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
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1 . Iil'i
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tSAI.KH 1ST 110001
a lew t."n r.iriflp i
4. . inn 1 . .. r,v
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All iint I. 7
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All'c Trull 7"
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a nan
Hull A Uliln 41
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Steel 111
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103
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itciiV r.1 1 ion
S'i Ilnl Man f.
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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
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lac (I A I. n
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r t a-.
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rn It It 4 48
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Oile.m.i Mil t
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IS 07'
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Mil Cl I"
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IN
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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
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S I' I an
II
71'.
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s r. fviiii'ii a i '
70 i at
70 V II lie I r. i ,
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11
10
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10
te
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fvya ts
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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
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lelllKll V' l4
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I. A Mmt
1. ' Tli'b
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.1 . . . TN'j 11
l.iul'. & NiihIi 1
SI I. (Iv ll 10
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WV.I Ci i a.. .
T'nlen I'ae
I'
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11
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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
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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
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I T.I 7i.
i' fun r.'j -'il i
111 'IV ' I
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I I'.uuiiln '21 '1
I M'. 1''
Ii fin i.l.i "i ,S v K'
Mi I
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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
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III '.N !H-'.'S'
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!
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''
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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
!
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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