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hit
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T1K HlliOVW ft
, lOurQffices,
tntetkmltilfu
. c 'Dkechh '
PrivaUWife.u
ilhtjimtetlatti (
Be wi Banktrt
Chtcago.llHrjeJs '
Clnclnn(UOhle ,
Cleveland,-Ohie
Columbus, Ohie )
Canter) Ohie
Dayton, Ohlft
Denver, Cole.
Indianapolis, Ind.
Kansas City, Me.
Louisville, Ky.,
Mllwaukee.Wls.
Minneapolis, Minn,
New Orleans, La.
Pittsburgh, Pa.
St. Leuis. Me. it
Sti Paul.'Mlnn.
Sharen, Pa.
Springfield, Ohie
Youngstewa, Ohie
s
; t-X1' ni i'
V
v ' hi, -, j J a
.NeOrTeama
. TaraalaialCe.
J " ',,1
Flrat Mtf 4 Geld Ba.l.
'.
y-j.
f t
S
' Province of
fftllekeWn '
C CeapoaUeid Beada
Cue May 1, 19i
' ! 4 '
,'
i' im: a
Sunhr Liiwlaten
Flrat Mii. 4V43flBeada
Due July lfWe1
- V ft
'' ,
Baltimore sfcOhle
,' Railroad Ce..
K
t
H
'.
Prier Ll. M,.,
1 Due July 1, iw;
Wh
W. A:'?HARRikAN '.'&'. CO.
IMCORPOKATBD
751 Drexal Baildini, Philadelphia
NirWYORK , ' CHICAGO
is.
23 Bread Street
BUFFALO
074 ElUoett Sqaar
108 .,l8all Sr
, SYRACUSE
Oaeadata Baak Balldiai
11871
1922
n
h'
51 YEARS
,
of continuous '
conservative banking
experience
CHECK.
SAVING FUND
TRUST -SAFE
DEPbSIT
, and
Foreign Exchange
Departments
AT YOtR
SERVICE
B4ESmauS&
Sa
itji
aaaaa
Kit Xllh-RrpubKt Iren 1 Stl Ce-YovMffemO
", Steel prices have'
. passed the Tew peirt
Place your structural
s .t e e 1 requirement's'
new, before advances
-become shai'p. Let us
.quote, you.
I
1 McClintic-Marshall '
' Company
Uentrnl Offimi riitubanih, (Pa.
, - ' rblladrlphlai JlerrU Bldr.. '
fJewYerk
Chicago San Franclace
McClintic-Marshall
SteelBridges Buildings
WE OFFER
Palmyra, N. J., Scheel 5s
1924-31 en 4.80baia
1932.39 en 4.70 basis
1940-48 en 4.60 basis
Free of all Federal ami
Kew Jersey State Taxation
WlDINtR IIOOh PHIUOCtaHU
Mmltrt rkthiiilfkh tnJ
i'tv trk Slut tufa'pl
Mw mm iuuam.H.1.
n
lrt wwtm iuuacni.M.1. (aaa,
lliiralnf
EilSfiJiMl
CORRESPONDENTS
desirefl by New.
Yerk Consolidated
Stock Exchange Heuse
with no connections at
present in this terri
tory, doing business for
brokers only. Commis
sion rebate. References'
exchanged. Addrebs
Bex 72, Deremus &
Ce., U Bread Street,
New Yerk, N. Y. ,
LETTERS OF CREDIT
TRAVELERS' CHECKS
' They are really un absolute
nrcualty nheii trntellne-.
' "e Issue tltem reed In.
ery country of the uerlu.
Well Secured
Investments
Straus Bends are well se
cured lnvestments,backed
by earning power and as
sets mere than ample te
ensure their safety.
If you wisKa really sound
' and worry-proof invest
ment, investigate Straus
Bends in $1000,$500and
$100 amounts. Call at our
office, or write today for.
BOOKLET hli.i.'r
S;W.TRAUS&;CQ
IHCOnrORATIU ESTABLISH!! II
Stock Exchange Bldg., Phlla.
TtltpAtnt Srsucr 5628
40 years without less
te any Invester
' Parii-Lyens-Medherranean
- Railroad Cekpaiy
6 ExteraaJ Siaklag -Find
Geld leads i
'Due Ang. ,15,' 195S,
I ! 1
The larBst railroad
proper In France, com- '
iirlilnft nearly 26 of the
lfrench Bread sauge .lines.
These Bend:). In addition
te the substantial earnings
of the read, have the
equivalent of a Government
guarantee. y; -
, -
Price 83 and utereit.
Yitldiag 745 te autsrirr or
' 8.78 if cslltiU 1132. .
Particulars upon Request
BOLES & Westwoei
Mtaiasrs Paila. Stock Exekas
Lanll Title Bldg?, Fhila.
WE HTAVE just.cesapUed up-te-the-minute'
'reports an
the following corperations:
Bethlehem Steel 0
Studebaker Cerp. H
Midvale Steel 0
Northern Pacific H
Famous- Playera 0
New Haven 0
Cel. Gas & Elec. 0
Cktek tht reports yea ar irttrt$lei in
receiving, and e$k for Letter L-28.
lilted ecnri(ifi carried ea ceajervaiive
margin or ptreketti for cash, lnqairiet
and aeeeantt invited.
CULVER & CO.
STOCKS and BONDS
Members
Philadelphia Stock Exchange
Consolidated Stock Exchange of X. Y.
CULVER BLDG.
1.104 Walnut fitmt, Phils.
BtS?. '.M1 .. ' - 8prace KliO
Plttebureh, Pa., Brownsville, Pa.
Bteubenvllle. O.
Copyright 19.'S, by S. W. Strain & Ce.
-The Real Estate Trust Ce.
I. Bread and Ce8tnut Sts.
V
WANTED
All or any part
100 Shares
United States Radiator Ce.
Preferred Stock
ftgCewn&Ca
LAND TITLE BUILDING.
PHILADELPHIA, PA.
Members fbllsdtlplila Stock Excuses
rM. Steele & Sens Ge.
j airrECTa.uNciNKKns .caranuiOTOBS
PHItABStWII MS TORONTO
STOCK SALESMAN
atSairaiB gu-aas.
Kfi";e-7ei.,VBT n"i,w..'T!?1".!?.
ES,! A'aW dlildrnds re
Sbhed fH,,,,?,'l'?n nnd soed leu
u i f n.ni'li,,,rB ' eemnenant Ien te i
Sflete - '"'
I eharaeter
v 7.-0. i.KiinKit nrnnv.
one he
e ublllty
rl ......
i.? miwti
'enefi E. Rrnum A Pm.'
f&PSOR LyL'C ACCOUNTANTS
NUtita JJr?" TaPBT HUM.
We offer a Solectod list of
Municipal, Railroad and.
Corporation Bends
We are prepared te purchaee
sound i$Muee of Corporation
Bends which .have an
established record of
earnings
STROUD & CO.
1429 Walnut St., Philadelphia
'120 Broadway, New Yerk '
Meney and
Commodities. -,
Meney as the rnediuni of
exchange promotes the pro
duction of commodities. Meney
in business is actively increas
ing the wealth of the nation.
Idle money is of no benefit te
its owner or te anyone else.
Your money invested with
us will be safely placed where
it will de it part in the work
of the world. And while se
engaged under close super
vision, will yield you a seven
per cent, income.
Make an'' appointment for
our representative, call.
The R. L Dollings Ce.
"Builder of Business"
1421 Walnut Street
I'hllsdelphlu,' l'ennii.
.? '
IITBITYMK
LWDtKSOnwIre
. tv ' -t - ... ..i. J - .yA -ik . . '.
tikwd'Oairiiby Jumv? Light
, a P6war-HKrtenTfc
MlstHisk-Aettva -rj ft
New'-Yerkr March 38.-H8tecks wkleh
had.bfn aeflected la early Jeallafsn
ths'ctlrb icMlaycaaaJita yreibtBeace
later.' .Cnltf, asaena; taM'.wa Ten
ssMa HatlrariT.ielit alul PaWrV which1
', skert'tlnie ajewas lieM aRreWl,.
eui came intemrgeni'aeBiana ivnunim
th- CoaseMdated Oas.declsWn by the
Supreme, Court of the-United. States,'
and today, sold at '3. The p'refcVred
stock hagiolsendvanced steadily, mav
Ins up this' morning te 10. '
1 Hudsea-', Tube. Issues ' weae actively
traded in at the high levels recently es
tablished, Hudsen and Manhattan 'com
mon again advancing VO; andtbe pro pre
'fcrrcd Stock sold at 40. "Hudsen.' Com
pany preferred was traded i at.'14
Continental Meters t demanded at
tention being in active demand and ad
UncedJs, te 7. "Tereas a amall
amount of buslnesa lu Darant Metera
of Indiana at 12. Llbby. McNeill
& Llbby continued In supply, selling al
4i, and OeldwyrPlctures sejd at U'j,
unchanged. .. ' .... ,
1'etreicum stocks were lingular, a
J feature of the low-priced group being
the heavy offerings ornuqseii yii, im;
lowing the slinrpsdccllnoet yesterday,
and It hud a further low ,of aO joints,
idling down te 22 cents a share.'
.' ' INDUBTniATLB
Connecticut Rnlhvay
M elnbHrii t'ennianir . . , ........
eolith Hher (las 4- Klertrlr te..
Ind. Hcrv. Krfs. 5 1010. A, AdJ
United Klectn; i-e. or .. .....
Jersey City. Heb. a Petersen II)
TiisnileORi Hr. ftiCtllltlea Ce..,.
Allunlle cim r.ieeirie uunnan-..
.OI.CIarksCe.
BANKERS
321 Chestnut St., Philadelphia
ft IJshtlnsMiVs'lDM
R'h tiiau
a's''N ' Members New Yerk and Philadelphia
Established, 1837
4.
4'a tDIO
.4' I04U
,A'n 1010
Kmnlre Keflnlns Company ...' IK7
I'ublle HeMlre Cerp. Newark Term. ..It's IVBIt
Nerlliern lnd.la ft FJcr. KV ft I'M. Hteek
SAMUEL K. PHILLIPS & CO.
Members Philadelphia Stock TRxchsnse
ft07 CHKKTNt'T STHBUT
Stock' Eacbaagas
uiini...titrrrn(
wm n iiMuiiirii Ma l
r. i.i m . nu nun. r
li lyemmerciai trust uiuk., riuiu. w
lO'ew Tork W iltlmnrf If
t7,.s.e.sits..sLarr
TAX KKTURNS ' AUDITS 8VHTEMS
I. Franklin Hiwird ft Ce.
CerrlfUd Public Accountants
Land Title Old.. Mupser Bids..
V
Sale Bends tot Investment
. Halsey, Stuart
& C6. Inc.
rdTUeSidg. TilslisftsX7tt
C. 5. PAriUN A CO.
MILBa'rcTKyV&O
swae eaa
Hlsh
14300 Arme Parkins- .... V,i
aeu A-n leather pfd. . . . IS.,
aoeAm Writ Paper. ... -Sti
10(1 itrlt Am Teb coup, lb
- 10 cent Ac Huser.... 70-
S400L'entl Moter 1
lUDCent Hlalcs Kite. 18
100 rent States Klco PC 7S'.t
U0Uurnnt Met InU... 12U
100 Kostman Kodak . . 72 .
tt,l l.lunt, W
lOaJarde Uusur ...r?0T
TOOOIfii Alden Ceal...
47 tllllelln f lli.rnr.1H1 !i
aOUUoedvear 'llru .... 10U 10i
L'000 Ueldwrn Pictures.. 8 8H
soeilcyden Cnem .... '1 1
. 40U Hudsen Ce uref . . . . 4K 14
1100 Hudsen k Man.... 0 8K
- UOOHud ft Man pref... 40 BUk
(tee Jul Kaar TJ 2lZ
1000 Jul Kaser rights. aft'.aH
BUO L'bby-McNelll .... 4I4 4I
1100 Lincoln 'Meters A1.. 214 Ktt
100 N y Tratue 28 28
400 Philip Merris ...... 10H 10
AOU Pest iCereal pref... 104 108
in. nuie U(n , a , s
jwu idie tern prer. . . aw
BOO Seuth C & I OH
,1500 Sterllns- Pred ..... SOW
.Duv-renn Jiwy 814 . 2
I
Lew" 1T.M.
lVH l
l0' is
1 7
le 16
72 "72
-H4 ,1HV1
,57 57-
42H 42Vi
1HI . 1HI
leVi
0 -40
21
'tb
t$
28'
-A
800 Tenn Rr Df Vie
.522 u. Distributing. l'
4700ViH L & II 100
200 United Prof Sh new 5H
200 Unltvd Ret Candy. ,6fc
. '' STANDARD OILS
lOOAnule-Am (jll ... 17H
100 Atlantic Lobes ... 0A
20O Nat Transit 27
40O Stand Oil Ind ... 80
100 Stand Oil et Ky.. 7Vi
10 Stand Oil NT... ."372
in
108
r.H
05
;a
$
17
7
S8H
7Bli
S72.
86
70tt
872
a
INDEPENDENT OILS
.100 Arkansas Nat Gas. 104 10
loeo Beene OU 18 18
1 10O Ilosten Wyemlnr . 80 67
10001)1. Indian ..... 80 80
20OCarlb srn .-. 3 8
.J!M8 rv, (old).. 198 1KB
400 cities ServB ctfs. 20H 20H
100 Columbia Pet ... 1U lu
110O Continental Ret . 8 8
2S00Cesden Ce pf .. 4i d
1800 Creele Syn ...... Z 2?
8100 Knslneers Petrel .Ge B3
UOOrederal Oil 1A m
lOUUIIllland Oil'..... H 81a
IBOOUIenreck Oil .... 1 J"
740OO Hudsen Oil 28 2J
2t(00lnt Petrel 10 10U
1800Klrby Pet 22J4 22
800 Uvlnvsten Tet . .. 1 l'A
800 Lyens Pet 88 8U
100 Mtrucalbe Oil .... 24 24
lOOMTerrltt OU 10 10H
JJOOMerldan Pet 14 18
8400 .Mexico Oil 211 2U
1100 Mexico .Seaboard . 80 80
400 Mountain Pred ... 12 12K
700 Mutual Oil ....J.. OVt 6
100 National Oil N J. 1 lS
200N T Oil 14 14
4100O Neble 2J 18
1000 Neble pf 02 62
1000 Ohie Itanter U u
1800 Omar Oil 1 1
100 Pennek Oil Mfc- 6i
2000 Hcd Uanks 20 20
200 Bait Creek Pred.. 14 14
400 Sapulpa Hef 3 S
200 8eabeard e it Qas. H4 H4
tee Slmms Pet ....... let 10H
30(i8kelly oil 4 4H
100 Scott Amn Ojt .... lt 1
1000 Texus nunscr- .... 2 2
7."00 Texon As 03
200 Woodburn 08 H8
4000 V Oil 0 10
MINING
100 Alaaka B Columbia 3 .1
11000 Alpha Cens 88 31
100 Anr-Am. Cp of s Af 23 23
2000 Belcher Ext 4 4
1000 BIr- Ledse 20 20
S0700 Beat A Ment 81 33
2000 Beat & Ment Cens. 1 . 1'4
100 Copper 'Caioen ... 97 07
100 Cens Cep Mln .... 1,", 1A,
800 Certes Slher ....03 02
100 Cemacas 1A 1A
700 Doleres Esperanz' . 1 1
2000 Kl Salvader 7 7
18000 Eureka Croesus 1. 2t 21
2000 OelU Cens 5 n
1000 Uoldfleld riorence. 21 21
OOOOHarmlll Dlvlde ..12 12
lOOiHellliurer 0 n
14000 Independent Lead.. 20 18
000 Jereme erda .... .Tt M'i
10OO Knnx Dhlde r. n
200OMuKln Dnr 18 17
100 Magma Copper .... 20 20 .
neOO Mether Lude tit . . 7"l 7'i
.IHiiO National Tin 45 44
2000 Xesaia Ophlr .... 37 81
700 New Dominion ... . 2 2i
200 NIpUflnR O'i (P,
.1000 Ray Jlarcules H :t
1000 Rax Cena ,7 7
4000 HlUer Pick ,.... 14 12
1 no Se Am P ft O A n
2O0O Steward Mln 0 0
20OTonepah Dh Ida ... 01 81
lOOTonepah Mln Ill 111
400 United Eastern .. . HI 1
3S00 Volcano Mines .... 60 40
400 West End Cen ... 1A 1A
2000 White Caps 4 4
BONDS
3OO0Allled Pucker 6s.. 71
1000 Amer Llnht 8s IOSU
8000 Amer Tel Us. '22..10OH
2UUII Am TCI us, '24.. 101
12000 Anaconda Ob . . . Illl
0000 Anaconda 7s, '20.. 103
13000 Armour 7s 108
ISOOO Beth bteel 7s, '23,101
170OOBeth Steel 7s. '85. 102
BOOO Csn Nat H cq 6s wl 0A
1000O Cent Steel 8s,... loe
2000 Cens Qai 7s 101
12000 Cens Ceal 6s 87
2000 Cuban Tel 74s..., 104
2000 Cudahv 7s ....... 101
1000 Deere le Ce 7s,. 08
26000 Del & Hud BWm wl OHH
60000 Fed Land Bk 8s.. 10 10,
3000 Goedrich TJre 7s.. 081 l,
toeournnd Trunk ofta.ie.i
2000 Oulf Oil 7s ,,....108
2000 Heed Kuhber 7s. , Ofl
BWO Humble Oil 7s... 101
1000 Interbore 7s ..... 82
48OO0 Interbore 8s 70
1000 Julius Ksser 7s. en
lOGOKenneiett C 7s,.102Ta
3000 Llbby MtMillI 7s., 100
AOOOMsrlsnd 7tis n.t
170O0 Manitoba Vew 7a. 04
1000 Merris K C 7s,,10l
3000 Me Pae 9.) 00
OOtin Nat Acme 7',-as.... Hi
1000 Nst Clcak 8s 103a 1081. 10.1U
1000 Nat Leather 8s ... DH eh OS
tlOOON V N H & It 4c. 83 83 e.8
AOOONVNliail 7s v I 88 8.1 H8
lAOOONe Amer ndls Us,, 0.1 2 uC
1000 Phlla Ce flJ 06 0A O.M,
4000 Pub ficrv N J 7s,,. 00 1)0 110
BOOO Haks Ce:?. ....,, BO C 88 DOS
40000 Sesrs Keeb7s "J2.HXH? 100K 100
6000 Sears Rueb 7s '28.100 100 100W
'.'000 flhnwihee.il 7a ..,.108 102 102(4
1000 Sless.ShsR lis ai 08 D8
4000 H W B-ll 7 102 102 1024
6000 8 O N V 7s lBaB.,104 104 injS
7O00 BONIh 120., 106 W.V 10S
60OO BONYli in27..:iOAN, 10.1 10814
6000 S O N V 7s 1028,. 10A 103 ln.'.U
flOOOH O N Y 7 ItlZOjilOrta 108 108
lOOOH O N Y 7-1 1080 .107 107 107ti
l J'! g 0 n x i s loes mn ion"
moo Hun O'I 7s ......, inn ineH nteiu,
80A0Hwltt t Ce 7s '81. 1024 10214 102.
in(iOTexH Ce 7; 1014, mi JujO
jnnoTel Kdlsnn 7s ....104, m4 n4,
1000 Un Oil Pred-8si... Ill, alii niv
sunn vacuni en in ;,.,inuH innk inaii
, OnU, DULL Oftli
,1084 IDS' MV
. oeu net., nnl
tinnn Aracntlnn 7s .,, an M4 ni)2
SOOOCIty Uolssens 0s .. 8H 8f)7 88
16000 Frankfort 4s...... 4 2 4
ISenrtNYNHAHKr 7s Wl 11414 844 nlti
I 7 1
I 106 108
b, 100 100
11 101
102J4 102
102 KM
101 1 01
101U
rmU
J 110
intu
88
104
letu
uu
101
HII
mV
101
8C
104
let
08
n..7
108 '
108
0H
101
82
78
O't
102
100
08
in
104
en
4t4
IINK
108
08
106
108
08
lilt
82
78
110
102 '4
100
n.i
04
KM
OB
04
sihiii vacuni im In ., .,1
JOOflft Warner 8uar 7s.,
1000 Western Elee 7s . 1
11000 Winchester 7s ',,
Kusslsn
is etfe. m? se .
L- V ttfrS .' '
r 1
Vy, T fe'g.
V;'
lfV.'T
"S.f'3 . r''V( V-
- - f
j
MtH
Pi rt
t
..':
j J! -
ri. "t ai'i
J J. B..W -" " V8.7 v.
WHmVw.f'faHH
i.ij mr-.a .v. v i.t .'
U, I....I.J..
MSA
'efWraSl
JABIBBHHl
1
t 1
4-7 (
W
Rf
I'uiWtfiMvx-.
$'?ie4V
,.. W
T$
v -
l$i4;OQQiOOO
iJtH 1
l-s,
North American Edisen Company
Thirty-Yemr
',.tjxisr....
-J ? l.-'-'aA'slTfiiiriaeaB
i 1 - Zit&A.
' , irVS
1 ' w Wffi
4 ' r iAlisK
iyd&Af
V tAiA'AW-
1 ; iv 1
JJ
s
Datad March IS. 1S22
r.!
tired Sinking Fund Geld Bend
series "A" ; ' ....
ft 1fJi
am
Dua March IS.' 1N2
,
.v , Priiwlpsa'slntefestpayaltaewVcjrfc.lBterrtw ,, v i
. bends of $10e0 aad 1500 dmswlastleni, teteTchaageablc, with prevision for reglstratletT i ofprtei- ,
cipal. Cattakle at a whole, or te part by let. en aay iaterett date; at 107 awl toteretten t
aeptemberTs, 1928, with the ca.price reduced V of 1 each year ereaiter. Penrieylvanla fear-
A ' " rnUlUrefubdt.IntereetaeVa.le without deduction for any Federal Nerrnal Income T up te 2, -t, k
1 Application wilt.be feaaek in due course te list en the New Yerk Stock Eachange . ... ,
" caNTRAtv tiinowTaesT company or hew yerk. "tbustbe ,v
' A Sinking Fund la previtJacfavaUabk semi-annually, te radaam 2 ($280,000 par valua)
. of Sariaa "A" Bends aach yaar by purchase if ebUinabla at or belew 100 and intaraat
Tiie information giv'n bae.'is summmtited by Edwin1 Gruhl, Esq., President of the
North American' Ediaen Company, from a letter te ua:
n
8ECUK1TY.
North American Edisen Company, , a subsidiary of The North 'American Company, will pledge with the ,
Trustee as security for these bends, the following collateral, representing control of two of the most
important and fuccessful electric).utility corporations in the- ceuntry: t
$10,940,100. (72 . 7. of total outstanding) of the common stock,
"' " ,ef,Tne Cleveland Electric Illuminating Company;
11,015,200 -"the entire outstanding common stock of the Un-
: : " ieh' Electric Light and Power Company, af St. Leuis ; ,
- $2 1,955,300, Total par value.
These stocks, pledged at lets than 64 of their par, will represent an aggregate value of'$24, 559,415
or 175 ef.the par of these bends, based en valuations of the properties for rate making purposes made
by the Public Utilities 'Commissions having jurisdiction, with subsequent additions at cost. Including
cash,' investments, and ether net assets net considered for rate making purposes, .such aggregate value is
approximately $28,400,000, erxver. 200 of the bends. i , ,
Additional bends are issuable ,only' under careful restrictions contained in the trust indenture.
- i ""' ' ' DIVIDENDS ' " -"
Dividends have been paid en The Cleveland Electric Illuminating Company stock without interruption "
for 21 years, the average rate being ever 8', and en' Union Electric Light and Power Company
(and predecessors) stock continuously for 15 years, the average rate being ever 7.
At the rates new actually paid, dividends en the pledged collateral amount te $2,195,530, or ever 2Yz
times annual interest en. these bends of $840,000, and at the average rates paid for the past fifteen
years, would be equal te. merethan twice such interest charge.
EARNINGS
The combined earnings of The Cleveland Electric Illuminating Company and the Union Electric Light
and Power Company, 'of St. Leuis, availably for dividends en the collateral pledged under these bends,
after all fixed charges, taxes and liberal depreciation, amounted te $2,900,057 for the year ended
December 31, 1921, and averaged $2,308,541 for the three years preceding that date. Such average
earnings before setting aside reserves for depreciation amounted te $4,508,089 per annum.
EQUITY
These bend's will be followed by 200,000 shares no par value capital stock, all owned by The North
American Company and representing an investment by that company of ever $14,000,000.
IVe offer these bends for delivery when, aa and if issued and
, " received by us, and subject te approval by our counsel.
i
h
I Ch
Price 922 and Interest. Te Yield about 6.60
.-j
n-n
-' Ktjf,
v X
Dillen, Read & Ce.
The information contained in this advertisement has been obtained from sources which we consider reliable
While net guaranteed, it la accepted by ua as accurate.
Bad Debt Lesses
250 Greater
Than Fire Lesses!
That's the appalling record for 1921. And the figure
for business failures 750,200, 000. 00 embraces only
manufacturers, jobbers and retailers, "while the. losses
through fires include this class as well as individuals,
forest fires, etc.
Yeu already insure your stock of ceeds against fire.
In light of the above figures, hew can'yeu afford nt
te protect your credit accounts against-damage by insol
vency? The risk is greater and the cost is less'
Abelute credit protection is afforded by the American's
Unlimited Policy of Credit Insurance. You've heard
about this policy, but have you fully realized its vital
need in your business? Investigate! Alse Limited
Policies at a lower cost.
Payments te Policyholders ever $11,000,000.00
AMERICAN CREDIT-INDEMNITY CO.
Of NEW YORK E. M. TREAT. r si dint
tSSUtS STANDARD XIHUMITID POLICIES
1011
W. J. Merphy, Manager
J. F. MacFadden, General Agent
Chestnut St. Phene Filbert SS03
Philadelphia, Pa.
In an advancing market
speed and accuracy
arc essential in geed brokerage service
Prompt, accurate handling of your transactions in
New Yerk Curb Exchange stocks is a fundamental
of Jenes & Baker service.
By the application of sound banking and commercial
methods te the brokerage business, in ten years this
organization has reached first rank in its field in service
and financial strength.
Ask for booklet
"a4 Great Organization Built en Service"
Philadelphia Office Nearly 40 of n.ir cusrenisrs
Widtncr Building
Ttltp hones t
Bell ... Lcs-u.t 4"'0
Ksyitoeaw . Rs;eSB6l
Baltimore Office
4JJEjuUableBulldint;
Trillion I IffsaStM
come from old customers
Jenes &. Baker
Members NWyerfc Curb Market
Direct Prlvsls Wires
ffVer Cslcsts Bituii Pbilsdslpbla
PUuburjh Dsuslt sltlswr CUtaUai
;..
$338,000
The Pennsylvania Railroad
6 Per Cent. Equipment Trust Certificates
Issued under the Philadelphia Plan
. 1'hc equipment securingthis issue, title te which is vested in
the Trustee for the benefit of the holders of these certificates until
the entire iVsue is paid off, consists of 16,450 box, gondola and
hopper freight cars and 165 locomotives.
Wc own and offer, subject te prier bale or change in price,
the following:,
MATURITIES
S45,M das Jan. IS, 1928 101.83
S0.MO de Jan. IS, 1929 102.09
50,090 doe Jan. 15, 1930 102.34
50,000 due Jan. 15, 1931 102.57
Accrued Interest
$40,000 das Jan. 15, 1932 102.70
50,000 da Jam. 15, 1933 g 103.00
40,009 dss Jan. 15, 1934 103.20
13,000 doe Jan. 15, 1935 103.39
te Be Added
Prices: Te Net 5 Per Cent.
Circular Describing This Issue en Request
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
Harrison, Smith & Ce.
1 2 1 Seuth Fifth Street
Philadelphia
Tha information and fclatlitict contained hr.n lue bem
ubUiniJ from i-eunes which we licllce te be reliable.
TAX FREE PENNSYLVANIA
MUNICIPAL BONDS
TOWNSHIP OF UPPER DARQY
Delaware County
Wc Improvement Bends te return 4.20
HAHUISBURG, PA.
4 Scheel Dibtrict Bends te return 4.20
CITY OF PITTSBURGH
Bore of Sheruden
49e Scheel Diatrict Bends tt return 4.20
BORO OF MONESSEN
Westmoreland County
'ilbve school umtrlct Bends te return 4.23'
iP
LlWIS & SNYDER
1524 Walnat Street Pkuaddphia
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