.... l.. ..-, ,,-- M .,.
il'tilisfg
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wyAairfiELif
Mary . jawrsatMi a rMHSjB
rBnOnWrTS IwOIChCO PHty w
tav
LLZHf&r.
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wtiMtmm '-iwhwim cq,
BaaffiMPJwspr
Mskfflfsmm.V'rK "nt-sneas
"hrfn?'thnifonritrT iri
e,gald to 1
Hho . 'U; eHMs.W0MI
fV r 9V
pr et of the worny
hav'6',ben asseseed, 'y
nvammimmt -m
i
(-
v
rrUW?.!
'.M.nmw
vvwrir2iiii.-v,r v
1 v y
BWJ!f : :
A Cohimtercial Iieader Am6ng the Oil
v i lHt,n. must sustain the prin faged In tho production, refln
, Ami K,Vr5cn of the world's 'do . tog, purchase and sale of potro-
Clpal Durum nnfrnloum lOUm and Its Virodllptji. Tlin
nuuid for on nu ,,",-.
prTtbnt Indlca tea prolonged
S3 subsantlal prospW for,
producing oil. companies.
t , nnat few years many oil
- In tt!X were b6rn. Some
miiimr tho consumption of
tllHonsbf barrels ofoll and.
-inline by our great motor,
ff"jML ancf trarisporta-.
, tlon Industries. k.
Amowt tho Independent qjl
this character
m" .
..mnnnleB 01 who w..--
.r hold a position as promi
nent as that of the Texas Com
SSy an immense enterprise In
Kporated In 1002, which is cn-
leum and Its' products. The
scope of tho Texas Company In
oU production, refining nnd
. operation of pipe lines, tanks,'
tank cars and tank steamers is
outlined In tho current number
of our Market Review. Tho
financial position of tho com
pany ia also briefly reviewed
with regard to assets, working
enpitnl and estimated-earnings.
A copy of this Review will
be Kent to any one interested
upon request for N'Stl.
Hughes & Dier
rhlln. fltik Exchnnoi
ftfinnW. i KL'.,,hurH.h 8,otk Unhang.
Member. chleioWrtl of Trad.
IN. Y, Produce Kxehanr.
1435 Walnut Street
Philadelphia
' Telephoned
Home" SI . . Rat. 1808
New York, NlUburxh. Clerelaad
30 Year;
in Export Banking
I
Important Notice
National Properties Co.
A. R. C. 4 6
V
All bondholders who disapprove of the proposed
modified plan of reorganization are requested to
deposit their bonds without delay I at the Provident
Life & Trust Co., 401 Chestnut St, that the proper
steps may be taken to protect theirTnterests.
V. Gilpin Robinson, Chairman
Jeremiah J. Sullivan, Jr. James A; S. MacMeckin
James E. Gorman Joseph H. Shoemaker
Th.os, B. Gibb
Committee
Joseph K SeMIe, SecVt 215 North American Bldg.
Michael J. Ryan
Roberts, Montgomery & McKeehajn
1 Counsel
NTIMATE KNOWL
EDGE of the needs'
and habits of the people,
acquired by years of ex
perience and aCtnal resi
dence n the countries
"themselveVls essential,
when transacting busl
ness abroad. '
23 Branches in South America
One Branch in Mexico
8 Offices in Europe
Direct Connections With India
Anglo-South American
bank,limited
New York Afteney, 40 nroadwajr
mrnoF
THE STREET
One of the more recent striking de
velopments has been the commendable,
as well or consistent and persistent ef
fort on the part of tho leading financial
interests to .dissipato much of tne rec
lcss talk that has been heard In the last
few months of the possibility of pan
icky, conditions prevailing isf the fall.
A good ,blt of this propaganda has
cmnnatcd from irresponsible quarters,
but as bad news always travels fast, It
has created undisguised uneasiness', and
to correct any misunderstanding the true
situation, leading banking interests are
going out of their way to reassure tho
more timid that the panic talk Is totally
without tho slightest foundation. ,
It In renernllv pnnrerlorl that A drastic
readjustment Is progressing in tho busi
ness situation, mado necessary by rea
son of tho transition from a war tp a
peace basis. "While this Is likely to
H mlmM I.af4 VU ttnnfilt aaaeftlnfl
was made, however, that the readjust
ment had continued consistently..
Steel Industry Holding Out
With resneet to Hi steel industry In
the past week, the Iron Ago. states that
prices nnd volume t6f business are still
under th Infliienpn of factors not In
line with readjustment- tendencies jn
otber industries.) Mew buying is lim
ited, although consumption is said to
be on a scale that promises well for the
remainder of tho year. A definitely
freer movement of steel products from
the, mills Is noted. "Accumulated stocks
are being reduced," writes that Journal,
"nnd If the. order isgiven to restore to
general service open-top cars with sides
up to forty-two Inches, 25,000 cars will
be available to move freight other than
coal. Such an order may "come Booner
than has been expected
.. THE TItADKK.
eep things churned for a tltric, there is
a scintilla ot cvldenco lnaicaung
even the possibility of pnnlcky conai-
PLAN N. J. GUARD,
Interstate Comrrier.ee Commission
Cannot Give Hearing Before 80 Days
Cnmdcn cannot expect the rstum of
the old ferry fares on tho Pennsylvania
and -Heading ferries for at least two
months, according to Albert 8. Wood
ruff, assistant city solicitor, who has
returned from , conference with
tho secretary of the Interstate Com- I z
merce Commission. He was told the I
commission could not grant a hearing I
In less than two. months.
It was also stated that the commis
sion could not act upon the protests
until the ferry companies refuse to af
ford the city relief. Accordingly,
Morris Odell, secretary of tho Joint
committee of JDlty Council and the
Chamber of Commerce wrote letters to
the two railroads asking for the return
of the old rates.'
Woman, 97, Anxloua to Vote .
Attoona, ra. Sept. 2. "I will vote
for Governor Cox three days before my
nincty-cigntn mrrnnay. mm Mrs.
assessed la. BMir-founry. r.neio
rn irnwi
aiM'tMM))ffitiiWinnf''f mtntitinnmiHiniMMHiitmuOit
GIRARDTRUSTCOiMPAtlY
Capital and Surplus, $10,000,000
.lull
km W K mm
M "isJwsliraPskaWnl
m 2iSbMiaialsiHNK
1BPIH
Wmfiiffl
'T'HE convenient location of
the Clrard Trutt Company
U a point to be considered
hardly aecond to Hi financial
standing. It proilmlty to the
S City's railway stations, rest
dentlat and shopping districts
Is a distinct convenience to
our clients.
BROAD & CHESTNUT TS.
Philadelphia
ChartmrsJ 1836
ln.iiiiiuiilU..,l.HUI.Uii.JlH..iHUUU.l' "'UmlMili.imgy
United States Certificates of Indebtedness
Wc recommend the nbove obligations of tho United Stales
Government as a most desirable investment for funds reserved
for future payment of taxes, interest, dividends and other shortly
maturing obligations.
We can offer limited amounts of the following maturities:
cocrnN
IlATK
4
4
534
&3A7o
AT PBICKS
MATunrrr to yieliu
Sept 15, 1920 S
Dec. 15, 1920 S
Jan. 3, 1921 5"
Jan. 15, 1921 5
Grahah, Parsons & Co.
435Chstaut Street
Philadelphia
What's
Coming
this Fall?
How about
the money situation?
Will wages drop?
Prices up ? Or down ?
Babson's
Reports
Babson's recent Barometer Letter
"What's Coming This Fall?" gives
you the plain, unbiased facts on
the presentsituation and forecasts
coming conditions in business
with remarkable accuracy. It
contains information of vital im
portance to every manufacturer, '
merchant, wholesaler, jobber
and retailer.
Report on Request
. Copies of tfiis Barometer Letter
are available for distribution to
interested executives, gratis. '
Tsar out the Memo mow and
hand it to your secretarywhen
- Mtwvaib uiu iiiuwiit 0 uiaiis
Ihtrsly ak for Ballttin 34-WA
The Babson Statistical Organization
ivaiiasiay niua.BZ, Boston. Mass.
Larjilt Organliahon oItt Chancttr
in ins noru
r TKAR Orr HBRKi.a
'nTv fr JmmWm III0 i M mmLpi
SdrV
JOHN L. MERRILL, Pros
Route your messages "Via
All America," which words
are transmitted ffee by all
telegraph companies.
BRAZIL
In 1919 the United States
exported merchandise to
Brazil to the value of
$114,696,309 and imported
from Brazil merchandise
to the value of$233,570,620-
ALL AMERICAN CABLES
is an important factor in
developing trade between
this country and our South
American neighbor
Memolcl
1
I
Write The Babson Statistical Or
ganization, Roger W. Babson, Presi
dent. Welleslev Hills. 82. Boston.
Mass., as follows; Please send a copy
01 special Bulletin cio. o-wa
'What's Coming this FaUt" and
booklet, "Increasing Ntt Frofttt'
T55rT
1 Irl
dacopy !
14-WA I
i" and I
d
FIDELITY TRUST COMPANY
3.65 Interest on
SAVINGS FUND ACCOUNTS
Offices!
32S CHESTNUT ST.U
1431 CHESTNUT ST. 6324 WOODLAND AVE.
Capital, $5,200,000
Surplus, $16,000,000
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1SS0 REAL ESTATE TBOST DLDO. .
InTMttiat and adjust partnsnhlp aa
corporation aveoanta. Also crepars u. S.
lofons Tax Bttuma.
smr nr truck
Wo make dally trips to all points In Nw
Vork, Connecticut. Rhode Inland. Masts.
chusetts, Pennsylvania. Maryland and Wash.
Inxton, V. C. Insurance it desired. Return
load rate on furniture. R0o ter mile.
IIAI.Ii'TRANSI'ORTATION CO..
2t Warren ri Newark. N. J.
Tel.. Mar. 6631. Nltht ft Bun. Ph.. Mar. H80
tlnna. The lone iltirntlnn nt tlvht money
in consequence ot tho credit Inflation,
has permitted all business interests am
file opportunity of getting their houses
n order, and if there should be some
bad squalls this fall most all hands are
fully prepared to meet the storms.'
As a matter of fact, it is the con
Bpnmis of onlnlnn nf leadlnr financial in
terests that the worst of the overstrained
credit situation has been seen nnd safely
bridged over. In truth, they say the
turn oi the' lane ot better money con
ditions Is already In sight. Thus far
there has been relatively a slight In
crease In business mortality and the high
tension Is constantly lessening.
Mlsgirlnfes Are Unwarranted
In this concerted effort to nllcvlatc
tho existing misgivings, the National
City Bank, of New York, In Its Sep
tember letter on economic conditions,
says that it may be just as great a mis
take now as In the early months of
1010 "to think that a period of general
and prolonged depression is at hand."
"The general business situation," ac
cording to the survey, "In our opinion,
has been developing in a satisfactory
manner during the last month, although
this does not mean that present condi
tions are all that could be desired. It
means that the general trend Is1 toward
normal nnd permanent conditions, and
that existing disorders . arc no greater
than might be expected In accompusn
irig the adjustments which are neces
sary. The crops are fine, which is a
good foundation for domestic business
and for international relations. The
railroad situation has Improved decid
pillr flurinc the Inst month, and. al
though .far from satisfactory, gives
tiromlse of gradual betterment. There
Is a better feeling In banking circles
as to the credit situation, niiuougn
money will remain tight. The. reces
sion of industrial nativity which Is
under way is not severe enough to be
alarming, but Is incidental to finding
a lower level of prices.
Tho world never produced a more sin
cere optimist than Charles 8. Calwell,
president of the Corn Kxchnngo Na
tional Bank. Any one, ot any time, who
wants to get n ray of sunshine through
the darkest kind of clouds only has to
liavo a fivi- minutes' conversation with
this exponent nf optimism to forget all
his troubles. He takes his usually hap
py outlook on the general business sit
uation in the bank's monthly edition of
ithe Corn Exchange.
After pointing out that most of the
dire things that were predicted never
came to pass, although surrounding cir
cumstances and conditions warranted
misgivings, he says in his usually
cheerful manner:
"Prophesy Is cheap. We shall not atj
tempt to forecast conditions a year
ahead, but it Is fair to assume that com
petition in our own markets nnd in our
markets abroad may become keener.
Competition sharpens men's wits. Com
petition develops Initiative, promotes ef
ficiency nud stimulates the inventive
faculties. Wp have entered another
plms of this remarkable period of ro
, odiustment. If a truer exchange of
values, whether in labor or in com
modities, is in order, the country is
thereby tendered a blanket policy against
a repetition oi inc excesses ot me past
year; while business, too. can proceed
to make Its calculations with more con
fidence In the future of values."
Much' Still To Bo Done'
There Is stllj another good authority
which takes an optimistic viewpoint of
the situation, and that Is the Federal
Reserve Board. The board's views on
the nation's business generally were
more optimistic than recent expressions
and indicated an expectation of more
stability in industry and commerce.
While the monthly review mentioned
signs of a conclusion of the transition
period, it countered with the statement
that progress in that direction 'is slow
m
10
MEN
Ask Adjutant General Gllkyson
to Furnish Detailed Informa
tion of Units .
1812
1920
THE
Pennsylvania Company
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
Capital and Surplus . - v - - $7,000,000
Member Federal Reserve System
linOMJ STREET OFFICE
Chestnut an) Juniper 8tr.sU
517 Chestnut Street
Philadelphia
INTERNATIONAL
YOHPOATION
V REGULAR SAILINGS
' ... Through Bills of Lading hsuad
PHILADELPHIA to RIVER PLATE PORTS
S H v..V?' ,!iMk"i H'l't.
o.n. wnt Munliam Nrpt.40 (!. B. Mhanno
PHILADELPHIA to RIO JANEIRO & SANTOS
H. H. Wofldmansln ..,,,,...,..,, flrpt. 20
PH1tA,EJELPHIA te FRENCH ATLANTIC PORTS
B.H NtdmaV ,n'naneo Hall .,., , Brut. , ,
yeit. Building, Philadelphia 170 Broadway, Now York
Rent. SO
lombard 3833
Cortlapd ITtO
Tell Us Which
Stocks You Are
Interested In
We shall be glad to
keep you advised of the
latest news concernin
them. We maintain a
large news and Informa
tion department for this
express purpose. Quota
tions and news given by
telephone or mail, or in
our board rooms. No ob
ligation on your part.
JONES & BAKER
Sfttitdsti tn iWer Yrk
Curt Merktt SttttHtiti
Widener Bid?., Philadelphia
Phonu Bell, Locust 4730
Keystone, Race 2290
Offices in 0 Principal Citiea
Dirsd Privl Wine
ORGANIZED BY NEXT JULY
Special Dispatch to Evening PuWc Vtiotr
Trenton, Sept. 2. Adjutant General
Frederick Gllkyson 1ms been called upon
to furnish Information relative to the
number of units and strength of the
New Jersey National Guard that It Is
proposed to organize in the state. This
information is for the use of the special
committee of the general staff, which
Is charged with the preparation of plans
and regulations under which the iultfal
organization and territorial distribution
will be made of the National Guard Into
corps areas.
The nlatia nf Aillntjint General Gil
kyson for the organization of the Na
tional Guard with aggregate strength ot
about 5000 by June 30, 1021, have
been approved by Governor Kdwards
and ore as follows: Units organized
and to which federal recognition has
been extended Sixth Infantry, head
quarters, headquarters supply nnd ma
chine gun companies, Companies li and
D and sanitary detachment, Newark;
Company A, Orange : Company C, Kast
Urnnge ; Companies E nnd F. 1'aterson ;
Company C. Hackensack; Company II,
rassnic: Companies I nnd h, Jersey
City j Company K, town of Union;
Company M. Morrlstown. Third In
fantry, headquarters company, Cam
den; Company A, Trenton: Companies
C and I). Elizabeth: Company E.
Mount Holly.; Company F, Burlington;
company jJ ailllville; uompany n,
liridgcton ; Company I, Vlheland. Cav
alry, llrst squadron, headquarters,
Troops A nnd O nnd sanitary detach
ment, Newark; Troop D, Westlleld:
headquarters machine gun nnd supply
troops, Newark; Held artillery. Battery
is, Laniuen. f
UnltH in process of formation, Third
Iiifnnt.r un ttl.. n.i.1 Mn.liln. ...... ...tm
panles, Camden; Company B, "Trenton;
uompany u, Asoury 1'arK; wompany
II, New Brunswick; Company Si, Horn
ervlllc ; sanitary detachment, Burling
ton ;. Cavalry, Troop B, Bed Bank;
field artillery, Battery A, East Orange;
two field hospitals, Trenton.
The number of additional organiza
tions, with arm of service, that can be
organized within the state apportion
ment is: Field artllery and battalion
headquarters, East Orange; one bat
talion headquarters, Camden; Battery
C, East Orange; Battery D, Camden;
one Infantry brigade headquarters, one
battalion signal cops, one headquarters
sanitary train, one ambulance com
pany, four companies coast artillery
and ono machine-gun battalion, unde
termined. There are in the state seventeen ar
mories, which are available and ade
quate for all unltsorganized, in proc
ess of organization, and those con
templated organizing.
The minimum strength authorized for
New Jersey on the basis of 800enllst(Hl
men for each member of Congress Is
11,200. The nctunl strength of the
National Gunrd o New Jersey during
normal times has aecTecated about 4000
men, nnd the number of units that the
state may organize in its efforts to com
ply with the act of Congress referred to
herein Is problematical, and will depend
upon the attitude' of eligible men to
ward service iu the National Guard and
also available armories with adequate
storage facilities for the increased personnel.
.:lii1
ST'
Exempt from all Federal Income Taxes -and Tree
from Taxation in Pennsylvania
Eligible as Security for Postal Savings Deposits
?
$500,000
City of Allentown, Pa.
School District SVz Boijds
fill t 1 1 1 1 1 il
w For Churches and Schools
A SAFE, aanitary, fire-proof ceil
" ing in perfect harmony with
ecclesiastical and educational
requirements.
Cannot 'crack, stain nor fall.
Lighter in weight easier to ap
plymore durable and econom
ical than plaster or wood.
fVrittforhtckltt iltuitrahnt tpnUI
Citinsi far Qiunhtt ind Sthoob.
PENN METAL COMPANY
ZSth ft Whtrtsa 51, rillLADELNIlA, FA.
Tmn i a waal i 'ill "Aft
THE MONOTYPE
THOUSANDS IN DAILY USE
Svery Qivilied Station Uses Them
very One sJftCade m Philadelphia
LANSTON MONOTYPE
MACHINE COMPANY
PHILADELPHIA
PENNSYLVANIA
"BATHING" BANDIT JAILED
Dated September 1, 1920 Due as shown below
Principal and semi-annual interest (March 1 and September 1). payable at the
School District Treasurer's office in Allentown, Pa.
,. , ' Coupon bonds in the denomination of $500
.'"' FINANCIAL STATEMENT
(Officially reported).
I Actual value all taxable property, estimated ,$100,000,000
'V Assessed valuation all taxable property 1920 6MSS7Zr
H Net bonded debt 1,582,580
- Population 1910 census.... 51,913
t Population 1920 estimated 00,000
i
Net bonded debt of the District is only about 2.4 of the assessed
valuation.
Allentown is a prosperous manufacturing city with an estimated
population of about 80,000. It is the county seat of Lehigh County, and
is about 57 miles from Philadelphia; its ten banks have resources of
approximately 35 million dollars; the Jersey Central, Lehigh Valley,
Reading and other roads afford excellent transportation facilities.
The School District is co-terminu3 with the City of Allentown.
Amount
$40,000
. 51,500
67,000
87,000
112,500
142,000
MATURHTIES, PRICES AND YIELDS
Maturity
Sept 1, 1925
Sept 1, 1930
Sept 1, 1935
Sept 1, 1940
Sept 1, 1945
Sept 1, 1950
Won
100.87 and interest
101.93 and interest
103.10 and interest
104.34 and interest
104.34 and interest
104.34 and interest
Approx.
Yield
5.30
5.25
5.20
5.15
5.15
5.15
() Optional' Sept 1, 1940
We suggest that you telegraph your order at our expense
Harris. Forbes & Co.'
Philadelphia
The National City Company
Philadelphia
Th. above Information Is bamd .upon official atatementa and itatlatlci on which we hav.
relied In the purchaae ot these bonds. We do not guarantee but believe It to be correct.
Begins 28-Year Term After Series of
Robberies and Escapes
Sunbury. !.. Sppt. 2. Pe,ter Kar
poff. thi "bntliinR-sujt" bandit, who
startled throe counties by a lone scries
of crimes, was landed In tho Kastern
Penitentiary by Sheriff Mart?., who re
turned from Philadelphia yesterday.
Karpoff was sentenced to twenty-eisht
years by Judge Cummins after he had
pleaded guilty to five chnrjjes. Ho es
caped state troopers more than a month
ro after capture while In bathing,
when he emptied a revolver at them,
slightly Injuring one of them. Kar
poff is nineteen years old and lived in
Milton.
Twenty robberies or more were laid
to htm. After his capture he bet War
den Calhoun a suit of clothing that h?
would escape, but failed to make good
his boast.
TOWN PUMP, FOUNTAIN, DRY
Lansdale Too Dry Even for the
W. C. T. U.
Laitsdaln, Pit., Sept. 2. T.nnsdnlo
hasn't nnv old town pump. Hut it has
a public drinking fountain for mnn and
beast on Main street. Now that's dry
because the I.nnsdnle Water Co. refuses
to furnish water. The people of the
town are Incensed. This Is particularly
true of the women of tbe I.annH.ili.
branch of the W. C. T. U. The women
of the temperoncft organization erected
the fountain.
"Of course, our town Is 'dry.' We
want it 'dry.' nut wny mane it drier?"
said a prominent woman of the W. C.
T. U. yesterday.- ,
w-(o&stfa7tatHtt'
EDWIN J.SCHOErTLEC&
. JSSNcararllf. Street
puj.W
MP
Oils and
Naval Stores
I'lne and DUIntett-
ant Oils
PENNSYLVANIA
Lombard 4S15 REFINING CO.
Delaware Ave. ft Nsnlh Pt.
You Have. Contentment and Security
When the Home Is Your Own
The aim of every man is to own the home in which he lives. Owner
ship is worth working for something very, much worth the gain.
There is Contentment and Security to it. It is your home yours and
the wife's and the kiddies'.
Ask any man who owns his home if he would go back to renting again.
Ask him if in these days of hundreds hunting hornes, if he does not
think himself lucky and contented indeed in being his own landlord.
Philadelphia is known throughout the world as a "City of Homes" by
reason of the fact that a majority of its residents own their homes.
Nine out of ten of these persons secured their homes by borrowing
money. 6
It is worth some self-denial to own your homeworth the getting into
Vj u -tg:tting int dcbt, for your own home " an honest,
worthy debtH gives you something worth while to work for and
you 11 work all the harder. It is honorable to get into debt when you
are working for a home. .
Home Ownership Makes for Good Citizenship.
Philadelphia Real Estate Board
i-WTtEL,. I
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