EVENING- PTJBLiO fiHDGBR-PHILADELPHIA', TOESIA fcEBKTJARY W 1020 ,3? HW w I li. iv - w f 1 ? r !iv r W I Get This Free Book At Once! ilt tells the general rules of trading, with easy examples; deposit requirements, commission charges, how to give your broker instruction by wire, phone or mail; .how to endorse a certificate, and how to use collateral. Call, phone or write at once for No. T. U.-695. JONES & BAKER SECURITIES Widcncr Bids., Philadelphia tkenct Bell, Walnut 6065 Ktjstone, Race 2290 Direct Private Wires Offices in 8 Principal Cities NEW YORK BONDS (Continued) U 8 Heal & Imp Ga 1009 .... OS 3000 2000 3000 30000 18000 75 IS 13 SB 16 U 3 Rubber Co Es 1000 .... ssft 0000 . 83 10000 .... K39 3000 . . S3?i 1000 . . . 83 1000 , . . 83f, U 3 Itubber Co Iv 1000 . .10Hi 2000 ....1011; U H Steel Co Gs 1000 0000 sooo sooo, sooo 5000 1000 1000 10000 3000 1000 1000 sooo SO OS 00 90 oe 05 "i 03 "i 06 90 00 00-H, 00 ', 90 1060 .... oeu Vlr Car & Cliem 1st SOOO ..,. B3'i 2000 .1 . B3U Virginia Rallys Cs 4000 .... 83 Wabash U It Co 1st 3000 . 87 U 1000 .... 87 West Ucctrlo Co 5s 1000 . .. OS 3000 . . 03 West Maryland 4a 20000 .... 30 looo .... no Westrn I'ao Itlt 1st 1000 . . 80 1000 80 West Shoro It It 4s 1000 70Vs Wis Central Illy 4s 1000 . . . 07 ',4 3000 . . 08 Wilson Co cv SOOO .... 9 Hi 1000 . . . 01 Wilson Co 1st 1000 . . 93Ta 1000 96 1U00 ., 95 1.13 p. 111. iHt.lH) 1)0.50 no.io in .no lllah Low Lib lloml I'.1--!... IHUIS HtUH) Iib ISonil 1st" -Is.. fiO.no liO.i'O Mb Itond 2d -N. . 00.1t! MMM) Mb Itond 1st .lV.s 1)1.10 91.30 Mb Ilond 2d -H,h DO.SO U0.:W 00.00 Mb Komi '!il lliH !l"..1s III'-.O'J 1):!.18 Mb lloml lth 4',h 01.00 00.70 00.118 Vietur Note ".-'Ji DT.7H 07.t'.li 1)7.70 Victor Note lfJic 07.S0 07.70 07.S0 'stock salesman WANTED Hijb-grddo man 1uwb o ' i tlcntflc to handle a pruK)!. li n ovwitd and operated by T'liiladcIiriiU business men Iioiiii uulure to the coin 1 ion stock nukes it itr met" urditlo to lne6turn No oil, raa "r milling speculation, but 1 cotmil lneslinetit In a Ujiit ttnan well-established and !nghl profitable manufactur ing business. W'ty seek only high-class man iblo to furn'sli responsible 1 cfcrcncea Address t. (iltS. 1 eifcrr OBlie , LEHIGH NAVIGATION REPORT I Net Income for the Year Equal to 9.8 Per Cent on the Stock Vet mconii' of $".874,S Ms shown io the nnmial report of thr Lehigh Navi gation Co. for 1010. T' is us an In-rrrsf-o of SlKt.71 ." over the preceding M-ar iiml iii oquul to 0,8 per cent, on the SL1.i7.".!l."0 capital stools, as uRaiust 0.0 per cent, in 1H1S; 11.7 per cent in 1017 on !j,JS,7."i!.7."it) outstanding stock and 10. 0 per cent in 1010 on $2(1.587, (50 stock lu 101!. (iross earniiiRs vere $24,SSG,I)07. against S25.lsS7.54ri in 1018. Operating I ctpeii'-es were S17.S17.S07. After charg ing off !02.".,000 for depreciation, I S:j00.1)0(i for depletion and Sl."!),4fl oilier reserves, there was left a net tevenue of S5.2!)5,521 After allowing ' for general eponsei and fixed charge the net income was us stated above. New Orleans Cotton 'Change Closed New Orleans. Feb. 17. The cotton exchange remained closed toda. Mardi (iras Da. LIVE3TO0K QUOTATIONS ChtnaitK. freb. . 17. "- HOGS Ilocelpts. 40,000 head. Hulk, tl414,03i top,. USi heavy, t13.83t4.25i tnnilum, 114W14 RO! Ilshtr 14.4014.8n: lUlit Hunts. J14.'JH 14.(10! heavy packing bowk, smooth. 1180 13 30: packlnir Bona, rough. lll'.BOOJ3i piss, $13.30 W14. 80. CATTMS Iteeolpts, 14,000 head. Firm. 'Beer steers, medium and heavy, cholco and J rime, !147AV1U.83! medium and good, 11 3014,7i lommon. to.23011.001 HkM, (food and choice, llu.tiOvltl: common and medium, l8 73Wl2.r.Ui butcher cattle, heif ers, l8.4oell: cows, III 40011.731 cannors and cutters. 3tPfl.40i veal calves. 113,73 17,23: feeder steers, $7.30!111.30; (.tucker steers 7510.iJ3 HllEUr JtecelptB. 10.000 head. Steady. Lambs. I18WU1. S3, culls and common. 114,00 17.73! ewes, medium, (food and choice, 111 81 12 73; culls and common, IliW 10,50, rittshitrcii, r iw 17. noas ne celnts, 4300 hcAd. Lower lleaMes. I14.D0 Utl.73; heavy jerkeri and HeIU yorkern. M ssom-so: Ib. linoto.no. SHU1S1' AND tVMHS Jtccelpts, 800 head. Stead. Top sheep, 113: top lambs, lli. CALVES Ilecclpts, 100 hd Weadi". Top $21 liist IlurTiilo. N. V., l"cb 17. CATTLU llccclpts, 1U0O head Steady to Btrontr. (tthes. receipts. 1UO0 hend 30c lower; 10 23.30. IOUS Itecelpts, 0000 head; 80s to "3c, lower ltea.v, $1B.50SJlff, mixed, $10 238' 10 40, sorkcrs. 110 30. few. $10.75: light orl.er9 and pUb, $10.40(10.30, roughs. 113 13 30. stacs, $0010.50, S1IHEP ANK LAMHS ncrelpts. . 8000 head. Lamb. $1. loner; others BOc lower. Lamb?. $14Lv22; ycnrllnBd. tl210.50, wctherr. tin.oOiDlO, ewes. $0(914.30; mixed sheep. 14.30IS13. i;aat st, IxhiU. 111., reb 17 HOGS Ite celpts. 13.300 head Lance Hulk 114.23 rail 00. luaw I3 iJtlll 25, medium, 14 J3f14 73: llBht, $14.300113 light llBhts, $14.50iP15 hea packlnir sow, amoolh, I2 2"(12 50, p.cklnir sows rough. $UT3 W12 25 Digs, ?1215 CATTI.n tteeelDts. 50on ht.ul Pleads riccf hterrs, medium and heaj cholco and prime. $14010; medium und kooI $1H' 1173, cimraon .'ufflo.?.", light pood and cholco $12 2M?10, common und medium Ss,ro?12, bulctur cattlo hilters. $7 23(11' 1150. cow? $7.23fl'lo 50, ciinncrs and cut tTR. $5f?i7. eal calves, light and handv weight tl2(rl8 feeder stt-ers $s 5UW12. slocker stctrs 5710.50 Kansas fit). Pet). 17, 7IOQS -Itecelpts, 111 000 head Lon-er. I;ulk. $13 40614. htntles. S13.358tl3 80: mediums. $13 SOU 135, lights $1" I0ii4.:i3: packing sows. $tJ5()t:i pigs, $11014 no CATTLE rtCCClutS. 000(( henrt Ste.irtv It. a-v beef steers, choice and nrlme. $14 25' 'nit; .. medium nnn rrnrtn sit' " common S' 1 r.0 5 14 ,",, lommon and medium $8 II ..o, Dutiiier chuic. ntirers. SilillT.i conn. $0 'ins 11 J5 canners und culterH $3 25 Si II 00, eal cahes $13015 50, fieiler steers. $s30iB13, stocker steers. $0 asm 1(1 23 SHEUP RccelMs 11,000 head blrong Limbs. $17 2520. culla and common, $12 25 5117 searllng wethers, $15.50($18, ewes 10 50(fi 13 23. culls and common $3 25(!x 10 23, brecillnp: twes, $8(114; feeder lambs, .tt4i'i ,,ii SELLING MOVEMENT ' FORCES CORN LOWER Economic Situation Discourages Bolief in Matorial Risq From Present Lovels onAiN cni.T wDATiinn toiiuca'st Chicago, Feb. 17. Illinois Unsettled tonight; Wednesday ircnorally fair and coif. Missouri, South Dakota. Nebraska, Kan sas Montana and Wyoming fair tonight and Wednesday, colder. Wisconsin and Minnesota Unsettled tonlcht and Wednes day, Iowa Mostly cloudy and coldor to nlRht: Wednesday partly cloudy. North Dakota Partly cloudy tonight and Wed nesday, Chicago, Tcb. 17. Sentiment In corn underwent a change over night, on the result of assertions by the Institute of American Meat Packers that the ex port buslnc.s of the meat packers had Urtiially come to nn end, because of the unfaorablc foreign exchange sit uation and losses in hogs. Under sell ing by commission houses and pit trad ers the market weakened. Disappointing receipts and firmness in the cash article, however, caused bulls to furnish support at times. The billing power could not be called good, inasmuch ns the recent upturn of some ten cents n bu&liel discounted bull ish conditions. The economic situation in general discouraged belief in any material rise from the present price level. It seemed as though farmers wcic forwarding only grain of questionable keeping qualities. Oats worked lower, in sjmpathy with corn. Longs took profits nud borne bear pressure developed. Buying on dips was good by bulls, who were inclined to reinstate lines, No fresh export business came to light. Offerings from the country were small medium and cood. $12.2tf&14 :;,. ji S ln SKu M """"" T..I J'ir,iiii12.23. light, good and choice urn ' oVn fflh I rt TivfJ- J ?". , nmmrtr, ,. ,,llm u Upcn Illgn LOW CIOSQ ClORO Mas . . 1.31U 1.35 1,335, 1.33 tl.4SH Jul 1.21U 1.82U 1.30( 1.30S 1 12 Oats May .. 81'4 R2S 0 81 2 Jul .. 734 744 73U 73'i 71'i Pork May.... 35 00 35.30 35.00 S5.70 35 8J Jul) 35.30 35T20 33.20 30.O0 Lard Mm . 21.40 21.00 01.30 21.32 21.85 JuK 22 10 J2.10 21.77 21.80 22.32 Itlb? Mi ..18 SO 18 80 18 30 lB.fi2 1S.07 Juh 10.12 10.12 10.00 111.02 MS. 10 I!ld t Asked Calumet and Arizona Dividend Chleaso. l'eb. 17. The directors of the Tallinn t and Ari.nna Mining Co. h:ic dedaied a qnaiterly dividend of ,1 y share, pa.iablc March 22 to stock of tecord March 5. Three mouths ago 50 rents, six months ago $1, and nine mouths, ago 50 cents were paid, MORN FOLLOWS LOSSES ON CURB Industrial and Petroleum Issues ShowMarkod Recessions in Early Trade WIDE RANGE IN ASPHALT New York, Feb. J7. The curb mar ket was influenced to some extent by the weakness on the stock exchange during the morning, and oomc of tbc industrial issues and petroleum shares showed material losses in the early trading. Later, however, the situation showed pron6unccd improvement and upturns were in order. . The widest range was iu General Asphalt, which, after selling down to 70-j, rallied to "Si. Simms Petroleum was offered by bear traders down to .'13, hut after midday moved up to 35, White Oil was heavily traded in, jield ing from 50 to 20, nud then rallied to above 30. Texas Co. sold at 45 to dl). Aetna Explosives was strong, with suIcm at 77i to S. Goldwyn Pictures dropped from 20 to 21. Indian Packing was also heavy, falllug from 13 J. to 12nl, North American Paper "was strong, with sales nt 5 to CJs. Submarine Uoat dropped from 13'. to 12:)i, and then moved tip to 137t. American Marconi sold at 5 and -1. General Motors was traded in at 21 to ' IMIUbTKIAI.8 Acme Coal Aetna Uxploshes ... American Candy Amer Marconi . , . , , . (icnerat Motors . . . Uralc Ola Goldwn Plot .. Indian Packlnir Locomobile rorlh Amor Paper Perfection Tire Republic Tire nub .Submarine lioat U i Steam United Retail Candy..., United Front feharine. . Unllcd I'lct Prod lllch Low 24' 20 13W 53 b; 4"! 3'i IS?, 3 14 Lat IN New York Metal Market New ork, Vcli 17. Copper Spot nnd rehruaiy. offered, 18s, c: March.ofTered.lR'iic. April, ofTered 10c Market quiet, Leud Spot, rchruiry and March. H ttPr Market quiet Spelter. Kast Ht. Loult fepot Peb-ru-r and March. 8 G7'a 8.82'i c. Market quk I iNii:riTENT on.s :: : 1 risv.Nrm MCAK. lOCM'OItT .1 ONTUtIO POM I U t OYII'ANY ntfundlns Mnrli"iicc Mnkln: rund Gold IIomiU 1)110 1938 Tlio Ucjuitablo Trust Conipd'. of Na Tork, as lruiteo under Niagara Lockpot . Ontario Povv. - Company r,o-t?nse dated 'January 31. 1018 herebj .nvltes offers o bo Slnklnir I"und fo- t.ie ale of boirs Issued under ald mortKaKe. to ebauat ha mm of One Hundred and T-eiA Thousai ' Three Hundred Dollars ($112 . tool tiralcd ofTcri nlll oe opened at tho oRlce it th undersluned No 37 Wall Street New Torls clt. al t el.e o-i ork loon on reb ruarj 20 1U20. and "hould bo Indorsed "Orfers fo- the Sale ot Kond to the Nlasra J ockport . Ontario Power Company falnktns Turn i " The rtsrbt 's rocred to -jject an and all offera THE nQUITAKLK TP.LST COMPANY Or NEW TOP.K. Truitee Uy I VMAN rtHOADUS Vice President Dated New Tork. N. T , Febrjary 13. 1920 MIXJ.llM (IMAIf i SONS "slUP A.NU l.noim: iiuii.m.Nu koipam liiMn riind Nuliit I'lurhi. Tru-t Crnipun. form(?r r s Hdellt InMJrunic '.ret i id Hafn Upo,t ('ompunv . Tncueo ui 3er MoitjCrtSO if lie TVlin.im irjhm f. so is sh'n and Uhs.t Bulldlni; Compiio. d iti-d Mnis-h ' 1s"9 invites terdirs oi proposals for bond Isjued under Mild itiortcaffi to b-j j.ur'-endered fo redeniptlon proposals to be open's! and awards inadu on Mnrih nd. 100. at U ' Vloeit M FinBMTY TRt hT COMPANY. Tru?tee 3L'3 3S1 Ch"nut St . Philadelphia. Pa Wm P Gest. President. Teb-uary 5. 1130. Ann nal Meeting p3?j orricn ir pun Mir.Lrm ir.tsT coviimnv v e Ai ru ' U .i' oi l. e torkhold eij. -f ,,n "u ipm 'J IVbru.irj li' 1a"1 frll," - f, i 'U - it eh'ttcd to iser -r ti' ei ,j'n t" ,s : Jftlu o- Jin Thomas drflt1 TVil i n W 1 r.. rr Adolph G lirnensurl KdHirt T -viol ibj. Ldwa'd P.oberts lexl I P. i r dvird 11, k-.ht-'" VT v M.erbu ncnjamln Hush Samuel M rtdf.a i sj tnur 11 Lcj J i-'rinklln .fcT'dden J ' I!'ivll Ciuinil s Ilenrv G Urcnto l a mc i Ins of the beard of dlrroto-s held on th" liith ln-t., the follo.vtns ofilctra wrcrr- elected vlr : JtKNRV t. JIHL'.Cir.i; Pr. -idrnt PRANK Sf IIARUT. Vice P.-sldenl T i;llwooo FKAMK. lce Presldint I KVRV I. McCI.OY. seerctar' IOHV C VALLACK. Treasurer NKLSON IJKSVnV Trust Officsr viomas n PitoHi:p n. i:t nrncer II RRT hTBWAr.T A3Ht Renl HiUOffisSr , (1IMS Htt.-.rIi': .t T-uit Officer VIS l'T r: llirn.V As' S.crela- A RTMHVn IIIH' P s,l I aurci ,OHv n T.V.'N-nvi) .l lo Pres ir'.MlY I M LOT Moore tr v nr.ri .i I .b-uar 1 . 19-jii IS?" tiii: nl,m. mi;i:iin(. nr inn mo. 1 lioiders of Hie I liltid nremen's ?nsrranee ' s 1 tl be h'd n tl .Id div Kf Mardi 19'JO. at VI o'lloik iiuoii. at Ihe nfr - of tit? niiiiwni s. i. , or :d nnd i W at . I'h adeiohht ,i- the purpose j of it li, j prei'u' at lie prciditil and i.r. -,, llu''lm!l, lo 'h.iilcr at linj up i - n ir i nJ kOil r ami lor tin ran a ' , i t, -1 n u ' r hu u e ,s a iu rr ' - i . i "' tin in "tluK. 'I L i ll.s h. L t.n- . i u i HI I--'" Jj-- 1111. A.NMAI. ULt.llM, ill' lilt, - , i I ulvlui-i o 111. .lllfiitomi Kuillii; Mill. I I ',-. IJ al II..' gin .i i lie tu u pjn Nn. J..3 riu.tl Ui ilrtlii,- PMlade olila un lue-dJj. I rliru.irj 1".. ItliO. al 1131 a fur tlu ! cii'ii o ll'i ulreotors tu , -,( ajrl i the i culm; jtar and sutr. , siller business as may b- laid btfore them 3 RUSSELL ItUnDBRS, ' Secretarr. I-3J TIIL NUA1. MUWIMi IP THh I vsf kii i d'i re of Mq Vtittnilualrr CeniAlerv Ciilninii) v 111 bo It Ed at the i:n fs ,f ' i inn mi at u i uiiietei Bariuutli la oi Wednesday I ebnury IS, ID-'", at : I'. M. There wl.l If iin r.e.tbn r,, l.t,a-d o t3lit:i.lu a u tn fu- lb folluwlnff ea- . L :ORGU M I' MS I ..r, Jie, rt, - site, lil Niitires IIITIre or ijiSiKXM i. in- Miitm .mi:i:k 3d imd Mlllfiilt sts, I'lilladeli.lilu lebruaft 10 lO'jri a n ciina of th ttui ..holders held I'dtla. rrbruari d 19V0 a resolution vas ndopied in reading the capital . tradt of tluu .onipa from $1 OHO flOO to $3,00(1.00(1 t i mtttlnff ul the Hoard of Dire, tura lirrn inn lla tht following ro i lu Ion waj udnpl d ni.wini n i s -nc'.huiii r of - tcr.i n vi. , r luni reurua 11 ilr.ii i,.,!i br i) itlid in aiib-i rI,i' fo on (li vjiar, itt ., in t t. li i' on i u" iverv four (i -,lar,H he tl Tit' imili'il li be Slid Tu i.ai ti fcha ' aliall bi w i it iliiltifb (J-.-oi i, n duliara l$IO) nf ihltli iball W nlured to tfcPlul ' '' t'li iliillals '5IOI lidded lo tlm ijU'iilus of tho i (,nipan. AVurranm will bu nulled I'cbruary '.'I IIR'I' JOHN KRCMUIl. Bucretary I'ruiioiials orncF: or ir. roMinsv-ioM ils m-1 rIIIMOI NT I'Mtlt C7 111) Hull Phl'aili Iphla Sib uili 17 IT.II ced iiroiKiiuili will In ihhhhi at Hn ' iHie uitt' ' u'tlocl. 11, 1 11 Irliliij, b. iri'iir) 37, IWliI, 'or furnnh.fi.- I11.11L' Pi-upiii-t -nil' ,ll't li iiblain.iJ t Ph cdl 9 I uisl of lummi- loners of Pmr utnual Park Chief Unsinccr Our Hat is off to M r. Hoover who has made it possible for Americans to deliver food at reasonable prices to relatives in Europe. American Food Warehouses have been located in Hamburg, Warsaw, Vienna, Prague and Budapest. Do not send money to Europe for purchase "of foods send Food Drafts. A Food Draft is an order on one of these ware houses to deliver certain articles of food which can be secured in any of the cities named, or shipped to other points through local agencies. 1 Outside of the rationing system a single ham costs as high as $150.00, but a Food Draft purchases any of the following staple food combinations: A $10 Draft will buy 24 'a lbs. Flour 10 lbs. Beans S lbs. Bacon 8 cans Milk or 24 Vz lbs. Flour 10 lbs. Beans 74 lbs. Cotton Seed Oil 12 cans Milk A $50.00 Draft will buy 140 lbs. Flour -- 50 lbs. Beann 16 lbs. Bacon 15 lbs. Lard 12 lbs. Corn Beef 48 cans Milk or 140 lbs. Flour 50 lbs. Beans 45 lbs. Cotton Seed Oil 48 cans Milk Four million American families have relatives and friends in the stricken countries. Send them Food Drafts, or if you have no one there and want to con tribute to the general relief, send a Food Draft to Relief Administration Headquarters in New York and the food will be distributed under its supervision. Food Drafts sold here; no profit to the CORN EXCHANGE NATIONAL BANK Philadelphia Chestnut at Second is Allied Oil . . Alnal Koialtv Arkansas Nat Gas 20 Hell Pet 1 Huriinctt Van Cleae iu C'ltit.3 Serv '" ctfa.... SOL. Ccsdi'n & Co 8l Dominion , , U'j Duquesnc 0 Lilt jnsm i'ei 8H Lncineers i-eiroi . Uriel Oil Ked-ral Oil llllllland (ilenroik Oil .... (.uftes GlUcsnlo .. I Homo Oil i luler Peirol bland Oil LHIngMun lain" Star Gas . Metropolitan Pet . North Amer Oil Dinar Oil Poiinok Oil Phllllt-s l'ct Prod & Itelinors . lan Oil SkelH Oil .. hlmnis Pet . . . Superior . . Texas Hancer . . Tt as Co v 1 Irtorla Oil new 1 White Oil 311'a I Way O & O Hi Y cstcrn Slates 'a 1 .MINING Alas-Br Col 7 tlant.i . " Huldier Dllldo Ut . ' Hie Lidjo Hooth Hcton A. Mont... ( iikit Mill Culumet & Jerome . Canada Cop . . 1 t'audelarla M Cons Virginia .... ' Cressoll Gold i Crescent McNamara I Lureka Croesus , . Golden Gato Uxp . -, Hold Cons 1 Gold Denl ! Gold Mereer I Gold Hllier rick . ., toiulslana Co , MiNamara I Marsh Mln Motherlode . Nn Ophlr hllvcr . 1 Mpl-lmr . i . lle Cons Uoth ster Mines Hnpo Group .... silver KhM of AH., So Ami P & G ... .s Mher I.ead . . success Mln ... . Tonopah Cash Boy lono Divide Tonopah U , TonODah Mln Tonopah Mlzpah Tonopah Rescue Eula . . , P S Cont United eastern PUh rtev West Und C . . Uliite Caps . . . White Cans Ext tl llb-rt rrlneton IIONDS lied Paclfi Cs att Cs. io:: i u Electric 03 K. nnttolt Copper 7 Iss Govt i'i H . t- 37 27 U o" 3d 3 I fl's 7 33 81a 4 DU 33 14 I'. 4(1 lb I. 0 ' 611 33 11-j 3 PJ4 3S l. Ill 8" 21 'i sH oA 8 Sit 7 h3 11 11 4!l t 23 23 ' li IS Ao 23 12 124 30 3ll 3J, 3 3t 8J 13 13(4 2J, 3 13 ti 1314 21. Ul, 11 ',4 12IJ '. tt "4 'a 2T -JIl t, 1 .' v 30 Va 3IH, S h's 13J4 14 1S 1? 1'i VI 3, 3 37 3714 3'i 3'1 -I. 27', London stock market Prices Irregular and Trade Quiet Industrials Brisk Oils Improved Lontl5n, Feb. 17. Prices for securi ties moved Irregularly on tt?Q stock ex change today and trailing was quiet, but generally the undertone of the mar ket was steady. i Oils improved. Shell U.'rnnsp6rt vns 12 and Mexican eagles 11VI. Deal ings In the Industrials were brisk, vvlth sentiment cheerful. There vxas Investment buying of homo rails, following ditldentl distributions, but light jirollt-tnklng occurred in tho shares of Argentine roads The giltedged section was quiet. THE BALDWIN Locomotive Works PHILADELPHIA Steam, Electric and Internal Combustion LOCOMOTIVES Charles VJ. Webb & Co. Wool and Cotton Yarns HG Chestnut St., Philadelphia. Pa. NAGLE STEEL COMPANY STEEL PLATES AND -HEETS Pottstown, Pa. Phila. Ollice, 1411 Morris Building Him.iMWviiwmmiiHmfi YOU KNOW WHEN YOU GET YOUR MONEY WHETHER WE COLLECT YOUR BAD DEBTS OR NOT. THAT'S what a Credit Insurance , , Policy in the "London" means if you comply with the terms of your policy. It Is not a "hope" or a "promise" that ome day you may get your money from the debtor. It Is a "guarantee," and you do not have to wait. When one of your covered accounts is not paid at maturity, it is construed to mean a "lost" under the policy. Any excess of your normal loss the "London" pays within thirty days, and each succeeding Covered loss within thirty day after it occurs. Why wait for more bad debts ? Asking us for particulars does not obligate you. cnm. SUPER-SETCVlCt ATYOUn 5EHVIC6 Established 3EFmgKT3R Ei(!h1cmsixty.nme LONDON GUARANTEE AND ACCIDENT COMPANY LTD. R. A. IRVING, General Agent Fhone Lombard WIS H4MMtll""1UIM'il'llll'lltt PHILADELPHIA, PA. 810 UFtjetteWJj, There arc openings in nearly all branches for skilled mechanics. Steady work: good wages; excel lent working conditions. A large number of the ways arc covered. NEW YORK SHIPBUILDING CORPORATION CAMDEN, N. J. Apply at Employment Department nt the Yard 'JllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllliiiiiiiiHiinnc Foreign Bonds A comparison between the cost of Internal Bonds, of certain countries bought at par prior to the War with the cost now, due to the extreme low prices for Foreign Exchange, snows: 31 i', 31 34 POWER D pirnr K EmiRS Valve scats planed in position and new valves furnished. All kinds of engine repairs. IMiono 11 ul. 181 1 irill Jlnlii :!lll Great Drltain 5 Bonds French 5'u Bonds Belgium 5 Bonds Italy 2Vc (Jonas. Pre-War Approximate Cost at Par Cost Now' , $486 per 100 J355 . $103 per 1000 Fr. S6.r . 1P3 per 1000 Kr. SB0 iuj per loou Lire $60 H nt- V7 . . i ''" 1 H 1'i l'i I '0 CHESTNUT STRICT 1 1 ," ,;-' ! NEW ISSUE ,'j 'i I (17 fill J.-. 35 i' r r," ,;- , 1'J -. ' I TU I ' German Municipal 4 Bonds.. $238 per 1000 Marks fl5 We are prepared to execute orders in bonds of the above nations and have prepared a special letter giving facts and figures about them for the guidance of thoae who may be interested. Copies mailed upon request. "Prices quoted are subject to change. West & PA 1417 CHESTNUT STREET Moinber I'lillndelplilu Mori. Exchange Sew York Stock 12xchaiigo We Alnajn lime on Ilund h 1,1 nt (if IIIbU Grade Jlonds Correspondence Invited , , iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiii; t!4 77 03'. tlii' ;i"T Hi lSta It .1 11 :t v 10 h L'I g n i'. in 2Vj 7 fit, 03". t)(! , H7'i 67 V H'i ,l IJ Z 5S 111 II s ') 3T4 l- i.V' i7 FIRMNESS IN STOCKS HELPS STEADY COHON Reported Settlement of New Or leans Dock Strike Proves Mar ket Factor Business Small ' OTTOX-ni;LT WCATHUIt CONDITIONS Nm YorU, Tcb. 17 The follow Inn tem PTaturea were recorded In the rotlon belt 'Mb niorninff' Knoxvllle L'O Macon, i:, us:ust.i Hlid .Mlanta -JI Wilmington, 2H Mnntsomer, ".islillle Tlinmaalllo and Charleston. 28 Meridian and Savannali, In Tort hmllh 3L' Jnclt!,nnllle. Atemplila ml OKlalioma Tin :il I.litlc ItocL nnd irkf huru SC Tanina 32, 1'ensarola ,ind ilireieport 40. Nn, Orleans 12 Kan Nntonla. IS Corpus, fhrlstl and OaHeis tmi .iS There wan 0) Inch of rreelplta 1 "i it han Antonln nnd t'orpui Chrlitl New Yoilt, Feb. 17. Tlic finncr touo ot htoi'kb und ifpoit-i that tin- Now Orleans htriltc of (look workers Iiail been settled, which MiRset-ted inereased ex port, as much ot the cotton in Now Orlcaua warehouses is held for shipment, led to a steadier cotton market today. ISusincss, howecr, continued binnll with much of it of local origin. The exports were -1S03 bales, all to the con- I uncut. . Clearances for the season to date were I 1.1 lit, IM) bale-., compared with -,',01,-j ti."!l lialcn for the I'lirrcspuinliui; iferiod I liixt season. lest. Tod5 a 11 on 1 ;r 1 rinse March .May .luly . Oct. 1 'In close open u n, . p. in n"i,i in.4t .it, in no 70 311 11.. J07.; 31.11 31 L'I) 3140 31 2!i 31. SO 31.02 31 III) 32 20 S2 10 JJ 31 . . . 20.75 20 81 20 SJ 20 80 Reserve Banks' Discount Rates The first column sites rates for all periods up to und including u tiftctu' day maturitj, tbc second for a period of nixtecn to ninety da-. The third aud fourth columns give the rates for discounts for lollatcuil loans secured b government bonds or notes. Com 1 paper Ciuw pjpir 1(1 to fin 11. i nn Ijdaja davs 15 'lass ilasa lostoii . . , II il New York fi 11 rhiladelphla .... (I 11 Itlchmond II 6 dm eland 0 h , Atlanta 6 11 I'hlCUKO II (I St Loull (1 H tlnneapolls .,.,!, n Kuneas city G r, Uallaa n n Man rr.mclsco fi 11 ItateH on ntitHl.inilin? r.,pilHpni.,. r i.. 'ielilterlnfad lOntlnui unehanserl ill IK.. ,,,,. (tnt -" CHICAGO BUTTER AND EGGS I h learn. 1 'ib 17 IJfTTt.lt llrm. t rwim r r.nu li.lii I KOOS llrm Ilcccluta. 031 cases, l'lrsts. (ilr, ordinary flreis HOIOc, al mark caeei 'in(,ludil 10001 :ri 3'J 314 5Jr flt-J 31? 5V4 . "5(li ilas ,'i'4 5V4 an $600,000 Gramm-Bernstein Motor Truck Company Makers of tlic First U. S. Liberty Truck LIMA, OHIO 7 Serial Gold Notes FIRST TRUST & SAVINGS BANK, CHICAGO, TRUSTEE $50,000 January 1, 1921 50,000 July 1, 1921 50,000 January 1, 1922 50,000 July 1, 1922 MATURITIES $50,000 January 1, 1923 50,000 July 1, 1923 50,000 January 1, 1924 50,000 July 1, 1924 $50,000 January 1, 1925 50,000 July 1, 1925 50,000 January 1, 1926 50,000 July 1, 1926 Price, par and interest, yielding 7 The Gramm-Bern&tein Motor Truck Company, established in 1912, is the outgrowth of the busi ncss founded by B. A. Gramm, the pioneer motor truck manufacturer of the United Stales Mr. Gramm built and successfully demonstrated the first commercial motor vehicle in 1901 and has been a leading figure in the growth of the motor truck industry over a period of nearly twenty years. The Gramin-Bernstein Motor Truck Company built for the United States Government the First Standardized Liberty Truck used in its military operations, and the first convoy of thirty trucks which went overseas was built at the Gramm-Bernstein plant. Th,e Company's plant is equipped to manufacture 4,000 high-grade motor trucks per annum nnd the distribution of its product covers practically every state in tho Umon. An extensive export business has also been developed in sixteen foreign countries. The Company is given the maximum credit rating by R. G. Dun & Company, and is a close corporation, two stockholders constituting the ownership of an outstanding capitalization of $1,500,000. SECURITY These notes are the direct and only funded obligation of the company and are, secured by a Trust Agreement which requires that the company must maintain net current assets equal to 175, and net tangible assets equal to 325 of the par value of the outstanding notes of this issue. ASSETS The Company's balance sheet, after giving effect to this financing, shows net tangible assets, available for the payment of these notes, of $2,022,520.36, or more than 337 of the entire note issue. Net current assets aggregate $1,076,403.90, or approximately 180 of the total issue. EARNINGS Net earnings during the five-year period from 1915 to 1919, inclusive, averaged approximately $162,000 per annum, or nearly four times the maximum annual interest requirements of this note issue. Orders have been booked for the Company's entire 1920 output, and net earnings for the next twelve months period are officially estimated at $400,000, or over nine and one-half ' times the largest annual interest requirement on these notes. All lepal details in connection with the issuance of thobo r.ctej .Save been passed upon and approed by our attorneys, Meters Chapman, Cutler i. Parker, Chicago. The hoc4:B and accounts of the company haJ been aud tod bv Messra. Irlce. AS aterhnnm rntnmnu r-,m.i ,..t.i! .-.'. .i n,. mmnaWl properties luio been appralbed by tho Coats . Burcli.tnl Company, Public Appraisers nnd Engineers S Subscriptions Having Been Received for Over One-Half of This Issue, We Offer the Remaining Unsold Maturities Strictly Subject to Prior Sale. i ' Detailed circular on request, Hyney, Emerson & Co. Municipal & Corporation Bonds 39 South La Salic Street ' Chicago Telephone Randolph 2521 J - wU&te - .. lOiMMM JZiM&JL -,,'-a i feJ GAlE5SH5?ai
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