VM"
."MA
ir r,'.r;u;n ;".,.. to ' m. ' s,w v?r"VfiAt 'i t.r-M.'"'.ic,..'.vr " v,
m
1 aw 1
H'
4 ' "' '" - ' ,"" " ' ! I HI III! ,
va-Si- - . .
' PZI"""-
. .4 1- -i. Pn,
Which we tno dc i -
Native Invclmcnt and
Profit . . j
- Now 7 R. " 5on28,
old Wo n. R. loads'
ComPrtIv .tudy ent on rcque.t
MARTIN & CO.
1411 WALNUT ST.
PHILADELPHIA
ConjP" l
ipiU.MAYBEmr
R7AWALNUT .
MINOBB!
- .. i a v.i.rnTnin CO,
UTANUAHi' "'..-. "" r-rtii
fit
Convertible.
)?" ,. KinLlnr Fund Oolil nomls
....... . ih. srovliloni of the Collar
' EVfiftl PtfBld: LEDGEEPmE3OT5LPHIA FRIDAY ,1 JUNE j 1920
" ' ' , , i . - ... i , ,,
i
?&
SrifeftM
""V" .i rin December 1. 1P20, the un
Hondt. maturlnr ,!, notleV that It now
nlW4 hfP ium of evntyfour thou
1,ii on hnd the aum u. dollars anu
iiiM two hundred ana iwrivr. .
br
lectrle
MM tw in:3 0"BV In the 81nkln Fund
" A' Mil fruit As-reement. and that
rrovldl pv. !i ""i-Crj m sum. undr
1 " "MftX of .aid If Sat Agreement, to
tni rrovtl"' of aw iru g,er 0, Mla
tht pu'n,' P,' i "Li i price not to excess
Hindi are Int '?',' ,tt J"m, per cent
rir. .accrued lntMt ",,,",, dressed
.?J.,?iM,l!..,.r.-?UT OMPANT, Trus-
rBwu- vv-yonn c. WALLAUU
.lune 4. IO20.
tee. " -"- Treasurer.
rMladelrhla
"rrr "Vmivr-V 1'linMO HERVICE
r,lr! .mninv ilrit" MortwiiMi Thirty xears
U OTnie Fund "Old Uonda. Due June
n.u.nt lo the- ?rm. o ! .rREJ
(HIM June 1. J- n"L"d, T for aalo nnd
n a r a nrirn iiul
il 'flv per cent of
MJ'rVliV
ireVt'e"' of 'ISS2B.M. tho um now
Underlying Bonds o
Important Railroads
In. the opinion of many
experienced bankers,
investors should con
sider with care the ad
vantages of buying
now the underlying
bonds of the great rail
toad 'systems. It is
generally considered
that these bonds arc
second only to munici
pals with respect to
safety.
Write for our recommendations
Hemphill, Noyes & Co.
Uembtrs New York Bteek Etchanaf
Franklin Bk. Bldg., Philadelphia
Scranton
New York Bonds
tBALEfi m tinnoi
rrora Openlnr Until 2 p.m. tN. V. Time)
A noeky Ml 4al
1 6Vi
Amer'n Ar A
Chem Bit
2 83 4
Amr Smelt'c
& n Aa
1..'... 78
1 TB
1 77ti
1 77'i
1 77!,
2 77U
A TM i Tl Ba
1 7(IU
10 7RH
B 7(llj
7 'id',
A Tel & Tel n.
03 i
SS'i
08 4
P3H
1)3 S
3 7A
1. ... 7S
Penna Fl It B.
n nHi
3 n
S A3
n 3
to szn
Penna II K 7a
n.
1....
1....
1....
2....
1....
1 .... .
Amer tVrllln
Paper 7a
1 78
AnK-French Ba
New York
Boston
of
to III.. "".. v. .- -- ,, ,-J
nalKM.e in " "!.- --JL. nllmv,.r.
,hrrfJd'h addrej-ed
SVk'lu Fund" V, Br CouMy Publlr -fl.rvlc.
' . "2:ii- n:""i.'n i. 11120.
Wett Chester, T .
mvr.i.TON COAI. AND coke compan
' rivi I'FR TEST FIRST MORTOAOK
Sou. II0MSV Dl'l" 4UI.Y 1. 150
SINKINO FUND NOTICR
5 o Vlen (1 ffn...ld'boKndH 0, iiono ejeh.
Sra.n for idmrllon by th Plnklne Fund
n, and arcruM Intcre.t of July 1.
wV-n ill int-renl! thereon will re..
Th aboa bond will b paid on atid after
nlt dale upon rreenttlo with 'foupoiM
lhn du and nil unmatured fpuponii at
Srhed at th- oflloe of FIDEMTY TUUST
mMPANT 3?B Chestnut Htreet. Phlladel.
rhl In which trust company th money
hi hen deposited for said redemption.
riDEUTV TTtllST COMPANY. TraatM.
Wm. P. Qeat. Prcaldent.
ThlUdelphli ly I", 1P20.
tii Till" llllinllK (II' TIIF. FIRST MOBT.
nvoK nrrr.KN-YE.R five per cent
SImIiMI FIND OOI.I) 1IONDS OF THE
rOUIMAL COLLIERY COMPANY.
Xatlfe la hcrebv nlven by The Colonial
Truit Company. Truatee under Mortnase of
the Colonial Colllerv Company to The
Colonial TruM Company. Truatee, dated
Janiiary lat, tin. that, purauant to the pro
ilihna of eaM nioitcace, they will recelvw
until June 10th. ll20. tendera In wrltlnar t
the ofllce of The Colonial Truat Conipany.
aituate t No 317 Fourth Re.. In the city
(if HtKburKh and atate of Pennaylvanla, of
bond, for purchns" and retirement out of the
mone" of the sinking Fund, wliteh now
amount" to JI9 430 Ki. The rlitht Ih re
armed lo roJrt jn- and all tendera In whole
ir in pirt No tendrrs will be received ufttr
th 0th iliv of Juno. 11120.
TUG COLONIAL TRUSr CO.MPANT.
Trustee,
rittabursh. Pa.
Cities Service Co.
Preferred
Stock
Dividend Earned
4 Times Over
9 Return
pit Investment
Monthly
Dividends
Circular P
on Request
Henry L. Doherty
& Company
604 Morris Bldg.
Philadelphia, Pa.
Phone LOCUST 1410
68
PSi
08!
P9
no
00
00
08?i
08'A
00
08 H
00
00
00
00
00
00
00
00
Armour 4 lb a
1 70
2.... 70'
A T A 8 F 4
72 H
10.
70..
1..
0..
28..
11..
10..
4..
n..
3..
25..
1..
10.,
B.,
.11.,
SB..
.,
37.,
7.,
fOCAHONTAS CONSOLIDATED COL
UERIES COMPANY, INCORPORATED
riftj-Vear rite Per Cent, flold Bond..
Notice la hereby slven, purauant to the
Ktmi of the Mortvace dated July lat. 1007.
tnit th. undersigned, aa Truatee, will re
itlta sealed proposals up to 3.-00 p. m. on
the (th day of June. 1020. for the aala
to It of bonds aa above described, aufflelent
b tia. the aum of 134.104,81. The under
lined reserves the runt to reject any or all
if djrs
THE NEW YORK TRUST COMPANY.
Truatee. Ry n. II. CUUTS. Secretary.
vw viu tiv in io2n
Dlvldenda
I1IF, KI.ECTUILSTOROB IIATTERY
Allegheny Axenue'a'nd 10th Street
Tt , . Philadelphia. June a. 1020.
. Th Director have derlarcd a quarterly
dhld'nd of Tno and one-half dollnrx (SZ.S0)
F,r snare from the npl ngpninM r ft..
t'pmrany on holh Common and Preferred
'Vfrwu. nii.M Jul, 1 IMA ... . ... ..
er record nt tho cloxe nf Iuh neaa'on June
11, IH'.mi I'h.rka will . mailed
WAL'fllR fl lir.Nnr.nHON. Trena.
The Philadelphia Electric Company
I00O CHESTNUT HTREET
,. Philadelphia I'rf May IS. 1020.
The Board of Dlrectorahave thla dav de-.','.'?-?.
1u.Vl.'rl1- J'I1"J of One ii nd three-
Ih.rii ... .u"r !". ,Dn5 iii in conta a
a;v".".v".,ii:",...",vi",.a5clt.i. '"'" .-
Stocks and
Bonds
Bought and
Sold
Private Wires to New York
and Pittsburgh
MOORE
LEONARD
& LYNCH
CUSHMAN NEWHALL
MANAOOR
1340 WALNUT STREET
. RITZ CARLTOM MOTCU t
KEWVDRK M.Hn.t PITTItUKlH
111 ntnotK frick
BROAD ..NEWYOKK. BUIUJInu, .
HILADCLPHIA
CPTTTIBURCH
tTOCK DCCHANOCJ
rny pajable June IB. 1020. to stockholdera
:i II'.MI H C LUCAa, Trea.
err.cord May :
Tm.X . ,hKT!N,,u 0I T,,K HOARD OP
Tin. .'."j ,f . ,h.? C'nntlnentiil.Eyultnhle
Till and Tniht Compiin,. held Juno n.
";0. a ouarterh dividend of 2V4i ($1.2.',
laVr ' ."V, l."lra.l. rasabli .lime 2.1.
U.o. Check. tn b. mailed
JOHN- y LOUOHNnT. Treaaurer.
Sneilal Meellnta
Gr a si-EiiAi. mi:etin(i of the
,1 nkholdei nf 1I10 IVderal Market
m !" v") '"i '"i''1."' ''''"''wv'Jl!
It- n tS- ,' l,'ral '. on M"loy .Line 8.
.He"r .nnorf.'rJ s,T"Hl ''ualne.s nnd to con
ri .?,h ? ,0.r1 ,h "1' uf ,ne entire prop,
"i .nd to authorize the .ale if ih. ti.
aeeniii boai - ..
RUBLRT K. linNDnnsflN,
uvnriTM MarunN"Kvdn,
Jei'retjrv
c.fn nm
W.VJfPY.TSSvJSU.'S.ax,.
llll,HU'V linv-ttc ..i ...".;"'.
.....-I if,' IU413
'
To
1'
iu
K
I m
1" frei of nil r.nS.fuW. ".1 Dmber
r".M,An A?i"srK """ ra
W0n etrh of He,I.L l''Jner '"' '"-1.
wrv W v:.': ft8S0,00i. ?clu,r.:
Merlon Tl le and Tr,iB , Tlnclpal by
mere Va a Tru,t Company of Ard-
'lied .hecVfor fVniin,'omSnl"1 hv "r
'ymer Merlon u0 ,0 or5'r of Tonn.hlp
llll'aii'pM""11 Tuesday. Jane 22.
Ornri- ' C-V?n.S"W,Se,.rotarv.
n. m. .1,, I .?. "?.' .' "t above addre.. .,
i'opuaal blankJ in nil"1 ,ri,rk "mpll5
w:hadiVo.,".vrtp1r;.T1;ar1r.ri:'for'"''n
The Time to Buy
Larco profltB ara eurclv In More
for those who purchaao norms at tna
prevailing low level.
We offer
First Mortgage Bonds.
(hat have stood the test of time.
These lasuca which heforn the war
told at from 95 to 10S may now be
iniP'Jiiioed at from 0 to 80.
Returning From 6 to 9
EDWARD V. KANE & CO.
Morris Building
iJ!rn and inoin.,..,..
-...-- o,n annllr.,!.-
,,.
WV- OR thkT-S., :--.
. ti "ih,v,Rarr," .r.vw. nd sv;;", nv vx
Ifflas'Mrofl PMV,A',.C.IruM,9n:
', U..V.'t.!ih,n 0MI". for con.tnJJ:
7lCK
;r
p
i nil"! srati-inAal.
-rlT
' 1 W&AMfo&
l0 liSfeSS?
ilHKajrVf '- '- ,& .v, hu :
Every Man
With a$500
Should Know
The General Rules of
Trading.
How to Give a Broker
Instructions.
Brokers' Commisblon
Charges.
How to Indorse a Stock
Certificate.
How to Use Collateral
in Trading.
How to Group Invest
ments. The Deposit Requirements
for Carrying Stocks on
Account.
The Rights of Stock and
Bond Holders, etc.
Our free booklet "The
Investors and Traders
Guide" explains these
clearly. Edition limited.
Call, phone or write at
once.
Ask for No. T.U.-903
JONES & BAKER
Specialists in New York
Curt Market Securities
Widener Bldg., Philadelphia
Phones Bell, Locust 4730
Keystone, Race 2290
Offices In 9 Principal Cities
Direct Private Wires
l..
10..
IB..
10..
3..
0..
8..
7211
72 b
72
72V,
72'j
ATl8Kll
1 ASH
4 05 'i
6 0B4
Atlantic Coaat
Line clt
3 03ti,
Atlantic Coast
Ii rcta 7b
1 07U
1 07U
1 07 U
10 07a
1 07U
4 0711
Halt & Ohio ov
3...... BP'.j
7 BOW
1 00
1..'... Mlii
0.. .. BOtj
n & Ohio 3'ja
3 KO
nalt fc Ohio 4a
2 00
7 0k
Halt & Ohio Bi
1 02'
Rail . Ohio 0a
2 801,
10 SO
10 8S:
2 80
IHO8W11
Rly 34a
10 00
B Steel Sa '30
2 .... 70 V,
8 SO
Rush Xldic S.
8 7
Beth Hteel fd
1 80.
2 80
B U'n das lat
2 oo;
Cal O t E (Is
3 81 1
Cent of Ga 0s
3 88
Cent Leat'r Ba
1 00
Cent' I Pae 1st
1 08"
Chea tOl'ii
1 71 H
2 .. . 72
C & O cv t'ja
1 . .. 03'i
C'k fc O cv 3a
1 ... 74
4 ... T4
fi . .71
4 ... 73'a
2 . 71
Chlcn.o R'n 4
Qulncy 4
in 0'
2 0411
B .... 04Si
S . . 04,
It . .. HI'.
0 . . 0',
Chicago & O't
Weat'n 4 a
1. ... B
ChlcaBO Jill i.
St 1 4b
3 . . . . 02
ChlCHKO Jill &
Stl' m 4a
B .f , B3
Col A H'n 4'4
1 71Vi
Colum'a & 0th
Ate B.
B.. .. 21
Cona'd Oaa 7a
8 .... PB'i
1. .. P0V4
Cuban C S cv
2 .... 07S
8. ... P7U
2 . 07ii
Den fc n C fil
1 47
10 47H
4 47",
3. ... 47.
1... 48
3. . . 4B
2.. .. 48
Den UOII
1 . . . 02
D A n cm m
04 14
DlstlU'a Secur
Corp 0a
1 88
D Can Ba '21
7... . 07
B 07V
6 07
D of Can '31
B 88U
Erie R n cv A
4 3t
1 34
Erie R R 4
1 494
Gen'l Eleo Os
1 07
1 07
uen 1 Elec 7.
1 07
Hue & Tea C
R It lat
9 .... 04
Hud & Man fd
1 B7H
S B7ii
2 B7U
Hud fc Man In
1 10
1 10
20 10
7.. .. 19H
III Cent 4a 'as
03
III Ccnt'l BHs
I 8B
B . . S
3.. .. 8B
1 8BU
III C Chi St L
tNojtn
1 74
III Steel 44.
4 .. . 75H
Imp Jap O 2d
20.... 74 U
0 74H
3 74S
1 . .. 74
Imp Jap U 4a
7 B0i
2 no.
3 BO',
1. ... BOS
I BO'i
R S7
Ind'a Hteel Ba,
1 8BU
1. ... 81
2. . . . 81
B . .. 83lj
In'o IUP T fd
1 4
20 .... 884
20. . M',
JO B3 V.
10.... r,3'i
Kan C t R (li
1.. . B2i
Kan C & H Ba
1 ... t.J',4
Klnva County
Elevated -4 a
1 324
Lnck Hteel '23
I .... 03',
L 11 . W 1st
3 .... 74
Lehigh Vy fls
1 1)3
L fc Myera 7a
B.... I02H
Ing Isl R, fd
B 024
Lorlllard C 7a
17 ... 101 4
I .. 101
Louie & N 4
1.. . 7Bi
II . . 70
I . . 70
Lou J S iHl
1. ..07
L & N rcta 7a
RFninniiMT ratf
BEING CRITICIZED
102
101 '4
ioi
102
101 '4
ioi n
101
ioi;
101 'a
10l4
iom
101'i
10li.
101 '4
1014
1014
1014
1014
1014
1014
101",
1014
1014
101 14
1014
1014
101 t
10ta,
101 4
Rendlnc 11 4b
70
Republic. Of C
Ba of '04
4 . .. 00,
Rio O fc W 4a
2. . BO
2 . BO
Rock Isl A fc
I. 4'ta
10 . 024
Bt I. I M fc a
Rly ii
1 00 4
St L fc P 1' uj
1 ... 02
1 01
St I. 4 fl F In
4.
1....
1....
3....
3....
3....
1....
1....
4....
3....
10....
1....
2, . .
2..I.
7....
3....
IB....
0. ...
2.. .
2 .
10 .
3.
1
Adjournmont of Congroaa Will
Tond to Clarify General
Situation
X
1
i
10
1
1
7
1
10.
1
484
14
48',
Ula
48
7'i
18
18
47 4
Sib i H Kiuii
Serlea A
:.;
B4'i
M',
Bl,
.14 4
.14 ,
Bl
Mi,
nt-
00',
00
00 '4
00
00 '4
00 '4
on 4
03'i
oo '4
100
00 'i
Chlmsu XIII t
St r cv 44a
B .. . 117
2 . 07
Chicago Mil fc
StPfd 4 4a
4 . . . B8
1.. . B8
Clllcaeo Mil 4
St P cv Ba
1 00
B . . . 05 ',
Chicago Rock
I Pac fd
3 . . 084
1 B3H
2 . .-. , OS',
2 .... 03 r,
.1... . 03'4
Chicago Rock
I fc P 4a
1 .... 00
Clucueo Union
Hta 44
2 70
Chicago Union
Ma ct 04a
,1. . 1004
4 . . 1004
Chicago fc W
Ind'a 4a
1 Bl'j
1 04
Chile Cop'r 6a
0 . . . 7R
IB .... 7 111
1 .. 74'4
Chile Cop'r 7
1 08'
Chinese Uov't
H-K Rlya Ba
1 414
B .. UH
1 ll
City Ljon.i 0a
3 . 8Bt.
City Mara'B 0s
0.. 804
City NT4v-j 27
2 . . OBN
City N T 44a
May '27
1 014
City N T 4 4
Nov '37
0 014
City 1'arla is
1 .. . 0t
1 014
1 . 01 S
City Toklo Be
2 B4
Manh'n E'd 4
10 83
Mid S fc O fis
1 . . 78'
M 8 Tel Co Bs
I ... S2,
Mo Pac Bin 4 a
1 B.V,
1 .... B3t,
1 . .. .13 'i
1.. . Ml,
Mo I'ao Ba ".'3
B ... 81
Mo Pac .la '0.1
1. .. 78
Mont Cent 0
1 HO'.
N Tube Co Ba
S3
New (1 Tex fc
Mexico 4a
3 111
New O Tex 4
Mexico Ba
1 . 4
B..
4.
1.
i'.!
i..
2,1 .
1 .
10..
20..
Stl. 4 fl Krn
Herlee D
f. .. 004
"8... . 084
StL fc S fian
Serlea C
4 834
S 83't
B .. . 834
B.. 83',
St I. fc South
Weal'n 1st
1 01
1 . . 614
Bt L fc South
Weat'n Ba
1 B24
0 024
Seab'd A L a)
1 33
4.. .. 33
M Hell Tel Ba
1 804
1 704
S'n Pacific fd
B 004
B'n 1'aclflc 4
2 004
B'n Pao cv 4.
B 7.1
2 . . .. 7B4
1 . . 7B4
10 .. . 74
2.1. .. 7B
3 . .. 744
S'n Pac cv Bb
1 .... 00
3 00
1... . 00',
3.. . 004
7.. .. 00
S Hallways 4a
1.. .. BS4
0 BB4
I... . .1B4
S Ral!was Bs
I.. HI
Third Ave a)
244
Union Pao rv
1. ... 80
Union Pao fd
B 704
Union Par 4a
1 .. 77",
Union Tao Oa
1. . '!
UKOB1 '2.
1 .... 04
14... . 04
fl. .. HIS
1.... 04 t I
B- . 01N
I) K (I B 1 I
rcta '29
7... . 80
I . . 80
IS 80
U K U H I '37
B S
I M
I.. 81
2.1 . M
81
IB . Hl
8 814
U S Mexico Bi
Ilcferrlne to the- nr-tlnn nf the Phll.
delphln Federal Reserve rtonk not to
lncrcai its rediscount rotM, principally
on account of the Iriral limit of B
per cent In thla state, a uniiker re
marked tliat tho Mmo Inw In In force in
New York, where the Federal Reserve
IJank of (hat. district took the lead in
ralalnt; the rates to 0t nnd 7 per rent.
He said he wondered If the local re
serve offlclnlB had ratight the New York
Reserve Board impplnj;. lie r,nld In his
opinion It will force business men In
the New York Federal Reaerve district
to go Into the open market nnd secure
what money they mny need at usurious
rates.
The action of the New York Reserve
Bank, lie snld. will have the effect of
suspending one of the ohieets of the
Federal Reserve act. as the rediscount
clause was framed to rIvc facilities to
member banks when the demand for
money was beyond the capacity of their
own resources. They could use their
bills receivable ns collnternl nnd get ad
ditional money to supply the demand.
They mnde a profit through redlscount
inR nt a lower rate thou they charged
to their customers.
It can be seen, lie said, that if n New
York member bank send Its collnternl
to the Federal Reserve for rediscount. It
can lend the money so obtained nt the
legal rate or 0 per cent only, while It
pajs the Federal Heservo nauk 7 per
cent under the new ruling. It It uot
the spirit of the reserve net, he snid,
for the central bnnk to make money In
this war from Its members, nor is It to
be expected tnnt tno inemner tmnks win
be agreeable to any such trausnotlonH.
Tho only object to be gained, lie said,
is that merchants will be tumble to get
the funds necessary to carry on their
business. Of course, the open market
with the usurious Interest rntes are open
to them, but, ns the merchant will be
obliged to add the additional rate pnld
to the cost of his merchnndlee. It does
not argue for au early reduction in the
cost of living.
Il was reported yesterday that of
the SM.OOO.OOO Union Fnclllc equipment
bonds offered on Wednesday by Kuhn.
Iieb & Co.. and which were lnrgolj
oversubscribed one hour nftcr the offer
ing, allotments will hardly exceed 10
per cent. The Commercial Trust Co.,
of this city, is trustee for the new equip
ment, which consist of 100 locomotives,
two steel dining enrs. forty steel chair
cars, twenty-five- steel baggage cart..
11)00 steel gondola cars and forty-five
caboose cars.
There are two Important events, said
a downtown broker e.stcrday, whicli
tire likely to have a strong Influence on
the stock market in the near future. One
la the importation of gold, and nbout
this there arc rumors placing the amount
to be imported from 520.000.000 to
$200,000,000. The other Is the action
of Congress on the question of adjourn
ment. If onlv n recess Is taken the soldiers'
bonus bill it likely to bn token up ngnin.
but if it is n real adjournment that mil
W not nt nil Ilkelv to be reconsidered.
Severnl important stock dividends, he
said, are being held back on assurances
that t he hill will not ger our. ni tne
Senate committee.
At the time he made thit veinnrk It
was uncertain that Cflngrct would ad
journ. Of course, he ndded. the result
nf the Republican convention will nlo
have a strong influence on the slock
mnrkrt.
The Brier Hill Steel To. and the
Youngstown Sheet and Tube Co. were
said to be among the companies con
templating stock dividends, but had re
considered in view of the uncertainty
over the bonus bill. A banker, ivhen
speaking of this, said that it is not gen
erally known, lie believed, outside
financial circles, that the latest draft of
that bill provides for a tax of 10 per
cent on stock dividends.
"The Corn Mxchange," the monthly
publication of the Corn F.xchange Na
tional IJank of Philadelphia, says of the
railroad situation:
We believe (hst the railroad situation
has reached, the point where r final
showdown can no longer be postponed.
We believe that the piibllc has become
alive to the fact that, an average raise
In railroad rales of 40 per cent, com
pared with nn Inereas-e of 100 per cent
In other lines, means Inadequate service
aside from the fact that It Is not a square
deal to the railroads. We believe that
any fair man recognizes that thin Is not
nn It- nnliut Villi that It. Is noor business
and that It has reacted with disastrous
effect on the whole business of the coun
try. We believe thnt railroad regulation
for yearH has been formulated too much
with a view of satisfying a public that
demanded low rates so long as the Indi
vidual did not feel the consequences. In
the matter of rnllroad regulation we arc
going through precisely the same process
as we did in respect to the public atti
tude on great Industrial combinations,
and the situation In each case, unfortu
nately, has been aggravated, by n dema
gogic appeal to the sentiment of a public
that does not properly appreciate the
consequences involved. Wo go along
throwing a brick at everything that
Hnrea tn mrate In lealtimatc enterprise
on a big scale, only to wind up with the
consclouf'ness thnt brick throwing, nnd
business busting Is n boomerang.
Tn Europe railroad rates since tne
outbreak of the war have, increased as
follows: .
hot-
100H-
100"-.
75"-to 1-10
100 to 180
...100 to 200
r.0'o
40
LIFEGUARDS WbiTT STRIKE
Union of Three Refuaea to Become
A. F. of L. Teat Case
Atlantic Clly, .Tune 4. Beach offi
cials jestcrdoy said organized labor's
designs upon the control of the' clly
corpt of beach guards had been frus
trated when members of the force, who
also are members of a lifeguards'
union organized under a charter from
the American Federation of Labor, re
fused to obey "nalkout" orders.
The order for the WBlkout, which
would have affected three "union
n.embert nmong the fifteen guards uow
fm duty, Is said to have come from
Frank lnrrlann. secretary of tlip Amer
ican Federation, In Washington, through
IicwIb Hermann, an ageul for the or
ganised trades in the city. Hermann Is
said to have been deputlssed to guarantee
the support or every labor nouy in tne
city lo the three "unlonlsfllfe guards
if they would agree to make an Issue of
Hie failure of llio city commissioners to
recognize the existence of a union among
the lifa-navera.
City commissioners shelved one of the
most effective of the picas Hie unionists
had expected to uBe by ptlttiug the force
of life-savers under eight hours nnd
providing for morning nnd laic shlflt
when the bathing increases sufficiently
lo call for them.
3 NEW PASTORS SENT HERE
Eleven Lutherans Ordained One
Goes to 8outh Camden
Wilkes .Barre, Pa.. .Tune 4. (By A.1
P.) The feature of yesterday's session
of the Lutheran Synod of Pennsylvania
was the ordination of eleven .oung men
to the ministry. The ordination Mr
nmn was preached by the Rev. George
Oebert. D. D.. of Tamaqua. The Rev.
II. I). B. Hkiebolt, of I'lillndelphia. reHd
Ihe (Jospel lesson. The young men or
dained were assigned ns follows:
The Rev. Raymond Heckman. Read
ing: the Rev. Carl II. Knrsh. Miners
ville; the Rev. .lohn O. Mohn. Wilkes
Ilstre. the Rev, Henry II. Mover. Ma
jahmundy, India : the Rev. Kenneth Ot
ten. Jr.. Church of the Incarnation.
Philadelphia; the Rev. Bela Hhetlack.
Zlon Church, Olney, Philadelphia: the
Rev. Corson C. Snyder, Resiling; tho
Rev. Samuel K. Klstler. South Cam
den, N. .1.: the Rev. John N. Rellau.
Northampton; the Rev. Paul Chrn
pitikn, Kinoshn nnd Cudahy, Wis., nnd
the Rev. Carl II. Creeling, graduate fel
low. Theological seminary. Mount Airy.
RECALL PILGRIMS' LANDING
i
Tercentenary Celebration Begun at
Governor Island
New York. June 4. The interna
adequate return to the carriers and vlll , tionnl celebration of the tercentenarv of
France
Belgium ...
Italv. nhniif
Holinml ...
Switzerland
Sweden
Nnrwny . . .
Canada . . .
nnd .'v0 to 40 additional proposed.
In Spain Increases were small, but
Increases of "i0 per cent nre proposed.
We In the United States, with high
wages nnd higher .standard of living,
have gone along with 40 per ccut In
crene. nnd whre have we arrived?
We have reached Ti situation that iff
really chaotic and which threatens the
grent railroad interests of the United
States with insolvency, n condition
which, if It had been faced fairly and
courageously, would never hnvc devel
oped to Its present deplorable state.
We nre rather strong on this subject
bccnuie years ago we went nn record ns
tintii'ipating just such conditions ns hnvc
nrien if the powers thnt be did not
stop pandering to the misinformed nnd
prejudiced on this question.
It l now up to the Interstate Com
merce Commission, and the commission
luis cone on record as being cognizant
nf the situation nnd appreciating the i
necessity for rates which will allow nn
LONG ISLAND'S NET
EARNINGS DROP OFF
President Peters . Emphasizes the
Necessity of Increased Rates
Italplt rotors, president of Hie long
Island nallroad, in a. statement isoued
yesterday announced that the net earn
ings of the road for the first five mouths
of this year showed a decline of $2,000,
000. ns compared with the same period
of 1919s llo described the situation- of
Hie railroad as serious, and urged that
there be an early adjustment of Its pas
centrer and freight rates.
"I cannot emphasize loo strongly. '
said Mr. Pefers. "wltnt nn extremely
dnntferous situation It really Is vtlilch
confrontn us. It ds a fact, of course,
that Ihe leong Island nallroad makes
more profits during the summer months
than In the winter months, but since it
artually showed n lots In 1919. how can
we hope lo overcome n handicap of
$2.ono.nOQ at the close of tho first five
months of 19207
"Much a large derroase In net revenues
for a similar period I do not believe
has ever before been recorded on the
Ixing Island Railroad. Several factors,
entirely beyond our control, have com
bined to brln about this discouraging
result. Hor example our receipts from
Ihe movement of ti'onna mid war freight.
between Janiiary and May last year,1
amounted fo fully 1800,000,
"The cost of maintaining equipment
on the Long IMiitid for the first five
months of 1920 whs greater by over
$5,00.000 than for the samo period ln.it
year. Likewise, transportation expenses
on the Long Island, between January
and June 1 of- this vear. have Increased
over $7no,noo, compared with tho corre-
npoiiuing period or ii. un top or an
this the Lmig Islnnd, along with Other
roads, har nffercd curtailment of reve
line an the result of the recent strike of
railroad employes.
' Strangely, though, Iu spite of the
&
steady decrease In our nerevemie,?!
New TorK state Lgetsiature na
)me6fd a measure, known as the I
T'elle hill, which was hacked bv ceffr
Interests In Queensboro. which, In if
effect, not only alms to destroy jtl
tiresent rate structure of the J0i
island Railroad, but at the samo ttajte.
will further reduce us earning capacrJf.,.
"Naturally the application or sue
law would rurtner cripple tne ereau;
the railroad and reduce its ewji
capacity to a pqlnt where good
would tie Impossible and Imnrove
would nton. Therefore. It Wilt bftjl
."... ....I-.. :..- . i , .'.a
limy, which inn inanascmcnj. "t ;,(,.
..M..n.t mh .m ... nil t? tnw T1t '.UK .1 1.
contest tho constitutionality df. itlh'rJ
- JBBr tVA
, w:.
v
Lower
Price
for oommedltle wilt prmtt
large sum of money to be
Invested In various channel,
heretofore tied up In worklnr
capital due to high price.
Well-secured Bond of un
questioned security ara sell
ing at extremely low level
and present an unusual op
portunity to investors at the)
present Urns,
Baker, Ayling & Your
3. W. RVTAIN. Jr., Manager
Land Title Bldg.
Boston
Philadelphia
. i.KIIAI, ADVKRTiailMKNTS
fCKPIWTATK OF CLARA V. hTONB,
ileensed Letters teatamentary upon
the estate of Clafa V. Btone deceased hav-
lti hem granted to Kldellty Trust Com- !
pant all persona Indebted to the aald eatate
are repeated 10 nia.se payment ann tnose
havlni; clalma against the .Am to present
them, wlthtout delay, at the nfflre of the
raid conipany, 823-331 Chestnut at.. Phila
delphia. WM. P. OBBT.
President.
endeavor nt promptly nt possible to ' the first American legislative assembly
1. With due """ l"' luiiums, u uv iiMiiiu i miiriw
reach n determination whici
regard to substantial justice for nil, will
ameliorate the existing transportation
difficulties. You cannot expect some
thing for nothing, nnd it Is quite time
to recognize thnt fact In dealing with
the railroad situation nnd with nny
other situation in which the progress
and prosperity of tho country nre involved.
wns opened yesterday nt Uovernnrs is
Intnl. headquarters of the Depaitment
of the Fast.
'Many prominent persons atl ended a
f anion party given by the SnKrave
nstltution and allied societies and the
Army Relief Society. Features of the
entertainment included athletic games, a
polo match, exhibition (l.ving by armv
and navy aviators, a drill and n concert
b.v the People's Choral Union of 200
voices. Among the speakers were Mrs.
(Jenrgc A. v uster. widow nf the geuerul
killed in the bnttle nf Little Big Horn,
and Alton B. Parker.
J-2SWKNTATIS OT WILLIS 4. MOR8B, De-
'- ceased letter. Teatamentary upon
till Kstate nf Wlllla J. Morae. deceased hav.
In heen ernnled to Fidelity Trust Company. I
all perrona Indebted to the aald F.stal" are I
requested to mahe payment, and those having I
Halms' HB.llnat the same tn present them,
without delay, at the office of th said Com
pam, No. 320-331 Chestnut street. Phlla
d. Iphlu.
WM. P C1RST '
President
KSp NOTIl'n l llERF.HV MVRX THAT
3 an application will be made to th Oov-en-.or
of th Hint' of Pennsylvania on Men
ilnr. June 31, 1020. by flenrae W. Llndler.
.Inlm Wright, lintel !(. Mndley nnd Mnrtln :
V. Wright, under the act of asntnhlv of the
Commonwealth of Pennsylvania entitled "An I
act to provide for the Incorporation and reg
nliillon of rertaln corpnrxtlons." approver) i
April 20, 1874. ami the supplements thereto
for the charter of an Intended corporation
tn be called tlermnntnvrn Knitted I'ahrlra
Ctmiinny. the rhiirricter Anil ohleof of hl.h
la to conduct the hunlnese of manufacturing I
and aelllna: knitted fabrics and for thre i
purpoaea to hAve and poiee nnd onjov all 1
the rlghta, benefit and privileges of the aald
act of Aasembly and Us supplements
JOHN OILROT Solicitor. I
-Tfi
GEO. A. HUHN & SONS
STOCKS AD flONDS
Member? ,f the Philadelphia. New
lork and t'hlrago Stock Kirhante
New York t'otlnii 1'iehante
Commls.lon Order Executed In
All the Principal Market ,
UELLKVUK COURT DLDO.
1418 Walnut 81.
NEW TORK Or-KICB
IU llioadwai. New erk
Mt
aa,
Workmen's Compilation tUMJl
Automobile Ituuranc '.-.
At Actual Coit T
LIBERTY MUTUAL INSURANCE
COMPANY ' '
SOSotuhinfttfnJiltrtMt aUadelttaJj
3
WANTED
AM underwrltlnir company tn take the
balance of an right per cent preferred
einck l.aue cnrrjlne h common bonus.
This la In a moving picture concern
which can show erv good results in the
paBt and excellent fuiuro probabilities. .
, Box C 615. Ledger Office
Vir.
FREE HAND TO DRY AGENTS
LIVESTOCK QUOTATIONS
Pittsburgh, Juno 4. 11008 Receipts
30(10 head. lower Heavies, Il4,10if)
117." henvy yorkers. iriitpir.2.1s light urk.
era. tin .lOdTl 4: Pigs. S!2M2.30.
HHKKP AND 1.AMII3 Receipts, 300
head. Steady. Top iumba, $16,00.
CAI.VRH Receipts. 200 head. Steady.
Top, 17.
r$iM5S:ao Rule- Patriot Attorneys Are!
aSirro,iVve,,V:rdv08W.4,i7$H so rul"- A'r" I Not to Approve Warrants I
l.'A,T-T-,nBVVll.R.,1i',,-'l,i?l, -W? i"1! ! Waslilngton. June 4. - enforcement
Hlll.fcP-1-e.llmaledjraitlDi.. .000 head J o prol,hition wnH nln(,. nivr for fC(l.
i:st Ruffalo. N. Y June i cattu: ' ,,,"n' nK0"1" l'.v Instructions sent to all
Receipts. I'M head Stronr I'.iivea . ilUfrlnt ntlnrnevN hv A. .Mitchell
eelpts, ,2000 head One dollar and fifty cents I'nlmer. nttorncv general. Inst nielit.
nisiier: siiiTi' in i : - . . . -..-- -.
IIOCJH Receipts. 1000 head. Steailv to m
lower. Heav.i J13W 1.1,2.1 mixer) ami Torkerx
St.1lnfitr.,."iii. light do. .113 sown so. nlas
112 r,0 13, roughs, II2W 12.2.1. stags :7fin
SHRIMP AND LAMIIS Reielpii.. mini
head. Lambs .10c hlgiier Lanibn. tfi'lH
yearllnga. (inwin.nn. wethers. SHAM Mi,
owes. flOfflO no, niliod sheep IlnnnQ'll
Prices Steady on Paris Bourse
Tarls. June 4. Trices were slcad.v on
the Bourse today. Three per cent
rentes were quoted at 60f; exchange on
Ixmdon. Blf; B per cent loan. 87f 95c
The dollar was quoted at 13f 1c
Hint their approval is not required for
the issuance nf 'varrantx for nffendera
under Hie prohibition enforcement law.
Some iiinfiihion lins nrisen because
ivarriinls chnrging offenset ngniuit the
internal revenue laws must be anurovrd
!) the United States attorney of Ihe l
district before Issuance, but Ihe pro-
hibitlou enforcement act. the aitorncy-l
general said, is not nn interim! rt venue i
lnw and expressly authorizes prohlbi- '
tioti itgents to swear nut warrants for
offenders.
$50,000,000.00 Kingdom of Belgium
Vi Gold Bondsprice 97'i and interest
We solicit orders for the above issue
subject to allotment at the above price.
The bonds yield nearly eight per cent on the
investment and through the drawing of at
least Two Million Dollars of these bonds
annually at 115 r afford an opportunity for
a possible profit of nearly 18',' in principle.
NEWBURGER, HENDERSON & LOEB
Members Nciv York and Philadelphia Stoek Exchanges
1410 Chostnut Street
IN
.IrTl
ifr,.
i
N T C & II P. 1 32,
R It 3Wa u UK in i uo
i. . . 5 of s r on
KYCtlin '-' "
R R 4'4 uni o u nan
1. . . . 72 V unct 4j
N V r H H II 3 2,
R R 6s
1 .. . 88
21 . . 88
N T Cent' I M
Cenfl 3's
1
3 . 23 j
U fi Realty lis
2 . . 7P
1 .. TP'j
3 . 7fi
IV.I's.U S Rub'r S.
1
70'
-O'i
70 1-,
Suel
.13
S V Cht tt St I.
Loula I. t
a. . . 70 1
N V Conect'KI 1
n n 4'.,b u
1 . 70',
N Y Dk Co Is,
l . nil
New V N 11 i
llartt'd As .
1 . 70 I
1 . . OD'.i
N Y Rys ct .is
s . . . 4 ; I
N Y Tel l'jVlr-ii Carolina
1 . . 7I', I hem Co 1st
(1 . 70 10 0'.
N Y V O L II Vu nail a ni
R 4'ia - '"
2 ... 40 ,Va R 4 P n
K"n Pacini- 3' ,1 OS
t
70'j
1 r,s
do i,
HO.
nn
00,
ikii.
pn'v
oo'i
no s
CO' a
$10,000,000 -
Union Pacific Railroad Company
Seven Per Cent Serial Equipment Trust Certificates
XgD,
Dated June 1, 1920. Maturing iu npproximatcly equal annual instalments
on June 1, 1924 to 1935, inclusive
GERMAN SECURITIES
CITY BONDS
MORTGAGR BANK BONDS
SAFEST INVESTMENT IN GERMANY
Descriptive pamphlet and prices 6n application
F. B. WARREN & CO.
708 Denckla Bids., Phila.
I'honc: Walnut .68
New York:
15 Maiden Lane
Cincinnati:
408 Glenn Rldg.
Milwaukee:
912 Majestic Bldg.
Bearer Certificates of $1,000 cacli. with privilege of registration as to principal Warrants for the semi-annual
dividends at the tale of 7Tr per annum, 'payable June 1 and December 1 in New York City.
L!I
Principal and dividends payable at the agency of tlic Trustee in the Cit of New Vork.in gold com of the 1
United States of America, of or equal lo the present standard nt weight and fineness, and without ss
deduction for any tax or taxes (other than Federal income ia.ts) which t lie Union Pacific Rail- IS
road Companv or the Trustee may be required to pay or retain ihcrefiom under any I
present or" future law of the United States of America, or of ,m Mate, County, rs
Muiiicirflii. or olhcr taxing authority therein 1
jj'ii Pacific Is
10. . 70",
North'n States
Power Co B.
1... . 74H
Oregon S L .is
West n Md 1.
1 60
Wi'fcl Shoi Is
lf fl"'i
Weal n U 4'a
1 .. 70
4 TO
I . 82. iW II l niOli ns
Pao a L K .1.1 8 7B'i
1 73',
Pn, R en 4's
8. ... 83
.1 ... 83
Pa R gm I'js
WUaon Co cv
1 . s,-i
.1 . 86 V
2 . '1
2 S3'.
7t"a ,MIiin Co 1st
71 'a I
87'.
Liberty .".'.is ...
Liberty 1st -Is. .,
Liberty 'Jd If-..,
Liberty 1st His.
Liberty Jd 4's.
Liberty .'Id -I'iS.
Liberty Hh 1Vs.
Vie Notes .'l,s..
Vic Notes -VS..
nigh
1)1. ,-o
M. Ill
.".'.TO
R7.I0
sn.r.11
110. Ill
ST.fMl
o.i. no
Dii.riO
V V tllllel
I 1.1
p m
fll.tM
Sll.10
Vi.70
Sil.lltl
sr,.im
1MI.UI
fill.flll
O.VJl!
O.'i.'JO
oi -:o
Mi 10
...-.. 10
Sll.0
S.-.'lll
SO Ml
Mi '.Ml
o,-i 10
or., ii
The Certificates arc to be Issued under an Equipment Tiust Ari cement by the Commercial
Trust Comnanv of Philadelphia, a Trustee. cocring the leac to ihe L'niuii Pacific Railroad Com
pany, at a rental sufficient to pay principal and dividends nf the certificates as they bc crally
mature, of new equipment costing approximately io.uuu.uuu ana inciiiuiny:
25 Locomotives and Tenders, 2-10-2 type
19 Locomotives and Tenders. Mallet type
16 Locomotives and Tenders, Mikado type
10 Locomotives and Tenders, Pacific type
30 Switching Locomotives and Tenders
2 Steel Dining Cars
40 Steel Chair Cars
25 Steel Baggage Cars
2,000 Steel Gondola Cars
45 Caboose Cats
lljilYD)
y
BUTTER, EQQS AND CHEESE
Ivew York. June I -BUTTER flnner Re
ceipt. , O.'IO tubs Creamer' liUher than
extras. 35 , d ft6c . extra 0.' si arc ,Vc
Or.ts (88 to 01 score), .im.il'f paclilii
Btock, current make No 2 40'i'4'41c.
Eliaa steady Receipts 31 ' case..
Si'orae pdeked. extra Orsls l74TI8i.' do.
tl'.tB, 43tMOt,c, freh-athered extra flrsta,
4347'4C. do. first., 42(4 41c tate, Tenn
svlvonla and nearby wilern li'nn.-r htte.
firsts to extra., 47(31 3c Hate ''eniiavlvii U
and nearby hennery, brown, extras. 03J;
do. srthered,Jirown and mixed tolur., nrata
10 extra.. i.l ivc.
ClIBKHK weaK, neceipi"
30,18 boxes.
State, wboje-nillk, fiat., hold, whllf i ann coi.
nrerf. tnecfa a. SDoi do. nvcrCtt" tUll, 21 '
state, whole'inllk flat., e'lrrent nuke,
andVloted. aKltl, SOUtSTOi !
tuo.
Pending the delivery of the equipment, cash equal to the face value ol the certificates is to be E
deposited under the Equipment Trust Agreement to be withdrawn from lime to time as equip-1
mem is delivered, to the extent of two-tliirds of the cost thereof. I
The undersigned will receive subscriptions for the above certificates, subject to allotment, as
follows : r;
Certificates maturing June 1, 1924 at 100
" 1, 1925 " 100
1, 1926
1, 1927
1, 1928
1, 1929
100
100
100
100
Certificates maturing June I, 1930 at 100-V I
" 1. 1931 " 100, I
1, 1932
1, 1933
1, 1934
1, 1935
100J
lOO-V-i
, rtt y nt
JUUJjj"0 I
101
all and accrued dividend payable in New York against delivery of temporary certificates if, when
and as issued and received by us, and subject to approval of the issue by any necessary public
authorities and approval of the proceedings by our counsel.
New YorKS June 2, 1920,
KUHN, LOEB & CO.
$
7
"-' ','- muM.I, jt-Aau.' , -vll. .Hit.-
f
Equal Freedom:
b reedom to Work ae Well as to Stop W'oik
"If the workers have not the right to stop
work, then we are SLAVES," says (Jompers.
"Nobody questions the workers' divine
right to stop work," replies Governor Allen.
"Whal we question is your' divine right tu
ORDER thein to stop."
There in the case in a nutshell. Have some
men the right to stop other men from working'.'
Whal all the world wants is more produc
tion. What a few men want is the power lo slop
production. Like the baby reaching for tho
soap, they won't be happy till they get it. Evi
dently such men don't feel that they arc free if
men who want to go on working are also free.
Wo stand for the "open shop." Let any
man Mop work if he likes, we say, but let him
not stop other men. Let all men join the union
who want to but let them not force any man
to join who doam't want to.
A long ns sonic men have power to stop others
from producing lumber and buildiiig.s, do you think
prices of lumber and buildings will come down?
Wc want to see more production, more lumber and
more buildings ut lesg cost.
Rome duy you'll build. IT you want the work fin
ished on time, see that the lumber comes from LLOYD.
William M. Lloyd Conipany
TUB LUMBlill CENTHK
300 Commercial Trust Building, Philadelphia
ESTABLISHED II ,
OUTIIr,lr UKFIOri CIIAKLOtTB, N. O.
J.
II
H
C3
V',:I M Jhjj .above terUfi.cat.e3 having been aold this aWtseraent arrears ; a roattW Vrojd only, ' Hl!llllllllM
te.. m
i " j
y
,
s It
m
:tM,
.
i 'jfi
.'