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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
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