iWJ.-1-..V.. -v'tWi
f(j ' 'W
srni
,-M
?:
$nx s .
iS..
t;i 'f .
m
m
fePMi
; l
IC
1
wmrr
EVENING PUBLIC LKDGl!R-PHILAl)BEPHIA,' TUESDAY, OCTOBER lfr 192
Sf
M
fcffMf "75,000
U. S. GOVT.
4 Bends
flafcd October 16, 1922
Due October 15, 1052
ktdecmable October 15, 101,7
In exchange for
maturing
Victory notes
AND
TREASURY CERTIFICATES
AT THE MARKET
Harrison, Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
E
XCITING
SPLURGE
IN DOHENYS PEIS
Huge Lead of Leng Stuff
Dumped en Bulges Gave
Market Indigestion
New Yerk. Oct. 17. The Mexican
oils rnme nenr bring the whole show In
tntlnv"n very lrrcRiilnr stock market.
Tim 'renprnl llt cave nil s intUnmi of
haviiiR n slight attack of InillROPtieii.
i ThN was net altogether MirpilslnR in
view of the huge lead of limn "tint that
has heen cumins out en the bulk'es xinpe
I the "Meik dividend" epidemic struck
the speculative community ever n week
I ace There was no wcaltne" ; en the
I contrary, lemnrknbly Reed absorption
unu nliirisl nnil tlic most Part of list
was found till susceptible te bullish
Intluemcs. Still It was apparent every
flick of the trade ik bclns played te
facilitate profit-taking.
i The eutsUlninc net ei tee uay wns
' the seusntieiuil bulge In Mexican
Petroleum and the related issues nt
tin. nntsi.f mid ilurlnc the early ileal-
. iiigs This was of the same spectacular .
character whlih has marked the hlpe-
dreme plas of all the se-called uelieny .
Isteiks. It was .mother masterpiece of
'skillful manipulation, anil from all
i Indications, caught a goodly portion of
! the speculative element off their guard j
. When the meke of the battle cleared
lawav Mexican "rete" wa up nenrlj
1(1 iwilnts with 4 for Tan American
'"IVte" and 'J., for "W steik of the
hitter company. j
The excuse for the fr--li bullish dem
onstration .us leperts of a iesslble In
crease in the easli dividend and decla
ration of a stock diUilend. b the l'niij
American l'etreletim (.'.unpiui . followed
b an offer of exchange for Mexican
I'ltreleum The feimer nlreadj own-.,
i.pprexiinately 7" per cent of the out-!
standing stock. 'While this story lu't
been sprung often before and done
geed service in former occasions in
sending a misguided short interest te
rout, It was lellewsl te be nearer tne
real truth this time, because of the
pievai'lng fashion for all corporations
with fat surphi'-es te distribute them
before the tax collector emes around.
The movement was net altogether un
lit raided as for some das all the promi premi
unt 'tipsters" tind "touts" had posi pesi
i tit ! iiifnrtuntlen bv the crane vine route
S"W T1?AII &? CO something big was geln j te be pulled off
INCUltPOH WKI1 11MAULISI1KI) laa
1617 Walnut St., Philadelphia
The Best Test
of Safety
The best test of the safety
of investments is adverse
conditions. Straus bends
have met this test. Our
record, 40 Years Without
Less te any Invester, cov cev
ers a period including two
wars and four financial
panics. Investigate these
80ttndbends. Call or xvrite
today for
BOOKLET ilOG-L
Phene Spruce 0387
40 years xvitheut less
te any investor
19:: s. w s. s. Ce.
FIRST CLOSED
MORTGAGE
20-Year 7rr Bends
Yielding 7.0rc
IPcnnn. J-mill inx refolded,
$10,203,589 of net tanc tile n-et-
after all liabilities ether than
funded debt ecpial te JiSJ per
J1000 bend.
Current asets mere tl.an s.
times eurrent llab'lltle'
Average net annual rirninns
available for bnml Interest for
6 1-3 years te April T is.'.', tnore
than four tlmea Interest requlre-
ments
Circular and Ilalttnce kheet en
rt;ut3t
I,..- iin. Iniiisps enlv n few il.its npt. get
i red het wire te get even body aleard
reirardle-s of price as the stock was
scheduled for -."0.
Although the demonstration cut up a
great dial of dust, it cons-pii-ueusly failed
tn stimulate sfteeulatlve enthusiasm as
most of the recent bl; bull plns have
done On the contrary, it had a i
I dampening effect, evidenced in the in-
! creasing caution manifested in ether
ajj.jjj.aJJJ.aj.ajj; . . ... tfmivv vnlHiii?. wbleh
'5 appeared in I'ntted States Steel, li.ild
t win I.eenmntue, Studebaker and Amer
5 icin Can. caused hesitancy, but when
then elTenngs had been digested nnd
5 tlie trading in the Mexican oils slewed
t down the main Ixiily of stocks moved!
5 forward asnin. Te stimulate the cour ceur
g ' age of the bulls, the long neglected
C eeppers were taken up and n broader (
h impair; was noted ler tae feed, puiiiiu I
g utility' and tobacco shares. The rails
P were' likewise given a fri"-h upward
. ' start under the lead of New Yerk Cen
E i trnl. which crossed par. the advance
i in this being accompanied by reports
m j ei aiiuitieaai iniiineiu iiiieuu u jiuh
Z 7 per cent preferred stock issue.
'!
Commodity Markets
Drsxcl Building, Phila.
KHt.ihlMird lOfli
Correspondents
Lawrence Chamberlain&Ce.
GRAIN MARKET
, P j Chicago. Oct. 17. Lewer prices for
Fairman & Cnmnanv Cr wheat here tnh. during the earlv
rdirilldll OC luntpdny g ,(.,ilngi. resultisl from a decline in
Liverpool quotations. An increase of
the amount of wheat en eeean passage
received some nntlie in this connection,
and se. ten. did tall; that a setback ln
the market was te be expc ted in ; iew
i f tlr decide, advance in prices of late.
( the downturns, however, commis
sion house buying lm reused Initiel
figures, which rnngfd from " cent oil
te ',i cent advance, with Dei ember
Sl.llWj te SI 1-J. and Ma S1.1TH te
si.llTi, were followed by slight declines
all around.
Cern nnd oils receded with wheat.
After opening ',s cent te ''s cent lower,
with December ll."i)i te f!."Ts cents, the
corn market underwent a little further
sag.
Onts started ns cent lower te 's cent
advance. December. -11 s tn 41 ''i cents,
i allied a trille, and then dropped lower
than before.
Previsions were firmer, guided by the
action of the hog inaiket.
m- w
iiidliniiiJjt
SPECIALISTS
We make a dependable
market In all Issue of
" UNITE STATES
GOVERNMENT
SECURITIES
COMMERCIAL
TRUST COMPANY
Mcmbtr Federal Ruarve Syitcra
City Hall Square
mm
Doci-mVer
Mav
Julv
WhfU -Pccembe-Mny
Jul
Oils
Pii.bnibT
May .
Ju.y
Km
IiwemlT
M
I.aril
ii. u r
Hid
Prcv c'.ose
ii I
. G7'
C,-,',
07
Oupn
n.'v.
un'i
1 isi,
1 01'i
4 IS
se
10
11? Jf I 11 W
1 11H Jl ll'
l.OPa
ni ", it
n 'i
3U 'i
7i.,
7S
10 7.1
41S
ir.M i
it' i i
'17', '
Hi7a,
1 12'.
1 l-,lt
: ift
41'. ,
42
71' .
7U
LITTLE DOGS
iemctimts
BARK LOUD
Small advcrtliemcnti
teinctlmci bring
big rciulti
Jehn Clark Sims
Company, Ltd.
Qtntral AJrerliimt Aimli
2 18 Seuth 16th Street
PHILADELPHIA
COTTON MARKET I
New Yerk. Oct 17. First prices in ,
cotton futures were steady at an ad- '
vance of 1 te l.'l points. The feature
was continued strength and actiwtv in
the cloth and varu market, New
Hrleans, spot nnd eominlssien concerns
and Japanese interests were the chief
bu.ven at the start. Liverpool, th" i
Seuth and Wall Slreet sold Aftir the
cpenliig the tone was steady. About
thirty notices were issuid !
1'rev clean Cin-n
JJ Vi'it l'i 2: flu
2 J ImTC.MI a a
22 37 ffan .'.' 42
.' ! 41 Wii ii ,-fi
22 33 010 J. 4 1
2." is 22 jn
IiTmLer
i irtnhnr
Junuary
irr-h .
Ma .
July
1 I .f i
2. s3
.J 17
!J si)
ii 7j
HIGH GRADE
SECURITIES
Yieldinc from
BVz te 6 i
ROBT.fiLENDINNING&CO
KXiililMiril lni
400 Chestnut St.
NEW YORK COFFEE MARKET
New Yerk. Oct. IT Very unsittlel
Itraxilian mnrkets piometul ieiuiimihI
selling of rentriu ts in the local coffee,
futures market this morning, opening
pi ices being 1 te I points net lower.
Ti ailing, however, was inactive
I.utt' ln foteneon. nrices weie abmt
at initial figures Trading wni dull
and without fredi feature of any kind.
Seme of tin- rteent selling m this mar
ket for ICuiepean account has been
presumably en big nep prospects for
next venr
PlO f .11
r)ief mbfr 'i 20ft; j
Miirrh ... I' l'i
.Mnv . (i 0170-,
July . lisetii
ail'i-librr . . 'luyiil
I'ld
NEW YORK STOCK EXCHANGE TRANSACTIONS
Only Afttrnoen Repert in Philadelphia Quoting Full Litt
niv
Ka'e III f STOCK Hlh
2000 .. Adams Kxprens.. . . 02 la
100 .. Advance llumely.. 19
100 3 Advance llumely pf 54
t00 4 Air Induction C2
200 . AJax llubber 15W
200 . Alaska Juneau O M 1 V
600 4 Allied chem A Dye. BSVi
300 7 Allied Ch ft Dje pfUSH
2300 4 Allls-Chalmers .... 52'
100 7 Allls-ClmlrncrH pf . . 99H
200 .. Am Agrlc Chem.... 37&
"00 fl Am Ileet Sugar pf.. 80H
1C0O .. Am Hesch Magneto. 43?i
100 7 Am II Sh F pf new. 11 J
3000 . Am Can 72'4
100 7 Am Cnn pf HO'i
200 12 Am Car Ss Fdy.. ..192
100 7 Am Car ft Fily pf.. 121 i
100 .. Am DruR Syn B'-i
200 .. Am Cotten Oil 26 fa
400 S Am nxpres.1...'. ...157
600 . Am Hide & Lcath pf 72 U
100 7 Am Ice 113'i
600 ., Am Intemat Cerp.. 37'4
300 l Am La France Kng 12H
300 7 Am I.ii Fr Hnc pf .101 H
100 . Am I.lnseed 40i
700 f! Am Locomotive ...133?i
810e 3 Am Metnls DOW
1000 4 Am nndlater . ...U-S
300 it Arn Snfctv l'.azer. 7'j
9300 .. Am Ship & Cem. .. 23 U
2600 . Am Sme't 64
600 7 Am Smelt pf . . ..101 H
100 6 Am Smelt Sec A . . 98
100 i: Am Snuff 140
2100 3 Am Steel Foundries 44',
100 . Am Sugar Kef.. .. COli
100 . Am Sumatra . .. 38Ja
1000 9 Am Tel & Tel 1 24 e
8000 . Am Tel & Tel rts... 4i9
!00 12 Am Tobacco 162J4
100 C Am Tobacco pf newlC4
100 12 Am Tobacco H ... 158 Ji
400 . Am Wntrwks 6 pf 54'
2400 7 Am Woolen 102t4
900 Am Zinc Ld & Smelt 19Ts
200 . Am Zinc Ld & S pf. 54
9500 . Anaconda Copper.. 531
50 Ann Arber pf .. 44 5,
100 4 Asse Dry Goods 61
2 J00 C Asse OH 1 27 A
800 Atch Tep & San Fe107H
100 5 Atch Tep & S F pf 92 ''i
25 20 Atl Refining . ..1405
500 7 Atlantic Coast Llnel231i
100 . Atlantic Fruit. ... 2
200 Atlantic Fruit ctt . ' 1 Tn
6J0 12 Atlas Powder ... .160
100 .. Aute Sales Cerp pf MVi
300 . Austin Nichols 364
4600 7 llaldvvln Locemotlel38ii
1200 H.iltlmere ft Ohie.. 551b
100 7 Barnett Leather pt. 96
6700 Uarnstlnll Class A.. 39'4
300 .. Hiimsdall Class 11.. 25',2
700 4Sc Beechnut Pacltlnt;. 44(4
1000 Beth Steel pr new... 100 14
90 . de Odd Lets 100
100 5 Bethlehem Steel 75'
1500 C Beth Steel B 77'j
100 8 Beth Stel 81 )if 113
200 . Beeth Fisheries. .. 8
4300 8 Broehlvn Kdlsen. .124
5000 .. Bklyn Rapid Transit 10H
1400 .. Bklyn It T ctfs 15'a
1200 S Bklyn Union Ons ,117 5a
100 ie Burns Bres 135
200 2 Burns Bres B ... 40 J.,
700 Butte Cep ft Zinc .. 7?J
3400 . Butte ft Sup Cep... 34 Ii
500 0 California Packing. E3J5
1600 California Petrel... 64J'a
800 Cal Zinc ind Lead. 9 ',4
400 3 Cnlumet ft Arizona. 0HJ
2300 10 Canadian Pacific. . 149H
200 3 Canada Southern... 56
100 Case J I Threshing 37
1200 . central Leather 41 ft
830 . Cen Leather pf. 80ft
5300 . Cerre-de-Pasco .. 41 'a
1600 0 Chandler Meters... 64 H
3600 4 Chesapeake ft Ohie 7G
900 6' Chesapeake ft Oh p105
. . rhl ft E III J!5
. . Chi ft 13 111 (new) pf 62
. . Chi Mil ft St P 32?i
. . Chi M ft St P pf. .. 51 H
5 Chi ft Northwestern 92
7 Chi ft N'orthwest pf. 123)4
4 Chlcace Pneu Teel 87
. . Chi P. I ft Pac 45 '4
r, Chi P. I ft Pc f. pf 92!i
7 Chi U I ft Pc 77e pflOO
jp"i
n Hint
9 07fl1
S.l'lfftl 01
.7tl iJH
U. S. Certificates and Treasury Notes
i Int
If nti.
x34 l"t
xt'Oi IVc
tti. Mur
tMS June.
3 Hi-n
:. June
t',i, t'D
t'Pl Mir
t 1'
tMV
Maturlnn
Dan.
1UJ2
1(122
1021
in.'t
11121
111 2 4
I"!! I
102-.
HUH
1I12H
Hill
lllll J3?
ill
Miir
HfP ,
' Executive Available
Man of extcnslve eiiwrlence In
IgiUea Management and Business
nnlsatleu la available for new
UajMfiectlen with greater opportunity,
) S01, Leaner i
Kin 1
inn
me
102'.
112
Ui'iS
101
100
xllxi hutiin ab it un 11 fjrthr m.tlu t...
t'tilteil Htx.tea Ueiernmenl 4H . due Ucleb-r
i.i twit:
nnipt from ledernl nermnl lncnm tax
tAtvrplable for Imyniint et Incurr.e tux
due ue ilntc tit muturlty.
DAR SILVER
Pomntle bur allyer vvat unilintiKeil In Naif
i yific ir nni nvneat rnrcirn
Vkk.'l VliU
liiel-IH
lu'i .1.1(1
100 Mil i 4ii ,
loe l.ni a 04 '
ion MO a 07 I
i"J' in
1H2H 4 17
mi ( ;e
Kll V. 4 "'I
100 1.10 4 23
100
900
4800
2830
600
200
400
1800
403
100
6800
1100
300
6700
100
100
200
100
400
503
100
1030
400
6403
100
3030
1200
7630
4030
1003
100
530
100
400
630
633
333
933
203
3500
3300
3400
100
100
800
400
330
1000
6330
100
100
800
200
300
5933
200
1530
100
100
1500
1103
6930
200
100
2200
400
100
300
103
3603
i, 1100
100
100
1700
1400
100
100
100
200
200
1700
800
1200
100
100
200
100
400
2300
2000
1700
400
1100
100
300
2300
100
tee
100
200
Chile Copper . ... 2Sa
.. Chlne Copper ... . 29ft
. Cluett-Peabody ... 63
4 Coca-Cela . . . . 81 'a
.. Cel Fual ft Iren... 33 i
3 Cel ft Southern 49 ft
4 Co'erado ft Se lit pf 62
4 Colerado ft Se 2d pf 59
C Celum Gas ft Klee. .I09?4
felum Oraphaphene 2 A
. Cel Graphaphene pf 11
roiuel cigar . . . 40 ft
. Consel Dis Inc ... i
5 Consolidated Gas.. 141
.. Consel Textiles 11
. Continental Can 96
4 Cern Products Bef.l25
4 Cosden ft Ce 49 ft
. Cerden ft Ce rts . . . 1 H
. Crucible Steel. ... 88
7 Crucible Steel pf.. 96
. Cubnn Am Sugar... 23 ft
7 Cuban Am Sugar nf 98
. Cuhn Cane Sugar. . . 14ft
.. Cuba Cane Sugar pf 39ft
.. Davisen Chemical.. 4DU
.. Debeers C Mln Ltd 24 ft
6 Del Lack ft -Vest...141 ft
8 Detroit Edisen 113
2 Iome Mines 391
5 nastman Kodak new B7'i
3 dec Storage Bat... 56 ft
6 Kndlcott-Jehnson .. 85
7 Endlcott-Jehnson pf 1 1 6
. Erie 16' j
. Erie 1st pf 25 ft
. Erie 2d pf 19ft
2 Exchange Buffet.. 31ft
8 Famous P'ayers L .101ft
8 Famous Players pf.103
6 Fed Mln ft Smelt pf 59
10 Fisher Bedy 145ft
8 Fisher Bedy of O pf 95 ft
.. Flak Rubber 13ft
. Frcepert Texas.... 26
3 Gen Am Tank CB
.. Genernl Asphalt.... 65
fi General Cigar 80
7 General Cigar pf,..IOS
8 Gen Electric. . . 185ft
. Gen Elee TV I pf. . 11
. Gcncrnl Meters . . 15 ft
fi Gen Meters dch C 84 ft
7 Glmbel Bres pf. .102
. Goldwyn Pictures . 7
. Goedrich B F ... 34 ft
7 Goedrich B F pf .. 86 ft
. , Grtinby Mining . 3i i
Gray ft Davis. .. .11
7 Great Northern pf . 94 U
4 Grt North Ore ctfs 39 ft
. . HablrBhaw Electric 1 j
. . Hendee Mfg.. .. 23ft
. Housten Oil . 87 ft
2 Hudsen Moter Car. 21ft
1 Hupp Moter Car . 22
Hydraulic Stee, .. . Oft
7 Illinois Central. . .. 114ft
6 III Cent pf A 115ft
. Indlnhema. Uef. . 4',
Inspiration Cen Cep 40 ft
. Inter Cen Cerp . H
. . Inter Cen Cerp pf . 1 ft
. Inter Agriculture O'
Int Great North vvl 24 ft
's Intemat CVment . . 32
5 Int Harvester new. ,109ft
Int Mer Marine . 15 ft
G Int Mer Marine pf . 63 ft
.. Inter Nickel 17 ft
, , International Paper 63
. Invlnclb'e Oil Cerp. 16 tf
. Iren Products. . . 52
. . Island Oil
. Jewel Tea.. . 20ft
4 Jenes Urea Tea 52 ft
. . Kansas ft Gulf ... 2
. . Kan city Southern. 24
4 Kan City Se pf ... 58
.. Kayser ft Ce new.. 45ft
81 H
19
54
62 ft
15
194
05
113ft
52
99 ft
37 ft
80 ft
41ft
113
7Ms
110 ft
192
121ft
6ft
26 ft
155
72 ft
113ft
36
12ft
100
40i
133ft
49
120
7
2H
62
101
98
148
44 ft
80 ft
38ft
123
4
162
164
158ft
54
101ft
19
52 ft
52
44
61
123
107 ft
92 ft
1400
123
2
Hi
153
12ft
36 ft
137
56
96
37ft
25 ft
43 ft
100
100
75 ft
7G
113
7
119
16
14i
116ft
135
47 Y
7H
33 ft
83
64
9
60 ft
148?4
54 ft
J7
41ft
79 ft
39 ;
63 U
75 ft
105
39 ft
61ft
32
51
92
123
87
44,
91 M
100
25
28 ft
63
79 H
33 ft
49 ft
62
59
108ft
2ft
11
40 H
ft
137
11
94ft
124ft
49 ft
Ha
88
96
22 K
98
14 ft
39
44i;
24
140ft
112M
39 ft
86 ft
54 ft
85 H
116
16
25
18H
31
99 K
103
59
143
95
13 ft
25
68
64 ft
80
108
183H
10
15
84 ft
102
7ft
34
86 ft
31ft
II
94
30 W
IH
23 ft
86
21
22 H
6 ft
H4ft
115ft
4ft
30
ft
1
B
24 hi
32
109ft
15
62
16
62 H
16H
51 ft
H
20 ft
51
2W
24
58
44 ft
1 !tr Nat
P. M. Chie.
01 M H
19 Vx
54
62 ft
15 -
Hi
85 ft 4-
115H
52 -99
ft-37ft-80ft
42 ft
113
71 Vi-
110ft
102 -
1?.1ft -
6ft-
7Gft-
155 -72K
113ft
36K 12ft
100 -
40- !i
133ft- Vi
50HH 1ft
121 ft 1ft
7 ..
23 ft Ha
63
101 H-r IH
98 - ft
148 -
44 ..
80 ft
30ft
-162
-164
-158ft-
54 ft f
101 -
U
H
14
2
Mi
ft
V2
M
ft
ft
H
4
?
1
niv
SaIm in I
19ft H4
'ft
lft
6ft
ft
9H
Vi
" X
Hi
1
HTOC1C With
Kclly-SprlngfleM ..44 ft
. ICennecett Copper.. 35ft
. Keystene T ft It.... OVa
7 Krcsge .1 S 1.179ft
7 Laclede Gas of St L 90ft
, Lackawanna Steel.. 84 ft
. Lake Erle ft West.. 35 H
. Lake, Hrlc ft West Pf 75 ft
2 Lee Rubber 26ft
5700 3ft Lehigh Valley 71 H
1600 3ft Lima Locomotive... 60ft
4100 .. Leevva Inc 2?.
500 1 Left Candy 12H
12 Ixrlllard (Pierre). .173
7 Leulivl te ft Nash.. 144ft
. Mack Truck 58 ft
. Magma Copper 34ft
7 Manatl Sugar pf . . . 01
.. Malllnsen Ce 35
7 Mnlllnsen Ce pf . . . . 96
7 Manhat Elev Guar. 53ft
.. Manhat Elev ctfs... 524
2 Manhat Shirt 47 ft
.. Mnrket St Rwy.... 7
.. Market St Rwy pf . . 36ft
6 Mar St Rwy pr pf.. 69
.. Mar St Rwy 2d pf . . 22 ft
4 Marland Oil 39
2 Martin Parry 29 ft
.. Math Alkali 49 ft
.. Max Meters Class B 18
1 Mclntyre Mining... 17W
12 Mexican Petre'cum.210ft
6 Mcx Scnbeard 17ft
6 Mex Seaboard Oil ct 16ft
100
5900
300
100
100
200
100
200
100
200
300
200
2103
400
100
100
100
100
2500
100
100
303
100
200
100
100
2100
100
48200
4300
200
4
2
2
19a
ft
ft
14
1
!4
H
'ft
Yi
Y
ft
Ti
'" I
Vx
H
''
9i
Kal
54 1
ft
ft
ft
V,
9a
'ft
H
ft
' v,
54
53 H
44M
61 -127ft
-f
107 ft -
92 ft
1400
12J -2
1ft
160 -I
12ft
36 ft
137ft
56
96 -
39ft 194
25 ft
44
100 -
100
75 ft
77 113
8
123
117ft
135
47 94-f
7-r
34 ft
83 -64
ft
914 4
61ft 148 94
56
37
41ft
79 ft 4
41 -63i-75ft
4-
105 4
39ft 4
62 4
32ft 51
92 ft-
123 -87
4
44 ft
91 H
100 4
26 ft 4
29ft4; 63
81 ft 4
33 ft
49 ft
62 -
59
109? 4- ft
2ft t
11 - ft
40 M 4- 9i
9s
139944- 1'a
11 4- i'.
9494 -1241
-
49ft-19a-88
ft 4
96 224
98 -14ft
.
39 ft 4
444 -24
141
112K4-
39 ft .
86 ,
94-
116
16ft
25
18H
31 ft 4-
100
103 4
59 4-
144ft -95ft-r
13ft
25 -68
-64ft
80
108
185ft
10 94 -15ft
84 ft
102
-
86 ft
3194
11 -94
ft
38J, -
1M
23 ft
87 ft
21 -
22 54
6ft-
114ft
94
ft
1
8H
109ft (.
15 ft
62 ft 4
16ft
52
94
2014
52 ft 1 94
294 ft
24 ft
58
45 ft l- ?i
3100 1.20 Middle States Cerp. 1394
400 2 Miami Copper 28ft
4500 .. Mldale Steel 3494
300 Mln ft St Leuis new 9
1600 . Me Kan ft Tex (vl) 17ft
1100 .. Me K ft T (vvl) pf. 46
600 .. Missouri Pacific... 22
930 . Me Pac pf 60
1400 3 Mentana Power.... 75
100 7 Mentana Power pf.110
100 .. Montgomery Ward. 2194
1700 1 Moen Moter Car... 17ft
100 ft Mether Lede Mining 10
4700 7 Nat Biscuit 224
200 7 Nat Biscuit pf. ..1244
100 .. Nat Cleak ft Suit... 60
200 Nat Cen ft Cable... 194
4700 . Nut En ft Stamp... 674
100 7 Nat En ft Stnmp pM03
330 Nev Cen Copper.... 1594
100 7 National Lead pf. . .114
200 C N O Tex ft Mex... 01 Te
1600 .. N Y Air Brake 40
12600 5 N Y Central 10094
100 fi N Y C ft St Leuis.. 90 94
200 6 N Y r & S L 1st pf!02
6800 . New Yerk N II ft H 32ft
100 2 New Yerk Out ft W 2594
100 . Norfolk & Southern. 16
3500 7 Norfolk ft Western. 122ft
100 1 Ner ft West pf 82
400 5 North American 9894
600 3 North Amer pf 4694
200 .. North American rts 27 ft
000 5 North Pacific 8794
600 .. Oklft Pred ft Ref... 2ft
500 .. Orpheum Circuit... 25ft
100 .. Otis Steel 11
100 2 Owens Bet Mach.. 40ft
1100 5 Pac Gas ft Elcc U7ft
100 . Pacific Devel Cerp. 294
19200 3 Pacific Oil 58
200 . Pacific Mall 14ft
28500 f. Pan Amer Petrel... 94i
24000 6 Pan Amer B 91ft
1100 2 Pennsylvania R R.. 48ft
500 .. Penn Seaboard Steel 44
200 5 Peeples Gas Chicago 97 ft
300 . Pere Marquette.... 38ft
2600 2 Phllllpa Pet 51ft
200 3 Philadelphia Ce 42ft
500 .. Picrce-Arrew Moter 13 ft
100 .. Plerco-Arrew Met pt 35
1100 .. Pierce Oil 6ft
500 .. Pierce Oil pf 47 ft
1700 4 Plggly Wlggly Stere 44
100 . Pitts Ceal 60ft
100 6 Pitts Ceal pf 100ft
100 .. Pitts ft W Va 38
000 B Pestum Cereal 11894
200 lft Pend Creek Ceal... 204
200 .. Pressed Steel Car.. 90ft
. Producers ft Ref... 48
7 Producers ft Ret pf. 44 ft
8 Pullman Ce 13094
Punta A'.egre Sugar 47 a
14
114 !
ft I
ft
Vn
ft
ii
"ft
ft
H
194
ft
"'
"94
ft
Vx
1
1
4ft
ft
ft
I'a
14 i
'A
'
294
ft
ft
Vx
"h
1
1ft
14
14
VA
V
V,
ft
1700
300
403
800
1100
Pure Oil
200 3.41 Rand Mines.
31
35 ft
14 ft
59 ft
81ft
59 Ja
1000 .. Ray Cen Copper..,
300 .. Repub Iren ft Steel.
3000 4 Reading
6600 3 Reynolds Teb B . . ,
100 7 Reynolds Teb pf... 118ft
200 .. Republic Meters.... 2!i
1700 4.13 Royal Dutch N Y.. 50ft
200 .. St Leuis San Fran. ' 8 94
100 .. St Leuis S Fran pf. 50
200 . . St LeuIb Southwest . 34 94
830 .. St L Southwest pf.. 54 ft
600 .. Savage Arms 10
2600 .. Saxen Moter 3 94
900 . Senbeard Air Line.. 6H
100 .. Scnb Air Line pf... lift
100 .. Seneca Copper 0
100 155V Shell Transport... 37ft
200 6 Shell Union Oil pf . . 934
2 Sinclair Consel 35ft
8 Sinclair Cen pf 101ft
.. Skclly Oil 10ft
. . Sloss-Sheflleld 49 ft
C Southern Pacific... 96ft
. . Southern Rail 264
C Southern Rail pf.... 71
. . Spicer Mfg "0
8 Standard Mill 129ft
G Stnndard Mill pf . . . 95
4 Standard Oil of Call26ft
fi Standard Oil of N J215ft
7 Stand Oil of N J pf117ft
7 Steel Tube pr 82
3 Sterling Products... 56
10 Studebaker 1 Je ft
.. Sub Beat Cerp 7ft
. . Superior Oil 5ft
.. Sweets Ce of Amer. 2ft
. . Temt Cern ft F "A" 94
3 Texas Ce SO ft
4 Texas Gulf ft Sulph 63 ?4
.. Texas ft Pacific. ..30 94
1 Tex ft Pac C & O. 76H
3 Tlmken Rell Br . . 34 ft
. . Tobacco Products . 63 94
7 Tobacco Pred A ... 07
.. Tel S ft L & W 75
. . Tel S ft L ft W pf . 62
. Transcontinental Oil 14ft
0 Union Bag ft Paper 71
4300
200
1930
300
5200
900
5100
230
100
15
150J
10300
200
100
100
16400
200
300
700
100
8800
2603
100
1400
9500
1930
7300
100
100
1400
700
200
1000
500
100
500
100
6100
400
2700
400
2500
300
1500
500
.. Union Qll 18ft
10 Union Pacific 152
4 Union Pacific pf 78 ft
2 United Al ey Steel 37
8 United Fruit. 155
. . L'nltail Rwy Inves 14
. United Retail Stores F3ft
U S C I P ft Fdy 33 ft
. U S Feed Products,
..US Heffman .Mach
..US Ind Alcohol
..US Realty ft Imp .
..US Rubber
U S Smelt ft lief
if
22
71ft
86
57
43 ft
200 3ft U S Smelt It cv M pC 46 ft
28300 BUS Steel . ,110ft
7200 2 Utah Copper .. 68ft
200 .. Utah Securities . 20 'i
100 .. Vanadium Cerp .. 4594
300 . . VaCar Chemical . 27 ft
100 . Vn-C..r Chem 11 10 ft
100 G Va Iren r ft i" pf 02ft
200 , Vlvadeu Inc ... . 12ft
400 ,. Wabash .. . 12ft
200 . Wabash pf A ... 32 ft
5400 fi We.ls Farge E.p .. 97
200 7 Western Elec pw ,110ft
2100 .. Western Maryland. 15
100 .. W Maryland 2d pf. 23
200 .. Western Pacific .. 17 94
200 C Wcsturn Pacific pf, 61
100 7 Western Union Tel 117
100 4 Wcstlnghoufe A Br 09
1100 4 Westing I! & M.... 63ft
100 . wneellin' ft I. E. .. 129.
1Z00 2 VVIille Mtgle Oil
200 .. Whlte Oil Cerp.
300 . Wlcklre Spene nil
1100 .. Willys Overland
400 . . Wilsen ft Ce
ZOO 7 Woolworth K W pf.125
100 . Werth Pump ft M 30ft
UvJ 1 titiHiiv anu Ui
32
6ft
lift
614
45
E.villvlilemW
I)W
44 ft
34
814
17914
90 ft
84 ft
35 94
75 ft
26 ft
70 4
60
2194
12 ft
173ft
144ft
50
3314
01
35
96
53 ft
5294
4694
7
36 ft
6094
22 ft
384
29 ft
49 ft
17
1794
210
164
16
1314
28 ft
33 14
9
1794
46
2194
59 94
74
110
214
17 ft
1094
219
124
60
194
b6 94
103
154
114
814
38 94
9914
90 94
102
324
25?4
16
122
82
98 94
46 ft
27 ft
67
214
25 ft
11
40 ft
8714
24
56 ft
14ft
92 ft
e9ft
484
494
97 ft
3894
51
42 ft
13ft
35
6ft
45
43 ft
60 ft
100ft
38 94
116
20 ft
90 ft
47 ft
44
130ft
47 ft
30
35 94
1494
59 ft
0 94
58 94
118ft
2ft
50 ft
20 ft
50
34
53 ft
19 ft
3ft
694
lift
0
37 Vx
93 94
35
101ft
10ft
49 ft
95 ft
26 ft
69 ft
20
129ft
95
125ft
212
117ft
82
50
134?i
7ft
5 94
2ft
94
50 94
63
30 H
2594
34
62 ft
05 ft
75
62
1494
70
18 ft
151 ft
78 ft
37
153ft
14
02Ji
33
5ft
2194
70 ft
86
56ft
43
46
109ft
67 s
20 94
45 94
26 ft
18ft
02 ft
12ft
12
32 94
93
110ft
144
23
1794
CO
117
99
b2 94
1294
31ft
6 94
1194
OH
44 ft
125
30 ft
1094
1.11
r. M
44ft-
8ft
ft
84ft 35ft
75ft
26 ft
7194 60S
21 14
144ft 14
Nfl
Chite.
Vx
94
V
Vx
14
ft
4
V
ft
LOCAL TRADING
TifflraWiilfflirrfr
mmmmmmmtmmmm
HMMM
WAS
SPECIALIZED
14
ft
3 94
1
'"?4
2
V
1ft
V
14
14
14
ft
94
5014
33 ft
81 -35
96 f
53 ft
52 94
47 ft
7 -36
ft
69
2214
30 94
29 ft
49 ft
17
1 !
210141194
16ft 14
16ft 94
13ft
28ft
34 ft
9
22 f
59ft 74
110
2194
1714
10944
224 6
1244 294
1
ft
ft
94
2
ft
2ft
14
I
14
ft
4
94
14
ft
"94
" V
14
Vx
94
2ft
14
' ' 14
94
"94
" V
Cisenlehr, Electric Storage Bat
tery and American Gas
Advanced Sharply
14
1
60
14
67 94
103
1594
114 -
81ft-
39 ft
10094 I
9094 14
102
3294
122 -82
98 ft
87 -
2ft
25 ft
II 40 ft
87 ft-
294
5714
14J4
93
90 4
4894 494
94
51 ft
42 ft
13ft
35
694
60ft- ft
100ft 94
3094- '
117ft 2ft
20
90 ft -48
44 -130
94
47 ft 4
30 ft
35ft 14ft
59 ft
60ft 58 94
1 1 8 ft
2ft
58 ft
28 54
50
34 -54
19ft-
394-
694
1114 8
37 ft-
9394
35ft-
101ft
ft .
95 94
264 70ft
20
129 ft
95 125ft .
214ft
117ft
82 -56
13614
2ft
-30H
25 94
34 ft-
C294
86 ft
75 -62
I4ft
70 ft -18ft
151ft
-
155
14
02 ft
33 -7ft
22
71 -86
-56
94
43 46 ft
110ft
67 94
20 94
45 94 I-26M-10ft-82
ft
32 94-
95 ft 2ft
110ft
14ft ft
23
1794- 94
60 ft
117
99
62 ft 1
124
31J4
Oft
119a-
C
44 ft
125 -
30 ft-
10ft 1
Dealings In the local market were
of n mere specialized clinrncter than
observed in n 1""?. lm( r,J,HA hVv
ever. seeniR le be the nrdcr of tlie day
In till the security markets. While In
(Keating n regrettable lack of united
front and narrowing of both speculative-
nnd Investment buying, yet indi
cates the existence of n powerful body
of flnanclnl interest", who by enncen enncen
ntlen of onerntlens ran de pretty much
as thev please. These scleted demon
strations, however, rather than Inciting
the speculative Imagination serves te
... ,i...l,IUt mnntii. tlin rnnlc mill
liroineie iiiiuiut. ..... ....r ...v ....... ......
file, mere especially in view of the fart,
such Individual demonstrations nrci
either confined te known clescly-hcld
rtecks or lisues seiunc nt prices pro
hibitive te ventures by the smnller
In the category of closely held stocks.
Elsonlehr was once mere an oiitKtand eiitKtand
In? feature. There Is only nn infln
Itcslmnl nmejnt of that stock free en
the market. Consequently It can and
has been marked up with surprising
ease. Twe ir.ere pelnti were nddetl te
the recent forward movement today,
while the preferred was raised n point.
Inside Interests emphatically declare
there are 110 ncfrotlatlens under way" or
contemplated for the pnssinjc of the con
trol of the cempnn yte ether tobacco
Interests. On the street they tell nn
entirely different story. It Is n ques
tion of vetnelty en either aide.
l'lectric Sterape llnttery, after re
maining dormant for some days, attain
sprang Inte prominence after mid-day,
In nn cecitltiB and perpcndlculnr rise
of 2 peintH te 57, or within n & point
of the high record price. The trading
wns very lively, but the lar(tcf.t end of
the same was plnved en the Blf? Beard.
Pennsylvania Rnllrend was it con
sistent strong spot with evidence of
accumulation around 48'i. A geed
size amount of stock changed hands
during the day, unquestionably for In
vestment, nnd which wns Influenced by
the confident belief of n restoration of
the (1 per cent dividend by the beard
at their meeting next week.
The bii.ving mevefent In U. O. I.
was net resumed nnd the stock was al
lowed te fall back a half point. An
erroneous impression prcvnilcd en the
street that the Bldctracklng of the
movement was due te the death of one
of the local political leaders. If reli
able information is trustworthy the
plans and developments heretofore nl
luded te had no connection whatcvevr
with the political ntmosphcre of the
cetnpanj's affairs.
1J4
ft
94
14
94
Vx
Vx
ft
ft
ft
1ft
1'a
14
ft
'A
94
94
Vx
2 94
ft
ft
Va
V
1ft
"l4
14
94
94
Philadelphia Stocks
rs
nt
.5 Vi
70
e.
7dj
80
0!)
Hlirh low
131 Am Ons.. 70 71
25 Am Uwj s
pref.... nrcK
fiOtAniicendn 52
100trh& Alten 2
100 Cen Tr N.T 51
OlOKIee Ster. 57
lOOtKennecett XiV
3.10 I.eh Vtil.. 71 Vi
5O0t Loews Inc 22
((North Cen. 7!)'i
400 O Klsenl'r Mj
00 de pref.. 00
100 I'enn Cent
Light pf. 57 57
110S l'ennn II It 4ft 4S?i
5 l'ennn Salt 82 82
35 I'hlln Ce
cum pf.. 42'A 42
lGOHiila Ic 31 a, 31 Vt
115 de pref.. 31 31
215 Philn It T 33 33
300ltendlnB.. 81 Vk 81
lOUnienTrnc 41 Vi 41
SOU (J I.... 53 53 Vi
40 de pref. . 511 511
105 W Jer&S. 30 30
l:l Net
P. M. chge.
70 5
Creditors are
likely te only
think of the
Ban k r uptcy
div id end at
time of failure.
De General Creditors
Experience Greater Less
When Their Customers
Who Sell Accounts Pail
It's all a question of honesty t If your cug
temcr is honest he will pay his Creditors
Iho money he receives from the sale of hl
Accounts nnd thereby ewe you that much
less money thnn had he net sold hlu Ac-
counts. Therefore, the payment von .
celve from the sale of his Accounts, together
with his Bankruptcy dividend, If he falls,
should certainly net be less than the Bank
ruptcy dividend had he net sold Accounts
and previously reduced his indebtedness
te you. '
If your customer is dishonest, he can make
you or his Bank a statement and secure
credit or cash partly en the baBls of his
Accounts Receivable, and immediately tW.
after offer his customer a sufficiently large
discount te secure Acceptances or Cash
Jiaymcnt and then cash such Acceptances
ust as well, if net easier, than his Ac
counts and both without your knowledge.
If dishonest, he would misuse the money
from one source as quickly as another
"false in one, false in all."
Business concerns are encouraged by Credit
Interests te close their Accounts into Ac
ceptances and te keep their affairs mere
liquid by turning same into cash and yet
no one knows of such transfers except the
Beiler and purchaser of said Acceptance
neither Debtors nor Creditors are noti
fied; just the same proceeding as where
Accounts are transferred te us en our
"Nen-Notification" plan. An Acceptance
is only an Open Account closed.
Certainly general Creditors would have
the same less if their Debtors cashed their
Acceptances and misused the money as if
they sold their Accounts and did se if net,
why net?
Bimmniuiiiiiinn
Commercial Credit Company
Cash Capital nnd Surplui $7,250,000
BALTIMORE SAN FRANCISCO
Represented at Philadelphia, 1210 Stock Exchange BIdg.
(Phene Spruce 6514)
Affiliated with
COMMERCIAL ACCEPTANCE TIIUHT COMMERCIAL CREDIT, HSC.
Cnah Capital and Surplus $1,(100.000 Caah Capital and Surplus 1800,000
CHICAGO NEW ORLEANS
liB
50y, 50 lVi
52 02-1J Vi
2''U 214..
51 2
57 1
35
71
ie
Vi
70 -li
81 Z
00
37 ..
48-t
S2 ..
42 ..
31
33 4
81 -r
53 Vi
50 . .
30 ..
4- i
lit clMilend ncMdlnc common. $1
tNct chance mniln by compnrlei with last
wilt! en New Yerk Stock Exchange.
PHILADELPHIA PONDS
2000 Liberty 2d -IVJh 00.03
100 Liberty 4tli 4Vis 110.20
5000 Liberty 4tb 4iH 011.00
5000 Victory 4s '23 100.24
50000 T S Treasury 44 100.00
2000 U S Treusnry 4V,h 100.04
3000 Amer Gns & Klectric 5s. 89
1000 Hell Telephone 7h 108
1000 Hell Telephone 7s 10SV&
KMM) ("cm Trac X .1 5s S3a
3000 Llectlic & Pee Tr 4h ctfs 70
2000 Lehigh Val Trail lt 4s. . S0'j
50(H) Market St Klevnteil 4a. . . 80
1000 Pennsylvania It It sen 4n 02
200 Phila Klectric lbt 4s 83
3000 Phila mectrie 1st ! !lfla
2000 Phila P.lectrlc 5s 102
A
H
V
'A
!i
1
1
IK
W
Vx
9
"
'A
V
1
114
'A
Vt
V
Vt
A
S
FOREIGN EXCHANGE
New Yerk, Oct. 17. SterlinK opened
',s cent higher In the fnrclKn exchange
market this morning at the recent high
recenl. Praties were down 2Jj, Hel
clans down V.. lire un 2Vj. Swihs
down 2, m;setas down 1, iJauish up
(!. Xerwny down 7. Swedlhh un 2.
Kuilrierh down 3 and ninrks unchanged.
Norwegian Is new only 1 point above
Snttit day's final, anil show n less
of IS points from Mondays high,
which wuh reiuhed incidental te the
lean operation. The htrength of stet
lins. In addition te the .$50,000,000 In
tereM pn incut, reflects the continued
arrival if geld for the account of the
Hrltlsh (Jeveinment. Husinesw for the
most pint continues en u professional
character.
Opening limitation were: Sterling
cables 4.41. demand 4,43; franc
cubles 7.50'i, checks 7.411 ; Helgian
cables i.OOVj. checks 11.1)9 ; lire cables
4.22, checks 4.22; Swiss cable-
18.4(1, checks 18.43; peseta cables
ifi.ai, eiiecKs iti, an;
111.11!). cheeks 10.01;
18.15, checks 18.10;
2(1.77. checks 20.72:
3S.05. cheeks 3S.H0: marks .03 0.10.
New Yerk exchange In Mentical to
day was nueted nt a discount uf it
te 5-32 per cent. Canadian fumk in
Xcw Yerk were quoted nt a premium of '
'M te .)-. per cent.
YUbTr.RDAY'H CI.OSINO QUOTATIONS
StiTllriK Prunes Lire (lulMera
n-mnnu . .4.41. T SI h 4 111 H as III
Cab ob . . t 43'. " M 4,20 SS.UT
TODAY'U OPIJ.S'I.NU QL'OTATIOys
HlLrllrtic 1'rniicn Lire auiir.rM
DfmKtid 4 43. 7 4(i, 4.'.-a : Is iin
Unburn 4 44 i.'iinl 4:", as uj
Danish
Norway
Swedish
guilder
cables
cables
cables
cables
When New
in Business
Mere than anything else, a busi
ness in its infancy needs straight-from-thc-sheulder,
sound, financial
advice and the background of a
geed bank.
We welcome "new" business
accounts and give them the full
benefit of every phase of our serv
ice, for we realize that, properly
guided, these infant businesses may
be the leaders of tomorrow.
One special point wc stress is te keep the
bank deposit always
above a certain vet
level a "Safety
Line" the observ
ance of which has
helped our depositors.
CODTINCNTAl CQUITtail
line ataust co
Who Serves
Most
Profits IB
, most j
CONTINENTAL
EQUITABLE TITLE w TRUST COMPANY
Oiuelfih abevs Chestnut
Capital
$1,000,000
P Ml LA D E L PHI A
Deposits Over
$12,000,000
Surplus
$1,000,000
ucaHi4
Yerk teilny
nu v, e. err '
J-1CJ lewar at 33
rv?:
e, lr Londen the erica wu
DIVIDENDS DECLARED
Iiallm Power mul I-1-'" f''mpHtu , ,'iur-t-rl
, 1 per cunt en prtferreJ. ij'iyRi.lu Nu
UinlVr 1 tu aiink t rucunl October 'JU,
Idhe 1'ewfr Cemnn. iiuarnrU l ir
bcth t,nable Nuwralx-r 1 te rteck of recenl
ijctuU r '.'S
Durham lleKlery Mllla eunrtcrly l,7,"i .in
lir:frrei. iiiialilij Nu ember 1 tu uteck or
rec Jul O.tebir Jil
i.wlc ..f record Oolebfr IS
Clilcirci WllrelnKtnn nn.l Krnnklln Ceiil
Cemimny. quiirteri:
bin s-.ii-mt'i" I ;'.',
rt . '....ci, r v li.itu ui. uicirii-i. ui
mpnriy. .iui;vV -.- f ........ 0(,i-i ,.,
Hri i v. "-;-,.-' , -,.-- ..-'
l!'r ll". TrclW Mht .njl
Syuble DecemUr 1 W .lock of
1'ewer Cam
nury alurfa,
riceiu uc-
l.an
TtAVh
,.,... .1
Kamend Mllla. quarterly of l'i per ..cent
de IntinA w Vi er cent ea comiaea.
MONEY-LENDING RATE8
te alx month.. H te tK cer cent.
Iloaten
NEW YOKK Meney en cnll. tmth clanier. ' I ilm l.'IWiU
of collateral. epncl tedy nt n I'cr cent for . !; V'""1 ',
ItndiiiK una renewing. AiluntH .;'.l
.... ....... ...... "T".... tu. .... ,...IJ1'.,,lcri''H..
time. 4'A Di-r cent! cemmcrclul caper, three Mlnntape.la ,,
tn tlv mnrithM XXL tn XVl uer CCnt, k.n... fltv
Reserve Banks' Discount Rates
I'nll leana iiirnlnt blll 5 per cent,
Oiflilul re.lifieunt run a nt the tvehe 1'cil.
rial Keai'r HuiikH lire at, fellnwii.
Mb C.im'l IlKm.
bun. la, puiHr, ucci pt
rreia
ctfa.
. 4
. 4 4
4
I
v.
1
I
'?
4V1
4',
4'
8
LONDON STOCK MARKET
Santlment Cheerful Oils Flabby
and Quiet Rubbers Buoyant
' lyOllilen, Oct. 17. Dihjilti. the fort fert
niKhtly settlement, oiienitleim in ycm.
rllies KiMii'riilly were Inrrr tcilnj
r-i'lltlineiit in elieeifiil. T,,. ,,u xrUp
wiin llnlil). itml qiiiet Km nl llutrh
wiih W'i, riliell TriinsMiit nn'il Tnnlliii!
17-UI. mul Mexienn Kuule, 1 m-111
Tim Bllt-i'ilRi'il lint mih hlniiiK en Hni.tx,
Fil'ih'Ii luuiiH were dull, nwliiK le ic
ii'fvliiiih in the fiiini',
lli'ptirrlmM'H iniiile hnmc. milN (Inner
Dulliif ili'MTljitleini were htemlier nn.i
iiiiclimiKecl. Ilnlii for inustmeiiti
i-ttt'iiKtlii'iicil Aruentlne inili. Siiine in
iltiHtriitl weie Intnl. HinUun'h llnv '
wuh 7.
Jtiibbfi-i. were biiejiini en riintlitui'il
liiipruvi'inciit In tlie citnle iirtlclu. ri.e
feellns ln Knfflrs wns geed, but chaniftn
were narrow. "
v. v.
or
They knew all the places
where their victims could
possibly hide valuables
the hole in the closet fleer
the tin box in the trunk and
the rest of the list.
Positive protection for your
possessions may be assured
by placing them in ene of our
Safe Deposit Bexes. Our
great steel vault is proof
against burglars, nre
water.
North Philadelphia Trust Ce.
Bread St. and Germantown Ave.
Above Erie Ave., Philadelphia
WE REBUILD OLD LOCOMOTIVES TO GIVE
THEM MANY MORE YEARS OF LIFE
WITH the resumption of general industry throughout th
" country, the railroads will again be taxed te their full
capacities. While new locomotives arc being constructed W
the various railroads, large numbers of elder locomotives
heavy enough te still de effective work, will be rebuilt "
will give many years of efficient service. The important weri
of modernizing locomotives is one of our specialties.
THE BALDWIN LOCOMOTIVE WORKS
Philadelphia
i
m&
KlV
--'-,
,i it