";-n
i,: ,
&.-,''
WV T.xi . i'. '
B'i. f
-'
'
V
" . -TOtttirci anMof hatiMfrnffiSffl teft wiM&sfc, maecS- 317- im
" ( .
r " . : :
jlM
la-ail"''
imr'r
ft
Unproductive Savings
. Restrict Business
f Thrift in itself (may
not be a virtue. Sav-
" ings hoarded in the
house arc wasted so
far as'the community
at large is 'concerned
and practically' so far
as the "saver is con
cerned. Credit is f cur
tailed when money is
hoarded, and restricted
credit hurts every busi
ness ana maiviauai.
Invest money in
good bonds at interest
rates which, if' com
pounded, will double
your principal every
sixteen years. You
' will help yourself and t
American business. ,
Writ for recommendation
'Hemphill, Noye's & Co.
ifmhrr Vitn York Rtnrte fljrclimtnm .
C Franklin Bk. Bldg., Philadelphia
ytxr jorK j-iumuii ocrHniop
New Issue
Boiid
Gold
Secured
Notes
Aydirect obligation of
United Light, & Railways
Company. Secured by
Company's First and Re
funding 5r Bonds in
t h e principal amount of ,
133 U3 of Notes out
standing. The Company
owns and 'operates twenty
one properties in the Middle
West and is considered one
of the most successful pub
lic utility companies in the
country.
Price 982,-to yield 7
Atk lor circular
Bonbright & Company
Monnif) wistati s'rnouD, Jr.
1 Manager
4.17 Chestnut St., Philadelphia
Now York Bolton Clilcaco Detroit
.77 House oCHAS. H. JONES ft CO.
No. 10
Its Listings
Professedly we are special
ists. Our listing shows
this. We deal .in trans
portation, municipal and a
lew carefully selected Cor
poration Bonds to the ex
clusion of all mining or
similar purely speculative
securities.
By specializing wc gain
concentration. And con-
, centration means thor-
j ouehhess. Is not this thor-
oughness a very desirable
measure of safety? ,
I "(To be, continued.)
I Current Investment Offer-
j Inga "Li" sent upon Kequoat.
municipal ra1lr0ad5t
; . Corporation Bonds
I so Broap Street - New York
rue hstcc two caau usittt "cumuur
HIGH GRADE
INVESTMENT SECURITIES
at prices to yield from
to over
Our general list of offerings,
Circular L 225, no doubt
contains such suggestions
as will be of interest to you.
This .will be eont upon request.
E. H. Rollins & Sons
1421 Chestnut St., Philadelphia
Boston New York Wilkcs-Barre
Baltimore Chicago San Francisco
NEiy YORK BOND SALES
Summary of Individual Transactions on Jfew York Exchanie
SAI.KS IN JIO00J
Trem Openlnjr Until r. M. (N. Y. Time)
Adams Kx 4a
1 80
Alk 6 M cv B
4 10
Am7A (Cta
a 044
1 03
Am S tllti
i m
1 SI'.,
A Tel t T oil
2 11
1 77
ATTev4H(
1 81
A Tel & Tel R
Am W Tan.
1 70
Abu-French Ba
a DA
Aran nep Its
1 72 '
. 1....I 7a
.Armour 4U
2 M4
A T ft 8 P At
i 7rt;
2 7ft
1 7rt
2.. .. 7BW
. ,tch T (. 8 l'e
aj 4i
t 7;
Atl Coast I. 4
2 "ft
n 7ftU
1 7ft
1 MV4
Atl C t. 4'b
:... . .
D & O Tol 4r
1 4R.
n fc o a w s
1 73
BiOPLI
tWVSi
Annnal Meetlnce
' OKF1CE OV
The United Gas Improvement
J Company
! N, W. eor. Broad and Arch eta.
Philadelphia. March 3. 1920.
, The Annual Meeting ot the Stockholders
, ef Ihe United Oaa Improvement Company
i will L held at the oltice oC the Company,
r Korthweil Corner of Broad and Arch atreeta,
PnllKd-lpl.la. on Monday. May 3. tttto. nt
IS o'clock noon, for tho purpoace of elrctlnn
.a I'ctjIOmt and alx Dlrectora. to aeive for
i the entuintc yrar; of conalderlne and actlnt
uron the aubject of a propoaed Increaa In
. ihe authorized capital atock of the Company
from 1,221,436 aliarea of the par value ot
15" each to 1,021,438 aharea of the par
: value or su eacn. nu or wnicn increaae
; ihall be (teven Per Cent Cumulative Pre-
t . U...l .I.A .HIIH..I ..
icriru diuvivi r viiii. iru iu inference on
liquidation tn the par value thereof and
accrued unpaid dlvldenda. to he redeemable
In whole or In part at 133 per ahare and
accrurd unpaid dlvldenda. to have the aame
votlne rlshle aa the Common Htoclc, and to
kav aucH other rlshta. prlvlleeea. prefer-
.. .. II.VI I I n . twm mm .HA.. ..a a...,
I .mi. Mini iiimi.iiiii,. an innr ua uvivrininefl
at eald meeting;: of authnrlzlnc the laaue of
!j...unv anarea oi aaia rreierreu mocK to be
liued and dlspnaed o. by the Board of
Dlrectora nt auoh, time or tlmea and upon
uch terms and conditions aa aald Board
I ihall approve provided, however, that aald
J iharea ahall first be offered to the stock
t holdera pro rata for aubacrlptlau at ra-
i the balance of the authorlced ahareai of aald
Freferred Block to be laaued from time to
time, but only nhen and aa authorized at a
. subsequent stockholders' meeting-, and of
transactlne auch other nunlneaa aa may prop,
trly come before the meeting.
. The stock transfer booka will be closed
from 8 p. m., April 21, until 9 a. m.: May
. 4, 1920.
By order of the Board nt Dlrectora,
t O. W CtmnAN. Becretarr.
r-jfi thk MKMnr.rts or
, .. The rhlladrlnhla rontrll.ullonkli,
J for the Insurance of Houars from Lna j
I Klre are notlltcd that a general meeting- of
, the contributors wll be held at tlm ortlre
213 &auth .Fourth Street, on Monday, the
i:th day of Anrll, at 2 o'clock In the after
noon, to choose dlrectora and a treasurer In
accordance with the charter. .
mIc 2nJ-in?n-.1E"S.SM1TH- s'"""
tVKST.MOIti:i.'M, (O'l. rntll-ANV
Oiriffi M4 South Third fit.
Philadelphia, March 2.1, 1020.
-.Tht..Bn.nual m"JI"5 o' 'e atockhold'ra of
the UeatmorelRnd Cnnl Company will b
held ot tha pfflrj of the company on Wed
jesdjy. Apr 7th. 100, otl2 o'rlork neon,
for the election of three directors to aene
three yeara and for nil audi other business
as may properly rome before the meeting.
HOWARD n. YEAn.Sf.KY.
mmmm Secretary,
Dlfldende
rillLADtLl'lllA AMI WKMEIIN KAU,
1411 Chestnut at.
-1'lilladelnhla. la.
. - . . . March 13. 1920.
Til Board nf Dlrectora has this day if
tlirrd a dividend ot one nnd one-auartrr
Per rent tlVaVr) on the preterred aiock of
this company, payable April 15, ncu. to
U'ckholdera of record on the hooka ot the
rompany at the cloas of buslnta Mtfrcn 31,
Checks will be mailed.
SILSUKD KnniCKSON.
i rewirer.
United Drug Company
First Preferred Htork Dlildend No. 17
Tho Dlrectora of United Drug Co. have d
rlared a regular tiunrterly dividend tt I'li'i
on the flrat preferred etock of United Drug
Co, pajablo May 1. 1020, to atockholdera of
leiord April 1ft. lli'.'il.
JAMES C, MrCOn-MICK. Trcarurer,
noaton, March 23. IPSO.
U. S. FOOD PRODUCTS CORPORATION
40 F.iehanze Place, New York, N, Y.
The Hoard of Dlrectora has thla day d.
flared a regular dividend of one and one
half per rent (H4V.) for tho first quarter
for the )ear 10211. on the outetandlng cam
lal slock, payable April 10. 1020. to atock.
holders of record at the close of buslnrsa
The slock transfer bonka will not he closed
, 'niOH. A. CI.ATIK-. Treasurer.
Dated. New York, ,. Y.. Moroti 1SV 1020.
Herschell-Spiltman' Motor Co.
Preferred Dividend
The regular quarterly dividend of 2'i upon
J.h Sui,?f1ndln,.,'"',rt'a "Pvk.of the ller-aihell-gplllman
Motor Company has been de
!Lr,1' ,fable April 1. 11120. to Preferred
ahareholdera of record March 23, H'20.
'hecka will I mailed, . V
March 0. 1020. T. c. PEniCtXB. Treasurer.
Henchcll-Spillraan Motor Co.
Common Dividend '
vAl,i!erV1-or V' ""J "n "lra dividend of
Vi of ir. hava been declared upon the out
Jiandlng Common Htock of the llarachell.
hplllman Motor Company, payable April 1
;.u, in common anareno ders of record
Atarh '. llion ,i,.ni, ...in i.- T.l .irvoru
iirL-:- ?"'!"?" V":," -11' w inaiH
WerMifi ii?r 1' i
tnalU.l
I'HItKINH. 1T...IT..
IKINKMN NATIONAI. HANK
vueatnut si,, neat or iiroad,
.. .L Phllade.pnla. March 20. 1020.
At thu reguliir meeting of the Hoard of
Dlrectora nf, thla bank held this day i
uuarterlv d v dand f n.. .... .l,"..2?'
, -. .- - .. ........ it,,1 lu-, vmm
"ec'area ire ot tax and payable Anrll 1.'
920. to atockholdera of record at the coia of
.V1S" Mur,-h 3l' "211 Clieeka will 8J.
mailed
J, WM.
1IARIIT.
Cashier.
' v
OtFICK OF TIIH UMTKII U.a 1M1'UUVs
ri.. n. Philadelphia. March lo, io20.
.. Th ptrecturai .haivo .thla day declared a
Sr;JT J.Si.11 aV'i. 'yiP v,r cent tll.ui) per
, ii,r,i aim. iuih .n mijtimi n
.--T---- .-- ".' r -IWVRt.WtW
unavKa
neroi. payaha Aur II IS. 1910
is riosa or o
will be rnslled.
r of record a
ai, v.u,
close of business Marco
I.
w. Monntn.
rreaiir.
........ ik- .-
ei.. PhllaUelBhta. Pa.. Ma?ch 30, 1020.
-.i!,-L,.!r.cL'!,T. n,.v '',l IV leclared
1 1 i. i ... "n1 o Tiirer
CARSTAIRS & CO.
announce with regret
that
Mr. Wiiliam L. Moorhouse
has this day withdrawn
from this firm as'gen-
cral partner.
March 31, 1920.
New State Tax
Bond Owners will find
it profitable to communi
cate with us at once on
account of the. change in
the Pennsylvania Tax Laws.
This Is Important
Frederick Peirce & Co
1421 Chestnut Street, Phila.
Sale inveittng (a merely a matter of
knowing inhere to buy your bonds.
American Get Co. 6a, 2016
Anglo American Oil 7'as, 1925
Baltimore Elec. Ba, 1947
Maryland lec. Si, 1931
Maryland Steel Si, 1922
Duqueine St. 6i, 1949
Pb. Water & Pr. Si, 1940
Weitern Elec. 7i, 1925
MCown&Cq
iNi titi.k ni.no. . P1IIU.
Mrmbera Philadelphia Stork Kxchunie
TWO BOND IURGA1NS
To Return 8.70
Short-term 7 I'lrat Mortiat-o Hond.
Uamlnna Seven Tlmea Uond" Interest.
To Return Over 7
bftalla on tppllrallon
EDWARD V. KANE & CO.
Morrii Building
Philadelphia
GEO. A. HUHN & SONS
MTOCKS AND llONDS
Members of the Philadelphia. .N'sw
Tork and Chlcaio Stock Eichsnrea
New York "'"' !rrianr
Commltalon Orders Executed In
All the Principal Market
UULI.KVIIK C'DUKT ULUu.
141H Walnut St.
NEW YOHK OFFICE
111 llroadway, New York
1..
1... . Mi
t... . ASH
A HO '4
B... . C0'4
Belt Ohln
3... . nvt
s oaVi
n & Ohio 3H
1 82
a 82
3 82.
Dalt Ohio 4 s
1 02i
1 2'
0..... 03
Dalt L Ohio Aa
1 631.
1 .... 03V4
2 0S4
2 34
Palt It Ohio i's
1 95
Cnt Pao.lat
1 .. 12V,
1 12
4... . 72
10..,.. ,2
Cent Pao 8 . a
4..... 80
0 nn ot N1 Aa
2 08'i
2,,... 08i
;hes 0 4ia
A TO
2,,-t.. 70
O' A Ohio As
1 01U
0 ill
C A O ov 4ijs
A 7.1s
2 78',4
3 70S
..... 73S
2 t Ohio cv Aa
t 78U
7...... 784
3 78 ;
Chi fc Alt 3a
i.i... 40
Chi & Alt iMtf
0,.,., 374
1 37'i
2 37 U
Ch n A Q Neb
1 00
1 01
2 It Q It 3Vj
1 71
Chi B & Q'
13.
A..
3,.
Br.
10..
IS..
1..
10.,
B..
B..
1.
!M,
041i
tK
04 '.4
nt'i
04 IA
04 Hr
0M
01",
04 s,
04
Chi M A 8t P
4a ot ZS
1 77
Chi M A St P
D 4a
8 no.
Ch M A St P
am 4't"
4 78
Ch M A St r
fd 4 Us
1 00 u
2 coy
Ch M ft St I
cv 4 Us
1 70
1 70
Chi Jlys Ct B
B SAT.
b :,.
b oo
as Hie n i a p M
(10 ',
06 V.
now
oo h
oo s
0i
8H
1 8AH
V SAT,
1 8.1
1 89
B 8BV,
2 .... 83W
2 .... 85fc
Deth Steel la'
1 02Vi
Dush Tile A.
1 70H
Cal Dill ti.
10 83i
Cent of On or
2 82?s
C Leather Aa
1 0A
,4 0A
B.w... 0J
4
1
1.
1
1
3.
P.
2 n i a p
1...,. 71H
1 71
2 71
Chile Cop'r 0a
2 70
1 79
Chll. Cop'r 7t
2.... 102Ti
10..., 103
.... 103
Chines Uvt Si
2 4t
V 4B
4 44
1 48
City Xlord'x 0s
10 80
2 89
City Lyon 0s
IS 80
City of Mar 0s
13 80
1,.... 80?i
City Parle da
Colo AS 4 Ha
1 .... 7IW
1 7SH
2 73H
1 73H
Col Oas A E
first
A.. .. 85 '
Con Gas Co 7s
100
0...
1...
1...
3...
30...
0...
4.,,
12.
101
100i
lOt
100
101
101
lOt
J00i
Copenh'n AH a
- B. ... 70
8 .... 79
Den A n O M
n..
i..
it..
o.,
20..
B..
A..
10..
7..
7..
D A
1..
4,,
1..
3..
47 U
47
47 .
40Ti
40?.
-47V.
47 ;
47
47i
47 U
nio a 4a
03 i
03 ti
03
03
04
D A n ffd 4
1 r.T'i
Dot Can, Ba 21
2 07
1 07
D of Can '20
10 02
4 Ol'i
Dom of C Ml
10 00
10 01
2 01
Erie prior 4.
04
Brie nn ov -A
1 30
B 39
Erl nncvB
3 .... 38
Erie R n cv D
0 41
Oen'l Elec Aa
1 90
Oen'l Uleo rts
00 U
3.
B...
0...
r...
00
00 '4
90
09
00
"IMS
ft 00
0...... 90
I. ... 00
2 09
l no
O B A W R a
10 BS
llavnrr.v K Bs
4 84
HUd A Man fd.
l....: BS
Hud A Man In
1 10
10 10
20 10
8 10
III C 3s '.11
B OS
111 C Chi Stfi
A N O Jt n
1 80
0 80
3 80
Imp J Ov 1st
11,.,.. flW
n,.j,. ng
1.,... 8U
8,...r 03U
tnd'a Steel Bs
1 96
t Acr Corn Ba
0 SO
I A at Nftyts
1 07U
I M Marino 6a
A,.,.. 00
l on
Iri.M.t ct 4a
8 I8U
Inter Mat 4.
1 10
...... 18U
Inter Rap T fd
AA
6B
13,.
1..
3..
3..
10,.
2 .
B..
BB
80
8
AA
BA
84 Tl
1.
4..
20.,
14..
2S..
1..
00
00
00
no
oo
oo
90
i
l....,
0
1.
0....
77
77
77
77
77a,
77 K
Imp J Civ 2nd
1.
14..
A..
1..
1..
0..
. 0..
Imp
2,.
.1..
77
. 77
. 77
. 77
. 77
. 77
,. 77
,. 77
Gv 4s
,. 04
,. 08
, . C4
Japanese Govt. Bonds
4s dui 1931
Yield about 0.2 S-
4l2s due 1925
Yield about 9.70
Detailed Circular on request
German City Bonds,
German Industrial Bonds
Foreign Currencies
and Exchanges
NEWBURGER,
HENDERSON & LOEB
Members Neiv York and
Philadelphia Stock Exchanges
1410 Chestnut St.
Iowa Cent' I Bf
8 71
Kan Cltm
Memp Is
4..... 04
1.. .. 04
K City So 3s
1 A4
Kan C A 8 Aa
.A, ... cm;
1 08
Kan C T'm 4a
4 71
'1 71
I. 8 M S 4s 31
2 83
1 82
Lehllh Val fl
1.... 100
I. A Myers 7s
3.... 107
Louis A N 4a
1 80
2. a.. 80
B...'.. 81
Lou A N .1 3a
. ?,.,., B0
Lo A N al 0s
2 90
J 08
Mid 3 A O Ba
!.... B2
T...,. 81
I,. ... u
Mln A St L la
A ' 42
M StP A Sault
Marie Ry 4a
, 1 78
S..-.. 78
Mo K A Tx 4
1 A7
1 67'
Mo I'ao am 4
42 BSU
1 BS
Mo'Tacine. 0a
1 00V
Nash Chat A
Kt 7. Ry Bs
2.,,,. 98'
2 9S;
New O Tex t
Mex Bs
1...,. 88
B..... 63
NT C A 11 R
It R 8e
0...,. 08
B..... 00
N Y C A H P.
n n 4a
2,...:.B4
NYC A II R
en i , "'
,.1 00
1...., 60
N V C A u n
R R 4a
V... H
1.... 7fli
B 70
N Y C t HI.
R ROa
l....- OIK
B 03
3 92
1..... BS
N YCL3 3
1...... 07',
N T Cent-Mch
C-nt. 3s
4i.... 6SU
N Y Oas L II
A P Co 4s
B 03.
N T Rys ct 4s
20 27Ti
N Y Rlyws Bs
1 .... 7.
10 0
N YTel's4a
1 78
I... i. 78
0..... 78
N Y W C A B
R R4s
1 41
8 41
No Paclfla 4a
7 74
10 74
100 74
6 744,
...T4
A fl'Bj
N'orf
l.....rB5
N A Weatn At
1 ...... 74
1 . . .-m tO
No A'W ov ()
B.'...100i
O Short L 4s
3.,...' 89
3,w.. 79
2. ,,..'80
On-Wah 4 a
II.... ua vi
Pao OtHti
I.,'... lK
6...,. 78
Pa P.R m 4 U
9..... IH
B'.t... 70
..... 70
14.,... 70
10..... 78
'3 78
Penna en 4a
4 07
Pena R It- Cs
B,
Or
2..f.
9,,..
1....
1,...
6t..
884
88 K
ftfl'i
88 V.
88
88
88
88
POIitC
10 02
2 80
Phlla 'Co cv
4 88
2.,-t.. 881.
Pub 8 Cor of
N J Bs
4 02
Readinr R 4a
8 78t,
2 78
R 78
1 78
Rep'e of Cub
Sa of '04
B... 00
Rl A A L-4
Z,. . 0.1
2.. . 02
1 . . 03
1 02
10. ... 02
3. .. 02
San A A A P
Rly 4a
2 B7
St U A 8 V Ir
8 40V
1.
3
10.
B.
1.
at i,
1
1.
l
1
BS
-A8
B8
B8
08
B3
08
WE OFFER
Canadian Pacific Rwy.
Equipment Trust 6s
Duo Oct. 1, 1931
Welsh Brothers
028 CmmtnutStreet
Philadelphia
Lombard 1B43
The German
Mark
The logical profit operation
fully explained In Letter F80.
Tree on application tn
J.T.Keano & Co.. 41 Iiroad St.
X. V.
GUARANTEED
Railroad Bonds
GEO. WILLIAM WALLACE"
334 Land Title Building
Spruce 1B4S
Send for "Bond Talk
luensiolATia
ill Rroadway Slock Kxrh. tilde
'nkwyork philaiSbi.piua
oi? Main TBI 8U Stat. Ht
HRIDOEPOnT
ROSTON
i!ln:!ainiBiUSBIiBI.aBiUBiiiismAiHiiur.
BATTLESL&CO
Inveatment Socuritiei J
Established 1890
Independence Square, Etut
isi'ii!!iiiMiEii:iniii!aiiiiiiM
alile Ai
March
M
L"'I ti.mo to-.tockhold'eV. 'i t Vecor'd-
'KiuW. " .mailed.
JSPWAHD C, BELLr Uaehitf.
MERCANTILE BANK
OF THE AMERICAS
41 PINKHTRKKT NKW VOBK
An Amtrican Hank tor h'oulan Tradt
New Orleans Pari. Madrid llarrtlena
v "MA-rKD IANI?8 In
Colombia Peru Venezuela nrasll
N?tBrau Cuba Costa Rica' Honduras
MVANCIAI.
EAST HEAR RIDOU COLLIERY COMPAN
Hlnklnx Fund Notice T
Pursuant to the HlnUlnr Vun provision
In tho MortgaRo of Eat Il.ar Itldse Colliery
Company to Fidelity Truat Company. True,
tee, dated May 1. 1011. senled proposals
for the sale to said Fidelity T-ust Company,
Trustee, at a price not to exceed 10J per
centum of par, P)ua accrutd Interest, of a
atirtlclent number of bonds Issued under aald
Mortsase to take ud the sum of 130,000,
will bo received at the office of said Trustee,
v. 828.301 C'heatnut atreet. Philadelphia.
until Saturday. April 10, 10;'0, at 12 o'clock
noon; bonaa accepicu i u- .urrvnaereu tor
m
J, 1920,
redemption
next Intereat period, May
FIDELITY TRU8T COMPANY. Trustee,
1 William P. (lest. Preald.nt."
Philadelphia. March 25, 1020,
rropoaal.
VJI.L tlEflEC'KIVKIl liv
r of the Conun.rclal Musatin.
nmt.mm I)kl I m.t .,!., "
I.IMH'IINAI.K
.uA lilparlnr
Slth at. below ."PI"", i-niiadeiphla. unt
Wednesday, April 7. 1910. at 12 noon, for
;?ectln a nadlal Mmny. A bond
wlH be required. The rljht ; reaerved tS
reieci .r ",ri- .""""ns trom
0..
B..
1.
2 ,
2
8..
6.
Te'xss Co s
101
104
101
104
10(
104
101
Third A RR 4s
1 48
2 48
Union Pc fd
B,..,. 72
Union Pas cv
2 84
Union Pao 4 s
4 82
1 81
l...i. 81
1...,. 81
Union Pao 8
2..,. 101
U ICOD I '21
20 0,1
23 0.1
10...., 0.1
17 9A
3.. .. 08
7,. .. 98
1 08
2 OS,
2 05
B or, 'I
2.. ,. 96
1.. .. PB
U K O B A I
rets '22
21 92
2 02
B 92
l...v 92
U K Ox D A 1
rets ot '20
1,.... 90
0 00
1 90
1 00
UK O BJ 37
1..
3..
12,.
2..
1..
1..
4,.
tn.
1..
7,
87
87
87
87
87
87'
87
87
87
87
U 8 Mexico Ss
...4
... 40
... 40
... 48
... 48
... 48
A 3 V aj
... 84
...85
... 04
... 64
St L A' San t-
series A
I
1
I
1
4
1
B
8t L A San r
Series B
4 00
7 68
B 00
St L A San F
Series C
2 80
St L A I M 4a
1 73s
St L I M AS
R A O Dv 4a
1 67
8 I, S W ,lat
2..... 02
St P'l Minn A
Man'o 4s
A 89
So Bell Tel As
1 81
li.w. 83
1 ...... W
So PaclOo fd
10....: 74
do Pae.'TeVm
1...,. 70
So Pacific 4r
1 08
'.3,....CI
1..... 69
So Pae cv '4s
1 78
13 78
So Pae cv Ss
3.... 103
1.... 103
6.... 103
So V.alwl'a 4a
3 B8
2.....V-B8
,3 NBg;
1 AS
B 08
1 67
l...w 88
3d Rallwa' Ba
l.... 84
1 84
AA
84
84
83
35
88
35
3...
10...
A...
20.,.
20...
a...
o...
U R San Fran
eqct 4s
10 2.1
A 20
B 25
U 8 Realty 5a
A 80
A 80
1 80
U S Rubber Ba
7
1..
Al..
1..
0..
1..
1..
U 8 Rubber 7s
:.... 101
U 8 3 M A R
Co 0s
4.... 102
a B Steel As
83
88
83
83
84
88
84
ot....
10
0..,..
25
,1
1
A.. 4..
00
on
oo
on
9.1
98
0B
9.1
95
00
0B
Va C A C 1st
03
Va Rallw's A.
1 80
1 80
Wabash R 1st
2 87
1 87
87
We.tn M'd 4a
1 B2
Westn Pae 1st
B 81
1 82
Wes Shore 4 s
B 70
B 70
West'n U 4s
3 78
1 77
Wilson Co cv
03
03
93
03
03
93
92
91
01
B
OREIN FINANCING
UNDER EDGE ACT
Subject Discussed by W. I. Kois,
of New York, Before Local
Bankers
Ihe growing imnortnnrc of foreign
nnancinc under tlio Kdge net was
broiiftlit home in a very forcible manner
by W. H. Keh, formerly vlco president
of the fatiohal City Bank, of New
York, at an informal luncheon given to
some twenty leading bankprs nnd busi
ness, men pf thjs city on Monday after.
noon last by John H. Mnnon, president
of the Commorcinl Trust Co., In the
Bellfvue-Htratford.
Mr. Koi. opened his remarks by stat
ing that, before the war, this country
was producing a 20 per cent surplus,
which it was necessary to dispose of
outside tho country. During the war
period, in order to meet the extraor
dinary demand for the equipment nnd
provision of 2.000,000 men, their trans
portation apt! keep .1000 miles nway,
tbo manufacturing plants of the coun
try were expanded about 710 per cent.
For four years, he said, domestic de
mands were nut to one side so that our
plants could supply the demands of our.
own and our Allies' army necus. since
thp armistice, he added. thi domestic
demand, which was dammed up. hns
broken loose, and an era of wasteful
extraragancc followed, till today wc
have almost caught up, nnd before long
wc will again be piling up our former
surplus, augmented by the additional
production from our extended plants..
The necessity of finding on outlet in
wider foreign markets than we held
previously, Mr. Kcls said, was obvious,
but the difficulty In providing the nee
cssary credit- for longer periods thnn
wc' have been accustomed to is, he
said, the most' serious problem facing
thesAmerican producer today".
Ho enumerated a number of ways for
getting around the difficulty, but ac
knowledged that tho only practical so
lution, offered up to the present, lay in
the Edge act which, while not perfect,
offered a basis on which to make" tf be
ginning. Mr Keis advocated the starting of an
Edge bonk big enough, at first, to ac
commodate the manufacturer and ex
rjorters of Boston, New Tork nnd Phila
delphia and said that experience would
dictate tho opening qf other Edge banks
Ip various places as needed. Mr. Keis
remarked that this country Is in need
of big bankers, with international vision
and' experience, and said tlint nt pres
ent it would be impossible to sell to the
investing public In America any for
eign securities other than the govern-,
ment and municipal securities which are
now being sold by tho lending houses.
By foreign securities, he said, he
meant the bonds of industrial or public
utility concerns, such as are offered by
our own local concerns, nnd he ndvo
cated the establishment of "Edge bnnks,
part of whose functions would be to
take such securities in the foreign coun
tries and issue their owu debentures
against them.
In the dlscusitnn which followed It
appeared thnt the difficulty in providing
rcdit for the importers and manufac
turers in these foreign countries was
confined principally to new customers,
whose business reputnllons had to be
learned, rather than to tho old tried
customers. Kor these latter it was evi
dent the. present means available for
granting time -credits nrc sufficient.
Every one present was impressed
with the imperative importapce of tho
subject and the necessity for an early
move to crystalize Into action the ideas
advanced, especially the establishment
of an Edge bank, and the familiariza
tion of exporters With what such n
bank can do for them and what are its
limitations, If wo are not only to hold
such foreign trade at we now have,
but to extend it In a way to absorb
the surplus which wc expect to pro
duce. It was suggested that American ex
porters should be encouraged in Rome
way to send to some central bureau a
clear statement of any difficulties they
find in their way in the establishment
of credits in these foreign countries in
pursuance of an extension of their for
eign trade.
A banker was speaking about forcigu
business and remarked that in many
countries the balance of trade Is nt
present running ngnlnst the United
Htatcs.
According to the figures just made
public by the Department of Commerce
nt Washington, he said, Asia. Afrlm
nnd South America during February
continued to Increase their trade bal
ances against us. From Hdnth America
nlone our imports exceeded our exports
by 527,000,000. Imports from Africa,
he said, exceeded exports to that coun
try by $18,000,000. nnd while Asia pur
chased $0.8.000,000 of merchandise from
us, she sold us $117,000,000.
The daylight sivlng Inw Is more than
ever confuting.
In the forenoon yesterday the New
York State .Senate repealed the day
light saving law, in so far as they voted
that it should be optional. In the
afternoon the House refused to repcul
by one vote, so the matter stuuds where
It was since Sunday lat.
Several brokers and bankers-who were
scheduled to attend, n meeting In New
York nt 12:710 oterday, nnd were
compelled to leave I'hllndelpliin, before
9 o'clock werp In no very amiable frame
of mind to judge by their expressions.
It is hoped that something definite
Will be done somewhere to end the in
convenience and confusion, ns many
are of the. opinion that relief can come
only from uniformity of action.
William i. MoorhotikP. recently of
Carstairs & Co., will connect tomor
row with the firm of Butcher. Shcrrcrd
& Hansell In llic Heal Estate Trust
Building. Mr. Moorhouse will be affil
iated with both bond and stock depart
ments, whrre his upwards of twenty
years' experience will stand him iu
good service.
Truicon Steel Pays Stock Dividend
Youna-stnwn, JO., March 31. Truscoil
Kteel Co. declared a 20 per cent stock
dividend on tho common stock, payablo
April 1 to stock of record March 29,
Which will Increase outstanding com
mon to $1,733,580. A cash dividend of
4 ner rnt on common was also de
clared, rmvablo April 1G to stock of
record April C.
8.,
5.
1.,
0.
6v
1.
8.
Wilson Co lat
3 98
LOCAL MINING 8TOCKS
TONOPAH STOCKS
Bid
..10
.-ii
Caah Boy
Jim liUtler
siae.NtRi.ra n
Midway I..... .;... IS
Mlzpah Ext .' 1
Montana ,.,.,.. i.. to
North Star v...,-.. .00
Itescue Eula .22
Ton Ext ..'... 2l
West End 1
Weet Ton .-...'... .08
DIVIDE 8TOCK3
Allied Dlv ....
Alto Dlv
Ilelcher
Ben Hur
Iloroush Dlv . .
Divide Kxt
Dlv Syndicate . .
Dlv Con .......
Dividend
East Dlv
Hasbrouck Dlv
Utah Dlv ....
Revert Dlv ....
Reno Dlv
Rost-tta
SlUer Kins ....
Ton Dlv
Ton Hasbrouck
Victory Dlv . . .
Verdo Dlv .....
Zono
.02
.07
.10
.03
.02
.03
.U
' .03
.02
.02
.IS
.02
.0.1
.04.
.10
.07
.07
.27
aOMJKIELD HTOCKH
U'
Atlanta
Blue Bull ..:
flonth
C. O. D .'..
Combination Fractions
frarkcrjack -
DlamondOeld B B . .
Dalay
Florence
OoldOeld Con ......
Ooldfleld Mera- . ....
Hold Dev .,,.,....
Orent Bend .,,.,,.
Jumbo Ext
Kewanaa ,
I. nno Star
Or6
ned Hills
Silver pick
Spearhead
MISCELLANEOUS
Amparo li
Arliona United ... ., ,10
Eden '.
Mother Ixd
Nev Hill ...
Nev Itand .
Promnntorlo
Nev Wonder
Tecopa M(n ,
White Caps .
.02
,o.-
.02
.11.1
.13
.01
.02
.25
.12
.03
.OS
.112
.09
.03
.OS '
.01
,0.1
.IS
.0
Ask
Ai
.23
.17
.10
.15
.12
.23
.08
,0t
.OO
.12
.03
.01
.03
.10
.03
.01
.04
.17
.04
.03
",.
2!a
,1ft
.09
.10
.29
.01
.04
.0(1
.01
.03
.13
.02
.OS
.80
.18
.01
.tn
.01
.11
.i
.07
.02
,115
.20
.00
ITi
.20
:.n ,53
02 .01
i'I v.
1.1 .20
09 .12
13 .13
from
jha hnllO'ir aiinrim."1..nT
iiini'iinAi.s roil haniiKKiiciiikvmZ
ciortL"! .nu4..S,qnU',,,1" ,?,vWfc.M!5'tfi
until 11 a. tn.t April n. 1910, .for furnlihliia
n or any part of 100.000 Handkerchief
ruiii'osAUt win btockinjw mc of TKi
Quartermaster General. ' "thlnf and Equip
... DIlslon, Munitions Bids-., Washington,
n. C. Sealed proposals. In dupl pate, will Si
'.ri:... h.r. until 11 A. If., Anrll a Ima .-Z
furnlshlnic all or snv part of 1.000,000 pairs H'0',v',,i "luret an;J"cholce, ilv,:3
!"..' aiew.Hfi.rB- infnrmsllnn . -.il ".T 14! ritllm nrl MMu...,itsto '
Htvvs.it." ' "! vm IffHJI. ' -viiimm' -ft 9
LIVE8T0CK QUOTATIONS
Chlraco March 81 - There were no fresh
receipts of livestock ai the stockyards lo
day. and consequent!) no market, owing
to the continuance of the strike of stock
yard employes,
rlltsbursll, March 31 HOCIS Receipts,
1200 head, lllrhfr llravlea. 118910.75;
heaw york.ra. 117017 2.V llsht yorkera.
$10 21Wt(l.B, 'ptB 15 751S.
HIIKEP ANO I.AMI1M -r.tcrlTrti. ItOO head.
Steady, Top sheep, 12 50 top lambs, hlshu.-.J
CALVES Receipts -Ootid' Steady. To,i
119.
Kaat Buffalo. N. V March 31 CATTLE
Recelpta, 625 head Steady to atrone
Calves, recelnta oo htad Twenty-Ove centa
hlaher. 16910,50. ,
IICK1S Receipts. 2S0ri head. Heaw, 40
50o htarheri llaht. .'! hlaher. Heavy,
llB.BOttlA.SK: mixed. 11 BOtflfl.BSt vork
era. 110.73017-. Ilht workers. JlOflHO.BOi
pis. tl: rouaha. I18W 1.1 30:'stas. 18W10.
HIIEBP AND LAMJ1S Recelnta. 1000
head. I,amba. 23o hlslvr. Lambs, 1130
21; others unchanged.
tfaot NL TOflla. Jlar.-h St. HOOS Re
relpts. 15,300 head, llivher. Bulk. 113.75
ftto.30; hea-y, II4014 "3i medium, 115,73
1(1.33: llicht, 3tO.lofflO.43i IKht llshls,
tt5,noe"slA.35 heavy parkins aowa, amooth.
tl2.t0O12,'3: patklna ow, roueh, 112U
12.501 nit. $lllft.S3,
I'ATTI.ET-Itrr.lpts, (1300 head, Steady
Ri.f ateer. mMlum jnd heavy, choice and
prlnte. 114.756151 medium and rood. 111,23
Ht. 50; common. ffi;73tll: lllht, sood and
choice, 12.30H..23; com-non and medium.
n.n0r.'.23t. buffer rnille, hrlfers, 111.75
013,30! rows, tT.50011 rannera and cut.
tr I3'7,23t veal caltes llsht nnd hsndv
I2012.5O: feeder t .loers. 1S.BOW11.30
slocter steera; 17W1D.M)
. H1IEK;' necelpls; y.'OD hnid Lambs,
Irregular. I.ml. sjgpn . culls and eom.-l
Tla"' f o.vu,joi-yaariina weincra. inv
I ll 11 I
J"
TO BE SOLD
ragg&isgs
1968 Shares of
the preferred capital stock
of
SIDNEY BLUMENTHAL & CO., Inc.
NEW YORK
NOTICE IS HEREBY GIVEN that the undersigned,
Francis P. Garvan, Alien Property Custodian, will offer for
sale at public sale to the highest bidder at the office of Sidney
Blumenthal & Co., Inc., No. 39S-401 Fourth Avenue, New
York City, at 11:00 o'clock A. M. on the 6th day of April,
1920, 1968 shares of the preferred capital stock, par value
$100 each, out of a total issue of 7500 shares of such stock of
Sidney Blumenthal. & Co., Inc., a corporation created and
existing under and by virtue of the laws of the State of
New York.
Full description of and information concerning the property to be
sold, the terms and conditions of inspection and sale, and the order
thereof, may be obtained by application to JOSEPH F. GUFFEY,
Director, Bureau, of Sales, 110 West 42d Street, New Yofk City.
FRANCIS P. GARVAN,
Alien Property Custodian,
MllllllllllllllllllllllllllllllllllllllllllllllllltlllllllllllllllllllllllllllllllllllllllllllllltU
Canadian Pacific Railway Co.
6 Equipment Trust Certificates
The Canadian Pacific Railway Company, capitalized
y. at over $600,000,000, more than half of which is stock,
has borrowed $12,000,000 and given $15,000,000 worth of
new standard railway equipment as security.
Wc offer, subject to sole, these equipment trust
certificates.
Issued Under Philadelphia Plan
and recommend them as a high-grade investment.
Call or Write for Descriptive Circular,
West & Co.
1417 CHESTNUT STREET
Alemb.r. -
Philadelphia Stock Exchange
New York Stock Excitant. z
We Always liar, on Hand a List of High Orade Bonils E
Correspondence In. Had ;
Hlllllllllllllllllllllllllllllllllllll inillin Illlllllllllin mininmin
Figure It Like Any Other Commodity
on a Basis of Cost and Results
shows its low
cost on the esti
mate sheets,
which the com
pleted job veri
fies. It goes ticice
n for an others.
Results are seen
in the firm hm-,1
finish it gives to all inside surfaces. It's a durabfe fliu'elt, as
time will show. It docs not flake, scale or rub off. White and
colors, lpc lb. in bbl. lots; 12c lb. in smaller quantities. Spe
cial price to contractors. Sample tor testing free.
2-lb, "Household" Cartons AT DEALERS' 30c
JOHN C. OETERS, Mfr' 1212 N. 31st St.
. -
V Farf9flVYj94V mWWmVmWWmWAm
f The Perfect Wate)
Paint
Cotton
"S'fir
j? , i
Sixth of - , '
Series' ' wjs
. -- i m 'm
California
Packing
GOOD WILL
THROUGH well planned national adver
tising, through scrupulous care in the
maintenance of "Del Monte" quality, Cal- '
ifornia Packing Corporation is enjoying steady
increase in Good Will. Some conception of
this fast growing recognition may be formed
from figures of gross sales for the fiscal year,
ended February 28th last, which were approx
imately $80,000,000. Within the past three
years the number of cases packed has increased
more than half, and "Del Monte" sales volume
has increased in every section in which these
products have been introduced both here and
abroad.
In practically every American community, as
a result of a policy of "highest quality only,"
consumer Good Will is keeping pace with
sales increase. Although the Corporation oper
ates 80 canneries in California, Utah, Oregon
and Hawaii, although "Del Monte" products
have for years been distributed in foreign
countries, great world markets still await cul
tivation. ,
We have no hesitancy in recommend! ag the
Common Stock of this Corporation as a semi
speculative issue possessing attractive pros
pects for .price-appreciation. Practically as
sured appears the safety of the current divi
dends. Send for Detailed Analysis 12-D
A. A. Housman & Co.
Members New, York Stock Exchange
N. E. Cor. Broad and Chestnut Sts.
m:w yokk oraciai
to Iiroad Street "i West 33d Street
The statements rontalnrd herein, while not (uaranteed.
sr based upon Information and adlc which we believe
accurate and reliable.
Convenient for
Suburbanites
p
ERSONS who come into
Philadelphia every day to
their offices know how
convenient it is to have a
personal account at a
bank just a step from the
station.
THIS Company, with the
bridge to Broad Street .' ,
Station, offers convenient
facilities and modern serv
ice for checking accounts.
Our requirements for daily
balances are not burden
some. Commercial Trust
Company
City Hall Square West fc
Member Federal Reserve System
sss
YOUR
ULTIMATE
BANKING
REQUIREMENTS
STANDING on the threshold of a
new commercial era, The Philadel
phia National Bank is prepared to render
banking service commensurate with the
requirements of the utmost commercial
activity. By establishing a banking con
nection with us now you are assuring
yourself of financial co-operation ade-
3uate to handle with intelligence and
ispatch both your present and ultimate
banking needs.
Our broad, constructive service stimulate!
growth and anticipates future success.
THE
PHILADELPHIA,
NATIONAL
BANK
421 CHESTNUT STREET
tti-
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