t.l m 'r A - 4 y ', t ' ii ..A' EVENHStf 5PU3EKD . BDaBE -PHIEADBLPHIK, FRIDAY, Z HJPBIi; 30, -1920 - 'V - ,1 i I- ll IV7I' wo investor has ever lost a. dollar of principal or interest' on any security bought of S. W. Straus&Co, K mmwin Wisdom of Fortifying Corpora- McNary Answers Palmer's Plea That Preoidont Was Handicapped " tow tlon's Position With Largo Cash Assots Recognlzod STEELS DIVIDEND POUCYOOMMENDED AVEHS WILSON HAD TWO SUGAR LAWS fiufctiMlfilffy IX. Eternal Vigilance Is the Price of Safety 4 THE business of S W. Straus & Co. has been steadily built up for thirty-eight years on the watchword of safety. Under the Straus Plan, our sponsorship and recommendation of an issue of first mortgage bonds entails constant vigilance' on our part to protecrthe interests of our clients, not only when purchasing the bonds, but at all times and under all circumstances. Every bond we offer is not only secured"by property of ample value and earning power, but is backed by The record "and reputation of this House, which we naturally regard an our most valuable asset; Oar experience, covering more than a third of a century in time and all the larger cities of the country in scope; A nation-wide organization, with offices in fifteen cities, from New York to San Francisco, serving a, clientele of tens of thousands of well-satisfied investors; Constant, vigilant and expert supervision over the bond issue, year after year, until the last bond of the last maturity is paid and cancelled. Our current circulars describe well diversified, exceptionally attrac tive issues of these bonds-, to net 6, with 4 Federal Income Tax paid. Denominations, $1,000 and $500. Write -for CIRCULAR No. 317-Q SJWSTRAUS $ GO. ESTABLISHED 1882 INCORPORATED STOCK EXCHANGE BUILDING, PHILADELPHIA Joseph H. Rubin, Resident Manager. NEW YORK CLEVELAND BUFFALO SAN FRANCISCO CHICAGO BOSTON MINNEAPOLIS MILWAUKEE DETROIT WASHINGTON PITTSBURGH INDIANAPOLIS Thirty-eight years without loss to any investor . NEW OFFERING ' 22,000 Shares Philadelphia Insulated Wire Company (A Pennsylvania Corporation) Will succeed tho Alfred F. Moore Estate Capital Stock, Without Par Value Tax Exempt in Pennsylvania Dividends Free From Normal Federal Income Tax Commercial Trait Co., Phila. Transfer Agent. Penna. Co. for Insurance oa Live and Granting Annuities, Philadelphia. Registrar. Application will b mods (o lint tills stock on the Philadelphia Stock Exchange Total Capital Stock No Par Value (Authorized and Issued) 25,000 Shares No -Bonds, Mortgages or Preferred Stock m BUSINESS Tho business consists of the insulation of wire3 and 'cables of all kinds. It has been established for about 100 years. PROPERTY Tho plants occupy a tract of land of approximately 16,250 square feet in area on the northwest corner of Third and Raco 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. The 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 timo 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 McKcchan. The above stock is offered for subscription, subject to allotment when, ' as and if issued, at $50.00 per share GEOKENDRICK 3rd S CO. bankers tAti WALNUT ST.' ,-rw PHILADELPHIA. Hsmbcra New York sad rails itlaUa Hteck Extnsnisa w Tsleptisncai Bell flprne Ml Versions Baee 11M Th. etat.rn.nt. contained in WtffiWE M Um EQUIPMENT BONDS Cuban R. K. Equip. 5s Due May. 1D2S, 1924 General American Tank Car Equip. 6s Due March, 1922; April, 1923 Prices to Yield 7.Wt Townsend, Whelen & Co. . Hf, vMttRUV jsirccfc - NORMS, GRUBB & COUGHtAN Frsnk UNorris, Certified Public Accountant P. Ernest Grubb, Chartered Accountant Edw. A. Couihlan, Certified Public Ac countant WEST END TRUST BUILDING Chicago Union Station 1st 6M 1963 CHARLES FEARON & CO. a33,CHC8lBHl Dcfc I'-nna. New York Canal Si. 1830 Tenna. Company 1st Hs, July. 1031 lluffalo li rluequehanlia . 168 Manufacturer Hitfr fie, 130 Atlantis. G'it? IClwtrle Be, 183 Metropolitan Klectrlo (Heading) Be. 19J0 I,ake Huperfer Oorporatl.n let os.'lfitt HENRY 0. BOENNINQ ft CO. STOCK KXCIIANOB BUIUHNO Direct Prlrstf Telephone to New Yark Member Valla, stock Sxchaaa Stockwell, Wilson & Linvil Certified Public Accountants Xm4 iPWf, PW4tta . One hoar n friwiiionr nnin n ilt.in. polntment in the financial district over the recint Steel dividend. Customer In Bomo of tho brokers' offices are asking why there was not an extra dividend and why Steel common, on it 5 ncr cent dividend basis, should bo consid ered as" good as many 6T tho high -class investments to be had at any time on a 7 per cent or even better basis. As a rule bankers and brokers agree. jWith tho policy of Judge Gary, who muae u piain in ma address to the stockholders at the annual meeting of the United States Steel Corporation that that industrial or other organizations thnr. hVf hnrl thn TOfcufnm in tnHtr their position with large cash assets are tho ones that willcome out best in mo present period ot strained credits arid high rates for money. That tho United States Steel Cor poration, of all industrial concerns in tho United States, is pre-eminently in th! rtnfttMnn. nrimlta fit nn rttiAttttnn Tf docs pot need to go into the open market io Dorrow money, as some otucr well known corporations have been compelled to do, at a price which a short timo ago would have bcctl considered prohibitive. a A bftnlfOr. tvfinn annntrfitr. nt ilm strong position in which the United oinics accci corporation finds itself, said that the recent decline in the com mon stock would seem a contradiction were it not, in his opinion, the result of temporary conditions. The general trend of the stock market, ho said, is downward today, and, he 'said, ho be lieved ft would continue so till around May 15; then steel will find Its own iimm agum. ne saia inac somo ot the steel concerns in vnrious parts of the cnnnrrv nr now tififrfnntnf? fn aaI 1.n effect of the recent rail strike, and. it is saiu, iqar ino immediate prospect In re gard to labor conditions are none too honrfrtl. Not thnr hn A-rrwpta omt- Inlm. trouble over May 1, but the recovery niuuu-iuc Birihe nas not Dccn as satis factory as was expected. TCMIft intltrntif' (n tlin TlrnAn .. '- ---- . .., a., hub .MVUUIUft OLftlV- gatton is not as acute as it was, it still hnlflft itn nlnpn In tTin vnrfntig fttomtciatnna .trhlrfl rntrtn fin in rrin finannlnl Atmlml- y. .wo.mu t a miv iiuniaiui UlRVllLis M hB1rfeai .4U mm ahV A Jt m ll. -L . uiunu ouiu jemcruu inai many Ol mc opinions ouercu on tne subject are tOn ntlRlirr! fA hn BA1tk11CllTr fnntitjnmil for a moment. He said, so far as he can see, there is no way at present to estimate the value of the company's coal holdings, and any figures published on the subject are pure guesswork. He said that the general tendency is to overesti mate the values, although he admitted that there may be somo surprises if the present price of coal is to be used as a Rtnnrinrri Wnf rlAAa hn ... ihnf Un seggrcgation of the Standard Oil or the" nraencan xoducco suosiumrics arc parallel cases. TTf. fllcl rMlll1nl tliA i1am rt nntr order for segregation of the Southern racmc iiauroau irom nn on innds. Hold ing that Mich talk was started for its possible effect on the price of the rail road stock. s Anther banker claimed the decline in United States Steel common recently rnmo about largely through the report tnat tne government had nnplied for a rehearing of tho dissolution suit, re cently decided in the corporation's favor h the Supreme Court of the United Hlntcs. Ho remarked thnt stockholders should not worry over nny such contingency ns it Is most improbable that such an application would receive favorable con sideration. A banker, when discussing this sub ject, said that apparently tho Supreme Court had some good reason to decide in tho Reading case that mere size con stituted a violation of the law, but held the reverse view in the steel corporation case, The following statement by Charles II. Sanin, president of the Guaranty Trust Co.. New York, on monetary conditions was talked about in the financial district yestcrdny. No dis senters to his views were found : "Given clrtumstnnces ns they exist today, money rates do not seem too high. Money rates today are relatively low whero thcro is nn actual physical abundance of what is called money (in Berlin and Vienna, for example) and in certain neutral countries whero puro trading playa an important role and where tho ravages of war were not felt directly, ns in Hollnnd and Switzer land. It is highest in the two leading industrial nations of tho world, Great Britain nnd tho United States. "Every class of borrower in this country from the poorest to the United States Government is paying a high price for money, either for short or long periods, which is due, of course, to shortage of capital and credit on the one hand and to income tax on the other. "Legitimate domestic demand for es sential goods of all sorts as well ns for eign demand is very great. A high in terest rate helps to keep goods moving to meet demand and to prevent hoard ing and prices still higher than they cow arc. "Present rates aro high enough to bring about credit reduction if demand becomes less intensive. If a more in tensive demand were conceivable it probably could for a while practically forco credit extension in spite oven of higher rates thnn those prevailing to day. Consumption ennnot indefinitely continuo at present rate unless produc tion Increases, and cither increased pro duction or curtailed consumption would of itself eventually bring deflation. Either marginal consumption must slacken and marginal production cense or production processes must become moro efficient. Taxes which help to keep interest rates high represent con sumption. And when taxes aro reduced and production nnd distribution attain grcnter efficiency wo will have defla tion." Many conservative brokcrago houses aro advising clients to buy selected stocks on tho ground that they may not bo so low in price for some time .again. They seem to attribute the depres sion in the general list largely tn a fear of labor disturbances over 51 ay 1, which most of the houses discount, apparently with tho opinion that New Yorkers are unduly exercised over the possibilities of the situation. Several of these houses look for n change in the market after the opening on Mon day next. Contrary to the general talk in bond houses, the local representative of an out-of-town concern stated hn had just closed the best month his house had had for a long time. Hn in eluded all operations, both wholesale and ictati, and addvd that his bales fotce had, during the last week, more separata sales thuu in any week since his firm opened quarters litre some jears ago. - PHILA. SITUATION IS CITED Washington, April 30. In explain ing why the United States failed to buy the recent Cubnn sugar crop, At torney General Palmer, addressing the. House sugar investigating committee, declared Congress neglected to pass laws empowering President Wilson to take such action. In answer to this statement Sena tor McNary, of Oregon, exnlained last night that the measure bearing his name and which became a law in December Iind been designed to meet just that situation. He also pointed out that the Lever act contained a provision that it should remain in force during ninety days fol lowing tuo conclusion of peace nnd peace has not vet been concluded. Therefore, according to Mr. McNary, there are on the statute books at pres ent two laws under which tho Unban crop could have been bought with safety. Suggested Purchase August 14, 1910 There was no mention of the failure of Congress to act when on August 14, 1010, the Sugar Equalization Board hrst suggested to the President that the Cuban crop bo purchased. There was none following tho virtual demand upon the President for action when the Equalization Board again ap pealed tone white Mouse on Septem ber i!0. 1019, telling the President at thnt time that there was urcent need for some Immediate decision if the Amer ican people were to obtain Cuban sugar at s(x and one-half to seven cents a poumh ThevLvcr act was on the statute books during all of that time. Tho McNary bill enacted on December 20 and approved on January 1 simply was a specific extension of 'he sugar con trol "provisions' of the Lever act to pre vail in the event that the peace treaty was ratified and wartime legislation sus pended. Eastern sugar refiners virtunlly bvc agreed to revive their wartime co-oper ation with the government in order to cope with the situation alleged to have aiscn out of tho policy of the admin istration regarding sugar. .Refiners Offered Co-operation Among the agreements the refiners offered to enter into with the approval of the Government was one of co-oner- ation to prevent resales on the part of those within the trade that would tend to allow the sugar to take any but n direct course to the legitimate manu facturer and ultimate consumer. . They nlso reappointed the commit te.o functioning during tho war with the food administration to corner trom time to timo with department repre sentatives with a view to determining reasonable margins of profit to be al lowed the refiners, wholesalers' and re tailors, resncctlvcly. It was considered possible that ne gotiation of the license system by the Department of Justice with the refiners mieht be an effective war of controlling distribution. The refiners admitted they hnd taken no steps to date to check orders and nrcvent uunlicntion. but de clarcd they "would arrange a clenring house system of checking orders before shipments, thus preventing excessive purclinses from the same sources cn nbling some buyers to obtain more thnn their requirement of sugar. Democrat Asks for Investigation Scott Ferris, of Oklahoma, a Demo crat, introduced in the House yester day a resolution rnlline unon the Fed eral Trade Commission ,to investigate all phases of the sugar situation and report to the House not later thnn Juno 15. Ilenr.v Moone.v. United States district attorney at New Orleans, and rcpre- sentntives ot the Louisiana sugar growers will appenr before the House investigating committee todny. It was through Mr. Mooney thnt the attorney ecnernl negotiated his con- currrnce in the price of Lnuislaua sugar. When It was pointed out by n mem ber of the committee nt tho hearing yesterday thnt the Lever act was still in forco by rcnson of the continuation of tho technical state of nr with ucr- mnny, Mr. Palmer retorted that it wsb highly probable In August of Inst year that tho President could not conceive of the utter failure of the treaty in tho Senate." "If that bill had been passed by Con gress." he snid In reference to the legis lation urged bv the President, "been signed by the President and become a law. tho Uubnn cron would have been purchased." "In Philadelphia." ho said, in Illus trating thu operation of his policy, "there was a great furore about the price of wearing apparel, nnd the fair price commission of that community mado nn Investigation of the wholesale price, the dealers nncc and the maraln of profit. As n result of the investiga tion tney went to uie stores and said that in their judgment certain prices should be charged and that their prices were unjust and unreasonable." Mr. Palmer s inference wns that in consequence the nrlee of clothes in Phil adelphia had been kept down, if not re duced, by reason ot that activity. Citing that case, he snid : "Did tho attorney general fix the price? What ho did wns to exercise his discretion as to what price should be the basis for prosecution and warned the dealers that If It wero exceeded prosecutions would" follow." That method he characterized as the- only "honest, fair, practicable; Ameri can way" for meeting tho present situ Itcvicwlng tho department s treat ment of tho sugnr situntion, Mr. Palmer told how the price of beet sugar had been fixed. "We discovered that the beet snenr people were holding their stocks chiefly because they hnd no way of knowing nt whnt nrico they could sen their eron .without violating the lnw," he said. Action 07 me Department ot justice wns imperative, hn explained, because tho beet sugar producers wero "between the devil and tho deep blue sea" in not knowing at what price they could le gally sell their sugar and at the same time subject themselves to prosecution for hoarding by reason of their failure to put it immediately on the market. Mr. Palmer then asked tho Sugnr Enunllzntion Board to indicnte n fair price, which, ho said, they did in plac ing it at ten and one-half cents a pound f. o. b nt plant. In that case he concurred in the price, he said, and later four or five producers in Utah and Michigan had been prosecuted for exceeding that price. Following that action, the Louisiana growers visited the nttorncy general, Mr. Palmer said, and pleaded that they would be ruined if such n price erc set on their crop. Mr. Palmer sug gested to them thnt they go to the H u car Efltiallzatlon Board nnd ask them to increase the price of the balance of I the Cuban crop one cent, in order to absorb an increase in the price ot Xouisiana sugar. He said the 'board did scHstake t.ha,t taction. ta iwRlKK'.Ji:yas?r;-s- IsMBK'hiif;' '"'Ami 'Hiifl IMillw&HUH sis!'4' -WiwmmBt2? mlmmmwwm MM lin- mi L I if 'J liTlilll. . rn. iTri !' 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This Advertisement is About The Corn Exchange We have long called attention to the importance of Philadelphia, of the Port, of Hog Island, of Inland Waterways, and to the greatness of a number of Philadelphia's industries: hosiery, tobacco, the railroads, grain, oil, coal, etc A letter came April 27 : Corn Exchange National Bank, Dear Sirs: The following information will no doubt interest and please you. , Our Advertising Agency advised us today that they had sent out 200 questionnaires to as many prominent business houses, asking them what bank they would choose if they had to open a new account or change from an old one. 137 replied "Corn Exchange Bank." The Advertising Agency is using this information to induce other Banks to do more advertising; in fact, they presented this information to one of the banks with whom we do business. For many years we have been known as .an advertising Bank. But it is not advertising alone that has brought us success. Every advertiser in merchandising lines knows that quality must back advertised goods to bring -success year after year. There is quality in banking as in merchandising. Nowadays the wide-awake business man needs a bank that is more than simply a place to deposit and pay out money. He wants 1 A bank that can be depended upon in tight or easy money markets 2 Prompt collection of outside items, checks, drafts, notes -Modern safe deposit vault 4 Alive credit information 3 Worth-while checking of investments 6 Foreign service including commercial as well as banking 7 A business man's library for the study of foreign trade and business systems and man agement 8 Advice as to what improved methods of con ducting business are being used elsewhere 9 The advice of expert engineers as to the proper development of manufacturing meth ods In short, the up-to-date business man wants a business-building Bank. Our position in the city's business life is no over-night achievement. We have been many years building the organization that makes the Corn Exchange the choice of so many success ful business men. CORN EXCHANGE NATIONAL BANK Philadelphia Chestnut at Second Sta. k xKSkSvvlV INVESTMENT i A wonderful opportunity Is offered to tbe mall or larss Investors no services. Ton cannot Juetlry :our future If you fall to inveatlcate tbte opportunity. Write now for iletalla HOHKI. MUf.Tin.VISa - HOOK KKEriNQ MACHINE CO 880.8S-.' N 48th at WANTED Trraturer for an ratabllnlied Truat tomniinr.in. t rhlladrlphla, Correepondentr etricttr cenHdentlsl, A 815, Ledger Office - A BARGAIN IN BONDS A Flrit. Cloifd and Underlylnc Bteaw Railroad Ilond lesued In 1B03. To Return 8.70 Uss sold aa high a 95, now 50. Details on Avullcallon EDWARD V. KANE & CO. Morris Building- GEO. A. HUHN & SONS t STOCKS AND 1IONDH ' Membem of the Philadelphia. New York and niliacn Stock Kxchangea . New York Cotton Kxchange J Commission Orders Executed In All the Principal Markets iiKf.i.r.vui: uiuiit iimio. 14 1 R Walnut Nt. sbw Yonic omen 1 111 llreadway. New V.rk. ' ip . a JKtf j ' n f -vj.fejV.fw ,,. A '31- M f 'V .&m j . . AEEW j. JW . "'' . k .i ..
Significant historical Pennsylvania newspapers