iH KW'. ). if ' ' .l' It i ' - .Es-'hs v $8,000,000 H. J. Heinz Company (Malreri of "57 Varieties" of Feed Product) Ten-Year 7 Geld Notes Dated December 1. 1920 Due December!, 1930 Interest payable June lit and December lit. Coapenptes In Interchangeable Denominations of $1,000, $500 and $100, Rcglsterable as te Principal only Redeemable at the office of the Trustee In Ney? Yerk, In whole or In part, en any Interest date en thirty days' previous notice ; at 105 and Interest, en or before December 1, 1921 ; at 104& and Interest after December 1, 1921 and en or before December 1, 1922; at 104 and Intcrcstaftcr December 1,1922 and en orbeferc December 1,1923; at 103J and Intercstaftcr December 1, 1923 and en or before December 1,1924; at 103 and Interest after Dec ember 1, 1924 and en or before December 1, 1925 ; at 102& and Interest after December 1, 1925 and en or before December 1, 1926; at 102 and Interest after December 1, 1926 and en or before December 1, 1927 ; at 101J4 and Interest after December 1, 1927 and en or before December 1, 1928 ; at 101 and Interest after December 1,1928 and en or before December 1, 1929; at 100& en June 1, 1930 Interest payable without deduction of normal Federal Income Tax net In excess of 2f. FREE OF THE PENNSYLVANIA FOUR MILL TAX PRINCIPAL AND INTEREST PAYABLE IN NEW YORK AT THE OFFICE OF THE GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE Further information in regard te this issue of Notes is given in a letter of Mr. Hetvard Heinz, President of the Company, from which we sunimarize as follews: These Notes are the direct obligations of H. J. Heinz Company and constitute the only funded debt of the Company, ex cept a real estate mortgage of $83,333.34. The proceeds of the sale of these Notes will be applied te the payment of Notes fayable and te provide additional work werk ng capital. Sales of the Company since May 2 1920, show an increase of twenty-two per cent ever last year. The books show net earnings available for interest charges, before providing for Federal taxes, for the four years ended April 30, 1920, averaged $2,865,323, or mere than five times the annual interest charge en these Notes, which amounts te $560,000, and average net earnings, after providing for Federal taxes for, the four years ended- April 30, 1920, amount ing te $2,344,643. The Trust indenture under which these Notes will be issued will provide in sub stance, among ether covenants, that se long as any of these Notes are eutstand We offer these Notes when, as, and If Issued and received by us, subject te prier sale 94 and Interest te Yield About lb is expected that temporary notes or interim-receipts will "be ready for delivery en or about December 7, 1920. All legal matters in connection with this issue will be approved by Sullivan r Cromwell and Hawkins, Delafleld $ Longfellow efjfew Yerk. GOLDMAN, SACHS GO. E.NAUMBURG&CO. LEHMAN BROTHERS New Yerk New Yerk New Yerk THE'UNION TRUST COMPANY OF PITTSBURGH Pittsburgh,' Pa. WWoBet guarantee the statements and figures .presented herein, but they are Ulcen from Sources which we believe te be accurate All the above Notes haying been sold this advertisement appears as a matter of record only I JESffiTSBSaffl A Safeguard A man's Investments nre hts nncherace, hla safety and hts H nope rer the luture. All the mere be when he knows that his eecurltlee were purchased for him by special ists whose first Interest Is the analysis of condlUens behind bend Issues. BATTLES 8 COMPANY Investment BanherM Eetahliahed 18U0 Independence Square (Kant) EMPIRE GAS & FUEL CO Bend Secured, Convertible Sinking Fund 6ft Notes, due 1924 llmi earning: ever $00,000,000. Appllcabll earnings ever 10 times Interest ehnrxe. Interest Payable Monthly or Semi annually is Deslred y Inveater MMMdy'sAnalys!a"RaiesTlieseNetesuA" Yield Over 10 Particular en reqaeit Martin & Ce. 1411 WalnutSt. rbUudelplda Ul American Gas Gs, 2016 Wilmlnuten Gas 5s, 1949 Pcnn Mary Ceal 5s, Oct., 1939 Phlla. Sub. Gas & EIcc. 5s, 1960 Luzerne Ce. Gas & Elec. 5s, 1948 BAUER, STARR & GO. INVKHTMRNT SECimiTIES lnd Title Ilulldlng. I'hlladelphln Mew Yerk Offlce. 115 llreudtvar Dlreet Private Telephone bet, Offices Indiana, Columbia ft Eaat:rn True, St. 1020 Anerltan Itead Machinery Ce., e, ISStt llenur Gu A Eleclrle Ce. Gen... Si, 1010 Cannectle.ut Railway A Lighting;, .H. 1DB1 rerllind Hallway .A Lighting Ce,.,0f. laj? 1 (VMen., Hallway (laa & Electric... B. 1080 "'f.elf Ctra'BaUreat Equip,, ...fg.Htrlal . SAMUEL KL PHILLIPS Mr CO. '- ' -' ... ; ."' ..-.-. II "Vm... "i Mil fw uwenuM ,7vr m'Mmmw mimj J rll Hi! I m I r- v! wxmmemamm ing, neither the Company nor any sub sidiary will mortgage any of its real or personal property, but nothing herein contained shall prevent the Company from purchasing property subject te a mortgage, or from creating purchase money mortgage te the extent of 755S of the fair value of the property purchased, or pledging by. the Company or any subsidiary company as security for leans made te it or them, or any of them, in the regular and current conduct of their respective business, of any accounts re ceivable or ether liquid assets, or any stocks, bends, or ether securities owned by them, ether than shares of stocks of any subsidiary company. It also provides that the Company will at all times maintain its cash and quick assets in a sum equal te at least one and one-half times the aggregate amount of its liabilities and indebtedness, secured or unsecured, including the face amount of all of these Notes at any time outstanding. Erne We ReeM Mtaaa? The markets have gene .down, down, down I Com modities prices have drop ped 20 per cent en the aver age; in many cases from 50 per cent te 70 per cent! Have we hit the bottom? Will the next move be up ward? Or is there an even bigger drop ahead? Babson's Barometer Letter Just Issued gives you the plain unbiased facts en the present situation, and forecasts coming conditions with remarkable accuracy. It contains information of vital importance te every manufacturer, wholesaler, jobber, retailer and merchant. Repert en Request Copies of this Barometer Letter are available for distribution te Interested executives, gratis. Tear out the Meme wote and hand it te your secretary when! enl ill. I you dictate tne morning a man. Mersfy ask for Bulletin 34YT tienl us. I Tim Rnficnn Staffer faalflrftanizatien Wallatlay llllla.02, Bosten, Mill. I in Iks World .......... TEAR OFF HERE.- i M. Fer 'four I FJLOIW Secretary Write The Babson statistical Or. ganizatien, Reger W. Babson, Presi dent, Wellesley Hills, 82, Bosten, Mass., as follews: Please sen'' " ropy of Special Bulletin Ne. 34YT and boeklet,"HcraMi' Net rrejitt". Si BOND SALESMAN' OK Piun te foewWruiiW. CAI.U lasim TO. CI, 018 bteck sac- mr?iTST 'olio CJIANOB nvxtx Bafesarcs; . Reports I n"jrfcAaVcwaV Ripen? I lA ,Mtl K'mmmaemmtsmmmmswmsmstttewmswtsesMtwsmtsVetMmsvtmmtesmMmsmmmmmmmtmwes " -..-.T77J,r.... EVENING PUBLIC 1 and te the approval of counsel, at: VAfe Hew Te Trade In The Market and ether rules and methods of interest te traders are given in our free booklet, "The Investors and Traders Guide." It tells: The General Rules of Trading. Hew te Give a Breker Instructions. Breker's Commission Charges. Hew te Indorse a Stock Certificate. Hew te Use Collateral In Trading. Hew te Greup Invest ments. The Deposit Require ments for Carrying Stocks en Account. The Rights of Stock and Bend Helders, etc. Written in simple lan guage and easy examples given. Ne obligation. Edition Limited. Call, phone or write at once. Ask for Ne. TU-997 JONES & BAKER Specialists In New Yerk Curb Market Securities WidcnerBldg.,Philadclphia Phenes, Bell, Locust 4780 Keystone, Race 2290 Offices in 8 Principal Cities Direct Private Wires Tax Exempt in Penna. BELL TELEPHONE CO. of PENNA. 25-Year First and Refunding Mortgage 7s Particulars en Application A. B. Leach & Ce., Inc. Investment Securities 11B Seuth Fourth St. Hrlt 1ftnnf eWr Mt Ws,.L,. ., ,ACri - ,ACri - LEDGER - PHILADELPHIA, FRIDAY-, NOVEMBER 19, 1920 PLAN UNION BANKS IN'OPMOP'WAR : i Richle, Fedoratlen Official, Says Laber Will Combat Cam paign of Employers RADICALS BEING OUSTED Laber will hnve Its own bnnklnR sys sys tern in Pennsylvania In the near future, nocercHnic te announcement today by Jeseph M. Richie, rcildcnt vice presi-. dent of the American Federation of Laber. , Hntnhllshmrnt of tlie werklne men's bnnk. he snld, will be labor's reply te Jhn "ntim Hhnn pnmnnlffn." The entire nlnn In being worked out bv a committee of the Central Laber Union In this city. "Laber Is belne forced te line up rer the fight nRslnBt the Interests that ire trying te destroy the labor union move ment of the country," Mr. Richle said. "Capital is trylnc te break our ranks nnd we are Retting ready for the fracas. Laber unions throughout the city are conducting membership campaign nnd ere utilizing the open-shop propaganda ns n mrans of showing the werklngmcn lm thnlr lntKrlntn llfl in tlld Unions. 1 new that canltel has aligned itself npcn'v against them. , "One of the methods that Is being employed te break the ranks of the union men Is that of discharging men and rehiring them n week later at lower salaries. But nil of this campaigning against the unions Is merely proving au aid te the unions In their organization work, "Shortly we will start the co-operative banks for the union men. The werklngmcn Instead of taking his savings, nnd In the aggregate they nre enormous, te the bonks that are help ing the open-shop campaign, will dn dn peMt his funds In n bank run by men whose Interests nre Idcntlcnl with his. The money will net be used te provide for the wnrfare that Ib being made upon fhn trmln llnlnnm. "All along we have tried te go along with capital, but this last camnei la fllmnlv fnl-Mnv 11a (ntn thf enpn. Mr. Richie also said that a sharp lookout from thr beginning had been maintained ever the Philadelphia unions te prevent radicals "boring within. Approximately 100 men were expelled from the ranks of the unions, he said. In the furtherance of the nntl-radlcal policy, In some cases, he said, the so se called radicals were merely the agents of manufacturers seeking te destroy the value of the unions by causing dissen sien. Lately the radicals had appar ently rccegnl7cd the futility of attcmot attcmet ing any campaign te get control of the unions. LONDON 8TOCK MARKET Trade Listless Oils Quiet Heme Ralls Steady Greek Issues Nervous Iendnn, Nev. 19. A mera stable un dertone was noted en the stock exchange tedny, due te nn absence of further local and continental liquidation and the thor ough slump in prices for commodities. Trading was listless with the usual week-end conditions In evidence. Oils failed te rally and were quiet Shell Transport was 64 and Mexican Engle, 11. Gre'k Issues were nervous, following the downfall of Venlzeles. Dellar descriptions were maintained. Argcntlne rails were Irregular. Heme rails were steady, Dut enanges were smnll. The gilt-edge section was flabby. For eign leans were checkered. DIVIDENDS DECLARED Texas Ce., quarterly of 3 per cent, paa ble December SI te stock of record Decern- I b-r 10 Qalene, Signal Oil Ce., quarterly et 2 pet cent en preferred, payabln December SI te stock of record November .10. Unl'ed Stnt-s IndualrlAl Alcohol Ce., qinr terly of S per cent en common, payable De ci-mlwr 15 te stock of record November SO United I'aporbeard. a dividend of 2 pei nt In cesh and 10 per cent In stock or common payable January 10 te stock of -.uTera December BU. -j1 I'recer & CJtimbln Ce., quarterly of 1 . per cent en prererrea i per i-eni heck, pnya I ble December 15 te stock of record Novem I ber -J4. Chesbrough Mrr.ufacturlns; Ce.. quarterly of nV4 per cent en common ami 1.75 or preferred, both payable December HO te stock of record December 14. Ubby, McNeill & I.lbby, semiannual of b per cent, payable January 31 te stock e .ecerd December 10. Hecklne Valley Hallway, semiannual of '. per cent, payable, December 81 te stock of record December 10. I Truncen Steel Ce., nunrterlv of li pi i cent en preferred, payable January 1 ti lecic ei record December 20. British Object te Imports of Tire? Washington, Nev. 19 Sharp pretest have been entered In the British Heus of Commens against the continued Im portatlen of large quantities of Amerl can manufactured automobile tires f Great Britain, In the face of vlrtua. stagnation In the English rubber Indus ry, according te advices te the Depart ment of Commerce A member de manded of the Beard of Trade lnfermn I tlen as te what action had been takei In the mutter, adding thatt heusands ei British rubber workers had been dls charged nnd were new swelling thi I ranks of the unemployed, although 90 000 American tires worn Imported dur Ing September alone. The situation, II i continued, would destroy the British tire ' Industry, It was declared. The Beard I of Trade's reply was that the whole I question was being Investigated, the dis patches eaiu. Ne Cut In Wages at Youngstown Vonncstewn, O,, Nev, 19. In a stnt ment today te empleyes of the Youngs town Sheet and Tube Ce , the larKP 'ndependent steel company In the Youngstown district, Jnmes A Cam bell, president, said: "It Is net llkcl hpre will be u general reduction e wages for some time." The statemer centinued: "But there surely will ! Inter en net, however, until the cost of living has been still rurther reduced Sugar Buyers Still Hesitate New Yerk, Nev. 19. The raw uugnr market continues quiet and about steady at 6 25 cents, cost and freight, for Cu bas, equal te 0.26 cents, duty paid, and fu y duty sugars at BVi cents, c. l f. equal te 6.20 cents, duty paid Buyers continue te snow nesnntien. -rnore were no sales of raws yesterday ether than thee reported hy this eureau Imperta' tlens yesterday Included 19,900 bags I'irus ie me warncr 1.0. nna uaue Lag l'erus te the National Ce. The local rer.ned market la uncnanged. Prices Improve en Paris Bourse Terls, Nev, 19, Prices Improved en tne ueurse teaay, Tnree per cent rentes B5fr 20e: exchange en Londen. 57fr 90e B pcr cent lean 'Ifr 20c. The dollar was quetcu at mir inc. RAILROAD EARNINGS CANADIAN NATIONAL IIAILWATS 1020 Incream' Second week Nev.... J2.SH0SM HS0 .1 Frem January 1 02,109, Oni) 11,017,04' Stock Salesmen Hera Is Something Interesting Fer Yeu It you can really sell atecks. If you j re tnursetle and ambitious. If you want te Ucems connected with a if,. Airs, aubstantlal company that leeks ifter Its salesmen, and works with tbtm. here Is your ippertunltv te de se, Attractive leads which premise very Mibstantlal financial returns ar walUni for you te clnss Writ for Ian ,Jn,'rTlw. 1 A-135 Ledgw Oflrknt tXM,oaiL tXM,eaiL .,LA New Yerk Bends 8AUC8 rN t 0001 Am Cot Oil B. 1 TO Amtr Bmnlt'a A ' B 2..... 764 8..... 76 H Am T 1 cit Dl A IIul 4H N T Tele 4 Vis 1 03 4 75M 0 70Y, 4 75 Vi Del A Hud 7i 1.... 101 Dtn A R (I M M r Tsta'a Os 2 4SU 2 SOU Dtn A ft a 4i Norfolk 8' tun 1 7BH 10 04 ev JW 2 43 2..... m Dct Tun'l 4 4s 1 77 N'k A W cv ea 1 70M D Can Sa '21 10.... 102 1.... 101 V4 Am I t T 11 08S 1 TDW 1 70 D Can BH '21 N-n Paeine as 10 DT 0 07H 7 07 H 1 SO 1 SO 2 70 U Am T T 01 3 OS OS D Canada '20 Orea- A Cal 3 e,... 1 4 2..... 9 1 en 2 01 4 00' 9 RS 0. .. 88 7i 2 88 U OS OS Oft 03 D Canada '20 4 01 VI Orecen B I. Os 1 01H l 08 A T 9 T n) 2 G0U A T A 8 Fe 4f 1 01 Vi rae Q E 6s V Canada 'SI 1 78 1 01 4 DO". Pae H of 11 4a 1 70 Vk 2 70 1 70 (1 70 Erie Gnl Men Penna II 11 6s S3 44H T 00 Ateh Tepe'a 4 2 43 1 44 Penna rt II 7a 8 l'"e cv 4s i 104 tt 104 W IS 07tt Erle nit cv D 1 08 1 48 1..... 47 2.... 2.... 2.... l...; 4.... 104 104 Vi 104 Vi 104 V 104 Vi Armour t Ce n Eit 4H 1 7R 1 4T Qen'l Elect Ds 2 75 1 7SU 7 83 2 85 0 104 At Ceait ! ell Oene'l Clee Oi Pere Marqi 4s i 3 03'.4 ' 4 72 2 .... U8U Dalt A Ohie ct Oevs't Frcncli 12 70 2 0 4 70 np reti 1. 100 2... 0... 4... 4... 1... n... l... 0... 0... B... 2... 4... a... 3... 3... 1... 100 Vi 1004 100 100 V4 100H 100 10014 100 s 100 'n 100 '4 1 88 Dalt A O SVia Rie O ft W 4s 3 82 1 00 Vi Ualt & Ohie 4 'rtecK Isld Ark 0 08 H ft La 4Hs 1 05i 1 OSVi 3 0S 10 OBV. Dalt A Ohie fti Ban Antenla ft 1 00 H 8 60 ,a p nr 4s 4 l 01 01 10 08 100 100 100 100 100 V4 10'1 100 1 08S 8t Leuis 3 03 Vi 03 03 03 03 03 Vi 03 03 03 Vi 03 S3 Dalt & Ohie Oi Fran al 1 S 1 2 8.. 8,. 2.. 2.. 8.. 10.. 00 00 Vi IMl'l OOH 5. no'; 00i O Swltz'd rets C 7 1 10 2 0. ,. 7 0.... 102H d a e r l. Great North" n A W Va 4s 1 05 1 05V1 D A O S Wn 1 8V4s 1 77 niy lata 1 80 Hud ft Man fd 1 00VI 1 00, Bt Leuis ft fl Hud ft Man In Pran In O Tsl 7s rets 10 31j 10 S3 0 5 i 4 10 2.. i.. 40 481 40 40 404 40V4 40H 401 411 Vi 40 Vi R.. a.. 2.. 1.. 10.. 2.. 101H lOtU 101Vi 101 1 21 Vi ie... . 2: III Cen'l 4s 'B2 101VI 101 't 101it 1 .... 71 i III Cen'l 4s 'B1 10. 1 0Vi 4 0 4 10 Deth Steel fd 3 0SV. 1 77V4 Ill Cent'l ft'4s Drkyn It T Bs 4 00 40 3 85 III O 8tt. A N SI L ft S Pran nrkyn R T 7 O Jt DdK Bj fl... . 84 Series A 6 43 3.... 2.... 1.... fl.... 3.... 2.... 1.... 1.... 00 Vi 00 VI oe oe v en VI 004 cev. Ctl Fdy Ce 01 Ills Steel 4Vi 1 70 1 78 Ct'l et da en Intb'e M 4H 10 80 .1 20 fl 10 lntbore It T f d Ct't of ea On S SSH Cent'l Tac 1st B2V4 oe 1 72V1 B2H 82 H B2V4 B3 B24 Bt L ft S F-an Ch-k A O 4Vi Series D .4 74 4 74i C ft O cv 4 Vis 1 78, 1 78'4 1 78 4 73 "k O cv 8 10... BO... Bt Leuis ft Se 1... fl... 10... BO... 4... 1... West'n en 1 02 8 024 1 24 4 024 B2U B2VI B2Vi B2 B2 13 83 H 6t Leuis ft Se 4.. a.. s.. 10.. 2;. 10.. in.. 80.. 40.. R.. 83 Vi 84 .831i 84 0. B2 wsst'n 1st 4 00i 4 001 1 M Marine Os 80 80 80 80 St Leuis ft Se 84 H WWst'n Bs 2 014 84 84 84 7D Seab'd A 1, al 80 -OK 1 374 2 874 84 84 10 80 Ernb'd A T. fd C ft Alten SVi Iowa Cent'l 4s 1 42 1 34 Vi S 42Vi S'n l'aclfle fd 1 83 1 42 B T44 1 744 1 744 B 744 Chicago D'n ft Jap Oeve't 1st lulney 4s l 74; B 00i 2.... 74 V, 1.. 10.. .1.. 1.. 1.. 1.. 80V4 Jap Oevs't B'n Pae cv 4s 00V, 1 71 7 74 10 70H 8 704 1 70Vi 4 704 nni oe v Jap Oeve't 4s. 01 Vi oe Vi 1 67': IB B7i S'n Pae cv Bs Chi ft Erie 1st 10 B7S 10.... 100". 1.... 110 10.... 110K 23..., 1104 3.... 1094 1 70Vi 100 87 1 70 4 B7i '-htraKO Mil ft Kan C ft B 3s UP cv 4Hn 1 B3V, 10 -n 2 R3 B'n natlws 4s 10 70 Knn City TerM n oe in oe fhlcafe Mil ft II wy 4 s 4 72 3 72 StP fd 4Hs 2 01 IThlrd Ave Bs 1 704 8 704 "nlnn Pae " 1 80 B se; 2 80U it nallw'ii s. K HelE Os '21 2 01 3 01i 2 em ! ens. K Dela'm 7Hs 1... . 07 5 011J 2 08 2 07 hlcaire ft Nth Pnlnn Pac M Vesfn S1" 2 .... nnvi 1 07i 2 07Vi 1 784 2 734 Chicago ft Nth 1 117 fnlen Pae 4 Vn 5s '87 3 041 Lack Steel '23 2.... B.... 2.... B.... 6.... 3 1.... 1.... 804 804 80 H 804 80 Vi 804 804 804 1 .... 02 "hlcaire ft Ntb 1 02H West'n 7s L ft E Wn 1st 1 100 it 1 80 2.... 102H 3.... 1024 take her M S'n 4s '2 1 84 4.. . 1024 rhl Iteck Isld Lake Ehere M V K at a llrt 4 Tae fd S'n 4s '31 ft I'd 1921 1 084 1 OfS 10 084 10 OSH K et O U I'd IO"" 52 014 K of O P't ft I'd 1020 - 1 89 2 8Ri 2 884 23 88 K of O llrt I'd 1017 1 8B" 1 d 7 854 nnt 1 81'i 8... . 81i ent no", oe v. I.fhllh Vy ns 10. 0814 Leuis ft Nash Btt. dv Os M 2.. .. 00H no Leu ft Nash 7 erni oe Vi1 2 ... 10114 Marlln Reck'll CM Reck Isld Cerp'n 4 Vis '. Tae 4s 3 7 2 7BV1 HUlVe Steel ft hi U Bta 4Vi 3 . ,. fft'i 2 TOVi Ordln Ss B 74V4 1 74-4 0 .... 74Vi II A W 1 ! 2 OSVi S 73 hlle Cep' n M ft BtL fd 5V ft'd Il'ds San i .... en 2 nes 1 47 F unct 4' 0 29 H Mexico Mln 8t PA 8 i en Ste M 4s ie oevi B 78Vi 3.. B.. 6.. B.. ' S IB.. 1.. 434 -lie Cep' Mln Ft P'l 8 ... 414 ... 414 . ..434 rtub'r 1 , .. 7 ... 70 ... 70 1 02V4 te Jt ait 4' neie Q K Ry 3 87Vi Me K A T 2nd 1 41V4 0 41H B 41i 1 30M Me K ft T Is 17 nev, 11 4 4m 3 00 d Hub 7U. 1 .... 0T&1 1.... 074 2 41V4 s... . new Ity of Berne M racinc is "t 8s 1 OR 4 08 2 B4 I'M S Stee1 B B4H 2 fll'i B .... 02V. 0 024 17 024 20 02 City Derd'x fl 10 544 1 514 1 S3 1 82 -ity of Chris 'anln 8s Mnnt'a Pwr Bi, Vlralnta Mid 1 82 land ny em 3 8T4 1 .... 82V4 2 .... ORVi Mnntr'l Tram Va nallway ft City of Cepn ways Bs Power Bs B en 4 00 Saacn BVis i can 4 7B'i T 7B N Tubs Ce 8 1 804 v t c & ti n Wnbaih n li rty New Yerk fi 8 3 80 1 80 iis 'OS IB 02 it n os i i B 5 1 0 2 0 1 01 ni City rrls 0 West'n Md 4' II .. . ihh 004 1104 ne: et Dt no 1 55 1 Bfl 1 Bfl R... . 04Vi S ... 04H in... . fll 1 04 W Pacific i"l 3 814 . 04". w union 4' CI'd Cln Chi ft 004 4 784 Si li tm ti 2 00 N T C ft II n tinitrriM nn rets 7 Mf( Ce 7, C"d Cln Chi 2.. 3.. 102 102 102 103 102 102 102 1.. 1.. 7.. 3.. 3,, 1.. 054 05 Vi 05 05 01 1)5 03 05 03 St L d 4 1 7Vi 'd Cln Chi 4 a li." 11.. 1.. 1.. it . 4 Vis 2 75 r-e & S'n B. 0. 1 4 S3 N Y Chi ft St Cile ft 8'n I't Leuis 4s 1 .. . 804 1 71i ". Ce Cuban CSC N Y ft Jer fl 3 81' 11 80 1 774 Wilsen Ce 1st ni Hud ev New TNII 2 R7V 1 87V. B.... 87' 3 83 fl 83 It cv 34" 3 .. . 4?'t Del A Ilud fd N Y Hlwys Bs Zurich rets 1. . . 70 4 fl 08 H 11:15 a m. 02.8(1 85.50 llllh Mberty nVs ... 02.WI Mliertv 2d 4s ... R5.r0 Mberty 1st 4V.s . 87.0(1 T,lbertv 2.1 -His . R5.R0 Lew 02.70 85,50 87.00 87,00 85.00 88.12 85.70 85.50 88.10 T,lbrrty 3d 4Uh . 88,24 jrm iy 4th 4Vis i, 8rt.ne R5.70 vz Note3?48 mm 00.00V MM into a creek bertnnd two feet 'of water. Mete 4ii M:ea fls.&a, oa.eaiwMi..tii .u. itt. it. 1 ry ietOv ,- iT.'- - " "-- --r - tVkS&AtM! . t'jKteCT.aS&LiaA- L GOSSIP OF THE STREET The tape never lies, they say en the Street, and ns a mafter et fact, it sci dem does when foreshadowing some Individual notion, or some big chang In fundamental and basic conditions. The truth of this axiom, at any rate was forcibly impressed upon the mar ket following yesterday, when the an nouncement came ever the wires et pass ing of the quarterly dividend by flic a -i.- Tt..n.ttnnni nomeratlon. Fer some little time back the tape has aui mjmc .". ""- , .. .. been saying JhU action weu " ' 8i8tCntly and uninterruptedly maintained but certain interests went out , ei f"Fthe base selling prices of all Iren and way te dissipate the report, J"" ,n", teel commodities, which were mutually mate that action en the dividend uau . nxc(1 by representatives of Iren and steel only been temporarily deferred. lnteres-ts of the United States, and reprc- Whcn the quotaflen for any particu lar stock drops nearly GO per cent In less than a mentn. w "" Ai. . talnty that some ratiirai "" -"""' in Int. nlnn. In ll lllvtllpnd tlOllCl. 1110 TO especially when conditions nre knew n te be seriously IniVrfcrlng With the business In which the company is en-j cpncrfwl. Since December, 1010. the company which, thretiffh Its subsidiaries, Is en gaged in foreign trade and commerce, Itnu Kaati nnvlnv MlvltlpndS at tllC rule 0( q pcr cent pcr annum. It has large i...J.t in , Tnfernnflnnnl Mrrcnn- Phil county 5s Merinc 0,., nmeng ether concerns, neidini-n, is.and doeM of the ? of that com- imiij iu Ma, u.., '" . , "j,Bii0iwi dends en the preferred stock Is belicveu te have had considerable Influence upon the directors of the American Interna- tlenal Corporation. In reaching the dc- CJBIUI1 Ul .UIKH-lfHVIUM " , The paid-in cash back of the stock, i..i m MHHAHtiiir nn nr ri'NJiiii:i;zi BCII1UK JVOiClUO) " , " V, ; .-A..1 . nnnmr mnMV tTlOrC til fin iii.. iiiiiai an n .inii is sennit?. ie .An At.it.. 1 n Ka fir.nrnTimntnlv mere th nn double tliat flgurc. The high Pee this year for the stock was 120. Dese Harder te Swallow Commenting upon the stubbornness of the majority of the retailers te sub mit te a necessary radical price reduc tion, n prominent local financial inter est Intimated yesterday that conditions and circumstances may compel the ap plication of still harsher means. Every effort In a kindly sort of a way has been made by banking institu tions nnd ethers te persunde retailers, he continued, te abolish the absolutely foolish psychological policy which they have been following In the face of the radical price readjustments which have been sweeping the country broadside. It was recognized some time nge it would be necessary for them te take the purge, nnd the dose was made as palatable as possible. Seme had the courage te listen te geed advice. Others ignored It entirely, or maue prcicuse that heavy overhead charges would make it impossible for the time bclug. A great many, he said, seemingly had postponed the day of action until after the holiday trade was ever. Everybody has been very indulgent and most every body new Is beginning te lese patience, i and unless many will listen te reason 1 venture te predict the next dose will be a hard one te swallow. Will History Repeat Itself? There arc a great many In both the banking and business world, and also in ether walks of life, who lie'd firmly te the belief that history repeats Itself along all lines. In view of the un-et-tlemeut new prevailing in both financial and commercial circles, net only at home but the world ever, there arc a number of clese )bscrvers giving much study te past performances as applicable te present conditions. The Liberty National Bank, of New Yerk, has made an interesting com parison in thin connection between com modity price swiugs in the Civil War period and today. "During the Civil War," the bank states, "prices as com pared te 1800 rose te a higher point than during the World War, ns com pared te l()i:i. After the Civil War prices began te fail at once and con tinued te record succeeding declines nnd upward movements, the declines being always greater than the rallies. )u 1018, en the ether hand, there was a decided drop in prices, succeeded by a further rlie that carried prices te new high levels. It is te be noted that the intensity and scope of the present decline in prices are almost identical with the decline which took place in lS(J.r imme diately at the close of the C'vl' ""ir." A Soliloquy en Chandler Aute There was ceiiniuuiuu.u ui.- . .,i en the street yesterday concerning u rather unique statement Issued by a prominent New Yerk heut-e rcgardine the recent performance of the stock of the Chandler Moter Ce. Ah the heus.c In question Is supposed te have acted eh brokers for the se-called Insiders during the last ear. the Incident came In for mere than passing attention. Hy gardlng the recent slump of the stuck the statement has this te say : "A croup of bear traders and opera tors, having Interviewed themselves and decided CIIM was '.elling tee high with respect te ether meter shares, decided te sell It nnd then proceed lu imagination te usurp the function of the directors nnd pnss the dlvlduid. A group of iusiders and uutomebile men who made a let of money in Chand ler's 400 point advance by buying the stock when the meter Industry was stagnant during a period of readjust ment after the armistice and selling It 'est spring, have been repurchasing CIIM under 80 nnd will continue te m cumulate it, anticipating another big profit next year. Ueth groups have the means te finance their Judgment. CIIM. like ether stocks, (luctuates, ad vancing when buying exceeds selling aud declining when selling is mere ef fective. It is any one's guess what It will de immediately. These who nre selling the stock are merely backing their own opinion nt the bottom et a 200 point break. These who are buy lug have the absolute certainty of in evitable business recovery next year In their favor, the reasonable ccrta'lnty of a technical stock mnikct recovery after a year's decline and the comfort of a RIO dividend which finances their operation hy yielding 13 te 14 per cent en their money. The vagaries of specu lation may favor the hears in their efforts te induce selling by their raids, but they will find a bid for every share of stock they offer." Foreign Trade et France Thu total French foreign trade for the (list nine months of 11)20 amounted te 4.1,740,782,000 francs (franc equals SO. 111.1 at the normal rate) ugalnst 31. 271,037.000 fruncs for the coirespond ceirespond coirespend lag period of 11U0. The imports of feed products for the January-September period of 1020 were vulued at (I, 727.751.000 francs ngeinst 7.413.503.- 000 francs for the first nine months of 1010; industrial materials. 12.01K,. 045,000 francs ngaltist 0,512,2211,000 francs ; manufacturers, 7.842,075.000 francs against 7.011,031,000 francs. The experts of feed pieduets iimeunted te 1 .52!),501 .000 francs against 70'),0S.-,,. 000 francs; industrial materials, 3,. 0(11,821.000 francs against 1.205.000. 000 francs; manufactures. 10.5S0.521, 000 francs against 4,171.301 ,000 francs ; and postal packages, 770.s0S.O00 francs ncainst 015.081.000 francs. The stivers,. trade balance for the nine months of i 1020 wns HUHI .atiii.iiuii francs ngninst 17,803.203,000 francs for the corres ponding period of 1010. THE TRADEIt. Three In Aute Electrocuted Sturgeon Day .Wis., Nev. 10. Three persons were electrocuted here when their automobile plunged off a bridge and struck nn electric wire carrying 23,000 yelts. The car fell fifteen f,ct ,n - W'. "" "" kj - NO DROP IN STEEL PRICES Judge Gary 8aya Present Selling Basis Will Remain In Force New Yerk, Nev. 19. The United States Stecl Corporation announced to day Us decision te recommend te presi dents of eubsldlary companies that the "present base s lllng prices of all com modities continue In ferce unless ana until It becemtfl necessary and proper te meke chanffes te meet altered condi tions." . . . This action was taken according te a statement Issued by Chairman Albert II. Gary, because of the Importnnce of stabilizing business conditions at this time. The statement ronews iviii. eiihal1lnrv pnmnanlpn have COII- sentatlvcs of the government, en March 21, 1910. , . , Since mat lime, prouueuen rasu u. all manufne turcs of Iren and steel. In eluding nn advancement of wage rntej ." .".!.. In nnn nnn .... ..n r In tlm 8teej corporation, and larger freight rates, ilave mater.a.ily Increused. Under usual circumstances, we weuid be Justified in prle b. "Tlnwnvpr. nfter dnllberata and care ful consideration, we have decided te recommend te pr'Cgident8 of our aubsl ia. Mmtvinai flint nr npnt hflfln sell ing prceH of all commodities continue In rnrrn unlpnR. nnd until It becomes neces- sary and proper, te make changes te -alt.l -nd.tlens g of the highest lmiortance. anu mat every m te the eXtcnt of ha opportunity nnil ni,iiity, and even at some sacrifice, ta obligated te assist In stabilizing and maintaining prices en a fair and wuie iuvhi. aii uiuuuvvh vuu"". workman will be benented by this attl- CURB MARKET TO REMAIN Many Dissenters te Proposal That Association Move Indoors New Yerk. Nev. 19. Bread street's weekday convention of wildly gesticulating-, trnOlc blocking dealers In un listed securities the curb stock market may remain a fixture In the city's financial district, It was learned tedav, netwlihstnndlnc that the New Yerk Curb Market Association has voted te move Indoors. , Mere than 200 dissenters have staHcd organization of a new curb association, whose members hope te continue edify ing the visitors te the ameus money mart with the spectacle of blzarrely capped curb representatives, "wirelessing-" orders, via finger 3lpnal3, te their offices In adjacent buildings. The only stumbling block te the plan, it was said, Is a recent ruling of city authorities that the curb "must go " This ruling Is te be appealed. Steps te maintain the hlstorle curb were tnken by non-members of the Curb Market Association when that organi zation announced n ruling that hence forth no member Ann could clear, di rectly or indirectly, en the "Indoor curb" any transaction made by a non member. Investors' Pocket Manual V,'e have a limited number of the November Issue, which we will be clad te send you en request. Alse a special list of 18 Railroads which we bellove are exceptionally at tractive for Investment at their present prices. Scott Stump Investment Securities Specialists in Odd Lets bTeciv i:cit.Ncn iiuixihne iiiil.i)i:li'1iia 40 Kichance I'l.'icr New Yerk CentfhVllll', Ch lmbersbure, Curllilr, lVliMMlviililil Province of Neva Scotia 6s Due Nev. 15, 1930 93.50 and Int. te Net 6.90 Townsend Whelan & Ce. Jtftnb rn New Yerk nnil rhlludelpliU Stock KxdmnitcM 505 Chestnut Street SECURITY SALESMEN Capable stock nalMmen. with nr with nut a ellnte'.e. r.rd n a position t p"cluce- results. bue new un opportunity te becem iictnclKt d In the iTrluMen or the Inl'lal lnnu of s'eik of una of the most nretlt.ib'y buslrit-g urvJ. rt iMngq In this cltv Hlfthpt cemml un paid and bust posjlble oe-opi ration ll'rttc or remc te ste uj. Fiscnl Mannfjer, 318 Wlitencr HMif.. 1'lilln. GE0.A.HUHN&S0NS STOCKS ND IIOMl Members of tlie l'lillmleliihiu. :,.w erU mm .,ii,. nnn iiijuKtk iv erk Ce tun i:il Il.lllt.-l Commlealen Oidtrs -x.cuiuu In Bixu.vi i: ceuiiT uLinr. 1118 U'alnut st. Mn limit 111 KICK 111 llre il . N vv iir Phila., Bait. & Wash. 1st 4s, 1943 C0ENNING. GARRISON & CO. STCK i:(HMir, lUliniNR Direr l'rltule Telrphene te N w Yerk enibiTM 1'blln, S'erk KxcluinRr fjVC Paper Bexea A and Malllni. Tubes ijlett EDWIN J. SCHOETTLE CO. 533 N. 11 lh St. Philadelphia Celd Re'led Steel Bars Iren and Steel Products CALms STEEL & IRON CO. 1120 CHESTNUT hTUKET Fpnire S1S8-IAI1 FLECK BROS. CO. Maniifartur i nml leiilrrs In Plumbing and Floating Supplies 44.50 N. 5th St. 506 Arch St. Camden llranch, ISO-Ill Fnlrrnl St. Vet llrnnrh l.aniicleiir, l'u. PIM Wm.U.Mayberry WjMJNl &. THE POUND STER LING -sP Leeking Forward We recommend the Tjurchase of certain Sterling Securities for. '4&J& Safe, Profitable Investments Rrazier DROAD AND SANSOM 3T8. PHILADGLPHIA 65 DROADWAY, NEW YORK 19 SOUTH ST., BALTIMORE 927 15TH ST.. WASHINGTON Specialists in OHIO MOTOR, RUBBER AND STEEL SECURITIES COMPLETE SERVICE In All Ferms of Investment Main Departments Investment, Brokerage Acceptance, Libertv Bend Foreign Exchange Statistical. Ohie Securities Extensive Private Wire Connections Members .bf New Yerk and Other Principal Stock Exchanges OTIS& CO. Investment Bankers CLVFt AND New lerk liosten Detroit Cincinnati Columbus Teledo Akren Yotincstewn Denver Colnrnrte Spr'ngs l&aYyce. Vaa&ias f " 4U..I stocks Rallying Round , B0HDS i the Rails U the present iiiurkeiwia cll Ity of I lie rails the fereruntuf ( niiuilier eld-tlm rllre4 mnrfcrlT Aie u Ju.uUed In expelling; th precrn: trrnd of the rails te b lone Kustuliirit? Prediction re. tltutCH i piirt of ear serTlea. Otir Mierlnt letter "R." however, drsrrlltfs the hlc condition enrterllne n elrrtrd ff of the tsllrnrt lttp, llurkc table rmirtllea carrud iipen a ceiurruatlve marginal ijn(s Oild le't n specialty. MffiBftBerGeJ T. . iriilljililpliU Mk. Exeh. llrmbrr ,.., .... . ,, ,.. , ,,. y. Ib22 Uieslnut Street Fbenrst Hell, Hj.rnee ngi7-4XM Krrsten. ltiire 75S : nrnmlT A IRK ,1th , N. T. Sfnmfirn". Conn. Western Markets Direct private telegraph wire connections with Chicago, Detroit and Grand Rapids ERNEST SMITH & CO. i.w i.s'i mi: r .snci'piTiES Z0 Bread Street, New Yerk Tel Hecter K157 irl TTTTf n n in in 1 Security Salesman Kncrs'tlc nalPsmnti wantecj hy an est.ihl --hc'l lntstmnt house for special work en a high-grade Ihsik1 A 1 irue list of known buyers win '.ji frrn.sh il Siu'c'ss In till t i lv wi'l mean n permanent unmet n with i xci p- tlenal op'iertunity tm the future. A I.J. L1.HU1 It erii-Ii-U Investors Everywhere Use M oedy RATI NG BOOKS f Ask your Dank or Danker or write Meedy's Investors Service1 IW4 Keal Lstate I rust Uldu . I'hlla., I'a. New Verk Iloaten Chicago Breeke, Stokes & Ce. 15lh & Walnut Sis. Philadelphia Washington Daltimere AI.OCM. rerpnmtlnr ninnnfnrtnr Inc n nntrmnl nrtlclr with pe'rntlnl mnrkrt of loe.nnoono Htu nitxlly ilmlrrn te srrurr IAC 000 4 dlllennl wnrUlnir mplliil rllhrr with or nlllieut liursler's srrvlrrs, Vrem inuxlmiiiii output far I lie mmlng dv jrurs Ims lirn runtrnnrj far. I'rcN Its nre eicrptlanalljr tarce. Tbl wU stand op undrr III. must rlild U Trstliolleo. JTur IntertUw',, 4Jr,M ; MiuiuaiiiwcfwA m. 1 & T .'.ra 'tiil M IS. m .'-ij. m m A ..jfl & i J M K V X X. 1 1 ' WJ-n ,n WW HBMasWtuL2iMi1iH jriti.'jti fi tjHf'if.'l 'WML
Significant historical Pennsylvania newspapers