V04 i i n ji M -Hi 'a IS J 'i. l7w?Wy ,l ' T' W Seasoned Railroad Bends We own and offer, subject te prier tale, limited amount of the following bends t i Stnrity RbU Dm Priet Bills Delaware k Boud Broek R.R.3V2 1955 82 4.55 1st Consolidated Mortgage Reading Company 4 1997 824 4.88 , General Mtge. (Registered) Indiana, IIHneU ft Iowa R. R. 4 1950 86 4.88 First Mortgage Chic, Ind. ft Southern R.R.. 4 1950 85 4.90 First Mortgage Buffalo, Rech. ft Pitts. Ry. . . 5 .1937 100 5.00 General Mtge. (Registered) Pitti.,Shenange&LE.R.R. 5 1940 100 5.00 First Mortgage Wett Shere R. R 4 First Mtge. (Registered) 2361 79 5.00 Pennsylvania Company 4 1952 83 5.08 Trust Cfts. Series "E" Penna. ft Northwestern R. R. 5 1930 99 lA 5.10 General Mortgage Canadian Pacific Ry. Debenture 78 5.13 NX, Chic, ft St. Leuis R. R. 4 1937 86 5.30 First Mortgage NX, Phila. ft Norfolk R.R.. 4 1948 80 5.45 Trust Certificates Lehigh Valley R. R 4 1926 94 5.45 Collateral Trust Mtge. "Lehigh Valley R. R 4 1923 98 5.55 Consolidated Mortgage St. Leuis ft Caire R. R. . . . . . 4 1931 86 5.95 n First Mortgage Western N.Y. ft Penna. Ry.. 4 1943 74 6.20 General Mortgage NX,HChic.& St. Leuis R.R.. 4 1931 83 6.45 Debenture (new Second Mtge.) TAX FREE IN PENNSYLVANIA CIRCULARS DESCRIBING THESE ISSUES ON APPLICATION Biddle & Henry 104 Seuth' Fifth Street The Information and statistics contained herein have been obtained from aeurcca which we believe te be reliable. TesSiHs Organized Exchanges have existed for mere than 300 years. These mar' kets have met a natural economic need. The tremendous progress of American industry would have been impossible had net such markets been estab lished in the great centers of capital. About 1820, a group of traders in New Yerk formed an outdoor exchange which has become America's second 1 argest stock market. Today the New Yerk Curb Market occupies its own building at 78 Trinity Place. Aik for booklet "America's Second Largest Stock Market" Philadelphia Office Wldcner Building TIrtnenj Bll- . - Leem 4730 S2i intone Race 5861 Baltimore Office 4J3 Eqaltabls Building Ttltphtmtt Plata 8451 Jenes & Baker Members UewYerk Curb Market Direct Private Wires ' KewYeik Cblcan Boxea Pbuaaslskla rituberjh Detroit Baltimore CUrtund "AO& Once a dishonest man "sold" a property he did net own. The buyer, an innocent man, suffered. This would net have been the case, had he been covered with full Title Insurance. There uc many mere things the purchuser has te be wary of than the dishonest seller. Title Insurance protects you. North Philadelphia Trust Ce. Bread St. and Germantown Ave. Above Erie Ave, Philadelphia Am Reo'e Ss tBAUCSIN t00e' "H 78 78' T8H 78 78 7T1i T8H 7 CITY OF PHILADELPHIA 4'4 Bends Due 1952 Price at Market EDWARD LOWBER STOKES 20 Seuth 15th St., Phila. Lecuat 0345 Race 3539 Strawbridge & Clothier 1st Mortgage 6s, 1942 MORLEY, WOOD & CO. 333 Chestnut Street Mnnbers N. V. & I'lillu. Meck Kxch's. DANKKBS Dealers in Investment Securities Members .Vete l'erfc and Philadelphia Stock Exchanges 321 Chestnut St., Philadelphia GARRISON & CO Lawrence E. Brown & Ce. CERTIFIED PUBLIC ACCOUNTANTS i.,rMS "EAI. ESTATE THUHT BUM). lK!i,S ' adjust corperatlopina Tax n,l,l,i.cceun," M ww weeeaS ' i WIDENER.BLDG. MEMBERS-NEW YORK AND PHILADELPHIA STOCK EXCHANGE STOCK EXCHANGE SERVICE IIIIIIUIIIIIIIUIUIHIUWIIJIIIIIUII 1 77 77 78 77 77 77 K 77 77 1...I. linn 1. ... a. .... 10 10 10.-.,.. 1 ' i Canadian Nthn H rets 1...'. 108 1.... 10BH Canadian N 7s 3.... 100 II Cana'n Pacific, Ce D wl 10 10 2. ... a 1. t 1 10 30..... 10 Chile cep'r Os 1 85H 1 8SH 30 8.1 B.... . BUH 1 88 Chile Cep'r 7s 1.... 100 1.... 101 Chinese Cleve' t H-K Rly Ba 8 48 20 48 9 48 8 40 8 40U City Berne 8s 3.... 110 1.... 110 City of Bers;en ,8a reta B.... 108 3.... 108 City Berd's (Is 0..... 83 1.....' 84 3 84 3.'.... 88 , 10.... . 4.... 7.... 3.... 7.... 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Jay Bs 1.... 103 Cre de Paa'e Cep'r 8s 1.... 110 4.... 110 8.... lit 1.... 110 1.... 110 1.... 110 C Ohie 4 17 80 Ck O cv Bs 6 1 3 1 1 1 1 8 3 1. 85 85 88 85 85 84 83 85 85 85 Erie Jsf 8s 8. . 85 1 85 ,1 BB I'lsk Rub'r CO 8s reta 1.... 101 Oen Elee 8s 1 77 Oene'l Elce Bs 1 08 1 08 14 08 1 08 Oene'l Elec 0s 3.... 108 2.... 104 Ooedyear T a Rub'r '81 8 07 8 07 1..... 08 1 07 8 07 1 08 4 07 1 07 Ooedyear T a Rub'r '41 4..,. 112 3.... 113 4.... 113 3.... 113 1.... 113 1.... 112 1..,. 113 6....' 113 Great North' n Rly Bs 6 06 1 00 8 06 06 08 06 06 06 96 06 96 00 00 00 00 CM b Alten Ss 3 65 Chi A Alt 3s II 30 2 80 .1 80 Chi B & Q cm 10 60 Chi B ft Q 6s 07 07 07 07 07 07 07 13J 10.. 3.. 1.. 1.. 1.. 11.. 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L..a 103 103 103 10.1 103 N Tk W C A Best A Ma 3 43 6..,.. 41 6 43 Nfk S'n R 6s 1 88 0 68 Nfk A W ev 0s 8.... 103 8',... 105 7.... 103 6.... 103 North Western Bell T 7i 1.... 107 1.... 107 1.... 107 X.jO. 107 1.T7. 107 2.... 107 1.... 107 1.... 107 1.... 107 3.... 107 1.... 107 N Paclfte R 3s 1 60 1 00 N Paclfle R 4s 8 84 8 84 S 84 1 84 Nthn Pae 4s 1 88 N Paclfle R fls 3.... 108 3.... 106 Nth 8 Pwr 3s 4 88 1 88 Oregon S Lifts auar'd 6a 11 07 3 07 8 97 1 07 3 07 Ore-W R R co Navl Ce 4s 4 78 0 78 4 78 2 78 1 78 4 78 Otis steel 1st 1 07V, Pae O 'A E 5t 8 87 6 88 1 88 Pae T A T 6s 3 04 1 04 lA Packard Moter, Car Ce 7s 1 00 10 00 10 00 0 00 Pan .A Petr'm A T co 7a 1 07 1 07 Pa R R 4s '00 1 87 Pa R 4a '48 ga Pa R R4s '5: 1 81 Pa Rd en 4s 15 08 Pa R am 4s 1 87 Penna K 0s 11.... 103 1.... 105 1.... 100 4.... 105 1.... 100 0.... 103 I 1 05 1', Penna R R 7i 2.... 100 1.... 100U Pere Marqt 5s 1 80 Plercs Oil 8s B nnu tub Serv Cerrl M ..... 2 77 Reading Ce 4s 1 82 1 62 1 82 Rie O ft W 4y 1 81 Reck Il'd A ft Leul'a 4s 1 77 1 77 1 77 1 77 1 77 5 77 1 70 St L I Mt ft S Rwy it 1 82 St L I Mt ft S R ft O dlv 4s 6 70 Bt L ft S K r 27 70 3 70 2 70 1 70 5 70 1 70 1 70 1 70 1 7(1 1 7(1 1 70 .7 7(1 St L ft s F In 2 0!. 61 01 01 01 61 61 63 61 01 61 01 01 3 8 a B fit e 4 20 1 . . 5..... 1..... 0 10 10 4 1 0tL A B Fran Series A OlHiSteet Tube Ce 61 of A 7s 01 2 s Term'! R R A ef.Bt L 8s '4..... 04 nrhlrd Ave aj 09 01 60 68 08 68 69 08 60 4... 4... 1... 1... 8... 6... 6... 15... 1 ... BtL A 8 Fran Series B 1 82 1 83 StL A 8 Fran Series C B 06 6 00 St L A S Fran am Bs 24 07 St L A 8 Fran gm 0a 4 103 6t L Sewn en 3 73 3 73 8 72 1 73 St Paul. A K C 8 Llne-41 1 77H Ban Antonie A A P Rly 4s 3 71 1 71 Seab'd A L aj 1 10 4 18 10 10 0 18 Seab'd A L fd 10 30 23 30 1 80 Seab'd A 1. 0s 10. 23 1 a 4 1(U.... 19 10 10 10 6 a a a 3 t 18 10 10 Third Ave 4a 2 01 ffobsece Pred ucts Cerp 7a 1 08 2 98 2... 08 1 08 2 98 Teledo 81 L A West'n 4a 9 83 9 63 Trl City Rly A Light Ba S 08 8 08 10 98 Cnlen Pae cv D 01 Union Pae 4a B 01 6 01 Union Pae 0s 1.... 102 1.... 102 TJ'n Tank C 7s 8.... 103 Unt'd Drus 8s 4.... 100 3.... 100 1.... 107 1.... 100 Ufd Rly I Ce 8 Fran Ba 8 82 2 82 U 8 Rubb'r r.s B B 3. 8. 10. 1. 6. S. 10. 10. Sh Steel H 4s 3 03 2 03 Sinclair C Oil Cerp 7a 00 00 40 40 40 B0 00 40 60 BO 50 3... 0... 1... 3... 13. 00 00 00 100 100 100 100 Se'n Pacific frt B 84 Se'n Pacific 4s 4 70 1 70 8 70 0 70i S'n Pac cv -r 88 88 88 88 88 88 88 88 Se'n Pacific 3s 4 001.4 Sn Pac Term' I 1 80 0 80 10 80 10 80H Bn Railway 1 02 10... 4... 1... 1... 1... I... 02 02 02 02 02 02 Bn Railway 5s 1 02 1 03 B3 83 88 68 08 63 84 64 64 64 64 B4 04 1. 6. 4 1 86 80 80 87 80 80 80 80 80 80 80 80 80 V S Rubb'r 7s 8.... 101 2.... 100 3.... 101 1.... 101 V 3 Rub 7 6 104 TJt'd S Steel Bs 100 fritf1-' 'i-'Sftt Mif ' vf; ?&MUrmf. rlrt;SSri m Beard I J nited States ShiDDing Emergency Fleet Corporation Offers the following Mortgages en Real Estate At Private Competitive Sale On March 20, 1922 . r Shipbwlditig Realty Corporation, Newport Newi, Va., "HUten Village; $4,050,187. These mortgages cover 473 dwelling houses, and one bultdlng contain ing 5 stores and auditorium. Shipbuilding HetiaJng Corporation, Newport New, Va., "Wash ington Avenue Apts.," $1,672,664. . This mortgage covers four brick apartment buildings, divided into 330 apartments. North Chester Realty Company, Chester, Pa., "Sun Village" and "Sun HUir $5,139,193. These mortgages cover 712 dwelling houses, and 18 apartment build ings, containing 56 apartments and 20 stores. Newburgh Heming Corporation, Newburgh, N. Y., $1,548,379. These mortgages cover 127 dwelling houses, 12 apartment buildings, containing 68 apartments, and 1 building, containing 2 apartments and 2 stores. The interest rate en the amount advanced under the above mortgage i five per cent The mortgages may be examined at the offices of the United States Shipping Beard Emergency Fleet Corporation Roem 1706, New Navy Building, Washington, D. C, and certified copies of same may be seen at Roem 201, 45 Broadway, New Yerk City; or Roem 801, 140 North Bread St., Philadelphia. Information may also be obtained by letter from ny of the above sources. The United States Shipping Beard Emergency Fleet Corporation will consider and act en all offers en and after March 20, 1922. The right is reserved te reject any and all offers. Bids mailed en March 20, 1922, will be considered. Offers should be marked "Bids en Real Estate Mortgages" and adressed te HARRY S. KIMBALL, Vice President in Charge of Finance United States Shipping Beard Emergency Fleet Corporation WASHINGTON, D. C. ..-' i i.. i.. 20.. 1.. 1.. 1.... 100 100 100W . 104 100 , 1UUM Utah F&LDi 1 88 1 88 3 88 3 88 1 88 Va-C3 Cbm 1st 8 OB Vn-C Ch 7 3 01 1 01 3 01 1 01 1 01 West'n Elee Bs 3 00 West'n Md "4s 2 ' 01 7 01',4 1 01 iWn Pac Ists 8 84 2 84 1 84 Va Illy Ce fn 0OK W Union 4t 1 02 W Union CHS 1.... 107 1.... 107 6.... 108 6 108 ,6n Rall'y 0f 04 , 04 04 01 H 04 04 V, 04 01 IHi-j 04 Vi 041'. Stan Oil; fis 1 OS v. ptand'd OH of Calif 7a 2.... 100 14.... lest 4.... 100 OS's Wcstlnaha'e U 1! 12... 25... 4... 8... 1... J... O 3... & sire 7s FORESIGHTED INVESTORS SAFETY, freedom from care, and certainty of prompt pay merit of both principal and in terest in cash when due theaa are the chief demands of fore sighted investors when placing their funds. Straus Bends'meet all these re quirement. Investigate them. Write today for BOOKLET 738 L S.W.STRAUS&CO. IKCOnrORATSD . ISTASUSHtD ttSl Stock Exchange Bldg., Phila. Tilifktnt Srivcs 5618 40 years without less te any investor REMOVAL NOTICE HAUCKMFG. CO. MANUFACTURERS OF PORTABLE OIL-BURNING EQUIPMENT TORCHES-FURNACES, ETC. HAS REMOVED TO 1726 SANSOM ST., PHILA., PA. Bell, Spruce 5626 Address All Communications te This Address 1... 4.... 1.... 1.... 1.... lenvi 106 103 10.1 V, 105 100 100 Wilsen Ce 1st 1 05 3 03 2 03 Wilsen C 7yn 00 00 00 06 01 U SECURITIES AT AUCTION Shares srnri.-j -'oreurth str.et .V,,t Hank ..... "se 1 Market .Street .V-it Jl.ink.. .. .. tin h'"i-f Mrcet Nut Rink ". ?' ShlK"" W.ty KHt nan. TSfli; 4 Uuiiki-r Hty .Vat Ifank l-ini! 10 l-Melllv Trust Ce. . .... ; 1". " 72 !i"n.'i Title and Trust Ce ! Jim 10 Northern Trust Ce..... JJ.i 18 j. imncfl Ce of IVnim lt pref ... 104 20 Klnane- Ce of penna "d iAit ini 10 Phila Ce for Guar M Vs par $i66 j" " -Mereharite-Unlen Trust Ce;..!. e-'W 1 PIiIIuiIp ph a .Vat Hank.. iT ! 3 I'hlla.leluhla N. ti ,,.t 2!" tin -" v.iiiens- i-aas iiw-y Ce... in oil . y i!8"" "Old a Ce pref.. 10- SMIullcy. Hanks & niddle Ce pref 100 : American Snuff Ce com...".!.. 130 404Jonei.ah Minim,' Ce of .Nevada 1 V! Ueyman Hruten Ce com lvjtt 40 rlKhtH te subserIN, te Hnnk of N America u ?, P.Lr.-,'r'.' .National Hank '.'..'.'. 37s a 'J Philadelphia Trust Ce i-,n a lllrunl Trust Ce inn .'llllranl Trust Ce " f-- 3 Aldlnu TruHt Ce ' ' 'o'e S I'hlla Ce for Ouar Mies '.' ?-,, M t'hellen Trust Ce !! u 1! Cnmmumieuith Tille Ins & Trust LU 10 Franklin Instltute 1st cl.isi. ...',' '. 4 Philadelphia Huurse com 130 Illinois zinc i"e L'O North Penna rt It Ce 20 Merchants & .Mffs' rirmncn Ce.. 10 Polish American Trade & Develop- ment Ce pref Let 10 Pellt.li American Trr.de JL Iluvelen- lnent Ce com lit t 10 KlnifH Mnuntatn Celd Mln Ce. Let $1 13 Fidelity Truu Ce .... 4:111 JO lluarantee Trust of Atlantic City. :Mli L'e Amerlcin Cene Jt Pretzel Ce . . . M il .Mine Hill A Scliuilklll Hwi It H 111 jue 1 .tnu:cn 1 jre msurance Asse. , . . IS Cemmcril.il Trust Ce ttt! United Gas Ce (10 Phil a. Llf.i Ce BONDS $1300 Altnena , I.ecan Valley Kltctrle Hallway. 4S per cent, con militate il mortsuge; due HIIIH 1000 rhlla. suburban Uai and Hlec trlc Ce.. 3 per cert; tlrst ami refumllnt: mnrtK.it.-e; due II11IO lOOOKejstone Ceal Coke Ce.. 0 per cent; ilrst and refundlnc moriEJye, sinking fund, due lllUO ... 1000 LehlKh Valley & Transit Ce.. 5 per cent; refundlnc and Im provement mertiiage; clue lOili) "000 Quahenlng Ceal Ce,, 0 ier cent; tlrnt mertuaRe,; due 10:13. . . . 1000 Jehnitnu-n Trr.etlen Ce 3 ;r cent; Ilrst and refunding mort mert Kami, due 1111:1 1000 Atlirrlum (Ja Ce. 0 per cint: debet.ture. bit, "A", I)u) 21) HJ D0OUerwii Water Ce, 0 per lent; tlrt extended tiiertKage; dua 8000 Southwestern "lit'liitlt'M ' Cerp!," 8 t'-r cent: Ilrst nurtKage; due 600 Montgomery Transit' ' 'i. " i.liint t'u n per cent, rtrst and re- fundlmr intg. ; due l(U7.I.et 12000 City of Salem (N. J.), Iwe ceiti "school"; 10'JO.. ...... . 2S0O Beut hern Cambria 11 wy. Ce., n per cent, Inconie mortgage; dun lll'JU 100 Hprlnslleld Wnter Ce . 5 per cent, consolidated mortgage; dun 1020 17000 Newark Consolidated etas Ce.". n per vent, ilrst mortgage; due 104H 8000 Miinufiii turera Club of Phila. 0 per cent. Ilrst mortgage; due 6000 Pateren"& Passaic Cla's'i Kle'c". trie Ce., e per cent: first con solidated mortgage; dun 11140 00OO Athens Oa Light & Fuel Ce . 0 )wr cent: ilrst mertcage; Uue May 31, 1012 4000 Associated Ctas k Electric Ce., 0 per cent; first mertgaga; cel- mwini uuni, illlu lliau. B Copyright 1822, by S. W. Straus & Ce. T ABOR - SAVING DE u VICES increase cor porate earning power by reducing the cost of oper ating. The Automatic switch boards of the Keystone Telephone Ce., we are in formed, save the com pany mere than the inter est and sinking fund of the Equipment Trust 6 Bends. At market quotations these bends yield 7.10 tax free in Pennsylvania. HARPER &TURNER Investment Bankers Members Philadelphia Stock Exchange Stock Exchange Building scranten Philadelphia Keeping Informed upon investment, financial and business conditions is most essential te successful investment. As a source for impartial and trustworthy informa tion and opinions our serv ice is unequaled. Investors interested in learning about this type of service will be furnished full information upon request. MOODY'S INVESTORS SERVICE JOHN MOODY. President 1124 Real Eitate Trait B!df.,Paila.,Pa. New Tork Chicago Bosten Jir -JL Spruce 8200 Heading sn " IflTj " m BSu I I Duquesne ti Light 7V 1936 Tax free in Penna. Eastern Steel I 1st M.tge. 5s, 1931 ? 3J(', i Tax free in Penna. , 41 II III I 10 i Mil Of the total original Jsiue eer I III ,. i I 1-3 have already Iven reiieetiH-d Ml i II II by the Mlnkine lrund. ' I I Widinir Biee. Philadelphia I r,8t I MmirrjPh)ladM;uJ Ui I 11 NiuYvrJSttKkExttatm I 80'u ' f wlw '"" lUtABITM. N.J. r I op; giriiiitTrjntm:i:raimm;rin;;r.iau;n:rhi!i:ii!mnmaii:fn;niaiii:Li:i:iiQ1rLnnjn!i;i:ii:niUinii United States Treasury Certificates SF.CCKITIKS DETAimrENT COMMERCIAL TRUST COMPANY Mrmlier !redrral KeeTTe Sj-lm City Hall Square, West Factory Building. Ingersoll-Rand Ca STteu rumsnfe ahe tmtcriemr MCCliriTIC' HAmfMAU co. We would like te have the opportunity of quot ing en any steel con struction you may be contemplating, regard 'less of its type or size. McClintic-Murshall Company Central Ollicest Plttabarcb, Is, Philadelphia I Merris Bulldlu- New Yerk Cblcaue San Francisce Mlintic-Marshall SteelBridges 3 Buildings j. se 11 00 13 73 Rl'i 75H B7H 20 200 Crowns Austrian Eniire, ui trauvs v.ujr ui i-ans. . .T.et ..Let 1 tl ID Send for Our I Special Repert en BALDWIN LOCOMOTIVE "Writ a for ".." CULVER & CO. rtTOTKN i. II0M1.S Members Philadelphia Stock Exchange Consolidated Stock Exchange of N-ew Yerk CULVER BLDG., 1504 Walnut St., Philadelphia nttsbursh. P. NprurV H.120 rltnbfilllr. O. liar" 7B60 I WANT $25,000 Te build n factory and b-'Bln manufactur ing. A Buarantee sale for enough mer cliandlse te mere than pay for erlslnal equipment. Interest, expenses, etc., is assured This 1 ulness will makn and sell a staple of ery high quality and In much demand. We want a few In esters In ireferred -lock wlti common stock bonus. Ne shares sold threuih brokers or ethers Principals will deal direct. If Interested a complete, schedule of plan of operation, market, budaet, product, etc. will be produced. II 707. I.KDOr.K OVTICE A First Mortgage Leng Term Hydro-Electric Bend Quoted Te Yield 7.2 Company serves a growing territory with many and di versified industries. Ask for Circular W. HENRY L. D0HERTY&C0. 604 Merris Building, Phila., Pa. We offer a Selected Hit of Municipal, Railroad and Corporation Bende We are prepared te purchate eund itiuee of Corporation Bend which have an ettabllshtd record of earning STROUD & CO. ''""' w-'n.ir St.. PMUrMpfcU 43 Exchange Place. New Yeaii We offer New Yerk Central Railroad Ce. 6 Equip. Trust Ctfs. Due Jan. 15, 1934 Te yield 5.65 Particulars en Application A. B. Leach & Ce., Inc. Inveetvient Securities 115 Seuth Fourth St. ! A. D. CONVERSE & CO. I ' Commercial Trust lllHir iiktie t ! NfW nnlllmere' ' far Canmereatltm Iitremtment . I i Vt' W. effer carefully M- I Wl lct4 list el MuIcjm!, I ,', Ralh-eaa, rrln C- I M': nuarat a4 ladattrUI I . vf,' BONDS I 5 Helmn,VVtMm6RMM I ' '$ M01LlTHUlala7rTT I I,, 1 IrfrasPP i j . r Inf. .? rk.1 a. t !' viffl i1 X hi m V i.Hl.ia..si1s.,,,,,,,,..fl V Li , .. .a J J. . , .. 'ULJ. . K mmkthA&tmM,. iMML- , i&:: m. ttaESLiASaj wrf' '& f&I212?Z&-A i ..fU.! Chi 1 if" ' ..,... ,i7. ! IMM H J!k-:,,"5i fefe. 3Li&tk t . ,. , I .. U?. W7..K. tefcli.Hf:'. ". X . . I a. AL...1 W1KBaBm IlPU".' 1 Ti nilli i Wl WHsssmiiii ' ;&S9lssss9aKsssssssssssssst1ali