' "? r ' I.
21
ER-
'
X'CompmyTowXdti -
in 1863
Without Funded Debt
la Issuing An
8 Preferred Stock
at Par
lis earnings have averaged 6
times these dividends forHho
last 18 years.
10 Retired Annually
at Prices up to 115
BATTLES & Co.
INVESTMENT BANKERS
ESTABLISHED 10BO
R)BrEr4DENCE SQUARK, EAST
iRKEMNflMffl
BOLES 8 WEST WOOD
Members Phila. Stock Exchange
PAC. FRUIT EXPRESS CO.
Equip. 7s, 1925-1935
Land Tltlo Building, Phlla.
Telephone, Locust 20IS
IS LESS OffiM
Cumulative Signs of a Slowing
Down in Business Hav
ing Effect
During the lat work MMitlment In
tip financial district wns less cheerful
tnnii for mnnv vco1h pnat. This was
shown by continued, tliottftli not henvy,
liquidation, the nbsenco of public par
ticipation and professional solllnB. , ,
Added to the nbove. thd nftermnUi of
the rnllrond strike, wlilcli affected ''p'rnc
tlenlly every line of Industry ; the effortH
of banks to reduce credit by additional
restrictions and the cumulative sIruh of
n general slowing down in many lines
of Industry, were contributing factors.
There seemed to bo "ho playing of
favorites, as stamlnrd rails and Indus
trials suffered equally with the specula
tive lsucs.
According to some brokers, this was
n sign of involuntary liquidation on
the part of the holders. In fact, it was
known that business men, unable to
raise necessary funds in any other way,
sacrificed some of their holdings in both
stocks and bonds.
Ah was to le expected, the announce
ment that the new issue of certificates
of Indebtedness were to be on a 15 V6 per
cent basis had the effect of depressing
Liberty Ilonds to the lowest quotations
vet reached. Brinks, however, are on
a Arm foundation, although the Federal'
Itescrvc Hoard has taken a strong
stnud on the matter of esxentlal and
nonessential credits. Hunkers mid
brokers do not expect any reluxntlon
in money rntes defore June .10.
In the meantime many new issues,
esnodollv for railroad enulinnent and
reconstruction, it Is expected will bo
successfully Hoateu.
A partner of n bunking house which
Is supposed to be hi close touch with
the steel situation, said he was Informed
that the reported merger of n number
of well-known steel concerns, which
had been spoken of frequently during
the last few weeks, is "off.,'' temporar
ily at least.
There were scverul difficulties in con
nection with the financing of the pro
posed consolidation which could not be
overcome at the present time, he said.
He remarked thnt ho Inferred 'from the
source of his Information that the pro
ject has not been abandoned altogether,
and may be revived again when u more
favorable opportunity presents itself.
ltclow are the opinions of financiers
ou current topics affecting iluauco and
business :
William A. Law, president First Na
tional Hank Some Philadelphia plants
have euotigli orders on hand to keep
them busy during mont of 1020. Jn
other Hues conditions are different and
demand is not us fur in excess of sup
ply as it was before the credit strain
became so acute. Textiles arc hHII the
strongest quurter of the l'lilludclphiu
market, for a merchandise shortage of
large proportions still exists. This must
be made good sooner or later, for the
nation litis to be clothed and made
phyMenlly fit for the heroic task before
It. With prices us high ns they are
there U I'1" incentive to miccnlnte in
jtiie class of merchandise which Ih oftcu
niwiiniiilnteil in mill tititv nt tlineu xvlinn
wid.Jl,,,n.Hi"!cvi!?ri? Jl"0""?.."111 b ! credit Is cheap. For this reason wliolc
5S,'.lVi? S kr'S&e'K'Vs? &J"Mt Micro and jobbers are limiting their
irtd lis. ana upmvu wnmeairiieiv thvtPHfipr
iSST'ffi!. ,ttlS"BJK ,!' Sncll. jffc
"s:A"'n..rai-.v "-.i-r."iv.' ".-.. ".".
0IM10U U)lun
A CLOSED
FIRST MORTGAGE
nond. Outstanding Klghttrn Year. Cover
Ine attum n. It.. Terminals, and
Equipment.
TBICB IIEFORE TUB WAR 00.
Now 58y2- Returning 7a
EDWARD V. KANE & CO.
Morris Building
Annnnl Mrrllna.
MAM'FArjURlNp CO.. 1(1.-. Ilroa.lwny.
New Tork. N. y.. May 8. 11120.
The slork transfer books will, for the
turpoee of the annual merllnir of Mock
Koldera. to he held on June II. 1020, lis
clond on Mn' 22. 1020. nt IS o'clock J!..
inl reopened on Juno 10. 11120. nt 10 o'clock
A M' JAMEH C. HENNETT. HecreUry.
Dhlilrnrts
THE WK-STftnilUllKU.IUA TITI.K
Philadelphia. May 13. 1020.
The Hoard of Directors has this dv de
elired a semiannual dlvldond of alt in) prr
(ml. Oar of tax, paubln June I, 1D30. to
itockholders as registered on the tonka of
the companyiat rlosa of business Jlny 20.
11120 The transfer booka will bo cloned from
llty 2oth tn June let. 1020.
nAI.PU 1, LEVEniNO. Treaaurer.
Motif recently' advertised' a 30 per
tut In thoprlces of virtually alt
s
a
rropoaal
rROI'OSALH fOR STATION IIUIMllMis.
I'Ll .Ulll.t. .. r.i.rA iniul, MllltK
niR THE .FRANKFIIIIlt KlVKV.UKIi
M1MVAY ANI I'H'K COVKRIVu IV
THE MTV 1IAI.I, IIASKMKNT.
DEPARTMENT OF CITV TRANSIT
CITY OF PHILADELPHIA
11th Floor. 1211 Cliestnut st.
I'niiaaeipiiia. Slay 10. icn
a a addrened to the n'
Sealed proposals
Irened Jo the under-
lata. Contract R7 ...." .
"T" , r " -.1 ......., ---r ."", am
ri-eniorcea conwgi uunuini at the south
t.it corner of Front and Uerka at. HnJ
m the eat aide of Front at. at Ilerka at
piomblnr..Contrt 878 Plumblnir forth
ititlon bulldlnra at Front and Uerka ata
Kenilnirton ave. at Huntingdon at.. Tloaa
it. ind Torresdale ae.. and at the nortli
ttit corner of Frankfort ave. and PrHtt at
Klectrlcal Work, Contraet .170 ConduUg
for the elation bulldlnxa at Front and Merit!
Iti. on Kenelnajon ave. at Huntingdon it..
Horn t. and Torresdale ave.. and at the
northeast cornor of Frankfort ave" and
iMohUlnr roverlnca. Cnntrnet 118 Roller
ltd water heater and softener and connect
ing sloe ilnea. in south side of City Hall
tuement covered with Insulating materlils
Plans and apeclflcatlona can be seen at
Ell Chestnut at., twelfth floor, and copies
el same, with bank forms for proposal.
will be supplied : to Intending bidders.
ttpoilt of ten (10) dollara will be required
for the plans for each contract, except con
tract 118. and on their return It will b re.
'unded ....
Didders must be skilled and reirularlv en.
dttd In the class of work hid for.
Contractors will be required to comply
lth the act of Assembly of July 18 101T
rtlitlve to workmen's compensation In!
lursnre and proof muat be furnished th
apartment oy eacn contractor that lin hii
Ireepted the provision of aald act and In.
urtd his liability thereunder or secured
imptlon therefrom. secured
tor eacn 01a a proposal bond In the nm
ft Ave hundred (BOO) dollara must S! mid
tithe Law Department. Room 464. City Ilnil
In sccordanco with the ordinance of Slav 'ni'
1C0. the oertincalj of such mini: to be in-
The director reserves the rlaht to reject
in or all bids as he mnv deem best foi
H. Interest of (he city of Phlladelohl"l 'r
WILLIAJt S. TWININO,
Director.
Iinlnc orders to cover actual consumn-
tive requirements instead of loading up
with henvy stocks on the scale of the
rush markets of the war days.
A leading Philadelphia department
cent
rnpr-
rhnndlse. this announcement was slg
iilflennt'as marking the turn of the tide
and ns indicating on effort to keep the
current of distribution moving steadily
from manufacturer to consumer. This
policy w,as Instantly successful, and ns
a Result sales were stimulated to a re
mnrkablc degree.
Corn Kxrlmnee National nanlt V,'c
can learn n great deal from the rrnst.
Hontc ope hiis sold that we can judge
the future only by the past. At any
rate, a glance at the history of prices
ought to be interesting to us during
these abnormal times.
For centuries prices have been pro
gressively upward.
'. Todav we think in terms totally dif
ferent from those used during the Civil
War period, but conditions during the
Pivll War period were In turn vat1y
different from conditions existing after
the llcvnliltlonnry War.
The old law of supply nnd demand
does not chnnge nnd Is functioning
today precisely ns It did when hanking
was unknown nnd barter was the only
means of exchanging values.
In Colonlnl times prices fluctuated
widely due chiefly to the absence of n
market, but in time' paper Issues took
the place of barter currency, nt first
under limitation, but later excessive
Issues were made. The two periods
afford Interesting comparisons.
In 1040 men Could not pay their
debts because of the lack ot exchange
of currency. Prices, therefore, fell as
low as 75 ner cent on some goods. A
Century later the Issues of Continental
currency deranged values everywhere.
They tried to regulate prices by law
with the same result that lias always
attended regulation by artificial means.
The result was failure.
Guaranty Trust Co., N. Y. Com
mercial banks nro: of course limited In
the nsslstnnce they can render Kuropo
by the necessity of maintaining a lnrgc
Jmrt of their resources liquid. Hanks
ormed under the Kdgc law. on the
contrary, will not be deposit banks in
the commercial sense. Instead they will,
under the law. obtain their working
capital with which to extend long term
credits to Kuropcan industries, largely
through the sale of their own deben
tures, holding as security the stocks,
bonds or other adequate collateral of
foreign Industries. In a period wken
five years of destruction have torn down
much of the fabric of civilization, prop
erly supenised long-term credits aud
Investments such ns those to be offered
by the IMge banks will supply the
toughest sinews of rceonstrtction nnd
the surest bonds to hold (.ur foreign
trade.
The Annalist Notwithstanding nn
advance In rntes. which vns started by
the Fetlerol Iteserve Hauk raising its
buying rate andvhlch carried through
out the market os a result, there was
no noticeable improvement in the mar
ket for bnnkers' acceptances. Neither in
the demand for bills nor in the supply
of prime New York bills was the
change for the better. If an nctunl
measurement of the scope of the mar
ket could be made, probably it w.ould be
found that a few more billM were mov
ing last week thuu In the week" before,
but whatever gains there were were so
small ns to amount to nothing,
DIES IN FALL DOWNSTAIRS
Germantown Man Trips at Top of
Flight Killed Instantly
Michael McNamara. sixty years old.
fwas instantly killed when he fell down
a flight of stairs at his home. 0008
Concord street, Oennnntown, nnd broke
his neck, yesterday morning.
He was pronounced dead by Dr. Sam.
uel I. Tlloomhart. fiOOS Greene street.
According to an investigation bv Dep
uty Coroner Onirics Suyre, McNamara
was walking tin the stairs of his home
and tripped when he reached thetop.
Falling headlong, his head struck the
lower floor violently, and Instant death
resulted.
1 tasssft' "
.v r y. , "' ', '. - ,
WfcW YOKK. BOWU 3ALKS
fcnmmsry of Individual Transactions on New York Bxchanzs
! it
-aa- ...;."i' I -IV s-ui WrniruiUnilllBOulll
"tSALEfl IN $1000)
From Opening- Unlll t r. M. (V. Y. Time)
Adams Ex 4s 1
10 811
Amer Smelt's
4 711 '4
1.... 78
4 78li
A Tel Tel ctt
2 78U
"1 7BV4
8 7.1W
0 70U
2 74
A Tel h Tel .Is
l....r73t
0 73'
A Tel A VA
2 03
lrle. 03
AnK-frcnch Os
12.. .. 08
A. .A. OS B
2...'.. 08i
7 03 0
40....', 08 R
ft..,.. 08 .1
1 OSU
1 08
10 08H
0 OS ft
4 OSVi
4 OSVi
a os n
18 08 5
1.... OSVi
100 os n
40 08 5
Are Repub fts
1 71
Armour 4H
1 7ftW
2 id
2 70
A T t 8 V U
1.....' 7i'
2 70W
7 -0V-,
4 70W
1 rt)'4
Atch TaSFc
Ai
2 nnt;
1 03
2 03 H
A Coast L clt
4 nov,
1 OOU
4 110 M,
At Const L 4h
l Tl
Celt b Ohio cv
S 88 ,
8 BSK
Dalt & Ohio 4
1 BSV4
Rait t Ohio 3s
1 68
Rait A Ohio Os
2 83
B SB
1 S3
1 S3
1 81
R & O P 1. hi
A W Va B 4a
10 82
4 82
11 flteel 6s '30
1 78t,
3 70
Rrk Rap Tran
ct Sta 7s
2 40
Cat O A E 3a
B..... 80M,
1 SOU
Cent of Ga (la
6 83U
Cent Paa I sis
4 C,S,
2. ... 113'
6 GO
Cent Pac 3Hs
1 78
2...A 78
Centr'l PaclOc
Khort L 4 s
3 03
Cfiea iU4ij
2 71
C A O cv 414a
40 U7
dies' k tt () 3
1 71'
Chicago R'u A
Qulncy 4s
1 04
3 04
10... . 04
10 01 V,
1 04 U
Chicago It'll A
Qulncl II 4s
10 77
Chicago A O't
West'n 4
1 82V4
1 B2'A
Chicago Mil A
St V 4s '28
1 72U
Chicago MM A
Ht Pcv4
2 03
J 2H
Chicago Mil i,
Ht P fd 4Hs
1 .... . r4 u
Chicago Mil A
Ht P cv fts
7 03
1. ... 0314
10 02
1 02
Chicago A N'h
west em
1... . 08U
Chicago Roug
I h Paa fd
3 02 ;
6 02
1 02 U
1 02V4
1 (1214
Chicago Union
sta 4a
71
8 T
Ohilo Oop'r Os
00. . .. 74 '
1... . UlC
Chile Cop'r 7
00
Chlnesn Oov't
ll-K Rlys fts
42V.
1 .... 42U
City NY 4s 'lis
2 83U
C of N Y 4V4s
ivov
B 0312
City NY4V4 no
1 85 '
Clt NY4 114
1 80
Clly Parla Us
U OL
1 oo
H 01
23 01
City Tokln 'ft
- B4U
lel'd Shun
Line 414a
10.. .. 78
1 7ft
Colo So'n 4s
1 00
1 03
Col On. A E
first Sta
1 84U
Copenlfn 3s
1 74 U
Cons'il Oaa 7s
ft.... 100
.... 100
B.... 100
1.... 100
Cuban C 8 nv
3 00
1 .... 0(1
1 flfl4
1 00
2 07
D A II CI r
1 78
Ien A It O fd
-' 43
B 43
1 42
Den i n (Hi
B BO
Dit Edl Os 40
3 .... 82
D casi Ss "21
3 00
1 .... 01
11 .... 01
D ot Can '29
4 01
D of Can '31
.' 00
2 .. . 80
r.rie nn cv
1 33
1 33 U
Oeu'l Elec fla
1 00
1 1)0
1 00
3 07
Oreat Nprth'n
my 1st
4 72
Havana E'c fts
2 81
Hud A Man fd
1 B0
1 BR
2.. .. 68
1 80
2 07
Hud A Man In
10....
0..
2..
0,.
3..,,.
18
18
10
10
10
til Cent'l '4s
1 88
III Hteel 4a
2 74
.1 74
B 74
1 74
Imp Jnp O 1st
1 70
1ft 7B
IB 78
1 7B
13 78W
1 7814
Imp Jap (1 2da
I Tn
1 78
Imp Jnp O 4s
1 BO
1...,. 68
6 68
1 68
4 68
1 68
Info Met 4 s
4 18
B IB
6..... IB
1..... IS
tnterboro Rap
Tran fd
2..... 63
B 63
Kan : Ft a A
Mcmp 4s
3..... 00
Kan ClA H 3s
2 00
Kansas City T
Raly 4a
1,.... (114
8 03
K A Dea M Ba
1 03
I.OU A N si S
2 47
II B Tel Co 3a
1 83
Mil' Lake 8 A
Weatin 3
3.... 80
Mln A Ht 1. 4h
8 37
Mo Pao Itn 4
1 62
N Y C H It
R R 3s
3 70
N Y C A II R
II R 4s
1 70
N Y C A II R
R Ren 4a
2 Of,i
N Y C A II 11
R n 4a
1 70'
K I C I 11 R
r n e
2 87
V Y Dk Co 4s
1 CO
XTTil'i 4a
1 74
7 74
7 74
11 74
7 74
2 74
N- y Tele's fts
1 80
N A W cv a
4 00
Nn Paclflo 8s
10 60
2 00
S'n Paclflo 4a
4 00
Ogdctisbura: A
Lake Ch 4a
2 62
1 62
Oregon A Cat
R R 6s
1 80
B 80
1 76
Org-Wash'n n
Co Nv Co 4g
7 04
Pan U A E 3s
2 72
Pa RR en 4s
2 83
Pa R gin 4'4s
3 73
4 73
1 78
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B 84
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101
101
101
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Pen's. A i: 1st
1..... 47
Reading R 4s
B 70
4 70
Republic ut C
6a ot '04
ft 01
6 01
10 01
nojiV 4s
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lo 01
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Rl'y 4a
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1 68
2 68
2..... 68
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10 43
1 43
1 43
Bt I. 3 Fran
Rerlea A
ft ft3
1 34
1 83
81
81
81
flollth
1....
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at 1. a
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3 C0
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West'n Ea
1 ftl
0 60
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1 31
2 34
Senb'd A I M
3 r.i
B 42
3 42
S'n Pacific fd
10 00
1 Oil
10 118
0 )8
8'n Paclflo 4s
ft.v... 02
1 (12
1 02
S'n Pao cv 4s
2 74
6..... 07
B'n Pac cv 6s
8 0714
20 07
S Railways 4
1 BB
3 Railways 8s
3..,.. 78
Third Av R aj
0
10
T St I. A W'n
Railway 4a
0 40V
Trl-Clty Ry A
Lt Co 6a
a 87
Union Pac cv
10 70
6 70
3 70
1....S 70
Union Pac 4s
2 7f
1 7s,
1 70
II KQ n I '21
l.VV
84
at' LA B Fran
Hrlea II
8 04
2 Oft
3 83
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Series O
1 81
10..... 04
u k a n a 1
rcta of 22
1...
3..
3...
6...
1...
43..
03
03
03
03
03
03
03
UKOUI'I!
88
.8
85
86
8JS
88
83
88
83
88
83
83
101
B.
3
2.1
2
10
8
6
5
3
1
04
04
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04
04
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04
03
04
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2..
3..
1..
7..
22.
"..
8..
10..
3..
1.
10..
30..
1..
U 8 Mexico 3s
0 34
6 34
3 . .. 33
7 33
U Realty fts
I..... 70
2 81
1 80
3 80
f B Rub'r fts
12. ,.. 70
8 70
U B Bmelt M
A R'r Cn Os
1.. .. 00
U 8 Bteel 8s
1 03
1 02
6 02
1 02
4 02
1 02
Utah Power A
Light 8a
2 70
Vk ltall'ya fts
8 73
West'n Md U
1 48
Wllks-Rarro A
Eaat'n 1st
2 60
Wilson Co lot J
111 hi ft
2 87
Wilson Co cv
1 80
Wis C'l Sup A
Du D A T 4
1 07
Liberty 3Mis
Liberty 1st -Is
Liberty 2d 4s
Liberty 1st 4Vls .
Liberty 2d 4 Us
Liberty :id 4Vs .,
Llbertv 4tii 4V.s
Vic Notes H ,
Vic Notes 4-is ,
Hlsli
01.00
84.00
84.00
W.80
84.30
88.00
8.-1.04
05.40
ori.no
(N. T. tlm)
1:10
P. m.
00.84
84.00
84.00
85.80
84.14
87.04
84.70
05.10
05,34
Low
00.84
84.00
8H.00
85.50
8.1.110
87.00
84.04
05.10
05.22
TO ENLAf.G(E PITMAN CHURCH
Methodists Open Drive Km Raise
Funds to Remodel Edifice
rltman, N. J May 17. Methodists
have opened a drive for $40,1500 to
provide for the enlarging and remodel
ing "f their church building here nt
Ilroadway and Holly avenue. It is hoped
to conclude the campaign by next Bun
day and the actual construction work
will start as soon as the results of the
drive are known.
Plans have already been approved by
the building committee nnd the church
officials for nn addition 40 by 110 feet
in the rear of the present church. A
modern gymnasium, social hall aud
well-equipped kitchens will bo features
of the new addition. The gymnasium
will be 05 by 33 feet. Tlie equipment
will also include shower baths. In one
vlng of the addition will be new class
rooms for the Kutiday school.
Dr. J. B. HalncH. pastor of the
church, is general chairman of the new
church committee, with Daniel H.
Itlnekman vice chairman nnd campaign
director. Joseph K. Sharp is chair
man of the finance committee, and Icon
Hnff la chairman of the building; com
mlttee. Six teams of canvassers are
participating In the drive. '
Camden Boy Injured by Motorcycle
Allen Arobouskl, twelve years old.
of 1150 Tburman street, Camden, was
run down nnd severely injured by a
motorcycle ear his home this morn
ing. The rider of the motorcycle. Harry
Ilcntley, 1318 Hherldnn street, Camden,
gave himself up to the police, but was
released to await the result of the
child's Injuries. Bentlcy told the po
lice the boy ran directly in front of
him nnd he was unable to. avoid the
accident. Arobouskl was taken to the
West Jersey Homeopathic Hospital.
96th Hog Island Ship Sails
The steamship Artlgas, the ninety
sixth ship launched at Hog Island,
sailed yesterday wlthva 0000-ton car
go for Pacific coast ports. The vessel
Is operated by the North Atlantic and
Western Steamship Co.
Tho ship will bo operated on n line
between Philadelphia and the Pacific
coast ports, through the Panomn canal.
i-
MOTOR SHIPPING'
GROWS IN JERSEY
Rail Conditions Forcing Growers
to Use Trucks for Hauls
p New York
GAINS SHOWN IN RETURNS
Kwedesboro, N. J. May 17. Open
ing of "ship-by-truck week" todny
found n Inrge part of south Jersey
already converted to the modern system
of the fast delivery of farm rfnd factory
products within reasonable distances by
motor.
Farmers In the loner counties have
already started off the season by ship
ping asparagus and other very early
crons to the market by motortrucks.
The nresent frelzht congestion Is bother
ing big producers nnd they sny that
tney will nae to utilize several motor
trucks later In the season to move their
perishable crops if the fast freight nnd
express systems do not show some Im
provement. A big part of the vegetables nnd
fruits raised in south Jersey for Phila
delphia markets will bo delivered this
summer to Dock street nnd other dis
tributing centers by the farmers' own
motortrucks. There has been a largo
Increase in the number of motortrucks
owned by farmers within the last two
ears. One of the big wagon factories
tn Gloucester county has been converted
into n motortruck pnnt and it is turn
ing nut more of these big vehicles than
it used to of horse-drawn shclvings. A
number of the garages in the rural dis
tricts have been busy this spring con
verting old touring cars into farm trucks
by putting in re -en forced framth and
adjusting the engines for .propelling
henvy loads.
Truck growers in Gloucester county
(are consMerrnr using motortrucks la-
stead ol last ireigiit lor getting sosjet.,,
of their nroducts Into the New 'Yetk.
markets. The experiment was tried bf ,( kf
romo vi mo Kruwcrn "( yeur. j.uej"
inunu mat even wuu 1110 nuaitionsit r
cost of transportation, they got muck
bigger returns for green corn, tomatoes
and other pcrishnblo vegetables than '' '
they did upon the same produce shipped' '
by freight, but delivered a half a titfj
Or day later than that sent by motor'' ,
truck. Peach growers, for tho last twet' ,
or three seasons, have been scndlMC.
truck loads ot their choicest fruit inwL ' l
the New York markets. ' i '
GIRL GOING TO COAST TO WEOff
' "'(
Darby War Romance Will Open New, '
Chapter In Washington "
A romance which had Its beginning'
during war times, when thousands of
fighting men were bciug rushed through
Darby to New York to embark for
France, took on n new chapter Friday,
when Miss Mcllio Jackson, of South
Fifth street, Darby, formerly a soloist
in Mount Zlort Methodist Kpiscopal
Church, left for Ilockport, ash., a
4000 -mile trip, whero sho will be mar
ried to M. N. Augood. Miss Jackson
saw Augood on n troop train and after
ward corresponded with him.
Sun Co.
10-year 6 Bonds
Due May 1st, 1929
To Yield 7.50
Free of Penna. State Tax
Reed A. Morgan & Co
West Knd Tnut ntdo., Phila.
Member ot tha I'hlla Btoelc Eioh.
Stockwell, Wilson & LinvHI
Certified Public Accountants
Land TiUe Bldg., Philadelphia
DIVIDENDS DECLARED
United Dru Co., quarter! of $1 on com
mon. payable July 1 to btock of record June
hemlnston Typewriter Co. quarterly of
14 per cent on first preferred. 14 on first
? referred series 8. and 12 on second pre
erred, all pnyablo July 1 to stock of record
"llaskell tt Dnrker Car Co.. quarterly of tl.
payable JUiy I to biock ni rrtora June id.
im.rlnn Telearah and Cable Co.. ouar
rtv nr k
slocK of record May
per cent, payable June 1
zv.
Liverpool Cotton
Liverpool May 17. There w.ib a fair
demand for spot cotton today, with
prices steady on tho basis of an ad
vance of 20 points for middling at
26. COd. The sales were 5000 bales. The
receipts wcro 3000 bales, none American.
Futures were firm In the oarly deal
ings Spot prices were: American
middling, fair, 32.10d; good middling.
29.10d; fully miaoung, zi.saa; miaaiuig-.
; low miaaunsTf ..uui kuuu orui-
26.E0d
nary. 20.1 Od
and ordinary. lO.lOd.
Estimator Wanted
Experienced mart on general
building work in general con
tractor's office.
P 918 Ledger Office
&KTIILKIIKM CITY WATDK IIONDsovp
MILLION HKVKV HUNnitKI) TIiOU
SAND nOLMllr) (Sl!7OO;000) U
PrytMal ' be received until 8:00 I. M.
KMJar. May 31, 1030. for alt or any tiart
t the ill? of One Ml linn Beven Hundred
Thou;nd Dollars (1,700.0(IO) of bonds to bo
hiuea by and upon the credit of the City Sf
BtlMehem. Northampton County. Penney!
nla. under and In pursuance of uri Ordl
Mnce of the C ty of ilethlehem oaaseil fTn
Iffls".?1' 1VVLBn? wl,n th approval a'nPd
'u"fon of the electors of the aald city
Jbtilned at an election held the th dav of
ve,mbri:' 1B,D: "Ja Jx""1' to he "lisSJd by
nKJVhn!,m,.0tn, cy ' "ethehem
to be dated as of Aucust 1. 1020. to bear
tXriVrtt" ",e of ,our nd on.-half p.J
nt 4ttl per annum, parable ml.
nnuslly without deduction for any norrnai
'"" r other sovernmenlal assessments or
t?.V"fK; U,v SL5iUci! ?,nomlnatlona not less
"n. One Hundred Dollars, (1100) ench a
pay be deemed most advantaaeoua and nnm
trCf corny payable In twenty.tlvo (25) an.
, Tn'tiWf cru Hixtv-efirhl Thousand
JK.."WVH each eonimenclna- on the
fdsy of February. 1021, the proceeds of
Hi'S.ilhJ" tor. ,he. PurcnMs'of ihJ
'."if iv.0,. ,?nA Property of tho llethloheni
a?i'Ir?.l&,injf' un1 authority of a
.'f!fl-clJ.f PuWlc comenlence Issu.d'hv .i.
1U1C DerVICfl L'Omm .. nn nf T- .V V"'
ESS3fef5sS
WJ.UJM ;?hfk wyable t"oCC?n7,,ya b?
7h J'Ulff- "bfor. Th.n'boS "
UMitei"l,.roon at'r AuBusri liv-o
II kids li rVser'vej "'ht ,0 "Ject "n '
nirklrif.'.hi1l b1"!"'" Thomas Oaney. Cltv
' Utthl))em, Pennsylvania. ' y
""INNV AltkENAI.. Dover. N. J.-Pro-hMMIouM1'
afVh.1;'" n"'alt.,r.tlorr
talVocl"atph,MArj"nra,,wll.lSj received
UiidlS.r OmJ;Papne ,! lK0- Apply
- Sneelal Mtiin,.
I'tr'TO KTnriiiiini.n ....
WxrMis wgs&.
' duly idoTS5hlh?i' r.urau.nt o raaolu
I'Mtltl m.iint ft "rti of Directors.
I) !' li.lMnTh nS' i. '! . Prm-rlpaf onicVs' on
'!, PWladelphiV pi '"SV1"1 .THJeJ',un'
r. 1M0, at "'.an b r""? nth. d '
JKh,feAc?ndPih.MrV.llur.ctn. UW".
J 'Will ineitlnJ1 thfSn?rfMSn "(Jopled at
ift "I March Tn iler,0.f ''fid " tha 1at
Hi4tli i fa !tnn'0.ll'..wh'.rb' It vSi prS.
:?". ch (amountfni to ti-nSnK """"! (
Si " cspltal !aUC ii "20,000 par value)
(hi X', hre of h. ..ml L'10 ""I"1 nura
' do nv " ..l Ine same nar v.in n,
preferred
me num.
,:-. wmr of all art. i7..i.,r,r vaiu. and
"J Moper to iceoni5ll.Ca., hLn ""'essary
..mp""h ,u'h reconvers on.
AuucnT a. KDWAUUH.
5Sir"WK ,' NATIONAL HANK
" lrd,nc.,yW,1'3"l?' M,. issa
Sa?. m?l0?'l5f riuiion ot th.
liVS'" meetinr nf .CI :'...5"Vy "
i a
rM. ,h Bans An ii?,lae"!a''"r' w ' be
Jl'.po. lo vote fjf. ". no" on Jans
! i.i" esMl.l .f.'.?r "."I the Incrii.I
Steel
am ,
, ..fzCTstsssJ?.
i'u ii ii . " aiiiuii in urnif - ' mut mn
.ejjgjig5j&
W
a m.
iWSn
eVlRSSiflfeBB.L:
' TsiPR'BrsS'Sa
li
c . .s- " "" ..
sri,i' :r ) i
iygl gS 1:33
vA
j. ik
alWriiH'JL'JIK I HT
is a manufactured product that enters
into nearly all phases of commerce
and industry. Its use is so general that'
it becomes the first essential product
to be considered in manufacturing
many articles.
Many industries are entirely depen
dent upon steel used as raw material,
and the unprecedented growth of the
automobile industry has insured a
large and growing consumer.
The rolling stock of railroads, the rails
themselves, the modern cargo carriers
that convey commodities of all kinds
across the ocean, are all made possible
by the development of the manufac
ture of iron ore into the finished prod
uct which we know as steel today.
During the seven years prior to the
war, the Net Earnings of the United
Slates Steel Corp. averaged 9.3 per
annum upon its Common Stock, indi
eating the ability for the industry to
provide
When King Solomon set the Iron
Worker on his throne for playing the
most important part in the building of
his Temple, he passed a judgment that
Time has verified. That the growth
of nations and of steel are propor
tional, is exemplified by the produc
tion of this commodity in the United
States, the most resourceful and pro
gressive country in the world.
In 1890, there was produced in the
United States:
1,885,307 tons of iron and steel rails,
809,981 tons of plates and sheets,
457,099 tons of wire rods, 2,870,488
tons of other finished products,
making a total output of 6,022,875
gross tons.
In 1918, this production was increased
to: 2,540,892 tons of iron and steel
rails, 8,799,135 tons of plates and
sheets, 2,562,390 tons of wire rods,
2,849,969 tons of structural steel, 14,
403,368 tons of other finished prod
ucts, making a total output of 31 ,155,
754 gross tons.
Schooner
1BBO
Philadelphia.
Freighter
19SO
FOR more than a century this
bank has been engaged in
spreading the products of
' Philadelphia and Pennsyl
vania to all parts of the world
and in bringing back materials
for domestic use,
THIS bank has long associated itself with merchant,
manufacturer and shipper, studied their specific
requirements, become familiar with- their various
problems and developed its organization along
lines which would protect their interests, expedite
their banking transactions and promote steady
and healthy expansion.
THE
PHILADELPHIA
NATIONAL
BANK
42-1 CHESTlJUXSTREr
Safe
Profitable
Investment
Detailed information regarding any company In which
you may be Interested will be gladly mailed upon request.
razter&G.
Broad and Sanson. Streets
Philadelphia, Pa.
65 Broadway
New York, N. V.
Pittsburgh, Pa.
Wilkes. Barro, Ta.
10 South Street
Baltimore, Md.
Washington, D. C.
Lebanon, Pa,
Safeguarding the Investor
Number Three of a Series
Safeguarding the principal and income of his clients is but one of the important
duties of the Investment Banker. His aid in selecting investments suitable for
individual requirements is another extremely valuable service.
In these days of high taxes, both State and Federal, with constantly changing
tax laws, the amount and source of your income arc important considerations
in the selection of your investments.
In many instances it is advisable to invest a portion of the income in non-taxable
securities. Then, at times, it is preferable to invest at a higher yield in taxable
securities and still show increased income even after paying the taxes. This is a
technical problem that can best be solved by a frank discussion between the in
vestor and his banker.
There is also the question of marketability. The Investment Banker may feci that
lie should advise. a client who, because of the nature of his business may re
quire large sums unexpectedly, to invest in securities which have a ready market.
Where this is not of importance, an investor may obtain other advantages which
more than offset those of an active aud ready market.
Again there is the question of maturity. The investor may desire the return of his
principal at a given time. The Investment Banker is usually able to suggest an
offering which will meet this requirement.
If you will confer frankly and fully with your Investment Banker a very effective
service can be secured. y
Hambleton & Company
Baltimore
Ettablithtd 1865
43 Exchange Place, New York
Washington
Philadelphia
y
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"i.vjo t0
80o.6b. ' ,u" lu,,k 'rom
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