I ' 'y j i-fc-' . ... ''' " ---
lllll rni.n.. if TATT AMI") nriVAII ?. !0t?. .ihtin and pixonlppTllRW npin IW TUn vcXoel o..." ... u.' - .. ' "' - " - '- -----, ,,
More Than
2,000,000 People
niakc lib the population of
Philiidelphln, whiqji places
' this City 'the third largest
In the United States.
. Service has been one of the
prcatcst factors in this
expansion. , -
We believe wiflt our prin
ciples of sbrvico, depos
itors of this Bank will'
fully sense the spirit of ef
ficiency, progfcsslvcncss
and courtcousness.
We Solicit
Your Account '
Third
National. Bank
In the Center of TMnpa
Opposite IiAari St. Station
SINGE 1871
lihcn it was founded, this com
pany has stood for conservatism
in banking and investing its
I DEPOSITS and
i TRUST FUNDS
This policy is never deviated from
tinder any circumstances. W
commend it to your careful con
(deration in selecting u dcnosl-
tory for your funds. Consult us
freely without incurring
ANY OBLIGATION
THE
FOX CHASE BANK
, At the Close of Business
May .ltii, 1920
RESOURCES
Loans and Difcounts.. . $933,161 00
ui on Hand and In
rhs 144,021.02
$1,459,180.76
LIABILITIES
Capital stn,.i-
f All E(inic()
jNposits .'.
P'Vidend, InmiirV
550,000.00
100,000.00
fi5.108.0-l
J ,254,047.72
25.00
$1.'150.180.76
,"' ".." .'"t. VI,, rr,M,l,.
LB'H, S, lfi.ll... , .
5 - "ll,r. Aunt. l'i..i,i.
pnrinn.ii-.. - -
"k w vr L . ttny or ""
N.w v, : r,v "0 J-I'utIJ '""'ANY.
!rli My Hi hit. Sec"lry.
F
Aniiiiiii M..II
! :.. VM ai. Mi:i.Trv7;.7n-r:-
..."" KllO, r ,,, ,,--""" III-' 11115
" u K . hlf ' ''"lili tii" I.,?,"'! A,la"-
'HIS h'l""-'- OrlliH,t -f " ' " IViinnyl.
.onTufhlu,- ill. ibiiJ1..."' Phllart.inhla
bMtjy'UL-nLB.rm :'."""
FRITTERED AWAY
StTmE? f ro ''-'
times frittered away
because of unfaithful
op incompetent IndMduM
nianagemcnt. This is Bn '
possible vvlth a well oVgan
f rust Co. such as our&T
Real Estate Trust Co.
' 'M( and Chestnut sit.
FfBHlclin PU. t-
American Ice l.t 6., 1942
Sun Co. det. fl.. 1070
CHAR,.?ON & CO.
,iinur HT
te!?Sfe-P-w,rCo,
"""". "f U.o l-hii. St0?k Eh
KSPRQfflRS
nun rn
nlehed tZx. "" r?,Vo '"-
. tVf cnine. Ex.-
Hope of Democracy Rests orj
Refuing Wilson, Asserts
Peerless Leader '
EXECUTIVE MISLED, HE SAYS
,
Clllcaco. Mnv 11 AVIlIlnn. TTnwnri
Taft. Iii iliscnsshiK 1'rpsldcnt AVI1h8S'b
siaicinpin that the Versailles treaty
miotild bo neccnted as It was first writ
ten. Mid:
.Ml', l llsntl In tlin f.rinti'ur ntiufrnn.
tlonllt in WnnMnnl.., tin .Inuli.Au Ir.
destroy nil If he cannot get all."'
.J.Vashlnstoii, Mny It. President
to rnirv the treaty ratification issue
"i" mi: cnnipnigii rcw expressions
Tram in.nilu.p. r i.! .... ..,,. wn.
It "- wv r. ui 1113 Ut.U IIU..,,, ,,11-
liain .7. Ilryan aud Senator Itccd. of
minauiiri, linn niso irom senator .loan
son. ill California. leader of the Ho-
nillllirnil lrr,irnlinllnt.t i..aiih In 4t.
. viuilllluulU bl"ul'. Ill 1I1U
ocnaic treaty lmttle'.
aeuntor Itecd, In a statement, de
clared that such a ptatfo'rin would menn
for the Ucjiiqcrats the loss of every
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
in is nri.u. iistatb trust m.oo.
'""'t'tnte nnd ndJut-.partnerhpuan4
. ".i'uii.ikiii nrrnunm, u
inrnni, mx uriurnt
state north .of the Mason and plzon
line ami the .brcaklne of the "solid
Mouth,"
Senator Johnson also, In a statement,
said ho could respect the President's
conslstcnt,ndvocacy of unreserved rati
fication, but had no rpsnrrf inr mon
whoso view's shifted "with the varying
popular winn.--'
Prcsfdent Wilson Iihk been denied In
formation "essential to sound judRment
uuu Haio icnucrsnip," JIr, nrynn said.
The party has fought for ratification
without reservations as long as there
was hope of such action, he sold, ifnil
the Issue now Is "whether theJJcmo
cratlc party believes In the fundamental
principle of democracy namely, the
right of the mnjorlty to pile."
He urged Immediate ratification with
such amendments ns might be necessary
to 'accomplish tho purpose In order to
tnle the League of Notions issue "out
of .the campaign and speak peace to
war-distracted Kurope."
''llroken down in health by the
weight of cares and anxieties such as
have fallen to no other occypnnt. of that
high office, the Chief Kxccutivo has
been denied the Information essential to
sound judgment ami safe leadership,"
Mr, Itryon said. ,
urnl.- -ti l.l....i ., .i.i. i.-
lhv 1 irmuuiii s (leninnn mat mv
treaty shall bo aecqntod exactly as ly
brought it from Versailles Is hc finest
scheme of premeditated political siilcfdo
yci iicviscu, oenntor nccu declared.
Every member of the Hcnntc,. except
six, he epntluued, voted for one or
more of 'the Ixidge reservations de
nounced by the President. The Presi
dent or Democratic senators who voted
for reservations will fare repudiation
nti Sau Francisco, ho added.
Increase Price of British Coal
Iindon. May 1 1 . Thp price of eonl
In the BrltWh Isles has been increased
fninifnnii ulitlllnffci ttvn n.flpn. nnrtn'nllv
IIIUIIVI.II Dl'l . " .v.t'.., ..w.... ..tf
$.40, per ton, nccordlng to nnnounce-
miMil In tlin t'ninmnns. Hhnt W thn
maximum price.
CAPITAL S500,000.00U' I
SURPLUS (EARNED) W
II $2.000,000.00 Jl
Vtlxlh&SpringrdertA
1 rHliA0ElPHUu
i
New Ihhuc
$1,250)000 - '..
Klots Throwing Company
Eight Per Cent Sinking Fund Redemption Preferred Stock
Dividends payable quarterly. . Redeemable at 110 and accrued dividend.
' ' Free from Normal Federal Income Tax
Ho c. ,. AUTHORIZED ISSUED
id? 5,?rg wnd RcdcraP'n Preferred Stock (par $100) . . .$4,000,000 $1,250,000 '
oo I "ferred Stock, old iisuc created in 1895 (par $100).
Now bcingr exchanged for new Preferred Stock 1,000,000 1,000,000
common Stock (par value $100) '...,..'.. 5,000,000 1,000,000
,rjlc following salient features arc summarized from the President' letter, copy
o which may be had upon request:
Business The business of the company and its subsidiaries), The
National Spun Silk Co. and General Silk Importing Co., com
prehends (1) the purchase of raw silk and silk waste in the
Far East and in Europe, (2) the sale of raw material or its
manufacture into silk thread dr spun silk' thread and its
subsequent sale, and (3) the manufacturer of raw material
belonging to others on a commission basis.
' Properties The Klots Throwing Company, which was established in 1S95,
is one of the largest throwsters and importers of raw silk in
the world, and owns and operates dircc thru its subsidiaries
15 mills containing approximately 1,000,000 square feet ol '
floor space; also offices and warehouses in Japan and China,
and agencies in' France and Italy.
- A reasonable valuation tof the properties would show over
$5,500,000. At present cost prices they could not be replaced
for twice this amount.
RETURN DEAD IN TWO YEARS
No American. Bodies Will Be Per
mitted to Remain on Gorman Soil
Pari. f(lW 11 1'ti-n m,.. ...111
m .., ..,, -. . .. JII110 Will
elapse before all the. bodies of .American
noiuiera Mini iiiiirmvn mil iw t'XIllllin.Ml
from their graves In the battle zone and
taken to tho United Htntes. mrordin;
to, estimates by the Graves Registration
Service. n
All bodies will be removed from Ocr
man sollj regardless of the requests' of
families of dea'U soldiers, nnd work there
will begin hoon, Along tho battlellnca
and In rear areas approximately 4r,000
hnillna will tie exliliineil mul inUn f-
Amcricn. And, to relieve the Kreuch
railway,, they yllI be taken to Hrcst, as
far as possible, by canal hunts nnd mo
tortrucks. Itodles left In Frnncc will be
grouped In one or more milltnrv reiiic
tcrlcs. '
Martana'a Hearlnn Resumed
Washington, May 11 (Ity A. 1'.)
Hearings on tho deportation warrant
Issued ngalnst Ludwlg O. A. K. Mar
tens, Hussion soviet agent in the United
Htntcs, wcro resumed todny at the De
partment of Labor. Immigration In
spector Shell, of Kills Island, N. Y.,
presided, nnd the henring was held be
ll ind closed doors.
amsBwm
" -Tr m r nt
Save Money
Uie standard sizes
1 , Window Frames
Doors, Mouldings, Saib,
'I Interior Columns
Stair & Porch-work
II Jobbing Lumber
'Auto Delivery Anywhere
JAMES SHAW
.52d and Woodland Ave.
I Wnoitlnnil .Bit. Writ -lo;
s?m
$100 Will Produce
$15 per year In the participat
ing preferred stock of an es
tablished distributing corpo
, ration earning 16 times divi
dend requirements, with
probability of liberal extra
disbursements.
' Details free on request for
Letter A'-S
J. T. KEANK & CO.
n nnoAD kt.. ni:v york
I'llONO 1UOT HUOAlJ
Bockhill Coal & Iron fi
8 Cumulative Sinking Fund
rreicrrea, atocic
Controlled and Operated by
Madeira, Hill & Co.. of Phila.
Free of I'ennn. State Tax
AFreoftnf Normal Income Tax
98 and 'Dlvi to Net 8.16ro
Circular on Request
Townsend Whclen & Co.
fi05 Chestnut Street
A
EHRETS "
SLAG ROOFING
EH RET ROOFING &
v MFG. CO. c,
OREXEL BLDG. JJ8?
forty Fivt s
v
nw issue
BROOKS STEAMSHIP
CORPORATION STOCK
Subscriptions received ub-!S
ject to allotment at $25.00
per share.
Circular on requeit
ARMITT BROWN & CO.
BROKERS.
1424 Walnut St. Phila.
PARCELSPOST
CI A C C FAST cLOR
f LiUO BEST BUNTING
SEWED STARS AND STRIPES
tz.no
..$3.00
.u r. ri
4V 6 ft
fix h n.
fixio ft.
8x12 ft.
. .15.00
..Sfi.no
.J9.00
'0x16 ft. ..ItS.flO
JOXlX f,. , ,ruo
10x20 ft ..j 1 7 r,n
2.0X30 ft $500
o ray I'ost.igo
Sen to You Parcel Pott insured
KENNEY & COMPANY
1314 ARCH STREET, PHILA. ,
T.KfiAT. AnvnnTisr.Mr.xTM
Igp r.STATK OF CMAni.KS l flYSI, n-
rrnnfcl - I.eUorv trKtnniMitnry unon
th rstato of Chan V. Oy.l. ilr,",,!, Imy.
'Jf.tt'" """'i " riDEt.irr tiu'st com-
PANT nd lo-SKPII J. OI.OUGIII. N ill
peron; Indtbtfd to thn xalrt m.tnt Bri ri.
lUMtcd to limko Pnymont. nni t,on hnvlnir
r'f.'I"".'?" ""' lt" ,.am" " Prownt tlirm
without d'lny. nt tho office of tlio iwln
company 3M.331 rhcftnul t Pl.lla'1-lph!;
-. - ' 't-.1. v,v" " lrrnicnt.
j iWTATi: or .n.irMV(ih.vi:A.
dn-ui.nl IirttPra tclaiii..niHr.v upon
havlnir bcni Erantcil to Kmr.T.ITT TliimT
CO.MPANY. all prri-ona Indchtrd lo tl! ",,ild
fitHto uro requested to mnkn r.iynifnt. and
Ihn.a l.u....w (.talma ...aK.. . "V '
....-. ..n . .... vini.i.a nik.yiii. ln Hillllf n
prcont llicni. without d-l-v. at tt,n nrflrp of
the Mid company, 3.0-331 Thostnut r..
Philadelphia,
JVM. P. OKHT Prm.lon
Sales
Earnings
Net sales increased from $13,000,000 in 1916 to S32.000.000 in
1919.
Net profits for the past four years, available for dividends, after
payment of fixed charges, all taxes and depreciation, have been
as follows: '
1919
19KS
1917
1916
Assets
Fiscal Year
Net Available, for
Dividends $1,834,934 $732,636 $878,929 $810,100
For the four years shown above earnings averaged over six
times the annual dividend requirements. For fiscal year 1919,
over ten times this requirements. For 1920, net profits based on
earnings for first 6 months, over IS times.
Preferred Stock dividends luxvc been paid without
interruption for 25 years.
Over $6,000,000 of earnings have been reinvested in the con
solidated companies during the past few years.
Net quick assets amount to over '$180 per share, and net
tangible assets to over $297 per share, as shown by September
30th, 1919, balance sheet.
The prcsqnt security value is approximately $500 per share
to all Preferred Stock now to be outstanding, based upon a
reasonable replacement valuation of the properties and addin
the earnings of the past six months ; about $250 per share bc
ing in net quick assets aud $250 per share in fixed assets.
$200 per share uf net tangible assets of which $110 in net quick
is to be maintained.
KSpTIIK WALNUT STIIIXT "ill M.liiNO
a unci IMin AMflrhitlnii of riilliiilrlnhlii.
i.i,,i- in i-ui.-uy uivfll mill OlirwiMlir rt u
'rolutlon of the board of .Urn tor." nt Tli
i'.l..t ki.i n. .11.11..- n...i 1 L iim3
n...u. ,,, I, J . , " I.U1III (IRtUiri-
itlinn ni i mmuv-ji?iiiii. iaritc(l .Marclt 11' IIV'II
a dp"""! nifollna' of th-" utor-khnMrr- nf nald
aMoctntlon will bo held on l'rldiu. .Itili- n
100. at S o'clock p. nt,, at Its plaiv of iii-ot!
Injr. HoutlitvtBt corn-r of nth and Wuliiut -m
Philadelphia, to tako action on th apprnviii
or dl-approal of. nnd lo otr for or against
th proro-od Incrrano of capital Mor of aahi
association from tl.onn.ono lo tn.nmijHio
OSCAnC. A l'(lVV,Y,'
So,Ttary.
JAMUS A- WAI.KKIt.
S"II. Itor
ttU
I "The Guarantee it
. "- the Bank for me."
'Guarantee
frust and Sate Deposit Company
STATEMENT AT CLOSE OF BUSINESS, ,MAY 4, 1920
ASSETS
Cash on Hand antl Deposited with Hanks
nnd Hankers $l,B89.5o0.30
Municipal Honds 200,000.00
Call Loans upon Collateral.! , 4,395,608.77
Time Loans upon Collateral 1,077,878.22
Commercial Paper and Acceptances, etc 131.166.20
Stocks and Bonds 2,667,062.02
Mortgages and Mandamus -148.866.16
Ileal Estate, .116.318.320 Chestnut St. nnd
' 9 S. 53d St 373.000.00
faults and Equipment 100.000.00
Other Ileal Estate 22,691.89
Miscellaneous Assets 83,860.73
Accrued Interest .' 80,997.20
Sll.270.714.ii8
. , V LIABILITIES
Capital Stock : $1,000,000.00
it j- ? . y 400,000.00
Undivided Profits . . 209.890.78 '
Kcscrvc r Cover Depreciation in Securities 81.733.15
PePsils , 8,995,265.71
Interest payable to Depositors 51,167.43
Individual Liberty Loans re discounted 523,000.00
Miscellaneous Liabilities 16,355.19
11,270,714.58
Trust Funds and Investments which are kept cnttrclu
separate and apart from the assets of the
Company , $19,571,118.88
316-318-320 Chestnut St. 1415 Chestnut St.
9 South 52d Street
' -J
?
.I, A
J
Which are the best for Con-
scrvative Investment and
Profit?
New 7 R. R. Bonds
Old Wo R. R.Bonds
Comparative study sent on request.
MARTIN & CO.
IAII WMLNUT ST.
PHILADELPHIA
I '
40Q Questions
Answered Free
TEVER before in
" the history of the
United States have finan
cial words -and phrases
been so generally used.
Do you understand all of
them? or is market news
"Greek" to you?
A free booklet ex
plaining more than 200 '
which arc used constantly
by brokers, bankers and
financial reporters is
yours for the asking.
Ask for No. T. U.-888
JONES & BAKER
SECURITIES
WIdener Bldjr., Philadelphia
Phones: Bell, Locust 4730
Ktytttnt, Race 2290
Dirt Privet, H'ira
Offices in 9 Principal Cities
The Girard Letter
Tubliihtd by the GIRARD TRUST COMPANY
at ISroad cT Lticstnuc directs, i-anaueiyuiu
Zo.,, T " """ ' "
' "' Secretary.
" or Anmmi Meeth
Todrl ci, of the
?Wl,taS"ofc?'Porllo,,
( romnany IW tt .tho Hii,i,"m... I j
Maintenance
of Assets
No Additional No mortgage or other lien (except purchase money mort
I gages; can dc issuer! witliout consent of two-thirds of Preferred
? Stock outstanding, nor can any additional Preferred Stock be
issued unless for the preceding twelve months net earnings
shall have equalled twice the annual dividend requirements
including the stock proposed to be issued. . '
Annual Sinking Beginning October 1, lf21, an annual sinking fund of .K'c or
Fund- !"orc uf thc xnuiu amount of Preferred Stock outstanding
v is provided for the retirement of Preferred Stock by purchase
or redemption at not exceeding 1 10 and accrued dividend.
We offer this stock for subscription, when received by us, and subject to
thc approval of Ralph W. Rymer, Attorney, Scranton, Pa., and GonM x,
Wilkie, Attorneys, New York City. K
I
Ptniinf dtllury o definite ctrllHrnft, Inlirlnt Rretlptt uill h, itiuii by Ihm
Columbia Truit Company of .Ym York. Ile$l$ttar jot tho ttock.
PRICE: 100 and Accrued Dividend, to Net 8
VOLUME I
MAY 1920
NUMBER 1
FOREWORD
Weissenfluh & Co.
IKIIIIII
r. a 'i
rv'..i till
mV&i
r-H.iT! tl
"il-:'i n
. '
lww.
THIS isthc
first number
of "Thc Girard
Letter" which will
be published at oc
casional intervals
by the Girard Trust
Company.
Thepurposeisto
share with the cus
tomers of thc Com
pany information
nn various subiccts
gained by investigation or experience
which may be of interest to them.
From time to time there will appear
articles upon thc history and extra
ordinary progress of those industries
which are now contributing so much
to thc volume of trade of the Country,
whose origin was in this City and
whose importance warrants constant
appreciation of Philadelphia as a lead
ing industrial centre of the United'
States, not only now, but ior thej
future.
rcr .w n..n.
ii .. 1 in 1 ni n f
t 'is- ..JVrtrUe
ffTl -C'TlfiM.
w tnii: . 'wvA-ii ai ivipw
-kW.-r-Hi'-T ei
"-s?
L-tf
CHtUCDtO its
rW'llW'
The" "Chemical
Industry" on page
4 is the first instal
ment of a series of
articles covering
these subjects.
hort descrip.i
tions of thc various
localities in which
the Girard Trust'
Company has had
its offices during
t Vii. nn r ri rrrirv.fntlf
years of its existence will' also show
thc growth of the City, as well as the
share of that growth givcK by its
customers to the Girard Trust Com
pany in thc varying changes of the,
business life of thc Community
The Company will be glad to place'
the name of any one desiring to
receive it upon the mailing list of
"The Girard Letter.",
Effingham B.' Morris
President
Moar Duildin-r
Scranton
.r
10 Wall Street
New York
Mlnen Bank Bldg.
Wilket-Barre
West & Co.
HIT CWnut St.
Philadelphia
1
The nbovd Information hn been obtained from sources which wn conalilnr
reliable, and whllo not guaranteed', in accepted by us na uccurate.
DEPRODUCED above is the Foreword which
tl- mtruce.sthe first issue of The Girard Letter.
1 his publication will prove of interest to every
one concerned with business, finance, invest
ments, real estate and the industrial development
or Philadelphia.
Those desiring to receive The Girard Letter are
requested to notify the Company to ths effect.
GIRARD TRUST COMPANY
I
t
I 1
. -it 1
In' i - -i
!JlllllllllllliriII!ra!IIJM!!lirai0MM!l
I I
I I
, e "" B
E 1
jl Art in I
1 Common I
IIH s s
I Brick
-S I
t A
i6 e
1 1 1 ! ia
ll
111 ' i
P s
1 K
j A LADY of wealth and 1
ii ix ,..: ....:.i 11.... . E
iiv .-irtm mai nor H
chauffeur could run a I
ford so that one would
think it was a Packard, S
but her husband could run I
a Packard so that one
would' think it was a I
Ford. 1
Tlmts tho way with build
ers. Somp can uso costly face
brick and make the ugliest
houses you over saw: and a
soon arcnucct will tnke
mon rcn nncK, tho chj it
nrcproot nmterial mar
umin you a Homo an bfti
nun smrniir nu r,i,..:j- .
p or independence
W clnssical cxamnles
! J brick architccturc.i
1 g the world over.
Capital and Surplus
BROAD AND CHESTNUT STREETS. PHILADELPHIA
V
MJkW"
mt.t
'mnji'i
WW k
fgPiV. tftt
tfwr iM.il'.:
iBJ.' . 'kn &
rJBWiA . nm, A
ej- '-" jn
lA hniif
it. M,(IK-Churcffci
jonMBkh
NlretowiiS-
It's not In th
the builder. G
of brains and t
tho posaibitit
nricK, anu KnctS'.w
it. JKv
ni NHrt
'II onv
ERT.
'hold
Lr.wv
T.A TH fJ.
FnArTKFonnhnicic wonKS
iornl.il Avvnuo
K-TSTONR nrtlCK CO
Oodfrey nur HfooniJ Bt. Ik.
NonTjfpiuu iiiufic wortKa
nUlnr Hun and l.uierne
f RRITTtfn.U dm...
Nkftown Luna nj a gt.
"
1
U.4
W3
H
a
4J
4
n
'Vj
11 ' , $10,000,000 CHARTERED 1836 Member Fedcr.1 i -11 Jl
-.-' I' ' '""'"""m I""""'11"" """"'""MHiKmlliiullllllllllllullln,in..iii, 1,,,,,,,,-,r,g,M'"T,M,Ml1 t
HiHHHH JXjSii:iL uA& i.--. MWBwL-BTjBBMBtii. Wf ? vfti .jcH
Hr !cs t ' iywJosi9Lt--i9H
'fell., eC'r" "na ,R rC"& '
v., i i'S l
siA'A.t