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NEW OFFERING
22,000 Shares
Philadelphia Insulated Wire Company
(A Pennsylvania Corporation)
Will succeed the
Alfred F. Moore Estate
.
.. Capital Stock, Without Par Value
Tax Exempt in Pennsylvania
i
Dividends Free From Normal Federal Income Tax
Commercial Trust Co., PhJU. P,nn,. Co. fop In.ur(lnce, 0B
Transfer Agent. Live nd Grantlny Annultle,
Philadelphia.
Registrar.
Application will be. mad lo lint lift, lock nn the t'lillndetphla Stock Kxrlinnjr
Total Capital StockNo Par Value (Authorized and Issued)
25,000 Shares
No Bonds, Mortgages or Preferred Stock
BUSINESS The business'
cables of all kinds.
consists of tne insulation of wires and
It has been established for about 100 years.
PROPERTY The plants occupy aN tract of land of approximately
. 16,250 square feet in area on .the northwest corner of Third and
Race Streets, Philadelphia, Pa. One five-story and basement.
brick and,mill construction-building with two smaller buildings
annexed. Built in 1900. .
EARNINGS Annual net earnings before depreciation for last four
years have averaged $13.05 per share. Tho actual amount of
cash taken out of the business in the past five years is equiva
lent to annual dividends of about $11 per share on the stock of
, this company.
DIVIDENDS The management proposes to pay regular dividends at
the rate of $6 per share per annum (which at offering price
will yield 12) with extra distributions from time to time as
earnings warrant.
MANAGEMENT Personnel of management will remain unchanged.
Titles to properties and all legalities in connection with this issue
will be subject to the approval of Messrs. Roberts,
Montgomery and McKeehan.
The above stock is offered for subscription, subject to allotment when,
as and if issued, at $50.00 per share
GEO WKENDRICK 3rd 6? CO.
1431 WALNUl i.T
Member New York and I'M.
tfclDhU Stotk EicbaniM
m
PHILADELPHIA.
Telephone! Dell Sprue tilt
Ktiiton Bsea 1131
The statements contained In this offering ato not guaranteed, but have been obtained
. sources we believe to be accurate.
from
BAUK
4 2. 1 CHE STNUT STREET
-1
Reaction in Sterling Exchange
Lends additional attraction to
British War Loan 5's 1929-1947
Now Offered to Yield 6
with a possible increase in value of one dollar
per pound should exchange return to normal.
Bonds for immediate delivery subject to sale
EDWARD B. SMITH & CO.
Bankart
1411 Chestnut St., Phila.
ELKINS, MORRIS & CO.
Banker
Lnnd Title Did?., Phila.
READING DECREE I
OF D HON
New York Bonds
Considerabfo Diversity of Opin
ion When tho Court's Order
Is Effootive
When did the decree of dissolution of
the Heading Company take effect?
That is n question whlrli "was brought
up In the financial dlntrlct by the sen
ior member of n well-known banking
and brokerage concern. It was argued
that it It became effective the moment
it was announced by the Supreme Court.
It raises a very interesting point. This
banker said that the' preferred stock
provisions of tho original agreement
provide :
The neadlng Company reserves the
right to redeem at anr time either or
both classes of its preferred stock at
par In cash It allowed by law. The
preferred and common stocks having
equnl voting power i!J:S in liquidation
or dissolution ot the corporation will
share equally in pro rata distribution
of the assets.
If, it was argued, the decree of dis
solution took effect immediately and
not .at some future period, it vould be
evident that tho Reading Company had
not heretofore during itB existence exer
cised its right to redeem cither or both
rlntivpK n( Its nreferred stocks in cash :
Hint now the liolderH of these stocks
can step in and demand their pro rata
share of the company's assets.
It could not be said that optimism
was nt a premium in tKo financial dis
trict vMterHav. There was nothing in
the trend of the stock market to croato
such a spirit either. There seemed to
be nothing new to talk about among
bankers or brokers, so thnt conversa
tion drifted as a rule to a rehash of
what has been in the air for soveral dajs
tBAI.KS IN Itoool
From Openln Until 2 1". M. N. Y. Time)
AlkdMcvA. 2.... 70 , 2 ... M'i
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of J B
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PROGRESSIVE BANKING
FOR
. PROGRESSIVE
BUSINESS
Our foreign connections arc direct, our trade and credit infor
mation authentic and thorough, our experience, resources-and
equipment commensurate u ith the needs of the largest business
transactions. Over our private wire to New York business
may be conducted with that city con venicntly and expeditiously.
Business concerns of a progressive character derive confidence
and comfort from dealing with this bank because of the breadth
of its service, its thorough knowledge of industrial and com
mercial conditions and its world-wide reputation. There is a
constant and steady incentive to sound and consistent growth
in the services of such a bank.
THE
PHILADELPHIA
NATIONAL -
nnst.
There were some brokers who believed
there might be some trouble In the
ranks of labor on Saturday, May 1, hut
a majoritv were inclined to think thut
recent strikes, which have proved abor
tive from labor's standpoint, have
cooled the ardor of the radical element
and strengthened the bold of the con
servatives, and for that reason they
don't anticipate nny trouble.
Tn the meantime, they concede the
possibility of trouble will mnkc for u
declining market till the danger is past.
There are almost as many opinions
as to how the segregation of the Head
ing and affiliated properties will bo
brought about, and about nsmany con
sider it a simple matter as those who
maintain it is exceedingly complicated.
One of the latter said that such a de
velopment has been looked for for many
years past, and it would be very strange
if the men composing the boards of di
rectors had not anticipated what is to
be done and laid their lines accordingly.
He said, in his oplniou, any statements
by outsiders ns to what is, and whnt is
not going to be done is pure guesswork,
nnd until the plans are announced nt
temtfts to unravel the riddle is a wnste
of time.
Speaking of other roads whose coal
properties are likely to be segregated
following the Supreme Court decision.
tmtuhiv th( rittsburc 1 ami v est tr-
ginla, he said, as far as lie could see the
cases were not at all parnllcl to the
Itendlng and that thnt company would
not be called upon to segregutc unless
it would be done voluntarily.
Uond houses have been complaining
recently of a gcnernl dullues". Houses
interested in two new issues offered
v.,inlfiv nM tlmt tlipv had a .number
of sales nnd several inquiries about them
during the forenoon.
The bond situation, may be summed
up bv saying that, outside a demand
during the past few days for railroad
bonds which nrc being sold on n t! per
cent basis, the market is dull. Little
activity is expected till about the middle
of May in many quurtcrs.
Tho maunger of n. lnrgc bond nnd in
vpstment house said that there are still
I mnnv undigested reinnnuta of Ihmh'S
.hanging over. He believed that the
prominence being gien lo the Heading
tllfsolulimi will have a favorable cuVrt
on railroad I10111N in general by calling
attention to that clas of securities.
A pnrlner of nn old established houe
remarked that it it nearly time Hint
something should be done foj- many
publif service corporations, especially
tractions. He meant remedial legis
lation, as he maintains some of them
are in n bad condition nnd need as
much sympathy and assistance ns the
rnilrods. n
WYMAN'S GRAVE NEQLECTED
Princeton Got Bulk of Eccentric
Millionaire's Estate
April I'll. Neg
Isiihc C. WAninu
71
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Our Selected Lit
of well secured -Bonds
and Note.
Maturities from 9
months to 10 years,
will yield
From 6.75cc to 8.25o
List Upon Request
Reed A. Morgan & Co.
iraat End TnWf ilWjr.. PMla.
Members ot th rhlla. Steele Uzoh.
Mnrhlflicad. Mass.,
lcpl of the" craves of
and his parents has now reached that
stage where the. townsfolk nrc preparing
n nslc Dean Andrew !'. West, of Prince
ton University, to which Institution the
hulk of his -fl 5.0(H) .000 estate went,
wliv nothing hns been done toward
car'rving nut thnt provision of his will
calling for the erection of n small chapel
over the family graves.
Wymnn. an eccentric millionaire
whose "closeness" was notorious in
northern New Rngland. died ten years
ngo and to the surprise of ever) boil v
except his lawyers left the bulk of his
nstnlp to Princeton.
He directed Ills trustees to expend
"such sum ns inv their judgment mav
I seem best in erectiug a small memorial
chapel on the ymnn tmrinl lot where
mv mother, father and other members
of my family are buried."
The W.vmau burial ground is nn ob
scure spot not far from the Forrest
IUver Itnllroad crossing, well known to
nil New Yorkers uho visit that pail
of the North Shore. Inclosed on all
sides by on ancient stone wall, it con
tains thirteen grnves, among tiiem thnt4
of Princeton's bene fnetnr. One long urn
stands In the center of the lot. In which
there lire no (lowers, headstones nor
othir evidences of caie, the whole sug- i
gesting a burial place for the town's
poor rather than the plot of a innn who
gave away millions? I
FEARS GERMAN MENACE
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U K G B A 1
rets ot '22
PASS BRIDGE BILL
WITH TAX CLAUSE
Jersey Houso Adopts Measure
Despite Veto Throat by
Governor
HOUSING LAW IS ADVOCATED
r
I
I 7 Cumulative Preferred Stock
Additional $1,000,000 Issue
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PAI. fts
Trenton, April 2f. Musterinc sufii
rlent votes, Itepiibllcnns in the House,
before adjourning last night, passed the
Camden bridge and Hudson funnel bill
with the dlreet tax clause inserted by
the Senate. The vote was 31 to 17. Mr.
Ilarrett made a hard fight against the
passage nnd predicted its defeat nt inc
polls.
(Jovernor Kd wards had announced he
would veto nny bill rontnlning the di
rect tax provision, a fnct which' made
the House Republicans unwilling to ac
cept the bill In Its amended form.
Governor Kdwards made it finnl ap
peal to the LegMaturc for affirmative
netion to relieve the housing situntion in
the state and for legislation guaran
teeing equitable rates by public utility
corporations.
In his appeal for housing legislation
he suggested passage of Assemblymnu
liowcn's bill authorizing municipalities
to erect houses and lease or sell them to
tesldentfi of the municipality. The bill
parsed tho House but railen of passage
in -the Senate. In his message the
governor said :
"1 notice trom the .recorri of the
Legislature that litrV or nothing has
been done toward passing laws which
might, in some degree, at lenst, relieve
the housing situntion. It seems to me
that honest nnd Industrious people who
fipd themselves with no roofs over their
hc.ad.s may well indulge in a feeling of
unrest and dissatisfaction with the gov
ernment which is so impotent to deal
with their needs There nrc some ways
in which thi., matter could be dealt with
by the Legislature that I think would
in some measure afford n decree of re
jietnnd aid our people who are labor
ing" under this very serious deprivation.
"The ennditioii is caused, as you well
liiiow. by the failure of building to keep
pact, with the needs of the people. In
other words, the supply dos not meet
tne demnnd, nnd under this situation
many unscrupulous persons nre taking
ndvantnge of the necessity of the pub
lic and advancing tho rents -to exorbi
tant figures, but I believe that some" re
lief can br- extended to the people
through the pnssnge of House bill No.
4."5. now penning in the Senate.
"This bill grants power to munici
palities to construct homes and to sell
nnd lease them to the people of such
municipalities. It l u permissive mcas
t:tr and carries n referendum feature, so
that its provisions remain inoperative
until assented to by the inters of such
muuieipnlities ns desire 1o operate under
its provisions. It may not be the best
thing to do, but at least it is a move in
tno direction ot providing a means of
meeting tho demnnd for housing accom
modations. I urge upon you that before
yet- adjourn you pass thii or some other
bill granting such powers."
VETERAN'soTDiER'WEDS
Corporal Flndelson, Ten Years In
Army, Marries Miss Amy Fowl
Corporal Kdwin S. FindcNon. of the
iiunrtermaster's department nt Camp
Dix, and Miss Amy Fowl, dnughter of
Mrs. .1. J. Walker. (i00." Trinity place,
West Philadelphia, were married yes
terday at the Church of the Holy Apos
tles, Twenty-first and Christian.
Corporal Findeisoii hoi for ten years
been in the regular army. He served i
with rerihing in .Mexico, and tins the
sixth man to fnll at Vera Cruz. Dur
ing the world war he was overseas
twouty-two mouths, was four times
wounded nnd was given the Croix do
(iiierre for Mivlng the life of a eiim
ladc. He is the son of Mrs. Amelia
Tindeison. 204.'! South Cecil street,
West Philadelphia.
The bride was attended by Mrs.
Marion Findeison nnd Mrs. Harriet Mc
Itride. Harry Findeison was tho best
man. '
BOY SCOUTS AS FIREMEN
Lead 100 Children to Safety at Starr
Garden Playground
Troop Id. Hoy Scouts of AniVrir.i
that was drilling in.the Starr linrden '
Playground and Uecrention Center. I
Sixth and Lombard streets, last night, ,
took chnrge when a fire started and '
led 100 children in the building to
snfoty. (
The children were making paper i
dresses and uniforms to be used in their
annual Mny Day fete, nnd n pile of I
paper lay upon the floor. A lnntern '
was overturned nnd the paper ignited. '
The fire spread rapidly, but the Hoy i
Scouts maintained ndmirnble disripllnc. j
One scout notified the firemen and
the fire was extinguished before much
damage was done.
ENGINEERS IN MEETING
LLt
!
I
H. H. Franklin Manufacturing Co.
(Franklin Automobile Company)
Syracuse, N. V.
Price $100 Per Share
Dividends accruing from date of iosuc ,
arc payable
February 1, May 1. August I, November 1.
Dividends Exempt from Federal Normal
Income Tax.
After depreciation and taxes, earnings for
past five years averaged four times the divi
dend requirements on preferred stock out
standing including this issue. In 1919 these
dividend requirements were earned over
seven times.
For Circular and Subscription Blanks address
H. H. Franklin Manufacturing Co.
Syracuse, 'N. Y.
Indian Packing
The current number of our Market Review contains an
analysis of the Indian Packing Corporation, with special
reference to estimated earning?, dividend record and
Kcnoral outlook.
There arc also articles on a number of stocks, including
Skclly Oil
Hupp Motor
Invincible Oil
Rnrnt Rrnt.-F.-irrell Cn.il Mereer I
Metropolitan Petroleum
and
Island Oil Settlement
Tobacco Products Export
Chandler Motor
Mjddle States Oil
Mcrritt Oil
Elk Basin Petroleum
United Retail Candy
Send on request for L-HIS
HUGHES & DIER
Member
riilludrlplilu htork Kxchanc
I'lttxhurirli Stock Kxrlionse
Clilrncu llourU of Trade
1435 Walnut Street
Philadelphia
New York Office 50 Uroad Street
Jlllll lllllllll)IIMIIM)M"ll llmillilll I III Hill) llll)lll I Hill 1 1 III I II III III IIIHIMII.
GIRARD TRUST COMPANY
A J On
Capital and Surplus, $10)000,000
K 1 vti I
I'Mil
fi.V
mm Mlllf
Chartered 1836
'T'Hr.RR. ii no nerd of our
rmphmizing the commercial
ndvnntae or thr convenience
of n Philadelphia bank account
carried In an institution of
the reputation enjoyed by the
Cirard Trust Company. V
invite Investigation of our
facilities for bankjng by mall.
BHOAD t III SINLI' STS.
Philadelphia
"tiiiiliMiiiiuiiii mi i iii 1 1 1 1 1 1 ii 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ' ' "iii iiiiiuiii ill llir
BALTIMORE & OHIO R. R.
Equipment UV2, Issue of 19.7
Due April I, 1921
Due April I, 1922
X V.olrl 71
Standardizing of Salaries by Civil
! Service Commission Proposed
j The S111 ii'ly of Municipal KnRitieei'8
1 ef I'liiliideipliiH mot lat tiiulit ut the ' .,,,,,,,
' nnBineerM' Hub. H. C. Qiiimhi. eliief hiiiiiiihhhhhihhmiiuhhiiiiih
1 eiiKltieor ot tne ituiimi nepurtmenc, c
nresided. Tlie speiikers ineluded Wil- '
n A. Peil. rliiof rNtiininer . t'liutotii
Itogers wnodriitt. president ot tuo I ivil
Service Commission . Kdimiml .1 Kit.
i iimuriee. pn-siilent of the I'liilmlclplila
Chapter of the A A K. ; .1 I.. Co-tello.
esshtunt chief ciiunliier. and Prof. Cal-
viu O. Altliouse.
EVIacMeekin & Williamson
BROAD & SANSOM STREETS
MIK1 III -1 t (IIINKIl
It Ml. 1. 1.- I'M I I M'l I t II I - "" 1 I ,i IMNi.l
lllllllllllllllllllllll
I
V .Vevt II
n.i
ns
Cons' d Qai 7i
I . . mo,
a ionu
I inno,
3 1IHIH
10 . i'
Copenh'n RHt
:i 7(1
s 7ft
7H',i
VC
Lib ItnmU
I. ib ltoiuls
1 1 1 n
ii. i i yr
INVESTMENT
A Hunrlei'ful apiKiriuiiliy .s crttltd tu th
imall or Ur lnvtor no arvlc! Tou
cannot Juitlfy our tulur if you fll to
InveitlsfcU thl opportunity. WrlU now (or
kta.Hi. ttOUKl. MimTIPLTmo i'BOOJte
ii'lHU HAGHUTO-CU,. ea-S7firUt t4
Victor Head Declares Enemy Nation
Is Again Taking Military Lead
lieriminj, .again acccptiti); iiiilitiu
leadership, In rapidl) lielng welded into
a Rreijter niennce to world jienee than
ever, accorflinc tn J'ldrldRe It, Jnlinson.
ii .ir. il..i.. rn..ll.t.. ii.-l.i-. ,
iirceiitii'ui ui nn- i iimr uiniiiu annjiiiiii' i t :u n,,..,!..
...l. l.nu l..Uf .., ...! f... n !.'... MB; JI011I1S
ropean tour.
Ir. Johnson looks upun the treaty n"
n mlHtake brought ahoiir by politicians
with an eje for the plaudlU of tho peo
ple. He declares the nutltorN have
already lost caste Hinotig the public
"A commission of the world's beM
financier'', with power to do nway with
piTM'nt clatiH'N in that iiiKtrumeiit.
would effect u powerful treaty which
lould not only put ticrinaiiy upon her
.t Hart lis
I 70'i
N V Rya it 4
N V W C & 11
it R IVih
. 39
Norf b S Bj
1 f.O
N'n I'aclfic Ss
.'SO
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SI
Waoaih It 111
2 .'
Weutli Kleo ris
1 ill
Wul n M cl l
1 IS
1 Is',
West n V t'j.t
1 7R
Western II Si
I 70
Wilson Cn cv
3 K7,
Wilnon Co lat
1 811
Service and Stability
llleli
:ii. . ii.'i.ki
1st 4s. .Vi.70
L'd 4h. . S.'i.SS
Libllonds 1st 4 Us 80. '."O
Libnonds I'd 4 '4 s 8(1.1(1
Libnonda lid 4VisflO.(10
Libnondfi4tli 4i,in StL.'UJ
Vie Notes '.h.. DII.SO
Vic Notes 4?4h.. OO.SS
N. V
I. on
fill. (HI
85.70
S.-..70
Sti.OO
80.00
oo.ro
80.30
110.70
no,7j
Time
H 15
a in
WLO'J
85.70
8,-i.S'J
80.10
80.10
00.50
SO.'.M
110.80
11(1.80
Did It Ever
Strike You
Profit-Sharing
21 - The Initeil
1'ront'Shnrlngr Corporal ion h;H drelared
i the reiruiar nemiauuuni cuviiienil or
ExJtra by United
New nrh, April
f....i .i.i .....,,1,1 ... ii.. . linr l-ciii mm .ill ina iiiiiiuuil ui a
I'l'
people, bpt save world v"ncrcc and
mable the defeated nation to nav at
JeistBarUHlio-indMnBlties,' ' Jiftadded,
nnr cent, both payable. June 1 to stock
ot record May 10. K. A Werner was
elected secretary-treasurer, succeeding
J,-J.ottr resumed.
how desiinblr it would be
to discus. the building
of an extension or nn
addition to your plant,
with a banker having a
pood knowledge of real
estuto allies and eon
htruetion, as well as of
credits?
That is one of tho ninny
varieties of service we
offer o u r commercial
accounts.
Integrity
Trust Company
Fourth ami (Jrmi Street
Capital $500,000
Surplut & Profit. . .SI, 700,000
lllllllllllllllllllllllllllllll'j:
BUILDINGS FOR SALE
The Navy offers forty -two buildine;.- for sale to the hihot bidder
by sealed proposals, bids to be opened MAY o, 1020, AT 1:U0 P.M.
Seven of these buildings are located at labor camp,
south of Navy Yard. Norfolk, Vu.
Twelve are located near Pier No. 10. Chesapeake
& Ohio Rwy.. Newport News, Va.
Five are located near Pier No. 2, Norfolk & West
ern Uwy.. Lamberts Point, Va.
Eighteen are located at labor camp, three-fourths
of a mile from main gate. Naval Operating Base,
Hampton Hoads, a.
Catalogues and further information inny lie obtained from the
Board of Survey,. Appiaisal and .Snr, A.tl )' YMtD.KOKFOLji, 'n.
rliTT 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 u 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1
International Freighting Corporations
Regular
Sailings
LINES
Through
Bills of
Lading
Isiued
PHILADELPHIA to SOUTH AMERICA
Rio ili .liineirn, Siiiitiih Mnnlritden IIiifiiok Mrrn, In I'IhIh. rtr,
PHILADELPHIA to FRENCH ATLANTIC PORTS
ll.u re. lturileiii S Niiiurr. Ilunklrk ,rtr
PHILADELPHIA to FAR EAST
luibe, VnUolmiuii anil Shiinihat
Lkfuyette Building, PhiUdelphia, 170 Broadway, Mew York
y
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