rvisttrjy5!jjfrf WJ&'KQ,?!- - pi te,ra.wir.'ffiA.sn.t.Ti.ir. , , t, . r. -y J - -..-., - WV'V.'ln-', ttJ..:V 'lf&tWW, Pi'iBMa w..v5J '"A'l-.T SM.:l .-m ; wf'.rni i -, LEDGER PHILADELPHIA, TUEriDittr feMEMBfiR" :2G, , EVENING PUBLIC w ipS? W M if . I a Li OW-PRICED SSUES TAKE LEAD ON CURB NEW YORK BOND TRANSACTIONS LIBERTY BONDS AND VICTORY NOTES Ranse Slnce Date, of Ism Market Generally Irregular. Mining Shares Shew Ac tivity in Spots New Yerk. Sent. "'V The eurb in:ir left dpvelnppil nn Irrcjuilur tnnp nfler j tlic opening, with intorest eentereil In a few of tlu lew-prlivil 1mic. Cnr I.lsht anil Tew or unit United Stnt" Light I ami Uniting were flic active feature, i both moving up Miltniitl:ill.v. Ktuu Sloters mlvniH'i'il ai : Me.-nlil Iren roe ; nearly n point : CJulf Oil yielded nearly I 2 petfils. ' Stitudurit Oil of Imliaiin w.i down nearly a point. Stimdnnl Oil of New1 Yerlv. nfter nilvaiiclin; i point, re- ! neted I. wliHe Vacuum Oil, lifter i'll- ' frig up ." point.. sulfiiu'ntl.v risu-t''d 0. Mlh lOtt.SO iei .in iei. ns iei no ie.s5 101 SI 102 01 101 TS int 40 101.00 ini.'i) I tot no itn.sn I til n ni.('2 I ' e tlH MO) 91) Mar July Julr July .tu'y J'lly July July July Julv July July Julv Julv Mnv Arrll Dat l.e 2S. 'ID Sft.OO Ma. "Jl nil, II 2.1. '22 81.00 2.1. '22 83. SO 24. "11 HI. .10 2H. '22 St. .10 II. '22 HO.00 ill, '22 81.00 21. '22 (it. en 21. '22 81. tO 21, '22 '1..1II 20. '20 8.1,111 2.1. "22 2.40 27, '22 C II 20, '"2 12 ill 20. ? ' n t 7 a 8. -22 0I.H9 Data June 2. '21 July 11, 2t May 10, '20 May 10 '20 Mnv 20. '20 May 21. ".0 June 4, '20 May 21, '20 July .10. '20 'nv 20. '20 I) c. 2.1. '20 Dec. 20, '20 May in, '20 A .iy 20, '20 May 20, '20 May 2i. '20 .May 21. 20 llance. man 101 m 101.40 101. ilt 101 30 100.80 100..14 102.0H 101 78 101.40 loi.ne ioe,o mi no ine.an tni.iii tin 112 ion ino.ne I.OW 01.84 01,12 IC..70 97.80 IM..10 0.1. CO 08.00 PH. i0 0.1. 8tl '11. W '. VMM I'D. 7 1 t'l.TS 01.80 1M.70 inn.n:! 09.81 t llv-IV Liberty 101.23 tsfliia , 1032-47 SHs, registered ..... . ..ill. lt vf b. 1II32-4T Ubertv 1st rv 4s, reir Mberty 21 4. 1027-42 Liberty 21 4. ree ::.:.... Liberty lit 2U ev 4V. 1012-4T .....,.., .... I.thrty In cv 4S. 1032-47 ie..-ii l.lhertv 1st cv 4H. tm Jy-5? Mberty 2.1 cv 4V, . 1027-12 100.04 I.llii-rly 2d cv, 4Vta, re ,nn'k'. UN-rty 3,1 4U, 102S 100.04 l.llte-tv 3.1 4M, reft 'JnS2 JVV.II- I.'.'.'.'!,';!;; 100,04 100. CO l.lbc-tv 4th Jf. 1033-38 f.'.bertv 4th 4'1 . re VI. tnry -li s. 11122-23 Victory I!, reic Lew 101.29 100.42 100, SO ltlO.OO lob'.ei 00.02 100.24 loe'.iii 100.C0 1:30 l'.M. 101.20 Net Chi. 100,42 100.51 100.02 10b'.62 03.02 100.28 lob'.ei 100. se 4nten Jrn-i ' Marc " I iPAI.ns IN $1000) FORKION 110M)i 0.. 4.. 3.. re 8. . 1.. a!! Chln H K Illy in' . .. 81 H . .. 82 I ... 814 HepV 7 . . 112 . . in2 . . 102 .. 102 I One 1 1 1 II Ill Dutcli E rcl (Is il it 1 1 '&'.'.'.'.'. 10 1 Derti" i . 114 I 11.1 I 0.1 i 05 InJ'nl 02 0.1 , 04 Ti. 04 ' I ut: 04'i 0.1 I 11.1 0.1 in 0.1 1. , OS IMV 04 'lnailem Ner- vcny ct 8a rt.... 115 S 112 t'arial.yen M Jlll'y Cs Creat Nerth'r.ilntr'l t Oreat!!, Naah 4 nnll'y 7 , N aj Oa ul 2... 03'; 1 2.... 112'4 I WfH (j A N W ."- I Havana i: Lit 12 . .. S3 6 T7 A t'wr r.s B... n24 10 11H .1 8ill , lO(a.ile) S3H 10 77.t Hu4nn & Man I M Marine ft .1.,. . 77N 3 03 lrennn n II "aiSeuth Carell'a Me Knn Tei 1.... 110H L Ci lit (1 wl 2(flaO 110. C 00 5 DS4 Tere Marqt 4i Seutlm racltle Me l'aclfle 4 1 82 ' ' I 7St, 71'i 7.1'j 711.1 ' fil Cs .1 .... 80S Humble Oil 1 llefe 5H 7.1 7.1 Milling cupLvially sliai'i ("" aotive in hpnts, . cit tin? lew-primil i.-j.ue-. ' 1NI)1TKI.I lim Kram'n Indusi Queni.lan't e llerJ'x it- Uev 74 s I.... 1134 0 4 1 0i, Queensland 1 30 1.100 Aeme re.il . . . Inne Acme I'.irklnit IIO11 Amul Leather inn aid Writ l'ap-r . r.ne ni:lMi i":t.v Hy TOO Hu.Mv HuiIj ... 18'. I" ''.ir L lull l . .-.en 1 "eiumlna Kniei Kniei me rm Selvcnti A 7n0 i 'en. M'ter . . lnu "ui liiim rtus inn H--n"r lim 11 i-f i'l.e liurnnt M t . L-i 11 liur.int .1.' of Inl 1D ..lnit.) Uie . . HO Ulll.-lt s n . 11)0 l!oedi-.ir Tire . con it .yiien rhi-rn 111" Ain.il 1 .itlier nf in Am Mur 2IH) I'ur Lliilil vt . JHOO i' 1 I' rH mil t- & n or. 20'r IVd Tel & X'l inn Li-hiKh 1'i.wer . . 1i"i l.ncDln M"t v inn M.T.-.T .Ibitfrs inn .M.-rr M) v T 1 liin ..j.alii Iren 24 N J 7.nc .'.in N V 1 el of inn I'.irkui-I lo.ei- . . 8.ini lliiilln vmii . inn ll.-nll.i pf . . inn Km M" Trie . llli" Si-hule SI'ir-H l""ii .smith I'eal . In.r. 7nn iutz Mni . 4n'j Swif. lntr . . . . Jim IVnn 1C! Tower 4nn Tei-linl'-nlnr . Sunn Trial!. Kllni . . toil T S liitrlbuilrc. 12711" f .- I- II- 4""" I' S I. it II nf 2ii,'l,nii,l P.-' i.ind 2 1" Kum-nhi Um-r mm Kuii 11 irf . . lmi k r i.ut'ien run . inn m 1 : . . Inn ft.i' n-f.ii. .r Ji;m" I'rini i 'Imlie M') !: I..i r-.'iii Fel'i 1.M.MIII in . .ocie-in oil iin Mlniiti. I.ole? Jii IndlariH I'lr .in nh'n nil 1.1 -.)inh r 1. inn S ml i-f I'l.! 811 S "II 11' N V 17" I'e -luin ' 'l'. . '.hi I'enilni eli. I" SUMi-l iM of Ki.ri le Sum! i'tl uf uhle Tt'uli Lew I' iV 03 n U- ilb- 3i.- Mc Sib 114 11 1 1; 4'. is lit., ii u, 11 , 1 A, 1 , I . 34 3 3.' ". 70.- 7D.- 4' 4 4!- I11V, 10 104 114 H H - :.ii r.11 .id 1.1 41 4.1 1.1 1.1 13 If.'. 4.1'. 4.14 2304 210 23"4 ir.'j liu. le4 14 IS l- 37 "7 37 1.11 Ml 1CI 7 " . J4 1,4 14 14 , t" '.Oil U'rt 100 7 I7 7J. i:. i4 1;. 'a 21 - "4 :-. 24 2S 104 i-'.j l"4 ;.-..-.. ir.:.4 is"-4 loll lll'V 1"H 144 14 1 14 44 44 3 A .' 3A 1.1 13 13 ,-,il4 .114 1.14 is- 4, 4. 214 -!14 2 '4 214 24 -..4 144 114 H4 2.14 2.14 2.14 . a. iei' ;.c ' "14 i'.v I4 14 14 i'i 74 7'. .4 3.14 3.1S 3.14 .111114 I0114 I11114 2.'4 224 -'-'4 -.-. i-.' ej 1 . 3. ett V04 Cert Krenci l.en 1.' rt 74 s ret .1 ... 0(14 HI. 12. V14 804 Mir il- . .1 .. . ". 7ifi 80 4 3 . . . . nn, t i'l 7'a.e) 0 I 1 . . 804 Ctj of M'uite ' M.li-e 7a 134 1 . OP. 1 .134 C'y 1'i-rte Alle- ' re 5 .1 . . mi4 r Hi.. 'p rt ' 4 1 . . 1. . 1 . I a, 1 cm 4 nil , mi1; 004 U0 4 0114 004 OH 4 004 H'l 4 1. 1 t Itepub'ii la n 1 .. . 12 7lfiiiel 4 . . . 100 in 4 104 Beh- 07 4 0 0 II 1 1 1 4 T 1 Ilia 4 Ill.i 1 t 1I 0U4 004 1 11114 0041 en 4' O'.i 4 mi 4 M 4e. . . . '.mi, Cen'l i!4 ... 1114 11114 St I. & Cll 4 034 'Magna Copper t 034 1 Cotne'y 7" Pap b Ct 2. ... 118 00 Market Street Illy lit C 1... . Marlin.t Oil ct 7He r..,.. ii:j M Oil wa'd S '-'.... 122 Me Pcr'm Inn 3. 1 . ... 00 ICan 0 rt a A Menn 4a C. .. 824 ICan c 4 S rts 10 ... 70'4 ICan c 4 i M 1 . . . . 03 I !'! 1. ... 03 c t lily 4i 5 8(4 20 . . MM 1 (10S fere Marat .1 , 1 nei- 1 00s m r. 00 ' 2 OOH rhll Company 1 1 mm fJ Cf , Me Pad!) 10.... 1014 4.... I024,rhlla Rwya 4i 1.... 102H I I R2W iJCew i:n'0 Tel 'Pitt Cm Chi Ceir.p'y Bk i St 7 a B S O0T41 B.... 1014 1 Nateau Clec'oiPreduo K S" N (.i J: It 'x Kelly Sprlng'd 1 . . !'i4 Tire 8 ill fcieel 44 e 1.. 1084 C. . . . 034 Keeliua & Dea fl) d 47. !004 1111 4 Hi" 4 1004 I en 1, ion 4 I 3. Oia.e) 0 llie d le -i" 1104 SJ Pl'JIO Ol y ka 1 1 ..4 '".-. Tv l.l.i .1' ' . 714 71 .-VnipHmi Azucar-A lla riut 74 : . . . !Ki 4 rs. ho-.'.evnk It'.p'e 8 H'l Oil 4 11.14 2 11.14 i. l"ren.;n Republic 2. . 110 2. . 1004 1004 110 111) 100 l''0 '.'.' . . I'll) tuiiat.il-A.;-.) a ' In- 0 "if,; fl,i : 4,1s itii 4iS " 3 ii. il-verii't 1t 44 1 .. !'34 Jap ikaie'l 2nJ 4 4s S 01 lOO l,OV'l It ri ihu s- H Cllllu ,s ".'il 2 102 4 , 0'I4 II 1 hlle S 'II !i inia I 2 . 1 'i I 4 1. . int' 10 IOI 1 . 104 1. 101 P. cuta C 01 2 . . 0'1'i , .tl rf )Oe I Du Se! 8 1 .. mi4 .tal of S.l'i Paule ct 2.. 1-' , SvlU J Cnr. (a i:i4 S. 1.14 4 . . . 034 Info Met 4 4s HI .. 1.14 Inlpore Itnr'-i Tran fl 5s 1 73 1 .. 724 13 . T3 lnlber,, r.ncld Tan ti ct 1! 73 1!i T-.-4 1 .... r: 4 lnttore Ilapl.l Tran (' w sil Intbo.-e Hrtple Tran 7s wl N. . . n 8.... Mtdvat Ord Gi 1 e 1004 1004 107 1004 S A 004 00 004 fJ Cs II ltivy is .1 (14 10 0.1 Nw Or Tex & Mexico Ci 3. ... 73 New Or Tex Mexico 0a 1.... 1004 Seutlm M 4 a n.,,. r... 1.... 3.... 1. 01 H 001 004 004 0114 004 S'n Pie cv 4i 4(sale1 024 .' 03 1 0:4 1 0:4 S P Term' I 4 8 844 II 1.. . 10.1 Pre L rtedneri Seuth Perte war'd 8a Hucar 7a 1.... 1104 10.... 10:4 Pub Serv Ceri I l.... 1024 N Ji li I 1.... 1024 1 80H sn Hallway 44 1 00 2 71'i leadlns Ce 4' 2 71 Melnc Ci M & StL 1 03 I 6 L Steel Cn M Me Kan i Tex 1.. .. 044, 4a wl Lake fhere Ml 3 73 2s 11.14 .M 1 . Intern-; ("ern'n 08 ACf'c C .t Ml 'is Sn 4s 1 11. .. Lake yhere S'n -3I : .. . 034 30(ialel 034 Lent?:. Vn! I 0 814 4 .... 544 Leh'.sh Vil il 3 . 11134 I I. & .Ityera .If 1 oe I L A Myers 7 1 lien. L lid It 5 '3. 2 H4 'riiiiinl t: 7 :.. . 1104 734 N Y Air II On' 2 8(1 I 1 714 I 102 ! 3 8C j 1.... 71 N Y Cent't 4a'nep'c I t R C'.Fn P.allwav C 0 014 I 1 0841 10 004 N V (,'t'l en 4 RepK 11"'' A A1 C 00 4 1. ... S44l I-eul'a 4Ha iSn Rall'y fl II . . 844: 3 844 1 1.... 1034 N Y Ct'l 4 4' -' 814 :e.... 11134 Me Kan & Tex 1 - 00 ij .Is l 1 04 1.. .. sf.4 Me Knn i Tex mil Cs n! 10.. 20.. 1.1.. 10.. 4.. 40.. 10.. 1.1.. 18.. 12. 034 t',34 r1 1 1 (1.14 034 03 4 034 03 02 4 1524 112 4 !24 03 N Y Cent' I 1. . 0f 1 . . . . T(niei 8'alf) 1 I 08 08 ti4 no IK 08 H 00 !lea-era Ilrewn1 1 103'i , ren Ce 7a 'Stan Mil C Cs 1 00 r, 004 Ilutland 11 44 Slnml'd Oil of ' IS 834 Calif 7 1st I, I Mt t f 1. ... 0.14 R t O dlv 41' 2 . . . 10,14 2 87 Steel Tube Ce 1 804 of Am'a 7 4 ... 864 3.. . 102!4 ns4,St l.iS Kran.Tex 4 Pae La J1. 1 1 (ill: 0 3"7 117'. .l-'n :. i :. 117 .mi 10') 1 11 0H Sill 117 r.ei i!ie iM't; 30II Alr-l'll fill"" Mlle I ' 1. Ill LI lle de- '! E.1(i Hnstun V. KMILNT nil. I.O11 ... 3c "I'll 1 Ce 1 ;!s vl Ml' inn 1 '!!'. t Het-v I: eir. . 2"0iiti. fri.. l'f 11111 I'elniuMa -: 1 1S(i"i l- ,1-r.i! Oil 2HII l!lli ir!l i'l 200 hit P. ir.'l Iniie Ki-'M!""!" Hani neon liu'.f i-il! Ph . . . loon Niili'i,- (HI l-f rien Te. Ki-ll 00" I.lvlinsinn P-T 4110 MHUIMI i'i .1 hi Merni-aibi, Oi: .. . 7"ll Mrxi'i" 'HI .Inn Mnun11.n1 I'i -"'. ;i0ii MiimiuI II"' 4011 n- ).nn Ku-1 . inn Ne- n nil f mm ,ibl '.Ml 21m .v.. Am e;; 7rinniimni "1; 4110 Pinprick ' 1,; llnii'i n- U.ml. . inn Ityan 1"", 3ftn Suit i"ek Pr.ul . . loe Sap'ilpi l'."f son Mi.".! Pn ' lien lmm P'-l inmi Snuthe'-n P - L 1.1'nl T-xan 'I &. L ITIiii Turman ami nli-ati 1 HI . . . . Jim Wilrnx I't! 8005 Y On MINIM. nil" . f -. - l' .'. . . Toe Mn I"x-' "' 8(1.,. i.-i, I l.v 1n.ii t, c I ".la- f.lll" llcsl i M..I-I..I 1 .in, Hee "' M' r' ' ' '' ii " 1 'inn-l 1 ' ' 'P '" .100 -:i:ihi ij ' jP '-r . Jl (ii." 1 'nr.yl.i- in ' 1 .'il 1 ren 1 '"i CI . loeo Tort,. '! tee i.rc-i)n l .old 3ill Kinnia 8.l' Snflii Kur-'ka i.'rm-ci Oil'in l".,r-una t'.'OO'i Held Ii'v fiii'in r.'jld V.nr." inne Ilerml'l r lniin Hill Teji N -v 2ne Helllrcr . JOI(i') lnden"'i I Lnd 1O00 lien niosem lfien Lene Mi' ion Jtinsham I r."" 0(10 Turk l'rcvln.-e me iai I'.' 5 00 irji!n ijul . 1 1IH ll.'ll I 'no . . I"0 Kni Ilutie . . inmi lield Or Bone K.-wanit :-(.i i) Itr I ll'H ri.ir-n ' lr.'in.i MacNMU, t ', , n 20011 Mi".i'.in fiii'ie Nat T'n lm." N -..,.li ' i-r-r -II" ' w l nrr t! a In)" NV. Iii'-il Kin" Mi 1 - -n Sunn ' t.i" ' pr " 120 ' ll. ll-rcjl.-. loon u- i'. n . Sf.nun Siai ii. id Inn Ti'ne.iH'i V "rp'i Mill Teni.p-h Lem.I" JOil Tennpi .irt Y..:' 8' HO Tlll-iJlllni. !"0 Tuolumne Hi" I'n.'v (J, ill' ;.oe Pn.. d ru'r. Hill I'ri'tel fil r.-'ii U ' Knd ' Vin 2(iO Mel ul 80(i r. v.- r ! Md. 11 1.s I .!. 214 47" .1.14 cv- 74c 14 4 14 '. 114 114 ft ; no T- 7' 1 2V 04 ";. i.'. 104 1s.- ci- 14 (lie ' , 2.1 II ISr 134 '07 i'.p4 184 1 .'. 144 1 14 Ti!. EiV- us in :ii 124 in 4 1" .11V 1-". Cle r-4 13 V lie 4 4 1 ., J.V 12 01. l.'l- I'l 1 , I- ;n I.- Ill 117 :i7 1:. 1 hi i,.y p.1'7 1 p... 1 .1. . De (.Htl 1 D 1 .n : 1 1 f" (..in I'"': -. 1 . 3 1.1 r, HI .t 03 4 03 se 4 0i. K .1 004 1- '14 47, 112 ', 71 !" 14 14 lk 114 . . . M M4 814 814 llcljluni it 2 . . 004 ' 0i4 7ia,r) pe. 1 (1a;1 liV; Ile,4- m -i 1 1014 i . 1"I4 2 10,1 . .-., 1 11.1 iei . K Uelsi'Jir HU , .1 . 104 1"1 , Ki-mli.m Lipp. '. I marl: 0 1" , I... . fi'u, ; -.-.2 1 . . . !f'i. P0 4 K t.ndni.i Den , 14 Hunk ct 'ilii, 3., .-. i, ii 4 .1. ;in4 PH4 K l'.ai. f- I'll 4 :i. . '."1 "t4 K nf N-'ii-r-;i'i-, !ad. i I. ;214 i K ur; iir. a I'd C4 'i 2.1 . 107 4 1... 107 p 1'17 ,f K Urt ttrl" & I'd C4- 1 Oifc .. in.4 "I . ''' 4 . I'l Ilrni. t 74 XEWS FOR INVESTORS 8.. I .. 0.. 3. . II. . 1 II !.-n d 74 e r. IT-.- 3it1a- (en 0!i' 1 Her'" T'Jt. id, I. 1 . 0.14 . ruin 07 l'f.', i: In.) ii '17 . 0.14 . n.14 9.1 1 j Of. 'if. ! 14 (H4 !' HI 4 04 4 '114 lil'i ;,4'-, HI', ' s Ural'. 4 .".": i'i-."j . in. 4 :. 1024 1. if -. ' S M--l 4 0 104 ' S Men.ce n i.rim s' i.'or, il? -. I "3 4 ,'i" 1'3', 'il Nf : t. Ne'f.. 2.1' n-. 10 1 . l-'i'" t"4 s 5lH 14 1 Adin 1 I 1 All er 'hni 3 n 1I0M11IC, ItiiMisl I ((.-in ;-'ei Ch . 0 1.1 ..- AC'I 3 4s 11.1 1 : : . . Iei B-jid ' . . 1".1 I-.J'IP 3 . . 1 0.1 1 Am Ce: oil - I'i : . 004 ,!).n Kdl Am i- smlt ; li.-! k- .1 n itar 3 . . 0i4 .-.e "I .c . 1 '.! 4 Pkn Hip Am-r;e.tn J-w . ' !, .' nr 0 1'1'J'S ii,.i4 1 0..4 leiji, :op .11 i P.ail- V4 C 1 1 "h Meck I Vaz fd 4 4 Clu A- W 8.14 I 41 .hlle 4 . :i 14 '3 4 A T i I' .-' 4- 1 5 A Te! 11-13' 01-134 T .1 ;e"4 I 1 l"04 ' 3 I'll 2 K'1 1. . 50,11, A Tel 4 T" 1 ... 51C4 ' Awer'n IV .u. Wurks C !. Armeu- 4 I ' 1 4 .up'r Ca 004 0'!4 . . (I'l Cep r Ts 104 . 1 'i'i 4 .- .l'.1 ''rm'l 1 i. . e. .'n N : . . II 14 1! I l-i.i-e.umb'.a (1 4 1" I'. C '."I ana'n Pje 4i K-, Indusfl Zi 10 I . 34 1... . 34l 0 . . 3 Cuba r. e 3 8 Bfd i. a H 1 n I : 111 . I . 014 1" . '! (n!rl lit B 12 I.I ' 20 I 34 14 A T 1 3 Cere 34 1" f,l . a'. 1 3d ' 1 mini 'khi s i; 'erp 0 ! "ii let .'Ii 1 '3 4 '14 i:'i 'il is I'll I. p' 2nini ,m L.sl inmi m 11 tr.eim Nniiendk pnne Am p,la ' 18(i(ie Am nr in 7 fnnim AH 1" 4- V I 10(111 Hi Hi si.tI 7- lr.enri ii, ih si, 1 1 7 2110(1 I at. Nil! !'. loon 1 nir I' at. 20')O 1 '-I ilrapli s IflOO C in 'J,, 7 BOiiO fnpiu-r K.-P 5'iPO 1 mi P.xu 8 80011 CiiImti Tel 74 -non lieie L IfiOne K i"uban Sub inenuaiena 1 e , 3OO0 (loedrli-h Tire 7 I'Jiine ITikhI ltul 7a . .Mien Int r it T if. lKiin Int r It T S . IlOOO Knnn Uai il Mill llnn(. eit i" 7 8111)11 Kln.' I'" L- '-. 7nini t ic!--l( (Jin 7a lliilOO JIjnlt..ba Pe 7 lliO'l .llnrrie Ce 74 iCOIIO Pll p. rr- ft Ce 7 1"14 ennn Km) ciiy 1. Puw Cs 014 2001 llebt Uiur 7a . 'Hi's moo h (i v 7. '27. 11114 17010 SONY '14 a 1004 2nne Swift Si Ce 7 '31.1024 1000 1'n Itv Hav 74..10rt 1000 l' S Itubir Cs . 004 1001 Vacuum Oil 7 . . .l'-i4 Renn YVnvni' Ceal il . .714 13000 Shelf Pnrms 0; lOftl, 8000 Hua.ir S'nie. fir 7. 004 8001 Slndir Pipe Li Cs. 01 Hlltl'.KIN IIONIIS 1110O Arsenllne 7a . . . 1H14 40i'O Can H H 7 . . OH 4 4)111011 Kins of Neili it 01 flimn K-iib of Herbs S H2 4 nnnn Me (In t t . . .1.1 IfinilHniaa QdV .14s 1H4 iv 40(0 V S .M la . . 10 iml1 j hij4 111 n in 11 i'i 1024 103 4 Hi74 t'i24 lllO 1004 m2s K11 4 . rii 0.14 n4 111.14 1004 102 11 10 lOil'i r 14 tin ' j i".'4 in ;i in ion 1"24 K1.H4 1074 1024 loe 10114 1024 im 11.14 114 1' 14 111 14 1 14 Il'i4 lU-.l-j let H34 (i4 ten 1, 1014 11124 ion 0(14 join, 7114 inn 4 en 05 1; 14 114 1H14 .- 1 ".."4 10 I (II. H.'Ji, 1(1.14 1074 1024 100 1IIH4 lf'24 1"14 01 II . , 04 tl'.l'I !"2': no 1 Oii'.i im e;i4 in.'-, loin., 10KM, 1024 10(1 1104 li'0 4 714 ire 4 80 4 ec Itefi Halt I !. en 544 4 014 094 in" 0'f. 1 , y--- - 0.14 ifia l!u., L uni" 1 . SC Ila't .t uhu c. 4 4 0 . 1. u 1" I . fb! Ci I II. 8-14 ( H "I .'. UuR It ltd Cs .-.' '' 4 . . 57 ("4 01 I. Iladscn 04, cv Cs Pacili l 10-, 4 P-l 4 Ilud 7s 1 .. r. ; Den L P. O 'd in 4H4 Di'. Isecurlty Cery'ri C t .104 '. no !. I.e- 7s . 4 . f.C'-S Ij '.tnt.h 7 4 I . 1074 1 ' 7S I -! Nemours ;e8 H84 1 0. Ij'i Ui 7 4s iiil I : -Ire fJan L Pie' 7 4 "I Of. 4 Hi O'l 4 r.. UP. . . D J. II ,;i - il Jd. Hi en Pr., I.,- ( 1 8v.- en '.,11 1 P.4S 01 54 a 03 . 'i34 I'dSC. . 12.14 ifti-l 1 2'1 1 -8 ii O 111 3 . ;'. u '. e cv Tin I'hiiieM; (iiivcrnniPiit is issuiim n .lii.()0(.l,0'X) S per coat lean efTcrcil at PH. wlih oani-cleil UtiMjlnn Itexvr 111 (leiiuiity as security. Ati'llleen', IneillllBM In't wool; totille,! :t7.-l'll mi's, iisniust HI ,081' n ear iie. Total le.iilinc.s for tlie yenr te ilate an' l.m'ti.Uvn. ricnitm !i.:-i.71! lat your. -Tlie iiMTiiKe price of twetiiv inilns ttlill stocks ilivllm-il 0.''0 per com ! ifnliij. In ',1;. On. ivliile twetitj rail-re.-nls mpie 11.00 per cent lower, at !il.l'. -Tlie .Vew Yerk Curb 1ms ailmittfil 1.1 trmltii.' tlie first ami lTfuiuliiu- nuu-t. sari's ii'L. pep cent izeltl liiuiils nf the Sli.'tfii'lil Kin-ins Cempiiiij. iluc 1 'tuluT 1. l'.M-. "when IsmiciI."' The issue nf .S7i.'.".in0 of ." p"r cent iiUt.iii'iii trust cert itiea ips. Seriiw 1 . "f the I 'liaai;,i. Imliiiniipelih iiml I. mils. ili" Hallwaj t'litipanj. roreui'v off it il. Im Pi'i'ii lnryely evituI.i rl'lvil. The Nev Yerk Siuek Ivvclinnee Ims uilin'tteil ,,1 tlie U. it l.V(10.il(lii tn pur vnliif eliari'i of die Tiiiikcn Heller Hear I'ur l'..iiii:ini 11 Mil 'J.'tUNKI hi ii:n- taliie shares nf 1I1, Wickwii-e Spi-ui-cr .s;tec! Ceinpnnj . Tlie Mei'trcn! Trannvitj t'etnpany. for rhc J ear einleil .Inne ,'!(l. repnrts cress revenue nf S'J. 1 11. 17. Net in come nftei- 1 i.'i-.s,s and interest mis N.V.'4.iiH'i. ntiil the surplus after divi dends sjiii.'tjiitp'l te SI L'ti.r.Tl . --Tin '.-.-lie ,,f .-."i.lllKUHIU .'1' 1'e'li ral Land Hank l'-s. due in 1!i-l''. 11111I nf feril yesH-riln; iiiernini; nt 11 price ,,f I'M ': nud inierc-.st. te jleld i,j"iit -I ..'til per lent, was fullj siilii-ril)i'il thirty iniiitit.-s .iftei" leek hail Iipcii i.iipiiis-l. TIip Sterling I'rnducts I'.V.mpnr.y. Inc., for the tit -t mx months of r.ilTJ reports net I'tirnliiK.s. after tnxei and ether de de .Inciieii. of ?I.(5t'.".11Ki. This, nceonl nceenl ' ins in (.llii'ial. is .1 Milistantlal lucieasc evi r til- " ncspenclnK period last, jour. The IJppartindit of Stn'e. nt tht' Human Minlstcr'n i-eiiui-st. 1ms pest penisl until -1 P. M. Thursday the upon upen lnu" of bids for the new .sio.eon.tifHi H,i, 'uni i'-ii, , which il iienr c pel- en' interes; and will be pajable 111 tin your. lie- t'-purt of the Kerr Mines. Ltd.. ti- n.e .iii- tided Aucust "Jl. sln,e,l 1 truths (,!' .?-li;i,h70 atti i- epeiisi.s ni . 'iix'-s. i.iial te 8i.t -eixht rent .1 -mire, as nK!i'iit net profit of .47. !i7!'. "r sei out' -iiinc cent8 ;i ilmre, for the H-evi(lU J ear. Tin; Flerida Fast (Jea8t Hnllway. for 'no year ended December I'l. repot ts itr.'s's earnings of JSl.L.TOMOl). a dc--reue of isl'Ji.OSS from tlie proileuh i'ur. Surplus earnings after nil charges 11 ml tavs totaled 7013.70."., a docreafo of SI . 14-l.lRit coinpered with HCn. Iinnd.s did 1101 find h very uctlie n.ar ket . csterditj. and gains and le(-s were i heut spinlly divided. There were fe-.v features In the day' turnover of about .'ln. 000, (81(1, Streng support of Anten .I'lrg.-ii 'is of P.M7 lifted that itHue innre than '' points. Interest in I.ihfrtiij 2 v Us slight. 1 4 .InPiiii . money market centinur s 10 1..- pi i-iini-tie. A seen a the marl.-f sl.i.vnl sign of slackening in Julj. a ,ini ,.'' i:igi- liorrewurs nppenriil. li.it ,, i N Y Cent'l H' n---' 1 ... 11104 " e . . ief,4 St L ft C . 100 , N Ysrk lMI'n 04 s ret 1 lll - 1 . 112 1114' 1 .. 1ll4i N Ytc LUht II & Pu-r I ; . ... s.-i N Yt. LlK.1t II ,t pivr R ! ' 1 .. HU , 7 N Y N" It i-StL & B ' It Is of M7 I Sf A 41 4. ... CIS I 4 N - Y N H & I Ilirt d lla 4 8 1 . 83 4 N-v Yerk 1 1 A We:'n Is 1.1. . 70 4 1". . 704 New Yerk O t.- W'n m 4 1 . no 1 . V V It; a rt .1 I . 1' . su. !' 4 N Yer.; State R'n 14s ; 1 ;,-! 114 04, rai Dlv Ss 8.14 2 034 8"'4 Third A aj os V 111, 00 1; 3 . , . . 01 4 n Kerne) 1104 ?.. ... eil'-j 1 . . . . 004 I Tidewater Oil I Ce ct 04 77 1..., 1034 I C(e.i!el 1014 Te! IMieen 7 , '(' 7H- 1. .. 1074 I fl 7U4 Teledo St L & I 1 704 Western 4e 1 3 77 ' 1 704 1 1"- 3 4 Union Uac A Pap C i 1 1004 ; U Pec fd 4 r. 884 U'n Pae cv 4 " 044 ( r "4 4 1 1. . 014 01 10. . . MS ; 01 v Tank-r: 7s ! 004 1..,. 1034 '.0 4 Cnt'd l)ru 8 004! 1 112 . , -. 4 . C 7.14 1... . 7.11. 3. .. 7C4 ' StL & S Krai 1 Ser U Si 1 . . 4. .. I 1. 1.. . 1.. 1. . StL t; Prr I i""S'i id r.u ' v e; 004 SI I.uul 4 S Prar ' 3.. .. 01 1. 7'n.'.e) 72 N V .s'u-i t V. n i.i 1 . . . .13 r.ev Yerk Te! On f" ' ! .. 107 - . l')7l, N 11; IV C & It"t 14 ; . . .115 Wn l . 03 4 . 034 i. Wn 1"7 11174 lln Ce 00 00 4 00 in! 00 4 00 4 Jertlj Western lie! Tel 7 0.. . 1074 0.... 1074 N Paelf.e It 4a C .... 00 4 N TaelSc P. Os 1 .. 100 4 in ... 1004 Nt'- Pwr .' A 1 0" rc'y 1 . . . I ... 1(M.i1ei 1 . . . . 0s P S Herf Mca 1014 Cemp'y 8. let I. .. 1044 Stl, & . Tran t,' S r.ub'r fta .'4 i 3 O'.i, .1 074 1... 004 1 ... 07 4, Kaile) 00'? 1. . !174i 3 004 8t T, SiwT, en V S ItuiV- Tsj :... . 74 1.... in:1'! '. I. ScVn Ci U S Hub 7' : ... sts, 1 ... 1074 2 . . 14 2. . 1074 Si1:k !. Ce 7c U'd S Steel .1 2 .. 1i:i 2 ... 1034 mnv 1 ... 1134 Sun Antrr.ie . 1.... 10.1'; A P Illy 4a 0 1034 1. . . 78 4 Utah PAL ft I.. . 7v 3 034 S Air L a1 1. V'-r,)i Ur!a Vai 1 27 4 C .1 27 4 1. ... 08 ! . . . . 27 4.V.VC (hem 0 .1 . . . 274 7. HW14 1. . 27 4 Va-C Ch c 7 1 .. . 2S4 t.. .. 08i S Air L fJ 1- 3 . . 08 4 1 4 I ' Va-C Chem c Seafce'd Air L war'd 74" 11).. Oresv r O-e-W f.'nvl .'1. . SO.. Sla'd 4a 2 C84 reab'd A 1. n 7 074 2 074 f... .. (174 '. 07 4 1 .. 074 I .. 074 1 . 07 en. sraren puei II am C ,,00!, s' 1 .1 ftc j ciiiiiiir u v).i v.eru ,e rrie r..... lets 1. . 1014 in . . 111 lla 101 7if!at) 101 7(.ia!e) 111 2 1014 1.1. 101H 1. . 101H 3 . 1014 3 1.... 101' Slnlalr C. Oil Cerp'n m 074 in-. 'i4 tnj'j .11 4 11 (.. ti.uik.-rs reniaineu sny (inn 11. Imu-I'uv.'i-s n.'p' forced te bid up t'ie in- -res. a high as 10 per con', crn a ' it.sidi7.i-d tirm paying K.07. --The statement of earnings for tin- tir. ' eish- tueiiths of 10-.! by the Al.i -.-kn-Iiiii.a.i iSeld Mining CVimpnny 8be'v.i thai tl irporatlen earned a pretit mi i it- capitalization for the flr.t tnne inrej 1P14. learnings of Angus! mil .Innei wen- Mifli'ieiitl.v large te even-iiine il-f- iMts :n the etner Sl inennis ..- tin S . 03 n it i CO 4s ! . 8t I . 81 . SI Otta Steel 74 el reta ' : no ! 1. .. 064 j 1 0.14 Pne:f..- Gas A; Klec Ca 3 044 0 ?I4 Pnclfla Tel 4 Tel Si '.12 03 4' 0341 034, 03 4' I'un-.V Peir'm A T Ce 8s , J ... 102 Pa P. It 4 06 :.-, 03 P-i P. Etn 4H, 1. . . 034 i .... 034 Penna 00 4 i V U-.V Ce C 1 4.. .. 084 I 1 . ... no j Vlr'fk fc Snulh Wn Ce .Is ' 1 . . . 804 iWnbarh n IM 1 1 1st Cs It 1004 ' Wabash Ii 2nd C 02 4 Wn Oma 34 u .'.. .. 71 I Warner fiuxar 13 CO . . . 21 .. J.Kflal) 10 1 34. 10. 12 101 100 100 inn 100 1J0 JtVl'4 100 1014 I Of, . 100 ... Ulll4 : . 100 IKl 100 !.... 100 P.ef'c I 113 I 4.. . 103 I Weat'n Mil 4 s ! a in; B 07 Vi 1 3 7U j 1. ..07 I W Pae lit St I 1 .... 87 I 101 4 w Union 44 s I 8.. .04 iV t.'nlen 04 s ! 8.. . 113 ' 'Wettnha-a K 1 & Mfl 7s I 1 108 W-U & K let. 1 004 ' 1 . H7 Wilsen Cem- , pnny ev Os ' 'Jluae) 084 . WIIen Cem- ' rany 1st Of 1.. . 101 ' 1. . 1014 1 1.... 1014 ' iVIIren Cem- . IT, 04e6!ncla!r Crude, pany 7tta 2.. . 1114 i O P Ce C4i 1 107 Clfiatl 112' 2 Oil Winchester P. 1.... 1114 4 00 . Arms C 74 s .'..... 1114 30 ..00 5. 104 C ... 1114 S Hell Tel 'i 2. 1044 7 lit 4 1 . . 08 ,-nr 1 LONDON STOCK MARKET 3 Ua.t 1 . 1 V 4 .11 A.'. 34i 34 314 . 314 & U f.eb 0114 -A no". I'Hie Of .i.OOO.OOn Pei .at, mi Power and Light ('"i.ipan uni reiuiniing uieriKiiuc ") per cent. ii. h" Oil D . Q H4 J 1014 " ? 1014 t Ohl'i rr,!..HifO 4 K n "- Il'e Cs 'Si ' III', ' ; 1 ' : . f.j4 Gervl E;e fl, 4 . . '."4 ; ..() OVnenee H f,s : 014 Ovef.rlch II P 14 s rts Mll'liente nanj of lllte .1. I 1 :) I,. i 1; V 4 n .134 1 CI 'In lad A, Le 1004 0114 lit 4 02 1.1 104 S SO 4 IO04 n'i4 in 02 1044 11 !i)4 Halt i. Ohie fl" 1014 I I0I4 1 HU 4 c 11114; 5. of -co 1 H t U I' I. E h,. r,r, I 11' v 4s r-hl Mil t Pit 1. . . . 834' Sound 4 1 l3'. 1 . ., 731, -S''ciilae Mil 4 Dalt 4, Ohie .1 M ! u 4. ,,.' '" '.ail Chlcaie 3 . '. 03 4 IlltO Tel 4 1014 10!'4 I nl 4 1014 1014 '1 14 what Tin: riTM.ii.i: h.ii or kip line In hla "Pemale of tin. Siwclts." Klnliai. Klnliai. wrete tary (lankly of woman, New one et the dreaded sveeles tells tales about Klpllnt-, rtppllnir the surface of International content. Ti knew inore atwiit hi fair Intervlswer. Nad flrit-la' feature In Ma-jln Section r-fBunday I'vuue Uwiu "Makt It lUOIt." Adv. 714 1 ... 714 2.. 71 ti Hell Teleph'ilii of Pa 7r 1 108 1. .. IOS4 0. . . 108 Kealel tOS 1... 1084 ileth Steel Cs of '80 4 04 8.. .. 84 StP 1.1. 17. in.. ., I.. II.. . "IcSCO StP fd 4... 1 11 10' 4 1 in; 4 G','.'je- l'.r t Ii 4 '31 1. '0C 1 11)1)4 1 1OO4 I 1004 10 .. 10.) ' ClSklel 100 3. . . PiO't ' 2 . . . 1 en Goodear Tire Uii '41 1 . . . 110 4 1 1104 I M0 ::,' i. n.14 iV ' '" l',1 Cr'd Trur.U of . '" Cur. (5i re's Ml, a ,. ,)Vj .m ' ' ""'' 07 4 Cr',, Tfun'4 of ' ,!-, Canada 7 ; eTS4: 1.... 1134 6I4,C-reat Nerth'n Mil 4 cv 4 4i 724 . . 724 07 '4) "T-A Ilall'y 8it 1.... 114 4 tirst -rr '.. M. will be offered tedm hy a heniUal by the tiiliiriiii'j ( 01n. .New Yerk. Tlie bends are Ocieher 1. 11--, and are ilne ()p. K.bei- 1 P.i.V'. They are offered nt !l'a. 11 ml interest, te y'eld nl-'-it ."'-a per cent. - Iteperts ero again current that nego tiations ai'e under way between f,f ficials of the YoungMewn Sheet and Tube Company and tlie Hrler Hill Steel fempany for a possible consolidation of tin- two companies, lletli concerns art; tnciitteneil In connection e. ih the "seven eeinpiir.y merger" propest-,1 ;nrly in the itur. but wlitcli fell through bre-uis. of the inabilitj of these ceincnied te corae I mixed. te terms. July returns of the Colerado and Southern lines show net operating In come of J.VH.OL'O. compared with $lu2, IMKi for July. 1021. This is 11 gain of '-'0 per cent, despite n shrinkage In groin revenue from SU.lKS.fMIII te $1,0-10,002, or '.' per cent. Decrease in gross for July Is In about the same ratio an de de creane for the first K-ven mentliH, 8.8 pr cent, while net for thls period is off ; 7.:t per cent from last ear. ' Olncinls of the Mexican Petroleum leiiipaiiy expressed Utile ( encei-n jes terduy ever the proposed reported lm . poeliien of a r.ew oil tax by the Legis lature of the State of Vera Cruz. Ac- cording te Mexican dii-patclies one of 1 the decrees would tax plants for rutin , lug crude petroleum per cent an- , m.nll.. .. .Im.lUnllrl rill il... i.nlim ..t .l.A KltillfJ fcS.M . tllc llllll.T 1,4 IDC plants nnd their eipilpinenl. Thu ether levies a tax of 2 per cent en crude oil produced. Traders Cautious Oils Without a Leader Heme Rall3 Mixed Iuiden. S"pt. 20. Traders in nicti- rities en the stock exchange proceeded I with caution today, pending further dc ' 1 velepments in the Turkish situation. ' Firmness In money brought about an ; I raster tone In the ullt-edgcd list. French I I leans were maintained around previous levels In synipntiiy with bieaainrsu ai I Paris. I The oil irreiip was without a leader mill chaneen in prices wcre Irregular. ; Hoyal Dutch was 30it. Shell Transport 1 land Trading 4 0-10 and Mexican Knglel :.S. Alterations in lunne rails were but generally lower, jaiiiui descriptions were quirt and Hubby. Thent was moderate realizing in Ar gentine rallB. In the Industrial department, cheer fulneiss was noted In erae Issues. Hud Hud eon's Hay was 7 11-10. The rubber group was Idle with n tendency te nag. Kaffirs walvercd, but recessions were, unimportant. Raw Sugar Market ateady New Yerk. Sept, 20. The raw auiar mar ket Is fairly active nnd ateady en the basis of II rents, cost and iremin. ler 1 uusa. Hale .M-Hterdav Included niiOO tuna ubas, afleiil, nt .'I cents, teat nnd frejjlit. and JI100 tuns rulkaa from store at -1.77 cent;, duty nuld, canal te about cents ret and freluht, all te tlie National Suaar Iletliiliiif Company. Arrival of raws Included 22.000 bas-s Cubaa te the National Kuuar iteiinintr ceinpi nnd 120 bans of Cnsia. hicem consign pany. ed te iim trade . Tim eca rennea inarsei is .v changed, with 1 retlners' lUt prices standing nt H.23 cents, less S per cent rer cn. '"" Kedsrul tlufcar Ilellnlna; Company .eentlnuea te offer a. limited amount et refined, for the account of wjiem It may concern, si ." NEW ISSUE c l $2,500,000 Sheffield Farms Company, Inc. ' : First and Refunding Mortgage 6!2 Geld Bends Dated October I, 1922 Due October, t. 1942 Interest payable April I and October 1 at iKe Metropolitan Trtut Company of the City of New Yerlc, Trustee. ! Coupon Bendi of $1,000 and $500 denominations, registetakle ns te principal only) interchangeable. Callable as a whole or in part upon thirty day' published notice at 10714 and accrued interest during the ten years ending' October I, 1932, nnd thereafter te maturity at I02J4 and accrued interest. The Mortgage provides for an annual sinking fund for the redemption e the Bends of 3 of the greatest amount of Bends at any one time outstanding CAPITALIZATION (Upen completion of present financing) FUNDED DEBT First and Refunding Mettgage 64 Ge'd Bends. ....... Various parcels of the Company's real estate are subject te separate mortgages aggregating $1,080,175. CAPITAL STOCK 6 Cumulative Preferred Stock.... Common stock t))a)i ) Authorized $4,000,000 $1,500,000 7,500,000 ' Outstanding $2,500,000 $1,500,000 4,000.000 $5,500,000 Frem his letter, Mr. Loten Horten, President of the Company, summarizes as fellows (the figures as te net assets being as of June -30, 1922, after giving effect te present financing) : BUSINESS: Sheffield Farms Company, Inc., ts one of the largest distributors of milk and dairy products in New Yerk City. It handles an average output of ever 500,000 quarts of milk per day. The Company represents a consolidation of three concerns, one of which began business in 1841 and the ether two prier te 1878. It owns and operates 76 receiving stations located in New Yerk, New Jersey, Pennsylvania and Vermont where milk is purchased from carefully selected dairies. In addition it owns and operates two large farms for the production of certified milk. Fer the scientific handling of its products it owns 13 modern pasteurizing and bottling plants, seven of which are located in New Yerk City. Distribution is effected through the operation of 200 stores and 1,300 delivery routes, for which it is fully provided with modern delivery equipment. Sheffield milk, cream and ether products are produced under the most sanitary conditions and enjoy the reputation of being of the highest quality. SECURITY: These Bends are'thc direct obligation of the Sheffield Farms Company, Inc. Except for miscellaneous real estate mortgages aggregating $1,080,175 they constitute its only funded indebtedness and are a charge against net tangible assets of $11,736,068, an amount equiva lent te $4,694 for each $1,000 bend. Specifically, the mortgage will constitute a first lien en ever $5,000,000 of real estate, machinery and equipment, or at the rate of $2,000 per $1,000 bend; and in addition the mortgage will coyer (subject only te miscellaneous real estate mort gages) all the real estate, machinery and equipment of the Sheffield Farms Company, Inc., and its subsidiary, the Louvain Construction Corporation, which is a party te the mortgage. The Net Current Assets of the Sheffield Farms Company, Inc., and the Louvain Construction Cor poration alone amount te $2,549,720, or at the rate of $1,019 per $1,000 bend of the $2,500,000 of this issue. EARNINGS: Average annual net earnings available for interest charges for the 4 year period ended June 30, 1922, were $721,230 or mere than 4.4 times the $162,500 annual interest re quirement en the $2,500,000 of bends of this issue. Earnings for the first six months of 1922 were at the rate of ever 5 times this requirement. i DIVIDENDS: The Company has paid regular quarterly dividends at the rate of 6 per annum en the preferred stock in every year since its issuance in 1911 and has paid dividends en the com mon stock in every year since 1903; dividends are new being paid en the common stock at the rate of 6 per annum. PURPOSE OF ISSUE: The proceeds of this issue will be used te acquire additional properties and te provide the necessary working capital for the extension of the Company's business or for the retirement of existing obligations of the Company or its subsidiary, the Louvain Construction Corporation. Wc Recommend these Bends for Investment PRICE 100 AND ACCRUED INTEREST, TO YIELD &A Benis offered when, enii if issurd and accepted by us. All legal matters will be passed upon by Messrs. Airier & Cmtghlan, of Xetv Yerk, for the Company, and by Messrs. Van Vorst, Marslusll & Smith and Messrs. I'Uaham', MrMahen, Buell & Knox, of Nnv Yerk, for the Hankers. Tht books of the Sheffield Farms Company, Inc., have been audited by the Audit Company of New Yerk. CHANDLER & COMPANY Incorporated Franklin Bank Building 120 Broadway PHILADELPHIA NEW YORK FIRST NATIONAL COMPANY of DETROIT 59 Wall Street First National Bank Bldg. 209 S. La Salle St. NEW YORK , DETROIT CHICAGO The statements contained In this advertisement, while net suarantted, are Used upon mloimatiea and adrice which we hellerr; accurate and reliable September, 1922. iVetn Issue $1,485,000 Manila Railroad Company of the Philippine Islands 7 Sinking Fund Bends Guaranteed by THE GOVERNMENT OF THE PHILIPPINE ISLANDS ea te both principal and interest Dated May 1, 1922 lattrest May and November 1 Nen-Callable Due May 1, 1937 Authorized $1,500,000 Principal and interest payable in New Yerk City, without deduction for Nermal Federal Income Tax up te 2 per annum. Denomination $1,000. Coupon Bends, with privilege of registration as te principal. Legality The Attorney opinion as te General of the United States the legality of the guaranty. has given his approving Security n addition te the guaranty of the Government of the Philippine Islands as te both principal and interest, there have been deposited with The Chase National Bank of the City of New Yerk, as Trustee, under the Deed of Trust under which the Bends arc issued, $2,811,000 First Mortgage 4 Geld Bends of the Manila Railroad Company (Southern Lines) due in 1939. Sinking Fund The Company has agreed te create and maintain a sinking fund " sufficient te redeem the entire issue by maturity, payable in annual installments te The Chase National Bank, Trustee. Ph rpese The funds realized from the sale of this issue are te be used for the navment of an indebtedness of $1,000,000 contracted for raisine funtU te pav for equipment and supplies, and te provide funds for the completion of the construction of a new line of the Company between Les Banes and San Pable. All of the outstanding capital stock of the Manila Railroad Company (except direc tors' qualifying shares) is owned by The Government of the Ph'dippiae Islands. Price 1121. and interest, te yield about 5.75 NEW YORK Hallgarten & Ce. CHICAGO The information contained in this advertisement is based upon official statements, guarantee but believe it te be accurate. LONDON We de net cent. ls a tr Cent for cash. What is A Voluntary Trust? This question, with ethers, is answered in a booklet, 'The Trust Company and The Individual," which will be sent en request. Fidelity Trust Company 325 Chestnut Street 143 1 Chestnut Street 6324 Woodland Avenue, West Philadelphia Capital . . SS,200,000 Surplu . . S16.000.000 Fundi hmld in Trast .. il (eon noe.000 ...vtm .riu. wm "I" " ' asawl HWrMICDCpllflC KrKHIHEWnLrHllw Wc are equipped te de " work nt your plant and y you the expense of long He'""' I'liune Hill. 1H nnd ""I" 3,H HlSSSSal a a. k I.. M&ytinW-jfy ,it,., .. J...',
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