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VlBING PtIBiilO iiBpGEIPHIADBLPHIA:, MONDAY, SEPTEMBER 20, 1920
1 V ' '
New Isaii6
Exempt From All Federal Income Taxen
$1,840,000
City of Canton, Ohio
, 6 School District Bonds
Dated September 20. 1 920 Due serially a shovm below
Coupon bonds of $1,000 denomination
Principal arid semi-annual interest (Mar. 20
-.i. - & S6pt 2) PvMo in New YotIc City
Eligible to secure Postal Saving Deposits
FINANCIAL STATEMENT
(As officially reported)
Actual Valuation $200,000,000 .
Assessed Valuation (1919) 132,305,600
Total Bonded Debt (tins issuo Included) ...... 5,793,178
Sinking Fund 97,719
Net Debt . ; 6,695,469
Ratio of net debt to assessed aloe is about 4&
f Population-1910 Census 60,217
Population 1920 Census 87,091
The School District, which includes the entire City of Canton, has
an area of 10,294 acres, 7,930 within the city limits and 2,364 out
side. These Bonds, authorized at an election, are a direct obligation
of the entire City of Canton School District and the proceedings
under which they are issued provide for a tax levy sufficient to pay
principal and interest.
MATURITIES
$46,000 due each year from Sept. 20, 1 921 , to Sept, 20, 1960, inclusive
PRICES
1921 to 1925 inclusive to yield 6.
1926 to 1929 inclusive to yield 5.65.
1930 to 1934 inclusive to yield 5.75.
1935 to 1939 inclusive to yield 5.70.
1940 to 1944 Inclusive to yield 5.60.
1945 to 1949 inclusive to yield 5.55.
I960 to 1960 inclusive to yield 5.80.
Legality to be approved by Squires, Sanders & Dompsey, Cleveland, 0.
Bankers Trust Company Guaranty Trust Company
New York of New York
Remick, Hodges & Co. First Trast & Savings Bank
New York Chicago
R. L. Day & Co.
New York
Detroit Trust Company
Detroit
Halsey, Stuart & Co., Inc.
Philadelphia New York
the Day
HAS. .ARRIVED
!
when Philadelphiam no longer talk about
the possibilities of their port, but rather
about its advantages.
Years of loyal work on the part of public
spirited individuals and institutions have made
it possible for the present generation to look
upon the accomplished fact instead of a distant
prospect. This bank joins with others in grati
tude to those who made this possible and with
others it will strive to continue the great work.
THE
PHILADELPHIA
NATIONAL
BANK
4.21 CHESTNUT STRUT
GOSSIP OF
THE STREET
New York Bonds
t8.lL.Kfl IN ilM1
Trtn Opralnr Until liM p. m. (N. Y. Time)
WIRE CAS & FUEL CO.
"!, CoBvsrtlbte SlnMitf Fnd
Nilu,i'1tt4
' & a,."- tt
Mwtfi AiulyHt" RatuTMia JM"'
&ice to Yiold 10
ParUcvtara on ranjuast
an
in martin & uo.
UiiWalnutSt.
GEO. A. HUHN & SONS
flTOCKB AND DOfOlS
Millas
ViX " Chlew Sfl
MMtm.triterMMHMia.mw
N Ynk Cott.n EJcb.pi.
Commission Orders Executed In
AM th! PrlnclP-1 Markat.
detxetct; court bum).
1411 Walnut St.
NEW T011K OFICP
lit Jlreadwar. Kw York
.s n.ll..a rmnsnv Raftf..
iriisiiia iisi iim "- -----
yjrtlnl. WWT.yrxmv.nr
an uu V'tlYr:r.,ZTZZZZ;
ndaro uaa -"" "
:mtIr Kannina viirM
Intnl. r.wrr l
Atn
il
IJnian Trael
Srracua
.Z. Llah
CanDrcilcol K
8AJIITEL
UontluS
A. Ik.JI
fempawr 'a MJ
wnpanr ; J J4
Aiht Company.,.. ,S a IMS
it,,, Co. Lxnehburii CaU.,6 a IPSO
.Ujlnlfh.m flaa Co J a lH
etion at Indiana ?,. JI?
k. riircfirs'. company
.1 lllln.l. Mf
lean Ra, to.
NEWBURGER.
HENDERSON I LOEB
Mtnhtr lima York sass)
PhilodrtpMa Stock Eaehatf
1410 ChMtnut St
To Yield 7.10
Vne ramaa. Btata Tax
Lehigh Valley ConsoL
4Vb J. & Dec, 1923
(feesM. Morgan & Co.
There itemed to be a general feet
Inf of confidence after the closing on
Saturday that the forward -movement
In the market would be continued this
week and prices of securities tarried
to taUl' hither lerels. In all events,
there hss been a pronounced chante
in market sentiment since the Maine
election and the overwhelming success
of the French loan.
., Borne of the more enthusiastic of
the constructive party retard last
week's performance of the market as
absolute evidence that a bull campaign
has been in progress for some time
without the speculative element being
ware of the fact. It Is quite certain,
at all events, Judging from the uncom
fortablo experience of tha r.aptlnnarv
party, that a very large majority of
the professional trading element had
Doen sui"7 or maaing a serious mis
calculation of the market's technical
and fundamental position. It is not
the. first time, however, that profes
sional Wall utreet has overstepped the
mark and their error this time, as on
former occasions, furnished the nucleus
f or the ' upblddlng of prices. .
i "Much, depends, of course,upon money
market conditions. Many seem to think
a marked change in the monetary sit
uation has taken place. It Is esti
mated folly $10,000,000 was loaned on
time last week at 8 and 84 per cent,
which is about the only considerable
mount of time money put out since
May. There Is, however, no concrete
evidence which could be accepted as
reliable signs that would Indicate im
mediate material change In the money
market conditions. Probably the real
test will come this week, particularly
should there be a further broadening
oi specuianve activity..
Frfelght Situation Improving
Officials of railroads operating east
from Chicago and .St. Louis report
further Improvement in the general
freight situation, a favorable develop
ment being the relnstatlnr of a larse
number of veteran switchmen who have
been on strike since early In the spring.
Bteel plants are still working actively
on old, orders In addition to some new
business, and this has furnished the
roads with good deal of tonnage.
The all-rail business in grain, both
from western points direct to the sea
board, and the local movement from
the country has been good compared
to last year. It appears that a good
deal of grain was bought for export
this last summer for direct shipment
from interior points other than the
lending terminal markets. In conse
quence, much grain shows up first at
the export ports Instead of at primary
market centers.
Pennsy Shareholders at Record Mark
Evidence of investment buying of the
railroad shares In August, following
the increase in rates granted by the
Interstate Commerce Commission, Is
found in the increase in the number of
shareholders of the Pennsylvania Rail
road Co. On September 1, holders of
Pennsylvania shares numbered 128,303,
an Increase of 008 over August 1, and
15,440 over September 1.-1010. Since
the first of the year the increase totals
10.638.
In beth number of shareholders and
in average holdlne the BentemW 1
figures constitute new record. Wom.n
1 stockholders on September 1 num
bered ui,3H, an increase of 0188 over
the preceding year, and ther hM 30.07
per cent of the $500,000,000 capital
stock, as against 30.07 per cent on
September 1, 1010. On September 1,
foreigners held 1.64 per cent of the
stock, or about $8,200,000 as compared
with approximately 15 per cent, or
$75,000,000 before the war.
Says Crisis Is Pt
"I believe we have reached the zenith
of uncertain conditions and from now
on there will be steady and substantial
Improvement," Isaac Guggenheim, di
rector of the American Smelting' and
Refining Co., is quoted to have said,
upon his return to this country, after
several months spent abroad studying
the foreign situation.
"It Is the feeling among industrial
leaders In England." Mr. Uuggenhlci
continued, "that the crisis has been
reached and more certainty and op
timism Is evident Of course, my ob
servation is general, aince I have paid
little attention to the matter of business
during my absence."
Drokers More Hopeful
There is n striking change in the
teuor of the weekly market-letters of
most of the commission houses. The
belief seems to be quite .general that
the market is on the road toward higher
prices and broader trading. Opinions
of some of the houses follow :
Hughes & Deir Judging from the
action of the stock market during the
last week, public participation Is. mak
ing itself more apparent and we may
expect a definite revival of activity and
rising prices before many weeks. The
election result in Maine was construed
as a bullish argument, although It had
generally been believed that the Re
publican party would carry the state.
From now on, more attention will prob
ably be given to the political situation.
The money market continues to show
improvement, and with the third in
stallment of Income tax payments out
of the way, more betterment is antici
pated. While industrial depression is less
acute, we still look upon the rails as
offering the best opportunities from on
Investment and market standpoint, al
though oil shares of the better class
are being well taken.
Jones & Baker Just before the ex
plosion which resulted in temporarily
closing the exchanges, a real bull
market was getting under way. With
an easing of money rates, failure of a
number of strikes and the outcome of
the presidential election to anticipate,
a general rising market is expected in
which the established oil securities
should take a prominent part.
Ileeker ft Co.: Railroad storks of a
seasoned dividend record which have
been depressed by the war are slowly
appreciating in price. This movement
will continue. Money, like other com
modities, will work lower, while bond
prices, as a result thereof, will work
higher. The non-dividend and reorgan
ised rails will also respond to the bettor
feeling and sell higher. Everything po
litical and otherwise points to a pro
longed period of reconstruction, prngr
ress and optimism. No one should al
low themselves to be misled by tem
porary discouraging incidents.
Chandler Bros, ft Co. "Jn the face
of continued opposition and the malntc
"nance of a T per cent money rate, hc
prcussionais nnu ic as uimcuit to depart-
prices to any great extent as the
operators for an advance to make' much
headway, Every advance thus far has
been met by attacks upon certain spe
cialties. The favorite targets this week
were the steel shares, the trade condi
tions in which Industry it is claimed are
unfavorable enough to warrant further
destines; Republic Steel, United Rtates
Steel, Bethlehem Steel and even some
of the equipments, notably Baldwin Lo
comotive, which declined to 107, were
freely s61d. The Important question. la
what extent these 'sales are for short
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BONDING CO. EVADES
MAYOR'S ORDER
National Surety Conoern Con
tinues to Recelvo Share of
the City's Business
es
66
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SMITH FINDS A LOOPHOLE
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UKotO Urlt
A I'd 1922
Notwithstanding the fact that it tins
been blacklisted by Mayor Moore, the
National Surety Co., of New York,
conunnes to receive business in connec
tlon with city contracts through Its
local agent, the Thomas IJ. Smith Co,
which is- controlled by former Mayor
Smith.
That became known in thls'clty after
curiosity had been excited by circulars
distributed by the Thomas B. Smith
Co. among Its usual contractor cus
tomers conveying the information thnt
the Arm, In spite of the attitude of the
city toward the National Surety Co.,
was still able to furnish them with
bonds on their municipal contracts.
Itelatlre to th contracts it wan said
that the Thomas B. Smith Co. was not
only endeavoring to retain Its old busl
ness but alio tn ntitatn new business.
Investigation revealed that the
Thomas B. Smith Co. was continuing
its business of furnishing bonds on city
contracts by an Ingenious evasion of the
proscription of the National Surety Co.
The Thomas n. Rmlth Co.. It was
found, urn. mvuntlnv business in thfl
name of the National Surety Co. It
was furnishing bonds, not written,
however, by the National Surety Co.,
but hv thi. FMMItv and Deposit Co.
and the Royal Indemnity Co. It was
discovered that, althouch those two
mmnontp. nrrnti thA hnnds. an agree
meut existed whereby they assumed
no responsibility whatever. All liability
tn nnnnnAtlnn with tlin handed COD"
trncta remained with the National
Surety Co. Contractors to whom bonda
were furnished presented tneir """J-
mania n rtnnnrlal Conditions Only tf,
the National Surety Co. ,
A contractor, who had formerly
nitmroA tha timrf nf rh National Surety
Co. and subsequent to the proscription
of the company asked permission to
change his bondsman, produced as the
result of his change the bond ol lone of
the two companies assisting the Thomas
B. Smith Co. , . , M
For the services they thus rendered
the Thomas B. Smith Co. In securing
business imon city contracts it was
found thnt the Fidelity and Deposit Co.
and the Itoyal Indemnity Co. received
commissions of 10 per cent.
It Is said that the city is powerless
to preyent the new method of operations
of the Thomas B. Smith Co. in bonding
municipal, contractors! .While the Na
tlonal Surety Co. continues to receive
business under that method, it Is
lolntvil out. it mn afford to. defer in
definitely an announcement as to what
nctlon it will take concerning, the
$1,025,000 contract for the Northeast
sewage disposal plant, Richmond street
nnd Wheat Sheaf lane, which has been
abandoned by the contractor, the Phila
delphia Subway Construction Co.
Proscription was imposed on the Na
tional Surety Co. by the Mayor until the
company agreed to an adjustment of the
contract, which was bonded by the com
pany for moro than $500,000. At a
conference with Director Caven, of pub
lic works, almost three weeks ago, rep
resentatives of the company promised
an announcement of a decision at the
expiration of ten days. Although that
period ended n week ago, no word has
yet been received from the company.
APPROVE HEALTH TRAINING
Harding and Cox Favor Universal
Physical Education
Washington, Sept. 20. Support of
the movement for universsl physical
education is expressed by Senator
Harding and Governor Cox in letters
made public here last night by the Na
tional Physical Education Service.
. Senator Hording In his letter pointed
out that the war draft disclosed that
between 26 and 30 per cent of the youn
men examined were incapacitated for
service, and that examination of chil
dren in the pub'le schools have shown
nearly BO per cent have minor or major
physical deficiencies'. The Republican
nominee added :
"I believe,' therefore, that a neces
sary task is before us. We must
remedy that condition. We muft
strengthen our national health service;
we must not allow that service to be
come dictatorial and bureaucratic, but
we must use It to educate and stimu
late action by our communities and
our citizenship."
Governor Cox sold he was "In full
agreement" with the views of the serv
ice "with reference to one of the out
standing lessons of the war," and
added :
"We have been giving more atten
tion to the perfection of the physical
type in farm animals than we nave in
humanity. If there had been anything
like the prevalence of diseases among
livestock such as has been registered
in the young manhood of the country
we would have heard the alarm sounded
long ago."
"Civic" 8unday" In Mlllvllle
Mlllvllle, N. i., Sept. 20. Civic
Sunday" was observed here in most
of the local churches and the pastors
de'lvered special sermons emphasizing
civic Ideals. To give impetus to the
Chamber of Commerce drive the busi
ness men will glye a dinner in the
First M. E. Temple Tuesday evening.
Dr. A. R. Blade will act as toast
master, and the chief sneaker will be
J. C. R. Foster, of New York city.
iFiRiiiir
shows progress;
InJ
Prdduotion of Manufactured
Goods Also Increases Air
Service Organized
,;:
tt
sfl
IMPORTS AND EXPORTS GAIN-
New Torlt, Sept. CO. The forelg
trade statistics of Belgium for the first
five months of the present year l"8
veal continued progress, particularly la
the production of manufactured goodSi ,
according to n statement by the Otiar
anty Trust Co. The raw materials ex
ported during the nrlod were valued at
1 4B7.4-10.OOO francs, compared with
J4S.000.000 francs in 1010. and the
manufactured articles at 1.O00.404.O0O
francs, compared with 40.203.000 francs
In 1010. The total cxportatlons for the
first five months of 1020 were 8,307
203,000 francs, corannred with 212,
174.000 francs in 1010. nnd tho total
importations were 4.710.037.000 francs,
compared with 1,270,033,000 francs is
1010.
United States Is Third on List
The United States was third in the
list of countries from which the largest
importations were made, being Bur
passed only by France and Orest
Britain. Of the countries importing
Belgian goods, tho United States -was
fifth in the list, tho four leading coun
tries being France, Crept Britain. Cer
many and Holland. The United States,
with Imports valued at 110.701,143
francs, was c1oeJy followed by Swltzer--land
with 118,203,000 francs.
The comparatively great importance)
of Belglunrs agriculture Is little ap-.
predated abroad. Before the war tns
annual agricultural production of the
country was estimated at about 2,000,- '
000,000 francs, or more than the value J
of all the other Industries combined. Ot ,
the 2,050.000 hectares of land in Bel- .
glum 1,050,000 are employed in farm
ing by 820,000 farmers, making sa
average of about two and one-half ,
hectares for each farmer. The land is ,.
of course intensively cultivated and .
made to yield its maximum production. .
Belgium ordinarily produces more thast
enough to supply her own needs of all
agricultural products except wheat, and
before the war exported potatoes, sugar '
and fruits of all sorts. Naturally the
situation this year is not as ( favorable
as in pre-war years, but it may be saJ4
that much progress has been made, and
that Bclrlum will be much 'less do- .
pendent upon foreign sources of supply
than In recent years.
KM
?!
n!t
d
i
'4
2B 08
23 0B
23 08
11 03
25 03
100 05
23 05S
10 93
23 03
10 0B
23 9B
UKotO Ilrlt
A I'd 1920
1 88
81 80
25..,.. 83
1 B
8 80
20 80
U K of O Brit
A I'd 1087
18 82
2B 82
28 82
88 82
2 82
l....8Z
17 82
7 82
20 82
10 82
U S Msxtco s
10 84
U 8 M.ztco Si
10 42
20 42
4 42
1 41
10 41
B 41
U 8 Itub'r Bi
2 70
2 72
U 8 Itub 7s
8 08
1 08
in os
2 08
1 08
1 03
U'd B Steel Ba
10 02
1 02
1 01
1 02
1 91
Va Tlallwa Ba
1 70
Wea'n Eleo fia
1 03
Weat'n Md 4a
1 62
1 B24.
W.at'n NT
Fa n n lat
1 84
Wra'n Tao Ial
1 81
W union 4a
i 1 7B
Wilson Co c
1 82
B...w 82
Wilson Co lat
1 88
1 88
Wla Ont'l 4a
1 70
National Bank of Commerce ' 1
inNewYork - -
Established 1839 m
STATEMENT OF CONDITION ' ' H
SEPTEMBER 8, 1920 , ' I . wjl
II Resource liabilities II ''$M
. Loans and Discounts $310,748,229.90 Capital Paid up $25,M;tMQ.09 - jB
U. S. Certificates of Itidebt- Surplus 35.000.00P.M , 1
edness 187,500.00 .....-- - - 1 J
Other Bonds and Securities 1S.981.0S6.I4 Undivided Profits 7,695,966.10
U. S. Bonds Borrowed 6,000,000.00 Deposits 324,861,019.29 J
Stock of Federal Reserve U. S. Bonds Borrowed 6.000,000.00 .. '
Bank 1,500,000.00 ... . , ... . . I
a f xj innnnnnnn Rediscounts with Federal '
Banking House 4,000,000.00 .... n,t, mitm i
I - , . j- . . Reserve Bank 35,904,625.00 II I j,
Cash, Exchanges, and due . . ' .4
from Federal Reserve Bank 93,250,288.55 Reserved for Taxes, etc. .. . 3,965,168.38
Due from Banks and Bankers 5,636,769.79 Unearned Discount 2,997,178.37 i
Interest Accrued 399,689.90 Letters of Credit and Ac
Customers Liability under . I .
Letters of Credit and Ac- ceptances 62,069,823.95
ceptanccs 59,483,025,38 Other Liabilities 3,692.778.57
$497,186,559.66 I $497,. 86,55$.6 ' t
rnmmiDmmr II
JAMES 8. ALEXANDER '
II vtOfrnMmiDMurm ;.
J. HOWARD ARDHEY HERBERT P. HOWELL FASIS . RUSSELL
JOSEPH A. BRODERICK LOUIS A. KEIDEL STEVENSON E WARD
OUY EMERSON DAVID H. O. PENNY ROQEft H. WILLIAMS I
JOHN E. ROVEN8KY ?
aoowo vtowrnmai oumrm II t)
HARRY P. BARRANO JAMES I. CLARKE EVERETT E RISLEV II A
LOUIS P. CHRI8TENSON ARCHIBALD F. MAXWELL HENRY O STEVENS J
EDWARD H. RAWL8 ' vcna
CUttMftTff 4UOfTO 4
ov 'ASSMORE ALBERT EMERTON . )
OffttTOrOffa) I '2
MMKS S. ALKXANDER NEItatKItT P. HOWKU. CHMUS II mini fi,
WILLIAM A. DAY ANDREW W. MELLON VAUNTINK P "smSH &
HENRY W. da FOREST marrv st tm '
I rOPTK9T r DfCTDEPI -..sbsssIsssssw JAMES TIUDcny II T
CHARLES LDUNLAP V THOMA?WrUMMS
lllBIHBBSnKlnBKKBnmBliCjM KjPUtjtUaal 1 4&11 8HBaMjjaaBSSMBasrBaSjiaaajajjaajaaBa
I1-- -.-! i ai . ...Jlgf IvffVlll 1W'MM8sssbWsW f
V
II I - I
Liberty 3s ...
Liberty 1st 4V4s.,
Liberty. 2d 41,4s..
Liberty 3d 4Vi..
Liberty 4th 4Vis.
Vic Notes 3s..
Vic Notes 4n. .
Hlsn
00.18
85.04
85.28
88.50
85.58
05.50
05.50
Low
00.02
85.80
85.18
88.42
85.48
05.52
05.52
N. T. lime. I
11:18
a. m
00.18
85.00
85.20
88.40
85.51
05.52
05.54
GOVERNMENT DOND3
Sid.
rnam coupon 2a. 1088 101
ranama rsit.r.l 3a. 1008.. ,101V
Panama ooupon Sj. 108..... .tjljt
Panama r.(latrr4 2a, 1838...101K
Panama coupon 8;, 1081...... 7T
Panama reslat.rnl 8a, 1881... 7T
rtilllDpina 4a. 1084 TS
Hillltmlna 4a. 1088 13
Pnllipiflna 4a. 1088 "till"". 19,
V B Govt ooupon 3a, 1888.,, ,1st1
V B Oovt raaiatarad 3a. 1880.. loi
II H CloYt eoupBn. 4a, l0...,J0(l
Aak
102
103
103
102
80
80
88
88
88
111
106
108'
y
THE NATIONAL CITY BANK
OF NEW YORK
AND BRANCHES
Condensed Statement of Condition as of September 8, 1920
ASSETS
CASH on Hand, in Federal Reserve Bank, due
from Banks, Bankers and U. S. Treasurer
Acceptances of Other Banks ....... ,
United 5ttes Treasury Csrtincatss ..... i
$231,089,076.57
10.662,822.71
19,454,000.00 1261,205,899.28
594.808.049 62
38,047.965.13
1300,000.00
HmIOIm
II Wall Street
MawYsafc
Loans and Discounts
United States Bonds, other Bonds and Securities
Stock In Federal Reserve Bank ......
Banking House
Due from Branches
Customers' Liability Account of Acceptances .
Other Assets ......
LIABILITIES
Capital. Surplus and Undivided Profits . .
ueposits
Reserved for Taxes and Interest Accrued .
unearned lhicoutu , , , .
Circulation ........
Due to Federal PanM nU
Other Bank Acceptances and ForeJfnBms 'sold with our "
Endorsement ,
Acceptances. Cash Utters cf' Credit and travelers'' Checks T
Bonds Borroweej ........
Othsr Liabilities m m ' 1 1 1 I 1 1 '' '
634,656,014.73
5,000,000.00
8,425,402.57
70441,181.74
3.226.076.37
8952.854,574.71
86.4059938
52,560.689.24
4028.78MO
3,425.234.54
1.394,432.50
133.057,807.02
21.851,006.60
74J39.959.13
2.333,200.00
3.457,494.52
.1
W
W2JS4.574.71
U a uvil rr,ii,i.n its iv.viiiun1
Dlit ot Columbia S-3a. 1C24,, 93
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