'tT4 ??' -BV.ENiG- PUBLIC liJBIJBIJHlLAJLlkLFmA, MONDAY, JANUARY iO, 1021 ' . V riTTi"ar: ' ,fifSti4ik f :! : m, PEOPLES TRUST COMPANY OF PHILADELPHIA N. E. Cor. Twelfth and Arch Streets Conden..d SUtem.nt Showing Condition .. of C,8 f Bu.ie.. Decemb.r 31.1, 1920 ASSETS Loans and Invest ments $2,157,283.42 U. S. Liberty Bonds. 195,350.00 Other Bonds (Listed Securities) 507,926.27 Real Estate, 12th & Arch Streets (As sessed Value) . . . 425,000.00 Furniture and Fix ture 23,145.13 Ca3h and Reserve. 442,496.49 $3,751,201.31 LIABILITIES Capital Stock $634,450.00 Surplus 75,000.00 Undivided Profits . 35,000.00 Contingent Fund . . . 8,425.04 Bills Payable 195,000.00 Dividend No. 21 . . . 12,689.00 Deposits 2,790,637.27 $3,751,201.31 We hereby certify that we have verified the foreRoing statement by an examination of the books and accounts of the Company, and found it to be correct! and that all of the securities, either the property of the Company, or held by it as collateral, were in the possession of the Company, and were as called for by the books of account. We also counted the cash on hand at the close of business, December 3 1 si, 1920, and found it as called for by the books of account. JOHN HEINS & COMPANY Accountant and Auditor , 915-917 Real Estate Tru.t Building. Philadelphia, Pu. We ihow above our annual itatamont and beg to thank our patrom for their loyal and generous tupport in making it one of the mot succeitful in our history. It give ui pleasure to ay that we have not an overdue account on our books that tho total market value of our investment I much in cxcen of the book value. We have an efficient Title Depart ment directed by men thoroughly (killed in the law of real property. After all the ruth and confusion of title Insur ance during the past several years, we are able to say we have not suffered a single loss; furthermore, that there has been no loss of the papers involved in these transactions. We have a skillfully directed Trust Department, with men capable of not only handling well the personal estato but also the real estate with the highest degree of efficiency. If you appreciate a clean, wholesome and efficient Trust Company, wa are certain that you will find satisfaction here. ? GEORGE C. BOWKER HARRISON C. REA Prwlilfnt lint Vice Prmldrat WILLIAM B. VROOMAN Secretary nnl Treasurer JOSEPH H. RUBIN ontI VIoi VrmliVnt ' SAFE DEPOSIT BOXES FOR CORPORATIONS Safe Deposit Boxes of large capacity available for corporate or individual use. At our new vault, 143 1 Chestnut Street or at 325 Chestnut Street. The in teriors of these safes can be ar ranged to meet the requirements of the renter. Large rooms, affording absolute privacy are at the disposal of our customers. xi Chestnut Street - m xW i Trust Company 325 Chestnut Street 1431 Chestnut Street Capital 6324 Woodland Avenue Surplus 5,200,000 West Philadelphia 16,000,000 Funds held in trust more than $246,000,000 n vwuj i We have orders und solicit inquiries in Grand Rupids & Indiana It. 11 2d , 19:ii I'n.-Ohio Power & Litfht 7h and 8s Central Pacific R. It. Guaranteed Is, 1940 Province of Huenog Aires b's, 192G Portland Hallway 1st 5h, 11)30 Moore, Leonard & Lynch Cudhmnn Ncwhall, Manager Bond Department Hoard Iltoti: U29 Walnut Btreet llitz-Cnrltan Houj .NEW YOHK PHIL.AI)KL.PHU I'lTTSIIL'IlGH Members Xew York, 1'hUa. it Pittsburph stuck Exchange UNITED STATES SHIPPING HOARD Emergency Fleet Corporation Washington, D. C. The Shipping Board today has decided to postpone for the present the sale of Surplus Material on the Pacific Coast now being advertised. S"""' K'jtn Clitcnio n. It. nf..(T lOlfl SK!'1"'" 0t t'ompanrr Vn Win tS i,t9irrfJ(f,,i.H' r B'n 1085 ?.. k NJjro4 Company. . . .' 1021 V'tn Lerlck rftmhanv ... ftml im c ajBiftttfl JC1' f ; QDinr. .... an - ." ' rWij)t Crun7. "J""." VO, 1M2U VIDIl RstA ulnar rMiiiia ni nmnru io,, . ltwuri I'owfr Co Hi. '. '. netlon.. SAMUEL K." PHILIPS & CO.' "TmfflsMBP" .0'N .' 10S7 ,0'H 10H7 ,.' 1W7 ,.l'n 10KI .0' 10M . .B'M 1US4 ,,' 10(13 .?; 1081 .id IBM All linnet iwm(PJif'Hll!ErImilHli!uu!n!yli:!JalItill!!all'lulaHr)Ll!UHuill!LSlllUay I Atlantic Coast Line R. R. Equipment Trust 68 due 1925-1934 Coupom Feb. and Aug. Pn'co and particulars on application Kt. 1103 BI0REN & CO. BANKERS 410 Chestnut St. .Member of Philadelphia and M -veil' torn Movk uxvhangcs it New York Bonds i.. A Smlt A It da 1 77 V. 7 77 3 771.4 T 77M, 1 1 77 II a. itH citl 10. 1 7714 n. Am Tl b T fl!l 2. flXr,K3 IN $10001 1 Ol'ii 13. 11K Cons'd CUfl 7i Ntlin M I'wr tin 100 1... . 7UT1 lOOWOronun 8 I. 4s lOflHl 4. ... 8(V4 100'A l.. . 80V4 10IIH Ors-Wn n Co 100'k Navl Co 411 100, l 71 'i 20 82 Cuban C 8 CVpAn tl Jti K R AmTHtTiH' 4 R5 10 17 OflVi. 1 B3 I'a Itli en 4V4 1 Ml4! 1 hs i nniL Am W l'aji 7 la A3 pft 'ri m' 4',4 1 7SVil R nit 1 iu Armour 4 n 'Do! & Hurt M ! l ! . . oiu 3..... 78 1 78 To nn 4H '21 A T A 8 r 4Bn A 11 (1 fill 1 PSi 1 78 2 4(14lpiina H n 0 2 77 S 40SI 8 00 1 77T4 D.n II ( 4 a 1 01 B 771 1 (T.IU' v mill. Atch TAB FelDnn A II O nl i . . tlOU Arlis'a Dlv l CHH! B 00iA 1 774 ATtU l n) a 70 4 70 Atlanta Knox A Cln 49 D A II a 4H;pnna R 11 7 a... . r,HVi n.... ioi DV u " W il'4 1 ... 'l3V4(nAilnir ny in i 63 00 71't.TJii Can Sh 'JMitio o' W A Cout L'n 4) 1 00 1 70 D CanJ '20 A Const I, 7 1 02H 8.... lOln'17 Cnnii'l '01 0 101 0.. .. 84 1 ioiiErlo O.nl Men 1... 101 1 44 4 102 8. . . 44 2 102 1. . . . 434 Dfttt A Ohio cv wis u u cv A 0 0 1. 70 .. 2.. 2.. 4.. .. 10.. 0 a. r.. i. l o. 41 7014. 2 .. . aovii , 70 Erlo lly Co 4SY 70H,, " B3 .' rn Clur.ii'l I.!ln (lal . i-.. . .,! I 1 or. R 1 A I. Hi 8 MVt Bl t, AH V niH 04 Vi (ik ll n f In & H r.o no; no 70ljl 1 . 09'st L, AH Fran OH' J SJJI Hrl A 70 1.. .. 00 , , C2't 70 O.nl Jlut 4',4 .' tWii TO ''.. a''.'.'. 2i. Dalt A Ohio Is.Cov't F It rein, 1 09 Italt A Ohio 39 0 70 1 70 4 70 11 a u i 1. n A W V la 2 C4t4 i 01V4 Halt A O Sw'n my 3H Bl 70 llel Tel 7 rctf 0. 23. 0. U2U I.. 1.. 12.. 5. fl.. 1 4. . 12 . 4. . 1. 1. 100'i GEO. A. HUHN & SONS HTOCKB ANO I10NDS Mtmbtr of. trie rhjlarl.lplilii, N, Vork, na,CMeiirn Stork rarhinre New York Cotton Kvrhnnee CommlMlon .Order Executed la All the Principal Market UEIXUVUK COUIIT 1ILDO, 1418 Walnut M, JfBW VOUK QITI013 111 Uroudwnr. fitw York Baltimore & Ohio Thla railroad la unu of tho oldeut trunk lines In tho United States and durlnK tho luut ten yearn haji spent uppruxlniately 200,000,000 for iiddU tlono, bottermontii, extensions 'and equipment. With Its lmmcnto volumo of traflla the present year should be a pros perous onn for 11. & O. 1'ho current Ib'juo of our Market Review contains a oompreheii.slvo article on the com pany'ti phywu'iil and llnunclnl condi tion and outlook for Nhttrelioldora. Amunir other stooItsdlscuKaedaro Chino Copper Producers & Refiners Guffey-Gillespie Oil Aetna Explosives S'iir nit ruquest for h-SB2 Hughes & Dier Utabtf 1435 Walnut Street PhlUdeiphl Sprur; 81S Ram tfts Ncvt orl(, nttibnrih. Clcreland I . GRAIN PROVISIONS COTTON Otir Daily Letter Kent on Request Hughes & Dier ( Clilciiro llourd of Trade MrtcU-r llia. Hturk Kxchan" I I'httiliursli Htoek Exchanr 1435 Walnut Street Sprnc-e 848 Philadelphia Bare 1S9S Lma355ai -."iVXalilV-"6 Safe BondsySr Investment fl HALSEY, STUART &. CO. Inc. fnlnraiWl iimlMMaita. .. 3. . fl.. 4". n. . I.. I.'. I. . 1.. 1. . 100! 101 C Swttx'o ret. 101 , 2.... 102V; 101 1 ... 103 101 .20. .. I03tt 100: 2 10-1 li)0 CJ TrunJt ret 100, 1.... 102'i 100 2 ... 102V! 100l 1 ... 102l, 101 , !.... 102',; 100 Nth'n It lnt 101 ! 11 81 '.i 101 llttiii & Mun fit 101 . 1 ... 01 100' "!? St L. A 8 Fran J1'"' 5 734 1 no a. W U tiw'u cn 100 ,J3 "?at"i."BWn a 101 , C3i lw ... 03 JjgJ 8. ab-d A I. a 100 a. . nt4 100 100'., B. 25 . . . 1... 10.. 10... 23... ... 2... il. 38 3KV4 39 3H 3 34 3K 3t, 39 S'n racltlc 1 3 i 8 7C''J Sn Iaa cv .h fl 77 10.. GOSSIP OF THE STREET ntMlhMM IrrpKiilnritii'H continue a 11 mutter of courno. InvcntortcH have been reduced nltlioiiKlt not to the extent Hint wuh hoped for from the hollilny period. The prcuciit lime in one of retail liquid ation 11ml (he coiisumnr more rendlly tnkes thoticht of biiylnn things which ho hns rcfruiiied from Inlying becnuRC ho know thlH llqtiidntlun was coming. Kvon now the mminfnrturvrH on; resllnit a bftter demanil from merchnnts pnrtlcu Inrly In (vxtilpM, hldeo. leiithur und foot wonr. "Ah lnvtntorlc.s und other nn nuul nccountitigs uro completed," wrlteu Dim. "prcp:irntion for tho con duet of bimlnesM on 11 more conservative find Hotinder basin uro undrtaken, and the anticipated January liquidation of mcmlmndbie In consuming channels I ilmping the way for later purchases by retailers at the lower replacement costs prevailing In prlmnry circles." Failures Increased moderately last week, according to Dun, but Itrndstrcct reported 44 fnllures for the week ended January 0, against 470 In the previous week. Tho latter agency notes that tho greatest Improvement In merchandising was In those In which depression was first felt, the apparel trade in particular. Wanner ltmul Market Ahead Some of the lt-adlng boud experts Willi htreet who have entertained rather skepticul opinions as to tho out look for the innrket 11 few weeks ago, have reverted their opinions and now predict that the next two years will bu bnnner ones in the trade. They uro strougly urging the purchahe of high grade, long-term investment securities which art- now selling at unu&ually at tractive price, their belief being tnat within u rensonabl" time there will have taken place a broad upward movement which will not subside for two or three years nt least. They contend that those having funds for investment should carefully scan the list and pick up the good things nt this time, not alone from the point of view of income return de rived, but from the possibility of sub stnntttil price appreciation later on. The forced selling of securities of a short time oko lots nractieiillv been completed and los taking for income tax purposes also is uver, so that it would appear rather clear sailing for the triule from now on. i Financial Briefs have been taken In the last half of 1020 by merchants, manufacturern. nnd spec ulator!) In mnimmllllM ninl aeeiirmeY il.i. ,L- . . t , I unit. ui recovery irom tuo prewni tie- ,r. ...,...,., , ,.!, nt twnt' netivo presslon is in thft opinion of many .nuHal'mocVrtecHned .Uper o'nt Imnkors, going to he n very gradual one. t0 7M0 nn sfttunlay. whll twonty rall We have talked also with steel men, roads advanced IK per cent to 77.51, with textile manufacturers, with husl- ties men in all walks of life, and we I Two N(.w York Htoels iCxehanRe seats find th general opinion to be that the )mvc i,efm soid, one for ?89,000 nnd t' llrst six months of tho present year will ' other for 190,000. The lat previous ru he cjtitt? lean, but that if labor shows ( wan 180.000. the timber wllllnetipKa tn adjust their wages arid hours of service to the condl- In eleven months, to November sol lions now prevailing In business mere ,l8t, the United Alloy Hteei rvirporntion Is little doubt that a loir amount of ' had net earning of $3,045,000. After business will be bundled In the second i deducting tax reserves of 1730.000 there rpmninpi n ii:iiui.,:h u id.biuiuuu. t'tiuiii to JC.17 a Hhnre on C2C.000 nhnrrs of stock, nnnlnst 14. 10 a nhnro on the Mimo amount of otock In nil of It'll nnd 15.01 a share In 111 IS. half of the yenr.' Ilecher A Co. "Btrcngth in Liberty Bonds nnd llko high-grade Issues con tinued advanco In foreign and a fore runner of easy money conditions and more cheerful reports from motor and other Industrial centers, tolling of re opening of mills and factories on In creasing demands was reflected In n much inoro active and generally strong market In which nearly every stock played n part. There l a much better feeling regarding the war-ilnanco bill, which ns a stimulant to our exports will prove n potential Influence, we would suggest conservatism In buying on these uctivo rallies particularly on ac count of the substantial advance which many stocks linvo already hail, .wait for reaction. TUB TKADKK. LONDON STOCK MARKET Home Ralls Flabby Dollar Descrip tions Dull Kaffirs Mixed London. Jnn 10. Iluylnjr by profes sionals brought about n better tone In oil shares on the stock exchange today. Shell Transport was e 3-lo nnu oiexican Kaglo 0 11-16. Notwithstanding firmer mony. ifllt-edwd Investments wcro well The Northern S.curltlos !o. s annual report for the year ended December 31. shows net Income, after expenses and taxes, of J2S2.309. equivalent to 3B..18 n share (par JtOO) earned on tho SS.954, 000 capital stock, nn compared with net tncomo of 32EC.821. or SC.40' a share, tn j tho preceding year. Calumet and Arlconu December out-1 put totaled 3,300,000 pounds of copper, ' against 3.230,000 In November. 1'hlladelphln Insulated Wlr.i will he quoted os-dlvldend tuduy excupt for cash. , The t'mted .States Treuuury liep.u'f-! meut Is olTerltiK two new iterles of vvrtl- ' Ucateu of Indebtedness us of Jimuury IT,, ' with combined total of about J260.0U0.- ( 000. They were Series B, 1P21, nt C Mi ' per rent, due April IB, und SerleM K, ! 1823. nt Gt per cet. duo October 10 Getting Cars Back Fewer Philadelphia anil Headlni; Hal. wuy cars were on foreign linen on Jan- i 'iary 3, lt'21, than at any ttmo slnco tho roads wcro returned to urlvate control GAIN IN COTTON GINNlNGS ! I.l-l 4 Total Prior to January 1 n,6B9,- j 230 Running Dales Uimhliiftttn, .Inn. 10, Cotton Klnv4 I prior to January 1 amounted to 11.0(11,4 230 running Imle.t, Including 203.178 round bales. 3.!)4 bales of Amortcn- KltyptlAn, nnd 1S!)9 bale of Sea Island, the census bureau announced today. Last year to January 1, glr.ntngrt ngKregated 10.008,920 runnlnur balea. In. eluding 109.3UA round bnlen, 31.CIB bales of Amprlrnn-ICgyptlnn and 848 bales' of, Kna Island. Ulnnlngs to January 1 this year, by states, follow. Alabama. H3I.&27: Arizona. 77.182; Arkansas P5M54 ; California. 48.883: Florida. 18,220; (leornla. 1,188,233; Louisiana, 370.024; Mlsslaslpll, 120.184; Missouri, "iu,139, North Carolina, 7C4, OGO; tklnhoma, 984,821; South Caro lina, I,4i"t4,2i0i Tennesceo, CC1.4IU; Texrut, 3,732,003, Vlrlnla, 13,711; all other states. 988. NOTICE 18 HERKll fllVKN TIT AT I tll'r T.ii. ui ,1, iimiwu i. ... .,, uk IVIrr, Talarwt At Ytnt hua vxtilrfd ivrvl ital'l partnmhlp town ftlfinolvtil on Decm bnr 31. 1W), a rortlflcat to that efluwt Imvlrc lien fll'd and retordtd aecorfllnc to law, PllTltr. TQI.AND tt WBISa. lr,1eTlclc J. l'rry H. II. Runh Tolund .(loneral Putnu s.imul Vls , ITuvard IxinirKtrth. fpnclnl 1'artner 18S8 WAItCT BTRKKT I'MladHtvhla. January let 1021. Mi. Howard Insatroth havlrnr rrtlrti as Mptctal I'artnrt In the firm ; ltn, Tolaml & tl. thu ImilnrES lll -- con tlnuctl midr the nnm Arm rarM us u. irenoral partnTahlp. IT'TnY. TOMSD ft "WBIKH, I'retlorlrl: ,T. 1'atrr, It. n. Ilmh Tolantl, Samuel Wain, Hurry S. Kahn, I'MI.Tl-.pttla Ktoelt Kxchame Nr Vorlc Stoclt Kxrliance malntalnotl. Korclgti loan niso wero t on jiarch , 1920. Tho report for Janu- sieaay. . ary 3 shows 20,791 Philadelphia With the outlook for trade more hope ful, Industrials displayed greater sta hlltfy. Hudson's liny was C1B-10. Kaf firs were mixed. A poor showing on tho foreign com merce of the United Kingdom for De cember caused llabbtnesa tn homo rails. Doll.ir descriptions were dull, Ttocen sIoiib In the raw urtlclo weakened rub ber sharus. Onorally. the markets were quiet and checkered. I llll.l Mun In"!" ao .. ... -.., ti fAn(n tu T ? ' n sr , 2. ... 2tlW 3 S44I 10. . . 27 Ukn-Kdl Co fil, :i 2T 1 7U HI Central M Ilmh Hlda- Ra 2 70Ti 0 72 , 2 7STk C Nn llye retail Onfl Pa B.... 101 1 "OH t loo-, i noTi 10 10U1' 0.. .. 01 B lOOHuntbi-ro II T til P. B. . 40 U 19 40. 40 tmi 40 10 20.... 1.... n a 10.. . o.. . a. .. 20.... IB.... 15... 77 77 cv ftu P8 084 us P8W ! PCI r,f fin Itv' J S7Vi 3 . . . . S7 Cll i'noioc lot cti'i'ttcinc's1 to. 1 70 2. C R It N J B 2. 1! . . . . U7 (Jap tlovo t 4a J U7 15... . EK Ch'k i O .Via 25 1 "CMiiSS C & O cv 4'iaKan C & 1 7ft 14... a 70 4... c"k uhin :. a. . . 5 OB'iKnn C & 0.. .. 03W 1. C'h e. O cv Bs'K C T Illy 4j 1 S4 1 72 1. MS.K Mifm 7i BSW 08 S 3a 35 asli 35H S B 74i 1 t Chi ti Alton 3a 2 48VV 1 434' C & Alton 3 Mi; 1 37.1 a no ' Cht 11 b Q 4a 02 W 08W Bs',4 0SH 08 08 H 03H 9SH 1. (!. 10. 0. S'n Hallwii 4a 1 CO 2... OOvi t 00U, 5 P0", h"n Ilallwa 0a S . . . . S7 3 ST iThlrd Ave 4a I 1 41 Union I'ac ev 0 MW rrjnlon. l'ao fl 1 7 .Union Vjlo ia 1 00 4 00 1 00i rjKciO Urlt ri io2t 2 08W 1 8Vj B 114 03 OSVi V K ot Q Urlt A I'd WJ2 4 or, U K of O Ilrl & I'd 1U21I 1.. .. W 1... . hsTi 1 . . .80 i 7ov, i : LehUh Vl fin I , .. "",, :i U8.u ';.'.".".. nrtLl Tnn .f- Vnah - " ''' Chi IUW 4ii 1 103 2 03 Olid S ft O 5k 1... BSVil 1 77 C II t. Bt I' 4i 2. ... 76 1 09 illoKtlli, 3... . OH 4 3U' ui ti j. i it noi'. L " 10 02'A 10 B 03 IWo 1'aelflc Chlcaco Mil Si, 0 C3 8tP ov 44s '11 B3 1 70 10 B3 2. .. . V.1 B 55 3. . uuTaiaior-9 a: - ,.a a.. . ,o I - 1. .. . tl'J M & UVx .1lat 2.. .. eavi io no Clilean,. Mil St 1 H Stl' M 4Vi 1.. .. 0-i Koreljrn Exchange Stoinin-de j Itarely is there witnessed such a stampede in any miuket in so t-hort u time as took place in the foreign ex change market last week. This involved a strenuous detnuml for all of the ex- 08 ciiuiiKva iniin iiie suoris, puriicuiuriy nsi-i I in sterlins, anil supplies of exchange l4 were entirely inadequate. Sterling over nHM night was rushed up Hi cents and tliere 08 were nilvances of it to .'l."i nolnts In other exchanges, causing new hijli records in some cases since hiit Mimmer. A coiisiiicuous exception was German exchange, which failed entirely to par ticipate In the rise. Previous to the squeeze no one appeared to know any thing special about the market, but after the advance there was a plentiful supply of explanation of varied Import. Sterliug reached 3.(1(1 for cables, com pared with an extreme low of .'Mil early last yenr and a high last year of 4.00a; , Francs rose to u quotntlou of 0.04 from a low Inst year of 5.70 and a high of 0.20 early in the Bpring of ltl!!0. Otillil ers gained over 50 points to above .'. the highest since September 1. und Dan ish nnd Norwegian exchanges at 10.20. cables and Swedish cables at 20.0." reached the highest figures since Au 8ust 18. Liverpool Cotton I Uernool .Ian 1" -1 ' .'ii . nmv ti moderate Inquiry for, spot cotton this morning on tho basin of an udvunce ,of in poliua for matnilnir ut I0.68d. The sales were 4000 bales, he receipts were 29000 bales, lncludiiif 28.800 baleu A .M ,,. 1.1,1 .1 l.-.t 1 1. .. n ... tk. n.i.o J.. I.. . t. .. : ,.. .. ..... . u.uici, ,, n.c.i'ajr in me i early dealings. Spot pities were: Amer- lean, middling fair, l5.U0d ; good inltl- HiliiR il'.bbu; fully mldflllnir. ll.SCd: middling, lO.BCd: low mlddllnc. H.aiil : ood ordinary, 7.31d. nnd ordinary, t!,t?. 0-ifta. . ',jkiI SfpimbT .mil Kcadlns cars on foreign linen, n reduc tion of 320B Mnoe December 10, win 'I ; there were 28,90(5 IlendlnK cars on for eign lines, nnd n reduction of 14,190 cnM I since March 1. 1920, when thero were I 39,891 Heading cnrn on foreign line, i Since March 1, reductions In the nt'ii,- i ber of rhlladelphla und Heading car. n j foreign lines havo been continuous. On April 1 there were 38,126 Rending iwrsl ' on foreign lines, on June 1, 37,818, on , (September 27. CG.lSlu: on October Kl, . 35,127; ou November 1, 34,410; on No- I vember 8, 23,108: on November 12, 32,- 291, and on November 25. 30,964. $5,000 Policy Costt $69.70 PENNMUTUALLIFE ,Be IOl illildrndt reduce rait af(r flrat yenr. OrennUril 1M7. A ! 30O mlllUiw. Write for apluii yollcy ut your out. lKltnNK KITIIIAM. ieral Aaeat ll Mtrohrti (llnint IUc. PMIa.. I'a. rhonf Filbert SOWS 25WI IIHli ns A MM !iV US 14 0SV4 7 HOVi.Laok Steal '23 0 001,4 i e." B. . . . 00 i Lilio Shore M 1.. . . 1)0 I H 4a of '01 1 OflHi I r.2 1.. 1. 00. Vi eon Xchlali V 4 Va. i ua SB OOHIhlgh Val 3a 33.1. . itu-4 1.. va 2.. . UHH NEW YORK COFFEE MARKET ; New York, .Tun. 10. The market fori , coffee futures hud nn active opening this , ' morning with prices 2 points lower to ' 0 points higher. Wall street and scat- ' tered trade Interests were buyers, I Sat. clo! Oon I llirch . 0.57 Il.3a57 Slav 1.H7 nn,TTjrn o. , nvti 40 .... T.OR 7.747(1 ! Bonds for Investment J t'lrcular I'omi llmui-at I The National City Company I C'orrMswtilffTif Uflct.i in Oi'n- 5(1 CTt(r i I'hllerlrltdila 1421 Ctirxtnut Nt. I Atlantic City Vltr, llnartiwalk. --MANUFACTURERS ISarep will utd your tirwluct oit. Oct busy now. tfo yon wunt to arlV or bay In Knrooe. If nrit tut nt, once. One ot our CnrtwrutUaa onclaw ntll aall un fU "S. 8. Imucratnr.r lunoarr 20. 1021. II 83l. I.K1MIKK omcir a. n. 0 10 BOV. t i . r ' o BsruB 10.. Clilcau Mil 4' B. Mi . 80 00 .Mrilca 4a . . 29 Mtttco B ... 41 Vj 41t Ut'd HMfl San V unct 4a 2 20 U fl Hubb'r 8s 2 . . 77 la I . 77 1 . 771, N T C & II 11" "uu" r ,M H 11 i.t S '"" St V i:m 4H.N V C ft II II 3. . . . 7TV4. n R on 4a 77Vj.U H Hub TH 77 Vi 1 77U Chlcutfj Mil & St V ev B3 B 72 Chi 6 Nwn 70 2.... 102 I.... 103 2.. . 102i chi it l & r fo 4 07 2 U7T a. ... os i 2 08 I 07i 1 0741 2. . m. 117 . 07 4.. .. O0M, 3.. . 70W K T O 4 II II it n as 3.. S.. 1(1.. a!. H. . n N X C ui";. oi'i 01 u llHl 9SV. 08 ONVi 08',i 0814 9HH flSi. HSU (HVj'U'il S Stetl 5s Ol'-i' B 1 01 Hi S ti ii ni H It 7a ret" 2. 101H 1011.4 101M, 101 H mm 10 ( i i. 10 03 03 l3K 1)34 034 H.1 !i 93 '4 04 U4V, C 11 I 10.... 10. lOlu.Vtnh I' & I' Bs P 4a New York Ct'l ' "" 71 . I. a 3b 2. 78 Jj, 71 I 1 3 2 . .8H Chlla t'op'r Oa.Nev; Y M 11 ft 2 ,'hiv 1 .... 71 I Hart'd os jVu Itatlw'a Ba 1 70V 1 . .. (Mia! 1 "J" io... . 7i ' e 09 i- ..:'rj Chile Cop'r 7alfw York O if;ii s-i i 2.. .. 04 , Wtiat'n 4a i d. . uo fltv Hume Sh1 0 01 W U SIW 7 1 03W N X Hjra Lt 4' 3.. OllVi 10 17H 1 (iGi New Y Buq & City Cop' BWt IVnat'n M , 1 7B 2... . OH City I'arla Ha 7 BOH 1 ... 0.1i 3 00 I Cl'd (.'In Chi & N V Tele 4Vi St t. Bin 4 3 77j B.. . 08HI 1 77Vi; 3. . . 08 10 77V1 10. . . . 70 N'k ft W cv 0a CM Cla Chi L 1 10414 ' Ht I. on 'Jin racinc as 2 00 i 4 BO U'lUon Co cv 1 . 1.. 22. . ".. 1. 1. 3 00 Ii 0074 00 oo ; rnu II0V4 noi 00 a, oow oai on k oo h oo vi 0i Cleveland I,or N'n I'ttelflo 4a & Wheel Bs ' .1 77 V IIVjS 1st -HiH. 8(1 4Vt. fid 4V,.. 4th 4V.S. Vic Notes 3h.. Vic NoteB 4ytH.. Libert) Liberty Liberty Liberty Liberty Hlirlt 02.50 fifl.flO 00.40 1)0.40 87.SS 00.110 07.00 rttt Oli.42 S0.IH) 00.110 00..10 87.00 110.01 00.01 83 1MB a tn 112.42 80.00 00..'14 110.34 87.:i0 00.00 00.08 Raw Sugar Market Steady New York, Jan. 10. Tho raw micar market contlnuea Htenriy on the basis of 4,sc, corft and freight, eaual to 5.52c, duty jald, It Is understood that there are several lots of moderate-HUed order out. Bales on Haturday Includad ID, 000 to 18,000 bags Cubaa for prompt ship ment to outporta nt 4ttc, c. I. f. ; 6000 bne prompt shipment to oiierators und 7600 bags Cubaa for prompt shipment at 4140, cost am) freight, to n .Vw York refiner. Thu locul rclincd market is unchanged, Topper Turning the Comer For tho first time lu months the copper market appears to have turned the corner definitely. This is due to a meetluK of representatives of ull the leadlnp producing companlea held last Wednesday, at which the situation wn discussed at length, und which is likely t to result in action of tuaterlul benefit to I the industry generally. One development is likely to be the withdrawn! of low-priced offerings by eomo dealers, as it was noted that im mediately following the meeting price. stiffened somewhat, nnd it was Impos sible to purchase th metal below t!l cents, whereas, on the "first two (lavs M'' 'of tho new year some sellers were actu ally ottering as low as i-'S cents pir pound. While no final details have been worked out as yet, it is stated that the plnni have progressed favorably, und the Indications ure that there will be no hitch in the matter, as the repre sentatives of the producing coinpunies appeared more than satisfied when they left the meeting. Nmvburger, Henderson & Loeb "Unlet surface signs arc absolutely misleading there is everj reason to bo lieve we arc 'turning the corner.' The general murltet situation us measured by the week's substantial recovery move ment is indicative that the speculative security position has quite fully dls counted adverse factors which are dally coming into light. Hank failures, de structions nnd business mortalities to gether with dividend omiHons and re ductions, although making unpleasant rending, linve been pretty well tukeu Into consideration by the present level of prices. AVhile we may ste siuiii' further chilling of speculative enthu siasm because of these disturbing ele ments, yet every indication points to n steady absorption of the good Mocks This absorption will becomi- mure ap parent us professional drives are nt tempti'd in an effort to create fn'h pes simism and dislodge stocks. A much more confident sentiment hits arisen since the opening of the year concern ing the Industrial and business situation, which apparently is Justlj warranted by the advices of gradual resumption o'f operations by n number of industries shut down toward the close of 102(1." Htlghrs Dier "It should be re membered that we, are u greut, pros perous and wealthy nation; that our annual income of more than SfiO.OOO, 000,000 would extinguish the whole cost of the late great war in less than five yearn j that we were exceedingly for tuuuto lu that tho personnel of our population was depleted only to the ex tent of a few in numbers ; that the great destruction which took place in ninny parts of Europe did not fall to our lot'; that we emerged from the great conflict free from entangling ullianres of ull kinds aud that financially wo stand heud and shoulders nbove all other nations of tho world in that the debtH we owe we owe to ourselves, that our wealth is not impaired and that from u nation in debt to Kurope we ure now u creditor nation of more than .$14,000,000,000. Wo are thoroughly grounded and prepared to go on our way to n substantial peace, n hitherto unheard of prosperity and to n condition of national supremacy such an the most optimistic would have t-curcely dared to hope for even u few years ago." HIGH YIELD STRONG SECURITY 'V VALUABLE CONVERSION PRIVILEGE General Asphalt Company 10-Year 8 Sinking Fund Convertible Gold Bonds Due December, 1930 Price 98V2 and Interest, Yielding 8.20 Pennsylvania State Tax Refunded The business of the company has over a period of years yielded earning largely in excess of interest charges on the company's funded debt. The funded debt of the company, totaling $6,014,945, has an equity repre sented by the preferred and common stocks, which at present market prices have ai aggregate value of about $17,250,000. The sinking fund will during the life of this issue result in a substantial annual reduction in the amount of these bonds outstanding. We emphasize especially the investment merit of this issue, but we a bo believe that the conversion feature is of considerable value. Descriptive Circular on Request Parsly Bros. & Co. BANKERS lr2l CHESTNUT STREET PHILADELPHIA MKMBKRS PHIIAPF.LJ'IIIA STOCK KXCHANWI Jones & Maker eiy: "One of tho rcaHona fur the Incrcuxud demaud for copper nhares is found in the report that, us a result of an Investigation of conuiuoni in me industry, leading cop per producers huvc decided to withhplil their HtockH of cupper from the market for the time hciuj;. It In added that it number of coiibtructlvc measures have been dlbcussed at Informal conference between prominent copper Interests which It is expected will lead to im proved conditions. " Wrt A; Co,: "Such wvero lossos HP CAPITAL, SURPLUS and UNDIVIDED PROFITS $104,033,287.87 THE NATIONAL CITY BANK OF NEW YORK AND BRANCHES Condensed Statement of Condition as of December 31. 1920. ASSETS CASH on Hand, in Federal Reserve Bank, du; from Banks, Bankers and U. S. Treasurer Acceptancea of Other Banki .... Loans and Discounts ... United States Bonds, other Bond and Securities Stock In Federal Reserve Bank Ut5,07 8,942.00 6,846,319.48 $271)W51261.8 644,593,446.25 37,480.059.69 2,550,000.00 684,629,505.94 nkjn "OUM 5,000,000.00 Due from Branches iiob Sfio 16 .-...wo ..uiu.jr n.uuin ui micpiancca 66,241.720.87 cdOBc nWallSttM New York Other Aaaeti TOTAL . . LIABILITIES Capital, Surplus and Undivided Profits Deporita " " Reaerves (for Tare, Interna Accrued, et cetera) .' ! 7 T Unearned Discount Circulation " Due to Federal Reserve Bank Other Bank Acceptances and Foreign Bill sold with our Endorsement Acceptancea, Cash Lattera of Credit and Travelers' Checka ' Bonds Borrowed Other Liabilities ..,.!! TOTAL . . 4.441.6S6.18 31,043,536,733.63 . $104,Oa3;7.B7 . 698,592,592.44 5,718,096.11 3.534.30U4 1,422,267.50 . 142,270,924.TJ . 13,03137.95 . 68,583,704.01 2,228,000,00 4,131,620.77 $1,04338,733.63 a m I K v t.jii.x t'lisj&iiV, VlM!!r-'JI A..4.A..-- flJljfto..,, ffK. Ilirjifu- M'iK,,?!.)1- , y.tt tAJ'&tr'i-
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