n r -a
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'' 'J
EVENING PUBLIC LEWEE-PHILADELPHIA, a?UEDAY, FEBRUARY 17, 1920
1D
-M
vw.
NEW YORK BOND SALES
Summary of Individual Transactions on the New York Exchange
t
'Foreign Trade Through Foreign Investments
,t
L
TJt'i.
m'o'M- , .
If' -
!J
tit
Adams express in
eeoo .... 80
1000 .... 50
'suoo .... ao'i
Am Art & Chem 6s
looo .... 0BV4
1C0O .... 08h
Am Smelt & Hcf Gs
2000 .... 82H
2000 .... 82K
.1000' .... 82
1000 .... 82
1000 .... 82
Am Tel & Tel Co clt
Indiana Steel Co Cs
looo .... 00
2000 .... 00
Northern Paolflo 3
r ,
100O
so
so
50
50
50
60
60
60
60
50
80
60
T, ..i
Netrlssae
Nthsue
lntern'1 Agr Corp 6s
1000 .... 78
tn Mer Marino Oa
2000
1000
3000
1000
4000
3000
1000
1000
100O
2000
6000
4000
7000
4000
6000
4000
6000
2000
2000
2000
8
88
88
88
88
88
7)8
Interborough Consolidated
Corporation
7b f Ac holders of undepasitcd
Intcrborough-Motropolitan Company
Collateral Trust 4fe Gold Bond's
Interborough Consolidated Corporation was adjudicated a
bankrupt on March 28 1919. This Committee is advised by
its counsel that the Bankruptcy Act provides that "claims
shall not be proved against a bankrupt estate subsequent to
one year after the adjudication," and that the Courts have
held that this period cannot be extended. This Corrimlttee
considers it advisable that in addition to any proofs which
may be filed by the Trustee under the Trust Agreement
securing your bonds, proofs of claim be filed by the bond
holders and, accordingly, the Committee has filed proofs on
all of the bonds which have been deposited with it, con-,
stituting a majority of the entire issue outstanding. A
substantial minority of the bonds, however, have not been
deposited with the Committee or otherwise proved.
It will also be difficult for the Committee to cause the
stock of Interborough Rapid Transit Company to be sold
in enforcement of the Trust Agreement, and to acquire the
stock for .the benefit of the depositors, while so large an ,
amount of bonds remain undeposited.
The Committee has therefore extended to March IS, 1920,
the time within which bonds may be deposited without
penalty. After that date deposits will be permitted only
upon such terms and conditions as the Committee may
impose.
Bondholders are ureetl immediately to deposit their bonds
with GUARANTY TRUST COMPANY OF NEW YORK.
the Depositary of the Committee. Against such deposits
the Depositary will istie its negotiable certificates, which
are listed on the New York Stock Exchange.
New York, February 11, 1920.
Cravath & Henderson,
Counsel,
52 William Street.
New York City.
John A. Griswold,
Secretary,
140 Broadway,
New York City.
Charles H. Sabin, Chairman,
John McHugh,
Charles A. Peabody,
Charles S. Sargent, Jr.,
Frederick Strauss,
Committee.
mono
4000
no oo
1000
2000
78V
77W
77Vj
77
AmTel&Telcv4tt
1000 .... 84
Am Tel & Tel Co Gs
1000 .... SOU
10000 .... 80
1800O .... 80
7900 .... 80
Am Tel & Tel Co Gs
1000 .... 07
1000 .... 07
6000 .... 00'
1000 .... oov,
AfiKlo-French 13 5a
2000 .
2000 .
226000 .
1O0O .
10000 .
10000 .
ioooo .
41000 .
8000 .
ioooo .
13000 .
18000 .
8000 .
3000 .
52000 .
8000 .
1000 .
4000 .
1000 .
0000 .
10000 .
1000 .
2000 .
80000 .
32000 .
1000 .
1000 .
tooo .
16000 .
rmour
2000 .
3000 .
. 0414
. 4
. 04Vl
. 01V
. 04
04
4'-i
. 04
. 04
. 04V
82
94
. 04
. 04
. 94
. 94
. 94
. 04
, 04
. 0U1
. 4
. 04
. 04
. 94
. 91
. 01
. ot'A
. D4
. 01
Co 4'j3
. 94
. 83
Chi M A 8t P D 4s
1000 .... 86
Clil M & St P 4b 25
3000 .... iiy
C MftStPcv48
1000 ... 87
2000 07
8000 .... 07
C M A St P (d 4H8
1000 . ... . B0i)i
2000 .... 87
oooo .... se
1000 .... 88
1000 .... 87
CM&iit P gm 4Vjb
4000 .... 74
4000 .... 75
Clil M & St P cv Gs
10000 .... 07
2000 .... 00
Chi St P M & O Gfl
1000 .... 83
Chi & N West 63 '87
3000 .... 08
Chi & North West
cxt 4s
10000 .... 88
Chi Railways Co 6s
2000 .... 65
Chi n I & Pao fd
1000
2000
3000
8000
2000
2009
2000
2000
6000
1000
4000
1000
1000,
sooo
3000
1000
3000
00
001k
00
80
00
00
00
00
60
00
00
71
60T
60
00
00
tch T & H Vo 4a
FOREIGN INTERNAL BONDS
We have established
Direct Cable Communication
with
Belgium, France, Great Britain and Italy
nnd through our agents in these countries can offer subject
to change in price
Momlny Closing Price at Pur
Prices KxcIiuiiro Normal
Belgian Govt. Restoration 5s 79 per 1000 fr$. $193
French Govt. Victory 5s 66 per 1000 frs. 193
French Govt. 4s of 1917 53y2 per 1000 frs. 193
British Govt. War Loan 5s.. 317 per 100 486
Italian Govt.Consolidated War Loan 5s 53 per 1000 lire 193
We arc prepared to give information concerning these and
other Foreign Securities and invite correspondence on this
subject.
EDWARD B. SMITH & CO.
Bankers
1411 Chestnut St., Phila.
. ELK1NS, MORRIS & CO.
Bankers
Land Title Bldg., Phila.
Play Safe"
Opinion of Leading Business Men
on Present Commercial Situation
9
We recently asked the manufacturers and
wholesalers of the country: "What, in your
opinion, is the course that a prudent mer
chant in your line of business should pursue
in buying and selling goods, when prices
show a declining tendency?"
Literally hundreds of leading firms have
already responded. Most of the replies were
based on actual conditions present and pros
spective as seen by each individual firm.
Of tremendous significance is the common
note which runs through practically all of
these letters. It is a note of courage, of op
timism, of progressiveness, yet withal, a
note of caution.
In brief, the realization seems to have come td Amer
ican business men eenerally that right now is the time to
safeguard against inevitable deflation. As one banker
writes, "It is a time for playine safe."
What is your opinion? Send it in a consensus of all
replies, in booklet form, will be sent free to all who
contribute their advice.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E. M. TREAT, president
"THE COMTANV THAT ISSUES THC UNLIMITED POLICY"
W. J. Morphy, Manager J. F. McFadden, Gen. Agt.
Mutual Life of N. Y. Bldg.
Phone, Filbert SS03
Philadelphia, Pa.
1000 .... 71!
100 .... 73
7000 .... 75
fiOOO .... 7ft
1000 .... 7S
SOOO 751i
1000 .... 75
Atch T & S Fe aj
0000 .... 07
2000 .... 08
Atl Coast Line s
1000 .... 71
4000 .... 71
Baltimore & Ohio cv
loco .... 50
:iooo 00
S000 09
Dnltlmoro & O 3 1,4 a
4000 .... 70
7000 RO
2000 79
1000 .... 80
1000 70
Baltimore St Ohio 4a
1000 0:
Baltimore & Ohio Cs
1000 .... Gl
7000 ..'. . 00
1000 .... 01
Baltimore & Ohio 63
1000 .... 81
10000 .... 81
11000 . .. Kl
1000 .... 81
1000 . .... 83;
1000 81
Ealto & O P & I, 15
& W Va 'Sys Da
3000 .... S3
1000 .... 03
4000 .... 54
B & O So West 3 Us
2000 706
2000 .... 70
1000 70
1000 .... 70
1000 .... 70
Bait & Ohio Tol 4s
1000 .... 48
Beth Steel Corp fd
200O 83
Canada S Bally 6s
1000 .... 82
Cent of Georgia Cs
3000 . . 88
1000 .... 88
Cent Leather Co 5s
1000 ... 01
1000 . . 04
Central Pacific 1st
1000 .... 09
1000 G0V
3000 . . . 09
Chea & Ohio cv 4 Via
rjooo .... 71
1000 71
2000 .... 70
1000 .... 71
1000 .... 71
6000 .... 71 '
Ches & Ohio R It 63
10000 .... 80
Chcs & Ohio cv 5s
1000 .... 77
Ches & Ohio Rich
& A DIv 1st
5000 .... 71
CM & Alton 3 'is
1000 .... 30
Chi B & Quincy Km
1000 70
1000 .... 77
Chi B & Quincy 4s
1000 .... 03
5000 .... 03
1000 .... 03
1000 .... 03 !i
Chi & Grt West 4s
2000 .... 52
2000 52
2000 .... 52
Chi R I & Pao 4s
200(1 .... 70
Chi Unlo Sta 4s
1000 ... 78
Chi & W Ind 11K 4s
5000 .... 50
Chllo Copper SB
6000 .... 77
Chlllo Copper Gs
4000 .... 70
100O .... 76
10000 .... 77
Chlllo Copper 7s
ioooo ....101
2000 ....101
cooo ....101
2000 ....101
C Gov Hu-K Ry 5s
1000 .... 43
3000 .... 42
City of Bordeaux 6s
I 5000 .... o Vi
1 12000 00V1
City of Lyons B 6e
1000 .... 00
5000 .... 00
2000 .... 1)0
1000 .... 00
10000 .... 00
City of MarselU's Cs
Inter Met Co As
2000 .... 17
Inter Rap Trans fd
2000 .... 51
2000 .... 51
10000 .... 51
Im Jap Govt 1st
87
1000 .... 71
.1000 .... 71
6000 .... 70
10000 70
10000 .... 70
10000 .... 70
2000 .... 60
10000 .... 00
10000 . . 00
10000 .. . 70
3000 . . . GOV
6000 . . . 70
0000 ... 70
1000 .... 70
Imp Jup Govt 2nd
3000
2000
1000
23000
2000
1000
4000
3000
1000
70
70
70
70
71)
70
70
60
00
61
Imp Jap Gov 4s
10000
5000
5000
10000
2000
10000
2000
57
67
68
67
67
67
58
Inter Rap Trans td
looo .... 61
K C Ft S & M R bs
18000
08
00
. 90
. 00
4 Us '65
00
5000
3000
2000 ...
C of N Y
6000 . . .
City of Paris B 6s
5000 .... 90
0000 00
2000 00
2000 .... 90
1000 .... 00
City of Tokio B SS
1000 60
1000 .... 60
ClevC C& StL 4
1000 .... 75
1000 .... 75
1000 ....
Colo Indust
8000 ....
2000
Colo & Southern 4
2000 .... 70
Con Gas Co 1a
2000 03
Con Gaa Co 7s
75
Co
"2
72
5s
11)000 .
3000 .
G000 .
1000 .
Cumh T
1000 .
. 1)9
. 00
. 99
. "09
T Co 5s
. 85
Del & Hud Canal cv
1000 81
Dc-n &, Rio Grand fd
1000 .. 39
Den & Rio Grand 4s
nooo .... G0
0000 .... 60
1000 .... GO
1000 60
Den &. R Grand 4
1000 62
Dom of Can 5VjS '21
4000 .... 96
Dom of Canada '2C
1000 93
1000 . . . 93
Dom of Canada '29
1000 91
2000 .... 03
Dom of Canada '31
20000 .... 91
6000 .... 01
Erlo R R Gen Lien
1000 .... 39
1000 39
Brie Rail Rd cv A
6000 .... 34
Erie Rail Rd cv D,
2000 .... 36
Erie R R Co 4s
10000 .... 40
2000 .... 40
3000 .... 30
Green B & W Ry B
2000 .... 7
Havana EIcc Ry 5s
1000 .... 83
1000 i... 85
Hudson & Man fd
1000 .... 01
2000 .... 54
1000 .... 54
Hudson & Man in
2000 .... 13
111 Central 4s of '03
1000 .... 61
1000 . .. 05
Kan City T Ry 4a
68
8
60
68
68
68
4000
2000
1000
2000
3000
1000
Kan City & S Ry 6s
4000 .... 67
6000 .... 67
2000 68
100O .... m
Kan City & S It 3s
1000 55
Kan City T Ry bb
6000 68
Lack Steel Corp '23
1000 02
2000 92
Lack Steel Co of '50
1000
88
L S & M 4s of '31
4000
2000
1000
80
79
80
Northern Paeiflo 4
6000 .... 72
4000 .... 72
6000 71
3000 .... 73
1000 .... 72
4000 .... 72
1000 .... 72
300O .... 73
Orecoli Short' L 4i
1000 .... 80
2000 .... 80
O-Wash R R Co 4
Navl Co 4s
1000 .... 60
Penna RIl gm 4a
1000 .... 70
10000 .... 70
Pennsylvania RR 5a
1000 .... 88
Pere Marquetts 5s
1000 .... 82
1000 .... 06
Reading R R Co 4s
1000 .... 70
R 1 Ark & Lo 4
2000
61
UVU . . ... U4??
Seaboard Air L a
1000
6000
31
33
Seaboard Air L fd
4000 .... 43
Sin O & R Co cv 5a
1000 .... 00 Vi
Southern Pacific fd
74
74
75
75
74
74
74
8000
5000
2000
1000
2000
5000
6000
Southern Paclfio 4s
1000 ... 07
2000 .... 07
Southern Pao cv 4
7000 .... 77
2000 .... 77
2000 .... 77
Southern Pao cv 6s
0000 .... 08
6000 .... 08
1000 .... 08
5000 98
12000 .... 00
Lohlsh Val R Co 4s
1000 .... 71
Lehigh Val R Co Cs
10OO .... 90
Lone Island RR fd
5000 .... 65
Louis & Nash RR 4a
4000 .... 70
1000 70
Mich Cent RR D 4s
1000 78
6000 .... 78
Minn & St L fd Cb
4000 .... 14
7000 .... 44
M Kan C & Tec 4s
2000 .... 57
1000 .... 56
Missouri Pac gm 4s
2000
1000
1000
51
34
51
Mon Power Co 5s
1000 .... 82
6000 .... 82
3000 . 82
N Y C & II R H 3 ,4
1000 ... 3
1000 . 05
N Y C & II R R 4s
1000 .. . 71
1000 .... 75
N Y C & II R R 4 4
4000 .... 75
4000 75
N Y C & II R R fla
3000
1000
6000
1000
5000
3000
00
00
90
90
90
90 U
N Y Cent L S 34s
3000 65
N Y L & West 3a
1000 50
N L & W R R 6s
2000 .. .100
NYNHill 4a '55
1000 .... 14
4000 .... 44
3000 .... 41
N Y Ont & W R 4s
1000 .... 60
New Orleans Texas
& Mex Rly 5s
1000 .... 30
N Y Telephones 4 ft
1000 .... 78
2000 78
2000 .... 78
N Y Telephones 6s
3000 .... 03
3000 .... 02
1000 . . 93
Noi-f & West cv 6s
4000 .... 00
5000 .... 90
1000 .... 99
12000 .... 90
OTHER STOCKS ON PAGE 20
South Railways 4s
booo .... 50
1000 .... 60
South Railways 6s
1000 .... 82
st l 1 Mt & a n s
1000 71
St L Iron Mt & So
R & G Dlv 4b
1000 .... 66
St L I Mt & So 5s
1000 .... 83
St L & San Fran a
1000 .... 67
1000 .... 67
3000 .... 67
St L & San Fran la
ioooo .... 40
10000 .... 40
11000 .... 41
1000 40
St L & San Fran A
1000 .... 65
1000 .... 55
3000 .... 53
5000 .... 65
1000 .... 65
1000 .... 55
St'L & San Fran B
100O .... 06
St L & Swest rr en
3000 .... 40
1000 .... 48
St L & Swest RR 5s
3000 .... 66
Stand G & E Co 6s
8060 .... 86
2000 86,
Tenneseo Cop Co 6s
1000 .... 00
Third Avo R R aj
0000 .... 27V4
48009 .... 2714
T St L & W Rly 43
2000 43
2000 .... 43
Union Pacific RR cv
4000 84
000 84
Union Pacific RR fd
1000 .... 72
1000 .... 72
Union Pacific RR 4a
1000 .... 80
Union Paclfio RR "6a
4000 ....10(1
2000 100
U K of G B & I '21
10000 .... 93
3000 .... 03
6000 . . 93
3000 .... 03
1000 ... 03
5000 .... 93
16000 .... 0.i:
3000 .... 03
3090 .... 93
U K of O B & I
rcta of '22
1000 .... 00
2000 .... 00
2000 .... 90
10000 .... 90
U K of G B & I
rcta of '29
1000 .... 90
3000 .... 91
U K of G B & I '37
1000 .... 83
1000 .... 83
40011 .... 86
1000 .... 85
5000 .... 86
1000 .... 86
10000 .... 86
I" "" I
A Little
Girl Guessed
It-
One of nur uril who had Iinl an automobile
accident wan reUllnr tn liln family his experience
at our office In colnr over the detail of the accident
nnd the quick adjustment lie received at our liandi.
When he had llnifilied, IiIn cleTen-ymr-olcl dauglitfr
kulcll "Huddle, Mr, I.atta unlet be In business Jut
to get (ollin out uf trouble," Let us help you.
Hams J.JLatta
PENNSYiyANIA BLDO.
Locust 578
PHILADELPHIA.
Ritco 3432
For four and one-half years from four to eight
engineers employed in our Statistical Department
have devoted their entire time to compiling the
most exhaustive statistical analysis of the 51 lead
ing railroads and their several thousand bonds that
we know of.
As a result of this work, which has cost us a
good many thousand dollars and taken four and
one-half years' time, we believe we can be of con
siderable service to investors, because since we
know the approximate market on all these bonds
at all times we can offer, not merely good bonds,
but what we consider to be the very most desirable
that there are, after having carefully considered
and rejected at present prices each of the thou
sands of issues of the 51 leading railroads, which
we do not offer.
We have prepared a general circular describing
those railroad issues which seem to us to be the
most attractive at today's prices.
Copies of this general circular will be mailed on
request.
BROOKE, STOKES & CO.
Member Philadelphia Stock Exchange
15th & Walnut Street
Philadelphia
102 St. Paul St.
Baltimore ,
Republic of France
5 Loan of 1920
Free of all present or future French Taxation.
Redeemable at 150 by semi-annual
drawings in 60 years, beginning Sep
tember 16, 1920.
Coupons may be cashed on May 1st and
November 1st m New York at the
current rate of the day..
Approximate Price, delivered here, $75
per 1,000 francs, subject to exchange
fluctuations.
Atthc normal rate of exchange, the same bond
would cost, delivered here, about $195.
Kingdom of Belgium
5 Loan of 1920
Free of all present or future Belgian Taxation.
Redeemable at 150 by annual (draw
ings in 75 years, beginning March 1,
1921.
Coupons may be cashed on May 15th
and November 15th in New York at
the current rate of the day.
Approximate Price, delivered here, $75
per 1,000 francs, subject to exchange
fluctuations.
At the normal rate of exchange, the same bond
would cost, delivered here, about $195.
The principal attractions of the above loans are:
1. Drawings, semi-annually and annually, respectively, at 150
2. Possibility of full profit of exchange on:
(a) Capital invested. (Jb) Redemption premium. (e) Yield
The following table shows the possible profit to be obtained from the ownership
of a 1,000 franc bond on the basis of exchange gradually returning to normal in
six years:
Original Value if Profit on Income in Combined Yield if Yield if aot
Value of Franc Cost per Drawn at Original Dollar Dur- Profit and Drawn at Drawn Until
Period in centr 1,000 Franc 150 Investment ins Period Income 150 Mararitr
lyear 7'j $75 $112.50 $37.50 $3.75 $41.25 55,00 5.00
2 " 10 75 150 75 8.75 83,75 55JB0 6.66
3 " 12 75 180 105 1475 139.75 53-23 6,55
4 " 14 75 210 135 21.75 150.75 52J25 7.25
5 " 16 75 240 165 29.7S 194.75 51.37 7.93
6 " 19.3 75 289.50 214.50 39.40 253J90 56,42 8.75
10 " 193 75 289.50 214.50 78 292.50 39.00 10.40
20 " 19.3 75 289.50 214.50 174.50 389 26XW 11.63
40 " 193 75 289.50 21430 36730 582 19.40 12.25
60 " 19.3 75 289.50 21430 56030 775 17.22 12.45
75 " 193 75 28930 21430 705.25 919.75 1635 1233
i
Freacb bonds redeemed. BcIffiaa bonds redeemed.
We suggest considering these issues on account of the above features, which en
able investors not only to obtain the full profit on the return of exchange to nor
mal, but also to secure a substantial increase of the capital originally invested
through the semi-annual and annual drawings at 150. We urge these invest
ments as a means to improve the exchanges, which to our commerce andindustry
is of the greatest and most vital importance at this very moment.
' Ask for our new Franco-Belgian Circular and Pamphlets:
"Thrift in France" and "Economic Assets of-France"
A- B. Leach & Co., Inc.
Investment Securities
115 So. Fourth St., Philadelphia
New Yorlc
Baltimore
Boston
Minneapolis
Chicago
Buffalo
Cleveland
Scranton
The Intelligent Investment
of Your Funds
BY purchasing high-grade, dividend-paying
Industrial Securities, you secure
your full share in your companies' prosperity.
New England the "Hub" of the nation's
.industries is now entering a period of even
greater expansion. These industries offer
you a choice selection of high-grade Pre
ferred Stocks, yielding liberal returns.
Write for our Booklet P. P. L.-201 "Safeguarding Your
Investments"
IlollisteiWhile&Co. .
Fourth of m
Scriea
. .l.
IHCO.POK.TEDi
Boston
North American Building
PHILADELPHIA
New York Springfield
Providence
U. S. Liberty Bonds
All Issues
t
Bought and Sold
$50 $100 $500 $1000
Graham, Parsons &Co.
US CHESTNUT STREET
Philadelphia
California
Packing
INVESTMENT POSSIBILITIES
fHILE "Del Monte" quality
) continue to fulfill every con
foods
everv cntiimr
expectation, tne Common Stock of the Cali
fornia Packing Corporation, owner of "Del
Monte", is proving a semi-speculative issue
of unusual merit.
After April 1st next, not more than 462,010
shares of Common Stod: will represent the
Corporation's only outstanding capitalization.
On this date, all outstanding unconverted
7 Preferred Stock will be retired at 115
.and accrued dividends. Over 60 of the
Preferred is already deposited for conver
sion into Common. Recently, the Common
Stock dividend was increased from $4.00
to $6.00 a share. Considering earning
power and prospects, this rate is moet con
servative and strongly safeguarded.
We recommend California Packing Com
mon to the consideration of all investors
desiring to combine in a single issue a
satisfactory dividend return with bright
possibilities for price-appreciation.
Send for Circular 12 D
A. A. Housman & Co.
CVembar AT York Stack EnMnjlm
N. E. Cor. Broad and Chestnut Sts.
NJ1W VOBK OFllCISSi
20 Itroad Mrert Vi VI ni IM Mrrcl
Ttt ittttmtsu conttlet fctnli. Ut Mt gufutwl, tn Vw4
tpa UAnutiu u tirtt vUck -rt Wltn ttvmu a rdUUt.
m
b
!lvh!. UBlHl
BTOHB'