RViiv, HT" fj) ' 3 W w 'Ti , , BWJPTWTP" ' W' J) Ml V ,,. - ft v-m? ! rJl it W ' V ' 'I S," f EVENING PUBLIC LEDGER-PHILADELPHIA, '.TUESDAY, XARCH 9, 1920 " ' 3:5; Collect When Due The great majority of merchants pay their bills when dueif they can. It is estimated that concerns who are chronically slow, with'25 or more of their creditors, eventually fail. The American Company under its Unlimited Policy guarantees to pre vent, else pay, bad debt losses beyond the Normal Loss inherent in anyine of business, whatever the aggregate amount of such covered losses. AMERICAN CREDIT-INDEMNITY CO of NEW YORK E. M. TREAT, president "th comp Any that iisuls the unlimited policy" W. J. Morphy, "Manager. J. F. McFadden, Gen. Agt. Mutual Life of N, Y. Bldg. Phone, Filbert 5503, Philadelphia, Pa. INCREASED SECURITY OF OLD BONDS t The replacement value of much of the property securing old bond Iftiuet hat undoubtedly doubled In the last few years while bond prices have declined sharply. The Jnvetor who buys well secured old Issues .of compara tively long maturity will find they return him a high annual Inter. est rate. These old bonds have the advantage over new Issues In the opportunity for a material enhancement In market value. No one need worry about falling replacement values as these old bonds wero Issued against properties at pre. war costs. We' own and offer, subject to prior sale $150,000 TORONTO, HAMILTON & BUFFALO RWY. CO. First Mortgage 4 Bonds Dated 1896 Due 1946 Secured by a Direct, Closed, Underlying First Mortgage Strong balance sheet earnings and guarantee as to earnings by the N. Y. C. R. R., Michigan Central Railway, Canadian Pacific Railway and Canadian Southern Railway. Rated AAA Prico 69 and interest t Yield about 6.50 Details Upon Request m J- H & CO. LNUT ST. .OELPHIA Money Invested Now in preferred stocks issued by well established manufacturing companies earning several times dividend require ments, will earn substantial profits when interest rates become normal. We have a carefully SELECTED LIST of pre fered stocks . Yielding 8 which we can recommend to the most con servative investor. Ask.for Booklet No. P. P. L. 357 Hollis'ler,Whiie&Go. NCOORTeD Boston North American Building PHILADELPHIA Now York Spring-Held Providence THE Kensington Trust Company Kensington and Allegheny Aves. The Internal Revenue Bureau has assigned one of its representatives to this Company, from March 8, 1920, until March 15, 1920, for the purpose of assisting the public In making up income tax returns. Philadelphia Markets GRAIN AND FLOUR mJSiFJ nccelpts, 1IM21 buliel. The fl8fiF..l.wy unchnnred. Quotation! were n litlSSJi CaJ '" i" export elevator, kov H7.'nl. Jnnard Inspection. standard ic'.' .No- K rei1 winter U.8il No. 1. north iK! '?rlnKi 'a,8tt' Nc- t hard winter, JJ.awt ?. A. T?.A wlnlT, sarllcky. J2.87! No, 1. !E?1,,",7,uHr'!,,.80 No. 1 red. eartlcky and KUi'.V' ?'" Th Un"'d Htalea drain Cur poratlon'a purchase of wheat nro bated on ihL."5w,n,p. "Chedulo of discounts! No, 2 rt.-ax 8e,unilor No. li No. 3, wheat, tla tin nI " i No. wheat, loo under No. II ??. A"'',"' under No. 1. .";OHN ittcelpta. U3bll, bushels. Supplies n.Ti.. ""SI1 atl" ,ha rnarkot ruled firm but Rci.ii- We. iuota nw, ft to quality and !i yellow "'MOt.. "10 litter for No, i,.i'?'a""n.'Self '" OOD4 huehela. Tho mar ket was cjulet but firm under llxlit offering.. i5- ouotatlonai Car lot as to location IT nfeA w'.'1'e..JJ.OJtf l.oam No. a whlto, ..iJi0UftrI,e'M 1.407,880 pounds In .. Vw, market was dull and builness X m.??.,ly ln t Roods below the limits rf tno mills. The following were the quo tations i Per 100 lbs., packed In 140-lu. Juto sacks Scft winter straight, western, ""lutfll.iiSi do, do, nearby, llO.OSroill hard winter, straight. SJaetl'J.Btii do, short SftS1?1'. IIBWII.OO: spring- first, clear. ID. BO SJ! U.0A Jtnt. llli.80W13.lo: ehort. pat. tnti 13.60W13.75 fancy spring and city Ill.,D'to,, 1&mlly brands, .14.UI&H.40, ,.JlZu FMlUll The market was quiet and sacks'1 W "U0,) 9O0--i per bb1, ,n PROVISIONS i,7l?d.e wa.s.ulft and largely of a Jobblne character, but prices were steadily held. Que r!;,l.'t".I1,.", fn sets, smoked and alr-drlcd, Cr5ilb.eJ,, k.nuckle" wd tenders, smoked and air-dried. Mci pork, family. 02c: hams, 8. J,; cured, loose. 272uc; do, skinned, loose, .'lJt)oi do, do, smoked, 2628c: hams, boiled, boneless,, 80oi picnic shoulders, H. il. tured, looeo, L'Uci do. smoked. 21o; bellies. In Rift10, lc"0" 'ii0' breakfast bacon, liL'o; lard, a c, DAIRY PRODUCTS UUTTEH Thoro wns a further advance of lo In this market, duo, to light receipts and &. fair Irhhlnff rfetnanrl Uiintatlnna Solid-packed creamery, fancy, high-scoring kuuub, oinfiuc: extras, 07ci extra nrsts e MOOc; firsts, no rt 0.1c: seconds, B150oi sweet creamery, cholco to fancy, 00071c; fair to good OUCJflgo; prints jobbing at 70J 77o fcr fancy and at 0l74o for fair to choice. KQ(2S Trade wm ntil.t nnrt nrlru fur ther docllnM 18880c per caso under In- viL-nsiuK Buppnes anu general pressure 10 sell, Quotations: Free cases, nearby firsts, jln.lB per crate: nearby current receipts, 014. SB: western extra flrKln 11 t.7n wejitnrn firsts, 114.40; selected fresh eggs jobbing at ""ow per aozen; soutnern, in.iu per case; cold storage eggs nominal. v CIIBESU The market ruled steady, but iemnu was oniy mouerate. Quotations: New jt. wnuie-iniiK iinis. neia, xancy, wn y .uiui bvcviuis nisner; neia. lair to gona, van 'iC20c; current make, nominal: Wisconsin whole-milk fists, held, fair to good, 28U if 2'ic; jobbing sales of fancy held goods, 82 33c. POULTRY DRESSED Well cleaned up and ruled firm. Quotations: Fowls, fresh-killed, dry-picked. In boxes Weighing 4 Ibi. and over apiece, 40c; weighing 8 lbs.. 3738c: weighing 8 lbs.. 83035c: fowls, fresh-killed ln bbls., dry-DlckedWelfrhlnr A lhn. nml av.. nnlM-fi. I jloHc: weighing 3i lbs., 8a7c: weighing 3 I lbs.. 3284c. Old roosters, dry-pleked. 20c. irnticrs, jersey, ary-pacxea. oavrnuc; ao, ordinary nearby, dry-packed. 60r,r'c; do, western, dry-packed, weighing 1W02 lbs. n Piece. 48OB0c. Roasting chickens, western, dry-pscked. In bbls. Weighing 4 lbs. and over apiece, aOCTaro: weighing 3& lbs. and (ner uplece. 3403SC: weighing 3 lbs. apiece, ;H35c; weighing 2U lbs. apiece, 41042c; western. rnrn.fH 1-hlrkf.n.i 19 n hm 17 lbs. and under to doz., IKir lb.. 48OB0c: 18 to 24 lbs. to doz., per lb.. 4A03OC; 23 to 30 lbs. to doz., per lb., 4042c 31 to 80 lbs. to doz.. per lb., .17038c; 37 to 42 lbs. to doz., pr lb.. 37038c: 43 to 47 lbs. to doz., per lb., .17tt38c: 48 It, and enter to doz., 30l0c. Capons, western, weighing 8fl0 lbs apiece. B4tPCBo: weighing 7 lbs. ap ece, 52c: weighing; 8 lbs. apiece, BOc; weighing B Ibn. apiece, 48c. Turkeys, near bv. fancy, B80BOc: do. nearby, fair to good, B355c; do. western, fancy, B8(?59c: do, do, fair to good, 6:)Mc: do. old tome. Blc. ducks, wMfrn. 3NT4(c. Ueeso, western fancy. 32W33c: do. do. fair to grad. 23030c. L1VR OrfArlnars wern falrlv tlhernl nnd the market was quiet and barely steady. Quotations: Fowls, fine, fat. 38040c; do. Inferior, 3S037o: broiling; chickens, fancy soft-mrated, weighing 1A OS 4b. apiece, SAOOOc: spring chickens, avcragn soft- meated. 40tf42c: do. Inferior. 38ff3uc: staeiry ounff roostera. 3nff0fl2e! nld ronatnrs. I'SOl'Oci ducks, white Pekln, 44046ci do. lilUllill ItUUIltr, 1''U'V, UO illUBtUVjr, OVW 32c; turkeys, 40045c: pigeons, per pair, BBOSOc. FRESH FRUITS Choice stock met with fair sale and values f-enerallv wera well suutalned aA foltown: Apples, per hbl,, as to quality, I4O0.B6; do, per box, 1204. Cranberries, per bbl.. 4rd) 8. Oranges. Florida, per box, 14 07.(10. Tangerines, Florida, per M-box, S30S.2S. Orapefrult, Florida, per box. 120.425. Straw berries, Florida., per quart, esoosc. VEQETABLB8 Offerings were only moderate and Uie mar ket ruled a shade firmer with a fair Inquiry for choice stock. Quotations: White pota toes, per cwt, 1505.40. Sweet potatoes, Mnilthern. ner hatnDef: Il.iri(ft2.4f! tin .Tr. ey. per'basket, $1. BOO 1.8,1. Cabbage, New lorn. Daman, per ion, uv: ao. riorua, per hamper. 12.1552.50. Onions, per 100 lb. sacks Tcllow, No. 1, I030.2B; do, N. 2, $404.50. New York Curb INDUSTRIAL High Low Las erne Coal , 1 Mi 1ft Aetna Explos ,.... 8 8 8 Amn Candy W 04 OW Am Bafeiynazor . 10V4 10 10M Urltlsh-Am Chem ........ 8 8 8 Hrlt-Amer Tcp reg 17H 17 7 llrlt-Amer Tob coup IS 18 18 Ueneral Asphalt 03 HI VI 02 Cuban-Anm Bug ....,',... 4B 44 48 Montgomery-Ward 84J4 03J4 88H Nor Am Paper BJ4 BV B Perfection Tire 4Vt IVi 4Vj Itadlo Co 2 2 2!l Uepublle Tire Ilub 5. i W Kubmarlne Ilout IfiVi 18 18 Hweets Co tJ'.i -0U. 6V( u a if a ....32 iy, 32 U H Htram S 3!i 3 United ltet Candy 14H 14 14Vi United I'roflt Hharlrur... 2V, 2't 2M United Plct Prod 12tt 12Vt l2',j flTANDAltl) OILS Ohio- Oil 70 350 300 I'ralrlo Pipe I,lne....,...05H 050 (158 Standard Oil Cal 338 32(1 330 Standard Oil N J- 780 750 730 INDKPKNDENT OILS Allied Oil A H r Allen l4t 1i 1, Alliance 10 IBS "I Arkansas Nat jtlas 31 3UU 31 tltfqnd OH IV4 i 4 Iloston Wyoming lr 1A 1 1" Carlb Syndicate '. 20M 211 "vy Cosden & Co n hU 8M Oomlnlor lr.U 14S 14 Duquesno ini OH 03 Klk Ilasln Pet 10 Oft 10 Krtel Oil IK IS IV, Kimeralda Oil Vi ( V Federal Oil 4 3 4 Ollllland 4B -H 44' Olenrock Oil 3Vi 3V4 3y UulTey Ulllvsple 32 32 32 Homo on all ;ivi 3V; Houston Oil 110 Ho 110 Hudson-Oil ' ; K H tnt Petrol 70 fln 00' Island Oil B 47; B Kay Co Oil 2 2 '- tndlshoma Hef H'i hV Livingston 1H l' lK Lrme, Star. 37 80 37 Merrltt Oil 20 20 20V Metropolitan Pet 3H 2'4 3V Midwest Ilof 104 110U 101 Morion Pet 2 2W SS North Amcr OIJ -j 2 2! Omar Oil r,4 r.tj Bt Phillips Pet 40 39 40 i-rpa is jtenners 854 8H H!i lied Hock 1 nyan Oil Mi t THE BALDWIN Locomotive Works PHILADELPHIA Steam. Electric and Internal Combustion LOCOMOTIVES t BUSINESS NOTES American-made machetes, those In atrumentB -wlilcli were used with such deadly effect durlnir the Cuban revo lution against Spain, uro now helping the world to solvo its problem of sweet ening its coffee and Icing1 its cakoa In peace times tho chief duty of the machete is to cut sugar qano, which, be cause of the destiny with which It grows and tho toughness of the stalks, cannot tft) harvested by. an ordinary cutting machine. Thousands of these knives are now being shipped by American cutlery manufacturers to plantations ln Cuba, Forto Rico, Hawaii and Java. In discussing the price situation In silks, a wiholesalor stated yesterday that while some of the smaller manufacturers have bought raw silk at tho former record prices, that is, up to $18, none of tho larger nroducers took chances at that level. Ho stated that 'dealers In, mo raw iimici iui vn.11 oAiuui u. ti quiet demand until the price gels down to $12.60. Salerwere limited In the market for gray goods yesterday, the feature of tho prlntcloth end of the business being the disposal of March-May lots of 39-Inch 72-76s at 264 cents. This construction Is said to be getting much of the de mand that used to go to eighty squares. Other prlntcloth business Included Murch deliveries of 30-Inch 68-72s and 38V4 inch 64-60s at 23 and 32 oents, respectively. LOCAL MINING STOCKS TONOrAH BTOCKS nid Ask Cash Hoy 07 .00 Jim Dutfer S3, .26 MacNamara A A Midway l IJ Mlzpah nitension 1 .18 Montana j . North Klsr 10 .13 .ltescue Kula 20 ,2S Tonopnh Uxtenslon 2U 2?, West Knd lsi Ji West Tonopah 00 .03 DIVIDE STOCKS Allied Dhldu .'. ( 02 .04 Alto Drvida 03 .04 Iielcher ! BenHur 3, -"S nrough Dllde A i Dlvldo Intension H Divide Byndlcate k 02 .04 Divide Con J.l ,05 Dividend,. 1, .IB Kast Divide . . 03 .05 .Hasbrnuck Divide 02 ,04 'High Divide .04 Itevert Dlvldo 1 .22 Ileno Dllde OJ ,04 nosetta 1....- 03 .04 Silver King Ofc .07 Tonopah Dllde Ml 2H Tonopah Heibrouclt 10 .12 Victory Dlvldo 08 ,jq Verde Dlvldo ... .JO .12 Zono - 20 .31 ' dOLDFIF.LD STOCKS Atlanta .03 Wlue Hull r .04 Booth . -'i " rj o D .02 ,03 Combination Fraction 03 .05 Prarkerjack .. .00 ,08 Dlamondfl.ld II 11 01 los Daisy ?.- .OJ Florence f, .JO OoldBeld Con , .IB Qolddeld Merger 02 .04 Gold Development 07 oil Oreat Bend 'Xr, " jimbo Entonslon 00 ,08 Kewanas .04 SS 'r. :::::::::::::::: : :8S Red Hllj. . .05 silver Pick -1 .23 Spearhead 03 .07 MISCELLANEOUS ?osnra united-.: ::::::::::: .ibJ .sij Eden .' H Mother Lydf, J5 - Nevada Hill Jr , Nevada Hand I" .SIJ Nevada Wonder . .17 .20 Promontarlo ,.,...., ju 1 Tecopa. Mining .10 .IS White Caps .."' Halt Creek Prod ,"1 BKeny uii 1T Hlmms Pet ...t, 37 Southern States 1'i Hnencer I'et 22'i Texas Pacific loo Texas Ilnnsrer K Texas Co w t 48H Trinity Oil it Tropical mi 21U United Texas ij. Whlto Oil 30 Woodburn s; BUNDfO Alas-Br Col if; Atlanta a'A Belcher Dlvldo 12 Belcher Divide Ext 13 Big- Ledse A Booth B Host & Mont 01 Caled Mln 35 Candelarla M 41 Cons Virginia r Cresson uold Dlvldo Kxt Eureka Croeeus W Mlnlnir Gold Cons .., Gold Merarer Gold Silver Pick Oreat Bend Hecla Mlnlntr Howe Sound , Jumbo Extension Knox Dlvldo IxMitslana Co McNamara MarslMIn Honduras fiyn Motherlode Ophlr Silver Rex Cons Rochester Mines , . Rope Group Silver Kin of Arts 8- Silver Lead Success Mln Tonopah Belmont Tono Divide Tontf-JIm B Tonopah Midway Tonopah nescue Kula.... Vlctorv White Capo White Caps Ext Wllbert Yerrlnrton BONDS Allied Tacking; 6s A T T Os of 22 ..,,.,.. Belgian Govt s ot 'is... General Electrlo Os w 1... I l T 7s ;.... n & 1U 18 17 1S!4 IBM 60 BO 1U 1U P n "a "u a a n 2U 2 2hi 2U 2B 24 IB IB 10 10 0 R 13 1.1 H 67 06M IRK BO l!i I) 17 A 2U 28 IB 10 n 13 4 1$ OB JoM 64 U Commodity Markets COTTON MARKET Now York, March 0. New crop months in the cotton market wera again in demand from spot houses and com mission interests and opened 5 to 12 points net hlfrhcr, against a partial 7-noint decline in the old crocs. Liver pool was a seller of near and a buyer ot late positions, which Japnneso in terests sold. The National Dinners' figures, 11, 120.000 bales, were considered a little bullish, but were offset by its esti mate of a 0 per cent Increase in aver age. Later the market became strong on trade movement and Wall street buying and sold up 25 points over last night's close. Tho receipts at the ports for tho day are estimated at 25,000 bales, against 20.010 bales u week ago, and 10,086 bales a year ago. Previous Close. Osen March 30,12' S9.0B May 30.20 July 33.42 October 80.1m December 30.0R 30,20 junuary -J, 48 11 a. m. 1:30 p. ra. 3B.2B SS.IO 38.35 03.30 33.50 3.1 BO 30.80 30.83 20.85 30 HO GRAIN MARKET Chicago, March 0. Commisblon houses were on the selling side of corn nt the opening today and the market was weaker, distant positions leading the decline. Buying was scattered and unimportant until resting orders were ncountercd. After the start there was a partial recovery. Receipts were 209 cars. May opened nt $1.401& to Sl.4r.14, against $1.47 nt the end yesterday, and moved up to $1,47. July was quoted at $1.30tt to $1.30 at the outset and-lntcr rallied to $1.404. September started at $1.38 to $1.35 and moved up to tho previous close of $1.38. Oats opened weaker on general sell ing by commission houses. Buying was scattered. An Increase in the farm reserve of morn 50,000,000 bushels in the gov ernment report and continued evidence of rtteelllng by exporters, discouraged holders. May opened at 83c to 83c aguinst WHO nt tho close yesterday, and lutor sold at 83c. July started at 70c lo 75, compared with 76c at tho end yesterday, and later sold at 70c. The receipts of wheat here today wero 18 carsj at Minneapolis 132 cars: at Duluth 1 car and at Winnipeg 103 cars. Corn (new delivery) 12:30 Open Hlsrh Vow p.m. May.... 1.40H 1.40K 1,40 l,4fi'l July.... 1.30H 1.43H 1:30 1.42 Oats May .... 8374 84ti 83 84 July .... 70 76 7BV4 70H Yebt rlone 1 47' 1 40I 8 Hi 70S Pork May ....33.23 33.60 35.23 33.60 35 S5 uard May ....21.70 July ....22.23 nibs May ,...18.45 v..,.. Ifllfl Bld'."tAKed, 21. 7S 22.37 18.BB 10.10 21 S2 22.42 21.80 t21.7B 22.20 T22.35 18.4B 18. B3 tin HI 18.07 M0.02 10 12 NEW YOrJK COFFEE MARKET New Torlt, March 0. Right after the rail on the coffee market, a few lottt of Mar wero traded in which sent that position to 14.110, or 17 points net higher. Trading was extremely dull, and, while there seemed to bo moderate buying orders around tho ring, there wero few sellers. In the cost uud freight market, theio wero no indications of any chaugc. Tho local snot market watt noniiii'i'lv unchanged with a fulr demand from Interior roasters. Open May 14.88 July IB, 18 September 14.02 December ..A..... , , . 1 4. 87 JHU, BAR SILVER Bar Hllver was quoted in London to day at 779sd, down. ld. 11 a m 14.85 14.05 $4,000,000 Penick & Ford, Ltd. Incorporated (Snccessor by Purchase of Business of Penick & Eprd, Ltd., and Donglas Compuy) Seven Per Cent Cumulative Sinking Fund Preferred Stock Preferred as to assets and dividends. Par value $100. Dividends payable quarterly, January 1, April 1, July 1, and October 1. Callable at the option of the Company at 110 and accrued dividends. RegUtrjurat , Central Union Trust Co., Haw York WhitmryCentral Trust & Saving Bank, New Oriettn Transfer AffenUt Chjuo National Bank, Now York Canal-Commai-dal Trust Savings Bank, Naw Orlaans Dividends Exempt from Present Normal Federal Income Tax CAPITALIZATION AnUrarlsoel aad Ium4 Sftven -Per Cent Cumulative Sinking. Fund Preferred Stock (Par Value $100) $4,000,000 Common Stock . 300,000 share No par value and nominal par ralso of II per share, laterehaBrestMe lato each o4hr set tin aotloa Um holder. No Bonded Debt, For information regarding the Seven Per Cent Cumulative Sinking Fund Preferred Stock of Penick & Ford, Ltd., Incorporated, we refer to a letter from Mr. W. S. Penick, President of the Company, copies of which may be had on request, and which states that: Business Penick & Ford, Ltd., established In 1898, are the largest canners and dealers in edible molasses and cane syrups in the United States, their principal brand, "Brer Rabbit," bcjng favorably known everywhere. Douglas Company, established in 1903, is one of the most important factors in the starch business in the United States, "Douglas" starches and corn oils enjoying a nation-wide distribution. The new Company, Penick & Ford Ltd., Incorporated, has beenionned to acquire the business of both these companies, the consolidation resulting in greater manufacturing arid sales efficiency with little or no added expense. , oae All the proceeds from the sale of the stock 'bow being iasaed will remain in the bust- ssue ' news The Common Stock for their interests. Management The men who developed this business will conthme in its active- management and control through ownership of a majority of the Common Stock. Purn of I. the proceeds from the sale of the stock 'now being xatnsed will remain in the bust ana will' be used for working capital and for the plant .additions and extensions, owners and managers of Penick Sc Ford, Ltd., withdraw no cash and receive only Assets Earnings According to audits the net tangible assets of the Company, exektsrre of good will, trade names, etc., after giving effect to this financing are $9,585,953,567 or equal to $239 per share on the outstanding Preferred Stock of the Company. Net current assets arc $4,901,392.25, which amount is sufficient for working capital and the rebuilding of the Douglas plant. Average combined net earnings of the consolidated companies, before Federal taxes, for the calendar and fiscal years 1917, 1918, 1919, were $2,116,831.74, or equal to more than 7 times the max hnsm annual dividend requirements on the Preferred Stock. Average combined net earnings of the consolidated companies, after Federal taxes, for the same ?eriod were $L526,831, or practically 5 times the maximum annual dividend requirements on the 'referred Stock. The charter provides that, beginning with 1921 and annually thereafter, the Company shall set aside ten per cent of its net earnings, after all expenses, taxes and Preferred Stock dividends, to be used as a Sinking Fund for the retirement of the Preferred Stock, the sura so set aside to be not less than $120,000 per annum if earned. Tho Company has no mortgage or bonded debt and the charter provides that it may not mort gage any oi ut rcai estate (.purcnasc money inungagcs exccpieaj nor increase mc jrreierrea stock without the consent of three-fourths of the Preferred shares outstanding. No dividend shall be paid on the Common Stock in any year until after the dividends on the Pre ferred Stock for that year have been paid or set aside and the Sinking Fond has been paid or set aside. Net current assets must be maintained in excess of 100 per cent of the par value of the then out- standing Preferred Stock before dividends in excess of $400,000 per annum can be paid on the Common Stock. Price 96 and Accrued Dividend We-recommend this Preferred Stock for investment, and offer it subject to prior sale, when, as and if issued, and deliverable by us and subject to approval of counsel. Descriptive Circtdars Furnished on Request Sinking Fund Safeguards A. G. Becker & Co. NEW YORK ST. LOUIS CHICAGO SAN FRANCJSCO Ames. Emerich & Co. NEW YORK CHICAGO MILWAUKEE Isidore Newman & Son NEW ORLEANS Canal-Commercial Trust & Saving Bank NEW ORLEANS : : ; : OUR.SUPEH SEHVICE YOU GET YOUR MONEY ANYWAY AND PROMPTLY WHETHER WE COLLECT YOUR BAD DEBTS OR NOT AND you know when you get it. That's what n Credit; Insurance Policy in the "London" means. No doubts, no worries, no losses on cov ered accounts. No amount of precautionon your part can abso lutely prevent credit Josses, but the "London" can and docs pay them and "loss" in this connection is construed to mean any account covered under the Policy that the debtor does not pay at maturity. Why wait for another account on your books to become p "loss" It won't obligate you to ask us for particulars. ATVOUR. SERVICE Lostes Paid In American Currency Established Eiditeen Sbdyninc LONDON GUARANTEE AND ACCIDENT COMPANY LTD. R. A. IRVING, General Agent rmiADnirHiA. pa. Annual Klretlom HIE rRNNHl I.VAMA KAIMIOAD COMl'ANV General Offlco. uroud Hfreet Station r-hiladalBlila. 2nd March. 1020. An eloctlon tor threo Directors, to Mrv for ino term ot four yearn, to aurcced thoaa whoaq term will exolre wltU the aald election, will be held oil Tueadar. the 23rd day ot March, lfrzo, between the houra or ten o'clock a. m. and alx o'clook D. m at the Ueneral pftlco ot the Company, Droad ejtruei Utatlon, 1'hlladelphla. At that lima and place a vote, or votei. will alao be taken on aucti other aubjeot. or eublecU, ai ahall have been directed by tho 8tocl(holdera at their annual inee.tlnK on the Bth of March. 10 20. jjovyta nciusur. otcrturr. Free of All Taxes City of Scranton, Pa. Municipal Improvement 44b Interest March and September Due 1932 to 1935, Inclusive Prices to Yield 4,40 Townsend Whelen & Co. COS Chestnut Street Republic of France Progress in the recovery of France from th World War has already given f reah 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 60 yearn by semi annual drawingn beginning September 16th. 1920, at 150, which is equivalent to 1500 francs for each 1000-franc bond Subscriptions are payable in dollars at the rate of exchange fixed each day by the French Financial Agency in tho United States, which is based on tho closing rate of exchange for the previous day. This price will be announced daily in these advertisements. Price Today 72.73 per 1000 Franc Bond At the normal rate of exchange the cost of this bond to the American investor would be $193 Our interim receipts calling for temporary bonds of the French Government will be issued against payment in. full in dollars. BROWN BROTHERS & CO. Fourth and Chestnut Streets PHILADELPHIA i r j H i V-i ' t n 1 4 1 ?J 41 i Ml & A .'A I'm ' I '.JgJi' I i It. '-.. ..J tl .i.Vvi. Jh&lkjs J.U5j- . 4 ?. I ,lV., .!?. Vi'.E.rU' .(!. ,:iVv f ' tiKwAttij- T 'tiM msx J?.X. Va -y1' 0
Significant historical Pennsylvania newspapers