iWTCWT"
r.: .. ..tr-ii
TV" " w" nKXT'VI - ' - r " - r. f f. ' fttU . . It 6r . , -t Tf .. ..Ju '
i u.ra . i r. . . j - til'1 .n r t w . " - & " 1 -"i it
.-
BVElf & y PUBLIC LEDGER-PHti;Abl5LPHlA7 0?HUBSt)AY, !AJ?Bl l',192&"
Service and Stability
Semi-Annual Statement
to the close of business March, 27th, 1920
.' 1 ! '
'
ASSETS
$6,901,865.04
CURRENT ASSETS:
Cash , i . . . .',.. . $735,732.44
U. S. Llborty Bonds and Treas
ury Certificates . . . 564,614.00
Cftll Loans 3,423,644.04
Commercial Paper and Trade Ac
ceptances purchased 2,056,335.06
Dues paid on -Building Associa
tion shares i 12,559.50
Time 'Loans scoured by Liberty
Bonds ..... 108,980.00
TOTAL CURRENT ASSETS '
OTHER ASSETS: ,
Other Time Loans . , $136,854.43
Mortgages .,,. 883.319.66
Investment Securities 2,466,283.30
Office Building, Vaults and Filr-
nitiirc 75,000.00
Other Real Estetc 3,835.82 3,665,293.21
TOTAL ASSETS .' $10,467,158.25
LIABILITIES
CURRENT LIABILITIES:
Demand Deposits $4,815,568.11
Income and Other-Items Collect
ed Duo Clients 12,546.32
Dividend Payable April 1st, 1920 50,000.00
TOTAL CURRENT LIABILITIES $4,878,114.43
OTHER LIABILITIES:
Time Deposits subject to 30 days' notice 3,385,895.41
DUE DEPOSITORS AND CLIENTS.... $8,264,009.84
Capital . 500,000.00
Surplus and Undivided Profits 1,703,148.41
TOTAL LIABILITIES
$10,467,158.25
Integrity Trust Company
Fourth and Green Streets
Capital $500,000
Surplus and Profits 1,700,000
A Resume of the
Copper Metal Market
as Applied to the Shares of
Inspiration Consolidated
Copper Company-
W1TH
V .1
nri estimated
u-riri r n n n i r con
sumption of 2,970,000,000
pounds within the first
year of reconstruction-
the highest point in his
torythe future of the
soppetf metal markut and
of important producing
companies may well be
considered.
INSPIRATION Consoli
dated Copper Company
is one of these important
producers, and its present
business resources and
financial position with re
lation to future demands
are the subject of an
article in the current num
ber of our Market Review
of interest to investors.
Sent aiijRcquctt for L-S09
HUGHES & DIER
Mtmbtri I'litiborrh Static Kxcltante
( Clilcago Hoard of Trails
1435 Walnut Street
riilUrtelphla Stock Knehange
Philadelphia
New York Office
50 Broad Street
Hew South Wales Has
Enormous Capacity for Food Production
hw an area or 310.700 equirn miles, or an much territory aa tho combined
2re of the New isniund Statea Pu'w York. New Jenjy. Dalaware, Mary
land. Pennsylvania. Ohio, Indiana. Mlchfcran and a portion of II lnols. Tho
climate is simitar t Uiat of Southern France. Southern Ca Wornla or Italy.
Everything- that can be raised In a temperate or tropical climate will grow
abundantly in New South Wales. Irt the northern part of the state bananas,
coffee, aurar cane and paasloa-frult grow nlde by nldo with potatoes, oereals,
tcbaoco, onion, srapea and cool-climate fxulta. Tho products rarlgo from
cotton to silk, olives, corn, barley and wheat.
New South wales is to bo classed as a "new country" and "The Last
Great West." Already about sir million acres of its lands aro under crops,
l-'orty million bushels of wheat are produced annually, and the wheat acreage
Is increaslnc by leaps and bounds.
The country la largely devoted to pastoral purposes, and wool Is fkins."
NEW SOUTH WALES INFORMATION BUREAU
149 Broadway. New York City
,Wc recommend for investment
United States of America
434
Treasury Certificates
DnUd April 1, 1930 g Due July 1, 1920
at Par and Interest
THE GIRARD NATIONAL BANK
116 South Third St.
KXECUTOtt
TBUBTEU
ClIAKTEnKD 1ISS
FIDELITY TRUST COMPANY
Member Federal Reserve System
Capital $5,000,000
Surplus $16,000,000
Miln Office:
323-331 Chestnut St.
43-53 S. Fourth St.
V!NI9I,UX0
Broad Street Office:
N. E. Cor. of
Broad and Chestnut Sts.
GTMBD1AN
New York Bonds
n
(SALES IN' llOOOl
From Orntnir Until 3 P. M. IN Y. Tlmel
Am A A C 6s
li....r01
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1H
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A T h P P 4i
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Atl Coa.it I. 4
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1.. .. 72?i
B A O P L E
A W V Sy 4
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B A O Tol 4
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Bait A Ohio cf
8 03
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8 48
10.,.,. 48
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D A nio a Ba
1 OfM.4
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2..... COU
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Det Edlion Ea
1 0344
Dome M Co 6a
7 85
V of Cm fts 2t
2 007!
4 07
1 07
S 07
D Can 614 '21
.1
Pom of
2
Erie Gent Lien
10 41 U
1 4414
Erie prlom 4
12... . G4W
8 R44
Lrl IIR cv A
1..... 38 'i
2 38 U
Erie nnevD
10 41
2 41
2 40'
Oen'l Glee 0a
0014
B A Ohio 3'4a
8..... 82
1 . .. 82i
1. .. 82-.
Bait A Ohio 4a
1 . . . . 03
8. ..03
11 ..02
1 . 0J
1. .. 021
Bait A Ohio r.
10. . . 02'4
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2.. .. 02'4
2 62',
Bait A Ohio
1 R.Mt
1 8(1
in... . so
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10 8.Vt
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Belli Steel 1b
1 03
Brad'n Cop fl
1 h9
Cat O X. i: 0.
2 83V,
Cent or aa.0i
1 88'4
C Leathor Ba
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1 03
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C A O ov 4 Li J
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C A Ohio cv Si
2 7S
IB... . 78H
10. ... 78S
Chi A Alt 3'4
1 37U
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1... 37'4
C B A Qll 34
B. ... 71
Chi B A Q 4
10. ... Ot'a
.1 014
.1 OtH
1 .... 04
20.. .. 0S
14 044
3 01M,
7 04S
C A O W'n 4a
1 514
C H A St P 4a
2 .... 07
Ch M A St T
cv 4Ha
2 . 704
Ch W St V
ti 44a
3 60
2 60
2 . B0T4
4 MS
Ch M A St P
en Ba
1 ... 07
5 ... 064
Chi M A St P
4n of 23
1 77
4 77
C B I A P M
ft 084
3 164
1 084
1 . .004
C n I A P 4a
B 71
Chi St V M A
Omaha 5s
2.. .. 814
CAW Ind 6a
1.... 1024
Chile. Cop'r 61
6 78
4 TO
1... . 70
Chllo Cop'r 7
.... 102
3.... 102ii
Chlneao Ovt Ba
1 40
City Pn
0 00
1 00
o 00
11 80
0 004
1 004
2 00
10 DO
C C O A St L
BI 4a
4 6t
Col Oaa A i:ic
Co Sta
1 87
Col A 8 ny 4a
3 824i
Colo A S 44a
2 734
Con Oaa Co 7a
I.... 10044
1.... 1004.
Coptnh'n B4a
2 J0U
Corn P Bar Co
0a ot '84
2.. .. 084;
Cum T A T Ba
1 .... 81
1.. .. 81
I.... sa
Bel A ltud fd
IB 704
B 70
10.
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6....
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084
08
084
08
C '20
05
05
05 "4
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C '31
01
5 0BU
N T W C A II
nrt4a
2 40 ;
1 40;
N'o Pacific 3a
2 53
8 B3
3 Bl
1 63
22 S3
No Pactfld 4i
1 74
5.. .. 744
4 73
Norf A S 6a
1 65
N A Weatn 4 a
... 74
... 74 li
No A VT cv 6a
6.... 100i
O A Cat B 6a
4 01
O Short L 4a
1..... 80
O Short L Ba
3 001.
Pao O A 13 Ba
1 78
1... . 78
Pa n n 4a '48
4 82
Pa Tin 4a '52
1 77
Penna. R cm 4
2.... 65
Pa. Itn im 4 '4
11. . ,. . G?4
2 76.
B 70
1 76
B 76
B... . 76
Pa B 4a '31
8 07
Penna en 4n
2 80
Penna nn Ba
00
00
00
0014
00
00
00
ltud A Man In
1 20
13 20
20 20
B. ... 20
1 20
8 10
1.. .. 20
111 Central fd
1 71
10 .. . 71
til Cent 64'
7 01
2. . . 01
III Central C
Bridie 4
1 73
III Seel Co 4
1 80',
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78
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. . 78
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... 77
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. ... 77
. 774
. 77 4
. 77
77
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. 04
. 04
. 61
61
B,
10,
Ind'a Steel 3
1.. .. 00
I Air Coru 6
1, ... 80
I M Marin fi
I 00
1 00
1 . 00
1 .. 00',
5 . . 00
Inter BapT fd
1 .. 51
1. ... B4
IB 64
fona Cent 4a
17.. .. 42',
Kan C Tt S A
Memp 4 a
1 3.
K City So 3a
1 .. . B4
Lack Steel 'BO
15 . . f
Lehlch Val 6
2 . . . 100'
8. 100
4.. . 100
1.. . 100'
2.... 100',
LliCt A II Ba
6 84
LAN New O
A Mob D lat
1 1014
Loula A N 4a
5 .. . 80
2. . 80'
7 80"
LAN Mono 4a
1. ..02'
M S Tel Co B-
1 . R6
Mid SAO Ba
1 ..81',
2.. . 81
Mln A St L 4a
3.. 42
M StP A Sault
Mario Br 4a
1 774
M K C A T 2d
20... . '31
Mo K A Tt 4a
2 67
4 B7
Mo K AT 44
1 23
Mobile A O 4a
6 574
Mo A O ext 6a
1 034
Mo Pao cm 4a
1 BB
1 65
21 nm;
2 65'i
Mo Pao 6a '65
1 804
1 70
M O St L A
C 4i
2 67
Mont Powr 6a
1... . 84
Mont T Co 5a
1 75
New O Ter A
Mex Dl
3 B04
10 50
N T C A II B
B B BUB
2.'.... 06
3 68
2 05
N T C a II R
en 4
6 60
N Y C A H n
B B 4 Via
1 76
8 76
1... . 76
N Y C A II B
nitu
1 03
2 01T4
6...w. oa
2 011,
1 01
10 014
N YCL8 A
5 00
B 60
N Y CAStL 4a
B 78
N Y Bya ct 4a
20 28
New Y Tel 0a
1 06
NEW YORK BOND8
4.
1.
U S Bealty Si
6 .. 80
10 81
2 81
1 81
5 81
U 8 Bubber 6
" 2 83
4 .... 81
a 8.34
1 84
8 84
IT 8 Bubber 7a
1.... 101
ussiun
Co Ca
1.... 102
D 8 Steel 6a
2 00
16 00
1 .. . 06
1
6
11
2
2 ....
1 1 . . .
2
2
1
1
Va C A C lat
1..... 044
V I C A C lat
4 85
Wabaeh B lat
1 86
K.... 80
0(1
06
00
00
06
05
05
05
054
05
05
03
05
(Continued)
Weatn MM 4
n.,,.. B2
2..... 62
0 62
Wei Shore 4 a
l..w 704
W Shore rir 4a
2 08
Weafn U4a
1..... 78
Wilton Co cv
1 02
1 01
1,.... 01
Wllaon Co tat
1 06
Wla Cen Hup
ADD Tlat
0 73
JVIa'n Cent 4a
1 66
Today's Range In Liberty Bonds
86
80 ;
86
86
86
80
80
80
86 4
.fcfl'i
88
86
86
86
86
85
8ff
85
2..
5..
2 .
B.
3 .
1 .
1..
12.
1..
23..
io!'
1..
66 .
20 .
6..
6..
6 .
Phlla Co cv
5... 884
Prov S Co 4 a
I . . 334
Headlnz B ta
1. . . 78
Ben Cuba 4 4
2; . ;4 1
B Od W elt 4a
S. . 40
BI A A 1.44
62
62 '
(12 I
2 I
62 '
62
62
02
62 1
62 1
)2 I
62 I
6.";
LaJ
37
37
3
llldh
Lib Bori-l 3'j... IHI.H0
Lib Bond 1st 4s.. 0.70
Lib Bond 2d 4k.. 80.80
Lib Bond 1st 4Vtn 01.10
Lib Bond 2d 4s 80,04
Lib Bond 3d 4s 011.02
Lib Bond 4tli 4Us 00.02
Victory Xotc Mi 07.80
Victory Note 4!'i 07.80
(N.Y. tlmel
i;m
Low
110.00
00.00
80.00
00.70
80.82
02.02
80.88
07.00
07.00
D.m
00.00
00.70
80.80
01.00
80.80
02.00
00.00
07.80
07.80
LONDON STOCK MARKET
Home Ralls and Industrials Main
tained Industrials Slow
London. April 1. Uttlo business wan
transacted in securities on tho stock
exchange today, the attendnnco or
brokers being small, owlnjr to tho clos
ing; pt the exchange this nfternoon
until 'next Tuesday morning.
The undertone of the , markets gen
erally was steady. Helped by the an
nual revenue returns, the Rlll-edged
section was bard. Oils displayed
stability. Shell Transport being-, 10
nnd Mexican Eagles 10 11-16.
Home rails and Canadians wero
maintained, but there was profit-taking
In the shares of Argentine roads, in
dustrials were slow.
Raw Sugars Continue Firm
New York, April 1. The local refined
sugar marltot remains unchanged both
as to conditions and prices, except that
Arbuckle Brothers have withdrawn
their quotation of Ho nnd have rotlreu
frnm hp market temnornrllv. Imnni-
tatlons yesterday consisted of only 19,
000 bags, Porto Ulcos, consigned to the '
American Sugar Iteflnlng Co. The raw
sugar market continues nrm.
New Issue
$2,000,000
United Light and Railways Company
Twotfear 7 Bond Secured Gold Notes
"Series of 1920"
Daled April I, 1920 Due April I, 1922
The Company will pay the Normal Federal Jncome
Tax not In excess ot 2?e. Pennsylvania State tax
ot tour mills refunded.
We lummarize as follow tram a teller jfneii oj Fronfc W. Huhttll,
Etq Pta'idtnlt
Purpose To retire an issue of six per cent, bond secured
gold Notes due May 1, 1920, and for other corporate
purposes.
Business The Company operates 21 public utility prop
erties serving 55 prosperous manufacturing and agricultural
communities in the Middle West having an estimated popu
lation of 600.000.
Security The Notes will be a direct obligation of the Com
pany and secured by its First and Refunding Mortgage 5
Bonds in the principal amount of 133 13 of the par
value of this issue of Notes outstanding. The reproduction
value of the Company's physical property is largely in excess
of the par value of the total funded debt including these
notes.
Earnings Earnings exceed I Y times annual charges on
total funded debt. Earnings available for interest on First
and Refunding 5 Bonds and Bond Secured Notes exceed
2 Yi times the annual requirements.
When, as and It Issued
Price 98 and accrued interest
To yield over 8
Bonbright & Company
MORRIS WISTAR STROUD, Jr., Manager
-p
w
PK "ti
437 Cheatnut Street
Philadelphi
rN'
a. .
i ...
t. .
i
i.
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Bcab'd
1. .
1
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s.
o
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1.
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1.
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Series
A
1.
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A
r.R'i
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San K
AMERICAN TELEGRAPH
AND CABLE COMPANY
Dividend of 5 have been
paid without interruption
for 38 year.
Western Union Telegraph
Co. guarantees 5 annually.
We offer 100 aharea at 54
flat to yield above 9.
Fairman& Company
Drexel Bldg., Philadelphia
Ettn.bli.hed 1902
h
rararaoBHu
nnnrm
Pfi'iTTl I 1 1 It I
I
k
K
11
Series B.
1 08tt
(ILlBWli!
1. .. 07
St P'l Minn ft
Man o 4'js
1. . 0'i I
So Pao Term
1 . 70't
So PaclBa fit
1 .-73S
I . . 73.
5. . . 71
So Pacific 4a
! . . 07'i
1. . . OS
Bo Pao cv 4a
r.. .. 78;
I . 784
So Pao cv lis
1 .. ioa
So P.alwl'a 4i
.1 57 'i
1 . .17',
0 .17
-0 .17 Vj
1 57 i
Ho HallwV .It
1.. 81 '
1 . sm,
4 . 81
11.. . 84U
3.. . 81
reiaa Co Oi
7.... 104 '4
8.... 101',
Tex P It lat
81)
Third Ave 4a
1 48
UK OBI '21
Commonwealth P. R. & L. Co.
Pfd. Div. Scrip
Portland R. L. & P. Co.
lit & Ref. 5, 1942
llANKKHS
321 Cheatnut St., Philadelphia
1 ember J Seio Yorlt and Philadelphia
Stock Exchange
It
Mottne-Pck Zttnd Eactrtc t
MAt Went cyt-(ntidliM
I xn4 Cxt7iwyj iompfi7iy
.....
LIBERTY BONDS
All Issues
Bought and Sold
$50 $100 $500 $1000
Graham, PARsbNS 5c Ca
435 Chestnut Street
Philadelphia
n
in....
i....
t....
25....
10....
0....
1....
1....
1....
U K O
rcta '22
1
&
30
30
10.....
a
14
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10... .
1... .
U K O D
rcta of '
1.
05
05
04 'i
04 'i
0.1
0B
05
0.1
05
05
D A I
ou
02i
02
02 t
02
l2,
02 Va
02 i
03Vi
& I
German City
Bonds
nought Sold Quoted
Morton Lachenbruch & Co.
IAM TITI.K ni.no.. PJIII.
Tol.. Sprues 381, Rara S050
New York Chicago Dotrolt Plttaburth
20
om
s oou
1 OOVi
1 00H
a... . ooii
u k a n i 37
1 87
5 874
,2 87H
8 87.
1 87H
1 87S
15 87S
Union ran fd
S 71Vi
2 T1U
Dnlon Pac 4a
2 fll
3 81
Union Pao fl
1.... 100;
3..,. 101
U S of Mex 4a
1. ... SO
U S Maxlco 5a
1 80
0 as
0..... 8ft U
2 35U
R. B. CARR
Accountant and Auditor
Spsclallzlno In all
INCOME TAX MATTERS
Former Income
Tax Inspector
Penna. Bldj.,
Philadelphia
Lawrence J?. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
181S IlKAI. K8TATB TRC8T III.DO.
Inftatlint and adjuat partnerahlp and
r.inviuuuu in i-i,umB.
income lax iieiurna.
Alao prepare C. a.
Annual MM-Unan
TIIK MKMI1KKN OF T1IK I'llIIIIKLI'llIA
t'ontrlhtitlonaliln for tlm Inauninrn of
IIoiimw from Ioa of lire ar notified that a
Keneral meetlnir of h contributor will b
held at the oftlce, 212 South Fourth atreet
on Monday, the ltth day of Awil, at 2
o'clock In the afternoon, to rlioono director"
nnd a treaaurer In accordance with tho char,
tir.
,. v .Jr',5SJ,CU9SM'T- Secretary.
March 20, 1020.
WKSTMOKEI.AN1I COA1. COMPANY
Office! S24 Houtll Third Nt.
. Philadelphia, March 2.1. 1020
tTn.".,n.nu1 ,rn"."'!,lr 1' U,e atockholdera or
the Weotmoreland Con! Company will he
held at the office of tho company on Weil,
neaday. Apri 7th. 10?0. at, 12 o'clock nooS
for the election of three illrectora to orM
three yeara, an1 for all nucli other bualneas
a may properly come before tho meetlnir
novvArtD n. YKAHBi.nY.
Secretary.
German Securities
. CITY BONDS
MORTGAGE BANK BONDS
SAFEST INVESTMENTS IN GERMANY
Write for Pamphlet MD'45
F. B. Warren & Co.
46 Drcxcl Bldg., 5th and Chestnut Sts.
Philadelphia, Pa.
15 Hfdden Lane, New York
Telephone
Lombard 1310
ie4
-raM
h
Total Net Assets
After Present Financing - $9,600,000
CAM
Founded
Surplus, 1919 -
1893
$4,200,000
Additional $1,000,000 Issue
H. H. Franklin Manufacturing Company
(Franklin Automobile Company)
1 CUMULATIVE SINKING FUND
PREFERRED STOCK
At Par - -
Callable at 110 on
$100 per Share
60 Days Notice
Dividends to Accrue from Date of Issue
Payable February 1, May 1, August 1, November 1
Capitalization
Upon Completion of Present Financing
;
Preferred Stock
Common Stock
History '
The H. II. Franklin Manufacturine Company has been
iindcr the same management since its organization in
1893. It began the manufacture of the Franklin Car in
1902. It owns all capital stock in the Franklin Auto
mobile Company, the selling organization.
Plant
5,000 employes. Yearly payroll, $7,300,000. Floor
space: 1918, 16.5 acres; 1919, 23.4 acres; 1920,
(planned and under construction), 34.5 acres. The
largest industrial concern in the city of Syracuse, N. Y.
Production
1916 . . . 3,836 can
1919 . . . 9,177 cars
1920 (scheduled) . 16,000 cars
Prospects
Unfilled orders on books January 1, 1920, amounted to
3,194 cars; March 13, 1920, 3,901 cars, despite a nearly
doubled production. Estimated that the planned increase
will be insufficient to meet the demand.
Authorized
$5,000,000
$2, 000,000
Asset Value
Outstanding
$3,500,000
$1,858,700
, Protection for each preferred stock share outstanding
December 31, 1919, as shown by the audited balance
sheet, S404 in net assets; 5231 in net quick assets.
Sinking Fund
To beein Jan. 1, 1922, consisting "bf 15$ of net earn
ings of preceding year, after payment of preferred stock
dividends and taxes. To be used for retirement of pre
ferred stock, at Company's option, and to buy in shares
which stockholders may desire to sell.
Covenant
There shall be ho mortgage or bond issue placed with
out the consent of the holders of at least 75$ of the
preferred stock, excepting purchase money mortgages
given at the time of purchase of additional real estate.
Earnings
Average yearly earnings for past five years, after depre
ciation and taxes, were four times the dividend require
ments on preferred stock outstanding including this issue.
A919 net earnings were at the rate-of seven times these
requirements.
Circulars and Subscription Blanks on Request
H. H. FRANKLIN MANUFACTURING COMPANY, SYRACUSE, W Y$
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