,Vi WfWfWfWM ". 'npnmri ,lf lt -, f . ! . n -. a n' i i " :t "r,.J. V,' f r "l nf m t i : ?.. . .; hi If il i i rR'Uf J?'' ". T I I f Hi 1S ?& Bfi SIS n '? 1 , ( A large Derccntace of vour nrnrlttrincr nrnnrtips nttrrhnsrrl in flip United Starrs werr rnirehnserJ at about $1.00 per barrel, as compared with the present price of $3.50 JVcw 3'orA, April 19, 1920. To the Stockholders of Sinclair Consolidated Oil Corporation iP16 .dopment and growth of your company during the past three years have been so far-reaching that at this time it seems fitting you should be advised as to its present condition and have briefly summarized the policy and plan of development that have been followed up to this time, as. well as the, expected results after the expenditures of the proceeds of the contemplated financing through an issue of $50,000,000 five-year 72 notes. From the inception of the corporation your board of directors and executive officers have steadily had in mind that a Company engaged in the oil industry under modern conditions, in order to attain the largest measure of permanent success, must combine in a balanced and complete operation the four main divisions of the industry namely: production, transportation, refining and distribution. Further more, that each must be on a large enough scale to successfully maintain its position in competition with other large companies. With liiis fundamental idea always before them they have guided your company along these lines until today the conditions are, broadly speaking, as follows: Taking the above four divisions in their logical sequence: ProductionYour company has more than 90 interest in approximately 500,000 acres of oil and gas leases in the principal oil fields in the states of Kansas, Oklahoma, Texas, Louisiana and Wyoming. It is therefore not dependent on one field or locality for its crude oil supply. The produc tion IC rmi-4AAj4 fAllMJ - J l 1 aL 'I -1 t .; 1. V 1 1 1 Q.f 11 ..-.. . v.vJluutu sciwcu ami smpic, me pu at uus umc uemg proaucea irom i.ouv wens. n large percentage or ; at a time when oil was selling Many valuable properties have been created since the organization of your company by develop ment work on oil and gas leases which were not producing at the time of organization. j" addition to its oil and gas leases in the United States, your company owns approximately IdO.OOO acres of oil and gas leaseholds in the republic of Mexico. The greater part of this acreage is m proven oil territory, which is being further developed at the present time. From this developed acreage your company is producing and exporting in its own facilities approximately 20,000 barrels of oil per day and has a potential production of approximately 100,000 barrels per day. I he Mexican Seaboard Oil Company, in which your company has a substantial interest, owns a large acreage of oil and gas leases in Mexico and is, at this time, actively developing a considerable part of its acreage and producing and selling approximately 36,000 barrels of oil per day. 1 jUI- C0Jmpany vns concession for the exploration of approximately 1 ,000,000 acres of possible oil lands in the republic of Costa Rica and a like number of acres in the republic of Panama. A geolog ical examination has been made of these properties and two wells are now drilling, one in Costa Rica and one in Panama. In addition to the above oil and gas leases, your company has recently acquired an undivided one-hair interest in the Compania De Petrolco De Angola, a company having an oil concession of approx imately 75,000 square miles, located in West Africa, upon which considerable development work has been done. Your company has in the oil fields and at other points storage capacity in excess of 15,000,000 barrels. In regard to the second division, namely, transportation, your company has approximately 2,800 miles of trunk and gathering pipe lines with complete modern machinery for handling crude oil. ihe trunk lines extend from the various producing fields in Northern Texas, Oklahoma and CU J iUr .com?any's refineries located in the midcontinent field, Kansas City and Chicago. The held and gathering lines of the Sinclair Pipe Line system extend throughout practically all the prin cipal oil-producing districts of Kansas. Oklahoma and Northern Texas wherein it produced approx imately 63 of all the light crude oil produced in the United States. Your Company's pipe line system reacJies approximately 90 of this territory. With the crude oil producted and purchased since May I st, I ) 1 6, your company has supplied its own refinery requirements, built up a reserve supply of light grade crude oil amounting to approximately 6,000,000 barrels and during this period has sold to other refineries millions of barrels of crude oil which it has frequently transported direct to the purchaser through its own pipe-line system. It is believed that the pipe-line system of your company is the most modern in existence. Your company owns or controls in the following manner 154,588 tons dead weight of marine equipment: 3,i'J,Q tons exc'usvely owned and in operation. ai'iiivl lnS Under ,onS"term charters at pre-war prices. 1 AAnn t0nS U" construcll'n in the United States. VU'UL t0nS' 5?C 0WnersniP under construction in France. Y? tne completion during 1920 of all marine equipment under construction, the movement of S k! iSnXiT0 a!nd the Presenl existin bulk oil-fuel lerminals wil1 be creased to approx imate id.uuu.WO barrels per annum, thus making available to the already developed markets the large quantities of crude oil now available from your company's producing properties in Mexico. as to tne third division, namely, refining, your company owns 10 oil refineries of an approximately daily capacity in excess of 45.000 barrels per day. ural reSoirci'r??inSJni de'mI or, the products of petroleum the economic necessity of conserving a nat This has b y,'ld-f th,e m0bt desired byproduct from crude oil becomes more portent crackhiJ otomssd ? PW1 1? h7 eq.ulPP'"K oil "fineries with complete installations, and, in addition, instollaXna for' arger wreenta of Jnt nf; InstaV;w the more valuable by-products are secured from crude 0" and la much KtwhSM oil3 the re luab by-products from crX ouTrc leum rtS5r? txvt aril? & been invatcd b -- increase th ,w f w P2rt f the ""templated financing for such extensions as will enable the comnnnv to fn.T,1inn,COm.pany ?WTl& "casinehead gasoline plants with a capacity of 45,000 gallons per dav Tho nB nt ! J I Ue ava.lable the utilization, of a product from which is. secured gasoline. I'r or to the dlvPf X linX.. g r iraS,hnC plantfc therc wa no Practical method by which the caiinghoad BaVcoUld be utilized Ihe caMnghead Busline department of the Sinclair Company is n..w one of its most profitable depaitments ryJL rl vlUUT,h an? h1 d!vi31on' nnmelv' dibtnbution. our company has distributing- and marketiue v Let .r, Rah0l'neVkerosffT! ubrlca"B oiN. and other by-products in Kansas. Colorado, Mibsouri Oklahom.F Pvfv-'nU vwv '" MchiKan, Wisconsjn, Minnesota, North Dakota, South Dakota, Ohio. Massachuset ts' ?$ u N?wfrk'cw Mexico, Arkansas, Iowa and Texo-. Through these distributing and marketing tacihties, it market dJrect to the consumer .. large percentage of the gasoline, kerosene, lubricating oils m5 oth? onsuS'tionm'4n l Uf y ' " bwn8 a8SUred f a dirt'Ct and continuoU! niarkt for its products at poiul of , xi ZUrlPyJin T,ulk oi!, terPlinal facilities at Tiverton. Khode Island; Tremley Point, New Jersev Alur VnJt (Ph'lade nhi) IVnnsvlvania; Jacksonville, Florida; Mareaux (New Orleans), Louisiana; esweffo LouiMana, and at the following ports m Cuba: Havana. Matanzas, Neuvitasa, Manati, Bella, Cienfucgos wfth terminals near.ng completion at Antilla. Santiago, and extensive terminal facilities in Mexico on the "So rive? reusing fuel oil market " " f m0dern conatctl0n and located tributary to a large and ever ? The company is the lurgr-vt distributor of fuel oil in the republic of Cuba. The private ownership of tank cars is essential to the proper distribution of gasoline, kerosene, lubricating oil and other products manufactured by your company, and yi.ur company owns 4,234 steel tank cars ol Sm constniction. "lr" Dtpk'tion, depreciation and amortization reserves -et a--ide since 1910 approximate IJfiU.000,000 RESULTS FROM OPERATIONS Gross earnings for fiscU year ended December 31, 1010, after deduction of intercompany sales nnd im-,oo chargeb of transportation companies for the use of pipe lines, tank cars and marine facilities, were f 76 70 ono no The net earnings from operation, amounted to $'J2,670,S08.00, which after the deduction of Interest and HU .ount and federal taxes of $r.,0G0,tJ02, leaves net income for the year, available for surplus and reserve, of During that year, your company invested out of earnings or from other rource-i approximately SCO 000 000 nn from only a small part of which could any earnings be reflected. In this calendar year, however, the' results , If this financing should begin to show. "uua or CONCLUSION The above is a brief nummary of wh.it your management, pursuant to the broad policy laid down at the outset and steadily adhered to, has accomplished to date. While there remain several operations to be furtW developed, your company is today well rounded out. Until the comparatively recent past, the deflopn1i,r.t of your company, as your directors have' conceived it with the- idea that it should operate extensively in all branches of the industry, has necessitated the creation of each of the four divisions on a large baic plan, with the result that until each unit warf complete, they were more or less out of relntionto one another, and from no one division could the full potential earning power be realized In order to obtain the maximum earning power from the investment already made, it is necessary that the refineries be completely equipppd to produce out of tho crude oil all of tho by-products obtainable. They are beinir increased to take lull advantage of the company s pipe lino capacity. It is primarily for this purpose, and alo for further development of Mexican properties, and for additional working capital to adequately euro for the rapidly expanding ousineso that the present financing becomes' necessary. With tho stage of development thar yuur company ha- already reached, it is my belief that the proceeds of this financing will produce an earning power largely in occes- of any charges incurred, and furthermore will in crease your net earnings applicable to dividend- in greater proportion than any equal amount of money heretofore put in your company. H. F. SINCLAIR T ggffia8iH. , tfv fmti UlL'ANn RFPININr rnMDAMV f'RSTMORTGAGECONVERTIBLE 6 SINKING FUND GOLD BONDS. lv JM ' h?b'r ",vn tht on th flrof 5,Ti ,' ,'?.n 1WO, purmiMit to tho term of Jiii-? W.ot the Truit Indentutn dated ft1",'" iltt from Rharttr Oil na netlnltit unA b. ponllnentol na Commercial Trust iSSl8VfllU5 1,nk' Truitop. una William P. hlPv CoTruitee. there will bo deposited by n eompnny with the Truitia nu a Hlnk ni ThJJ.T 'DS 1um o VnvT Hundred and Eighty Thousand Uollam (1480,000) and imch addf. i,V.A.J r".,.olIut.,t "" Way " requirea JSJT?iln.t ( ,he Juanco of Additional bond iranai amount. If any. an tnnv b. reaulrnd ir si K'.'PJ. o. Juno 1. 11120. under Hectlon a at nii;SLI.P,..ld Trutt 'ndenlure. for tho S.7.i?l,..of "' Purchase or redemption of Indentu D"id secured by Mid Trust .MnMi!lW M". tho Trustee will apply 55mJ?JDkln5 Fund to the purchaso or n. ?ri5fnloni, of I1 .bonds at prices not ex- triW ,n ademption price then In effect. i?Ii",B of nl'1 bonds are hereby notified VI J". p.r.orS,."'v 'or the, sale of said bonds & !j..".IJ Alnynit nd. Proposals must 22 ?iadi.to ,ho T.ru,."fHt Chicago, Illinois, on or before April 20, 1020, vind shnll bo for i,r Rn" nrt of the bonds offered. niA.i.J".'1'1 offered, and., accepted for fho fiTJ." Fu.nd. mu".1 b 'Jellvered to tho Trus ton on or beforo June l, loao. SHAFFER OIL AND REFINING COMPANY, By Robert J. Graf, Secretary. T,i lit, a.,.. .k....u .... ... ThreYrar 8I Per Cent Mortan Not of nmp Ire Htato Itallrotid Conornton n.iiM. U nrb?; Riven that Kmplre State liailroail frnnmratl.,, Vina .l.nl.J tH ..... .I IS', 'I'o aforesaid notes outstanding on the I 1st dajr of J!,,, injo. toiretlier with ih in! terest thereon tnnturln on that day under the term; cf raid notes Interest will cease tkllA ,n ly of May. o:o. hereby fld ?."rJd Payment. Tho undersigned reoulres inat the nctes bo presented on May 1st. 1020. for payment nt th nrrirx nf Th irn..iCil Trust Company of New York, as tructs. Yori?.0'j T ""'"' ln ,ha c"y New ""tfute"" ' T.. farch no. 1820. conronATioN By 8. C. STIVEna. , f?wcretary fYVC.assffllt .? 1 "bVfWrt N'Orfi--y nn, ask ratiama coupon 2n, mart...... lot Panama resrlstered Ss, 1080., ,101 Panama coupon 2(, 1988. ,..,,101 Panama registered 2s. 1988... 101 Panama coupon 0s, loot HR Panama registered 8s, 1001... Rn Philippine it. 10.14 ftn 8fi 1P.TT. ..i--. . " . -----.---. I'niiippino 4S, iviifi Phi Itiolno 4s. lfl.Hl , U H Clovt. coupon Cs, 103O. ,.10114 U H Govt, registered 2s in80..ioit, tl H Oovt. coupon 4, 102S..,.lfifllli U.8 Oovt registered 4s. 1025.. 10fl Dlst, of Columbia 8-oris 1024,, 0T 88 8S m 05 05 102 103,, 10OW Annual Meetings UIIKAKY CO. Ol I'lllUkllf.l.l'lllA. N. W Cor. Locust and Juniper sts., Philadelphia! The Annual Election of Directors and a Treasurer of the Library Co. cf Phlladel. fhla. will b held at the Library on HlonifiSr! ihe third Uar of May net. at 3 o'clock In the afternoon, when the Treasurer will at tend to recelto the annual pajments. As thoro aro several shares on whloh lines are due. tho owners of them cr tholr renre. Itntatlves, nro hereby notified that they Will be forfeited usreuablv tn th ri,r,V,:i V..1 Laws of tho company, unless the arrears are pld off on the third day of .Mar or within ten days thereafter. "Dm rrtANcts nAwr.n. Hecretary. iirKin: up TOE WILLIAM CHAMP A hON'S SHIP AND KXirNK IllIIMIINO COMPANY Itlrhmnnd nnd Norrls Streets . Philadelphia, April 14. 1020. .The Annual Meeting of the Stockholders of the William Cramp & Sons Ship and llnglne UulldlnK Co. will b.. hold at the office of the company, ltlchmond and Norrls streets. In the city of Philadelphia, on Thursday. Anrll SO. 1080. at 12 o'clock noon, for tho purpose of. electing Directors to servo for the en aulng year, and trunractlnp such other busi ness ob may be brought befnro th meeting CHARLES T. TAYLOrt. " Xiw'ul M eel 1 11 it KA M'KCIAI. MKIITINO OF TIIK "- RtorkhnlderN of 1 nlon Trnrllnn i'..m. ha.. lll.ll.i.l.lnlil 1 .,,. ... ... " .'uv''' i.Tiij v. iM.t.:.i'i ,1.11 un nein nf the en ofllce of the Philadelphia Ttapld Transit Com. HIO. Dauphin Mrot. Philadelphia, nr ae nlilu. nn o ciock noon, upon the fol r. iday. April 2d. 1020. nt l: to consider nnd tako action lowitiir mailers 1. The question of granting thin Com pany'o assent to the eonnolldatlon and ex tension of th Philadelphia Hapld Transit Company Equipment Trust lenses, series A series H and f, ns well as the en largement thereof nv bringing under the terms of the . proponed consolidated lease certain rolling stock which Is not now under anv lease. 2. Tho question of granting this romnanv's assent to tho Bale nnd delivers of the rolllnc stock which is to l.e the subject-matter of uiv i ufciwot-u ".uiiriiiiuiiiru i.-rtrr, 11 no Hip tQK 1I1B ill It. i-f by Phlladel tne DasiH jor an isU" or not more than 3. The oueiftlon of th renn by Unlnn Traction fompanv ,if Philadelphia of nnv lien or Interest In all th ntne menttomd rolling stock whl'h fnlon Traction Com pany of Phlledelphla mai have. 4. Such other nnd further matters In anv way lneldentnl lu or ionnected with thoie abovo mentioned ns may bo brought befnm the said meeting l w-ioto lly ordi.r of the Hoard of Directors A D. HALLMAN. -- Assistant Herr'tarv oposea cunvniiuaien lertpe, and the tak n lease of nil of ihe sild rolling stork illadelphla llauld Transit Company an asla for an lsnu of not more than Proposal Brick is Patriotic STOPPING waste is al ways patriotic, and one of the biggest items of waste in America fj is the buildings that are destroyed by preventable fires, many of them just because they have wooden sheds or additions, which ouerht to have been built of brick. All-brick buildings would save millions of dol lars by fire every year; and these wasted millions, if saved, would save thou sands of children now starving in Poland and Armenia. That is patriotism of the best kind. Cut out that dangerous frame laundry and bay window, that so often catch fire and spread it. Be patriotic, build of solid brick throughout. Then when the Fourth of July comes, you can hang out the flag with a clear conscience. ti JOHN If. EAIILEY Nleetown Lane and rj fit riiAKKKonn liuicK works Torresdale Avenuo KEYSTONE MUCK CO Godfrey near Second St. Pike north riiiLA, prune WORKS jviniui; bun uuu i.uzerne P. STUTTER'S SONS Nleetown Lano and O St. II. M. . C. 11 S1NER Church, and Taconj JOH. T. IIYHNi: EST. 20th and Clearfluld Extra by Holland-8t. Louis Sugar Co. Chicago, April 20.--Th ltolland-St. Loulo Suirar Co. doclnred nn extra dlvl dend of 3 per cent ln addition to tho regular quarterly dividend of 3 por cent on the common stock, both payablo Juno 15 to stock of record Juno C. ALL. FKEIGN v CHECKS BONDS CURRENCIES N T Bankers and Brokers Can You Answer Them? It your customers were to ask any of the following questions, could you answer them? 1. Why is a 5 French bond for 1000 francs marked on Its face for only 50 francs? 2. Which coupons from French and Russian bonds are good and which are not? 3. Why are the French 5s of 1931 and the French 4s of 1043 not due in the years mentioned? When are they due? These and many other vital questions answered in our new booklet: "Foreign Bond Statistics" Sent free upon requeit. R.A.S0ICH&C0. 10 Wall St.,N. Y. Tel. Rector 5289-92 .' H How to Put Your Money Out to Work for you at good wages is the message of the free booklet. "Investors and Traders Guide." It tells: The General Rules of Trading. IIow to Gire a Broker Instructions. Brokers' Commission Charges. How to Endorse a Stock Certificate. How to Uso Collateral in Trading. How to Group Invest- ments. The Deposit Requirements for Carrying Stocks on Account. The Rights of Stock and Bond Holdcra, etc. Edition limited. Call, Phone or write at Once. Ask for T. U.-872 JONES & BAKER SECURITIES Widencr BIdg., Philadelphia Phones Bell, Walnut 6063 1 Keystone, Rate 2290 Direct Private Wires Offices in 8 Principal Cities SECURITY SALESMAN We have an unusual opportunity for a quick-turnover, hUh-srade security tales man. 8 Preferred Stock, equal num ber shares common an bonus and another feature to be submitted) inaklnr It triply attractive. Room 210, Parkway mdir. ' 1 U "RUIl.D WITH lilUCK it' LASTS 0 g " rOilEVKll." g TfiPU'iiiii:a;iiiiiirfl!3.n:&cHiu1'i:i3'n3iiinfiiimn,titi;Eirii'iiii:ni:itiniinrfiii.''j I'KOI'O LS Department or 1'nhllc Safety Dlreitor'n Office Hoom IMA. City Hall Philadelphia. April IP IPL'O Pealed proposals will lin roceUed at this Office, -Hoom ill;, .City Hall, until Wednes day. Mu 8th. 11)20, at lwele o'tlock noon, for tho following- I1UHT:aU HP POI.TCn Purnlshlnc one or more motor pollen p.itrols nnd one or more motor prison nna. nnd cenonl construction Impivnem-nts to tho ISth Dlatrlet Police Station, patrol housa and stables. 4431 Main S,r.V j?na utile, and at the 11th District Patrol .Station. Jlonticomery Avenue and Flora Street. UUniJAU Or Finn Furnlshlnir one or mOm Bf!lfnritlMllti1 ru n nn miimnln.. ... flneB. one or more motor driven comblna-1 Hon chemical and hoso vutions. nnd one or ! mor aerial hook and Hdder trucks, and WJJ' eonstruttlon Improvements reaulred at Kin; Headqunrtirs, 132S Race Street, and 1 a-eneral construction Improvements to roofs of the following statluns: Enalne No 1, 1S.17 South Rtreot; Hnclne CI0, -Is ?InflSk nnd "erks Street; Knelne rioe 0, m Oufo" Street: UnKlne No 4. 1()?S Snnsutn Htr.mt. T'nulh. Vn 11 un.i.u and Alder Mnets KnBlne No U. .Main S, reV.ar.oo Oreen Lane Mnnavunk. nnctne No. IS. Howard and Turner Stieets: KnKlne r2i,0,x,44tfi. sir.",'',..pelow Olrard Avenue. S5;,ni5 .."l-n?r"rt;rw Fatiet Street: Hn 5lneo, x-2 cxi tpine -sreet. Knelne No ?',h203,N1Srih Tth Street: Knclne No. 24 f!S ,sna 'r,,derul Btnets, l.'niflne No. 2tl 1D12 Kuttonwood Street nnprlne No 27. 2iOJ Columbia Avenue, Enirtno No. 30. 8S4S tier mantown Avnue, Enclno No. 31. 2712 North ?,.. . tV J'"BLt" J"." 2L "'M. houth fi"' i h.j 'o . v. " ,"' vcnn""la aim KirK- brlde StreetH, i:niiliie No 3S, 1214 Hldfe Mh!Lue' fj,.":lrip SP, 3" V? Hlphland ani ). dnth nnd WoodUnd Avenue. Hnitlnu No. la Vi0niV,'.'V.V"?,mo.r',lu,1'i Greets. Knulns SiRn4?. 3tl,",J'"rkct. Street. Unulne No. 47. 3?h5y?af." 1r.ry A"u: Hnirlne No. 48 vUii, I?!j,&trJ'V1!,.Jr trets: Knelne No. lit. S ?' .A Jl nl' nffln'l,'J Street. Knalno No ; VSJ 1"' , ''''tHter Avenue- KnKlne No. 55' J?.ri'1" aRd ,Krl? Avenue; KnKlS.i No ? l'"".1"1, r'l.fk Avenue and Schuyler Street. Truck No. 2, 3t4 Florist HirV.i Truck No. 4. 3H. Do'Lancey Street: T"uec'k -.aTrspe,NOTru Srk,3U?oUS KS Paltlmoro Avenue Truck No 14. 2SB Rldn Avenue: Ph.e Lino No 2. flth and Lehlih Avenue Fire lioat Station. Pale Street n&l'J- HI"?"lr' nlv.rL Chemical No. "! HinK A,n , ''"lie. and Somervllle Avenue. 12thystS!TimiiH,i, " ',,k. I-",", et of l?iV ftV&W; " 'u0r(ie'rnmantDo olie..-.Vt .""" .fj"".""l- venue. at Cuba Cane Sugar 7a, 1930 B. F. Goodrich 7i, 1925 Mahoning & Shenango Ry. & Ll. 5i & 6i,1920 Penna. R. R. 7s, 1930 Empire Gas & Fuel 61, 1924-26 Consol. Cities Lt., Pr. & Tr. 5s, 1962 N. Y. Central Equip. 7, all issues United Gas & Elec. Corp. Slocks and Bond Bought Sold Quoted MrCowntrCck LAND TITLK 111.1)0., riULA. Members Phlliidelphlo, Stock L'xchnnKe U. S. A. A of Standard Urilimited Policy Credit Insurance providinc for protection against loss on accounts arising from goods shipped during the whole Policy Period no matter when insolvency of the debtor occurs. U. D. O. Penna. It. R. 10-Yr. 7. Notes Jf. 1 . Central Serial 7 Equips. PAUL & CO. MemlK-n Phllu. stock Kirhnnzr 1421 CHESTNUT STREET Lawrence . Brown & C. CERTIFIED PUBLIC ACCOUNTANTS 1818 HEAL ESTATE TRUST HIJIO investigate und adjust partnership eflmornflnn .....nt. A . n,.u I Income Tax Returns, 5! A'A prepare V, A Standard Unlimited Policy of Credit. Insurance providing for protection on losses due to insolvency of debtors and occurring during the Policy Period. Guaranteed Collection Service obtains under both Policies and adjustments are made dur ing the period of the Policies after excessive losses have occurred. OURSUPEJ SERVICE Losses Paid In Americai.Currcncy lit Phone Lombard 4016 AT Youn. SERVICE Established Eighteen Sixty-nine LONDON GUARANTEE AND ACCIDENT COMPANY LTD. Issues Standard Unlimited Policies R. A. IRVING, General Agent aw Lafayette Uldg. SpeclflcHtiuns for all tho uhoie in ho hiri . floom 211 C!t Hall. 1'hili.d Tnlda. Contractors to guarantee th . m.ii,,, ,... .ilu: 1 ""' l"'n.Vrlf''" "no nrst-r usa work ytnJl.'LnZ'' .rtlz,n f. the United State mi lAiiru 10 n coiuiaercj nn nunml.m .iu i.vi.ii.1, nun re noi ou y ik id In shall he paid euch rutes of wbB.. and for eueh hours of orli s hull he the estih llshed and , urn nt rate by wanes paid for such hours of work hy emploers of ", nanlzed lahor In thj. dolne of similar- work as Drol,ed h nrdlnani.. of Councils, ap proved Dei, inner 1(1 11101. '. v nidi (mm others than those eiiaaaed In actual business in tho k-euLral branches sneeined Mill not b considered or entertained. The contractor v. Ill 1m required to comply with the Aiii An, inhly nf July IN. 1D17. relative tf. Worltnun's Comnensatlon in jurance, and proof must bn furnished tho Depsrtmmt by s.ld contractor that he has ueeejit-. l provision of said Act and In sured his liability thereunder or secured ex-emnil'-n thnrefrotn No hldR shall be considered unless nccom p.inled by a certlfleaui from the City So jlcltor In aiccrdai.c-B with ordinance of Councils, approved May 2r. IhilO renulrlne proposal Imnd In all cuses where the amount exreeiui f,1fi Th n'r'-ctnr reserves tho rlttht to reject sny, or all bidj or parts f bids, us may bo deemed beet for the Interrst of the city J T CUUTEI.Ior Olreetor nKCONTItlTTKIN OK HRTTMNd lUSIN MooreNtonn, New Jersey April is. 1H20 Pealed irnposaU III be received until P M Uumliiy. April ?flth. lo.'rt. by the TowiihIiIp Committee nf Chester Town ship, at tho Tuv.11 Hall Moorestonn. New Jersey, fo" furnishing ull materials, mu rhlnery ilnnt und labor for tho reconstruc tion f ih concrete settllnu- bssln at tho pumpinu station of tho Water Departmmt of Chester Township, Mooreotown. New Jersey The work comprises approximately 2n cubic yards of r -enforced concrtto and 75 cubic yards of exeavatlon. Each bid must be accompanied by a certl lied check for one thousand If I.OOO.oo) dollars, payable to the order of tho treas urer of ChesKr Townrhlp. Plans und specification may bo seen nt the omc. of William HHoardmati. "insult Inif enlneer. No 428 Walnut st . Phlladel phla. 1'a.. or H-'iry I Bherman township enalneer. No, "Q1' Tempi, Ilulldlnir. 418 Jfarket st Camden, N. J Completo sets may N; obtained upon pajment of rive dollars (iri (MP) tlwrefor The township reiwnen tho right to reject any or all bids. f'HAHI.KH T.AKSHI.R rnurtiMAi ,fuic osi.ink, mu ,Nji Oreaaes Haw Materials and Paints Oranch Onleo of the Quartermaster Oen eral. , nirector of Purchase and Htorare. IteaTilar Supplies Division. Munitions IlulTdi ln. Washlnxton, D. C Healed proposals wll be receded here unt II) A At m.J SBth.,, 120 and then opened, for furnish ne issollne kerosene, lubrlcatlnv otls, itiel ofi and ttreases required by the Army durlnr JUIV, AUItHSI HUM t'W'IVIIIIKII , iu,u, inTftrrmtiion nentemtwr. on npniffR 1 1 n n Turther 1'MSS ANI MT-CintATIONK JOH fllf; rebulldlnit of Messluh Lutheran Church lftth and Jefferson sts , can now be obtained at the office of II Hex Htsekhouse ;n a Ctb t. Blda will bo opened Slur 11, 1050, $550,000 The Atlantic Coast Fisheries Company Equipment Trust 7 Gold Bonds Dated April 1, 1920 Redeemable on nnjr interest date at 104 Interest April 1st & October 1st Denomination, $1,000 and $500 Free of 2 Income Tax. Pennsylvania Tax Refunded NEW YORK NATIONAL IRVING BANK, Trustee TnSniu nu?,lthfe lf'ai dist,ribl of f resl. fiah the New York and surrounding markets, oper--- atinjr its own fleet of hhips nnd cold storage plants. Tho purpose of this issue is to linaneo the purchase of additional units for its fleet. construct?onqAmaSvanS f Ight fl3WnC VeSi51S' fUI f wh,ch "ru coniPleted and four u,ltlcr t, v. tpitIeft0 the equipment securing these bonds will he vested in the New York National Ir.-inij Bank, 'Imstee, and in all inspects is s milar to railroad equipment trusts. Adequate and proper in surance will be carried in a sum equal to at least 125 of the outstanding bonds. I-, h. .Martin, Lsq., of New York, widely known rmiitmun oi inn nnd member ment at $1,: marine engineor and surveyor, who wa.-t of tho Board of -Surveys and Consulting Engineers of the United States Shipping Bouid i m -no" 2Vll Av,so5? B.?ard ? Just Compensation, has approved the entire equip 1,7J,i00, or more than 2U times the amount of this issue. Actunl operation of similar vessels in 1!U9 show unnual nut depreciation at $250,000, or OVz times tho greato.t yearly interest iittuuiib uuijuiiKs irom oiner sources. famines for these boats after requirement, without taking into In the issue of railway equipment trust notes, securities represent generally 75 to 80tf of the property. pro,,0rty The total f thiii ihSue ls !lPIximatcly forty-nvc per cent of the value of the Total net assets of the Company after giving effect to this financing aro more than four time the amount, of these bonds, and the Company agrees to pay no dividends upon its shares of stock if such payment will operate to reduce the net quick assets below 110 of the outstanding bonds. The Company haa no funded indebtedness other than thU issue. MATURITIES AND PRICES: Amount! $55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 Maturities Prices April 1, 1021 99.76 Oct. 1, 1921 99.44 April 1, 1922 93.91 Oct. 1, 1922 08,66 April 1, 1923 98.16 Oct. 1, 1923 97.89 April 1, 1924 97.30 Oct. 1, 1924 97.01 April 1, 1925 95.94 Oct. 1, 1925 95.02 Yields 7.25 7.40 7.60 7.60 7.70 7.70 7.80 7.00 8.00 8.00 -, t ,.U'Knl TdeU,I,ls Pasfat;d uI?on b; Messrs. GilTord, Hobbs & Beard, of New York, for the Company and Messrs. Harrington, Bingham & Englar, of New York, for ourselves. We offer the unsold balance of this issue, amounting to $250,000, with our recommendation ' COBE, JOHNSTON & PRATT EDWARD V. KANE & CO. 82 Beaver Street , MorrJi Btilldlns Now YorIt Philadelphia I4JL HI 4 - SSBskygK. ' ' -!''-- "-
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