'.MS"'" '"'"" 'il.'.-V. .'V.-. ' EVEnW ;BlMai SJETO,iM&-g HIPEIiPEffiA; ' fvraPfeP&Y, . yfOYEMBEB" a,' 192fr a.7 I llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll NEW YORK BOND SALES "" ' - ' " l( ' I -,-.-. . . , , T . f ,. rc Republic of France 6 National Lean of 1920 SUBSCRIPTIONS CLOSE NOVEMBER 30TH These bends are redeemable at par at the option of the French Government after January "1, 1931, and are a direct obligation of the Republic of France. Under authority from the FrenchvGevernment we are receiving subscriptions payable in deltars.at the rate of exchange fixed each day by the French Finance Commission. Price today $62.10 per 1,000 Franc Bend The stability of French institutions and the conservative character" df the French people are responsible for the high esteem in which their Government and Municipal obligations have always been held throughout the world. It is only because of conditions following the war that investors new have an opportunity of securing a French Government Bend upon such advantageous terms. Thei French Minister of Finances recently described France as a country which has suffered much but which recovers with energy ; a country which rapidly retrieves her losses and is even new rebuilding her reserves. BROWN BROTHERS & COMPANY . 4th and Chestnut Streets ARGENTINE REPUBLIC 5 Internal Geld Bends of 1909 Dated March 1, 1909 Due Spt 1, 1945 Denomination! $100, $500, $1000, $5000 Interest payable March 1st, Sept 1st Free of all present and future Argentine Taxes Principal, and interest are payable in New Yerk' at fixed -rate of 0.973 per peso ; in Buenes Aires in geld pesos ; in Londen in Sterling at 4 shillings per peso, in Paris in francs at francs 5. centimes 4 per peso; and in Berlin in Reich , marks 0.409 per peso. Redeemable within 36 years from issue date by the operation of 1 sinking fund applied half-yearly te the purchase or tender of .bends at .er'vunder par, or by drawings at par when bends are at .of ever par. . Of the issue 2,000,000 are listed en the New Yerk Stock Exchange ;. 2,960,000 in Londen. The. Bends offered herein are unlisted, numbers and are at a considerable discount below the bid .price of listed bends. They are, however, part of the same issue. Argentina, with a population in excess of 9,000,000, has an area of about 738,000,000 acres. Theper capita debt is approximately $70," and interest and amortization of its national debt consumes less than one-fourth of the national revenues. PRICE 65 & INTEREST Te Yield about 8.35 " The small denominations ($100 bend) of un listed numbers may be purchased at still lower prices and are at such a material, discount that the yield is especially attractive. We recommend this offering as a Safe Profitable Investment feAZIERfrCb. Philadelphia 65 Broadway, New Yerk, N. Y, Wilkw-Bmrre, Bread and Sansom Sts, 927 10th St, N. W. Washington, D. C. Lebanon, Pa. Pa. 19 Seuth Street Baltimore, Md. Harrisburg, Pa. EIGHTH NATIONAL BANK PHILADELPHIA wll jlv Alaska Oeia Ml -Co'ev X 1 10 Ataaka Geld M Ce cv B 2 1TH Amer'n Asr Cliem Bs 2,.... M Amer Smelt's A n'r Bi 1 TBU 2 75H 8 7BH 5 7H 1 78 H Am.T. A T ell B T B...,, 7H 8 7T Am Tel T Bi B 70 B 70H 2i.... 70 1 tot, Am Tel t, T AS 2 04 1 0tt 3 1MU 04K Armeuur ft Ce n Kat in 2 75S 1 7BH A. T A B Fa s 1 ion 2 7I1VI 10 70H 2 TflU ATtSFil 2 09 Atl Cea.it U 41 8 Ttn Atl Coast V 7 1.... 102 Atlantic Fruit CembV T 2 7T 1 77K 4 7T Unit t Ohie cv 3 71H 1 71 1 71 TJalt L O SHa R R3U Bait A Ohie 4a 1 0H ll ei Bait A Ohie Ba 2..... 6814 38 6RH 20 00 W Bait A Ohie 0t 2 00 U A O P Is B, A W Va, 4a 3 05 10 US 8.... I 05 1 64K Bal A O Tel 4a 1 68 Bfl Tel 7a rcti 00 OtH . 61 H Han In . 22 . 22H . 22' . 23 . 22 . 22 I 4a '52 . 72 III Cen'l 4 'S3 3 68H Intb'e M 4H I0i.... 20 Intbore n T (d 3 2,... 1.... .Hud A 4.... 2..., 1.... 1... 10..., 10..., Ill Can' 8. 02 4 S2H Mn S2 02 52 S3 B2 IRALEa IN 11000 Chtcaire A Nth B.... 102H W'n d '21 Ilucl A Man ia 10 08 Chlcase A N W'n ext 4a , 1 8T ' 1 88 Chi lUllw'a bt 1 02H 10. .T.. 02 Chi Boek Ial'd A Tae fd ' 1..... U 20 6H 4 OOH 1..... 07 1 07 3 07 Chi Heck laid A Pac 4a 2 71H 8 71U 2..... 71H 1 71H 2 71U Chi U Bta 4H 2 80U Chlcace Union Sta t OHa 5.... 105 10.... 105 Chi A W I it 1,.... 50 l r.fl 2 5 0 Chita Cep r Ci 3 00 10 08 1 08 13 08 Chita Cep'r T 1 03 2 98 H .Cblneae Onvc't 1IIC nya 5a 2 42 CJtv et Barn ct 8a 1 07 2..... 07 2 88 Clly of Curie Mania. 8a 2 08 2 08 Cltr of Cepn half n OHa 5 73 City l'arle 0a N T C A II rflTTk A W r ea Comptroller' Call, Net. 15, 1920 . (condensed) RESpURCES Cn-sh an limerve. ...'... .$1,124,219.74 Due from Banks 790,021.30 Loens and Investments. . .'. 7,333,951.69 Bun kin ir Heuso and Heal- Katata 117,700.00 Total , $9,364,892.79 LIABILITIES Depotts Rediscounts s Circulation Keserved for Taxes Interest S7.397.74e.36 NONE 269,747.S0 and 8,929.93 fipltal, Surplus and Profits 1,668,469.00 Total $9,364,892.73 OFFICKBH WM. J. MONTCIOMKRY. Prrldent HAMIIKI, IIRLL. JR.. VWrr".a"nl II.Mir.ES . COOKE, raahlir JOHN D. ADAIR. Aaalalant CaVhlrr WM. A. NICKKRT. Aaalatant Coah fr kSZ&Z S&nrtfrW i lSTOCKSV iBONDS, ARE YOU fetare harrratf are new quietly Pluntlnr new for Shrwwd lnrater arqulrlnt alrrtel arrerltlra at trmi halt te a third of their book Talara. Ne nanr-ralndrd trraen would prraume te aell Hi Vnltrd Malta aherti would CiKUIne Ihut our leading; Induatrtra are hradrd for oblivion. Art new. BlakT reaalbllltr of further drprra drprra alenT Yea. Hut Ihut rlak la mlnlmlied In ronnertlen with the aeeuritlea aperlfled In our aprelal letter "E," a ramplunentary epy of which la jeura for the iMklnc. MarketabUi ticcuritlea carried upon a oenaervaUve marginal basis. Odd leta a specialty. ffMfl Atrmbera i 1'hl'adelphla Htk. Kxch. t Conael. Nik. Ki. of N. Y. 1622 Chestnut Street rhenr-Hl Hill. Hprnre 0017-4390 Keystone, Rare 7A0 74 Broadway & 480 3th Ave.. N, Y. Htamferd, Conn. r i I ' i TUt OnnnrHimtv in Railroad a a V T. aia. I anrl Muhlir I IMIllhir Bends I' i ' Write for Booklet 7848 1 II I RaranUirrVit Rr fninnanv "437 Chestnut Street, Philadelphia New Yerk Boiten Chicago Detroit II i . ..- i .ii i ;- i .i fll i 1 Jlil GE0.A,HUHN&S0NS BTOCKSANB'DOKDSI NiV,VYS2' Ortten . , 111 Prea4wy, fNw lerk IEE, HUGINSON & GO. Beir tot rTTunn r " ! -'" - . .,v J43 rw .; am .Vw.t- Herehey Chec. 74, 1930 Galena Signal Oil 7, 1930 CenUnental G. & Elec 5s, 1927 Erie Lighting 5s, 1967 Monongahela V. Trac 7a, 1923 AtgCewmvCct lecuat 5tl Und TltU Bldg. Nu Verh Tel Conntctien, Canal 44 a we Eeaiciedl Extern? Industrials are down 43 points average The Coppers are 28 points average from last year's high. Have we hit bottom yet? Or are stocks going lower still? Babseifc Reports Babaen'a Barometer Letter itet Issued rlTtaytretheplatn unbiased facts en the present situation, and forecasts cemmr conditions with remarkable accuracy. It contains information of vital importance te every Invester. REPORT ON REQUEST Copies of this Barometer Letter are available for distribution te interested exeeuttres, without chant. Tear out the Meme new and hand it te your secretary when you dictate the roernms'a mail. Merely atk for Bulletin 34-LZ t The Bihien SUtbllctl OrztnUitien WeUtiley Bills, 82, Bosten, Mus. Tia iMrfmi OrttmkftUn Itt CKanatir 8.. x.: 4.. 1.. 1.. 0.. 1.. 2.. s.. 1. 101H lets 101H 101U 101 S 101H 101 101H 101K 101 Bfth Steal fd 3 77H Dethle'm Bteel 3a et 3S 1 70 Brkm 11 T 7a 8 42H Bkn n T ct 7a 4 40 7 41 3 41 3 41 Dkyn Rapid T 7a ct Sta 0 33 Cent' I I'ac 1st 1. 4.. 1.. 2.. 23.. 3.. 10. 72H 72 72H 72 72 72 72 04 H 04H OtH 04 04Vi 04 H 04 4 2. in. l. 13. 0. 4. City et Zurich rets 1 97 2 07 2 07 Celum's It 0th Avenue 5a 1 21 Cena'd Qaa 7a 2,... 100 S.... 100 Cuban C 9 ev 2 811 1 80 2 83 1 80 8 83 Vi Dal A Hud 7a 2... rvn A 10... 3... 2... Dn A 11... 1. Cent'l R n of N J Ba 1 00VV C'k O cv 4s 0 78 Ch'k A 0.4M,a 1U 10.. 74 C & O cv 4 Ha 1 73 2 73 2 73 1 73 1 73 C'k L Ohie 5s 2 03 Chi A Alten 3s 10 40 C & Alten n 2 33 Chicago n'n A Qulncy in 1 00 4 00 S 00 1 00 10 00 Chlcasn D'n A Clncy II 4 4 81 Chi A fi.yf 4s 4 01 .1 S3 2 OS Chicago Mil A 8 P 3a 2 M 2 50 Chlcase MM A Htl' 4a '23 1 81 Chlcase itll A SIP fd 4a 3...... 00 2..... 61 . 3 61, Chlcase Mil A HtP Bin 4 Ha 1 78 Chlcase Mil A Bt P ev 5a 10 70 23 09 4 00 104 ROM . 50 . 50 . 50 R O 4s . 03 . 03 D Can 5a '21 10 00 D Can 0 '21 10 08 5 07 3 08 B 07 3 07 4 07 D Canada '20 2 00 1 00 3 00 D Canada '31 10 00 1 01 Dominion Re- publice 5a 4 70 8 70 2 70 Eat Ten Va A Qa d Ba 1 00 l en Kdl III Ryn 4s 0 7.1 Hrl Ucnl Lien 1 44H 3 44 8 44 Erie R n cv A 1 42 B 41 6 41 Erie II K cv H 1 41 1 41 Erie Penna 4a 3 73 Q. Midland 3a 33 klene'l Klte Oa 1 09 U Ceva't French Rep rets 0. 8 20 2 8 B 10 10 1 M Mrln.8i 1...,. 70 3 70 3 80 Iowa Cent'! Ba 1 73 Jap Geve't tst 3 74 50 74 Jap Ceva't 2d p--, Til! 25 74 18 74 10 74 Jap. Ueva't 4a 3 Ditt 2 57 "B B7 2 57 Kan C A H 3a 10 B3H 3 68 Kan C A 4a 2 83 , 1 85-,. Kan C A 8 81' 2 73 4 72 1 72 Kan City Tar I Rwy 4a S 72 B 72 1 72 4 72 K Belr 0s '23 1 01 K Belr-m 7a S 07 0 07 1 07 1 07 1 dk IC of Italy 0 12 83 3 83 4 85 Lake Bhore M s'n 4a '28 1 84 Lehigh Valley en 4a 1 80 Lthlsh Vy fla 2 08 Llct A Myera T Ce 7s 1.... 104 . 1.... 104 Lerlllard C Ba 1 77 Lerlllard C 7a 2.... 103 i in.iw. Leu A Naah la 1 80 Leula A Naah Mone 4a 1 06 . 1 60 Leula A Nash BtL dv 0a 2 Sl LeuANaih la 3.... 104 1.... 104 Manhafn. IS'd Statlen 4a 2 84 2 34 UlchUfn State Tel Ce Ba 1 88 Mldv'e meet A Ordln Bs B.....' 72H Mln A Ht L 4a 1 43H Mln A St L Ba 2 72 5 129. Mln SlPi 3 Ste M 4a 1 80 10 80 Me IC & T 2nd R It en 4 7.... 81t N e JMI ll II 11 lit 4a 8 57 N T C A It It R R 4k 1..... 70 N V O A 11 a It It (la 4 02 1...,. 02 N Y C A II 11 RR rets 7s 2.... 103 1.... 102 8.... 102 New Tork D'k Cemp'y 4 s 1 64 JJ T Tele 44. 2 75 2 70 7 70 2 70 2 70 N"k A W'n- Is . 20 70 S 70 8 70 1 70 Ntk tWdh 1 .70- 1 78 8.... 103 N'k A W Pe's Ceal Ce 4k 2 70 R'n Paclfle 4s 1 77 1 77 n 70 2...,. 77 10 77 Nn'n Tac 4a inn Nerth'n Status Pevar Ce Ba B.r?.. 7r Ores A Cal Ba I 11..'... 88 Oregon 8 I, i 1..... 70 4. .... 80 lOrrgun ri I. da 1 08 Org. Wash' n R Ce Nav Ce 1, 1 81 y-4 80 Pad A Mem 4 a 5 78J Pa RR en 4Hf 1 . . . . . 80 P R. gm S B... 10... Pee O A 1 1 2 1 1 Pae T A T Aa 8 81 60 00 09 H An 77 77 77 77 77 !..... 1... 2... Pnn B 3,.... 1 10 Penna R 1 BOHflfc 2 E i B0" 4 ll I 80 80 81 80 80 OO 00 00 R 7a 8.... 104 1.... 104 Reading Ce J Ctl cel 4a 8 01 Rp Cuba 4a 1 03 1 BS Vi 1 63 Republic Cuba Ba of '04 3 78 Reck laid Ark A La 4a 1 05 1 65 3 5 St t, I'n Mt A 8'n Rly Ba 1 87 BI Leula A 8 S Fran , 04 04 04 63 03 03 (I I 04 03 A B 1 1 1..... 6 2..... St Leula ti Fran In B. 8. S. 3. 4., 3.. 1.. 3. 80 BOH 80 BOH r.en BOH 50 B0 Bt L ft ft Fran Barlea A 2 2.. 10.. 3,. 7.. 11.. 1.. 01 00 01 01 01 01 60 8t I. A 8 Fran Series V 1 74 Bt It A 0 Fran Series C 1 86 St L Swn ll. 1..... 04 2 03 Bt It Bwn n 1 02 Ht I"l Minn A Manlt'a en 4a 1 88 Ban Antenla A A P R7 4a 1 60 Beetd A I. a) 8 .ID 1 88 Beab'd A I 1 42 B'n raelOca,,! 4 75 10 7S 1 75 4 74 B'n Pacini' 1 70 3...... 70 B'n Pac cv i 11 70 1..,.. 76 0 70 1 70 10 77 B'n Pae ev !' 3.... 118 2.... 112 . 3..,. 112 1..!. 1U IB.... 112 6.... 112 111 1.... Ill B0.... 111 10.... Ill 30,... 1UV 85,... Ill 8.... HI B'n Rwre 4a 3 f.9 1 R0 1 80 IfVn Rallw'M 1 87 a 80 7..... 87 Bparta 4a 1 77 Stand'd daa ft Elec 0a B 83 Third Ave 2 81 3 31 Third Ave 4 a 1 40 Continued en Nest Pace lCHARTER, Ne.l THE mtST BANK CHARTERED UNDER TKB NATIONAL BANK ACT R. 1... 0... 0... 14... 1... 1... 1... 23... 0... 1.. 1.. 1.. 1.. 1.. a.. i. 100 100 ioe 100 tee 100 lue 100 100 100 100 100 100 100 100 100 10(1 100 O Svltz'd rcta 2...., 102 10.... 102 3.... 101 2.... 102 First National Bank of Philadelphia 315 CHESTNUT ST. Cendeniad report at dose, of business November 15, 1920 RESOURCES Lean and Investments $39,884,834.58 Customers' Liability under Letters of Credit and Acc.pUnc 3'932,5!' Interest Earned but Uncollected Ir'252'2- Due from Bank., 7,249,532.66 Ezcbanie for Clearing; Heus 1 '658,Ii-?l Cash and Reserve.. 3,600.967.13 Total ..-.,...,.,...,.$56,319,762.73 LIABILITIES Capital .. ' $1,500,000.00 Surplus and Undivided Fronts z,o,jeu.o Fer the Benefit 4) of Our New Friends We Repeat - This Bank has each year! Twe examinations by the National Bank Examiner, One examination by the Clearing Heuse Examiner, Twe examinations by certified Public Accountants And the examinations made for the Orphans' and Common Pleas Courts. Five sworn statements are also called by the Comptroller of the Currency. These examinations cover e'ur Trust Depart ment as well as the Com mercial Departments of the Bank. Every safeguard te pro tect you and yours. Interest and Discount Collected but net Earned Reserved for Taxes, Interest, etc.. Acceptances of etber Banks sold . . Letters of Credit and Acceptances Re-discounts (Federal Reserve Bank) Bill Parable (Federal Reserve Bank) Liberty Bends Borrowed ......... 224,899.27 531,636.93 3,092,907.73 839,685.83 6,828,787.00 1,065,000.00 514,100.00 DepesiU 39,030,365.13 Total ,.... $56,319,762.73 WM. KENTON WABNK, Tlee-Prea. HARRY I.- IIAAH. Vlre-lW TIIOH. W. ANrtllKlV. Vlee-Prea. CIIAS. II. JAMWH Vlee-Prea. CARL n. . I,AW. President 1 TIOWARn T). KOBDOV, Aaat. Cashier I.. II.- HANFORD, Aaat. Cashier K. K. AI.DRiril, Aaat. Caahlrr T. HCOTT ROOT. Aaat. Caahlrr CIIAKKEK. Caahlrr Ayer 8. Child . g. Clark. . Walten Clark Cyrus II. K. Ce Hie f. vr, Cliaa. - Jeaeplj DIRECTORS Franklin D'Oller William- V. Oeat E. C. lrvln Livingston K. Jenes William A. Law Jeseph n.feCall Vred'k . Medwen J. Ilenrr Hrafterrnud J. W. Van Uybe CORN EXCHANGE NATIONAL BANK Philadelphia CHESTNUT at SECOND f,llllllllllllllllllllllllllllllllllllllllllllllllllllMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH7 SI O Ht L A Carle 4s 1 T4 New O Tex t Mexico Ba 14 BTU 14 61V, N T C II R R R SUa 1 0SM te no N y c a ii n R R 4s 1 77S rfn j::c::.JeJM ne "I ':: H First National Bank 20 00H - J::::: SS, of Bosten 4 HOH' IB SOU ll" I'acldc a s.'.;; 54 Capital, Surplus and Profits !::::: $37,500,000 1 !W I l nt ::::: lZ Deposits ii: ::: K $185,000,000 I T WW Resources 1 . 9Ki; nnn nnn l,MWv,vvvr,vw Make It Your New England Bank I sV 1 Meney for Christmas 1921 JOIN the Rittenhouse Trust Company 1921 Christmas Club new being organized. Make a small deposit each week. Then en December 10, 1921, we will mail you a check for every cent you have paid in, plus interest. The amount of the check will be anywhere from $50, plus interest, te $400, plus interest, according te which class or classes you decide te join. Enroll new. Rittenhouse trust company 1512 Chestnut Street Originators of the Christmas Club in Philadelphia Hecker & Ce. , , Bank Utniisr ei ! I rs and Broken tU WmtU curemiRz I Meme Writ ihm llshaen HI I I Fer Your Secretary Write the lUbsen UtatUtlcaJ Omnlsa. Ien. Iteser W. Babaen, Trealdant. We. rmw mua. as, notion, Alan,, aa le. Iowa I Fleass send a copy ,e( Utxclal .iuiiv.iii nv,a.LM4, anu, doekim. "Del. N.it,Pt,.,J Lfliiei IK iltutrfrem ..AW.Jjts,. fasLMl ajtn mm t5irr? Miiste trlBL CITY OF AMSTERDAM (HOLLAND) 15,000,0Q0 Guilders 7 Internal Lean Redeemable wtihtn 40 yean beginning Marcli, 1922 tetth annual drawing of 375,000 gxtiUen. Interest date May 1st and November 1st AMSTERDAM, (lie chid" cHy hi Helland is one of the eldesi and best knevn bi Europe., Its population b 640,000 and its funded debt $76,053,540 (per capila4$119). Its annual revenue'fer 1921 is estimated at $ 20,000,000. The per capita debt of Helland is fl50 compared with $236 for United States, 825 for Great Britain and $1114 for France. The Bank of Netherlands geld reserve te circulation en September 6, 1920 amounted te 63 compared with 40 for United States and smaller ratios for ether leading countries. - Subject te withdrawal and change in price, we offer the above bends at $315 per 1000 guilder bend, te yield at current rate of exchange 6.67 , with possible additional income from appreciation in Dutch exchange towards its normal parity of 40.2c We are aJrld thai nem-reeetleni heMcra of tftaaa beafla arc net aubjad ia prcacnt Duldt laxea J. S. BACHE & CO. Member New Yerk Stock Exchange NEW YORK CHICAGO 42 Broadway 108 Se. La Salle St. We as aUal U aWw I FRAZIER & CO. Bread & Sansom Streets PHILADELPHIA, PA. latlAwlilinwlMli.Mfai.tsMi.tii Ussm up. fik.v n IF ,w. I - -FVr aWAW. i'"'''.. " '-' v"rT r-fT-in " . 14n-W'tjMMSjlaaaaaaaaaaaaaaaaaaaaBsiiiiK.. JtYt.H rijjff. tinu. ,twu?va..i . .t). h- Foretell the Future "Can I succeed in business?" There is one test that never fails. It is this: Can you save money? Cultivate thrift. Open an account with our Savings Department and experience the satis faction of watching it grew. 4 interest paid en every dollar. Open an account new. National B ank j Commerce in PkiladelpHici 713 Chestnut Street Jfmthtut T.TeJyvmlLJ'j-aaidmtii JOHNSTOWN PITTSBURGH TRENTON SERVICE Direct private wires te all principal markets. Orders executed either for caah or carried en a conservative margin. v Reports furnished en any stock in which you ar interested. Correspondence Solicited. BOUREAU & EVANS Member Philadelphia Stock Exchange 130 Seuth 15th Street Philadelphia Locust sist Mtu, gna bayfelteifid'.si.UU.'.lf lk'l v TJ 'aaSLCssHI wrmmm3TamumnvttmYMM i mil mm l '. . v"fWBMKsl I ""rii"' j1 ' " ' " :LjMgwn7iTTffTssWsffi JUBGttHHA IfesaWtf 4.- M 'l III 'll I f I h"MMM WIIWl U 7T1mtmmkmmwMmT f . -jam: t .t jaaaM,.at, ' ,- 'vjm n,maMam ili'i. wkflL. Jssssl '? t . mm liw--a-.i'fTalMLWLaffHWLWWat iBImP itilrT' I . m i .rrwi m 11 w m '.y, W., t. A BFfe j;i .,' . s '4 rjf'v-l p m r. i. Mm 7 mjt "km l-rPM(U ' 'I i J 7nTTrsssll l19Tmkmmummmkmma&JKtiSIMtKaWKltt