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EVENING PUBLIC LED&Eft-r PHILADELPHIA, WEDNESDAY, JANUARY S, 1921!
( Ml
' oc
The Real Estate Title Insurance
and Trust Company of Philadelphia
523 Chestnut Street
Arro from lndfpndmce Hall
45 S. Broad Street
I.liirnln llulldlnr
At the close of business. December 31st, 1920
$1,298,494.70
284,269.56
3,788,807.67
1,630,996.14
1,452,122.20
ASSETS
Cah on Hand and in Banks . .
Exchanges for Clearing House.
Call Loans with Collateral
Loans with Mtgs. as Collateral
Mortgages and Ground Rents. .
Bonds 2,700,739.40
Slocks 12,350.00
Office Building 400,000.00
Other Real Estate 23,316.84
Miscellaneous Assets 364,228.79
$10,955,325.36
LIABILITIES
Capital $1,500,000.00
Surplus ....'. 2,750,000.00
Undivided Profits 61 9,902.66
Reserved for Depreciation 50,000.00
Reserved for Taxes 80,864.97
Deposits 5,732,015.25
Bills Payable (Secured by U. S.
Liberty Bonds) 200,000.00
Miscellaneous Liabilities...... 22,542.48
$10,955,325.36
Trust funds kept separate and apart from Assets of Company. $19,522,140.09
FRANCIS A. LEWIS
President
DANIEL HOUSEMAN
Treasurer
CONDENSED STATEMENT
OF
The National Security Bank
Girard Avenue and Franklin Street
Philadelphia, January 4th, 1921
RESOURCES
Loans nnd Discounts
United States Bonds
Bonds nnd Investments . . ,
Banking House ,
Due from Banks ,
.$8,688,433.41
. 804.050.00
. 299.170.62
60.000.00
. 663,648.02
Cash and Reserve 2,001,057.90
$12,516,359.95
J. HARPER DRIPPS, Preiident.
GEORGE KESSLER, Vice Preiident.
LIABILITIES
Capital $250,000.00
Surplus 1,500.000.00
Undivided Profits 70,425.75
Due to Federal Reserve .... 903,000.00
Circulation 250.000.00
Dividend January 4. 1921 . . , 30.000.00
Deposits 9,512,934.20
$12,516,359.95
WILLIAM H. McKEE, Cathier.
GEORGE OVINGTON. A.sUtant Ca.hier.
MVTVAT
TRVST
MAIN OFFICE BRANCH 25 So. 60th St.
BOURSE BUILDING OFFICES 2809-1 1 Germantown Ave.
AT THE CLOSE OF BUSINESS, DEC. 31ST, 1920
RESOURCES
CmIi and Reserve $521,242.00
Stoclca and Bonds 523,559.97
llrnuinil I.onns with
nllTl 1,029,434.38
Hiiih l.oalin (
(-illiilrral . .. 331,793.37
NulfH I'urrlianril . 908,217.75
MurlEiicrs Oiwird. 70,150.00
llf.il i:!ni(. . .. 215,174.20
I urnHiin- and Fix.
lure 21.737.56
$3,681,311.29
ft. V M l II.IU.OOll, ITcmIiIciK
LIABILITIES
Capital $438,043.00
Surplus 50,000.00
Unilltldrd Profit"..
(Imn pxprnnPH imlil) 89,355.83
DEPOSITS,
$3,103,912.46
$3,681,311.29
M. II. Ili:ssi.i:it, Mt. anil Trein.
Announcing
THE FORMATION OF A CO-PARTNERSHIP BETWEEN
HON. JOHN BURKE
Resigning Treasurer of the United States
AND
LOUIS MONTGOMERY KARDOS, JR.
TO TAKE OVER AND SUCCEED THE TIRM OP KARDOS &. CO.. ANP
HEREAFTER CONDUCT SAID BUSINESS UNDER. TUB
FIRM NAME AND STYLE OF
Kardos &. Burke
32 Broadway
PHILADELPHIA NEW YORK CHICAGO
BROOKLYN
I January ut, iqsi
rrrrsBUROH
i&Z&o
S&triti'fiae
.iZ
iiivi.i3 n i
bonds Bankruptcy
and a thousand other evils
predicted by chronic pessimists
as being the end toward which
tho country is headed, mean
nothing to the loyal, far
sighted American who is
hrewdly investing every avail
able dollar in reliable indus
tries whose stock are now
purchasable at a fraction of
their real value.
Our Year-End Review
Discusses the general economic
situation as it affects security
values. Have us send you ono
gratis and LEARN THE
TRUTH.
Members rhllidlpht SImU Exchann
1622 Chestnut Street
rhonmt Ilrll, Sprnre 60I7.4SOO
Kmtonr. Knee 7S9
14 Hrondnar i: 480 Sth Aye.. N. T.
Stamford. Conn,
Morris Brothers Co.
KAtnlillalird 1RD3
Bonds for Investment
Municipal and Corporation
1421 Chestnut Street
of
isolidatcd Gas & Elec.
inlto. 71.S. 1945
ro de Pasco 8s, 1930
wrong Cork 7s. 1931
?40& 0h' Ry & Lt' 7'-8'
idard Oil of Cal. 7s. 1931
idard Oil of N. Y. 7s, serial
Lnih. .. i.i . . .. .-"" " " "" "
fct Mill .""""iPpla Stuck KxchnnB
p. UIU1 I .J TV.f Fit I...... AtA
i vt '. mag. "
lorfc. Tel, Connection Canal J8IJ
GRAIN
PROVISIONS COTTON
Ur DaU ter Bent o Jlequert
fughes & Dier
!'" I.'.?. I'rodur ICirhnin.
' ril(bnrtl Block Kiclnntt
143B Walmir Sr-
J Pl,ll..l.lt.l- . ....
m..v.mw.j.w fln iova
I
f?
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchange
(410 Chestnut St.
Ckorsla Kwy. & Vr. fls, 1931
Penan. Water & Pr. 5s, 1910
I'hlln. Subur. Gas & Elec. 5s, 19G0
Shaffer Oil & Kef. Gs, 1927
D0ENHIHG, GARRISON S CO.
STOCK KXCIIAMUS 1IUII.DINO
Dlrrrt I'rlTala Tclcpliono to New York
Mt-iiibrra 1'lilln. Htnck Ixchanit
MERCANTILE BANK
OF THE AMERICAS
41 I'lNK NTIUXT NKW VOHK
tii Amrrican Itnnl; for Faretpn Trade
Nrv Orlriinn I'urln Msdrlil llurtflon.i
AKKII.IATKD I1ANKH In
rolombl. Peru Veneiu'l't llrstll
florainJit Ouli (oi In Itlca i(inilura
If You Ever
Study Stocks,
Get This Book
H
It not only points
out the main facts to
:onsider in selecting
an industrial, oil or
mining security, but
also analyses nine dif
ferent stocks which
are now in unusual
market positions' and
discusses them in a
clear, impartial man
ner. Call, phone or write
Ash for No. T, U.-332
m
JONES & BAKER
Specialiite in New York
Curb Market Seeuritie
WIDENER BUILDING
PHILADELPHIA
Telephones Sell, Locust 4730
Keystone, Race 2230
Offices in 8 Principal Cities
Dlrxt Frlr.l Wlr.i
New York Bonds
Adams Exp 4i
1 BOH
Ala Mill 1st
1 01
A Air b. C Oi
2 . . 8fl
A Smit A It St
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Wilson Co 1st
1
80
Prices Irrerjular on Paris Bourse
Purls, .Ian, 6 Prices woro Irrcsulnr
on tho Douran today Thrco per rent
rente. p8frj exchange on I.omioii, 60fr
oBaj B per cent loan. 85fr 30c, The dol
lar was uuotea at 17fr 2c. ,
CHEERFUL
OUTLOOK
AIDS WHEAT SALES
Great Lakes Official Predicts
Business on Solid Basis
Within Three Months
Clilraco, Jon. ! A clnap observer In
(lie Rrnlti trade finds the lnree8i short
interest of yenr.s in whent nnd mm.
Wall street nnd cotton nperntora nnd
the country Renernlly ore short of
jtrnlnfl. Recent biijitij: of wheat hns
been based Inrgcly upon the belief thnt
inllllnr; nnd export demand is nborb
inft the surplus, nnd the more cheerful
outlook In the H'Clirltlei innrl.-eln nml
general business..
.lumps A. I'ntten clvea mil luilllali In.
tcrvlews on wheat. XorthucMern mill
ers continue tn take Canadian whent
freely. The Com Products plant, nt
Arco. hns resumed cHndlne mi n fire.
days per week basis. The American
.unir.e plant, nt Hohe.t. Ind.. Is run
ning nt hnlf cnpnclty. nnd the Htnlev
Stnrch Works, nt iMatnr. III., will
start next week.
Hutchinson. Kn.. telesrapbs that
I.arnbee's, one of the Inrjjest flour milli
tn Kansas, has shut down entirely, let
ting out employes, for IncK uf orders.
Indiana and Ohio nre vel ni? earn to
the Knst at lower nrices than the stntes
In the West which is uviinl nt this
time. IndustrloH nre Inn 1112 moder
ately.
Cut Porli Increases at Chicago
Total stocks of cut norlt meats here
incrensed 1.135,000 pounds last month
and nre fiS.073,000 pounds, nualnst
1 1 1 .i.u,mw u jinr nftu. i.aru miockm
Increased 13,135,000 iinnmh nnd nre
21,37.-1,000, against 111,578,000 last
year.
The Chicago Stock Yards Co. esti
mates the decrea.e in value of livestock
marketed in the t'nlted Stntes last year
ns 51,000.000.000. The Livestock
Financing Corporation is making n few
loans daily. Sheep raierH have applied
for large sums.
Local tanners report leather market
activity increasing, with many inquiries
for prices on good lots, nnd some smnll
sales. They look forward eagerly to
the national shoe retailers' convention
here next week, which will include one
of the largest exhibits ever mode. Shoe
retailers icport good movement nt re
duced prices and stocks nearly depleted.
The .losepn Campbell Soup Co., of
Camden, N. .1., has purchased the
plant of Held, Murdoch & (Jo., nt
Hnmmond. Ind.. for S300.000. It com
prises eleven manufacturing buildings
011 sixteen ncrcti.
LONDON STOCK MARKET
Undertone Firm, but Changes In
Prices Were Mixed Kaffirs Dull
London, .Ian. 5. On definite rumors
that excess profits ley will be aban
doned shortly imd be replaced by In
creased death duties, Rllt-edged Invest
ment Issues showed fresh buoyancy on
the stock exchanga today. Tho foreign
department was quiet Hesitation was
noted In tho oil group, and adjustments
were In progress. Shell Transport wan
614. and Mexican Eagle. 6 11-16.
Tteflectlng the proposed scheme o pro
vide new foreign trade rates, industrials
nnd homo rails showed Improvement
Hubbern reacted from the best, owing
t,o lack of stability In the staple. Knftlrs
Were dull. The shares of South Ameri
can railways were Irregular
Generally, tho undertone of the mar
kets was firm, but changes In prices
wcro mixed
FOREIGN EXCHANGE
nv Vorlt. .Ian. C Opening figures
for foreign exchange showed a train oer
night for Blerllnc of 3Uc to 3 S8 for
demand nnd 3.5i.i for cables Francs
opened up 7V. points at 5.89'- for cables
and G.88; for checlos. Lire was 4
points higher, nt 3.45 for cables and
3.41 U for chocks.
Other quotations were
Swiss cables 15.27. checks IS 30;
guilder cables 31.65. checks 3155, pe
setas cables 13.20, checks 13 18. Stock
holm cablea 20.50, checks 20 45 ; Chrls
tlanla and Copenhagen cables 10.05,
checks 16.00; Belgian cables 6 18,
checks 0.18; marks 131.
Partly on account of the strength In
sterling at Now York the premium on'
New York exchange- In Montreal today
haded nearly 1 ier cent to 17'k mr
cent. The discount on Canadian funds
in New York was lower at 11 iwr cent
YnSTKHDAY'S PINAI. QfOTATIONH
Ucmnnil
(J.lblHB
Hlerllnit I'm"' a
:i,."i.rii, Ti.S'J
3 r.r, r, s 1
l.lr ClullderH
a 10 ai.i.-i
a ij ;u. 5:,
TODAY H OI'BXIMJ UCOT TION1
Htorllnc I'taris l.ir.' r.uiM.'rs
Dunund .'1 .'iS , H-ll1, :t I r...
cnL.s a r.n'a ."1 8ji3 3 n 3i ir.
BANK CLEARINGS
Hank ilcnrihCK loduv ronp.ir il with inr
renponUinir day last nwi Mtrs
llil lftL'n Hill)
Phils. ..$1)3,017.320 JS'J.83.1 r.ni J72 r.in.o.ia
Uostun.. Ill, 0811.472 (111 240. (Mil 4'.l.31S.ti;i
MONEY-LENDING RATES
NKW YOIIK Money on call, both
classes of collateral, opened today at 7
per cent for lending anil renew lug.
PIIII. AIir.l.I'HIA -Call. 6 per cent,
time, 6 per cent ; commercial paper,
three to six months, 0 per cent
(Note Theso nro merely nominal
quotations, as the legnl rate of Interest
In tho state of Pennsylvania Is fixed nt
6 per cent. Plus premiums and com
missions, tlmo monoy for thirty to ninety
days Is loaned at 8 to 8'j per cent,
while commercial paper, from three to
hIx months, is being offered at 8 to 81
per cent.)
Reserve Banks' Discount Rates
Orftcinl rediscount rates nt the tweH. 1J
erul Iteserxe bankH me nn follous
Truis 1.1 b. ("i m I llkro
otfH llonilH Paper Accriit
Iloston 5' 7
Se Yoik r,j n 7 11
Philadelphia, til r.', it r.'-t
Cleveland il r.'t 1! '.
lllchniond '" n H 11
Atlanta . 7 : 11 11
("hlcauu til 11 7 U
ft. lunula . ri '-a V-j rt f,i,
Mlnneupolls ,'ili il 7 11
Kansas City il il H .'.'.
Dallas til . il M,
Han Kranclsco til H (1 0
GOSSIP OF
THE STREET
Convincing testimony of tho earnest
effort being made by the management of
the lending utility (oinpnnles to bring
down operating cost 80 as not to en
danger net earnings, was given ycslcr
day by nn executive of ono of the lend
lug Interurbnii companies.
"Some time ago." he said. "c wnt
out imperative orders In district man
agers of our various underlying proper
ties demanding an immediate cut in
operating cost of their particular divl
slons of not less than 15 per cent. Tins
order applied to every department along
the whole line."
"In Older thnt this order should be
carried out in the letCrr of the lnw."
lie continued, "sevefttl director anil
myself mnde an exhaustive Inspection of
every plant nnd system In our organiza
tion. We found in quite n number of
inslnnres a reluctance on I lie part of the
district mnuiiger lo pare down suf
ficiently lo ii'itkc the necessary 15 per
cent tediirtion. Some claimed they could
not operate with any less number of men
in the various departments under their
Hipervision. Others vigorously op
posed leduetion of the existing wage
scale. Opposition, however, in every
Individual case was overcome when
they renlb.cd we infant business.
"In other words,' he continued, "we
have eliminated the least suspicion of
unnecessary cost, which has resulted in
a number of Instances in the nbollshmenl
of officerH and departments which were
regarded as wholly essential for the
welfare nnd success of tho organization".
The retrenchment policy was considered
unusually drnstic by solne of the district
mnnngers. but it 'is the consensus of
opinion of the board of directors thnt
the hour has arrived for Mich drastic
steps."
No Other Alternate c IWt
In discussing the adjustment of the
business situation, the credit mnnnger
of one of tho largest manufacturing
concerns of this city snid c8tcrdny thnt
most of the large business houses were
granting long extension of credits to
their customers.
"As a matter of fact." he said,
"what other alternative hnve we. When
one of jour principal customers, who up
to recently had nlwajs been prompt in
his settlements, or whither one who has
been slow in paying up. requests nn
extension of time to pay for his mer
chandise, what can joii 'do? Why just
the thing I and all others arc doing
every day. giving it lo them. It goes
ngainKt the grain nin.etimo.s, nnd often
it hurts, nnd hurts badly when you
must sit down nnd dictntc'n polite let
ter granting the requested extension,
while you recognize thnt such philan
thropic action is practically doubling up
tumbles for yourself.
"In ordinary tiim It is n good policy.
It means jou have cinched your man as
n perpetual customer How it is going
to work out this time Is merely con
jecture. We nre nil taking n chance.
Some of us big ones. The only thing
lift is to trust to luck."
Curtailing Copper Production
Walker' Weekly Copper Letter
snys: "The principal nsset of each cop
per producing company is the copper
locked up in its own resources. It is,
of course, not good business to exhaust
these resources when operating costs)
are abnormally high nnd the market
price of the metal abnormally low.
From the business point of view there
is nothing else for the mining com
panies to do hut curtail productions,
nnd when they once co-operate
definitely upon such n policy the situa
tion will undergo a marked change for
the better."
Itelgiuni Farming Activities
Since the armistice every effort has
been made lo intensify agricultural
production in Belgium. Out of nbout
00,000 hectares (hectare '.-17l ncres)
of war-swept soil, more thnn L'5.000
hectares had been put into condition
for cultivation at the cod of the fi-st
nine months of lOliO, due Inrgely to the
aid given by the Ileiglau Agricultural
Department. Besides this, the total
cultivated surface in Helgium is on the
increase.
According to the Bulletin du Hnvi
tnlllement, which hns just published nn
agrldiltuial census for 101!) and 11IU0,
there were, nil told, 1,11 10.11." bectnres
cultivated in lllliO as compnrcU with
1,210,'JO." hectares for 1010. The
largest increases were for rje. winter
barley, oats, tlax (.'11,000 hectares in
1020. ngainst 10,000 in 1010 1. beet
sugar, potntoes and fodder. A de
crease is noticeable with regard to
wheat, spell, beans, pens and lentils.
The area of prairie and pasture lnnd
also has increased. Instead of .1,1(1,.
fiOl hectares in 1010, there nre nt pres
ent .ri02,S0ll hectares, a guin of (!(.: S05
hectares. Till: THADKIt.
We Offer
Chesapeake & Ohio
Northern Railway Co.
1st .Mortsase lis
West Penn Power Co.
1st Mortgage fls
Welsh Brothers
028 ChestkoitSthhst
Philadelphia
I. milliard 15i:t
iHKnslHHsBiassssssssssVIki -ijJS'
BOND QUESTIONS
C U R booklet " Bonds Questions
- "Answered, Terms Defined," ex
plains the meaning of various terms
which are often not clearly under
stood by the inexperienced investor.
Jf'c shall be pleased lo send a ropy with
out charge upon request for Booklet PA-i
HALSEY, STUART & CO.
Incorporated Successors to N. TV. Halsey & Co., Chicago
LAND TITLE BLDC, PHILADELPHIA
Telephone 1 Locuet 420
CHICAGO NEW YORK DOSTON DETROIT
ST. LOUIS MINNEAPOLIS MILWAUKEE
JT"aaaiittyWtfciwi1inn wwamnm 1 mij." ' j" ).u!S.'J2St'.'
&5gi
UNITED SECURITY
LIFE INSURANCE AND TRUST COMPANY OF PENNSYLVANIA.
At the close of business December 31, 1020
Resources I Liabilities
( nllstorlAl lsns . . . $l.l"a.!2 ftt Opltm Ktnrk .. . Jl.OW.OOO no
I' a ri'l i'iiv of I'hlln. Surplus 10OO.OOn.OO
Honda . ... 37a.37S.riO Surplus
Hullmn.l snil nther Bonds.. 330 0.12 OH !irortalliy . . 100 OO0 00
first Momksus . .. . 1.173,8-13.83 Undivided Proritd iiO.oni.ft.".
llanklnir IIous. Klxturfs, Itesir ro.OOO.OO (
vaults inn.noooo l.iionnisi
T.fsl Hsfnt.' 111.215 . IS Deposits l,S23.frt0 21
.Mlsrellnnfous r, SI 2.00
(.'ah In omm Hnd Hanks. 340.122,40
$3,905,981.70 , $3,965,981.70
TRUST DEPARTMENT . I
'I rust I'unds J1K70.7R121
lioal Estate In Chart 43.400 00
$1,914,181.23
WM. M. COATES. President. HARRY C. POTTER. Jr., Treasurer.
Electric Bond &
Share Company
Cumulative
Preferred Stock
The General Electric
Co. owns all the Com
mon Stock of the Elec
tric Bond & Share
Company.
There are other fea
tures which make this
Preferred Stock un
usually well protected.
Price to Yield 7.32
Write for circular
Bonbright & Comany
437 Chestnut Street, Philadelphia
New York
Ooiton
Chicago
Detroit
34 iwr rnt tin mntr secured l
cent cirtlflcatps arM ft per cent on paper s
cureil by 44 per gent und S pr tent lordrt
cates.
tDlscount rate corrfsnonds ulih lniT.t
rats born hy cerllrtcates pledged hh c oil it t i
eral with minimum of ft per cent In the case
of Philadelphia Alls nla. Kansas City und I
Dallas, find S'j per leirt In the esse of 1
Claveland. niUimond. Chicago and H.m
rranclsco
Raw Sugar More Active
New Yorlt. .Ian S Incro.tuoil netixin
developed In the iuw sugar market yes
terday and upward of 60.000 tings of
Cubas tn port and iifloat were taken bv
local reflnorH at 1'jo, cost nnd freight,
equal to fi.S'.'c, duly paid An opculor
took 3000 bags HumarlnaB nlloat at -1 U
centH. c I. f Iinportatloim conalbted of
15,000 baua of Cubas to tho American
SuRar llellnlnc Co. nnd 10.500 baits
Brazils conslKtiud lo the trad The
local refined market la unchanged
Baltimore and Ohio to Issue Notes
Washington, Jan. fi The Tlnltlmoro
nnd Ohio rtallrnnd Co. was authorized
today by the Interstate Commerro Com
mission to Issue conditional sale pur
chase notes to guarantee an obligation
... ..,-.., ,,, iUl, .imiuiHu luttiwny
bervlco Corporation, with which It has
nn 1 1. nln.l b ..... . ..I . ..
...muikiiicii mr now i-quipnieni. it also
wijh authorized to Issuo 17,586.000 of
refunding nnd general mortgage bonds
Ut bo held In Its treasury Tim Carollnn,
Cllnchflold nnd Ohio Hallway Co. was
authorized to Insue fifteen year, G tier
cent cumulative, Income debentures total,
trig 15.000,000, to retlro 14,124,000 or
obllirat.ona which (ell duo on January 1
COAL
FACTS
Our 50-cents-a-ton re
duction for cash is not
a bait it is a fixed,
fair-dealing policy
that saves our cus
tomers thousands off
dollars each month.
Next time come to
KUNKECS
Jbr
COAL
Phone: llclmnnl 7500
51st & (irnyH G3d & Market
The
First National Bank
of Boston
Transacts Commercial
Banking Business
of Every Nature
Make it your New England Bank
Capital, Surplus and Profits, $37,500,000
SALESMEN WANTED
Salesmen in industrial lines desiring change may
find excellent opportunity with investment home
handling securities of highest grade.
Reply to B 907
Ledger Office
WILL BUY
Grand Rapids & Indiana
2d 4s, 1936
CHARLES FEARON & CO.
333 Chestnut Street
C. . I'ATTON
m--i ji 1 1 .j , -.
Safe Bonds for Investment
hmlocy, SIUART
&. CO. Inc.
J. M. SAII.KH
' I ITTTH m 71
Sailer & Stevenson' IjFrederick Peirce
in ani rrrr.TNijT rts
BONDS
lux Free, Yielding Vtffo to
rituvirtun r ivivb
.biV fir I tr -:.'"'
', ! Chftnot Rtrt, rhUiflnhlt
sp
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