FI' ., "'V J v ', A. w ?. r I 1 B jl-S 18 EVENING PUBLIC LEDGER-PHILABEL1PHIA, WEDNESDATT, JANUaEY 1C 1920 ia,; Wh at s oming? Will prices rise further? What is Labor's next move? How will the European sit uation affect us? Babson's Special Bulletin "Outlook ' a oor9? discusses the extraordinary conditions both here and abroad and their effect on . American Business during the omingyear. i As we face a period of rad ical reconstruction this bul- letin is of vital interest to i manufacturers and mer- I chants. Repprt on Request A few copies of this Special Bui f letin are available for distribution to interested executives, gratis. Tear out the Memo right now and hand it to your stenographer whon you dictate the morninc's mail. Merely ask or Bulletin 34 AO The Babson Statistical Organization Wellotley Hills, Mas. Lariat Organization of Business Advisers in the World TEAR OFF HERE NEW ISSUE SERIES ''D" CITIES SERVICE COMPANY 7 Convertible Gold Debentures Direct Obligation of Cities Service Co. Net Earnings for 12 months ending Oct. 31. 1919, more than 7 times Dividend Require ments. Duo January 1, 19G0. PRICE 100 ND INTEREST Circular on request Investment Bankers Members PnUa Stock ' Thince Real Estate Trust Building Philadelphia III TO WAKE UP, A MEMO for Stenographer Write Roger W. Babson, President of The Babson Statistical Organi zation, Wellesley Hills, Mass., as follow- lcase send copies of Bul letin 34 AO "77 Outlook for 19203" and Booklet, "Babson's Reports" gratis. ft Mivil nsoT N-Ia-tgjft ' Caerfc-,. The Houte oCHAS. H. JONES A CO. No. 2 Its Principles Our guiding principle is to recommend for our clients securities assuring: 1. Safety of Principal. 2. Steady Income. 3. Ready Marketability. We would like to explain this matter to you in detail if you would care to hear our idea of "Saving Money." (To br continued.) Current lues "L" Investment OfTcr ent upon neque-t CENTHALi IT, TT IT Market and fourth Sts. a PHILADELPHIA a Begin Nineteen-Twenty Right by opening a thrift ac count at this bank. Nine-tcen-Twenty holds many opportunities for the wise and thrifty. Wish yourself a Happy Neiu Year and make the wish come true. CAPITAL & SURPLUS lj 5 1.350,000.22 Municipal Railroad " Corporation Bonds 20 Broad Street - New York. rWKESrCTBSOlW C1U UUWttt "CSOUUUI- Seasoned Securities of Strong Companies, There are investors who believe they can get the greatest safety consistent with satis factory income by purchasing securities that have been tested under varied market conditions over a period of years. Vv shall be glad to give on request the ' range of prices and statistical data re garding any seasoned bond having a recog nized market. Correspondence Invited Hemphill, Noyes & Co. Members .V" ""-! '' -' ting; Franklin Bk. Bldg., Philadelphia , New York Hitm Srranton I A An Investment l Opportunity Scott-Powell Dairies, Inc. 7 Cumulative First Preferred On oT the largest milk and e cram companies tn Philadelphia, ('apiia izatlon extrtm l low. t earnings huaq tripled in past PMdends on First Preferred stock (iiriud oer o tlmri. o A sinking fund of 3 annually will be t nlde for e,ntual rrttre menf of First Preferred at $11 ' The low capitalization of this com pim the essential character of Uh Luiri,ibs and Its Wonderful ernlnB r-t "rd commend the First Preferred st i k is an investment opportune. Price to yield 7.57 Write for Circular. Scott & Stump Investment Securities Phila. Stock Exchange Bldg. Philadelphia, Pa. 6 Wall St., New York i 3. 4. I Service and Stability j Did You Notice the mcrcabe of nearly $700, 000 in our assets on tho statement of December 31st, 1919, over the figures pub lished September f50th, 1919? The increase for tho year was $2,000,000. A. pleasing proof of the pop ularity of our service, we take it. We extend you an invitation to avail yourself of this service. An Inquiry Entails nd Obligation Integrity Trust Company 9 Fourth and Green Streets Capital $500,000 Surplus & Proit ..,$1 660,000 MM fNAnONAl. r COMPTROLLER'S CALL Deccmbe '' lfl') fCnnder-edi RESOURCES Cash arid J., -me. . .$l,rti:,l'" tc Due firm Hanks f45.1b" 2 - Lnan s. Investments i,7ti7,-7J 31 Bankni" Houte and Real IMate 118. Id" 00 TOTAL.. ."59,812,900.59 LIABILITIES li i- . $15 002,73:86 Rediscounts (Liberty 1J..H.I ' li .c.Trilj . 1. 087,515 00 in, nl.it 'i nuf-tand- i ,c .... 260,997 50 I ' i i ! f. r Tax'ea .in I li 'errs' . ... 2. HI 60 I'ipH.il surplus nnd Undivided Profits 1.553 811 54 TOTAL. 7 $9,8 12,900.59 Win. J. Montgomery, Prrsiilent honiucl Hell, Jr., Vlee-I'rrililent Clinrlen II. C'nnlic, CBshltr Jolin I. Ailair. Ass't, Caihltr M in. A Nlrkert, Ass't. I'asliler BANKERS DFCLAR E Prompt Correction of Present Era of Economic Disturb ance Is Imperative REVISION OF TAXES Philadelphia Markets GRAIN AND FLOUR WHEAT rtecclptu, 03,865 buhel. The ivarkot rutod firm under light ottering, but Irado wis quiet. Quotations! Car lots. In oxrort' elevator, government tandnrd In spection, stnndard prlcm. No. 1 red winter. $2.30 No I northern spring, I2.au: No. 1 hard winter. J2.30: No. 1 red winter, gar llckv, J2..U. No, 1 red smutty. 12.30: No. 1 red, iwr'lcky and smutty. J2.3L . Tho United States llraln Corporation's purcliases of what ore hased nn tho following sched ule of illicountxs No. 2 wheat So under No 1: No. 3 wheat Oc undr No. li No. 4 wheat lOcVinder No, Is No. ft wheat 14c under No. 1. . COIIN ltecclpts, SOCIO cases. Demand was slow und prices were weak and lower, we quote rew. as to quality nnd locitlon. at JI.MIiin U3. tho latter for No. 3 ellow. OATS II celpts. 10 074 bushels. Supp.les were very small and the market ruled firm We uuote: Car lots, as to location No. 2 white. P7H80SC; No. 3 white. 0006ic: .o 4 wniie iiiHur, s, i,4;i FLOUIt Uecelpti ,434.017 lha In sacks, do, do. nearby. $10.050211; bard winter New Yorlt. .Tun. 14. The causes and the necessity for a prompt correction nt the present era of economic dis turbance were broujht out strongly in the various ".peeches made last night by leading intertiatioual financial leaders at the dinner of the council on foreign rclntious. Revision of the federal income tux law to bring the levy within' bounds of moderation was urged by Otto II. Kahn, while Frank A. Vuuderlip n?r sorted that a "dangerous situation" had arisen in the expansion of credits in this country, and that "it's time to wake up." Spenkiuc on the situation abroad, Sir George 1'aMi. the Hritish econo mist, estimated that the total needs of Ktirope for the uet ten years would bo about S20.000.000.0n0 in food and raw materials. On the other hnnd. 'eadins international bankers asserted that further extension of credit to Hurone by the American government would be impossible. "t'nder no circumstances should we crnnt additional government credit to r.nropc." sniil Ir. Vnnderlip. "that I Wt nil the time. We must go directly to the investors for this money.. In Hie last nine months t have dissipated nur owu ability to grant credits. We have blown our own credit situation to itv "U lofi l'c.80. Inferior lota lower.fancy Mich a point that w.o cannot grantcreil 'fs as we could last soring even in the '.resent danger of uo'itical chaos.-" Speaking of the low rate of ex Maiige prevailing now, Mr. Vnnderlip - nil "We may fare a breakdown in ex hanire that will even surpass the break- town of the nrespnt There is a deencr I enson for the present low exchange than the difference between imports and exports. All if the fall. blow the gold r-nveinent point depreciates exchange. The currency printing presses are still working." "Onlv extraordinary measures will enable this country to prevent the seri ous consequences of the luiHnnn fom" extending to its shores," said Paul D Cravath. chairman of the council. "I'n fortunately the need of finding capital in this country to meet the greaiesr financial crisis the world has ever een twA...AW...w..AW.....wwwww.vtt. comes at a time when the conditions JijJ)ft.:.::ft:-S. 'esiiiting from tne war maKe u more difficult than ever before to assemble private capital. I "The capacity of the banks to meet ! the crisis is upnronchirre exhaustion. ' Almost all the relief which their ran- I chinerv can furnish has already been I Mrnvided. Verv little beln can be i -ained from individual investors or large wealth because the burdens of the income tax make.it impo's'ble fr I them to invest in taxable securities. A colossal government loan is. out of the cleaned up and, ruled firm. Tho quotations were as follows: KowlS, fine fat. weighing r ids. ana oyer apiece. SBOasn! fowls me dium size, good quality. 32fl)S4c! do. poor. 730cs broiling chickens, fanrv aoft.meat- ed. weighing 1H 2 iba . apiece. 8O03SC! spring cuicKens, aerage Boft-meated, 82 31c: do, Inferior. 27S0o: eld roosters, 22 23c: ducks, whlto Pekln, 3840ci do. Indian tlunner. 343flcl do. Muscovy. 5830oi geese. 2830c: .turkeja, 18S40ci pigeons. SV'ffli ivT. "?.','' 40l8,4Sci Ho.' joung. lwr.palr. 3340c: nulneas, young, per pair, weighing 2 Ins. and over apiece, nlumn Sl.15tfil.2A: Y",?JyJln,r S 2 'D. apiece. 73000c: culls, lOWOOc: guineas o'd. per pair. TRc. imHSSRD Fine deslrable-sljed Mock was well cleaned up and the market ruled firm. wuutxuons; i owis. rreh-kllltd. drypicKeu, Financial Briefs In boxes, weighing 4 lli. anil over HDlecc, 3Sr! we'ghlng 3H lbs,, 32934c: smaller slies, 2731o do, fresh-killed. In bhls., dry-packed, weighing 4 lbs. and oyer apiece. 37c: welshing 3V4 lbs., 30832c! smaller sizes, 2fl'29cl old roosters, dry-packed, 20c: broiler, Jersey, dry-pocked, 43CT4Rc: do, ordinary nearby, dry-packed. 3.1iS4?c: do, western, dry-packed, woighlng mI . uu,v iinni'i", i,i.,iih inn iiiMviwi, in,, Western, flrv-imrlc 1'rif.pfl Urn ir.n.rii v tntarii' Imt Irutln ..an l . nn' . .. l, .,...- aulet The following were the. quotation.! , Astern drv.nae&i'J 'hh,,"" "we ihlng' 1 VcrlM lbs packed In 1 100b.. Jute sacks rh;-'"' "' l"i. Aaetan'ViilVlng 3U, Knl, W nlit alrulail ...a. .am C 1 II T'.Mll .r.. :: .- ---- w , ...TV..w. ---"-- ,.. .... ........ ...,,. ..rr.r... T. ........ ...r. ,..- niece. :i.l(it.14i. we ell nir L'U u J lus. apiece. 30532c: western corn-fed chickens, straleht. 11(9 11.10: da short nutent. S14 SO 15; spring hrsf clear. J10 735(11.23: do paent, tI4.H0lS.23; do, short patent, XI." poQUI 23: fancy spring and city mills pMent. famllv brands, ttl.23tTin GO. HVU KLCUIt was linn but quiet at quoted rates. Quotations: $10 151010.00 per barrel. In taiks, as to quality. PROVISIONS Thre was a limited Jobbing moement and llttlo change In prices. Quotations: Beef, In sets, smoked and alr-drtcd, 53c: beef knuckles and tenders smoked and alr-drled, 34c. pork famllv, Mc, hams. S. P. cured, loose 20027c. do. skinned, loose. 21024c: do. do. smoked. 242flc hams, boiled, bone less. 40c. picnic shoulders, S. P cured, loose, 23Hc, do, smoked. 244 c; bellies. In pickle, oose. 23c, breakfast baccn. 32c, lard, 2,o. diary'products , Bt'TTER The market was weak and un settled and prices further declined 3c under a light demand and general pressure to sell We quote' Solid-psrkrd creamery, fancy. hlgh-corlng goods, D'JftOlc, ertras, 01c extra firsts, 80000c; llrsts, 303sc; seconds MC"3e, sweet creamerv, choice to fancy, 030."c. fair to good. ,"Sfrn2c. prints Jobbing at ii!71c for fancy and at 08 08c for fair U" choice. EGGS The market ruled steady, with de mand enuil to the offerings of strlctlv fine eggs We quote Tree cases, nearb. 11-sts. 2.1 70 per rrate. nearby current receipts, $23 10. western extra llrsts. $23.70. firsts. .i 'miST'in 111 nnarlw un,l i..1.m SPoniis. $10 -04121 30, cold.storago eggs, lis to qual Itv $14 lOfMO.80, Inferior lota lower, fancy selected fresh eggs Jobbing at 838 8,0 per d07cn , ... cunKSK Trade was quiet and tho mar ket was barelv steady. We quote New York whole milk flats, held foncv 32V4 Jt 31c: fancv held speclala higher, held fair to coed, :ilHR32r: fresh-made best. 32W 32ncl do fair to good. 31 S 31!-ic, Wiscon sin, whole-milk flats, held., fancy 32 33c: held fair to good 31- 'O'S.'c Jobbing I ales of fane held goeds. 36 30c POULTRY LIVE Fine deslrab e-slzert stock was well 12 to box, 17 lbs. and under to dozen, per lb., 444fic: 18 to 24 lbs. to dozen, per lb.. 43CT44c: 25 to 30 lbs todozen. per lb.. 3R37cs 31 to 3(1 lbs to dozen, per id, 3334c: 37 to 42 lbs. to dozen, per lb.. 343."ic: 4B to 47 lbs. to dozen, per lb., 84 X3.".c; 48 lbs. and over to' dozen, 373c: ducks, western, fancy. 33?40c: geese, west em. fancy. 3nfS32c: do. do. fair to good, 2SH27C Turkejs. Delawaro and "Maryland, fancy. 0e; do. Virginia and other ne-irbv. fnev, RoeSRc: do. nearby, fair to good. 33 I63c: do, western, snrlng. fancy. Mf'S'O do, western spring, fair to good. 01(3 OJC do, old toms, 45c. , rRESH FRUITS Chdtce stock met with fair sale and values generally we'e Bteadllv maintained ts loi lows: Apples, per barrel, as to quality. J4 10 CO: do pe- box. '1. 30(33.23. Cranb-r-ee. per barrel $0,501? s.,',0; do, per crate, SI 50iff3. Oranges rii(f-"-nla Navels, ref box. $1. 034.20": do, Florida. -per box. $2.10 (if(. -Tangerines, Florida, per half box, JirnM.2.. arapefrult, Florida, per bcx, $1.700. VEGETABLES Potatoes were well cleaned up and Arm at the late advance. Onions and cabbago were steadilv held. Quotations: White potatoes, Pennsylvania, per swt.. $4 25 1.50: do, New York, per cwt., $4 23. S.e"t potatoes, southern, per hamper. 51(32.25: do, Jersey, ner baakot, Jl 40Jtl 75. Cibbagc. New York and Danish, per ton, lllSCMSS. Onions, per 100-pound sacks Yellow, No. 1, $0(fl 0 50, For December Tonopab Belmont De velopment Co. re ports "net earnings of $-15,'C78. Tills Is tho first statement of monthly earnings Issued since the s'triko which started August 17, 1010. Tho tonnngo at the mill Is gradually being increased and If tho grado of ore is maintained earnings should Improve. Jim Butler reports net earnings for De cember of $5342. Transfer books of the Warwick Iron nnd Steel Co. close January 28. onen February 11 for annual meeting to bo held February, lu. The Philadelphia Stock Kxchange has received the numbers of $137,000 Spanish-American Irou Co, first mortgage sinking fund 0 per cent gold bonds for redemption, due 1027, by operation of the sinking fund as of January 1, 1020. The average price of twenty active industrial stocks advanced 0,31 per cent yesterday to 101.53. while twenty rail roads advanced 0.15 per cent to 75.00, C. N. Ilaskell, president of Middle States Oil Corporation, announced the annual report; now being prepared for the year ended December 01 last, will show n large increase in enrnings ovcr.l the preceding yenr and lully warrant the declaration of a stock dividend of 20 per cent, payable next month. Mr. Ilaskell said tho company has never capitalized its flush production and is not solely dependent on any one field. The New York subtreasury gained $24,854,000 from the banks yesterday, making a cash net gain since Friday of $37,0-10,000. J. P. Morgan & Co. and the Guar anty Trust Co., fiscal agents of the Bel "inn Government, announced today the subscription prices of the new $25,000, 000 Belgian G per cent note loan. The five-year notes nns offered at 059i and the one-year notes nt 09. VOTE ON St 0CK INCREASE Real Estate Trust 8'harehplders' to Consider Doubling Capital The Real Estate Title Insurance and Trust Company Is to double Us Capital to $2,000,000. Tho directors have also declared nn extra dividend of $2 a share In addition to tho legular quarterly disbursement of $4. Notice of tho proposed capital in crease Is given to tho stockholders as follows : "Notice is hereby given that n special meeting of the stockholders of tho Real Estate Title Insuranco and Trust Com pany, ot l'nlladoipuia, pursuant io u resolution of the board of directors adopted nt n regular meeting on Jan uary 13, will be held on Thursday. Mo rrh 1R. of nnnrovine or disannroving a proposed increase of the capital stock from $1,000,000, consisting o 10,000 shares of the par value of $100 each, to $2,000,000, consisting of 10, 000 additional shares of the par value of $100 each. The dividends, which wereJ declnrcd yesterday afternoon, are payablo Feb ruary 2 to stockholders ot record Jan uary 13. LONDON OTOCK MArul "radia on i 8entlment Cheerful and Fairly Brisk Iybndon. .Ton. 14 a.i. stock exchange wa cheerful 7.i 0I1 tradlnir wn fnlrlw w.t ,,lii generally displaying firmne.. mart AflfTtiriflAa rt. l- V b..w uuti.43 it t!iii union - a i . 11 section. Home rails were strni. brighter prospects for a Befe me aisputo over wages. "ut ft Tho shares of Cnnnrlt .... steady, but there wn tirnflf...!?. N Mexican Eagles. Fresh bUftT.T'n- snqwn in tne oil group. Shelf T- " rising to 13. ' eu TraiPi 0SSNAT1ONAI. SEcriM-rv ' . Philadelphia, Jami.T ??K . At the Annual Met?t iWA"' .!. U held on the I3h inot.7 the follo,S?ltnolwH gentlemeT were elected Dlre?tit?ln.,',lln3B the. enswnn veiri "ccwr to iS neorge Kessler Chifi?W,,2 . I Oeoreo n. Allen Pred ? pmS,!hl!l Walter T. Bradley mil schobie " sssiw- "ifflsy T. Bradley F. TOiui,'ni'a , J. Edwin Ti.Ii"1 Do. J aMuo'wfnfffen; .T. It. DRIPPS. President OICOIIOK OmOTON S, THOMAS aAJlON, Jr.'. As's'V 9. W. II. McKnhPlw- n-T.".' J stealer, i ERNST S ERNST TAX SERVICE AUDITS and SYSTEMS PHILADELPHIA 2023-2024- LAND TITLE BUILDING. TcJephone-Locu,! 2681 NEW YORK PITTSBURGH FORT WORTH TOLEDO HOUSTON ATLANTA BOSTON ST. LOUIS CINCINNATI DALLAS BUFFALO KANSAS CITY CHICAGO CLEVELAND DETROIT MINNEAPOLIS WASHINGTON INDIANAPOLIS GUARANTEED Railroad Bonds GEO. WILLIAM WALLACE 334 Land Title Building Slu-uce 1543 1 BUILDERS' I MILLWORK Doors, Sash, Mouldings, i Columns, Etc. THE HANEY-WHITE CO. fj question. , . . , . :::: Herbert SMIouMon also pointed out :::; Unit a government loan was not teas- j:;: ible and said that no money should be :::; advanced to Ktirope except for relief, i ::j: He aid he believed that cxteuion of i .:;: rredit should be brought to n pre- , j:;: war ba"-i. , . , , , S Otto II. Kahn declared the three chief .;.; factors in upsetting present-day fcon- $: lomics were the worlds demind for i ...; America . raw materials ana muiiuim: :::: turcd articles, inflation and taiiity taation. The world's demand for American materials and services will slacken gradually. He said the cure ( e,,. inflntlnn iu.n slow nrncess. but the i Iremodv for faulty taxation can he se cured at once whenever it pleases Con gress nnd the administration to seek , that remedy and applv it." ntinir nn pytrpine instance in which ' a person in the highest taxable class would have to make nearly 17 per cent with a corporate security or in his busi ness to get the amc return he would receive bv investing in u tax -free mil -nicipul. state or federal bond, Mr. Kahn reached these conclusions: "No bond foreigu or domestic can compete with the attractiveness of tax exempt bonds to those in possession of incomes of any considerable size. "Tho owners of medium-sized or larg" incomes hae gone on strike, as far as investing in corporate securities is concerned, thus greatlv diminishing the quantity of fundi available for pri vate enterprise. "The American investment market for the time .being has been largely de stroyed; the shrinkage in the , value of (xisting corporate bonds, which is to the largest extent nttrihutable to the income tux. amounts to billions of dol I lars ; the free flow of capital and the 1 normal working of the investment ruar ! l;et are absolutely basic elements for j every kind of trade and industry, and ' we cannot have a return to normal con ditions of trade, prices, etc., UDtil our investment market will have come with in measurable distance at least of normal conditions, which is impossible as long as our present income tax ic inaius in force." Plant 1 7th and Glemvood Ave. i Office and Warehovsm !;!; 21st and Glenwood Ave. i;; Lists From Plans and :;ij Estimates Given jiwasatt:: KstablUllrd 1852 I I JJJJjyij.MIll'ilLtMlj li ' ,LVJ "'!' I JB111'1 I" I iwijMl n jiimi HI l ,"J' Jjl iij I IM" lt Vl'l U' ' 1 I1 ir""ljWl"!;illiii!lB Dept. of The Ilarrett Co, Contractors for BARRETT SPECIFICATION ROOFS SLAG ROOFING PROMENADE TILE ROOFS WATER PROOFING ROOFING MATERIALS 36th St. & Gray's Ferry Ave. Philadelphia, Pa. Annual Klectlons ,vrip, PIIIUIKM'IIIA, iSJ 13th, 10JO. At an election. Hits! MO.NTII held thla Hav ihe follouintr named nerfnns verp chosen nirectors of TUB PROVIDKNT LIFE AND TRUST COMPANY OF THILiADnL PHIA. to nerve for three year' rHARI.KS II. HABU1XO .1 WHITAI.L, NICHOI.bON ur.oiiai: II FRAZ1BR SAMUEL RCA CHARLES J. RHOADS The following hold over: Term expires 11)21 Term expiree 1925 Asa B. Wine Robert M Janney John Thompson Cm- Marriott c Morris len Joheph D. Townsend, Morris R Unckiua Jr. Oeorce Wood Frederic II. Straw- Parker y Williams bridge Iyei L. Rue At a subsequent meeting of the Board of Dircrtoxs held the s.ime day. ASA H. WINTr wis re-elected President, and J. BARTON TOWNSEND JOHN WAY and M, ALBERT LINTON , rn re-elected Vice Prea Idents of the Companj LEONARD C ASIITON. Secretary. 65TH ANNUAL STATEMENT of the Saving Fund Society Of Germantown and Its Vicinity SCHOOL LANE AND GERMANTOWN AVENUE CHARTERED iml JANUARY 1. 102 For a Nation of Intelligent Investors F Interest Allan ed on Deposlln 3.0.1 I'er Annum Accounts May He Opened ami Hulne Trunnacted ny Mall ASSETS Municipal, Railroad and other Bonds (Pr $13,955,247.12) T $12,794,001.55 Loans on Collateral . . . .' 35,210.00 Mortgages, 1st Lien on Real Estate 901,430.00 Real Estate Banking House 60,000.00 Cash on Hand and in Banks 1,036,246.07 l-nxvsJ1rV'eVMKVtf' British- American Chemical Nets About 11 rc on Present Curb Quotations Write for Circular C-1-1I FRANKLIN AYRES Share and llnnd Itrnkrr 1021.23 Ilrexel Hide . I'hlla.. I'i. Corrrspuiidrnt. I., n, Kotrrt A Co. Membrr Consolidated Stock Exchange ot m, x. LIABILITIES Individual Depositors $13,386,667.11 Interest added for 1919 . .,. 440,220.51 $14,826,887.62 $13,826,887.62 $1,000,000.00 i&r Surplus Total Number of Depositors 32,648 We the Subscribers, Auditors, appointed by the Saving Fund Society ot O.rmantown nnd Its Vicinity, do hereby certify that we have examined the above statement, and tho assets therein named, and find them correct. CONYEHS BUTTON 1 OSCAR W. WOOD I Tinuirv 10 1920. GEORGE J. FLAVELlA Auditors January iu, u.u. H ra,1AnDT f ARTHUR II. JONES ) OFFICERS LIVINGSTON E. JONES, President H. T. JIONTGOMERY, Sec'y & TreaB. WM. N. PRICE, Asst. Bec'y. C: Asst. Treao. Francis B Reeves Horace T. Potta Fr"ederlo II. Strawbrldg? Marriott C. Morris Livingston JX Joqm MANAGERS V'm. J. Montgomery Louts C Madeira t Francis B. Reeves, Jr. Harrold E. Cunningham -TVoolstott Clarence M. Clark William A. Law Edward J. Mooro John D. Mcllhenny ThoB. itaeburu WhlU What Leading Finan cial and Business Men Say LAWRENCE CHAMBERLAIN, Investment Banker, says: "I am glad to say a few words regarding your- Magazine. It is my opinion and, I And, the opin ion of many of my friends, that you issue a most practical and informing publication for those who have any American finan cial interest. In very brief, if you will understand ,mc, yours is a shirt-sleeve magazine; that is to say, it is run in a slceves rolledjup spirit and is a stimulus to thought and an incentive to money making." JACOB H. SCHIFF, Kuhn, Locb & Co., say 8: VI have frequently found in the Magazine information and views by which I have profited. I wish the Magazine a continued successful career." WILLIAM C DURANT, Pres. General Motors Co., says: "The Magazine of Wall Street is well edited, educational, in structive, fair and impartial." How We Have Helped Subscribers OUR EDUCATIONAL BOOKS ARE PRACTICAL "The books published by your house are little giants of their kind. I have read two of them this week and a chapter of a few of the others. Tho more I read them the more interesting they become. They do the work of phrenology and tell me where some of my weak bumps are. Can you beat it?" W. A. P., Philadelphia, Pa. A NECESSITY "Some time ago I- sent 'in a trial subscription. It is no longer a trial proposition,.but an abso lute necessity. I have noted tho steady advance which the maga zine has been making, and desire to express my apnreciation of it." F. K., Rochdale, Mass. SATISFIED OLD SUBSCRIBER "The writer has taken your magazine for the past three years. A careful study of your columns has resulted in a great deal of benefit. "The writer expects to invest approximately $40,000 within thd next few weeks, has selected tho following list of stocks for a permanent investment, yet feel ing they have speculative values . . ."-P. D. K., Eau Claire, Wis. INANCIAL independence depends not on how much you earn, but how much you accumulate. And the success of a nation depends upon the success of each individual. The work of The Magazine of Wall Street is to show you how to obtain financial independence by intelligent accumulation. It not only teaches you how to invest and safeguard your funds, but also helps you to judge between a good and a bad security and gives you a fundamental understanding of finance as applied to your specific business needs. To help forward the movement we feel we must begin at the beginning. Our new department, "Building Your Future Income," is For the Man With His First $500 We teach the young man fundamental principles and point out the pitfalls to be avoided. We not only give an education in practical finance not usually found in books, but endeavor to help him with his insurance problems and his real estate problems, in so far as they concern the buying of his own home, etc. How the young man invests his first $500 is a deciding factor in his at tainment of financial independence. A Few of the Important Articles in This Issue by Financial and Business Experts Why We Need Dye Protection Business and Investment Outlook A review nntl forecust of economic, flimn rlnl, Investment and buslncns condition. The most ultlely rrad digest of Its hind. Keen, comprehensive, impartlitl and uutlior ltathr. Money and High Prices Uy JACOB ir. IIOII,ANnK!t. Professor of I'olltlcul Kconomy tit Johnrt Hopkins, Aro High prices the cnuso or effect of expanded currency? This In the fundamental ques. tlon answered by Professor Hollander, The nutlior maintains a different view from that of Hie 1'ederal Iteserve Hoard und his con clusions have vitul Interest to business men, bankers and Investors. Economic Situation Abroad (New Feature) Analyzes Industrial and financial condi tions In flrent Britain and France. Based on reports received direct from our corre spondents In foreign countries. Particularly valuable because of the growing Interest in foreign Investments and exchanee. How I Handle My Own Funds By llICIIAItU I). IVVCKOI'1', Publisher of The Magurlne of Wull Street. A notable series of articles, based on over 30 jenrs' experience and representing Ills personal contribution tn the tnuse of "Building a .Vutlou of Intelligent In vestors,' Securities We Would Not Recommend Ily the HON. NICHOLAS LONOWOETrf. Member of Congress from Ohio, ana Author of the Bill to Protect the American Dye Industry. Miall Germany be allowed to crnih the new Industry In vthlch American Investors have put more than $300,000,000 since the begin ning of the war? Uvery business man nnd Investor Is vitally Interested In tho answer to this question. Bonds Giving Phenomenal Yields Why You Should Buy ong-Term Bonds What Is the trend of the bond market today? These two articles analyze the situation and make definite reponynendatlons, A Searchlight on the Coppers Is thrown by special articles In this Issue, "The Boston Coppers," by Frank It. Swain, analyzing Calumet and Arizona. Calumet and Hecla, Copper Range, East Butte. Old Dominion, United Verde Extension and "The Copper Outlpok for 1020." Security Analyses and Why Short nrfalysls of Issues which we consider iindeslruble or Inferior to certain others mentioned. Varied Prospects of the Bugar Stocks United Retail Stores American Shipbuild ing and American Snip s Commerce U. S. Steel Probable Unfilled Orders Maxwell Motors Endlcott-Johnson Shoe Companies l'orgluc Ahead American Ice SUmus Petroleum Ooldwyn Pictures. Many Other Valuable Articles and All Regular Departments in This Issue wnfiAtN & Issued Fortnightly (or a Nation of Intelligent Investors PUBLISHERS OF PRACTICAL BOOKS ON FINANCE AND INVESTMENT . SPECIAL TRIAL OFFER COUPON "L" January 10th Issue Now On Sale AT ALL NEWS STANDS 35c a Copy $6 a Year Note Special Trial Offer n.. . . nt Wtl ..". :."t;wv. New v-i.. rli . w . j i-j e. . trv a foot lune trial subscription tO i" Mcine i)f Wall Street. Name Address , SEND $6 FOR A YEAR SUBSCRIPTION, WSUKS -r-r TTfci --le I L Uf, 'M SiMtltSmM r.
Significant historical Pennsylvania newspapers