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