'CX"V"W J " ' 'HfHf ' fl - rt ; . wawaawammamaB-rrrrr-ri v-'WJ" tltW" , Ive W' WSo . teDfejSpBEHiA, wway, dijcembeb ,20, -1920, a JNfevr Issuo $30,000,000 STANDARD OIL COMPANY OF NEW YORK 7 Serial Gold Debentures To be dated January a, 1911 ' Interest payable January a and July a Total authorized liiue 30,000,000, due Inr leven annual aerial installment, as follovrii $4,000,000 due January 2, 1925 $4,000,000 duo January 2, 1928 4,000,000 " " 2, 192a 4,000,000 " " 2, 1929 4,000,000 " " 2, 1927 4,000,000 " 3, 1930 $6,000,000 due January 2, 1931 Coupon Debentures in denominations .pf 1,000, 500 and 100 with privilege of registration as to principal Redeemable In whole or In part on any Interest dato on and altar January 3, 1M5 at 103 and accrued Inttrtstj If less than the entire Issue ohould be called for redemption, the longest outstanding maturltle9 are to be called firat Intereit payable at the office of The Equitable Trust Company of New York or Blair U Co., Inc., without deduction for any Federal Income Tar not exceeding a in any year which the Company or the Truitee may be required to pay thereon or retain therefrom under any preient or future law of the United States of America. THE, EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE Mr. H. C. Folger, President of the Company, writes under date of December 15, 1920, as follows "SECURITY: These Debentures will be the direct obligation of the Standard Oil Company of New York and will constitute its sole funded debt. NET EARNINGS of the Company compare as follows: 1 Year Before Federal Taxes 1916 $37,401,764 1917 39,376,043 1918 ....... 44,157,080 1919 58,330,176 Net earnings for 1920 before Federal taxes are estimated at $60,000,000. Net earnings before taxes for the four years ended December 31, 1919, averaged 20 times tha annual interest on the new Debentures and for 1919 were nearly 28 times ouch annual interest ASSETS: The balance sheet as'of June 30th, 1920, shows total net assets of $246,196,981 and net quick assets of $133,768,112'. Adding the proceeds of' the new Debentures, the total net assets exceed nine times these Debentures and the net quick assets alone on this basis exceed fire times these Debentures. The balance sheet includes nothing for good will and docs not reflect the very substantial in crease in the value of thejCompany's physical and other properties accruing over a period of years. EQUITY: The Company has outstanding $75,000,000 capital stock on which dividends of 16 per annum arc being paid. At present quotations this stock represents an equity of about $250,000,000 ranking junior to these $30,000,000 Debentures. RESTRICTIONS AGAINST MORTGAGE: These Debentures are to be issued under an in denture with The Equitable Trust Company of New York, as Trustee, providing, in substance, among other things, that the Company will not create any mortgage on or pledge of hs prop erties unless these Debentures shall share equally and ratably in the lien of such mortgage or pledge, but this shall not apply to purchase money mortgages or pledges of personal property to secure temporary loans in the usual course of business, and ohall not restrict the acquisition of additional property subject to lien or mortgage. CURRENT DEVELOPMENTS: The Company is engaged in adding to its refinery capacity, marine equipment, etc, the earning capacity of which expenditures, and of the proceeds of tliis issue, will be reflected in the future operation of the Company. Its capital requircmente have been supplied almost entirely from earnings. In the five years ended December 31st, 1919, approximately $115,000,000 from surplus earnings have been reinvested in the business". The legal proceedings in connection with the issue, are being passed upon by Messrs. Homblower, Miller 6? Garrison and Messrs. Murray, Prentice 6? Howland, New York. Pesdinjj receipt by us of Temporary Debentures, interim receipts may be delivered. All offerings are cubWct to approval of counsel, "when, as and if issued and received by us". Circular on Request Price 100 and accrued interest After Federal Taxet $36,638,495 30,000,672 28,642,387' 43,165,109 Blair &- Co. INCORPORATED The Equitable Trust Co. OF NEW YORK Wm, A. Read & Co. New York Bonds J Vh statements presented above while not euaranteed, have btcn obtained from source which we teller t b reliable. Alt the above .Debentures baring been oold, this advertisement appears as a matter of record only. AirtC (la 6 724 A Bmlt !! S 72 A TAT CV 44 8 80 SB 70S Am Tel & T St 1 7B 0 70 1(1 7fiJ 1 7r.y. 1 7RV4 Am T1 & 3 03 7 P3K 1 l 2 03'fc Armuiir 41" 1 73 A V T a To I a 7411 10 74'i 28... .. 74 ft.... 74 B 78 A T M lt mJ 1 BSH 1 0SH At Count I- ell 4 (IS S 68 Unit & ohlii cv 10 (14 H IB B4H 1 04 i B 04 n Halt Ohio 4s 2 (14 4 OB 17..-.. 04W 7 04i Halt niiin .. 13 at'; 2 04 K Halt & (hl II": 1 89V4 1 80 ft O Tol 4a e bis 8 Bl 4....V 01 riel Tel 7a ret 2.... 101 ; 1.... 101 10 101 v. jieti. pun r.i ( 1 7TH Ilrkyn 11 T M (1 24T4 1 23 5 2S Iluah Jlldar 8a 1 71U Canadian N"n Ilwya rcta I 1.... 100 b oon 0 no',4 Ct'l of Oft il. 10 MM 14 85 28... . 8B 2 83 1 AB Ctl leather Si 1 87 Ctl raclftc lal 2 71U n 7m tBAMSS IN HO001 1 70 1 70 Cuban C H cv 1 78 1 78i 0..... 78 1 78 2 78 Del A Hud M 2 7BU 8 78 . 8 78 U Den ft. It ! M 13 11',l, 7 42 I) Can 6a '21 10 08?t 1' Camilla '20 1 88 V. Dutxtnt De N I'nw Co 4W fi 83 i:rlf (Icnl I.Un 4 40H 4 404 B 40 Krir It It ri A 4 30H 4 30'4 1 3il, Erie II n cv I a 4iH to . .. 41 2..,.. 41 Oehr'l Kler . 1.... 100 Cov't V 3 2.... 1.... I..., 8.... 3.... K.... 20.... 0. It rcta 10O 100 100 100 100 100 100 100 100 Git Trunk role 0.... 100 l 00 8.... loo 8.... 100 Hud ft Man fd 1 38; 2 B8H N Y Tel 4U 10 78tf B 73 17 73H B 73 N Y Tele'a oa 0 B3ft (1 Ml S 8R B 88 N'n Pacific 4 10 73 No'n rac 4Hb 10 7B Nthn fl Pwr Sa 1 70'. Oregon 8 I. 0a 3 08 OneW'n It Co N'ml Co 4 fi 69 I'd It It 4 '00 2 7Y', Pa Hit en 4 Ha n 88 fn 11 cm 4 '4 a 2 77 'I 2 77'A permit It It 1.... 104 2.... 103 1.... 103 111.... 103H Pere Marit fi 1 80 Pltt'h Cln Chi i bi I. r.it 1 80U IPublle flervlce C'n N J B 0 89 t'Mi)in lt IB 78W 32 78 Iteadlnc Co J Ctl col 4a 5 88 It 1 A ! 4 A S 04 4 04 1 04 St Jo A Oraml Ial'd Sa 3 64 1 BR Bt li I'n Ml 1 88 1 88 Hud A Man In 4..... 22 III Central fd 1 S8U III Cen'l 4a 'SI 1 70 III Ct'l 4a '.V 1 07V4 1 (17 III'" Steel 4a 4 77H 1 77 lntboro M 4A 1 14 1 14 In l Met ct ! 20 12 lntboro It T fd B 47 28 47 8 47 7 47 In'I A at N 7e 2 80 'n lly 4a B 71Int Air C'n B 1 7I"t x i"i 7.....' 71 Vj 1 M Marine T 1 71Vi 1 .... 77 Ch'k A O 4'"" 1 77 1 73V, 0 77 C"k A O cv 3a Iowa CentM 3 B 80 i 3 70U Chi A Alton 3a Jap Oove't !' iJiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuiiiimmiiiiitiiiii'.inniiiiiiiiiiii THERE are in the United States sixty million life insurance policies. Each one of those sixty million policies is the effort of a living man to protect financially a relative or a family after he is dead. It is not the fault of in surance that money paid to beneficiaries is in thou sands of cases rapidly dis sipated. If you want your life in surance money saved from either the folly of extrava gance or the waste that re sults from ignorance of investments, you must in sure your insurance money. For a small fraction of what your insurance cost you, the Trust Department of the Corn Exchange National Bank will invest your insurance money and administer the income to your beneficiaries for all time to come. I Corn Exchange National Bank Philadelphia I 5 CHESTNUT at SECOND 5 Z S a, llimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiuiiiiiMiiiiiiiiiiiir. THE UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION OFFERS FOR SALE Store Group at comer of Shipping Place and Market Place, Dundalk, Maryland Sealed bids on the above building will be received in the office of the Chairman, United States Shipping Board, Washington, D. C, on or before 10:30 A. M. January 20, 1 7aC 1 All bids will be opened ut 10:30 A. M. the same day, in the offices of the Board. Thb building is "L" shape with a frontage of 167 feet on Shipping Place, and 107.83 feet on side street by aver age depth of 42 feet It i new and modern throughout, of hollow tfle construction with stucco finish, and has eight stores on the first floor and one in the basement, offices lodge room, and large hall with stage on second floor! Rentals from the entire building will exceed $12,000 per annum. The lot is 180 feet by 200 feet, with three street fronts. Pur chaser will be given fee simple title to the ground. Dundalk is located southeast of Baltimore on the Snarrowi Point car !ine about thirty minutes tide from center of the city. Proposal forms and other information may be obtained from the Manager, Division of Transportation and Housing ODeratlonq 140 North Broad Street, Philadelphia, Pennsylvania. vi"-railons The Board reserves the right to reject any or all bids. Sealed bids should be addressed to the Secretary of the United States Shipping Board, 1319 F Street N. W., Wash ington, D. C, and endorsed "Sealed bid for Store Grow at DundaUc, Maryland. Do not open." 1 44 C A char Be 9 8(JH Chi II fr Q Kin 8 7(1 Chi 11 & Q Jk 7 obi; 6 B3T4 C n b Q II 4a 4 70M CM a (1 W i 2 B1H 1 Rl 2 no ChlCKCo Mil A St I'aul 4n 2 (14U 4 04 M Khlcnro Mil HIP 4a '2S 3 74 Chicago Mil a StP cv 44a 1 0.1Ni 4 till 8 05 H Chicago Mil fi HtP fd 4Ha 2 C8H 2 58 Chicago Mil A StP cv Ba 1 78 Chicago A Nth wn a "aa IB ASK Chi A Nwn 7a 3.... 101U Chi Ratlwa Am S 3(1 C n I A P M 1 0IH 8 044 10 04H 2 S4H Chi U Sla 4 4 7 7BV4 Chi A W I 4a 8 03 Chlla Cop'r (la , IS 0B B 04H Chlla Cop'r 7a , 1 BOH , City Chrla M 1 OSTi , City Cop'g SW . 1 72H Cty N T 4 Ma , 0 73H City N Y 4 Ma May 67 B DOvl I City N T 4Ha Nov '87 5 00H Cty Now York , 4'ia '00 10 8SM 8 0 8 IS Kan C A 1.. 6.. 4.. 10.. 2.. Kan C A .1.. 7S 75 W 7BH 7BU 78 S R 3 B2 R2H B2M B2M 82 W h r 70M 70M 0 70V. Kan City Ter"I Uwya 4a 2 en 10 7 K Ilolg'm 74 1 07 1 07 8 07U Lnck Hterl '23 2 024 Laka Shore Jl S'n 43 'IS 3 70 Lake Shore M S'n 4 '81 0 78 2 70 Lrhlgh V 4 Ha 1 774 I A Myer 7' 18.... 1024 Lone laid 11 M 1 07 Lorlllurd C a 1 77 I.rlllanl C 7 IB 104 Iou A Nh 7a 1.... 103; 3.... 103H Mid 8 A O 8 7.14 R 734 B 7SS Mln St P'l t S Sle M 4a 1 78 M.i IC A T 4 1 SBU 2 BB jMn Pacific 4 10 SYi I B1U a bih 1 51 N Tub? Cii 5a i in ... . ni 1 8I B.... 68 Et l.outa A t Pran oJ 10 024 10 02Vi 18 2V4 2 02H Et l.oula A : Krun In 2 4rti 10 40H 10 404 1 48H 1 404 11 404 2 404 fit I, A n Fran LONDON STOCK MARKET Approachlno Holidays Chocked Traded Oils Drooped Ralls Weak London, Dee. 20. UnixUUment of the markets nd tho approach of the Christ mas Jiolldaya checked trading In seeuti ties on tlio stock exchange today and chansen In prices were narrow. Under Hunt realising- from local and continental sources, oils dropped ng-aln. Shell Transport wjw Btt and Mexclan Kacie 9 7-16. Industrials were nervous. Hudson 3ay was 6V4. Ilubbem were heavy. ...... i There was no Interest In Kaffirs, and they were soft. Home and Canadian and South American rails were ewaker. Gilt-edged Investment Issuep sag-fred. KoreUm loans were neglected. & 8T0CK8 4 .(XI I0v .10 .11 ,07 . .03 04 .17 isuia .'I Kit S ml tt moiiali 1" LOCAL MINING TONOPAII STOCKS Illd Caah Hoy Jim Ilutltr MacNamara MarNamara Crcnt Midway Mlnmh Kit MontarM N'orth Star Ilrsrui- Kula Tnnonnh WVal Kml Wet Tonotia D1VIDK STOCKS Allied Divide 01 Alto Divide . 08 llelcher J? Itlchr Kit 04 Hen Hur .." IlrouKh Divide 10 Divide Kit -2 Divide Hynd ' i Divide Con f 02 Dividend 0 Kail Divide "J Harrnlll 2? Haahrnurk Divide 01 lllnh Divide li Kevert Divide OS Ilrno Divide ol tXoaetto SlUer King 02 Tonopah Divide 'H Tonopah Ilaahrouck "J Victory Dllde 04 Verde Divide 2 Zone 20 aOLDFIKLD 8TOCK8 kAtlanta '' Illue Hull i Donth u- C O D Comb fraction Crackerjack ." DlnamorfdOeld Due Dull Daliy Florence Ootdfleld Cons Ooldfleld Merger -.... iQreat Ilend ('1 .61 .02 .16 .04 Series A 2 00 2 00 2 r.o'i 1 BO'i 1 CO St It ft b Fran ,4erlea i 1 R5S 8t ! & Ban " 10 tB Bt I. Sow'n en 8 534 St I. Ew n B 1 504 Beab'd A 1. ul 8 331 8 834 1 88 E'n Hell Tol ' 1 814 Oo'n Pacinc M 8 74 S'n Pac lata 0 uw 8o'n Pacific 4a 1 084 B'n Tae cv 4 12 744 B'n Pac cv 5a 2 004 1 07 1 004 8 04 R .... 804 B'n nallwa 4a 2 B8H B'n Rallwa 5a ... 844 .Union pe cv 1 80 1 704 10 79 Union Pac 4 a 4 70K 2 70 S 704 0 70. 12 704 Union Pae Oa 1 00 V IE of a Brit A I'd 1021 2 074 13 074 UKota Brit A I'd 1020 IB 884 0 88 IB .... 8R4 u k ot a lint A I'd 1037 8 834 2 834 R 834 B 83 4 0 83 C S Itubb'r S( 7 714 U 8 Rub 74a 2 07 2 804 2 07 2 07 2 97 U'd S Steel 5 New Or Tei A Mi-ilco Ba 1 504 NYC tt.H It n It 34a 1 004 2..'... 03 4 iCty New YorkjN Y C A II It I 4 4 '05 10 0041 City Parla Oa 024 1.. 13.. 4.. 12 . 1.. 024 02 4 924 &24 024 25 .... 02 4 ' 2 02 Cl'd Cln Chi A I .St Louta 0a 2 87 ' Cnl OAK lat 1 80 Cnna'd Oaa 7a I 8 00 Colo A S'n 4 4 5 70 R It en 4a 1 fl JI Y C A H It It fl 0h 2 004 3 00 1 00 N Y Chi A HI l.nuta 4a 0 77. 1 .... 78 N Y Chi A St Tiuula d 4a 15. . HSS N Yk I.Uht H A Pwr 4a 1 02 New Y N H A Hart cv 34a 1 30 11 2.. 3.. 1.. 8.. 3.. 28.. 4. 004 004 004 004 004 004 00 804 V I'wr A 1. 5j 2 774 Vn Ratlw'a 5a 2 804 Wabash n lat 5 844 Weat'n Md 4a S 524 We'n Union 5a 10... . ;s t l; A Mfc 7 25 ... 114 4 2 04 4 Wllaon Co ev 1 80 1.. .. 80 3 . . . . 80 Wll'nn Co ! 1 854 I Liberty ay.s . . Liberty 1st 44h 1 Liberty 2d 4V4s Liberty .111 4 Ms I Liberty 4th 4ViN 1 Victory Note .W4h fir.,02 I Victory Note 4-y,8 05.04 nigh 00.00 fi.-i.10 H4.00 K7.1'0 S.'i.L'O IjOMT sr..in 84.40 H7.10 85.04 n4.ni! nn.oo 11:15 h. m. no.oo sn.io 84.40 87.10 8S.08 115.00 nr.oi Reserve Banks' Discount Rates Official rediscount ratea nt tho (wele Fed eral Ileaerve banks are as follows: Treaa. 1.1b. Oom'l nkr. ctfs, Ponds. Paper. Accept. Ilostnn 54 54 We Have for Sale Georgia Ry. & Pr. . . .5 1954 Syracnie Gas Gtd. ...5 1946 Scranton Electric 5 1937 Counties Gat & Elec. 5 1962 Particulars upon request Reed A. Morgan & Co. irjl Knd Trust BUlo., Phlfa. Membera ot the Phlla, block Ksch. GRAIN PROVISIONS COTTON Our Dolly Letter Bent on Itequeat Hughes & Dier I CI & 1435 Walnut Street mis.delr.ht Membera Spnioe 813 Chteaav Dsard nt Tns. . . -B.T -- -I i, i. s-roaur satDange hlla. Huoett Elrkilin PietsUorih Bloek Kichange Race 1803 EXTRAORDINARY oppor tunlty for man or group of men, who can furnish from one to two million dollars. iVJj?,n Prtne"hlp as limited partners or as work inn and managing partners, or as department managers: must be of good standing and.,.e t0 mske aub- t.t5nt,al .a,h 'nveatment. Address Flrst-clanH. B.516, LEDGER OFFICE Niw York I'hlUilelphla . Cleveland .... 1 Richmond . . , Atlanta Chicago . . . . St. Uiuls .... Mlnne amlla , . Kansua City . Drvllun 8n Krunclsco Pennu. Water & Power 5s, 1940 West Penn Power 6b, 1958 Empire Gas & Fuel 6s, 1928 I'enna. Railroad General 4s, 1965 Pcnna. Railroad General 5s. 196H B0ENNING, GARRISON ft GO. . HTOt-H BXt nireet ITIral Membera EXCJIA ale Tele ) Phlla. NOE nimnnin rpene tn New Turk (Mark Kirhante .fd .n .to .to .to r'iltt i" .tn .to rt 7 0 7 54 n 5. fi il 0 54 7 d .7 34 il 1 7 il .1 34 11 0 11 0 B4 o 84 54 . .:.:-!: ' " .v .... V7 '.TS . " "" ?"Pr aecured by 54 per cent certificate, and 5 per cent on pni-r se. cured by 4S per cent and B per cent certlfl cates. t Discount rate corresponds with Inlereht rut borne by cerllOcatea pl-dged n, mllit. J5Blr.S'i,.,li.,i! S!ru,?.rf ? '","t In the case of. Philadelphia... Atlanta. Kansas Cltv n rt.i ah. p..- . . . .. ..-- Dallas Cleveland, Cisco, 34 Per rent In tin- carte of Illchmond, Chicago and Han Kran Lehigh and Hudion to Sell Stock WMhlngton. Pea 20Thr I.ehlaTh mid Hudson niver lUllroad Co. wa-i uutlior lje.1 today by the Interetate Commerce Commlwlon to lenue anil aell .2,987,000 of adilltlonnl capital stock, the procols to bo uneil to retire a like amount of bonds outstanding", Brltloh-Amerlcan Tobacca Dividends Ixindon, Deo. 20,--The Urltlah-Amerl- SnUifS00.,0;" L,,rtAhtt0 declared u final dividend for 1920 of 9 rwr cent and flmt Interim dividend of 4 per cent for 1821, on ordinary share, both free of UrltlBh Income tax and payable Jan uary 10 Net profits for the year were 14,879 677, and surplus nfter dlvldendg for j-wir woo 11,630,462. ""'"enos Qreat Ilend Jumbo JUt Kewanas . . Lone star . Oro ned Htlll ., Silver Tick Spearhead . Ampnro Arizona United Kden Mother I)de . . Nevadae Hills Nevada Wonder Tecopa Mining White UttP .. . . Wllbert .04 .02 .04 1.00 .04 MI8CKL.LAENOUB 1.40 .12 .10 .01 .10 .10 .03 .01 Ask .07 .17 .18 .00 .05 .00 .10 14 1 .12 .02 .04 :8 .01 .12 .28 ,01 .03 .04 .04 .22 .02 .01 .04 .02 .01 .03 1A .04 .00 .04 .22 .02 .03 .04 fl" .004 .12 .00 .02 .00 .08 .OS 4 8,00 :2S 1.00 .18 t? 64 .03 .18 .12 .00 .02 GAIN IN COTTON GINNINGS Total to December 13 10,870,205 Running Bales Washington, Dec 20. Cotton, ex clusive of llnters, rlnned prior to De rrml er 1.1, amounted lo 10,878,2(6 run ning; bales, Including; 108,184 round baleit, which were oouuted as half bales 64,487 bales of Amerlcan-Keyptlnji, tnd 1291 bales of Sea Island, the Census Hureau announced today. Ginning; last year to December. 18. amounted to 9.39S.646 bales, Incluilltiir lUnC2 round bales, 27,104 bales of Amerlcan-Kgyptlnn and 8238 bales of 8ea Island. This year's glnnlngs by states follow: Alabama, 806,989; Arliona, CC.79I : Ar- : Wn.iin IRS.203: California. 37.803! -T ". . ' ...p.. -....l. 1 491 7Elt . flOniia. 1I,0O. i uruiii., A, .,,, i tulslana. 364,798; Mississippi, 776,619; Mlsi-oiirl, 49,692 ; North Carolina, bsu, 054 : Oklahoma. 80,184 ; South Carolina, 1,364,850; Tennessee, 234.7(3; Tcxns, 3,(01,861; Virginia, 12,376; all other states, 7436 Ask to Advance Railroad Suit Washington, Dec. 20 Attorney Gen eral McAllister, of Missouri, asked the Supreme Court today to advance for early hearlnif the suit brought by the St. Louis and Han Francisco Railway Co. to test the validly of the state law requiring domestic and foreign corpora tions to pay on annual franchise tax. "Some twenty ulta are now pending In the trial courts of the state and of the United Stateo Involving tho same objec tion!," the petitioner said. and many taxpayers who havo not yet Hied suits are refusing to pay the taxi assessed against them and will sek Injunctions In the courts If any effort Is made to enforce payment" Liberty Bonds bought 8Ud 8oM in 1 r g or mall Ask Permits for Capital Increase ir...i.t.,,r Dec. 20. Pennsylvania utility companies filing certificates of no tification with the Public Service Com mission Include Dlllsburg Light. Heat and Power Co., narnsnurg. siock, $18,500; "West Penn Power Co.. Pitts burgh, bonds. $18,000; Conemaugn Power Co., bonds. $2,760,000 and stock, $2,015,600: Lower Chancefonl Kllctrlc Light, Heat and Power Co., Sunnyburn, stock $5000; Kulpmont Electric Co.. stock 6000; Marlon Heights Electric Co., Marlon Heights, stock, $5000; Mt. Carmel Township Electric Company. Mt. Carmel, stock $6000; Potlsvllle Water Co, Potlsvllle. stock. $400,000; Metro politan Edison Co., Reading, bonds, $62,600; Panther Valley Electric Co., Lanaford. otock. $360,000 ; Shenango Valley Traction Co., Sharon, stock, $350,000. RAILROAD EARNINGS CANADIAN PACIFIC 1020 Increase 3eni-id week Dec... $5.17U.OOO $1,244,000 u. s. Industrial Alcohol This company, engaged fn the manufacture of dena tured alcohol used in various Industries, 'Is In an excellent position financially and physically to meet read justment throughout the in dustrial world. Its output includes an efficient auto mobile fuel known as "Alco fras," which should mate rially Increase earnings. An interesting study of the com pany is contained in the cur rent issue of our Market Re view. Among other stocks dis cussed are: General Motoro Anglo-American Oil General Asphalt -Salt Creek Producers Bent on request for L-SSK Hughes & Dier Phlla. fltock Exesaaa-a Pittsburgh fitork Kirannxa CMcasrJ Hoard sf Trad New Yerk Prodare Kichanfe 1435 Walnut Street Philadelphia . Telephone Bpruee M3 Xaee 1893 Jtew Terfc. Plttsanrarfi. Clereland . Members tot. imu ' Banks, Corpoi afftwal -T' , and Individual & Boles & mmmn VttmUr nil. SckIi ffiatoayi Land Tide BWf, PWk4 TRt 1V TnFm la Municipal Serrke Company Bond Interest Earrnd Over 8Vi Tiawd IntermmtUn Upon Keftutt Baker, Ajrlmff ft YMf josKTO w. swAnr. .. Un4 TltU Me1T Boston n.naf1U GE0.A.HUHN&S0NS (rroTK) vrt woxnn Hrsnlssr at Ota nUaidplla. Hew Tor aa4 CMM re faafciotsai Xrw Tee Catttm Kathmmam ComratMlea Oi tare txatmtat te AU tka rrtcljI Marint BUXxrrEcociT bum. 141 WsJawt at. KKIV YOBK OrriCI 111 Tlrtatnar. New Tdcti LEE, IJIGGINSON & CO. E.UMIshed 184S BOSTON NEW YORK CUICAOO 1306 Finance Building. Phlla. Bonds for Investment I Clrmlar T7tn n .finest i The NatioBal City Com jb any I CorrssiKmicnt Oflot in Over II CitUa rhllodelphla 1481 Chratnpt fit. Atlaatlr Cltar lttfl hoardTralk Safe Bonds for Investment HALSEY, STUART L. CO. Inc. The Credit Problem IN this pexiod of transition from a war to a peace basis, the protection of our national credit structure is most essen tial. By its preservation busi ness interests will be enabled to make the necessary readjust ments now under way with a minimum of hardship. And the entire business community is concerned in maintaining this country, its banks, and its in stitutions on a sound credit basis. Despite the vast destruction of wealth caused by war, and the wasteful cxtravagancewhich followed it, the credit of this country remains secure. Its national wealth is estimated at more than 250 billion dollars and its yearly production in ex cess of 50 billion dollars. Its national debt is relatively small. It has vast undeveloped re sources, a great industrial or ganization, a stable govern ment, an ample gold reserve, a sound, efficient banking sys tem and, above all, the vision to see and the will to do. With the whole world seek ing our credit and demanding ur products, we occupy a most advantageous position for the development of foreign mar kets. New methods of adapt ing credit to the needs and epportunities of this situation arc being devised. But the great necessities of the hour are confidence and the vitaliz ing of "frozen" credits. In facing the unprecedented demands at home and abroad, our banks have endeavored to allocate aVailable credit for the best economic results. They have assisted in the creation of new wealth by co-operating with essential, solvent business interests to meet the require ments of the present and to prepare for the future. In the face of an increase of o in commodity prices, the cost of money increased, on the average, less than 25, and money has remained the dicapcst element in business enterprise. By reason of their conservative handling of the situation, American banks as a whole are in splendid condition to serve the business commu nity in taking advantage of tho opportunities ahead. Thi9 Company has partici pated in this constructive bank ing effort, and, in the future de velopment of American busi ness at home and abroad, offers the co-operation of its trained organization of five thousand members; its capitul, surplus and undivided profits of more than 60,000,000; its resources of more than $800,000,000; and it3 world-wide banking facilities. Guaranty Trust Company of New York II 'i ii v i I rV . i-t w.ivty, ft. i k -is f id -$., As'fn.f.t .tA'VAt. e, , ' Ai JtWr a, v 4. th-, liiCr( yA.rxvt' .v X.jJ W&'tfatrhfl4-t,u ,
Significant historical Pennsylvania newspapers