$ T ' '' K W ' V ,'J AM'.-' f ;. k ;- . '' ! ''. kY V., ' p fv, If EVENHsrq PUBLIO LEPaER-PHirADELPHIA1, THUESDAY, MARCH 23, 1920, J&,i $12,000,000 1 T I anaaian raciric Rail way Equipment Trust 6 Gold Certificates To be dated April 1, 1920 TO BE ISSUED UNDER PHILADELPHIA PLAN To mature $500,000 temi-annually October 1, 1920, to April 1, 1932, induitve Principal and dirldenda payable in United State Gold Coin at The Union Trust Company of Pittsburgh nd Guaranty Trait Company of New York The Union Trust Company of Pittsburgh, Trustee THE $12,000,000 Equipment Trust 6 Gold Certificates issued under the Philadelphia Plan are to be specifically secured by standard new rail way equipment costing $15,000,000 delivered. The title to this equipment is to be vested in the Trus tee, and it will be leased to the Railway Company. Pending receipt of the equipment, which is to be delivered in Canada, the Trustee will hold for the benefit of the Certificate owners $15,000,000 in cash at the Bank of Montreal, subject to the order of the Trustee. The Canadian Pacific has been able, to maintain its earnings on a very substantial basis, in spite of increased operating costs, as evidenced by the fol lowing income accounts reported by the Company: Years Ended Dec. 31 : 1917 Gross Earnings $152,389,335 Operating Expenses 105,843,317 Net Earnings 46,546,018 Other Income . . . ., 8,744,617 Total Income . . ... 55,290,635 Fixed Charges .- 10,229,143 Balance after Charges $45,061,492 Times Charges Earned 5.40 1918 1919 $157,537,698 $176,929,060 123,035,310 143,996,024 34,502,388 32,933,036 7,934,775 9,049,343 42,437,163 41,982,379 10,177,513 10,161,510 $32,259,650 $31,820,869 4.17 4.13 The dividends on these $12,000,000 6 Equipment Dividends have been paid on the ordinary stock of Trust Certificates will be $705,000 in the first year. he Company since 1883 and since 1910 the rate has Had fixed charges in 1919 been increased by this $"n 10 P" annum. The equity junior to funded . a t i. ut. , . debt and equipment issues is represented by over amount, total charges would have been earned $80,000,000 of 4 Preference stock and by ordi- abont 3.85 times, without allowing for any benefit nary stock having at present quoted prices an indi- from the proceeds of this issue. cated market value of $320,000,000. PRICES October 1 1920 9996 1924 97 6 192896 April 1 1921 994 1925 9G7$ 1929 953$ October 1 1921 99 192596 1929 95 April I 192298 1926 96 193095 56 October 1 1922 9B?8 1926 0Q 1930 95 April 1 192398 1927 96 '4 1931 95s October 1 1923 9796 1927 969$ 1931 95 April 1 1924 97 1928 966 19329474 Accrued dividend to be added in each case At the above prices the first 12 maturities yield approximately 6 and the last 12 maturities approximately 6 When, at and if itiued and received by ui and tubject to approval of couniel. On or about April 2 purchaien will be advised as to delivery Guaranty Trust Company of New York The Union Trust Company of Pittsburgh Bankers Trust Company, New York Brown Brothers & Co. White, Weld .& Co., New York Colgate, Parker & Co., New York Edward Lowber Stokes, Philadelphia TTe Oo not guarantee the statements and figures contained herein, but they are taken from oources which we believe to be accurate. At meetings of the board of directors of the Logan Trust Go. held on Monday, March 22, 1920, nine new directors were elected. These gentlemen are all either directors or officers of Fidelity Trust Co., and will constitute a majority of the Logan's board. The control of the latter named company thus passes to interests represented by the Fidelity Trust Co. The Fidelity's policy will be to care for the interests of the depositors and stockholders of the Logan in the same manner in which its own business is managed. Coal Is a Natural Resource of Urge and increasing value, affording an ideal security for first mortgage bonds. The Development of a Coal Property having large reserves so enhances the value of the unmined coal that, after the bonds are retired by a sinking fund, a conservative appraisal of the remaining property will be greater than the value when bonds were originally issued. Such a basis for Safe, Profitable Investment is found in Buffalo-Thacker Coal Company First Mortgage 6 Sinking Fund Gold Bonds (Closed Mortgage) Pennsylvania State Tax Refunded Free of Normal Income Tax of 2 Price 92 'J and Interest To Yield 7.30 for Maximum Life of 8 Years To Yield 8.10f0 for Average Life of 4 Years Il'e will gladly submit descriptive circular Frazier & G. Broad and Sansom Sts. Philadelphia New York Baltimore 65 Broadway 19 South Street PASS TUNNEL BILL IN JERSEY HOUSE Measure Providing Tube to Now York Is Linked Witli Dela ware Bridge MANY MEASURES ADOPTED Trenton, March 25. In the faco of rather determined opposition from a few members, the JTousc yesterday passed almost unanimously Senator Macbay's bill ratifying the agreement between New York nnd New Jersey relative to the construction nnd operation of a tunnel between New York and Jersey Cltv David Younc, of Monmouth, led the opposition to the bill on the ground that It would definitely commit the state to carry out the agreement for the construction of the tunnel, although nrccssarllv the proposed bond Issue of $28,000,000 for the purpose will be sub ject to ratification by the voters. Mr. Young's objection was that If the bond issue should not be ratified it would still be incumbent upon the state to raiso tho necessary money, even should the Legislature have to resort to the levying of a direct state tax. Further objection was made by Mr. Young on the ground that the practica bility of the tunnel Js still in doubt, eminent engineers differing as to the feasibility of tho construction provided for in tho tentative plans. Ho added that th totnl cost of tho tunnel might reach $50,000,000, or nearly double the amount now contemplated as necessary. Supporters of the measure differed with Mr. Young, taking the position that If the bond issue is uot sanctioned by tho voters the agreement with IScw York will become void automatically. The debate was of particular interest because of its bearing upon the Dela ware river bridge project between 1 hll adelphla and Camden, which Is linked up with the tunnel proposition. Bonus Bill Recalled Acting under a resolution presented by Assemblyman Wallworth. of Cam den, tho House recalled from the Senate the soldiers' bonus bill, author izing the'payment of $10 n month, with a maximum of $100. to each man from New Jersey in service during the war. Numerous changes to the bill were sug gested in the Senate, most of these being of a technical character. ARsemblyman DeVoc served notice of his intention to force out of committee his bill providing a minimum wage of $70 a month for temporary teachers nnd $100 a month for permanent teachers. His petition invoking the rule of fifteen was signed by himself and fourteen other Democrats. Mr. Picrson's bill giving nsscssors a tenure of office came in for a kevcre drubbing at the hands of numerous members of the nousc. It was finally lost by a vote of 5 to 20. The sudden death or Representative William J. Browning resulted in the adoption of duplicate resolutions in the House and Senate, paying tribute to his qualities as a public official. Sen ator Haines, of Camden. Introduced the resolution in the Senate nnd Mr. Wall worth, of Camden, the House resolu tion. Mr. Rowland, of Camden, spoke on the resolution in the Hou-e. Com mittees were appointed in both b-uuehes to attend the funeral. The House passed Senator Heath's bill creating a commission to investigate the practicability of keeping the Dela ware river open to navigation between this city nnd Philadelphia throughout the winter by the use of iceboats, Another Heath bill passed by the House requires health boards to nppolnt ns plumbing inspectors persons licensed by the State Health Board. Publicity Bill Defeated Senator Whitney's bill compelling publicity of all expenditures by the state house commission from the emer gency fund nus reconsidered ami lost by a vote of 11 to 31. Senator Hngaman's bill permitting the construction of lutcrnl channels connecting with the inland waterways system between the Mauusquun Iliver nnd Cape Mnj was passed by the House without opposition. Other house bills passed were as fol lows : Requiring the pajment within twenty-four hours of wages due a discharged employe: regulating promotion exami nations by sprirp mpn connected with a police force ; amending the insurnuco laws by removing discriminations against domestic tire insurance com panies; the Asbury Pius, boardwalk im provement bill; increasing the educa tional standards required of candidates for architects' certificates; uuthnriUng the transfer of real estate of John A. Pritchard, of Camden, who died with out relatives, to George J. Miller; in creasing the board of managers of the Rahway Reformatory from three to five members; increasing the fees of jus tices of the peace and constables ; pro viding for the retirement after fourteen years' service of Supremo Court jus tices on half nay; extrndlns the provi sions of the religious corporations act to the New Jersey State Association of Spiritualists. Mr. Boswell's bill ullotinc to counties a portion of the motor vehicle fund to pay Oil ronu inipiuvpmriu nouns wu lost by a vote of 10 to !!.". Tho Freund bill to reorganize the tenement house commission was lost by a 'vote of 15 to 20. ' After a verbal battle- lasting more than two hours, President Caso suc ceeded In having tho Senato pass, by a vote of 32 to 0, his mcosuro providing for an Independent appraisal of all atrit vnlln-nv nrnnfrtl(M in the State. The governor, state treasurer and state comptroller, under tho provisions of the measure; are to compose a commiivu which will 'supervise tho work having to do principally with the valuation of tho Public Service Railway Co. prop erty by expert engineers and make a re port which will form tho basis for fixing fair and equitable rates of 'fare. An appropriation of $100,000 Is provided to carry on the work. . , nfhor htiia nnnneil In the Senate in cluded tho following: Requires that stock In fish-pound-nct corporntionp bo owned by residents ot ttic state oniy. Prohibits railroad companies from ernntlnp mnnnnolv of soliciting for pas sengers or baggage on trnilroad stations or depots. Authorizes fish and game commission to leasts land for raising gamo.anu aiiows the snendine of $2000 for the purpose. Allows optional increase from five to nine members of education board in school districts of 40,000 population and unward. Increases salary of members of tho Civil Service Commission from $2000 to $3000. Tho Senate received nnd referred to the judiciary committee the House reso lution approving the action of United States Senator Knox In offering to Con gress a resolution declaring the war with Germany at an end. After various unsuccessful attempts during the last twenty legislative ses sions to pass a measure incorporating the borougv of Ocean Grove, tho S'cnate passed tho House bill, introduced by Mr Stout, for this purpose. Other measures passed by the Senate arc as follows : Makes illegal the catching of eels from August 1 to uoccmbcr 1. with net or seine in Dennis or Upper Town ship, Capo May. Makes clear the right of all munici palities to regulate jitneys through ordinances passed by governing bodies. Enables Trenton to sell unused park land. Pexnlts the state highway commission and the various counties to construct roods over lands formerly under water. Places street rallnnys on samo basis as steam roads, with reference to legal protection in the matter 'of collecting fares. Gives the freeholders the right to build a bridge over Sanhican creek in Trenton. Both bouses adjourned until Monday night. Convicted Burglar Asks Death Wilmington, Del., March 25. A plea for a death sentence was made by Lee Abrahams, thirty-five years old, when he was sentenced to' twenty years in prison on a charge of burglary by Judge Boyce In Superior Court yesterday. He said he would sooner be electrocuted than spend the rest of his life in jail. John Clemens nnd Anderson Ford, his companions, received like sentences. DOCTORS TO FIGHT BILL Compulsory Health Insuranco proposal-Aroutet N. J. Physicians Atlantic City, March 25. Members of tho modlcal profession in New Jer sey wcro yesterday urged to bo ready to fight any attempt to enact compulsory health insurance legislation In New Jersey by Dr. John A. O'Reilly, of Brooklyn, chairman of the New York Stato Association of tho. Medical and Allied Professions. He has been in formed an attempt will bo made to pass such a law In Jersey. "Compulsory legislation of this kind would entail the domination nnd con trol of the ngcuclcs of henllng by a po litical bureau, nnd citizens requiring treatment would be compelled to seek It from doctors, dentists, druggists nnd others willing to serve them at bargain rates regardless of nuallllcatlons," Doctor O'Reilly said. He inserts that to adequately Insure 1.000,000 workmen In New Jersey would entnll n legisla tive appropriation of $2.1,000,000 unless the rates for insurecs are fixed nt ex orbitant figures. Deport Five 8towawayo , Pivn ntnu-Att-nvs. nil natives of Ja maica, were taken from tho detention. house of the Gloucester immigrant sta tion nnd deporled on the steamship Port Antonio, when It left for that place last night. Four of them' arrived on this ship Monday and were taken to Glou cester. They were Mosc Johnson. Adrain McCrackcn, Jame.i Carr nnd David Thomas. Levi McKcnzlecnmo over on the steamship Verona n month ago. Are You Watching . The Oils? Do you wish you knew which shares might be the very next to go up? Study the . Interesting Facts in our new booklet, "In dependent Oils." Observe which of the 27 going concerns it discusses are drilling in rich territory or otherwise increasing their profits. An impar tial guide for investors and traders. Call, 'phone or write at once. Ask for Booklet T.U.-81!) JONES & BAKER SECURITIES Widcner BIdg., Philadelphia Phones Bill, Walnut 6065 Keystone, Race 2290 Direct Private Wires Offices in 8 Principal Cities 30 Years tn Export Banking INTIMATE KNOWLEDGE of the needs and habits of the people, acquired by years of experience and ac tual residence in the coun tries themselves, is essential when transacting business abroad. Our 23 branches in South America, B offices in Eu rope and direct connections throughout the world round out a service, broad and com prehensive in eve.rv detail. Anglo-South American "BANrCLIMITED Vw Ynrft Alfncv. 4I nrnnduny II $2.000,600.00 Ml Vilxth&SpftogGaRtertO Your Widow should not have to bear the but. dens of your Estate at a time h. is least able to do so. Therefore vou should mni. - will and giye her the protection of a Trust Company whose sound standards and conservative nf). clples will safeguard her interests. WE CORDIALLY invite you to consult our officials freely, with, out expense, about your Will and to consider the advantages of appointing this Company y0M Executor and Trustee. Upon request our representative will tan upon you. You Should Make a Will Today Zm ' Balto. Elec. Co. 5s, 1947, City Fuel &Pr. 6s, 1922 ! Maryland Elec. 5s, 1931, Pa. Water &Pr. 5s, 1940 nouglit Sold Qtiotfd JMPCowit&Cot I lxtu.t S10J Land Title BIdg. "at. ill ! . Manufacturers Wishing to Sell or to purchaso a going concern will find our Business Trading De partment offering an un usual service, we are in touch with industrial activities, and wc shall be Blad to discuss with you your particular situation. Our files contain Inquiries both for the purchase and for tho sale of industrials and going concerns. Business Trading Department Elkins, Morris u; Co. Land Title BIdg, Phils. Investment Bankers JUIIWIMHIIIIMB Lawrence E. down & Co. CERTIFIED PUBLIC ACCOUNTANTS 1015 KKAI. KST.VTK THllST III,n). Intritlditti will adjust partnership und turporutlon nrcoiintn. Alio prrpuro V. H, income Tnx Rrturn. FACILITIES FOR FINANCING 1 ENTERPRISES f; OF MERIT. CAPITAL SUP- i;!: PLIED TO THOSE STAND- $ ING RIGID INVESTIGA- Si TION. GIVE FULL DE- $ TAILS. :i;i 1) 520, LEDGER OFFICE ijij Service and Stability W&r "VIA COLON" Thrte tico uon's tummnltted free of I nar(ie by any Telrpraph uo.l I John I,. Merrill, l'rmldent ' IIIKHt'T KObTI". TO I CENTRAL and SOUTH AMERICA 8!) Urojd Ht.. New York IT 1812 THE 1920 PENNSYLVANIA COMPANY for Insurances on Lives and Granting Annuities TRUST AND SAFE DEPOSIT COMPANY Capital and Surplus - $7,000,000 Member Federal Reserve System ma TmJBCT eraxca v . t 517 Chestnut Street Philadelphia a CHARTERED 1836 CIRARD TRUST COMPANY BROAD and CHESTNUT STS. CAPITAL AND SURPLUS, $10,000,000 Acts as Eiocutor, Trustsa, Guardian and Administrator Interest Allowed on Deposits Member of Federal Reserve System k. U. MORRIS, President Municipal Hrnlre Company.,,, Lafayette Lo(unpgrt Tr. . Han Company 10.er llefe. ... National (Ion. l'.l. Lt. IT.... (Jeeraia Itallwar Tower Co. Texaa Company 8-Year. . , Connecticut Ity.. A Dentine .... Knturky Traction & Terminal Kmplre Oki Ms Fuel Company,,,. 6a. 10t8 Mflvliere-rxlaw.ro K, K , SVi. 10tS rartUnd By., Unlit fmrrr.... Sa A Stock Samuel K. Phillips & Co.' ... So, 1042 ... So, 103(1 . , 6a, 102U , ., flu, 1031 , ,, So. I0.U ,., 7, 10:3 . 4U0, 1951 ... So. Ibfil R. B. CARR Accountant ni Auditor Specializing In all ' INCOME TAX MATTERS panna. sitfg., I Former Mcome Tax Intfxctof 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 J00 and Accrued Interest Commercial Trust Company Member Federal Reserve System City Hall Square Telephone Spruce 1480 Financial Problems that arc of interest to you are of importance to us. Wc arc especially pleased when we can serve a depositor, a client or a prospect with profitable advice on any subject pertaining to his business. If you have a proposi tion to bubmit, you have direct access to our ofll cers', and are assured of a prompt and decided answer. Integrity Trust Company Fourth nnd Green Stresti Capital 3500,001 Surplus & Profit S7,6W American International Corporation The current number of o Market Review contain, an artg on me American . -, i n -., nnn nf tie mW representative of American $ terprlses. Each of the divewlW gnhization is a conspicuous sue cess, the management brew", sioned, strong financially aiw conservative. ,1 copy of thh review will be t ' HUGHES & DIER u:!-.''LJ''kKa.,' i Chlraio llonril of TfuW , J436 Walnut Street rnimurn'"'" v. vru otllre 00 "aJ S'H 3.Vo !Arn . . . nul !' v 1V11 if I.TIN K" IlU DrlnK ni. iij f v,;t,il'ICak U, A'TeJBS'Sr crraaoa the life ot 111 ""' Tiiu or 1J. y."rn.iti? li'rii I wrK 1 i$k-Mmm abr Kxckaoro tijLl - V J mm& V., 1 . 1 ,(. SSSSSILL'' ' 'Jl .M r, 'tt'nn snaw&j1 .ic.&rfS :? Vt ! tf?.SS5.aJ &2MX r3iltXBd8bi&. dijlL-iiit JureLaTOSa KsSfi&iEaaifcSSa UUlUj. MfcMUMttg a.' tm.T . ,na
Significant historical Pennsylvania newspapers