Ww! Mwjrre y "VV i ' - & -, - R'K "ki-JViUiW.jyj ,. EVEyiyp PUBLIC riEDGtER pHILADlULPHrA, MONDAV flEGEfrnft 13 1020 " mjrz&zt &7Ww$r&!F!& r "7,.r :' 1- .'I MP i '''!2m 2 l : vr hi i W The Banking Situation The rr.pid changes in com modity prices, theindustrial readjustments, and financial disturbances incident te the periods of war and reconstruc tion have, provided a severe test for the credit and banking resources of this country. It is a matter of national congratulation that our bank ing system has successfully met that test and occupies today an intrinsically sound and strong position. The combined rc-j sources of all banks in this country, exclusive of Federal Reserve banks, are in excess of fifty-three billion dollars. Ap proximately one-third of all the geld coin and bullion of the world is held in the United States, and underlies our credit structure. It is.alse a matter of national congratulation that our banks, as a whole, accumulated ample reserves out of their earnings during the five years et pros perity we have just enjoyed with which they have been able te mere than meet the condi tions due te the decline jn com modity and security markets. In the readjustment period sines the Armistice, as during the war, the Federal Reserve System has functioned con structively and conservatively. It has met the problems of the , hour in a maViner te serve and protect the best interests of the nation. Credit has been liber ally extended, but without impairment of reserves. And if the readjustments which the existing situation require arc left te the orderly operation of economic laws, they will be made safely and te the ultimate welfare of the country. As a member bank of the Federal Reserve System, this Company has met the essential requirements of its clients. In the working out of the con structive business program the country new taces, this Com pany, with its trained organiza tion of five thousand members; its capttal, surplus and undi vided profits et mere than $60, 000,000; its resources of mere than 800,000,000; and its world-wide banking facilities, is prepared te render the fullest measure of service. The Niagara Falls Power Company First and Consolidation Mortgage Scries A A 6 Geld Bends nut: nev 1. 1050 At current market prices te yield about 7 Complete description request upon Beles & Westweqd Mtmberi Pkila. Sleek Exclude Land Title Bldg., iMiila. Pfetv Yerk Bends A Smlt t It Its; 1 .... 71 -1. .. 1i Am Tel i. T r. 1 THi, S .. TH't Am 'Id 4 T n I tU'i 1 . Iil'i A T H IV In SO ... 7.1 V4 tSAI.KH 1ST 110001 a lew t."n r.iriflp i 4. . inn 1 . .. r,v i. . 100 in .-,:!' 1 .. inn N'n I'nrinr i I . . inn, 1 7.V, IK .10 1 OrB-VV'ti II 1 . AlK'f IS Allnnur S. I It I1 4"j S .. . 7.1 All CetiKt I. I 10 .. . 77'i, All iint I. 7 I.... 101 All'c Trull 7" 1 ... iU'i' Unit A uhlu rv a nan Hull A Uliln 41 11.. . ni, II & e V I. i V V11 4 . .. (VI i Tn I r.2 I'd I CM 7 . 1111 s, . KI'J mr, I Ill's HM'v . IOI 'k mil.. Steel 111 G Switr.'il iclf if-'' 103 IOI '4 .0.1 Trunk iriaila 1 . 10'l itciiV r.1 1 ion S'i Ilnl Man f. 1 .-Ii'k i . UN' 1 r.e Hill 4 Man In in . . 2 ill 1 21V III Ventral M,l 1 .7.1 III T1 4i T'1 liO'i1 111 frill I I I.ltlien M 17 1. tin 1 I I II I I ,, anvsnemaasBip fin & lensiKEivnana r. ' , 1 7l nl'l'i'r l I!' 10. .. s'.M4 nun IMI ('. ItrkMi !l It I .l'i Guaranty Trust Company of New Yerk mltuMXfl 7, WILL THEY'D GQME IMGK Pierce-Atrew Chine Copper Glcnreck Ryan Cen. Tonopah Div. Trnnocentincntal Krul hImiiI llii'iu In tills lssni nf III? Itrvlrw 01 nil' ii.irhei juai iiui. write rnr I. 10. GUTHRIE S McGOVERN Mimlirrs I'hlli. Mnik 14110 "iiulli I'rnn Mil, Spruri Ollfl .Nth Yiirk llrliuncp I'lilln. Ilmr lien. .'I' Itre.iilunr CW.A'.dHf'IIWT'r'gmv'ffpifaTir.YiB'iIU'Hil Nnl I'll 4i 1 P'i lac (I A I. n 8 . 7n, r t a-. M rn It It 4 48 f.'."li I'u lilt l'i '21 is 1ih it it .'.k . N7S IVnnn 1 . . It It 7k . . I'M . 101 1 1)1 Mnrii In . . . HI" Mhpi . . SI . . M I'jhllc Hervln f'u N J S (i . .. en j IIO'i n i.k ini'i .ii I.a 4'4 MI1H I .. 1.. I tr H0 I. I 'ii'ilVli' 12 I 12'il I. 1 J 12 1'J 12 12 12 !2 12 12 12 T 41 7 ., ini Ilrkn llmill i 7 it fUn 1 I'll l.e'illirr .'i hlii, rn i 'Heine i . 7U C"k ii e r .. HH. t'lil A Ait. m : 1 .. . IP C ft Atli.n 'I I ai S . M t :i. C II f. I) n a ncy II :t'4 I ... 70 cm it a. y I I . !.-. ' ( hi U 11 4 1 Ml' Oil 1.1,1' Sll'in i: p,K r. ;t Oil .MM X M I l.nki' iii I . !?' I li?-" OiIiiiici. .Mil M l'.illl In 1 Li! '- 4 . 1,1)1. Oile.m.i Mil t St 1' iv In 7 70 ' eiie.iKi Ml "il' iv 4'i 1 . . Ill IS 07' ." 117'. Mil Cl I" . . ll'l . II .. . 11 . .. II . 11 II . .r.. II 'I M i:. . ir.w .. i:.', . .. ir,. .... 4.MI, .. i.'i I.Vi ... 4S ... . in', .... is i.-.'i . . in 4."'4 i M .Murlne it ip itmc't If VI .. 7.-. R. Hi IJ'IVP'I .' il .Ml I. St l.nuln I'rnn J 10 . . . 10 H I.HIIIA 'run In SO.. .. 1. .. ir. I 20 fl.", 0.1 02' 02' II." ii . H IN 17' I7 17 GOSSIP OF THE STREET In Ices et most uteekii nrc st nr tienr Hi a lfiwi'Kt te In n'cerilril in tlic present dn-cllnc, (ilucerH ni'e quetltiR nlmiit 14 ccnH per peiiinl for UfciMiibcr, HV4 i'Piit for firm ipiniliT fiipppr, ntnl t!i hiiiiii1 tiguTP fur lltiv nf llip Imlivilllllll lllelltllH ill till' i f!rnt (iiaitiT. Heles liuic liei'ti umilel C'linnillcr Hros. X. On. (temlilrrlin In n-Ktiiiif I'lidlemt'i'M nt llit'M1 llRiiri'H. tin' Inrc Jpltitlinn In vnlues nf neiii'ly iinil one isnixl centrni'l fur IVbnmrj kvcr.vllilti'x (xcent Inlier. reiil nnti foeil. , sliiiimctit win tiiKfii nt ll'i ipiiIh 'l'lii'i' fclli'lM Hie lint willlllR In ipi'il tliptp hnvp lipen very fi ' In ' ' ""' fniltirrs. aMtnyjins:-- 'SlKniVWW I ni-r f'-nri!" nil- mil , . ." ,""i. '"r'.T. . - . . - . m t tin- fuHWihiK prlifi tu nil tlsris nf cop- I"'''1 "llir.'inpiit. of rlnslnj down of mllN. tier, nml lniiiirl'M mIiIpIi cnin" from ""'" fre'ii lack of erler, cnine liernilff. muni- iiiiiniifnciiiii'i'H wlm linvc net Iiepii I" fH'i'i'iimlntlmi of 'trwlti en hnntl unil , . . e ,i . .i- i..- .Htlll in innnt ntlipr pahpb nt'PnlllU' nr K'Kiiuir riixinniPr" ni ini' nig hki'imh". i . ., ; '"",,, ., HllOtntlnll'l l'i "-I" iir.' I t-ililjll-llili'llt III inn". ,"ii'.- lliillN. lilll in nil ni llirill llliTP in in.- limn; l'i ;lit In nut II' Mnrkrt M'titlment n derlili'illy lilt"' nil"!' the I'lnshiK nn Sntiii'ln nx a n "Jill or (lie (.peinlni; Itinliillly t HierU till' ilnwiiwillil cnlllsp of M'clll'll'.l MlllU'i. I lip (eiiiImiipiI ttPiiiiTii"i of Hip rniN wttt wpei-inllv ilislirnrti nine. Iiiaiiiuii'li ns lliin iimrPi' nf thp Mm Iinil ienenillv lic'it I'CKiiiileil im iiiiiiiiiiie fiein lipnrl (ittnt'ks .mid Hip liiiiildntliis movement. li.v lliric mkmiI(1 he inxlvtelit cell "IB of tin. rnllrt Ih nut wholly rlenl 'xi'ept en (he ilu-nry tlint I In recent Imj'liipr was cm-rii'd inn fur. If tliN be line, tlit M'liMinnl (lepri'Hileti weillil teuil '" nun it n renctien et rn:iin-r n.-.i,.., Ki,1t,1 Hllipii tlinil ill the li( llstl'lnll Ulliell .. , , , . .,,nl n.,,1 ........,r. tl.n nrmlllellnn. flip. I. in II llll.i nilll' lie,, uiinii'"' .nun I'. : . . V in I i. heinl. nil t wns net t iHt " "lr """ -n ihmi in iinerni ,.rm..-. ill tin1 pnvt IIiliKilii; fiein liiiiuiil, iii'een fry mid Hie N'pwlmrscr Tllelc MIN Ins In I lie cetiti ier II1U tit It Wlltltl , ilenilervin .I..-;.. ..t .i,.ii... I inlticntlnz fnrt Hint for four Nenrn be- lull'" vi. ,i,ji.. i i t .1.1 1 ion- inn eiinnee in conniuein niipcarcn, fpeelul ilium; I it'll rlnume in Hip tile lust wei'lt. letii nunc tlii're wftH or ilieuld linvc been, tliecntli- , crlnu nf vpry tteneiniis prelltH which . would iiiivp l)pc i Inrgpr nnd Initpd lenzer If our severnincnl hnd net trented our pi'iiiiniPM nn though the mere legitl- lind iiliendv y kiiiip tl iiniiliiiinii, llllellslie Iniiiii ininti. Snllle 20. 10. ... je . 30 . . te . .. 3 t 1. .- Herlr A 1. 1 St I. ft vrleH t ''Hill uhi.rt I. 1 through it period of H. Snine nf the iiiiiip I llIMVnh(. Iiu'erintx ,m tl. iticct. Iimii'ipr. Iuip Iicph open In their rem- I il'iiuinllnii nf . iinpHKiimlii in the liiilreiid iir. vvlileh lin- eeen uirriedi en! since ,. (juinliiig nf the fiei(llt mill pnsi.K ,(,, ei,.,ispx j IMP fniliire nf the rniuN te show tlipl Mir pnllis which hnd iieeii picdlcted lij i Hilii of tlievp '. iidvnncpi III uiti'M1 liiilde (lie jrrreip ninrc nr II -s villli" 'llble " heir iii'iiu-Ks Tlien, niiin, it iniixt ' h" remembered Hint the recent ill nil ic, s iinip in the imliislrlaN sennii-l.v iin- p.iiied iitnuenitm ypeeulutivc iiccdiiiiN. . which in Minn. in-iniiri'M ncMtsiiiite I the v,.,,K f ,, hKM. K1.m,, ,,f , . loud shines it, chIpi- ) niiileet less I liinrki'liible miii,,. i ,1,,. nnhivli-iu! SrniipH. At the snine I imp, the wiint nf con Inleilcc in ih,. , ,.j nnl,i!( fni bllni lievN nii, linnii,.,. f (,,, ,( n,i jp pl event h jin.v kind of ituressive trnil '"' "!' M seml-Npecnliilivc cliiiincler, while iini-l nt Iuijiiik Ix of limited yeliime mid (iintiet ceiiMtitule iindcr iiii m'i niKi miflii lent te itcnily the IKt when ih,, Pcnm Hll enK n deter milled mtncli. rrelRht TeiiiitiKe SlulnliltiK I'lllciiils nf riiiliniiiN npcriillne; nnt tiein ChlniKn mid St. Leuis icpert n fi'ilher siiilnkiiiK in inevt lines nf rom rem ninililies iiiiisidc l(f c.,in, which Kcnjix 'IP nt ii f.'itr rule. The further reduc- Ci'1 ! """ '" opeinllens nf the steel plants VM- bus Im'ph ii fnetnr in i ciliicini; tiitiiinei' i lime in 11 II. 'nil. mil ii ii-. iii.iiii-ti inni i ,, - ., ,. , . ...I .. .i. i .u .. i .i.. I ipv ulinnlil rniillv luive been crfillted (Ml 1 TIC ,1-riiliili. iin-ic ,,n- ii i'iiii in-- I " , ;. ' . .( t i,,,i,,,l f,,,. ...eiirllles Se Inn n'i ceniii'ts I the IIMIIll 111'eflts. bllSI'll nil the InW 01 - V . ...... " .'. I ..u.,l. n.,.1 .1...... et i)iiuiies ciirimimeiii nun iiiviiipiki 1'iittiiiR lire iiellvclv fentuied the mnrkct is li!i'lv te centimie Irrcxnhir. Aside fmiii wcnknrss in epeclnl Minks Hint respiind te special dcvelepiiiPiits, the inmket, us a whole, is holding well within the lines of IP" tiinthui entnb liOlcd in NnVPIilber. Il Is tile enn i nsiis nf opinion ni icniiiiii; pperts iintdy nnd detnnnil. Iimtend nf vihlch only srcntlv faverPil Keetinnt' ftnil p"o p"e plps were given n free lintiil te make nil they reilhl. while copper nnd Rteel pre ilupers and trnnpnrtntlen plpnientu were renllnually watched with JrnlntiH e.ves fur fi-nr thev vveuln ninke profits tee heiintifnl. The result is tlint these nnd Heme eth-fK nrc Undine it very hiiril I hut I he inniket in ccnernl I" linvcrlni; , eeliiu le niicccifiiii.v meet me cnaiiBcii aieuiid bnllnm and there arc nimi.v rcn- ironililiens that new confront them. r.s :.s' Utv Pteladeip ilia if Ok Dated December 1 6, 1 920. Interest Payable January 1 and July 1 50-Year Registered and Coupon Bends, Due December 16, 1970 Free of All Taxes in Pennsylvania Free fremTax under Income Tax Act of Congress Legal Investment for Trust Funds Bends of the City of Philadelphia eniey a high investment standing. They are owned largely by savings funds, trust estates and conservative institutions. Negotiable Interim Certificates will be issued if desired, pending engraving permanent certificates. Lean certificates interchangeable as te form from registered te coupon, or frj;. coupon te registered, and re-exchangeable from one te the ether from time te time at optien1 of holder, and coupon form may be registered as te principal. May be bought in denominations of 100 and its multiples. Scaled proposals will be received at Mayer's Office until Thursday, December 1(5, 1 020, at 12 o'clock neon. Bids must be en form which may be had en application te Mayer's Office, and must be accompanied by certified check for 5 of par value of the amount of lean bid for. The right is reserved by the undersigned te reject any or all bids, or te award any por tion of the lean for which bids shall be received, as they may deem best for the interests of the City. Full descriptive circular furnished en application te the Mayer's Office. J. HAMPTON MOOUK, Mayer WILL 15. HADLF.Y, Hty Controller DAVID J. SMYTH. City Solicitor ' IPiF Yielding ver Wtfe in ni 8fr Sinking Fund Geld Netet Dated An-,'. '2-, 1920. Due Auj; 1, 192:1 Company reports earnings of ever 8 times interest clinrpes en llu'se notes. , Penua. Four Mill Tn Ucfiiiidc Company pays Federal Incemr Tax te '2 Information upon request Bakcv, Ayling & Yeung .KIM:!'!! SWA'N. .Ir MunaErr Ltnd Title Dldg. i Bosten Philadelphia Chli'iice Mil i S'l- Id i'i I . . .-.N I .".hi, I ..H ChlniKn & .'lli Wi' II 71 j mi '4 1 b 1' fil1 . Ill'j Oil. in, ni'i I & V 4 I. 1 Villi a ii r.-'v-. S I' I an II 71'. l ' i HI Ft I 1 ?e,'! !'. V A s r. fviiii'ii a i ' 70 i at 70 V II lie I r. i , ;', ." . n e n i'iicIIi Te 11 10 S n n. 10 te I'm i Vnr iv .In ' It l'i II 1 1 It a Kim env Tcr'l fvya ts 1.. .. liti'' 4 . . . . Wi K Hm'ni ". 'k I . . !i7 I lirk Hlcel T.e :i ?i k l.'p (Inn I'u l.l St l.nuln Ik I .... Tl", lelllKll V' l4 III !IM I. A Mmt 1. ' Tli'b I. irllliinl l' In B'n .1 . . . TN'j 11 l.iul'. & NiihIi 1 SI I. (Iv ll 10 1 im VI hi VHrlln Itnck- I :t . . WV.I Ci i a.. . T'nlen I'ae I' .1 111. . 11 I ". te.. 1 UK', IM, 'IS llMj il Ave 1' afer Development en a tremendous scale of hydro-electric powers heretofore unavailable is made practical through the recent passage by Congress of the Water Power Act. Scarcity in the available supply of coal and oil and their increased cost logically direct attention te tlic mere extensive use of hydie-electric power and further emphaM7e the essential nature of this industry. Properly seemed hydro-electric bend issues already occupy a highly favorable investment status, but un doubtedly such securities will be increasingly in demand as the hydro-electric industry enlarges its present firmly entrenched position as one of our principal sources of energy. We Iikvc prepared a booklet en the Wnter Power Act and the history and importance of Water Power Develop ment, copies of which we shall be glad te supply en request. us. Pine Slicet, Cor. William, New Verli Widcner Building, Philadelphia rtl rnin9 win ii m$ 11 rF TTa j ILUKCKS mm Banks, brokers, and investment vl services almost witlieut excep tion have already advised their clients te purchase coppers and industrials. We hue refused te yield te pressare from our clients te de ilkftVVisp for WW tlltnb tlint n I.e.. trr hllvlnLt nninf n-ill Im. rjiDfliD " ia t "V """'"'. J A 'mwl llapids Si Ondiana 2nd 4's, due 1936 Te Be Guaranteed Under Lease by Ihe Pennsylvania R. R. Ce. Price ami particulars en request :WMr, MavUn & tin ! C rf fl Vl I4M Walnut St. flilladrluliU l aroreramaizKXETSviii We have for sale C. & 0. Ry. Equip. 6Vz 1924 Scranton Elec., 10 yr. 8 1931 Cen. G. of N. Y., 1 yr. 8 1921 U.G.I. Ce. Netei 6 Feb. 1921 I'cnna. Mil. Sticl 6 1925 Call at our office, telephone or u-r tr for particulars. Reed A. Morgan & Ce. WW mm Clil i; Sia , I . . 7 C'ht . W I 4 1 I Chi ft W I il I t . lep-j I ruic nip r ii. I II .. I'-.', ; iii . e.".'.- n ii.-i', Clllle I'ep r "ir mi ri ni'i i. . m I niij, Clt Oni.'c Sijl I . 71'jl 1 . . Tl'a1 - Til Cltv N Y 44" Miiv '.IT 1 HI', rily rtrl i I . . (in i j I 1.11 C Zurich rei" 'J . d."' 1 OT.. In .1 citi nn t. I Hi I. tin H ' L . ml (1 .1 I'ln 'lit ! st l. i 'in I i CI (I fill I'll s. I St l.nul.l II . R' I l,llikiMII S A 1 .Mln f. HI I, l Mln !. lla K I . . I ni 1 f .1 l :... . t:i' I11, it'rliin I'hij Ih 1 ', 2. ... Ml 1 Ml IJ'.It't.l'.li T - i '- a.. . ln.i'j si i. ;.(.; t i ii r it ii-t 07',! ' I''1 nn1 A. T l I I.-. I'T'i . ,".".'(' i nf II nn I I'd I l'i 1'iilfle l I .". le r.i ', ill K . . .-'I I I . ,-r i l'i . . ,-.i I in . . r.n'., -i . jut, I." . .'in. it' K ni 11122 . .. I'l . . II". 114 nf (J llrl I I 111"' ss", se, s1- " (1 II I II I ll III Mr II Hi I I-'. . .. 21 21... . N V .1 Ml' j I. V f i II II f 11 41 3 ... TS', N V i' .1 II II II It en 4 1 . . i;ri u N V i- ,t II II III! 4l '12 10 N V I' A II It I.H .V a (i 15 Tl ll ll'l' rt KS', M', . . .! . . . SIP, ... M', ... h'l ' . . . S.'IV (..I'.. T. . . S3', S3'. Ilniiln A ,1 II. S'll, im I Imliiit .1 I ; C'.ii.i I 3 l! t . n i it ii ii .V V c I, lilt II 1 I 101 I. till ll'l '. IM', ll'l mi Itnin't 10 . . . l.il I r nub!,' i .-.. I Tl I , 1 . . . 71'. 1.1 . T4'. 1.1 7 1 I' H 3 iiui. 7'. I 'IT I 'III 7 t ii vl lllil'l i i:pii llii'l i. v s:i' i It ! f.l .N' Vk .Ii l.l II V IS SI" I -.ii I'm Ii 41 I . I.'l ll il l 01 II III i 1 0 sin X II t ii n, mi no nn IT IT 4 I I I 3 1 1 Vh I. 10 Vh Ml i i ' m , HP. . Ill', m '. i' fhem il' .... Ii'.". . !U sun I mi Pal Re ports J. M, HA I LICU C. 8, I'ATTON L Sailer & Stevenson 1 lax Free, WltHng Wi te SJ4 7 Executive Position Wnnlctl t'y mmi. una 710, nn tremiurei , Hi (euntiuit. cretry, inanuicr or nrenlinr. lint of rterncea unJ rcpniiTirnlillmi fiirnlahul u ie, i,nuai:u ei'Ficr. Y Our reasons arr rt forth In a mm". fully prepared Hulk tin Just nmili-rl te sulncriber.v te the Habinn Invextment .'V,cf',reunselinK aKalnst nin.liase at this time. UEPORT ON REQUEST A few extra copies of tills llulktin are pvnllable for distribution te irfrti-(l nvt'stnn A reijuest nn your It iter head will brlnu you one vv itlinut clur.-e. Tear out the Meme naiii and band It te your secretary when y0.i dictate the merninc s mail. Mra!yAtk for Bu'.Utln 31-.M!; The Ilabien Statistical Oreanlzatlan , Welleiley Hills. S2, Uosten, Muss. J7. f.urs-'ll Oraa'iiielf 1 1 in in 11 1 OmMtnaiaan.jacLllir)FPIIFOctautui Meme &? fi-l a n e y 1 of rU U Character Open RiSD A. M. Till MldnlRht for I'.rrcivinu Dcpeiits nml r.-.shinf: Checks Fi-anklin.Traict Ce b ... ....... I n' It'll u.r... .. .. i. I j . 'w M i njnm ra l!auiHu I . 'ni 'i 1 A. Iin h 1 1 Ji. n Ai in ntll Sfcurlt i '"i i' n Tin ' I T.I 7i. i' fun r.'j -'il i 111 'IV ' I i iiv, x v iti. I I'.uuiiln '21 '1 I M'. 1'' Ii fin i.l.i "i ,S v K' Mi I I XSI,1 ' 1' ni It p .'- N V 'I'' le ' : . . Tl'. -' 7i' 1 1 , N Y Tele' " " Sr til l.l'ni I 'l'i 1 7i n'n.1 i se u i. i. m r . . 3' I ' Mi . It It i ' r Ni'it-'u' H 1 hIIh Ilil I I'nwr ,1 3.1 I 7 s? ll It i ls'f l! " " I' '' 1 . 12 1 .11 . Cien 'I i;!or ItH N'k . W I 1 it 7 I I lO'i i I , IOI '- I lull tl ii.'l. WI I" ii liirsi' evteiit. nml the hick nf d inninl fur Imililinc imiterinlx, tine tn 1 1 -Ki'iicnil MiiKiiiitliin In I'Diislniitlnii tle vi'lciiiiit'iiis. bus iiNii liecn a fnetnr. In Ki'iieriil nii'ii'litiiiillM, tlien' Iiui iiNn Ii.'cii ;i ii'diiclien, nnd tlic tnlnl IniiiiiiC' liKiins show n iniiti'i nil ii'iluit inn from II Mill' URd. liiisini". I'UMilitlniiM nrc reierteil un -"iilNfiirlnrj li.v snine of the etiieers jif tin- minis in tlielr leniter.v, with the "iilieiii fciilnre (he lnrl; of eniitidi nrc nn tin' imil nf Iiiivcih Keiienill.v . 1'nnlur linn is belli"- Kept ilnvvii liv Iniliistrinl plllllts unlit .lien tinie ll" the deiiiimd for li'niliii'ts iticii'iisi". Tliei'i' lliii been n little iui'leife ill til" liieveilient 01 vvlieiit nnd ije liv mil I" tin' M'libeiiril. i lint even tit Ibis the tenniici' is net lnrKe. ('(ml is murine fiee'v nnd there lite new few I'eniplnints. The ctirtnil- l inent ill mill 1111(1 flirttit'.v iipenitiiiliM h.ls ell I'l'ii'i' ceiil iiviillnulc fur ceneral ills ti'ibiillen. (Hlielnls of keulliein renils icpntt i rnnipiirntively dull Irullii' ieeli niitMiile nf the retitiiiueil libet.il run of "lient te the Rillf pnrti. This iniivi'iueiit is ' n life snvrr for the Ninth nnd Smith lines with ti'i'inlniils nt Ids "lii'ilni; I I'erlM in the Klllf- '"Hi iM lv" ""'vi,1-' en fuiilj inn mill bns'n, but ether lines linvv a fiiitiiilliieiit In timiuiKC. i "" i Interest rn.inient In Detiht , One nf the (lut-tnnillne fentiii'i's of I the bend innrliet ilnrlnR the lu-t week will tluit of the ni'tivity and vvenlttiess ill the tirt lll'd lefundilii liievlmtKi' , ImiiiN nf the liiterlmreuuh U'lnid 'Irnn- i sit Ce.. which sidd dnwn le u new Imv level nil Ihe pli'M'lit innv einclil . This i'ix lirmixbt nlmiit bv lepnil1 nf n pei.s-.hle receivernhip fur tlint cnrpiirn t Ien nn .Iniiiuii' 1. vvlicii its interest nn Ihe first nnd lefiindins iimitsnse bunds fulls due. inviilvliij; ll p.ivniiiit liefv i .?''. Olltl. (H'll mid SIS.liniMHKI Tn (late, it is inipnssilile te luiiK" 'liv iiicimile stiiti'iueiit as tn win tin r lit" i iiipiii'itiiiii will nr will mil nil 'mln fiituls In ni"t this iih'iititiim. l-'i.r t!u s iiinnti tn cud lliielllb. r .'il the IiiIciIhihiiiiIi will 'linw a ileln it nf substantial iimpnitmn uf'er iiieet ilu; intiiest i hni-'ji's ami as the surplus nf that cnrpnratinii has been iniisidcr lllilv depletiil lis a ".. lit nf ill" i.uf.lV i (Table npeialill),' cmiililiniis vvlileh have1 (ihtiiineil. It is a ipiestiini in the minds nf iiirefiil iiliein'i nf the hiti'.'itieti whether funds, will be fm lli.'.iiii 112 when tln'v are i lid. A M'l.ilur s,tu- tltlini liresf lll't llclnlier when llllelest nn 'lie cnl p'll'lll lii'i's lintes f'l' due. The cupper irarKel rniitliiued l'" im prove dili'lii',' th" p.il vveel;. riiiisuui vtf weie linn e tiuini'i mi- in the market, and iiltliiiiiL'li im nuns, ml 1 . 1 1 iiuli v id ii ti I nidii's wii' plaieil. Ih" ii c r Rllle uf nil the cdiitincls 2''n I''1' V"H ets was said in I" nithei sub -laiii ml Tliere is a linnet' tendeucv In ipioln ipieln Iinil. and in i i siimhii b.i- il i-.i 1 1 peaicd. The leading selliu; nst'in n and pre- sons rnr lieiii'i im; trni me lecnnicai ami niiiiiev siluatinti hn I ll Rienll.v ' lluprnvcd bv the icceiit drastic liipildnt -illK liiinetnenl. We lire uf the belief! that penp'e with funds mid patience dietild make tnuileiiile pun hncex nf se curities ainuiid nresint level uf prices fur the Ieiik pull. West & '"- A numerniiM times In the Inst veiir many penple hnvr felt that the belt'nm bi'd heen reached ; liuiiiy iniirket letters linve spoken nf the ex . pected rnmine "f en iter iinmej . luive I pnlnted nut the intrinsic i heapness nf ln ks; bnnkeis. iucludiiii; the I'edernl Reserve b'Hiid, have issued njitiinlstie Kimi-tH. Vy Instnnce. earlv tliiw week t lie linniil is rennrlnl iik ileciaruiK tlint the rinse nf 1!I"0 i witnesin (he turn IllK point in the liansilinti fmin pest war cnndltlnns tn llje linrmal econeiuic Ii.ihU of Interjinlleiial uinl imluxtrliil life. And the speculative public is imvv ellin'.' sticks. These detnils are the ernet (inp.isite nf I lie wariiltii; Issued at Ihe time uf ii bull inniket ami seem tn imliciile tlint nltlinusfli the (lav tn-ilny t'liivliet tl.nvvs 110 sltn (if Mreiistli THK TRADHt:. Attractive Listed Railroad Bends A circular Well worth reading that we'll gladly tend you en request NEWBURGER, HENDERSON & LOEB Member? New Yerk and Philadelphia Stock Exehangtt 1410 Chestnut St. FOR HALE I'rntiiyltunlj manufitcturlnt charter nnd cnriienilr friviielil. Ild up bunua iiver $2,1100(100 capital. Ilrarcanlml. Rell one-half ralef. I1YBON. I.ONOnOTTOM A I'ArK C2II Mnihrn Olrard Hide. I'lilla.. l'a. Hi l'i'' il l'i I' i 1 it Wnh.ill 11 Is 2 . si', W"si ti M 1 i 1 .10 1, We.'n l'nc I si I si VV. -I Mi'.rc l II iss a i.n'. Will iilun ',, I Ceiv t !' Ii '.t 1 inn i I, (. nl i vv 1. 'Ill, "IV. IM'. HI . I'l'l ! I 111 III N, ' 1-. NT M.'l I Mieilv I'.'.'N.. I Ihert.v 'Jd -Is. I.lli'l.v 1st I', III '.N !H-'.'S' I. bcitv lid !' II. !' Id (H N."l III SII.I'J ii:''.s -' S. NS ll'l 'I ' '.hi nil s', in Mi I 'J ll I 11 f ! I Write the Habsen Statistical OrKtmutien, I ReKer W Uabien, President. We!k'.iley Hills. lows ; I'le Stockwell, Wilsen & Linvill Cerlified Public Accountants Land Title Bide., Philadelphia I. illiiiui. I (ilimilnis A lliiclirn I r.ic Ii mull I'uwir A l.lulu in iiicrb un Itiil'iis (itiitiuiti (iiiinritliul It .11" i A I IkI.IIeb I it ill tin r.l'Ttrle Ciiieii mi I'r l.i'vli k ( I'ltill (III Kdlil Trin iiki re Ciiinininv iiulnll 111 A I'nwrr ('(Hiii.lti Siirfulk A riilUhiiii.Ilt Trm t mil ( iilitini M'Tiiii Itnihiie ( e. Iirisiiini' tell A t'il,e Cii Villi rli mi Inls ( unci in IiIiWIi I'linrr Sisnrltl s n. ., I mi. ellil lll'd 'Iriirileii nf N. ,1. ) driiinl Ituilils A IiuI. It. II. l'i inir .'.I I :in 'ri ll I 1 1'' .-. ll s'l lU '" V I'll, I ',1'J SS (III I Ml S.'l I .'(II '.Cl l" i"A l.ilieit.v 4lll l'i--- s'" viet'v Xntes :i'.N '; In lOill ' , .' ,,(,.. itc'i.. .i' inn i ni: 'jd ti:, '.ii in. '.ii .Vs 111.41 I 'I.,'; $y LONDON STOCK MARKET it's mill I d's lies; .iv iniii i's miii .1 III!! 's S('i Vs HIM ll's lll!7 i's tnni Samuel K. Phillips & Ce. MlllllllTs 'illl(..lli ' N.nili I'm h, hi-,. .1117 illTM T STIIITI Bends for Investment l"lr, ulnr I'- n It . ....-! The National City Company COMMIinll'Ifitf Ortce, in Ocrr ill) Cttiel I'lilllil liilil ll'il I hrmii'it St. Vllllhtll' ('III I'i'.M IIuhiiIimiM, Trade Slew and Mixed Heme Rails Dull Kaffirs Flabby I iillilnll, Mei U Tllcl'i .is in. ih I ililni; in .Mexican I.'.ikIe in' Usiu . ..t Nttur' I'"' sincil ( M'liiiiiM' luii'i.i. ii'ii'imihh i biniiis 111111011110 'im lit or 1, mi. Mine ..1 1 m ll two shares liehl.nl i,ir Tlic it 1. . r, ,' iled tn 1115-H'. Iti nll.iiiK a'n.i , it . d In nther sh.nes nf Urn nil ,. iliittinnit Shell Ti.iininri vviih .1 1R-I . M11 Mar seitii'lHeH Mere vvenl.ei' In fj in i.i li Willi New eib I llnpie rallH were dull Tin 1,. w itiuili 1 itc reall'dliiR ill Smitb Am. 'in t , lulr lmluilr!nl(i weie li-i-e'Riiliit- llii'l S'Ui s llav wart TilI-lS Itubbrrs druii" . In HMiipathy Willi tu Kt.iiile K.nlli un-i Mnhliv .n'ii'.kI'iichi wan nnied 11 , Hie Ki't-(ile(l Hectlen J.'e.i ItTti In in- ,,' dull Henerallv, Hie niniln'iH .. I siuw- ami tidti d THE HUMAN EQUATION V IN BANKING HplIK Philadelphia Natien'al Bank is mere than a unit of financial strength. It believes that successful banking requires character, leadership and an understand ing of men as well as a knowl edge of finance and business, and it leeks carefully after that factor in its service te its customers and the business community. THE PHILADELPHIA NATIONAL BANK 4 2, 1 CHE STNUT STREET LEE, UI6GINS0N & CO. DOSTOM KetubllHliril 1BI3 NEW YORK CHICAGO , GOVERNMENT jr'nitii luillKitl Ms, 111(11, I l'a- inn leulitcrnl 3, Hull. 1 l''n Inr n U in.lt . , . . ri.llll'liln.i -in. lli.'l.l .... I' H ilevt cmusm in, itet'l I U a Uuvt, rn.eurj ll tj;.1 BONDS Hi! . Ml, SI", till ll'i mi S'.l .J U SVl'll ' 1 'l UMNlA iwiffAj' 3rrTjMflWiii"'iNx: WXhf, ' 3'aiAi'riKfB;-2iVp. mm? ICVh tjj c.mss 'gmem$ FIDELITY (This has been the Emblem of the Fidelity Trust Company for mere than half a century) TANY persons have only a vague knowledge of the assistance a trust company renders in the cate and distribution of property. Tilts is assumed te be a matter of in terest only te these possessed of great wealth, whereas, a small account or estate is always or owner, and should care and protection. importance te its receive the same A better knowledge of the subject will prove of advantage te us and te our clients and we arc, therefore, undertak ing an advertising program te explain the services of a trust company. As these advertisements appear we shall be glad te have these interested call at our offices for such additional informa tion as they may desire. Fidelity Trust Company 325 Chestnut Street Capital $5,200,CVO Funds held 6324 Woedb.nvl Avenue West Philip, lphia 1431 Chcbtnut St. m irui burpli-s $ltCCC0C0 mere than $246,000,000 5 ! JI ts 'I lW " -l.vfWlrt- f Vr-- '7.f-W ;3Jt1W.I, Af.f I ,M- f; JVMrftA "- i ywvwiwjil'ji !tvmte&.w, -r " M'um
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