J,"
1 "
K.w -v
Raw
, (A iW
nro
tor
date at
-"MSemMHvssfm, on.
ITSVVBecnrrtOofi Notes
fr'F'h.Mby gfv"n that rennijrlvMjU
llrt i 1CI. Si.etcd to pay and redeem
IS ""'"'jufy 1. 10 18. maturing J" J
n 4:.,dt A & rasa1 tf
BT r" SaiWrdaneawllh such
SW'ffi'sflSTsg
sw.!pffr,Ki."Ssa
m l5 '.Tholders of ..Id notes
S3; .ft". . nresent the tame
t?r..".qd Redemption, on jam a
iJtcot 'M ".V must ha furnished.
SSued '"'" ,hm?'xccutlve Committee.
Kr Mr "' theT. A WOO" Secretary .
'-TsALBS CORPORATION
r.T.raJ;sra
:rsi?wA!fn?sii.lis
n-nWmbe at S. "nice of the mSw.
..clock P.'?:' ,tl Philadelphia, upon the
1105 CM"luiBroval of a proposed in
" .Mo to 2P0.OOp.
!,"" nossEWi ""gij-y.
EDOAH BABNr&lor!
jjfJESlERVICE COMPANY
BANKERS SHARES
"UwiMV Distribution No. 11.
-, 1 Doherty & Company announce
BB1V -in monthly distribution on
Mat tne eiev" - . ,
O" ... ,. n.nv rttnVirs Sharon rtnv-
o" Winiary 2n t0 "ankers Shares of
Jjjrt January l5th wlU b8 45'8 C6nts on
rhBtMr "-"
Financial Brief g
KS?r"nK ITIB PENNSYLVANIA SALT
fiujrrACTnnrNo company -
1 .. .tlne of tHe Board of Directors.
JXu"ty" a Quarterly Dividend of tun
K'jSSialf per cent was declared payable
j wf-SfJL Wo. to stockholders of record
wn2tar Im 191. Check, will bo mailed.
yK,,.-. -.njuuR e, kiwu, Treasurer,
pyiiajlpnii.
DfCtmlur 22 J. 1910.
sniv .1 i-klin & CO.. Inc.
, '" Philadelphia Jan. B. 1020.
U. directors of John J. Fella & Co., Inc..
..h.i. meeting neiu nwo u.w navn ucmurra
at ttS dlWend of 10 per cent on the
..ttiftn BLUvrv w v.- -. - - ..mi -
r-wiirterly dmaena or i per cent on
JflSSUred stock pavable January 13 to
"... f rrroril January HI. Chnnlra
jvnniaera fc -- -- - .
w-rjnon KK
S treferred
nV"'.i!.
Wl "iVVim n REII,t.Y Hrr.lnro
-nAMTor KAT FAILS
lildce and morale atps..
rWIadslphla, Pa.. Jan. 7.
. n.artnrd hae this day declared nn
h-itSSvWend of 2, payable semiannually
fill and September 15), to stockhold-
VUW . .. cioae 0f business lebriiftrv
''-',.: lll k mallod.
RATMOI-D S STEVENSON, Cashier.
-wTlil.NAL SECUKITY DANK
Philadelphia, Jan. n. 1020.
.L. At..rnr have tilts dav dpclarp,.
'.ii'imual dividend of twelve (12) per cent.
RZl ... . $230,000.00
Svlded'frofiU ...... 1D8'.48T:87
i' w m iiicii.jii, t-asmer.
ChnrlcB Wheeler nnd Herbert TJ. Clark
hnve been elected members of tho Phila
delphia Stock ExchntiRC. Mr. Wheeler
Is n member of the firm of Wheeler,
Billot h Mann and tho scat was trans
ferred from tho namo of Richard M.
Elliott, nnothcr member of the firm.
Herbert Ii. Clark Is a member of the
firm of E. W. Clnrk & Co. nnd thin
transfer was mario from the name of O.
Howard Clark, Jr., deceased.
Tho annual mcctlne of the stock
holders of the Pennsylvania Railroad
Co. will be held Mnrch 0. Stockholdpm
of record January 23 will be .entitled to
vote.
Application has been mndoto tho
New York Stock Exchange to list:
Montgomery Ward & Co., temporary
certificates for $8,000,000 7 per cent cu
mulative preferred stock ; Republic Iron
and Steel Co., .$2,0-18,000 additional
common stock ; Dominion of Canada.
$in,000.000 two-year 0V4 per cent gold
notes, due August 1. 1021. and SfiO.-
000,000 ten -year 5V4 per cent gold notes
duo August 1. 1020; Bush Terminal,
$152,300 additional common Btock.
James Beggs. a member of Chlcnirn
Board 'of Trade, hai purchased a mem
bership in imcw lorK atocK Exchange for
$108,000, which Is $2000 under last
previous sale.
Tho average price of twenty active
Industrial stocks advanced .10 ner cent
yesterday to 107.55, while twenty rail-
roaus advanced .01 per cent to 75,00.
Deposits of $073,844,807 and re
sources of $050,550,007.80 are shown
In the statement of the Guaranty Trust
Co. of New York, as of December 31,
1010. Deposits increased $00,058,715
during the lust year, while resources
increased $184,057,130. After making
deductions for the distribution to em
ployes under tho profit-shaving plan
Inaugurated by the Guaranty a year
ago, nnd for nil other Charges, approx
imately $3,000,000 was added to the
company's undivided profits account for
tho jcur 1010.
The New York Subtreasury gained
$534,000 from the banks yesterday,
making a cash net gain since Friday of
$3,044,000.
Liverpool Cotton
Liverpool, Jan. 8. There, was a fair
demand for spot cotrjn today with prices
steady on the basis of an ndvanco of
13 points for middling at 28.74d. The
sales wero 3000 bales. There wcro no
receipts. Futures wcro quiet In the
early dealings. Spot prices were:
American, middling fair, 84.40d: good
middllug, 31.24d; fully middling,
20.00d J middling. 28.74d : low middling,
20.10dj good ordinary, 23.24d, and or
dinary, 22.24d.
THE INDUSTRIAL
TRUSTJITLEAND
SAVINGS CO.
1950-52 N. Front St.
57th Semi Annual Dividend
The Board of Directors has
this day declared a semi-annual
Dividend of SEVEN (7)
per cent, and an EXTRA Divi
dend of ONE (1) per cent out
of tho earnings of tho past six
months, payable January 15th,
1920, to Stockholders of record
this date, and has added
$35,037.70 to UNDIVIDED
PROFITS.
Capital $500,000.00
Surplus and Profits.. 1,273,979.26
II January 8th, 1920. -
gORAT
Close of Business Decemboj- 31, 1919.
RESOURCES
Loans and Investments'. $6,853,395.15
United States Bonds .... 437,350.00
United States Bonds to
Secure Circulation... 150,000.00
U. S. Treasury
Certificates 450,000.00
Duo from Banks 378,369.34
Cash and Reserve 1,100,490.47
$9,369,604.96
LIABILITIES
Capital Stock $280,000.00
Surplus and Neb Profits 782,011.16
Circulation 144,800.00
U. S. Certificates of
Indebt. Borrowed ... 200,000.00
Bills Payable With
Federa) Reserve Bank 350,000.00
Reserved for Taxes and
Interest 46,944.37
Reserved for Deprecia
tion of Securities.... 25.000.00
Deposits 7,640,849.43
$9,369,604.96
FRANK ADSHEAD, Cashier.
iDist ' iiff ymw-u
Citizens Banr
Will open for business
January 12. Your ac
count, whether large or
mall, vrlll be rreatly ap
preciated. 22-24 South Third St.
Philadelphia
Free from State Taxes, and Compulsory Declaration under Massachusetts Income Tax Law;
also exempt from State and Local Taxes in Connecticut, Vermont and New Hampshire. Exempt
from Federal Normal Tax.
$1500,000
A. L. Sayles & Sons Company
(MASSACHUSETTS COIirOItATION)
Annual Meetings
PK5pi BEl'LUliIU 1UU3I LUJU'Aft 1
2? January J5, 1020.
Tie Annual Meeting or tno stocicnoiares or
(nil enmtfany will bo held at the temporary
office of the company, 40 8. Broad et. (Lin
coln Bid? ), Philadelphia, Pa., on Thursday.
January id. iuiv ueiween mo nourtt or ij
M. and 1 P M , for the election of four
directors to Bene for three years, and for
too truniactlon of such other business as
nj bit brought before the meptlns.
Secretary.
ft5ffTHK ANM7AL MKBTINO OF Till",
K" Btockhold of The Colonial Trust
ComBflny v. Ill be held at the otflcn of the
tomptny, Market and 13th tfl., I'hlladel
pill a, jra iironcutii ununuij Att ivtiii Hi
noon, ior me election oi aireciora ana me
trinsictlon of such other business ea may
.fce brought bforp th meeting.
i u uAviiiuw. m . Hecretary.
(KS3 JOHN 4. rKMN & CO., Inc.
- Philadelphia. January 6th. lftO.
Thi annual rnrjetinrr of thu utorkhnlrt era nf
jonn j rem & id inc u nn hem ii tii
;i cfflco of the mpin 4152 Germantown ave.,
en uonaar, January 12. at 10 a. m.t for tha
election of directors to eerie for tha enaulnir
k Jtr,
WILiLIAAI I) UCIL.IiT,
secretary.
HSFrRANKLIN NATIONAL HANK
1
t
Chutnut Street est of Ilrund
i-uwrtuptpnia ueccmDer 3. luin.
Th Annual Mpetlntr nf thn iaVat.nirfi
el thi. banlt fnr Ihi. nlrttnn- nf ril..M... ..
line durlne the ensuinc year will be held at
lhi bjnklne house on Tuesday. January 13.
1K0, letiteen the hours nf 12 o'clock noon
JS THK RKAI, ESTATE TKUST COM-
l'ANV or niiiDiixrniA
M . . . January 6. 1020.
Tl. Annual Tati.. -. i, ' ..-.V " ' .
U wir l l5 held""t Tllbul 5 inV
BniheiBt corner Broad and Chentnut streets!
tftTunxUy. Jantiiirv l. l?n .. ti A.t .
...V.w.h.lc,!JJl"BI.'?n election for
till -i " '"uac uiretigra wnose terms
S5i?plI RJld suc? other buslneas will be
WILLIAM n. PHILLER.
Secret a ry.
THE ANNUA I.. MKMTivr. nu rrrtn
jitaiVKW." .?' 'fe..??". Kyrlmng.
12''clSnooTnUe6d',:r- "",UatS' " 1MU'
win lli be open unlll 1 p. m.
N. W. CORSON.
- Cashier.
tSn.liffi? ,:NU. SINflHi WOMEN
5? MeeUnVfUMard, ofa Si
1 k.H .. .u" ;"ut""H and subscribers will
I irr'.".r'p nl8"110",, Thursday?' Jaui
iki. i.-SiA " Election Of nrtlr-.r a.
-" (uccung, " - -
SUSIE A. BOUCHER.
Ai?HPnKirSrSiK
!tloa .lb h.i , X".,' "of?? Amo-
10 SO All r,",te..,J.lil'n,n,r. Jiuary 13.
...,wo ttrB mvited to
attend.
MIIS. EDQAU SCOTT
wfcretsrv.
'", ' V l .' -OHTH AMKUICA
..n?. Asiiaiasa'a1. WLffl!...
yt van Bank uin ,! v ' . "CKnoiaers
12- S5We.ua1. JS." .",JWnB
lu..i 0k .noon and 1 o'clock ti" m
'lection of directors tose'rv. for the
nKn i2 0Vin;i"v:a?H,5r: i?
rth ,mi;X"i"S!. "nu
fmax ytir. u'rc
B. g, KROMEU.
J"THl: IIADuTNofON TITII "a
' m the't'SS, ,'.",, 'Se.:ltJ'' St direct.
If"" may li ir...i . -ug" al"er bus .
S"d st the ofr??a of thht -be,ore " wI" e
" m 2 p. m ' between the houra of 12
JAMES Vf MacBUHNET.
necretarv.
tellll, ANNUA. ,. ;
BinrM,ii" .r": i-n-i HI" Till!
S !. 8il' Co. win Kr. i.. lf -Ya'.'ey
W J. BUUTON.
.WbTSSSI r?'i Mirtyt 8CowVm
1 "a. at No liifio'. "B,ll,ury 1. at 11
MnaM.,.0'.il3r..deral st. for i,iiiJ
II nK!.tll"l,i""
JIAIUiy M. MacBunNET.
cuurcmry,
ppeelal Mtir
BjwiCBosa(
"H.1.". .Walnut S.l.
. . II L.flFf Dm"""'"
fWHf.
mmmsf'm
'mstm
OT XV. to sub-
. na nrei.nt a..i -. T."
OI eac
W and 1
us of th
Jltiiit. m " Present Surpl
m&asm
ref'to ," "V ," ..An ..lotion pi
ru
,8sv
.rr,
N atiOTial B aixlc,
"ltere rci Sfree Crosses Third"
A Commercial Convenience in a Commercial Community
STATEMENT OF DECEMBER 31, 1919
Resources
Loans and Investments , $19,947,335.03
Due from Banks 2,473,798.51
Exchanges for the Clearing House 958,504.80
Customers' Liability on Account of "Acceptances" Executed by this
Bank 2G3.056.28
Cash and Reserve 2,020,197.83
$25,662,892.45
Liabilities
Capital . . . . 500,000.00
Surplus and Net Profits. $685,605.64
Unearned Discount 111,140.11 796,745.75
Amount Reserved for Taxes Accrued 46,280.39
Amount Reserved for Interest Accrued 3,329.20
Circulation 460,097.50
Acceptances Executed for Customers 263,056.28
Bills Payable with Federal Reserve Bank Secured by U. S. Liberty
Bonds and Certificates of Indebtedness 4,990,000.00
Bills Payable with Federal Reserve Bank .... 1,130,000.00 6,120,000.00
War Loan Deposit 438,000.00
Deposits 17,035,383.33 17,473,883.33
$25,662,892.45
J. S. McCULLOCH, President
IGNATIUS J. DOIIAN, Vice President
LOUIS N. SPIKLIIEIIOKR, O. STUAnT WHITE,
Vlee Pres. and Cashier Assistant Cashier
SAMUEL CAMPBELL. FREDERICK FAIRLAMB
Assistant Cashier Assistant Cashier
DIRECTORS
W. II. CARPENTER, Chairman of the Board
Ignatius J. Dohaa John C. Martin Wm. D. Oelbermann
Horace T. Potts i.oun n. npiriDera-er Jonathan Jenkx
Henry V. MltcheU nenry ji. llarton. jr. Charles J. Clark
H. S. Marrln Nathan T. Kolwrll Henry M. MoAdoo
J. 8. McOullorli ouinuei js. i.unuis r. Ii. condermun
muter iiotiner
ESSff-E
I nvestment Securities
NewYork; . Chicago
Announce the Opening of v their Offices at
Numbr32;ANGEL COURT.
THROG.MORTON STREET, LONDON, E.C.2
WUrfacii&ldrfjic (P$fa,at&Jri&U& vZtatalgft
hr
"K
t-
8 Cumulative Preferred Stock
Preferred as to Assets and Dividends
Dividends Payable 2 Quarterly, February 1, May 1, August 1, November I.
CAPITALIZATION
ff
Authorized
8 Cumulative Preferred Stock (Par $50 $2,500,000
Common Stock (Par $25) $2,500,000
The Corporation has no mortgage or funded debt
AMERICAN TRUST COMPANY, BOSTON, Transfer Agent
Outstanding
Including this issue
$i ,500,000
$1,328,000
From a letter, on file with us, written by Mr. Albert H. Sayles, Treasurer of A. 1. Sayles & Sons
Company, we summarize as follows:
BUSINESS A. L. Sayles & Sons Company has succeeded to the long-established and well-
known businesses of A. L. Sayles & Sons, Inc., and Fred L. Sayles Company, of
Pascoag, Rhode Island; and Sayles & Jenks Manufacturing Company, of Warren, Mas
sachusetts. The Company is a large manufacturer of woolens, worsteds and cotton
worsteds, with an annual capacity of 2,700,000 yards of finished goods.
This Company is the direct outgrowth of one of the first woolen mills established
in the United States, by Daniel Sayles in 1814.
ASSETS The Company has Net Working Capital alone of $921,330.53, equivalent to 61 on
the Preferred stock outstanding; while Total Net Assets, after deducting all Liabilities,
are $3,371,615.57, equal to 224 on the outstanding Preferred stock.
After deducting the outstanding Preferred stock, remaining' Net Assets are
$1,871,615.57, equivalent to 140 for the Common stock outstanding.
Although the Company is the successor of a business which has maintained an
unbroken and highly successful record for 105 years, it carries no value upon its books
for Good Will, or its valuable Trade Names.
SALES AND For the three years ending December 31, 1919 (two months estimated), total sales
EARNINGS amount to $10,047,438.55, or an annual average of $3,349,146.00.
Net Earnings for the same period total $1,221,004.94, or an average of $407,201.00
annually.
Net Earnings for the four months ended October 31, 1919, were at the annual
rate of $669,000.00. " ,
It is conservatively estimated sales volume for the coming year will aggregate
$4,500,000, with Net Earnings of $700,000, equal to more than five times Preferred divi
dend requirements, with a balance of approximately $580,000, or 43 for the outstand
ings Common stock.
The charter of the Company provides that after the payment of 2 quarterly divi
dends upon the Preferred and the Common stocks outstanding, beginning February 1,
1921, 20 of the remaining Net Profits each quarter shall be used to retire the Pre
ferred stock at $55 a share.
SINKING
FUND
We own and offer A. L. .Sayles & Sons Company 8 Cumu
lative Preferred stock, subject to prior sale, and reserving
the right to allot a smaller amount than applied for, at
$50 a share, to yield 8
Hollister,White&Co.
iNcoasoaATCB
North American Building
PHILADELPHIA
SO Congress Street
BOSTON
Third National Bank Butldins
SPRINGFIELD, MASS.
10 Weyboset Street
PROVIDENCE, R. I.
AH statements contained In this offering-, while not guaranteed, are secured from sources which
we renard as nccurate and reliable and upon which we have acted in the purchase of this Issue.
J
PEOPLES TRUST COMPANY
OF PHILADELPHIA
N. E. Cor. 12th and Arch Streets
Condensed Statement Showing Condition as of Close of Business
December 31, 1919
ASSETS
Loans and Invest
ments ., ?2,762,809.45
U. S. Treasury Cer
tificates of Indebt
edness and U. S.
Liberty Bonds... 685,253.80
Real Estate, Furni
ture and Fixtures
(12th and Arch
Streets) 410,690.22
Cash and Reserve.. 453.490.34
$4,212,243.81
LIABILITIES
Capital Stock $634,450.00
Surplus
Undivided Profits.,
Bills Payable
Dividend No. 19
75,000.00
26,000.00
563,500.00
12,689.00
Deposits 2,900,604.81
$4,212,243.81
Me hereby certify that we hare verified the foreiolne statement by an exami
nation of the books and accounts of the Conipanr, and found it t be correct!
nnd tlint all of the securities, either the nroiert.v of the company, or held bv It as
"ollatrrul. were In the possession of the Company, and were as caUed for by the
We ofira'coiinted the cash on hand at the close of business December 31, 1010.
and found It as called for by the books of account.
JOHN HEINS & COMPANY
Accountants and Auditors
915-917 Real Estate Trust Buildinc
PHILADELPHIA. PA.
Free of Pennsylvania Personal Property Tax
We Own and Offer, Subject to Prior Sale
$100,000
Pittsburgh, Cincinnati, Chicago
& St. Louis Rwy. Co.
Consolidated Mortgage 4s
Due 1945-1967 and 1960
Price 86 and Interest
Guaranteed Principal and Interest by Pennsylvania Company
Sinking Fund, under this mortgage, now retires over $1,000,000 of
bonds annually
Detailed DsscripHon Upon Bequest
Graham. Parsons & Co.
435 Chestnut Street
Philadelphia
An Endorser -For
Every 1920 Debtor
That is what the American's Unlimited
Policy of Credit Insurance becomes when
applied to your business. Think of the
worry saved, the credit losses prevented, the
profits protected. Such a broad service will
start your New Year right.
You can buy the American's Credit In
surance Policy on an absolutely economic
basis. If you are a manufacturer or whole
saler, we will guarantee to prevent, else pay,
your bad debt losses beyond the normal loss
inherent in your business, whatever the ag
k gregate amount of such covered losses.
An inquiry will bring you interesting and
valuable statistics without any obligation
upon your part. Let us hear from you.
AMERICAN CREDIT-INDEMNITY, CO
or NEW YORK EM. TREAT. pes!Dht
VV. J. Morphy, Manager J. F. McFadden, Gen. Aft.
Mutual Life of N. Y. Bid.
Phone Filbert 5S03
Philadelphia, Pa.
1812
THE
1920
PENNSYLVANIA COMPANY
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus
DBOAD BTBEET OITOCK
Chestnut and Juniper Street
- $7,ooo,ooa 1 ' $
Member Federal Reserve Syatem
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