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Hew About the Rating?
When you are offered a bend or stock
for investment, what should yeflr
first question be? Should it be, "What does
it yield in interest or dividends?"
Ne. The most dangerous stocks and bends
usually yield the largest dividend or inter
est return, until they step yielding any
thing at all.
Your first and primary question should
alwrfys be "Hew about the Rating?" If
the Hating is satisfactory, then you can
proceed with safety. r
Investment Ratings en bends and stocks
can only be secured through our Rating
Boek Service, which is new being used y
ever 20,000 pleased and satisfied and safely
protected investors in all parts of this coun
try and abroad. '
"Write us today and we
will tell you all about it.
( f
NEW YORK BONDS
.r-r 'r&
t8AL.ES IK ttOOO)
Art RWe TaU'd Merlce
neu
tee
100
100
100
100
00
Moodys Investors Service
35 Nassau Street, New Yerk City S
BOSTON
101 Milk St.
PHILADELPHIA
Real Ertatt Trurt Bldf.
CHICAGO
Vtnt NitUail B..V Bli.
LOS ANGELES
PmUm Ml BM.
n
28....
i....
28....
1....
City Barn, hi
l.... MIH
10..,. 111H
2.... Ill'
City Uerd'a a
4 8
1 M
City of Copen.
haten SUa
2 em
1 Ol'A
cuy Lyona
a Mi
City Mara' a u.
3 IBH
Cty -Rie da Ja
nerle 8a wl
1.... 101
ID.... 102
Cty Rie 4 Ja
narle ga h
1.... 10IH
I.ara Bf
IS BO
10 6T
10.. .. 68
Am'n Afe a
Cam TH"
4.... 10SU
6.... 10SH
A 163
Amn fl A
6 02H
Ama'n Sua- Da
10 0
Amarlcan But
nr 8a
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8.
n.
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10S'4
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103
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n.
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8..
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100 H
100H
10OK
100U
100 u
100U
181111
100
Am T A T clt
..-... 00
1 O0H
10 POi
B 90
A Tel A Ttl Ba
ELIZABETH & TRENTON R. R. CO.
Cumulative Preferred Stock '
Fixed Dividends of $250 Per Annum
Guaranteed Under Lease for 999 Years
The Public Service Corporation of N. J. and the Public Service
Railway Ce. jointly and severally guarantee the terms providing
for these dividends.
A non-callable, underlying, guaranteed, long term
investment, free of the normal Income Tax.
Price te Yield about 6.95
Details en Application
CARSTAIRS & CO.
Members New Yerk and Philadelphia Stock Exchanges
1419 Walnut St., Philadelphia
Ceeho-Slevalc
Re'e Sa wl
1 OTtt
2 0TU
4 0TU
a etu'
10 1)7
4 07
8 07
Denmark Coe
el B Sa
i.... new
Dept Bain 7a
0 02
8 02
B 02H
10 02
2 02
7(alc) 02 S
6 02Va
D Canada 'SI
10 00
B OSTi
De Can '62 w,
B.... 100
0.... 100
211.... 100
10... 100
Dutch B Ind'a
rcta '47
1 04U
3 04 U
..4... 04 H
0 HU
1 04 ,
uuicn e j na
rcta "83
B 04
1 04H
8 04
b ea
"(sale) 03
n.... 04
1 04U
Qeve't France
R 7a ret.
1.
1...
2...
1...
1...
1...
...
2...
.100
100
100S
100
100 Vi
100
101
101H
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1.
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1..
..
1..
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1..
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em
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OS
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1.... 101S
Cloedyear T e
Rub'r '41
1.... ll,i
ONthn RBAa
1 PIH4
1...., 00 i
at N'n Rly 7a
I.... 100U
i.... ioeu
1.... 100
O nay A W b
S 12
4 12
8 12 'i
12 12
6 12
4 1211
Heck Val 4a
1 85V4
Helland-Am'n
.Line fli
1 OOVi
1 00U
Hud A Man fd
1 82
1 82'.
Hud A Man In
S 02 H
tlla ct'l 4a 'M
8 83
Indl'a Btaal la
10 SOU
tnt'e Mat 4
2 13
1 12
1 US
1 11
tnt M ct 4a
A Tel A Tal 0
2.... 114
Am Wrap P Ua
8 80
Ant Jur Un'd
Mar W 6a wl
2 00 '4
Armour 4 a
1 (flat) 90
4...., 00
Kflat) 00
1 00
0 00
V T A 8 Fe aj
a as
V T A 8 Fe 4a
1 88
2 ae
2 ae
1 80
Atl Ceaat b 4a
2 (Hat) 80
A Tranacentl'l
S Llna 4a
1 88
Vtlantlc Refe
ct Otte
IB.... 108
8.... 103
B.... 103
0.... 103
1.... 108
3alt A Ohie cv
2 82
1 S3
B 82
3alt A O U
..4... 03
I O.I
1 83 VI
Bait A Ohie 4a
1 80
2 80
Halt A Ohln Ai
Are Your Ceal Mines
making money today?
Peabody - managed mines
' are. Let 119 show you why.
Our service includes man
aging, operating, selling.
Experience 39 years.
Hg&Bts
GOAL COMPANY
Fsumii l68j
332 Se. Michigan Ave. CHICAGO
Opttating 3S Bituminous Minei in II Fitlituiith Annual Capacity eUt ,000,000 Tens
Eastern Pennsylvania Railways Company
STOCKHOLDERS' PROTECTIVE COMMITTEE
CREATED I1Y DEPOSIT AGREEMENT
DATED OCTOBER 1, 1021
NOTICE OF ADOPTION OF PLAN OF REFINANCING
Netice la hereby ion th.it the undersigned stockholder.' Protective Committee, cre
ate! by a I'reiectlie Aurecment. dated October 1. l-'l. J,.n. " S0m.m1"9, Jf tn
Hut part. Commerclal Trust Company, of Philadelphia. Depositary, of the aecend part
ind ,urh heldera of the preferred and common ateik of the Laatern Pennsylvania Rail
) Company u )iae become part.ea thereto by rtepesttlnis their ahurea of aterk there
tinder, have arcreveil u. Plan for the tcBnancing of a.ild Eaatern Penneylvanla Railway!
t-emrany and that a top of aald p.an haa been nled with the Commercial Truet Company.
"I I'hlladelphla. Dcpealtary. IJcpesltlnB alnckheldera who de net withdraw from aald
Pretectee AKieement en or prier te June 29, 102-, will be deemed te have asaented te
The uniicrslsncd Cominlttee ahall have power te determine whether a aufflclent.depeall
r aitent haa been made te Juatlfy declarlna aald Plan operative.
aWBtniS, MONTGOMERY A. II. UIERCIC H. If. DEAN
AMcKI.EHAN. Counsel CLARKNCC II CI.ARK SAMUKI. D. WARRINER
Herrla Ilulldlnif. J. WHITE M. M. FREEMAN
I'hlladelphla . Commute.
. H. C. HOP60N. Secretary,
01 Ureadwuy, New Yerk
Oeva't FRu
1.... 102
Hnle) 102
Or'd Trunk of
Canada T
R.... 100
B.... 100U
Jap Oeven't 4a
1 7T
2 77
K Uea'm 7a
1.... 108
1 77
K Belgium 8a
2.... 107
1.... M07
Kingdom Deu
mark ct Sa
2 08
B 08
1 08
S.... 108
Kingdom Den
mark ct 8a
1.... 110
1.... 110
K Italy evts
23 00
K of Nether-
landa Sa
00
00
00
00
00
100
00
00
4..
1..
2..
2..
10..
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us
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as
as
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8
0
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Intb'e Rap T
Sa nl
11 78
8 70
1 70
1 77
Intb'e Rap T
7a wl
20...
2...,
20. . .
2...
20...
80...
10...
10...
B...
1...
1...,
tnt'l A O Ntbn
aj wl
4...,
10....
11....
10...,
8....
l ae
Pae T A T Bt
3 00
B 00
Pae Tel A Tel
Ca rcta
4 04
1 04
B.v... 04
(Xaale) 04
6 04
Panna H R B
2 00
1, 00
Penna R ne
1.... 100
1.... 100
Peoria A M In
1 8.1
10 SO
6 80
Pare Marat Bi
I OS
Reading Ce 4a
0 84
Bt U A B F aj
8 78
2 78
1 7H
81 ti A 8 F In
2 en
2 00
1 07
2 00
1 08
Bt I. A 8 Fran
Berlea A
0 71
1 (flat) 71
SILaS Fran
Ba w
2 OS
St L, Sw'n lat
1 78
8t l Sew'n Aa
1 70
Bt Paul IXC
8 Ii 41
1 81
1 80
lOtaale) 80
i 81
04
04
04
04
04
04
08
03
04
04
04
BOUGHT, SOLD AND QUOTED
Alteena & Legan Vy. Elec. Rwy.
4'js, 1933
American Rwys. Ce. 8s, 192j
American Rwjs. Ce., 5s, 1927-31
Keystone Tel. Ce. 6s, 1929
Scranton Ky. Ce. 5s, 1932-47
Constantine Itcf. Ce. 8s, 1923
Wil. & Phila. Trac. Ce. 5s, 1963
Wil. & Chester Trac. Ce. 6s, 1923
Springfield Water Ce. 5s
Samuel McCreery & Ce.
Jciii l)cr Phlln. Stock Kxchangi
Franklin Bank Building
In Continuous Business
6eyecw
MOVER & CO.
Bankers & Brokers
301 Chestnut Street
Atlantic Refining Ce.
Nen-Callable Debenture Si
Due July, 1937
Penna. Sfate Tax Refund
100 and Interest
Townsend Whelen & Ce.
60S Chestnut St.
Utmttn X, V. A I'Uta. fflecc .'jrihaiiaea
$12,000 Life Insurance at
Age 35 for $10.08 Per Menth
In an Old-Line Company
Rend lour Data of Illrtb and Lear
Wtiat S10 n Menth Will Ve for Yen
PEARL & SUDLOW AGENCY
1701 FINANCE RLDQ.. PniLA.
"Dependable lnearnn( Hrnre 183"
HORN & HARDART CO.
OF N. Y.
Durranla A Frarllena
Bought ft Sold
GARRISON & CO.
IBNlR BUILD1NO. rilllADBlrll IA
. "luilil
jSAlfUelHitKukit
'"'I ct bckwie
f ;
Tiilr.eiit
ri.iu.iimt ifMaW
C. S. PATTON & CO.
SO A CniCHTNVT 8T8.
BANKERS
aneeeaaeraea
8AII.EB A 8TBVKNSOM
Benaa and atekaboe5h end aalf.
Membera Phlla. Btetk Kathanita.
07
07
07
07
07
08
07
07
07
Kingdom Ner
way ct
1 100
K Sweden Ha
8.... 102
Parla-Lyona M
0 wl
2 fil
1 81
B 81
B 81
1 81
Queen'd 0 wi
1.... 101
3 101
Queenal'a Kxl
Lean 7a
1.... 100
Republic Iiell-
la 8a wl
4.... 101
1.... 101
1.... 101
Rap Chile 2S
1.... 101
8.... 101
Rep cnua '41
1.... 104
2.... 104
10.... 104
nep Chile '48
H.... 104
0.... 104
1.... 104
nep-e or uru
away Sa
1.... 100
State of Sae
Paule ct
1.... 102
Swltz'd Cen Ha
1.... 117
U K Qrt Ilrlt
A I'd 1022
1.... 108
U K art lint
A I'd 1020
0 108,
V K art Brit
A I'd 10S7
1.... 102
1.... 102
I.... 102
U B Ora 7a w
i en
2 .... ue
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10.
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104
104
104
103
103
103
103
103
103
103
103
103'
2
1....
8....
1....
1....
10....
4....
1....
1 O P 1. K
A W Va 4a
B 77
Bell Telephone
or Pa 7a
1.... 107
Bath Bteel a.
7 08
O Gdla'n D 7a
3.... 100
2.... 100
?kn Rap T la
2 82
Buffalo Recn i
A Pitt 4f
4 00
luah Ter'l ea
1 ty
2 SO
1 00
anaaian uti
Elec 0a wl
1.... 101
Canadl'n Nthn
0a rcta
10.... 112
Canadian N 7r
Kflat) 112
B 112
Zana'n Pae 4.
1 77
1 77
0 77
2 77
:tl Paclfle lat
1 R8
1 80
1. . 80
C K X Jay Be
B 107
C A O cv 4
B 87
8 87
C A O cv S
2.. .. 02
:m a Ait s
2.k. 48
2 48
0... . 4H
2 4S
6(aale) 48
1 48
Chi D A Q 8(
1 .... 74
C M A Q llr
23.... 105
21. .. 103
4.... 103
3.... 103
(1.... 103
1 105
Chi A Q W 4'
1 00
1 BOV
i no
Chtrare Mil I
St P 4a '2S
10 70
10 70
10.. .. 7i
Chlcare Mil I
Bt Pcv4'.
4 .... 00
1.. .. 00
Chlcaee Mil a
SIP fd 4a
12 .... 0.1
a . . 03
Chicago Mil t
fit P cv. B
1 74
1. ... 74
Chi A Ivwn 7.
4 .. 103V.
C It I A P fn
2 81
3. ... 81
2.... 80
Chile Cep'r
14.... 103
Cl'd Cln Chi
Bt I. gre 4a
1 81
Columbia a 4
Elee let
3 05
Cen'd Ceal Ce
of Md Ba
1 87',
Cena'd Uaa 7
B2
32
B2
B2
B2
B2
B3
63
Srab'd A I- aj
S 25
8eab'd A I. fd
2 41
1 41
Stab'd A U At
fi B7
1 08
8h Hteel H 8a
1 00
Sinclair C Oil
Cerp 7a rcta
... 08'4
Sinclair C 01
Cerp 7 a
I.... 104
Sinclair Crude
O P Ce B
8 08
Se'n Pacific fil
2 87
2 87
Se'n Paclfle t
3 80
Sn Italway 4a
1 00
Sn ItaU'y 0
2 00
B en
l.... oe
10 oe
2 in
2 00
lO(aale) 00
Sland'd Oil el
Calif 7
1.... 105
10.... 105
Steel Tube Ce
cf Am'a 7a
1.... 100
Third Ave n
2 B8
Union Baa A
Pap Ce 0a
1 07
Union Pae c
B 03
0 03
4 08
4 08
4 03 i
Union Fac Id
B 85'i
Union Pae la
1 01
Unl'd Drue 8
2.... lOD'i
Unt'd Fuel A
uaa 0a
B 08
U S Steam S
Ce Cep 8a wl
B 0
U S Itub'r Ba
1 80
4 00
U.8 Hub 7a
2.... 107
Ud ft Steel Ba
2....F 101
S.... 102
1.... 1U1-4
Utah P A I. Be
1 00
Va C Cbm lat
S 0
Va-C Chm fla
B ei
Va-C Car Um
rcta 7a
B 08
18 08
a 08
Va-C ch 7a
2.... lOBtt
.... 103
Wea'n Elee 8a
8.... 100
Weat'n Md 4a
B..'... 03
1 03
We'n Union Ba
1 80
Wer'.tnsha'e E
A Mfa- 7a
8.... 100
8.... 100
WAKE 4a
2.....' 07
Wllaen Ce rv
1 02 Vi
Wllaen C 7e
1.... 102
12 80
Hlah Lew P.M.
Liberty Bs ....100.10 100.12 100.14
Liberty 1st 4. . . 00.80 00.80 00.80
Liberty 1st 4Vs. 100.04 100.00 100.00
Liberty 2d 4V4s.. 00.00 00.04 00.04
Liberty 3d 4s. 100.02 00.00 100.02
Liberty 4th 44s. 100.04 100.00 100.04
Vic Notes 4-Us.. 100.02 100.00 100.00
GOSSIP OF
THE STREET
,,,,...,,.,
ninV'r 1.r..lBrWr.4 t
ally for prompter ones.
Went of the Mississippi, the story
Is beat told In the reported car lesdlngc
of the prlnclnnl transcenllnenil sys
tems. The (etsl number of enrs leaded
en the AtrhlKen dtirlnc the month of
May was H per cent ever tne mint perieu
a yenr nge. Chicago k 'Nerthwcitcrn
Khevted nn Increase of' 2-j per cent.
Total movement en the Burlington In-
nrnnenil 10 nor pent. All COmmOtl tlCS.
except grain, meveu in gresier venime
than en the Illinois Central, with ft
net sain of 13 per cent, compared with
May lnnt year, and an Increase of Jl
per cent compared with April. Ht.
Paul's loadings incrensed 21 per cent.
Sturlcbaker Dividend numers
According te the Street geslp, finan
cial Interests In 8tiidebaker are under
stood te be In fnver of nn extra cash
disbursement of at least $5 n share (his
year. This, with the regular dividend
of $7 a j car. will make a total payment
for 1022 of $12. It Is stated it Ib net
definitely decided whether !fu extra will
be paid In a lump sum at the .Tuly.meet
Ing or whether $2.00 n share will be
pnld In July and another ?2.fi0 payment
mode later In the year. Studcbaker s
earnings, It was figured out. readily jus
tlfy the payment of $12 In dividends this
year.
An Intelligent Statement
The cnnaelldatcd balance sheet of
Cities Service Company and Its subsl
dlarlex ns of December 31. 1021. with
nil lntcr-compeny items eliminated, Is
a document remnrkable in the history
of public utility companies. It is thn
first bnlance sheet carrying underneath
Its items n simple explanation of whnt
they represent, and It wns prepnred se
that the security holder and the man In
the street would be nble te nnal.xzc the
position of tin; company without uncertainty.
Distribution Period te Come Later
It ti Insisted in geme quarters that
se long ns business continues en the
tin grade there w 111 be n certain amount
of Incentive for the purchase of securi
ties, and while the market may be com
paratively inactive for n time. It is be
lieved the trend will be upward, net only
throughout the remainder of the present
calendar car, but well Inte 1023.
THE TKADKR.
UK'
.MBW IttMw en call b6th ia.?..
fif collateral, eiwneu wu, .--..
endln and renewlna,
MHIJW1KI.PMIA Call, r, per ent: time.
4rc?ntt mmerclal paper, three te elx
nientha. 4 te 4 per cent.
mfmhfitSimmLx
J..H m... "iV r; ww f Ni
Mr yM
Ami 6am
I l4&t.te.Au.
".,.''.
ASK YOUR BANKER
About This
MORTGAGE SECURED PREFERRED STOCK
Nen-Callable Full Participating
in frill Ratie of 6 first mortgages en improved real
eurit cgtate tQ eutstendlnpr preferred stock $125 te
5100.
Yield W l guaranteed by interest income from first
mortgages), plus 50 of all profits.
Marketability-' ptcctcd at Par
Payinf Guaranteed Dividend Quarter!
January April July October
General Mortgage Financing Corporation
Ridge and Girard Avenues
(Cep righted, OMPC. 1022)
vl
W
SALESMAN
College man. fle seara' aelllng- exper
ience, Knewleitse of merchnndlalns and
mlverllulnr. Qualified te handle men.
Dealrea executlve poaltlen with live cor cer cor
.eratlonc ,-EO,KB OFFICE
TAX KKTUBNS AUDITS SYSTEMS
I. Franklin Hewird I C.
Ctrtified Publjc Accountants
r.nnd Title DM,,
t'ltllidrlrnm. f".
aaaasaaaaaaMaaaaam
M'inf nidi..
tViiii,.n. I. V.
10...
1.1...
1...
1...
30.'..
B...
10...
ft,..
in...
U S Meilcn 4a
ie no
30(aale) SA
n (fiat) no
s se
no
ni
no
no
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te
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DO
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no
no
60
U 8 JJeilce Ba
2 02
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4.
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61 .
61
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61
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Ol
61
ni
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oe
no
60
Ol
no
10.
I M Marina St
"1 01
Int'l Pap b Ba
2 80
1 85
Iowa Cent't 4a
4 45
Juilua Kayaer
A Ce Ta rcta
1.... 103
2 104
K City Ft a A
Memp 4 a
1 TS
2 78
1 78
1 78
Kan C A H na
1 84
Kellr Jlprlnv'd
Tire ga
2.... 10S
1.... 108
lake Shere il
B'n 4a :
1 04
l.ehlch Val 'In
1.... 102
L A Myere 7a
1.... 114
Leng lid It M
8 77
te A Naah 4s
1 01
Leuie A Niiaa-
villa B
1.... 101
1.... 104
Manlte'a S W
Celli Sa '43
1 04
6 03
M Oil rcta 7
2.... 118
4.... 118
3.... 118
I Oil wa'd 8a
1.... 118
Mex Irrle 4a
5 40
Mich Ct'l d 4a
2 80
MM S A Or la
7 .... 88
7 88
2 80
2 . . . . 60
din A St I, 4a
4 .... 45
1 45
8 .... 43
I A StL, fd Ba,
i nir ft B S'.e
Marie 0a
2 10.'
II K A 1 al w
0 60
te nn
12 BO
1 60
M K A T 4a wl
1 80
U K A T 5a wl
5 83
2 83
M K A T 6. wl
7 04
Un Pacific 4
18 68
2 03
1 03
'Ie Pacific 6a
1 08
16 08
Ment'a Pwr 6a
2 00
2 00
Merrla A Cem
pany 4a
1 86
V T Air nic 0a
2.... 100
V T Cent' I 4
n 88
,V Y Cent'l n
2 Ot
2 03
18 04
N Y Cent'l na
11..
0..
10.
10..
n .
10..
n.
i,
no
117
117
117
117
net
no
no
Wall Street's mood Is always swnyed
by prices, and when prices et many Is
sues moved up In the early trading yes
terday there wus a sudden disappear
ance of the dismay that prevailed Mon
day. Its place was taken by n degree
of cheerfulness, with the Street generally
looking en the convu'slen In prices that
marked Monday's trading eh the course
of a storm whebc center had passed
overnight.
Many of the room traders were dis dis dis
poecd Ie sell stocks et the opening and
offerings by thli speculative element
caused sharp declines In numerous Is
sues In spite of the vigorous buying
thnt enmp from strong interests In the
list generally. lJcfore many minutes
pnbscd strength In the market leaders
extended te all the active groups, and
It was net long before general recoveries
were in order.
The Shakedown Inevitable
npcaiiRe of Us suddenness and sever
ity Monday's violent decline overshad
owed nil ether topics of discussion in
market circlet yesterday. Mr. "I-tolU-yeu-so"
was around In countless num
bers and It would seem almost impos
sible for any one te hnve been caught
n thn urnnir aide of the devk when the
comber soused all hnndc Then; were
many, nevertheless, who mode the
wrong guess, for there arc still count
less numbers wne nave m,i .- "
educated te believe the tree has net been
planted thnt ever will touch tile eky
line. While many were taught, ulinest
everybody expected thnt which occurred.
This is what a prominent wire house
"Seldom have mnrket commentators
been in such thorough agreement as te
the moving cause of the sharp reaction
which has been in progress during the
last three sessions of the Stock Ex
change. It Is the history of specula
tion all ever the world. Markets be
come overbought eventually, no matter
hew constructive the underlying condi
tions may be, nnd the incv table re
bound is caused nine I mes In en W
hotheads who rush mndl.v beyond their
depth after there has been n protracted
rise, exercising no judgment ns te either
the amount involved nor the qunllty of
their commitments."
3 - 8 by 6' - 10
opening measurements
Thirty-four ether sizes in
stock at nrices equally low.
The med ;rn sash for shop,
factory, garage and warehouse.
than Garfield 1160-lMr. Wnkef)
ler sizes ami prices
David Lupten's Sens Ce.
MORE COTTON CONSUMED
May Total 495,674 Bale, Against
440,714 Last Year
Washington. June 14. Cotten con
sumed during Mnv amounted te 405,074
hales of lint and 52.344 bales of llnters;
cempnrcd with 440,714 of lint and 48,
071 of llnters In May last car, the
Census Ilurenu nnneunced today.
Cotten en hand Mny 31 In consum
ing estnhlishments amounted te 1.410,
830 bales of lint, and l",.2.-t bnles of
llnters. compared with 1,280,723 of lint
and 210.232 of llnters se held a year
ace, nnd en hand In nubile storage
and nt compresses 2,601,007 bales of
lint and l)4.lfi1 bales of llnters. com
pared with 4.738,207 of lint nnd 200,
370 of llnters se held n ear nge. Im
ports amounted te 14.320 bnlcs, com
pared with 10,f542 in May last year.
Experts for May were 400,307 bales,
Including 12,001 bale" of llnters, com
pared with 477.3S1) bale?, Including
4340 bales of llnters exported In May
last year.
Cotten spindles active during Mny
numbered 31 ,0T3,001 . compared with
32.S30.107 in May last jear.
BAR SILVER
Perrieatlc t alUer wan unchanged In
New Yerk tedav at 00c per line ounce;
ferelun, 7i!c. oft c. In Londen the price
wa d higher at 36 d.
hSmmd
R. A. M. & Ce.
A Feature
In our June circular is n com
bination of six selected In
vestment Bends, with a cou
pon due each month.
Cost $5855, icith an annual re
turn of $360.
Circular upon request
Reed A. Morgan & Ce.
Members nt the l'hlla Stock Kich.
ire-tr ;;nd rnut uuip , ruia.
Telephone Spruce Z131
7
WIEGNER,ROCKEY&CO.
Certified Public Accountants
Drexel Building, Philadelphia
iii ii i. imi u in mill ram iiniriiirninr mrniira innni nm nin.umiirm
Next
Greup after group
of the oils en the
New Yerk Curb
Exchange have
been joining the
bread upward
movement. ,
We have ready for
distribution an "oil
folder" containing
interesting infor
mation 6n a few of
the most premising
issues that seem te
have been overlooked.
Ask for
ii
Oil Felder
99
Jenes &. Baker ''
Member New Yerk Curb Exchange
Direct Private Wlree
KtvTerk Chicago Beilen Philadelphia
Pittibnrih Detroit Biltlmere CUtlna
PHILADELPHIA OFFICE
Widener Building
Bell
Lecuat 4730
Seml
E. H. Rollins &
founded 1M '
Investment Bends
1421 Cheatnut St., Philadelphia
riiene I.eruat 7300
Bosten Xcw Yerk W Ilk fa-Bam
Baltimere Chicago San FrancUce
Xti.
Mfi
Utah Light and Traction
Company
First and Refunding Mortgage
5re Geld Bends, Series A
Due October 1, 1944
Uncondttieniilly Uuaranteed at
te Principal and Intereat
by Enderaement by the f
Utah Power & Light Company
Price 91 and Interest
yielding ever
5.70
flettripttvc circular en requeat
T.t.l.r.t... B icuat730
Telephenea Keyitene . r,,., 386l
BALTIMORE OFFICE
433 Equitable Building
Telephone - Plata M51
tlir' UOIJ M JUJ1IUUILI.ULLJL . J.X1UI1L.1.1U ULIli
r
THOMAS JANNEY COMPANY
Sele Leather Tanners and Shee Manufactarers
wish te make a sound, meritorious and
conservative investment offering. Address
DESK 1
THOMAS JANNEY COMPANY, VICTORY BUILDING.
PHILADELPHIA
!l
Ml
Bears Picked a Geed Time
Explaining Mentlaj R smnsii-tip
In
ft.
ft.
sn.
8
N" V
10.
1
Cuba C'e But
fm eta'd
n 83
Cut a rtallread
Cj THa
1.... 104
Den It O Be
1. ... H.'
Det U II 14-
1. ... 81.
Du Light 7H
I.... 100U
limp Oaa it K
7,a rcta
i nan
Erie It It Cv M
e no
Krle It It cv D
3 51 Hi
Krle it lat en
3.. 10.1
Uria nil Ce 4a
1 03U
Erie a Jer Ot
2 Dili
Kram'n Induat
Iev 7Ha wl
ft OR
1 074
8 08
Franclice Sua
T'e w
a.... miH
Ooedraar T k
Rub'r 'SI
1.... 101H
3.m. IH
leav;
103U
. . 108'i
.. leavt
.. 108H
. . ieau
Cent'l 7a
.. 10SS
.. 10JH
N T Kdlaen Ce
OHa rcta
8.... 100U
N Tk Llcht II
a Pnr Da
I en;
New T K II a
Hart'd 6a
1 78'
S Yk Itl a 4a
4 37;
.V Yk TeJ 4Mb
3 04S
N T Tale'e '41
1..., 10HU
7(aa!e) 104 U
3.... 104 4
M Yk W C a
Ueat 4 Ha
4 114
N A Edlaen Ce
fla rcta
4 nau
Nonh Weetern
Bell T 7a
3.... 100V4
K Paclfle It 4 a
10 8AH
3 80S
N Paclfle It 0a
13.,., 100
ft.... 100
ft.... 103
Ntti S Pwr Be
1 00',
Otla steal lata
1.... 101
Pac O t I! ti
I dO'l
1 00'i
Paclfle A It et
Me lat
1 0ti
the n.nrket. the head of nnether prom
inent banking firm hnd till" ie t-ay:
"Professionals pkkrd a Koeil time te
sell stecltB. The mnrket had become a
little "tale. Many of the geed stocks
have been declining for several weekn.
The price structure became weak nnd
professionals began te offer stocks
down. It was simply n natural reac
tion in a bull market."
Grewing Volume of Traffic
Railroad effieinls report an Increas
ing volume of trnffif both enst and
west of the Mississippi Itlvcr. This
applies te all commodities and mer
rhandlfe except teal, the small pro
duction nnd shipment of the latter pull
ing down the genernl nernge. With this
exception, the total olume of trnfflc
east of Chicago nnd St. ieu!s com
pared favorably witn a enr nge. and
the n.enth te month sliewing is excellent.
Shipments of steel greduwtN are ln
crensing. and building operations are
NORTHERN INDIANA GAS &
ELECTRIC CO.
First Lien & Refunding Mortgage
6r Geld Bends, Due May 1, 1952
NOT CALLABLE FOR 10 YEARS
FRi:i: OK 2 NORMAL FEDERAL INCOME TAX
PENNSYLVANIA FOUR MILL TAX REFUNDEIi
Earnings reported ever twice interest requirements.
PRICE 95 and interest
yielding about 63arr
ELKINS, MORRIS & CO.
LAND TITLE BLDG PHILA.
Members New Yerk and Philadelphia Stock Exchanges
BOUGHT-SOLD-QUOTED
Atlantic Refining Ce. lit 5'i 1937
Harriibnrg Lt. & Pr. Pld.
Harritbnrf Ry. 5'i 1963
Commonwealth Pr. 6' 1947
Penna. Okie Elect. 6't 1938
Ttnnetiea Elect. Pr. 6' 1947
Lehifh Pr. Sec. 6' 1927
Bnenet Ajret 6't 1926
Bartkleiville Gat & Elect. 6'i 1947
Haferttewn & FredTc Ry. 6'i 1944
Midi R. R. 6't 1960
Parit Orteant R. R. 6'i 19S6
Republic of Brazil 4'i, 4','i & S'i
Kamai City Pr. & Lt. 7'. & 8'i
Middle Weit Utilities 6'i, 7't, 8'i
MCewnCQ
LAND TITLE BUILDING
PHILADELPHIA, PA.
Mfn.brrs rhlludelphla -iteck Exchanar
FOR the investment of
sums of moderate
amounts we suggest the
preferred stock of one of
the well-established public
utility corporations of
this State. Earnings have ,
always shown a geed mar
gin ever dividends and
are new at the rate of 4'
times dividend require
ments. At the present
price the stock yields ever
7 en the money in-'
vested.
Particulars en application.
HARPER &TURNER
Investment Bankers
Mtmbtr rillatltlphla Stock Exthant
STOCK EXCHANGE BUILDING
,
Te Helders of Victory 3 Notes
Cumberland County, Pa.
4'j Improvement Bend
Dated June 1. 1922
Due June 1, 1952
Optional after June 1, 1937
NET DEBTi
Leii than 2 of aliened valuation
The United States Treasury Department
having called these Notes for payment
June IS, 1922, we suggest for rein,
vestment
Cumberland County
Pennsylvania
AVife Improvement Bends.
EXEMPT FROM FEDERAL INCOME TAX
FREE FROM PENNSYLVANIA STATE TAX
LEGAL INVESTMENTS IN
PENNSYLVANIA AND NEW YORK
Price te yield 4.00 te optional date,
4.50 thereafter
Commercial Trust Company
Member Federal Reserve System
CITY HALL SQUARE, PHILADELPHIA
4y2
PENNA.
MUNICIPALS
TO YIELD 4.15
Tax Free in Penna.
Exempt from All Federal
Income Taxes
SO Year Nen-Cullable
Bends.
Communities within thice
miles of Philadelphia.
Legal for Trust Funds in
Pennsylvania.
I'ull pattUulais upon request
A. B. Leach & Ce., Inc.
Investment Sicuntics
115 Seuth Fourth St.
l'lillaUelpliln
Serenten
Philadelphia n nnf ' ,"$
sS9j
POWER """" LIGHT
Dated Oct. 1, 1913 Due Oct. 1. J 953
KarnliiRi December "Slet, 1921
2 0B times Interest clinrKes en all
bends and note eutntnndlnf; with
uninterrupted preferred dividend
record since 1906.
Company operates six hydro
electric plants in four Kaitern
States.
Price 82, te yield 6V4
Circular T .'. en request
Fairman & Company
Drexel Building, Phila.
Eatabllahed 1902
Correspondents :
A. H. Bickmore & Ce.
Ill Broadway, New Yerk
isaiUaiBBiBBiitBTlrflllilliySUbadllW
jfOILl ""
fa
1 ARE YOU SURE
1 that vaijr new hullrllnn uilll
-..- - ..-.- w...w...B .....
return what you expect of it?
Peer designs will net give the
greatest use of fleer space,
nor peer construction the
maximum value.
JOHN N. GILL
CONSTRUCTION CO.
Commercial dBilrfinae, raciarwa,
lufilolienj nnd Smaller Werk
Oil. llulldini
f llti.Aiii.ui uM
raiLC
sw
hjrnnikr I.Uht & Tener (oil. ,V 10.11
eunllrn (his & Klertrle ( n A'n ,lll(l
InillnnmmlU 'Irret HiiIImiu 4' lu.tt
Jrrnfj Cll. lien. i. rntrriun I'm 1011)
rrnnen.ee IJIntrlr (e f iiiiinieri I'f(,
riprlnRllelil ( iin.iil. Uiitrr Ml L-up.
merlnan Killuam ( emp.in; , ll UNiirf.
Kenlurk Trartlen A Trrmliinl ' VJM
New Jerer) ima tuniimnj yH 1010
SAMUEL K. PHILLIPS & CO.
ilanbeis Philadelphia Slech Kxehange
507 Cheatnut Street
SALES REPRESENTATIVE
OR EXECUTIVE
Willi the ouch riicrlcin. in ail lihim-
of sbIi-s work ami '.or xiu I'saful recurri.
ile.lre" tn mnnrcl Hllli a well entnblUhaU
tunccrn Uli b'I futmp Apjily
c ii. "i. i r.ixu it iiffi r k
Hathaway, Stene, Wallace
& William, Inc.
CNCINEERS
MANAGERS
1712 Samem St PniledflpAU
SPAUO. TUT
Operating Munagement et
Industrial Enterprises.
Ir.dustiial and Technical Inva.
tigntiens and Reports. Consult.,
ins Engineers te Manufacturer
Guarantee Trust and
Safe Deposit Ce.
316-18-20 Chestnut Street
1415 'lirtnut M.
I H. B.'d St.
, HAS ANY NATIONAL BANK
nil eprnliiR ful n all areuml iimii unilr 31
of upwards of 111 cara' expprK'nce fapaule
of nesumlnE cMiullm rent uuaiblllty At
Sirc.itnt net lenntcteil
In money matters
Immmtna. lendlna. mertt agea, raal
r.lale tleiil. etc.. e are rqulpverf
In h indie every Urlull with eeurtear,
ill, pall h and atlfurtlun. EatalN
llehed 18M.
Abe Kelsky & Ce.. Inc.
N. XV. t'OR. 0TII '. W.tlJtVT BT.
! "" ' ". j.Kiii.Kii eiriii;
Frederick Peirce
&Ce.
VDR
ltd
IUVKUT
MKNT
Slraa. rhllaa.li.hla
PHILA. RAPID
TRANSIT 5s
MORLEY, WOOD CO,vL
. 333 Cheatnut StrM. A
MetA-re ( Y. rblte. M KaW." I
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U1 KY.
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