sm
m
SHE
wii&m
WJlV5
I .. Cttltat-vLI l f.U
'f'frftv-
i n't n
IPT J ' ' ' " " ' ' I I Afwo.Ver Curb
I ; ' , . nrocsreuiA ,
Pi. ' Hlch LeW fcwt
I" "
I f Ifwr Jantf
I, k 7 $4,000,000 ' . ,!
$4,000,000.
Juuus Kayser & Ce.
First Mortgage Twenty-Year 7 Sinking Fund Geld Bends
Dated February IS, 1922
Authorized $6,000,000
.Art Due February 13, 1943
Interest payable February 15 and August 15
Te be presently issued $4,000,000
RedeetnabU te whole te prt at the option of thaCemr vorifwtteNthae30daytmtkeaMyiaterettdateuptoMd1adu(l
leg February 15, 1927. at 110 and Interest thereauu up te and Including February IS, 1933, at 10714 and interest;
thereafter up te and including February IS, 1937, at 105 and interests and thereafter at 102 and interest.
Coupon bends in denominations of $1,000, $500 and $100 registerable sis te prindpaL
Interest payable without deduction for Federal income taxes up te 3 per annum which the Company
or the Trustee may be required or permitted te withheld
Mr. E. S. Bayer, President of the Company, haa briefly summarized hie letter of February 16,
1922, aa follews:
BUSINESS originally established in 1880 comprises principally the manufacture of silk ,
gloves, hosiery and underwear. The Company is the largest manufacturer of silk gloves '
in the world.
PURPOSE: Te fund capital expenditures made during the past few years and thus te pay off
current indebtedness, thereby improving the working capital position. v
FIRST MORTGAGE : The Bends are te be secured in the opinion of counsel by a first mort
gage en all the real estate, plants and equipment new owned by the Company and by
deposit of capital stock owned in subsidiary companies.
EARNINGS: The consolidated net profits of the business, commencing with 1911, after
allowance for depreciation and estimated Federataxes, eliminating interest charges for
the past three fiscal years, are as fellows:'
Year ended Dec. 31
1911 $1,617,478
1912 1,191,578
1913 1,203,828
1914 1,250,870
1915 1,190,709
Year ended Aug. 31
1916 $1,467,658 (8 months)
1917 1,731,197
1918 1,585,631
1919 1,472,993
1920 1,132,202
Year ended August 31, 1921 $1,613,161
Against the income shown above for the last fiscal year, there were charged $650,069 for
inventory adjustments and undelivered commitments.
The average of the net profits shown above was $1,350,664, or 4.82 times the $280,000 annual
interest charges en the proposed Bends.
ASSETS: The consolidated total net assets, exclusive of geed will and before deducting the
proposed bend issue, as of December 31, 1921, after giving effect te the proposed finan
cial plan and adjusting the plant valuations te correspond with recent approximate
appraisals of the mere important properties, were upwards of $15,000,000, or mere than
3.75 times these $4,000,000 of First Mortgage Bends. Of these total net assets, the net
quick assets alone equal mere than twice the proposed First Mortgage Bends.
SINKING FUND,,payable annually commencing February 15, 1923, is te provide for the
retirement, through redemption or purchase, annually of 2& of the largest amount
of First Mortgage Bends issued.
Interim receipts exchangeable for Temporary Bends win be deliverable in the first instance. All offerings are subject te autberita
Jaa f the issue by the stockholders, te approval of proceedings by counsel and "when, as and if issued and received."
Price 99 and interest, yielding about 7.10
B
R 8- Ce.
INCORPORATED
1518 WALNUT STREET, PHILADELPHIA
CHICAGO SAN FRANCISCO
The statements presented hi this advertisement, while net guaranteed, are obtained from sources which are believed te be reliable
NEW YORK
AtfllcatUma Executing Amount 0 Bends Offered llave Been Received. Advertltement for Recerd Purpeeca.
EXEMPT FROM ALL FEDERAL INCOME TAXES
$2,000,000
CITY OF SEATTLE
WASHINGTON
6
WATER BONDS
Psted December !, 1921 TJus as Shown Beta
Optional en and after December 1, 1927
Principal and semi-annual Interest payable in geld at the fiscal agency f the
State of Washington in New Yerk City. Coupon bends, with privi.
lege of registration as te principal alone or both prin
cipal and interest Denomination 11,000.
The Commissioner of Banking has approved these bends as a
Legal Investment for Savings Banks and Trust Funds In Massachusetts
Ixsmpt from all taxation In ths State of Washington
FINANCIAL STATEMENT
(As Officially Reported)
Actual Value of Taxable Property (estimated) $489,908,794
Assessed Valuation for purpose of taxation (1921) 1244,954,317
Total Bended Debt (including these bends) $40,021,800 '
Bends self-supporting (including these bends) 36,410,949
Net Bended Debt 9,004,850
Population, 1910, U. 3. Census 237,979
1920 " M (Increase 33). ...315,052
These bends which, in the opinion of counsel, constitute an obligation of the City
of Seattle, were authorized by a city ordinance approved March 10th, 1920, and are
issued for the purpose of making betterments and extensions te the existing water works
system. By virtue of the law and ordinance authorizing the bends, the interest and
principal are made a charge en the gross revenues of the municipal water works system
te be satisfied before payment is made for operating expenses and depredation.
LtgalHv te p appteced by Cbultr B. Maulkh, a
SCHEDULE OF MATURITIES
Optional en and after December 1, 1927
$133,000 due Dec. 1, 1927 ' 8133,000 due Dec. 1, 1934
133.000 - " 1, 1928 133,000 ' 1, 1935
133.000 - - 1. 1929 33.J00 - 1, 935
133,000 " " 1, 1931 134000 " " 1. 1939
133,000 " " 1, 1932 . 13460O " 1, 1S40
133,000 " " I, 1933 34,000 " 1, 1941
Prlc 103 and interest for any maturity
Yitldfng 5.25 te optional date and 6 tharaafter
Delivery of bends expected en or about Mirth 1st.
Bosten
R. M. GRANT & CO.
31 Nassau Straat, New Yerk
St. Leuis
Chteag
As Utaasnta contained hereto were obtained from official report or are ear opinion based npen Information
which w reifrd m reliable; and while they are het auaranUed we bollere them te be correct.
A Careful
Selection of Bends
We are I prepared te
suggest for conserva
tive investors, having
funds available for
immediate use, a se
lection of bends
which meet very high
investment standards,
and yield as. liberal
returns as are con
sidered consistent
when safety is one
of thja principal con
siderations. If interested in our
recommendation ask
for List Ne. E-l.
Hemphill, Noyes C& Ce.
aYeenftere tttw Ter SfecJk AreAanf
Franklin Bk. Bldg., Philadelphia
Mew Yek Boetae Senates)
Buffalo Albas SjrraceM Pilrimew
VUWIWI JLlf ........
IfOlU
nrecsTBUu
Hlch
Acme Ceal.. Hi
nam W"l .( It
Amer Hawaiian B 8 ..,, S3.,
tmt Arner Teb coup ,.... IflH
Car Clrtit 6
n e put
Celluloid Ce'prJi
-nicre nippie
ins
sU
.;.-r- . r K'i' ?! " r"
K"VT." " u P ...... 0?
pert Moter ,, 20
Euiman Kodak eV
iederal Tel R
renep Motere 14
eera Clethea D 10 H
IllVltO Bllffir SKMV3T a...lSi.
fvn Pletuna
urant Aioier
Inter Rubber ..
Ill
10V
-.,7
.......... VV
a
Ltbbr-McNa II r,U
Lincoln llntera A j a 4
Nr.t Leather undamped., s4
J'aara Moter nft
'hlllp Merrla 114
eitura cereal .....,.,. D7
:dle Cem 4'k
Radie Cem prcf ,....,.. 3
ItJ ttoyneda (new) "IJ''., 40
Bouthern Ceal It Iren,... DO
Bweeta Ce ..,,, 3i
Teb Pred Exp M
u n urn ji .,,.., n
V 8 Steam 11
United 1'reflt Hharlmr .... )4
United net Candy ....... Bli
Wayne.Ceal S
'
Weit End Chem
Willys Cerp, let pref
ST.VND.UtD OILS
Ancte-Amer Oil ITU 17tt n
III nole V U 174 174 174
Eureka 1 U Pi: 03 01
Reuth V U 01 SI . 01.,
Nertnern I T. 101U 104 104'4
UUnd Oil of Ind 86H 88 8(1
INDEPENDENT OITJJ
American Fue: Oil S
Uoeten Wyemlmr 71
Cltlea Kervlce Told) 172.,
Cities Hervlca I) ctts.... 18ji
Cltlea &erlce prct 54 J4
Creele Hyn 214
Cuetilns rete ft
Dem n en uu a
KdRlneers Petrel B4
jtrderal Oil iw
enaland 0
Olllllaml Oil M
Dranada . H
Hudsen Oil 35.,
Inter Petrel ltje
ivlrby Pet -V
uvlngnlen Pet JVt
Lyens Pet 7R
.naraca be OH 22H
Merrill Oil Bh
Mex ae.iheard 29ti
Mexico Oil 1ft
Mountain Products II3.
Mutual Oil , 1,,
I.N'atlenul Oil .-Ml
I N'ebln Ill
Northireat Oil 2J
1 nhin n.n... n
)mnr en la
Pctinek Oil nl
Red Uankfl 2.'
uyan cons .
Halt Creek Pred 13V,
Hlmms Tet lnT
Hkelly Oil O'J
Heuthcrn Pt i. Ret
HtHr.ten Oil lfi
1 exen i . . . . M)
Woeduurn 00
Y OH 21
MKKO
niK i?dre 2i
IJoBteu i. Mentana 43
I'eetcn & Mentana Cens. 3
Canada Copper 2U
Cens Cenrr Mln ....... .
Certez Bl.ver H"
Financial Brief a
eamr II
-J&
Spruce 8200
We Will Purchase
Victory
334
Notes
At Par and Accrued Interest
KCTOIT?FH DEPARTMENT
COMMERCIAL
TRUST COMPANY
Member Federal Reserve Hrstrm
City Hall Square, West
25 25
70 . 71
& &
B, 5
i 04
B2 82
1 1
0 ej;
Y4
80 82
14i 14
2S 21
72 74
20 14 20 '
iW i
0 6
2S 2H
18 1M
21 2J
) 0
73 73
21 21
4 4
14i in.
C
I
li
r.s
00
21
2
43
11
CO
00
45
20
CrcMen O'li :'
Doierca Hupcraiiz 1 '.
OlMdc fxt 17
Eureka Creeius 1-
OeldneM I'lorence
tiard tjrfll 81
Hecla Mlnlne &'i
Howe iJeund Jn
Independent Lead 11
jcrome Vcrde Ulb 4 hi
.tiex Divide 0
tliipma Copper . 3u',
Mether Idj clt .
National Tin r.i)
..evatla Opblr 30
Xlple.ilne 0
iiny Ilerculra 2
Rochester Mines 17
Simen a L 00
Se Am P & O 4i
rrt'Opah-Relmeut IVi
Tonepali Dlvlde U.
Tonopah M'ln "
Tonepiih Cash Dey ."
frlbulllen 0
L'nlty Geld 0
Jn ted Eastern 'A
United Verde Ext 28
West End Ceu i ."
Wllbcrt 2
BONDS
Allied Paelcr 0 Ci
Allled Packer ctfi C3'4
Aluminum 7k. 1D2S 1011
2I
17H
S3
is"
4
S
e "
34
17
80
4i
1'4
"r
5
8
4
23
J
01
.5
ii
S3
3?
39
17
1M
(10
r.av
OS, OS'
102k 111.!1
ieas ietj
102?I 10i?
OH'J Os'i
85 ')
101 ! 101',
2V
101'. 101'
mer lAnni in iuii' iw jw
Amer Tel Oe, 1022 1IKIS 10l, 100
Amer Tl fm. 1021 lO0 100S 1001
Anaconda te
Anaconda 7s. 1020
Anulo-Amer Oil 74 a
rmeur 7a
Ilnrnsdall 8a
Rt-avcr Beard 8s .
lleth fetecl 7s, 1023
Bth Stetl 7s 1030
Can Nat Ily 7e ..
Cities Servlra II 1) .
Cel Ornnh a fl
Cens Cai "it leiU
Cens Textile Sj PM4
Cens COdl .is Ml'.i
"eppr Expert S'. 1023 .102
Copper Expert S. 10J4..10J
Copper Expert 8. 1023.. 101,
Cudahy "a 10O
De r & Ce 74 1 Oil
Fed Land Dank Ss .... 10:i
Knmlre Qm Us 03
Goedrich 7s 07"
O'.S
....102'J
,...1084i
....102I
.... 0N'
.... rt."i
lOPi
....lejy iej ie2V
. ...lOVi 104 101'
S1U RVi ST
81Vi
8V4 V
311. .IS
iei, ier
O'lS Hi
RllVt Kft'r
102 10J
10J' 10J
101S 10 (
100i 100'
oes eij-
iej' nr."
01 01
07 07
Grand Trunk 04s 1014 1014 101V
Oulf Oil - 1011 10.14 1031
H.-Iiu Ce 7s 10-lN
neua iiunDcr ts :;
Humble Oil 7s UU
Intcrbore 7s Ml)
Internore 8a 814
Kenrocett 7s l"-f-,
Llbby McNet I 7s 00 i,
Vanltetn Power 7 03
Sit Acnin 74s 014
Merrln 74s 1014
Nnt Cleak Ss 0s'
Vat leather 8 004
Y Ml . II li Ml
Plilla Ce C 01
PhUa Ulec tla 1014
Phillips 7 4 1"2
Tub .sn,e N J 7s . .07
He irvTteebucIc 7s of 22.10nt
ll'11
00
in,
10JH
00 4
93
01
OS
0d4
Blli
04 S
iei '4
102
04
IWIM
et '23. 004 00
10J4 10JH
! O'l', 004
tWrp lucbuck 7a
bliawHiieen s ...
f-euthest Bell 7b 1014 1014
hun Oil 7 ine 004
nwiu ih U( na 2UI'A 101
nnui tit or, ui iejr.
Texas Ce 7s 1014
101"
0it
I-
84 4
814
1024
IU)4
03
04
lei V4
08
0114
83
044
10l4
102
li H4
1004
U4
102
0114
10' 4
004
1U1
Tidal cmue 73
united un ns
Un It- Havana 74s
Vncuuni Oil 7s
Warner Huirar 7 . . .
ncHtern l.lec 7a ..
Arsentlnn 7i
City I nrte Al'xre 8s
Clt Munch 14s ..
llnmhurtc 44a
M!sa C4s
.101
. 91
.101
102"4 1021.
1014 1014
I004 1004
03 03
101 1A1
1074 107'4 1074
. 014 HI til
. OS 07? 07
. 004 e-4 00s
. 4 01?
.44 4 4 4 4
. 07?J 07 4 074
LONDON STOCK MARKET
The1 nrerane prJcp of twenty nctlvn
Iniluirtrlal steckH declined 0.11 per cent
estrdiv tft W.PS, while twenty rail
reads advanced 0.01 per cent te 77.C0.
8t. Paul .loadings the first eleven
daya of February were 00,301 cars,
ainlnst 46,073 a year age. Chicago
and Northwestern loadings the flrst half
of February increased 8.00 per cent.
Air Reduction Company reports for
j ear ended December .'11, nt profit
after etpenscn, intcrcstH and reserve,
but before Fcdcial taxes. $030,524,
against 11,250,440 in 1020.
Car loadings duiins the week cndcii
Fcbntnry 4 tela ed 70.1,830 cars, nn
mcreaoe of 10,158 cars, compared wlt'i
the 743,728 tars reperteJ for the previ
ous week.
as
CruJe oil production In the United
blatcs 1aft week nccerdinc te flRiires
trmpiled by the American Petroleum
Inhtitute, averaged 1,41,'J,000 burrcl"
duiiy, nsainct 1,418.300 barrelfr in the
week, of Kebrunry 4 and 1,273,200 In
the corresponding neck Inst year.
.Annual report of Cnlen Oil Company,
of California, for the year ended De
cember 31, shows net prelits, niter
federal taxes of $10,028,207, equiva
lent te $21.0,"! n shnrn rnrnpil nn the
$i0,000,000 capital stock un compared
with net prehta of $12,038,880. or
5 J 1.07 a bhare in the previous year.
Air Reduction Company reports for
year ended December 31. mt urnfltH.
before Federal taxes, but nftcr interest
and reserves, $030,021, equal te $4.11
a share en outstanding 153,070 shares
ei capuai sick, no par, ngalnst SI,
250.400, or $8.11 en 153,030 shares
outstanding in 1020,
Secretary Mcl'en announced authori autheri authori
sateon given te Federal Ucscrve Hanks
te purchase Victory notes direct fiem
lelders nt par nud accrued Inteiest, U
te an nssrejrnte amount net cxccpiIIiu
flOO.OOO.OOO, has been further extende.l
from February 10 te March Ki, 1022.
lhis authorization applied te 4i per
cent ictery notes.
The peel formed last December te take
about 141,300 Sharen of stock of Shell
Transport nnd Trading Cempnny held
by public trustee en account of ex-enemy
he'dcrH bus terminated, the block
having been sold. It is expected mem
bers of the peel will receive about four
shillings a hharc profit. Market is new
frce Irem this block.
Buffalo General Wcctrlc Cempanv
ha issued Its uununl report for the
tar ended Dcoenbor 31, showing biir
)'ius after rharzes of $1,040,072, equiv
dent te S12.00 a share earned en the
uitstnnding $S,20.2O0 capita stock,
cinpated with $011,944. or $11.41 -i
hare en $7,900,000 stock eutttandin
n the preceding year.
Hathaway, Stene, Wallace 8C Wiliii
ENGINEERS
(J2
MANAGERS
1713 Samem Street, 'Philadelphia
SPRUCE 78J7 '
Operating Management of Industrial Enterprfatt
Industrial and Technical Investigations and Reports
Consulting Engineers te Manufacturers
Bank of North America !
Rights te Subscribe
If purchased at present prices will yield
OVER 6 j
We Solicit Inquiries j"
BARNES & LOFLAND '
147 Seuth 4th Street Philadelphia.
Telephone, I.einlmnl 413
Special Service
in
Ohie Securities
Bosten
Members
New Yerk
Cleveland
! Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
Chicago Beard of Trade
Extensive Private Wire
System
OTIS & CO.
Cleveland
New Yerk, Bosten, Detroit,
Cincinnati, Columbus, ToI'de,
Akren, YouiiR&tewn, Dajten, ;
Denver, Colerado Springs .
Shall
I Build
New?
Material costs are down 40.
Wages have been reduced 15.
13 it time te build new or f
will prices go still lower ?
Babserfs
REPORTS
Improved Reports of Trade Condi
tions Help Industrials
Londen, Feb. 17. Securities en the
Stock Mchangc continued firm in the
main tediv, and trading we brisk
notwithstanding the fact thnt this va
the last sehslen of the week. r,i!t
cclncd investment issues ocered. further
trains ami were strong ut the higher
levels en a demand for invetimnr
account. French leans wcre dull,
wine te heaviness nr Purl
flood support was eHen te hemurnils,
viiil'u ni'iu liiiru, uui lieiinr dcscrlp-
Inns were e.uift and featureless. Ht
iiiirchascs enued bueyanev in i-eiiie Ar Ar
lentine railway kharcs. Chansen in the
uu group with narrow ane irr.vuluir
iecaus of adjustments. ltenl lim-,.1
wui lU'i ; Shell Transport and Triding
4 0-Kl, nnd Mexican tingle ,.
Imiireed reports as te trade condi
tions madf the Industrial dhlslen
'heerfnl. Hudsen's Hay wvir j 10-10.
Kaffirs, nhewed an impreemeiit, but
thcre was net much intercut in this
department. Itulibcr ateeka wueicd,
fellow lug the btaples.
Federal Reserve Ratios
IVniihlnrfnn. Vb. 17. Hafln . ,rt,ni
icrves J", net LVi.)lt anil fVleral llesnn
nole liabilities combined, ter thu tlvc Pel.
ral Itescrve Uanks und th entire system.
is nf rebruiiri U. 1311 cemparnl with the
iUivi.a vun m.... . k. H.ui lu.igw;
The War Finance Corporation an
nounces that from February 13 te Feb
ruary 15, lnclusKe, It approved 187 ad
vances, aggregating $5,733,000, for tig- I
rlcultural and livestock nurpescs. The I
orperation alw approved an advance
f $1,800,000 te a titinnclng institution,
organized te promote expert trade, for .
the purpose of financing the ciportatien
of cotton. .
Trading in common and preferrel '
tocks of Imperial Oil Corpention f I
Helawnre, controlled by Mitldi State
111 Corperntlon, wa taisncnded c ri th'
"cw Yerk Curb Market Kxchnnge after
ue eiese ei uusiness jesterday. Tli
jiramnn i-teek w.s uniisiintlv actie.
With 42.000 share traded' In. .th.
lock advanced from 12 ' te 13'A an I
lesed at 12. According te reports
n the financial district, it i't fcarel
hat a corner has been created in the
tock.
Preliminary report of the United
Untes Rubber Company for the jcar
ndecl December III shows net pteli't of
470,S17 after expenses iind ljed
harges, and after absorbing approxl apprexl
nately $10,000,000 excess cost of Hu
shed goods enrrlcd ever fiem preieu
car nnd sold during the year. .Vet
refit Is equKalent te 72 cents a shure
nrncd en the S0e, 110.000 preferred
tock and compares with 4-21 .220,083
qulvnlcnt after preferred dhideiuK te
?10.7i" n sliare earned en the common I
stock in 1020 ,
Phlla. Federal Reserve Bank
Th t3temnt of condition of Hia Phlla- I
delplila Jedern: Hir Hank at tbs clesi.
uf busluetd l'ebruary 15 felluns.
iiEsentcca
Keb. 15
nIH ani4 ce.il cer
tlftcates JS.O'l 0J0
r, a 1 d settlement
fund Federal Kcs
Heard B1.0220S0
WANTED
Breker or syndi
cate te underwrite
$50,000.00 worth of
dividend - paying
securities. Assets 2
te 1. Meney te be
used te expand
business. Fer par
ticulars write
B. K. FORT
301 Hemer BHg.
Washington, D. C.
Barometer I-ctter lust of the press s
Ktves you the plain unbiased (acta J
and ehowiyeu whnt's ahead in the i
arieus building fields. i'
nppnnT nw pfettpst 5!
This Barometer Letter and booklet,
"InrtMKinct Net Pmfitm"aTft avail
ab'c for distribution te interested f
cxccutncs, gratis.
Tear out the Meme tunc and hand
it te your secretary when you dictate
the morning's mail.
MtrtlyAikfer BatUttnttOR
Dabson's Statistical Organization
VcUeteyIUII.82,lVUs. r
(Sujerb of UosteB)
T7i Larjut Orpandallen efjt Character
nO-.D World
; AfFAfO
UlimUUIIIIIIIIUIUIIII A'4.-.XT
3 hnr Your secretarv
Write Reger W. Babson, president of
Dabson's Statistical Organization.
Wellcsley Hills, 82, Mass . as follew:
Uulletm 240R
and booklt," beoklt," boeklt,"
it ea sing Net
Vijfiii" aratis.
I limuiiiiimmiiiinmmiiiMiiimuiiiimiiiiiiiiimiitnmmunii
I i
d
Tcb 3
JJ.055.15-.
S1,7SJ77
s:.3.ses.:j
135. 412. 00;
ii, tin. ai
1..I.I t .. I ft
serca ii00 530.515 KOO.OII.IO'l I
Lee il tenl. nete i
silver, etc 0,OSO,3S). O.nd.S.'rt
Total cold held
bv Link
'old with Federal
rtesre netnt ...
J e I d redemption
fund
re-
53 104. 033
130.507.005
0.91S Ml
J.05 HI!) P0.I J.'0!).S7()..".3il
Total rescnes
Dill' discounted, so se
cured hy I' b.
Gevt oWlsatlens . fw se:,41S
Atl ether 10 ITl.'JOiJ
111 Is bnusht In open
market 17 ::s 070
I
Krt.f.3') 25
1J.1JU.7U3
17.533.1,11
We have resumed publication
Earnings and
Conditions
of the
Banks and Trust
Companies
of Philadelphia
A comparative analysis of nil
statements of the Banking In In
fctitutiensa in Philadelphia.
Annual subscription iu $1.00
for one copy of each issue.
$10.00 for fhe cep'es.
We have available n few
extra copies of the pieient
statement of National Banks
as of December Jilst, 1921,
for distribution without
charge.
INVESTMENT REGISTRY OF
AMERICA, Inc.
608 Chestnut Street
What Dees
Business Growth
Mean te Yeu? '
Evidently sound business
policies, honesty and efficient
management.
The last decade has seen
this Company expand from
one te thirty-two district
eilices; from one county te
si states; from limited cap!
tal te ample resources.
The only possible reason
for such h.althy growth is
that we really serrc our
clients.
We invite jour inquiries.
The R. L. Dollings Ce.
1421 W-.lr.ut Street i
Philadelphia K
blllrf
bendi
en
and
D7.:e;.'Ji5 57,20'.r.M
11,174 05O. 14.OI3.7Ui) jEJgSPgciSS-
S.0O1 M)0 S.OOO.one ' ' VsTCrV i v
mi noe i u nue fer tej
Total
hand
U. S.
nets .
U H ertl(lrates of.
Indcbt'dueus.
One j'ar certlfl-
p a t e s (Plltman
Act)
All cth-r
Municipal varranu
Total eartilns as
sets iin ei nn jioe mie se
February 1922
Investors j
Pocket Manual
contains latest statistical In
formation, also hl&h and low
price for several years, en all
usuea listed en the New Yerk,
ChlcuKe.Phtladelphia, Bosten,
Clevelund, St Leuis and Pitts
burgh Stock Exchanges, New
Yerk Curb and ether leading
echnrE throughout th
United Motet
Copy i. nt t REE en rvpurt
Aek ter P. A -HI
1
i
"AUl)s Without Obligation"
SSRuskaySCcv
Esubhshed 1B77
1503 Walnut St. Philadelphia
Jriijl:
Thenei Lecuit 7"e0
uft
(In-
riank premise
cludlnc rault) ...
S i r rril"nittlrm
fund aK.ilnut l ej.
eral Uutmi Kank
- ....., liuivi
liejnl Dutch Uncollected Iterun
rt t e 1 n e r re-seurces
:eua 111!
Ten nnrt
e.'.7:.i :ua
m. 737
tUOJ.IGS
'no nnn
a'.ifi.oea
I no, 7.-.
Total resources.. J I7d 7-a 'A l J3,oeo .!
Capital pa,! J In ...
H111 Plus . .
ltest'red for Gevt
frnnclilpe tax .
PfDenlts.
Oeernment ..
MetnlKr II a n li
llesere acct. ...
All ether
Total deposits
IVderil lies
LIABILITIES
7I 100
17,11 IS, 1 III
IfiJ DOO
f. 1 10,000
!7 Olt. '..-,
1 ats 707
J 7l.fi'0
17.110 1 HI
1 is ene
I i''3i) Hi,
im,0'il rtfil
1,0111 70
N. Y., Chic. & St. L.
R. R. 2d 6s, 1931
I ic-'' from IVnm M.n, Tix
.nil .Nurni.il i. 1 1I1. a II.
tunn! r i.
nlil nt
en r O'e
11 nrlin In lirlil
larrent return.
VYlBINIR BLCG, PHIlAOtV.PHIA
Mem&rn PvJaJ. 'ptila tit J
New Yvtk MxX Lxchnnm
NEW YOIK CUZASCTH N J.
If There Is a Market " m
We Can Find It ""
We held sales of stecka
and bends every Wedntfii
day, charging $1.50 en
t nnce Tee for each item. On
weekly cataleRues and postal
caid ben ice reach every mar
Krt. We Uikc pleasure it)
fumi&hinc: quotations. "
Barnes & LeflEmd"!
hletk Hrelier mill Anrtloecera ' J .
117 S. 4th St. .
.iiot.sie V)i mn me .ni LI
ffXm7TmIitii
rTJrWIIIWl
reh 13
Itosten 7 17
Vew erk M.n
htladeipuia ii
PENNA. TAX-FREE iONDS
PAUL & CO.
Jlembers rhlls. Hteek Kirbarura
1421 CHESTNUT STHEET
We De Net Carry Martlnal Aeesunta
Stockwell ' cektvw rime
UftfiD
7R '1
(15 0
(ti 0
78 4
70 1
ID 1
114 7
nn.1
S.'O
7B.4
Teh. 8
7in
HI 7
72 I)
7H 0
OS 1
Pi 3
77. a
fLS
19.7
61.7
6 n
83 3
tn"i
rb is
e n
41 7
ftl S
6ft S
4Nl
41 n
M n
M.l
40 0
4i a
40 0
63 0
lM4TtfB,n.
Iielnnil
Hlchmend
t ant.i
llc!e ,
it. Leuis, ....
llnueapi'lls ..
Cansaa City
I'alla .. ,..
fcan 1 rnnclsce
Total ....
I
Reserve Banks' Discount Rates
erflelal rullkceunt rates t the twelve Ted.
eral Itescne Ilunlcs ars aa follews:
Treaa. Lib. Pnml nt
ctts, oemiis. pap.r, ttcct-pt.
4 4t?
n
76,1 60.3
posten ......
New Verl . .
Philadelphia .
..v.l.ini
lllcnmeiid 5 5
At'anta s n
Chicago c r
14"
4'
it
6
4U.
IS
fit. Leuis ....... R 5 B A
farc'tV ::t:: j g I
TIilMam
Ban Vranclsce
H 414 4".4
note
III actual circula
tien
Kpripral lleH It-ink
notes In clrcJlt
tlnn (n-t llahlllt).
Duferred uallubll
Hv Items .
All ether liabilities
I
iisi.oe7.:53 us:, us.sen'
7 803.009
03 7rt1.ini
1 17, 45
7 S13.000
31 117,31s
475 0H7
Total Ilabltlu...l37n.7.vi.a3l 33J,iin,in
Ilatle of total re"res te deposit and l"el
eral nesene neln llahl Itlcs combined week
of Kebruarv 15. 70 7 p' cent prtWeus nc.k.
11 0 tvr cent.
Above nrcenuce calculstel en hat.ls of
net depenlui and I edtrul JUsene notes In
circulation.
MEMOIlANDL'Mt
Centln-ent llubtlltr en MMs nurrhn. ..
ferelun correspemlents. weelt of Iibruuy 15
.'.Odtf.OOO, pri vliius ck same.
BUTTER, EGGS AND CHEESE
New Yerk, Ten 17. lll'TTHrt st,dy R.
celpts. 11 WJ tubs CrPJinery. hlaher than
eura. aS". 33Pe. creamer. Ilrna, 6s te
01 eeore. 33H37'jc. l0
UQC1B steady. Itecelpts, 2,203 c&sag
Quotations uneliangcd
CUICESK llrm. Hecelp's, 2000 boxes
State, whe.e milk, flats, fresh, apeUals. 1014
81g, de, aYtrasa run, lVii 1&2O0,
C. S. PATTON & CO,
Jll rid ""! hts
BANKERS
SH,ru A rVTKVKNSOV
Hi
llnbilu mill ttnrks hexcl't id said. I
MnnliiM rhllii. Sterk Kithnnce. J
MOCKS AMI IIUM1S
Odd Lets Solicited
Member of I lie I'll I ulelphli, New
erk nnd Phleiire Merk Hirhuncra
Liberty Bends Oeught and Sold
Uelimue Luurt IIIUc. LIS Wuluut at,
N. . HI llreidn.iy
"fflAiP"1 LEE, HIGGINSON & CO.
IMiMhhed 1813
DOST JN' NBW OHK CIIICA
11106 1'inancc Hltig., I'hiladclph
NEWBUHGER,
HENDERSON & LOEB
Members S'ew Ye k and
Philadelphia Stock Exchanges
' 1410 Chestnut St.
rim 1. II !' L'l'ilp. ', 1030 te 1033 W;
nnii'-i-ee I'enrr einp nr, i' 11M3
I
r
UariMiiiri.' L. H. & V, Ce., ft' I0I4
nltril I lee. te. et .. J,, ft IUIU
tintlc Clt Llectrle Ce., O's I01S
Inill n 1 "VT. Cerp. I It II., 15's IBM
siiindird 4 - Cc.fl's IT'
Samuel K. Phillips e Cenpi
MemlH-rs I'MlndrVhln Hteek JCMkal
B07 fllKHTM'T HTKKfcs
WllGNER9ROCKEY&
Certified Public
Prwl tiMiimeu
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