WWWi'"" ' " "-WjCrVngv&fW-Wffilfiirff .," -!-Kl in vyljJJf "',l,rr ' " 'Vie;' T' ' -i-- ;ntff "'" '" "' -?,'' 'eVWftW'K''
V
I
J ' , 3
. - .-.
EVENING PUBLIC LEDGER-PHIUADELPHIA', FRIDAY, AUGUST 8, 1919
a'
WTillWVTTr fc-irTS?TTlITFTW9T P yWWWTrflsMWWCWWTTWBll?.. ?'v j -. , ."iaTTSii. 4 n y k-i-.TTr,.. r . ,?,. 1-ii.i t-r.j-V. ,.,,,. .7 . . , UV'1 I W
I ten
GOVERNMENT BONDS
Panama coupon 2s, 1089
Panama registered z,
Panama, registered
rintm& coupon zs
109II
non 2s. lBHS.
Tanema registered 2s. iflSS,,,
fanama coupon Se, 1081,,..
Panama registered 8e, 1001 , .,
4S, 1W84
in. IR.tK
pplne . ipso.
oovt
Did
??S
118
Philippine
miuppino
Fhlll
u n
coupon 2a, 1080,
S3
SB
88
So
no ,
09V
JTJ V a. U UaJUll B, 1VSVI Itlll tfHTl
U 8 Govt registered 2s 1080,. ril4
1 n Oovt coupon 8, 11M8, 80
IT M rinvt registered As. mill.... an
U H Ocvt coupon s. 1925.... 1(M lnajl
O 8 Oovt registered 4a, 1925.. 10 10fl
Diet oi uoiumoia 0.00a, mze... vi juo
Ask
oott
00V4
02
02
Si"
100
inn
P3
.02.
BANKING MAN WITH 9 YEARS
Experience Desires Change
.. m. ( I 1-V. . 1
iroin ricociit. nniiDiini ukiik ran"
motion to & position of wldar oppor
tunity; nti woncinr Knowledge or
brokerage. Write C 312, J-.ed.rer
Offlcw.
swy
-V-
A GRAPHIC CHART
OF LIBERTY BONDS
TELLS AT A QLANCE THE PRINCI.
PAL FEATURES OF THD SEVERAL
LIBERTY LOAN I8SUE8. AN IN
VALUABLE AID IN MAKING OUT
INCOME AND SURTAX REPORTS.
--SENT FREE ON REQUEST.
BAKER, AYLING & YOUNG
LAND TITLE BUILDING
BOSTON PHILADELPHIA
BUSINESS IN CORN PIT
EXCEEDINGLY SMALL
Prices Move Erratically Late
Months Weak Oats
Are Firmer
RAILROAD, INDUSTRIAL
PUBLIC UTILITY
BONDS
Lilt on request.
MARTIN & CO.
Ill WALNUT ST.
w
Edward G. Budd Mfg. Co.
8 Pfd. Stock
Circular on request.
Townsend Whelen & Co.
80S CHESTNUT STItKKT
OnAIN BELT WEATHEn FORECAST
Chlmgo, .Aug. .8. Illinois. .Missouri.
Minnesota. Iowa, Nebraska and Kansas
Fair tonight and Saturday: not much
change In temperatures, w sconsln Fair
and continued cooler tonltht: Saturday,
fair and silently warmer. North Dakota
Fair tonight and Saturday: warmer to
night In west and north. South Dakota
Fair tonltht and Saturday: warmer to
night In extreme went. Montana Partly
cloudy weather, with scattered thunder
shower tonight or Saturday In west and
north central: cooler, Wyoming Partly
cloudy, with thunder showers tonight or
Saturday southeast and extreme north
west. Chicago, Auk, 8, Business In corn
today was the smallest In some time,
nn,d prices again moved erratically.
September reflected stnbillty in the cash
article, due to small receipts and pros
pects that they would continue light
and displayed firmness, with shorts cov
ering. I.ate months generally were weaker
owing to a poor demand, because of
apprehension that President Wilson's
nddress to Congress this afternoon
would have a bearish Influence on Quo
tations for all foodstuffs and the un
favorable labor situation, but they end
ed steadier on covering.
Oats were firmer, on the cash sltu-
ntfnn nnd In fliittclnntlnn nf bullish crnn
fifrnra. Vnrfttirnnra ill nfter hANVF Antl '
and were reported to be bidding big
prcmlus, but the rail situation is
against the moving of grain.
Leading futures ranged as follows:
Corn (now dellvery
Open High Low Close
Sept. ... 188 1.H0 1.8SU 1,80.
Deo. .. 1.4V 1 BUi 1 47K 1.80't
Oats
Pent. ... 72.. 74. Tl'a 74
Deo. ... 74tt 704 74t
ForK
Sept. ...45.50 48.08 44.05 48.00
NEW YORK BOND SALES
TnnATS rant: tn T.inmTT nom.
8att9 of Mbtrlu Bonds tn the Btaek B
thamom carry inltrent to dots o ante. TM
seller recrivss trial Inleresl, la aoVfliloa (s
the sals price e Ihe eose".
Sales In
11000
.Tin Liberty 3s...
141I,ibcrty 1st 4s.
350 Liberty 2d 4..
27 Mb 1st 4V4g..
1002 Lib 2d 4Vs...
2.-.21 Lib 3d 4V.B..,
4214 Lib 4th 4U".
701 Vic Nts ay,.,
13011 Vic Nts 4,)is.,
High Low Cloto
00.84 00.70 00.72
04.10 04.10 04.10
03.20 03.00 03.10
04.24 04.00 04.00
03.30 03.00 03.32
05.00 04.70 04.04
03.00 03.00 OS.fiO
00.00 00.80 00.80
00.80 00.80 00.84
21 AT4T 0s....l014 101
101
80
DT
SO
70
01
00
07
00 Vj
00"a
07 7fc
07 Vj
CO
75
100V4 100H
05 05 Vj
r.7 C7
78H
pt. ...4
Ijirrl
Sept. ...80.08
Oct . .
HIDS
81.82 80.78
81 12 an 80
31.16
31 OO
Test.
close
1 88.
1.S0S
72U
75
45.00
81.30
81.10
ESNANClAIi
Special Mcattnga
EP"
TIIK HUMINODON UKOAUTU?
MOUNTAIN RAILROAD a COAL
Notice ' hsreby given that a epaclal
iMtlne of the stockholder! of The Munt
"Sdon Broad lop Mountain Railroad
Coal Company Is called to convene at the
ienerel omces of the company lsos Norm
American Bullfllng. Broad and Sansom Bts..
Shlladerphla. Pa., on Tuesday. August lathi
Ml, at ; ia o'clock noon, to take aotlon In
rsference to entering Into an agreement
with the Director General of Kallroade re
latins to compensation to be paid for the
us. ard control of the company" a railroad
Eroierty and the operation, maintenance and
return M euch property and other matter,
eonneelsd with or growing out of the Federal
Control Aot er the taking over of suoh
rropertr br he rretldent of the United
"' J. D. OORMLET,
PMdndg
PIVOT BUTTON COMPANV. INC.
814 Cherry Street, Phllnderphla.
Philadelphia. July 23. 1910.
At a meeting of the Board of Directors,
held this day. a dividend of two (2) per cent
waa declared on the capital stock of the
Company, payable on August 18th, 1019, to
shareholders of record on the 81st of
July. 1010. DAVID 8In3IUIAN
Secretary.
TIU5 CENTRAL NATIONAL DANK
OF rllLLADKI.l'IHA
August T. 1019.
The Directors have this day declared a
Quarterly Dividend of Six Ter Cent, free of
tax, payable on demand. Checks will be
mai"d- WM. T. CONRAD.
Cashier.
Sept
T.
Asked.
20.00 25.05 25 60 t26.05
NEW YORK COFFEE MARKET
Now York, Aug. 8. The coffee mar
ket was quiet and without special fea
ture of any kind. December sold" to
20.85 at XX o'clock.
The Sao Taulo weather map showed
seasonable conditions with no signs of
frost, leaving nothing in the way of a
possible crop scare on which to bull
prices.
Brar.ll Is finding the European de
mand much less than counted upon,
and with a poor demand from importers
here, bears look for considerably lower
prices, particularly after the danger of
frosts to the September flowering has
passed.
73
75
00
8S
70
SOV2
31
08
02
47
85
B0
10
051,4
334
83
83
07
70
03
80
Opei
50
en
OS
High
20.70
July .
August
September . . 21.07
October
November
December 20 80 20.83
January
February
March . 20.72 20.80
April
May ,
June
Low Close
20.50 '20.20
21.03
21.07 20 05
20.S5
20.73
20.83 20 03
20.05
20.68
20.85 '20.83
20.62
..20.70 20.70 20.70 20 00
20.85
Test,
close
20.65
21.33
21.20
21 00
20.110
20.80
20.88
20.88
20.80
20.78
20.75
20.70
DIVIDENDS DECLARED
per cent
to stock
Cnsden it Co. Quarterly of 1U
on preferred, payable September 1
of record August 12.
United Stores Company of America quar
terly of Hi per cent on preferred, payable
September 15 to stock Pt record August 20.
1 Amb. writ l'a is w,t, r'vj
328 Anglo-Frch Gs. . 07B,s 07
1 Armour 4s ... 80 80
23 A T k S V gn 4s 70 70
5 Atl k Charts.. 01 01
12 A S k U 5s... 87 87
04 n k o os 00 n"1
2 Beth Steel 1st.. 07 07
7 City of Mars 0s 00 00
4 Citv of Hord 0s 00 00
11 City of Paris 0s 07 00
3 Cent Ga 0s 07 "Vj
2 Chi & Alt 3s... 50 50
n Pont Par 1ts.. 75 75
2 C 11 It N ,T 5s.. 100
42 C II k Q Jt 4s.. 05
SCO W 4 57
12 C M . St I' cv
4s 73
2 Chi Itys 1st 5s. 75
4 C 11 I k T rf 4s 00
87 Chile Cop ret V 80
5 Cols In Clt 5s.. 70
4 Col S Ex 4s.. 80
77 Cons Ons cv Cs.100 100 100
11 Cumb Tel 5s... 02 02 02
5 C . R I 4s ctfs 31
10 Dm of Cn 5s, 21 08
3 Erie l'a 4 02
5 Erie cv D 48
2 Great Nor lsts. 85
21 II k M fde Rs A 50
20 Hud & M ndj . . lOft
172 I It T rf 5s '00 05
0 Int Met col 4s 31
0 Int Agri 5s .... 84
5 Jap 2d Scr sta 83
4 K C Fts & M 4s 07
1 Kans City Tr 4s 70
4 Lacka Htl 5s '50 03
2 I, S & M S 4s '31 80
3Leh Valley 0s .101 101 101
5 Long Isl 5s '37 73
r.Mldvale 5s 87
141 Marine 0s 0S
10 M. K. k T fdg 45
74 Mo Tac gen 4s. 58
OMont Pwr 5s . . . 01
2Mor k Es 3s 71
00 N V Cdb Os 07
ION Y Cnt 3s.. 70
INYO St L 4s. 81
4 N YOELH&PSs 87
7NYNH&H cv Os 70
4 N Y O k W 4s. 07
13 N Y Itys adj 5s. 13
ON Y Tel 4s . S0
17 N k W cv Os.,100 105 105
0 Nor Pac 3s .... 50 50 50
5 N O T k M 0s. 05 05 05
0 Ont Pwr 5s . . . 00 00 00
2 O S L 0s lwrn 10 100
2 O W It k N rf 4s 73 737,4 738
103 Pierce Oil '20.. 107 100 100
1 Pore Marq 5s.. 83 83 83
22 Pa 5s 'OS 02 01 02
10 Ph Co cv 5s '22. 03 03 03
20 Heading gen 4s. 80 80 80
17 St L Swn cn 4s 00 50 50
Sales In
HOOO High Low Close
OSt L k I M 4s.. 78 77 77
21S A L ref 4s.. 51 51 Bl
13 So Hell k T 5s. 89 88 88
511 80 Pac cv Cs...l01 00 101
14 Ro Ity g m 4s.. 04 04 04
120 St L k H V
Jnc J" 47 47
8 Tex Co cv Os.,.104 104 104
14 Third Ave adj 5s 35 34 34
30 IT K of C, n k I
5s 1021 ... 08',,
2 I'n Pac 4 844
1 V It It 8f fdg.. 32
40 i; S It & I 5. T7
35 U S Hub ct 5s. 87
14 U 8 Stl Bs ....nil
1 U 8 S cV It Os.103
4 U 8 of Mex 4s. 53
5 Va Ity 5s 804
1 West Mil 4s .... 50
3 West Pac 1st.. 83
122 Wilson cv Os... 07
08 08
84 84 "55
82 32
75 75
80 87
1005,4 100
103 103
63 53
80 80
50 50
83 83
05 00
..P!i"'! 114,780.000. compared with
.lo.M'ft, eelrlav. hn. e. . w- t. .it
610.0(10 gam, Den0d 1,,, wk 8nT.44S.O06"
!!!
sat
73
75
00
88
70
S0
31
08
02
47
85
50
10
05
33 I
83
83
07
70
03
80
BUTTER, EGOS AND CHEESE
,N" )'ork, Aug. 8. nUTTErt steadv In
i-E .r?JlV. neleta. 7517 tubs. Hlgh-scor-ki,T'1M'r!.."".!!)
i'V- outs do: firsts.
5;5;,1 conds. 445ii,c: state dalrv,
HGCIS Irregular Receipts, 10,887 cases
Freeh githererl 53B6C! siortae packed
extra firsts. MV4 0se; gathered extra Ural.
61 JJ 68r dirties. No. 1, 89M(lo: dirties. No
2. 80J8c. rheckc. undergrade. 20rai;
(lrsle. 47HBBOS4c: seconds. 4447c- stele
and nesrbv hennery whites. 6"l7n'to.
KtStr."1 ',h"'. snlBSc- western whiles
48B30c Pacinc Coast BB?6cj western and
southern gathered wnites, r.our.ine; state and
nearby hennerv hrewns. ti8tT62c: gathered
browns srd mixed colors, 88tf87c, fair to
prime. 45frrt.V
CHEKHI-Veak .Receipts. 3825 boxe.
r.'?t-rurreat make, colored, nversge run.
814 932Ue, flat current make. hfte n
ersge run 314 T82e: colored sneelals. 821,
88Ue: white specials. 324 4T38S r
73
87
07
45
57
01
71
00
70
81
87
78
00 V,
12
80
3
87
08
45
57
01
71
00
70
81
87
78
07
80
4
u
J
Hp.
r-
H,t
New Issue
$5,500,000
Austin, Nichols & Co., Inc.
7 Cumulative Preferred Stock
PREFERRED AS TO BOTH ASSETS AND EARNINGS
Otarterlr dividend dates, first days of February, May, August and KoTcmber.
Redeemable at option of the Company at 11! and accrued dividend
CAPITALIZATION
' To be To be presently
Authorized Outstanding
7 Cumulative Preferred Stock (par $100) . . . $15,000,000 $5,500,000
Common Stock (without par value) 150,000 shares 137,000 shares
Votine Tnut Certificates.
For information regarding the above Preferred Stock (to be issued by a new com
pany succeeding the present Austin, Nichols & Co., Inc.) we refer to a letter dated
August 1, 1919, from Mr. Harry Balfe, President of the existing company, who is to be
Chairman of the Board of the new Company. Copies of said letter should be obtained
from the undersigned. Mr. Balfe has summarized some of the statements in his letter
as follows:
The company ranks at the largeit wholesale grocery concern in the United,
States, the business having been established some 64 years ago.
The position of the business is being greatly strengthened by acquisition of the
stock of The Fame Canning Co. and control of Wilson Fisheries Co providing an
assured supply of high quality canned goods, arfd by the addition of the "Certified"
and other grocery product brands popularized by Wilson ft Co.
Consolidated sales for the last fiscal year were approximately, $38,000,000.
Consolidated statement of total net assets, including new cash working capital
now being provided and including earnings of current year to date, show the equiv
alent of about $160 per share for the new Preferred Stock, the net quick assets alone
being over $107 per share. This is exclusive of trade names, brands, etc.
Consolidated net profits (including those of the canning and fisheries business
and the net results derived from the sale of "Certified" and other grocery lines for
1918 alone) after depreciation and before allowance for Federal Taxes, based on inde
pendent audits, for last three fiscal years, averaged $1,378,947 per annum, these net
profits for the last fiscal year being $1,542,284.
Consolidated net profits for the current fiscal year, before allowance for Federal
Taxes,- are conservatively estimated at $1,650,000 and after estimated Federal Taxes,
at $1,310,000 or about 3.40 times the annua dividend requirements on the new Pre
ferred Stock.
The company is not to create any mortgage on its real estate or equipment without
the consent of at least two-thirds in amount of the outstanding Preferred Stock.
A cumulative sinking fund for the purchase or redemption of the Preferred Stock
at not exceeding 115 and accrued dividends is to be created by setting aside annually
from profits on March 1st, commencing with 1921, a sum equal to 3 of the aggre
gate par value of the Preferred Stock issued.
Application will be made to list the Preferred and Common Stock on the New
York Stock Exchange.
Messrs. Price, Waterhouse & Co., Public Accountants, have examined the books of the
various constituent companies for the last fiscal year and Messrs. Kelly. Gray & Co., Certified
Public Accountants, have audited the books of Austin, Nichols & Co., Inc., tor the past three years.
The legal proceedings in connection with the issue of stock are being passed upon by
Messrs. Cravath & Henderson and Messrs. Hornblower, Miller, Garrison & Potter.
Delivery may be made in the form of Interim receipts which will, by their terms, be
exchangeable for stock certificates "when, as and if issued.
A cofy of the full provitions covering the rizhts and preferences of the Preferred Stock will be furnished
, as soon as available, and reference thereto is made for all details.
We offer the above Preferred Stock, subje ct to prior sale, "when, as and if issued
and received by us,"
At 98 and accrued dividend
CIRCULAR ON REQUEST
William Salomon & Go. Hallgarfen & Co.
6 Broad Street
NEW YORK
6 Nassau Street
NEW YORK
The MrejnentSr presented abort, while eot guaranteed.. ' jebtalaed from sources wblcb w bellere ts be rellabie,
..ft' r ' " - ' ' " ' -.,-
FEARS OF POOR CROP
HELP COTTON PRICES
Market Develops Firmness Fol
lowing Weakness in Early
Session
BUSINESS NOTES
COTTON HELT WBATHEn CONDITIONS
New Tork. Aug 8 The following tem
peratures were recorded In the cotton belt
this morning Atlanta Knoxvllle snd Ban
orpus Chrlstl melanoma
Macon and Thomasvllle,
AUgusin nn
Antonio, 72 Co
i tj, M,mrn .
74: I.lti n,.! ,. ...
avanrwh 7n icrr, smith viru.hurrr. Ten
sacola. NashMlle. Wilmington Tamps and
Jacksonville. 78, Oalveston. -New Orleans
."?. 9.h"rl'",ton. 80. The following pre.
ctpltatlnn.- ere r.-nrrtert Memphis 04.
J"n,8Jo,'rv and Wilmington. .0. Knox-VJL,-I0!
'-'HI" Hock 22 Fort Smith.
42. rensacoha 1 08
New York, AK. 8. Fears of
crop news before the end of the month,
August bcinc rceartled as a time of
dancer for the plant, induced a bettor
demand for cotton today and the mar
ket developed firmness followlns weak
ness In the forenoon.
Rood buying orders were encountered
on all reactions, although Hnal priecN
were below the top.
The clooe wns steady at a net pain
of III) to 72 points.
Vest Tntl's
rhff niKn High
pec 81 0 81 00 8J 10
it" .. IS J?? " ft 81 no
March 80 pr. si oo SI
May .81 on si 18 ai 82
Mild 8' " 31 m 31 "
Htissla has placed stringent restric
tions on the shipment of furs from that
country, and as a result It is thought
thnt the present high prices of furs
will be driven even higheir. Some
large consignments are expected from
Russia, nnd. If they fail to be received,
the present shortage of skins will be
aggravated.
No Change In Refined Sugars
New York, Aug. 8. Thira was no
change in tho refined sugar market
this morning. Fine granulated was
quoted at 0c, less 2 per cent for cash.
None of the companies was in a posi
tion to accept new business, flaws
were nlso unchanged at 7.28c for 00
degree centrifugals. The 1'nlted States
equalization board made no purchases
of raw sugars yesterday.
The Yokoliam.1 raw silk market lias
recovered quite a little of the grouud
lot In the recent slump. I.ate cablei
tell of a gain of thirty ven per plcul
In the price of Slnshiu No. 1, which
puts it at 2270 yen Shipments of
.Tananese silk to this eouutr.v duriuc
bad1 July totaled 21,000 bales, agnlnst fil)0
Low
80 80
RO RO
30 70
80 70
.10 7S
Last
81 .ISlfTBI
81 85 ft 85
81 8.1 70
81 flifi72
31 70075
OTHER FINANCIAL NEWS
ON PAGE 16
bains sent
period.
to Europe in the same
Many of etlte public works In the
Dutch I'nM Indies, which were sus
pended during the war owing to the
scarcity of mntcrlnK are being re
sumed, and a demand is developing for
plant equipment and materials for
water-works, electric and railway uu
dei'tnkings nnd harbor Improvements.
I'nder the patronage of Hlng Albert
)fItelglum. the Department of Com
merce announce an international con
gress of nllied nnd neutral associa
tions of industrial invcntois, artists,
nnd other "intellectual groups connected
with indi'strlal pinperty." will be held
at Ilrussels from September 2 to Sep
tember 0. Notice of the interallied in
dustrial congress was sent to the de
partment by the Helglan legation in
Washington
New
eel ven
London Metal Market
Vork, Aug
nt the New .
8 Cable advices re
Vnrk Metal Exchange
nuoted prices In I.opnnn mis morning s rni.
Inns Tin Spot I-'", a aecun" pi 1.1. in
ure,' 258. down U, and straits. 127.1.
down 13 Sales -Spot 50 tons and futures.
"50 tone Standard coppert-pot. 185 10a.
Roth up 10- '?F'iA.V!at?ttl
12nn tons i.ir' hui,m ,"rr,i i' ' j "'V'
rton CI futures sue on in "'i apoi
("4 2". ani luiur... - i" '" "i uii-
rhanifd Sn l'r--iot ISS ins futures HI
10s noin unf-nansen.
Liverpool Cotton
ii'b
v t . i ... o rtM. ...... . ai ?V -
(nnstlft Ae inAr ftttftTI IftAmV. tlTtf- Vie.M ..'. ,
were weak on the bails of a dtcllni-otn ,
51 points for middling at 18.53d. 'The4
sale were 0000 bales. Ths receipts t
were l,uvu uaiee, iuuiuuiub iiiAAf vsieei Y.u
American. Futures were easier In tat A&
.eelv .leallnee. ftnnt nrleea ret A
American middling fair. 21.00(1 ! a-newT ''T
lnlddllng,in.03d ; fully middling, W.131 J '
middling. 18.153d : low middling, 16.87d J
good ordinary, 15.13d, and ordinary
14.00d.
BAR SILVER
Commercial bar silver was quoted lit
New Tork today at $1.11 an ounce,
an advance of le. In Iondon a gala
of A waa made at 58d.
AMERICAN SHIP
and COMMERCE
CORPORATIpN
Circular on Request
Chandler Bros. & Co.
Membera New York Slock Exehang
34 Pine Street 1338 Cheatnut Street
New York
Philadelphia
HEW ISSUE
$15,000,000
City of Copenhagen
Municipal External Loan of 1919
Twenty -five-Year 5l2 Redeemable Sinking Fund Gold Bonds
Dated July 1st, 1919 Due Juiv ist, 19U
Interest payable January 1st and July 1st
Coupon bonds in denominations of $1000 and $500, registerable as to principal only.
Principal and interest payable at the office of Brown Brothers Co., New York, the Fiscal
Agents of the Loan, in gold coin of the United States of America of or equal
to the standard of iveight and fineness existing on July 1st, 1919.
Payable without deduction for any Danish Governmental or municipal taxes or
Danish taxes present or future.
other
The Loan is to be repayable, by means of yearly payments of $750,000
in United States gold coin, to be made in the year 1925, and in each
year thereafter during the life of the Loan. Such payments wilt
constitute the sinking fund of the Loan, and are to be applied on
July 1st, 1925, and each July 1st thereafter to the redemption at par
of bonds whose numbers are to be determined by lot.
The City may at its option increase the amount of any sinking fund
payment.
Copenhagen, the capital of Denmark, is the chief seaport and leading commercial
City of the Kingdom. Situated on one of the largest harbors of Europe at the entrance to
the Baltic Sea, it holds a strategic position for world trade. The City has by far the most
important Free Port in Scandinavia an advantage of much consequence in the commerce of
Northern Europe. From 1895 when the Free Port was established to 1913, the last full year
before the war, the annual tonnage entering Copenhagen increased from 260,096 tons to
1,801,299 tons. The population of the City is 550,000. This is nearly one-fifth the
population of the entire Kingdom.
Loans of Copenhagen have always been held in high favor among European investors.
In normal times these loans were issued at rates of interest of 5l2 and h. The total debt
of Copenhagen including the present issue is approximately $89,879,200. The debt of the City
has increased relatively little during the entire war period. We are advised that no other
foreign loan will be issued by the City toithin one year.
We offer these bonds tohen, as and if issued, at
93 xi and accrued interest
yielding, according to the redemption dates for which they may be drawn by lot for pay
ment at par ($750,000 bonds to be drawn each year), as folloios:
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
1934.
6JB4
6.6S
6.56
6.46
6.39
6.33
6.28
6-24
6.20
6.17
Average yield 624
1935 6.14
1936 6.12
1937 6.10
1938 6.08
1939 6.07
1910 6.05
1941 6.04
1942 6.03
1943 6.02
1914 6.01
Pending the preparation of definitive bonds, temporary bonds of the City of Copenhagen
will be delivered against confirmed sales. It is expected that the temporary bonds will be
ready for delivery at the office of Brown Brothers & Co., 59 Wall Street, Neio York, about August
18th, 1919.
All legal matters pertaining to this issue are subject to the approval of our counsel,
Messrs. Cravath & Henderson of New York and former Minister of Justice, Supreme Court
Counsellor Fritz Buelow of Copenhagen.
BROWN BROTHERS & CO.
LEE, HIGGINSON & CO.
August, 1919.
J. & W. SELIGMAN & CO.
WM. A. READ & CO.
VaU m fttpontibWly U ume4, faorMerfea'ti sake res, tewee rftfo tee eelieve so es reliable
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