iH

PUBLIC

$8,000,000

H. J. Heinz Company(Malreri of "57 Varieties" of Foed Product)

Ten-Ye-ar 7 Geld NotesDated December 1. 1920 Due December!, 1930

Interest payable June lit and December lit.Coapenptes In Interchangeable Denominations of $1,000, $500 and $100, Rcglsterable as te Principal only

Redeemable at the office of the Trustee In Ney? Yerk, In whole or In part, en any Interest date en thirty days' previousnotice ; at 105 and Interest, en or before December 1, 1921 ; at 104& and Interest after December 1, 1921 and en orbefore December 1, 1922; at 104 and Intcrcstaftcr December 1,1922 and en orbeferc December 1,1923; at

103J and Intercstaftcr December 1, 1923 and en or before December 1,1924; at 103 and Interest after Dec-ember 1, 1924 and en or before December 1, 1925 ; at 102& and Interest after December 1, 1925 and en orbefore December 1, 1926; at 102 and Interest after December 1, 1926 and en or before December 1,

1927 ; at 101J4 and Interest after December 1, 1927 and en or before December 1, 1928 ; at 101 andInterest after December 1,1928 and en or before December 1, 1929; at 100& en June 1, 1930

Interest payable without deduction of normal Federal Income Tax net In excess of 2f.FREE OF THE PENNSYLVANIA FOUR MILL TAX

PRINCIPAL AND INTEREST PAYABLE IN NEW YORK AT THE OFFICE OF THEGUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE

Further information in regard te this issue of Notes is given in a letter ofMr. Hetvard Heinz, President of the Company, from which sunimarize as follews:

These Notes are the direct obligationsof H. J. Heinz Company and constitutethe only funded debt of the Company, ex-cept a real estate mortgage of $83,333.34.

The proceeds of the sale of these Noteswill be applied te the payment of Notes

and te provide additional werk-n-g

capital.Sales of the Company since May 2

1920, show an increase of twenty-tw- o percent ever last year.

The books show net earnings availablefor interest charges, before providing forFederal taxes, for the four years endedApril 30, 1920, averaged $2,865,323, ormere than five times the annual interestcharge en these Notes, which amountste $560,000, and average net earnings,after providing for Federal taxes for, thefour years ended- - April 30, 1920, amount-ing te $2,344,643.

The Trust indenture under which theseNotes will be issued will provide in sub-stance, among ether covenants, that selong as any of these Notes are eutstand

We offer when, as, and us, te sale

te

that or ready for or1920.

All with this will be by rand efjfew

GOLDMAN, E.NAUMBURG&CO.New New New

PITTSBURGH

guarantee but they are Ulcen

which believe be accurate

All above Notes sold this as a

I JESffiTSBSaffl

rll Hi! Im I

v!

A SafeguardA man's Investments nre htsnncherace, hla and hts

H nope rer the luture.All the mere be when heknows that his eecurltlee were

for him by special-ists whose first Interest Is the

of condlUens behindbend Issues.

BATTLESInvestment BanherM

Eetahliahed 18U0Independence Square (Kant)

wxmmemamm

& FUEL CO

Bend Secured, Convertible Fund

6ft Notes, due 1924

earning: ever $00,000,000. Appllcabllearnings ever times Interest ehnrxe.Interest Payable Monthly or

is y Inveater

MMMdy'sAnalys!a"RaiesTlieseNetesuA"

10Particular en reqaeit

Martin & Ce.1411 WalnutSt.

Ul i

American Gas Gs, 2016 IGas 5s, 1949

Mary Ceal 5s, Oct., 1939Phlla. Sub. Gas & 5s, 1960Luzerne Ce. Gas & Elec. 5s, 1948

BAUER, STARR & GO.INVKHTMRNT SECimiTIESlnd Title Ilulldlng. I

Mew Yerk Offlce. 115 llreudtvar IDlreet Private Telephone Offices

Indiana, Columbia ft Eaat:rn True, St. 1020Anerltan Itead Machinery Ce., e, ISSttllenur Gu A Eleclrle Ce. Gen... Si, 1010Cannectle.ut A .H. 1DB1rerllind Hallway Lighting Ce,.,0f. laj?

(laa & Electric... B. 1080"'f.elf Ctra'BaUreat Equip,, ...fg.Htrlal

. KL PHILLIPS Mr CO.'- - ' ' ... ; ."' II"i fw uwenuM,7vr m'Mmmw mimj

'KW'. ). -if ' '

we

ing, neither the nor any sub-sidiary will mortgage any of its real orpersonal property, but nothing hereincontained prevent the Companyfrom purchasing property subject te amortgage, or from creating purchase-mone- y

mortgage te the extent of 755S ofthe fair value of the property purchased,or by. the or anysubsidiary company as security for leansmade to it or them, or any of them, inthe regular and current conduct of theirrespective business, of any accounts re-

ceivable or ether liquid assets, or anystocks, bends, or ether securities ownedby them, ether than shares of stocks ofany subsidiary company.

It also that the Company willat all times maintain its cash and quickassets in a sum equal te at least one andone-ha- lf times the aggregate amount ofits liabilities and indebtedness, securedor unsecured, including the face amountof all of these Notes at timeoutstanding.

these Notes If Issued and received by subject prier

94 and Interest Yield About

lb is expected temporary notes interim-receipt- s will "be delivery enabout December 7,

legal matters in connection issue approved SullivanCromwell Hawkins, Delafleld $ Longfellow Yerk.

SACHS GO. LEHMAN BROTHERSYerk Yerk Yerk

THE'UNION TRUST COMPANY OFPittsburgh,' Pa.

WWoBet the statements and figures .presented herein, fromSources we te

the haying been advertisement appears matter of record only

r--

safety

purchased

analysis

8 COMPANY

EMPIRE GAS

Sinking

llmi10

Semi-annually Deslred

Yield Over

rbUudelplda

WilmlnutenPcnn

EIcc.

I'hlladelphln

bet,

Railway Lighting;,.A

(VMen., Hallway

SAMUELMil J

Company

shall

pledging Company

provides

any

Erne WeReeMMtaaa?

The markets have gene.down, down, down I Com-modities prices have drop-ped 20 per cent en the aver-age; in many cases from 50per cent te 70 per cent!Have we hit the bottom?Will the next move be up-ward? Or is there aneven bigger drop ahead?

Bafesarcs;. Reports

Babson's Barometer Letter JustIssued gives you the plain unbiasedfacts en the present situation, andforecasts coming conditions withremarkable accuracy. It containsinformation of vital importance teevery manufacturer, wholesaler,jobber, retailer and merchant.

Repert en RequestCopies of this Barometer Letterare available for distribution teInterested executives, gratis.

Tear out the Meme wote and

hand it te your secretary when!Iyou dictate tne morning a man.

Mersfy ask for Bulletin 34YT

Tim Rnficnn Staffer faalflrftanizatienWallatlay llllla.02, Bosten, Mill. I

in Iks World.......... TEAR OFF HERE- .-M. Fer 'four

FJLOIW SecretaryWrite The Babson statistical Or.ganizatien, Reger W. Babson, Presi-dent, Wellesley Hills, 82, Bosten,Mass., as follews: Please sen'' " ropyof Special Bulletin Ne. 34YTand boeklet,"HcraMi' Net rrejitt".

n"jrfcAaVcwaV Ripen? SilA ,Mtl

K'mmmaemmtsmmmmswmsmstttewmswtsesMtwsmtsVetMmsvtmmtesmMmsmmmmmmmtmwes

BOND SALESMAN'OK foewWruiiW. CAI.Ulasim TO. bteck sac- -mr?iTST 'olio 018CJIANOB nvxtx

"

EVENING

bv

ns

la

and te the approval ofcounsel, at:

VAfe

--j1.

I

Hew TeTrade In

The Marketand ether rules andmethods of interest tetraders are given inour free booklet, "TheInvestors and TradersGuide." It tells:The General Rules of

Trading.Hew to Give a Breker

Instructions.Breker's Commission

Charges.Hew te Indorse a Stock

Certificate.'

Hew to Use CollateralIn Trading. I

Hew te Greup Invest-ments.

The Deposit Require-ments for CarryingStocks en Account.

The Rights of Stock andBend Helders, etc.

Written in simple lan-guage and easy examplesgiven. Ne obligation.Edition Limited. Call,phone or write at once.

Ask for Ne. TU-99- 7

JONES & BAKERSpecialists In New YerkCurb Market Securities

WidcnerBldg.,PhiladclphiaPhenes, Bell, Locust 4780

Keystone, Race 2290Offices in 8 Principal Cities

Direct Private Wires

Tax Exempt in Penna.BELL

TELEPHONE CO.of

PENNA.25-Ye- ar First and

Refunding Mortgage7s

Particulars en Application

A. B. Leach & Ce., Inc.Investment Securities

11B Seuth Fourth St.Hrlt 1ftnnf eWr Mt

Ws,.L,. ., ,ACri -

LEDGER -PHILADELPHIA, FRIDAY-- , NOVEMBER 19, 1920

PLAN UNION BANKS

IN'OPMOP'WAR: i

Richle, Fedoratlen Official, SaysLaber Will Combat Cam-

paignAm

of Employers

RADICALS BEING OUSTED

Laber will hnve Its own bnnklnR sys-ter- n

in Pennsylvania In the near future, AnocercHnic te announcement today byJeseph M. Richie, rcildcnt vice presi-- . Adent of the American Federation ofLaber.

Hntnhllshmrnt of tlie werklne men'sbnnk. he snld, will be labor's reply teJhn "ntim Hhnn pnmnnlffn."

The entire nlnn In being worked outa committee of the Central Laber

Union In this city."Laber Is belne forced te line up rer

the fight nRslnBt the Interests that iretrying te destroy the labor union move-ment

Atof the country," Mr. Richle said.

"Capital is trylnc te break our ranksnnd we are Retting ready for the fracas.Laber unions throughout the city areconducting membership campaign nndere utilizing the open-sho- p propaganda

n mrans of showing the werklngmcnlm thnlr lntKrlntn llfl in tlld Unions.

new that canltel has aligned itselfnpcn'v against them.

"One of the methods that Is beingemployed te break the ranks of theunion men Is that of discharging menand rehiring them n week later at lowersalaries. But nil of this campaigningagainst the unions Is merely proving auaid te the unions In their organizationwork,

"Shortly we will start thebanks for the union men. The

werklngmcn Instead of taking his dsavings, nnd In the aggregate they nreenormous, te the bonks that are help-ing the open-sho- p campaign, will D

his funds In n bank run by menwhose Interests nre Idcntlcnl with his.The money will net be used te provide O

for the wnrfare that Ib being made uponfhn trmln llnlnnm.

"All along we have tried te go alongwith capital, but this last camnei

fllmnlv 11a (ntn thf enpn.Mr. Richie also said that a sharp

lookout from thr beginning had beenmaintained ever the Philadelphia unionste prevent radicals "boring within.

Approximately 100 men were expelledfrom the ranks of the unions, he said.In the furtherance of the nntl-radlc- al

policy, In some cases, he said, theradicals were merely the agents

of manufacturers seeking te destroy thevalue of the unions by causing dissensien. Lately the radicals had appar-ently rccegnl7cd the futility of attcmet-in- g

any campaign te get control of theunions.

LONDON 8TOCK MARKET

Trade Listless Oils Quiet HomeRalls Steady Greek Issues Nervous

Iendnn, Nev. 19. A mera stable un-dertone was noted en the stock exchangetedny, due te nn absence of further localand continental liquidation and the thor-ough slump in prices for commodities.Trading was listless with the usualweek-en- d conditions In evidence.

Oils failed te rally and were quietShell Transport was 64 and MexicanEngle, 11. Gre'k Issues were nervous,following the downfall of Venlzeles.

Dellar descriptions were maintained.Argcntlne rails were Irregular. Hemerails were steady, Dut enanges weresmnll.

The gilt-edg- e section was flabby. For-eign leans were checkered.

DIVIDENDS DECLAREDTexas Ce., quarterly of 3 per cent, paa-bl- e

December SI te stock of record Decern- -

b- -r 10Qalene, Signal Oil Ce., quarterly et 2 pet

cent en preferred, payabln December SI testock of record November .10.

Unl'ed Stnt-- s IndualrlAl Alcohol Ce., qinrterly of S per cent en common, payable De

15 te stock of record November SOUnited I'aporbeard. a dividend of 2 peint In cesh and 10 per cent In stock or

common payable January 10 te stock of-- .uTera December BU.

I'recer & CJtimbln Ce., quarterly of 1per cent en prererrea i per heck, pnya-- I

ble December 15 te stock of record November J4.

Chesbrough Mrr.ufacturlns; Ce.. quarterlyof nV4 per cent en common ami 1.75 orpreferred, both payable December HO testock of record December 14.

Ubby, McNeill & I.lbby, semiannual of bper cent, payable January 31 te stock o.ecerd December 10.

Hecklne Valley Hallway, semiannual of '.per cent, payable, December 81 te stock ofrecord December 10.

Truncen Steel Ce., nunrterlv of li picent en preferred, payable January 1 tilecic ei record December 20.

British Object te Imports of Tire?Washington, Nev. 19 Sharp pretest

have been entered In the British Heusof Commens against the continued Importatlen of large quantities of Amerlcan manufactured automobile tires fGreat Britain, In the face of vlrtua.stagnation In the English rubber Indusry, according te advices te the Department of Commerce A member demanded of the Beard of Trade lnfermntlen as te what action had been takeiIn the mutter, adding thatt heusands eiBritish rubber workers had been dlscharged nnd were new swelling thiranks of the unemployed, although 90000 American tires worn Imported durIng September alone. The situation, IIcontinued, would destroy the British tireIndustry, It was declared. The Beardof Trade's reply was that the wholequestion was being Investigated, the dispatches eaiu.

Ne Cut In Wages at YoungstownVonncstewn, O,, Nev, 19. In a stnt

ment today te empleyes of the Youngstown Sheet and Tube Ce , the larKP'ndependent steel company In theYoungstown district, Jnmes A Cambell, president, said: "It Is net llkclhpre will be u general reduction e

wages for some time." The statemercentinued: "But there surely will !

Inter en net, however, until the costof living has been still rurther reduced

Sugar Buyers Still HesitateNew Yerk, Nev. 19. The raw uugnr

market continues quiet and about steadyat 6 25 cents, cost and freight, for Cu-ba- s,

equal te 0.26 cents, duty paid, andfu y duty sugars at BVi cents, c. l f.equal te 6.20 cents, duty paid Buyerscontinue te snow nesnntien. rnore wereno sales of raws yesterday ether thanthee reported hy this eureau Imperta'tlens yesterday Included 19,900 bagsI'irus ie me warncr 1.0. nna uaue Lagl'erus te the National Ce. The localrer.ned market la uncnanged.

Prices Improve en Paris BourseTerls, Nev, 19, Prices Improved en

tne ueurse teaay, Tnree per cent rentesB5fr 20e: exchange en Londen. 57fr 90eB pcr cent lean 'Ifr 20c. The dollarwas quetcu at mir inc.

RAILROAD EARNINGSCANADIAN NATIONAL IIAILWATS

1020 Incream'Second week Nev.... J2.SH0SM HS0 .1

Frem January 1 02,109, Oni) 11,017,04'

StockSalesmen

Hera Is Something InterestingFer Yeu

It you can really sell atecks. If youj re tnursetle and ambitious. If youwant te Ucems connected with a if,.Airs, aubstantlal company that leeksifter Its salesmen, and works with tbtm.here Is your ippertunltv te de se,

Attractive leads which premise veryMibstantlal financial returns ar walUnifor you te clnss

Writ for Ian ,Jn,'rTlw.1 A-1- 35 Ledgw Oflrknt

tXM,eaiL .,LA

New Yerk Bends

Merinc 0,., etherof ? that com- -

8AUC8 t 0001

Am Cot Oil B. Dl A IIul 4H N T Tele 4 Vis1 TO 1 03 4 75M

Amtr Bmnlt'a Del A Hud 7i 0 70Y,A ' B 1.... 101 4 75 Vi

2..... 764 Dtn A R (I M M r Tsta'a Os

8..... 76 H 2 4SU 2 SOUAm T 1 cit Dtn A ft a 4i Norfolk 8' tun

1 7BH 10 04 ev JW2..... m Dct Tun'l 4 4s 2 43

1 77 N'k A W cv ea1 70M D Can Sa '21 10.... 102

I t T 11 08S 1.... 101 V4

1 TDW D Can BH '21 N--n Paeine as1 70 10 DT 1 SO

Am T T 01 0 07H 1 SO

3 OS 7 07 H 2 70 U

e,... OS D Canada '20 Orea-- A Cal 31 en 2 01 9 RS4 OS 4 00' 0. .. 88 7i

2..... OS D Canada '20 2 88 U9 Oft 4 01 VI Orecen B I. Os1 03 1 01H l 08T 9 T n) 1 01 Vi rae Q E 6s2 G0U V Canada 'SI 1 78T A 8 Fe 4f 1 01 Pae H of 11 4a1 70 Vk 4 DO". 2 701 70 Erie Gnl Men Penna II 11 6s(1 70 S3 44H T 00

Ateh Tepe'a 4 2 43 Penna rt II 7a8 l'"e cv 4s 1 44 i 104 ttIS 07tt Erle nit cv D 104 W

1 08 1 48 2.... 104

Armour t Ce 1..... 47 2.... 104 Vi

n Eit 4H 1 4T 2.... 104 Vi

1 7R Qen'l Elect Ds l...; 104 V

2 75 7 83 4.... 104 Vi

1 7SU 2 85 0 104

Ceait ! ell Oene'l Clee Oi Pere Marqi 4s i

4 72 2 .... U8U 3 03'.4 '

Dalt A Ohie ct Oevs't Frcncli Phil county 5s12 70 np reti neidini-n-

,2 0 1. 1004 70 2... 100 Vi 1 88

Dalt A O SVia 0... 1004 Rie O ft W 4s3 82 4... 100 1 00 Vi

Ualt & Ohie 4 4... 100 V4 'rtecK Isld Ark0 08 H 1... 100H ft La 4Hs3 0S n... 100 1 05i

10 OBV. l... 10014 1 OSVi

Dalt A Ohie fti 0... 100 s Ban Antenla ft1 00 H 0... 100 'n ,a p nr 4s8 60 B... 100 '4 4 01

10 08 2... 100 l 011 08S 4... 100 8t Leuis 3

Dalt & Ohie Oi a... 100 Fran al8.. 00 3... 100 1 03 Vi

8,. 00 Vi 3... 100 V4 S 032.. IMl'l 1... 10'1 1 032.. OOH 5. 100 2 038.. no'; O Swltz'd rets C 03

10.. 00i 0.... 102H 7 03 Vi

a e r l. Great North" n 1 03A W Va 4s niy lata 10 03

1 05 1 80 2 03 Vi

1 05V1 Hud ft Man fd 0. ,. 03A O S Wn 1 00VI 7 S3

8V4s 1 00, Bt Leuis ft fl

1 77 Hud ft Man In Pran InTsl 7s rets 10 31j 0 40

R.. 101H 10 S3 5 481a.. lOtU 1 21 Vi i 402.. 101Vi ie... . 2: 4 401.. 101 III Cen'l 4s 'B2 404

10.. 101VI 1 .... 71 i 10 40V4

2.. 101 't III Cen'l 4s 'B1 2.. i.. 40H10. 101it 1 0Vi 4 401

Deth Steel fd 3 0SV. 0 411 Vi

1 77V4 Ill Cent'l ft'4s 4 40 Vi

Drkyn It T Bs 4 00 10 403 85 III O 8tt. A N SI L ft S Pran

nrkyn R T 7 O Jt DdK Bj Series A6 43 fl... . 84 3.... 00 Vi

Ctl Fdy Ce 01 Ills Steel 4Vi 2.... 00 VI

1 70 1 78 1.... oeCt'l et da en Intb'e M 4H fl.... oe v

10 80 .1 20 3.... en VI

Ct't of ea On fl 10 2.... 004S SSH lntbore It T fd 1.... cev.

Cent'l Tac 1st B2V4 1.... oe1 72V1 B2H Bt L ft S F-- an

Ch-- A O 4Vi 82 H Series D4 74i 10... B2V4 .4 74

C ft O cv 4 Vis BO... B3 Bt Leuis ft Se1 78, 1... B24 West'n en1 78'4 fl... B2U 1 021 78 10... B2VI 8 0244 73 BO... B2Vi 1 24

"k O cv 8 4... B2 4 02413 83 H 1... B2 6t Leuis ft Se4.. 83 Vi 0. B2 wsst'n 1sta.. 84 1 M Marine Os 4 00is.. .831i 80 4 001

10.. 84 80 St Leuis ft Se2;. 84 H 80 Bs

10.. 84 80 2 014in.. 84 7D Seab'd A 1, al80.. 84 80 1 37440.. 84

-- OK 2 874R.. 84 10 80 Ernb'd A T. fd

C ft Alten SVi Iowa Cent'l 4s 1 421 34 Vi S 42Vi S'n l'aclfle fd1 83 1 42 B T44

Chicago D'n ft Jap Oeve't 1st 1 744lulney 4s l 74; 1 744B 00i 2.... 74 V, B 7441.. 80V4 Jap Oevs't B'n Pae cv 4s

10.. 00V, 1 71 10 70H.1.. nni 7 74 8 7041.. oe v Jap Oeve't 4s. 1 70Vi

1.. 01 Vi 1 67': 4 7041.. oe Vi IB B7i S'n Pae cv Bs

Chi ft Erie 1st 10 B7S 10.... 100".1 70Vi 100 87 1.... 1101 70 4 B7i 10.... 110K

Mil ft Kan C ft B 3s 23..., 1104UP cv 4Hn 1 B3V, 3.... 109410 -- n 2 R3 B'n natlws 4s10 70 Knn City TerM n oe

fhlcafe Mil ft II wy 4 s in oeStP fd 4Hs 4 72 IThlrd Ave Bs

2 01 3 72 1 704it nallw'ii s. K HelE Os '21 8 7042 01 ! ens. "nlnn Pae "

3 01i K Dela'm 7Hs 1 802 em 1... . 07 B se;5 011J 2 08 2 80U

hlcaire ft Nth 2 07 Pnlnn Pac M

Vesfn S1" 1 07i 1 7842 .... nnvi 2 07Vi 2 734

Chicago ft Nth 1 117 fnlen Pae 4

Vn 5s '87 Lack Steel '23 2.... 8043 041 1 .... 02 B.... 804

"hlcaire ft Ntb 1 02H 2.... 80 HWest'n 7s L ft E Wn 1st B.... 804

1 100 it 1 80 6.... 80 Vi

2.... 102H take her M 3 8043.... 1024 S'n 4s '2 1.... 8044.. . 1024 1 84 1.... 804

rhl Iteck Isld Lake Ehere M V K at a llrt4 Tae fd S'n 4s '31 ft I'd 1921

nnt 1 81'i 1 0848... . 81i 1 OfS

ent I.fhllh Vy ns 10 08410. 0814 10 OSH

no", Leuis ft Nash K et O U

oe v. Btt. dv Os I'd IO""M 2.. .. 00H 52 014no Leu ft Nash 7 K of O P'terni 2 ... 10114 ft I'd 1020 -

oe Vi1 Marlln Reck'll 1 89CM Reck Isld Cerp'n 4 Vis 2 8Ri

'. Tae 4s 2 7BV1 2 8843 7 HUlVe Steel ft 23 88

hi U Bta 4Vi Ordln Ss K of O llrt3 . ,. fft'i B 74V4 I'd 10172 TOVi 1 74-- 1 8B"

II A W 1 ! 0 .... 74Vi 1 d2 OSVi S 73 7 854

hlle Cep' n M ft BtL fd 5Vft'd Il'ds Sani .... en 1 47 F unct 4'2 nes Mln 8t PA 8 0 29i en Ste M 4s H Mexico

ie oevi B 78Vi 3.. 434-- lie Cep' Mln Ft P'l 8 B.. ... 4141 02V4 te Jt ait 4' 6.. ... 414

neie Q 3 87Vi B.. . ..434K Ry Me K A T 2nd ' S rtub'r 1

1 41V4 1 30M IB.. , .. 7

0 41H Me K ft T Is 1.. ... 70B 41i 17 nev, 11 ... 704 4m 3 00 d Hub 7U.2 41V4 s... . new 1 .... 0T&1

Ity of Berne M racinc is 1.... 074"t 8s 2 B4 I'M S Stee1

1 OR B B4H B .... 02V.4 08 2 fll'i 0 024

City Derd'x fl 10 544 17 0241 S3 1 514 20 021 82 Mnnt'a Pwr Bi, Vlralnta Mid

ity of Chris 1 82 land ny em'anln 8s 1 .... 82V4 3 8T42 .... ORVi Mnntr'l Tram Va nallway ft

City of Cepn ways Bs Power BsSaacn BVis i can B en

4 7B'i N Tubs Ce 8 4 00T 7B 1 804 Wnbaih n lirty New Yerk v t c & ti n fi 8

iis 'OS it n os 3 80IB 02 i 01 1 80

City rrls 0 i ni West'n Md 4'II .. . ihh B 004 1 55R... . 04Vi 5 1104 1 Bfl

S ... 04H 1 ne: 1 Bfl

in... . fll 0 et W Pacific i"l1 04 2 Dt 3 814

. 04". 0 no w union 4'CI'd Cln Chi ft 1 004 4 784

Si li tm ti N T C ft II n tinitrriM2 00 nn rets 7 Mf( Ce 7,

C"d Cln Chi 2.. 102 1.. 054St L d 4 3.. 102 1.. 05 Vi

1 7Vi a 102 7.. 05'd Cln Chi 4 li." 103 3.. 05

it . 4 Vis 11.. 102 3,, 012 75 1.. 102 1.. 1)5

r-- e & S'n 1.. 102 B. 034 S3 N Y Chi ft St 0. 05

Cile ft 8'n I't 4s 1 031 71i 1 .. . 804 ". Ce

Cuban CSC N Y ft Jer fl 3 81'11 80 1 774 Wilsen Ce 1st

ni Hud ev New TNII 2 R7V3 83 It cv 34" 1 87V.fl 83 3 .. . 4?'t B.... 87'

Del A Ilud fd N Y Hlwys Bs Zurich rets1. . . 70 4 fl 08 H

11:15llllh Lew a m.

Mberty nVs ... 02.WI 02.70 02.8(1Mliertv 2d 4s ... R5.r0 85,50 85.50Mberty 1st 4V.s . 87.00 87,00T,lbertv 2.1 His . R5.R0 85.50 85.00T,lbrrty 3d 4Uh . 88,24 88.10 88.12

jrm iy 4th 4Vis i, R5.70 85.70vz ry Note3?48 mm 00.00V MM

" -- r -- iT.- '- -

GOSSIP OFTHE STREET

The tape never lies, they say en theStreet, and ns a mafter et fact, it scidem does when foreshadowing someIndividual notion, or some big changIn fundamental and basic conditions.

The truth of this axiom, at any ratewas forcibly impressed upon the mar-

ket following yesterday, when the an-

nouncement came ever the wires et pass-

ing of the quarterly dividend by flica -- i.- Tt..n.ttnnni nomeratlon.Fer some little time back the, ..tape..has

saying action weu " ' and maintainedbut certain interests went out f"Fthe base selling prices of all Iren andway te dissipate the report, teel commodities, which weremate action en the dividend uau . nxc(1 by representatives of and

temporarily deferred. lnteres-t- s of States, and reprc- -

Whcn the quotaflen for any particu-lar stock drops nearly GO per cent In

less than a mentn. w "" Ai. .talnty that some ratiirai "" -- """'in Int. nlnn. In ll lllvtllpnd tlOllCl. 1110 TO

especially when conditions nre knew nte be seriously IniVrfcrlng With thebusiness In which the company is en-- jcpncrfwl.

Since December, 1010. the companywhich, thretiffh Its subsidiaries, Is engaged in foreign trade and commerce,Itnu Kaati nnvlnv MlvltlpndS at tllC rule0( q pcr cent pcr annum. It has largei...J.t in , Tnfernnflnnnl Mrrcnn- -

nmeng concerns,is.and doeM the of

rN

WWst'n

Leuis

87.0(1

8rt.ne

United

imiij iu Ma, u.., '"dends en the preferred stock

,Is belicveu

te have had considerable Influence uponthe directors of the American Interna- - tatlenal Corporation. In reaching the dc- -

i..i m MHHAHtiiir nn nr ri'NJiiii:i;ziCJBIUI1 Ul "The paid-i- n cash back of the stock,

iii.. iiiiiai an n .inii is sennit?. ieBCII1UK JVOiClUO) " , ".An ..1 n Ka nnnmr mnMV mere th fin

double tliat flgurc. The high Pee thisyear for the stock was 120.

Dese Harder te SwallowCommenting upon the stubbornness

of the majority of the retailers te sub-

mit te a necessary radical price reduc-

tion, n prominent local financial inter-est Intimated yesterday that conditionsand circumstances may compel the ap-

plication of still harsher means.Every effort In a kindly sort of a

way has been made by banking institu-tions nnd ethers te persunde retailers,he continued, te abolish the absolutelyfoolish psychological policy which theyhave been following In the face of theradical price whichbeen sweeping the country broadside.It was recognized some nge itwould be necessary for them te takethe purge, nnd the dose was made aspalatable as possible. Seme had thecourage te listen te geed advice. Othersignored It entirely, or maue prcicusethat heavy overhead charges wouldmake it impossible for the time bclug.A great many, he said, seemingly hadpostponed the day of action until afterthe holiday trade was ever. Everybodyhas been very indulgent and most everybody new Is beginning te lese patience, i

and unless many will listen to reason 1

venture te predict the next willbe a hard one te swallow.

Will History Repeat Itself?There arc a great many In both the

banking and business world, and alsoin ether walks of life, who lie'd firmlyte the belief history repeats Itselfalong lines. In view of the

new prevailing in both financialand commercial circles, net only at homebut the world ever, there arc a numberof cleso )bscrvers giving much studyte past performances as applicable topresent conditions.

The Liberty National Bank, of NewYerk, has made an interesting com-parison in thin connection between com-modity price swiugs in the Civil Warperiod and today. "During the CivilWar," the bank states, "prices as com-pared te 1800 rose te a higher pointthan during the World War, ns com-pared te l()i:i. After the Civil Warprices began te fail at once and con-tinued te record succeeding declines nndupward movements, the declines beingalways greater than the rallies. )u1018, en the ether hand, there was adecided drop in prices, succeeded by afurther rlie that carried prices tehigh levels. It is te be noted that theintensity and scope of the present declinein prices are almost identical with thedecline which took place in lS(J.r imme-diately at the close of the C'vl' ""ir."

A Soliloquy en Chandler AuteThere was ceiiniuuiuu.u ui.-- . .,i en

the street yesterday concerning urather unique statement Issued by aprominent New Yerk heut-- rcgardinethe recent performance of the stock ofthe Chandler Moter Ce. Ah the heus.cIn question Is supposed te have actedeh brokers for the Insidersduring the last ear. the Incident cameIn for mere than passing attention. Hygardlng the recent slump of the stuckthe statement has this te say :

"A croup of traders and opera-tors, having Interviewed themselvesand decided CIIM was '.elling toe highwith respect te ether meter shares,decided te sell It nnd then proceed luimagination te usurp the function ofthe directors nnd pnss the dlvlduid. Agroup of iusiders and uutomebile menwho made a let of money in Chand-ler's 400 point advance by buying thestock when the meter Industry wasstagnant during a period of readjust-ment after the armistice and sellingIt 'est spring, have been repurchasingCIIM under 80 nnd will continue te mcumulate it, anticipating another bigprofit next Ueth groups havethe means te finance their Judgment.CIIM. like ether stocks, (luctuates, ad-vancing when buying exceeds sellingaud declining when selling is mere ef-fective. It is any one's what Itwill de immediately. These who nreselling the stock are merely backingtheir own opinion nt the bottom et a200 point break. These who are buy-lu- g

have the absolute certainty of in-evitable business recovery next yearIn their favor, the reasonable ccrta'lntyof a technical stock mnikct recoveryafter a year's decline and the comfortof a RIO dividend which finances theiroperation hy yielding 13 te 14 per centen their money. The vagaries of specu-lation may favor the hears in theirefforts te induce selling by their raids,but they will find a bid for every shareof stock they offer."

Foreign Trade et FranceThu total French foreign trade for

the (list months of 11)20 amountedte 4.1,740,782,000 francs (franc equalsSO. 111.1 at the normal rate) ugalnst

fruncs the coirespend-la- g

period of 11U0. The imports offeed products for the January-Septemb-

period of 1020 were vulued atfrancs ngeinst 7.413.503.- -

000 francs for the first nine months of1010; industrial materials. 12.01K,.045,000 francs ngaltist 0,512,2211,000francs ; manufacturers,francs against 7.011,031,000 francs. Theexperts of feed pieduets iimeunted te1 .52!),501 .000 francs against 70'),0S.-,-

,.

000 francs; industrial materials, 3,.0(11,821.000 francs against 1.205.000.000 francs; manufactures. 10.5S0.521,-00- 0

francs against 4,171.301 ,000 francs ;and postal packages, 770.s0S.O00 francsncainst 015.081.000 francs. The stivers,.trade balance the months of i

1020 wns HUHI .atiii.iiuii francs ngninst17,803.203,000 francs for the corres-ponding period of 1010.

THE TRADEIt.

Three In Aute ElectrocutedSturgeon Day .Wis., Nev. 10. Three

persons were electrocuted here whentheir automobile plunged off a bridgeand struck nn electric wire carrying23,000 yelts. The car fell fifteen f,ct

- "" "" -,n W'. kj

into a creek bertnnd two feet 'of water.Mete 4ii M:ea fls.&a, oa.eaiwMi..tii .u. itt. it. 1

tVkS&AtM! . t'jKteCT.aS&LiaA- - L

NO DROP IN STEEL PRICES

Judge Gary 8aya Present Selling

Basis Will Remain In ForceNew Yerk, Nev. 19. The United

States Stecl Corporation announced to-

day Us decision te recommend te presi-dents of eubsldlary companies that the"present base s lllng prices of all com-modities continue In ferco unless anauntil It becemtfl necessary and properte meke chanffes te meet altered condi-tions."

This action was taken according te astatement Issued by Chairman AlbertII. Gary, because of the Importnnce ofstabilizing business conditions at thistime.

beenei 8i8tCntly uninterruptedly

J"" ,n", mutuallythat Iren steel

only been the

readjustments have

time

dose

thatall

new

bear

year.

guess

nine

for

7.842,075.000

for nine

The statement ronewsiviii. eiihal1lnrv pnmnanlpn have COII- -

sentatlvcs of the government, en March21, 1910. , . ,

Since mat lime, prouueuen rasu u.all manufneturcs of Iren and steel. In

nn advancement of wage rntej." .".!.. In nnn nnn .... ..n r In tlm8teej corporation, and larger freight rates,ilave mater.a.ily Increused. Under usualcircumstances, we weuid be Justified in

prle b."Tlnwnvpr. nfter dnllberata and care

ful consideration, we have decided terecommend te pr'Cgident8 of our aubslia. Mmtvinai flint nr npnt hflfln sell

ing prceH of all commodities continue Inrnrrn unlpnR. nnd until It becomes neces- -sary and proper, te make changes te-- alt.l -n- d.tlens

g ofthe highest lmiortance. anu mat everym te the eXtcnt of ha opportunitynnil ni,iiity, and even at some sacrifice,

obligated te assist In stabilizing andmaintaining prices en a fair and wuieiuvhi. aii uiuuuvvh vuu"".workman will be benented by this attl- -

CURB MARKET TO REMAIN

Many Dissenters te Proposal ThatAssociation Move Indoors

New Yerk. Nev. 19. Bread street'sweekday convention of wildly gesti-culating-, trnOlc blocking dealers In un-listed securities the curb stock market

may remain a fixture In the city'sfinancial district, It was learned tedav,netwlihstnndlnc that the New YerkCurb Market Association has voted temove Indoors.

Mere than 200 dissenters have staHcdorganization of a new curb association,whose members hope te continue edify-ing the visitors te the ameus moneymart with the spectacle of blzarrely-cappe- d

curb representatives, "wirel-essing-" orders, via finger 3lpnal3, tetheir offices In adjacent buildings.

The only stumbling block te the plan,it was said, Is a recent ruling of cityauthorities that the curb "must go "This ruling Is te be appealed.

Steps te maintain the hlstorle curbwere tnken by rs of the CurbMarket Association when that organi-zation announced n ruling that hence-forth no member Ann could clear, di-

rectly or indirectly, en the "Indoorcurb" any transaction made by a

Investors' PocketManual

V,'e have a limited number of theNovember Issue, which we will be cladte send you en request.

Alse a special list of

18 Railroadswhich we bellove are exceptionally attractive for Investment at their presentprices.

Scott StumpInvestment Securities

Specialists in Odd LetsbTeciv i:cit.Ncn iiuixihne

iiiil.i)i:li'1iia40 Kichance I'l.'icr New Yerk

CentfhVllll', Ch lmbersbure, Curllilr,lVliMMlviililil

Province of NevaScotia 6s

Due Nev. 15, 193093.50 and Int. te Net 6.90

Townsend Whelan & Ce.Jtftnb rn New Yerk nnil rhlludelpliU

Stock KxdmnitcM505 Chestnut Street

SECURITY SALESMENCapable stock nalMmen. with nr withnut a ellnte'.e. r.rd n a position tp"cluce- results. bue new un opportunityte becem iictnclKt d In the iTrluMenor the Inl'lal lnnu of s'eik of una ofthe most nretlt.ib'y buslrit-- urvJ. rt iMngqIn this cltv Hlfthpt cemml un paidand bust posjlble oe-o- ration

ll'rttc or remc te ste uj.Fiscnl Mannfjer,

318 Wlitencr HMif.. 1'lilln.

GE0.A.HUHN&S0NSSTOCKS ND IIOMl

Members of tlie l'lillmleliihiu. :,.w erUmm .,ii,. nnn iiijuKtk

iv erk Ce tun i:ilIl.lllt.--l

Commlealen Oidtrs -- x.cuiuu In

Bixu.vi i: ceuiiT uLinr.1118 U'alnut st.

Mn limit 111 KICK111 llre il . N vv iir

Phila., Bait. & Wash.1st 4s, 1943

C0ENNING. GARRISON & CO.STCK i:(HMir, lUliniNR

Direr l'rltule Telrphene te N w YerkenibiTM 1'blln, S'erk KxcluinRr

fjVC Paper Bexeaijlett and Malllni. Tubes

EDWIN J. SCHOETTLE CO.533 N. 11 lh St. Philadelphia

Celd Re'led Steel BarsIren and Steel Products

CALms STEEL & IRON CO.1120 CHESTNUT hTUKET

Fpnire S1S8-IAI- 1

FLECK BROS. CO.Maniifartur i nml leiilrrs In

Plumbing and FloatingSupplies

44.50 N. 5th St. 506 Arch St.Camden llranch, ISO-I- ll Fnlrrnl St.Vet llrnnrh l.aniicleiir, l'u.

PIMWm.U.Mayberry

WjMJNl

&.THE POUND

STER LING-s-P

Leeking Forward

We recommend theTjurchase of certainSterling Securities for. '4&J&

Safe, Profitable

Investments

RrazierDROAD AND SANSOM 3T8.

PHILADGLPHIA

65 DROADWAY, NEW YORK19 SOUTH ST., BALTIMORE927 15TH ST.. WASHINGTON

Specialists inOHIO MOTOR, RUBBERAND STEEL SECURITIES

COMPLETE SERVICEIn All Ferms of Investment

Main DepartmentsInvestment, Brokerage

Acceptance, Libertv BendForeign Exchange

Statistical. Ohie Securities

Extensive Private WireConnections

Members .bf New Yerk andOther Principal Stock

Exchanges

OTIS& CO.Investment BankersCLVFt AND

New lerk liosten DetroitCincinnati Columbus Teledo

Akren Yotincstewn DenverColnrnrte Spr'ngs

l&aYyce.Vaa&ias f "

stocks Rallying Round, B0HDS i the RailsU the present iiiurkeiwia cllIty of I lie rails the fereruntuf

( niiuilier eld-tl- rllre4mnrfcrlTAie u Ju.uUed In expelling; thprecrn: trrnd of the rails te blone Kustuliirit? Prediction re.

tltutCH i piirt of ear serTlea.Otir Mierlnt letter "R." however,drsrrlltfs the hlc conditionenrterllne n elrrtrd ff of thetsllrnrt lttp,

llurkc table rmirtllea carrudiipen a ceiurruatlve marginalijn(s Oild le't n specialty.

MffiBftBerGeJT. iriilljililpliU Mk. Exeh.llrmbrr ,.., .... . ,, ,.. , ,,. y.

Ib22 Uieslnut StreetFbenrst Hell, Hj.rnee ngi7-4X- M

Krrsten. ltiire 75S: nrnmlT A IRK ,1th , N. T.Sfnmfirn". Conn.

Western MarketsDirect private telegraphwire connections with

Chicago, Detroitand Grand Rapids

ERNEST SMITH & CO.i.w i.s'i mi: r .snci'piTiESZ0 Bread Street, New Yerk

Tel Hecter K157

irl n n in 1

Security SalesmanKncrs'tlc nalPsmnti wantecj hy anest.ihl lntstmnt house forspecial work en a high-grad- e

Ihsik1 A 1 irue list of knownbuyers win '.ji frrn.sh il

Siu'c'ss In till t i lv wi'l mean npermanent unmet n with i xci p- -tlenal op'iertunity tm the future.

A I.J. L1.HU1 It erii-Ii--

Investors Everywhere Use

MoedyRATI NG BOOKS

Ask your Dank or Dankeror write

Meedy's Investors Service1IW4 Keal Lstate I rust Uldu . I'hlla., I'a.

Verk Iloaten Chicago

Broeke, Stokes & Ce.

15lh & Walnut Sis.Philadelphia

Washington Daltimere

AI.OCM. rerpnmtlnr ninnnfnrtnrnntrmnl nrtlclr with

pe'rntlnl mnrkrt of loe.nnoono Htunitxlly ilmlrrn te srrurr IAC 000 4dlllennl wnrUlnir mplliil rllhrr withor nlllieut liursler's srrvlrrs, Vreminuxlmiiiii output far I lie mmlng dvjrurs Ims lirn runtrnnrj far. I'rcNIts nre eicrptlanalljr tarce. Tbl wUstand op undrr III. must rlild UTrstliolleo.JTur IntertUw',, 4Jr,M ;MiuiuaiiiwcfwA m. &

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