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K
GOSSIP OF THE STREET
BROKERS TRY TO EXPLAIN
SLUMP IN STOCK MARKET
Flood of "At Market" Orders Largely Responsible for Violent
Shakedown in Security Values
rnilK word "If" was tivorwnrUeil yos-
twilny iti tln rxplnnnttniis itntl opin
ions n. ( wlict really lmpwiitMl, ntul
Vtliit I))', i;r'it about Mi" rntni-lysm In tin1
Mod; inaikct on Wciliu-Hiliiy. Jinny
vim-p (IikIik. fault willi the fi-tlcral ri
MM'Vc hj jpiii. wIiIpIi pprnilttcil nintlcr
to run nlniitr without iici-c-sary wnin
Injs till H iws loo Into to il.i nnytliint:.
banker, when uponlilus of thoio who
vi'iv lmiil in blnmiiig the federal re
fervc --ri'.l (hey xlinnlit he Uiiiiilcfnl for
n Hj'hiPtii wlin-'i stiK.il micIi n btrnin ami
poisihlv pivvnrj had motlej panle.
At ii' time win there hiipIi a possllilltty.
llltlioilirll at tiini'M no inniev ivnn nviitl.
nble fir .peenlatlM- pmposps at even I t'll after the III
the Inchest rules iiuotid. t'uder the : "e did not exieet
old sj stem speh a rcsnll
would have I
heen linno'-ilile. 'I'o'hear
tlipsn neople i
hnrnti the fed.'i'iil vesni-ve svslem for a I
"Waf violent break in a lot of lilshh specu-'l
latlve Htnciis, Ii said, one would think I
the federal reserve system was Invented
solely t ewmynKe wild speculation on
the stock pm lianse, wlien, as, a matter',
f fact U" inn in purpose Is to discourage j
such specubiti in by dive.rtinB credit into
the IcKitimiile channels of the nation's
Cominerci mid industry.
, What luippi'UPil on Wednesday, said
n broker bn was ii'i the miiNt of (he
I'xcitenv nt in Xew Yi.rli, was the same
ns hap)i"ned en TueMluy. only on a
liiRKcr sell. , and tlv waniini of Tues
day was luken pel haps too -uihleuly.
There (is. he said, a jjooil deal of
liquidation in Ihe early hours on the,
part of cnsl. liners living out of town.
Inoitlj 1nt the market.
ItoiTcwors weie bidditiK S per cent for
time bum-, with few takers on account
of the acute condition of the money I
nmrkei Call money, he said, at that
time nmi 11. In the afternouii the
mHl for funds liecame creater. I'.itlillnc
pi.lduali lieciime furious, till it reached
,'iO per '-iiii. On Tiiei-day. he said', there
was S-lfi lUio.OOO fferod m call, while
on Weil i d.n then; was nowhere near
that iii.i 'unt uvailal'ile. lirokers wetu
InkiiiK ii. chances, and customers who
cniild t'"t be reached were sold out,
Mimethni". lo their Ii-mipIM. Stocks were
sold nt tiny price, so that they were
Hold
e
hen (liscii'.sliii: (he over-speciil.ition
in slock . and l lit ih'moiallzatinn in the
stock nnrket on W'cilncMhiy. a hanker
Mild that there is a reat deal of specu
lation goin"; on In commodities which,
because it is less spectacular than tin
(prculntii'ii in stocks, is not so notice
able but it is h-iviuc a deiiih'dly bad
inlluence i ii til" country at larue. and
especialli on the h-inl-in-; and credit
Mtuath'ii lie a:l that it nerd' curb-
Philadelphia New York Boston
JULIAN ST SiMSOHN
An Orcani7at!on of
CHEMICAL ENGINEERS
Tor Tcfhinrit Oppratlon of Tower Plants
Water Purification Coal Analysf s .
Combustion
5. E. Cor. Broad and GirartTAvc.
NAGLE
STEEL COMPANY
STEEL PLATES AND SHEETS
Pottstown, Pa:
Phila. Office, 1111 Morris Building
, Chas. J. Webb & Co.
Wool
and Cotton Yarns
Chestnut St, Philadelphia.
?.
t ) A
IIIOII 0.UAT.ITY QUICK 3EKVICK
Motor Truck Delivery
f Lansdale Foundry Co.
E Titm.la p. I'ii. ihnnp l.rinsdnifl 4311
EtaasHscM
Steam and Gasoline
Philadelphia, Pa.
There are openings in
nearly all branches for
skilled mechanics. Steady
work; good wages; excel
lent working conditions. A
large number of the ways
arc covered. ,
NEW YORK
SHIPBUILDING
CORPORATION
CAMDEN, N. J.
Apply at Employment Department
at the-Yard
G
:rry
S2-Wai.mut St. J
JOB mim A SP8X5AL1
In Service More
Than 25 Years
proving conclusively that it
Therefore, when you specify
raw wis. w M ( ' PI ! to
Portland Cement !
IIS
'V'.;i.7:.r;?j;i.at-aayamrzOT I
r-.JLfLVA. Ci ( V"Jjt ..AU.'L!Llris-.:5
THE BALDWIN
Locomotive Works
contracts, you know what to expect.
than other' paint, liavinc twice
inside work, giving a hard, durable finish that will not flake, scalo
or rub off. White .and colors, by, tlie bhl., 10c lb..; smaller lots,
12c lb. Special price to contractors. Sample for testing on request.
Ub. "Household" Gortons AT DEALERS 30c
JOHN C OETEItS, Mfr, 1242 N. 31st St.
If not mote, than
Meek sperillatlon.
In fact, he added, if It wna elipelii'il
all other siieeulallon would he idieehed
uutuimitk'ully.
Anybody's (Jtiess iood
Tlie principal partner of n very ivn-t-ervatlve
broKcraije house said any
h'ldy's Kuess was jjoml enough as far'as
the Itiimedlate future condlluf of stocks
is concerned. There are many houses
In New Yoik, he said, who were re
fusing to do any luislne except on n
cash basis, lie did nut tool; for a perin-
impiit return to steady prices, he said.
t of (he year because
he money tannic would
be straightened nut before Hint tune. It
is tile impression ot inaiij 111 the Ilium
clnl district Halt the cause of Weil-
neiday s collnpsp in Ihe stock market
us prunariiy nrouyiu anout !iiri-;ii
Heavy speculation on Hie part ot a
public whose most available ipiick
assets were lahcity HuiioN.
These weie put up as collateral with
the brokers who in turn were passing
them alone to the banks. The banks
Were rt-iliscuuntint; them with the 1'id
eral lleserve itaiik lo an extent that
taade it necessary to call a halt, and II
was called.
A well-known banker oonlirincd this
and added "They ate going after the
speculators in wool nexl, then Hie spec
ulators in cotton, who have been gulltv
ot tlie same practices, on a scale which
Is hardv credible." lie said.
'Another banker said the onlv cure for
the conditions which tin' wild specula
tion of the past few weeks has brought
i about is I wer the nrices of connno-
I ditles. These nriee. are bciii'-. hnlstA-cd
lK just as miieh
by lictllions credits and tlie Federal lie. I '" trnng demand. Trices are mate
serve in gelling after this matter in the I ''""'J' 'linuged. though there is an ex
way It has done, will accoinnlish the I peetalion ot an advance shortly.
Jesuit, i nere is notiimj; unsound in
pi (vein conditions, be said. The country
is prosperous mid fundiimentallyi
nothing is out of joint. The market, he
said, will recover very soon and will he
all the healthier for the drastic expcii
once It has passed through.
.KralcISuying Advised
As lliere seemed to lie considerable
doubt as to whether the bottom hail been
reached in the slock market, many
brokers were advising scale-buying on
the part of their clients. Due of these
said lie would not advise such buying
on the part of clients on earnings or
dividends based on the last three years,
which he said in many industries had
been aftnormal. Nor ,did lie favor basing
intrinsic values on (he year prior lo Ihe
war, but hi; believed a safe rule would
Include the earnings and dividends for
ten jears. Stocks which have been
paying good dividends over a number
of jeais, he said, are certaiu to come
hu-k first.
Of course, there will he rallies of
some of the speculative issues, and re
in tions (o bring them down again, hill
the best guide till conditions right them
selves and nionej becomes more plenti
ful is to practice scale-buying.
"Plight t;f I'uhlic I'tilities"
A bunker, when speaking of. public
utilities, asked the question, "What has
become ot all the agitation or some
months ago about .he "plight of the I
utilities. "Surely, he said, "they an
not all satisfied with conditions." It
was pointed out lo him Hint many of the
complaints of the utilities, which broad
ly meant the traction companies, are
being aired in courts or before, com
missions or applications, are being made
for receiverships, while in several cases
increases in fares have heen granted.
'Hie predicament of Toledo, O.,
which' is nt present without street en:
facilities bi'ctiNso. in citizens voted to
oust' the company operating its lines
rather than pay higher fares, was
under discussion when this banker said
that Toledo had a light on its hands
some live years ago. The light then was
to compel the company to accept a four
cent fare instead of a live-cent fare, or
l lather to sell six tickets for twenty -live
1 cents'.
Harry L. Holici-ty at that time, he
said, as now, controlled the operating
company. .Tlie tlien mayor ol -loieuo
was a stubborn advocate for the low
fare and advised the people to ride and
, pay only lour cenrs. noucriy, lie sum.
1 told his conductors to collect live cents
I or nothing nud to allow those who
' refused to pay the live cents to ride
free. His instructions were obeyed to
l the letter, hut the people refused to he
j under obligations to Mr. Doherty and
I the live-cent fare was' soon established
I again without friction.
lint, the nia.Mir, he contended, ad
vertised that at a certain time and at
, a certain place, he would ride in one
' of tlie cars, pay only four cents and
I make a test case for the courts. At the
I appointed time and place he boarded a
j car, to find Mr. Doherty standing on
I tlie back platform with the conductor.
F
v&
! BUILDERS' I
MILLWORK
I Doors, Sash, Mouldings,
Columns, Etc :
THE HANEY-WH1TE CO.
$ Plant ;j:j
: 1 7th and Glenwood Ave. j
jji; Office & Warehouse ::
:: 21st and Glenwood Ave. U
8 H
i Lists From Plans and ;
; Estimates Given ;
oi:n'i:k.i, sih'Ricintknornt
r.Aitr.r. iii'immno roNsritui'TinN tom-
I'AXV HAS OI'K.NINO IN Tlll'.llt OlttlAM-
zation roit .man- or iiuoaii i:i'i:ui-
UXCIJ IN nlMINTOnCKI) C'UNCIUITI': AMI
INlllISlltlAI. 1'I.AM. CONNTKUVTHIN.
i- no-, i.i:i)(ii:it UFFJCK
mm
The Perfect Water Paint
is a quality product.
ZRMBNTINK in your
It is much more economical
the
"spread," and is used for all
JBVliING lU-IlUC
I Mr, Dnhcrty Introduced himself, vct
! coined the mnyor, saying lie was de-
iigiiieu in nave uim riue as ins giicsi,
at the bame lime handing Hip conductor
ten cents, lemurklng "two faies,
please." '
Hut. safd Ihe hanker, Ihe major had
his auto following Ihe car. intending
Ihe test would only occupy a few nnu
ules. and at the next slop lie got off,
look his auto across Ihe city, caught
another car, where to ills surprise Mr.
Doherty agillu greeted him, lllul re
peated Ihe llrst performance.
This is tlie Mr. Doherty who when
the citi.ens of Toledo voted to oust
his company took every car to Michi
gan al night and left Toledo without
service.
It will hi- interesting, said the
banker, to watch whether Todelo will
want Mr, Dolieity back badly enough lb
give him the franchise he wants he
has none now and pay a six -cent fare
as well.
TRADE IN YARNS LARGE
Volume of Business Increasing and
Prices Show Steady Upward Trend
The Militme of 1'u-dticss in the local
collon yarn liade is reported large, tie
cording lo the weekly review of busi
ness In the riiilndelphia district by It.
(I. Dun & Co. 1'iices show a steady
upwind trend.
Notwithstanding the adverse labor
conditions, business in all textile lines
continues good. This is csnecially the
inse in the neat in;; trade, linth buyers
and sellers are looking forward to a
continuat-iotl of satisfactory business
conditions as far as the demand for
their products is concerned.
.Jobbers of woolen and cotton goods
I say there continues to be a scarcity of
l merchandise, , and while sales have
dioppcd olT somcwlial the market is
still high and prevailing high prices,
they look for the coming spring.
The leview. continuing, goes on to
say I
"The electrical I mile reports a good
volume oi inisini's.s. with tietnnnu
greater than prorturtiyu.
Heating an-
li'''s '; moving treely ami Christ -
I"11 novelt es and oh-ctrlcnl toj.s. ivio
i oe miivo liiiuc n-poiis no increase
of
:, per cent In prices ot boilers and
radiators and accessories, such as
valves nud pipe fittings, and prices
also have advanced itVcnnling to the
material used from ." to LT per cent.
"liusiuess continues good, with a
shorlage of production in most lines
and Iipuvk demand. Shipments are re
ported seriously delayed by labor
tumbles.
"Hides, skins and leather of all
grades ' continue in active demand,
(lazed kid iiiiuiufii"lurers are operat
ing to capacity in orders on hand and
there is little free stock on hand. Shoes
of all grades are selling well and prices
are linn and high.
"Millinery supply houses report an
active trade and milliners are obtaining
an increasing number of hand-trimmed
hats.
"Tile local lumber markel is reported
ns somewhat quiet at the present time,
prices renriining about the same. Local
Minis in some instances are only milk
ing moderate purchases, considerable
slocks still being on hand and not
much of n demand nl nreseut.
j "The coal situation nt the present
lime is in Ihe hands of Hie adminis
trator and till' price i regulated by the
I I'nited Stales (loveniment as in the
I war. The bituminous coal market is
not cry active owing lo Ihe strike.
There is, however, coal enough on
!'' .!; -er for a sh.irt .orlo.l ,,,l
the export trade bus been cut off owing
to these conditions.
"There is no change of moment in
the anthracite market. Micro has been
a fair demand, but a shortage in the.
car hiipplj. '
' "The trade in domestic leaf tobacco
has been moderate during Ihe last week
and fair sales are reported in I'cnn
s.ilvania and Connecticut nl good
prices. Havana. mid Sumatra are be
ing sold in moderate amounts for im
mediate riipiiremi'iits and prices lire
somewhat high. The large cigar manu
facturers report a fairly active busi
ness and are somewhat behind in their
orders. Tlie local letuHj trade is re
ported in fair condition. Collections
lire reportul slow.
"Wholesale grocers report a good
oliiinc of business at present, with
collect ions good. High prices are
prevalent, with no signs of abatement,
lietailers are fairly active.
"Coffee futures advanced owing to
European buying in llrazil. There is
no change in. tin st awd freight mar
ket. Collections are satisfactory.
"Tea is fairly active, with good de
mand for all grades. Prices are linn,
collections good.
"The sugar situation remains un
changed at nine cents. Distribution
seems easier, although there is more
tliiin enough demand to take care of
deliveries."
JERSEY CANVASSERS NAMED
Governor Runyon Selects Four Sena
tors to Pass on Recent Vote
Ti-fiitoil. Nov. 14. Two Itepublican
and two Democratic members of the
Senate were designated by Governor
linnvoii jesterdii) to sit with him on
November 'Si as the state board of.can-Missers-to
canvass the returns of the last
gubernatorial election. .The senators
selected were .loshua Ilniues, of Cam
den, and .lames llanlniond. of Mercer.
Itepublicaiis, and Thomas lirown, of
Middlesex, and Henry T. Kays, of.
Sussex.
The vote cast at the election on No
vember I when Senutor lMwurd I.
Edwards, of Hudson, defeated State
Comptroller Newton A. K.-Hugbcc, hlf
UcpublicUii opponent by approximately
11,01)0 votes, will be tabulated by the
secretary of state's oilier and in turn
canvassed by the state hoard.
17 Brldgeton Aliens Naturalized
I'.ridgftou, N. J., Nov. 14. With
Hiiitv aonlications from persons ot for
eign 'birth, Judge .1. Hampton KTthian,'
in the naturalization court, admitted
Beventeeu of the applicants to citizen
ship after a searching examination.
Cases of twelve others were laid over
for future action, while one was dis
missed. SIS
TffiFTTf
JhrfJJLAtvAA.
sitiuiiy f'i'1 'ou', ?L,
nnd thesn wondi-riul
l)r.'3 Shoos will coijib
to your homo at unco,
vno'ii 1m prouil or
llwm Pullt solid full
r of wear lit-iiui...
i if lo.ithpr aolH.
I Notn thu miletldld
I fxtra i!";"l',ie't:
(her! Unjoy their
i WeHSccl coiniori
ThonsKiaouia
ItlCfO lliuai
iiKiu you
III, MHir
i
On
Arrlvii
CllSffllTH IrM,.
lllilrkllrpHs .shim.
Sill,, larnfllu II,, v
direct from Tim tory
lli'inlqiiurlfrH.
llt.lf IK'I'i.'l.'
l'ay only l,09 on
Arrlvut.' rii.tusc
lit m:.
IIunIiions MeirA
llress Shoes on
H'e ouarantec that
lieso ,s;ioe.i ore (7 to
( values; mat iicu
tofll Blue satisaqtorv
wear or ire tnll oicl
o iifio iialr fllllll.
Aliprotnl.
flo.Tuir JluiT (7uYr lfiHieTl)riit"(531 T. iloT
ton, Jlass, tnd Iluslnrss Dresa Shoes at
tl.OO iotso Kree ON A1TUOVAK llonuy
uac. ii . miiiv ic. 4 Tit poming, oisa,..
.,..
Mntu
11111
Gsamm
1 jMF2W3Ti?F&52n
.ZtH3SjZfr. jr.VfiClMl
." TOA5MKTW- WUWMXmr
Ammmmw ,m,y U69
j3jKfc:'rtS'K jmr
frnmNssaw
jijwssi?nasar
MaSss i
LKnuKli-imi-ELi'illA, imiDA i ,
110 BUYING
ARMS IN SPAIN
State Department Reveals Big
War Purchases by Car- .
ranza Abroad
FEARED U..S. INTERVENTION
Washington, Nov. 11.-- -Large orders
for anus and ntnniunitlon placed by
Mexico in lli'lgiutu and Spain, in prep,
illation for the possibility of Ameri-
Uan intervention, came to light jester-
day when the Slnte Department let.it
become known Unit the government hud
taken steps to prevent their shipment.
The charge d'affaires of the t'nllei1.
Stntes embassy In llrussels bits pro
tested, under instructions, that ship
ment of the munitions wouh! be in
violation of the Inlenuilloual jirms con
vention. As Spain is no ppBbdn the
ngreement which was designed lo aid ill
keeping Hie pence of tlie world during
Ihe nftcr-tho-war transition period, no
such direct action is probable at
Madrid.
The order in Itelgituii was placed with
the. I'ahijiipie Nationale d'Arms at
Idege, probably under the direction of
(.'nnilido Agiiilar. Mcxicnn minister of
foreign.nlTniis and President Carrnn.a's
son-in-law, who went to Kuropo re
cently after stopping here and placing
a wreath on (ieorge Washington's tomb
at Mount Vernon.
The orders m Spain, which IucIuiIpiI'
riues. millions oi rouiuN of ammuni
tion and a large number of machine
guns, weie negotiated through the Mex
ican minister there. ICIeseo Arredondo.
formerly ambassador to the I'liltcd
Stntes and l'rcsjdnit Carruuza's
nqihew.
Such Information as has now come
Into the hands of the government shows
that Mexico already was turning to
llunipean niauitfacliirers for her sup
ply and has since placed enormous or
ders. REVERSESJSOP'S DISMISSAL
Justice Sets Aside Proceedings
Against Jersey Police Chief
Trenton, Nov. 1 I.-- lismisa of John
C. Uosccnins from his position as chief
of police of the town of AVost field was
set aside by Justice Mergen in an opin
ion filed in Ihe Supreme Court yesterday.
Following' charges preferred against
llosecrans by Ihe commissioner of police
of the town, who alleged that Uosecrnns
neglected his duty in suppressing
gaming, a hearing was given and whiie
the local authorities wen considering
the evidence that had been presented
the town attorney tool; part in the de
liberations behind closed doors. It was
because of this fact that the dismissal
was set aside.
"To allow a conviction of misfeasance
and deprivation of otlice to stand under
such circumstances," said Justice I lor -gen.
"vVould jeopardize the rights of
wry citizen charged with an offense,
whatever defense he might lfe able to
present and prove. Nor is there any
lliio'g in Ihe notion of counsel that be
cause he was town attorney lie hail a
right to advise at any time and under
all cin uuislances."
l'lNANClAI.
LOUISIANA OIL REFINING CORPORATION
To the Holder of tlio Hrst Mnrtjniei Six
IVr (Vnt Ten i';ir ('oiiicrtlbl (iotri
HontN of thu Ltuilsl.inii Oil Kellnlnjj
J'orporutlau,
TntU'r the Htnklnf? Fund provlfloiiH nf
the indenturp datcil M. 15, 11U7. butwncn
lhi aliovt' Corporation ami tho State
.Street Trust Company of Uoston, tht un-dcr-.lKtifd
Trust oi hrrrliy Kivcg nut Ire that
until I'm-. I, 1MI. .it twt'lvo n't lock noon,
it will n 1 1 Ivf Hcnliil proposals fur tho sale
of the 1m" tuimrtl boiifln lo absorh tho
Fum "f hi vonty two thuusnnri one lmmlrod
Flt-Hlv dollars und ivonty-four ronts
(J7-'.Hiii.Ul I or any part thenof. No bonds
phouM I'' offt-rcd at a price exceeding lld7!
and nccruod Interest.
Th rlffht 1b reservecl to reject any und
all proposals.
STATIC STRTIRT TRtTST COMPANY,
Tiuateo, hy Ahton Ij. itirr,
Vicc-Proaldent.
Uoston. Tn .. Nov I. !!)!!.
Pnr3honl?5 Cf.poiralnri ColH1'1
Ccmpany, prpontei!
rirrv-YiH nvi; ri:n cent
UOU) IIOMIS
rCotlc Is hrrfliy Klui, pursuant tn the
tfrms of the Mortgage dateil July 1st. 1907,
that the unduiMnmd as Truvtes. will ro
clc Healed proposals up to :i;t)0 p. m. on
Hit 01 h day of December, 1UJ! for the salo
to It of bonds aa above described eulllclent
to use the sum of J3u,3Sa.CU. Tho under
Msned i"servf.i the rlsnt to reject any or
nil trndern.
Till 3 NIVW YORK TRl'ST COMPANY.
Trustee. Ilv Tt a. CITUTIS. Secretary.
Npw Ynrlf. Nnyomhrr 1st. 10U.
city or copi:ii(ii:n (denmauk)
."i" i:tern.ll Lo.in nf 11)11)
Tcmpoi a rv cm tiflf at s of this Issue may
now bu i'xchan.id for deflnltlve bonds at tho
otllco of the UeKHtrar of tin- Loan, Central
Union Trust Co , So llioadway. Now York
City.
IJrown Brothers & Co.
Fiscal Atcnt-i for ihv City of CopcnJittfjen
Annual MrtTnc
kz& 'iiiii nriiXNUousis
IJ- . IK CIST COMPANY
Philadelphia, Nov. 7, lltl!).
Tho annual mpetliM of the- utoekholderH of
the Hlttonhoune Tiuat Co.' will bu held at
the offlco of tho company, 1H23 Walnut
Btreet! on Monday, Nowmher 17. 1019, at
12 a'clotk iioDii. for the election of flvo
directors, and for the transaction of such
other business as may comfl before the
rncctl,,':- S W. WATOHMAN.
Socretnry.
iiSWKsirirn tki'st cojii'any
ltS I'HIlodi-lphl.i, Nnvnmber loth, 1019.
Tho Aimu-il Mi-itlnit o( the Stockholder!
Of thn Wont Knil Trust Company will bo
held at tho offlci' of tho Ootnti.uiy. Itroad
Bt. und South l'onn Rnuaro, 3!nnily, No
lembfr 1Mb, 1910. at 12 o'clock noon.
CHAHLES C. WOI-HHIIT,
i Secretary,
l'onoialM
Sam j (ir sciioot, imxns
Pealed prorosala n 111 ho recelvi il wheh
ntleil for by the lrtwidint at a irvetlnu of
the Common I'num II of Vrntnnr City, to be
held In tln C'nunell chamber. City Hall,
Ventnor cltv. N. J , nn Monday, Noieinher
31th, 101!). at o'clock n.m . 'or tho salo of
$(17,500,110 M'hiinl 111111114
Theso bonds are seii.il bonds of tho de
nomination of 11.000 110 each, except one
bond of $.'00.li0. Interest payable seml-an-nu.illy
at rate uf fi'Ti iwr annum, bearlns
d,lo October 1st mill, and nil paynblo
within 30 yea.r. r.neh bid must be In scaled
envelope marked "Hlil for School llonds,"
and be accompanied by a ctrtllled check on
a National or KtaU Hank or Trust Oo. tn
New JAwy. payahle to Oeo. K, lnsato,
City Treasuier, for U nf bid.
The bonds will l d, llvcred with ,the
opinion nf (Ieorge S clay. Counselor-at-Law
of New York, ua to their validity.
Thw amount n stary to bo raised la
J07.!iO0.(IO.
Unless all Wilv are rejected, bonds will
be sold to bidder ininnlylnir with terms of
sale and offerlm- to pay not less than the
sum lit il7,iuioflii tin refor, and taklne the
least amount of bonds offered for sale, and
If two or more bidders offer to take the
amount of such bonds then the bidder there
tor offerliiff to pay tho highest aUdltlpital
price.
lly order of the Common Council of Vent
nor City, N. J.
JAMK3 T. 0 HAND,
City Clerk,
PROPOSALS FOR THREAD
Otllco of Quartermaster (Jeneral ot
tho Army (ClothlnK anil KqutpaRo Dlvt.
slon),' Jfunltions Uulldlnsf, .WushltiRton.
r. C, eoaleil proposals. In duplicate,
Will bo received hero until 2:00 P. M.,
November 20, 1910, for fumlshlnpr all
or any part or 1445 pounds of Olive
Drab Cotton Thread. Information on
application.
l'KHl'OSAI.S l'HIl COTTON fillUKTINfl
Offlco of Quartermaster Oeneral of thn
Army (Clothlnir & Kiiulpauo UlvlBlon), Jtunl
tions HulldlnB, Washington, U, ,C, Sealed
proposals. In duplicate, will bo received
lieiO Ulllll ,I,U H, 111, A-ufn,,ut. u, iv.ll.
for furnishine; an or any part ot -.itis.utm
1 VI
. blanks Mid Itlforjnayon w?nt on rwusat.
araa c'otton aneecinu. unoiei:iicM x-roiuaai
SAFETY: These bonds are issued under the
Federal Farm Loqn Act. They arc declared to be
instrumentalities of the United States Govern
ment, and are prepared and engraved by the
Treasury Department. - '
The bonds are secured by Government ap
proved first farm mortgages, or by United States
Government Bonds or Certificates of Indebt
edness. The bonds are a legal investment for all fidu
ciary and trust funds under the jurisdiction of the
Federal Government, and are acceptable as secur
ity for Postal Savings Deposits and for all de
posits of Government funds.
The constitutionality of the act and the valid
ity of the provisions exempting the bonds from
taxation, have been approved by the Attorney
General of the United States, as well as by some
of the most eminent legal talent of the country,
including Geo. W Wickersham, Esq., and Wm. G.
McAdoo, Esq.
The Federal District Court at Kansas City on
yet. 31, igig, dismissed the .suit attacking the con
stitutionality of the Federal Farm Loan Act and ,
the Tax Exemption of the bonds, thus in effect , Thc. t0R h"c represents the net rate realized
establishing thc validity of thc Act and all of its from J0lnt Stock Land Bank Bonds, regardless of
provisions. An appeal from this decision has the income of the holder. The remaining figures
been taken to thc Supreme Court, which has represent the gross rate which must be realized at
been asked by all parties to advance the case for varying incomes from taxable securities to pro-
early hearing. curc t" net ratc at thc toP ' tne column.
$5,000,000 Dated May .'. 1919. Optional May 1, 1924. Due May 1, 1939.
10,000,000 Dated Nov. 1, 1919. Optional Nov. 1, 1924. Due Nov. 1, 1939.
Redeemable at par and accrued interest on any interest date after five years from date of issue.
Coupon Bonds fully registerablc and interchangeable. Denomination, $1,000 and $500. Interest
' J payable semi-annually, May 1st and November 1st. Principal and interest payable at thc
bank of issue or at The Equitable Trust Company of New York.
We recommend these bonds for Investment
PRECE 102 AND INTEREST
Yielding Over 4.50 to Optional Maturity, S Thereafter
AH
e
laSsey,
LAND TITLE
CHICAGO
DETROIT
37 WALL STREET, MEW YORK
The financial brains of the country are
striving to bring exchange rates back to
normal.
Meanwhile you can buy foreign money
in some cases for less than l-6th of its former
normal value.
For a fractional amount of the sum re
quired to purchase outright, we sell options
on any amount of francs, lire or marks, good
9 months from date of contract.
Every (lc) 'one cent rise above thc pur
chase price nets you more than your total
investment.
Let us explain this exceptional big money
making opportunity more fully.
Write for bur circular
pUMIMM g go
43 Exchange Place
Annllratlon
akuon Tim:
la lielnu mailf to Hat
on tho Now York Curt).
Commitments for
the Opening Accepted
in the
Order Received
Circular P-l on Request
S. S. RUSKAY & CO.
Member, Consolidated Stock
Exchange of New York
Established 1877
20 Broad Street,
New York
Investment
Securities
GEORGE H. BURR & CO.
421 Chestnut Street
Philadelphia ,
1301 i'ruiilra Hunk IIiiIIiIIiir
1'ITTSIlCItOII
Mnln onicet
MJW
ISO llrniuhvny
VOItK
Prc-Trading Offer
AKRON TIRE
.NOViailK 14, 11)10
The Safety and Tax Exemption of
.and
and the meaning of these
KUtPmfntu herein ore official, or baM upon
do not guarantee them, they are the data upon
art
a
Inc.
IJLDG., PHILADELPHIA
NEW YORK
ST. LOUIS
BOSTON
MILWAUKEE
The EquStabie Trust
BOND DEPARTMENT
iiivsfmciit Securities
New York
TIRE "COMPANY
Application is being
made
to List AKRON TIRE
on the New York Curb
Write for descriptive
circular.
I H. DIENES & CO.
Investments
Lafayette Bids., Phila.
j Telephone, Lombard 4313
I
HIGH
GRADE HIGH YIELD
RAILROAD BONDS
LIST bN REQUEST
MARTIN & CO.
1411 WALNUT ST.
Investors read
live Wall Street Journal
AKRON
ElaBik 5
features to large investors
TAX EXEMPTION: These bonds are cxemgt
to the same degree as tlie Liberty Loan 3WS in
other words, they arc exempt from all taxes, ex
cepting only inheritance taxes. This includes
exemption from Federal Income Tax and local
personal property taxes.
The value of the exemption from Federal In
come Taxes alone, to individuals of large incomes,
is indicated in the following figures, which would
be further increased if the exemption of the bonds
from other taxes were considered:
Not Yield of Joint Stock Bondi
H s". '
.... .. .1 , . . . lrom Optional
(To Optional Date) Jt(. , ,,
Tnuhl Income Kqnhnlfnt to Equivalent (
$ 50,000 6.52 9i 7.25
80,000 8.33 9.25
100.000 10.22 11.36
200,000 12.50 13.89
500,000 15.52 17.24
1,000,000 16.07' 17.80
Information which ire regard as reliable, and, whll
whkli we bate acted In the purchase of theae bonds.
6 Ms am
tt WALL STREET, HEW
ST. LOUIS
CINCINNATI
Company of N. V.
721
DREXEL BLDG.,
I Eiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiuii:
I Written for Us
"Ten years ago this month, we
started in business in Philadelphia as
a partnership. We made the Corn
Exchange National Bank our deposi
tory and from the outset we made it
more than a mere strong box we
made it our confidante.
"Scarcely a month passed that
we did not consult the bank on some
business problem, some question of
finance or credit, where the wrong
course might have caused a serious
set back even wrecked our little
craft on seas we had not sailed
before.
"As a result, our business has
prospered growing from nothing in
1909 to one of the largest in our field
in 1919.
"If other young concerns would
take the same advantage of the close
business co-operation which the Corn
Exchange National Bank constantly
aims to give we are sure that they,
like ourselves, would find in such as
sociation one of the greatest elements
of success."
Corn Exchange National Bank
Philadelphia
Chestnut at Second
illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllltlllllllllllllllllllllilllllllrl
OLD FOUNDATION COAL CO.
FIRST MORTGAGE 7 BONDS
Ucueht, Sold and Quotsd
J, C. REED & CO.
RxnVftrs
Finance Bide.. Pnila.,,Pa.
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on Oo.
YORK
CHICAGO
NEW ORLEANS
PHILADELPHIA
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