'ct iSV'i- Ji " .. .. - V, .'hK M:Lipn ENING PUBLIC LBD&BR-PHIIJABEL1?HA, ilONDAY,' MBBTJAEY 2, 19 1920 i - i ?' - II f f" FREE OF THE UNITED STATES NORMAL INCOME TAX TAX EXEMPT IN OHIO . $15,000,000 The Sherwin-Williams Co. 7 Cumulative First Preferred Stock PREFERRED AS T,0 BOTH ASSETS AND DIVIDENDS Redeemable as a whole or in part at 105 and accrued dividends on 30 days' notice. Dividends payable- quarterly, March, June, September and December 1. Par value $100. Present issue i5,000.000. Total authorized, $40,000,000. A Sinking Fund Is Provided to Redeem at Least 3 Per An num' of the Greatest Amount of First Preferred Slock Issued. Transfer Agents Central Union Trust Company op New York The Cleveland Trust Company, Cleveland Registrars Empire Trust Company, New York First Trust and Savings Company Cleveland Application will be made to list this Stock on the New York Stock Exchange and the Cleveland Stock Exchange. From a letter to us from Mr. Walter H. Cottingham, President of the Company, wc sum marize as folloivs: 54-YEAR BUSINESS RECORD; The Sherwin-Williams Co. is the largest manufacturer of paints and varnishes in the world. The business was established in 1866 and in every year since then profits or dividends have been distributed. Since incorporation in 1884 common stock dividends have never been less than 8 per annum and not'less than the present rate of 10 per annum for the last 21 years. The $9,686,800 common stock now outstanding is quoted over 225, giving a market equity of about $22,000,000. PLANTS; The principal plants are at Cleveland, Chicago, Newark and Bound Brook, N. J., Detroit, San Francisco, Boston, Dallas and Lincoln, Nebraska. The Company manufactures all of its own important raw materials. It owns and operates its own lead and zinc mines, 35 manufacturing plants, and 90 warehouses and 30 retail stores, distributing its products throughout the civilized world. PROFITS; Net profits in 1919 were more than three times the annual dividend on this first preferred slock and for the fiscal year to August 31, 1920, are estimated at 44 times the dividend require ment. During the past five fiscal years they have averaged $2,726,591. In the 36 years since incorporation, average net profits have been practically 18 on the entire capitalization outstand ing from time to time. 3 ANNUAL SINKING FUND; A sinking fund is provided, beginning March I, 1923, to retire annually at least 3fo'oi the greatest amount of First Preferred Stock issued. NET ASSETS $206 PER SHARE; The consolidated balance sheet as of August 311919, after giving effect to the present financing shows net quick assets of $125 per share of first preferred stock, and net tangible assets of $206 per share. The Company covenants to maintain at all times net quick assets of at least 1 0co, and net tangible assets of at least 200, of all first preferred stock outstanding. ( We offer this stock, subject to the authorization of the issue by x stockholders and the approval of legal matters by our counsel Price 100 and Accrued Dividend Wm. A. Read & Co. Philadelphia ... The Cleveland Trust Company Cleveland Borton & Borton Cleveland The information contained in this advertisement lias been obtained from soureei which wo consider reliable. While not Guaranteed. It is accepted by us as accurate. "Thm Caaranf U A Bank far Afc" Guarantee Trust and Safe Deposit Company , INCOME TAX SERVICE A cordial co-operation in the making out of your income tax return is assured you here. We make no charge for this service, and many of the uncertainties as to the applica tion of the different rulings will be ironed out under our supervision. Any one is welcome at any time. Forty-nine years of faithful service of con tinuous growth in resources and experience. Thi3 broad experience is at your command for any problem of a banking or fiduciary nature. 316-318-320 Chestnut St. 1422 South Penn Square 9 South 52d Street 4.25 HIGHEST GRADE INVESTMENTS OF THEIR RESPECTIVE STATES FREE OF STATE & FEDERAL TAX Pennsylvania Allegheny County 42 Tunnel Bonds, maturing from 4 to 28 years, prices to return New Jersey Essex County 4 Improvement Bonds, maturing from 9 to 20 years, prices to return 4.50 Full Particulars Upon Request M. ML FREEMAN & CO. p. 421 Chestnut Street t hone-Lombard 710-711 Phll.delnhia SHlRT MANUFACTURING MANAGER We desire a man who has a thorough knowledge of all the details of high-grade shirt manufacturing to super vise our manufacturing department in New York City. He must have a natural abilitv for Executive wnrW nnrl a successful record as a Shirt Manufacturer. To such a man we offer a verv liberal salarv nnrl position of large possibilities. Apply by letter onlv. statins experience and age. . JACOBSON & SONS 580 Broadway, New York City NEW YORK BOND SALES Fnmmnry dT InrttvMnnl Transactions on New York Exchone Am Agr & Chcm Bs 6000 .... OH'i Am Smelt & net 6s 1000 .... Ulh 1000 .... 8i4 Am Tel & Tel olt 1000 .... IS Am Tet iTcv 4B 1000 .... 85 Am Tel & Tel 6s 1000 . 0000 . 1000 . 2000 . Am Tel SO0O . 1000 . nooo . 100U . 1000 . 2000 . 1000 , 001) . 2000 S3 .. 8iyt . . SP4 Tel 6s . . 00 . . 90V .. no , .. Ofta's .. 08 .. 00 . . 00 . . 1)8 98 Anglo-French B 6s Colo Midland Hy Cs 3000 .... 85 Colorado & So 4s a do 2000 Consul 15000 .. 0000 ,. 7000 . . 2000 .. 1000 .. 1000 . . soon . . Corn Pro 5000 71T4 7s Wl . 00 . VOI'h . 00T .100 .100 .100 .100 R Co 04 68 Seaboard Air L fd 2000 .... 46 1000 .... 40 2000 40 3000 40 Sclota V & N 13 bs 1000 .... 16 ',4 Southern Pac ov 4a 2000 .... 70',; 18000 .... 70 2000 70 Southern Pac cv Os 36000 loooo . 1000 . 10000 . 10000 . 3001) . 1000 . 25000 . 13000 . 10000 . 1000 . 1000 . 10000 . 10000 . 10000 . 2000 . 7000 . 7000 . ArKBtino 1000 . 1000 . 1000 . 2000 . Aldi T 5000 . 0000 05 05") J, . . 05 . . 0.1 .. 05 . . 05 . . 05 .. 05 .. 05 .. 05 .. 05 .. 05 .. 05 .. 05 .. 05 .. 05 .. 05 . . 05 0 ltcpub . . 71 .. 71 .. 71 . . 71 : S Ke . . 78'! 7CT Ss Dell fe Hto Orand fd 2000 .... ISVit D ot Cana EHn '21 2000 .... dm; 6000 .... 07 D of Canada of 29 2000 .... 04 1000 .... 04 4000 01 5000 01 1000 .... OtVi Dom ot Canada 31 10000 .... OITJ. 10000 .... 01 6000 .... OITs Erie K 11 Gen Lien 3000 .... 3 (Mi, Brio Hall ltd cv B 2000 .... r.3 3000 .... 31 Vi Krlo Rail ltd cv D 5000 .... 38V4 10000 .... 38 Erie Hall ltd Co 4s 4000 .... 52 General Eleclrlo 6s 2000 5000 20000 5000 10000 20000 1000 .103 . 1031j .103'., . 103 .103 .103 .103 EW GAINS IDE Utd ny Invest Co ot I Santa Fe 6s 30000 .... 71 V K ot a B & I 21 4000 01 12000 04 1000 044 2000 01 Vi U It 0( G U 4 I rctn of '22 25000 .... 03 2000 .... 03 2000 .... 03 1000 .... 03T4 U K ot Q B & I rets ot '29 Is iooo ... Hudson & 4000 . . , 8000 ... 5000 . . . 5000 I . . 3000 4000 Hudson 2000 & . 00A Mail fd . 58 Vi . 58 . 57 Vi . .17 Vi . 57 . 57 Vi Man In 16 Southern Rallys 4s 2000 .... 58 10000 .... 58U Southern Rally 6s 2000 .... 84V2 3000 .... 84 1000 81 St L I Ml & So Es 1000 .... 00 SfL Toron Mt & S n & a div 4s 1000 .... 07 StP M &M RR 4 Vis 1000 .... 00 StL & San Fran aj 30000 .... BOVi 1000 .... lid 6000 .... 00 1000 00 St L & San Fran lu 50000 2000 3000 5000 iooo 43000 7000 ioooo 31000 5000 03 03 04 03 U3Vi 03 03 03 03 03 BY SSUES Prices Hold Fairly Well in View of Recessions on Stock Exchange DECLINES ARE FRACTIONAL Atch T & S Fe Is CO 1000 . . 85 All Coast Line clt 1000 .... 00 6000 .... 8 Baltimore & Ohio cv iooo .... oovi 12000 .... OO'fc I oooo .... uV4 i 20000 .... OOVj i nooo 00 I 4000 .... sou 4000 .... o . Baltimore & O 3 Vis nooo 80 I oooo .. "o Baltimore & Ohio 4a 1000 .... 4 Baltimore & Ohio 5a 1000 .... 2 1000 02 Baltimore & Ohio 6s 1000 .... 88 10000 .... 83 1000 84 14000 .... 83 5000 .... 8 10000 .... 84 12000 84 0000 .... 83 2000 83 12000 83 2000 83 1000 .... 83 4000 83 10000 VY 84 Bait & O P & L B & W Va Sys 5b 3000 .... 53 1000 54V& 2000 .... 54 B & O S West 3 Via 10000 70 5000 70 3000 70 5000 .... OOVis Bait & Ohio Tol 4s 3000 48 5000 .... 60 Both Steel C Es 36 1000 .... 84 6000 .... 8t 2000 .... 84 1000 .... 85 B Copper M Co 6s 3000 ... 01 10000 .... 01 Brk Union G Co Bs 0000 .... 73 But 11 & Pt Ry 5s 1000 . . 91 Bush Term Bldg 5s 5000 70 12000 .... 79 Sent ot Georgia 6s 1000 .... 89 1000 .... 89 Cent ot Geo 'felea en 1000 .... 85 Central Pacific 1st 2000 73Vi Cent RR ot N J 5s 2000 00 Chert & Ohio 4V4s 3000 .'. . . 75 dies & Ohio cv 4 Vis 1000 .... 78 1000 .... 73 1000 .... 73 3000 73 dies & Ohio cv Bs 1000 .... 58 1000 78 5000 78 1000 78 1000 .... 78 3000 .... 78 7000 .... 78 5000 7RVi Chi & Alton 3 lis 1000 .... ."" We take pleasure in announcing lhat MR. FRED B. RANKIN has become associated with us in our Bond Department SAMUEL K. PHILLIPS & CO. Members Philadelphia Stock Exchange 507 CHESTNUT ST. February 2, 1920. 1000 . Chi B & 21000 . 10000 . oooo . iooo . 2500O . 5000 . 2000 . 1000 . 1000 . 2000 . 1000 . . . 30 Quiney . . . 01 '.4 . .. 04 . ... oi Vi ..: 04 . .. 01 . . . 91 . . . 01 . . . PI .. 01 . . 01 .. . 01 IJ Chi & Ci Wei-tornr 4p 1000 5't Chi M & St Paul 4s 10000 7 1000 M7 Chi M St V D 4a 2000 n Chi M & St Pcv 4 1000 08 IOOO s 1000 .... 08 3000 .... 08 Chi M & ft P la 23 iooo 7I4 Chi & Git Went Is Iniper Jap Govt 1st 6000 73 6000 73 1000 .... 72 5000 .... 72 5000 .... 73 8000 1-V" 5000 .... 2,i 8000 .... 72 4000 .... 72 Imp Jap Govt 2nd 1000 .... 72 ' 0000 .... "2 2000 .... 72 Va 1000 .... 72 10000 ..".. 72 0000 .... 72 3000 .... 71 Imp Jap Govt 4s iooo .... 50 1000 .... 58 1000 .... 68 2000 .... 58 3000 .... 58 Inter ABr Corp bs 5000 .... 80 1000 .... 80 3000 .... 80 Inter Mcr Marine 6s 2000 .... 02 inter Met ct 4 Vis 2000 .... 17 Inter nap Trans fd iooo .... 50 iooo .... 50 11000 .... 50 11)00 .... 50. Kail City A So 3s 1000 .... 60 Kan City & S Uy Cs 6000 .... 70 2000 .... 70 2000 .... 70 K C F S & M Hy 48 3000 .... 60 Kan C Term Itly 4 b 2000 .... 70 Kentucky Cent It 4s 2000 .... 73 Kings Co E BR 1st 1000 .... 55 Lack Steel Corp 'E8 6000 .... 94 Lehigh Val K Co 6s 3000 ....100 LigRett & Myers 7s 1000 110 Louis & Nashvlle 4s 7000 .... 80 3000 80 Man Elpv Italy 4s 1000 .... 30 12000 .... 57 Mich State Tel C Bs 1000 .... SO Mo Kiln C & ex 4 s 5000 50 Missouri Pac gm 4s 5000 56 4000 5B 3000 .... 50 Vi Missouri Paclllc Es 1000 83 ' Mo Pacific Es of GB 4000 .... 82 Mont Power Co Ba 1000 81 IfT C &1IRR 3Vis 6000 .... 60 1000 116',', N Y C &. H R R 6s 2000 .... 02 2000 .... 92 1000 .... 93 1000 .... 02 1000 02 50011 .... 02 3000 .... 93 3000 .... 03 2000 .... 02 1000 .... 02V, N V I. It Jc P eo Ba 1000 .... 81 '.. 6000 ...'. Bl 1000 81 N V Telf phones 4 Vs 1000 .... 80 1000 .... 80 N V Telephones Cs nooo 02 5(100 .... 03 noon .... 02 N Y Telephones Bs 5000 .... 02 N O Texas & ilex Illy Co 6a 4000 .... 1)5 IOOO .... 95 Norf & West I) 4s 6000 . . .'. 73" i Norf - West cv 6s loooo ....103 Northern Pacific 3s 5000 iooo 2000 iooo 2000 St L &. 8000 6000 1000 1000 IOOO nooo 1000 16000 4000 1000 1000 12 .... 41 .... 12 . . .. 12 42 San Fran .' '.,.. 57 .... 57 57 .... 57 56' .... 57 .... 57 67 57 ... 56 57 U K of G B A I ST 4000 .... 87 4000 .... 87 1000 .... 87 4000 .... 87 U S Heal & Imp 5s 3000 7000 7000 5000 5000 11000 7000 78 79 78 78 78 78 78 U S Rubber Co Cs 4000 85 2000 85 1000 .... 85 1000 .... 85 TJ S Rubber Ho "3 St L & an Fran B 1000 .... A7i', 3000 07 St L & Swcst RR 5s iooo .... 67 ; Texas Co 6s O.MM. .... IM.f Third Avo R R aj 10000 .... 29 T St L & W Illy 4s 1000 .... 14 2000 .... 44 Union Pacific It" 4s 2000 81 5000 81 10000 .... 82 1001) .... 82 1000 .... 82 Union Pacific R 6s 2000 101 5000 101 21000 .... 6000 .... 100O .... 3000 1000 .... 2000 6000 .... 1000 .... U S Steel 6s 300O .... 6000 1000 1000 3000 VIrglna 7000 1000 85 85 80 8 5 86 86 85 86 . . . 07 ... 07 ... 07 ... 97 . 07 Rlways Bj . . . 81 ... 83 Wabash R R Co 1st 3000 .... 88 2000 .... 82 Went Maryland 4 nooo .... 50 West Pacific RR 1st New Yorh. Feb. 2. The curb mar ket bold fairly well, in view of the mnnncr in which many of the nctlvi; issues broke on the stock exchange, unil there wns nlso good refifctnnccsbown to the pressure ngulnBt many of the oil slOPKfl There were only a fev issues which showed any amount of gain during the day, but the declines In most of the list, were limited to small fractions and aoeumuiation was in order when ever the offerings assumed important volume. White Oil was exceptionally strong, moving up from tf.Vi to I'.OVj during the forenoon, but this advance was offset by the action of Simms Petro leum, which vielded from ."O1, to 40. Cillilond was Meady. selling at -14, and International Petroleum, ex-dividend, sold nt (!7;. General Asphalt wns traded in at 1141,2 to Hi". British American To bacco wns steady with sales nt 19 to lfl'J. Aetna Kxplosives continued lo reflect absorption, selling nt D'i and There was moderate, trading in Ar mour Leather, which was traded in at lll'i. Submarine Hoat fold nt 1," to l-l'f;. General Motors was traded lu at :Wj to r,io4. 1NDUSTBIAT.S High Arm" i oai Atna Explosive AmTlcin Marconi . . . AiiihI Tlr Htoren . . . Atlantic I'Vult Hrltlsli Amfr Tob rpje 'Ttrltiii Ampp Tob coup fi oi Mi 14, 35 IB'i 101. Columbia RmeralJ 10 0000 B00O 2000 Wheel 2000 1000 2000 Wilson Co cv 82 . . 83 . . 82 K Ry 4 s . . 53 . . 51 50 1000 Wilson 3000 Co . 04 1st . 08 High ns.no fll.IKi 110.20 Lib ISonds J!'... Iiib llonds lst4s. . Lib lionds 1M 4s, Lib Hoods 1st 4vi 01 Lib Honds lid 4'i S'O.ISS Lib Honds .'Id 4 Vis O.'l.lO jib Honds4tIi4V4s 00.74 Vic Notes IJOis .. Ofi.00 Vie Notes 4IJ'ls... 08.10 Low 0S.18 01.22 00.10 01 .4S 00.2(1 02.00 00.00 07.00 07.00 1:15 v. m. 0S.24 01 .28 00.10 oi.r.o 1)0.32 !i::.o(5 00.04 07.00 07.01 BUSINESS NOTES General Aflohalt 115 lienerkt MotorH 32H r.lma Locomotive 80 I.ncnmnbllo 24T N Y Shipbuilding 4W North American Paper... Perfection Tire 5 rtnrtlo Co 2i Ilepubllc Tire Rubber . . . 6',4 Submarine noat 15 Triantrie. turn . .j . . . IT S Steam ..." Unlleii net Candy . . United Trout Sharing United rict Prod . . . Welle, & uaum Orphcum INDEPENDENT OILS Allied Oil Alien Alliance Amul Royalty Iloono Oil Boston Mexico Hoxton Wyomlnc nurknett Van Clwivo . . Carib Ryn cities Servico "II" ctfs. Cosden & Co Dominion Duquesne Klk Dasln Pet Federal Oil Olillland (llenrock Oil Ouffey Gillespie Home oil Inland OH Livingston Merrltt Oil Metropolitan Pet Mer Pan i rtan Oil .' Salt Creek Prod Sequoyah Oil Slmma Pet Knenrcr Pet TexnH TtnnTer 1 Tropical Of! 20N lln I exaa i - lOW 1i '! tin 35 19 10'. l.T 114Vi fll 80 24 i 404 Mi, 4! 2Vi :,V, 11 Tho strength of prices in raw mate rial was felt in the market for finished leather last week, flood grndes of up per and Vole leather, as well ns plump and heavy weights of all descriptions, were demanded in much larger quanti ties thau could be supplied at once. The future (rend of the fur market will bo determined largely by the ac tion of dealers at the winter unction sale in St. Louis, beginning today. Tiearish sentiment among the dealers is said to be stronger than at any of the sales for the past three or four years. Hig producers of silks are growing still more conservative in their opera tions. Haw silk, uftfT a slight drop the week previous, regained its former record levels mound SIS a pound Inst Meek, making the entire silk market more precarious than ever. The ma joritj of retailers are buying little or nothing now. while garment manufac turers are pursuing the same course. In (he opinion of refiners gasoline prices will advance further in the near future. About 240,000.000 gallons were taken from stocks between .lime and October. 1010. To stocks of Jl." 4,000. -000 gallons on hand at the end of Oc tober it will be necessary for refiners to add approximately 240.000.000 by the beginning of next spring to meet the expected heavy demaud. Thn downward tendency of prircs in primary cotton goods markets Mas checked by the middle of last week, and prices started bncli on the upward trend. Hefore the close of the Meek s'r.io of the print cloths in gray or unfinished goods had gained all they lost iu the reaction following the rais ing of rediscount rates on comniercisl paper by the Federal Reserve Hauk. .Medium wools continue to nunc in the Roston market. This is the active en tu re of the moment in the wool sit uation, particularly the movement ot quarter-blood fleeces. The operations of a large ynru dealer have contributed to make such wool prominent. Our choice lot of Ohio quarter-blood sold at sixty-nine cents, but this r, rather above the general level of prices. Canadian manufacturers will hold an e,lnliltion in I.omlon in the Itoal Agrl- ,P SOW 33 1 K.V, i 5V 2V4 1'J 2U 44 42H 0'4 34 44 3i S3 21 3Vi Hi 3T4 61 r r.o in 31. .Ve" 32 1 1 4 I. t V.' as 5'. 14 35 10U Ifl'i 1M4 li r. :i2U 80 J4'i 4V4 II $ H A "3 15' 211 H 32V VlttorUl Oil new wnite Ltu Way O & O MINING IVj SO" 44 V, V Arizona silver Atlanta -li TtelchT Divide 23 llelchcr Divide Ext 22 Hooth Host 4 Mont "t Caled Mill 30 Calumet & Jerome t Canada Copper W Candelarla M ' Conn Virginia '-it Crewmen Hold 2' Divide Ext Eureka Croewjs 1 Forty-nine Mining 1 ? Gold Cons 13 Gold Kewunas 34 Cold Merncr . 3 Gold Silver Tick ." Gold Zone 31 Great Hend 2 . Jlerla Mlnlns 4 A Jumbo Extension Knox Divide 10 Tiulsiana Co p Motherlode . Murray Mor National Tin , Nevada Ophlr Rex Con, Rocbepter Minea Rope Group Sliver KIiik of Ariz S Sliver Lead Success Mln Tor.opab Cash Roy Tono Divide Tnnopah Et Tonopah Midway Tnnopali Mlnlns Tonopah Montana . . Tonopah Rescue Eula U S Cont t'tali Rev Wen End C White Caps White Can Ext .... Rand 40 IIONUM Allied Pack a Sl A T & T lis '24 'I , Atl Erult 7a 07J. RelBlan (la of '21 os'i llelslan 03 of '25 00 I R T 7-j -17 RusbUn .Vi; s 31W no 70 ll34 40 SV4 111 SI. .-li, 2,i, 4 3 'a 12 !l 2llJi 0 OH 4.S 3i Wl'i 3U 5s Hi 21 3 HI 3i SI) . 4!li 1ST, m 20 1H I'll 351. 4H 3Vi 20 20 C, SO I IV, li Hi 13 HO 7(1 11' Hi HI'i Ei 4 2Va 1'i 44 42i ."J4 2I). '0i as 41 33 Thousands ) Have Read This Book Your copy is ready. Free to any business man h who is interested in the Market and who wishes to know: The Ocncral Rules of Trading. How to Give a tyrokcr Instruction!!, llrokcrs' Commission Charges. How to Indorse n Slock Certificate. How to Use Collateral in Trading. How to Group Invest ments. The Deposit Requirements for Carrying Stocks on Account. The Rights of Stock and Hond Holders, etc. Written in simple lan guage and easy examples given. No obligation. Edition limited. Call, phone or write at once. Ask for No. T. U.-686 JONES & BAKER SECURITIES Widcncr BIdg., Philadelphia rhxnet Belt, Walnut 6063 Kryslonc, Race 2290 Direct Private Wires Offices in 8 Principal Cities BRITISH-AMERICAN TOBACCO COMPANY, LIMITED NOTICE TO HOLDERS OF SHARE WAR RANTS TO BEARER FOR ORDINARY SHARES. NOTICE IS. HEREBY GIVEN that at a Meeting of lite Members of the Compia? held on the Twenty-eventh Ur cf January, I 1920, after the paninj of a Resolution for increasing the Capital of the Company by i the creation of additional Ordinary Shares, it was resolved: That out of the said additional Shares and the other unissued Ordinary Shares for the time being of the Company therw , shall on or about the Tenth day of Feb i ruary, 19:0. be offered to the Members on the Register of Ordinary Sharehold- er.t on the Twenty-eighth day of .Tanu I nry. 1920, and the holders of Share . Warrants to Bearer for Ordinary Sharea ' on the same date new shares In the pro 1 Dorticn nf nnft Klinrp for pverr two exist ing ordinary Shares (Ignoring Bnares which are not complete multiples of two and not allowing Registered Shares ana Share Warrants to Bearer to be added together for tho purpose of acceptance) held by them at the price of X per share payable to one of the BankerH o the Company in London on the accept, ance of the offer namely on the Seventh day of April, 1920, and that such offer be made as to holders of registered ordi- V , nary snares by notice speciiymg mo 'if i nunbt-r of shares to which the member - , l? entitled and stating that If It la not ..ij sucepled and payment made on or be "t, fore tho above-mentioned date it will 1 it, ' bo deemed to bo declined, and as to hold I'l ,irs of Share Warrants to Bearer for '. Ordinary Shares by such advertisement - as me. Directors shall neeni aavisauie. Such advertisement shall state that 1 ;i V4 m 3 I . I0", in',; Hi i'i 4' si HI II 73 SD a 31 in rj 11' 13 JS II li ijj lit n !) HTH US' nil tt7 B0 10 r,n 70 11- 40 o S3 13 il; to Ml Ml ri7 IIK'J 1)11 !7 SO LOCAL MINING STOCKS CkaIi Boy . . ,1lm Hutler . MrfeNHiu.itM. MMw.iy MUtMh IJxt . Montana . . . North Plnr . Kfprup Hula. Tonopah H;vt Wen Hnri . West Tonopah TONOI'AU STOCKS ' . 1IM 07 .IW .IK .11) .10 .07 .'jr, .10 dividi; STOCKS 1000 CM R 3000 1000 2000 2000 1000 1000 500O oooo 1000 .1000 1000 1000 1000 Chi If oooo I & I & ,M. Iac fd hit; OH! in4 l U llll OITs 4i "IK. 0 I ','j il Hi, 01 Va Al 04 Vi rnc 72 4s Alii, rl lllvld Alto Pivlde . . . Hek-hr cultural Hull from .luno :', to IT iu-i i,,h rmidi' iooo .... .vi',; 1000 .... M 20D0 n;i',4 Northern Paciflo la HIIOO .... sin, N Slates Pow To 3s 1000 .... 8JI.J Oregon It & N Co Ib 2000 .... 77 ',i Oregon Short I. 4j 3000 .... in; Pac (,'as & lilco Cs iooo .... mi Pinna RR Is of '33 1000 83V. Penna RIt 4s of 'IS iooo .... 83 vj, Penna RU gtn 4H :iooo .... R 1000 8l)Ti Pcnsylvanla R It ,1s 1000 ACCOUNTANTS: The Tcderal Tra.de Commission, In con nection lth i continuous woiK on basic Industrie, nterta a nuniSr of atnlor ap counUnte. Tha work embraca; both llnanctal and cost ocountlna. A mln fraum cnaagement of about fiva months Is contemplated .. ... - .. Appllcailon by mall, contalnlnsr u full statement of education and experlenca. together with letters of recommendation, should be mailed to tha Commission bs fore Kabruary 7th. FEDERAL TRADE COMMISSION Washington. I). O. LIBERTY BONDS AU Issues Bought and Sold $50 $100 $500 $1000 Gaaham, Parsons & Co, 435 Chutnut Strft PbUadeJpkia CM & W Ind till la 1000 57 Chile Copper "a fiooo 101 V4 21000 . .101'i City uf Bordeaux 6s 2000 . . . .' noiv, City of Lyon. U 6s 1000 .... 00'S, 1000 . . . Dflafc iooo hoik. ! 1000 . . . UO'.i I C of Marseilles tfs i iooo no:); C or N Y 4 Vis '6J 2000 .... t)0!i City of Paris U 00 2000 1000 soon 3001) 30110 10000 80l)i 8!)lt 80 1 1 89a, 80"', 8 !)) 07 Is 1000 1000 1000 1000 Pcre Maruuetto Cs iooo .... 80 1000 8JIS. Reading II R Co 4s 1000 .... H0V4 It liraml A W II 4s 1000 02 R I Ark & Lo 4is 2000 .... Ul'j Sun An &. Aransas Pass Ry 4s 8000 .... BIB, Sea"board Air L al 01 ooifc 00 3000 1000 1000 35')', 35 33 ',i clnsip of this jcar. None but Caua ilians wil no iillnwctl s-piirn in the hall nnd tho plan i to stitnulntc truilc rela tions between the mother country imd her colony. ftUHtemalH. is a fine marlirl today for men's clothing, hat-, hubonlm-lior.v. shoes and Minilur articles. Stores arc almost depleted of stocks and Iursc or ders arc bring placed. A permanent sample exhibit fnr Parts is to be instnllod with space for IU'00 exhibitors. Already 100 spiices hue been reuted. The exhibit will liuvc similar branches fur Itnlj. Spain, Iiel Siiim, Poland mid Swlt.crlntid. In mill (lie Vnilcil Slates rvporlril to ItiiRsiii goods to the u1iip of iji.'lS. 000,000, whereas, Oermiiny shipped the untnc nation iu the same jwrind of time SIUO.OOO.OOO worth of Roods. America is in a position today to iiborl) much of the trade that Olennnny has lost with these people. BUTTER, EGGS AND CHEESE New Yorlt. Feb a llPTTr.u ,'rnnii n. r.eirti. 3473 tub- l'rMm, r. Iilrlixr Dihii xlraf i!rt ill IIT--. rreumert eiini (02 M.nrei fiilc. vreainerv OrsU (SS to 111 F"nr) li"i; JJal1,V: IwcKliiB nok. current nul-.e. NV "' KOOS unsettled. IteerlptM. 7777 , , Kreah-itatherart. extra llrets ftSW (f ,-,i,.. tlrste. r,iH4 1I3Si: atte. Pennailiuiila and nearbv wenern henne-y nblu-a. ilr.iis to n. tras. 3itf7iie. elate, PennlHiil Hnd nese. bv henner brewm. eitrns 0ft1Ti;3, ,ifJ KHtliered brnuna an 1 mixed colors, firm to extra" BTWOIe. fllllHSU sleadi Reeeintv. 31)4 bnxa StHie. vvliole-tnilk flnts. hold peHln 311. ,T.',- ilo. nteragt run. 30ti.it,. k t, bn". milk (lata mlna. -im-IhIs. 301T3I . .j averaao run. 20LvS)3n1sc DIVIDENDS DECLARED Cleelnnd and Pittsburgh TUIIrnad To ounrlerly of percent on ruacintaod stork and I per cent on apeclHl au.iranteed beltar ment stock, both payable March 1 to atock of record February 10, Peare i f'o . regular 11 per cent on pre 'erred, pavnbla March 1 lo atock of record f'l -uruui f , lHide Kxt Hhlde f-ymilcjta ... Divide Con Dividend i;ast Dlilde lfiifbrouek Dlvida .. HiBh Divide rteiert Dlldo Heno Dlvble ftositii SlUer Klnix Tonopah Divldo . . . . Tonop,li llHrbrouek vutory Divide .... Verde Dhlde one . .03 .OX .HO .00 .23 H .113 .on 17 .01 .01 .03 .21) ,03 .III .01 2'j .17 .ir. .1., .33 Ati-.int.i nine Hull Month l' O D '"omb Krao . . . . CruclterJ'ick . . . DUnif II it Daisy rioreiicc Oolddeld Con . . C.oldOeld Merser Ureal llcnd . . . . .Tumbo Zxl . . . Kewarnu UOt.nFIUUJ STOCKS 02 01 01 Ill n.-i 03 nt hi '.'.'.'.'.'. .lis 02 01 o.x 02. I.ono Htlir 02 Oro 01 lied Hills 05 HUt Pick 05 Kpoirhead 01 MISCIJU.ANKOfS XtnDaro rlliliia t'nlled . Kden Mother I.oda ... S'fvada Hill ... Nedtt Rand . . . rromoiitrlo Nevada Wonder . Teropa. Mlnlnc . White Capa 0 .13 .r,7U 17' .10 10 Abk .on .2H .73 .13 .01 .30 12 .01 .'17 3U 1 .01 .03 .21) .on .o.x .01 .23 .01 .Oil .00 .1 Jll 17 17 il.'l .03 .I'll .011 .01 .03 .1)3 .113 .HI .30 :iJ 07 .1)1 01 03 .01 07 on I 80 .20 .23 I'i .1,1 12 NEW YORK COFFEE MARKET New Yorlr, I'cb 2. Tho enrrea inaNei opened lrreular. Ith May i points lilrher other months unchanaed to a derltna of points Wall street seemed dlspoaed to eell March and take on later month? Plaht after tho rail, the market turned easier under n renewal of near-nmnth iirpil datlnn with March mHItir olf to 11 83, May to lft.03, July to 1R.20. and Hepteinber to 13 03, or 10 to 23 points net lower Tha dacllne la believed to reflect the prea. sure from Hto. where 7a v.ere offered. Amer ican credit, at 1ft cents, March-April ship. rnent The trade here la evenly convlnotd that tlrazillan alilppera will sell nt prh-ea to coinpeto with tho irovernment offfc-JoK holders of Share Warrants to Bearer for Ordinary Shares must in the first ln- ! stance and on or before the Seventh day of April, 19i0. deposit with on ot i tho Hankers In London an appropriate I Coupon (to be indicated by tho Dlrec- tors) as evidence of ownership. Pro- , vlded always that the dates In all or any of the before mentioned cases may be extende.l to a later date In the abso- I Into discretion of the Directors. Upon , such deposit belnp made the Company eliall be deemed to make to the Depositor an offer of the number of .shares to ' which he K entitled and the advertise. I ment shall require the Depositor In i every case to forthwith slen a form of acceptance for such Shares which will be supplied for the purpose and to pay the sum of 1 In respect of each share accepted. If In any case a Shareholder shall not signify his acceptance and make payment of the said turn within the time specified or such extended time as may be It.xed by tho Directors as aforesaid the offer will be deemed to be declined and tin Directors may dispose of all Shares not accepted and paid for within the pre-vrlbed time In response to such olfers in such manner . they I may consider expedient in the interest I of tho Company Tho nald Shares shall lank for dividend us from the Seventh day of April. 11 so. or the date of Issue of the particular Shares whlchovcr shall ie later. To enable the holders of Share War rants to Bearer for Ordinary Shares to subscribe for the new shares to which they aro entitled they must in tho first Instance and on or before the Seventh day of April. 1920. deposit Coupon No. "8 attached to each warrant held by them as ovidenre of ownershin at one of the undermentioned Hanks, namely: NATIONAL PROVINCIAL & PNIOM I HANK Ol.' KNULAND LIMITHI). I Savoy Court. !) & !)7. Strand, London, W. C J, or 13, Blshopsgate, London, li '. J. 1 LLOYDS HANK LLMITKD. Westmlnstor House, 7, Mlllbank. S. W I. or Lom bard Street. London, K ". ,'i. 1 TIIK LONDON JOINT riTY AND I .MIDLAND BANK Lf.MITLID. Wes leyau Hall. Westminster, S. W 1, or . G. rhreadiieedle Street. London. Ii C. t. I GUARANTY TRUST COMPANY OI'' ; N13W YORK, SJ Lomburd Street, Lon don, li ' :i I Upon such depclt being tnado the I Company shall be deemed to make to I Hie depositor an offer of one Ordinary Share. In respect nf'cvery tno existing I Ordinary Shares held by the depositor 1 (Isnorinj; Sha-e which are not complete , 'iiUltlpli-H of two and not allowliiK Rck Ixtcreil Shares and Share Warrants to 1 i let let- lo be added tog-ether for the pur poses of acifjitance) utul the depositor must tortnuiin msii ronn of acceptance and pay the fcum of 1 for each share accepted. Purnis of application can be obtained from the Company'i Ofllco at Westmln. Fter House, 7. Mlllbank. ti W. 1, or the Company's Office, at 511, Fifth Avenue. New York Coupons and acceptances muat not be tranrnilttfU to the Company's Bankeri through the post, but must be lodred re-sonally or throMi a Banker If any Coupon accompanied by an acceptance I enth day of April next or such later I date as the Hoard may In any caae allow, the offer shall be deemed lo be leclliicd and th riirht In reaped of audi Flwrc Warrants to participate in the pffer shall ceane ami determine, ami the holder thereof shall have no claim III respect of this otfrr atralnst the Com pany or any Directors thereof, i The new Shares when allotted will In due courxe be Issued us registered Shares and may be exchanged later on I If desired for Share Warrants to Hearer ; upon payment of the usual fee and I stamp dutv i Regifctered Shares nnd Share War- rtaiiia ,,, iirairr ftiiiiux on HflUetl I&. eether for acceptance purpones, BRIT1SH-AMERICAN TOBACCO COMPANY, LIMITED A M, RICICARDH, BtcreUrr," Dated 28th January, 1S20. Westminster House, 7, MJtlbank, Len. don, 8. W 1. if ri m. , n a- .1 .U.i 2 ?r?yy& i ,-v .rrl.!:.T:Wir.HCE?r ' ryf .ftr I l.'ik .Jl.h .. - ii t
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