IfLjiQ pr ; , f- "tr . W . ( . H.l&'fl "wvir W tt.. . . ,, utf fcMl'F'r. 'T'Ii15'w, T ' evening -PUBLrC4LBrraER Philadelphia; Wednesday, FEBRUARY 11, 1920 Philadelphia Markets GRAIN AND tLOUR wilEAT-necelptB. 20(411 bushels. . -i.i.rl steady, but demand The was Car "" notations were n follows. vrnu "- . ". ..port elevator. Government standard ' .... ...nilard Mlcm.Ni). 1, red winter, lota i.j rariicKy auu -" -r: ... --,-.- I1CKJI '-. . ,1 atnlUIV. 8tftte? -Vl hRed on the following Bchfdulo of hffiJ? No 3 wheat 3o under No. t; No. ti n l! NO. O "" ."J",.,' Kn.i,.l.. Trads 2Kl " KlT no chan w In "friers. W. . QSKr as i to quality and location, at "JlfSni 70 the latter for No. I! yellow. l?2iInpelDt7 10 734 bushe s. Tho ,E ed seadV. but there .wm little dr- 83i.Wi-Sott "inter" straight western. mnVUMi do. do. .'IW winter, straight $12.2312.75: do, n0JJin' ,, natent 12 50013s short, pat 'JtM a 40lS 83: fancV Pjlne and city cnt. ,"',2i, Mmlly brand". I14.B01S. "WrWlinwi; Sun. "0'''n?i 90 0 50 per bbl., In sacks, 'as to quality. aorinK nrei, cien.ii PROVISIONS u n limited Jobblne movement raMO.-"". -, ..I-m. n4 1 tile- Cllu ,". '"V .I.J.I j wuoiminnsi '! iTS... 2T029c: do. skinned, loose. Sffitsc' do. do. smoked. 38V4 27Hcs S0?V4C. to 3B plcn Bhoulders. imp" "cu'red. "Tonose, 250! 'breakfast bacon. 32c: 'lard. 27c. DAIRY PRODUCT8 nuTTER Tho market was quiet, but of- i JoY.V of fine coods were moderate and faring or ii n. dy Quotations: Sol Id- rrlcif."rf ffeamery. fancy. hlBh-scorlnc Roods. 78c for fancy, and at 63750 for fair ,0rool There was a fair demand fpr de- lllll'tli 30 : selected fresh' en. Jobbing at I'l'IT . iAn fnlfl ntnraira CITES, as 70ifl)72c per dozen: c loniilltv. ejl 5.60 10 -'..? .-at Traa Will per qase, CHEESE Trade 'was. slow and prices fa- wreH buyers yuoiauonoj iw iv.,. Xle-mHk flats, held, fancy, 31032c: fancy v.m aneclale "higher: he d. fair to good. n30:currit make nominal: Wisconsin, whole-milk, flats, held, fancy. 8t32c: fancy ti0Kc POULTRY LIVE Tho market ruled firm with de mand abiorhlnc the very limited offerings. We Vote the following range of prices: ?ols nSe, fat. welBhlnr 5 lbs. and over apiece. 42&44c. exceptional lots higher fowls medium size, good quality.. 39D40c: do poor. 3538c: broiling chickens, fancy. Srt-nVeated. weighing lft 2 lbs. apiece. Si)9B3c: eprlng chickens, average soft-meat-ed 40042c. do. Interior. 3538cs staggy 8.:.' "uhltV Pekln. 44S48c: do. In- iia Runner. 40042c: do. Muscovy. 28 30c7 Beesi. fat. 4245c: do. average. 30 35c turkeys. 5052c; pigeons, old, per pair. DRESSED Demand was fair for choice rtock. and Prices ruled steady. Follow In! were the, quotations: Fowls, fresh Mlled. dryplcke'd. In boxes weighing 4 bs. l'U..uL.- L.tB.a An welnhlnir 314 lbs.. n?..2rr. rJK: .T lh. Taaai. fowls. iCCIiw in hhls- dry-olcked weighing 4 hi ond over apiece. 39Wc: weighing 3V4. iha. 3536c: weighing 3 lbs... 31&P Jdc old rooattra, dry-olcked. STci nroHtrs. dry-picked. fiT.B0c: do. ordinary jp.rsey. nearby. western d'v. '7:V;':,J!?,-i'il 'ou Kni.V. dsarioo: fotlng chickens, western, dry-picked. In nblb., weighing 4 'bs. ana over apiece. 3 37c; weighing 3H lbs. apiece., 3435o. weighing 3 lbn apiece. S435c: wefghlng :2U lbs. apiece. 4142c: western corn-fed chick ens 12 to box. 17 lbs. and under to dor., per lb., 4-i48c: 18 to 24 lbs. to. doz per i" 45048c: 2.". to 30 lbs. to doz.. per lb . 40042c-, 31 to 3S lbs. to doz.. per lb L 35 Mc. 37 to 42 lbs to doz.. per lb... 3OSc: 48 to 47 lbs. to doz.. per lb.. 3o36c: 48 tT- I . a in An AH4t)r'. CfLDOIlS. Weflt- ern. weighing 810 lbs. apiece. 54B5cU weighing 7 lbs. apiece, nac: weign w u i. splfce 5"c: weighing r, lbs. apiece, 48c, turkeys Delaware and Maryland, fancy, nor. do. Virginia, and other nearby fancv. D8 r.0c; do. nearby fair to good. B3n5c: do. western i-pring, fancy, 58B9c: fair to good. M53c: old toms, 48c: ducks, western. 88 40c: geeBe. western, fancy, 3003.1c; do, fair to good, 23027c. FRESH FRUITS Apples were In fair demand and steady, franberrles weaker under a light demand. We quote: Annies, per bbl.. as to quality. J489. do. rer box. .1.503.B0. Cranber rlei per bbl.. J88: do per crate. Jl.jo 2 7S Oranges, rlorlda. per box. 2V8 1115. Tangerines. Florida, per '4-box. Jl.rin ff, Oranefrult. Florida per box. SJ.60 3 50 Strrawberrles. Florida, per qt., 35 (053c VEGETABLES Prtatoes were steady, with a moderato lmtlness. Onions firm. We"nuoie: Vblto noiatoes Pennsylvania, wr cwt . JS.OOW 4 40 do New York, nor cwt. $3 ftO I.M. Sweet potatoes, southern, per hamper. 1 '.'31 do. Jertey. wr basket. Sl.liOQI 7,i, rabhage, New York, Danish, per. ton, )i,080, do. norlda. per hamper. 1.7.i2. Onions per 100-lb. sacks, yellow. to, 1. I5S3.50. LONDON METAL MARKET Sew York. Feb. 11. Cable advices re vived at tho New York Metal Exchange this morning quoted prices In Ixindon today n follows: Tin Snot. f391 15s. a decline of 1 5s: futures. 302 10s. a loss of 1: straits. 39.1. a drop of 10s. Sales Hoot, !0 tons, futures. 280 tons. Singapore. 395 a rise of 10s Sales, 7R tons. Standard eopper Spot. 120 5s: futures, 122 lis. a less of 1 ti. Sales Soot. HO terns- futures. 500 tons No advices havo been .received on 'leetrolvtlc Lead Spot. 49 IPs. an up turn of 2n Od: futures 5 Ss, a gain of 5s. Spelter Soot. 62 5s: futures. 04 5s. both TOviJo 1 northern sprln.v2.au ! No. J. "'.'Lifter 12.89: No. 1. Ted winter. Bar IMS TSaTiVo". 1. red smutty. WJ No, 1 Ihree Requisites r OF A , A Dependable BANKING CONNECTION SERVICE A BANK whose per sonnel and facilities are adequate to meet the larger demands of a constantly expanding business, and whose banking practice is both constructive and progressive. PRECIOUS METAL EXPORTS Greatest Part of 8llvor Went to Far East Last Year Washington, Feb. ill. South Amer ica and tbo Far Enst absorbed the bulk of tho exports of gold and silver from the United States during tbo year 1010, the Department of Commerce announc ed today. Japan, China and Argentina received tho crcatacst part of the gold sent out of the country and China and India the major portion of silver ex ports. ur the total gold exports in 1010, which amounted to $308,185,248, Japan took $01,114,180, China, including Hongkong. $70,205,738 and Argentina $r.O,GGO,000. The flow' of gold to these countries was explained, department officials said, by shipments of silk nod tea from Japan, silk and vegetable oils from China and beef and hides from Argentina to the United States heavilv .overbalancing American exports of manufactured goods. Silver sent out of the country during 1010 totaled $230,021,051, of which India received $100,180,718. and China, including Hongkongt $87,828,718. This demand, officials explained, was due to the extensive use of silver coins ns ornaments In Indiu and the silver standard in China. LIVESTOCK QUOTATIONS Chicago. Feb. 11. HOOS Receipts. 13. "00 head: higher: bulk. $14.80 15(15 60: ton. JIB 60: heavy, i4.40JS: medium. il4.7B 15.30: light. 14.85lB.flOi-light lights. 14,7r.n15:r0: heavy packing sows, smooth. 13 B0TO14.25: parking sows, rough, J13 ,i3 50: pigs. J13.75lCi. CATTLE rtecetDts. 7000 head: steady. Beef steers, medium and heavy, choice and prime, $1B17: medium and good. lliri: common, I911; light good and choice, $12 16: common and medium. 8.Bn12.(Mj butcher cattle, heifers. t8.B012,BO: cows. 0 5011.25: canners nnd cutters, IB.:," 0.50: Veal calves, $111.25 17.60: feeder steers. $7 8311.75i Blocker steers, $7 SHEEP Rcelots. 6000 head: higher: lamps- HO 21.03; culls and common, $15.25 PIS-BO: ewes. medium, frond and choice. ll:r5,4--5! culs and common. $8.00 10.75. Plttebnrgh, Ia., Feb. 11. HOOS He celpts, 2000 head; market steady. Heavies, 18 BO: heavy and light yorkers. $16.60 16.7B: nigs. $lB.75t6. SHEI3P AND LAMBS Receipts, 300 head. Steady Top aheen. $15: top lambs, 121.80. CALVES Receipts, 50 head. Steady. Top, $21. Cincinnati, O., Feb. 11. HODS Receipts, 4B0O head. Steady. Heavies. $151B.B0. good to cholre. packers and butchers. $15.50 15.76: common n r.hnlr.e. iniH)1a.2?; nlirs and lights $10J0: stags, i8n.75 ' CATTLE Receipts, 700 head. Slow and unchanged. Calves, steady, JHSJinS0 SHEEP Receipts. 100 head. Sheep and lambs steady and unchanged. Kansas City. Feb. 11. HOOS Receipts. 10.000 head higher: bulk. $14.4014 85: heavies. $14.3O14.70: mediums, $14.40 14.00: lights. $H.30fr5)15: packing sows, $13 13.80: pigs. $12015.50. CATTLE Receipts. 0000 head: very slow. Heavy beef steers, choice and prime, $14.25 10; medium and good, $11.1511.25: com mon. $pso12.5: light weight, good to i, $11.4014.75: common and medium. $811.40: butcher cattlo, heifers, $7012: enw-s. $0.9011.50: canners and cutters, $5.25 06 7o: veal calves, $13J5.25: feeder steers, $8,25613; atocker steers, $0.25010.25. SHEEP Receipts. 8000 head: strong: lambs $10.73020 50! culls and common. $12 017.25: yearling wethers. $15.50018.: ewes. $10.50013.25: culls and common. $5.25 10.25: breeding ewes, $814.23: feeder lambs, $16017.30. East St. IiuIh, 111,, Feb 11. HOGS Receipts. 18 000 head. Active and strong. Bulk, $15.25015.70 Heavy, $15CMB.50: medium. $16.40015.75: light, $15.35J 15.80; light light. Sl5&lB.e,i: heavy packing sows, smocth. $13.25(3)13.50: packing sows, rough, $12 75(913.25: pigs. $12'15. CATTLE Receipts. 4500 head. Steady. Reef steers, medium and heavy, choice and prime, $14.2510: medium and good, $11& 14.25: common, $010.7B: light, good and choice, $12(3110; common and medium, $8.50 012: butcher cattle, heifers, 7.BO11.60: cows. $7.50011; canners and cutters. $5.25 ($7.25: veal calves. light and handy weight, S12W18' feede- steers. $8.50(312; stocker steers. $710.B0. SHEEP Receipts, 220O head. Actlvo and hirrher. Ijimhs. $1R 5r.rr)"n.7fi! rilllM nn.1 enm. mon. $13.73015.75: yearling wethers. $15,251 wia; ewes, meaium ana cnoicc, iio(i13.26; culls and common, $50.50. LONDON STOCK MARKET Undertone Was Better, but Price Movement Continued Irregular London, Feb. 11. The undertone of the markets was better this morning, although there was some irregularity. Trading was not brisk. Home rails moved' upward on the favorable over night statement of the foreign trade of the United Kingdom for January. There was profit-taking in the oil "oil!) Shell Transport beging 12 and Mcvican' Eagles 10. Grand Trunks displayed strength and the shares of Argentine roads were pur chased by American interests. The gilt-edge department was dull. Interlake Steamship Extra Now York, Feb. 11. The Interlake Steamship Co. declared an extra divi dend of 2 per cent in addition lo the regular quarterly dividend of 2 per cent, both payable April 1 to stock of record March 20. SAFETY CHOOSE a bank whose capital-and sur plus are indicative of strength whose resour ces are fully ample to meet the demands that unforseen contingen cies might impose upon it, and whose policy is established on unquali fied integrity. Capital, Surplus and Undivided Profits $15,500,000 Resources $190,000,000 "the PHILADELPHIA NATIONAL BANK 421 CHESTNUT STREET Financial Briefs Tlio New York subtrensury gained $11,582,000 from the banks yesterday, making a cash net gain olnce Friday of $18,538,000. The annual meeting of the Electric Storage Battery Co. will be held March 17. Stockholders of record February 25 will be entitled to vote. Chandler Motor 'Car Co. repprts for year ended .December Si, lull), showed npt profits before federal taxes. $0,Uo2, 255, against $2,104,618 in 1018. Annual report of Ajax Rubber Co. for year ended December 31, 1010, shows net income after federal taxes of $2,201,207. equivalent to $11 n share ($30 par value) earned on the $10, 000,000 capital stock. This compares with $1,215,368, or $8.55 a share earned on the $7,100,000 cnpltal stock In 1018. There is no cessation of the Unuldat Inc movement in the stock market, a slump In any part of the list acting as a spark to set off a general decline. Rail roads and industrial stocks alike par ticipate in the process oE conversion of securities into cash. The 0 ner pent mil money nuotntion tells its story, the slguificauce'of which should not be overlooked in view of the fact that .the discount rate of the Fed eral Reserve system is at the same level. Edward W. Duckhout lias been ad mitted as a member of the firm of Ed ward 13. Smitii & Co. Robert V. Cre gar, a former member of the firm, died February 8. The new firm is consti tuted ns follows: Albert Tj. Smith. RadclitTe Chcston. Jr., Charles S. Cheston. Albert II. Mnrckwald, Ed ward W. Buckhout. Directors of the United Fruit Co. bv declaring n quarterly dividend of $3 a share on the company's stock yesterday have placed it on an annual dividend basis of $12. This compares with $10 heretofore. Southern Pipe Line Co.'s net earn ings for 1010 umuntcd to 10.8 per cent on $10,000,000 capital stocky against M.u per cent in 11118. Keybtone Telephone Co. reports gross earnings of $145,G31 for the mouth of January, compared with $131,000 in the same month labt year. Balance after expenses and charges was $18,440, against $16,801 last January. The time for deposit of securities un der the Maxwell-Chalmers readjustment plan das been extended to April 30. LOCAL MINING STOCKS TONOPAII STOCKS Bid Ask .09 '.e .15 .09 .1.1 .10 .24 Cash Bnv 07 Jim Butler 23 MacNamara 55 . Midway 12 Mlzpah Extension 07 Montana 10 North Star 08 Rescuo Eula 22 Tonopah Extension 2V4 West End 1 West Tonopah 10 DIVIDE STOCKS Allied Divide 02 Alto Divide 04 Belchef 17 Ben Hur 04 Brough Divide 20 DIMdo Extension 70 Divide ryndlca.te 02 Divide Con 04 Dividend , 14 Fast Divide '. 02 Hasbrouck Divide 02 High Divide 02 Revert Divide 18 .12 .04 .08 in .08 .25 .75 .04 .00 .16 .04 .04 .04 22 .04 .03 .06 .18 .15 .15 .32 neno uiviae ...k 02 Rosetta f 03 Silver King .'. . .04 Tonopah Divide 254 Tonopah Hasbrouck 18 Victory Divide 13 Verde Divide , ,12 Zono .30 COLDFIELD STOCKS Atlanta 02 Blue Bull 01 Booth 0 4 COD.., 01 Combination Fraction 0.1 Crackerjack 05 niamondfleld B B 01 .04 .03 .08 .03 .01 .07 .0.1 .03 .30 .14 .04 .14 .08 .OS '.01 .04 .03 .04 .11 .06 Daisy .01 Ooldfleld Con 12 Goldlleld Merger 02 fJold Development 12 Great Bend 02 Jumbo Lxtenslon 08 Kewanas 02 Lone Star 0.1 Oro 01 Red Hills 02 Sliver Pick 09 Spearhead 04 MISCELLANEOUS Amparo ..1.70 Arizona United ID Eden i', Mother Lode nn Nevada Hill 02 Nevada Rand 20 Neada Wonder 17 Promontarlo xxL Tecopa Mining , in White Caps io 1.80 .20 .80 .04 .15 .15 PRESTIGE WHILE not as tan gible as the others, it is no less important. Associate yourself with an institution whose character adds prestige to your business; whose check is recognized everywhere as a ' sign of all that is best in banking. Sirvlce arid Stability Have You Ever Noticed the Mlffercnt degrees of satisfaction that people cxpcricnco in dealing with various concerns? Not only the service re ceived, but the -way it is rendered usually accounts for tho difference. Wo arc especially pleased when wo. can serve a de positor, a"client or a pros pect with profitable advko on any subject pertaining to his business. A conference, at your coii venience, will prove how wc really can co-operate. Integrity Trust Company Fourth and Green Streets Capital $500,000 SurpluM & Profit . . .$1,660,000 i! The House oCHAS. H. JONES & CO. Wc Offer Argentine Republic Internal -Gold 5 ft Bonds. Loan of March 1909. Payable New York. Fixed rate of exchange. Price to yield about 7.75 $ Rend for Circular "L" municipal ka1lr0ad4' " Corporation Bonos 0 Broad Street - New York. rwancrMiHt cuu eti"minn- CORPORATION Income and Excess Profits Tax Matters Expert preparation 1919 Returns Expert Review 191719181919 Returns Consultations Conveniently arranged Phono: Filbert 2460 Benjamin Robin (Formtrlu wUh Bur. Int. Itev.) Consulting Accountant 219 North American Building DAVID I.UV1X. Resident Manager Itiatt' Bids). Trinity Bl&o. Wash . P. C. New York. W. r. gUY bonds when prices are low and the .yield is high. We have an interesting word about this situation. Will you hear it? Baker, Ayling & Young Und Title Bldg. Boston Philadelphia gllllW luiBMUiiimiiiHUiiniiiiniumiiuniiui BATTLESL&CO II Investment Securities Established 1890 H s En Independence Square, East l!IIIIIUlB,IIIIBIIlIIH'llllB!!!lirfl!llffllliIIIIBIIimiBIII!!i9 IMPORTS EXPORTS Our representative golne In next few days on extended trip throuch Germany. Uelslum and Franco. He will represent manufacturers or others deslrlne to transact business to or from theso countries hi non-conflicting lines. Raymond-Adams Corporation 26 South Fifteenth St. Philadelphia, Pa. Send for "Bond Talk?' P.WErwkssz iNcoaro ratio 115 Broadway Stock Eich. Bids.. Mlriu vnni? PHILADELPHIA 0(5 Main St. BRIDGEPORT (Ml btat. gL BOSTON Kiprrt Preparation and Review of INCOME TAX RETURNS of corporations, partnerships, Individuals, etc. Our experts formerly conuected with U B. Oovt, Corporation Tax 'Service Co. 000 Real Kstate Trust Uldc. Phone; Filbert 0340 or Race S917 GAS Soldering Furnaces and Appliances BBND rOK CATALOQW L. D. Berger Co., 59 N. 2d St. B!l, Market IH Bevttone. Hal t jsJKy NEW ISSUE ' . -- Kennecott Copper Corporation Ten-Year Secured 7 Gold Bonds YIELD ABOUT i 7y8 This Corporation is one of the largest and best known copper com panies in the United States. Its capital stock has a market value on the New York Stock Exchange at present quoted prices in excess of $83,000,000. Bonbright & Company MORRIS WISTAR STROUD, Jr. Manager 437 Chestnut Street, Philadelphia New York Boston Chicago Detroit For four and one-half years from four to eight engineers employed in our Statistical Department have devoted their entire time to compiling the most exhaus tive statistical analysis of the 51 leading railroads and their several thousand bonds, that we know of. As a result of this work, which has cost us a good many thousand dollars and taken four and one-half years' time, we believe we can be of considerable serv ice to investors, because iince we know the approximate market on all these bonds at all times we can offer, not merely good bonds, but what we consider to be the very most desirable that there are, after having carefully con sidered and rejected at present prices each of the thou sands of issues of the 5 1 leading Railroads, which we do not offer. We have prepared a general circular describing thpse Railroad issues which seem to us to be the most attractive at today's prices. Copies of this general circular will be mailed on request. BROOKE, STOKES & CO. Membera Philadelphia Stock Exchange 15th & Walnut Streets Philadelphia 102 St. Paul St Baltimore Trrre lluule, Ind. t Ku.t. Trar. Ss, 1015 Lnserne Co. (lab & Klec. 5h. 1048 I'hlla. Nub. (ill. A Klrr. a. 10G0 4ak. onvllle (Jus 6k. 11143 hyrucuse (las Ah, 1016 I.aUe Shore Hire. 0, l(:t Newark l'ans. Ky. Ss, I03O American Mores 1st pref. (Hunt Portland Cement pref. HENRY D. BOENNING & CO. STOCK EXCIIANOE Ill'lLDINO Direct Private Telephone to New York Members Phllu, Hlwk Kvrliangs $1,500,000 Penn Seaboard Steel Corporation Three Year 7 Sinking Fund Convertible Gold Notes To be dated ai of February 2, 1920. To be due February 1, 1923. Authorized J2.000.000 J To presently outstandlnc .1,600.000 Coupon l.otea of fi.000 denomination registrable as to principal. Interest .Payable February 1 and Aucast 1 without deduction of Federal Income Tax not exceeding 2. Redeemable at the option of the Company at 10H4 und interest ou 30 days' notice, during which time conversion may be made. COMMERCIAL TRUST CO., AND JOHN II. MASON, ESQ., PHILADELPHIA, PA., TRUSTEES. Convertible into Common Stock as set forth below. Free of Pennsylvania Four Mills Tax . We summarize from letter of Mr. John D. Wzrren, President of the Company, as follows: Company specializes in the manufacture of high-grade steels. Will control 14,000 tons monthly open hearth capacity, through its own plants and acquisition of entire com mon stock "of Tacony Steel Company, as arranged. Day & Zimmerman, Inc., have prepared a balance sheet and, report as of December 31st, 1919, giving effect to this financing, and the acquisition of the Tacony stock, which shows assets and earnings as follows: Net Tangible Assets (exclusive of Tacony Stock) exceed 500 of these notes. iHJH Net Current Assets equal 136 of these notes. '" ' ""WM" Total Eamings'available for interest and depreciation average 5.52 times present total in terest requirements for past three years. Conversion. Each $1000 note is convertible into 25 shares of common stock of the cor ' poration until February 1st, 1921, into 22 shares thereafter until February 1st, 1922, and into 20 shares thereafter until maturity. Sinking Fund Payments equal to 25 of net earnings after interest, depreciation and taxes, with a minimum of $100,000 per annum, will be called for. Trust Agreement will provide among other things that: (1) No mortgage on present property may be created while notes are outstanding. (2) No other funded debt maturing one year or more from date may be created. (3) No dividend may be paid that will reduce net quick assets below 150 of outstanding notes, but in. no case below $2,000,000. When, as and if issued and received by us subject to approval of counsel. ; Price 99 and Interest, to yield 7 MONTGOMERY & CO. Philadelphia New York Cbicijo This Information and these statistics are not guaranteed, but hae been obtained .from sources we btllce to bf uicurute After payment of $12, 000,000 Notes due March 1, 1920, these bonds will be the sole obligation of the Company. Revenue for poorest of last five years equaled about six times interest charges on this issue. Circular on request. Free of All Taxes City of Scran ton, Pa. Municipal Improvement Vtn Interest March und September Due 1932 to 1035, Inclusive Prices to Yield 4H Townsend Whelen & Co. .riOr Chestnut Street FRAZIER & CO. Philadelphia New York Baltimore Philadelphia, February 10, 1920. Annual Meeting of Fidelity Trust Company PHILADELPHIA, PA. The annual meeting of Fidelity Trust Company was held today at its office, No. 325-331 Chestnut street and 43-53 South Fourth street. The following directors were elected: HENRY W. BIDDLE, WILLIAM P. GEST, EDWARD WALTER CLARK, JOHN S. JENKS, Jr., CHARLEMAGNE TOWER, EDWARD T. STOTESBURY, MORRIS R. BOCKIUS, G. COLESBERRY PURVES, SAMUEL T. BODINE, JONATHANS. NEFF, SIDNEY F. TYLER'. DANIEL B. WENTZ. JOSEPH E. WIDENER. William P. Gest, President, presented the annual report which showed net earnings for the fiscal year ending January 31 1920 of $1,661,131.14 Out of this there were paid four quarterly dividends of 6 each on $5,000,000, aggregating $1,200,000. On account of depreciation in the market value of securities the Company has charged off the sum of $800,902.78 to Undivided Profits. There was also paid to all employes of the Company, except officers, the usual additional compensation of 10 on their salaries, and also a special further compensation of 10 in addition thereto. After the above charges and all other expenses the Undivided Profits stood at the close of business, January 31. 1920 at $487,992.63. The progress of the Company during the last ten years is shown by the following comparison: On January 31, 1911, the capital stock was $2,000,000, the surplus $10,000,000 and the undivided profits $861,702. On January 31, 1920, these figures were as follows: Capital stock, $5,000,000, an increase of $3,000,000; surplus, $16,000,000, an increase of $6,000,000; undivided profits, $487,992; showing a net increase in the capital, surplus and undivided profits of $8,626,290.63. This increase has been attained after paying out in dividends the sum of $9,360,000 and special compensation to employes aggregating $235,762.91. During the same period of ten years the trust department shows a large increase in the amount of trust estates. On January 31. 1911, the total amount of real and personal property in charge of the Company was $137,519,235.05 On January 31, 1920 243.451.309.J9 Showing an increase for ten years of $105,932,074.34 CONDENSED STATEMENT FROM FIFTY-FOURTH ANNUAL REPORT OF FIDELITY TRUST COMPANY t Uir Closr of Ituxli.thH. RESOURCES Cai.li In (Wire . . . . Cush In llanka Time und Call Loans IX1R.X3II Kl A.A.VJ.llul.2.1 27.1)10, 63 81 '-,311,403.01 IB.m.MH.Sft HAJ.K87.05 S14.SS0.UO gOO.lMMI.M) 3.H7S.U3 4.MS.1W.2D 1.03 1, 61)5.00 MortaaaeM ltonds ami Stocks . . lUal IXute Accrued IntertNt Cum. t.la. ale. Arrrp'ts MUcellaneAiiH Fidelity Uulldlnc Corporation U. a. Bonds.,.., si.8-u,:oa.io 325-331 Chestnut Street 43-53 S. Fourth Street January 31, 1U?M LIABILITIES Deposits (30.101 11)3,(11 Profit and I.0.9 4B7.ull'.',U3 5,000 ,00O,UO 10,000,000,00 3. BOO, IM. ID 0,1)80. OOO. ICJ 200,000.00 11.2UI.00 244,0:7.81 Cupllul Mock HurplUH lund Ill'ls Pitiable .. . . Cust'rrs' Paper llr-DUrl. Arrrp'ls Kite, for (-'us. . hub. to V. H. llond Miscellaneous lei.riu.tuo.fo Broad Street Office: N. E. Corner Broad and CHcutnut Streets y" -. f a I
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