if
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your July
Investment Problem
.
it f 0
I
: J
The . invcsthicnt of funds continually .-presents
new problems en account of changing condi
tions in the securities market.
What' factors should yen consider in the invest
ment of your July funds?
.'.
Should you new buy long or short-term bends?
What rate of yield should you reasonably expect?
Hew can proper diversification be secured? Would
tax-exempt securities give a tetter yield, considering
your income, than ether types?
It is a part of our service te assist you in solving
yeur1 individual investment problem. Call at our
office or send us a list-.of your investments for re
vicwi we will gladly give you our recommendations.
Guaranty Company of New Yerk
421 Chestnut Street
.. Philadelphia
U vuaianiy a rust company
1
L
Building
140 Broadway, New Yerk
s'
S 'fiHBlULBaaiaWO f Yi""i
RAILROAD EQUIPMENT ISSUES
We Offer Subject te Prier Sale or AcUance in Price
Company
'American Refrigerator Tramit -.
Baltimore St Ohie Railroad . . .
'Canadian Pacific Railway . . '.
Chesapeake dc Ohie Railway . .
Chesapeake Ohie Railway . .
Chicago & Northwestern Railway .
Chicago & Northwestern Railway . .
'Chicago, Milwaukee & St. Paul Railway
'Chicago, Milwaukee & St. Paul Railway
'Chicago, Milwaukee & St. Paul Railway
'Chicago, Milwaukee & St. Paul Railway
'Chicago, Milwaukee & St. Paul Railway
Cleveland, Cincinnati, Chi. & St. L. Rwy.
Illinois Central Railroad .
'Illinois Central Railroad ....
Kanawha & Michigan Railway . . .
"Michigan Central Railroad . v
New Yerk Central Railroad . . .
'New Yerk Central Railroad . .
'Pacific Fruit Express
'Reading Company, Series "G" . .
'Issued under the Philadelphia Plan
JANNEY & CO.
133 SOUTH FOURTH STREET
PHILADELPHIA
Telephone, Lembard 4320
w
Rate Maturity Yield
6 July 1, 1929-37 6.60
6 January IS, 1933-35 5.38
AVife July 1, 1923 5.00
6 January 15, 1926-35 5.30
6 December 1, 1924-29 6.20
6 January 15, 1932 5.20
6tt April . 1, 1925 5.20
6 July 16, 1924 5.10
6 Julr 15, 1925 5.15
5 July 15, 1926 5.20
5 July 15, 1927 5.30
5 July 15, 1928-33 5.40
6 January 15, 1927-28 5.20
6 January 18, 1931 5.15
7 October 1, 1931-35 5.15
6 January 18, 1929.35 5.30
6 January 15, 1930 5.15
6 June 1, 1934-37 5.20
7 April 15, 1929.32 5.20
7 June 1, 1928-33 5.20
4' July 1, 1924-26 4.75
Pennsylvania Municipal Bends
combine freedom from tax, with the highest type of security,
and a justifiable pride in ownership. We suggest
Smquehanna County 4'z Read Bend's
Due May 1, 1932 te 1942
Venango County 4' Read Bends
' Due May 1, 1941 te'1944
YIELD ABOUT
....... 4.00
Lawrence County 4T; Highway Bends
Due July 1, 1927 te 1943
Northampton County 4'i Imprerement Bends
Due February 1, 1952
City of Bethlehem 4'i Improvement Bends
Due January 1, 1948 and 1952
Dcscriptiv circular gladly furnlthed
4.00
4.05
4.05
4.10
Mmaiiu &Ca.
Bread and Saasem Sts., Philadelphia
New Yerk BalUsnere Pittiburih Wkitunitea
Msmbara New Tort, rbllsdelphla and Pittsburgh Stock Exchange
f
T $50,000
LEHIGH VALLEY It. It.
GENERAL CONSOLIDATED
4 BONDS
MAY 1, 2003
I
FREE FROM 8TATE TAX
IN PENNSYLVANIA
THE COMPANY PAY8 THE
NORMAL FEDERAL INCOME
TAX OF 2fc
pRlCE, 83 AND NTERE8T
WlLY, MOCK ft CO.
" CHESTNUT ST.
, PHILADELPHIA ,
em.ClarktiCe.
BANKERS
Ml Chestnut St.. Philadelphia
Established 1837
Members New Yerk and Philadelphia
Stock Eachaafes
Frankf erd &
Seuthwark
MORLEY, WOOD & CO.
333 Chestnut Street, Phila.
Members ft, Y. A Fhll. Stock Kxth's.
INDUSTRIALS TAKE
LEAD M 01
Renewed Accumulation of New
Tpbaoce Products Issues.
Moen Meters Sells Off
New Yerk, June 27. The marked
movements en the Curb were Irregular
Ictlay with -the Industrial Issues be
coming mero prominent under uncer
tainty in some Issues at the beginning
of business.
The tobacco group demanded Bpcclal
attention because of renewed accumula
tion of the new Tobacco Products Is
sues In anticipation of the voting en
the increased capitalization tomorrow.
The common stock was traded in at
B814 te G7, followed by n geed rally.
The "A" stock was traded in en a
large wale and after selling at 77-74
moved up te 80. Philip Merris was
also Hreii. selling at 120 and 20.
llrltlch 'American Tobacco sold at li.
Durant Meters was steady with sales
at 37 and 37 and the Indiana stock
sold at 13 llaycs Wheel was again
traded in nt ,28 nnd 28. Interna
tional Carben was strong at the start,
selling at 13, with n reaction after
midday. Moen Meters sold off from
12 te 11.
INDUSTRIALS
Sales ItlKh
1400 Acme Ceal 1A
800 Acme Packing- .... BOc
300 Am Metals
We offer a Public
Utility Bend with very
high rating, free from
normal federal income
tax at a price te yield
ever 6.80,
HI
-wRISTTOEwaJ
Wmmm BvilaiM. HlltAMUHU
Niwyenk ejiaxtm hT
---" "" VTWSN fU
Balte. & Ohie
Descrtstlv circular outlining tba peaalblU
Ules el this read m
Bent upon request
McGLINN & CO.
Members New Yerk Btoek Baehange
300 Wldener Bldg, Philadelphia
New Yerk Bosten
W. A. Harrimon & Ge.
INCORPORATED
Drexel 11140., Philadelphia '
NEW YORK CHICAGO
BUFFALO SYRACUSE
TAX EXEMPT BONDS
YIELDING 6
V. W. MILLS & CO.
Stock Excliuug-e Hid,, riiiltidelphU
Am In need el ISS00 (or a few
months. Will atend strict Inrestlia Inrestlia
llem. It necessary, will pity small
premium end (air rate of Interest.
V lilt, Ledcer Office
Lew,
1 '
BOi
40
100 Am Metals pref...len ler.
an
h',1
17
1A
TOO
tt
Tr.e
:: li 11
.. 37H 874
4011 llKXrh Nut 34
lOOUklyn City ny.... !4
3000 Ilrlt Am Teb coup. 17
00 Buddy Bud 1A
20U Car Light 7Re
800 Cent Teresa Hug. . IVi
1H00 Chi Nipple BS
line Columbia Kmerala. Bea.
100 Cent Meters .
"inn niihiiar n n
oeUurant Met 37H ZVh
i'00 Durant M of Ind.. 18 134
IIS Ulllette a n 21 1U
JOOOelclwyn Pictures.. 7?
noeileyden Cliem .... 1
1700 Inter Carben 13
2400 Aluminum 24.
1800 Chi Nipple B 4U
1300 Hayea Wheel 2RH
100 Lima Loce rts.... 8,,
SUOTenn K I'wr lid pf 404
23 LchlRh Valley .... 78M,
Boe I.lbby, McN & L... 2
000 Mertcr Met v t 0. . 8
700Mnen Meters 12
2'. N J Zinc 142
100 Paekard Moter . . . 14U
noe Philip Merris 04
i'euu iiame com 4?t
lOOIiad'e pref 8 A
BOO llee Moter Truck. . 2fi'4
juii neuiti J it I u-e
400Tenn Kl Pwr li
SOOTenn Ry L & P... 2?t
HOOTeb Pred w I BR";
4300 Teb Pred "A" 80
80 Tedd Ship 70;
300USL&H 14
BOO Un Bet Candy 7n
100 Wnne Ceal 14
lOOAVIIIy Cerp lat pref 19
100 VT Cerp lat pf ctfa 10
1-30
r. m.
ne1
45 '4
10R4
33J4
8U
17
1A
7Be
lP
0
75c
07ii
18Vi
214
7H
1
i2;
28V4
3
40
7S14
2
34
lift
142
14U
left
02c
$
tJ7'i
HO
7014
1 14
214
7H
1
i2;
22Vt
284
8
40
78(4
2a
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142
14U
24
M
02e
1414
24
B7'i
77I
70
PLANS NEW LIGHT, SYSTEM
uehhelz Would Have City Uie In-
' candeicenti Entirely
Scrapping of the old-tlme nre llfht
nystcm of street lighting new used here
nnd the substitution of lncnndescent
lights throughout tne city is under con
sideration by Ceuncllmcn. Councilman
BuchlielJ!, chnlrmnn of the Lighting
Committee, yesterday requested the
l'liilntlclphln Electric Oempnny te fur
nish Council with nn estimate of the
cost of Installing the incandescent lights
ami unkecn.
Incandescent lights nre used en the!
main downtown thoroughfares and imve
proved satisfactory, ncrerditig te Mr.
Uuchhelz, who says Philadelphia nnd
UoHten are behind the larger cities in
the East in street lighting.
After the cost of installation, Mr.
Uuchhelz snld the city could malntnin
ii 100-caildlcpewer Incandescent light
for $2." a year and have the streets il
luminated with n saving In power ever
that required for the nre lights.
r
North Street Cigar Stere Looted
About $100 worth of cigars and cigar
ettes were, stolen fiein the shop of
Isadora Dcutsch, 1411 North street,
between midnight and dawn this morn
ing. On opening his shop this morn
ing he discovered that the front deer
lind been broken open.
RAILROAD EARNINGS
ST. LOUIS-SAN ritANClICO SYBTRW
11)22
.. 7,7n,eni
. . r, hoi, mi
10 1, CI I
. . 1.472.00(1
31.080,887
lnercnae
842,08
578,1.14
4,818
200,400
l,03',2ir.
21,070,710 2,143,220
l,(iii,07,j -z,imi
43?, CUT
Mny ure , . .
riper, expenses....
Taxes, lc
Balance
rive months' Breaa
Oper, expenaea . . .
Taxes, etc
uai&nce u, iiu.uit
WEBTEItN StAKYf-AND
May itres 90,7.10 '1220,744
Net after taxes... 271. esn 13,300
Total Inceme 207,117 3,102
Surplus after chus. 2,710 '1.141
J1ANOOU AND ATlOOIiTOOK '
May cresa 8Jt.f.01. $287,013
Net after taxei 201.100 210,08s
Net eper. Income.. 201,100 242,174
riiu months' gross.. 3,021,71.1 Ci87,B3S
t nfter tnxea .. 1.207.SJ7 1.002,110
Net eper. Inceme.... 1,200 110 070,601
IlALTI.MOIin AND OHIO
May eper, revenue. .$in.R(ll,752 $1,130,024
Balance nfter cxp'ses 2,081,011 080,042
Net eper. Inceme .. 2, nn 1,487 blli.ni't
Five months' op. rev. 81,008,014 1,183,717
l'alnnce nfter exp'sca 13,027,800 S, 015,07s
Net ei r. Income.. 11,913,0(1.1 4.004,032
ATCHISON. TOPRKA AND SANTA FD
SYS1K.M
Mny cre $17,103,878 $020,014
Balance nfter tnxes.. 1.811,372 l,flr.4,420
Net oper. Income., 1, 810,811 2,077.810
Fle months' cress.. 70,22S.S1l 10,441,022
Balance nfter taxes.. fl,lll,0V2 11.1.01;
Net epr. Income.. 8,220,0u8 018.103
Decision.
10
10
8TANIABD OILS
SOOAnitle-Am Oil 2014 10'4
310 Imperial Oil Can. 114 112V4
10 Illinois PI 172 172
45 Indiana PIde 0.1 0.1
400 H Oil of Ky w I. . . P44 04
SOOO S Oil of Ind.
10
10
20
112'4
172
01
1)1
.loe; 103',; leaw
INDEPENDENT OILS
1000 Aetna l',4
700Al:nn 7!
1000 Allied Oil 4c
1000 Arkansas Nat Gas 101
10100 Bosten Wye OOe
1000 Brazes Oil 2
OOO Carlb Sjnd ....
140 Cities Senice ...
100 Cities Rerv B ctfa
100 ritles Serv pref..
400O Erut Petroleum
500 Equity I'ete pref.
000 Tedcral Oil
200 Fensland
100 nilllland Oil
3500 aicnreck Oil ....
limoe tiuasen en 27e
3100 inter rotrel . . . ., 22
1 I'
074 K
1!4
4e
10
Sfic
. 7W
220
2214
OR
nr.e
144
1A
17',
5',
IS
... . if
.... low
.... 1
rd. 4S1
4.100 TvpVHtnnn nnnirnr. :T 1
SOOO Livingston Oil .... l7n
200 Mex Invest ZlM.
OOOLhlnitsten Pet ... Uj
1400 Lyens Pete 82e
lOOMarncalbe Olt ... 20V,
100 Marine 1
lOOMarlnnd Mex 84
.'wiu Meridian i'et .... 4r
4BOMerrltt Oil ,.
800 Mexico Oil . .
ttvt .-viexicnn penoearu. ih
400O Mex Seat) V T c. 40
100 Mountain Pred ... I5'l
OOO Mutual Ref 10'i
800 New Knuland Tuel. 51'i
2000 Northwest 21e
2000 Neblo Oil v. 21e
500 Ne Am Oil 2
HOOOmar Oil 24
lOOPcnneck OH "4
100 Salt Creek Pred.. lfl
500 Rnnulpa net 4i
OOOSImms Pet IH
2000Rkelly Oil 10
1000 Southern P & II... 18c
lOOOStnnten 3ile
720OTexnn O & L OOe
200Turman 1A
200 Wilcox Oil 5'4
100 Wendburn de
lOOOOSkelIy Oil rta .... 4e
100 Tex Kentucky .... IV,
7
nejj
22 M
08
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17J?
1A
21e
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27000
4000
5700
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1000
2000
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1000
1000
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4000
1400
1000
8000
100
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2000
800
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2.100
100
1030
1000
1000
300
000
ROO
1000
MINIMI
Am Cem
Alas-Hr Cel
Am Explnrat
Ilelcher Extension.
nig Ledge
Dest ft Mentana ..
Pest Ment Cens ..
Candelarla M ....
Cens Cep M
Certez Silver
Eureka Croesus . .
HelIInKer
Indepcnd Lead . . .
Jereme Verde Dlv.
Lene Star
Mteltln Dar
Hill Tep new ....
Marsh Mln .......
Masen Valley ....
Mether Lede a
National Tin
Nlplssne
Hay Ilerculefl ....
Hex Cens
Bler Pck ........
Slver Her
He Am P & G ....
Stewart M
Toepah Dvde ....
Tonopah Hxt
Toepah Ne Star
Trl-llulllen
Tuolumne
Unity Geld
United Eastern ...
United Verde ....
Volcano
3V
SV,
2a
180
lfie
83e
84e
03e
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38c
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nONDS
8000 Allied Packers (".;. 82T4
10000 llled Pack 0 etfa 04
8000 Aluminum 7a '88.10SH
2.1000 Am Cotten Oil 0. 88t
SOCOAm Tel Os '22....100H
BOOOAm Tel fls ....U'j
4000 Anaconda Cep UJ..100H
1000 Anaconda 7a '20. .103
1100O Arme'ir& Ce 7.1044
10000 Beth Rtl 7a ;2J..104H
4000 Beth Steel 7s '85.. 10.1
31(100 llroek Un aaa 7s.l0qi
7000 Can aNt ny E Bs. IS
neon Cent Steel-SB 1??
13000 Cens tlas Halt Os. SO
nannn Vmn din as. . . .101.
10000 Fed Land Hk 4H.100V4
lflOOOFreep Tex ,74s...l45
1000 Oen Aephnlt 8s..,.104
1BO0O aoedrlch Tire 7e..l01
11000 Heed Ifubber 7b... 08'4
1000 Inter It T 8s 80"
18000 Kennecett C 7..105
lOOOKInics Ce Lt HHs.. 08 ;
0000 Laclede Oas 7a ...100
2000 Magma Cep 7 ...108
1000 Manitoba Pwr 7a.. 054
BOOONatl Acme 7H... OflJ.
10000 Punta Aleg 8ur 7a.l05H
6000 N-Y N II ft It 4afl00
8000 Pblla. Rlee BW . . . . 0011
0000 Pub Rerv N J 7S..101H
200OBebert Qatr 7 BR
4000 Raks & Ce 7s 08';
8000 S W Bell 7s 102
1000 SONY 7a '27...10fl,
1000 B O N Y 7 '29....10fHf
1000 fl O N Y 7s 20...107I
3000 Run Oil 7s 10n,
BOOO flwlft ft Ce 7s '23.101;
4000 Texas Ce 7s 101 H
1000 Tidal OeaKe 7s ...101
8001 Un Oil CeJ Os ... ,1004
lOOOOITn Oil Pred fls ..101
1000 Winchester 7is ,.101'
FOIIKION
B0000 Argentine 7 ....
3000 Can P H 7a
lftOCO King Serbs Rs ....
ROOO Busnlan OH" ctfa,.
32000 U 8 nrazll Wn ..
1T.00O U H Mex 4s
82
64
ieb4
10014
101
1004,
103
104U
1044
102 K
1004
08 H
105U
00
101 S
1004
140
104;
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081
104r
os;
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108
014
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08
08U
102 x
10fl
10(114
107i
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101 V.
101
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101
101
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.. 00T4
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91i
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12
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en
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184
80S
41
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2e
120
10c
70c
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3.1c
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83
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fc
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
10.10 HEAL ESTATE TKUST ni.DO.
Investigate and adjust corporation and
partnership accounts and prepare Incemt
Tax Iteturns.
C. S. PATTON & CO.
SD & CHESTNI'T STS.
BANKERS
Siiecessnm te
MAILER ft STEVENSON
Bends and ateeka bought and (old.
Metnhere Phlla. Bteek Exchange.
Penn Seaboard Steel
7s, 1923
GARRISON & CO.
WIDENS BUILDINO, PH1LADBLFHU
HIMtltl TltinSNll
FhtlatUlpMi ltck tirtiifijjt rRtuliMiA Sfnrt 1370
(Si Yerk Cleck ichin(t Niw Vete Ktrtt 3671
TITUSVILLE
IRON WORKS
COMMON STOCK
CHATER & EDEY
35WallSi.,N.Y. Tel. Hanover 8154
LETTERS OF CREDIT
TRAVELERS' CHECKS
Thty ae really nn absolute
necessity wlien tratellnr.
We Issue tliem geed In every
country of the erld.
Real Estate Trust Ce.
Bread and Chestnut Sts.
Wilainften & Pails. Tract 5' 1963
Indianapolis Street Railway Ce.A't 1933
New Yerk Central Equipment 5' Serial
Welikach Company S' 1930
Equitable Illuminating Gat Lt...5'i 1928
Ohie Traction Company Stock
Terre Tante, Indpli. & Eait. Tract Stka.
SAMUEL K. PHILLIPS & CO.
Members Philadelphia- stock Exchunce
607 CIIKNTNCT STHfaGT
H
Concert te Aid Blind
Philip Sevnstu nnd Evelyn Scetney
gnvc n recital liiBt nleht In the Acad
emy of Music te a large midlence for the
bencflt of the lilind liellef Fund of
Phllndelphjn. The program announced
thnt encores would net be pvuultted,
but the injunction wan forgettcu re
peatedly, eftcr numbers played by both
artists.
I
Thirsty Fibre
,1a net valued among the
tangible assets of the
Scott -Paper
Company
This character stands for the
reputation of an organization
nnd its preductN ScotTlH ScetTlH
rues. Ity producing pales in
ever-ieiger volume, that
reputation Insures work for
the plant and tangible assets
of the corporation.
The revenue from these salei
has aluas been mere than
sufficient te pay the dividend
en our 71 Cumulative Pre
ferred Stock ever a period of
10V6 years.
Private Investors are invited
te inquire about the value of
our 7" Cumulative Preferred
Hteck as a safe Investment
for permanent savings.
Edw. 8. Wagner, Trcaiurcr,
Scott Fapcr Ce., Cheiter, Pa.
Name
Street
cm
i
Alt of th bendu hMqi JbMn told, th( e,rrrmnppMa mroreerafn4r
4
, . I
'NEW ISSUE)
$600,000 s
Orange County Hydro-Electric Corporation
First Mortgage Twenty-Year 7 Sinking Fundjeld Bends, Series VA"
Dated May 1, 1922 Due May 1, 1942
OUARANTBBD AB TO PRINCIPAL. INTEREST AND 8INKINO FUND BY EN
DORSEMENT BY THB ORANOB.COfJNTY PUBLIC,SERVICB CORPORATION
Authorized $5,000,000
Te be presently issued $600,000
j
Redeemable en any interest date upon 30 days' notice at 107)4 and accrued Interest, up te and includ
ing November 1,1932, In 1933 at 107 and accrued interest, in 1934 at 106 and accrued interest, and
se en in succeeding years, the premium being reduced by V2 of 1 in each succeeding year. Free from
normal Federal Income Tax up te 2.'Massachusetts Income Tax and Pennsylvania Personal Property
Tax refunded. The issuance of these bends has been approved by the Public Service Commission
of the State of New Yerk.
BUSINESS The Corporation owns water and storage rights te develop
hydro-electric power en the Mongaup and Neversink Rivers in Orange and
Sullivan Counties, New Yerk, with an estimated ultimate capacity of 30,000
H. P. The Company is constructing at Mongaup Falls a modern hydro-electric
power station with an installed generating capacity of 4,935 H.P., estimated te
be capable of producing an average of 14,000,000 K.W.H. annually.
SECURITY These bends, in the opinion of counsel, will be secured by
direct first mortgage en all the property of the company new owned or te be
hereafter acquired.
POWER CONTRACT The Orange County Public Service Corporation,
which owns and operates modern steam and hydro-electric and gas plants,
furnishing electricity and gas te the Cities of Middletown and Pert Jervis
and electricity te the surrounding territory in New Yerk State, has entered
into a contract extending for fifty years from November 1, 1922, te purchase
power from the Orange County Hydro-Electric Corporation at a price at least
sufficient te produce net earnings after all operating expenses, maintenance
charges, taxes and depreciation equal te twice the annual bend interest and
sinking fund requirements. This contract will be pledged with the Trustee
under this mortgage as additional security for these bends.
EARNINGS Fer the year ended March 31, 1922, gross earnings of the Orangt
County Public Service Corporation amounted te $543,891, net earning te
$195,901 and the balance, after interest en its $1,175,000 6 Bends due 1939,
amounted te $125,401. By virtue of the Power Contract, the payment of In
terest and sinking fund en these bends in effect will be an operating expense of
the Orange County Public Service Corporation.
Price 100 and accrued interest
Hemphill, Noyes C& Ce. Stroud C& Company
, Incorporated
Although then statements are net guaranteed tbey have been obtained from sources we believe te kt reliabtt
Having serd ever half this issue of $2,000,000,
the balance is offered subject te prier salet
$865,000
City of Philadelphia
4 Per Cent. Scheel District Geld Bends
Exempt Frem All Federal Income Taxes
ja-
Tax Free in Pennsylvania
Ne Certificate of Ownership in Collecting Interest Required
Legal Investment for Trust Funds in Pennsylvania
The Scheel District of Philadelphia is co-extensive with the City of Philadelphia.
All taxable real estate in the City is subject te taxation for school purposes. A tax
has been provided sufficient te pay the interest and taxes en this issue of bends and pay
the principal at 'maturity.
Prices
December 1,' 1932 te 1935, Inclusive,
December 1; 1936 te 1939, inclusive,
December 1, 1940 and 194S,
December 1, 1951,
100
101
101 y4
iei y2
and interest
and interest
and interest
and interest
E?
Biddle & Henry Harrison. Smith & Ce.
Edward B. Smith & Ce. Redmond & Ce.
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Chesapeake & Ohie
Our next railroad discussion will cover the property of
the above read and will take place en Wednesday, June 28th,
at 12:30 P. M. and at 4:30 P. M. Special attention will be
devoted te;
The 1914 Extension Program
Competitive Position of the Read
The Company's Financial Structure
- The Dividend Outlook
YOU ARE INVITED TO ATTEND
West & Ce.
1S11 WALNUT ST.
PHILADELPHIA
36 WALL ST.
NEW YORK CITY
Members of New Yerk and Philadelphia Stock Exchanges
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