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tJT oe.ooo mAKm:.ni W new yerk stock exchange jrawactkins .;n mam
".
QEORQIA
RAILWAY POWER
COMPANY
GENERAL MOftTGMjf
NOVfMBCR 1, IMl'
i
LI
COMPANY SUPPLIES ILECTNIC
MWM TO ATLANTA
AND VICINITY ,
POP 780,000"
PROPERTY APPRAISED BY
ENGINEERS AT TWICE
FUNDED DEBT
NET CANNINGS 1021 SHOW
INCREASE OVER 80ft
TAX REFUND IN PENNA
l&?
5i
fe3
1 W i.
JK5 .
li '
CSy
TV
Lit
RICE, IOV2 INTIRIST
TO NET .5 ., . ,
REILLY, BROCK & CO.
BANKERS
30 CHESTNUT ST.
PHILADELPHIA '
ARGENTINE
Rccissien 4s, A. 0.
5s, 1909
BRAZILIAN GOV'T
Sterling Issues
4s, 1889-1910
4 '2s, 1883-1888
5s, 1895-1903-1908-1913
Railway Resc. 4s, 1900
NORWAY 3s,32s6V4s
BUENOS AIRES
42s & 5s
GRAND TRUNK
PACIFIC
3s & 4s of 1962
4s, 1955.
Branch Line 4s, 1939
' Canada Atlantic 4s, 1955
Cassel, Huiiis & Ce!
Members X. y. Stock Exchange
SO Broadway New Yerk
' Telephone Bowling Green 3111
Province of Manitoba
5Sc Geld Bends
Due March 1, 1912
f Principal and Intrrest
parable in New lerk
These bends are. a direct and prl
marv ohllerntlen nf tVia Pmuin-
i of Manitoba and are payable from
iPrevInqe.
jiThe Province of Manitoba In one
of the greatest grain producing
I'prqyinces In Canada. The inlue
of Its products for 1920 was es
timated at $318,000,000.
"Price 102.5a, and Interest
Yielding 530
(rajmienrla United States Funrtu)-
V u!J Particulars P-3Z8 en request.
Weed, Gundy & Ce.
' IncerDOratrd
I ,U Wall Street, New Yerk
Terente x f Wlnnlprc
XAnden, Kec. Montreal
x Keystone Telephone Ce.
First .Mortgage 5s
Due 1935
!'
Equipment and First
Mortgage Collateral
6t, Due 1929
Free of Pennsylvania
' State and 2 normal
Federal Income Taxes.
Prices and complete
information en request.
We invite inquiry en any
current investment subject.
HARPER &TURNER
, Investment Bankers
(BTm6er Philadelphia Bteck Exchangt
Stock Exchange Building
eranten Philadelphia lUadlns
n
m
n
p
IfV
4
M
u
I'
. Y - '
r JsV
A
.Spruce 8200
'i
c
ii
United States
Government
Securities
BECDIUTIK1 I)KrAKTME.T
COMMERCIAL
TRUST COMPANY
Member Federal Il..rve Sratrm
City Hall Square West
V
PKNNA. TAX-rWEE 90NDS
PAUL A CQ.
hmsbm n'MMsTTaUehsM
lltl HUTNUT tTIIUET
Ruth; for; Bends Caused Heavy
" Oversubscriptien of Three
- nw issues
i
New Yerk. March 28. Contrary te
I expectations as well as. te nil the dope
ui inn jnuienKiunni tipsters inc rcac-'
tlenary tenilctir.v did net endure very
long In .today's stock .market." Instead
net only did the general list put tin a
stronger front, show Increasing resist
ing powers but also mnde ummial v
rrnpld progress, r in iretrlcvlng much of
I the let ground of the preceding ses
I slens. Organized buvlne? orders were
I In evidence directly following the opeti epeti
plng dnd the demand Increased steadily
during the forenoon while the offer effer
Inpi t)f stecksat the same "time became
conspicuously scarce. Thli net only
reflected concerted support- but also,
revealed considerable nervousness
nmeng the newly created short Interest
who apparently were prepared te bent
n hnsty retreat upon the first sign of
n reversal in the uinrJKct trend. .
I There were no pnrtlculnrly stlmu-
i mung (icveinpiiH'ius overnight,'" hut
there were several events and condi
tions which could easily be accepted nR
r-tiuttn in nip- Minus ucmniimiiing tee
sound foundation of constructive pro
gram. One of these" and which wns
highly significant In Its bcnrlnc tinen
securltj values-vns the rush for thej
new oetid issues made this morning,
three of which were heaWly subscribed
within fifteen juinutes after the open
ing of the subscrintien books. Anether
wils'tlie favorable February earning j
sinicmenis 01 several of the big rail
road s stvms, notably Peimsjlvanln.
Probably, hewever'the principal len len
sen why the market came back was the
reason of Its oversold condition. Only
a casual analysis of yesterday's opera :
tlens made it quite apparent tha bulk
of the recent heavy selling had been
for the hhett account rather than rep
I resenting any considerable line of real
liquidation.
I While the list did net snap back w ith
the same degree of animation as it re
cently did In the brief setbacks, still
substantial gains were made all through
i the list, with the rebound nartlcularlv
strlnking In these Issues the hardest
pressed In the reactionary movement.
Dealings fell away almost steadily dur
ing the forenoon, but tha market
strengthened en the support given te
equipments., oils and feed specialties.
Lima Locomotive common and prefer
red made .4-peliit gains, evidently en
short covering. American Locomotive,
Italdwiu Locomotive nml Pullman -tesc
1 te 1 points. Mexican Petroleum
and California Petroleum wen- sub
stantially better and Sears-Keebuck
extended its early rise. Jewel Tea
common and preferred. Cern Products
and Industrial Alcohol rose 1 te 2..
points en buying by peels..
Commodity Markets
grain Market
Chicago, March 28'. -Wheat declined
'c te lc at the opening, due te. dis
appointing cables from LU-erpoel, where
prices cased off 'lid after an opening
advance of Id and a decline of lVc in
Huenes Aires nt the close 'jesterday.
There was further covering iat the de
cline, however, and early In the day the
market rallied and regained part of
the less, although price chunges were
very feverish. . , .
- 'Cern '"stnrred c te c lewcj. with
wheat and wns barely steady owing te
belling by recent bujers and in absence
of mere than a moderate cash demand.
Oats displayed independent strength
and advanced c en buying by com-
I mission houses, en the Improved expert
demand.
Previsions were Inactive but fiimer
"owing te 'an advance of 5c te 10c in the
fprlcc'ef live hogs. '
Wheat Prev. CIose . Oi
1 P. M.
1 34
1.20V1
1.13l4
6l
2V
OSS
3TS
3I
40'.
1 04
10 00
May
1.32',
1.324
1.18
1.114
juiy ...
Sept. . .
I trr
Ma ...
LIB"
Sept. . .
Outs
Jlrt',
33'.
Sept
Re
May
L.aru
May .
10 8.'
10 00
COTTON MARKET
New Yerk, March 28. The cotton
market was quiet but steady early, with
first prices 2 te 0 points higher en
steady cables from Liverpool, a wtft
weather map and prospects of con
tinued showery conditions today and
tomorrow. Liverpool bought. The
Seuth sold and spot interests offered
July. Later the market ruled quiet and
about steady with prices holding close
te jesterday 's final levels. Six Apri
notices were in circulation.
Receipts at the perjts for the day arc
estimated at 20,(KK bales, against 20,
000 bales n week aje, 22,070 bales a
year age and 28,018 bales two years
age.
I Yet
1 te"
May 17..4
iJu y ... . IT. en
I October l'l "1
ipecimW . ... inn,
i January It) 50
pel
1 324
1.18
1.11 0
SS4 .IR.
Ul'i 018
37 Q s:,
S'l4 fe
40H
1.03 0 ..
Tedas'i
open 1 I M
17.70 17.72
17 OS 17 U
10 7T 10 74
HI it",
10 C'J
l UIJ
J NEW YORK COFFEE MARKET
I New Yerk, March 28. Reflecting the
e.isler rabies udtices from Iirazll, the
local market for eeffee futures opened
I ut a decline of n te 11 points, New
I Orleans and long celling, Kathcr large
Santes clearances for the United States
I also "may have Influenced temc of the
I inrly selling.
Proyleui row Opn
May .. . . 0 44. 0 41W41
July , 840 ! 30V11
eptmbr HV7Ss U 18W20
December . 0 27W2S li 19919
Liverpool Cotten
I Liverpool, March 2S Spot cotton was
Quiet today, with prlcea eiBler en the ba.l.
of a decline et 2 point, for mlddllne at
10 8bd. The ale. were 7000 balen The re.
relpta .ere IS 000 bain, et whlrh 13 200
bale, were Araqrican. ruiure. were
tha early deallnit.. Spot price, were
Quirt in ders
l'tiw'ffns" t,ie
lean, mtndltnir rnir, j-.'.eau coetj mtmtllne,
ll.nrd , fully miaaiins in ii, mlddlln.
10 5SJ. low middling 9 IS J. iroed ordinary,
e.Sdd. and ordinary, S 33d
Iddllrnr,
dlnary,
Reserve Banks' Discount Rates
Offlel.l redl.ceunt rate, at the twe.ie ld. ' Of
eat Hner Hank, are an fellow
j Tr'aii. Lib Cem' I TlUr.
Cl! uun i. paper uccept.
Peten .
I New Tork
Philadelphia
Cleveland . .
ItUhmend ,
Atlanta ..
Chicago .. .
Ht Leulu . . f
Minneapolis ..
Kama. City .
Dalla
44
44
.'.
W
n
n
s
44
4'
4.
4'i
r.
4U
4 'J
b
n
ft
s
44
4il 4S
I?, 4
4-i 4
ft'' S'
r. r.
r
s n
4H 4H
San -rancjace.
Raw Sugar Market Quiet
Ne lerk. March 28. The raw auitar mar-
Ket centinueu quiei &nu uduui .eauy, wun
i'uhaa for March .hlpment .tueted.nt 5 3-10 li'nmy a nun. y""' "- "'"
.tilt." eet and freight, and fer.Aprll uhlp-fling cables, L.'I.i'h, demand 4,.'l,"i4 ;
marii i . in li 7-lfl tent. In addition te fhi
13,000 b.iu Cuba, for arrival tome time In
I April, reported e.terday. an operator pur
' ihn.eit 11.1100 has. Cuba, new leading at
I ' n.lil rent., coat and frelaht. Arrival, of
ruu. yesterday Included 2".000 bic. of Cuba.
te tha Katlenul Sugar Reflnlng Cdmpany, 17,
0C0 baa. te the Warner Hui.-nr Heflnlng Com Cem
iiiinv. fiOQO bae. te the fVd.ral rtuaar JleSn.
ns Company, l.'O,000 hats' te an Importer,
and DOOO bag. Perte Rlcea cen.lgned te tha
trade. ne local rannau maraa.
It la un
chanced with net prices r
freat ,40
BMgMMpMMiMJin u.nv cent.,
te 0.60 cent., leas 2 psr c:
. for casta,
liSO Net
P. M. Cit.
66 -h H
16)4 ..
56 1
1 (4
110 ; ..
62 H- 2
44U W
92
38'4 ..
63 - J4
3954 14
42)4 - !4
.58 ,
SH"'"44
101)4 1
153ft
11 H "4
53 !4
133)4 1
6 U
68)4
103 - 4
,42)4 54
1 11H- ft
33J4
110. 2J4
13
85 ,..
7)4' U
14)4 J4
50ft- H
, 95)4 '-
129 6)4
35ft ft
70
9$ . ...x
614lH
si 37- .,.
134)4 2ft
101- ft
11)4 ft
29 ft
86 - ft
39 1)4
50 ft
48 154
55)4 ,54
96 '54
87 -H
2)4 ..
3H- H
28)4 V
114)4- 54
20
26 - 54
83-54
107ft 154
3854
2654 54
1
6554
71ft
91)4
6-
103 1
1854 54
1754- 54
93 1
126ft- ft
41
26 ft
30ft,- ft
12 . 54
6- ft
75)4
52 ft
91 ft
135 - ft
36 ft
70 ft
71 ft
60ft ft
5)4 54
Sales
100
500
2200
800
100
8400
M00,
100
200
-,100
100
400
100
3500
100
200'
100
100
100
300
300
100
100
600
100
3200
200
100
200
1000
100
100
550
.900
600
100,
2O0f
I 100
100
700
100
200
300
500
100
2000
700
400
300
100
100
200
100
100
400
2400
100
6200
3000
tee
E0(l
800
4200
100
200
100
3000
2901)
200
100
103
100
100
400
100
400
1800
300
200
T300
400
2 900
900
200
400
1600
300
700
900
603
1300
500
800
3100
100
200
3200
800
700
2400
200
?00
500
900
100
2700
200
2500
STOCK Htt-h
Lew
.66
law
55 H
1
110
. Adams Express,,,. 66
.'Ajnx -Rubber....!, 1Hi
4 Air Reduction .... 57ft
. . Alaska Juneau O M 1
7 All-American CabtesllO
4 Allltd Chenv.&'Dye. 65
?
,4,,Allls.Ciialrtieraf,.;;-. 44 14 ,j 44 V
' T "
7 Allis-cnalmera pr. . 4
.. Am Agrle Chem.i. 3BH 38U
r.Am AgTle Cherrt'pf. . 65 -fj 65
.. Am Beet Sugar.... 3914 39b,
.. Am Besch Mag 42 )i 42 Ji
A Am B Shee Fdy new B8 58 ,
.. Am Can 46 45
7 Am Can pf. ........ 101 14 101 tj
12 Am C.ir'A-FdyVr'..,153Ii' 153H
'.' . Am' ChWle ...... .V. t 1 1 H' 11 H
.:Am Cotten Oil pf.l S3.1 v 53
8 Am Rrpresa 133 I33H
. . Am Drug Syni . . . . t ' 6 r 6,
. . Am HI Je ft Leath pf 684 68 '
7 Am Ice..-..,-.r. 105- 105
.. Am Internat Cerp.. 42K 42H
1 Am-I.a Kranea Eng 1 1 H 1 1 H
.. Am Linseed 33J4 33bJ
6 Am Locomotive... 1 10 K, .107H
Am Malt & Oralrr. . 13 l 13
4 Am Radlater-.i, . i 85.
.. Am feafcty Razor. . . 7J4
.. Am Ship & Cem . . , . 14b,
.. Am Smelt 1. 50Ji
7 'Am Smelt pf...-.w 95H
12 Am Snuff 12914
3 Am Steel Foundries 357,
. . Am Sugar ltef 70
-7 .-Am. Sugar ltef pf 1 . 98 -.
Am Sumatra.,..,. 31 Vi
6 Am Tel &' Cable.... 61 Hi
12 Am Tobacco.". . 137
12 Am Tobacco B....l34bJ
6 Am Tobacco pf newlOI H
. . Am Waterworks. . . 1 1 J4
.. Am Wntrwks 6 pf 29
7 Anr Woolen 86
. . Am Zinc Lead pf 39
.. Anaconda Copper. . . 4014
.. ''Ann Arber pf 48
4 Asse Dry Goods.... 55J4
Atch Tep & San Va 964
5 Atch Tep ft S F pf 87
.. Atlan Blr & Atlantic 2i
.. Atlnntle Fruit 34
.. Atl Gulf ft W I S S 2BJ4
7 Atl Refining pf....114bj
. . Atlas Tack Cerp. ... 20
.. AuBtln Nicholas.... 27 J4
6 Austin Nich Inc pf. 83
7 Baldwin Locomotive 1 07 Ji
.. Baltimore ft Ohie.. 38 '4
.. Bamsdale Class B.. 26 ft
. . Batepllas Mining... IK
5 Bethlehem Steel 65)4
G Beth Steel B 7114
7 Beth Steel 7 pf.. 91)4
.. Bebth Fisheries.... 6i
8 Brooklyn Edisen... 103
.. Bklyn Rapid Transit 18ft
.. Bkln R T ctfs of dep 17K
.. Brklyn Union Oas.. 93
8 Burns Bres A 126ft
2 Burns Bres B 41
.. Butte ft Sup Cep... 26
.. Butterlck Ce 30)4
.. Cadde Cen O ft R.. 12
., Callahan Zinc ft Ld 6H
6 California Packing. 75)4
.. Calif Petroleum.... 53
7 California Petrel tf . 91 V4
10 Canadian Pacific... 135
.. Central Leather.... 36
.. Central Leather pf. . 70ft
6 Chandler Meters... 71 'A
4 Chesapeake & Ohie. 60 H
.. Chicago ft Alten.... 5)4
. . Chicago ft Alten pf 10
.. Chi ft E III (new).. 22
. . Chi ft E 111 (new) pf 41 H
.. Chicago ft Gr West. 7)4
.. Chi & Gr West pf.. 18)4
. . Chi Mil ft St T 22
,. Chi Mil ft St P pf.. 36H
5 Chi ft Northwestern 70
4 Chicago Pneu Teel. 69)4
.. Cht R I &Pac 39ft
6 Chi R I ft Pac 6 pf 78)4
7 Chi R I ft P 7 pf 9Hi
.. Chlle Copper 17)4
.. Chlne Copper 27)i
.. Cluett-Peabody .... 57)4
4 Coca-Cela 49
.. Cole Fuel ft Iren... 29
3 Colerado & Southern 45
6 Celum Gas ft Elec;. . 81
85
7
14
50 ft
33)4
69 H
98
31 K
61
-137
132ft
101H
114
28)4
86
39
49 H
46)4
55)4
96)4
87
2)4
3H
28)4
114)4
194
2654
83
106
37)4
26 ft
1J4
65
70)4
9H4
64
103
18)4
17)4
92
126ft
41
26
30)4
114
6K
75
52
91)4
135
36)4
70 H
70)4
60 K
B!4
10
21
41
7)4
18
21)4
354
694
68)4
38 H
78)4
91)4
17
26)4
56
48)4
29
45
UIJ4
3
13)4
i
106)4
12)4
104
-35 ft ,
554
85
20)4
15
334
534
18
114)5
1074
27 4
150ft
20 ft
10ft
17
77 ft
10
16)
17
56
5BJi
68
154
10
744
844
71)4
35)4
11)4
69)4
2
63
75
15)4
7A
101 )4
3H
6)4
40
3
8
384
32)4
26
92 J4
69
33
15
74
44)4
62
17 ft
27)4
1
19
64
38ft
5
24
43ft
10
21ft
41
36
70 -r
6954
39 ft
78ft
91ft
17
27ft
29
45
81
3 13)4
54-
107
1254-
Celum Graphopheno 3Ji
Cel Graphopheno pf 13)4
Consel DIs Ins.
Consolidated Gas... 107
Consel Textiles.... 12ft
1000
4 Cern Products Ref.104H
104J4 1
1800 2'4-Cosden & Ce.
36.
.35ft- ft
56ft
85
214 1ft
llSft ft
34ft 1)4
54
1400 4 Crucible Steel 56)4
100 7 Crucible Steel pf . . 85
7500 .. Cuban Am Sugar. .. 21
2500 .. Cuban Cane sugar. 15)4
1900 .. Cuban Cane Sug pf 34)4
1100 .. Dalsen Chemical.. 55
100 C Debeers C Mln Ltd. 18
100 G Del Lack & Western114)4
20 8 Detroit Edisen 107 "4
800 1 Deme Mines 28)4
900 1 2 Elee Storage .Bat . . . 1 53
100 .. Elk Hern Ceal 20)4
200 .. Erie '0ft
100 .. Erie 1st pt 17
2200 8 ramous Players L. 784'
100 .. Fed Mln & Smelt.. 10
1000 .. Flsk Rubber 1b)J
300 .. Freeport Texas 17
330 . . Gasten Wms & Wig . W
200 6 Gen Am Tank Car. . 57
530 .. General Asphalt... 59)4
100 6 General Cigar 68
100 8 General Electric... 154
2400 .. Generi Meters.... 10)4
100 C Gen Meters deb 6 744
100 7 Ooedrlch B F pf... 844
2000 7 Great Northern pf . . 71 )4
1500 4 Great North Ore ctfs 36)4
700 .. Guantoname Sugar. 12)4
1400 .. Gulf Sta.te Steel.... 70)4
800 .. Hablrahaw El Cable 24
100 2 Homestake Mining. 63
200 .. Housten Oil 75)4
500 .. Hupp Motorcar. .. 15 K
100 .. Hydraulic Steel.... 7)4
100 7 Illinois Central 101)4
1000 .. Indlahema Ref.... 34
100 .. Indian Refining . 6)4
400 .. Inspiration Cen Cep 40)4
100 .. Inferb Cen Cerp .. 3
300 .. Interb Cen Cerp pf 8)4
18
28)4
153
20)4
78
10 -16
17
57
5954
68
154
10ft ,
71
36ft 1254
70
2
63
75ft
1554-
754-10154-
3
654
40ft 5-
3
854
40
33 54
26
92
69 -34)4-16ft
74
44)4-
1
1
ft
1)4
1
ft
1
1)4
!4
54
54
ft
1
"ft
1
ft
ft
ft
, ,
ft
ift
ft
1500 . . Int Agrlcul Cerp pf. 404
400 2H Int Cement..
33)t
700
200
1300
400
2400
100
400
100
9500
400
7800
1400
100
100
. 500
600
100
inter Comb Eng. . 2tK
E Int Harvester new.. b24
6 Int Mer Marine pi. 69)4
. Internat Motertruck 34)4
. International Nickel 16)4
6 internat Tflckel pf . . 74
. International Paper 44)4
0 Inter Paper pf stpd 62
. Iminclble Oil Cerp 11
. Iren Products 28)4
. Island Oil 1
. Jewel Tea 20)4.
. Jewel Tea nf . . 64
. Jenes Bres T .1 . . . . 38 ft
. Kansas ft Uulf . . . 5
. Kan City Southern . . 244
. Kelly-Spg Tire.. .. 43ft
62
19
is
1
20 -
64
30J4
5
24 -43ft
' FOREIGN EXCHANGE
New Yerk, March 28. Londen or-
were: Humenlan, '.72(5 ; Bulgaiinn,
.70; Serbian, 1.28 s Ureek, 1.22;,
Czecho-Sleraklan, 1.80; Polish, .02,-iU;1
Finnish. 2.02: Austrian. .0137: lluu-i
steadied sterling nt trie opening of
foreign exchange market at yes--
garlan, '.114. -
The premium en New Yerk funds
in Montreal today was firmer nt 'A
per cent. The discount en Cu nml Ian
funds in New Yerk was higher at
lift per cent.
tcruay s nnai rates, rrvni-ii uji;iiuiie
.tnrtwl na 11 letH of a point ill the
Initial deallnes here. Mth the ex
ceptien of Swiss, which hhewed a gale
of 2 points, opening rates showed losses
'At I'"" ' ' "",', r " '"" ""
pesetas, ju in 1'uuimi, in .iui), u
ill Sweden mid 1 i" marks. Guilders
were unchanged. Seme nf thefe neta-
tiens were the lowest that have been.,
recorded in some tiini' past. There did I
YESTERDAY'S
1 Sterling
Demand . ...-4.S0H
Cable. . . 4. S
, TOJJAV'S PPENINO QUOTATIO.Mi
Htarllns Francs Lire aullder.
nematid 45? " 9 5 " M-0
Cables ...... 4,8414 8.U4 5 04 37.U3
net appear te be nny "lend" en ex
change, aside from the familiar cdn
flictlng foreign pnllticul news and the
Urltlsh labor trouble,
By the end of the firU hour, francs
hnd risen two points from the open
ing, a net gain of one point, and lire
hnd gained a point, te jesterday's
dosing figure. Marks were unchanged
at .2'i)i. Sterling was steady at jes
NEW YORK Meney en call, both classes
of collateral, opened today at 454 per cent
for lending and renewing.
Lean en time were 4H per cent for all
maturities l'rlme bank acceptance, were
quiet at 8H te SU per cent.
Choice. mercantUe apaper oentlue rather
nrurpA unl 1. dl.counted at 44 per tent.
terday's final. Quotations were: fcter
This I. rather the
i. 4m per cent,
Vr cent.
frane ciiblei, h.im. f neeits. -n.y.i; ure
cables, R.OTi, checks, "i.Ol'j; marks,
,211'H,
The C'entrnl Kunipefiii exChnuges,
wrre irregular today with a wimewhet
firmer tendency In (ircek exchnnge.
Polish marks .and Czecho-Rlevaklan.
Finnish mnrks, 011 tiie ether hand, were'
rillLADF.I.PIlIA Call, ,1 per cent: tlmi),
ft per cents commercial paper, three le elx
month., 0 te BM per cent,
BANK CLEARING8
Bank clearing, today cempare4 "with cor
responding day last twe-jrearss- ,. .
:: ..?".;:m. S-..:l A" :i.s,ntn ..
niiliuni. uniuui.Mie tuce uuiuiiuiewff. yM 704,
f .m. ' ... .kA ' ,1 y, t " ... .
as- TeJcK"1' i.v 'mv .m. en. nrilltln
30a vi4. mu2i. in, int v. imi L 4 I Mai
100
2100
1100
200
100
400
100
100
200
8000
1100
tee
100
100
2000
K9M1
Kenneeett' Copper!. 29
2BH
17H
139
106)4
. Keystone T n.... IB
8 Kress S 0 140
7 Kresge g S, pf. ... 106)4.
. Lackawanna Steel.. '48
T" --"- hi'tei . ." .t-tp i -.. maBBHIB
7 Kelsey WliseU nf... 100.1 100V4 1B0H K lllIIIHIIII
It
139 -
106 ft-
48.H
1654-
32ft-
158 -
48 ft
Lake Erie ft West, i 16ft .16)4
S Lee Rubber Tim
.1. 32ft 32ft
12 Llrtett ft 'Myers. . 158
jLdneii 'Myers. . job ids,,
7 Llms, Loeomotlve...111H 107ft
1 Lama .Locomotive pfiesft lus
. jueiwe ue . . .
..v!8
is
1 tort candy
.. 12T4M
12T4'
. Loese-Wiles -Biscuit 88 ft r
.. Melntyre ......,,.,. 19ft J
1 ManhtElev,auar..r
r 38ft
40'
" 39 U,
4
B3ft
23
26)4
25ft
,!!
113 ft
32
, '
12ft
33
.21.
32)4
16ft
28
.18ft
.42
r34ft.
88
14
86
63
53 ft
18
j z Ms.nht Shirt..?
'40
Market St Rry:..V 7ft
500
800
1500
100
100
600
.. Mantet HfRwy pf, .. Z9,
. Mar St Rwy 2d pf . . 16
. . Mar St Rwy' pr pf . . 58
.. Merlin OIL..'!.... 23
... Martin Parry....... 26ft
..iMrtln Rockwell:.. 25ft
. Max Moter' Cliss A 57
.. Max Class B....t.f 18
May Dept Stores :.11 5ft
13 Mexican Petroleum 118ft
1 Ml.tV.1 HAnh.-1 ?4t
100
, 20O
1 800
13500
100
42001. 10 Sum. XiXZ'XJLL'. ?4S
7900 .. Mldvalfl Ri.i ' saw.
100
Minn ft St Leuis,,.. 9ft
Me Kansas ft Texas' 5
Me Kan ft Tex (wl) 112)4
MeaKan ft T wl) pf"33
Missouri Pacific... 21
100
700
100
1600
200
5000
100
100
100
2000
200
100
1000
100
100
5200
100
200
500
4200
700
700
1500
100
100
800
200
1600
100
100
100
600
800
600
300
4200
3000
1200
10500
600
500
1900
100
300
100
300
1700
1400
300
Me'Paclfla ' pf . . i r.'r S2 ft '
. . Montgomery Ward. 17
. aiuiiins peily...... za
.. NUenal,Acme...,,-,15ft
. . Nat Cleak ft Suit... 42
. . Nat En ft Stamp.. 35
6 National Lead 88
i. Nev Cen Copper... 14
frNew Yerk Central, 86)4
6 New Tork C ft 8t L 63
6, New Tork Deck pf 53 ft
.. New Yerk N H ft II 19,
I New Yerk Ont 4 W 23
. . Norfolk ft Southern 19
7 Norfolk ft WesternlOl
8 North Amer ctfS... 56ft
8 N American pf etfs 42
North Amer rts 6ft
7 Northern Pacific... 75
. Ohie Bedy ft Blewer 12
J Ohie Fuel Supply.. 49
. Okla Pred ft Ref... 2)4
. Ont Silver Mining. 9
. Orpheum Circuit... 18
8 Otis Elevator 136
. Otis Steel lift
. Otis Steel pf 36
J Owens Bett Mach. 31
. Pacific TV el r-ern.. 9
14
86)4f
63 '
83 ft
19)4 23 -19
-101
23
19
100
55 ft
41
6ft
74 ft
12
49
2.
8ft
56
42
6ft
73
12
49
2ft,
8ft
18
136
lift
36
31)4
9
68
14
18
136
lift
36
31ft
9
67 ft
14
49
5254
46
37 ft
7ft
80)4
26
60 ft
37
87
35)4
16ft
8
62
26 ft
18 .
69 ft
83
122)4
39
29 ft
99
14ft
43
34 ft
31
51)4
6
43 ft
52
13
27 ft
27
41
4ft
17
2J-J
72
103 ft
13ft
39 54
23
39
85)4
21 54
52
95
172
114)4
37)4
45
105
4
11
42 ft
40 ft
31)4
24 ft
21
117 54
61)4
8
40 ft
56
1754
132ft
73
30
137
11
29 54
43
33
65
3
47)4
60
60
45
94 ft
117
62)4
38
34
45 ft
69
9 J.
8
27 54
78ft
9ft
18
96
86)4
57 ft
8ft
39)4
9
74
36
39
50 ft
be
6 Paelfle Gas ft Elec. . 68
. Pacific Mail 14
3 Pacific Oil 49
6 Pan-Amer Petrel... 53ft
6 Pan-Amer B 47ft
2 Pennsyhanla R R.. 38)4
Penn Seaboard Steet 8
6 Peeples Oas Chicago 80
. Pere Marquette. ... 27
5 Pere Marquette pf. 60ft
3 Philadelphia Ce.... 37ft
. Phillips-Jenes 87
2 Phillips Pet 35
.. Plerce-Arrew Moter 17)4
.. Pierce Oil 8
6 Pitts Ceal 62
49
3354
47 ft
38)4
8
80
26
60 ft
37ft 87
35
17ft
8
62 -27
18 -,
69ft
84 f
124 40
294
99 -14
43
200
Pitts ft WestVa 27
100 1U Pend rreek fVinl
18
JUU
50O
2600
200
Pressed Steel Car. . . 69 ft
ft
'54
54
'ft
54
1ft
1
ft
'ft
)4
ft
6 Pub Sen ice of N J. 84
8 Pullman 124
Punta Alegre Sugar. 40
3100 2 Pure oil 29
400 8 Pure Oil pf 99
400 ., Ray con Copper... 14
,100 2 Reading 1st pf 43
200 ., Remington Typewrit 34)4
100 .. Repiegle Steel 31
300 ., Repub Iren ft Steel . 51ft
300 . . Republic Meters. ... 6 ft
3200 . . R T Reynolds T B. . 44ft
5400 5.20 Royal Dutch NY... 53
1200 1 St Jeseph Lead 13
300 ..st Leuis San Fran 2754
700 .. St L ft S W 27ft
200 .. 8t L Southwest pf 4154
1200 .. SantaCccella Sugar. 5)4
100 .. Savage Arm 17
300 .. Saxen Moter 3)4
12500 ., Sears-Recbuck .... 74ft
100 7 Sears-Roebuck pf.. 103)4
100 .. Seneca Cep corp... 13ft
100 88ft Shell Transport 39ft
9100 .. Sinclair Oil 24
300 ..'Sless-Sheftteld 40ft
1200 6 Southern Pacific 85ft
500 ., Southern Rail...... 21
100 ..'Southern Rail pf. . . 52
1300 4 Standard OH of Cat 96 ft
200 6 Standard Oil of N JI72J4
200 7 Stand Oil of N J ptl 14ft
1200 2 Stewart Warner Spd 38
400 .. Stromberg Carb.... 45
18600 , 7 Studebaker 106
800 .. SWeeU Ce of Amer 4)4
300 .. Tenn Cep ft Chem. 11
3200 3 Texas. Ce 43)4
2000 2.60 Tex Gulf Sulphur... 41
400 .. Texas ft PaciM... 31
2700 1 Texas ft Pac C & O 26 ft
300 .. Third Ave 21 "
MOO .. Tidewater Oil 117)4
400 6 Tobacco Products.. 62
3100 , Transcen Oil 9
100 4 Transue'Wm Steel. 40)4
200 6 Union Bag ft Paper 56
700 .. Union Oil 17
200 10 Union Pacific 132ft
100 4 Union Pacific pf.... 73
400 .. United Alley Steel.. 30ft
100 8 United Fruit 137
100 '.. United Rwy lnest.. 11
600 .. Unit Rwy Invest pf. 30)4
1700 6, United Retail Stores 45
700 .. USCIP&Fdy... 3454
100 C U S C I P ft Fdy pt 65
200 ..'US Feed Products 5ft
5300 ..US Ind Alcohol... 49
1700 ..US Reulty et Imp. 6154
900 .. U S Rubber 60
100 3',4 U s Smelt ft ltef pf 45
9700 BUS Steel 94ft
30Cf .. U S Steel pf 117)4
2400 2 Utah Copper 63ft
3400 .. Vanadium Cerp.... 39
500 .. Va-Car Chemical... 34)4
100 6 Va Iren Ceal ft Coke 4574
100 6 Vir i C U C pf.. 69
1500 .. Vlvadeu Inc 10
1900 .. Wabash 9).
27)4
27 ft
41)4
554
17
"7454
103ft
13ft
39 ft
24 40ft
85ft
21
52
96)4
172)4
114ft
38
45
106ft
4)4
It
43)4
26 -21
117)4
62 17-
132)4
73
30ft
137
Hi
ft
ft
4
60
45
94
117)4
6314
39
34
45 ft
69-
10
9ft
8500 .. Wabash pf A 28 ft
200 3,4 Wells Farge Exp
78ft
300
300
100
. Western Maryland.. 9
. Westiirn Pacific... 18
7 Western Union Tel. 96
4 Westinghouse A Br 86ft
tt T
18
96 -86
54
57ft
9
3954-
9-
7-
37 -
39
50 ft
b9)4-
100
400 4 Westing E ft M.... 57ft
400 . . Wheeling ft L IL... 9
100 i White Moter 3954
1100 .. White Ull Cerp 9
800 .. Wlllys-0erlanil ... 8
600 .. Wllljs-Overland pf. 39ft
100 .. Wilsen ft Ce 39
200 4 Worthlngteii Pump. 50)4
300 6 Werth Pump pf li.. t9)4
1
2J4
547
1ft
RAILROAD EARNINGS
PENNSYLVANIA RAILROAD
r u 1022
lebruary cre.i 8T,8SU,MS
Net revenus 7.874, B7S
Ilalance after taxes., 0,733,8(18
Net eper, Income .. 0,31)4,721)
Twe month.' gre.s... 74,8Hl,s5s
Net revenue 14,044,8SS
Ilalance after taxes.. 12,188,031
Net epjr. Income, 11,800,817
CU1IA ftAILROAD
Januarj sre.a tl.OlA,(l22
Xr, .fla. aw.u..... .law ...
CLOSINQ HUOTA riON'S
Fmnce
H.UH
H.VUM
I.lre Uul'der. ,i"uriutfrf after charge. 1S2.7II1
fl.08 87.74 Hjyen month." grrr.. 5,H17,S88
8 OhW ,17 7U 1 Net af If i ixuen.es U3t,iiT
. .."". " ..Ktllw.i , illl.l I
urpiue anrr cnarget, I4.1U4
l'irilll)l!l PIIIA AN 11 1 Ml. Art
rebruary (tre.a .... u,nj3,5ilH 1180,112
Net eperat. Increa.e. l.S4,b4li t.BOH 2Se
Twe mentha' sre..., 18 044,:utl 1 42J 7S1
Net eperat. Increase 2.217.S8U l!7S0 420
I.AKK EHIK AVI. hivii'rciiu
MONEY-LENDING RATES
rebruary sre... ..... 1700.451
r.ei gper. income . 58,871
Twe mer.-tha' sre...
Net eper. Income.
Decrease,
1,382,707
Geerge Dallas Dixen Visits Seuth
C-eerse, Walla. Dixen, vice president In
charge of traffic jet the Pennsylvania lull-
iSH, ,y,,r.m' ""." .Le,iv" ,e3,, "h trip te
leading titles et the Keuth and BeuthweLt
for the liurnna. nf vl.llln , 1... ':."'"rfv
exception, end the averug.i
wu .vine paper auius ui e
' '
off-line ft num. Is. and of observing bti.lne..
and ygrlcutural condition.. HI. trip wm
'SVMi. A4.lama',a'k "Irmlnirham, Ala.'
iLTF."',!' TSn'! i?w Orlean., Lan Hou.ten
and Dalla... Tex i-Tul.a. Ohls.t Kansss L'ity
Me.j emahs, Net., and s Snelnes? Jewal
2&w.tt.iSS&
4.010i0." Mljjlf W JiM4M
,000,00 Jl,4ft.ir9 ,071.010,808
m , wv,,,lw,,,v,,. nm
ui Bemmeree, pesras
ness erganlxatlun..
home around the mldd
MR IT.
2tt U Vkllllllllf:
Philadlphla,Natlenai:Bapk ln
I craam Dividend te 20 Mr
.ft
Cant Par Annum
110 3
109)4 354
13 H
1214 xt 1
38ft154
19K. ft
40 ft 1
39ft - 54
Mhlle a rmmber' of strong spots de
veloped In today's local market be
overshadowing feature was the reylval
of active trading in the shares, of the
Philadelnhla TtiinM Tran.lf ativlr. The)
7ft ft
58"'- 354
23 'H
26 ft 54
28)4 -57
, 18:? ft
115ft- ft
118, 1
2754- H
'13ft 2
34ftt),1!4f
12)4 .'.'
33 .. .
21' H
52 ft N .,
17 H
28 t H
dealings were especially heavy ,diirlng
me nrsr nair hour; in fact, approxi
mately 2000 aharaS chamrfcl hands' in
the first few minutes, Including several
larSTA 'KIajiLm --..1.11. Mllk M.V)A.A
tjuent aetlve'Wlng carried the" stock
within of the high record price
af 20. The-flare-up appeared te be
n natural outcome of the recent' quiet
but steady accumulation, and which
evidently had for its, basis confidence
in the Mitten management carrying out
the premised dividend policy,
T There was also renewed nctivity aid
strength In the American Hi ores .hares
yvhlch gave strength te the belief of en1
increase in the''commeiv'dlvl(lpn(l rate.i
which in turn would make the nronesed
4
cbnvcrsien of the preferred shnres mere'
attractive. The demand, with, a scant
supply of stock, resulted' In V spirited
v
,10ftT ?
34I X It
nee, in tne common, or ever z points te
OOU'. or within df the high record
price!' The .first preferred at the same
tlme rose Si points 10(132, while the
1
ft
ft
M
second prcicrreii en sman, aeanngs ran
up a point te,130.s ,. ' .
Dealings in Philadelphia Electric
slackened. te some extent but the Stock
was firmly sustained nt the top price
20. On the ether hand, the bends
showed a' reactionary tendency, which
Confirmed the deductions that the recent
splurge in the stock war part of the
window dressing program for the forth
coming new financing. Interests suj suj
nesed te be in close touch with the man
ngement were quite positive in their
statements today that an increase in
the common dividend te 8 per cent wa.
part of the market program. This in
crease, it was said, will be made at the
June meeting.
' Pennsylvania Railroad was another
firm feature, selling up te 88Vi. equal
ing the high price of the year. The
February statement fulfilled nil the re
cent predictions and showed a grets in
come of $37,350,000 for the month, a
deerense of Sl47,31fi compared with the
corresponding month last year, when
the total was $37,500,073. Net revenue
from railway operations, however, made
a favornble showing compared with lest
year, the total being X7,tVLU"K. while
in 1020 there was a deficit of $2G4.,747.
The favorable showing In net was
mainly due te n reduction of $4,103,880
in transportation expenses, n decrease
of $1,200,011 in maintenance of way
and structure expenses and a decrease
of $2,424,310 in maintenance .of equip
ment. The net railway operating in
come, after taxes, amounted te $0,304,
720, compared with a deficit of $1,831,
348 in 1020.
The Philadelphia National Bank die
rectors, in declaring a quarterly divi
dend of 5 tier cent, placed -the stock
ft
1ft
ft
1
- H
- ft
..
- ft
ft
-16ft
ft
ft
"ft
"-H
ft
ft
1ft
94
ft
54
ft
1ft
ft
2
ft
54
ft
of that institution en a 20 per cent per
annum basis. This came in for mere
attention because of the increase in the
capital stock during the last three
years. Since November, 1010, the
bank has paid dividends at the rate
of 16 per cent, and since its incorpo
ration In 1803 has paid out dividends
te amount of $10,812,722. On August
1, 1018. the capital was increased from
$1,500,000 .te $3,000,000 by the 'issue
of 15,000 additional shares at $200 n
share. The rights te subscribe te this
new issue sold as high ns $121. In
February, 1020, the capital was in
creased te $5,000,000, by i the issue of
34ft- 2
31 ft
51 ft
6ft ..
44 1
53 ft
13-54
1
ft
20,090 additional shares at 5200 a
shn.re and the rights te subscribe te
this additional stock sold as high as
ft
54
1)4
$174.
Philadelphia Stocks
1
1:18
Lew p. M.
Net
..
'l
- ft
1
ft
Illch
chge.
1050 Am Stores 01
my uy
'
454 de lstpf.132
188 de 2d pf.130
215Amltws. 0i
KJ de pief.. 41
CtT Henk N A
war w I. 00
130 ISO
0 0
40Va. 41
1
54
ft
1
"4
1
ii
ft
1
ft
54
ft
14
fiO'j CO
35 '. 35
t
105 In Ce N A '.VM
ts m te . a ..ivj . ou Ta
BLeli Val.. 58 58 58
53 Penna It it 38V 37 38(i
10 Phlla 4 AV
10 Phil Ce c pf :s
578 Phlla Klcc 2
30
'Ml
2785 Phlla K T 2(Hi
U31U1,.,. y
125 de pref . . 52 52
75 W Cramp
& Seus.. 40 4fS
20 Yerk Rwy 20 20
150 de pref.. 35j 35 Vi
40 1.'
?0 .-
11 - ft
30ft 1ft
45 1ft
33
65 ft
5- ft
48 1
30
tNat change made by comparison with last
ala en New Yerlt Stock Exchange,
riIIUDKLt'HLV DOVD8
50000 Liberty 1st 3V.i '47. . . ft 08.20
1200 Liberty 3d 4n '28 00.38
1000 Libert v 3,1 4Mb "H 1H1.4'
OI2
4700 Libert 3il 4V.K '28 reir. . fm.2x'
KMK100 Liberty 4tli 4 Vis '38. . , . . 08.50
ft
1
1
IH
l
ft
Va
niMll) Victory -i '2:i....lets.l00.80
1000 Hell Telephone 7s 107
2000 Electric & People's 4s. . 04
8500 Phlla ITectrlc 1st 5s..let IMl
1500 Phlla I'lec trie 1st 5s..let(t 07
1000 Phlla Klettrlc 1st 5s 05
nOOOPhllu Electric (N lets 101
35000 Phlla Electric 0s lets 101 'j
28 54 14
78ft- 2)4
LOCAL jvllNING STOCK8
TONOPAH STOCKS
ft
Ilbl
Cash llcy 08
Jim flutter ,., en
MacNamara . . .11
Crescent .,,, , , ,02
Midway 17
Mlxpah Extinaleif , ,en
Mentana OS
North fllar .. KA
Iteacue Eula le
Auk
.or.
.US,
.12
.US
.011
.08
.12
.1)1
.Jl
l'i
.nt A
.08
54
15-4
54
ft
54
2)4
Tonepuh Exteiislei l,
West KnU Ol'i
West Tpnepah 02
DIVIDK STOCKS
All'ed Dlvld nuu
Alte Dhlde 0(1',
lie cher . .1)1
lrlcner Kxtentlen Ul
Hen Hur , ,
Ilreugh Dlvld 04
Divide Extension 12
Dhlde Cen ej
1ft
.nil
M
.02
.03
.01
.00
.14
.03
.03
.02
.18
Increase
I147.81S
7.HS5.720
7,8(17.844
N.22S.0T7
7,543,9(14
1J,74,8J
12,741,876
lfl,lO4,30U
.
1390,7(11
30.77J
711 nsn
-'..Mll.Ulh
1.485,li4J
Dividend 01
bin uiv.ae
.01
.11
.01
Harmlll
Ha
a.breuck Dlvlde .
02
III
High Mlv'da
Knox
Hevert Divide
Rene Divide
Keseta ,,..,.,
Kilter Kins
Mutherlnt'l ,.. .
Tonepuh Divide .
'lonepah Hii.brauclc
victory Dlvlde
Verde Divide . ,. .
Zene .,....
s
30
20..
27
20
4
.02 ,04
.01 .08
.01 .02
.01 .02
.epH .01
.01 ,02
.HI .118
.01 ,02
.01 ,02
."1 ,1)2
.08 .01)
:kh
."O'i ,01
.01 02
.02 .08
.00H
.110 .2ft,
(0 .05
.01 ,f)2
02 .09
.OOVj ,01
.02 ,03
.02 ,08
.02 ,03
.6m -SB
.12 'n
.01 v. ,03
i.m.uu'j
I Km
OOIjpFIELD hrOC'KH
Comb Fraction . .
crackerpack
Dlamendlteld lllue Hull.
Florence
(leldneld Cen ...'
OeldAeld DeV
(leldneld Deep
Great llend
Jumbo Kxtenaldn
K.wana. , , , , ,
Uine Htnr ,,
Ore , , i
lied HIM. ,....
River Pick
Hpearheuu .')..
'B2.H7S
i4a.!iTi
48 31(1
atlSCUMjA'NEOUH
Amparo ,, ,U5
Arznna United u.t
Caledunlt. , 04
Eden ,,..,, (03
1 1.-.
.10
07
.10
Allium, piiver ......i.. UJ
,119
r.ureaa i-re
icufak HeTiv" ::::::::::: iau i? i AiavaiMaAM tehitaajajau.u
will aarata.ai rnambaa. u..L7 --t ..--."-. . jj tm " r r aaTaaavaa; w 4BBBBTsaaa aaaaWBaTtaat aTraTaTaaaTaTaaTagVBaaTraaBr
rilllVlfllH Liilti PiBllasM
' WlkwrtHt.
., . . jvrvn i i. i"J.',ifc t" .p . iv
DMtta fxtrSfcart AMtaa
. ' . . -H K? f M 0V
Th foWewlnr it' an aiyteitlei; th'wurce, i
tha fraaa rertBtn of the PtlTarikiEdiien Cem. ,
i '
Baalaaaa' FacttW Utatlai
a a '
Dvaaaatte mm City Utan4l ..'.
Caaaaat Ittalmtry
t e see
Faaksnr InatiBtiT i
Saas lanisuitrjr .,...'.((
TtMlay Urn '(whlaU) .......
Iram Stewl latfaatry . . r
Paial PiirmsmtV UtlHatry , .
pUmflmi Parwar SsiUa ....'...
W
TW dUmnkf of. tha
ftdia te tha ttabffitV of
taw nmtnfm MraiBga. mpcaawen ta aa itMaatnr weM
At ttserkMsslT alert the ratneaay. In 1021. amar of rleew
ateia, tha greM and att earnings of the 'company showed
ituNnantiai
K It la ew, opinion that -the Preferred fteck at Slet) per h
share and drvideacMe ykl4;, is an attneUve .inreatincat f 1
Shmll ass eenaf ym Wmrmmtfen?
,,J (
Vi.'
Jehn Nickerson, Jr.
' V? ,
4 aWsMMlway
Naw TerkCUy
ft
314 Ne. Broadway
, ,34. LeHHa, Me.
M
Public Service Corporation
of New, Jersey
j
Secured 7 Geld Bends
' -'Due Dec. 1, 1941
Yielding about 7.10
'.
The prosperity of the Company antHts rapid
progress are indicated by the fact that inl921
net income-' after operating expenses taxes
and, all fixed charges, including amortization,
amounted te $1,376)220 mere than in 1920.
Ask for Circular Ne. 7313.
Bonbright & Company
437 Chestnut Street, Philadelphia
New Yerk
Bosten
cennnhA . ' S?J
SI"YtU fWWWWW rl
iXySP" 71. 4 - i it
!A- IflfiklaVlHaia llAllBiffV
.&? " " " w',!-win'9'"n - &m
'Snr : 4Va Court Heus and 'M
a j '' ' k. m tls ' ''Vji'iH
nuau BiiijruviTinK'DenDS - $
Dated Aerii 1.1922 ' '" ' Due Anrll l. tf!
T,TT . . , .-... ' A
virtjfiAu aiALxamxiNi :. ,v
as emciauy xuinisnea;
Assessed Valuation, 1921 ., .'...'. $197,733,254.00
Mnf. Tlnhf tTnehiAintr fTiia inhiin O100 ccnil",
Ratie of Net Deet te -Assessed Valuation 1.10 Per' Cent! Km
Population (1910) :...i 259.670 "'A'h
Ponulatien (1620) 9!flflJlii "'J
I'Kiut;: iei'2 ana interest te iNet about 4.15 Per CentfSI
Exempt from all Federal Income Taxes. -il
Tree frenvPennsylyania State Tax.
nAitciauii, amiTH ok we. x
INVUTMCNT SECURITIES-' f J
4 ui.ivvinninainui , ia
un inn sum "M
i nMn&Dn ainn 111
,
HE REQUIREMENTS of. one in--f$
vcsier may ee quue , .aisuncc irem
these of another. '
Fer this reason, after making safety the
first consideration, every investor should
weigh carefully the' relative importance
te him pf income return, maturity and
marketability.
If you will indicate te us the general
character of your funds, either by corre
spondence or by calling at our office, we
shall be pleased te make you definite
investment recommendations.
IFe autjgeat you, tend for Bend Circular 1121
ftttbnOs.il &Ce.
Bread and Santbm St..,' Philadelphia
NiwYerk Btttiaere Pittissr(k Wsikinften
ritt.burgti Sleck Exchange.
defect
Jtiddtyn
iJ Th Uwelfr in itidsinsr the
rA
value of a gem examine
it under a atreng lens te
detect faults net apparent
te the naked eye.
f xararSiBialL I
liKliil 1 lUlll 111 '
Title Insurance is the lens j
through which a prepwy - fj
title should be -inspected te .
rllaenvttr fnptimhrance POV rl
t--late
diseernible by the layman
North Philadelphia Trust Ce.
Bread St. and Gwmaluewn Ave.
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