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EVENING PUBLIC LEDGER PHILADELPHIA, JFK1DAY, DECEMBER 31, 1920
15
The Fall in
;Prices of Commodities
and the establishment
of more permanent
values for practically all
merchandise will enable
manufacturers to con
duct their operations on
a safer basis and with
greater confidence in
future profits. The re
adjustment of business
to more nearly normal
conditions 'enables in
vestors to select with
increasing confidence
those securities which
are sound.
Write for our recommendations.
Hemphill, Noyes CBJ, Co.
Afemfcsrs New York Slook tcianse
Franklin Bk. Bldg., Philadelphia
New York Boston Seranton
ulTelo Albany Syracuse Baltimore
Combines
Safety
ml
High Return
Cities Service Company
Preferred Stock
Backed by lares and growing
quillet. Dividend earned 4Vfc
timet over. 24,000 Holdere ol
record Indlcatee wide dlstrlbu.
lion, broad market and confi
dance of Invettort.
Ritirns, at present prlco more than
9
Priee at marktt
Circular "I"' on request
Henry L. Doherty
& Company
604 Morris Building
Philadelphia, Pa.
T.klephones Locust 1440
NOW
SAVE!
Open an Account
Today in
THE FIRST PENNY
SAVINGS BANK of
Philadelphia
John Wanamaker,
President
Depositors, 39,000
Deposits over
$7,500,000
4y4
Allowed on Deposits
Deposits Received From
lc to $5000
Home Office
2Iat and Bainbridge Stt.
Central Branch (Liberty Bldg.)
Broad and Cheitnut Stt.
Specialiitt in
OHIO MOTOR, RUBBER
AND STEEL SECURITIES
COMPLETE SERVICE
In All Form of Investment
Main Departments
Investment, Brokerage
Acceptance, Liberty Bonds
Foreign Exchange
Statistical, Ohio Securities
Extensive Private Wire
Connections
Members of New York and
Other Principal Stock
Exchanges
OTIS& CO.
Investment Banker
CLEVELAND
Hew York Iloeton Detroit
Cincinnati Colombo Toledo
Akron Younirstown Denver
Colorado Spring
YEAR END
REVIEW
An opportune, general discus
aion of the Industrial, Finan
cial and International aituation
and It effect upon iccurity
value! it now in the procet of
preparation, and will shortly
be ready for dlitrlbulion.
Only n limited number of copies
iirtll be available to supply early
requests and vHll be sent gratis.
ASK FOR "REVIE.W"
Meaaben Mladelphl Stock Kiefcanei
1622 Cheitnut Street
l-bootsi Pell. Spruce 0I17-41SO
Keystone. Bao 760
ft Broadway A Sth Ave., W. T.
HiamfoTd, Conn.
Moore, Leonard & Lynch
Cuthman Nevrhall, Manager
Bend Department ,. Board Room
Will Pay 65 and Interest for
Grand Rapids and Ind.
2d 4s, 1938
CHARLES FEARON & CO.
ft 033 Chestnut Street
VsrocKT
B0NPt
GOSSIP OF
THE STREET
Tio senior member of ono of tho
'nrgost commission houses In talking
nuout the speculative situation last
night said that, In his opinion, we
must revert to tho conditions which
Prevailed before the beginning of tho
war and stand ns we were In 1013
when tho great bulk of business was In
railroad stocks and when a. largo part
of tho transactions on tho exchango con
sisted of dealings In high class railroad
Issues.
In his opinion, there will bo a stead
ily growing demand for the dlvldend
Pjiying railroads which arc now obtain
able nt prices giving a return from 8
io over 10 per cent on the Investment
and that it will be one of the bullish
'actors when these stocks move, up to a
,'iir Jrom ,whlcl1 Ul Investment return
IwA? r(1H?cd t0 Per cent.
While bullish on the railroad stocks,
he was averse to taking n long posi
tion on tho industrials which had de
pended upon war activities for a profit,
nolo business and stocks of such cor
porations. ln his mlnuV could not be
expected to sbaro in any Improvement
that might occur In leading railroad
stocks. h
Stabilization of Business
The Franklin National Dank in its
January issue of the Digest of Trade
Conditions, takes a rather favorable
view of the outlook for general buslnew)
for tho Incoming year. Discussing tho
situation the forecast has this to nay :
Changes In business conditions
which, during ordinary times, would bo
considered unfavorable factors may not
In the present situation provo to be ro
unfavorable as they might appear on
the Burfacc. The tendency toward a
smaller volume of business and lower
prices Is n necessary movement for tho
stabilization of business. Partlcultrlr
favorable factors reported this mouth
are u heavy gain In merchandise ex
ports and favorable trade balance, heavy
canal trnfflc, n gain ln both gross and
net earnings of Btcnm railroads, heavy
Iron ore shipments and satisfactory
fuel production for tho year to date.
A Turn Bound to Como
"Undoubtedly the foremost question
in the collective mind of commerce and
industry today," says the Janunry let
ter of tho Mechanics and Metals Na
tional Hank of New York, "is how long
the present depression will last, whether
it will become more severe and what
time will mark the beginning of a re
vival. "The answers to these questions de
pend ipon n multitude of factors, psy
chologic na well ns economic, and an
swers cannot be given with any finality.
But we do know that trade cannot re
main long ln Its present position.
"Abnormal conditions correct them
selves. If the pendulum swings too far
in one direction. It will swing in the
other. Just as the rate of burinc a
year ago was abnormal, so the present
rate is subnormal, liecnune the former
rate of spending was too fast, it brought
exhaustion of resources and savings. It
is these violent swings in buvinir de
mand that unsettle business. Business
mm, sometimes becoming over-san-gulup,
assume during a period of ex
travagance that tho rate of spending
will continue; they produce to meet It.
If it falls suddenly, there Is a condition
such ns the present a surplus of goods,
lower prices, n wiping out of profits,
smaller production, part time, closing
mills ana factories, unemployment."
Electric Storage Battery
One of tho lending local brokerage
houses has Issued a special letter giving
n comprehensive and interesting rrview
of the operations of the Electric Stor
oge Battery Co.
"While the comnany naturally felt
the dcnresslon in the automobile trade."
the letter states, "the general business
is reported excellent. Storage bat
teries arc applied ln many ways to com
mercial uses and the product of the
company ure ho diversified that its
business prosperity does not depend
altogether upon the state of the nuto
mobile Industry. Some employes hnvo
been laid off, as is true of other in
dustrial plants, but this has not been
done on n large scale. Work on the
new plant is proceeding in a satisfactory
manner. In reliable quarters, It is
stated that the company will continue
to pay its present dividend rnto in
definitely." Slam Ilico Export Embargo Lifted
Acordlnc to a telegram received by
tho State Department from tho United
States minister at Bangkok, tho exist
ing prohibition on tho export of rice
from Slam Is to be lifted on January
1, 1021. During the first six months
of tho coming year the Siamese Gov
ernment will permit the exportation of
400,000 tons of rice.
This prohibition had been in effect
since July 12, 1010, when, due to the
shortage of rice in the country, nn em
bargo was placed on tho exportation of
all rice products except that previously
contracted for. On December 1, 1010,
the almost total fallare of tho 1010
crop necessitated tho extension of this
embargo for the entiro coming yoar,
with the possibility of cytenslon Into
Rice constitutes the principal article
of export from 81am and in normal
years the value of rice and rice product
exported constitute about 88 per cent pi
tho total exports of tho country. The
exports of rice from Slam for the last
five years have averaged about 1,272,
000 short tons, valued at about $23,
392,000. but in 1010 this amount fell
to M0.O0O short tons whllo the value
rose to $43,(500,000.
Tho raising of the embargo on ex
portation should greatly Btlmulatp the
export trade of tho country, which has
been depressed for moro than a year.
Bank of England's Low Reserve
The Bank of England In tho weekly
statement yesterday reported a fur
ther drop In its proportion of reserve
.. iii.tii.te.. ff. 7nn ner pent. This
10 iiuuuiw-3 .v -- ,--- "--" r:
l- .1.- 1.wnat nuvir1 ronpnwi Kitim rnfl
IB U1U iUM"- VV"- ...-.. -.... .-
i Tv 1RIHI. whnn thn reserve
puuic "'-"j'1:n a ;:
percentage w --- v;-j
ago tee yervcumao nun v .ui
requirements were rsflected in this
... 'i.i,. .i,i.mnt There tens n lame
Increase ln deposits of about 30,000,
000 poundB. Bullion holdings were
holding!i to 128,207,000 pounds, n now
';";'"? '"l tV,. IPr-noY. hunk Hfntft.
ment disclosed u slight Increase In gold
and a 457,000,000 franc expansion In
"rcnlntlon. THE TRADER.
NEW YORK COFFEE MARKET
New York, Dec. 81. The coffee
futures murket opened 5 to 0 polntB
higher thla morning. Wall street and
Europe furnishing the demand, while
selling came from scattered trade
sources. No onirmi cbdicn iroin mo
South American markets bad been re
ceived up to the opening time.
Yes. Close Open
.arch B.ZnW3S O.B3W33
CiJJ0" 8.T0OT8 0.7H&78
n.lv T.0NW1Q 7.1UWTO
September 7.83OS0 7.80 ..
ma
Liverpool Cotton
.a i Ttnsi 41 Knnt svittnn vanm
generally neglected today with prices
RllSlf r Ufl VJIv liC u a ukuii wa wi
"i.L . mMlllnir nt S RSil Thn Rnlns
wore 2000 bales. Tho receipts were 41,-
000 bales, inoiuumK v,duu oaies men
can. Futures were quiet in the early
middling fair, J8.40d) good .middling,
mon.i! fullv middling-. 9.90d: middling'.
S.6Sd; low mlddllnb, e.DOd; pood or
dinary, 6.Oi n oruinury, i,y.
INDUSTRIAL PEACE
URGED IN MESSAGE
Chamber of Commorco Now
Yoar Appoal Asks Labor and
Capital to Co-oporato
SAYS FUTURE IS BRIGHT
The New Year'B salutatory of the
industrial relations committee of the
Chamber of Commerce to Philadelphia
employers and employes, as drafted by
Ernest T. Trigg, chairman of the com
mittee, follows:
"With the beginning of a new year
the industrial relations committee of
tho Philadelphia Chamber of Commerco
sends Its greetings to the employers nna
tho employes In the Philadelphia district
nnd expresses the sincere hope that tho
coming twelve monthB may bo free from
industrial disturbances of every nature.
It hopes, too, tho new year may usher
in an era of greater understanding be
tween employers nnd employes, nnd a
true appreciation of the dependence each
has upon the other, with a full realiza
tion of the fact their basic alms and In
terests are mutual.
"Labor is dependent upon capital
for employment, tor management, for
tools with which to work and for tho
mnrhcts Into which the products of toll
are disposed. Capital is dependent upon
labor for the production with which to
supply the demand It creates.
Industrial Relations Improve
"The old saying, 'United we stand,
divided we fall,' applies nowhere with
greater force than In tho relationship
between employer nnd employe.
"It Is cncouroirlni? tn nntn tho in.
creasing number of industrial plants
where employero and employes are
jointly working out their own problems
ln n spirit of sympathy, fairness nnd
juRxness. xoe recent conference be
twecn certain officials of the Pcnnsyl
vania Railroad, headed by General At
tcrburv. and reDreBcntntives of thn em
ployes of that great system Is tho most
outstanding example of tho moment.
"After all, It is a fact that the
problems and details of operation in
each plant or unit of employment arc
poculiar to It and the adjustment of dif
ferences therein can only be effected
intelligently and permanently by a mu
tunlly sympathetic understnndlne.
"It is greatly to be hoped employers
who nave not aircaay tanen upon tncra
selves tuo responsibility for a nroner
typo of leadership with their employes
win, in the coming year, make this their
first business in an honestly human
way, taking the time necessary to study
nnd understand the viewpoint, the de-,
sires nnu the necessities of their em
ployes.
tor various reasons, which may
have seemed good and sufficient, too
mnny employers have neglected to glvo
proper consideration to the human rela
tions with their employes; they havo
failed to provide proper Incentives and
encouragement and have done little or
nothing to the end that their cmployej
should become more loyal, taking an in
terest ln the welfare of the business and
thinking along constructive, healthful
lines.
Arbitrary Acts Deprecated
"In the absence of this type of lead
ership emanating from the employer the
vacancy thereby created has too fre
quently been filled by tho radical
spokesman who has found nn pntrance
and a more or less fertile field for antl
production nnd anti-American propa
ganda. Employers facing this sort of a
situation should examine themselves
and the course they have pursued be
fore they criticize their workmen too
severely.
"It has been reported that some em
ployers, charging that their employes
took advantage of them during the war
by curtailing production nnd constantly
demanding moro money, Intend now,
when they have what they call 'the
whip hnna,' to make their employes pay
the penalty.
We cannot too strongly deprecate
this nttitudo and condemn any attempt
to put it into effect. While it is true
that there is unmployment at the pres
ent tlmo, it is our mncere hope that no
employer will attcmnt to take ad
vantage of it for his own personal gain.
"If in tho general liquidation of
values in any industry a reduction in
wages la necessary to continue opera
tion, It should come only after all rea
sonable effort haB been made to main
tain the present level through the prac
tice of economy and through greater
production on tho port of labor itself.
Keep Employes Informed
"We earnestly urge all employers to
mako the first step In the liquidation of
waxes through encouraging their work
men to secure greater production and to
continue paying the present rates so
long as it is possible to do so. We urge
upon employers, too. that they, devise
satisfactory meant) within their own es
tablishments for Informing employes
with regard to the general conditions in
the business, and that when wage re
ductions become necessary, If Uiey do.
that the reasons for it are frankly and
fully given to the worttern. This Bhould
be done In a dear, understandable way,
bo each employe has a correct apprecia
tion of the situation, and thereby is
encouraged to put his best efforts Into
his work.
"We furthermore earnestly urge that
every effort be mado by employers to
prevent unemployment by making work
for thler employes in every way possible
until greater Industrial activity is re
sumed, and that employers and employes
co-operate unselfishly and in tho Interest
of tho public, ns well as In thler own in
terest, to securo an early resumption
of Industrial activity.
"If both employers and employes,
ronllzinir their deneuaence unon one an
other, will quit finding fault, one with
the other, and in place thereof put forth
an honest effort to understand and ap
preciate the other's problems and view
Eolnts, and endeavor to help, Instead of
indor, then, and not until then, will
we reach a satisfactory and permanent
adjustment of all labor difficulties.
"Whca we rach that place, then all
of the time and money wasted today ln
needless disputes or misunderstandings
will be turned Into productive perform,
ance to tho benefit, the honor and the
glory of tils great nation and every one
of its cltlrens."
LONDON STOCK MARKET
Realizing Made Oil Qroup Flabby.
Mines Neglected
London, Deo. 31. Notwithstanding
moderate provincial commercial failure,
the etock exchange markets ranoratly
were steady today. The undertone cava
evidence of etablllty, A holiday feeling
prevailed,
runllilntr auide tho oil irrouti llubby.
Amsterdam resold Itoyal Dutch Shell
Transport was G 16-16, Mexican Raglo
w&s 6H. ex-dlvldend and bonus. Hu
mors about various new Issues of capi
tal unsettled the Industrial section.
Mines were neglectod.
Dollar descriptions were Irregular,
ioIIowUih- mixed movements at New
York. Homo and "JTWUntlno rails were
Arm, although changes in prices were
narrow. OUt-edgca scored further gains.
Foreign loans were checkered,
BAR SILVER
Bar silver was Tid lower In London
today at 40d,
iVcto York Bonds
SALES IN 11000
Am Cot Oil lit
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10 78
1 M
a es
Now T W O A
We'n Union Bs
Boston 4s
3 83
1 78
W EJ A Mfr 7
N-k A W'n 4s1
5..
1..
1..
0 l
B 78
04
04 H
0t
04 ;
04
Nfk A Weat'n
cv 4s 1910
38 70
0.
9.
6.
N'n Paclflo it
48 64
WLr1- o
N'n Pacific 4a'
3... . B0U
3 78
4 78
20. . . 70
4 70
24.. . 78
W ft It B Y,
2 4TH
Wilson Co cv
8 70V
8 80
12 80
3 70
Orogon S t. atttVUson Co 1st
8 84U
Cons' a Oaa 7s
Pa nil en sHa
1... . 84H
IS 84U
I.... 100
0 87 U
Cuban C 6 cv
Pa II cm iV,:
Wis CantrM 4s
1. ... 70
1 .... 70
10 78
8.
TO
11.10
a m.
80.00
85.10
81.70
87.60
85.00
05.14
05.50
Liberty a y2s ..1)0.00 80.70
liberty 1st 4is.. 85.20 85.10
Liberty 2d 4aV4.. 84.70 84.00
Liberty 8d 4Us. , 87.50 87.18
Liberty 4th 40. 85.00 81.80
Vjc Notes ajls... 05.14 05.10
Vic Notes 4g... 05.50 03.10
New York Central to Issue Notes
TVashlnston, Pec 81. The New York
Contra Railroad wua authorized today
by the Interstate Commeroa Commission
to Iotuo $31,213,000 in notes and bonds
to securo government loans of $28,778,
000 mode recently to t subsidiary llneu,
tho Michigan Contral, tho Dig- Four, the
Lake Brie and Western, the Toledo nnd
Ohio Central, the IDuiawha and Mich
igan, and tho Zaneavllle and Western.
The neouritlMi to be Issued by tho road
and pledged with the secretary of the
treasury wilt Include $6,494,000 of re
funding and Improvement mortgago
bonds dated next April 1 and t8.42o.oon
worth of t per oent equipment trust gold
certificates and $18,299,000 In notes.
Washlnctan, Deo. 81. Tho Cincinnati,
New Orleans and Texas Pacific Railway
Co. was nuthorlied today by the Inter
state Commoroe Commission to assume
ns lessee of the Cincinnati! Sonthnm
Hallway the obligations of paying, as
additional rental, tho Interest on $3,800.
000 of 8 per oent cold bonds of tile city
of Cincinnati and of paying1 annually 1
per cent ot the principal of the bonds to
provide a linking fund for their redemp
tion nt maturity
JOHNSON PREDICTS
PROSPERITYFORU.S
Chamber Prosidont, Speaking in
Boston, Declares Business
Doprossion Is Over
SAYS PRICES MUST DECLINE
Albn 11. Johnson, preflldenl of thn
I'tiuiMidpnia i;nnmbcr ot Commerce,
Hprnking to nn audience of 1000 busi
ness men ln IloKton lnnt nlrht. ilerlnrpil
the worat of the business depression Is
over nnd touched optimistically on the
lll-l OUtlOOK,
After civlntr n enncrnl rovlew nf rnn.
(lttloriH now existing nnd confronting
tho country, he asserted the time to
buy is . now, In order that wheels of
industry be Itcpt In motion to relieve
unemployment nnd to spread the im
provement of conditions over n Ionizer
period.
"Tho woret Is over nnd wc can henr
the first lapping of the waves heralding
the oncoming llood of prosperity," he
asserted. "The readjustment Is more
than half completed. Two things must
be entirely rendlusted the prices of
commodities nnd the prices of labor, and
it is nn inevitable condition that as
commodity prices decrease labor must
accept its share of the reduction. It
is worse than Idle to sny that labor
must accept no reduction until nftcr the
cost of living Is normal," he continued.
Mr. Johnson wns the guest of the
uoston uiinmber or uommcrce nnd se
lected ns the subject for his address
"The General Business Situation and
tho War Out."
"Tho dccllno In prices throughout the
country in nn essential preliminary to
the testoration of sound, nctlve busi
ness," he said, "Do not be alarmed at
the failures nnd the extensions which
hnve born ir.rvlrnblc. They arc part of
the medicine cssentinl lor complete re
covery.
"Tho whole industrial nnd comtacrcinl
world Is undergoing a purging process
How long will It last? This largely de-
pends upon business men nnd upon
their attitude.
"Whilst recovery from business de
prcsslon usually requires a longer time
than we estimate, they are sometimes
unduly nrolonged because business men
continue pessimistic, ns they do not
realize that the time for optimism has
come.
The railways of the country form the
first line of defense ngatnst the advance
of 6tate socialism, he declared In the
course of his speech. ihelr mainte
nance under successful nrivatc manage
ment means the continuance of that
freedom of individual citizen to develop
the blithest nowcrs of which he is enna-
ble, and to enjoy the rewards of genius
without political domination or con
trol."
To obviate the possibility of this he
mndc three suggestions to business men.
First, the present high rates hnve been
established to allow of renlctlon of de
teriorations. "It seems to bo apparent
that the only means, not only of avoid
ing constantly rising rates, but on the
contrary of ultimately justifying a lower
rate level, is heavy investment In audi
tions and betterments," he unld in ex-
plnnntlon of this.
He nointcd out. in tho second place,
that the roads themselves must exer
cise care In seeing to it that bond issues
do not gain too great a preponderance
over stock Issues. Further, he urged
heavy buying of railroad securities for
tho purpose of helping to improve rail
road facilities and thus of assisting the
business man in the handling ot his
freight. Hla final injunction was that
in saving car-uavs nnu increasing car
loads, the notion s transportation prob
lem would bo solved.
COTTON MILLS PROSPER
Firms In Spartanburg Section Dis
burse $8,000,000 in Dividends
Hpnrtnnburs;. 8 C. Dec, 31. Twonty
ono cotton mills In Spartanburg county,
having a total capital stock ot $8,908.
nnn nn .Tnnuarv 1 laiit. hnve Dald Etock
dividends nmountlnir to (8,068,000 and
cash dividends amounting to $2,184,-
049.00 during: the yoar ended today, ac
cording to iUrureu compiled by A. It
Law A Co. for tho Spartanburg Journal.
Included ln tho cash dividends Is $888,
170 paid tn semiannual dividends today.
Tho stock dividends represent for tho
most part profits aocumulatod durlntr
tho era of hlijh prices prevailing since
1916, but which were not distributed un
til after the United States Supreme
Court declared early last summer that
stock dividends wero not taxablo.
DIVIDENDS DECLARED
Lima Locomotlva Works quarterly 1 rxr
cent on preferred, payable February 1 to
stock of record January 15.
Drovers and Merchants' National Rank,
semiannual 2M cr cent, payablu Janunrv 1
to Steele of record December 81.
IF THEY WONT WORK
WB nKPAIB TIIEM
Batlsfaetlon Guaranteed
Olotrttt Wringers, Carpet Sweepen,
Washing Maohlnot, Vacuum Cleaner8
E. G. FORD CO.
181 N. 8th St. rhUa., Pa.
CUSTOM
Rit-Mur Shirt Co.
fiOIChtttnutSt.
8th Floer
rsksIUeTstortiamples Sot Upon Request
nSB((aBB(jsassSBsas(SBt((aaaAasaasaasaa(aj(Bai
bywcfcA!
WM.U.MAYBC1WY1
5..WWAIMUT ST.,
BIMqFECiAUil
Manufacturers and Dealers
IN
Plumbing and Heating Suppliei
44-00 N. fith St. COO Arch St.
Philadelphia
Camden Ilranch. ISIMtl Federal St,
West Branch, Lonsdowne.
' Boxes
"Jtofc
" nnn KAilllna'
and Milling Tabes
I
EDWINJ.SCH0ETTLECO.
533N. UthSC PhlUdclphls
TextileSpindles fpfjjlfi
P0
For
Silk. Cotton
I
and Woolen Manufactures
Excelsior Forge & Mfg. Co.
6th and Allegheny Ave.
rhoaest Tioga e0. Park 923
(SBSBJPVVKS
HrttHKiISE
I
MORE DIVIDENDS DEFERRED
Vulcan Detlnnlng Passes Disburse
ment Due at This Time
New York, Deo. 81. At a mcotlns; of
tho board of dlrectorn of the Vulcan
Detlnntne Co. It was resolved that It
woo wlso to conserve the cash resources
of tho company nt the present tlmo and
hat action as to the current qunrtcrly
dividends on tho preferred stock nnd
the preferred stock "A" of the company
he postponed until the next meeting of
tho board.
New York, Dee. 31, The General Mo
tors Corporation hon omitted tho stock
dividend of one-fortieth share, which
has been paid quarterly since March,
1920, on tho common stock, and han de
clared the rcKUlar quarterly cash divi
dend of 26 cents a share on the common
Regular quarterly dividends or J1.00 n
share on the preferred, $1.80 a
share on the 6 per cent debenture n'nd
11.76 a shnre on tho 7 per cent deben
ture stocks nleo were declared. All divi
dends nro pnyable February 1 to stock
of record Janunry 10, The board of di
rectors has been Increased from twenty
eight to thlrty-ono with tho election of
IC W. Zlmmeracheld, C. F Ketterlne
nnd F. D. Brown.
Detroit, Dec. 31. Directors of the
Palg-e Motor Co. have decided to discon
tinue dividends on tho common stock
"for the present" The company,
earlier in the year, had paid 3 per cent
monthly, butof late hns been paying but
1 per eont So far this year, tho company
has paid a stock dividend of 33 1-8 per
cent nnd cash dividends amounting to
27 per cent. Tho reason given for the
action was that tho company desires to
conserve cash resources to meet existing
general business conditions.
BANK'S EARNINGS LARGE
Federal Reserve of New York Re
ports Total of $51,500,000
New York, Dec 31. Total eamlnns
of the Federal Rcservo Dank of New
York In 1920 amounted to $81,500,000,
Its monthly review of credit and busi
ness condition disclosed today. This Is
approximately 210 per cent of Its capi
ta) stock.
Stockholders received approximately
$1,500,000 In dividends of 6 per cent and
about $11,000,000 wan added to tho
bank's profit and loss surplus as pro
vided by tho federal reserve act To
morrow the bank will pay about $39,
000,000 to the United States treasury in
llou of a franchlso tax.
A Ten - Year
Call on Stock
is possible at a price
considerably below the
average annual quota
tion for the past six
years, through pur
chase of
Cerro de Pasco
Copper Corporation
Ten-Year Convertible
Sinking Fund 8 Gold Bonds
which sell at a
Price to Yield 8
Write for circular which
gives full particulars.
Bonbright & Company
437 Chestnut Street
Philadelphia
New York Chlcafo
Dcston Detroit
1921
WE GREET YOU AND
WELCOME YOU AS THE
BEARER OF GOOD NEWS.
YOUR PREDECESSOR IS
LEAVING WITHOUT RE
GRETS AND IT IS DE
V0UTLY HOPED HIS
KIND WILL NOT RETURN
FOR A LONG TIME.
OUR VIEWS REGARD
ING THE INCOMING
YEAR ARE EXPRESSED
IN THE CURRENT ISSUE
OF OUR WEEKLY
LETTER.
REQUESTS FOR
COPIES WILL RECEIVE
PROMPT ATTENTION.
Smith, Redpath & Co.
.Members Phlla. Stock Kxchsute
1524 Walnut St.
PniLADKLrillA
Phone: Sproee 08tu
' -
FINANCIAL
Dtrtdrnds
FRANKLIN NATIONAL RANK
Chestnut Htreet west of Jlnmd
Philadelphia. December 20, 1A30.
At the reaular meeting of the Board of
Directors of this Hank, held thla day. a
quarterly dividend of six per cent (8) was
At dared, f tea of ctftt tax. and payable
January 1. 1021. to stockholders ot record at
the close of buslnoss December SI, 1620.
Checks will be mailed.
j wm, jiAiutr, tashler
1UUUTII NATIONAL HANK
umacnu no, 11V
Philadelphia, December 20, 1020
At a Meeting of tho Board of Directors
held this day it regular semiannual dividend
ot Ten Dollars per share and an extra
dividend of live Dollars per share, making
In all Fifteen Dollars per sliure, was de
clared, payable January 3. 1021, to Stock
holders of record at tho close or business
December 29, 1820.
Checks will be mailed.
CHARLES B. COOKE. Cashier
rinLA. WEHTKBN RAILWAY CO.
Norrlstown, r,
December 20. 1020
inferred Stock Dividend ?. ' in "'
The Board of Directors has this day d
clartd a dividend of one nnd one-quarter S!Z
riot (lU'A) on the Preferred St5?5 o7t,u
Company. PMhle January 15. 1ML to p?i!
farrea siockiiuiu,. u. tvv. m tn, g
'. w..-in-e rletmtw-r HI. 109O w
Cbscks will be mailed.
Blunif.B. civiuuivnuff, Treiinrt,
MANAYUNK NATIONAL lunr
v,kit..ii n. ....
'Tj X'i .. eo, Jl, 1020
JUDsMu.
. aisatll lhlrh gtatd trtanafsae ...a.'
Viroaln closed. Dividend ohecka will
ra K J. MOnnia, Ca.hl.r.
Prsposals
SEALKD FROl-OeJALS .WILL RK RR.
cXid by the Roord of Managers of the
PsnnsylvanU Industrial Reformatory, t
Iluntlngdon. Pa... Jt their regular monthly
meetings held on the seoni Thursday. or
January. April. July art October. l?i tor
the furnishing of supplies of various kinds
for a period of three months from the S"d
day of the month named and award mads
of same previous to that date, consisting In
the main of flour and feed groceries, pro
ldone. dry and salt meats "ru
proposals tire also asked for from time
to time during the year for such other
articles as msy be necessary In conducting
the Reformatory. """
Proposals will be asked for July l for fur.
nlshlng the Reformatory with bituminous
coal for a porlod of one year from July 20
1031.
Any desired Information will be furnished
and opportunity to bid on same will be glveS
any parties who make request to bs fur
nished therewith.
The Hoard of Managers reserve the right
to reject any or all bids offered. Address
T, II. PATTON,
Others! Huperlntendsnt.
Huntingdon Pa
The Board .of Directors has thla day -.
dared r1iL,mlnnu-,i dividend of iZ
and an extra dltldsnd ot ify on the Capital
r,..jr naihl. on and after AmVrJL"'!
E
n.VANClAI,
., DAMn MJITON'rt SONS COMI'tNY
Klnklnc Fund ruritmae of Preferred Ntoele
Pursuant to tho agreement of David Imv
ton s Sons Company anil th underalsnrd, as
TrusUe of tho Hlnklnu Kund. tha under
elsned nreljy glvfn notice that It han re
ceived notice from I)vld kupton's Sons Com
pany that snld ComoAny will dctxtt with
silS. underslimed, on or beforo Jsnunrr S.
Iri "l9 mlm f Thirty-one Thomand Two
Hundred and fifty Dollarr ($31 230) In the
Hlnkln Fund, provldfd under the Asrecjnent
tinder which the paid Preferred stock wan
Issued and that It Is Its Intention to apply
said sum to tho purchaea o( ehares of th
Preferred stock aforemld Offers of sH
snarfa aro Invited, at a price not 'o exceed
par and accrued premium of ten pr cnt.
Mealed tenders to be addresn-d to the Phila
delphia Trust Company. Truatee of the
Rlnklnir Fund, (.foresaid riroad Street Office,
Ilroad and Chestnut streets. N R Corner,
rhlladelrhli Much offers will b received
un,lU!P.r.oe; o'clock on January n. lbJl.
PHILADELPHIA TJIU8T COMPANY
Trustee
JOHN C. WALLACE,
. Treasuror.
Phlladnlphla Decemrer 23. 1020
TK PKTKIWIU'lH) OAR COMPANY
riitsT MoitTOAdi: rivr. pkh cknt
OOI.II IIONDH It'K 10SI
Pursuant to the provisions of the tnt
Ksge from The Pi trmliurx Oas Company tn
The Ileal Ketsf Trut Company of Phlla
Olphla. Trustee, datnrl April 1, 11)01. securing-
an Issue nf t2iy.ino Flrnt MorUsev
Five Per Cent Oold Ponds, tenders of aald
bonds nmounttnit In the aifKrrgate at their
par value to the um of 17.500. at ft price
not nxceedtnit 1103 and ac-rued Interest for
every 10O of tho psr value of said Bonds
will b ricelNed bv the Trustee at Its office,
S. E. Cor. Ilroad A Chestnut Rtrets, Phlla
detphla, for redemption and cancellation. In
accordance with tho terms and provisions of
the mortiragB, on April 1. 1D31, at which
dte Interest on accepted Hands will cease
lende.rn must bo dellverod to the Truntee In
wrltlnc v,lthln ten days from December 31,
102O
THE PUTEnSllI'rtO OA.4 COMPANY
Hy W L. FOX. Recrelary
Annual Meetings
&api FRANKLIN NATIONAL HANK
Chestnut street, west of Ilroad.
Philadelphia, December II 1D20.
The Annual Meotlnir of the shareholders nf
this bank will rw held nt the lunkinsr lloui
on Tuesday. Janunry 11. 1011, between the
hours of 12 o'clock noon and T p m . for
the election of directors to s;rve durlnv the
enaulntr year: nnd to taue action upon a
praposen amendment to tne Articles ox a
sedation by substituting for the second
sentence ot Article VI which now reads as
follows:
"Tho directors shall havo power to elect a
vice president, who shall also b a, member
of the Dorm of Directors, and v.ho shall be
authorised, In the absence or Inability of the
president from any cause, to perform alt
acts and duties prtalnlnr to the office of
pres'd-ns. eent such as the president only
Is authorised by law to perform and to
elect or appoint a cashier, and sueh other
officers and clerks as may be required to
transact the buelness of the association: to
fl th salaries to bo paid to them, and con
tinue them In office, or to dismiss them as.
In the opinion of a majority cf tho board.
th Interests of the association msv demand
' the follovrlna"
"The directors shall have power to elect
one or moro vice presidents who shall nave
such powers and perform sjch sets and
duties as the directors shall direct py by
law, and to elect or appoint a cashier, and
such other officers and clerks as may be re
quired to transact the business of the as
sociation: to nx tho salaries to he paid to
them, and continue them In office, or to
dismiss them as. In the opinion of a mi
lorltr of the board, the Interests of the as
sociation may demand."
J. WILLIAM IIAJIDT.
''ashler.
J3S3 MEnCHANTS' WAREHOCfiE
" COMPANY
Philadelphia, Dec. SO, 1P20
The Annual Meeting of thn stockholders ot
this company for tho election of directors
and such other business as may come before
It will be held ln tho Directors' Iloom of the
Commercial Exchange of Philadelphia the
Pourse, noom 2lfl. at 11:30 a. m , Turadajr,
Jannarr 11. 1031,
Polls open from 12 noon to 1 o'clock p m
S. TOWNSEND ZOOK.
Secretary.
fc37TIIE ritOVmKNT I JFK AND TTtCST
" COMPANY OP PHILADELPHIA.
The riftr-sixth Annual Meeting of The
Provident Life and Trust Comrxuiy of Phils.
(Vlphla will be held at Its office, fourth and
Chestnut 8ri-s. on Second-Day (Woodsy)
the Tenth Dur of First Month (January),
IB31, at 10 o'clock a, m. An election of firs
Directors to serve for three years will be
held etvreen tha hours of 10 a. m. and 2
LEONARD C. ARIITON.
Secretary
rj-srprfTHE ANNUAL MEETTNO OP THE
' Ptockholders of the Philadelphia nnd
tVeit Chester Traction Company will be held
at No. 010 Commercial Trust llutldlnr,
Fifteenth Street, and South Penn Square,
Philadelphia, Pa. on Monday, January 10th,
1IW1. at !l o'clock P M. for the purpose of
holding an (lection for Directors to serve for
tho ensuing ysar, and thn transaction of
sucn other corporate business as may properly
come before tha Stockholders
C. L. P.IHL. Secretary.
KZr NOTICE 18 IIKREUY OIVEN THAT
" the annual meetlmj of the contributors
of the Hospital ot the Protestant Episcopal
Church In Philadelphia will tt held at
3 o'clock Tueeday afternoon. January 4,
1921, at the hospital. KTont street and Le
high avenue. Philadelphia, to elect man
agers for the term of service expiring Janu
ary. 1P24.
It. II. HAItTB. Secretary
KS NOTICE
-I RANK OP E.ST TALLB
Ridge and Mldrale Are.
Phil.. Pa.
Tne Annual Meeting of the stockholders ot
this Dank for the purcoiv of electing the
new uirecioraic (or win ensuisg year win
b hald at the Ranking ItouAe on Tuesday
January 11. 1K1. nt A n'eloelt p. 'm.
liAiHynu w. yrcnawia, cashier
&
THE CHILIiUEN'H HOSPITAL
OP PHILADELPHIA
Recembor 2fl. 1020
The Annual Meetlrur of the contributors tr-
tho Chlldrsr'( IIOTOltal of Philadelphia will
be hetd at the hoepftal. Eighteenth nnd Daln-
brldga itreots. on Friday, JaDUary 14, at 4
P "'' JOnN CADWALADER JR ,
Secretary
K PlHIelDELVIlLt ORTHOPALDIC
" HOSPITAL AND INFIRMARY FOR
NERVOUS DIHP.K
The Annual Meeting of tha Contributors
will be held at the Hospital. N W Corner
fleventeonth end Summer Rtrjets on Monday,
January M, 1W1. ot P. M to elect three
manairors to serve four yearn
" CHARLES fiflNKLBR Rwretarv
1-31 THE RANK or NORTH AMERICA
is? Philadelphia, December 10th, 1820
The Annual Meeting of the Stockholder of
this Ilank for tho election ot Directors to'
the eniulrur year will be held at the Banking
House, on Tuesday. January 11th, istl,
between 12 o'clock noon and 1 P. M.
K. S. KItOMER. Cashier.
p2 BOUnnVESTEHN NATIONAL RANK
-1 The Annual Meeting of the Stock.
crs of this bank, for the election of Dr
reotors. will be held at Its llankln Itouso on
Tuesday, January 11, 11)71, from 12 noon to
I P. M
EXJOENE WALTER
Cashier.
Spertol Meeitngs
OFFICK OF
IIKNHY DISSTON 1 PONS. INC
Taoony, Phlla . Novomber 12, 1BJ.
NOTICB 18 HEjtKllY GIVEN that by a
resolution of the Doard ot Directors a spe
cial mteUrur of the stockholders ot Henry
pUstos ti 8ous. Incorporated, will be held on
Monday, Jnjioary IT lfrtl, at II o'elotk
a. m., at the offlce of tha '-jmt.ini', Tacony,
Philadelphia, Pa., to take Action on approval
or disapproval and to vote for or against
tho I acre as o of the Capital Stock ot ths
company from fn.D3O.0lH) to in. 000.000
My order of the Hoard of Directors
F. R, ROI1BRT3 Secretary
KSBP PIOL-UIKLPHU INSULATED WIRK
. . .. Pecernbsr 80. 1B20
At a. special meeting of the Hoard of Dl
rectorn, held this day, a dhldend of II BO
wr share for tho three months ending De
cembeif 91. IS.J0. has been declared by the
(llrectoTa, payable January 13, 1021, to stock
holdere of record January 10. 1021
A. A. WIRIMACK
Treaeurei ,
SS-rHK rKNNSYI.VANM. COMP.1NY FOB
The Annual Meeting of the stockboldsrn of
this Company will take place at Its office,
817 Chestnut Strest, on Monday, January 17:
lWl. at 13 M.. at whloh tlmo an election
will b held tor thirteen dlreotora to serve
for tho erurulng year.
NHi'WHALL. Becretary.
(r-WACTONAL 0KCUIUTY RANK
IK&i Philadelphia. Decembsr S, IBIS.
The AnottAl Kleotjon for Dlreotora ot this
Rank tHu be held at the Paoklris; flouVan
Tneedoy. Janooir ij. IMI, between thi
hours ot 13 to. and s p. tn.
W K McKBH Cashier.
Annual Kleetlans
p3f THE rHIL,DEU'IIL NATIONAL
Philadelphia. December 10, 1D20
The annual eleotlon for dlrectora will be
held at the tanking house on Tuesday. Jami
iy U. be'vwn the hours of 12 noon
and 1 D. nu
A special mealing of the stockholders has
also been called at tho same time and place
m nan upon such matters as may croD.Fi
coms before ths meeting
". "" ".' ""it.. waenier.
tStP TUB rKNN, MUTUAL 1JFJB
VXf t INSURANCE! COMrANY
Philadelphia, December 1H. 192
The Annual Blectlon for nine truate.te
s.rve three years will be held at ths home
mee of tho company In ths Penn Mutual
Illdg.. oth and Walnut sts Ihlladelphla.
Pa on uoudsy, January 8, mi, bstwesa
the hours uf 10 a, m. and Op. tn.
U,,10r BYDNea. BMITTL
Assistant Secretary.
35 HIXTH NATIONAL HANK. THR
nank will bs held at the Hanking House
Tnrsdar, January 11, 1621. between hours
12 M snd'g P. M.
.wil.l,iaii SALTER, Caihlir
What;
&
Com
mm
r 102 111
Will prices continue to drop?
Ho-rr about wage.?
II uusinesa better or worse durinjr
winter, spring, summer and fall?
Mwifs fcpite
Jr Sped si Barometer Letter off the
isnusiy in, uuuuies rannn
tlona for tou. With thn
its inro:
you can see what's (head
your year accordingly, It contain
forecasts of Tltal lottrtat to rtry
DuimeM msn.
REPORT ON REQUEST
This Letter and Booklet "Iiu.iemhM
NrtFrtfiU," will be sent to fatvasted
executives) without charge.
Clip out the Memo rwwtml hand
it to your secrsurr ween yoii cictiM
tho raorntns'a mil!
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JkfsrsfV Ash fer MmlteUm
IfZS
The Bibson Statistical Organisation
Wellesley Hills, 82, Boston. Mast.
Tto Lmrrnt Oillga tfpmUum
Atwin to tits WtH
L. . ,J a 0ff " SI
Memo lcZ
Writs The Baboon SUlartkalOrarrlsatloa.
Roger W. Bsbeon. rVeeVUirt.WeiCelcyHnis,
tt, Boston. Mass., s follows: pi e sepoy
me a ctmrrpt Bulletin
MZ8 'TVAsl's Cot
tne m 1931 f and
Booklet, "Incrtttina
NttPmfU" eratis.
Chile Copper
Chile, the young porphyry Lc
vlathan, not only Is a radical
departure In ths metallurgy of cop
per, but the shares have the dis
tinction at current levels of having
the lowest market valuation per
pound of copper In ore reserves of
any of the porphyry Issues.
The current number of our Mar
ket Review contains a complete
analysis of Chile Copper, In which
this point Is Illustrated In tabular
form. In comparison with such
porphyries as Kennecott, Utah,
Ray Consolidated, Chlno, Miami,
Nevada Consolidated, Inspiration
and New Cornells.
Among other stocks discussed
are:
Lackawanna Steel
Anglo-American Ofl
United Verde Extension
Corn Products
Salt Creek Producers
Loew's Inc.
MerrfttOil
Sent on request for i-3
Hughes & Dier
Phlla
""" I Chlca
I New
Phlla. 8tecb Hicham
Plrtebargh Stock KxriMtis
Urn
nicssv nesro ui -jrrai
xors rroaoce l&ehsmas
1435 Walnut Street
Philadelphia
Spruce MS Koce MM
New Yort, Pittsburgh, Clerefa4
Cerro de Pasco Corp.
Conv. 8s
Due January, 1931
Convertible Into Stock at
33 1-3 a Share
100 and Int. to Net 8 '.
Circular on Request
Townsend Whelen & Co.
.VcmbcTs N. Y. and PMIa, Stock Exchange
505 Chestnut Street
Safe Bondsy&r Investment'
HALSEYt STUART
&. CO. Inc.
StcRocraphers Ir New York Bank
JCjcellest optwrtunltr.ln lar downtown
bank for capable, experienced stenoarraBhera
under 25 years. Permanent positions, ei
cellent working conditions. Good salary aua
lunchss Stats age, education, czperleaoa
and salary expected. Write
r.. v. o room 7oi
IS VC.ll 44th Rt. New YorTt nte
The Best Free
Book for Wall
Street Traders
It clearly explains:
The General Rules of
Trading.
Tho Rights of Stock
and Bond Holders.
The Deposit Require
ments for Carrying
Stocks.
How to Give a Broker
Instructions.
Broker's Commission
Charges.
How to Indorse a
Stock Certificate.
How to Group Invest
ments. Edition Zixnltett
Can, phone op wrtto-tateraco
Askforfi. T.UJ29
JONES & BAKER
Spedutht, in Nrna York
Curl Market Secuskhm
WIDENER BUILDmO
PHILADELPinA
Telephones Bell, LoevstotTM
KsvatoDo, Rocs 23.(0
OrTicaa in PrindfasI CSWss
tXreet Prlrat. Win
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