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7
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$lBf,M
Province of Alberta
5 Bends
Due May 1, 1925
Principal ana Half -Yearly
Interest payable In New Yerk
Price 99.31 and Interest
Yielding 5.30
Full Particulars P-10SI
Request
en
Weed, Gundy & Ce.
Ineorpera ted
14 Wall St, New Yerk
TVlentpeg
Terente
Mnetreat
Londen, Fnc
GOSSIP OF
THE STREET
Richard L. Austin, chairman of the
Federal Reserve Hank, In ".ummnrhlng
btiftlneiA conditions In the Philadel
phia Federal Itcscrve Bank district,
In the monthly report Issued by that
Institution says:
''That the movement of business ts
definitely upward is no longer open te
question. The Improvement during the
last few months hns been consistent and
rapid, and nltheugh much of the bet
terment durlmr the last six weeks is
nttributnblc te seasonal Influences, the
larger part by far represents fundu- 'Company, $10,OOU,UU(i.
mental business rpreverv. Kvidenee of. cent notes,
tliia (u fniim! in lm fr.iin tn r.tni1 nml VCinber --
wheleale trade, In the larger demand
for almost all raw material-" and manu
factured products, In the expansion of
the volume of production and the re-
sminni mi'rensc n cmn nvmeiu, in imp . "'",'nn.J V ;...,. .. vwmk 1
steady gain In cnrleadlngs and In theue In 1023. for payment ,ecmbcr 1.
rise in ine wneiesuie romiiieuiiy-i'ricei- ,. ," i .. .... . i. ...,..(, ...
. nti..kA.j i iiriuiin iauiurn ni-iu uivu.hu .
wklsa hat called ter MraktM ra, No
vember 10, at IDS, 4f BMjOpO Vk Pr
cent bend net due until 1.096. Invincl.
Me Oil Company ha called S2.3M.8W
8 per cent bends due In 1931, payable
November 24, at 110, and la paying
them en through sale of stock.
Total of corporation bends called In
November Is 10O,74D,l)O0. against
$113,862,000 in October nnd $2,lS4,r00
In November, 10'Jl. Of the total, $1)5.
403.800 represent Issues called In en
tirety, while the balnnee In nearly every
case Is te meet sinking fund require
ments. American Light nnd Trnctlen
Company has called $3,000,000 0 per
cent bends for payment November 1,
at 101. Among issues cnlled in entirety
are Virginia-Carolina Chemical Cem-
fillip Ul'Ul'IllU iv 7" J I" M w w
ber 1, at 103, and American Tobucce
HMHKJ,UWii. series r. i per
due In 1021, payable No Ne
nt 11)1. American Power
and Light Company will payoff ?3,o00. ?3,e00.
000 8 per cent bends, due In 1041,
November 1, nt 107 Vi, and Milwaukee
Klectrlc Hallway nnd Light Company
has called S4.050.000 7 per cent notes,
We will buy
400 shares
of
Cities Service Ce.
Common Stock at
197 per Share
We will buy
400 shares
of
Cities Service Ce.
Preferred Stock at
69 per Share
Henry L. Doherty
& Company
604 Merria Building, Phila Pa.
Phene. Spruce "Sii
COf
ORPORATIONS
-hich produce and
sell electric current for
light and power pur
poses differ from manu
facturing companies be
cause they are dealing
in something that in
dustry cannot get along
without.
We recommend the
mortgage-secured bends
and preferred stocks of
wel'-established electric
light and power com
panies. List furnished en request.
HARPER &TURNER
Inrestratwt Banker
mtmtww AMUtWpAb SteeA aSrakmg
STOCK EXCHANGE BUILDING
Philadelphia
lllllllllllllllllllllllll UAAJJJ,
BOND TOPICS
Cur current number of BON'D
TOPICS contains Instructive ar
ticles covering the PUBLIC
UTILITY INDUSTRY.
Te these Interested In Public
Utility securities a free copy of
BOND TOPICS will be mailed
upon request. IE
We advocate and recommend the ijj
purchase of fundamentally sound p
power and light bends. A
Our November list of suggestions C
is new availably for distribution. X
Fairman & Company
Draxel Building, Phil. jjj
Established 1903
Correspondents J
A. H. Bickmore & Ce.
Ill Broadway, New Yerk
index numbers.
I "The latest available reports en re
tail trade indicate that the volume of
sales Is steadily crew In;. Sales by 4S0
i dipnrtmetit stores throughout the
United States that make reports te the
twelve Federal Heerve Ilanki were
11.0 per rent larger In September, l0'-'2,
than In the Mime month of the previous
year. In the Philadelphia dlxtrlet the
Increase in retail trade was 15.3 per
cent. Mail order houses and many of
the rhaln stores aha reported rnln n
the volume of business. Wholesale
trade likewise has been active, and In
1 most cased sales In September were
i InrRrr than In August of this cnr and
in September. 11VJI. Ne Mntlsties arc
as yet available en Oetnlier's business,
i but current reports from wholesalers
point te further betterment.
1 "Figures from eighty banks In thi
district show a decline of 0.4 per cent
In savings deposits during September.
The monthly changes thus far In the
jear, stntcd in percentages, have been
ns fellows January. -rO.O ; Februnrv.
-O.'J; March. --(U : April, 0.2;
1 May, 0.7: June. 0.3; July, 0.02:
1 Augut, O.Ti. In Septenil er eight of
the thirteen cities shared In the general
j dedine. and of these enlv two could
I be called typically coal cities, wmc''.
might be expected stl'l te show a fall
ing off in savings deposit". The ethers
' wer a wide runge of manufacturing
activity."
Coppers Surprisingly A iilnerable
Since the market turned tail, weak
ness lias erep'wi nur n surpriMin:
quarters, revealing the fictitious char
! if ter of much of the recent strength.
I One of the surprlcs In this cennc tien
j estenlnv vns the eonrl''ueis Hil
! ness of the entire copper group. Ann
i cenda wis offered In lnrge blocks and
j seemed te be friendless. According te
the Street theory, pressure en the group
resulted largely beeiuse of the fni'ure ef
the red metal shares te participate mere
i pTtinslve' in the leeent r."
Fer some days, however, there had i
I been hints of shading prices In thp
metal mniket. the technical position e
which apparently as no strong r than
thut for the recurltles.
The only known reason for the de
clining tendency wns the falling off In
demand nnd the attitude toward the
market, which has been sp-'ken of In
past weeks en the part of the Seuth
American interests, netablj these con
trolling the Chile Copper Company.
Apparently wmc one in the trade Is
unwilling te permit prices te be ad
vanced or even firmly held at the mo
ment. There 1 considerably mere talk in
the trade regarding this condition and
net all the discussion Is of e eemi 1
mentary nature. It is contended opera
tions at the Chl'u properties bine re
cently been increased mainly for the
purpose of discouraging the American
products and preventing any censldera- ,
tien of possible increase in output ,
in this country.
Aa a matter of fact, the le.tilir.c
JlBteriean'cempanlcs are net likely te
make any plntis ter enlarging- their op
erations nt this time. Officials of the
big producing organizations knew the
situation and will net take step which
may lend te any disturbance. Therefore,
inim ftiitnm wer
ward ns being causes for the further
unsettleinent of values In yesterday s
market, which carried prices of many
Issues te the lowest lcels touched In
seme time. There were indications et
various groups of stocks being affected
bv hpcelal conditions. The wenktirs of
stocks In which the late William Uocke Uecke
feller had been most heavily concerned
were among the weakest features and
these stocks which had been looked en
as In extremely strong position were
pressed en the market nt sovere de
clines. Consolidated Oas, In which there has
been steady selling since the beginning
of last week had a further less of ever S
points te VW). the St. ram common was
INVESTMENT SECURITIES
OF SUPERIOR QUALITY ,
We shall be glad te send our
weekly listte any investor en
request.
ISAAC STARR, JR., CO.
16th and Sansom Stt.
Philadelphia
aiemeers rMladelpMa Stock Keen;
Xete Yerk Cotten Exchange
rWOrkaMk
Strrkt, he
' lttARrfSt
Dm.OcL, IMS
90 A Int te YWd 5.70
Tevt Rttuni in Ptnnm.
Frern etf Mve Nermal Fatfsrml
fieema Tax
Circular en Bttttstt
Tewmend Whclen db Ce.
BOB Chestnut St.
Membera tr. Y. m PMIa. Stock h'tettangtt
down 2f'S points
nnrl the iireferreii
stock which sold heavily dropped nearly I
4. Anaconda, another stock in this
greun largely held by v liiiam iieckc
feller, declined 2SS
nelnts.
nin TTtADKB.
CONVICT PHILA. AUTO THIEF
Yerk Read Man Found Guilty a'
Atlantic City
Atlantic City. Oct. .'II. A Jury In the
Crlminnl Court yesterday convicted
Geerge W. Hare, twentj -one, et B'.l.ll
erk read. Philadelphia, of the theft I
of an automobile from Jehn Pnrsum,
of this city. Sentence was deferred.
Mr'. Parsons ldentllied Hare ns the
t an she saw drive nwny in the me- i
chine from in front e' their home.
Ilnre had been ni rested before by
police of Uican City, fellow Inc a chr.se
down the const te Sea Isle City. At
the time lie nnd I.ee Dennelly, a real
estnte man" of Atlantic City, were al
leged te have been riding in a machine
sie'en fiem Ocean City They are under
-i()00 lull awaiting trial in" Cape Mnj
County.
Ready Reference Booklet
Fer Savings Banks
And Trustees
We have combined in one 52-Page Booklet
the latest official lists published by the
Banking Departments of New Yerk,
Massachusetts and Connecticut, of U. S.
Government, State, Municipal, Railroad,
Corporation and ether Bends legal for
Savings Banks and Trust Funds in these
states. Copies of the booklet will be
furnished investors gratuitously.
Mmenil &Ce.
1427 .Walnut Street, Philadelphia
New Yerk Bsltimers Pittsbargk WtiUagtea
l!mbrs Kn Yerk, t'hlUdelphla, TitUburfh
ad W'aehlngteD Stock Uxchtngei
BALDWIN-PHILADELPHIA LOCOMOTIVES
IN A NOTABLE BRAZILIAN UNDERTAKING
American visitors te the Brazilian Government's Interna
tional Exhibition nt Rie de Janeiro will be interested in seeing
four six-wheeled switching locomotives built by us for work
in connection with the lazing of the Morre de Castelle ridge,
which will add 150 acres of ground te that city.
Baldwin Locomotives are used all ever the world.
THE BALDWIN LOCOMOTIVE WORKS
Philadelphia
an Increase in production in this ceun
try
,n fit., , i ii'i v-. ". ....-I
nays one of the blc New YerL
' len hnue-. "and net with
Unlisted
Stocks & Bends
Correspondence Invited
Chester B Cook &Ca
42 Broadway NewYirk.
TilepheNe Bread 3895
SUCCESSFUL MEN
Keallte Ihnt drpendnhU
flnanclul cuunsrl U it rcul
nrcrxlt). We iirp ulwii)
pltaxil la consult tvitti jeu
en qurttleriii thut muy lie
(Irlnc you tome cuncrrn.
The Real Estate Trust Ce.
Bread and Chesln.,1 Sts.
rtiuri GRADE
SECURITIES !
Yielding from i
SVz te 6 !
R03T. GLtNuiltairiii & CO.
KftahlUbfd 1(105
400 Cheatnut St.
s Wvt. Steele & Sens Ce,
WMB l
i ', 4MHS0T-BfGUUUtKB-C(flWBVC3taMI
HIGH-GRADE BONDS
Mmb, Watsen & Rapp
US- taM nti au.
IHIIIWIII I ! I . I
lb out of the qu"-tIen just new.
I Become a World Mart
' "T, l i't inc. tn fnt V.tu Vm.tr .. 1
tie time te reallze that it Is bcceuilnpr
n mart tnai ueais in worm is",,
ru cemuili-
lt ininv
I lnnnl rnr!.i(lirn t Inns which ii :ilp (nit.
'tlalty stock inevenicnta of nn-at si;-lilficnnc?.
I "The T.nn-len market ven of fifteen
yt?ars ni;' could break hailh jti one
I iiuartcr nnrI nj(iv n boom in another ar
the same time. "We are grew-In;; threush
a mew educational preces-. 01 ucvriep-
, ment Inte a Flmllar Mtuatlen. witn u
market fully the rqunl of Londen's.
, We are t;cttlr.u te be n 'wer'd market,'
In which a tloer trader may learn te
ndmlt that even It he can knock a half
point from the quotation for a miner
Industrial 1&mic It does net quallfv him
for n teat In the g:anl jury of the
world. 'Hie u'tlraate judgment of po pe
lltienl activity is nf nece--lt.v reserved
for six mehthi cf'er election, when per
formances mnv be considered, hut It is
felt that the Interest of the owner of
pub1ic Issues i concerned w.rli main
tenance of the pre-ent political balance
In State nnd Natien."
Pere Maiquettr
("ens'derln- capita! i-tructure of pi-rt-.Marquette
ltnllwaf (.'empany and its
proven abllit te t-hew geed cirnlnss
under It, tlie .". per cent preferred teek
seems te warrant nn Investment rating.
Prier preferred has aluedy attained
th.it Maui, ns li.dicated by the ti 1 per
eeut Tleld nt i-irreiit price et nrnunl
7S. The preftrred jte'ds about 7 t per
rent nt tt't nf'er allow 'ns top 'J per "'nt
hack divllcnd" -t i ' i unptu I. K'lni.n.'"
have been sutS' lent te pay th - n" n"
eimu'atien. bur aft.r pajlnj of 10 per
cent In January minagcmrnt purnieii
the conservative policy of pnjuiu' 1 per
cent each dlvi lend period.
Pere Marquettn has elijht'v mere
than SI." IiOO dOO bends euttandin'.
Including eqti.pinent l--iieK. 1'ellnwitu
tliefe is .$11 fie.Oni) prier pref .rred
Htoek. SUM'-'iMKX) j.rcf.'rnl and .si,"..
OlCiOIXI common Less than -Id per
cent of capl'nlliatieTi .s fin, 'led debt.
rare percentage under presnnt coinlt ceinlt
t ens. As te prnnei tj weium the pre
ferred stocks nrc in n r.dutie',, urnns
pesit.un. itli read ami (iiuipimnt in
vestment Uems en the balance -L- t u
aebut S12.'J.0U0.)0.
Since reorif.in.atien In KM", except
In 1!20. earnluH have hein tunple,
Kivlnj both preferred issues Inrge m;ir
Kins of hnfety. After deduction for in
tereit charCf. net hhev tlie fellow ln
liercentaces en prier pieferred: l!il"
11 (l.'i. 1DH 17 S3; 1111!). I.'l l.'i ; UCU,
0 0; 10'Jl. 27 71. After deduction for
'prier preferred dividends, pei-dntage
arn UK en preferreil were. 1H17, ,", j-, .
Tn1, nr.7; line. aii."i, nw, o.e:
UiL'l. UO.Ut.
Ne dividends hae been paid en tee
l.'.OOO 000 lommen Nteek eiit-taiMlni','
Instead cnriiiiiKs hoe been turned liiTe
imprevemcnth te nruperty and equip,
meat nnd te buildlui; up a surplus
wnieii n.s et ueccmuer ai, iui'1, noed
I at $0,778,420.
I November ltend .AfatiiTliifs
I (''ornerntliin bends en 1 lei I for tun .
incut In November, 1H'.'2, In advance of
maturity, relleet cafy money rates und
r.blllty of cnrperatiniiH te refund leans
put out nt hich rates (f interest with
new isMicH nt mere n-iiKenahlc rates.
Keine ceiiipiniled Iiuvk been able te re
place leans by hteck Ihsuvh notably
Sinclair Consolidated Oil Ceuiputi) ,
i . ....
li;;iiiiiiiiiiiii:iiiii:iiTi::.nii:i!iiiiiiiiimiiKiiiiiiii;inniiiiiiii,r"iiiMmiiii iMrmiiiiiiiiiiiiiji" """" ii
M r i . t . .. ... .. . u
"'' MmmarnkMi
m 4mmmm
'E liiH N
l .iSftelteWsT'Maw'ffle'SlsSlSaJlII 1 1 111 . laif-.S, I
5 1
I l
THE OFFICERS AND DIRECTORS OF THE I
1 FIRST NATIONAL BANK 1
jl OF PHILADELPHIA
g! DESIRE TO ANNOUNCE THE OPENING OF THE j
I BROAD STREET OFFICE
I1 CORNER BROAD AND SANSOM STREETS 1
j A COMPLETE BANKING SERVICE WILL
I BE AVAILABLE AT THIS OFFICE I
B NOVEMBER 1S1 lQll
NA1 lUAL HANK
I n " " """" " "- w "" "" mm 'mwmm -mm a
OF PHILADELPHIA
MB38BB I 1 . 1. .1 1 T 1 1 1" HiWI . '
s y. . - ' -i s -' jl ' 1 l
TftU i' -t "i1 " t ' j('Baifc i' if' i''t'ii
!'&
EQUIPMENT TRUST CERTIFICATES
Wa Offer Subject te Prier Sal and Change In Price
Company
Rate
Maturity
'American Refrigerator Trantlt . . 6
Chicago, Milwaukee it St. Paul Railway 6
Erie Railroad 4 ft
Erie Railroad
i: :
Great Northern Railway . . , .
Illinois Central Railroad - .
Illinois Central Railroad . .
Kanawha 4b Michigan Railway
Michigan Central Railroad c
New "Yerk Central Lines ....
New Yerk, Chicago A St. Leuis R. R.
"Pacific Fruit Express ...'..
"Pennsylvania Railroad .
St. Leuis-San Francisce Railway
St. Leuis-San Francisce Railway
St. Paul Railway ......
St. Paul Railway
"Seaboard Air Line Railway . . . ;.
'Seaboard Air Line Railway . . ;
"Seaboard Air Line Railway . . . .
'Seaboard Air Line Railway . . ,.
4A
6
4Wc
6
6
Stf-
B
79i
07e
57'
S
Bee
S
5
8 ft
S(!
July
Jan.
April
June
Jan.
Oct.
Jan.
Jan.
March
June
Sept.
June
Jan.
Sept.
Sept.
July
July
Oct.
1, 1929.37
IS, 1929-34
1, 1925-27
1, 192S
Dec. 1, 1928
18, 1938
1928
1931
1933-35
1929
1930-34
1926-29
1932-38
1.
18,
IB,
1,
1,
1.
1,
18,
1.
1.
18,
18,
18,
1932-33
1923
1928
1924
1926-33
1928
April 1 8-Oct. 18, 1926
April 18-Oct. 18, 1927
April 18, 1930
Yield
S.607c
8.40?r
8.60?i
8.60
8.309;
4.94
8.IOV0
8.30
8.00
4.989'e
s.qs'c
8.089c
8.350c
4.78-rc
8.08
8.00
8.20
8.80
8.707,
8.78
S.70
'Issued under the Philadelphia Plan
JANNEY & CO.
133-135 SOUTH FOURTH STREET
PHILADELPHIA
Telephone, Lembard 4320
I
Municipal Bends
An Improved
r . . Exempt from all Federal Income Taxes
" Prica or
Tax Chart Yield
525,000 'Manchester, N. H., 4s 1939-42 4.00
465,000 "Chicago, 111., Geld 4s 1926-38 99
5,000 State of California, 4s 1930 4.10
( We have available 5,000 ::'MinneapeI, Minn., 4s , r 1945 . 4.10
for distribution a , 34000 'lEnglewoed, N. J., 5f ' WlZM 4.15
t;it-::i 135,000 Milwaukee, Wis., 5 ' 1924-34 4.25
parative differet.ee 10,000 Flint, Mich., Scheel DUtrict 5s 1940 4.25
i in net yield 40,000 Sacramento, Cal., Scheel District 5s 1951-61 4.30
j betntennen-taxehle 144,000 Wace, Texas, 5s 1924-52 4.50
bends and these 15gO0O Cnariejten County, Se. Car., 6s 1937 4.60
i letdZl State 95000 Cuilferd County, Ne. Car., 514 1940-47 4.60
I or Municipal ' 595,000 First Texas Joint Stock Land Bank 5s 194232 4.6S
( j "va"'"'!- -Legal for Savings Banks and Trust Funds in New Yerk
I '
I We shall be pleased Ccmplete circulars or. any of the above sent upon request
te mail a copy
tipet rrewt
, W. A. HARRIMAN & CO.
INCORPORATED
751 Drexel Building, Philadelphia
! SKV YORK CIIICAfiO
IirPFALO SYHACUSE
I 1 I 1
1
Sales
Managers !
Sales Forecast UMap
Sent Free Without Obligation
In order te prove te you
that your sales can be in
creased 10 te 30 en
every dollar you spend by
the use of the Babson
Sales Forecasts which
cover every territory and
industry we want you
te accept the Sales Fore
cast Map for the winter
of 1922-23 without cost!
It shows you where busi
ness will be best in every
state in the union. Con
centrate en these fertile
fields! Remember, no cost
or obligation just tear
out the Meme newand
hand it te your secretary
when you dictate the
morning's mail.
Tr Out lktMi N fail r ObHiili.i
Babson's
.........REPORTS
Service for Kxecuttvts
i MEMO for Your Sctntary
.. . raiiiiiT
BJmral HI
u -uqea
a
I Write Balmin Stutlitieil OrKanlwlien-
Wftllenley Hills, 82. Mass ,-, fellow.:
"I'lcase tend mu without charge or ebli-
ration bampleef Salci I-erecast Map Ne.
. 34 , copy of 32 pige booklet, Inc fating I
I Altt Prefit: J
I
0
01
L"l 1
0
r
8
0
y
S
1
1
-i
S
a
'1
S,
rrjtrjxrjunJJtgjg
tfSffigpB
THE SANITARY COMPANY
OF AMERICA, INC.
5000 Shares Par $100
8re Camnlative, Participating, Preferred Stock
HcrtlclpatinR with Common Stock up te 10'i
Full Paid, Nen-Assessable
Dividends Payable Quarterly February, May, Augutt, Nevembir
Sound N-t Wnrt'a J750.970 73 ValttMlnrt of Amerlriiii
AiipnilHiil Company, Net Hurtling Yearly Mern Tlian Three
TiiiiBs Dlvlilrnrt Itenulrcmetits,
l'iiil)en--T(i Jlxi aiul the Already I.iube lliislniHH and
Take Advantage cil' the HulUlnn Hoeiu en In I'lilludell'lil
nl ThreiiKhciut the Country.
1'reductH -Seil Hpf, Different Types of Flttlngi, nnd
All Klndi uf I'luinblrifr Hpeclaltle.
THE STONE PLAN
of Investment Service
4-POINT SECURITIES
1 Safety of Principal Managed by Stene Engineers.
2 Surety of Dividends Guaranteed by Stabilizing Fund.
3 Quick Convertibility Resale at pur upon request.
4 Profit-Sharing At Retirement of Preferred.
Te be Retired et a Premium of $102 with Accrued Dividends
and 'i there of common stack with each share of Preferred.
In Over Six Years Net a Single Client of Thousands Has
Ever Lest a Dellar of Principal or Dividend Through Invest
ment in Stene Safeguarded Securities under The Stene Pan,
Writs er Cell far Full Information, uiitlwtt Obliiotien
H. A. STONE & COMPANY
Widener Building, Philadelphia
Sprue 7183-4
.rnrjTiirjiiJiiiiijiir
&
Bends for Investors
Reed A. Morgan & Ce.
i mliiTK uf th 1'lilla, Ntnik KnU.
West End Trust BUtq,l'httu,
BANKERS
hmlri'a of tliuruuBht
cviiiu'ctien
ornec
I limn uii'hhlii uf iiriiithe n
I lwnU In Phil.. ' fv
a m, itvazn 01
!;.
lily (iMicrleiu'til tttiilt
uthe nlillllr, ten lm
ultli
Lawrence E. Brown & Ce.
CERTIFIED FUILIC ACCqUNTAIlW
1S10 RJCAT.
nivi'siigate
imr'iier'hln
Inreme Tin;
w.La
0011
Ilttiiru
v,l
dm
ill
fl
"VI
41
I
,
i
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(Au-j
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