' .ill- , v v i ' f t ' .: Tjmn iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniu 1 Foreign Bonds z A comparison between the cost of Internal Bonds of : certain countries bought nt par prior to tho War with the cost now, duo to tho extreme low prices for Foreign Exchange, shows: Z rrMVr Approximate ; Col at Kr Cost Now ; Crml llrlliilii il'r Ilpnds M per tlOO UH S liilV a4 Monti i 103 per 1000 IJrr Ml Z Urrmiin Municipal 4 llonj (238 per 1000 Marks tit - We arc prepared to executo orders' in bonds of the above nations and have prepared a special letter giving z facts and figure about them for tho guidance of those who may bo interested. : ' Copies mailed upon request. Z (luntnllon .mibjrft to rhanice In forettn eichante rali. Z TelfPne 0P wr,,e 'or currel,t PMCfi. West & Co. fi 1417 CHESTNUT STREET ' - iMemhem Z I'lillntltlplilA Slocl Kxrlianaa Z New York Stock Exchange te Always lime on Hand n Mil of lllfli tirade Dondt ; Corrcopondence Invited iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiniiiTj j EVEtflXQt PUBLIC LEDOER-PHtLADELPaiA, WEDNESDAY, MARCH 3,1020 .JLO SPECIAL OFFERING Due to the settling of an estate wo are able to offer 500 SHARES GREAT NORTHERN PAPER COMPANY Capital Stock Assets $8,000,000 '$32,000,000 rri.unKR LANDS. THE GREAT NORTHERN PAPER COMPAKY have approximately one million acres of Timber Land, all of whicli are in the state of M.. nc. This assures the corporation of a per petual supply of Pulp Wood, at the present rate of production. Pres ent production is in excess of eight hundred tons per day. "WATKK POWER. Developed and in use 67,000 horsepower. There is undeveloped horsepower in excess of this amount which might be developed when needed and marketable. STORAGE WATERS. THE GREAT NORTHERN PAPER COMPANY hae developed their storage waters to a capacity of one and one-half jeai's total production of logs. The saving by thi3 largo storage L capacity is enormous. GOSSIP OF THE STREET TURN IN THE LANE SEEN B Y PROMINENT BANKERS Radical Change in the Temper of Labor and Political Interests Considered Highly Significant ' I Price and Circular on request. L. SHERMAN ADAMS Dealers in High-Grade Investment Securities Members Boston Stock Exchange 70 STATE STREET Liberty Bonds and United States Certificates of Indebtedness ALL MATURITIES Bought, Sold and Quoted ' Write or Call Our Securities Department Telephone Spruce 1480 Commercial Trust Company Member Federal Reserve System City Hall Square $50,000 NEW YORK, CHICAGO & ST. LOUIS RAILROAD COMPANY First Mortgage 4's, Duo October I, 1937 Earnings of N. Y., Chicago & St. Louis Gross Revenue 1915 .... $12,536,380 Gross Revenue 1919 .... $23,475,552 Hip I Irat !' nre secured by a Vlrat Mortgage on 405 miles of trunk line, ItiifTulifClikugo, tlu Clatelnuri & 1'ort Wajne. Thry are Tax Free In l'cnnM hanlu mid l'rre of 3 of Normal I'ederal Income Tax, They are fulluHnl li :m,)tn,000 of stock and ft 1,133,000 oterlylnr bonds. Price: To net over 6 104 Biddle & Henry SOUTH FIFTH STREET 1S12 1920 THE Pennsylvania Company for Insurances on Lives and Granting Annuities The Internal Revenue Bureau has assigned one of its representatives to the Chestnut and Juniper Streets Office of this Company from March 4th, 1920, until March loth, 1(J20, for the purpose of assisting the public in making up income tax returns. u H nllfjMa WfiTm - YVFU. culo a shipper,- shipbuilder, navigator, ex porter, importer, banker, or in any woy interested in the progress of the Amer ican Merchant Marine don't miss it! Atkyour nexcidcaler for a copy of the ANNUAL REVIEW NUMBER of The NAUTICAL GAZETTE Anlnlernallonal Weekly Chronicle of Shipping PuhUihe.1 at 2Q VeW Street, New York SalwcripUoa, f 4,09 ntf, A PROMINENT investment banker, "who looks at financial and other matttm from a world-wide standpoint, said that in his opinion the turn had come. He had been speaking of the topsT-tur.vry conditions of things gen erally and the 'world unrest and the causes for it. Ho said he considered tho significance of the re-entry of Mr. Asqulth into the .political arena in England with such an overwhelming majority, the failure of the French railroad strike and the decision of the railroad workers in the Inked States n6t to fight the new railroad bill, as giving confirmation to his conclusions. . He drew a parallel from the French revolution following the war of 1870, when, he bald, after a lot of wild ex periments, the French found themselves and settled down Into n leading nation. He remarked that his advico to in vestors at the present time Is to buy good railroad and other high -clans se curities nt present prices, for, If his conclusions nre correct, the upward movement is here. Ttcvertlng to the railroad situation, he said that one railroad syntcm In this country, according to jts high officials, has been loaded during the government operation with an excess of .'M.000 em nloyes, which will be gradually reduced to normal. The railroad officials, he re marked, have said, and bo is in a posi tion to know, that they arc going to get 100 per cent service instead of the 31 per cent they nre getting now. He attributes the nresent condition of the stock and security market to tight money. Time money in this city, he says, uoes not exist. lie gave an instance of a man taking Liberty and other high-chss bonds ns collateral to certain banks to obtain loans to be told there was no money to loan. Our business, he said, cannot bo car ried on without money. He said they needed it in large amounts In order to take over Inrgc blocks of securities which they would sell, but money, ho added, is not to be had. At the same time he acknowledged that the action of the Federal Reserve banks. In their endeavor to reduce inflation by calling in speculative loaus on commodities, was the proper thing, and he said If it results in tight money for some time to come. v.p should put up with it as the lesser of the two evils. TJ. G. I. Preferred Stock Issue Among the principal subjects under discussion in the financial district yes terday afternoon, the proposed issue of preferred stock by the United Gas Im provement Co, was easily the leading one. This issue is not looked upon with favor, as n rule, although some brokers say that they can sec no other nltcrua-the. The railroad bill and ttio return of the roads wan another widely discussed subject, although nothing new was brought out which has not been chewed over already. There were some who ex pressed surprise that the stock nod se curity market had not made a better' response, especially in view of tho fa vorable decision of tho Supremo Court In the case of the United States Steel Corporation. A banker, when speaking on these matters, said that the steel business and the railroad business are so interwoven that anything which favorably affects oue Is certain to make its influence felt on the other. The transportation o! the raw materials for the manufacture of steel from the mines and the seaboard to the plants, and the distribution of the finished product is one of the greatest sources of income tiic railronds have got. Then, ho added, it must not be over looked that evcr.v thing which goes to make the railroad, except the wooden tics, comes' from the steel plants rails. cars. etc. and this in turn Is one of the greatest sources of profit of the steel companies. Speaking of steel, said a pnitncr of n well-known banking house, the automo bile business is absorbing the greater part of. the product ot tnc steel Industry today. He expressed an opinion that, while this is going to be a big automo bile vear. ho had heard on good author ity tliat miy who nau ordered earn early in the year would never call for tnem. Hcsaid'thntsolong ns the banks were very accommodating with the specula tors in commodities, and thee would-be profiteers could figure on Immense fu ture gains, they were all preparing for a summer of joyriding, hut now, when the Federal Ucscrvc banks were putting the screws on the too lavish rediscount Ing of the member bnnks, there will bo quite n different story in a few months, and, as n result, perhnps some of us will be able to buy some shoes and other things which arc now bejond our reach. Stocks Entitled to a Rally A broker remarked jesterday nppopos of the return of the inllroads the de cision of the Supreme Court in favor of the United States Steel Corporation, the persistent reports of unprcccntcd activity in the Btecl industry and sev eral other minor matters classified us "good news," that he never knew of any news good or bad haviug tho least BRIDGE BOARD DUE 10 BE CALLED SOON Data in Sprout's Hands, Mayor Expects Early Action by Commission WELFARE BILLS BLOCKED A call of the Joint Bridge Commis sion Is momentarily- expected by Mayor , Moore, as Governor Sproul for the last two weeks has had tho city executive's estimates for the $i0,0O0,O00tDclawarc river span. I This h the Mayor's reply to charges of delay made estcrday In the Council i by Joseph I'. Gaffncy. a Vnrc member. who asserted that his colleagues had I acted on nnlv a negligible number of Important bills. The Mayor said he had received rroni the Governor an acknowledgment of the estimates and other data. lie added thai he believed the Governor's other en gagements and duties had delayed hint in acting on the bridge details. Webster Prepares Estimates ' The estimates forwarded to the Gov ernor were prepared by Chief deorgp m. "Webster, of the Bureau of Survey", and other engineers. Chief Webster was u member of the original bridge commis sion which gathered data for n pre liminary report several years ago be fore the present joint commission was created by tho Legislatures of Pennsyl vania and New Jersey. The estimates -show that this city's share under the bridge act will ap proximate $10,000,000. Bills for the orzanlzatlon of the Wo!- t t- i m. T, i.i--l.l I- n-.. lure Licpariment wuru uiul-iuju in uuu- i ell jesterday afternoon, when two In dependent Councllmen voted with the Vnre men. William Tt. Horn and I Francis F. Burch. Independent leaders, i voted with the Vnrc members to tc- commit the bills to the finance com mittee, notwlthbtnnding the attempt made by William W. Itopcr to have the t Dills acted upon tmmcuiaici ny uoun oil. I Joseph P. Gaffncy moved that the bills be recommitted the finance committee, and his motion was seconded by Edwin . It. Cox. First district. Gaffncv pointed out that the welfare bills included the welfare department budget, which in cluded the creation of new places and fixed salaries. Councilman Roper held that since the appropriation for the de partment had already been grnutcd it was unnecessary to recommit the bills to the finance committee. Council also passed a resolution re quiring that the chairmen of commit tees make a monthly report of the Tllimhn, fit mita fnvwirtorl in IiaIi. rtnm . effect on n declining market, and he mittecs and the number acted on. This never knew of bad news haviug any ef feet on n rising market. He said his observations led him to believe that prices in the stock mnrket arc entitled to rally because ot the oversold condi tion of stocks. Phila. Stands at the Brink of a New Era Continued from rote One had nbandoned the obsolete and drowsy street car. New York was still riding In ramshackle cars of the reconstruction era drawn by horses along bcr erosstow n streets. Leading retail merchants of New York are Philadelphia men. While Philadelphia went singing on her way nftcr the late February storm, New, York required two weeks to dig herself out of the snowdrifts and gal vanlr.c into life her paralyzed trolley systems. Philadelphia has always been a city of great wealth. Her bankers were tho capitalists of the country. Robert Mor ris, on his reputation as a great mer chant and banker, was able to finance the Wnr of the Revolution und keep thu troops of the colonies in the field. Stephen Glrard was the principal con tributor to the War of 1812 and backed that struggle with his vfoalth. It was E. W. Clarke Jay Cooke was associated with Clarke who financed the Mexican War. In the dajs of the great Rebellion, when vast sums were required to main tain the supremacy of the Union, when there was absolutely no market for United States Government scven-thlrtj bonds, Jay Cooko came to the rescue, reorganized the financial system and re vived the patriotism of the entire coun try. The same hesitancy to exploit herself in other ways has marked Philadelphia In the matter of her wealth. Points to Millionaires Pretty much every millionaire in other great cities of this country is known to the world. They ate pointed out ns beacon lights of prosperity. Most of them are persistent seekers of the cal cium glow. Numbers of Philadelphia's million aires arc unknown to the outside world, apd very little is known about them at home. There is more reserve wealth in Philadelphia than any other city in the United States. A statistical estimate fixes it ut ?6000 per capita, or two and a half times that of tho country at large, and It is believed that this is too low. A few years ago an approximate esti mate was made of the value of COO es tates, in and around Philadelphia, and 05 per cent of them exceeded tho esti mate. 'One man rated at $000,000 was found .to be worth $8,000,000. Imbued with the spirit of Penn, Phil adclphla in the past has lived for others. The time hns come when sho must live for herself. The city has always been more nationalistic than municipal. Tho birth city of American independence, sho has been proud of her aid in the development of other cities tyid the growth of the nation. Yet all the time bo hugged the tra ditioos of her past and fostered the spirit of unobtrusiveness and reserve of her founders. Philadelphia can never forget her past, but she cannot lire upon it for the future. The old style has changed, That which was a Irtue before, a mod est reticence and the art of keeping still, is now a vice. It Is a. rank Jnjus tlee to the city because the motive Is misunderstood by the world. Philadelphia must advertise. Other cities are shouting their slo gans fiom factory roofs and press rooms. People hac gotten so in the habit of talking that unless one joIub in tho conversation they think you have noth ing to talk about. A high note of optimism must be sounded evci j where. . . It Is not only necessary to put Phila delphia under the searchlight, but it is equally as important to keep her there, This is the attitude tho world Is taking elsewhere, and we must change our tra ditional position to meet the changing attitude of the world. jJ'htMflphta tnust'Mqp chasing will- GIRLS 1ST READ BEFORETHEY WED Dozen Italian Lassies Are Kept Away From Their Soldier Lovers resolution was offered by Mr. Gaffncy, wnn also cnargeu the administration leaders were not making much of an effort to carry out the Inaugural speech of Mayor Moore. Francis F. Burch Is chairman of the finance committee. Introduced deficiency bills for 1010 totaling $130,800. as follows: De partment of Public Works, $1.1,(108; county commissioners, $70.r04; De partment of Public Safetv. S.1SS0 : clerk of Quarter Sessions. $107.1 : purchasing ' agent. $.17,.147; rccelvct of taxes. $24.1. i and Department of Public Health. iv,4Uii. j.xic uin were ruierrcu 10 mu financo committee. An ordinance to Increase the assess ment for sewer frontage from $2.50 to S.1.R0 a linear foot was introduced by Grorgc Council, chairman of the com mittee on public works. Mr. Roper presented an ordinance to transfer $2050 for the purchase and maintenance of au automobile in con nection with the office of the director of public welfare. A communication was received from James T. Cortelyou, di rector of public safety, requesting money to buy n car for the assistant director NeW orlt. March .1. Twelve Itnhan miinicntfmi RnM tho nnlnmnhlli rnmnnni girls who came to the United States to WOtild allow $1700 for tho car now used marry American soldiers, but who have Dv (he assistant director, been held nt Ellis island because they i ' could not pnss the literacy test. learned last night Washington had ruled they nmv be admitted to the country for sixty days, provided they sign a pledge' Soldiers So Well Pleased Many Had not to marry during that time. , to Be Returned Home as Prisoners If Senator William M. Calder's bill r ru- v i s.r...i. ! r ir t to exempt them from the rending test is ,h TE.Si.'n ,; It m,VBn n 1 ., j in u. r.. .4 .. n.. . the American army of occupation in Z ,57w'r olXr loVeVs." Even' if th "" ! apparently so popular with ARE PAROLED TO LEARN AMERICANS LIKED GERMANY bill falls to becomo a law. there is a rhance for the girls, for during the sixtv American soldiers that many of those lecentlv. ordered home to Camn DIt T r' fJ""' rr:,Z 1 , "hjected to coming, and had to be brought f& inrSl n?l rM ,J , ,1 rmTi' ha n8 PrWoner.. They are now in fortv words and return to Ellis Maud ,i, ' !,, ,i .:,1 ,n.nin siti .uuii oivrs rinn uti uilllln il-,v4iivu of their cases by court-martial to demonstrate their accomplishment. Each soldier must get a friend or rel ative to furnish a $,'00 bond to guar antee that his prospective bride will not become a public, ehnrge. The bonds man will be required to inform the Im migration officials every fifteen day. where the bride-elect may be found niid Pay of a buck private, that in Ger many amounts to a princely salary of .1000 marks a month, with nil living expenses paid and relatively short hours of service, innde many of the Ameri cans loath to leave. Dependents in this country had asked that a few of them must sign a pledge to do all in his now er be ncrmltted to return to the United to prevent the couple from marrying States, but the majority, because they during the sixty-nay period. were deemed by officers as unfitted for Tho news spread so rapidly and the duties of the army of occupation, were doughboy Romcos acted so promptly among those who rebelled at the order that it was said at Ellis island lnt for their return, night four or five of the girls probublv - . would gnin their freedom today, despite the fact that some of the men live in distant cities. Every man has expressed his determination to send his "girl" to school day, night or both until she can read. AIR MAIL ECONOMICAL Public Saved $100,000 Per Year, States Assistant Postmaster General New YoiIj, March .1. Aerial mail service "is not costing the public one I centt but is snving the people more than ' $100,000 a year," Otto Praeger, as sistant postmaster general, informed ' members of the Rotary Club at their "aviation" dinner here last night. "It costs considerably less than $400,000 a year," he said, "to operate a 1500-pouud mail capacity airplane one round trip daily between New York i and Chicago, and by tho establishment of such a schedule the PostofHce Depart -inent has been able to discontinue neailv $500,000 worth of railroad distributing spaco and clerical hire." Introduction within n short time of n ten-hour airplane service between New York nnd San Francisco, nt an altitude of 20,000 feet, was predicted by Glenn L. Martin, of Cleveland. BETHLEHEM ANNEXES TOWf , Northampton Heights, of 4000 Popu latlon, Official Part of Steel City ' Bethlehem, Pa., J'oreh .1. North i ampton Heights, known as the richest i borough In the state In point of popu lation, yesterday was officially annexed to the city of Bethlehem. The borough ' has a population of about 1000, which will give Bethlehem a population of nearly 70,000. The chief source of I terenue of tho former borough came from the Bethlehem Steel plant, a great portion of which is located within ' its borders. In ho excellent a financial i condition was the borough generally, I that the sidewalks and gutters of rest dences were laid at no expense to the property owner. Its streets are paved, some with wood blocks. It has the Jest of school facilities aud most mod i cru oi nre apparatus. The assexsed valuation ,,( t,e borough U $50.1, 000. which s considered unusually low 5?S Ji?A bonJ indebtcdnewi It only 10(5,000. - . t -' Free From Federal Income Taxe Salt Lake County Utah bo Bonds due. serially 1925-1939, incl. at prices to yield 5.10o Send for dfcriptive circular L-223 E. H. Rollins & Sons 1421 Cheitnut St., Philadelphia Boston New York Wilkes-Hairc Baltimore Chicago San Francisco k oiteh New York, Chicago ind St. Louis Railroad Fint 4i "Tax Free" in Penna, Welsh Brothers 028 CIIMTrUTSTHEBT I.omturd 1513 RAILROAD TERMINAL 6 SECURED NOTES To Yield G.75 REED A, MORGAN & CO. WEST END TRUST BUILDING Mttra of the rtillt. Stock Ejch. W .,...., ,,1,,.,. Ulllfc, Republic of France 5 Redeemable Premium Franc Loan PRINCIPAL, premium and inter est of the bonds of this loan arc payable in francs by the French Gov ernment. The issue is to be redeemed within sixty years by semi-annual drawings. The French Government may call all outstanding bonds at any time. The$e bonds are in denominations of i,ooo, 2,ooo, io.ooo and 20,000 francs, but the face of the bonds, in accord ance with French custom, will indi cate the annual income, but not the principal. Future dollar value is dependent upon the value of the French franc in inter national exchange markets. Should the franc return to par of exchange (5.18 francs to the dollar) at the time of redemption, the holder of a 1,000-franc bond would receive 1,500 francs, which would be equivalent to about $289.50. SUBSCRIPTIONS to this loan, accompanied by cash payment in dollars, will be received by us on behalf of the French Government until March 20, unless subscription books are closed earlier by the French Government. Bonds issued under this loan may be purchased, at the rate of exchange fixed for to-day (March 3rd) by the French Finance Agency in New York City, at $70.42 per 1,000-Franc Bond Due Bills of the Guaranty Trust Company of New York on behalf of the French Republic will be issued against payment, and temprary and definitive bonds will be delivered as received by us. Alt bends to be paid at th rate of 1,500 franca per 1,000-franc bond either by drawing ar by call. Free fram all French taiif . Interest payable May I and November 1. May be purchased in dot lara at rate of exchange fixed daily by French Finance Agency in New York City. France and her colonial poiceaiiona represent nearly lOO.OOO.OOOpcople. A circular thing detailed information will be sent en request. Guaranty Trust Company of New York FIFTH AVE. OFFICE Fifth Ave. & 43rd St. 140 Broadway MADISON AVE. OFFICE Moaiion Ave. & 60th St. GRAND ST. OFFICE 268 Grand Street LONDON LIVERPOOL PARIS HAVRE BRUSSELS Clayton F. Banks, Philadelphia Correspondent; 421 Chestnut St. Wc do not guarantee the statements and figures presented herein, but they are to.i, from sources which we believe to be accurate WE OFFER Subject to Prior Sale AT FIRM PRICES ' i 2,000,000 Marks City of Leipzig 5 Bonds at $16.00 per M. 1,000 1,000,000 Marks City of Nuernberg 4 Bonds at $14.50 per M. 1,000 2,000,000 Marks State of Bremen 42 Bonds at $13.50 per M. 1,000 2,000,000 Marks State of Hamburg 42 Bonds at $12.25 per M. 1,000 These issues are made by cities of international importance, and are fully secured by their assets and taxation. They are industrial centers of the first class. Leipzig is world-famous on account of the annual fairs. Nuernberg is the center of the German toy industry. From the harbors of Hamburg and Bremen run the main arteries of commerce for central and eastern Euro pean countries. The high class of these issues taken in connection with the possibilities offered by the exchange rate makes an investment in these bonds very attractive. Northern & Western Trading Corporation 17 Cedar Street, New York City Out-ol'toicn investors arc invited to make their applications by icire I FOREIGN INTERNAL BONDS Wo have established ,, ! Direct Cable Communication with Belgium, France, Great Britain and Italy and through our agents in these countries can offer subject to change in price Tiifiday doting Frlre at Tar I'rlera Kxrlianre Normal Belgian Govt. Restoration 5s $74 per 1000 fn. $193 French Govt. Victory 5s 64 per 1000 frs. 193 French Gort. 4s of 1917 53 Vs per 1000 frs. 193 British Govt. War Loan 5s 317 per 100 486 ItalUnGoYt.Coniolidated War Loan 5 52 per 1000 lire 193 Belgian Govt. New 5s, 1020 $74.64 per 1000 frs. French Goyt. New 5s, 1920 70.42 per 1000 frs. We are prepared to give information concerning these and other Foreign Securities and invite correspondence on this subject EDWARD B. SMITH & CO. Bankers 411 Chestnut St., Phil. ELKINS, MORRIS & CO. Banker Land Till Bid, Phila. NATIONAL PROHIBITION HAS MADE CANDY A GOLD MINE OF PROFIT Bu!IVniy, newIrr th.ie diyi with ?! ?inr 'Dera n the demand for eindy throughout the country ordVr!,ry BSinfimvJ',r ' bthl'"l '" Mi r5 ,K 'oliln to thli as a new field, uVre? 5?onddy.t',Vu,i2,n1!"! ,nl "own l.r..?y M. u.cVeV dend & .5.entror,drlMJ"i,01, of V'"T?rS.r! pm ror drink now are bein taent for hla awect nomethln which the who family can ahare. I'rent po WlltKe Irl !l,n,!lm?l1rttu nn.d "lu "Practical ?. mn.'"M d'niand of the pi." y'?r v.."",e rnore than a preface to what 1"' w" ff Naturally the flr.t In th Can eat. ",e ""' ,0 rMn '" '' t'nder ajich clrcumtanc candy. maWlne and aelllnc offer wondarful In. J,r.n",t ?";'"'!" to tho.e wno Ik, aulck profits In bur dlvidenda and frr" quent bonuae. That la why It la to the Interest of -all auch to make Inquiry Vr aartllnc a larae candy company about la be launch by men who know the Vuil neaa from A to Z. and who have an ai urance. of wide dtatributioii throuthout tha eastern and central west states Purther detallo oonoernlnx thla unusual opportunity may b had by addreain HARRY DARLINGTON, Treai. H20 Chestnut Bt . r-hlladtlpbla. Stukwell, Wilson ft L'wvi CftiM PiJilk AccutjmL. '-rf'i v h 1 m s.1 'fc! V 1 f 4i jLyi$'r'- ' '",-"--i-i ?$" ;m mu.muieUhi f '. 5 . rl ".liHOL'.A .M,.V . . t " i '. ' . ,. ";," &
Significant historical Pennsylvania newspapers