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EVBNEt, PUBLIC tLEDGEBr-HTUADfiLPHIA, WEDNESDAY, 3IAR0H 24, 1U20
IWF Ti'i
, "Foreign Trade Through Foreign Investments"
A Comparison
of French Government Loans
t
I
4 Loan of 1917 5 Victory Loan ,
5 Loan of 1920 f
N view of the interest in French Government Internal Loans it
has become necessary for bankers as well as investors to have
at their disposal a comparison of the principal issues. We have
therefore prepared a chart which gives for each issue the present
income in francs and in dollars, with a lc. change in the value of
the franc from 7c. to 19c, the increase in income as the franc
recovers its exchange value, and the comparative profits and in
come at current rates for each loan.
Also a graphic chart which shows the fluctuations in the
French 3 and 5 Rentes since 1798.
This chart should be in the hands of every banker, manu-
f acturer, exporter and investor for present and future reference.
Complimentary copy sent on request for pamphlet No. PE-83.
A. B. Leach & Co., Inc.
Investment Securities
1 1 5 So. Fourth Street, Philadelphia
RETIRING PLANS
m WAR BOND
Time Mot Rip bankers Say, for
Conversion in Lowor In
terest Issue
N. J. HOUSE PASSES
MOTOR TRANSFER
Moasuro Forcod Through by Re
publicans to Put Party
Man in Job
New York
Minneapolis
Chicago
Baltimore
Boston
Pittsburgh
Buffalo
Cleveland
J
Increase Your Income
Invest Your Funds in
.'
United States 4v2
Certificates of Indebtedness
Due June 15, 1920, and Sept. 15, 1920
Free of Normal Federal Income and State Taxes
Price 100 and Accrued Interest
COMMERCIAL TRUST
COMPANY
Member Federal Reserve System
City Hall Square
Telephone Spruce 1480
Tho bill introduced by Senator
Freyllnghuysen, of Nctv Jersey, au
thorizing an Issue of 1530,000,000,000
fifty-year tax exempt 3J per cent
bonds for the purpose of retiring
bonda of the first, second, third and
fourth Liberty Loans, was being dU
cusied In tho finnnrlal district yestcr-
uny. as a rule, critici-ms were against
tho proposition, although It Is ac
knowledged that something of the kind
must bo done eventually, but that the
time Is "not ripe for It yet.
One banker ,snld he believed the bill
was Introduced as a feeler, to start
a discussion as to whnt netlon will be
taken in thu future. Ho said, In his
opinion, the, low Interest rate of 3 per
cent would only appeal to very wealthy
people, on account of the tax exemption
feature, but that this claw is very
sipall and is now loaded up so that ab
sorption frpm that source would rep
resent a very small fraction of the total
issue.
, Another banker said that with Lib
erty issues now selling at prices to
jield over G per rent, the funds of the
comparatively small investor would not
be attracted by a i per cent rate and
the stupendous she of the transaction
under present conditions would be
doomed to failure.
A. Veil known banker and broker said
he, anticipated that such a move will
have to be carried out some day, but
wo must wait till money is more plenti
ful and cheaper before we attempt suth
n conversion on the scale on which it
would have to be carried out.
Tho prevailing impression was that
Senator Krclinghuyscn was merely
paving tho way for a wider consider
ation of the subject.
A well known banker said what was
needed more at present was a rc-ar-I
rangement of our system of taxation,
I and this should be brought about, he
(remarked, before we attempt to fund
jour outstanding war debt.
' Unmn finnnnlnru nA .iIIfIaiIm trt IinOV
- i. ... ' ' - r-tl..- L
now 111 lieu hi n hUiTrfs, or lutiuiu. iuu
Inst Ihsuc of oeitificates of indebtedness
linn heen. It seems to be nrctty well
known that the Treasury was anxious
to dispose of $300,000,000 or $350,
000.000. Bankers were trying to arrive
at an approximate through figures pub
lished in New York of government de
posits m local banks thcro during last
week, they concluded the subscriptions
to certificates of indebtedness were ap
proximately S20.000.000. On this basis,
the total subscriptions in the twelve
Federal Reserve districts would bo
around $80,000,000.
A banker, when talking of the popu
larity of foimcr ihsucs of cortificatei
of indebtcdnc's, said he could hove sold
csterdoy over $1, 000.000 of the De
cember matin ity if he had had tlieni.
There is a good deal of disappoint
ment expressed lu ths financial district
over the Inaction of railroad bonds and
fnoi-a t, ma pxner.tod that imrac-
Wliatclv after the passage of the Each -!
riimniin hilMho railroads would take
the lead, und this was encouraged
through a temporary activity, wnicli
died almost as soon as is was born.
A banker when discussing this ques
tion snid he did not expect much im
nn.vnim.nl In tho railroad situation till
thi nrrsonr differences over the basis
of rail vnluntlon is settled before the
Interstate Commeice CommisIon.
On one hand, he said, the leprc
8onlntivi of the Astociation of Hail
SENATE OVERRIDES VETO
Trenloiii March 21. Under the lash
of the party whip npplled by the or
ganteatlon, tho Republican majority in
the House yesterday passed' Senator
Allen's bill transferring the depart
ment of motor vehicles from the secre
tary of state's office to that of tho stale
comptroller. Republican leaders had
no hesitancy in admitting that the un
derlying purpose of the bill was to re
place a Democratic official with a Re
publican In an important office. In
Justification of such a course they
harked back to the days of Democratic
control wherf similar legislation was
put over by the Democrats.
The bill was brought up in the nouse
yesterday afternoon and its appearance
was the signal for. a bitter debate and
sklrmishlnc between Republicans and
Democrats. Mr. TJnrrctt. the minority
leader, tried to have the bill amended
by vesting tho appointive powers in
the governor, instead of the stnte
comptroller. He was, of course, un
successful. The bill was passed by n vote of 32 to
21, the division being on strict party
line.
Borton New Hall Head
For perhaps the first time since the
position of state director of railroads
was created many years ago. there was
a contest at the joint session of the
Senate and tlouso over the elec
tion of this official. Assemblyman
Robert, of Rurlington. nominated
Joshua E. Iorton. of Mooieslown. and
Senator Stevens, of Monmouth, also a
Renublicnn. presented the name of
former Assemblyman T. Lloyd Lewta,
of Ocean Grove. Aomhlymnn fJoedc,
of Hudson, nominated Robett D. Foote,
of Morristown, but withdrew the nomi
nation when it developed the Republi
cans were divided.
Mr. Borton was elected bv a vote e.f
40 to 14 for Mr. Lewis. He is presi
dent of the Security Trust Co. of Cam
den, and succeeds Joseph Knighn, i.(
Moorestown. The railrond director rep.
resents the state, which is a stockholder
In the United and New Jersey Railipad
and Canal Co.
Twelve -Round Boxing Upheld
By a vote of 42 to S the House passed
Assemblyman Sullivan's bill permitting
boxing bouts with n maximum of twelve
round", instead of eight, as now sanc
tioned by the Hurley law. This. bill. If
it passes the Senate, will enable New
Jersey txing promntors to compete sii"
cessfully with boxing clubs which would
be established in New York should tin
Legislature of that slate pass the box
ing measure now pending there. The New
Yoils state bill would authorize ten
round exhibitions nnd North Jersej pro
oters saw a possibility of losing the
Manhattan patimiage if ten-round nglil
were permitted in New York, while New
Jersej could conduct only clght-iouod
mills under the Hurley law.
The codification of the election law,
drafted by Assemblyman Pierson, was
passed by the House after scvcial
amendments had been adopted on thinl
icadinir. The measure is designed to till
way Executives thinks that property I p inurh-needed hiinpuficntion of the elce-
investment accounts and material nnd
supply accounts should he. accepted bj
the commission as a minimum for the
present, as the data now being
gathered by the commission for valua
tion purposes Is incomplete.
This representative. he said,
acknowledges that there may be son
over statements in these figures, but
says they will be more than offset by (
lion mnrliincii in the state.
The House also passed a bill by Mi
Sullivan preventing pawnbrokers from
charging twelve mouths' interest on arti
cles redeemed within less than a year.
To Hanillo Camden Finance,
The Camden boaid of finance Hill, in
troduced by Mr. Rowloud, was dassed
oy the House. '1 lie purpose of the
to enable Camden
The No.
Loan cf
France
The 5 Loan of 1920 if re
deemed without any improve
ment in exchange rates will
provide a profit of 50. If
redeemed and exchange rates
become normal it will provide
a profit of about 300 .
We will take subscriptions to this
loan at the market. Prices sub
ject to change.
Bonbright & Company
MORRIS WISTAR STROUD, Jr.
Manager
437 Chestnut Street, Philadelphia
New York
Boston
Chicago
Detroit
Dominion of Canada
Bonds at Current Prices
Canadian exchange
rates and the.prices of
Canadian bonds make
it possible for Ameri
can investors to pur
chase the obligations
of the Canadian Gov
ernment nnd Canadian
M u n i c i palitics on
bases ranging from
6 to 8.
I Pi . : -l,,.. -I ,i, i.t tun IUure ls cunuic uimucn iu con
the increases in values of the last two tjml(1 u1(k,r )t) p1Mcnt.8ysuIll wh!cU
' in .i .i-.. i.n.,,i n, ,., I me nuances aie nam led by tie city
On he other hand. th ifpiwen tn - ,.omptrolIcr au) n rommttlV ot the
live of the employes favors the Common Council. Tho bill increases
Pluml . pl oPPOBei i the above P'; from 110.000 to 125.000 tho population
says the property investment nrco uut f ,ti . .. . flnn,,c'0 uoa,.(i
i' .f "1, WHS, V'tS ' H ! !- Cired,m,FearHwer? exd that
.. ,,.-.., .'"""" , t , -; -'ii-amdei, would
hill. I
A thinl party to the runtroveivy
the leprcsentntlve of the Assor-ui- I
tion of Owners of Rnihoad secuiities.
who agrees with the tiisl party on the'
matter of valuations, anil ns jet the
shippers and state inilioad coiiimis I
sioneis. who aw supposed to represent
the public, arc to bp hcird from
in view of nil tills, ne Mini, and in
I the possibilities of Iniig-iliawn-oiit
arguments over this mot vital pait of
1 the bill the valuations on which (hf
intcs must be based he snid he would
I not look for any sustained advance
' in railroad bonds, or nrllvlty In i nil -
road stocks, till n final decision would
be reached.
have to adopt a new
sstcm, as it is anticipated the pieont
icnsiis will show a population in excess
of 110,000. The IIoiisp also passed two
other bills b Mr. Row liiud. one telaliug
N. J. MILK PRICES
ARE SHARPLY CUT
.. i 'i '
Write for recommendations ,
Hemphill, Noyes & Co.1,
Mnnbttt Xtw Votk Slock nxcliauat
TiV.inHi'n 131, eim ru:ij-i..i 1
........... ,n. uiug iiiuuucipnia
New Wholesale Figure Is
and a Quarter Cents
a Quart
Nffiv York
riosion
Wanted
Manufacturing Plant
Reliable manufacturer needing added produc
tion wishes to get in touch with lirsl-class con
cern, having fully equipped machine shop and
large floor space for assembling, with view of
having article manufactured for them, or sub
letting all or part of such plant for manufac
turing on their own account.
Address P. W. Box B 61 1, Ledger Office, Philadelphia
A Stock and
Bond Register
in which may be listed
the securities held, the
prices paid and other
data, is available for
your use. If you will
send in your list of
holdings we will enter
them for you and for
ward the register to
you without charge.
George H. Burr & Co.
421 Chcatnut Street
Philadelphia
Assistant Comptroller
nnd Auditor
rttiUftt to mlti connection with a od
Avaiubi
.t Yi ki& y m nn. -
tj f'.s"liVI V'VV
Heel field. N. .1.. Man-h Jl.
Mi-ranton I pritri arc falling in South .li'iscj
. ' the lnrgc surplus of the ficsh pioduit.
i cniiM'il In the xhuttluc down m cm tail-
ling of the output of comlinsiiries and
powdered milk factories throughout the
country, is expected tn force a break I
I soon in the retail piires nf boftlcd
j milk nnd cieam for Philadelphia nu I
Camden consumers.
j The new wholesale pun- for milk is
si and ouc-qunrlvi ci-nl.s n quart. '
I which is the lowest point it has i cached ,
ninee IDttl. when the average price paid ,
to the farmers was fniii cents u quart .
The coiidenscd milk fnrtories at Rridge
I tou. which take a large pari of tho i
milk produced In Cumberland county I
I nud parts of Halcin loiiutr.lmve an '
nounced the new rate.
Milk produrcra In South Jersey, who,
I ship largo qunutllies of milk to the I
I I'hilndelphla and C'nmden dealers, see'
I three wbjn out ot I lie present critical
situation: '
An iinmedinte reduction in the retail
price, as high priics hae laused a '
marueii inning on in me counuinpuon
of fresh milk.
Dlvcrtlug of part of the milk shlp
nieuta to tho seashore resorts. ,
SHIPPING BOARD GETS LAND
More than 000 acrci of land, most of
It in Delaware county, Iiiivh been con
voyed by tho American International
Corporation to tho United States Ship
ping Hoard, Tho total consideration
was $1,700,510, The ouly parcel lu
this county was nine acres at Tiuicuin
Island road und Alhurger lane. The
land was. bought originals by the cor
porntiou because at that time tho ship
ping board lacked authorization from
Congress to purchase land. Imnrove-
inents on, tho land Vero liald for by fhe
to the liability of trtiyt ininpnnies artiug
- i.nn.Klin? .11 ,"l M II B, .1111 III'' .lill'l i
permitting inilioad companies to give J
lire iransnoriatlou to sej-gesut" m )
lien and city detertlvis
ti. it-.. . i i.m i... r.
, , t ' " ii'iujr llll-,I it itiit til .ill .
nun in i k-uiio -,uii,ki,i., ..,..., :.. h. ..
I ... . o,,i.c.iiiiin i ii.tnr. tii i.tv I'.v- i
veution in public school.
Following a profraded debate. tin
Senate yesterday, by a vote of 14 tn 4.
nassed Mr. Mocknj's lesolutlnn. said
o be a strike measure, proiiiliug for I
the nppointment of a committee con--istingtlf
thiee senators and tlirro rep- j
'esentntiicH to suriey questions of pub
ll. 1llf...o, n.t.l In iMnitctlnul.. In,, '!n '
' ......... ,i..i, 1.7 l(l,rllt,tl,v it... ....-
i.tions nnd the conduct of niiblir ofli
iials. Tho mensuro was attacked hv
iMIuoril) Lender Ilrown and Senator .
iSiinpi'on. of Hudson.
I I'ass Hill Over Kdwaids's VcJo
The Senate refused to concur in tho
news expicseil In the governor i ester
dn . when he vetoed Senator "White's
men-one appropriating S 100,000 for the
purclia"e of n dredge for deeuing the
inland wqterwav fiom Cold Sirring Uar
hor to Hay Head, and with no tlKcuiisiou '
passed the bill over his veto. The gov
ernor, in sending the bill to the Semite
said he disapproved the measure fur
the ieaon that he felt the htnte t oulil
ill hITohI to evpend that amount of i
moiiev at this time. I tits i- tlic lir t
neasiiic of the picsent session which
lias heen pn.sed oir the veto of the
t hief executive.
Six
Milk
. and
rittliM to inkt connicllon v
iv ooncerni itUry I8B00.
April lit'"?-, .
THE MAN
wc want is one who has
proved his ability to sell
securities. To such a man
wc can offer nil oppor
tunity that he cannot af
ford to refuse. Wc han
dle all the high-grade
active issues and origi
nate quite a few. Stock
Exchange members. Re
plies confidential.
BOX B-317,
LEDGER OFFICE
$2,000,000
Oneida Community, Limited
7 Cumulative Participating Preferred Stock
Par Value ?25.00 Per Share
Dividends payable quarterly on the 15th of March, June, September and
December. Callable as a whole or in part at the option of the Company
on any dividend dale on 30 days' notice at $30.00 per share.
Exempt from present normal Federal Income Tax.
Transftr Agent, Oneida Community, Limited, Oneida, New York t
V
)
CAPITALIZATION
On Completion of Present Financing
Authorized
Outstanding
Common Stock $2,500,000 $2,238,550
7 Participating Preferred Stock (this issue) . . . 2,000,000 2,000,000
We call your attention to a letter from Mr. G. N. Allen, Chairman of the
Company's Board of Directors, which is summarized as follows:
BUSINESS: The Oneida Community was established iu 1S4S and was in
corporated as the Oneida Community, Limited, in 1880. The business
of the company has shown continuous development. Its principal
.products today arc silver plated tableware and animal traps.
As a result of nearly twenty years' intensive and very successful ad
vertising and merchandising efforts, the Company's principal line of
.silverware, COMMUNITY PLATE, has become a household word
throughout the country.
The manufacture of animal traps is the company's oldest business,
and it lias for years manufactured over tree-quarters of. all the game
traps produced in America. The pr'csent high price of furs has greatly
increased the demand for the company's traps.
PURPOSE OF THIS ISSUE: The proceeds will be used to provide addi
tional working capital made necessary by the recent growth of the
company.
PREFERENCES : This preferred Stock is entitled to receive regularly 7
cumulative dividends, payable quarterly in preference to any dividend
on the Common Stock, and will pay additional dividends at the rate of
1 a year making a total of 8 whenever the profits for the preced
ing year, available for common dividends, equal or exceed 12 of the
total par value of the outstanding Common Stock and the surplus. Be
cause of last year's favorable showing, this Preferred Stock will bear the
8 rate for the balance of this year, and had it been outstanding, Sco
dividends would have been paid on same for six of the past ten years.
If called for redemption, this stock is entitled to receive $30.00 per
share, and on any distribution of capital assets, the stock shall be
entitled to receive an amount equal to its par value and any unpaid
dividends accumulated thereon before any distribution shall be made to
the Common Stock.
ASSETS: Had the present financing been completed on the statement date
(January 31, 1920) the net current assets of the company would have
been $4,162,070' and its net tangible assets would have been $6,587,530
which would show net current assets of $52.02 and net tangible assets
of $82.34 for each $25.00 share of this Preferred Stock.
EARNINGS: During the last ten years, the average annual net earnings
after' the payment of dividends, taxes, interest and depreciation, were
s337,347 or ovcr 2 4-l times the dividend requirements of this issue.
The average annual net earnings for the past five years were $467,865
or ovcr 3 1-3 times the dividend requirements on this issue. For the
year 1919 net earnings were $851,673 or o'cr 6 times the dividend.
. Wc offer this stock for subscription, subject to allotment, at $25.00
per share and accrued dividend at the rate of fr.
it
ii ,
'" -fK
Douglas M. Ross
68 Genesee Street
Utica, N. Y.
Utica Investment Co.
Under Supervision New York State
Banking Department
Utica, N. Y.
iii
431
M
We have made a careful analysis of the official statements, earnings and values of
the properties of this company, and while we do not guarantee them, we believe the
statements to be accurate and have ourselves acted upon such information.
m
?vis5f !?ift
TTVEPOSITORS of this company
and prospective customers are
invited to inspect our enlarged offices
y"j which have been acquired to take care
x of our increasing business until 1922
V when our Ma-kct street front will b-
available.
RESOURCES
Mar., 1917 : $2,854,740
Mar., 1918 3,192,166
Mar., 1919 5,078,945
Mar., 1920 6,326,?05
y-sr
The Colonial Trust Company
Mr,;hr F-Jnnl lirnrrif Sunivnt
13tb and Market Streets
Open Every Evening for Deposits and New Accounts
TTi 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1:
I Call in a specialist
If your roof Icakcil, Mould you fi:. it your-elf V If
you lirokf ouv 1-k. woulJ you sot it ouririr?
E Then why tuist to jour.cif when you wunt to nncst.
This is no time to do aiiythmj; v ith scant knowledRc.
E 'I lie roofer, the doctoi, the banker is a hpcclnlWt.
E The cxpcit service of each will save ; ou much in the
E lotiff run.
E 'c would app.cciale an interview.
! West & Co.
E M17 CHESTNUT STREET
Member
riillnUflplila Htock Kichnnt;
N'eir York Htuclc Kehnif
j Alwiijt llaie on Hauil T.ltt of High Orrnlri lluucl.
E CorreipuuJf nee IulteJ
iiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiininl
A PRIME
RAILROAD BOND
To Yield 8Vc
A main line bond of an im
portant system, outstanding over
25 years; physical alue largely
in c.ce.s of the mortgage, fol
lowed by large equities. These
bonds formerly sold on a 5
basis and combine to a large
degree security, marketability,
a large return, with opportunity
for a substantial enhancement
in ulue.
Cirrulor nt request
F. J. LISLMlAN & CO.
Speewluts iii Steam Railroad
Seat, ilics Stncc l'JO.
M nib i !, I, 1 .irimuf.
Gl ironrlwny New York
OUR WEEKLY
Market Opinion
Is of mcHtimablr value to all
invr&tois and traden in their
future rjininitmi'iil".
Plnco your name on our mail
ing list to rccrho it regularly
ithoul coht,
Scott & Stump
Mflnl.fr, (oilMil llllril MU
l.tl I, ns 11 f Nrt, lori.
Investment Securities
Stock Exchange Building
s''l,..,.M,,r' ,N "HO I.OlsT
'iui..ih;i.i'iii r,.
tork Ofllcr 11 Mull Mlrtei
llrt rrlnile V Iri ' '
GEO. A. HUHN & SONS
NTIH KS AM Illl.MlS
Mrmbtra o( Ilia )'lillaillphla. Nrr
Tori, and Chleaco Stcrk ftichaiiKes
New Tork I'nUiw IStchanra
Commission Orders Executed In
All the Principal Markets
UELLKVl'K tOLKT Ill.Uti.
1418 VVulnul HI.
NEW TOttlt uFrii-K
ttl llronilwuy, er ork
Hecker he Co.
BARGAIN DAYS IN BONDS!
What the Expert Sajj:
Moody
"We must so back to the 70e ta
And Ihe relative bargelna tliat ar.
obtained lu tin. railroad bond markti
tada,"
Gabion
"Good bonds ar. tile only lalan I
am bulltab on."
Ut us Bubmlt offering)
MORRIS BUILDING
I .efelfcork EDWARDV.KANE&CO. A&QvwncCCL
.11 BtqK Biclianses MORRIS BUILDING - 1 '"'TsfTO? - '
lrniifvrr l'i r .In 1US
I iirlinmliili. Id, fm, 1 11 .t
Mirlncnrlil ll. A I.I .Ti, ITI3
t.inplrr (,u A l'j-1 ii, II,.',,
MENBY D. B0ENNING & CI,
HTtH'K l'( llMli: I1UII.DIMI ,
lllrrl I'rlt il I rleplmne n, New Vark '
Memh r Pli U Hloi k Uwlmme
Wharton Steel 6s, 1923
Cities Scr. Cor. All Issued
Citizens G.&E. 6s, mB
Port. K,L.&F. 6s, 1942
n)iKllt Vnlil Qupied
t
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