j hi s; -I'. ,s r 'EVENING PUBLIC - LEDGlSK-PfelLABEtPHM; THURSDAY, JANUARY 1920 (iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliinuii INSURANCE 5 AOAIN8T E Rit & Civil Commotion Commercial Union Assurance S Co. and E E Queen Insurance Co. of 5 5 America E I WILLIAMS & WALTON E 416-420 Walnut St., Phlla. S iiiiiiumiiiimiiiiiiiiimiiiiiiiiiiiiiiiin PHILA. MINT ENDS YEAR WITH RECORD Nearly All of Country's Coins Aro Made Hero $500,000,- 000 In Reserve 1817 1910 Fire Association OF PHILADELPHIA N. W. Cor. 4th & Walnut" has Riven Its policy holders solid ndemnlty for more than one., hundred years and has never been so strong financially as now Hae wu a policy In this old ind reliable Company? CHARTER PERPETUAL FOREIGN ORDERS FILLED A record year is being wound up at the Philadelphia Stint. During 1019 there were coined 501,000 000 pieces of all denomination, or five-scventh of the, production of the country. There are two other mints, one In Denver, the other in Snn Francisco. In addition to this Immense pro 'trMon Hio-p oro 00.000,000 foreign coins manufactured upon orders for various governments. During the jear just past there we' iilted down 13O00O00O silver dollars, the silver being1 exported to India, hav ing been bought by the British Govern ment According to Superintendent Adam Joyce, of the mint, tho British adhcro to silver coinage for India, for the very good reason that gold coins, and, in fact, gold in any form, never sees the light of day again once it reaches India. "The People of India,"' said' Mr. Joyce, "hoard all the gold they can get their hands upon. India is the resting place for untold quantities of gold coins and gold ornaments and gold bullion. The Indians never give up a piece of gold, onco they get their hands upon it, and that is the reason tho British Empire sends silver coins to India. There is stored at the mint for the treasury at the present time $300,000, 000 in gold and silver. This is being held there upon behalf of the United State. Treasury, the mint being as safe a place as any for it. This money is security for various issues of paper money. Just before the war the gold and silver hoard was $700,000,000. No gold coins have been minted there for the last three years, with the exception of the gold McKinley piece .minted for a Middle Western state upon the occasion of McKinley's birthday an niversary last jear. There Is usually a balance of a half million each of cents, nicked, dh.i-, quarters and halves at the mint, but there is no bal ance of this sort there now, it has all been placed Into circulation. New Year Resolutions Buv the test of the otd- Une Investment Rrcurtttcs at the present baroair. tit Ices For suggestions and recommendations communicate vith Reed A. Morgan & Co. West End Trust Bids.. Phila. Members of tho Phlla. Stock Exch. MASTER French, Spanish, Portuguese, Etc. in 3 to 9 Months By the DUBIN Method Get Accuracy, Fluency, Vocabulary Let Vn Tttmonnlmit AMERICAN LINGUISTIC SCHOOL Kstry nidg.. 17th and Walnut. Spr. 4241 National Bank of South Africa, Ltd. 10 Wall Street, New York. R. E. Saunders, Agent Over 400 Branches in Africa Bombay Antwerp London Bond Trader Tounir min. (our venrs' trading expert erce with Ixrire Investment Institution d sires to mako a change, house specializing In utility bunds preferred, available Jan A 219, Ledger Office FINANCIAL Dividends mNKI,IN NATIONAL BANK Chestnut Street west of Hro.ul December J2, 1010 At a regular meetlne cf the Board of Di rectors of this Dank, held this day, it was derldd that the fiscal year of th Bank b. channel! to end on December 31t of each year, nnd a dMdend of three and one-third per rent (S l-S'r), for tho two months end lne December 31, 191H, was declnred free of tax and pnable January 1. loan, to stock holders of record at the close of business December 31, 1010. J. WM. IIAnDT, CaaMcr THE MVNAlLMi NATIONAL II INK Philadelphia, December 23, loin The Board of Directors has this day de-tlire-l a regular semiannual dividend of 7 and an extra dividend of 2 on the capital stock, pajable on or after Jannnrv ?d. next until which date the transfer books will rel .at. closed "SagS'J"l0bWs.il.d r ashler OFFirB OF TIIK PKNNSYI.VANIA SAIT MANl'FACTUIUNO fOUIMNY At n meetlnc of the Hoard of Director held this, day, a Quarterly Dhld-nd ef t, December Zljn jewm bj Philadelphia December 2Cd. IMP ' " CHICKASAW KKFININO CO. The board of directors has declared . semiannual dividend of 3V4 -. on UicTSri Jorred capital stock of the company, oayibS January 20. 1020. to stockholders of record at the closo of business on January 1. ino JOHN S. UWKn's, Treasurer. THE AVJijTnANK OF Camden, N. ,', December 80. 1010 Tho Board of Directors hae this day de clared a semiannual dividend of fl7 tree of aJl taxes, payable January l. loan S. C. KIMBLE. Cashier Annnal Mcetlnm ikS5T"K MANAYUNU NATIONAL BANK lfc7 Philadelphia. Dec. 12. li The Annual Meetlnr for the election of Directors of this Bank will be held it the Banklns House, corner of Main aid Levering- sts . on Tuesday, January 13. 1920, between the hoars of 11 a. m, and EUGENE J. MOHRrs. Cashier. h35Ji COLOMBIA AVENUE TIIUST CO. s' Broad street and Columbia avenue Philadelphia. December 23 1010 The Annual Meeting: of the shareholders of this company for the election of directors to serve during; the ensuing ver will be held at tho banking- house on Wednesday, January 14th, 1020 between the hours of 12 o'clock noon and I n. m. WILLIAM A CAni.ILE Sec'y (5S FBANKL1N NATIONAL I1ANK li Chestnut Street west of Broad Philadelphia. December 23. 1019. The Annual Meetlnr cf the Shareholders of this bank for the election of Directors to serve during the ensuln year will be held at be Banklnc House, on Tuesday, January 18. 1020. between the hours of 12 o'clock noon and 1 p. m. J. WM. HAnDT. Cashier. frapfNORTHWESTKRN NATIONAL HANK . Philadelphia. Pa.. Jan. l, 1020. . The Annual Election for directors will be held at the banklnir house on Tnesday, Jan nary 18th, 1920. between the hours of 11 a. m. and 1 p. m. UNFORD C. NICE. Cashier. Special Meetings OFFICE OF TttBUBANCK COMPANY OF NORTH , . . ASIKRICA Third an Walnut Streets rniLADKLi-niA A Special meetlnr of the stockholders e the INBUnANCE COMPANY OP- NOrtU AMEHICA will be held at the office of the rernrsny on Kr'dsx, February nth. loin 27 1 to., to vote for or aralntt the sn.Mii! tlon of the Hoard of Directors to (nereis, the Cspltal Stock and Surplus Fund of the Company by the Issue of One ItunAiUS Thousand U00,000 additional share, ol stock "' Each Stockholder to be entitled to sub scribe for yne (1) share on account of everv four (4) shares held. The amount to he paid for each shsrs shall be TwentS Dollars I20) 110 of the proceeds of .set share to b placed to Capital Stock and tin to be added to the present Surplus of th Company ,a jnwv TfT.T...F.n WfPr.( Annnal Elections l3S THE 1'FjJfj MUTUAL lmtT- Philadelphia December in. mm The Annual Election for nine trute'n serve three years will be held at the home office of the company. In ths Ptnn Mutuii Building. ?th and Walnut sts ..PhTadVlpWa' fa. on Monday .January B. 1820. between the hours of 10 a m and a d. m. B JOHN HUMPHREYS Berretsrvsr.fi T-. .,,,., Proposals PR0r0AL8 IK CONSTRUCTION OF EX perimenini diiuii punumi. ijince vz the Olflcer In Charae of Construction. Frankford I Arsenal, Philadelphia, Pa Sealed propoeala will be received here until 3 p, m., January 18th. 1020. and then opened for the con-1 teiisllan nf an Vvnaslmsntll CtVmak T1..14JI SH ISiSUII W SfcSS -AS't-( SStSSt IS SJIIWU JJ U 1 1 U 1 11 PJam and veclflcatlom iurn.ih?ci on appll ct ion t i HUOK J, LUMSDEN, Major. Q. M. C,. Qtflcer In chart of construction, Franlcford WI.Nlt ...W. 5 . " f; Reduce Your Normal Credit Losses The primary function of the American's Unlimited Policy of Credit Insurance is to provide absolute protection against abnormal, unforeseen credit losses. But so thorough and complete is the service we render that very frequently a client's normal credit loss is reduced, and he is saved many times the moderate premium paid for the policy. If you are a manufacturer or wholesaler, we can tell you precisely the normal insol vency loss resulting from sales of any volume for your particular line of business. Surely it is to your every interest to get such valuable statistics. An inquiry will bring them to you without any obligation. AMERICAN CREDIT-INDEMNITY CO. of NEW YORK LM. TREAT, president W. J. Morphy, Manager J. F. McFadden. Gen. Agt. Mutual Life of N. Y. BldE. Phone Filbert 5503 Philadelphia, Pa. UNBOUNDED PROSPERITY PREDICTED FOR NEW YEAR Feeling General Among Financiers That Country Is Entering Upon Period Brimful of Great Possibilities 30 Years in Export Banking 23 Branches in South Amtrica 8 Officii in Spain, France and England Direct Connection! With India INTIMATE KNOWLEDGE of the needs and habits of the people, acquired by years of experience and actual residence in the coun tries themselves, is essential when transacting business abroad. Anglo-South American BANK, LIMITED New York Agency, 49 Broadway Hes4 Office London r. C. Haralnr. Acsnt W. M. Dswklo, 8uh-Af cat Capita! aad Resent Oxer H,000 ,000 The Mat lack Coal & Iron Corporation Main Offices 52 Vanderbilt Avenue, New York City. Garay 245, Buenos Aires, Argentina. English Correspondents W. H. BOWATER, Ltd., Birmingham, England. Montevideo Rio de Janeiro Caracas Guayaquil Foreign Agents Valparaiso Madrid Vladivostok Marseilles Genoa Bogota Lima Philadelphia Domext Office Washington Norfolk Bunkering Agents at Portland Bo,ton New York Philadelphia Hampton Roads -, . . Jacksonville Charleston New Orleans Pentacola Newport News Providence Baltimore Savannah Mobile Galveston International Freighting Corporation Regular Sailings Through Bills of Lading USES lnued PHILADELPHIA to SOUTH AMERICA Clliog at rrmarnboeo. Dthla. Kl 4o JnLr t4 MonUrMeo. lint no Air T VlMOi PHILADELPHIA to FRENCH ATLANTIC PORTS Bordeaux, HarrN?nklrL, tit. LafaytU Building, Philadelphia. TeUphona Lombard 3833. 3634 )- h,b.1 Knr Ywh. TsJias. CtUa 19 . , S WEDNESDAY la;t was similar to every other last'of-tlic-ycnx vorl: ln(c day in the flnnncial district. In ho bnnks every one seemed busy in an ticipation of the last holiday of the year. In most of the broker's offices nnd boardroomo there were the usual quota of customers, and business seemed 'irisk. Several of tho bond houses re ported (rood business. There was little inclination on the part of the princi pals to discuss anything apart from Immediate transactions. For that rea son many important questions were shelved for the time beltifr. There Were fewer changes in the per sonnel of the various firms than is usual at the close of the jear. those which actually take place todav having been already mentiond from time to time. ' The general feeling among financial men, so far as it could, be ascertained, 's that they are entering a year brimful of great possibilities, which may inn crialize to the benefit of the whole ommunity, but which can be dashed o pieces by the unwisdom of leaders n labor and politics. The ptevailing diet is, that wifcdom will reign, ana 'nt prosperity will be unbounded in 1020. ! A banker when nsked how1 he ac counted for the strength of the stock market on Wednesday and the preceding few dajs in the face of high money rates, said that those who sold earlier to establish losses were buying back again. lie diagnosed the present mar ket ns probable to remain firm with an upward trend till the middle of Janu ury; after that, he said, it would be difficult to form n conclusion nt pres ent. A good deal, he said, will de pend on wise legislation by Congress in reference to the railroads. He said he looked for great activity during the first of the year in coppers nnd steel nnd if the legislation is right he would iuclude rails as the three leading btocks. The statement by Judge Gary, of the United States Steel Corporation, was icgarded as n bull card on steel, nnd was reflected in the movement of the common stock of the company which reached 107. although it receded a fraction before closing. Judge Gary's statement that the steel strike was practically ended so far as his corporation was concerned had been already discounted, but weight was given to his assertions that the com pany was running 80 per cent capaeitj , nnd also to the statement that there would be no deviation from the prices agreed upon by the industrial board at "Washington on March 21, 1010. The lattor statement, it whs baid bv some financiers, would have the effect of (.teading the maikct for steel 'ocks generally. President Reticent on Railroads Then is some surprise mingled with lriositv that no message has come as et from the White House on tho rail road question, and it now appears that there is a strong possibility that there I will not be any. ' A brokoi eaid he believed that Con i gress will be aliened to work out a solution .without any furt'.er sugges tions from the President. He said he was surprised not to see a greater im provement in prices of railroad, stocks in view of the assurances that it is mont improbable that the unploycs will use the strike in the future to enforce their demands. He remarked that the anti strike clauses in the Cummlnb bill are now likelv to disappear, coincident w 1th the v etoing bv the big labor leaders nf a railroad stiike under any condi tions. Another broker, speaking of the weakness in rails wlicn strength was expected in view of favorable news, said from his observations he had come to the conclusion that It was due to the continued telling to establish losses which, he said, was still going on very briskly, and promised to continue to the last moment, although thu fact that transactions can led out for that pur pose on the last day of the jear must bo in cash. Tolng it all in nil the feeling about the future of rail securities is very optimistic. A banker remarked that the clause in the Cummins bill to which he found the most objection was the one calling for a division of profits after a fixed guar antee had been satisfied. He said he objected to both require ments on principle, which savored too much of socialism. He believed if a well-managed road earned a certain surplus, after having the public pro tected through the fixing of rates by the government, it should be permitted to retain that surplus, cither for dividends or extensions and improvements, or both. For, he continued, after all is said and done good management in railroad ing or farming or industry is always reflected in earnings, and there is no reason why good management in any line should be penalized by bad manage ment in thu same line. He said he knew the nrgument ad vanced against his opinion is that a railroad is n semipublie affair, and in this differs from the farm or factory privately owned, but when we get down to solid facts the railroads are, per se, just as privately owned, but are doing a wider pub'ic service. We are spitting hairs too fine in our onclusions these days, ho said, and they will land some of us in Russia if we follow them to a conclusion. Decrease In Government Debt Supplementing the statement by Sec letary of tho Treasury Glass on the Is suing of the new per cent certifi cates of indebtedness comes the follow ing interesting statement by tho gov ernor of the New York Tcderal Reserve Bank in the same connection : "Now, happily, the income of the government has overtaken its ex penditures, and in the month of Sep tember there was an actual decrease in the government's debt of about S100.000.000; the loans wnich banks have made to, their customers on gov ernment securities are steadily being reduced, and Secretary Glass, in an nouncing the current offering of 4 per cent treasury certificates of in- deptedncss, stntcs that the biiccess of the issue will assure the cosumma tion of the treasury's plau for financ ing the unfunded portion of the war debt. The statement above referred to ap peared in this column on, Wednesday and came through John II. Mason, di rector of war loans and president of the Commercial Trust Co,, whose New Year's wish is that some wealthy phil anthropist would endow a chair of "common sense" in every college and university in the United States. Mr. Mason was at the time discussing the large and growing number of people who talked and wiote about things thej knew nothing about. SAY PRESIDENT CAN'T MAKE THIRD CAMPAIGN New York Hoars His Health Makes His Candidacy Impossible BUSMESS ANXOUS 1 THE Federal Reserve Board An nouncement Contains Warn ing of Low Production TOO MUCH LABOR UNREST New York, Jan. 1. A Washington dispatch to the New York Sun today says President Wilson docs not consider it necessary that a definition of his pur pose not to be a candidate for rcnomi nation by his narty for the presidency shall be made nt present. It is not his intention to tommunicate the fact to tho diuers assembled around the ban quet table of the Jackson Dav celebra tion in Washington January 8. "Theie lire other lensons back of the President's determination not to put forward his absolute dictum on the question of a third term at this time. In no circumstances would his depleted health permit of participation in the ligois of a defensive campaign. For that leason, if none other, his candidacy is out of the question. "It seems to the Chief Kxecutive that until the peace treaty situation is cluri fied, until America's participation in the league of nations is cither assured or limited or refused, until his own private battle with the senate ends in victory or defeat of a most definite, nnd conclusive character, the question of his elimination as a Presidential potential - ity must remain unanswered." BISHOP PRAISES AWAKENING GOMPERS PLEDGES LABOR TO FULL DUTY Problem for 1920 Is to Develop Production Organization and Protoct Producers, Ho Says Dr. Rhlnelander Says Church's In ner Soul Has Been Stirred Bishop Philip M. Rhinclaiider, of the Protestant Emscopal Church, jesterday issued n letter in which he speaks of the nation-wide campaign recently con ducted bv the "newly awakened church." The bishop said: "The Chun It is waking up. IN in wards'oul is being stirird. It is one thing to dig new channels to distiibute to the bist advantage u thin supplj of water. Second, the Chinch is being unified nfld loves it! It is learning the strength nnd joy of unity. It is dis coveiing that the ically precious things, in nature as in giace, are not the things -hc have apait, but the things we have in common : that the strongest and most worth while undertakings are not those which we do separate!), but those which we all do together." NEVER HEARD U. S. WAS DRY Washington, Jan. 1. American busi ness feels anxious over what the future holds, the Tederal Reserve Board an nounced in its review of December business conditions. The continued ad vance In prices, the reduction in pro duction nnd the high cost of living are regarded as a commercial menace. Although the retail trade showed great activity and wholesalers and manufacturers are piled with orders, the gTowth in business, the report said, was in terms of dollars nnd not in pro duction. High-priced labor refuses to work regularly and demands short hours with the consequent falling off in production. Uncertainty as to the developments of the next three months is retarding expansion in trade, the report added, as cautious manufacturers were said to be inclined not to commit themselves far into the future. Labor unrest showed some abatement during the month, but the idleness of workmen was considered a greater proD lem than svstcmatic strikes. The housing congestion was expected to be relieved by the increase in con struction, which the report predicted would be stimulated by a decrease in the value of raw sites. The statement says in part: "Reports from the twelve Federal Reserve districts refer to the increase in the cost of living as an unquestion able menace, and in some districts it is reported that retailers themselves recog nize this fact. The 'vvork-and-save' program is reported by some to be con sidered hackneyed or obsolete. High wages are res"lting chiefly 'n i reduc tion of labor time. According to one report much of our skilled labor works only sufficient days during the month to keep going. The effect of excessive wages has been that of destroying regu lar standards of living and the recog nized basis of prices." From various districts it is noted that the growth of business is far more noticeable in terms of dollars than in units of production, while there is some indication that the very high prices already are beginning to produce a cur tailment of buying power. However, in virtually all districts primary emphasis is placed on the gen eral distribution of purchasing power and the freedom with which recipients of wages and salaries are expending their means in the purchase of goods. The report from ths. Philadelphia dis trict states that "the enormous demand for commodities of all kinds has been far from satisfied Unsatisfied demand is reflected in higher prices." In general, manufacturing activity Is great. Shoe manufacturers in the Philade'phii distti't are now operating with sufficient orders ahead to last until spring, but it is noted that high prices have to some extent tended to check purchasing. WOMAN SEEKS PRESIDENCY Miss Gaston Vould Prohibit Bur- lesque Shows and Cigarettes 1 Chicago. Jan. 1. On a platform of "e'uin morals, clean food nnd fenrless law enforcement." Lucv Pase Gaston lin announced her cothIMicv for the nrpMencv of the United States Her formal dcplnrntie.il to that effect hn ' n mni'crl to the secretary of state "f outh Dakota. Mis fInon wlin is the founrTer ' tlie AnH-CiVurette league, discusse.' her ulntform in dntnil "Tlint first plnnk." she pxnlaiuc'' "would take in bur'escme -hows, su "native movies, mo.lorti dnneing. ev tremo stvles, cigarettes and cverv I 'Sin" like tltqt T eonMMpr thnt tn 'ifl mornls of f'ls ionntr nie 1ni-,.nl. I the outcome of the kind of entertain -nient thnt is being eiven Whv can' i we have clean, sueet things on on' 1 "tncs and screens''" Miss Gnsfon sM the second p'nn'' was inserted some time after bienk fust with a man who told her tlm p tensive adulteration of victuals was being practiced. Washington, Jan. 1. (By A. F.) Samuel Gompers, president of tho Amcr lean Fcderatipn of Labor, In a New Year statement, pledged America's workers to do their full share in working out the country's problems of 1020. Mr. Gom pers said : "America's workers stand ready in the New Year, as in the past, to do their full duty as American citizens. We havfe always placed our obligations as citi zens above all else. As citizens we are true to the American ideal of equal op portunity for all. "The immediato problem of the world is to develop a production organization that will benefit directly those who are the real producers, and also will serve the needs of starving nations. When assured of Just dealings, Ameri ca's workers arc able to co-operate in freeing production from the preventing grasp of speculators Mt4.it manipulate Industry to enflah j gain unfair advantage, thus JMWfWKIK! production for the ruin of all.-' ) V -"That Is a big job, but It Is ttn tlal for well grounded development 'In the years to ccme. It is essential to that ideal which Is America' equal oppor-U tunny lor an. America's workers win do their full share in working out' all our country's problems. y tl "Hail to the New Year, 1020. May it bring freedom, elory, and happlniNt,j nil our rjeoole. ' A 1 .m maadc nc vhve tinn mil A ":::tif.z:::A llUlUUIJlllt ll6piWMMV..IW( "(WMllUg r'l Round, New York Bank Warn 'J New Yorli. Jan. 1. The Federal': Reserve Bank of New York last nifrtit warned all banking institutions In thai second Federal Reserve district that v new counterfeit 5100 Federal Ityserva',, note is being circulated In tho district:.' The counterfeit note bears tho nnm-wl ber F8620 A, is on the Federal Reserve Bank of Atlanta, Ua., and is signed , 1 treasury, and John Burks, treasurer o? i J the. united states, 'iae note is a nuoto- i graphic reproduction. PENN NATIONAL BANK December 31, 1919 ASSETS Immediately Available I Cash & Reserve.. 3, 222, 374.02 Exchanges for Clearing House 361,334.68 Due 'rom Corre spondents . B87.41S.87 Eligible Paper Discountable in Federal Reserve Bank 7.0D4.5O7.O7 Liberty Bonds & Certificates .... 1,886,108.00 '$13,151,739.54 Other Loans & Discounts: Dun within 30 days J2.433.018.06 Due 30 to 90 days 364,625 00 Due after 90 days 2,807,586.79 United States & Other Bonds . 1,088.477.95 Banklnar House.. 265.000 00 $20,110,747.34 LIABILITIES Deposit $13,669,111.61 Due Fed era! Reserve Bank. 2 715 440 00 Circulation ... 150.000.00 Reserve (Taxes, Eta) 108 179 76 Capital Stock . 1 000 000 00 Surplus & Profits 2,468,016 07 OFFICERS M. O, BAKER President W. B. WARD Cashier M. C. BEITZKT. Assistant Cashier E. IT. DEISS Assistant Cashier n.O.POlHEMUl Assistant Cashier DIRECTORS Samnel S. Sharp Chairman of Board Wlnthrop Smith John IT. Stoer Abram O. Slott Halpb n. Vorth Grellet Collin Evan G. Chnmllpe MelvlUe O. Baker Edwin T,. Blabon Irrlnr Eohn William 8. riUlnr Wan. I Turner !". n m -rr- rr . M iJ v $20,110,747.34 "ALWAYS COMMERCIAL" Market at Seventh -Vf Portuguese Ship Brings Wine, but It Will All Go Back Boston, Jan. 1. (By A. P.) Mer chants in Portugal apparently do not take the fact of piohibition in this country seriously, for the steamship Goa arrived from Lisbon with fourteen casks and 163 cases of wine for New Yoik impoiters. An officer of tho Goa, who speaks some English, said he never had heard of piohibition in the United States and didn't believe the news had cached , Portugal. The consignments were ' itifitml iYi fltfi ifrtrrrn til "l n i f net nm in .. IUU 1111 "U IIIU l.tlhu IIHIIHIVI tl- 111 till' daj-s before the drought. By directiou of internal revenue authorities, customb ofhecrs sealed the wine. It may be le turned whence it came. A BOSTON ACCOUNT le- will be found very convenient and helpful for houses doing business with New England. An account with ub will prove of the greatest value because we can furnish you with the most extensive and efficient service, not only in New England, but throughout ths United States and in foreign countries. THE FIRST NATIONAL BANK OF BOSTON Deposivs $170,000,000 A Resources, over $260,000,000 Branch at Buenos Aires, Argentina -N V 18461920 i For nearly three-quarters of a century the Tradesmens Na tional Bank has been closely interwoven with the commer cial development of Philadel phia. Three-quarters of a century of sincere service devoted to the progress of scores of Philadel phia enterprises a record of which we are justly proud. The, year 1920 finds this institu-' lion stronger, better equipped and with ever-increasing fa cilities to meet the require ments of present-day business. Tradesmens National Bank 431 Chestnut Street, Philadelphia Assets Over Thirty Million Dollars "Strength and Servic." TAX FREE Emms wgTH lowg mn good records ifi t.Z During recent weeks there have been sales of many standard bonds at sac- nnces in order to establish a record of losses for income tax purposes. W were buyers of securities of this kind and the purchases accordingly enar us to offer bonds of well-known high-grade Pennsylvania corporations at attractive prices. s. These have distinct advantages. 1 . A good investment record of ten years or more. 2. They are on properties near at home, where conditions affi! : m. ii i h nig uicm are wen Known. 3. They are not subiect to the Pennavlvanm Stt 4. They are from 5 to 1 2 below normal prices. We have acquired and offer for sale the following bonds that have trV above advantages: , ( LEHIGH VALLEY TRANSIT CO. First Mortgage 5 Outstanding 14 years EASTON CONSOLIDATED ELECTRIC 5s Outstanding 21 years CITIZENS LIGHT, HEAT AND POWER CO. (Johnstown, Pa.) First Mortgage 5s Outstanding 10 years MERION & RADNOR GAS & ELECTRIO First Mortgage 5s Outstanding 16 years "i,a,wt itM.rnuifnuu.ut PHILADELPHIA First Mortgage 5s Outstanding nearly 15 years PHILAD- LPHIA & WESTERN RAILWAY CO. First Mortgage 5s Outstanding nearly 10 years SCRANTON ELECTRIC COMPANY First Mortgage 5s Outstanding 12 year and other Tax Free bonds of High Grade that have been outstanding for lesser, pe Particulars, on Request. ' J HARPER & TURNER Investment Bankers 1000-1012 Stock Exchanga Building, Philadelphia .'awns . II . V , ., . iPi&Jk&M . 'cc-v.i'.-'L kii4 i . ..All t. Jifej W . wr JSfclk Si- t- . . is1 IMy-wJ&ia ' nlffjahfr' J' -" 'Trrf VS?1' "3 ,?..... n. . i rr T 6 PH ft m Hfia
Significant historical Pennsylvania newspapers