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Bwlqiuh
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Bbaziii
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BOLGABIA
CaiLB
China
Colombia
Cestarica
Cuba
Czechoslovakia
Denmark
Dominican Retjbuc
Ecuador
Finland
Francs
Germany
Greece
Guatemala
Haiti
Honduras
Hungary
Italy
Japan
Jugeslavia
Mexico
Netherlands
Nicaragua
Norway
Panama
Paraguay
Pebsia
Peru
Poland
Portugal
Rumania
Russia
Salvader
Slam
Spain
Sweden
Switzerland
Turret
Uruguay
Venezuela
Foreign Securities
j American capital is going into foreign govern gevern
jf. ment and municipal securities in steadily in
creasing amounts, and this tendency premises te
continue for many years te come. Fer the purpose (
of giving our clients full and complete service en '
foreign affairs we have organized and new have in
full operation a
Foreign Statistical Department
This new department is fully equipped te supply
up-te-date and complete information regarding the
financial and economic affairs of every country
listed in tin's announcement and te give informa
tion and opinions en all of the government and
municipal securities of these countries. We have
organized a complete correspondence system and
have close contacts with every country of im
portance in the world. Ne service of similar scope
or character is available te American bankers or
investors. 9
Meedy's Rating Boek of
Government and Municipal Debts
which is new ready for delivery, contains full
descriptive information of all external and internal
leans of any importance whatever, with investment
ratings of all bend issues, including these of ever
210 foreign cities and provinces, besides all of the
Dominion of Canada. This book is indispensable
for American bankers or investors who are inter
ested in foreign investments, and with our com
plete service meets an urgent need of the times.
The Rating Boek is supplied either in combina
tion with a full service subscription, or separately,
as desired. The price of the book is $20 delivered.
Orders should be placed at once, as the new edition
is in great demand.
Meedy's Investors Service
35 Nassau Street, New Yerk City
BOSTON
101 Milk Stmt
PHILADELPHIA
Real Estate Trust BuildinJ
CHICAGO
Firtt National Bank Bufldiaf
We Own, Offer and Recommend
New Yerk Shipbuilding Company
First Mortgage 5 Geld Bends
Dated November 1, 1916 Due November 1, 1946
Interest Payable May and November 1st
2 Federal Income Tax Paid by Company
1. Amount outstanding only $6,461,000.
2. A first mortgage en property new or hereafter acquired, carried en
the books at a valuation of $15,951,000, being one of the largest
single shipbuilding plants in the world.
8. Cash en hand, as per 1921 annual report, 6,019,953, equal te almost
the par value of the bended debt and much in excess of the present
market value.
4. Current liabilities only $630,979, and current assets exceed current
liabilities by $8,505,623.
5. Annual sinking fund of 2i2 of authorized amount issued, te
retire and cancel bends at 1024 or less. $1,039,000 par value of
bends have been retired since date of issue.
6. Capital stock following bends has a present market value of
$4,000,000 and is paying $4.00 per share dividends.
7. Earnings last year ever seven times interest requirements, after
liberal depreciation charges.
8. Werk in progress $180,841,290, en which the estimated profit will
amount te $9,800,000. '
9. Ship subsidy legislation, new in Congress, will stimulate the
development of the American Merchant Marine and should result
in the building of a great number of large and improved types of
cargo vessels. This should mere than offset the less of Naval
Construction business due te the disarmament agreement.
10. The New Yerk Shipbuilding Ce. is controlled by the American
International Corporation, the International Mercantile Marine
Company, W. R. Grace & Company and the Pacific Mail Steamship
Company, from which companies a considerable portion of its
business is derived.
Price 75 and Interest, te Yield 7.20
GARRISON & CO.
WIDENER BUILDING, PHILADELPHIA
MEMBERS
Philadelphia Stock Exchange
Mew Yerk Stock Exchange
TELEPHONES
Philadelphia Spruce 8370
New Yerk Recter 3672
All Information anil statistics havu been oetained from eeurces which
we believe te ba reliable and accurate, but they are nut iruarantaed.
eign Exchange
Explained"
Ire booklet designed
i the Inveidne eubtlc
saaay factors that exert
tee en foreign exchange
lc coven this important
thoroughly and In a man'
t U Drill understand.
!, tstraftene or writt ler a
irtnl ft btnhlrt F'ltt
H.MCKINNA tCe.
Stock Ex. of N.Y.
tWaSSfSRSSSnL
Vr-AH niMirwtwiriiwM n
m
mtyi -iiv
WE OWN AND OFFER
Province of Alberta 5s, 6f, 1924-26
Province of British Columbia 5a, 6a, 1925-28
Province of Saskatchewan 5s, 6s, 192432
City of Winnipeg 5s, 1926
Municipal and Corporation Bend sag
ARTHUR PERRY & CO.
Previd.nc. 798 Drexel BIdg., Philadelphia BeiUa
UIL 0IIMV) DIU
UP ON THE CURB
Large Dealing in Standard of
IndlanaKlrby Petroleum.
Heavily Bought
New Yerk, March 1. Therm was a
xtrengcr tone te trading en the curb
tedftv, the market having nlmeat com
pletely recovered from the influence of
tlie heavy miicn te clove out contract
of the firniH wUich had been suspended
in the last few weeks.
The pil stocks, as a group, were active
nnd strong, nnil n number of them made
geed advance. Klrby Petroleum was
heavily tradcil in and ranged from 2H
tn 24 ami Cities Service common also
was active nnd strong, with sales from
11)1 te 105. There were large deal
ings lh Standard Oil of Indiana at
88 te 88 Vi. Imperial Oil of Canada
moved up from 104 te 104. A num
ber of the low-priced petroleum stock
nlse displayed strength, among them
Slmms Petroleum, which reached 10.
nnd Ollllland Oil. which rose te 0.
In tliu industrial section the Radie
Issues were flrtner, the common stock
Meiling fractionally hlelicr. while the
preferred stock was about steady. Llbby,
McNeill & Llbby was one et tue active
Ntnrkn nnd moved un from OKi te 0.
The Hudsen Tube issues were in con
tinued demand. Hudsen nnd Manhattan
common rising from B te 0 en heavy
trading. Hudsen Company preferred
sold at 0 and 0 in the first half of
the day.
INDUSTRIALS
1:80
High Lew e. M.
Atme Packing- L'8 28 28
Amcr Leather HVi 8 . S'i
Car LlKht 08 08 09
Chicago Nlpple 2 S .
Cluveland Aute 32 .11 Slfi
Columbia Emerald 70 . 70.. 70.,
Uardntr Meters HJi UK 14U
tk'erKi'i Clethe. D 1DH 15 ISt
Ulen Alden Ceal 43 4.1 45
Ullltttu safety Kaier ....ISO in ibdu
tloedunr Tire prct 27H 2714 27H
llutlxun Cu pref OJt 11 0
llinl.en Manhattan r 8S BH
Hexlen Chem S3 83 83,
imperial touucce lift litt HH
Inter Hubber UK 8H
Julius Kft)er 23
IVnceln MoterB A 2i
National leather urjtamD 2Vi
North Alntr 1'aper 2H
Milllp Jlerrls Uli
l'irfne Mia- 1)W
Destum Cereal &7 R7 57
i-ei-tum cereal prer iujh ze.'Vi IdJS
Had e Cem as 3H 3H
lladie Cem prer 2j 2lt 2)1
It J Heyne.da (new) "B".. 40t 10 H 40M
Southern C & I ion ei u
Tet. Pred Kxd (14 H II
Tedd .Ship j.. 711 78 7tl
u S 1, II 7,t 7,1 7B
L'nlti-d Retail Candy .... fiU .' n
Wunu Ceal Ill
Van Itanlic 4il 40 40
United (.Inn 4 Klec let pf.. SO 'M 80
HTANDABD OILS
Atlantic I.cbe iiVi flVa IH
llllnela V L, 17(1 173 173
Imi-ri.il Oil Canada . ...104'4 104 1II4H
I'ralrle O . Q r30 CiU S30
iralrle 1 L. 240 240 240
Seuth PI. II J II 2 Vi
Seuth l'enr. Oil lh'J ISO INO
Stand Oil uC Indiana .... S8S MS'.i bSVt
IN7IKPEMUENT OILS
4i
lit
37
3
iem
21
A
53
I
8
(H
33
ir.',i
1
!3
4H
10
03
193
21H
uU
53
1
(14
83
15i
24
II
24 H
I s
r.
73
10
u
av.
5H
2a
isK
2
in
5
2i
33
5Va
10
jil
i5S
h
53
73
Atlintlc Pet 1t
Heme Oil 10
lloiter. Wyoming Oil
Carlti Sndlrnte '
Cltlei Service (old) 103
titles Sirv "11" Ufa.... 21H
ruHinnK 1'etn u
i Dominion Oil U'i
..tiirlnArH I'ptrnl ........ 54
edrral Oil ljV
(lllillanil Oil 8
Uletireck Oil 04
Hudsen Oil a.'i .
Itit Petrel l.'li
Klrby Pet 24',-i
I.ance Creek l,
Miraenlbe Oil 24U
Merrltt Oil H
Mexico Oil 1J
Mountain Products 11
Mutual Oil H
Neble ID
Ohie Ilanaer 0.,
Ponnelt Oil fiji
I'rnd fc I! finem 5H
n.-d Punl: 27
Suit (Tragic 1'rnA 13
Sapulpa Hef. 2
Slnilni Pet 10U
Ifke.ly Oil .:
Miumcrn x- iv
Ttxen
1 Idal OsaKe
Wilcox Oil
Woodburn
MINING
Alaska nr Columbia 2H 2i
AUarde Mlnlns 7,
Itlir Ledge 21 18
Illir Jim lc 10
Husten ft Mentana j. -)0 38
Canidit Copper 13 10
Lnrtei Slher HO 88
Creiient MacNamara .... 1 1
Deloren Espcranx 1 1
Kmma Silver 2
Qeldlleld Florence 25 24
Anule-Xmer Cerpn 24 24
Hard .Shell 4.1 42
Hecla Mlnlmc ex dlv I'i t)V4
Heuo hound "H 2tt
Independent Lend 12 12.,
Jereme Verde Dlv 4Vi 4
Knox I)'lde 4 4
La ltoee Mining 53 B."
Marah Mtninit A r
Mether Ledu Clt ' 7
National Tin 01. 31
NiplmilnE "ft U
Ray Hercules 4 4
Rex Cena 8 H
Se Am P ft Q 4 4
Tonejmh llelmpnt IS IS
Tempah Divide 58 S7
Tonopah Kxtenalen lVi lMi
Tonopah Mlnln 1 'i
Tuolumne 53 55
United Knatern Hi 1
Weat End Cen 75 75
Allied Packer On 7n 70
Aluminum 7s 1D.5 101 101
Amer Tel lis ltl.'l' 1II0 lllOVi
Atner Tel s 1IIJ4 10IIH 10(lH i(Ml
Anaconda le lu.u liu iu-j 02
Armour 7b leaVi 103; KlHti
lleth Med 7a 1023 101V4 1014 1D1H
Can Nnt Ry 7 lert 100 lfln
Can P.ic (IB 1O0U 1II0U 1IKIU
(Vtlt Steel Hs 08 08 0H
Clt ea Service 7a I) 100 10R 1(1(1
Cena Ceal Ce 5s 811 80 HO
Cuban Tel 7tts J in ft liuft 104U
Deere. 7tt 07 1)7 07
Dunueane LlKht 7Ha 10a'4 leR'A 1I1.1V4
Keil Land Bank 5s 10'J'i 102Ti lOJ'i
(la'.ena 7s 101H 101S 1U1H
Goedrich Tire 7 0HV. OS 'J iimU
Grand Trunk 0is 15,... 104 104 '104
UUU Oil TS 103 J 103VJ 1034
Heed Rubber 7a W,i (nl iinU
Humble Oil 7s 101 100 ICIitJ
ke 80U
0(H
!8
10
38
10
88
1
1
24
24H
42
11
2H
12
4V4
4
53
a!"
5
8
J
J
;''
70
101
HHlH
Interbore 8s 1U2.' 80
Jul Kaser 7s DOS
Manitoba 7a . . ..? 04
Merris 7Us 104
Nat Acme TVae 04 H
Nat Clenk Sh 100
S V N II t IM 7(1
l'hlla Ce IU 1044 OSH
Pub Serv N P 7a 07
Shavsaheen 7s 101
Hehay 8s 103
heuthwest Hell 7s , lOITa
Stand Oil N Y 7s 1025.. ..104t$
Htanu en .- Y 7s 1HJJ. . . .10.1
'20.
fm
03,
104
Hlund Oil i Y 7s 1028 100
tsuill in Jli.'li v79
Hultt 7h VJ31 1081
TVx.lH 7s 101 101
Tiuai ueaKe is leu-a 1
un iii J'red us. in
Un Ry Havan 7sa 101 101
in7ii
004
lilt
0IV4
100
70
li.l
97
lniu
103 IA
101', 101
.".Jil IU41
I" 105
ier ie:
101'
04 4
1)0
in
115
07K
1011,
Vacuum
Warnei sucar vs loll
W,tern l.lee 7a
Winchester 7H
7Via ion;
107'i
. inn m.l
7 . u 1 7U
i 101
101
00; 100
IHV4 114
181
f,, a
.
till.
.1014 100 10(1S
HP's D6 084
Reserve ianka' Dlaceunt Rates
Official rediscount rates at the tuel Fed
eral Jteserva Hanks are na fellows;
Lib. Cem'I Bkrs.
bends, paper accept.
Traaa.
ctrs.
Dosten 77
.Miw xerK TS
Philadelphia .... 4
Cleveland yi
Richmond
Atlanta J
Chlcnjre "
ftt. Leula g
Mlnneapella 5
Kansas City ....
Dallas 6
bun Francisce . . M
W
n
I
e
5
5
5
44
y
Xi
n
n
5
r.
c
6
n
a
5
5
5
5
5
r.
44
Bid
32
U. 8. Certlflcatea and Treasury Notes
araturlnf
T)atn
Apr.. 1022.... 100
June, 1J22....100
June. 1022.... 100'
Anc. 1022.... lOO
Sept., 1D22....10O.M6
Hept.
Dec.
Juna.
HeDt.. 1024. ...10:
Mar.. 1D26....1001
Exempt from Federal normal In corns tax.
Acceptable for payment et Income tax
aua en date of maturity.
0 1.3
eri.i
?t., 1D22....10O
A., 1022,... 100
c. 1022.... 100 5.
ne, 1024. ...102
112
00
Asked YUM
10O1.16 3.40
1004 b'.tr
1011 11.10 3,80
ie" e.iu a.H5
100 3 H4
1X 7-10 3 01
102 4,40
102 4,44
i i,ie
Of
i ; " 'Ot t
Indian Refining Passes Dividend
New Yerk. Mareh i. The Indian lurlnlnr
Company has passed the auartsrly dlvldsnd
ik per cent en is prtrarrta stock, flu
his tims.
NIW1SSUB
$4,000,000
CITY OF SAN PAULO
(UNITED STATES OF BRAZIL)
Thirty-Year 8 External Secured Sinking Fund Geld Bends
Interest payable May 1 and November 1
J-3
be specifically secured (1) by a nrit cnarfe en uw receipt . ..
vehicle taxes, (2) by a charge en the transportation tax ana we inauswy
is taxes, subject te prier charges en the 6 External ueiiar nesm m
n... UiU 1 1QK9
Dated March 1, 1922 Interest payable May 1 and Novemeer i - "'- -
Principal and interest payable, free of aU BratllUn taxes, in U. S. Geld at the office of
Blair ft Ce., fiscal agents ei ine lean.
Ceupen Bends fa the denominations of $1,000 and 1500, registerable as te principal.
THESE BONDS ARE NOT CALLABLE IN WHOLE OR IN PART
METROPOLITAN TRUST COMPANY, NEW YORE, REGISTRAR
SECURITY: . These Bends are te be the direct obligation of the City of , San Paul
They are te
sanitary and '
and erofessiet
1919 and the 6 Sterling Lean.
The receipts, figured at the current rate of exchange, from the sanitary and vehicle
taxes for 1921, were reported at approximately $411,750, and the equity in the trans
portation and industry and professions taxes was reported at 1352,940, a total ei
approximately $764,690.
The receipts from the above sources, similarly computed, at the current rate of
exchange, are estimated for 1922 te be $861,890 as compared with approximately
$764,690 in 1921.
DEBT: The total funded debt of the City, both external and internal, as published,
as of December 31, 1920, was about $15,210,500. This includes the internal debt
figured at the current rate of exchange and the external debt" at par of exchange.
The assessed valuation of real estate in the City is reported at approximately
$340,000,000, computed at par of exchange.
We are advised that the City has no floating debt.
REVENUES: The total revenues of the City in 1921, as reported, at current rate of
exchange, amounted te $2,632,500 and are estimated at ever $3,000,000 for 1922
figured at the same rate of exchange.
PURPOSE: We are advised that the proceeds of this lean are te be used in the
construction and improvement of streets, tunnels and the municipal market.
SINKING FUND : The City is te agree under the Lean Contract te pay the Fiscal
Agents, annually en April 1st of each year commencing April 1, 1923, the sum
of $137,931 (129 of the issue) te be applied during the succeeding 12 months te
the purchase of the Bends at net exceeding par, but net te be required te be
applied te the purchase of an amount exceeding $138,000 of said Bends annually.
Any unused balance at the end of each such 12 months' period is te be credited te
the account of the City.
CITY OF SAN PAULO : With a population estimated at ever 500,000, this City is the
capital and industrial center of the State of San Paule, which is considered the
most important state commercially in Brazil. Its settlement dates back te 1561. It
ranks as the second largest city in Brazil and the third in all Seuth America. It is
the converging point for a net-work of several thousand miles of railway serving
the surrounding territory and adjoining states, including the noted coffee growing
sections of San Paule.
Price 100 and Interest
AU offerings are made "when, as and if" issued and received by us and subject te approval of counsel.
Receipts or temporary uenas wui ee aeiiveraeie in tne nrst instance.
Interim
NEW YORK
Blair 8- Ce.
INCORPORATED
1518 WALNUT STREET, PHILADELPHIA
CHICAGO SAN FRANCISCO
AH stitiitfts rtUtlns ta ferticn mensy and values, eicept where otherwise indicated, are expressed in terms
tns present rate ei exenante, vii.. i nuireii squaii u'i cents.
was approximately 22.40 cents per mllreii.
nl tt k nAn... .. -.
The averse, nthann rat. far .. Si. ...., V-, ' R"naiy
At par of exchance 1 milreit equals .'2.44 cent,.
The ttatexaeata contained in-this advertisement are based en information obtained partly by cable and from official or ether aeureaa whirl.
y believe te be reliable, but they are net guaranteed by us. wmm
'I
I
- ' ' I
300 W4JhcS(fee$'
SMJf f M Mf f
SsfUCCel4
fas&wetfuetteu
'Ut,
rewi'muft?i&MiaZ;
4 m Jw j S2 T
tSxtnp, trna6
tyfeffliMeyyy. Jlaceitfi
mreJ:
tCteae?''
Jteatui r0c&frl&?
S$arc6lfJ?2
Have an attorney
draw up your
will
HAVE him de it t(h
day, tomorrow may
be tee late. Then nanis
us executer. If you de
sire, we "shall take pleas
ure in co-operating with
your co-executer ar.d
give him the benefit nf
our practical experience.
Naming us your ex ex
ecueor net only assures
you that your estate will
be disposed of as you
desired, but it means also
that every possible sav
ing is effected in con
serving your estate for
your wife and children.
Let us explain without
obligation.
P0S
ES TRUST e
' of Philadelphia
N.E.Cer.l2u-&ArchSts,
Geerge C. Bowker, President
Harrison C. Rea
Jeseph 11. Rubin
Viae Presidents
William R. Vrooman, Secretary
and Treasurer
PsnnsylTanlBi IteUrMd Ce, Benis. S's Serl
Kentucky TrMttea iTrmlnal c. .. 16
garth JerjMPjr stmt Railway Ce?. . . . I.
r,,frn 9ft! fi KUtr1e Co...e'a U
III
in
1M
aM mi.
Beranrr a Entel Brewing Company, ,e'a IBM
Samuel K. Phillips ft Ce.
MemberPhMah ftjWanw
Saatern TraaMan.
Brewing Company,
Smtmf Drtmt
RmtTNATlONAlBANK
mrmaMmmeA
.
Edw. G. Budd Mfg. Ce.
1st Mtge. 6s
Due Aug. 1924-1925
Free of Penna. State Tax
Free of 2 Nermal Federal Tax
Price te Yield 7
Townsend Whelen & Ce.
" t; . Ph""' 8,k K"hn,,:
505 Chestnut St.
MORRIS J. ROOT
Certified Public Accountant f
yea Bunding, PhiladalnM.
GentralNatbnalBank
of Philadelphia
Chestnut Street at Fifth
h
u
FIRST CLOSED
MORTGAGE
15-YEAR 8 BOND
Yielding 6
Business established 1840.
Security S20S7 per J10Q0 13end.
Earnings from 1917 te 1921 three
tlmea Interest requirements.
Kinking Kund provide retirement
two-thirds iBiiue at maturity,
Circular A. n. en reguwt
Fairman & Company
Urexel Building, Phila.
EMabllshsw lSOS
Correipendent
Lawrence CbamberliuiftCp
NEW VOBK'
I4S
t
1
i
ViViiii.MisiigitytVt,'
h&ikfaA&M
m:.
tlrri
rtfrft.Aiaafa
it.