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Ef33NIKAG PUBLIC pEDGEEr-HILADEL!PHIA, FRIDAtf , DECEMBER 2, 1921
tfW ISSUE
$2,000,000
City of Philadelphia
Pennsylvania
5 Per Cent Scheel District Geld Bends
Te De Dated January 1, 1922 Due Serially Interest January 1 and July 1
Fully Registered Bend In Denomination of $C00, $1,000 and $5,000
Principal and Intereit Payable at the Philadelphia National Bank, Philadelphia
Exempt Frem All Federal Income Taxes
Tax Free in Pennsylvania
Ne Certificate of Ownership in Collecting Interest Required
Legal Investment for Trust Funds in Pennsylvania
FINANCIAL STATEMENT
(a officially furnished)
Aliened Valuation (October 1, 1921) $2,159,300,000.00
Total Debt (Including Tlii Inue) 922,617,441.67
Les Sinking Fund 5,080,875.73
"Net Debt (IncludlntrThi Iue) $17,536,565.94
Ratie of Net Debt te Aliened Valuation Le Than 8-10 of 1 Per Cent.
Population (Censu of 1910) 1,549,008
Population (Census of 1920) 1,823,158
The Scheel District of Philadelphia is ce-cxtcnsivc with the City of Philadelphia.
All taxable real estate in the City is subject te taxation for school purposes. A tax
has been provided sufficient te pay the interest and taxes en this issue of bends and pay
the principal at maturity.
We offer this issue, if, when and as issued and subject te approval of legality by
Jehn Hampton Barnes, Esq., and Francis B. Biddle, Esq., of Philadelphia.
$100,000 due July 1, 1932
100,000 due July 1, 1933
100,000 due July 1, 1934
100,000 due July 1, 1935
100,000 due July 1, 1936
100,000 due July 1, 1937
100,000 due July 1, 1938
100,000 due July 1, 1939
100,000 due July 1, 1940
100,000 due July 1, 1941
MATURITIES
104.15 $100,000 due July 1, 1942
104.45 100,000 due July 1, 1943
104.74 100,000 due 3uly 1, 1944
105.0? 100,000 due July 1, 1945
105.2 100,000 due July 1, 1946
105.5 100,000 ''due July 1, 1947
105.7a 100,000 due July 1, 1948
106.01 100,000. due July 1, 1949
106.23 100,000 due July 1, 1950
106.45 ' 100,000 due July 1, 1951
106.65
106.84
107.03
107.21
107.38
107.54
107.69
107.84
107.99
108.12
Accrued Intereit te Be Added
Prices: Te Net 4 Per Cent
Harrison, Smith & Ce.
121 Seuth Fifth Street
Philadelphia
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
William R. Compten Company
14 Wall Street
New Yerk
itiiin and ntatlntlcs contained herein have been obtained from seurci'H uiilch we bcllove te be reliable
$1,000,000
LINCOLN JOINT STOCK LAND BANK
OF LINCOLN, NEBRASKA
5 Farm Lean Bends
Dated May 1, 1921
Du.
1941
-- 1,
Intereit Payable May and November 1, in New Yerk, Chicago and Lincoln.
Callable at par en May 1, 1931, or any Intereit Date Thereafter
Denomination!: Coupon Bendt of $500 and $1,000
The Bend by an Act of Congress Were Created "Instrumentalities of the United State
Government," and Exempt Frem Federal, State, Municipal
and Lecal Taxation
Thii wii tuitained by the United States Supreme Court, February 28, 1921
SECURITY
These bends are n direct obligation of the Lincoln Joint Stock Land Bank of
Lincoln, Nebraska, and are secured by deposit of nn equal amount of the mortgages
made by it. These mortgages are deposited with the Registrar of the Ferm Lean Bureau
of the United States Treasury Department. The leans are all made en farms in Iowa
and Nebraska.
Every farm was appraised by an experienced land examiner appointed by the
Federal Farm Lean Beard, and this appraisement passed upon by the Land Bank und
alie checked by the Appraisement Division of the Federal Farm Lean Bureau.
The average appraised value per acre of land underlying the bends of this bank
is $158.12, while the average amount leaned per acre is $66.93, or percentage of
leans te appraised value of security is 42 13. A number of farms have been sold
ince the original leans were made. Frem official record of sales we find the average
sale price per acre te be $182.15, while the average amount leaned per acre en land
sold was $69.90, or the percentage leaned te the selling price is only 38.3N
TAX EXEMPTION FEATURES
These bends nre legal investments for all fiduciary and trust funds under the
jurisdiction of the Federal Government and are acceptable at par as security for postal
livings and ether deposits of Government funds.
We recommend these bends as high-grade, marketable investments, which because .
of tax exemption features are unusually attractive te investors paying any but the very
lowest income tax.
Price: 100 and Interest: Yielding 5.00
Bends maturing in 1941, callable in 1931 at par and interest, are worth
considerably mere than similar btfnds callable 7V& years earlier. Most'
Joint Stock Land Bank 5s new outstanding arccallable in 1923 or 1924.
BROOKE, STOKES & CO.
754 Fifteenth St., N.
Washington, D. C.
Members Philadelphia Stock Exchange
140 Seuth Fifteenth Street
Philadelphia
W.
102 St. Paul St.
Baltimore
This information mid these statistics, whlh net Kunnmteed,
are obtained from sources we believe te be reliable
G. S. PAT'TON &COT
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BONDS
Blodget & Ce.
Real Eitatc Trust Bldg., Phila.
NEW YORK BONDS
tfUI.EI IN $10001
Canadian N
1.... 110
Canadian fl 3i
1 74
i"liile Cep'r (l
1 BS
1 R.I
n RS
1 85
Chile Cep'r 7i
2 OOtt
3 eni
Cty Chrla'e 8
1.... 108
1.... 10BW
1.... lOTVi
City of Copen.
hnten 8Vi
3 8SH
4 88
City Lyens 0s
1 80".
City Mars's 0s
1 80S
0 80W
Cty Hlo de Ja-
nerle Ss
Am'n Aijr'c &
Chem 7Hs
1.... 101 V.
1.... 101i
Am Cot Oil ni
1 R4U
ASA It's fts
1 88
Am T & T clt
10 87i
1 R7H
1 87H
Amu T & T As
1 02 ',i
10 113H
2 02U
Amn T fc T Us
1..
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102U
103
102
102
102
102
10
City Zurich fl
1.... 107W
Cuhan A H fin
1.... 104
2.... 104 V,
Cuba II Ce
. 1 74V4
Denmark Cen
-t A 8s
2.... lORti
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104
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1 0 8 4
108 '4
108H
108H
108
108H
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1 07S
12 07H
I....'. 07 '4
1 7'i
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Onve't French
117 Hh rets
3 n4'i
30 04 H
30 04 'v
1 04H
7 04W
1 04 V4
7 04W
20 041
04
10 04
10 04S
3 04
30 04H
3 044
3 044
1 04
2 04H
1 04W
2 044,
1 04U
Oee't I" n 8s
4 100
IS.... 100
13.... 100
2 100
1.... 10014
2.... 1(10 M,
4.... 100
10 04;
3 Ill
in.... 100
10 mn
2 100
1.... 100
3.... 100
1 100
1 100
1 100
2.... 100
2 1O0V1
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1 100
1 100
Orend Trunk
Can G rets
1.... 100
100
100
100
100
100
100
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2 100
Oranrl Trunk
of Can 7s
ft ... 110
3 110
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1 80
4 R0
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Jnp Gev't 2ni
1 80
Jnp dee't 4s
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1 70
3 70
K rielxium 0s
3 00
B 05
3 00
K llelK'm 7s
Armour 4s
3 87
ATtSTeli
IB 8
2 85
2 85
7 85
V Coast I' 4
1 85
Atl'c Fruit 7s
2 24
2 23
Alies Powder
Ce 7s
10.... 101H
4.... 103
1 103
Halt & Ohie e
1 7R
1 77
natt & Ohie 0
2 00
2 00
1 83
1 00
1 00
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W Va 4s
1 00
3 74
2 74
Ilalt & Ohie S
W'n 3s
2 87
10 87
II & O Tel 4s
1 04
Dell Telephene
of Pa 7s
1 108
1.... 108
n flteel Bs '30
1 87
nrkn Edl C 7s
1.... 103
rirkn Kdl D 7s
1.... 107
10 04
I! Hap T et 7s
108
Ukyn It T 8s
1.... 108
2.... 108
Ilrkn U K 1st
1 70
Hush Illd's- Ss
1 84
t 84
Ciirel'a Clinch
Ohie 5s
1 85
Ctl Leather 5s
2 04
C II N Jay fta
2 00
Cerre de Pas'e
Cep'r 8s
1.... 113
2.... 113
0.... 113
1.... 113
Chea & O 4
1 83
1 84
C & O cv 4k
4 84
C O cv fts
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1 80
1 80
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1 82
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41
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C & U I 5s wl
7.
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2.... 105
2.... 105
1.... 103
2.... 105
Erin Qent In
1 47
2 40
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Krle It n cv II
1 38
ft 30
Brie Illy Ce 4
4 01
S 01
1 01
ft 01
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8s rets
4.... 100
4.... 100
Oene'l Ulee fts
1 80
Oene'l niee 0s
1.... 105
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nub '31 wl
12 00
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(loed)rar 'V A
nub'r '41
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100
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108
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II 7
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108
108
108
108
108
108
108
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4 75
B 75
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Mud & Man In
8 40
2 40
7 40
2 40
Ills Cen'l B
5 07
111 C St L & N
Or Jt n Bi
1 80
Indl'a Steel fts
20 0B
1 05
Int M ct 4
10 7
Intb'e It T td
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15 B4
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N Y
1.
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.... 00
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.... 00
.... 00
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Cent' I 7
. .. 105
105
N Yk Cent' I M
Cent 3s
2 70
1 70
N Y Chi & St
Leuis 4s
4 83
N Y Chi & St
Le's d 4s
1 83
New Y Kd Ce
0s wl
7.... 103
S.... 105
100
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105
105
103
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105
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25 105
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5 32
New Y N 11 (,
Hart'd 0s
2 01
N Y Itys ct 6s
4 0
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N Yk Tel 4s
3 88
N Y Tele '41
Orecen S L 4s
80
Pne T 4. V Sm
10 .... 02
10 02
10 1)2
Pnckn'd Moter
Car Ce 8s
1 100
2 100
2.... 100
2 100
.1 100
3 . . . 100
Pnn A retr'm
A T Ce 7s
3. ... 07
1 07
P It It cn 4s
1 02
I'a It urn 4
15 87
IVnna It 11 5s
3 07
3 07
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1 100
5 1(10
10 108
Penna R II 7s
7.... 100
Pub Herv Wuip
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105
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1 105
3 104
1.... 104
Kingdom Den
mark ct 8
t 108
1 . . . . 1 00
2 100
1 100
Kingdom .Vol .Vel
way ct 8s
1.... 110
K Sweden M
0 00'.
0 00
QucensIM i:xi
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2.... 107
3.... 107
2 108
ft.... ION
4.... 107
3 107
n Chile ct 'I'd
4.... 100
0.... 100'.
4 100
1 100
2.... 100
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Commercial Banking
Cern Exchange Nat. Bank
102-
103
102
103
102
103
103
'40 wl
10.4
102
103
103
101
102
102
nepuh of ITru
Kuuy Ms
ft.... 103
1 101
Stnte of Hae
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2 103
4.... 103
Swltis'il Cen 8
2 113
0...: 113
1 113
1 113
I. .. 113
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10 00
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32 00
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1 35
Kan C n a
Memp 4s
20 75
Kan Rs SSi
1 04
1 04
0 05
Kan CiSli
1 84
1 84
K C T niy 4s
1 80
2 80
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.... 71
72
72
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3 07
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St Pan 4s
3 75
3 75
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FtP 4s '21
1 78
1 7H
CiikiiBii Mil A
MP c 4
2 0.1
3 . ... 0.1
1 05
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HIP M ls
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10 72
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0 71
4 71'
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1 77
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1 111
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3 80 M,
C A W I 7s
1... 101
C'ld (.'In Chi A
St Leuis lis
ft 00
Cole AS lh
1 811
Columbia 1 A
IHi-c 1st
1 00
'nlumbl.i (J A
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Cins'd Cla 7i
4 104
PCI A Hud i
2.1 01
3.. .. 00
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2 40
7.. .. 40
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2. . . . 45
Den A It O Is
4 74
1.. .. 74
10 74',
I) A n U 4f
1 78
DM Udl fts '40
01
Pet i:dl Ce lis
3 100
Pet V II 4'
10 ,10
I) Match 7s
7.... 107
3 ... 107
1.... 107
1.... 107
2.... 107
D de Nemours
I'wilr 7
V
100
100
100
100
100
100
100
100
100
100
100
100
100
100
C A
1..
5...
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1...
8...
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5...
1...
3...
30...
0...
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Hest 4s
1 33
Nfk A Wn 4 s
2 S3
Nfk A W cv 0s
0.... 105
North West'e
Hell T 7s
2.... 107
.1 107
1.... 107
1.... 107
1 107
2... 107
N Pacific It 4n
ii '!
i.'l 84
N Pac 4s re.
15 82
Nth S Pvvr ,1s
2 88
4 88
3 80
ReadlnB Ce 4
1 81
Ille O li AV 4s
1 74
1 74
St L I'n Ml A
S Rly 4s
3 84
St L I Mt A II
It A O dlv li
1 77
St LAS V al
10 73
St L A 8 I' lr.
2 55
1,1 5ft
14 03
3 5.1
10 04
10 57
St L A S Fran
Series A
0.
10.
08
08
08
I'ran
St L A S
Series U
0.
3.
10.
3.
3.
St L A S Pran
Serial O
ft 00
6 00
St L Sew'n cn
3 72 V
82
82
82
82
82
2..
St L Sew'n ft
0 74
t Paul A K "
S I. 4s
1 78
Seub'd A L aj
2 .... 14
... 14
Seali'il A L flu
3 40
8 .... 41
San Antonie A
A Pas R li
1 71
Stmren Steel
Heep 8s
I.... 100
11 . . '100
Slnrlalr C Oil
Cerp 7s
1 .. 00
5 . 00
1. ... 00
1 . .. 00
14 00
3 00
S'n PaclOe td
1 87
S'n Pac cv l
3 87
3 ..87
10 . . 87
Sn Hallway Is
3 02
1. ... 02
Sn Railway Bs
1 80
5 .... 80
1 80
Steel A Tube
Cn of A 7s
2 00
2 .. 00
2 . .. 0
4 . .. 00
2 00
Term'l R II A
of St L ft 1
a u4
Teledo St I, A
Wn 4s clt
4 00
L'nlun Ptic fit
23 84
Union Pae 4s
1 88
ft .... 88
2 ... 88
L'nlen Pac us
2.... 102
It S R A I 0s
6 02
U S Itubb'r 5
1 85
3 .... 85
0.. .. 80
,U S Itubb'r 7s
1 80
V S Smlt R &
Mining Os
2. ... 07
fd S Steel 5-
7 00
1 00
1 00
4 00
Va-C Ch 7U.
2 07
Vr Rwy Cn ft"
3 01
4 01
Wahntfi It 2nd
1 80
3 80
Westn niec 5i
1 00
2V,1Vn Pac lsts
1 . . 84
llVett Shere 4
(I . . 81
1.. . 80
W l'nlen 4k
1.. .. 8S
IVestlnKho'e '
A Mftr 7n
3 105
2 . . . 10ft'4
1 .. 105
Wllcnti Cn '
ft. ..80
Wis Cent' I I"
1 ..07
Today's Range In Liberty Bends
1 30
HlBh T.ew TV M
WV21 '.WAS !l(!.LM I
fiAl !I7 IL !I7.4''
117.00 !7.."S 1I7.C.0
!)7.."iS !)7. U Jl".."
117. SO '.17 70 '.I7.7i
D7.S0 '.17 (ill (17.7 !
1)?).!I8 !)!) !) 1 IMi.MI ,
Liberty .T2a
Liberty 2d -in .,
Liberty 1st J '4 s
Liberty 2d 4',s.
Liberty .1.1 4V,s.
Liberty -ltb 4iH
Liberty tyi. ...
104
104
104
104
104
101
104
104
1.
2.
1.
L S M S 3h
1 74
L Valley 4f
10 80
L A Myers fti.
1 01
1 01
L & Myers 7s
1.... 112
L lid R 5s '37
1 70
Leuis & Nash
Mone 4s
1 70
Le A Ne eh 7 s
5.... 107
.Market St Rly
S Pran 1st
1 83
M Oil war Ss
1 08
Miami Cepr ft"
4 83
Mich Cl 3s
1 70
Mid S A Or :.
ft S3
Mil das 4s
1 00'.
M NtP A S m
M 0s rets
1....
O
M KAT
10. . ..
20
20....
3. . ..
.10
30
1
10
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5
2.1
5 . . . !
1.. .
1
(111
1.1
10
ft
104
102
u w ;
12.
I2
42
43
43
42
42',
42
43
77".
42
13
42
43
, 42
42
12
. 42
. I2
42
13
42
13
Me Kan A T.'X
lid ct
ft 111
Me K A T li
10 71
1 71
M K A T 4 -ft
01
Me Kan A Tex
ct 4s
fifsnlp) 51
M KAT 4s !
10 ..
M KAT
10...
1
10
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1.
, 04
fts w
. 77
in
77
77
2 77
M KAT 0s wl
4 03
M K A T note
10 .10
IS 00
20 ,1(1',
21 12
in .10
2.1 (c.ile) Ml',
2.1 57
Me PaclOe 4'
2. ... 01
1.
1.
1.
4.
1.
1.
3..
1..
ft..
1..
1..
i!.'
i..
5..
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10A
104
10.1
105
10.1
105
105
103
105
0.1 U
1 0.1' i
111.
01
01
01
01
02
Ment' a Pwr fts
5 ... .v 83
Mnr's Ce 4 i
85
New Or Tex A
Mexico Is
11 07
New Or Tex A
Mxlce (is
2 .... 07
N Y Cent'l 4s
1 80
N Yk C ne 4s
3 R3U
N Yk Cent'l 0
Terente Hamilton
& Buffalo lit 4'i 1946
Goodear 8'i 1931
Atlantic and Danville
lit 4't 1948
Macen Terminal
lit 5'i 1965
Widinir Bldg, Phiwdiiskia
HfmimPiihdtMJeajfd
YerHecCJttnasn
AIu,
P xiwveeK auiAftnw.Hj t
pillPi
United Drug
Chine Copper
Endicott- Jehnsen
Latest authoritative news will
be furnished gratis en the
above companies.
In htch are you interested.'
U'i Ire ler M 101
Kardes Sl Burke
1424 Walnut St. .I'luwdeiphi.i
Phene. SjTute 66e
New Yerk RroeVlm Ti'tiburrh
Chlcace Doten Palnmerc
Direct I'm a:e With CW t etinjt All Cffu es
: (fcj.
A liiint-term
DEBENTURE
te jltld 87c
Valuable ( unwrslen feature.
Interest helnx earned l times.
Ilfiinmlnatleiw from ltl(M( up.
May be pun based en Inxtallincnti,
Circulur I 1
HENRY L. DOHERTY
& COMPANY
604 Merris Bldg.
Philadelphia, P.i.
...... .. . .. . ..j.
THERE is a veal opportu
nity in tne banking line
for a ijentleman of geed
personality and address.. He
should have sellintr experi
ence of high order. Address
your communication te
LedRer, Bex C 408, stating
fully your age, education,
previous training and experience.
i
n.iuiillliliniiliiiinii!! n i iii i niimi i in,
Midland R. R. of N. J 5s 1941
Georgia Ry. & Pr 7s 1941
American Ice R. E 6s 1942
Arthur C. Richards & Ce.
JPrivnfc Tc1p;iieiic re .Yu Yerk
Drcxel Huilding
Ilell, Lern. 7050 IvoMenc, Mnn 0711
AurnmntimtiPimnnitivniiiiiiiiiiti nimn m i i'i m i. i uik i hi ii mi'im
Foreign Exchange Explained
Ask for Frre Booklet F-2
Wm.HJcKi
.enna
&Ce.
00".
8821221 Seuth 15th St., Phila., Pa.
Hew Te Invest
10002500 0000 $10,000
tODAY "
THE PROBLEM of the investor today is te obtain with safety the advantages
of existing attractive bend interest rates for as long a period as possible This can
best be accomplished through the purchase of geed long term bends, selling at a dis
count or "fetected against early call by high call prices.
Naturally,the investments should be welldiversified,althoughgeod lengterm power
and lightbends becauseef their excellent record andpresentstrongpcitien--should1
in our opinion, form a major part of the selection.
The following are our recommendations for a representative and judicious present
day selection for the investment of $1000, $2500, $5000 or $10,000.
Investment of 1000
AMOUNT ISSUE MATURITY
$200 Chicago, North Shere & Milwaukee R. R.
First Mortgage 5 Bends 1936
$300 Interstate Iren and Steel Company
First Mortgage 8 Bends 1941
$500 Kansas City Power and Light Company
First and Ref. Mortgage 8 Bends . . . 1940
PRICE
ABOUT
90.00
101.00
YIELD
ABOUT
6.05 7
7.90
$1000
$500
$1000
$1000
Investment of 2500
New Yerk Telephone Company
Ref. Mortgage 6 Bends 1941
Ohie Public Service Company
First and Ref. Mortgage 7i Bends . . . 1946
Empire District Electric Company
First Lien &GenT Mortgage 8 Be. ds . '. 1949
$2500
$1000
$1000
$1000
$2000
$5000
$2000
$2000
$2000
$2000
$2000
$10,000
Investment of 5000
Laclede Gas Light Company
First Mtg. Collateral & Ref. Mtg. Te Bends 1929
Chicago, North Shere & Milwaukee R. R.
First Mortgage S?e Bends 1936
Interstate Iren and Steel Company
First Mortgage 8 Bends 1941
Metropolitan Edisen Company
Ref. and Improvement 8e Bends . . . 1935
Investment of 10,000
Public Service Ce. of Northern Illinois
First and Ref. Mortgage 5 Bends . . . 1956
Kansas City Power and Light Company . .
First and Ref. Mortgage 8 Bends . . . 1940
Government of the French Republic
External Geld 7i Bends 1941
American Public Service Company
First Lien 6 7e Bends 1942
Armour and Company
Convertible Geld 7?e Notes 1930
105.50 7.45
Average Yield 7.30
100.00 6.00
104.25 7.10
103.00 7.70
Average Yield 7.12
99.00 7.20
90.00 6.05
101.00 7.90
102.00 7.75 r'r
Average Yield 7.33
87.50 5.85
105.50 7.45
96.25 7.85
86.50 7.25r;
103.00 6.50
Average Yield 6.98'
Other Recommendations
for smaller or larger amounts, or te fit individual situations, will be cheerfully sub
mitted. A majority of the foregoing and a wide variety of ether offerings are described
in our Current Bend Catalog, which will be sent without obligation upon request.
Phene, call or write for Felder PA-31
HALSEY, STUART & C
INCORPORATED
Land Title Building, Philadelphia, Pa. - Telephone Locust 4820
CHICAGO NEW YORK PHILADELPHIA . BOSTON DETROIT MILWAUKEE ST. LOUIS MINNEAPOLIS
Tlie New Tax Law
The FIDELITY TRUST A,-rs
COMPANY is glad te furnish ?jfesBisffii
mrormatien about the rederal kii-''.L-"-b;l ;I
t t i i rSarerW
Income lax Law recently ()J T f"p . t
passed by Congress. Anyone J i. IJk tetrk k ,
esmng answers te specihc W a ' i"" , v
questions, or wishing a copy of "v tip it i .g
the law itself, with explanatory , lrriJKlOr!
digest, is requested te com- - ZJ
municate with the Officers at '43' Chestnut Street Office
the 15th and Chestnut Streets Office, (143 1 Chestnut
Street) or at the Main Office, (325 Chestnut Street).
Fidelity
Trust Company
325 Chestnut St.
1431 Chestnut St.
6524 Woodland Ave,
West Philadelphia
Capital $s,200,000 mfcttW Surplus $16,000,000
Funds held in Trust mere than $20,000,000
nytH!. TT JIfllJ.i...f.i 1. ..
I Inefeasiifiij I
' ..eales v J
1 r 1 u u 11KC O cut sales
1
costs direct mail or nar-
sertal lOJ, te 50 during
1922 tear out the MEMO
new nnd hand it te your
Secretary when you dictate
the morning's rnnil.
fcrety aikfer Bjekltt t 1 7. n
ROGER W. BABSON'S
Statistical Oranizntien
Wcllesley Hills, 82, Mess.
.,?Mt.r oUeltnni
The L-r!ef t Organization "f Iu
Lhurjcitr In tlie WurlJ
BROWN BROTHERS & CO.
New rk
I (Hit I'll .V (lll.-TMT sTlti:i.I'
riiii.viu.i nn
lliihlnn
MEMBERS OF STOCK EXCHANGES
v
.v
PHILADELPHIA, NEW YORJ" STON
Orders Carefully Exeu
A Century of Service
BROWN. SHIPLEYrniviPAMv'
' " ATA A 4A. A 1 X I
OfHrc for Trnrelrra
183 1'nll Mull, LONDON H, W
I'nunilrrs Court, Lellilmry
I.OMIO.N, i;, (, ,
111111(1111''" rr ereutnltlttltll M
Meme tZz
Write Reier W. Bab. en,' found of the
lUbien SmtlilKel Orf, iniiallen. WpJlnley
HilU, B2. M., ix 1 1 low Fliair i.nJ me
UoeUlel :l.ll In.rnMnJl Solemn 1922"
and copy of Recent Repert gratis.
3
ItllllllllllltlKIIIIIIMIIIIIIIIIIIMIIIIIIIIIIIMIItltlltlllllllllllMlH
EiRSLYBROS. & CO.
Investment
Securities
t421 Che.tnut St. PhiUdelphU
GEO. A. HUHN & SONS
h'JOLKS AMI JIOMlis
Mriubfm tt the I'lill ulttpliU. titrr
aurk iiml 1'lilr.ica Mliiek Kit inniti
Cornrrilttlen Ordsri Executed In
All the Prlnelnal Mirli.t.
Liberty Bond-.Deuqht and Sold
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