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gplNm UBHd LRHliADELPHIA, TUESDAY, JUNE 8, U920
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Canada's greatest manufacturing export trade is
In Pulp and Paper.
Two-thirds of the newsprint used In United
States is imported from Canada or made from
Canadian pulpwood.
For year ended December 31, 1919, the amount
of manufactured newsprint sold to the United
States was'over 650,000 tons, value 543,603,922.
Many United States investors arc now placing funds In
Canadian jiulp and paper securities. Security la tirT.
questioned, income Is high and the prospects of increas-,
ing yaluea rery bright. y ' increas-1
We originally financed ycry many of Canada's largo oulo
and paper corporations so that we are In a position to
adrlso you about investing In them. , B to
If you wlllwrlte to-day, we wUl gladly send you a list of ,
jery desirable offerings. sa l
AGENCYTOF
Royal Securities
CORPORATION
(CANADA) .
LIMITED
16S BROADWAY
NEW YORK
1 Investment Opportunity
of the Age
Railroad Bonds
The situation analysed
and discussed in a special
circular No. 1-L, which
will be sent on request. ,
William W. Cohen & Co.
itembera 0 New l'orfc Btoek Hzehanoa
67 Exchange Place, New York
Tennessee Power Co.
Flrt Mortgage Si, 1982
Portland Rwy. Lt. &
Pow.Co.
1st & Ref. 61
Due 1942
Jtimm.
I BANKERS
321 Chestnut St, Philadelphia
Utmbtrt JJeu, York and rhtladtlmMa
I took Etctanst
READERS' VIEWPOINT
Letters to the Editor on
Current Topics
smb 1 M
- "" ... - . I
The"
Corn Exchange
National Bank
Philadelphia
hegs'to announce to its friends, the opening of its new '
Trust Department
s
acting for both individuals and corporations in all trust
matters including executor and administrator of
estates
July First
w J'
D
i
Hill
Sonatop Johnson and the League
To tht Kdltor 0 the Evening PubUo LeAotn
im. m? yo.ur cVtor,ftl ot J"n 2. en
nii Se?tor t"1 , Johnson's Bta ncrt-
iSSi. ? . nn esPclal error on your part,
rm?.ntn'Vi.t.n1.l,eclBona of 'ensue
?,".". nro lo bo mndo except by unnnl
H "Brcemcnt. The United Stitea will
,in w "ower t0.ve nny Plan which
f-. .no commond ltsclf to-Its Judc
KSwVnn.T.ray t.hat you nro mistaken In
mfldlyf statement Is putting lt
A,I.tJu"l-Bro0 " error by quoting
.JSJ' ParaGraph 10, of tho league
covenant:
nii"1Ji,a1r..c.1!0 """' to the Assembly
Sr. T7' l rlB! to the action nnd
S?Hi".-i ,n" """ell aha II apply to tho
fhit aB5iJS7' 2f ,h." nssembly. provided
tSSiiirr.rt Pn0rT,?de by "" Assembly, If
m?mb n? & '? "Presentatlvea ot tho
memoera or tho league represented on tho
bJr.nCo1fB?h.fMaJorl,r 4'" 'h "
wrj or tho league, exc un ve In each cast
8futVXaYl6T!K!.Ve,i.of ,h9 " in""',
aupwo anaii navo tho aama force aa a
fo"fhrrpsu,,f..on', r m" ohrttnthothpoa,ri?;
In other words. In nnv illanutn m.
garjllng debt of Kranc? To th0P United
States our vote would be excluded and
a unantmouB Voto of. tho other parties
UU ',fyl.n Kran,c,8 'lebt would be hold
valid under the constitution of th
Lcaguo of Nations. Sly correction ot
y1V,r cfr2f ''boy.ond discountenance and
will vlndlcato tho truth nnd logic of
Hcnator Johnson's reasoning. In view of
ho facta of the case, do you Sot think
that you havo hanlly played fair with
the senator? JOH.V H. WHAUTON
Philadelphia, Juno 3. VY,lAmo:s-
The point of tho editorial article In
question wis mat tho United States
would not be at the mercy of tl.oolhc?
members of tho League of Nations and
inai iiir jonnson Knew It. The nrovl.
slons of Article XV of the league cove
nnnt must bo read In connection with
the rest of the document Hy Article
XIII tho members of tho lcaguo agreo to
submit to arbitration any dispute which
cannot bo satisfactorily settled by
diplomacy. That article says that "dis
putes as to the existence of
any fact which If established would
tpr.stltuto r breach of International
obligation are declared to bo
among those wnlcli ar generally sulla
able for submission to arbitration "
Under this provision, the payment of the
debt of Franco and tho United Kingdom
to the United States would havo to bo
refused beforo It could como before tho
council of the league nt nil, and settle
ment of the difficulty by arbitration
'vould have to havo failed Tho first
urso of proccdude would bo for the
irtles to the dlnputo to ngreo on the
lection of arbitrators. Tho covenant
nvldes that tho arbitrators shall he
toctcd by the parties to tho dlsputo
id presumably satisfactory to them,
'in question would como neither beforo
i cuiincll nor tho assembly of the
ii-ngue. unless arbitration were rofiisod
hy ono of tho parties. Artlclo XV.
which Is quoted by Mr. Wharton, deals
with tho procedure In disputes likely to
lead to a rupture which have not been
submitted to arbitration. The Kdltor.)
REOPEN JAPANESE ISSUE
Congress Committee to Probe Situ
ation on Coast
Washington, June S. Investigation
of tho. Japanese immigration Question
will be made on the Pacific coast during
the summer by members of the House
immigration committee. Representa
tive Johnson, of Washington, chairman
of the committee, announced last night
nt least five members of the committee
would conduct tho innuiry which will
I cover all Pacific coast states nud con
iccntrato in California.
The derision was reached nt a con-
' ference between Mr. Johnson nnd
Senator Phclan, Democrat, California.
The latter asked that the committee in
vestigato the situation with n view to
renewing efforts to pass pending legls-
1 Intion which would bar nil Japanese
immigrants from the Pacific coast and
also prohibiting Japanese children born
in this country from acquiring citizen-
' ship.
j Music Commencement Tomorrow
The commencement of the Phlladcl
j phla Musical Academy will be hold at
I Wilhcrsnoon Hall tomorrow evening.
'Israel iohnln receives a nlano certifi
cate and diplomas ure awarded to the
following: Piano, Misses Hettinger,
Franklin, Bader and Newhoff ond Ken
neth White; theory, Misies Todd and
Montgomery ; voice, Helen Ilaxter: vio
lin. Maud Montgomery nud Hnlph
Holmey. Teachers' course: Piano,
Misses Meyer, IJachnionn, Fitzmeier,
Hllnerback, Kerk, Harrison, I.ipmau,
Miller nnd Kenneth White; violin.
Misses Drtimmond nnd Smith and
Messrs. Stubbs, Holmes, Morgan, Hoa
trite and Safren. Carlton Cooley, win
ner of the, Stokowski medal, and Israel
Vli'hnin will play nt the concert.
New York Bonds
rsAt.ns in iioool
from Openlnit Until 2 p. m. (N. "V. Time)
Amor Smelt's
tnti
4 7T
B 77W
Am T tt T clt
10 73 T4
S 78
2 7SV4
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8 75U
1 7BK
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An-French Re
D C SUa '21
3
230.
2.
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100,
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Armour 4 Us
1 70U
2 70H
A T ft S T 4a
4 72S
' 72U
3 72W
Atch Trana 3
Lino 4a
2 84
Atlantto Coaat
li rcta 7a
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1 07
2.. .. 07i
Ualt ft Ohio ov
4 B0 l
I BOli
v.. .. r,;
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n ft Ohio 3Ua
7.... 70T4
Halt ft Ohio 4a
1 .. (10'
4 .... 00 U
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mopiiD
ft W Va S 4a
1 ... 83
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Itly 3Ua
8 70U
D ft Ohio Tol
1 . . 40U
Ueth Steel fd
2 . .. 80!i
H Steel Bs '88
2 80
nrk Ilap T 7a
.'. 40't
Brk flap Tron
ct eta "a
8 .... 84
I U'n Caa tat
2 ,72
Dush nidg 8a
1 71
Cal O ft K Ba
8 81
Cent of Oa cn
1 77U
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Cenfl Pacific
Short L 4a
2 63
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"Hew Issue
$1,000,000
The Beaver Board Companies
Seven Per Cent Cumulative First Preferred Stock
Authorized $15,000,000
Now outstanding, including this issue $4484,300
Dividends payable quarterly on the first of January, April, July and October. An annual
retirement fund is provided equal to 3 of the amount of First Preferred Stock outstanding
.HE Beaver Board Companies is the. largest
manufacturer of wall board in the world and
one of the largest producers of roofing, with
seven plants in various parts of the United
States and Canada, and 36 sales offices in this
country and abroad.
The demand for its products has been
steady in periods of businSss depression as
well as in good times, and the Company's net
The net earnings, after reserves for deprc
ciation and Federal Taxes, are now at the rate
of more than SIX AND A HALF TIMES divi'
dend requirements on this issue.
NET QUICK ASSETS amount to over $106 a
share on the First Preferred stock outstanding.
This issue is the senior security of the Com
pany and the present value of the Common
Stock junior to it is in excess ot $8,300,000.
earnings have shown an average growth of Dividends at the annual rate of $4.00 a share
300 or more each year. axe now being paid on the Common Stock.
The First Preferred and Common Stocks of the Company are listed on the Chicago Stock .
Exchange, and application will be made to list them on the New York Stock Exchange.
Offered iwith Common Stock at price to yield more than 8
IMBR1E&CO.
NEW YORK
CHICAGO
BOSTON
PITTSBURGH
ATLANTA
KANSAS CITY
MILWAUKEE
ST. LOUIS
04 ;
04
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04 U
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04 4
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1 70'4
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MARKET WORLD IS
WAITING
MOOD
Interest for tho Moment Is Fo
cused on Republican Party
Convention
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foiirllUotiR fn the financial district
.vcstonlav can bnst bo ilescrlhcd as
"spotty." Tn many of the bond nnd In
vestment houses jherc was quite a jtood
deal of activity. In tho brokers' office
matters dragged nnd both brokers nnd
customers kept marking time, nnd evi
dently Intend doing so till something
definite develops In connection with the
Renulillenn convention. Naturally
'everyone was talking of Governor Sproul
yesterday, nnd the brlgnt ouhook mr
his chances, but there was considerable
reservation visible In the discussions.
The offering of 4C5.078 shares of the
capital stock of the Superlo. Oil Cor
poration by a svndlcnte made up of
Frazlcr & Co., Brown Bros. & Co.,
Orabom, Parsons fc Co. and White
Weld & Co. met with favorable com
ment nnd from reports received early In
the day was evidently much In the
public favor also. Comment nmong
bankers nnd brokers on the Issue was
chiefly directed to the strong board of
directors, which Inclined mnny to view
tho corporation ns practically n sub
sidiary of tbo Standard Oil Corpora
tion. The fact ,thnt It Is a tried concern
with an established output, as well as
Its ten-year contract with the Atlantic
Befining Co, for entire output at cur
rent lirlrna. rvna rpffnrdcd VCr.V favorably
while the nttrnctlvc price of 510 per
share it was said secures a rapid ob-
t-orption.
Little credence Is given to the talk
of the allied countries expecting tho
United States to join In borne pooling
arrangement to take care of the enor
mous war debts by a banker, who re
marked tbat It was evident that some
people in Ktiropc are still fooling tlu-m"-selves
thnt Uncle Snm will come to the
rescue. lie Mild, In his opinion, smll
nn idea had been exploded long ago,
otid that the people who have the han
dling of foreign nationnl finances are
well aware that nothing In the way of
assistance nlong that line need be ex
pected. Any one, he remarked, who has trav
eled extensively in Kuropc before the
war. has been made aware of the
impression held by "most Kuropeons that
Americans nre "made of money." He
remarked that he does not bolide the
war has helped to obliterate that idea:
In fact, yi believes the bounteous lib
erality of Americans In philanthropic
works during and after the war and
their assistance in reconstruction mat
ters Iirs only intensified it. He fiiid
he believed that while tie popular idea
may bo that Americn will assist in
carrying their war debts, the leading
men of the various European countries
are not nursing any delusions on the
subject.
Among certain brokerage houses
which specialize In or! there is constant
talk of a coming shortage when con
sumption reaches high -water mark
during the summer. One of these snid
that the immediate shortage is nothing
ns compared with the prospective shoit
age In the years to come. He called
nttcntlon to an Interesting utatomcnt
made recently by fJeorgc Otis Smith,
director of the T'nlteo .Stntrs Geologicui,
Survey. In which he said:
"A few months ngn I tried to visu
alize the torrent nf oil consumed by
the country in 1018 by pouring tho
41.1.000.000 barrels over Xingnra Fnll
nnd I found that the oil supply of that
year equaled the flow of waters from
the Great Lnites, with their vat drain
age basin, for three hours and four
minutes; but nlrendy there Is promise
that the consumption of oil In thclnited
States the present year must be likened
to the flow of Nip.garn for three hours
nnd forty minutes." mi.vs Mr. Smith.
"The vision of such n river of petroleum
prompts the question, What are wo
doing with our oil?"
Tn the afternoon yesterday the Su
preme Court decision on the con'titu-
tionollty of prohibition held the stage
for a brief space of time in the financial
district. From the observations of tlm.e
whose views were requested it wns evi
dent the majority were disappointed,
although many said they expected the
decision which was handed down. It
had no effect ou the stock market. The
rise in call money from 0 to 10 per
cent was n puzzle to some, who could find
no valid reason for It n n dull mar
ket, where it was said that there wus
little or no demand for It.
culatlons. lie said ho had written to
Chairman Hays n few days ago at the
request of several Ilepubllcan business
men how much they feared the notions
of some radicals In tho convention in
dorsing such legislation and making lt
pnrt of tho platform".
Hpeaklng of some congressmen, he
said that it is n stranga fact that the
constitution of the, United States asks
no requirement from n candidate for
Congress except a certain age. He may
be deaf and dumb or not able to read
or write. Bill Nye. he remarked,
once said, "You can't make a silk purse
out of a sow's car, but you can make
a U. S. congressman from anything
that is old enough."
There are those In the financial dis
trict who think that the convention will
dcvclon some hinhlr constructive ideas.
and that after the "tumult and the
shouting dies" sane councils will pre
vail. On this belief they build their
iiopcs for a substantial recovery in
stocks and securities.
6HURCH head elected
Retiring President Sees Clouds Over
Christian Science Rolling Away
Hoston, Juno 8. John W. Doorly,
retiring president of the First Church
of Christ, Scientists, mother church of
the Christian Scicnco faith, in his ad
dress at the annual meeting of the
church yesterday said tho meeting "sees
the clouds which have thrcntcned the
Christian Science cause during the last
year rolling steadily away." Tho re
tiring president sold he had met with
"unfailing courtesy" from the board of
directors of the church.
Willard T. Emery, of Detroit, was
elected president to succeed Mr. Doorly.
The term is one year. .John Randall
Dunn, of St. Louis, was elected first
reader, and Miss Margaret Glenn, of
New York, daughter of Major General
Edward F. Glenn, U. S. A., was
elected second reader, each for terms of
three years. Treasurer Edward L.
Ripley and 'Clerk Charles IS. Jarvis
wcro re-elected.
Dr. Waller to Leave Normal School
liloomsburg, June 8. The high light
in the program incident to com
mencement week at the liloomsburg
State Normal School was the announce
ment by Dr. David J. Waller, Jr., of
his retirement with the close of this
term as principal of the school. For
twenty-fivo years its head, he hns
played a big part in its success. "The
Rivals" was presented last night ns the
annual junior class drama before u
largo audience.
I
SAFE
PROFITABLE
INVESTMENTS
FifcAZffiR6-Ca
BROAD AND SANSOM 6T.
PHILADELPHIA ',
It SOUTH 8T.. BALTIMORE '
65 DROADWAY, NEW YORK J
The
Presidential
Elections
1789
to'
1920
We have prepared n ''Polit
ical Summary of the
United Statei," containing
nbetracts of our Early Gay
ornment nnd tho Electoral
System, Concise Biog
raphies of the Presidents,
Political Parties and their
Origin and results of Pres
dential Elections.
Thia booklet is of timely
importance, and will ba
useful for convenient ref
erence throughout the
campaign.
lrrlfe tor Circular .Vo. C7
Chandlers Company
Franklin Bank Bldg.
Philadelphia.
M
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New na-fn
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U S Mexico 4a
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U B Mexico Si
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1 33
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U RR In't Co
of H F 6a
2 .... CO'i
U S Realty Ba
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... 80
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Rub'r 6a
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Weal Shore 4a
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Weat'n U 4 Ha
6 70H
Va Rallya 3a
1 74 ?.
Wllaon Co cv
8 884
Wllaon Co lat
88
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Liberty 3V3s ...
Liberty 1st Is...
Liberty -!d 4s...
Liberty 1st 4V,s.
Liberty i!d 4'xjs.
Liberty lid 4,4s.
Liberty 4th 4V4s,
Vic Notes :VtN.
Vic Notes 418..
Hl&tl
01.44
80.40
85.20
80.80
85.00
80.70
8R.00
0,".7ll
1)5.81
(N. T. ttms)
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r. m.
01.44
8o.no
85.10
80.70
85.40
80.40
85.00
05.70
05.00
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01.32
80.20
85.10
8.070
85.10
80.30
85.40
1)5.02
05.00
GOVERNMENT B0ND8
nid
Panama coupon 2 1030 looW
Panama registered fa. 1030... 100W
Panama coupon 2, 1038. ,..,,100V4
Panama reentered 2. 193S..,10fli
Panama coupon 8a. 1001 7T
Panama registered 8a. 1081... 77
Philippine 4a WJ4 80
Ihlllpplne 4a. 1088 so
PhlllDolne 4s. 1138 fin
V tt Oovt coupon 2a. 103lt.. ,100;
V o ifnvi reaiiierrn -. hmu..ioo'
I' S liovt coupon 4i, 102K..,,104
IT 8 Govt registered U, 1028., 1041
Ak
101
10li
101V
101J
84
84
no
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iom
ion
10.1V.
1U3H
Cotton Receipts ,
New York, June 8, Receipts of cotton
nt the norta for the day are usttmararf at
.80PQ tales, against, 4 J4 4, .bale-, a. weelt
s.
A Standard Unlimited Policy
of Credit Insurance providing for
protection against loss on accounts
arising from goods shipped during the
whole Policy Period no matter when
insolvency of the debtor occurs.
U. Da O.
A Standard Unlimited Policy
of Credit Insurance providing for
protection on losses due to insolvency
of debtors and occurring during the
Policy Period.
Gaarantead Collection Service obtains under
both Policies and adjustments are made dur
ing the period of the Policies after excesslva
losses have occurred.
OUR SUPER-SERVICE
AT YOUR,
SERVICE
Losses Paid In
ArnericanCurrcncy
L
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD..
Issues Standard Unlimited Tollcles
R. A. IRVING. General Agent
Phone Lombard 4016 820 UFsyette Bldg.
innllllliinniiiir i I !.
il
J
FhlUdelphlt.Fs. I
iiiiiinii nilj
Established .
Eighteen Sixty-nine
M
Convention talk is Rrowinc in the
brokers' offiees, but Is very indefinite
as regards tho main issue. Speaking
on the subject generally, n well-known
Investment banker remarked that It
would be a good thing for the business
Interests of the country if Congress
would adjourn for ten years. Business
men then, ho sold, could lay out plnns
for ten jears nhead without fear of
having their plans upset by some fool
legislation.
Ah it is no one enn plan nhead even
for two j ears, he remarked, and he
certain that some tax law or tariff law
will not bo enacted to upset all their cal-
ri-mittmwftm;-mi&&mx&
WANTED
rtTrv
&&
rCAPITALS50Q,000,0a
I SURPLUS (EARNED) Il
II $2,000.600.00 JJ
DOLLARS
saved now will have double
purchasing power in the fu
ture. Present economy and
saving will enable you to
avail yourself of future op
portunities. Open an ac
count in our Saving Fund
Department, where you may
draw up to $100 at any time
without notice. Be prepared
for tho
OPPORTUNITY
I Cotton Mill Machinery From a
I 10,000 Spindle Mill
H With or Without Looms
H Address Box C 804, Ledger Office
Not Merely a Place
to Handle Money
Tho Real Estate Trust Co. is a "business
tinnneinr focal noint in rlnsn tnnni, ,i.;m. .
hand sources of information throuRhout the world, II i 1 1
With n. wnnlMi nf u'nrtli.wliiU .,..; r .' Ill ' il
to draw upon at nny time. Such service you must
use in order to know its full value.
REAL ESTATE TRUST CO.
OF PHILADELPHIA
Broad and Chestnut Sts.
How Baldwin Locomotives
Help Philadelphia
Baldwin prppress is Philadelphia's pain, for everv
Baldwin locomotive carries with it tho namo of tho
greatest American manufacturing city. In every part
.of th& world, on railways and in Industry, Baldwins
built locomotives aro dally advertising Philadelphia.
The Baldwin Locomotive WorJ
4 V.
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