. .V-yi4inyVyff'w'V'V' r T if-j"
ft.
i
EVENING? PUBLIC LEDGER- PHILADELPHIA, FRIDAY, SEPTEMBER 12, 1919'
tt C I
25
i .
j!--w!('.:,r5iwf!, i-.tf-jeWnmss, J . ;u.,.wv u , . -i .;.) tv-
What The Annalist Does
for Business Executives
IT charts weekly the commercial
progress of the nation the
changes in prices of securities and
raw materials; the fluctuation of
gold reserves and bank clearings,
of exports, imports, etc.
It discusses through short, au
thoritative articles the business
legislation, the foreign events and
the domestic forces of importance
to executives.
It interprets the facts and fig
ures that control the financial and
economic developments of the
country. Send for sample copy.
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The Annalist
A Magazine ot Finance, Commerce and Economics
Published- by The New York Times Company,
Times Square, New York
The Annalist as an
advertising medium
lVfEN who are interested
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United States Treasury
Certificates of Indebtedness
Dated September 15, 1919
TAX SERIES
maturing as follows:
4 issue due March 15, 1920
4 issue due Sept. 15, 1920
Coupon Certificates in denominations of $500 and upwards
FREE OF NORMAL TAX
May be used in payment of taxes or held to maturity.
Treasury Certificates of Indebtedness maturing on or after
September 15, 1919, will be accepted at par, with adjustment
of accrued interest, in payment for Certificates of above
issue.
We will receive subscriptions for these Certificates
subject to allotment at
Par and Accrued Interest
GIRARD TRUST COMPANY
Broad and Chestnut Streets
Philadelphia
MEMBER FEDERAL RESERVE SYSTEM
We solicit subscriptions to
United States Tax
Certificates of Indebtedness
Dated Sppt. 15, 1919
Due March 15, 1920 4y4
Die Sept. 15, 1920 4V2
Free of Normal Tax
May be used in payment of taxes or held to maturity.
Certificates due Oct. 7, Dec. 15, Jan. 2, Jan. 15 and Feb. 2
will be accepted in payment with adjustment of interest.
Price Par and Accrued Interest
FIDELITY TRUST COMPANY
, Member Federal Reserve System
M!n Offioet
;i,S3.331 Cbatfaut Strit
. 43.13 fen rur,A Star
Broad, StMt Offiet
N. EI Corner of -
Broad and 'Cltsttm S tract
PRICES HOLD FIRM
IN COTTON MARKET
Storm Losing Intensity and
Moving Toward Texas Coast.
Support Is Fair
LOWS ON MOVEMENT I
TOUCHED IN CORN PIT
FINANCIAL BRIEFS
COTTON riCI.T WEATHEJl CONPITtOVR
New York. P"PI 12 The fftllnwln tm.
rfrlturr rr rponrdid In tli rntlnn
.11 thlt mnrnlne Nhlll c.'. Okln
horn. Clt nj Knottille M Knrt Sm'ih
nil Memphlk "H AMI'nc mm AIItint. 70.
Nhreveport Vtcksbure nivl Maron. 72.
MfrldUn. 74. h.m ATinnlo Mont"mrv
ChirlMInn SsMpnsh on-t wilm'nirtnii 7n
Cnrpui Chr'tti Ww Orl'-nn. Ptnsirolti.
Aurusta TamrM nn.l .Tt 'krnnull. iS
a(ilpiton SO Th. f.il'nulnar nrerlmtstlon
was rtcPriVi Mrrlli.,n hm.1 Tort Smith.
.01 Jarkorvttle ftit Ban Arlonlo. .00.
Knoltp. 12 and Allinu HO.
The nPrnRP prlre of twenty nrtive in-
. dustrlals declined 0.01' per rent yet-
r. .. p, . . . terday to 107. IVS, while twenty railroads
Drastic Declines Preceded byidM.nwI n.2s ,, r,nt , so.ir..
Strength, Sentimot Early Fa
voring Buying Side
material extent and Is prepared to
handle much larger ijnniit Itirs nf the
white metal, and became of this there
are many who are confident that Amer
ican Hmeltinjr will within a reasonable
time again range above par.
.Tone St Itaker say
'Settlement of
GRAIN HEI.T WEATHER FOnrXAPT
Chlrnm. Sert 12 --!lllnM Fair to.
ntuht anil prnimbu SatuM MIourl
Kantaa and Wlrnnln Fair lonlclit and
ProhaMv SatuMav Mlnnojota and Iowa
rarttv rloufiv tnnlKht nnd SMurdav
wnrm-r tonlcht North Dakota rnt
tlert tonight Faturlft probahb cooler
Fouth Dakota Part clouds rooW wrjt
and contra I Saturday NVbra.ka Fair
tontcht and Pattirda coilr tonight lit
crt and north Mirttam and MinmlnE
Fair and cooler tonlnht atid ?Utjnla.
Chlragn, Sept. 12. Further material
looses occurred iu the corn market to
New York. Sent 12 Earlv burins
order of overnight origin duo to the dnv. new low records for the mmement
gulf i-torm caused initial advances ofidcing established.
r to L'-J points thi morning and tne me urustic ueeunes were preccnen i divitlenrls mi
market was Fiitainrd later by good . liv Mrength, pentiment being morel
i A bitn nA.r.i fnwnrrl Houidatlng i .. .. . . .
.l." ' , . j . -i. hij.j. -r .1,., ,the strike at robalt. the premier silver
American Hide and Leather preferred : mining district of ranada. on a basin
stock is taken in the announcement vlrtunllv a victory for the mine owners
thnt the president of the company ,, 0SprrlliIv gratifying at this time .The
had selected the personnel of the
commiltee t decide on n plan of re- I'M" t' " llng around 51.1.1 an
capitalization. One plan under ctmMtl- ounce with higher prices predicted. In
eration. which Is admitted, to he equit- fnct while the mini's at Cobalt were
able bv some of the common shnrehold- n..pr a,van,.e(l from ?1 07 tin
er. I' for the company to Issm in
lieu of the back dividends, ?S..T0n.fH. """" !""1 nr" """ ''e P '" "
new preferred, which is the amount of ' loss caused by the shutilowu "
the bond tlint bus been retired. If
this is done the capitallr.atinn would I The l.dge bill when passed is likelj
be JL'l.Onn.tVlO preferred and .11.fIHI.- to be ery faornbv regarded. With the
000 common, with an early prospect ot Webb-Tonierene bill enae'ed there can
the latter issue.
The Annalist, Times Square, New York. Send me a sample copy of The Annalist.
Name Address
support fot Liverpool at count and u
rumor that the National Winners Asso
ciation mid-month ronditinn figures weie
fifi.o, against the bureau figures on
September 2 of 01.4
After the opening prices advanced
slightly, but, on the whole, merely
held their own, ns the latest storm
information seemed to be that it was
losing its intensitv and moving toward
the Texas coast
The earl) bu.iing sent prices in the
cotton market about 3." to ."0 points net
higher, with December deliveries sell
ing at 211.40, or 10."i points nboe the
low leel ot jcsterda morning.
At this level, the market seemed to
meet increased offerings while there
was a slnekoning of the demand from
shorts, and prices reacted 2," to 30
points from the best.
Selling was held in check, so far as
fresh speculative accounts were con
cerned, b) the uncertainties of the storm
situation, however, and the market was
fairlj stead during the middle of the
morning.
The receipts at the ports for the day
are estimated at 12.000 bales, against
330;; bales a week ago and 12.S0.T bales
a ear ago.
Tft TodaVj n 10 IU
elo or.n
be no complaint nbout the scope ac
corded American business In its foreign
friendlv to the buing side earl . helped Snnntnr rnmmln'a amendment to
by an advance in live hogs and a steadier i ,j, railroad bill providing for a guar- operations,
feeling in sterling exchange Cash and ' !lntP(, 0f Pnrnings b the government
elevator concerns were among the takers aftrr )n roa,,, nr(, rt,(,mlcd to private i ' "J i" uhtreasury ga ned
carl. operation was accepted with reserva- ".OOO from th. bank, jecferdav.
There was a continued absence of out-I Hnn, ,,v ,,oth rniroBfi an, financial ""iking a cash net gum since rldiM
side support and traders got filled up',,irPlef. ' ,of 91O.L-li.nti0
on the bulge. When an attempt v.m , ., , m. . , ,
nio , !. ,fifs on merhniiPht LVimatcs hae recently been made' The membership of Otto Zic7.onis in
' .!..... ...., .-...I ... .!..., Xa... Xl .f-rtT.. ,,. sI.,A t-vnl, ., tt.r.i
condition was uncovered and prices i tending to show that the total capital -sew ''k' ""' "' '
declined rnpidh under a general iuh.of the eonipinlcs engaged in the auto- has been sold to L S Harhe for SK000.
to unload September suffered the mobile lmmirss j, pproximatelv SI.- , a derrease of ?.,I10 from the previous
greatest drop and its weakness was dis-I.Vin 000.000. which is nearly S.'OO.- sale.
turbine 000.000 grc.Ver than the total capital .,.,,.
rinnll, there appeared to be a com ' nf .national banks in the fnited States I All transactions in Lehigh al lev
unnin. mere appear i i -,n.i nf the national Ha road common must be aecompiinicl
pete absence of confidence in the bull I" mi i 1 he capital ot me miunum i,.,i .,.i,i
side, and bears pressed their advance banks was about .0.000,0 in that M J 'Ij;:
inrd. All demands were sup)lied easih
The volume of traillng.wao hoav The
cash article was weak and offerings weie
more liberal
Oats followed the .trend of corn The
market was higher early on buing bv
commission houses. Offerings then
were lacking, but traders got long on
company receive the money due fro
the government.
According to street gossip, Bcliwafcj
and associates acquired Vanadium CoraU
pany of America for $4,000,000, tttt
ling the Klannery group $RO0 per thtrs
'A
Krederic A. Lanahan, connected fnjj
some years with the trust department o,
the Provident Life and Trust Corapn$!4.
has resigned to take up field work a .
agent for the life Insurance department
of the same company. J
Approximate preliminary flfurei ot
Porphyry Popper output for AucunK
arc: T'tnli, S.440.0OO pounds; IUyi
a.sa-i.noflj rhino. ?3.321.W7. NYvadi.
cloved during August on account oil
strike.
Lackawanna Steel, more than any ob
its competitors, should benefit from
resumption of railroad buying, of whlck
there are alreadv Indications as the per?
centage nf Lackawanna capacity de
voted to rails is larger than In the ctse,
of any other concern. In 11)18 Lack
awannn total production of finished tteel
was 1.000,024 tons, of which 240,303
tons or 22 per cent were rails, In tbtt
same year United States Steel produc
tion of finished steel was 13,849,4Ro'
tons, of which 1.471..r.0S tons, or a little
more than 10 per cent consisted of rails.
The Virginia - Carolina Chemical
Companv has called SIOO.OOO 0 per cent
convertible debenture bonds due May
l.'i. 1024. pavahle by the Equlttblft
Trust Compnnv. New York city, at 10?.
Interest ceases October 1.", 1010,
Surplus after charges and preferred
dhidcnrls nf the llrnr.ill.in Traction
Light and Power Compnnv. for the venr '
ended December 31, 101, amounted to
. ."f.fi,i'i72 This is equivalent to l 21
a shore earned on the S10R."1"i"00
common stock, as compared with a
the bulge and when they attempted to , of S4 r,i',.-...-.lS. or Rl IS a share
nnll.A k1,a., 1.M.l.n l,n..n!. ' ...
linnc Hill, llllllM' ll.lll'l,.
Shipments from Argentina for the
Ortobr
December
January
March
May
os so 2S on 2ft o i
2S 2H !( 00 2'l 30
2S 01 2I no
10 04 20 O'S 2B 18
'.hi os 2'i U
21 01
21 12
week were 41.000 bushels.
Exports of wheat and flour from the
Vnited Stntes for the week were S.OOO,
000 bushels, for the season the aggre
gated 7l.M4.000 bushels, against ."i.-
in the preceding car. dross rcenue
was i!.122.412. as compared is it Ii ?0.-00.-..
13? in 1IH7.
The matter of providing for the ?.".-
.-on 000 general mnrtgige .". per cent
bonds of the Chocta. Oklnhonri and
073.000 bushels in the preious season. c,ni Hailroid. an miderhlns prnpert
LIVESTOCK QUOTATIONS
Chlraco. Sept 2 HOGS R.cclnm anno
head P!ot uneicnh tead to W hUhi
than eterdav h central trado Top, $1R 30. '
henv Jian 17 T1 nr llu n. Sltl 7',H IS 2,1, I
IlKhmciBht Jl'l 71 'i is .in nBht llrt ,10ft
17 71 hfa packing m itmnoth flUTr I
1.1 PI roueh tl l"f 14 7S pig. Jl'i .103 17,10
CATTLE Receipt- SdfiO head Slow
Karl sales beef steer and Fhe etock steady
ut esterda s close Pulls 21c lower calvs
stead, western steadv feeders slow Kcof
steers, choice and prime M.I 7W 17. .10 me
dium and good MllfUoO common. $8 7.1tfi
11 Ilihtwcluht. Bond and cholie J13 7.1W
17 71. common end medium IK oT 11 .In
hutcher heifers. 50fft4 7.1. cows, (rt 2l
13 .10 cahes. I2nff21 10
RIinF.P ItecelptB inOfl head Steady e
to lambs Natles $11 10, nood western
wethers tlo
nttshnrtfi, P..
celpts. I3"ii head
t.eadlnc futures ranted oh follow
Corn fmw delierl
fip-n Hlsh Low 12.10
P'Pt 1 14 1 1414 I 52 1 52
Dec l i'hs, l ;n' 1 xi 1 2 iT
Ol's
Pert . e,oi, oi, o
Pec 71 71. 70
I.ard
o. t ;i c,i oj nn ;s - t;:
Asked
70,
Ye. I
r'ose
i n
1 -'.Vi
tr,s-4
71
Rl (2.1 til)
nf the Chicago. Rock Island and Pa
'cific Itiilwa. has been placed before
the authorities at Washington for ac
tion These securities fall due on Oc
tober 1 net and it was learned ester -dn
that the director general has been
I asked to furnish the requited funds or
I have them forthcoming through the War
Finance Cornoration The management
DIVIDENDS DECLARED
'itor Talkie Michlne Companv. dildend of the Chicago. Iloek Island and Pacific
of J20 rer share 'par lion) on common and . . . ,
,l l ., i,li l inviiru ,u, , , (,F wr. ODPT 10 IOl ll " Ml i l us " ' ' I" '
stock of record September 1
Home State Mlnlns monthh of .19 cents a i t. , , i . : .....,rt,t
share paiat.le s, member 21 to s'ock .if Seaboard Air -Line, it is announced.
iccord Scitember 2n agreed with the railroad ndmlnlstra-
Kauffman nr-pirtntent Stores, ouartcrh of , . . r ,
fl 71 on prrfeirl pfvi.iii. CJctnber 1 to I tmn upon the terms of its compensation
stock o( rj-cord eptembir 20. I contract which, when eiecuted. will be
International Hirre.ter Compim, uuar i ..., iL ,, .- i ,i
terlv of Jl r.n on common naahle Octolwr for St.,020,02.. annunlly. I nder the
11to stocii of r-cnrd September 2.1 m..,.ni ul.lch the roit has made with
rcw lork ".etltnl llai road rnmnam I "I-
United States Treasury
Certificates of Indebtedness
Dated September 15. 1919
Due March 15. 1920 434
Due September 15, 1 920 4
We invite subscriptions, subject to allotment,
Par and Accrued Interest
LOGAN TRUST COMPANY
of Philadelphia
1431 Chestnut Street
Sent i wnrss rc.
Hisher Heaie. Ji7Sj ' iuarterl of $1 21 a "hire, ra ,hie Noem' ! the administration, gross corporate in-
'U c, n,' ord" r.ZVJ' r.,... come for the two .ear-, of federal con-
oyarterly of 24 per cent on common nnd trol (last four months in 1010 csti
1W Per cent on preferred Common Is pav-, . ,. -., , ,c,o-io ti. ....,.,.
able October 1 to to.-k of record September mated I was S14.lnn.il3. The amount
Ifi . n.nf.er.J V..a a. I.A1.-. .... . . . . I a
of additional rninpoti-at.oii niiowou in
17 5ft htav -nrkrri US CI ft nn iiKht
orkprs 517 117 2 iis. lfi 717.
SHCKP AND LAMHS Hwlpts IShO
hfad St-ad Top shfip $H 2fl, top
lamttti J17
CALVES Kecetpts. loo had Steady
Top J22 50.
Mirkt ffc
in anl prrffrrfd Noumkr 1 to stock
rcra tx-ton-r i
HrltUh-Atnrican Tobarro Oomninv
I-lmittd a Olvkl. ml at thf ratp nf ." per
rnt per annum on nrffrrd for th" h ilt
v-ir from March 31 to September ,Tu
Vy Idenil Wrr Hntnh (nrmt tax. Ji pay-
nni" c,piciTit''.'r tw
Eaut niifTalo, Sept 12 OATTLK Ho-
pjntii. 950 had Marlt dull.
CALVES Rrretptff, 7,10 rnd
blcher. S7S5..M)
HOOP-Uprclpts. r,no had Market Bn.
3ft(f?75p lower He-nv SITTIfriirt ni..rs.
$1. pir $17 .10. rough. 514 r.osxi-, sue.! Ortob. r I tn itwk of record Sfnirmbr 17
JIO'QH Ore-it Wtterii Punr Cnmpain quirti rlv
SHECP AND LAMP3 Receipts 4C.00 nf JJ 7 on common find $1 7"i on pr f. rre.l
hend. Afirket slow .SO'ft 7.V lower Liimlm t and Ut-uil txtn of J10 nn .unimrin Ti I-
S f 1 7 jenrlinfct JTfflS aethers, jli 0'fi . "nus are pa m bit October 1 to &tock nf
10 ewfs 4ffi 50. mixed shep li9n ,Vi.
KariKas Cltj, Ma.. Sept 1L' HOGS Re-
trtpt .lono hid Steady llitk. J1A T.Mi
7 heavies MA rnff 1A 7ft medium SIR 7'S'if
1 .. Iljfhfj. SlSfi 17 10 iiBht llght.1 $151T
HI ,".0 picking sows $14" 1.1 ptk-s 512 0 ff
CATTLE Receipt. 2100 bead and MO
hnd rilvvs Sten Iv t lower Heiw cef
stpern choice and prime, tir.irf 17 no. me
dium and jrood. IU' 4(lfMS 7R rommmi
H 7i"rfl2 3fi. Ilj-'ht booiI and choice, $1J?
17 common and medium Jffo IS 1.i. holf
or J 3Mffl4. cow? Jrt 1.112. Conner!,
nnri cutters SASAffiMft ve-tl caUes llf
11 in freder steers. $s "WW 1'J "S. ftocKer
steers ( RO(??in 2.'i
KHI3RP Receipts fiOOO hend T-ower
Lamb til SOW is ip rulls nnrt cmmnn,
7fto;?ll jcnrllns" "ethers. JT "()f.j 11 2
ewes. Jrt io?7 s tTt mils and r"mmon .tir-f
0 2.", breedlnc ewes, JOffll 7."(. feeder Nimba
-"13 7ft t
KnM St. Tytil. Sent 12 HOS n-
ceiptK, finno hend Hlcher Hulk. HiATAfT'
17 ."f heaj. S1"Mn".". medium 111 2"ffl
is iicht. llOc'rlS lfKht llRhtn. rn .Vic
I Ifi 7.1. heaw packtnp sow smooth J13 .'Offi j
t", finvnniK ru n, I 'U)iii f j .IM'tl' J ' ,111,
plRI, SI, t7 lfi ,
CATTLB Receipts, 3ft00 head Steady.
R'ef Hirers medium and h-iw. choice aid
pr'me. 10 7Z(tt 17 7'i, medium .nnd irnod,
III .Wal3 no inmmon Ift 71i II llu-hi
pond and choice $in Snif' irt r,o. common ;md
medium 14 SAfflO .VI, heif'rs, U 7."i Ut .Ml,
cow- S17'iiIl.iO cann'rs ind lutters,
54 100 7.1 eal caKes. $1.1 2."n 10. feeder
steers. 7 50S7 12 .V), stockor ste rs. Ill .VI
CIO
PHKEP Receipts 2.10a hnrnj SfA(l to
low r T(ambs $11 IT 1 1 2.1. culls nn.1 com
mon, in & 12. yearling wethers 011. wcs
medium and chnif e $S(if, i ulla iin'l com
mon. 13.1 "ft
BUTTER, EGGS AND CHEESE
New ork. Sept It - HCTTlMt was rtrm
Receipt. I5,L'Jri tubs Hi?h bcorlne, flsi-.r,
fim, 57 '-4c inrlde firsts creamen , "4 4
.17c seconds, 404 fiftl tc statt iUlr , .Ml ft
.17c
EGOS were irrenular Receipts 2.1 211
cst-s Kresh Ratherrd extras M(t .Mlc.
s-ifiraBP p.tcktd rin-ts tiaff?4,c fresh truth
i red extri firsts .i:i nc rresh fathered
firsts 47m rile fresh Kathered second 41 fl
lie gathered extra first 47."lr dlrtlew.
Vn 1 8ff40r, Vo - 30 " 17c chrcks 3ff
She. chrcks underjrtadi 2.lfi33. (lr(s, 47
' t 4c. hecund 41 1 Ifi' , st dr and n irfov
bennery hii 73 " 7 "10 k it be red hltes,
I Olifi 72c: western whiten fiOi 72c, PicIHt
1 coqst, 75c westt-rn ." 1 outh(n pat tiered
1 whites, BOfifflc state rfnd nen,rb henner
I browns, fi2"?firte eaUiered brown and mixed
Tiw.lTc. fair to prime u.nc rerriaeratnr
No 1. 4.1frf47c. lefrluerator No. '2, 43(
41Uc
CilEESE was eas Receipt. 4.1.1 boxes
Flat, current make colored Hriite run.
oij ,inivi . flat current make while ar
.ijre run. 30if 30 V,e colored snet lals. 31 1
ai'ejC, white speclIri HflSmr
tlir inilrnnil wlimnKtrntinn wn su.; -IM
HI, nnd "a tht larKrt .o far nl
Inufd. Whon dividod over two jump
fVio Monhnnrd trrfi uoiUtl n rrnun ST. -
ri?,',in:Vr';hKVomSn,P1r;N;i"-s-'-. 'i " nvPnM tMV
nun the nrtuiil rnrlv roinpoii.nttnn tx
duo to othnr rorporatc InrciitiP rnjmocl
b tlio roail. '
Yo.otord'n ' rnifirKablo flPinotntralion
Spntrnhir 30 to stock of rpi nrH
hr -'" ..... ' tnoro vlntlii-nto- tlio tlniP-lionorril In
Iv nf 1', ivr ,--m pHiahlr iMnbor l m ' Jlitiotion of tlio etroot. tuner -I'll on I
'" n,...'"'nr! '"pi nihor is i striKo iipv k " Snino ppoplp, linppr '
Thf Mt Iirpv an.t Sonhnr Ili'lnml .,, . I
Compinx rulflr somlnnnual of ?'s irrltlPVPr will li'.'irn. j
rnt pial.lf Oct ibr t to Murk of r fui.ll
S'nVr'n,rrnrpor-..inn mitiii ..u-irmrh of Arronlinc to tatompnts in important
l'j iir rfnt nn 121 p.ir pin ihl. v ii. r III circle silver proilurini- proportips. pv-
to Mncl( of roonrrt SpptemWr 30 l . ., ., . -.. .. . i:i.i. '
, ppoinllv tlinip in Mptn'o. lire lil;p to
lipronip far morp iiroinincnt in stoel;
mnrliPt tr.itltnR It a said In soiop of
tliPo intprnst- that Airinrli'nn Smelting
ViViV
rronnl cnt.mhi'r 1.1
Hnrt i-ohiffnr A Mnrx rfimniiu
t.rn or !.. lir (ni on rrftrrrd pim !p ... .,. v.. V..-I. o..ol.- .'v..l...m on.-o
,.,. I " " " --; ........
o,'j i r
Ppt.
'VVVVmtfY
first
Pro hi
RAILROAD EARNINGS
lANVniAV NATIONAL H.I.U'
lflin In.T,
.-(! Si PI ST.17 411 IL'1
Inn I "" l7li MX i! Til o.'n
-
hns itipipiivil its siher proilurtlun to a
UPON request full information will be sent
you regarding the following bonds offered
by us:
School District of Kittanning,
Penna 4J
Borough of New Brighton,
Penna 4H
Baldwin Township, Allegheny
County, Penna. . . . 43
Chester, Penna. . . . 4
IL
v-tm r TV! vt r-srm
xv&uymisvz
lATAUUUU'(UAlAlAXlATAlAlA1X,XlJLlAlAlAlrJ7Sa
Tlicse bo)tdi arc jrec of the Pennsylvania slate tax
and all Federal income taxes
BOND DEPARTMENT
Mellon National Bank
PITTSBURGH PA
u I
3S I
LONDON STOCK MARKET
Conditions Customary at the Week
End Prevail Oils Strong
London. Sopt. 12. Oil sharps worp
stronK on the htook rxi'linngr today.
Shell Transport and Tratlinj; ns
II J -HI. firntul Trunks wore buoyant
on expectations that the matter nf tak
' lug over the lines lij the Canadian finv
j eminent will be arbitrated. Mines wpre
I good nnd donirstie securities were
I haidcr.
Sldetraekinc of the disrussion of "dl
reet artion" at the tradPs union con
Kress at Olapgow made seutimeut moro
elieerful.
There was no enlargement in busi
ness, conditions custoinarj at the end
of the week prevail Ins.
NEW YORK METAL MARKET
Nfv Yorli, t-'ept 12 Cable advice
received nt the Ne York metal ox
clianRP tpioted prices in London as fo.
lown: Tin Spot, f2S2 10s. an advance
of 2 10s; futures. f2T4 10s, up fl
iris, and straits. '-'S3 10s, a gain of
2 lOj. Sales Spot, 20 tons; futures,
S50 tons. Standard Copper Spot. J00,
unchanged; futures, 100 10s. off fla.
Sales Spot, none; futures, 3(50 tons.
Electronic Copper Spot, 100; fu.
tures, 120, both tinchanired, Iiatl--Ppot,
ffe.f5s5 futures, 2.1 Jfls, uu.
eht4.,V8peUer-Hpot. W 15! tV
turn, 4iil5s, fcoth tinchaoged.
..at j .t ' i ",
$1,500,000
Umited
Works, inc.
First Mortgage Seven per cent Sinking Fund Gold Bonds
Authorized $2,500,000
Dated June I, 1919
Due June
Issued $1,500,000
1936
Tax Refund in Pennsylvania and Massachusetts
Business:
The Company owns and operates seven plants located near the oil and min
eral districts of the Southwest, whevo it manufactures all classes of equipment and
machinery used in the oil and mining industries, including the erection of complete oil
refineries and tanks, and complete smelting and concentrating plants. The Company is
at present boQked to capacity for at least six months ahead.
Earnings: The Company has earned increasing amounts from approximately $50,000 in
1903 to $687,526 -for the year ending May 31, 1919. Earnings, after depreciation but
before allowance for Federal taxes, are now at the rate of about five and one half times
the interest charges on this issue.
Voting Trustees : The majority of the Common Stock of the Company will be deposited
in the hands of the following Voting Trustees until all bonds of this issue have been
retired.
WILLIAM T. KEMPER. Chairman of the Boards of the Commerce Trust Company, and the
National Bank of Commerce of Kansas City.
CHARLES H. COLE, President of the United Iron Works, Inc., Kansas City.
JAMES 1MBRIE, Imbrie & Co., Bankers, New York.
Price: 39 and Interest
Imbrie & Co,
BANKERS
NEW YORK
.
West & Co.
BANKERS
1417 CHESTNUT STREET
PHILADELPHIA v
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