ta' " : i 'mi&rr wy.? a . 'r-1' w '& i iWPWi'l Uli' HWilH .11 NEW ISSUE Exempt From All Federal Income Taxes $600,000 City of Portsmouth, Va. 5 Gold Improvement Bonds Dated January 1, 1921 No Option Due January ,, ,, Coupon Bond, "Sffiffi January 1 Eligible in our opinion to secure Postal Savings Deposits. FINANCIAL STATEMENT Sinking Fund 114,000 Net Bonded Debt 2,932,100 Population 1910 33,190 Population 1920 54,387 Tho City of Portsmouth and Norfolk County each own a one-half interest in the Norfolk County ferries, a conservative value of which is $2,000,000 These ferries are operated by the Housing Corporation, a subsidiary of the United States Government and the City and County each receive $67,200 annually from their interest in the utility. Deducting $1,000,000 (Portsmouth's interest in the utility which is self-supporting) the net bonded debt would be $1,932,100, which represents the net amount of bonded indebtedness dependent upon taxes. Portsmouth is the County Seat of Norfolk County and is located in the southwestern part of the State. The City enjoys the excellent harbor facilities of Hampton Roads and is served by the Atlantic Coast Line, the Chesapeake & Ohio, Seaboard Air Line, the Norfolk and Western, and the Norfolk & Southern Railroads. These bonds are a direct and general obligation of the City of Portsmouth and are issued for School, Fire and Street improvement purposes. Price 1 00 and interest, yielding 5.50 Legal opinion of John C. Thornton, Esq., New York City A. B. Leach & Co., Inc. 115 South Fourth Street The TREND OF MONEY RATES HTHE UNITED STATES TREASURY DEPARTMENT, the largest borrower of Short Time Funds in the Country, is in dicating its hopefulness in the near approach of somewhat Lower Rates for money by an offering of $250,000,000 or thereabouts in new Certificates, dated January 15th, 1921, bearing M of 1 per annum lower rate than the last issue. Subscribers may elect to purchase $Yz Certificates, maturing April 15th, 1921, at par or 554 Certificates maturing October 15th, 192:, at par. Subscriptions to this Issue may be made through any Bank or Trust Company DISCOUNT HOUSE ' OF SALOMON BROS. 8C HUTZLER NEW YORK OFFICB 27 Pine Street Tclcphoo. 6300 John An Opportunity to Learn the Bond Business We have an opening for a young man who has had a good education, to learn the investment banking business with one of the largest houses handling conservative securities. Write giving age, business experience, if any. Replies will be treated in confidence. Address C 209, Ledger Office ' Low Priced Rails In the riiffni I..... -t ..... I. vtor 1 Review wo have analyzed ' oi the railroad muss which wiing at low figure., among; "Wen are Southern Wabash Rock Island Missouri Pacific Kansaj city Southern at Louis & San Francisco Marl I 1 - .. icnunra & ..& li u. . , can". including such C V U.-.S- S,eo. Baldwin Loco., AB"lnl;rB;i..l,",,"e. ' v or a free copy BOMRFA1T o.mrixin " PhUadetpMa Stock Exchange "0 South 15th St. 'i. rwta- ItUVB 9499 w W.IU. Office, 7 S. 52d Street Wm-R. White, Manager ' w iicimnnt Actual Value taxable property (estimated) Assessed Value 1920 . Total bonded debt, including this inue Water Bond I2.nnnnnn W. H. Newbold's Son & Co. 511 Chestnut Street tlemttn of Hit Vi Ytrk Stixk EuJumit HUNTINGDON and BROAD TOP COMMON AND PFD. Stock Wanted H. F. BACHMAN & CO. HANKF.ItH EstabHihal 1800 Strmbrrt Nut York and I'MIadtlpliln Slock Kxclisncts 1425 WALNUT STREET J'hllodflphlft I'enna. Water & Pr. 5s, 1940 Huntingdon DcveL & Gas Gs. 1936 N. Indiana Gas & Elec. 5s, 1929 Luko Superior 1st 5a, 1914 Lehigh Pr. Sec. Cs, 1927 B0ENWNG, GARRISON GC0. htock i:xciiAN(ir. nini.iiiNn Dlrrrt I'rlmta TelMhon to Nmv York Mrmbfra l'lilln. HtotU Rxrlmnite HWBUR0E, iENDERSOfi & Members New York and Philadelphia Stock Exchangee 1410 Chestnut St. . jintavfi 1 $60,000,000 39,711,956 8,840,100 BOSTON OFFICG 35 Congress Street Telephone 6640 Fort HUJ Odd Lot Traders Our Kcrvice is designed and directed to meet your needs and wants. Wo maintain and offer to tho odd lot trade a daily and yearly service. Throughout active and dull periods your , clnfls of business receives tho snme attention that is jjiven to the large investor or specu lator. No commitment too small to receive every advan tage and attention. Direct private wire service to New Yorlc and other securi ties markets is available. Board room with continuous quotations, coupled with prompt and careful handling of all orders. Mail and telephone inquiries promptly attended to. Per sonal calls invited. SMITH, REDPATII & CO. MrmbrrH I'liUu. Stork KTflunnc 1524 Walnut St. I'lin-Anri.i'iiiA rlionei Spruce 0880 General Asphalt Deb. Conv. 8s Due Dec, 1930 08.50 and Int. To Yield 8.20 Townsend Whelen & Co. Members of N. Y. a l'lilln. Htock Kjihunges 503 Chestnut Street Stockwell, Wilson & Linvill Certified Public Accountants Land Title Bldg., Philadelphia , j j.y.t.V . .'ftlrfti. Nau) York Bonds IPA1,KI IN' HOOOl A Smlt A n !' S M 7S 7H 7M a ttn, 2 TTM ' 77. . 2 t: Am Tfl It ! . Colo 6 H IUi 1 . . . 74 to 5 74V4 NVn I'nc A i C'uiril Coal Oi i 80 Inifnn H I. 4k IS 70 'i .if Mil n 61 3 ... 73 Am Tn A i,. Cnn ii'tl llm Ow.lV'n It Cu t nn'il i ... lnou . 1 'JW 6 1UUV Art Jlp'c olrol Hurl C s 07H' i au Nl Co n 1.. . 12to 1! . . TH, Pa It Km 4i 1! (12 'i re T T f.1 1..... 074 Del HuJ M a i- m r u io.. .. ;ii s y. t, n o m ct 8'1 3 4.". . Rl'4 It It . . nt'4 . ni . . om it I0tt , IDA l 49 1 7 0 A i n 10 3 A Couit Tonnn 7S'4Dpt V It 44 I .. 1... I .. 78 8 01 !o l.'HN An '21 1 IM, I... . Wi, rnna 72 I. rtt 1 1 1 9i 10 7.1 ill Can .-.I. '51 itn.i.u A nam I. - M 10 nsr. r 40 i l Cnnaiia "M Puts Cln O t. .i.-.:.''A.L .. . ??w r" H" .. ..u.ni j. ini.rin iit'iu I.len 0 Rt',l 01' 1 ... 4 Hi tilt Cln cm u a.... ion, 8.... 101 PmU A Ohio c 2 71 U ' . . 4I. St I. a 6 S M rtpiijinu n li jKrlu It It c A a . . .10 S'H. 3... . FO m 711. H . ?ltlli. 1 .nv IV't & O smiErli- It It rv III l h'l. 13 M ' 1... . .11U IWi'ii C fn '01 nan a unio 4 i:ri Ity C 4 1 77H ' n,Tfcl l.. . BS It I A . I. 4i " 10 C,.nVI i;ifc o'b 10 08 i lUt 1 llfll, Unit ft Ohio AivGnt't I' rn it In Mt .' Illy 8a ... 87 I Mt & S S'n 2.. 8 70S 20 1 70, 10 Dalt Ohio Hi 2 3 0H4 1 1 70 s; n Halt t (I Sw I. R nw 3'4 io 2 70 0 100 I0(l'', 100'j 100'n I'm '4 loos lOOVa El A & Q dv 4a 2 r.oii St I. & 8 V ni 2 1,11, 2 0.1 IUU, n 03 OS or r in 81 M 81 r.i no 4 80 81 Hunk I'umm'e G HwIzM ictni 10. 10.... 223 Dal Tel 7s rcta 1.... 101. 1.... 101U I .. 101 . 1.... 100V 2 ... iim a.... ioi 8... 103 8.... 8 I. & T 1 r. .10 . 1 hi Cil Trunk rein - . 102 10J 102 102 Uy HIkii KIU..U i J, tp ct nin 10 38 ,( lit v C .Ml ll iCt, 10 J.l .. f.l St I. San-'u 8a 1 ".. lilt ft... - "" IIOCKK V 4,s .Series A 2 03 1 034 4 C4 1 03U 1 03'4 1.. .. 03V. 2 .... 03 10 03i 1 . . . . J W -. 3 . 1.... 100T4 2.... 100 Ctl i'acMc lt 74 1 74?i Ctl Pacific 3', 1 704 Chk A O 'ih 1 70 2 78. C & U cv Ujh 1 70T, 1 70 2 70; C'k & Chin R 1 01 to C'k i O cv 3a 1 88 r. 84; 4 8.1 C & ( Itlch 4 llu1 A Man f,1 " 03 U 1 .. . 3V, 1 0J4 Hud & Man In :. .. 27 l . . 27; 7. ..27 27 I 27 2.. . 27", W I. & S Fran StIo' n 8 75H 1 7.1 1 70 III tVnfl 8, I... . 01 111" SU'i'l I 'J a 10 77'b lilt Met ct la 12. . i.li, tt I. Sow'n en 3 0H4 .1... . Gil'. 10.. .. n Ft Paul H K c 8... 3U I H Lln 4 to a '!.. . 13l 0 07 Intburo It T fdift i"l .lllnn A Dlv lut S.. . . 101, Mault'a l4n 1 1 4 Chi 70 1.. . 4Hl 1 4fliI-ilfran,l A I.. . Ilii.l 1 1 M .Marine Cs' 1 1 ... Ml 1 1 . . . . 1 .... 80 Fi'hu ,1 A 80 ; 38 37 38 I M 13 10to 70U U 4a 00 !0!t 00 '4 oo ; oo; 0014 07 oav, DO T4 07 II & 10.... ! 1.... 1 17 0.... 0 1.... C... . Tin.' 12 10... 80 4. . 1. 4214 .. 43 .,-lMr f.l ... 78 ... 78 .. 78 .. 77 ... 78 ... 78 Iowa Ccnt'l ls 1.... 43 f II I' Jap Uove't la' 10.. 10.. 1.. 4.. o .1 ! 3 70 Jnp Govc't 2nJ 8 ... 28.... 5 77". 00 T4 Jp Ome't 4a 00 12 8Ri . . 88 . . 8S . . r.8 . . r.8a . 08 & s :.h CIIAQ II la 10 . 2.1.. 8.. 4 0.. 81 78 Chi & i:rlo lat 3 81 Cht'i'a W 4a 14 83 2 83Vj 2 83 C M i 81 P 4a 4 81; Chlcapo Mil & St P d 4s 3 03 4 03 ChlraKo Mil StP 4o '2.1 2 774 2 77; CMC as 0 Mil & HtP cv 4 P'n Pac cv 4a n. 3. 8. .1. 3. U. 77 7 7 Knn 1. T4 1C Of lll'ltt tH .... 77 77'i Pac cv f,f .. . 00 3 03 1 . 02 6'n 1 . IP.IV llalK'm 7n 4 . .. 08 2 0SU B... 10... .10... .12. . 21 . . . r... 00 00 on 14 90 fl'1 00 100 00 Mi 00 10(1 Oil 00 Lacelinla O Co St I.o 4s 1 (10 7 00 10 . 10.. 10.. 1.1.. 8.. 23.. ,1 . Lake Shore M S 4s '28 0 81 3.. 70 1. 4. 8. 1. 70'J 70 70 00 Lake Shorn M H 4a or Ml 0 82 IhlKh Vft lia C0V 1 0SU no 1 1. 1. 00 Ume lid 11 fd 70 I B.. .. 118 70 I, ft J llclirf r Mil i 10 07 6'n P.Hlliv's It 1. .01 0 . .01 3 . r,o ( llKIIYI' StP 1.. 1.. 1.. fd 4 '.4 a Lou & Naah 4 a .Union Pac la '" 1 "3V4 02 Inu & Nnih 7 1 83 U'll Pac cv 8a 10 . . 81 (12 3 10.1 2 B 1... 103 Union Pac 0a 2 C2 3.. . 103 1.. .. 00 U IC of ) Hi It i I'd 1021 1 t 1 .. 118 IT K or (1 llrlt t IM 1022 2.1 0.1 0 . . . 0,1 2.1 . . 01 riucniiu Mt AMU I.nkn H & ,P Km 4' m st'n Ca 1 78' .'. . .. 00N ChicuKii MM ft'MIn A Ht I. 4' St V cv ,1a 1 44 B 71 Mo K 'I l 1 71! 28 HU, 1 71 Vj 4.. .. C0V4 1 71 I in 00 Cnl & .N- 7a Mo l'.u-lilc la 5 103 , 3 . . ,if Chi Itullu - la ,1 . . 8,1 2 -.3 17 .. B.1U .1 18 I . . .1.1 1 02 2 S3',i Cli i. 1 . .Mnnt'a Ct'l -1 07 1 00 1 07 s Mnnt'a Pwr ,1- 2 .... 08 ! 1 81 I IS ,Jw Or Tex 1 08 I Mexico 4a Chi 11 1 ft I I' 1 00 2 72 1 00 8 . Mil. n. .. or. U K '( "! llrlt I'd 102M 1. 80 -s 80 81 v'l A I'd 1037 1 Ml k(I .. 80 Chi U Sta 4 N V C & U Rl 10 70 Chicago Union Sta ct 0h 10.. . 108 Chlln Cop'r fla B 72 B . . 72 3 73 Chllo Cop'r 7a 8 . . 0.1 Chines Clvt .la 1 15 1. ... 1.1 City Heme 8a 22 00 10 .. 011 1 .... 07 1 07 City Chrla'K S 2 07 1 07 1 B7 City Cop' 8 It It 4s 3 77 ! U lluhb 1 r, KTCS II n 78 7S nnm 1 s 02 I 2 U S Hub N Y C & II III 78 It It 7s rcta 1... 102 1.. . 102 1... . 8 01 N Y CM & St U'd I Stirl Sa 04 . 04 01 . 01 . (14 Louis ,1 4a 1 74 8 7.1 10. 1. Now Y .N' 11 A 10 1 . 28 . . . llnrt'rt 0s 2 08 to OlVi I CO Telp a ... 78 Utah A K V 1... 80 1.. .1.. Utah P A I. .la 78 78 2.. .. 78 0 78 7.. K Y Tele's fla Va C Chcm Ha 1 80 1 ... 80 r, . .01 7... 78 78 Wnbai.li R lat 3.. Now Y IV U A Iloat 4a .1 . . 39 Norfolk S'thn -v 3s 2. ... 4.1 N'k A "n 4 a 1 .. . 78 2 . .. 70 N'k A W cv n 1 101 1.. 104 K'n Pacific 4a 1 78 . 1 78 1 78 1 801. . 7B 4'0.1, IVes'n KIw Sa C N Yk 10 1.. . 03 03 IVeat S 4 a rec City Purls fla 00 1 0.1 20. . . 11.1 8 . . .00 2 . . . . 00 City Toklo .'.a 1.. . . 48 C Zuurlih rcta 8.. . Hi 8 07 Cl'd Cln Chi A St I. 4 W n A SlfR 7a 12 00 0(1 ... un 07 07 ... 0(1 1 3 3 1 4 07 jWllaon Co cv 2 ... 82 11 in II.Kll !i2.:to 87..10 SI5.1I0 00.211 87.:m T nw 02.11 S7.10 sn.iis 00.10 87.10 07.00 00.0(1 Liberty S'j" Liberty 1st -JV'.s. Liberty 2d 'l"iH. Liberty '.M VA.. 02.111 S7.10 MI.SU 00.1(1 87.20 07.00 00.0s Liberty -ltli -1'. Vlrtory notes Jls 07.02 Victory notes -ls 07.02 New Rate on Cotton Piece Goods Washington, Jan. 12. Rates on cotton plec Roods from Lloston. New York, Philadelphia. Baltimore and related points to St. Louis wero found todav by tho Interstate Commerce Comml.-slnn to m tintlulv nreJudlalnl In St Inula mi preferentinl to Memphis. A new basis or rates win uo prescribed uy the com mission In the near future. Tlu' 1.0111. mission said the rates were not unra vonnble, but were unduly prejudicial to St Louis to tho extent that tho rates from lloston nnd New York to St. Louis exceeded ratis not lefs than llftn'n cents r 100 pounds lower than the raks contemiioraneouslv In effect fro 11 tli same points to Memphis, with ruti'i from other points of origin bennnir the present relationship to tho ratC3 from Now Yorls and Boston. , v yjj&ijt.ffal a- wti, , GOSSIP OF ' THE STREET ''il,, 1 1 ,1 i ,t , . .. ,11 per well, the iiKcnjalc of their proline- aheil lP.l"' r'l'"8 !f ,b10t,cr,tl,ln?? tlon is em.r.noui. ami tl.U Is 11k- pro least - 1 llu i. .'"ib11 t.he.in,.PV-lJ. Innloii tipi.11 IiIpIi lh refinlns end )f sSt'n'n1!?'! W,URf ISASlSi i 3J lnU,..tr, depen.ia for Its steady .up- community, hut in limitless elrcleaAs we , You hear it on the trains, In the trolleys, in hotel eorrldois nnd even lu crossing tin. ferries. "It is n pood thltiR," sold nil official of one of tlic bis downtown banks ye8 terdny, "I like Io hear It, for It is KOlng to he 11 big help In ccttiiiR us over some bad bumps on the rond of recovery. It U not surprising for the pendulum usually swings from excess lunation, Mierulntlon and optimism to irV ,,r,r,rH' depression nnd praiiiiiiu. After all, there la gni ground work for this more hopeful talk. ,,','"' """ nunrtera," ,P rontintied. distinct hlgns have been dlailuyed. nil or which tend to strengthen confidence oml give more haekbotie to the liopeful reeling In my opinion, (be most en eoiirngilig nnd init Important develop ment nns been the riltilude of Inhor. ,Tn be frank, not long ngn. I entertained serious mlg lyings of the rosultH, when ' Hie time shnll nnlve for rndlcnl adjust- , neiit of the Inb.ir situation, i'p to thia ' time, the reduction of wages, In some instutices oiilt,. (lrnstie, lias bren re- ' reived with n supri-ing degree of com plneeney. After nil. it goes to show the American Inbornmn nnsaesses the same degree of good sound sense nnd ivnsonlng powers ns die mnniifacturcr ' mid the dealers. Thanks to the educn- j tlonnl ileve'oninenls. ih i,ii,rtr, , can nnalyze his own i-ltiiation." Old Cusloms Not I-'aililonablo "It sometimes seems rerreltnhli. in tie, Mild 11 president of one of the larger financial- Institutions .lesterdny. that many of the old.fnshloned rus toms and other thfiiSs arc rapidly going out of fuli!on. Not many years Bgo J.!-'1' '??"v.w".,,,",,l forward to us one of the big gala dajs in the banking world. Sort of a i-emmped New Year's Jl?1; ''," ln H"',xh. 1:verbidy seemed 1 S,ci ViK,,t'"'!;; T,,crp '" Kenrrnl hnndslmklng Free Indulgenee in remi niscences nnd other pleasantries nnd exchange of felleitatinns between com nctlng bank officials and directors. The big ( tiny ended up with an appetizing, ..,....,.,. n,.,.ii near mill, jn scattering instances, a cheering glass of good old "Wo still have the 'Hank Dnv' with its election or, at least, reelection of directors nnd officers. Little tnlkfests nnd. of course, the proveibial luncheon. The same old spirit is not there. It is nil too much businesslike with n striking absence of the old-time scntimcntnliHin. limes me changed. It is the day of big business, g ,ealHi )i(, ,,,, Kikc. the old stovepipe ht and the conven tional frock coat of the blinker, they are only things of pleasant memories. I'ersonnll.i. I reret the speed limit which has overtaken all of us. It seems as if ever) thing is i .inspiring to take nil the bright spots out of the humdrum of busy iln.i business life." (Jood liiicslinont Demand That there is still a K0(i i,Pm,v ,i active iniestmeiit demand was strongly conhrmed in thu ipiick marketing of the Northwestern Hell Telephone (,. twenty -year, 7 per cent bonds mid the funding bonds of the (leneial Asphalt o. I he manager of one of the Inrgo bond houses commenting on the ipiick sale of these, as well us other recent offerings, stated It is surprising how quickly the attractive issues mo ab sorbed. "Conditions of the bond mnrket," ho said, 'are rapidly eliunglng in that it is much easier to sell 11 good bond these days than to fill a buying order of high grade seasoned issues." Curiously, however, lie stated, the newer issues sem to possess the greater attractions, which is not altogether strange in view of the usautcd large income. There nre many of the old line bonds offering nn equal!) good return. In brief, there is 11 Inrgo list where n safe income ranging from 7 to S per cent is to bu had and these are the days when people with funds arc able to ohtniu securities on an income busjs thnt will iner be offered aguiii in the present or net generation. "It Is going to he a banner year lu the bond market," he concluded, "and when eusler money conditions come, which cannot be much longer delayed. .1 on will sec the barometer of the hoiul iiiiiiket rising rapidly." Ousheis Not Dependable A recognized oil expert in discussing the production of oil wells, n few days ago, in the office of one of the promi nent uptown commission houses as scited that many people reading of gloat gushers brought in by various oil companies hne the idea thnt this (lush production is the real available oil production of the country, but this idea is fnr from the truth. It is on the settled production of Its oil wells that the I'liited States depends for a steady supply of petroleum. Oil gushers are spectacular, but it is the steady settled production which is the foundation upon which the oil industry must depend for its prosperit) . Mnny persons do not icnlie that there lire thousands of wells In the I'nited States To Holders of Certificates of Deposit AMERICAN CITIES COMPANY 5-6 COLLATERAL TRUST BONDS, Under Deposit Agreement and Dated January 15, 1919. The undiTHlKncd Committee reports faoruble progress in the development of the subsidiary properties of the Ameri can Cities Company. As soon ns operating figures for 1920 have been completed, a report will be made to yon covering the operation and financial position of each of the subsidiary properties. Recent statements of earnings of the subsidiary companies indicate that those companies are on a basis where their combined net earnings are more than sufficient to pay Inter est on the American Cities Company 5-6 Collateral Trust Uonds, after setting aside ample renewal and replacement funds in addition to adequate maintenance expenditures. However, the subsidiary companies have declared no divi. dends, as the surplus earnings have been used to better the physical properties. While a complete reorganization plan has been prepared, the Committee considers it inadvisable to submit it under the present financial conditions. The Committee therefore requests and recommends that the Deposit Agreement of January 13, 1919, be amended so that the time for th-.' submission of a plan thereunder be extended to December 31, 1921 nnd that the Deposit Agreement as so amended be extended and renewed with nil rights, privileges and obligations therein contained remaining in full force and effect. The form of consent to extend and renew the Deposit Agree, ment of January 15, 1919, may be secured at the office of cither Depositary, landholders arc requested to secure and execute this form of cuusent and to present to the Guarantee Trust & Safe Deposit Co. Philadelphia, Pa. or either of the other depositaries mentioned in the Deposit Agreement, their Certificates of Deposit for endorsement thereon of the amendment, extension and renewal of tho Deposit Agreement. AMERICAN CITIES CO. 5-6'; COLLATERAL TRUST BONDHOLDERS' PROTECTIVE COMMITTEE. By J. K. NEWMAN, Chairman. HAKUY I.. FA LIv, Secretary. Uutctt Su: O.lcuiia, La., lieu. Ji, IDiU. ' .., -f fcW)UvhJ' SU? Tl,, I which Imvc been producing "oft for mor1 than half n century, and that tliexe ivelN, ilny offer dy nnd wck-U after week, pour their proiluctfon Into the stornKi' tnnkn. While these wells aver- I one but a Htnnlt (iinntlty of oil per day nlv. The Cnitcil Stales (ieological Survey ellmntes thnt there were, lit the etui of October. 120. 2.S.(MI0 producing oil wells in the l'nltcd HtnieM, these wells hnvlng nn nveinge dally produc tion of 4 OS barrels. This dntn wns cntiiered with much labor, but It 8 not helieveil Unit more thnn 10 tier cent of the production of the total number of welhi given Is climated. It is ex pected thnt lit n Inter date the Ecologi cal Stiricy will have accurate reiortn covering ull producing wells in the tnttntr), but it Is not thought thnt this would mnkc niiv great chungc in the figures already collected. Tlli: TRADER. .. av: S-WeH W aj Vil 1 K mmvt Northwestern Bell Telephone Co. 1st Mtg.20 Yr.7 Bonds Due Feb. 1, 1941 A autvlJlary of th Amarlran Tetrphona nn! Ttl'Krarli Cu. Tilal mo-tirnRa nmounli to only 40 of liook inlue of proper!) Price S6'2 To Net 7.30 CATTLES & COMPANV Kttnbtlshrd 190 Initanrnilrnrr Sqtnre (I.1II ii.aSiMNSSS iiitiiisiiiciiiiiHgirttiiiiimroniuuii CERTIFIED INCOME TAX STATEMENTS llir vuur nrolerllon. Your Income tax Btutrmi'iit for the year 11120 requires crrtllliHllon hy tax xprts to prtwnt j future intilltloiinl tnx Maa"aamsnta by ; tluiernmi'iit exHinlni-ra Our atsff of j formar V M ln-nm Tax llurrau xm- Ineia lan Kiinrnnti'H the furrect tlllm? of tnx trturna porlalnlnir to conroll dnteil uml unninilateil eorniratlona. J vntnteii, tiirlnerahlpa unit InJIvlOuAla. S Gerard Tax Service Co., Inc. l'Vilcnil anil Statn Tax Conaultanta TilMihnno Walnut sssn 12iis Nnth Imorlr'in Illrtr jiffiiiiUiBii! LiemffiCHi.iiiiiifr'am'iasixaiatiuiitS l'IMXCIAI. Anntisl llfllnKs 'r.fT-'iTiii: ninth national hank - l'hl nd. Inhln, January ll'lh. 1021 At thi Aiimnl M.itlnir l.fM ttv lllh Inst.. Ih fnilnwln M'lrkhulilcrs wi-ro elected tllrei. tura foi tilt rnauinu t'r: ,lnm.i K. Million. Thomnt II. ilnrlilaon. Thomas S. (I'u. Albert Foatar. Hubert rill nu V.'m. II. Marerrlson. ilaurm- A. Itith. Harry . Abi rlc. A .'. Keole .lohn Ilroinlv, In V. ll.irn.va, John II. onnoborn. I'hurlPH II IVaraon. At tha nii tine if illrectora. hi'M this ilaj tin? fo,loulti tirficera witv ununlmouaiy rli eri1 t'hiilrninn of th llnnnl. James K. Mitchell. lrfalil.nt, Irn W Itirnca Vle pp lil 1 1 Jt 1 ih."i'. .Intin fi. Ponnoliorn. Thi' folIouIrT itiiiotiitmtnla frf in.'ulo: Haltnnt niKlilrr. I'hirle II. Conn. AaaliUint uihlil'r, .1. Wilson Sii-liimi'.)'.. Trut nlflrvr. Hurry A. Mankln. Suhcltor, I' T llntliernli-l. Jr.. Nutun. (lirn 1:. Pitta. .irillN 11 !nNNi:i!i 111N. rashnr. ZSr NATIONAL NLClltlTV ll.VNIv I'hlliiU Uihln .l.inuiiry 11'. in: At the nnmiHl ini'tttnir of th,. Hlfwlfholdra. Iiflil nn the Utli Inat . th" followlni; namrJ Kntlnien were clicti'il Immora in aerve the 1 nailing vi nr Wllllnm II Horn .T 11. Drlpna (loiirKH Kraavr I'liurla II. Srtiml'll r..' iikb II. AlU'ii IVi-il J Kinkinuiicr Krank Hi-hoblc IbM'ia-n Wlniliacli WulUrT llruilby r William Ioorr .t Rilwln Itivh At n tnaptlnr of (lw liinctnra, liM this il i (lu foIlowlnK offlcra wen unanlinousl rt" li'itfd' .1 II imil'PS. liial,Unl. iinonni'l KKSSLKK VI.i. I'reaUlnt. AltTllllll K WKII. Solicitor HLMItOi: OVINtlTDN. Aaat Caahlcr W'H. McKKK. C.iahliT & .MIDDI.r. CITY HANK I'li'liideliihla. l'a.. J.inuari' II. 1021 At tho Annual HtockhoiiN-ra' Jt .cllntj htld on th Ilth Instant. th fnllnmnT nirectora Mri elPtleil to si'ne for thi- enaulns eur: Kdxar S Clardner John J. Bluer Klchnrd V. nilo-rt IMwani ir. Ilarrla Will am DoUncy Irln I, WIN.m IllIKO HIlKrHIll I lnnt W l'yl Ilvrmnn l)leHKr I)r .Toaaph M Itcvca Joacph T Illrhnnla u iiir II. Cn-krsn At a Mcatlnir of th Hoard of Directors, hi'M on the. 1 1 tli lntnnt. tho following Omcera ver' unnnlinovi'.ly flecttd lMuar H Gardner Prcaldtnt Illclmrd Y rill-rl Vic I'reai I, nt William Uelanny Vice I'realdent Kdward C. Hell, Vice lVealdent & Cmhlcr Albert W Watera, .Ir , Aaalitunt Caahler Herman I Schurer. Aaalatant C-ahlrr Frank K. SbvMk. Solicitor KDWAniC 1IKLL. Cnahler &? notick is m:iti:iiv amjs or an orniual ineetlnK nf the Itatlroiid Piuium iimu.iiiicr iiiiu lliaiirciiuil vompaRr, lit th ouic or tho I'omiiinv, lr, Walnut Street l'hlludelphla. January 27, 1051, noon. t ,iMl, , ffeAV i5'iu nam' IIP I J v,;..-,,..! , ni 11 ' " Ifti1" V","f; r ft n Big New York Bank Strongly Endorses Credit Insurance - A leading bank of New York City has just written the American Credit-Indemnity Co., as follows: "We are pleased to learn that the matter of Credit Insurance for mercantile houses is being brought to the attention of Banks, particularly in these times. "We have for sometime past been particular to learn from borrowing depositors whether such insurance is carried. It is our inten tion to incorporate in our blanks for finan cial statements this query. Undoubtedly this is just as important as fire insurance on merchandise." Bankers in every part of the country are en dorsing precautions that prevent, else pay, bad debt losses beyond the normal, which the American's "Unlimited-Interim-Payment" Policy does. Manufacturers and wholesalers, there's no better way of starting the New Year than by getting the full particulars of our protec tive service. Write or phone today. Payments to Policy holders about $10,000,000.00 70 AMERICAN CREDIT-INDEMNITY, CO. of NEW YORK E. M. TREAT, president lSUES STANDARD UNLIMITED POLICIES W. J. MORPHY, Manager, J. F. McFADDEN, General Agent, Mir:ual Life of New York Bldg. Phone Filbort 550Z, Philadelphia, Pa 1 H oantj H II" II A Comparison of Present Prices with quotations of atnndnrd tocks and bonds a yeur iiRo, indicates that in spite of liquidation caused by widespread deflation, the market for well-secured bonds and notes is strong. As deflation continues it is reasonable to expect even 11 stronger bond market. We therefore invite in vestors to send for our recommendations of bonds that are be:nf? purchased today by the more con servative investors. Hemphill, Noyes C& Co. Member New York Stock Exchange Franklin Bk. Bldg., Philadelphia New Yorl; Boaton Seranton Buffalo Albany Syracuse Baltimore E. H. Rollins & Sons rouiijrd 1KTH 1421 Chestnut St., Philadelphia lionton New Yorl: U'ilkvivllurrc Haltimorc Chicago San Francisco VHEN commodity prices de cline, when industry and trade slow ,down and labor competes for employment, then, according to the laws of economics and the history of finance, the demand for money gradually lessens, the rates for money gradually decline nnd the prices of investment se curities trend towards higher levels. We recommend for considera tion the issues described in our January list of offerings, Circu lar L-152, which will be sent upon request. Underlvin? L2ZX yljf R.R. Bonds We can offer lonR-term under lying railroad bonds at n price to yield 6.20 Baker, Ayling & Young JOMU'll W. SWAIN. Jr.. .Minuter Land Title Bldg. Boston Philadelphia Morris Brothers Co. KataMlalird 181)3 Bonds for Investment Municipal and Corporation 1421 Chestnut Street George H. Burr & Co. Investment Securities 421 Chestnut St., Philadelphia " j. si. sAiLi.it t . r.wro.N Sailer & Stevenson d AM) nir.MM r. sis. BONDS lax Free, Yielding i to 8 l) ?-..-r'.'.AaSgv. , . , lf,iit. Combines Safety and High Return Cities Service Company Preferred Stock Backet by Urea nd crowing rqultles. Dividend earned 4V4 times over. 24,000 Holders ol record Indicates wlda dlstrlbu. tlon, broad market and confi dence ol Investors. Ftlwnx, at present pric3 more ton 9 Price of market Circular "1"' on rrqoeal Henry L. Doherty & Company G04 Morris Building F.'uladclphia, Pa. r.tphonei Locust 1440 i tiu onutra oao jr-trati m vraav i r-tf'Gr-CVS! v. ' (T SSflCTiyaiVS K' EL.V business men are now purchas ing carcftill selected securities for the in vestment of their funds. "Cassatt Offerings." a list of selected conserv ative securities, worthy of your consideration, will ho sent on request. i'iik'Ii .t.vj. for ( 'uvular .'-.' CASSATT V CO. COMMERCIAL TRUST BLDG. PHILADELPHIA Jj ftALTlMORt-PiTTSBURGH-SCnAKTON EIGHTH NATIONAL BANK OF PHILADELPHIA Comptroller's Call Dec. 29, 1920 (Comlrnaril) RESOURCES l ah nil lta..r IJ()Tl.t,J Iiu. Jmni Hunk 7li,(HI7.BJ I o.ma aty! lnv..iii. ni 7.111,105.07 loinkliur Huuai und Kl.i1 l.m.it IIB.70QUi Total S9,3Gj,CG8.G0 LIABILITIES I'.IioaiU f! 41 MOB IN ipulitlim iiiitKt.iinllriK JIV7.407 su lli'Ci H...I f..r 'l.n.a n, I Iiit-r. at IX77B.JU 1 U'-'l 4 230.0(1 i pithl Suriilua mm. I imiiuii.,1 I'ninta ... .. 1.1.11. T.1T.HB Total . J,UU3,GG8.GO ornrr.Ks SVMll.I. IIM, I., Jit.. 1 cr rrraldeut CIIAHI.IS . rilllKi: I'lialillr NW, MtMlir .. in,Me wkwiiTazrrit' -z: wxra: M 1 lij U 3 .(A
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