Vs" :,i-- K Tk.'... . tfcSSK. i.fS" tr V -f''' V"' ra Cv If fefi" 1 w e Iff 1 m I 8 'JvAlt- v. &: 4 I 7ijhiiiiiitiiiiititiiiiciiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiifiiiiiiiitiiiitxjjifitiitiiiiiitiiiHiiiiiiTitiiiiiiiiiiiiiiiiiiitiiiiiiiitiiiiiiiii 4,- That Human Element CORN EXCHANGE NATIONAL BANK Philadelphia Chestnut at Second , IIMIIHMHIIIinilHIIMIiniMIIHMMHMIIMIIIIIIIlllllllllllllMIIIIMI'MIIMIIHMIIIIIIIIIIIIMIIIIMIIMMIinillllUMnilllllMIMIIIIIIlHl The Advancing Bond In the latter part of May of the present year, many railroad and utility bonds, as well as Liberty bonds reached the lowest prices in their history. At about the same time it became quite apparent that consumers were beginning to curtail their pur chases and the consumption of commodities. Since that time prices of goods of most all kinds have fallen rapidly, attended by substantial advances in prices of se curities bearing a fixed rate of interest. A decline in commodity prices releases funds formerly employed in trade and business, thus supplying surplus funds for the purchase of investments. At the same time the decline in commodity prices increases the purchasing power of each dollar of income derived from investments. Further declines in commodity prices will no doubt be accompanied by declining interest rates and higher prices for sound bonds. We have prepared a booklet which discusses the recent decline in commodity prices with the accompanying advance in bond prices, copies of which we shall be glad to send to investors upon 'request. In asking for this booUet, please refer to "The Advancing Bond Market- Harris, Forbes 4 Company Ucorportt.4 Boston 1812 THE PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve Syotem nrtmn 8TitrxT orricK Chestnut and Juniper btres INTERNATIONAL V-'ORPORATION V- REGULAR SAILINGS Through Bill of Lading Issued PHILADELPHIA to RIVER PLATE PORTS H. 't Munliam Oet. 15 f. H. Tstatl .1.rL,- NoT 10 PHILADtLFHlA to KlU H. ll'Ml Munliam . Oet. IB . " iierrnfTiiior PHILADELPHIA to FRENCH ATLANTIC PORTS ,. City of Kalrbury Oet. 20 g; ; gJ- '- '.'.' ' 'j0' Lafayotte Buildiny, Philadelphia Ulilii S1IS Lombard 3833 NAVAL STORES Steam nhtilled PINE OIL The PENNSYLVANIA REFINING Company. Delaware- Atc. c Mouth ni Mechanical Engineer JP Tiah. 411(1 itAntkd to k knoinkkkino I MUM OHOAMTION'. INTKUIiliT r n uceiNKSH itwiriHi:n, b s, m:ihii:u office we have tested out in relations with you is ready in another capacity. Our Trust Department can continue this interest in your affairs and be of real service to your family, should your summons come. How can a stranger, individual or institution, know your affairs? With our friendly helpfulness you can face the future confidently. Consult us before you even "think it over." Harris, Forbes & Company Pino Stredt, Corner William, New York Widener Building, Philadelphia Harris Trust and Savings Bank Bond Dtpirtment Chicago 1920 517 Chestnut Street Philadelphia JANE4KU OC 3AI1IW S. H. Cutatl . N Not. 10 170 Broadway, New York Cortland Wi Inventors Manufacturers Have Lost Fortunes In MnnufBrtnrlnc Their I'rMlurM by .ntlQUtl. Blow, Hand rrneie Conxult u on Jour mnufcturln prob- It-inn Kllmlnitt hind operation" MACIIIVK TOOL DKSKiMMJ CO. Ileolrners nnd r.nrlnerm 110 Wnlnut Nt., I'lillil. Hell. Im. 070 Anglo-South aaaericau 3ank, limited Vm Vorli Airrnry, 40 rirondwsr 23 Branches in South America One Branch in Mexico 8 Offices in Europe Direct Connection With India SB EVEXtStCr -PUBMO I our yanking Market Experienced Bond Salesmen Well-known established bond house has opening for several high-grade, ex perienced bond salesmen in the city of Philadelphia and State of Pennsylvania. Replies must state fully former experience and ability. Address B 528, Ledger Office. WANTED STOCK QUOTATION BOARD IN fiOOD CONDITION; STATE FULL I'AItTICULAnS. B 505, LEDGER OFFICE Robert M. Coyle & Co. 43 tVatnnt jit INSURANCE Annunl MutlniM OKTIIKRN 1'ACIFIC ItAII.ItOAI) toT Notice Ii hereby ilven that the annual irtttnir ot the atorkhalder of the Nortimrn mrettmr "t the mockholder of the Northern 1..lftr- l,i.llr.iBrt I'umiian. tvlll tm 1,1 . l'uclha Kallrusd Comuany. will be hold on Tiuirediiy. October ii. lOtO. at It o'VlocL noun, at 34 Numku Utreet, New York city. ne uurpoiee 01 eieciina iniriern Lireo ot the Company to eerve fur one year tor. for tho transportation of any buslneen thai may lawfully be brought before the mtetlnf K, A. CJAV. Secretary. New York Beptember 8, llltlQ. TIIK ANNUAL MKETINO OK TIIK CON- trlbutora of the Churehnrni'a MUelnnary Aeeorlatlon for HfKlnpn will be held nt the Church Homo on Tuesday. Oetober lOlh, at 4 P. XI Immediately thereafter the rioard of Man ager will hold a mated meeting. W. W FnAZKIl. JR., Secretary. p o. no imp. ?.'iliK A.NM'AI, .MKKTI.MI Oi III.; AzU Contributor tn the I'rnnolvanln ftil'Webn't '?n.l'n.,.r.u,.l0,ntl,.'t!i,.,n,: Dftlawara Co., renneyminiu, on iueuay, (lrlxber mill. 1020. at rl HtutUrr, IEI)QEfeIHILM)BIiPHI'AV -TBTOSDAX New York Bonds Continued from Preceding To Louie L S S'n lUllw'n 4i 7 80 2 89 Pran In 1..... 03 IS MK 4 .... WIH 10 88 UKUO lift 10.... 10.... 1.... 3.... 80.... .... 1.... 8.... 8.... 10.... 1.... 4..... 03 MH B'n Hallw's Si A I'd 1811 B1H B4H MH B4H MS M B sntj 1 SOW 1 87 87 0. 20. 1. 1. 2. 4. 23. S. 80. 8. 1. fi. Term' I n n A 87 H7 60 87 87 88 89 83 E8 88 of St L 8 3 80 Tex It Pac lit !.... 84 H Third Ave 04 H 10 84H B 84 A 84 14 S3U Bt L A B Prap series A 3 C3 IS 03 0 (124 B 68H 1 63 St L 4 a Fran rlea U 2 70 i "n 10 T8T4 Union Pas cv 88 B A3 B 83U 7 834 1 83 I) 8 Mexico Rs z tan U S Aub'r Bs 2 77H B 78 7 7TH 1 .... 77 Union Pac M 0 70; 3 70fc 2 70S U 8 Ilub'r 7s Bt Louis & So Union Pao 4i 1 07 n PT1 West'n en 10 OS 1 OS Bt Louis S Weit'n let 1 084 Bt Louis & 8 Weit'n Ba B OSS 7 00 1 03 Bt l"l A K C Short L 44 1 00 Bt P'l Minn t M 4'is 1 80 H Seab'd A 1. aj 1 44 B 41 B.... 43H 1 43V E'n Pacific to 1 70S 3 70 B'n Pacific 4i 1 71 B'n I'e cv 4 G 81 12 81 T 81U 10 81 3 81 U 9 Hun 7s 2. 08 1 2 B 2... . 3 08 08 08 OS 08 08 03 08 Union Pac ns l.... ions 1.... 100S 1.... 100 1.... 101 1.... 100TJ 1.... 100H 1.... 100i IJ'd 8 Stel fll 2 .... 03 1... . 03 18... . 1'3 1... . 03 2 .... 03 2 03 u it of a nrit A I'd 1021 3..... 08H 11 08 08 08S B U8 f.0 08H 1 08 B 08 VlrKlnla fls 11 Ilros Clfs 10 72 Va fund debt U K of O Uri 10 71 I'd 1022 Wabash It in B.. 10.. f.. 1.. 1.. 41 . B.. 10.. 2.. 1.. 04H nss 03 44 Oo, 83 H 05 0SW 0MS 8 8nvi 1 89 Wes'n Elec f.s 1 03 5.. .. 03 a. 70 B 1 3 s 11. fl 1 1. 4. 78H 70 78't 78 78 4. 78 78H 78 Weit'n Md 4 1 B7 S... . B 0. ... BS 08 Vi Weit'n N Y A II IC of O Urt Pa It lit 1 83 A I'd 1021) B. 80 80 88 88 H 88 88 H 88 80 Wss'n Pac lit 784 1... 10... l 84 B'n i-a cv . West Shorn 4s 1. 102 U 2 74 10 . BO.. 4.. 10.. 102 VI 1021. 102 102 102 Wilson Cj cv 7 81 i Wilson Co 1st B 80 0 87 (.V. T. time) 1:1.) r. m. 02.20 80.30 80.0S High - oa.no 8D.H0 Txiw 02.10 80.30 80.0S 80.20 80.10 00. M 80.10 SI0.OI 00.00 Liberty 3Vjt . Liberty 1st -i. Liberty 2d 4s 89.08 Liberty 1st 4liH. 60.00 so.no Liberty 2d 44.. Libei ty 3d 4,s.. 80.30 00.70 80.34 1)0.10 1)0.22 80.20 00.58 so.ni 00.10 1)0.12 Liberty 4th 4'4b. Vic Notes 3sV, . . Vic Notes 4-14s.. GOSSIP OF THE STREET 1 Z , The call money rate In New xork caivu In for n certain amount of diij- oussion nmong thobe who stajed late in the board roomr. after the close, of tho market yesterday. Tor the first time tions? Never better. This country in in n considerable prriod mil loans wen: I10t In for nny slump. It has seen nl) renewed tit 8 per cent. Shorllv after the slump there will be. Uight now midday the loaning rate was advanced the tendency of burlnct-H is to look for tn 0 per cent and the closing rate was ward. There Is nn feu v. There, is 10 per tent. The development was p'enty of money for development of scarcely lurprisins, in view of the ox- legitimate business nnd nothing I can tenlve finnmiug of the week. 'see threatens future properlt." t.. i i....i .i. tt.i ,,,mii, ' "Wliin is the situation in steel in- ii was luiutiivu mat m ...- that the buying was generally covering l ni short nn I "i it u ''ii. in terests or others of n s.milar cutss weiu fellers, but these statements were con- tradlcted in other qitartcrs. Ihcte were Sr.Ktrht.nS: slon taken into consideration. Indicated a condition of pronounced strength, and that higher prices must ue iouul-u iui. 'i'i, t..iuliiii'i 111 tin- mui'ht',. ueiier Ulh sneakiiiR. 'was cousldcvcil due more to technical consideiations than any -, lhlt.ftS;iM 'rominent in advances, including thn oil shares, pr lie pa y Jlevlean retro- I ,m Pan-Ameilcnn. Itoyul Dutch nnd otlers tl" steel stocks, iucludins Cru- c le laekawnnna Steel. Itctl.lehem , U,.,i II nnrl dtliprs. tllp lill'OllliltlvB N Mies and othern on laij:o c-iirnlnss nnd it most cncournKinR outlnnls linn bron . ti-rnnornrjly "ovorlmllod. At tho iiresr-nt lovels with nn ri'ahonablo 1 fni'llltleB in the moni'V innrKpt. tlicro Is i expected to he remitchabe ot speculative ' investment stocks. 1 Readjustment In Steel Trices I The Hteel Ind-iflry U s-till preocru- i piocl by the e:nc tatinn of lower prices. 'So far. arrordiiiR to the lion Arc, the I readjustment in mow pan'u. irrrBiiiiir ,..i nnnfnslnc." fin'y the smaller producers, to dnte. have made pro nounced prio redueiionx. The larger independent aro about holdinc their own. Steel Ingot production in Sep tember was about the snnie as thnt It) AtiKUHt. t-tntes that ioun.nl. Ih'J-'ntlrP output for the month h'-iiiL' .triJl,0()0 tona. The resellini; of pit; Iron hns as sumed Important prono-th-cs nnd doin- Inntes tho marltets in h-ndlns centerK. The furnnces nre doinK very little buy- I InR It is opined that Fume blast fur- Innc'es will stop if 'ns iron prices (jo lower without an uccompanj Ihr iK-cline j in cohe. 1 . IchIj;li Valley's Kani!nj;s The September enruinss of the I.e- ! IiIkIi Vnllev llallrom: will h'.iow, it ia Laid, n decided iinprpveinent over the inmilh of AilKitst. The true measure of the rate IncreafP, h-i-vevcr, cannot be I token bsfore enrnings fur October are I available, nccordliiK to K. I'. I.oomis, president of the company. I Mnnv of the new hcIh-iIuIch were not working during the (jreater part of last month on Lehigh nllej, Mr. I.oomis said, nnd n few will still he withheld during n part nf October Knniigh nre now applied to justify cnnHidcring October results an a fair cxnmplc of what may du ctpeciou miner ine new conditions. i The strike In the anthracite fields, and 1 consequent decrease in anthracite pro 1 duction also innko September earnings an uufair test of new tale.-. The move ment of anthracite was again prnctl 1 cnllv norinnl nt the begitiniiig of October. Mr. I.oomi-. stnted lie did not believe thut a full 10 per cent increase ' in gross would be reielved, ns there , were a few commodities which could not i be Included In the new schedule. Depression In Copper Stocks ni-nrcsxlon in the group of copper htocks yesterday was credited to reports . .. tt !...- .1... .:..-., that proilliocrs were nuriing mo reiiueii metal nt a fraction under seventeen cents. The weakness was further ex plained by the nffeilng of SIM.OOO.OOO Anaconda t'opper 7 per cent secured gold notes nt IMWi . which were not talton up as (pilckly as some other rtjeent olTerings. , The snmp thing may hp said of tho .fr0.000,(KH) Sears-Unebiiek 7 per cent sliort-tenn notes, the books of which were opened jesterday. Coupled with tho financial operations to bo put through tomorrow, comprising payment of the Anglo-rrench loan. Liberty Hond 7 ...,u nn.l nn offi-rimr nf SlOO.nOO.OlKI ; new' treasury cortlucfltc of hidehte,). nt'SS, menu uuri mi," " 'w , , , """v; dainpcner on speculutlve lnltiUTe apd nf bivli monev with nn nlmost Idle stock dttstry? he was asked. "About OOper tnx. Interest, ete. $2,557,119. nnd u sur- marfceJTn" ' cent normal." Mr. Schwab replied ''In plUlI f $2,117,375 rer.irils for mnnv vcars and chummI a. n statement I gave out In Nework last ZZ n i nf nn eetino ns he laVae- week I said demand nnnuilly is sev- p O. Sayre. a member of the Plillndel- f, ? tl "i,t c which has 1 e the crnl millions of tons mtif than the phis I..., has i elected trust oftleer ter of the buj ins. wUIlIi nns item uu. , ,,., . arUPM wpj doesn't It?" of tho Pennsylvania Co. for Insuranc3 mirket I.....I..IH v iimi i Hi .m-i.e, Mippi. inai aiguis wen, .., iii. on j.ivon & nrantin? Annuities, to fill rntua cr, lilll Some interests tnsisted lu" A"""!'", . ,.,.,. -11,l ... ,1, ..i,. FEMININE JUR Y REVERSES VERDICT AGAINST WOMAN Newark's Panel of Good "Men" and True Is Novelty in New Jersey Deliberates Twenty-two Minutes Newarit, N. J., Oct. 14. Twenty two minutes nftcr Now Jersey's first womnn jury hod retired to deliberate It returned with a verdict in a suit In tho Ornngo District Court. The 'McCnlt Tottcm Co., of New York, obtained n Judgment last Decem ber for n. bill of goods against Mrs. Antolnctto I'aRcarclla, who keeps a dry goods store In Newark. Execution of the judgment was held up because Antonio 1'ascorella, husband of the de fendant, entered n claim of ownership of the property levied on. Yesterday's suit was to test tho husband's claim and the July decided against the McCnll Co. Amid the explosions and flashes of a battery of cameras the twelve women, all residents of tho Oranges, took their seats In tho courtroom, which Is In the Ornngo city hall. Hundreds of curious folks Jammed tho courtroom and forced Judge Daniel A. Dugan to demand order several times because of the noise they created. Mrs. 1'hllllp McKlm Harrison, n resi dent of tho fashionable Llewellyn Park section of West Orange and a Demo cratic presidential elector, was chosen as foreman. Tho talesmen were shown In by the sergeant at arms. "Mr nome Is Marlon Knight Garri son," Mrs. Garrison Interrupted when the sergeant-!.t-nrms called her by her husband's first name. After the jurors had been sworn in, they, tho judge and the lawyers In the ease went outsldo the city hall, where they posed for film pictures. Tho case went on when the jurors had resumed their scats. Tho Interest of the women became evident at onco when the case was started, The suit concerned wnirn's and children's wear. When tho husband of the drygoods storo proprietress sbook his head nega tively on the stand mnnv of the jurors reflected tho motion with their heads, and when Taicarclla nodded they did the same. The examination had gono In n measure stayed the hands of the investor. Tho offer of copper at sixteen and three-quarter cents a pound, without acceptance. Is significant. Little metal is changing hands. It is said, despite the brook in prices. Buyers are holding off in expectation of some still lower quotation, purchasing only when forced to do so to cover some delivery. Some export business is being done, but the amount Is small. Germany is unid to be paying prices thnt net producers eight een to eighteen 'nnd one-eighth cents n pound. No Slump In nuslnrss, Says Schwab When Charles M. Schwab, of the Bethlehem Steel CoiDoratinn. was nl:cd jestertlny. while in Pittsburgh, what he thought of business conditions, he ro- plied : "What do T think of business condl- ,....,'...,,. ,..,, nn aUIIU K, mi H-i Prices Heavy on Paris Bourse i'rH, Oct. II Prices were heavy on t)l? nourso t0,ny. Three per cent rentes g5 Cl.nt!mi,., . cxXn'so on ,,,, 53 francs,., contlmts: 5 per cent loan. 8(1 f.ancs ;2 centimes. Tho dollar was quoted at 16 frnncs 2111, ceni'tnes. Real Estate Title Increases Dividend " T , , Truet ,0. of Lhlladelphla ftt a meeting held jest.-rd.iy. declare,!, nunrtcrly dividend ot & 11 cnaro. mm Unnn Increase " .!: lh 5 ." " j a 20 per cen l..ts Is Tin dlMdcnd is payable .Novmbci 1 I CLEVE. CNN. CHI. & ST. LOUIS 4's 1939 To Yield 6 get & Go. Real Eatato Trust Bldg., Phila. Boston Chicago Now Yoik Walnut 1G0G Rncc 1271 i.r.tiAi. Aiivi.ifi i.i:mi:nts K7v- MiTitT. is iii;iti:nv (,ivi:n that KZ? un iimilli'utlun will 1 1- madu t tha OdM-rnor of ihi- aiiitn of r.rinni Iviuiui. on Monduv. (IrtelK-r Vt, Win. icirt -r the net ot Aafli-niblv nf tho t'linmunwr alth of I't-nmiyt-vnnla. entitled "Mi at t" prnvld- tor the Incorporation anil r nuii'tlini nf c-rtaln cor poratlniiH." uunrm.il Apr.i L'ti 17I, and ,tho eupplf-nienia there'o for the charter of an Ititendid corporntion to be calTil th Vmdon Henltv (umiMin, tho ilinrniicr and object of wh'ih I1 to iv eeil. l.nae lin uron nnd bnrio ami Ii ml on tho Hrcurlty of real estnte. nn-1 for thou- turpoen to have, pimara-i und enln all th rlahti benefit and prlvllrKes of thn ci 1-1 net of Assembly und Ita aupplementv " HOWITZ 4. SOI.IS.COHEN. Sollcltora. lOJ T.lberjv llldi Philadelphia. V iSpi'iN THlf Oltl'IIXNs COl'llT"irOl'l ' the f'raintv of I'liiladelplila. October Tirm. 1030. No. 41. JtHti of Mnttliew A. IVrrla, d-cenjd Satire In hereby nlen that Kmmn I.. Ter ete widow of thn pd decedent hae filed In the aald court her petition claiming nroi erty of tho decoilent tn the value of J1O0, aa nrotlded bv m-ctlon 12 of the fldurlarlea net of 1017. and thnt the enmn mav be nn nrnved by the rourt on I'rliluv, October ','0, 1020, unlea txccpllima thereto be filed before that time. A,-Kur , WIl.KlNH()Ni Attorney for 1Vt'Hnnr. jctTkst.vti: r .i.smrs t. h,i- mentarv on the ptoR itatc hivlncr be n rantHil to tho unirslme(t. nil rwrnnn li Av.i tn thn paid etntn are rrnurMfd tn make payment &tA thopn hHvlnir claims to presenl II HI" B II" "llll'OH flI"tfl,T lit C WESMJY ni'KFKII Kxeeutnr .'-i r. uiriini ave Or to his attorney I-IIAV'S V IOPKnEY. 1 o n i i'Xjr,L hvp "Snilfl! IS HKItKIlY OIVIW TIMT " pnpllcai'nn hs hen mad" for the r ' pewal of ':I,W." N.'1 n" for tn nbnres n' , Hock nf Ttobert Morris Trust Co.. Issued to I Fronds 51, Tjatk, aamo having been lost or mislaid. 1020 on twenty minutes when "ladles of tho jury" was heard. That was when. Judge Dugan turned to She jurors and said: , ,, "Ladles of tho Jury: 'You should understand that you aro nt liberty to ask any questions that may servo to enlighten you upon the facts of the case." Tho invitation did not go unheeded. Juror No. 7 Interrupted with: "If you made tho purchases from tho McCnll Co. and tho storo belongs to you, whoso were they?" she nsltod 1'as carcllo. Before tho witness could reply Judge Dugan said : "That Is ono of the questions the Jury has to decide. Perhaps you can frame the question differently." The Juror hcsltnted a moment and then asked: "Who bought the patterns?" "I did." l'ascnrclla replied. The next question was asked a mo ment later by Mm, Garrison. Sho wanted to know whether l'ascarclln had tnado n claim previous to the institution of tho suit that he was the owner of the store, rnscarcllo had difficulty under standing the question and replied that It was tho "first claim anybody hud made." "How much do we get out of this" 7 Mrs. Garrlion, who owns one of tho most benutiful homes in tho Oranges, asked nt recess. "Oh. I think as much as scvcnty-flvo cents." replied tho judge. "Then I'll give my fee to the Dem ocratic campaign fund," was the reply. "This is a "frame-up," remarked n speetntor as both Mrs. Garrison and Judge Dugan fneed a battery of rameritN as they were leaving the Cltv Hall. "Both the judge and Mrs. Garrison are Democrats." "Then they nre both all right." shot bock another member of the jury. The cnc was finished about four o'clock. The jurv came In twenty-two minutes later with a verdict for tho de fendant. Financial Briefs Alba n. Johnson, president of the Fhllndelphla Chamber of Commerce and of tho Railway Business Association, will speak on "Transportation nnd the Citizens' Responsibility" nt the dinner of the American Manufacturers' Export As sociation In New York tonight. The Investment Registry of Amer ica, Inc., nnnoune s tho removal of Its olllces to C08 Chestnut street. Tho New York Suhtreasury gained 525 211,000 from the banks yesterday, mnkhiK n cash net j:nln slnco Friday of $22,408,000. The average pi lee of twenty active Industrial stocks ntUnnccd .39 per cent yesterday, to f. !.",!. while twenty rall ronda calncd .3') per cent nt 81 11. The Virginia Iron, Coal nnd Coke Co. reports for the t'lcht months ended Au gust 31. surplus, nf'er charges nnd fed ernl taxes, 2 1I",.!76. c-iuul to $23.33 a she re. Invmo recount s'tows gross receipts of JI,fi7le!o: expenses, federal hnrlfs Oaliorti". Mr S.tyro has been , for Rome j'enrR one of the assistant trtnt 1 (ll... n. Il.n .w..,.nt. Yltlll... , i;iiui'in ill 1111 -.viii-.iii.- , uiitiin .,1, Pavld was el'-ctfd one of the assistant trust ollcirs to till tho vne.incy brouij-it about by Mr. Sayre's promotion AVilllam Headway has associated him self with tho Hlttenhouso Tiubt Co. Ci'umet & Kecln and subslillarlos' Septeinlur ou'put was 7.2SS.21I pounds of enppor, 7 520,107 In Aucust and 8,-1 JU.ijjo in .iuiy. 1 October; .,- -- : American Smelting and Refining Company Its Supremacy In The Metal World As tho largest producer of cop per, lead nnd silver in the United States, the American Smelting and Refining Company occupies n dominant position in the non ferrous metal industry similar to that held by the United States Steel Corporation in the iron and steel field. An idea of the immense propor tions of this international com pany may ho gained from the fnct that its combined smelting capacity and output is far in excess of any other organization engaged in the mining industry, virtually controlling tho lead and silver markets, -while it is also one of the most important factors in the copper world in addition to being a large pro ducer of tin. Its mlncn, mills nnd smeltcis nro In practically every Important mineral center nf tho United Statcx, Mexico nnd Chile, nnd dnrlni; 191!) tho company pro duced, throush its arlouH unltM, 705,070,000 pounds of copper, 41B, 878,000 pounds of lend, 78,200,21)8 minces of silver, 2,191,041 ounceB of eold, 15,340,000 pounds of tin, nnd In addition many thousands JOHN L. MERRILL, Pres. Route your megtages "Via All America," which wordn are transmitted free by all telegraph companic. Si?ilI SflHTOS I JWmtiffl I KonV-.nterof TO AID FOR EXPORTERS. ASKED OF BANKERS Tho Manufacturers' Association Urges Adoption of Moro Lib oral Financial Policy WEBB LAW IS COMMENDED By tho Associated Tress New York, Oct. 14. Changes In the constitution of tho American Manu facturers Export Association, mnk tig banks and Insurance nnd Bteatnshlp companies eligible for membership, were voted on at the annual convention of tho nssoclatron hero today. This de parture from the policies heretofore governing the association was said to have resulted from tho organization s desire for closer co-operation In for eign trade problems. William C. Itedflcld, former secre tary of commerce, was elected presi dent to succeed W. li. Saunders. In his vnlctllctor.v address Mr. Saun ders sounded tho keynote of the conven tion, which he snld yns: "In order to obtniu vorld trade American man ufacturers must now take a leading pnrt themselves." He called especially on banks to fa cilitate this leadership In foreign trade by adopting a libera! financial policy. "American manufacturers are not bankers," ho said. "The critical sit uation in our foreign trade Itself is one of finance. It involves banking nnd Investment problems, This is not our Job. If It were we should probably be less efficient in production. Surply we do not wish to ndopt the German sys tem. In which the bank's control the In dustries." Mr. Saunders lauded the Webb law, which provides International banking and Investment machinery, nnd urged exporters to take advantage of facili ties offered In expediting the financing of foreign business. The folIdVlug nddltlonnl officers were elected: Vice presidents, II, S. Demar est. New York; 1 II. Taylor, Phila delphia; C. K. Anderhon, Chicago; J. S. Lawrence, San Frnnclsco; C. A. Greene. New Orlcaus; treasurer, Wil liam II. Ingersoll, New York; secre tary, A. W. Willtnann. New York. LONDON STOCK MARKET Oils, After Advance, Sag From the Top Industrials Mixed London, Oct. 14. Operations in se curltleM on the stock exchange were light today. There waB a fecllntr of cau tion ns to oil bharcs. The group, nftor ndvanclng, ssRited from the top. Shell Transport was 7 1-10 and Mexican Eaglo 11 V. aUt-cdiT-d Investment Issue-i were flabbj', notwithstanding tho fact that no change wbh made In tho Bank of Knglntid's rate of discount The for eign department wns Inactive. French loans were maintained Home and Arg ntlno rails were firmer, but Canadians wero dull. Knltlrs hard ened on buying by l-nrls. Rubbers were good. Industrials were mixed. Hudson's Day was OH- Bank of England Statement London. Oct. 11 The weekly state ment of the Rank of l'.nglaiul bhows the following changes: Total reserve In ci eased 0-10,000, circulation decreased 081,000. bullion decreased 11 040. other securities decreased f 14 043.000, nubile deposits decreased 3.040.000: other deposits decrenwd 10,71)2,000; notes reserve lncreasd 683.000. govern-1 ment securlt'es decreased 81.000. Tho proportion of tho banlt's reserve to llubll-i ity this week Is 10 18 per cent : last week It wa-i S.87.' rtatc of dlscourt 7 per cent ! WANTED !nes'nicnt II tiil;rr- rnnt .loiine bulv to tike ocr m.iniicftiirnt tif oHlce ilrtullM. make out NtitemrntM, etc. KmmlitUr cf tMirnrltln? i-.bi-ii.iI. I, lln nil Hilary ami permanent 1101I tlon fur iiropirly quulllled pitmiii. Hi itii expirlrnrp. 11 .1:0, i.i:iini:it omen nf pounds of copper sulphate, spelter, platinum, palladium, nickel nnd other by-products. Itevlval of tiullilnB operations nnd a return to normal conditions In thn copp?r trade should create n marked lncreao In demand for tho company's output nnd conse quently find reflection In Improved earnings. For twenty-ono years, or since Its Incorporation In 1899, the company hns paid dividends on Its preferred stock, whllo the rate on the common stock hnn varied from 5 per cent In 100 1, when dlMdtnds wero established, to ns much ns 7'i per cent In 1907 and I per cent at the present time. Tho current number of our Mar ket Itovlew contnlus an IntoioFt Inj? nnnlysls nf this company with particular reference to Its growth, physically nnd financially and the possibilities for further cxpnnelon nlonR commercal lines. ei( on request lor L-sto Hughes & Dier riillo. Sleek Kxrhanra Member ''I'KbMrr'i Mrrk eTch mre f-,l.kf,v. ll.n -a -' -"ftP v '";. ,""::ru. mine New Wk Prod ice Ilxclmnte 1435 Walnut Street Philadelphia Telephones Spruce 843 rtare 1B9U New York, 1'ltt.burgh, Clricland States Inrportei i,0Bl,830 9,o ALL AMERICA CABLES o?HtrnnlH0,.ln the levclopment SU lea "nnu91" ",0 "" I .o l. Are You Watching The Oils? Do you wish you koew which shares might be the very next to go up? Study the Interesting Facts in our new booklet, "In dependent Ollg." Observe which of the 27 going con cerns it discusses are drill, ing in rich territory or otherwiso increasing their prospects marltetwise. An impartial guide for invest ors and traders. Call, 'phone or write at once. Ask for No. T.U.-972 JONES & BAKER Spcdatlnts in New York Curb Market Securities WHener Bldg Phila. Phones: Bell, Locust 4730 Keyalone, Race 2290 ' Offices in 0 Principal Cities Direct Privet Whet Federal Tax Reports A courso in organizing material and working out all forms required for Individual Income Tax Corporation Tax Excess Profits Tax Actual reports will be made and blanks filled out. individual problems discussed nnd analyzed. Men In Accounting Offices, Banki, Trust Companies nnd Commercial and Industrial Ornanltatlons who have Fed oral Tax Reports to mako out will find this course of groat value. Mr. John O. Hcrndon. Jr.. Tax Consultant of th Guaranty Trust Company of New York, will personally conduct the course which starts Wednesday evening, October 13, Call or wrlto for full particular!. YM CA Centrsi Ilullillni, till Areli Street WALTER L0RINQ WEBB, C.I recently Clilaf Engineer, n. n. & r?. Bcrvlce. U. 8. Army, In France. In chr I if ultmtlon nnd appraisal of clalmi I against tne u. a. APPRAISAL ENGINEER liiihiftlrlnl flureys and lnfntliratlonii Till Walnut Nt., llrll plionr. Walnut 140 I ihimiii iiim Local Manufacturing Concern has oiienlnx for capable executive to become vice prmldrnt In cli-irge of ale. Intrrmi In buMncmi required. n 433, LKnriKR tirrici: yiNANCIAIi TO Till'. IIOI.IILnS OF TIM! IIKTIILKIIEM Cltv V.ter Company tlrnt mortfutc B7f r.ad bonds. Thin company, having Bold all Its property to til" t'ltv of n;thU?hm, you are hereby notified tint It has depoilted with the K P. Wilbur Trust Company, of nuhlihem. I'a , trustee under tho mortca'fe of the till Uethlehem L'ltv Wator Company dated Hp timber 1 10 1 1 necurlm; vald bind-, a sum nuttU-lcni to redeom said bonds now outstutid- Inir at l".iVr- or -tilt, par aiue tneirur 10- r-tii 1 ih eethir with a.ild Ihieu-at thereon to dita ot Uellveiy. Th amouri of eald rcd-mptlon price to cethitr Kltli Intcrcit as here and above noted, will be paid to nny and all hoblirs of tin Bald flrat mortBaso aX, gold bonds of tin aald lielhlebein City Water Company, pro vldlnir thn earns shall ba delivered to the K. V Wilbur Trust Company of Uethlehem, I'a.. for th account of the said Uethlehem City Water Company, on or bcfoio Noirav bt 1 112H. UETHLUIIRM CITY WATP.lt I'OMt'Wt lly M I'. QUINN. President. AtVst: A. P MIt.LEIl. S-cretary. Sept nil"' 28 1B20, Tft TIIK I'llKKKItlinn KTurKlini.IIFRI or tiik nr.Tiii.Kim.M city uatik ( OMI'ANY. This Company having sold all Its propert tn th Olty of liathlehem, you ara hreoy nntiried that It ha dcpoolied with th E. P. Wilbur 'f nist t'onipnny, of Dethlohem. P . Trustee, u aum BUltlcleni to rediom said pre ferred stock now outstanding nt the par value thereof, together with aald Intereit thereon to date of delivery. Tha amount of aald redemption price, to (tether with Interest as here and aboie nulud. will bo pild to nny and all holders of Ihe said preferred stock of tne enW llrttile. hem City Water Cnmn.iny, prolllrir 1M eamo shall bo delivered to the 15 I'. Wilbur Trust Comrnn,y, of Iletblheni, Pi for tn account of the aald Hi-tlilehein City J tr Compnnv on or Imfors November Ut. 10i0 urtiilkiiuji crrr waiuh lojipv.nt Attest A. T. MII.Min. Secy. M. P. QUl.N'N' Tres s-ot "B in?n Dividends THE COLONIAL THU.ST COMPANY Philadelphia. I'a Tho Hoard ot Directors of thn Colonlsl Trust Company has tbj day declared a iVRUlar QUArtTEHLY UlVIUllNI) of 2 !r cent and an EXTRA DIVIDEND of U per cent on tb capital atoclc nf the company, iiaynHe No ember 1, 100. to stockholders of recird at tho clusa of buslnesj on October I3L'h 11I'IKv,Dso.v. jn. Secretary. October (i, 1H2n. OIHce of The Real Estate Title Insurance and Trust Company 823 CHESTNUT STICK KT Philadelphia. October 111, 1C5? A quarterly dlMdend of J.I 00 per shari has been declared by lb Honid of plrectori, payable November 1, 1030, to stockholders el record this date. Checks will bo mailed. DANIEL HOUSEMAN, Treasurer THE LAND TITLE AND TBt'ST CO. Beptember 30, 1H20 Canltal .. .18,000,000 sSrrlul . . . . ....... . .h 500.000 Undivided profits.. .. iM-?Um, Thn Ilonrd of Directors of The Land TWJ and Trust Company has thla day declared I a qSarterry dlvl'dend of ri Ioll irier "';'. pnablo November 1. 1920, Jo stockholotrl of lecord at 3 P. AL. October U.JvXl. LEWIB P, aEIOEIt. JH.. Treasurer. (IctnTier 13, Ifi'JO Proposals Bureau of Highways Department of' Public Works Philadelphia Sealed proposals will be received I at opined in Room 510. City ilfln-O f" o'clock noon, Tuesday. October 10. H-u- " p.DAntHr. ! ASPHALT PAVING (Assessment Work) REPAVING Wood Block Redressed Granlta B,ock inaulr. at noom. cpA EAHTEItN HToVrFTnSorENTMK);. , Kalrmount . avsnuo. I.hllu,? t,5La'r,lv4 aylvanla Healed Proposals will be re"'', at tha above-named InatUuUon Jn"0;o, o'clock noon. Kriday, Prober fa?. To be delivered free of .POf?"nj i",o c and other charges, at auch line 1,nddln, n5 ' ,uantltles aa may be, renulrtd. na,nimM - na repressntad.wlll be rejected, .r, dlif , to b. Increased, or lo"J,'I,n'-tto?i. '" it tun of tiie Innrd of ,'"",' el, n "f ! i itn..'' rf.rrjyrurs.Vdeem m , '-'in riAri "7 ''..... . ri -S. ' Zi 1 &, "rBt."'- BKntai i. ituucitia T V I, ' "'T' 1 " "I , ll-l I i tV, U Iftsifc, y ii
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