'tT4
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-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'
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QDinr.
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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
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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
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1 09
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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.
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100: 2 10-1
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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
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J1'"' 5 734
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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
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ti fAn(n tu T ? '
n sr , 2. ... 2tlW
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1 7
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1 00
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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
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eon
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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
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U fl Hubb'r 8s
2 . . 77 la
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N T C & II 11" "uu" r ,M
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Chlcutfj Mil &
St V ev B3
B 72
Chi 6 Nwn 70
2.... 102
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chi it l & r fo
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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
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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
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