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V
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EVENING PUBLIC LEDGEE-PHILADELPHIA, FRIDAY, APEIL 1, 1921
ff-yriwirw'WWWIPf'W''''' mW!!!IW ' WW-t'r v$WjPWWr
I-
f
s
Statement of Condition
MARCH 29TH, 1921
RESOURCES
Loans and Discounts $27,193.13 l.W
Short Term Notes 77o.llo-l
l S. Iloiids llorrowcd 10.996.C30.00
r. S. Bonds Owned 1,!24,!lS 2
Other Securities 3,776,i32.70
Real Estate and Office Building 381,500.00
Cash on Hand and in Bank 3.754,877.6j
Customers' Liability-Acceptances 200.000.00
Miscellaneous Resources 1 J 5,848.63
$49,319,788.62
LIABILITIES
War Loan Deposit ? 13.000.000.00
Other Deposits 17.769.7S7.19 $32.769.787. 4!
Capital Stock 2.000.000.00
Surplus 2.750,000.00
Undivided Profits 603,351.13
l S. Bonds Borrowed 10.996,650.00
Acceptances Executed Customers' 200,000.00
$49,319,788.62
Corporate Trusts $317,993,340.00
Individual Trusts 21,774,130.77
Commercial Trust Company
Member Federal Reserve System
City Hall Square West
GOSSIP OF
THE STREET
Striklnc testimony ns to the eitcnt
of bwdncn ilcprcxitlon nnil central Mow
In of industry wan furnished in the
monthly hank clearings an ever re
liable barometer of trade conditions.
The total turnover of checks through
the Philadelphia Clearine House during
the month of March was 51.705,030,
101. This compared with 51.517,003,
871 in February and 51.852,000,003 in
January.
Hut thi real effects of the change in
economic conditions H more forcibly
exemplified when comparisons arc made
with the home month last year, when
the batik clearings reached a total of
2,la2.201,t3. In other words, n
shrinkage of 530(1.011,212. The peak in
volume of bank clearings wan reached
lno .Tune, last year, when the turnover
of checks through the Clearing House
reached the unprecedented total of 52,
iW2,SS,757. In comparison with the
Mime monthh In 1010 and 1018, the
clearings for March nttll Uow nppre
ciublu gains and contrasted with the
pre-war eriod the butdneos f tho
hanks is found to bo htill ery large.
We take pleasure in announcing that
MR. JOHN M. DENISON
has this day become associated with us
THOfi. A. BIDDLE & CO.
A. BIDDLE
Established 1T64
Members Philadelphia and New York Stock Mxclianget
124 Chestnut Street
PHILADELPHIA
April 1, 1021.
Stockholders '
common utock
Parrish & Company
HfHIIIN.
KW VSMK TOC neHANK
PHILADLIHIA STOCK tXCIIAHa.
115 Broadway
newyork
I500WalhutSt
philadelphia
Guarantee
TRUST AND SAFE DEPOSIT COMPANY
t.ti;mi:m' at ci.osk or itsiMs
ASSETS
Cash on Hand and Deposited with ,..-,,.-
Banks and Banker.... ... .hOO
United States & MnlP Uonds. . --g-
Call Loans upon Collateral i 036469 18
Time Loans upon Collateral. ..... ... l.OJMbJ.ia
Commercial Paper and Accept- 93 6,9 fi0
8tXcBond;. ::::::::: :.::.:.:. sieuauc
&rV:34iS,":3"C'lBU! ,73.000.00
St. and 9 b. o-d fat.. ioo.000.00
Vaults ana r-Muil.ii.v.. . ...
C.SIBIC ,,n jj.no
VJ,'H-,10
". . . '. 74,816.39
M.vitcit -.'OTit, ie:
LIABILITIES
Capital Stock
Depreciation in
51,000,000.00
400,000.00
230,034.19
Other Real
Miscellaneous Assets.
Accrued Interest
Surplus
Undivided Profits .
Ilcsertc to Cocr
Securities 74.183.69
Bonds Borrowed From Customers ... 163,000.00
DEPOSITS 7,879,795.69
Interest Paxable to Depositors 37,374.48
Libert Loans llediscounted 300.000.00
Miscellaneous Liabilities 11,723.76
510,298,081.81
510,298,081.81
TRUST FUNDS AND INVESTMENTS WHICH ARE KEPT ENTIRELY SEPARATE AND APART
TRLbl tijus . ASSETS OF THE COMPAM 520,519,000.1 j
Aiicr.u f "'
Vrmdn'
316-318-320 Chestnut St.
FROM THE ASSETS OF THE COMP
IIKIUIKIIT W fWODA! I
VI e I're.tdent
1115 Chestnut St.
KOW MO U VOL'NO
Treasurer
!) South 52d Street
I "II SBMi
To Holders of
French Government
5CC Premium Loan of 1920
On March 16 Scries 170 and 260 were drawn for
payment. All bonds carrying these series numbers
are repayable on presentation on or after May 16.
1921. at 150cc.
We are vrilling to purchase drawn bonds from to
day at the rate of the day. Holders can thus insure
themselves against any fluctuations in exchange be
tween now and May 16.
If the holders prefer, we will accept bonds for
collection and make remittance at the prevailing
dollar rate for the franc as soon as we recehe advice
from Paris that our correspondents have received
payment.
A. B. Leach & Co., Inc.
Investment Securities
1 1 5 South Fourth Street, Philadelphia
New York
Minncupoii-1
' hicaco
S'-ranton
Bofton
Pittsburgh
Huffalo
Cleveland
.. -i
'World's Greatest
Workshop'
and some of its
Securities
Th. iniBorUncc l Philadelphia
commercial and Indu.trLI cltr I ""
known. It locomotive., etoraf batteriee,
ahlpa, textile., aiph.lt and many other
product! aro In u. th. world over.
On tha Philadelphia Stock Exebamo r
trad.d In many ol tha atocke ot theo
companies, ion. ol lnttmatlonal renown.
Our statistical department haa pre
pared booklet treatlnr entirely on 'Thlla.
Ji.l.hla Stock Exehame Securitlee." t-tvlnt
data and atatiitlcs oni
American Storet Pennijlrania K. R.
Electric Slorie PkiUdalpkia Electric
General Aipkalt Peila. Rapid Traniit
Midrale Stttl United Cat Inpt.
and a numlwi of rxher companies listed
on th loal exchange
.1 copv of "its booklet irilt be ami free
an requrat
BOUREAU & EVANS
.tfembrra 'ni'oVcpMo Srocfc Kxchixnge
130 South 15th St.
Philadelphia
V. S. Stl Common
United States Stctl
was held in 104.370 names at the clos
Ing of the books for tho March divi
dt'nd. On rcbrunry 12 tho number of
eomnion holders wan 300,041 and Dc
rember 1 last f3,770. Thus In the last
flxtcfn daH of Febmarv the number
increased .1735 and In 'three months
8000. In no previous nuimer has there
been such a decided eafn In bteel stock
holders. The floating supply of steel tock in
hand of brokers is gradually dwindling.
On December 31 last, brokers' holdings
were only 1SI.17 per cent of the issue
scainst 30.03 npr rent year before and
fW.O.'i pT cent nt the end of 1010. It
li probable thp fieures to be made pub
lic early in April will show further
dwindling of stock in name of brokers
and bankers nnd new liiuh record in
number of shares owned by individuals,
Average holdings ot the common on
March 1 were 48.7 shares ngalnsc
slightly under 04 three months prevl
ous. Number of preferred holders nt
closing or books for February mviiicnu
was 81.402 against fiO.534 in Novem
ber 1020. mid 80.080 in August. 1020.
The largo subscriptions of employes
! to Steel common stock this year under
the nibHTiption plan have no influence
on the increase in the number of stock
holders shown as the stock purchased
lij the employes on the installment plan
is net put in their namou until linal
payment is made.
Ilralllan Itudget Law
'I'hi' general revenue of the republic
of Ilruzil for 1021 is budgeted at 00.
707.7S5 gold railrcis nnd 01"i,700,180
paper milrcis. und that intended for spe
cial application at 17,731,715 cold mil
reis and 05,453,820 paper milrcls, as
compared with a general revenue of
104.001,304 gold and 488,410.200 pa:
per and n special revenue of 14,701,553
gold and 24,842.000 paper for the pre
ceding ear. (Ono gold mllrcis equals
$0.0402 and one paper milrcls is qnoteu
at about $0.15 United States currency.)
In a comparison of the combined figures,
both gold nnd paper, including the gen
eral revenue nnd that intended for spe
cial application, it is seen that the to
tals for 1021 are 108,430,500 gold mll
rcis and 071,154,000 paper inllrels. or
11,013,440 less In gold and 107,805,800
more in paper ttinn for tho preceding
year. The percentage of gold and paper
in the payment of customs duties re
mains the knme ns Inst vear. the propor
tion in gold being 55 per cent and that I
in paper 45 per cent. .
Railroad Labor Situation
Yesterday's conference at the 'White
House, between the President and the
chairman of the Interstate Commerce
Commission nnd the clinirman of the
Ilnllronrl T.nhnr Ttnnrrl. served to bring
the railroad question prominently into i
tne limelight again. At tno same urae,
tho seriousness of the situation was
emphasized by reason of the decision
of the new administration to take a hand
In tho matter.
It is assumed there will be some
violent discussions of the proposed wage
reductions at the various conferences
tbnt have been called hy the leading
loads The matter, however, has been
so thorouehtlr considered before the
reductions were announced nnd the be
lief prevails In better informed circles
that before nnother month passes rail
road labor ccatB will be on an entirely
new basis.
With other economies which are to
bo put into effect, it is assumed opera
ting costs will bo substantially reduced
and thereby permit the roads to save a
good portion of the gross income. He
tiiftlnn In frclsbt and nasscnger rates,
which are expected to bo made, will
have the effect of increasing gross earn
ings by inducing a large amount of
both cast and westbouud traffic on tho
trunk lines nnd a larger movement in
both directions on the smaller roads,
which bIbo will be an Influence of the
highest importance in reducing operating
costs.
ANNOUNCE THJE OPENING OF AN OFNCE AT
The Garden City Hotel
GARDEN CITY. LONG ISLAND, N.Y
UNDER THE MANAGEMENT OP MFt.P.H.RYAN
APRIL I" 19 21
Talks
To Investors
8
Soocrssnit- intcsttmc inrtttrea no
tanlw intIilrrtit neketimi of ew
earltJca, bat occasimI change)
from erne type of inane to auicrUtinr
type. SeetjntyTarloealaTtttfffaStttal
by mnay barhteoecit.
li" TRK WauHc OT 191S Cbieag
and North Wraterti cam moo nd
General Hretrlc were both nedl
inr; at about the name prlnra
115. We advised certain of tot
dienta to buy General Electric
and sell Chicago and North
Weatera at that time.
What has BTD' tux KractTt Sinn
that time, General Electric haa
greatly Increased ita dividend,
and in 1919 aoM b hlh as 173.
On the other hand, Chicago A
North Western baa reduced Its
dividend from 1 to i and in
1920 sold far below $60 per ahare.
TnW IS ONI.T ORK ntsTAMCS in
hundreds where our client hare
profited greatly by wise invest
ment auperriaion of their invest
ment holdings. Instead of cuf
fering losses in both principal
and income, these clients heve
not only feuly maintained their
priacspal, but have increased
both principal and Income with
out any speculative risks whnt-
A High-Grade
Electric Light
.& Power Bond
Yielding 7.10
Northern Slates Power
First & Refunding
6s (1941)
Complete deicj-frflion on iejcat
Bonbright & Company
437 Chestnut Street
Philadelphia
New York Chicago)
Boiton Detroit
Such is the type of Service which I
wo offer to you. Let us tell yon i
more about It. Inrruiries will be
promptly answered. '
Moody's Investors Service!
JOHN MOODY, T'realdent I
1121 Ileal Estate Trust Bldg., Phila.l
IIOSTOV
SEW YOTIK
CHICAGO
-Vk
Dover Board 8, 1033
Amir. Agri. Chem. 7Va. 1941
Intern. Rwj. of Buffalo Si, 1932
Indian. Shelbyville Trac. 5e, 1032
Sinclair Cont. 7'je. 1925
Morton Lachenbruch & Co.
43 nROt) T s r.
1'hlU. Telruhone Mulmt H Kara 0i
I'llval Mree lo .'- TorW Chle.
at. Louie. Pltirj-h Duron. Clerlaa4
Orand nuplde
fnveatmont Houte, Stock Exchange)
Mambera, have opening for e.
porioncod bond aaUtman in Phila
delphia attractive arrangement
will bo made with man poateiainr
prdpsr qualifications. Repliea will
- . r i if
tratt connaenuauy.
, CS28, Ledger Office
Erie Lighting 5s, 1967
United Gas Improv. 8s. 192 3
Pelham Trust Co. Stock
Luzerne Co. Gas & El. 5s, 1948
Lukens Steel 8s, 1940
Portland Railway Co. 5. 1930
Georgia Rwy & Pr 5s, 1954
MrCowit&Co.
LAND TITLE BUILDIMQ,
PHILADELPHIA. PA.
Mrmhfra rhlliulrlohlt MorL Kirbaoi
.oriut
;j Hact HOC
I'hllv Ortlre 7 S. 8!il Mreet
I'ioiic llelinont 3.19
he
United Ga Imp. 8h, 1923
Concmaugh Power 8s. 1930
HENRY D. B0ENNING&C0.
STOCK KXl'IIANOK III II.DINO
lllrrel lrlfal Trlephena la New York
Meinbere mil. BWcUKttDaoi
i&
INQUIRIES SOLICITED
on all
STOCKS, BONDS
aid
FOREIGN EXCHANGE
MILTON llESMtfCO
STOCTrOftOCK DflUOMHOWDS
Hit Chtataut Htreat
I'hoiv.i Hell. Hpmro HM1.J.J.I
Keatane. " JSO
tt MriMdwar A Bth Av.. IJ. T.
StainfoH. Cewi. flpriatHcH. Maaa.
North German Iloyd Increases Capital
A rpfdit report of Consul General
Coffin, with tho American nilealon at
Berlin, atates' that the capltllUatlon of
the North German .I.loyd Co. haa been
increased from 125,000,000 marks to
230,000,000 marks, the new Issue of
stock to participate in dividend carnlngH
in 1021. Construction of ships and the
development of service are expected to
be carried out by this incTcahe in
capital. TUB THADEU.
RUSSIA BUYS WITH GOLD
Vanderllp Quoted as Intimating U. 9.
Is Losing Big Opportunity
Iymdon. April 1. The Ilcrnld, the
labor organ, today prints a dispatch
from its correspondent in Moscow, who
aRuerts ho has had an interview witn
Washineton B. Vanderllp, the American
financier, who, when questioned about
Ttutiin's trade relations, replied:
"The best answer Is that from April
20, 1020. lo March SO. 1021, thirty
seven Uritlnh vessels have brought goods
to Russia, and more arc on the way
One hundred and fifty have come from
Germany, 142 from Sweden and others
from Holland Denmark and Finland,
and home frcm America.
"All the Koods were paid for in Kus-
Fian gOlU, WHICH I'VCIIlUUIljr UUU3 111
way back to the Ilnnk of Kngland."
FIVE HELD AS SUSPECTS
Arrests Made in Connection With
$3520 Robbery Near Reading
Itaullns, I'a.. April 1 Following
the rohber of Matteo (J Albert, reb-dun-nut
owner In Kendinc and PottK
town, on March 8. of $3520. state police I
in WvomlssinK traced live suspects to
Washington yesterday. The capital po- I
lice arrested L. W. Harris, AV. II '
I'arker, Daniel King and D. Kchanoff,
charged with the robbery, and Thomas'
M. Mnhcr, charged witn Doing acces
sory. The thieves suggested a business deal
to Albert, and the first four, it is nl-
leged. after an acquaintance oi inree
days, vent to Alhert's house. In. II)rte
Park to consider the matter. Albert
sajH that once In the hou&a the men l
held him up at the point of u pistol
and took the money.
"VOU are invited
to write or call
for our March List
of fifteen carefully
selected Industrial
and Public Utility
issues of
Bonds, Notes and
Preferred Stocks
yielding
6.00 to 9.33,
Hollister, White & Co.
Irworporated
North American Huilding
rlllt.ADKJ.lIHA
IWinton
hprlniflrtu
ProTldnire
rittsflcl4
n York
rortland
Limited Offering
Class "A" Stock
D.W. Griffith, Inc.
$15 Share
Now paying regular dividends at
the annual rate of 10?.
Gross Receipts from one picture,
"Way Down Kant," to March 19th
total J2.036.000.00.
Application will be made ,fo list
this sfoofc on Tho Aeui 1'orB Stock
Exchange.
Scott & Stump
Investment Securities
Stock Exchange Building
PHILADELPHIA. PA.
40 Kichanro riaco New York
Established Corporation
dcslrti oervlcea
sales manager
capable
PROMOTING
SALE OF STOCK
In a buslnesi which
In
NATION-WIDEr
C 626, Ledger Office
GEO. A. HUHN & SONS
STOCKS AND nOMIH
Mrailxra of the I'hlladrlphU, Nw
lork anil t'tilruta Htork Kxthanfts
N'rw York Cotton Kxrhante
Commiaalon Ordtra Cxecutod In
Alt tha Principal MarW.t.
Liberty Dondt Bought and Sold
nrllfTur Coort Illclr.. 1418 Walnut ht.
N. Y Ill Ilroadway Atluntlo Cltr
Ambnnudor Hotel
EQUIPMENT
OBLIGATIONS
R
AILROAD equip-
offer the investor an tin-,
usual combination of high
yield, ready market
ability and safety of prin
cipal. A booklet describing their
many distinctive advan
tages will be mailed upon
request.
Ask (or Tioollrt K-ll
CASSAJLl CO.
COMMERCIAL TRUST BLDd
PHILADELPHIA
atwvorai
LTiMeM-aTmeuMMaaiAMaM
Vi' ..,Bj,e. '''"no on Industrial
and Itallroada wlun I ran lr too n
Rarnntred lO'r Inrralmrnt tteurnl
tl.r bmt CrntnU Ittal KtUU In
Philadelphia. Only lam InVertoS
nrrd nopbr.
c-aJj, i.ioioKrt omcE
MUNICIPAL BONDS
Tax Free in Pennsylvania
Exempt irom Federal Income Tax
$43,000
City of Pkiladelpkia
School District 4 Bonds
Interest April mid October 1 Due Oct. 1 ,' 1942
Price, 89.35 and Interest
To Yield 4.80
$25,000
City of Pittskurgk
School District 4K Bonds
Interest January and Jultj 1 Due July 1, 1942
Price, 92.75 and Interest
To Yield 4.80
BROWN
BROTHERS VOo
Fourth and Chestnut Streets
PHILADELPHIA
Newyork Botan
Mutual
Trust Company
Main Office: Bourse Bldg.
BRANCH OFFICE
60th and Ludlow Sts.
BRANCH OFFICE
2809 Germantown Ave.
Statement Close of Business, March 29, 1921
RESOURCES , LIABILITIES
Cmh and Reierve. $526,045.19 Capital $438,043.00
Bond and Stoclti. 574,018.72 , Surplua 50,000.00
Loan on Collateral 1,461,964.61 Undivided Profits 82,680.33
Commercial Paper. 959,624.83 '
Mortgage! Owned. 67,050.00 DEPOSITS,
Bank Building. . . . 172,137.24 I '
Other Real Eitate. 54.948.62 3,273,099.42
Furniture & Fixtures 28,033.54
.,843822775 , $3,843,822.75
OFFICERS
SAMUEL F. SCATTERGOOD President
SYDNEY STREET Vice President
F. C. HANSELL . .'. Vico President
DANIEL B. McKIMMIE Vice President
WILLIAM B. KESSLER Secretary and Treasurer
D. D. DURAND Assistant Secretary
W. J. SMEDLEY Assistant Treasurer
WINFIELD S. CALDWELL Title and Trust Officer
I'. J. VAN IlILLiAllD
.tCCOrNTANT-AUIHTun
Specialising in
1-KrtKKAI. INCO.MK TAXFX
I'um trlu uith Income Tax Unit
INrnou of Internal !rumn.
609 Iti:I. 1WTATK TRUST IIMll,
STATEMENT OF
The Real Estate Trust Company
of Philadelphia
at the Close of Business, March 29, 1921
RESOURCES
Cash in Banks and Vaults $853,872.89
Legal Reserve Bonds at Par 267,000.00
Loans upon Collateral 1,840,883.08
Investment Securities Owned 4,708,657.02
Real Estate and Vaults 3,273,758.42
$10,944,121.41
LIABILITIES
Capital Stock $8,249,800.00
Undivided Profits 692,694.68
Sinking Fund for Leasehold 213,684.33
Dividend Unpaid 264.00
Bills Payable (For Liberty Bonds) 695,000.00
Deposits 6,020,627.91
Miscellaneous Liabilities 72,100.46
$10,944,121.41
Amount of Trust Funds Invested $30,317,139.05
Amount of Trust Funds Uninvested ineludinp; Principal and
Income awaiting investment and distribution 683.912.19
$31,001,051.34
George H. Earle, Jr. Edward S. Buckley, Jr.
President Treasurer
R.B.CARR
PUDLIC
ACCOUNTAvr
Al'DllH IKVIWTKIATIONH
Itioinu tax refunds anil adjustment,
handle uaraonolly with tha n.Venu!
Duruu hi Waahlnittoii "venu
1T.NNBYI.VAMA llLIlt).. i-ihla
WIEGNER, ROCXEV & CO.
Certified Public Accountants
Drcxel Building, Philadelphia
MblNHEATlUrt
UaWI 1 1 M AXfRVBWVMa
li nwii taTv lafiinni
SZWAINUT ST.
ftiHJKlt
AraraUWaJI ? aarAawl
SEMIANNUAL STATEMENT
March 31st, 1021
ASSETS LIABILITIES
Cash and in banks..? 1)57,111.84 Capital Stock .... $1,000,000.00
Collateral Loans . . G,'2G9,982.G5 Surplus 1,000,000.00
Investments. 5,011,757.72 Undivided Profits. . 215,998.17
Accrued Interest . . . 82,002.04 Deposits 10,104,856.08
$1 2,3285425 1 $12,320,854.25
TRUST FUNDS (kept separate) . .$22,571,193.25
Win. T. Murphy, President. Clarence C. Brinton, Treasurer.
Safe Bondsy&rlnvestmetTi
HALSEY, STUART?
&. CO. Inc.
Stockwell, Willson & Linvlll
Certified Public Accountants
Land Title Bldg., IPhUadelphia
StenoKraphera In New Vork Unk
ExcIUnt opportunity In larca downtnV,.
b"Jk f?;r. "' P"l.nca(t iaiioJ7ahrr!
undir 33 ytara Permanent poaliiin, ...
eallant morklnjr condition. Uoid Vularv ani
sssfris: -?f.v,an vKu-s!
Wn)' ha. no Inre.tnr rTr lo. .toll, r
of prinrlpnl nr Intrrr.t on hut area
rlty bomht of S. W. Nlrnua A (....? v,i",
tar ntif lmsM it . .. " ' T
S. W. STRiWjS
btotk Fichania
U
rrjaon
& CO.
r'nlUdtlpui
Ten Per Cent
For Three Years
J urn
Jtx ana
I'nnd Secured HlnkiiiK
Sotea Kiee of I'rnm Tu
.". inioin- Tux.
Interrkt Knmeil Kliht Tlnw.
Monthly Hliililn Fund to Iletlra
ut a.
Edward V. Kane & Co.
Morria Building
Katibllalied IT Veara
)
L
rn
4r ,f.'j
JAF'-riM
J
Jtffl