEEN PRINCIPAL CITIES
STOCK EXCHANGE BUILDING, PHILADELPHIA
Telephone, Spruce 5628
THIRTY.NINE YEARS WITHOUT LOSS TO
i!iimHiggmtm iji'Jmj.
agsggngagyFi
C0p7rlff.1t ll'SI. by 6. V Straus & Ce.
Columbia Gas & Electric Ce.
First Mortgage 5 Geld Bends
Due January 1, 1927
BUSINESS: Controls, through subsidiary companies, the entire gas and elec
tric business of Cincinnati and vicinity. Alse owns or controls about
1,100,000 acres of gas fights, pipe lines and equipment in the rich fields
of West Virginia and Kentucky, constituting one of the largest properties
of this kind in the country, from which gas is supplied at wholesale te
companies serving Cincinnati, Cleveland, Pittsburgh, Louisville, Colum
bus and ether large cities and at retail direct te ever fifty ether munici
palities. .
EARNINGS: Company has established a large earning capacity extending
ever a period of years. Following are the figures for the past three years
ended August 31st:
1921 1920 1919
Cress Earnings $14,829,895 $1317,398 $11,686,910
Net Earnings (inch ether income) $9,818,108 $7435,825 $7,49 1,883
Rentals 4,565,537 ' 4,324,700 3,864,034
Balance $5252,571 $5,111,125 $3,627,851
Interest Charges U99.150 697,567 707,806
Surplus $4,553,421 $4,413,558 $2,920,045
Earnings for the 1921 period are equal te ever 9 times
interest charges en the First Mortgage 5 Bends.
EQUITY: Following these bends are $2,616,500' of 5 Debenture Bends and
$50,000,000 Capital Stock paying dividends of 6 per annum. These
securities have a current market value of ever $32,000,000. Total amount
of First Mortgage Bends outstanding $11,501,000.
Price en Application
Complete circular furnished en request.
A. B. Leach & Ce., Inc.
Investment Securities
115 Seuth Fourth Street, Philadelphia
New Yerk
Minneapolis
Chicago
Hartferd
Bosten
Scranton
E. A. CARLETON & CO.
INC.
15 William Street, New Yerk
Telephone IJrend 5118
JilW undersigned beg te announce the for
mation of the above named corporation te
transact a general business in stocks and
bends.
E. A. Carlcten
' ' W. D. Trucbloed
l R. Wiswcll
R. B. Tschudy.Jr.
ut'TeHKit i, ltd II. D. Wcthling
J
IIIIOKi:it VA.NTl:i) Te tinclir-
BROOKE, STOKES & CO.
MO S. Fifteenth St.
Philadelphia
Washington Ualtimere
wrltn fir plarr p.10,000 aturh
lasur Inral iiniuarmriit (iirporntlen,
Will lirnr rlfc-lil ImrnllRiitleii,
Hlutf terms nnil iinrlH'iilnrs.
a i3i, i.i:i)(ii;u ei i'K k
l .iniiuiniiiii uiiiiiiiu nitiiiiiiiiniiu 'iiiiiiiiiMuinn MiiiiiiiMuiiiiiiiiiiiiiuiiiiiiiiiiinutnii
Cinn. & Musk'K. Ry. 4s, 1948
P. S. V. 7s, 1922
P. C. C. & St. L. 5s, 1970
Penna. R. R. Equip. 6s
Arthur C. Richards & Ce.
Drexel Building
nell. aVein. 70S6 Ksrstene. Main flUt
!JiinrtflmmnmmmiruiifrBKnnniitnnntritiuputiruiuf:iHiin'int:mnirniuni.niiruin,nii
1003
ijjf.1 Clnn., Chlo. 4, M. L. . lU'a
thrl.0',! KItrlc Ce B'a 1062
iiljtt ft Kledrte Cerp . 104(1
Cliv!l: 0,,"n A rUraen 4's 1010
.ELK. PHILLIPS & CO.
New Yerk
IBALE3 IN J 10001
a.tk np'e sf
ATaSFali
1 T2H
S 77
3 70
1 70
4 80
Canad'n Nthn
OVii re (a
2.... '101
1.... 101
1.... 101
Atl'e Fruit T
S 27
Chile Cep'r 0s
Atlantte net'g
B,... 70
1 70
et 0H
1.... 102
Chlle Cep'r 7
Atlaa I'wd'r C
7a wl
1 80 4
1 09
1 00
City of Urgen
Proven
8s rtcs
3.... 100
I.... 10
0.... 101
1.... 101 '
Halt & Ohie ev
1 71
1 70
a 7i
City Uerne 8
8.
1.,
Unit
2..
8..
n
3.... 101U
.. 71
1 101
O 3
Cty Chrla'a Bs
.. 88
.. 88
10.... 101
2.... 101
1 101
3.
88
Halt & Ohie 4a
1 71
1 71H
Halt & Onlo 8a
1 78
Halt A Ohie (la
2 03
1 03
City of Copen
hagen BU
2 80
1 80
Cty Me dc Je-
norle 8s wl
2 07
2 07
it & a p i k
City Zurich 8a
A W Vs. 4a
1 08
1.... 101
2...". 101
ItMl Telephone
Cuban A H as
of Ta 7a
1.... 108
3 100
R 07
4 07
07
8 cr
rn
B7
80
87
B7
Bfl
r.e
B7
R0
BOW
B0
no 4
Peth Steel M
3 83
Ukn Edl D 7a
8.... 102
8.... 102
Cen'l of Oa en
6 80
fn'l of Oa 0a
3 08
CU Leather 6s
10 no
8 00
Ctl raclflc 4a
10 70
Cen
Cere de Paace
Cerp'n 8a
1.... 110
1.... 110
C&Ocv 4a
5 70
t 70
4 70
2 70S
10 70
"k & O cv 8a
8 83
2 83
-'hi & Alt 3a
1 30
Chi IJ & Q B-m
3 70
0 70
3 70
ESTABLISHED l88l
Chi Hurl & Q
II 3n
1.
71V
II &
Q 0a
1...
1...
0...
10...
103
103
103
101
10.1
ANY INVESTOR
1.
hi & 0 W 4a
1 02Mi
1 0Si
Chi Mil & Pg-t
Sound 4s
1 03'4
hlcare Mil A
St r d 4a
R ns
I'hlCAEO Mil &
SH" 4s '2r.
1....-T5IA
l.ili 0.e"t 1st
ie m
1 84
rap Gove't 2(1
1 844
Jap Gevs' t 4 a
2 00
10 flOU
- em;
1 oev.
IC UelElum Oa
1 flfttt
enu
ae.. .. e.m
K IleU'm 7W'
fhlcnite Mil S
SIPcv 4 4s
2. .. 04
1... . flli
hlcnun Mil S.
St'P cv Bs
1.'.... 63V4
C Si Nwn 3Vi
13 0T
cm nniiwH n
no
P fd
I Sz
1 73
n 72
2 71
1 71 i
i.
10OT,
i....
3....
l
l
20 ..
ien4
ioe;
ine'4
101 ',-,
100H
10014
'hlrasj Union
8 ct 0s
.1. .. 107S
f W I 7a
2 08
3. .. 02
K IlelE'm rcla
2 tens
i lOrtJj,
3 100H
.1 10O"
l.. . ma
ICinK'lem Dan
mark ct 8a
1 1034
Kingdom Nor
way ct 8s
2.... 100
1 3wednn rta
2 811 ;
NIll '54
Cel'imbla Oai-
A Ktee 1st
2 87
Del St Hud rv
2 80
Den Sa n O f,l
1 4.1
1 4.1
.1 48
Den illO In
1 08
Det Edl Ce 0a
Queensl'd i:xt
2 01
Lean Ta nl
1 00H
1 00
10 00!i
Det Tun'l 4a
1 70,
Djje Nemours
i'wd'r 7s
Rap Chlle rets
00
00
1 .. 08tt
2 08H
.1 08H
3 .... OS',4
Itepub of Uru
cuy 8s
4. ... 08
2 08i
Sae Paule of
Drarll ct 8s
1 OflH
1 Ofl'i
P0
00
00
en
Krle Oenl Lien
1 43
Lrls St Jsy 0a
1 82
Flak Rub'r Ce
8a rets
R 00
1 00
U K Ort Drlt
A I'd '20
1 00
Oena'l Elea B
01
01
4 88
Goedysar Tire
00 4
00 'i
A Rub 8s
1 104
90
O IVk 6s reta
00
2 0.1
U K urt tern
1 05
1 03
ft I'd '87
n. ... 80 H
Gr'd Trunk 7a
2 80
2..
103
R 7e
103
103
103
103
103
103
103
2 80H
a Nthn
1
14....
1....
J....
10....
3 80 Mi
V S Drasll 8a
10
1.
rt
i!
3.
10.
0.
2.
I
00 H
00 H
00 hi
00
00
00
00
00
1..
Cleveland
Pittsburgh
Hud
R.
B.
A Man fd
71
71
00
2 70
B ... 70
III Cen 4n 'S2
2 74
U 3 Mexico 4s!
3 .... 42H
1 42H
fl .... 42
Ills Cen'l 0a
1 42
1.... 10-1
10.... 104
U S Mexico Be
10...
isW.
15...
fi...
S...
18...
1...
10...
U'd 8
.. 88
III C St L A N
A First Mortgage
On Important Main Line
Guaranteed
Principal and Interest by
Endorsement by
Chic., R. I. & Pac.
Te yield ever 7.25
Particulars en application
Blodget&Ce.
Real Estate Trust Bldg., Phila.
Bosten Chicnge New' Yerk
Wnlnut 1G06 Race 4369
. . BT
. . 87
.. B7
Or Jt n Sa
1.... 84
Interbe It T fd
8 M
fi BS
2 S5
I Sf Marina 0a
1 . . . . 82
. . S7
.. 87
. . 87
. . 87
Mexico
Lares
Es
Kan C A 8 3a
8 82
10 82
1 B8
4 B0
Am'n Ar'e
Kan C A 8 8n
Ch T'is
0 OS
1 00
1 05
70
IKelly Spme'd,
Tire 8a
1 ....
I
1
B
1
. . 08
. 08
. . 80
. 08
. 08
Ctl la
A S A lVr fis
1 80
1 80
1 SO
Amn T 4 T clt
Kent''
1 84
2 84
1
73
Le A Nash 4a
Amn T A Si
1 83
1 881
Mex Petr'm 8s
tan T 6 T 6a
3.. .. P4
1 OS
0 102
1 ... 102
1 ... 102
1 . . t02
10 .. 102
Mid S A Or na"
3 . 78
Mln A St L 4a
1.. . 37
Am'n V P fla
Me K4TU
1. ... 70
1 ... 70
Armour 4a
1 82
1 iWVi
0 (sale) nn
8 (sale) 00
Me Pucina Is
A T 4 S Fc aj
2 .... 73
1 ..87
I. ... 87
North East Township
Erie Ce.
Read fi'Js
due Sept., 1941
Nen-Callnblc
103 nnd Int. te yield ever 5.25
Townsend Whelen & Ce.
805 CnESTNUT ST.
Memter N. V, if Phita. Stock ExcJ',
Today's Range In
liisii
80.00
0.-.04
02.80
05.18
1)3.20
00,38
00.40
Ubcrty 3VjR ...
Liberty 1st 4Vi
Liberty 2d -lYtn
Liberty 3d 4V.B
Liberty 4th 4V4b
Vic. Nete ns .
Vie. Nete 4s
i
"''-"tBeI
III
I
III II I
If ill I
HI
I
In H I
It ill I Cuban C
I r,
I 10
II III I , 1
II 5
M I 20(sale)
IE ,11 1 1
I 1
S:::::
II n
U 1 "enmnrk
II ct A 8a
2.... 101 K
II '111 l(nale)103
B 1.... 102
liVI Denmark Cen
III ct II 8
I 1'.... 101
Ml Dt Canada 'liO
1 03
II De Cnnailn '20
i 1 IMVi
S 1 04 U
, 1 II I u
II l I 0 04S
Mi De Canada '31
(I S "3
llll 2 113
lljlll 1 03
ll'IIB 1-'t French
IK I It "Vi rets
i I 1 OH,
1 04tt
1 04
I a eiu
l niv.
I s ei u
1 s en'i
l l 04 u
mill i i 0414
I1. jTTiieiiiiiL-ii.iMUJi-iini AMwawwjalfl 1 Invn't V n Ma
aHaBaBBBBHHBOHHMinl 00'i
3 001
2 00
' B 00
11.... 10IIU
1 MIS
1 0UV4
1 00 U
i
v j
J
STEEL COMMON POPULAR
Bends
Investors Held 78.51 Per Cent
of
Outstanding Issue
New Yerk, Oct. 11. Once aggln ba8
the United Btntes Hteel Corporation
established a new high record for the
percentage of Its common stock owned
by Investors and n consequent decline
In (he amount of the shares held In the
names of brokerage houses and known
us the "floating supply." On Scp
tember !50 there were in the hands of
Investors .'1,111)0,370 of Us shores, rep
resenting 78. CI per cent of Its out
standing Issues, and the iwnnunt held by
brokers telaled but l,0J)2,0r0, or 21.-10
per cent.
Three months age the brokerage hold held
Ings of Nteel common amounted le
ll-U,n0l shares, or 22.(11 per cent,
while Investors hed In their names en
the books of the corporation .1.11X1,401
of its shares, or 77.31) per cent.
Anether drop In the amount of the
iteck held for foreign atreunt was
shown as of September .'te. On thnt
day 2S,",07() shores, or 5.l!0 per rent,
were held by ether thnn Americans, In
contrast te 288,71!). or ,".iS per cent,
In .Tunc, and 21)2,K.'.";, or fi.7fl per cent,
nt the end of last year. Further liqui
dation from Dutch sources was respon
sible for a large part of that foreign
8 87 Mi
10 07
1 87
M A O St Ij
Carle 4a
1 77
Ment' a Pwr 8a
2 88
1 87
Naahvl'e Chat
& at L 8s
I....'. 0414
N T Ct'l 3
3...v 08
N Y cAil'l 0a
4....; 08
1 08
4 05
1 08
2 08
N Yk Onl'l 7
2.... 103
1.... 103
N Y Chi A b'
Leuis 4s
3 8U
N Yk I.lftht U
4 l'wr 4s
2 71
2 .. 71
N Yk Tel'e 0a
1 00
2 .... 110
Nfk S'n n 8s
1 10
Nfk Wn 4s
1 78
Nfk St W cv fls
12.... 103
1.. . 103
N & W Pece's
Ceal Ce 4s
0 70
North Weate'n
Dell T 7a
(icciine, in-i snares ncm in the nnme
of stockholders in Helland huvlng been
transferred In the third quarter of this
year. Austrian nnd German holdings,
however, showed an increase of i:t!M
shnrcs and 230 shares, respecthcly. A
gain of 403 shnrcs was shown i'n the
dmeunt held by llrltlsh investors.
Foreign holdings of the I'nlted States
Steel Corporation's preferred stork en
September 30 were 103,447 shares, In
1..
1..
2..
1
104
104
104
104
104
104
104
B L (Is
contrast te lO.i.ll.S en June 30 and
111,430 en December 31. 1020.
SEPTEMBER IMPORTS LOW
Experts for Menth $46,000,000 Be Be
eow August Recerd
Washington, Oct. 11. Values of im
ports nnd experts of merchandise each
fell off materially during September, ac
cording te figures ninde public today by
the Dnpnrtmvnt of Commerce Import Impert
for September were $180,000,000, the
lowest for any meijtli this jenr.
Experts lastmentli totaled .$32.!,
000,000, only ?r,000,000 mere than the
1...
Oreg.n
n
l".'.
00
00
N Pacific II Oa
4.... 103
Nth 3 Pwr (Is
.. 82
P R en 4s
87
Pa U sm 4a
1 81
Penna n 0it
8..
3 .
1 .
2 .
4..
102
102
102
1"2
. 102
11 II 7u
. 104
, 101
, 104
, 101
Pcnni
1..
1..
lowest month this year,, July, and .4(1.
000,000 below the August record. Meth
Imports and experts were approximate!
fiO per cent below the totals for Sep
tember, 1020.
September imports of geld totaled
Pcrs Marqt 4a
3 00
Phlla Cnty cv
20 08
SG0,515,000, approximately $20,000,000
below the imports of August, but $15, -000,000
above the Imports of Septcm
her. 1020. Silver Imnerfs ilrnnneil frnm
8 .... 08 I
I'.eadlne Ce 4 a
10 77 .
t U I Mt Si 8
u A a div 4s I S7.S.r2,000 in August te .$l,ri(lTi,000 for
2 72
1 72
St L & 8 T ftj
I September. Silver Imports for Sep
j temuer last year were Jti,rii ,iioe.
nxneriH or geiu ioek a ucciueci .lump
1..
10..
00
from August te September, the com cem
nnrntlve, lipnres helm? SI171 .Oflfl fnr An.
r,n
,'iTs r in ifiiist and $2,448,000 for September. Sll-
S, 1
4
4
se I ver experts also showed an increase for
BOTt
80
.10
50
.10
the month, 4,I)4ti,(HM) being exported
as compared with $3,743,000 for Au
gust. Tile September silver experts,
however, were nearly $2,000,001) belnw
the experts for the bame month last
year.
l
l
1
7 80
U L Sz 3 Fran
Seres A
14 .
3..
1.
8..
1..
1..
1 .
14.
1..
14 .
03
03
03
03
03
nt
03
03
03
LONDON STOCK MARKET
Trade Listless and the Turnover
Light Dellar Descriptions Steadier
Londen, Oct. 11. Oil shares were
quiet and irregular en the stock ex
chaiaie tedav. Shell Trnnhtiert and
C3
i Fran Trading was 4Mi, and Mcxicnu Kagle
Ht L t 8
Series
n 3. Further buying for Investment
1 .. 70
account caused strength In some gHt
edged issttes. French leans were dull,
following Paris. Kaffirs Nigged and
were neglected. '
Dellar descriptions were steadier, be
ing Influenced by the movement of New
Yerk exchange. Argentine rails were
maintained, but were idle. The indus
trial department was mixed, but changes
were insignllicnnt. Hudsen's May was
rYi. The rubber group was dull, owing
te less eptimitic reports about the crude
artlcle.
In the main, the markets were list
less, and the turnover was light.
St T'l A Sioux
City 7s
1. .. 02
St L Sew'n en
1 01
St I. Sew'n Ba
2 . . 00
Seab'd A
8 . .
B . . .
L al
21
21
21
21
L fd
37
L fla
14
10
Seab'd A
;.eab'd A
1
2
44
Slnealr C
Oil
Te Reorganize Continental Candy
New Yerk, Oct. 11 The Creditors' Com
mutes of the Continental Candy Ounpnnj
has mode public a plan for a pnrtlal r
organization and liquidation of the randy
concern. The reorganization relates only
te the Chicago planta, which hae been oper
ated continuously alnce the rece'verahlp.
The disposition of the plant In Jerar city la
left te the future. It Is propeied that th
Chicago aaaets shall be purrha"d by the
Credltera' Committee nnd that a new com
pany will be formed te take them ever. Tha
new company will laaue te th creditors
who participate In the plan $500 oeo seceral
preferred 7 per cent stock and 20.000 shares
of no par value common firm preferred 8 per
cent stock amounting te 1130,000. together
with 620U shares of common, are te be sold
te the Finance and Trading Corporation fnr
1130.000 cash. Of this amount 180.000 la
te pay the expenses of the Creditors' Com
mittee and the remaining tlOO.OOO is te
provide the new company with cash werklnt
capital.
Government Retiring Victory Notes
UWitncten, Oct. 11. In the first nine
months of the current ear the outstanding
totals of Victory Notes has b-en redured
(SKI. 810.100. of which $312 PU4.200 were
retired In the last four months ended Sep
tember 30. These were bought In the opeu
market by the Treaaur under Srretary
Mellen's plan of selling ahert-term Treaa
ury netea and ualng the proceeds n part te
refund the Victory Notes and apread the
maturities ever a longer period At the be
ginning of the year the total of the Victory
Notes outstanding waa $122102.1700. and
this figure had been cut te $3 Tclfl 108. OOe at
the end of September An adsance of about
8 points In the notes has been due te the
steady purchases for the account of the
Treasury. It was pointed out vestenla that
at the preeent rate of retirement the amount
of the Victory Lean outstanding at ma
turltv In May. 1023. will b comparatively
7n
3
8
4.. ..
B... .
1.. ..
1
4
I
1
1....
10 ....
S'n Dell
1 ....
03
03
03
1)3
03
03
03
03
03
03
03
T Ba
oev
68
Hn Railway 4s
1 80
S'n Taenia fd
IB .... 78
Stand'd Oil of
Calif 7s
2. .. 104
2.. . 104
2 . . 104
Third Ave. a J
1 . 8.1
Tidewater Oil
Ce ct 0a
I .. . 07
1 . 07
Trl City Rly A
Llsht Bs
10 ... 04
3 04
I'nlen Pae 4s
11
10.
13
3.
82
82
82
83
82
82
C 7s
103
3.. ..
U Tank
1.
small and that the problem of refurelng
V 8 R A
will Ds
elnrpln task for the Cleverninent
I Ba
1 02
t'ntd R Stores
Cerp Bs
1 80
U 3 Rubb'r 6s
4 ... 80
4 . 80
1 (sate) 80
1 70
lT 8 Rubber 7a
B . .08
1. 08
IT 8 Rub 7a
I 100
U'd S Steel fis
Ne Change In Raw Sugars
New Yerk. Oct 11. The ran huuar mar
ket continues unchanged en the baels of 2c,
cost and freight, for Cubaa en.unll te 4.23c.
duty paid, and 4c e. l. f for un-ontrelk-d
sugars. Importations Included 41 2.10 bags
Cubas te the Warner Sugar Ilcflnlns Com
pany and 800 bags Pan Pnmlnsns te the
American Sugar Reflnln Company. The
local refined market appears m be a wilting;
one. Nene of the local teflmrs a yet.
lias met the lower price named by the
Federal Sugar Itennlng Company and the
belief was entertained In some quarters of
the trade that they may decide te await
developments ever the helliU. Quotations
ranged from 8 30c te S 50c, lesi 2 per cent
for cash, for fine granulated.
13
3
0B
0B
04
0B
OS
1
Reserve Banks' Discount Rates
Official rediscount rates at the twelve
Federal Reserve Ranks are fellows.
Treaa. Lib Cem'l Rkrs
ctfj. bends, paper, accept
Iloaten .1 B B B
New Yerk n 8 .1 B
Philadelphia B .1 B
Cleveland 8 f ." fi
Richmond 0 ' 0
Atlanta 0 ft 0 tl
Chicago fl H n
Pt. Leuis 0 n i N
Minneapolis ... . rt '. tl
Kansas City G rt H ft
Lallas rt n ft t!
tan Francisce . . . B .1 5 B
Utah Power A
Llcht Bs
2. . 83
Va Rallwya Ss
1 .. SBTt
Wn Pacific let
1 ... 80
2. .. 80
W Union flWs
2.. . 102
10.. . 102
1. . 102U
C.
Weat'e A Elee
Mfc 7b
1,
101
103
103
Ce cv
, 84
. 83
Liverpool Cotten
Liverpool, Oct 11. Spot cotton nan quint
today with prices easier en the basis of a
decline of 70 points for middling at 13.81d
The sales were 8000 bales The rucelpts
were 11.000 bales, Including 3100 bales
American Tutures were quiet In the early
dealings. Spot prices were American, mid
dling fair, 18. Old ceed middling, 14 21d.
fully middling. 13.71d. middling 18.81dj low
middling. 13.18d; geed ordinary 11. Old. and
ordinary, 10.20d.
Arbitrage With Londen Likely
New Yerk, Oct 11 - -Officials of the New
Yerk Stock Exchange have received from the
Londen Stock Exchange a copy of a latter
which has been sent te all members of thu
latter organization looking toward the cleaning-
ud of tha last of the acceunta tn ahv.
1....
1
IVIIaen
1.. .
Liberty Bends
1:80
P. M.
80.70
95.00
02.70
05.10
03.10
00.88
00.38
New
Lew
80.00
01.00
02.70
05.02
03.10
00.38
09.34
L-
I nnce slnce the moratorium went Inte effect
I This action Is Interpreted as Indicating the
Initial step In the return te fortnightly set
tlements abroad, with the likelihood of a re.
turn te arbitrage dealings with Naw Yerk
breksrs wttbln a few months, nema arbl
trsi; ts conducted at tha present time, but
net cd an extensive scale,
ii i ax
f
In the Historic Circle of
Independence Hall
The history of the Pennsylvania Company has run parallel
with that of Philadelphia for one hundred and nine years.
Granted its first Charter in 1812 by the Legislature of the
State whose name it bears, which Charter is still the basis
of its activities, The Pennsylvania Company has discharged
all the functions of a Trust Company since 1836.
A Banking Institution that has back of it the prudent
direction of ever a century, plus the best traditions of this
conservatively progressive City of William Penn, offers finan
cial connections that are both important and desirable for
individuals and business houses alike.
EVERY TRUST COMPANY AND BANKING SERVICE
The Pennsylvania Company
Fer Insurances en Lives and Granting Annuities
Trust and Safe Deposit Company
CHARTERED
18 12
BROAD STREET OFFICB
ChMtnut and Juniper Street
We Own and Offer
10,000
of Peiefas
City
STATE OF RIO GRANDE DO SUL (BRAZIL)
5 Sinking Fund Lean of 1911-1961
Unconditionally guaranteed, by endorsement, as te
Principal and Interest by the State of
Rie Grande de Sul
Issued 600,000
Purchased by Sinking- Fund 53,600
Outstanding 546,400
INTEREST: June 30th, December 31st
Payable in Londen, or may be cashed at our offices at the
rate of the day.
Denominatiens: 20, 100.
1.
A direct obligation of the municipality, secured by a
charge en the general revenues, and furthermore by a
specific hypothecation of the receipts from the "Heuse
Tax" and all future revenues from the public works car
ried out with the proceeds of this lean.
The Heuse Tax alone covers the annuity of 32,866
required for interest and the sinking; fund; the general
municipal revenues cover it ever 5 times.
A cumulative Sinking Fund of H9c, commenced 1912.
This will retire the entire issue by 1961 if bends are pur
chased at par, but as bends have been acquired below par
and will unquestionably be purchasable below par for
Heme years te come, it is conservative te estimate the
average redemption date at net later than 1!M0.
Pelotas ifc one of the principal ports and financial '-enters
of Southern Brazil. Its population is 65,000.
Rie Grande de Sul has a per capita debt of lee? than $5,
as against $30 in Sae Paule; the assets of the Banks in
Rie Grande de Sul in 1919 were 5444,074,000 as against
$238,701,300 in Sae Paule.
8.20r'' straight income; 8.85 yield te average maturity.
34 possible increase in income, average yield and capital
invested.
120 possible profit upon redemption at par, and at the
normal rate of S4.866 per 1.
Listed en the Londen Stock Exchange.
PRICE $470 flat per 200
including therewith accrued interest
firriZar fn Application
GEOWKENDDICK 3rd S CO.
3.
4.
6.
7.
'ZPcasL&Gns
1431 WALNUT ST.
PHILADELPHIA.
m
Msmbcrs Nsw Yerk ami
I'bllsdalrhls Stuck Uxchsniss
Telriihene: licit "prim
Ksj'ftteiir -Iturr 11SH
Wt. ilii nut Kiniruiilf. i'n l.ftiKn 1 hi ) t'BJres unit illicit in ilns
inement Inji the ' ilt"n frmn mmr i hi -hn V-i v. i, ,
inmHirnmrr - tm
. 1 "- 1 '-
wmiriiiiiiiiiiumiiiiiiiiirmi
S. PATTON & CO.
3I A CIIKVTM T rh
BANKERS
Miccesaur t
SAII.KH S. STKVKNStIN
Henda unit Storks hiiiisltt ntnt ilil
Munlwrw I'lilln. stork r,xrh"iir
G.ai.!arR$COi
U1MUU1H
Dealers in
Investment Securities
icinbars Ntw Yerk aiul J'h.ta4p.ia
(Redmond & Ce.
Yerk
Philadelphitt
321 Chestnut St., PhiladelphU
II Lawrence E. Brown & Ce.
V CERTIFIED PUBLIC ACCOUNTANTS
1 1SS0 ItUAI ESTATE TBl'ST HLDO.
R InvsstUsts and adjust corporation nod
R p.rtnarshlD accounts and prspar Idoeom
CASSATT & CO.
Investment Ranker
CtUUlUiCIAL, TIILST UUJU.
Mln.Ulnl.1.
Nsw Turk Uattlmuru acnintun
iwuivi,
,
1
517 Chestnut Street
Philadelphia
ACQUIRE
the thrift habit and fol fel
low such wise maxims as
SAVE!
Save something for a
rainy day !
Save at the cost of
some self-denial!
Eliminate waste and
extravagance !
Spend judiciously and
live en less than you
earn!
Earn a little mere and
spend a little less!
Open a Savings Ac
count with
NORTHERN
TRUST COMPANY
se the dollars you save
may be working for you
day and night.
Yeu may withdraw up
te $100 at any time
WITHOUT NOTICE
$300,000
Mercer County. Penna.
5Vs Read Bends
Due Serially August 1, 1924
te August 1, 1947
Interest February 1 and August 1
TAX FKEK IN PENNSYLVANIA
FREE FHO.M ALL INCOME
TAXES
LckbI Itnestmeut for Trust Funds
in Pi-nnaylwuuu
LcRal InMbtmt'iit fur Savings Bank.
in New Yerk State
PRICES TO NET 5.15 PER CENT
Harrison, Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
(UJO
iJvpi
irnt..
Lehigh Valley R. R.
c hate ititiucd an important let'
trr en this company.
Send for a Free ropy.
SMITH, REDPATH & CO.
llMiilirra I'MIn Htt.rU I'lrliaest
1524 Walnut St, I'hlla.
fbeusal Hurtle Ult-Rsd SAM
IMttstmrgh'
T
( SURPLUS (EARNED) V
II $2,000,000.00 Jl
VlXuirlSprlnfltJardcnZf