V
VM'
i1n,'.7
VV
rW(4',
Vf
j..
r
-
V v
5w
tf-
,&.
V
'i f
r
,t, Wo,
t
I I
IV.
OTH-L
v
&
Vs
sJ
I
&
'.
20
--vs'. .
EVENING PUBLIC LEDGEKPHILiABELiPHlA, MONDAY, MARCH 1' 1020
The President signs
the railroad bill
Every person in the United States ia dependent,
directly or indirectly, on the railroads. The truth of
this cannot bo exaggerated. But a moment's thought
impresses one with the vastness of the railroads' im
portance. They bring to us the necessities of life
food, clothing, cotton, wool, steel, coal. Without them
all business would cease.
Not long ago the securities of an industry so
fundamental in the life of the nation as the railroads
were regarded as suitable for the most conservative
investment. If the nation is to prosper this condition
must again prevail. Tho return of the roads to
private ownership is a big step toward building up
again the credit and prosperity of the rails.
The table below Bhows prices of a few standard
railroad bonds before and after government control
and yield to the investor at the present prices :
Before Govt At end of Yield t
DOD Control OnTt. control present
m eo. 1917 Mar. 1, 1920 pric'ei
Atchison, Topeka A Sunt
re Gen. Mtr. 109S gjt .ii 0
nalt.more Ohio 1st Mtge
If 1948 72 61 7,oo
Lehigh Valley It. 11. Gen.
4Vi 2003 SO 81 8.60
Reading Co. Gen. Mice.
4a 1997. 3 70H 8-05 1
Penna. It, R. Con. 1H IB9(1 08i 01 2.00
Union raclflo let alter.
la 1947 87H 83Vj ".10
At present prices the standard railroad bonds net tho investor
a very attractive return and offer great possibility of apprecia
tion in price. Further information on application.
Reprint of the Cummins railroad bill will be sent
on request. Ask for pamphlet, "Railroad 1-a."
GEOWKENDRICK 3rd 8 CO.
'TPazvfcers
1431 WALNUT ST.
Financial Briefs
Henry D. Boennlng & Co. announce
that Arthur C. IUchurds hus tccn ad
mitted to membership in tbo tlrm.
Application has been msdo to the
New York Stock Exchange to list All
American cables, Inc., $22,001,400 cap.
ital stock (name changed from Central
and South Americun Telegraph Co.);
Montgomery, Ward & Co., Inc. (Illi
nois corporation), $8,000,000 7 per cent
cumulative preferred stock and 8,000.
000 shares common stock, and Consoli
dated Textile Corporation 110.000 addi
tional chares capital stock without par
value
The New York Subtreasury lost $24,.
670,000 to the banks on Saturday, mak
ing a cash net loss since l'rlday of
$45,610,000.
The annual election for officers and
members of the governing committee of
the Philadelphia Stock Exchange in be
ing held today. Polls close nt 12
o'clock noon.
Crude Oil Marked Up to $5.90
Pittsburgh, March l. Six-dollar oil
was almost In sight today when the
Seen Purchasing Agency announced an
! advanco in the price of Penn'jlvanla
Crude of fifteen cents a barrel, to $5.00.
1 Cabell grade also was advanced twenty
, five cents, to $3.67. Independent re
1 fincrtt. It was reported, were still offer
1 lng bonuses above the posted prices, but
I very little oil was being sold. Produc
ers. It was the prevailing opinion, were
waiting for still higher prlres which
I they expected to develop March 16,
I when the Seep company plan lo cut
off supplies from the independent re-
liners will become cuective.
CHICAGO BUTTER AND EGOS
Chlrarn. March 1 UUTTER Arm Cream
ery, 49S5e
r.GQS unsettled Iteeelpts. 11 Pin .-ases
riruli, 40'4n0c, ordinary first 4(5'J48c;
at mark cases Included. 47040c
Member New York and Phil
adelphia Stock Exchanges.
PHILADELPHIA
Tclephonesj Dell Sprnre 6410
Keystone Baca 1138
FOREIGN INTERNAL
BONDS
Trice
When
Ctrhange
Returns
Present to
Price Normal
Enilfsh 5 s 100 $312 M86
French 5s 1000 Francs $64 5193
French 4s 1000 Francs J53 $193
Circular on Request
EDWARD LOWBER STOKES
20 South 15th Street
PHILADELPHIA. PA.
ai3nm?ir5ffinffira
Safety Factors
of Guaranteed
Mortgages
Every clement of speculation ia eliminated. We
make no "loans on operations" or "builders'
advances." Accepting only completed
property as security.
Back of every guaranteed mortgage is visible,
tangible, improved real estate in Philadel
phia and vicinity.
As these properties are occupied, they have a
definite and proven revenue income. Thus
the non-fluctuating value of the Guaranteed
Mortgage is assured.
Both your capital and interest payments arc
guaranteed.
One of our offerings, now available: a guaranteed
investment with iVic interest return (40 normal
income tnx paid), $1,200,000 First Mortgage
Guaranteed Bonds ($1000 each), secured by the
Touraine Building, S. E. Cor. 16th and Spruce
streets, assessed valuation $2,100,000
Send for our list of mortgages and mortgage bonds.
PHILADELPHIA COMPANY
FOR
GUARANTEEING MORTGAGES
Land Title Bidg., Philadelphia
MjaiBgrnMimma
Sunbury Salesman
A largo Manufacturing and hali Cor
poration of ovtr 50 sears' standing Is
anxious to get tn touch with n salesman
who Is tho-ouehly familiar with the
reslon in and around Sunbury. The man
we want has. preferably, spent the
greater part of his llfo In that section,
and would be glad to mak his home
there permanently If he were assured of
a ral opportunity for growth and ad
vancement. Such an opportunity will b offered to
a man who can met the above qualifica
tions and who, In addition, possesses the
ambition, enthusiasm and Intelligence to
furthr the Interests of this organization
In that territory.
Remuneration will be by salarv, and
thorough training In the manufacture
nnd marketing of our products will bo
given.
In your reply state age. height, weight,
education and experience In detail, nil
replies will K confidential
A 303. ledger Office.
BARGAIN DAYS IN BONDS!
What the Experts Say:
Moody
"We must go back to the 70'a to
tind the relutlve bargains that are
obtained 111 tho railroad bond market
today."
Babson
Oood bonds aro th only things I
am bullish on."
Let us submit offerings
EDWARD V. KANE & CO.
MORRIS BUILDING
sT. R. KlcheUe
Prvtitnl
Samutl C. Edmondi
See. & Trt.
MMlUKWSSWtMMWMkimiaiIJiVZi
To the Holders of
IMPERIAL RUSSIAN GOVERNMENT
Five-Year Five and Ono-Half Per Cent. Bonds
Dated December 1, 1916. Due December 1, 1921
Owing to the wide distribution of the above bonds,
and the consequent difficulty of notifying all the holders
in sufficient time for them to arrange to deposit their
holdings before February 28, 1920, the date named in
the previous notice, the Committee has deemed it ad
visable to extend the time for deposit to and including
March 31, 1920. As stated in tho previous notice, it is
to the interest of bondholders that bonds should be de
posited promptly.
When forwarding bonds to tho depositories they
should be accompanied by Income Tax Ownership
Certificate form 1001A, amount to be left blank.
February 23, 1920.
rilAIlI-KB E. MITCIIELL, Chairman.
THOMAS rOCHHAN,
IIAROI.lt STANLEY.
LLOYD W. (fillTIt,
rHAItLEH S. &ABOENT, JO.,
TOKDEIMG W, ALLEN.
ALUEUT II. WIOGIN. ex-efflclo.
Committer,
KODNET DEAN, Secretary,
E5 Wall St, New York City.
fiUEAKMAN & STERLING. Counsel.
FEDERAL TAX RETURNS
Oar depositors and friends are invited to secure assistance in
ihe preparation of their Tax Returns for 1919, by availing them
eolves of the services of our Tax Department under the super-
tWon of. WIEGNER ROCKEY & CO.
Certified Public Accountants
tUBCn 1 ( 16 nOABD OF DntECTOuVi' BOOM
National Security Bank
Franklin Street & Glrajrd Ave
&-
MUladell.hu
I
How Others
Operate In
The Market
is clearly explained in
this book. Sent with our
compliments to any busi
ness man who wishes to
know:
The General Ruler) of
Trading.
How to Give a Broker
Instructions.
Ilrokcrs' Commission
Charges.
How to Indorse a Stock
Certificate.
How to I'se Collateral
in Trading.
How to Group Inebtmeuts.
The Depohit Requirements
for Carrying Stocks on
Account.
The Rights of Stock and
Bond Holders, etc.
Writ?en in simple lan
guage and easy examples
given. No obligation.
Edition limited. Call,
phone or write at once.
Ask for No. T. U.-829
JONES & BAKER
SECURITIES
Widcner Bidg., Philadelphia
PtonaDill, rWfC065
Kijitotit, Rot 2290
Dlrtd Privatt Wiui
Offices in 8 Principal Citiea
LONDON 8TOCK MARKET
Fears About New Taxation Causa
Qltt.Edged Section to Droop
London, March 1. -There was only
a small accumulation of orders for se
curities orcr the week-end and the
stock exchanje taarktts wero dull to
day. Fears about w taxation to bo
announced with the budget caused the
silt-edged section to droop again.
Oil shares were sttadr. Shell Trans
port being 11 at! Mexican- Eagles
11.
Irregularity previllcd In industrials.
Profit-taking occurrd in sorno rails.
LOCAL MINING STOCKS
TONOFAH 8TOCKS
tlld
Cash Hoy OT
Jim nuilr
MacNaraara 45
Midway U
Mizpali Extension ?
Montana 10
North Star $8
IIaiim rnta . 20
Tenopalt Extension JH
i
Weit End
Went Tonopah
.00
Afk
.0!
.2
.BR
50
.13
.13
.10
.OS
DIVIDE BTOCKB
Allied Plvld
Alto Dlvldo
nelcher
Hen llur
UrouRn Dlvldo .
Dlxlde Extension
Divide fyndlcate
Dlvldo Con
Dividend
Hast DMdn ...
Hnsbrouek Divide
High Dlvldo
noxert Divide
03
.03
.11
.03
.10
.03s
.03
.10
.03
.02
.03
.IB
Ttenn HHldn 03
llooetta 03
Silver Klnr 03
Tonorah Divide ,2H
Tonopah Hasbrcur. '2
Victory Dlvldo 09
Verde Dlvldo 1"
Zone SO
GOLDIIEUJ STOCKH
Atlanta
niuo Dull
Hooth
COD
Combination Frjrtlon .
Crackerjaok
Dlamondfleld D P
Daisy
riore nee
Ooldileld Con
noldlleld Mercer
Oold Devolopmer,1
nreat Iicnd
Jumbo Kxtensloc
Keuanaa
l.ono Star
Oro
n.l Hill
Sl'ver Pick
trearhead
MISCELUVNEOUS
Amparo IK
Arliona United 13
Eden ..m
Mother Lode 45
Nevada Hill 03
Nevada .Rand 30
Nevada Wond'r 7
riomontarlo lVt
Teropa Mlnlnc 10
Whlto Caps 10
,.03
'.05
.13
.01
A
.04
.05
.15
.04
.03
.01
.30
03
.04
11
.33
.02 03
.03 04
.01 .Ort
.02 .03
.03 .05
,0 .US
.01 .02
.02 .03
.25 33
13 .It
.03 .0 4
.12 .11
.03 ,d3
.OH .OS
.02 .01
.03 .OS
.01 .02
.03 .03
.17 .111
.03 .07
Philadelphia Markets
GRAIN AND FLOUR
WHEAT Itacelpt. 48,734 Wish. The mar
ket was unebanied. Quotations wero a
f!!1l5.w,i cr lou, in export elovator. aov
erntnent .tandsfrd Inspection, standard
prloea. No. l red winter. .S9 No. 1 north
ern sprint-, $3,001 No. J hard winter. I2.S0I
No. 1 red winter, ftarllcky. 2.87l No. 1
red ammty, laisi na 1 red, "-arlleky, id
?.m!iy' ,."i8- Tha United States Oraln
Corporation's vurchsses of wheat are baaed
Sn. ? fo.lowlna- schedule of discounts! No.
?-w.nHr- "osr Np. Is No. 3 wreat. 6o
undsr No. II No. 4 wheat. lOo under No. ll
Novk5h 14o under No. 1.
COnjJ Receipts, 11.038 bush. The, mar
Sis' .w Quieter but steady under small sup
Si'ft .J.ouo'i to auality and legation.
"'rt'WIA-OS. tha latter for No. 2 yellow.
n.RAT.8"-Rclpta. 22.100 bush. Thero was
'!! tradlnf. but offerlnin were lllht and
yaluea wera steadily held. Quotations! Car
wSm" t0 locaUon No. 2 white, I1.02O
LhP.'.VS;.8 wWto, $1.0iei.0lUl No. 1
T.rjUnR'P'. 1.887.028 lbs. In sacks.
?.? WA! low- out mill limits wero steadily
JiSl.. 5h0 . 'ollowlnc wero the ltnueta
i'"1"' Per IBS lbs., packed In 140-lb. luta
wiiT80!.' winter stralrht western, $10.76
Oll.SSi do, do, nearby. $10.W11 hard
?' .."-'rjfJtv 12& 12.00: do. short
WW' W18.B0 eprlnr first, clear. $9.60
OjOi..ratent. $12.30O13.10i short, pat
,ii 1?-8013.75! fancy snrln and citv
m,r,'!ai?.niv.fm"'' brands. $14 1014.40.
..-.PlFWyn W1 1"1 and unchanged. Wo
,Un.lt-!BOnIS Pr tibl. In sacks.
JFTS?" Tr,de w" "'aw n1 Pf't" nf
ISiXj?"' creamerv and prints de
?''" lc. Quotations: Bolld-packed cream
" ncy. hlfh.scorlnr. Ilrsts. 60S68C1 ex.
tras. 66e: extr& iip. nufHm ,, raar
, V?'coni5i 60OS30! sweet creamery, choice
j,.inSt...0T8J0i 'lr to good. 8186c;
SSSA-Jo.bb,Il.t 737So for fancy and at
Fnnofor '"'r.to eholoo.
,..,, "" S"1' """I easier undsr pressure
fir.,. ';,. Rotations! Kree- cases, nearby
i.wt. V.Vi'. VT crate, nearby current re-wiSJli-185'
wrn extra flrsts. $17.70;
inhhin'?- 1'l! 17.10: et-lected fresh eian
iSSta.f 6088o por doicn; cold storseo
cbes nominal,
PROVISIONS
nm!?Ji?.y".R "ht Jobbinr movement and
!U!, In prices The quotations-Jleef.
hnnrbi!'. T?..0V.ar"1 adrled. 60cs beef,
?e -.iu"f tcnlere, smoked and nlr-drled,
i'no.'.nft.lS1"1"' 2ei hams. 8. P. cured.
!(2..H27,,a:!t'c!.l0- "klnned. loose. 23Vi
hoS!l1?l'n'mo,J' SSWCZSci I'aniH. boiled
RSJl. W ?.c: plculc shoulders, B. F. cured.
!2' 2iV. i0' .moked. 22e: bellies. In pickle,
loose. .8e; breakfast bacon. 32c; lard. 2H4c.
DAIRY PRODUCTS
..JffSP. .oI.(1 falrI' nd values wero
whSu 'X.Wj?1 lncJ1-. Quotations! New York)
n.S Sim!'hin?u- held' fncy. Sic: fancy held
ihSu'KTS".1 m,k' nomnal! Wisconsin.
IpSSiaVh'i."""! htM- fl,ncy. 81e. fancy held
?Ihftl hjaher; held, fair to eood. 30J30c;
lobblnr ealen of fancy held goods. 33 (J 34c
POULTRY
JjiZ7TbaT? w a. rood demsnd for tho
1'
.20
.60
.04
.23
.22
IV,
.10
.13
BUSINESS NOTES
. None, of the textile ond Atr Bods war
Itt are abnormally actlvo although
prices are either steady or advanolnj
for alt materials ana raw otocUs, with
tha exception of raw slllc ana broad
silks. Woolens continue to so Into con
sumptive channels for the next heavy
weight cuttlnir-up season on tho baals or
prices announced at the opening or tne
American Woolen Co. a few weeks ago.
Only a few parcels of linen were re
ceived from abroad the laat week or ten
days and these goods wero allotted at
once to 'customers whose orders were
taken by tho Importers and wholesalers
months ago.
nn4t ti.r ..! Mimnmcri of cotton
yarn apparently are marking time, each
waiting for tho other to act. Inquiries
fell off considerably laet week and some
spinners, to encouraffe trading, made
concessions for some numbers to best
customers, but tho discounts were not
sufficient In number to result In lower
market prices.
The situation In the entire eteel In
duatry as regards transportation is
bad enough, but the structural steel
producers are suffering an bad or worse
than the rest, according to reports.
Makers of building steel arc- declining
new business and aro forced to storo
finished stocks In many cases.
In the botanical drug list the market
remains virtually unchanged, tho trade
being content to make purchases as re
quirements make It necessary. The be
lief: that an easier situation will follow
In somo Instances has led tho average
consumer to hold off.
Tor the first time In many mouths
tho weokly review of tho pig i Iron mar
ket must report o halt In tho almost
reckless buying of Iron which boosted
tho prlccn to new records, tho avorago
advance In most grades amounting to
JIG per ton. The opinion Is divided on
whether the lull In tho market Is only
temporary or whether the Peak of pros,
ncrlty for the present has been reached,
nnd tho morjy stringency Is resulting
In a slowing down of activity.
Refined Sufjara Drops to 14 Cents
i-i. Itfnrol, 1. The reduction
of a full cent a pound in the price of
refined sugars to 14 cents, less 2 per cent
for cosh, nnnounced by tbo Isationol
Sugar llcfiuing Co. today, camo as a
surprise to tb.6 trade, arul whilo the
company is not as yet accepting any
busiucss at tho new level, the now price
is tho basis at which future business
?;S,Prfb!n?. "of." ollday. and th. mar-'JiiV h nrtr. nfthn raw nroducta has
; :i.- fH.tl'r"'w "n 's a snaao nisner """ ,"r,'-,l .".li .. j- - ....
UCCU UvvllMlUK 114 aJ va vii" 0v(
hrn thr decline was checked and it Is
Raid the company acquired some rnw
sticars on the decline. The raw market
RAILROAD EARNINQ8
CANAnUN TACIF1C
1920 Increase
January gross $13,014,609
Net 685.041
Decrease.
$880,241
D07.57I
I
Combined Reservo Bank Report
tVnuhlnrton. March 1. The weekly report
of the combined condition of the twelve Fed.
eral lleserve Mnna at tne close or Business
on Friday. February 37. announced by tho
rederal Ilcaervo Beard. Is as follows (000
omitted):
iu2suuru;ba.
Fob. 27 Tcb. 20
Gold coin a-.l certlfl-
eate. iS v.-jlt $206,877 $200,073
Gold settlement fund... 386.594 S9S.13S
Gold with for agencies li.'.s;. u.,3.'.
Total gold held by b'ks $706,293 $709,033
Gold with Federal lie-
servo agent 1,143.470 1,150.708
Gold redemption fund ...... ...
with U S. Treasury. 110.084 100,083
Total gold reserve,. $1,080,830 $1,1)00.814
Legal tender, slUer cer
tificates, subsld'y coin 110.879 05,626
Total rerves
..$2,083,215 $2,035,440
Pills dlswunted secur-
vrt ny government war
obligations
All otner
Ullls bought
market
In open
.$1,372,080 $1,325,203
880,831 633, 321
631.397 631.703
Total bllli on hand. .$2,984,878 $2,090,227
U. B. Govt bondr ....
V. S Victory notes. . .
U. S certllcates of Indebtedness
26.77
03
20.773
03
267.611 269.610
earning
.$3,270,232 $3,183,075
Total other
assets . .
Hank premises 11.226 11.144
Uncollected Items (de
ducted irom srrns
deposits
57, rea motion runn
against Federal Re
serve hank notes... 12.276 12,724
All other resources ... 3,681 3,831
1.026.726 1,020.033
Total resources 10.416,356 $6,278,487
LIAUILiriEJ
$90 631
120.1 JO
78,387
1.828.891
813, 006
05.306
nrTf.,"5W ?"'":-..9'J1!5.L lrP.
inc. iSi.JV'?' "" mierior. auwuc; Drou
"fn Kens. fancy, eoft-meated. wolghlng
iv. apiece. -60 O 5.1r; spring chickens,
average soft-mealed. 42ai4ao- n infAri,,,
aXP40c: staggy youne roostara "nflade- nlrl i-.i..- I- n.nlloll unelmnfrerl
5?; h,'tS5.026;: ducks- white. Fekln. 4IQ ""'"' ""-"' ,"--j-IvSi.
!? Indian Runner. 40042c: do Museow.
inwa-S f.ef9' fnt.'42043c: do. nverage,
.lOMS.'Ci turkeys, o d. per pair. 65c- do
une. Per pair, 46000c. '
DKES8KD Ihna deslrable-slsed rtock -a.i
ou!.i.Vie"n!d,p and tho mket ruled firm.
Quotations: Fowls, fresh-killed, dry-picked.
'" tows Weighing 4 lbs. and ove? apiece,
n ' 'S1mh.,.n aH lbs- 3'17c; weighing 3
II . 33034c. Fowls, fresh-kllled. In bblB.
dr-plcked Weighing 4 lbs. nnd over apiece
n 7c: w-r.''ln a'A lb- 35036c; weighing
. lbs.. 31 33c. Old roosters. dry-oiekd
. c S'.0"8- Jersey, dry-picked. 55060c;
do, ordinary nearby, dn--packcd, 30S5
,irS".?r,' western, drj'-packed, weighing I'd
.' lbs. aolece. 4860o. Roasting chickens,
western, dry.packed, In bbls. Weighing I
bs. and over apiece. 36 37c. weighing 3M
lbs apiece. 34033c! neighing 3 lbs. arl-ce.
.I48'33c, weighing 2U lbs. apiece, 41'3'42c
Western, corn-fed chickens. 12 to Iwx, 17
lbs. and under to dozen, per lb. 43r4'!c;
IS to 21 lbs. to dozen, per lb,, 45 JP 18c; 23
to 30 lbs. to dozen, per lb , 40042c; 31 to
SO lbs. to dozen, per lb., 35 30c, 37 to 42
lbs to doxon per lb., 33030c; 43 to 47 lbs.
to dozen, per lb., 33Q36c; 48 lbi and ovor to
dozen, 384 10c Capons, western Welsh
ing 8 10 lbs. apiece, 540S3o; weighing 7
lbs. apiece, 32c; weighing tl lbs. apiece, 60c;
weighing S lbs. apiece, 48a. Turkeys, near
by, fancy. 38 59c. do. noarby. fair to good
63986c; do, western, fancy, 6S5Uo: do, do,
fair to good. 53Sl53c- do, old toms. 61c.
Ducks, western. 3840c. Geese, western,
fancy, 3032c; do, dg, fair to good, 25(
' FRESH FRUITS
Strawberries wero quiet and weaker, with
supplies chiefly of more or less unattractl
stock. Other fruits sold slowly and showed
lltll" change. Quotations Apples, per bbl.,
hb to duality. $4MH: do, irylc. $1.30
3 73. Cranberries, per bhl , Jfirs; do, per
crate. 73rf$2.60. Oranges. Florida, per
box, $4 238 65 Tangerines. Florida per
H-box, $3 60O4 66 Grapefruit, Florida, per
box. $1,754(3.83. Straw berrl", Florida, per
qt., 33&65C
VEGETABLES
Fotatoes and onions of flno nualltv wero
wcl cleaned up and a shade tlrmer Cab-
nugn was quiet and easier. quotations:
White Dotatoes Iennslanla, per cwt ,
$4 7606. dc. New York, per cwt.. $4.70''f
4 00 Sweet potatoes, southern, per bamnrr,
"' i""40: do, Jerse, per bskt . $l.&Ofs
I 83. cabnagc M York and Danish per
ton, $509(10, do. Florida, per hamper. $1.30
2 Onions, ptr 100-lb, sacks, jollow No
1 $3.5oeo.
??m?pzx$m!g3$m&
W(!ltmVW
ww
Union Switch tndSlfnatCo., Swlti'
Vile, Pi. MeCIMie Mirthall Con-
altucthn Co., engineers
American Industrial
Roofing Tile
Ideal for saw-tooth con
struction where light ia tho
prime requisite, American
Cement Tile are whito on
the under-side for reflect
ing light; Indian red on
top for lasting beauty.
We make both interlock
ing and flat tile and put on
the roofs. Let us solvo
your roofing problem.
n American
LementHeMfetot
824 Oliver Building, Pittsburn
SO Church Si. B0I Oils Bldr.
M.w York Philadelphia
609 Drown-Marz Bidg.
Birmingham
rriiAticiMl
Mahoning & Shcnatiro Itr. Light 5s. 1020
kmnlrs Dan & Fuel Co. Poll. Tr. Oh. 1020
Waterloo, Cedar Falls & Northern 8s, 1010
Jones & I.auglilln Uteri Company St, 1030
r-hl'daclphla Kleclrlc Company. ... (Is, 1022
Indianapolis Traction 4 Terminal 8s, 1033
Oeorgi- Railway & Tower Company 6s, 1954
Pennsylvania-Maryland Steel Co. On. 1023
Pennsylvania Water A. Power Co, 6s. 1040
Cleveland, Klrrln A M intern Uy. 6s, JUJO
Deach Creek Coal A Coke Company 6s. 1041
Samuel K. Phillips & Co.
Members Plillndelnhla Stock Exchange
807 CHESTNUT HT.
Capital pild In $90,702
Su plus 120 12"
Ooverrm-nt deposits . . 133,913
Dun to members res.
aceouit 1.871.961
Deferred aallablllty
Items 810.402
Other i posit. Includ
ing f - govt, iredlts.. 05.O2H
Tola', gross deprslts. $2,011. 30J
Federal Reserve notes
In a-'ual circulation. 3.O1O.0S4
Fel-r Reer" Rank
n In clrc uiatlon.
net ,bri' .. .. 237.111
All tl -r llaM li.es. In-
c lu ivg toreiirn govt.
..rc'-a 37.117
.' M6.430
2.077.124
210.858
34,404
Total liabilities ... .16,416 3-.il il.278.497
Ratio nf totil reserves
to -.et deposit and
Fr-ral Il-serve note
Hit Itles combined . . 42.li 42.7
Rati' to gold reserves
to Federal Reserve
not.H In irculatlon,
f - setting aside
.in aralnst net de
li., i liabilities 47 1
LONDON METAL MARKET
New York. March 1. Cable idvlces re
ceived at the New York Metal Exchang this
morning quoted prices In Iondon today as
fillowe Tin Spot 4H8 10s. un unturn of
f.1 10s. futures (406 10s, a train of (ll 10s;
straits. (403 Ids. n rlrc or (3 10s. Sales
tipot, 40 tons; futures. 800 tons Standard
copper Spot. (120 7 fld. on adtanr-, ct 2s
lid: futures. (122 l'i unchanged Silos
Spot'non futures lino tons r.l- trniytlc
copper Spot. (128. futures. (130 t th un
changed Lead wt 132, an iidin of
7s fld futures (33 7s fid. a. gain of 15,
Spelter Hpot. (69 5s :i decline of ri, ju.
tures, (61 15s. an upturn of 5s.
47.4C
Prices Firm on Paris Bourse
I iris. March 1. Priren were firm on
the Boutho today. Three ricr cent
rri were quoted 57f 00c ; xchango on
Lu Ion ISC Kir; fi per nt rentes 87f
Mt, The dollar wns fjitntpil nt 14(
2." c.
GOVERNMENT BONDS
nid
Panama cou 2a 1030 loo
Panama reg 2s 1030 100
Panama cou 2s 1038 100
Panama reg 2s 101S inn
Panama cou lis. ltll . ... S8
Panama reg 3s lflill SH
Phl'lpplne 4s, 1034 00
Philippine 4s. 1031 00
Philippine 11)3(1 DO
U 8 Govt cou 2s 1030 1O0V,
1J H CJOVt rrg 2s 11130 lOD'i
U 8 l',ot 4s. 1028 100
A'ked
lot
Kit
1"1
Ml
'1
1
HI
1"!
1I1
ion",
BAR SILVER
Comniorclnl bar frilvrr wns quoted n
New York todiiy at $X.!I1 04 on ounc.
nn udvanee of l:l4e. In Loudon tin1 pri
wns KJil un 7,,i
Republic of France
Progress in the recovery of France from the
World War has already given fresh evidence of
the characteristic vitality of the French people.
We are receiving subscriptions for account of
the French Government to
The New French Internal
5 Loan of 1920
Redeemable within fiO years by semi
annual drawings beginning September
16th. 1920 nt 150 which is equivalent
to 1500 francs for each 1000-frnnc bond
r
Subscriptions are payable in dollars at the rate
of exchange fixed each day by tho French
Financial Agency in the United States, which
is based on the closing rate of exchange for the
previous day. This price will be announced
daily in these advertisements.
Price Today $70.22 per 1000 Franc Bond
At the normal rate of exchange the cost of this
bond to the American investor would be $103
Our interim receipts calling for temporary bonds of
tho French Government will be issued against payment
in full in dollars.
International Petroleum 1
Company, Limited
To tho Shareholders ot International p,tro.
hum Company, Limited.
Notice. Is' hereby riven that tha Doard of
Directors of tha Company has resolved to
Issuo 1,303,401 shares ot 1 each (par vslus
13.00) of th Common Capital Block ot th
Company, at tho prlco ot 15,00 (live doltrt)
per share, payable. In Now York funds at
par.
Tho above .Issue ot new stock will bs rn2
on Uie baols of share for eharo of the Prefer
ence, nnd Common Capital Htoclt. Issued and
fully paid up as at tha cloao ot business en
tho 8th day of March, 1D20, and each Boare.
holder Is entitled, to sutxcrlbo and pay for
ono new Common Share In respect of ctea.
share held by him.
Holders of Hearer Sharo Warrants b
present their warrants at tho offlco ot th
Company at B0 Church et, Toronto. Canads,
or ttt Tho Farmers' Loan and Trust Com.
pany, 10-22 William sL, New Torlt City, u.
0. A., on or before tho ISth day ot March,
1020, aro entitled to subscribe nnd pay for
new shares on the. terms mentioned above.
All Bearer Share Warrants presented ai
aforesaid must be accompanied by certified
check (that is, check duly certified or ae
cepted by a bank) or bank draft mado cut to
the order of Tho Farmers' Loan add Trust
Company for account of International Petro.
leura Company. Limited, nnd payablo at ear
a" a bank In Naw York City. U. 8. A., for
the. full amount duo ot 15.00 per share en
each new sharo subscribed for. The Dearer
enare Warrants presented as aforesaid will
be stamped "Ex Rlchts 1020" and returned
tp tho pa'tles prescntlna them together with
the share warrants for tho new shares sub.
scribed and unpaid for.
Falluro to, exercise the rlchta to subscrlbs
for new shares within the timo and In the
manner, aforesaid will subject these rlchts
to forfeiture.
Tho books of tho Company will bo closed
from the 6th dav of March. f020. to the 20th
day of March. 1020, Inclusive, and no ITearer
Sharo Warrants will be "split" durltr that
period.
No warrants for "rlffhts" ivltl lia t..,
and shareholders who desire lo sntlt warrants
In order to sell part ot their noldlnr to enable
them to nay for the new shares must do so
on or before the Cth day of March. 1D20,
Holders of lloarer Share Warrants ar
recommended to send warrants, together
with their remittance, by reeletered matt
Insured as the Company Is not responsible
for share warrants lost In transit and dupli
cate share warrants cannot be Issued.
By Order of the Board,
J, IU CLAKKE,
BO Churrli et.. Toronto, Canada, 23d Fobh
ary, 1020.
BROWN BROTHERS & CO.
Fourth and Chestnut Streets
PHILADELPHIA
Dividends
PHILADELPHIA nAlCK-MTX COMr.JY i
1008 Finance llolldlat
Philadelphia, Pa. '
The rerular quarterly, dividend of 3 prr
tent 120 cents per share) has been decUred
n tn ouisianams i-umumuve rreirrrea
nerii
men uk ll, v buiuiwn?. l'i,... nvii, i.
1110. to stockholders (fully nald) of recordl
March 30, 1BS0, Check will bo mailed.
INCREASED SECURITY OF OLD BONDS
Thfe replsctmsnt value of much of tha property securing eld
bond Issues has undoubtedly doubled In the last few years while
bond price have dsellned iharply,
The Investor who buys well secured old Issues of compara
tively lono- maturity will find they return him a high annual Inter
eat rate. These old bonds have the advantage over new Issues
In the opportunity for a material enhancement In market value.
No oner need worry about falling replacement values as these old
bonds were Issued against properties at pre-war cost.
We own and offer, eubject to prior eale
$150,000
TORONTO, HAMILTON & BUFFALO RWY. CO.
First MortsaBe, 4 Bonds
Dated 1896 Duo 1946
Secured by a Dlreot, Closed, Underlying
First Mortgage
Strong balance sheet earnlnge and guarantee as to earnings
by the N. Y. C. R. r Michigan Central Railway, Canadian
Paclflo Railway and Canadian Southern Railway,
Rated AAA
Price 69 and Interact
Yield about 6.00
Details Upon Requoot
MARTIN & CO.
Uil WALNUT ST.
PHILADELPHIA
H
4-
The convenience of
our location
OUR new offices are located on
Walnut Street, most conveniently
a few doors from the Stocl$ Ex
change, diagonally across from tho
Bellevue.
This will anpeal to those of our
customers whose interests are up
town, and particularly those who
livo outside of the city.
We believe that in this location
we can render the best service to
those who visit us, not necessarily
to invest, but to obtain advice and
information.
GEOWKENDRICK 3rd 5 CO.
&ajkars
1431 WALNUT ST.
llrmhers New Vork and Hill
adtlphla Stock Kjchunies.
5fuYH7
PHILADELPHIA.
Telephones! Hell Hnrure 6U0
KrstoneBae USS
NATIONAL CONDUIT AND CABI.K CO..
I'lrst Jlorlgsge 0 Ten-Year Sinking- Funa
Gold Bonds
Pursuant to Article V of (ho mortcars
secunna the above described bonds ot the
National Conduit and Cable Co., Inc.. snd
dated April 1. 1017, Bankers Trust Co., s
trustee thereunder, hereby gives notice ts
tho holders of (he above-described bonds
of Its intention to apply the moneys required
to bo paid on or beforo March 31, 1920, u
tho Slnklns, Fund provided under such Ar
ticle V, In the manner hereinafter de
scribed, and uccordlncly Invites offerlnn
for tho sale on April 1. 1010, to the S's
tlonal Conduit and Cable Co., Inc., for eld
Interest accrued to April, 1020. All
Ten-year Sinking Fund Oold Bonds, nt prices
not ezcecdlne 103 of their par value, and
Interest and accrued to April. 1020. All
ofTcrlnEs mad In response to this notlcs
shail state tho face amount of bonds of
fered for silo and the prlco at whlcn such
bonds are offered, and shall be slaned by
t e holders thereof, and shall bo made sub
ject to thorlsW of the underslaned to so
c ii all or anv part or none ot the bonds
offered. All offerings must be made to the
u.i , n-luntiJ. Inclosed In sealed envelopss,
and must be received by the undersigned
nt Its Corporate Trust Department. No. 18
Wall etreet, New York city, beforo the close
of business on March 11, 1020. From 'the
bonds offered In response to this notice the
undersigned, on behalf of the said National
Conduit and Cable Co., Lie. will accept
sucti bonds as are offered at lowest prices,
not exceeding said 103 an" Interest ac
crued to April 1, 1020. to an amount suffi
cient to exhaust, as nearly as may be. the
aggregate funds avallablo for that purpose,
us hereinafter stated.
Pursuant to said mortgage tho sum of
toil. NO, Is p-itahle by the National Conduit
and Cable Co., Inc., to the undersigned as
trustee, on or before March 31. 1020. for
thy purposes of the offerings herein Invited.
The undersigned, as trustee, will send no
tice forthwith of surh acceptances (o all
bondholders, whose offerings havo beon ac
cepted, and -the bonds so accepted will
thereon becomo pay ,ble pursuant to the ac
cptance thereof, t the said offlco of tn
undersigned, on April 1. 1020. and should be
uci-ompankd by approprlato federal Income
Ux ccrilHcutes In respect of the accrued
D.i uU' ut New York, this 1st day of
'nAM'trUS' TUUST CO.. TIUJ8TEK
Uy II. F. Wilson. Jr.. Vice President.
INDIANAPOLIS, cnAWFOItDSVILLH
AND DANVILLE ELKCTItIC BAIL
WAV COMPANY FIHHT MOKTOAOE
B PLK CJ.NT IIUNDH, DUE 1032,
Tho underslsnod Invites tenders of above
Loi'cla fur sale and delivery aa of March 19,
1020, at A price nqt exceeding 103V per
cent and accrued Interest, to absorb
Sll.O'JV.M. tha a am now available In Sinking
Fund. , ...
Sealed tenders, stating numbers ot bonds
offered addressed to Ulrard Trust Company.
Trustee, Sinking Fund. Indianapolis. Craw
fordavlllo and Danville Electric Railway
Company First Mortgago 5 Tor Cent Honus.
will bo received until 3 -p. m. Murcb 11,
1IUII.
(JIUAUD TIIUST COMPANY, Trustee
QEOnQE II. STUART 3d. Treasurer.
Philadelphia. Pa.. March 1. 1020.
ATLANTIC CITY ELECTHIO COM
PANY PII18T AND IlEFUNDINO
'.MOllTaAOK 8 FEB CENT SINKINO
FUND (JOLD nONDH, DUE 103H.
Pursuant to terms of mortgage dated
March '.. 1008, tho undersigned Invites ten
ders of above bonds for sule and delivery
as of'.Marrh 24, 1020, at a price not exceed
ln 110 per cent and ucorueil Interest, to the
extent of J21.402.US. a sum now av&Jlabls
In nink.ng rund.
Scaled tenders, statin)? numbers of 'bonis
offered, addressed to dlrurd Trust Compan).
Trustee, Atlantla City Klertrlo Company
First Mortnago 0 Per Cent Jionds, will N
recti vi d until 3 p. rn . March 17. 1010.
OIHAItn TltUST COMPANY, Trustee
ii;uU(JI'. JI BTI'AIIT 3d. Treasurer.
Philadelphia. Pa.. March 1. 1020.
PKNN-MAIIY COAL COMPANY FtKST
MOKTUAUU 3 I'lUt CENT 110NDS,
DUE 1UU.
Pursuant to terms of mortgage elated,
April 1, 1000, the undersigned Invites ten
deru of u ,ove bonds for suln unil Hpllvrv as
of April I, 1020, at u price not exceedlnr
101 per cent and accrued Interest, to absorb
i0T.nSl.12. tho sum now avallablo In Slnklns
Fund.
Sealed tenders, stating numbers of bonds
offe ed, addressed to ulrard Trust Com
pany, Trustee, Sinking Fund, Penn-Mary
Coal Company First Mortgage 5 per cent
Honda, will bo received until 3 p. o.
Marrji 10, 1020,
OIIIAIII) THl'HT COMPANY', Trustee
anoitOB II. bTUAUT lid. Treasurer.
1'hlUrtnli'hln. Pa , February '.'6. 1020.
HALE COAL COMPANY
Logan Trust Compnay of Phltadelphts.
Truttra for Hale e'oal Company First Mort
gage Twelve-Vear Six Per Cent Sinking Fund
Oold Uonds, Invites sealed proposals ad
dressed to thn Sinking Fund. Halo Cosl
Company, of uultlclent Honda to exhaust tn
sum of Thirteen thousand four hundred and
thlm-elght dollars and seventy-live cent'
itiu.ton.f j, ue u prico noe exrertuna w' A
hundrnl und twu und accrued Interest, sir I
Its urtlte, 1431 Chestnut btreet, P'-lladel-lJ
piii.i ra.. on or neroro .utircn in. mzu.
LOHAN TltUST COMPANY OF PJUL.V
DULPIUA T-U'tee
JOHN 11. WOOD. Secretary
iTiTiTi: pKicrritiiKn wTonc iioldf.ih
OF SLTPLKE IHHIII.r. lIAHDlVAItU co.
In occordance with preferrnl ntock provi
sions of the Company, tho Supplec-Illddl1'
Hardware Company will receive tenders until
May SI. 1020, for the purchase at not ts
exceed 1108.00 per sharo ond accrued divi
dends ot so much of Us outstanding pre
ferred stock as will consume the sum or
127 018.07 ot tho. lowest price or prlJ"
nnMa In ntnn Unrleri
suppLUu-uinDi.n iMnowAnw co
' V, . Fn Treasurer
We take pleasure in announcing that
MR. ARTHUR C. RICHARDS
has this day been admitted to membership in
our firm
HENRY D. B0ENNING & CO.
STOCK EXCHANGE BUILDING
Direct Private Telephone to New Vork
' Members. Phlv Stock Exchange
Aimnal Mrellnss
BSSpinii ANNUAL MEETING OF '11115
Jlonrd of Managers of tha Horn; fer
Aged rouples will be held on Tuesilny. Msrrii
. -it III o'clock, at the Home, 1723 Frsncli
street. .
I'roposaiii
I O fl F
Sealed proposals, lndo'rseft "Proposals or
Priming Journal and Job Work of ths .OrsM
Lodge of Pennsylvania, jor the Bnsulnj
Year," will b received .by the underlu4
until M rrh nth. IViO.. la M , -
UUIIKIl A. l(ALL. Orand Seers arfc
r7" tVrhfSI. I'hl'ade'nhla Ps
Dlvldewls
UUI.UII VALLEXyCOAI, HbALES Ct..
The Board of Directors of the Le&lsb V
v Cosl Sales Company have this day
lhVu '
sla iSM Vdffl'fiJ'VA.S ?iUSF
era of the company whoure hvfdrs) of ,?JII2 , ,
lLUlOLH A. OCU8.
- a. n . . i
.', 'I
jl
iiL
V, f rv,
t.i
-u.
fL
S. firJtk i
X
y.-