1'
' :? ' - " ' ; ''EVlSNINtf Wfetld -CBiiGlffiii-PHaADEIiPkEA:; - TSJDBSDAY, MARGEt 18, 1920
TV
n
30 Years
m
Export Banking
TNTIMATE KNOWL
1 EDGE of the, needs
and habits of the people,
acquired by years of ex
perience and actual resi
dence in the countries
themselves, is essential
when transacting busi
ness abroad.
Our 23 branches in South
America. 8 offices in Eu
rope ana direct connections
throughout the yxrld round
out a service broad and com
i prehensive in overy detail.
Anglo-South American
DiNrv,jLirvnitu
t
2((W York Afncr. 4B Broadway
400 Questions
Answered Free
NEVER before in the'
history of the United
States have financial
words and phrases been
so generally used.
Do you understand all of
them? or is market newa
"Greek" to you?
A free booklet ex
plaining more than 200
which are used constantly
by brokers, bankers and
financial reporters is
yours for the asking.
Ask for No. T. U.-843
JONES & BAKER
SECURITIES
WldenerBldg., Philadelphia
FkcnnBiU, WoUutSWl
Ktjtttni, Ra 2290
Dirtct trtvati Wlru
Offices in 8 Principal Cities
Philadelphia Markets
WHEAT lUcelpts S1.04B bushels. Th'
muritst was unohancea at erovemment prices.
CORN necalpts, 11,021 bushels. Boart
nd firm. W. quale nvr, as to quality ana
location, at S1.70O1.S0, tho Utter for Nc. 2
yellow?
!p0A,5;n?c',)l,18P,I butliel.. Advance
If .Quotation! Car lets as to location
ttVi&ffl?' i'Ba.0l,No. 3 white? SUM
W1.04HI No, i white, 1.03l.O3'i,
Ma?U?"ne?,ptJ!' .20 birrole and 2 002,.
vJt 'Jni ',1 ck,,1 D.ul ,nA WIMlk- Quotatlonsi
al,.10n .lb., Peknl Jn HO-b. Jute sacHs
ltsi wi2Ur r1ni: wjftern, Io.7B(9
11.251 dc. do, nearby, 10,65Qlll hard
luOlS.SOi prln first, olear. 10.60910!
1180018.751 fancy, sarin and city mills
Patent, family brartd. IU71014.40;
aaS,1? FL0UR WM ""10 Per barrel In
PnbviBIONB ateady. Deef. In sets.
""? na alr-drled, B0a besf, kou'lil's
and tender, amohed and alr-drled, 51ej park.
nnVlf' Ma hm. 8- " cured, looee, 28i
2Hct do, skinned, loose, 2702801 do, do,
smoked. 28O80o nam, boded, boneleia, 40o:
Wcnla (houldera, B. I, cured, looee. 20oi
$& fraoiwA 3oi bellte. In plokle, loose,
breakfast baoon. S2es lard, 23Ho.
f.SM171 """J- Solld-paakod creamery.
Jncy, hlU-eoorlruf food. 70O72O1 sxtras
JI,if?i!?.,",oi enrMt creamery, choice to
tancy, 4717So; fair to good, B8toe; prints
'"5HnT" at 77 O 79a for fancy and at 6O70o
f fair to gcod.
uS...?"4" nlhr. Free caeoa nearby
UIi.!...' V.v'A Vr crate; nearby current ro
celpts, 14.40( western extra flreto,, S14.40!
HuiS"! .flri- !, "outhern ' U3.B0
SmTen "" Jobbln at 6068e per
i?JIE.KSB teadlly held. Now Tori:, whole,
milk, flats, held, fanoy. 3J4 O50o specials
hither! held, fair to trood, 24 O2oi current
P5 nominal) Wieoonsln. whol milk flats,
5SL?'.,.5fy' 2 Otoe: fair to rood, 2H
.c: Jobblnc sales of fancy held roods, 820
j-i18 POULTRT IVwIs, fancy fat, 45 R
Jjei exceptional lot llliheri do, medium, 420
f.5L.Jo'Jnf,rlori 8O40c. nrolllnr ehlckens.
Si55JJot,-n,w'P,n 1 Ot lbs. apiece.
5WOo8prln chickens, average soft-meAt-e3,
42O440! do. Inferior. lRO40n Duo
I X2unlLrooaUr' 80082c, Old roosters, 25f?
. uucks, wwt rekin, 44O40c; do. In.
dlan Hunner. 42048a do, Muscovy, 80 0
J'Jurkeya, 40045c. Pljreons, per pair.
. ..PRESSED POUUTRY Fowls. fresh
Killed, dry.plclicd. In boxes, weighing 4 lbs.
and over apiece. 40a weighing 04 lba., 370
88oi weighing a lbs., 88O830i fowla. fresh
Killed. In bbls., dry-picked, weighing 4 lbs.
and ovir Apices, B80 weighing 814 lbs., 80
37c: weighing 8 lbs., 82OD40) old roosters
dry picked. 2Pc. broilers, Jersey, dry-picked,
BBOOOoi d, ordinary, noarby, dry-picked, fto
OSBoi broilers, western, dry-picked, weigh
ing 1H 02 lbs, apiece, 48050c; routing
chickens, western, dry-picked. In bb!s
weighing 4 lbs. and over apleos, 40C42c:
weighing SH lbs. apiece. 37040c; weighing
S lbs. aplrr- S037c: weighing 2K lbs.
aplecs. 41042o western, oorn-fed chickens,
12 to box. 17 lbo. and under to dot., per lb.,
4RO50c; 18 to 24 lb, to dot., per lb.. 480
f.Oci IB to U lb. .to doz.. per lb., 48080c;
2ft to 80 lbs. to do:., per lb., 40042c; 81 to
88 lbs. to dou 870S8c; 87 to 42 lbs. to dos
3788o- 48 to 47 lbs. to doz., per lb., 8HO
tOo: 48 lbs. and over to dog., per lb., 410
42c; capons, western, weighing 8 to 10 lbe.
apiece, 54 063c: some heavier stock higher;
weighing 7 lbs. aplecr. 52o; weighing 0 lbs,
apiece, 60a' weighing S lbs. apiece. 48c; tur
keys, nearby, fancy, 580A9c; do. nearby,
fair to good, 50S5c: western, fancy, 68 w
Bde; fair to good. 88066c; old toma, 61c;
ducka, Tfftrn, 8RO40c; geese, westorn,
fancy. nSftSBi, do. fair to good 2AO80c,
FRKSH FRUITS Apples, Per bbl as to
quality. 40; do. per box. 204. Cranber
ries, per bbl., 37. Oranges. Florida, por
box. $3.4037.80: do, CallfornlB, pit box,
I2.B5O0.3.1. Tangerines, I'lorlua nr Mi
box. I20fl( Oraptfrult, Florldn. t box,
ll.75O4.80. Btrawberrles, Florl. . por
quart BOOflOc
VKOBTAIILES White potatoes, per cwt.
tSOB.83. Swret potatoes, southern, per
hamper, H.16IB2.25: do, Jersey, per basket,
$1.26(1.76. Cabbage, Now York, Danish,
per ton, 1850100; do, Florida, per hamper,
I3.2BC3.0B. Onions, per lOO-lb. sack--Fel.
low. No. 1, tOG 11.30: do, No, 2, S3.BUO4.B0.
Bank of England Statement
London. March 18. Tli weekly BtaW
ment of tho Bank of England ehowii the
following; chnntres! Total reserve In
creased 9,980,000, circulation decreased
1.715,000, bullion Increased 2,210,737,
other securities deorcaced 10J,000, pub
110 deposits decreased 186,000. other de
posits Increased 6,682,000, notes reserve
increased 4,028,000; aovernment eeaurl-
t. Inrensed fl. 572,000, tno proper'
t SS of lie "ank?s 'regerve- to liability thl
wSSk is 28.49 per cent! last week It wm
i ?Vi ' rfh. dftoount rate Is 6 per cent
RAILROAD EARISINQ8
. CANADIAN TACIF1C
1020 Increase
L.-A -1 March.. $3,180,000 1483,009
&wT?:. feaSLoX 4.BB8.000
LOCAL MINING STOCKS
TONOPAH STOCKS
Did
OT
LkMU
"VIA COLON"
rJ ftco loorda trantmltted frr.n at
iharpe 5j any Telegraph Co.)
John J Merrill, president
mnRcrp itoitvir. rn
fENTRAL and SOUTH AMERICA
8 riroad 8t.. New York
Hecker & Co.
Bankern nnrl TlrAlrttt-a
Umbers of Philadelphia and Nm Terk
It . " aixeuaugesi
Yv- CPU- STU AND CUlidTNPT MSL
Lawrinrf F. Rrnum X, r
IC?JaFR. tU,UC ACCOUNTANTS
ir,TBaiSi:: M" """ v: :
ITNANC1AT.
Meetings and r.leetlona
1 it .v "V1,""f' 1IMIN COMPANY
Iin.:l ""' iuteiing or stockholders or
fflfe'i'ipnco.. heldilarch 10. two ",?i
Fi .-..T- ,r,0,or" 2!tr elscted to servs for
mi. EfanVh.rr-w:'..r""n!T? ".
t ...V """-"'"'. Murm. LafflM 1
finniTr?,fn1),"y- Ch"' c. F.bi:
u. muswun OKHLT.
opcrsian
Annual Meetings
THE ANNUAL SIKETlVfl oir rum
he cJ.VrlS?.ii.lJ!& Ph adtlphla F.ec.
tesaas
U$n:!i?&vJffiXEL
Mw blfo . dr SSSUlf mv Properly
ii accoraance
r.'.'l" otloro the m.iiini
I'UI.Ul llv.rw. ZttWJmh """"' ""''
h .r.-.-TJ'.TV .. wuiiiyany no S10CK
i. "rVM
before
fh II...
hi .r.fy!.l '. company no stock
fl KolV SwKcn J" m transferred on
" wvpi 3ocrciry,
POWER PLANT
FOR SALE
50 Kilowatt, self-contained,
airect.connected exninc and
Sw erst u.nlt comprising
Skinner Engine andWestern
Electric Co.'s 400 ampere,
JHvolt, dlrect-currentgen
watwj rheostat, circuit
breaker, main switch, seven
1W arnpere circuit awitches,
re.te5 BRd volt-meter, all
m.rMted 5" , two - panel
mtrbltj switchboard with
nelo iron frame; also leads
fm Eenerator to awitcb-
Jfl efj.1l&M& .it.t
ri, iT ronmnon, run
"WK arid In use. May be
anMA' Corner Tta.
no 17th Bt.
f'or further information appi9
t. ns.i6Ust
was, Bp,ot 647
Cash Bcv
Tim Ttutler
MarNamara
Xflilivnv ....... ......
suziian nxi j;
Montnne IS
.Vorlh Utar 00
nffiriie F!iila .28
iTonopah F.xt JS
.Wrst i:nd 1!
I l.t T'nnnnith ............ .00
DIVIDE STOCKS
Allied Divide 02
Altn mvlilA OB
Tlelcher U
lien Hur 03
HrciUKh Divide J
Divide Ext H
Divide iyndlcute 02
Divide Cons 03
Dividend , 10
Kaet Divide. 03
Hasbrouck Divide 03
Hlzh Dlvldo 02
Ilevert Divide lA
neno Dlvld 02
Jtosetta 03
Mlver King OB
Tonopah Divide 3
Tonopah Hasbrouck 10
Victory Divide 08
VerU Dlvld 00
Zone 26
QOL.DFIKLD 8TOCKS
Atlanta O'J
Illue Bull 02
Ilootlt OB
0 O D 03
Combination Fraction 03
CrackerJack Oil
Dlamondfleld H B 01
Daisy 02
Florence , 23
Goldfleld Cons 18
Goldfleld ilerger O'l
OOldfletd Deve opment . . . .08
Oreat llend 02
Jumbo uxi
Ken anas
Lotto Star
Oro
Bed Hill
HtlvAi T!rt
Bpearneaa u
Mlb'CBLLANEOUS
Amparo 1'i
Arltona United 16.
Eden '
JlPlher Lode 43
Nevada Hills, 02
Nevada Rand 20
Promontarlo l',t
Nevnda Wonder 17
Tecopa, Mining OS
VpMo Caps 18
:o
.00
.01
Ask
.09
.28
.17
.18
.18
.11
.27
2i
e
.08
.OS
.07
.13
.OS
J
.06
.13
.OS
.06
.04
.20
.04
.06
.07
24
.IB
.10
.13
.28
.04
.03
.00
.04
.03
OH
.02
.01.
.30
.18
.03
10
.03
.12
.04
.10
.02
06
'.07
20
.no1
'.04
.26
.22
.13
16
Export Advertising Facts
' The expansion in export trade of this country
with Latin America emphasizes the need of formu
lating very definite sales plans. Careful cultivation
of the field is necessary to build permanently.
It is as important to reach consumers as it is to reach
importers and dealers. The landed proprietors are the real
buyers the men with whom large orders oriffinatc.. You
can best reach them through
LaHacienda
Spanish and Portuguese Editions Monthty
LA HACIENDA is read by the' big men of affairs in
Latin America, because it carries a practical appeal to them
Full 75 of circulation is to paying subscribcrs;S is to
Over 100 leading banks throughout Latin America receive
and remit for subscriptions to LA HACIENDA During
4fln . riM a. fl- f !!- ..... aai4 . rwl llAtswH 111
1919 nearly 2500 trade inquiries were received and listed in
our Exoort Trade Bulletin sent to advertisers. LA
HACIENDA for fifteen years has served to broaden the
any prominent American nrms. it is touay
marlrrr for manv
helping them to get new business.
CIRCULATION in excess of 30,000 copies
monthly guaranteed and growing
Our Department of Research and
Foreign Bales Service will co
aperate .with you on foreign sales
work. Information upon request.
La Hacienda
.Founded 1005
Wm. H. Jones, Business Manager
New Sldeway Building. Iloffulo, N. Y.
K stern Offlrei
n. M. rORTKIt. Adyertlstnr Mxr.
02 Broadway. New York
Weatrn Offleet
A. T,KA MORBlrtON. Mgr.
Klmbnll Dldg., Chicago. III.
KM Vyl'WmMUUeBSCU
YJsBim
VWWySlggssssssssssssssl
STEAMSHIPS
BTEA31inP3
Chlpana
Maurttanla ...
Italia
rsnnonla
VennonU
Haxonla
Carraunla ....
Royal George .
Columbia ....
Maurete.nl . . , ,
K. A. Victoria
Imperater ....
Cannanla . .,
Sozoula
Royal George ,
Maurrtanla . . .
Carenla
K. A. Victoria
1300
Fassengrr and Freight Btxrlces
...rhlladelohla to London .,, , Mar. 90
....New York " Cherbourg and Southampton Mar. 28
....Neir York " Naples Mar. 27
..., New York " Fatras. Dabromlk and Trieste) Apr. 10
. .rhlladplphlB " London Apr. 10
, ...iNew York " Flrmouth. Ilamburs; and London Apr. 10
New York " Liverpool Apr. 10
New York " Flymonth. Cherbourg and Southampton Apr. 14
New York " Londonderry and Glasgow Apr. 17
....New York " Cherbourg and Southampton Apr. SI
New York " Liverpool Apr. 21
New York ' Cherbourg and Southampton Mar 8
New York " Liverpool ., May IB
New York " Plymouth. Ilavre nnd London May 10
New York " Plymouth. Cherbourg and Southampton May 10
New York ' Cherbourg and Southampton , May 22
Nw York " Flymonth. Cherbourg; and Liverpool May tz
... .New Yrk " Liverpool May 20
For Later Sailings Apply to
WALNUT STREET, PHILADELPHIA
LIVESTOCK QUOTATIONS
FIMabu-gh, March 18. 1I00S Receipts,
1200 head. Higher. Heavies. S18.230
1B.TS! hoavy workers. 81T1T,1: light york
ers. llfllHO.nOi pigs lia.SOOlO.
3HBErr AND LAMBS Receipts. 3SO head.
Steady. Top sheop. $14; top lambs. 120.
CALVES Receipts, 80 head. Steady. Top,
$22.
Chicago, March 18 HOGS Receipts,
20.000 head. Higher. Hulk. $14. 60018.10)
top. 118.23: heavy. tl4.80CV18.30i medium.
Sirl.l0Mi.2A; light, lin.T0O10.3ni light
lights, 114.830in,l)3i heavy packing eowe.
smooth, I1S4T1B.0O; packing sons, rough.
tl2.JIMtlf.83: Plas. I18 21W13.
CATTLE Receipts. 9000 head. Strong.
Reef steers, medium and heavy, cholcs and
. .0 ftRMIX XO. mulllini anil daa..
m.G01.Jl common, j0.23ll,03i fight,
good and choice, t2.28M3.in: common and
medium. llOfJlS.JSt , butcher ; cattle, heifers.
tT 3.1ffia.!3l cows, IT.23WI3' canners and
Jitters. 107.23: veal calves. ti718:
feeder steers, 0f13: stoclter steers, 87.80
011.23
BliEEP Receipts. 13.000 head. Steady.
Lambs, tlO.7SU10.23i culls and emmon,
114010 not ev.es. medium, good and choice.
$10 78014.23! culls and common. 13.730
10.30.
No Change In Refined 6ugara
New Tork, March 18. Tho local re
fined sugar market remains unchanged
both an to conditions and prices. Arri
vals of rawn yesterday Included 27.000
bags Porto rtfcoB to Arbuckle Bros.;
6oR4 bags to the American Hugar nefln
lng Co,: B9B0 bags Perus to Canada,
and SOSd bags Porto TUcos to the trade.
ENGLANDBELGIUM
THE RED STAR LINE
Steamor. "LAPLAND" and
"ZEELAND" and the American
Flarr Steamer "KROONLAND"
nd "FINLAND,,--the Utter
throe caulrjped for Oil-Fuel
ail regularly between New York,
Southampton and Antwerp.
COMFORT, SERVICE
and unexcelled cuisine are to be
found aboard these splendid
vessels.
INTERNATIONAL MERCANTILE
MARINE COMPANY
"KROONLAND"
March 24, May J, June 5, July 10
"LAPLAND"
April 3, May 8, June 12, July 17
"FINLAND"
April 7, May 15, June 19, July 24
"ZEELAND"
, June 26, July 31
ymm.
Ail bNuv 1 -JjfcS j
RED STAR LINE VHHBZrSZ&K.
11.: Mg2
!FSK!J?mc.' J819 Walnut Ht..
Freight Ofllte, 40o- Bourse Ulg
GOING TO EUROPE?
I4raU Kate fcy the
One Class Cabin Service
or tka
American Line
P..4 M!a. t .
. ",rtS1''' W- Ste.mer.
SleiDKapa 1C.aaa.l to ..
IFtll. Amamm
Rooms With
ielK""" "
iTTr ''Mtiivui
fJ.feVu'dr
11-. V j. . . rr,T, ath. tcT
N.wYorkPlymiwlh--Clierbour--luh.rfl.isn
"NEW YORK" ...M.r.27 Anr 24 M.. i .
"ST PAlll" '- .Pr " My22 June 19
-raiuDELTHiA- -.?::.: Siil K289 si
.nitnnAuuAL MERCANTILE MARINE CO
' " "",v" '"" walnut Ht.. Phlla.
MERCHANTS & MINERS
Transportation Co.
Established 1854
MilHeo of rM enters CsnlU-r
Not tils Lost
COASTWISE LINES
riiUilelphU-Bortn. Wed... Pat.. 5 P. U.
I'lillaipriia-svnnoah ana juuisuvuis.
rter
riadelphla-elsvnnoah and Jocbisuvll
rrelfjii gJnljr raiJIlSlav lat,
l. ho. Del. Ave. Tel,, Lsaihird
MM
1817
1920
Fire
Association
OF PHILADELPHIA
N. W. Cor. 4th & Walnut
lias Blven lt policy holilora solid
ln?mnlty for mo.-e tliati one
hundred years and lias never
betn to etrontr financially aa now.
Haa you a policy In thla, old
and rellahle Company?
CHARTER PERPETUAL
EAENjLJNE
U. S. Shipping Board Steel Steamer.
General Cargo
Regular Service
Philadelphia Manchester
S S "Des Moines Bridge" Apr. 5
Philadelphia Havana
SS "Lake Foxboro" . . Loading
SS "Lake Galcra" . . .Mar. 31
For rates and particular, apply to
Earn-Line Steamship Co.
139 South Fourth St.
PHILADELPHIA, PA.
Holland America
LINE
NEW YORK to ROTTERDAM
fflu .n i-.i-dtaTO,fi,5.lTvtesiu';s:
.ooNnewn:,i:.n,lbreu,,, wi "
I'assengiT Olllee. mi Walnut St.. lfaliu
Green Star Line
flttVt!lT.lrnfani .
.rtnAEuS; HA6VcA"X4,,"TTMTll
Naillnv fsaiH ng.ia . mm
pnia
ateu mors
I-onfllns
urcli CO
Hailing from ritlljd.iohla
I H "JOMAIl" - ' VtV.V .'
,T..... ....i. - '..ouvwi .iiurcil CO
-'H'.?,Jrvnl,a t-Ot. Inc., AgenU
10t moor. Drexel hldg.. PhnaV
onei Lombarif 0104 Main l.i:
Pbonei
State Bank of Philadelphia
steamship tickets
International Freighting Corporation
Regular
Sailings
Tkroogn
BUliet
UNE& iued
PHILADELPHU to SOUTH AMWCA
toss ?jft w?i,f;r-?. "na '.
PHILADELPHIA to FRENCH ATLANTIC PORTS
Berdeaur. Hart. Duafclrb, ete.
Ufayatt BuUJing. Philadelphia, Ttepfaana UwWara 333. 3834
iJ
v
$550,000
Buffalo -Thacker Coal Company
(Incorporated Under the Laws of West Virginia)
'" ' First Mortgage Sinking Fund 6 Gold' Bonds
(Closed Mortgage)
Dated February 1, 1920 Interest February and August. Due February 1,1930
THE PROVIDENT LIFE and TRUST COMPANY of PHILA., Trustee.
Pennsylvania State Tax Refunded - '
. Company agrees to pay Normal Federal Income Tax 'Not to Exceed 4cc
Coupon Bonds in Denomination of $1,000 each, may be Registered as to Principal. ,
Redeemable aa a Whole or in Part at 105 and Accrued Interest.
Mr. Edward V. d'Invillicr6, Geologist and Mining
Engineer, describes this issue in a letter, copies of which
are on file in our offices, and Mr. L. R. Reese, President
of" the Company, has -furnished us with this supplemen
tal information : .
t
Coal Land owned and leased by this Company
is in the highly developed Kanawha Field, of South
western West Virginia, on the main line of the Nor
folk & Western R. R., and on the Chesapeake &: Ohio
Ry., Coal River Branch. Its properties consist of
1005 acres owned in fee simple or mineral right, 2580
acres under lease, and 68 acres in surface right, with
six modern, well-equipped mines, electrically operated,
including tipple hoists, power plants, substations,
miners' dwellings, stores, shops, supply houses, etc.
Quality of Coal Mined r$ uniformly of
the high-volatile "gas" type, with a relatively low
percentage of impurities, furnishing a most desirable
form of fuel and commanding an excellent market
reputation.
Appraisal of properties shows a conservative
valuation of $1,153,852, only 10 of which is value
of coal in leasehold. The -properties contain 12,152,-
800 tons of assuredly recoverable coal, and 10,357,400
additional probable tonnage. At the present annual
rate of production it would require 30 years to exhaust
the assured coal alone.
.
learnings resulting from operation during the
calendar years of 1917, 1918 and 1919. as shown by
audit of Messrs. Lybrand, Ross Bros. Sc Montgomery,
before deducting taxes, depreciation, etc., when re
duced to a twelve-month period, are as follows:
Net Profit from Operation $253,392 b
Interest on $550,000 1st Mortgage
6 Bonds 33,000
Surplus over Bond Interest $220,392
Annual Minimum Sinking Fund.. 55,000
Balance $165,392
Within the next five years, it is conservatively esti
mated the mines should readily produce 600,000 tons
of coal annually, which, based on the present net p'rofit
of $1 per ton, should result in Net Earnings of
$600,000 per annum.
Sinking Fund beginning August 1, 1920, re
quires the purchase of a minimum amount of $55,000
par value of Bonds' per annum, and as all Bonds
purchased shall be kept alive and bear interest at the
rate of 6 for the further benefit of the Sinking
Fund, this minimum provision should be sufficient to
retire the whole issue within 8 years. The Mortgage
provides that as, a maximum Sinking Fund a sum of 10
cents per ton on all coal mined shall be paid to the
Trustee, to be used to purchase Bonds, and also that
half of all Surplus Earnings above Interest, Sinking
Fund, limited Dividends, etc., shall also be used to
purchase additional Bonds. Based on present Earnings
and production" of 385,000 tons per annum, one-half
of the Surplus referred to above should afford an
amount sufficient to purchase annually an additional
$100,000 of Bonds for the Sinking Fund, and if these
Earnings maintain for 4 years, the whole issue of Bonds
should be retired.
Bonds shall be called at 105 and accrued interest,
if they cannot be purchased in the open market at
a Ip'wer figure, and, as stated above, all Bonds pur
chased for the Sinking Fund shall continue to bear
interest for the benefit of that Fund until the entire
issue has been redeemed and the mortgage satisfied.
Summary It is believed certain that the mar
kets will continue to take large and increasing quan
tities of pure, high-volatile coal, such as these mines
afford, and since there arc few properties in the coun
try that can produce fuel of this grade more cheaply
than this Company, it is a reasonable assumption that
its product will continue to bring a price which, over
a period of years, should yield a very satisfactory profit.
The security for the Bond Issue is ample, and the
required coal production low for the number of mines,
the estimated Earnings arc easily attainable with good
management, and the properties arc sufficiently
developed to insure the physical and financial returns
indicated.
Reports and Appraisals for the Bankers by Mr. Edward V. Mnvilliers, of Philadelphia, Pa.
Audit by Messrs. Lybrand, Ross Bros. V Montgomery, Certified Public Accountants.
All legalities have been approved by Messrs. Townsend, Elliott Munson, of Philadelphia.
Price 92 and Interest
To Yiel(t7.30 if Redeemed in 8 Years
To Yield 8J0 if Redeemed in an Average Life of 4YZ Years
Since all bonds should be retired by the Sinking Fund before maturity,) a Bondholder miv r,.oUi . .
eventually receiving the callable price of 105 and Interest which would add materially to tfeVffitS rt!S
ROBT. GLENDINNING & CO.
400 Chestnut Street
Philadelphia, Pa.
FRAZIER & CO.
Broad and Sansom Streets,
Philadelphia, Pa.
Tbs statements In thlo advertisement aro based vwoa Information oDtalned from official sources or from th
we recard a reliab.s.
Republic of France
ProuTCM io the recovery of France from tht
World War has already fjiven f reah evidence of
the characteristic vitality of the French people.
We are receiving subscriptions for account of
thtt Fronch Government to
The New French Internal
5 Loan of 1920
fadoemablo within 60 yesra by uml
naul drawings beginning Septerabtr
16th, 1020, at 150, which ia equivalent
to 1500 fames far e'ach 1000frmac boat)
Subscriptions are payable in dollars at the rate
of exchange fixed each day by the Fronch
Financial Agency in the United States, which
is based on the clooing rate of exchange for the
previous day. This price will be announced
daily in these advertisements.
Price Today $73.80 per 1000 Franc Bond
At the normal rate of exchange the coat of thin
bond to the American investor would be $193
Our interim receipts eaUint for temporary bond ot
the French Government will he iiaued against payment
in full in dollars.
BROWN BROTHERS & CO.
Fourth and Chestnut Streets'
PHILADELPHIA
Unshackle Your Dollars
The hoarded dollar is a menace ; it neither
spins'nor weaves.
The earning dollar, invested in well-established
manufacturing companies, creates industry, which
produces several times dividend requirements.
If' e have a carefully selected list of
PREFERRED STOCKS
YIELDING 8
li-hich xve ran recommend io the itidit
conservative investor.
A ail for Booklet P P.L..S67
Iiollisler.While& Go,
Klfe'l u.s
North American Building:
PHILADELPHIA
C MCW YOrtK SPtUNOFini.D
PROVIOKNCn
CHARTERED 1836
GIRARD TRUST COMPANY
BROAD and CHESTNUT STS.
CAPITAL AND SURPLUS, $10,000,000
Act.-.. Emo;". Tru.tw. Ou.rdl.n and Admlni.tr.tar
Interest Allowed an Deposits
Member of Federal Reserve System
i.. U MORRIS, President
Animal Matins.
25P Tim 8TATEI ANNUAL Mr.KnKdTr !
Co. will he hsld Uftntay, April X8 lh20 &t
............ w..v. ... Wir company. iiih .,
ana tnin ave.. 1'Mladflphla Pa., at 10
a. m . to elect directors foi tiit ansulnv year
SJ1.a '"iKV ul:h ulnesa iuiy pruii
erlv com tor Ihs roMtmjr, r v
ailKIvrON A. II inns.
IHtideruL
TlffK liiilim Mi iTr-.'I. vl;.'
Vur.
...; .... ''... '"larierijr a
f iM. J!! "" u,nainjr i
-- ..... .wxnfir, puyauis Apr
rCail
'.dV
vf
7
pm
eftl
m
i
q
!
m
r
i
,
H
'$1
m
nn py tmb
flon hav tJ
(vUsnd ot t
r
j
Q
r
1 stOOk
9S9, t
,.,
(MirnVd) " "'" rm"n
witWMli
A, ' e .- v- VAST ,"" ',' " V1"
il. ......Mtlaivu.. ... n iiriiitnillMllllll Il Hill I -V''.'v.-W rl
viviAuiiarii rnDDU
XTKW
V.I.
i ...,.; '
& . .. "
sccrcurr
o f rY(,. , f
MH1U:
fl
Jxll
1
tear5?:.!
i&&u&.y
..a
.mr. .ti
(. " 1
'I
y nvratnnMia'isr i t i T
V
i
"Ifi.3PRWMl