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if , '. ww?ia cut uwiuu
ft tj, ,ing where normally they
t s tiuuiu ue piling up.
Certain other fundamentals
n.re.also actincr sfrancrnlv.
I U 1 ur '"vestment gains or
f-. flosses may hinge on
ijK understanding mow the vi-
r . a n rr1:". "" JUV-UJ "ave
r ; un wnai is coming next.
EVENING PUBLIC LEDGEK-PHILADELPHI&, WEDNESDAY, MAT 12, 102b
FIN'.VNCIAIj
TENN-
RAILS PAY HIGH
RATE FOR MONEY
)
Babson's
Bamtnrttr T eHr !mi nii...
gives the plain facts on the pres
ent unusual combination of cir
cumstances confronting investors
and business men. It contains in
formation of extreme importance.
With these facts before him every
invsstor and business man can
Bee what's ahead and govern him
self accordingly.
Report on Request
. A copy of this letter will be sent
to interested executives, gratis.
Tear out the Memo turn and
hand it to your secretary when
you dictate the morning's mail.
Merely Ath for Bullttin 34. EM
The Babson Statistical Organization
Wallaalay Hirta, 82, Beaton. Mass.
Largut Organization of Its Characitr
in thi World
TEAR OFF HEM
I
I
COMMONWEALTH OP
SYIVANIA
1 ".,000,000. Issue, nf IHO.000,000 I.onn
Series II. IVi'o.
18,000,000. fl-year, Duo July 1. 19JB.
11,000,000. fl.yenx. Due July 1, 101H.
S2.000.000. 10-yrur. Due July I, 10S0.
$1,000,000. 11-yrnr, Duo Julr 1. 1081.
$2,000,000. lfl-jenr. Due July 1, 1035.
$1,000,000. lfl-yrnr. Due July 1. i. ,
$2,000,000. 10-yenr, Due July I, 1040. ,
si.000,000. 21-year. Due July j. jou. i serious Commentary on Invost-
$2,000,000. 2ft-ye.tr, Due July 1, 1011.
$2,000,000. 20-yenr, uue .niiy i. ;.
$2,000,000. 30-yeur, Due July 1. 10B0.
FTtEE FROM THE V K U S ON A l
PllOPEItTY TAX IMPOSKU ii i
THE STATE OK PENNSYLVANIA.
EXEMPT PnOM THE NORMAL AND
ALL SURTAXES, ALSO EXCESS
PROFITS TAXES OF TH13 KhD
ERAL INCOME TAX UNDER EX
ISTING LAWS.
MEMO Secretai-y
Write Roger W. Babson, President
of The Babson Statistical Organi
zation, Wellesley Hills, 82, Boston,
f fl.Q. n fYlllnWQ- PlMCAUnilm
copies of Special Barometer Letter
Nn.iil-II.Af nnrl Rsvilf lot 'tZMti.,n IU.
K mosi jrom Your Money
I
t-twiejs " fxcrsrjgtt?
Getting the j
"gratis. !
"Sr 1
FRENCH
CZECH0
GERMAN
SLOVAK
INVESTMENT
SECURITIES
Our organization pos
sesses special facilities to
execute orders on
Foreign Stock Exchanges.
Price and particulars
on application
F. B. Warren & Co.
46 Drcxel Bldg. Phila.
Now York
IS Maiden Lane
Cincinnati
408 Glenn Bids;.
How To
Trade In
The Market
and other rules and
methods of interest to
business men are given in
our free booklet. "The
Investors and Traders
Guide." It tells:
The General Rules of
Trading.
How to Give a Broker
Instruction.
Brokers' Commission
Chnrges.
, How to Indorse a Stock
Certificate.
How to Use Collateral
in Trading.
How to Group Invest
ments. The Deposit Requirements
for Carrying Stocks on
Account.
The Rights of Stock and
Bond Holders, etc.
Written in simple lan
guage and easy examples
given. No obligation.
Edition limited. Call,
phone or write at once.
Ask for No. T. U.-889
JONES & BAKER
SECURITIES
Widener Bid?., Philadelphia
Phones Bell, Locust 4730
Keystone, Race 2290
Direct Private Wire
Offices in 9 Principal Cities
Office of th Auditor General.
HRrrlBburir. May 10. 1920.
Sealed proposals will bo received
by the undersigned nt the office, or
the- Auditor General at Hnrrlsburg,
until 12 o'clock noon, Wednesday. Juno
23. 1920. for eighteen million (18,000,
000) dollars loan of the Commonwealth
of Pennsylvania on the following con
ditions; Thin liiuc id a part of a lonn of
JBO.000.000 authorised by an Act un
proved the 18th day of April. 1919, and
torethor with tho previous Issue
SERIES Amakes n total of 30,000,000
Issued untVr tho authority irranted.
Tho bonds now offered, amounting
In the atTBregutp to J18.000.000, will be
dated July 1, 1920, and will be paynbls
at Thn Philadelphia National uamc oi
Phllndelphln. Fiscal Ajrcnt of the Com
monwealth. In lawful money on their re
spective maturity dates, ns ioiiowb:
July 1, 105.
Jnly 1, 181".
1.
I,
1.
1.
1.
1.
1
ment Market When 7 Per
Cent Is Demanded
man.
lost.
103ft.
lOSfl.
1040.
1041.
104.1.
1040.
10S0.
(2,000,000,
Sl.000.000
S2.00O.000. .Inly
Sl.000,000. July
S2,000,000. July
1,000,000. July
S2.000.000. Jnly
Sl.000100. July
S2.000.000. Julr
S2.000.000. July 1,
412,000, 000. July 1,
Interest at tho rato of four and one
half (4H) per centum per nnnuni will
bo paid soml-annually, on January 1
and July 1, at the ollico of the Fiscal
Ajront of the Commonwealth In Phila
delphia. Ail bonds Issued under tho provisions
of this Act nhall.be exempt from taxa
tion for State and local purposes.
Certificates in registered form will be
Issued In such amounts as the purchasers
may require In thn sum of one thousand
H.OOO) dollars, five thousand (5,000)
dollars, ten thousand (10.000) dollars,
fifty thousand (BO, 000) dollars, and one
huncTed thousand (100,000) dollars; and
In coupon form In the mim of one thou
sand (1,000) dollars. Said certificates
will bo interchangeable as to form.
Nejrotlablo Interim Certificates will
be Issued, If desired, pending the en
graving of definitive certificates, nnd
may bo obtained from the, Fiscal Agent'
on tho day that payment is made for
the loan, or thereafter.
Proposals must bo made upon the pre
cribe form of blanks, copies of which
may be obtained upon application at the
ofllce of the Auditor General, or from the
Fiscal Agent.
No bid will be considered unless ac
companied by a certified check or cer
tificate of deposit drawn to tho order of
the Commonwealth of Pennsylvania for
an amount equal to two (2) per centum
of the principal of tho loan for which
thn bid is made.
Checks or certificates accompanying
bids not accepted will be returne? by
mail to the bidders within forty-eight
(48) hours from the time of opening of
the bids. Deposits of successful bidders
will be applied in partial payment of the
amount of the loan awarded to them.
No allowance will be mndo for interest
on an advance payment from the time
a bid Is submitted to tho time of set
tlement. Settlement for the loan awarded must
bo rrace with The Philadelphia National
Bank. Fiscal Agent for the Common
wealth of Pennsylvania. In the follow
ing manner. .to wit:
It will be optional witlt bidder to
make settlement In full on or before
Thursday. July 1. 1920. threo P. M.,
or make six partial payments, to wit :
S3.U0O.000. Thumclny, July 1 1020
Three r. SI.
13,000,000. Mnnriur, Anrnt !, 1020
Three P. M.
(3,000.000. Wednrmlay, Heptrmher 1.
1020. Three P. M.
(3,000,000. Friday, Ortnber I, 1020
Threo P. M.
(3.000,000. Monday, Nnrember 1. 1020
Three P. JI.
$3,000,000. irednemlny, December 1
1030. Three P. M.
The undersigned reserve the right to
reject any and all proposals, or to award
all or any portion of the loan for which
Pic's shall be received as may be deemed
for the. bewt intereats of the Common
wealth of Pennsylvania
With the exception of the. 12.000.000
Issue of 1919 aboo referred to, Uie
State Is free of all bonded Indebtedness
not now provided for by inonoys In the
SWUS nriv 0f ,ne "foresaid issue of
S12.000.000. thn St.it hn. ,an.i,n..j
bonds to the amount of jl. 500,000. These
uvuun jtj ii irKai investment ror trust
funds and constitute one nt h. ....,
and most desirable Investments that can
be obtained. The wealth of h uw.r.in.
State of Pennsylvania guarantees ab
solute security of principal, certainty of
Income, as well a a ready sale for the
bonds at all times.
The mui'li-illspiiH'jpf) financing of the
Union Pacific Itnllrond Co. took tflngl
Wo form pitrrtlii.v by the purchase by
Kulin. Lncb & Co., New York, of.
$'i",,000,000 Tnlon Pacific nallrood Co.
and the Southern Pacific Itnllrnad Co.
jointly and severally guaranteed 7 per
cent truRt equipment certificates of the
Pacific Fruit Express Co. These cer
tificate mature In approximately eounl
annual installments from June 1. 1025,
to June 1. 10.15. Inclusive. They were
being offered at prices varying from 100
for the 1023 maturity to 101 for the
10.ir maturity.
They are lsued on the Philadelphia
plan, with the Commercial Trust Co., of
this city, o trustee. The offering was
mode by Kuhn. Loeb fc Co.. the
Guaranty Trust Co., the National City
Co.. Harris Forbes fc Co. and others.
It was reported tlint the total t"iie had
been sold shortly after the subscription
books had been opened.
8pcnking of this Issue, a prominent
banker remarked that it was a serious
commentary on the Investment market
that sueh companies as the TJnlou Pa
cific and Southern Pacific arc compelled
to pay 7 per cent for $25,000,000 to
furnish cars for the Tacific Fruit Ex
press, n company which they control.
He said he was pleased to see that
the certificates were issued under the
Philadelphia plan, which provides such
amplo protection for the Investor. It
will nlso prevent any impairment of
credit of the Union and Southern Pa
cific Cos. through deterioration of the
equipment; In fact, the Increase In busi
ness through the use of this additional
equipment will help the credit of both
roads, he said.
There was n question raised concern
ing the legality of the pooling of the
Union and Southern Pacific interests in
an equipment corporation, in view of
divorcement of the two roads by the
decision of the Supreme Court several
jears ago.
An investment banker said that he
was certain nil such points had been
discussed by the officials of the com
panies before they would dscidc to make
the offering nnd they would certainly
have the best legal ndvicc as to whether
they were infringing any laws, espe
cially the nnti -trust laws, before they
would take final action. He Raid if the
plan proves successful, It is likely to
be used in n similar manner by some
other ronds.
The senior member if n well-known
firm of bankers and brokcrR in the cen
trul part of the city said yesterday that
there is more time being wasted today
by public men In talking nnd wrangling
over petty nonproductive topics than nt
any time perhaps in this country's his
tory. TIip most trivial matters, ho said.
are receiving a lot of attention which
should be spent on the one thing which
is of most importance, namely recon
struction. By that he meant reconstruc
tion of our habits of thought as well as
action.
Other countries, far less favored than
wo ore, handicapped in ways which
we hove never known, are getting back
to business, while our public men and
our business men spend their time
arguing the difference between tweedle
dpp nud tweedledum, and permitting
our business to slip nway from us.
Kai-h day they seem to think up some
new idea in taxation, he said. Now they
are concentrating on taxing sales of
stock, or some outlandish plan to raise
the bonus for soldiers. One would laugh,
he said, at such performances and be
Inclined to pass them over, knowing
they would never amount to anything,
were it not for the fact that they put
the prohibition law across while we
were saying "It can't be done."
He said he sow a proposition some
where where it was proposed to go
head and print bonds nnd hand them
te the soldiers, and thoc of them who
preferred rah could take theirs around
to the comer grocery nnd seli them for
uhnt thev would bring. t said he
did not know to whose credit the idea
should be placed, but in all probability
it wnn some congressman who had
been studying the financial methods of
the Bolshevists.
In the afternoon yesterday, it was
stated by n representative of the syn
dicate which floated the Union-Southern
Pacific equipments that the hanks in
I New York were closed nt 10 o'clock
ycterday morning with n large oversubscription.
WILLIAM C SPROITI,.
Oovernnr.
HARMON M. KEPHART.
State Treasurer
CHARLES A. SNYDER.
Aut'ltor Oeneral
There was a discussion on. dealing
with some recent bond and note Issiiph
and the security back of them, when a
hooker osked what better collateral could
ii bond or note hae than Liberty
Bonds?
He said that he believed it had es-
nt'li.tiiMm. caped the attention of some shrewd in-
jjmiii i vestors iliac tue j.',ntiti,uiM four-year
Sald proposal adilrencil tn th.
elanxl nt the office bov mention.,! wmii h
reeened until IS o'clock noon .,n Tu.,dii"
June I, lir.'O, for contracts btb r,rs sVn
nnd lis and opened Immedmtelv thermfi.r
Authorised by ordinance of rouriVil. .1
proed Julv 20. 101U and March ij iniT
minion uuiiainsn. (ontract 7ft Hteei
...nrnn.. nnr-f- kiIUUn. .. .. '
nd i
wei't corner of Front and Iferk.' ,,0hrt I
on the ea.t ilde of Front it at Herk. ,? rt
iiiiiimiiA. .iii.-i. tun riunonit ror the
nation bulldlnm at Front and n.?k. ..."
V
Jlt Investment
wv Bonds
?;Welsh Brothers
$ ' Q28 Chestnut Strfft
nbrt lota
rhlhuMphU
on nmiinnwi ve ai iiunnnudon at . Tlnirj.
at ana iorreaaie ave and at the north
eat corner of Frankfnrd ae and Pratt at
FJectrlcal Work. Contract 7D tSndulte
ror tho atatlon buildings at Front and Harks
nt on Kenilnaton aye at Huntingdon at"
Tlna it and Torredle ave an at the
northeast corner of Frankford ae and
Pratt at
Innulatlna- Cnrerlnus, fnnlrnrt 1 IK Holler
teed water heater and eoftener and connect
ing: pipe lines In oUth side of Pity Hall
hatement covered with Insulating materials
Plnn and specifications ran m seen at
IJtl Chestnut st twelfth floor, and copies
of same, with blank forms for proposal
mil be Hijpplled to Intending bidders Ae
deposit of ten 110) dollars will be required
for the plana for each lontract. except con
tract IIS and on their return It will bo re
funded Hidden, mum be skilled and regularly en
caged In the rlasa of work bid for
Contractora will be required to cornplv
with the act of Assembly of Julv IN 1017.
relative to workmen's compensation In
surance and proof must be furnished the
department bv each contractor that he has
accepted the provisions nf said act and In
sured his liability thereunder or secured
exemption therefrom
For each bid a proposal bond In the sum
nf five hundred (SOOi dollars must be filed
In the Law Department tloom 104 Otv Hall,
In accordance with the ordinance of .May '.
1MJ0 the certificate of such filing tn be In
closed with thn bid
The director reseres the right to reject
any or all bids as lie msv deem best for
the Interest of th city of Phlladelnhla
tne in. WILLIAM 8 TWININO
Director
l-f V- fwrge H, Burr & Co.
6 i ' 'i t 'Investment Securities
ix o(.i rnuaaeipnia
1 -jr- -
ll
PROPOSAL I'OR STATION-
I'LUMlllNT. AND KLKPTItirAI
Mill TiIT riMVirnim -.....: "
railway AM) rii'K vivijiij iv " per ceni notes or tne .-Norfolk nnd
TDFpinTMT,iiyr.liW:?rT.-. i Western Hallway To., recently issued
1,EPcitvMof phLaiTelphiNS,T ' hP Guaranty Trust Co., of New
llth Floor, urn Chestnut'st 'York, were M-cured by n deposit of
. ....u.j.ui. jny in in'n i.mertv iionas nt n rmio of nil ner
cent of the principal ninotint of the
notes with n Kuarantee to mulntnin that
parity at nil times The notes were
quickly sold at li(is to jield over 7
per ceut.
PARKER FOR CONGRESS
Seeks Nomination in Ninth N. J.
District After Colgate Declines
Newark, X. .1., May V'. Petitions
placing It Wane Parker, former rep
resentative, in the licld for tho .Repub
lican concessional nomination in the
Ninth district, will he put in circula
tion this week The decision of Mr.
Parker to seek the nomination followed
definite word from Colonel Austen Col
gate that he would not run.
The Ninth district Is now represented
liv Daniel I" Minaliaii, nf Orange, a
Democrat, who won over Mr. Parker in
lfllS by ii phmillt of 10!iS.
Mr Parker has served twenty years
in CoiigreH-j bj direct elprtion. and also
completed the term of Walter 1. McCoy,
Democrat, who resigned.
Until Mr. Parker and Colonel Colgate
ure delegates to the Republican national
convention The latter hns been chosen
iifc the htnto's rrpiesentatlve on the con
vention platform committee, which is
cnusideifd the mnet impnitnnt nxsign
merit. Hehiiul the action in naming
Mr. Colgute for this pout, members of
the party M-e bin boom for the guber
natorial nomination in 102- taking defi
nite shape.
SUFFRAGE GOES o'vER
Louisiana Legislature Adjourns Until
May 17 Without Taking Action
Itatnn Kouge, I.a,, May 1L' -The
I.niiMana Legislature ii-jiiiiriieil jc
tenia until May 17, without hailng
taken action on the question of woman
suffrage
t'or the nntis. a bill was introduced
today in the Houbc an4 Senate pro
viding for amending the state constitu
tion o as to give the vote to women by
state enactment, and in the. House,
a resohiti'ip was lii"iyl,''erl for the rl
tictttion of tli uatiauul uuiendmtnt.
Special .Meetings
rrSr THK fllKAIin KIKK AND MAKIM:
INHIIKANTK CIIMI'ANY
A special meeting nf the stockholders of
the. Olrard Fire and Marine Insurance Com.
nanr will hl held at tie principal ofllce of
he company ,ai the northeast rornur of
Chestnut and 7i.h streeta Philadelphia Pa
on Thurxlay. the tllh day of .lune. IBSO.
si ll o'clock in the forenoon Kastrrn
atanudard time tn take action on approval
or disapproval of the proposed increaa of
the capital "'" "V". company irom
Pllal
SEES WORLD TRADE
AS BOOT FDR U. S.
Prosldont of Steol Corporation
Urges United Effort to
Extend Commerce
CONVENTION GIVEN WARNING
By the.Assoclatcd Prss
San Francisco. May 12. The world
nt5.rrn!-t i,t)Port"nlt'js 'or American
enterprise, James A. Farrcll. president
ot thBi. lin,tpd S,nlC8 stcl Corporation
and chairman of the seventh annual
lVl.Villie.for',fn trn.d.e convention, told
trado Mpcrts from all parts of the world
here today. Ills speech, opening n
foiir-day international discussion of
iff. 'i cKor.trayed. 'ondltlons In the
-.Vi - c,l"lcs. ns leaatng either to stag
nation and business reverses due to
PrV Kii"!0110? ' .r t K,owiif prosper-
llT tOllOWlnt' rlerelnnmant f .-Iu .' .i.
channels. ' ,,ut,u urBUP
The abnormal demand upon Amer
lean production during the war. he said,
has been protected into ti. ... ......
of peace because ot the exhaustion of
o shall be confronted." he said.
in a quiet unmistakable way with tho
fact that wo aro able to produce more
than wo can sell nt home. We shall
face such an emergency for foreign trade
as we never before experienced.
lho world offers vast opportunities
for American enterprise. Needs that
have been restricted by Jealous and dls-'
cordant political parties, material de
Telopmcnt that has been checked by the
Insistence or narrow aphcres of Inter
est, will be governed In tho futuro by
broader and freer conception of Interna
Urinal co-operation than has ever pre
vailed before.
"There can bo no question about the
economic rebirth of the civilized world,
for it is already in progress, even In
places where industrial distress seems
most acuto and social disorganization
most profound. Vaat undeveloped por
tions of the world with fertile solland
cheap labor are entering upon a period
of rapid development. They will help
supply tho rapidly increasing needs for
foodstuffs and raw materials nnd they
will at tho same time furnish new mar
kets for finished products.
"We may not be able to tell the pre
elso extent or fix the exact direction of
the forces that arc about to change tho
face of the world, but wo may face the
future with confidence by the exercise
of an intelligent foresight and by being
reotly to odjust ourselves to correct
course of development.
"We must devoto the same sustained
and intelligent effort to international
commerce that boa produced such won
derful successes in our domestic trade.
"The development of our Industrial
productlvo capacity during the war.
coupled with the change in our national
financial status, might, if unintcIII
gently handled, be the forerunner of
di'troos. Hut If only It be handled with
Intelligence and courage there lies in
tnOfl 009 to II 000 0011 and In caca of the ap
nrov'al of the proposed Ingrenae of capital
stock to take action un the folonlns resolu
tl0..r.'. it eesnlved That the 'rioard of m.
rector be authorized to Issue such additional
.lock from tlma to time at auch price and)
iiiSSi such (arm a it daama advisable,'!
upon such '"ra1
jiy onjjr i j
r.rl!
ril'Bf Dlsertnrff.
fl$ O. VAUOIIAS'
1 --n enr.
it n vastly greater potentiality for gen
eral benefit through foreign trade."
EDISON FOR HOOVER
Inventor Likens Former Food Chief
to George Washington
New York, May 12. Speaking before
.100 employes of the Edison Co. 'a West
Orange plant yesterday Thomas A.
Hdifon espoused the candidacy of Her
bert Hoover for President.
The meeting was under the auspices
of the Hoover Club of the Oranges.
On tho platform were Mr. and Mrs.
Kdison. At the end of the speech Mrs.
Kdls.on, turning to her husband, said:
"Who is your choice for President?"
"Hoover." was the prompt answer.
"I am for Hoover for President,"
Mr. Edison snid in his speech. "En
gineers nre good propositions for the
presidency. I recall an engineer in
American history who made good. That
was George Washington.
"Today it is a question of cconomv
and no longer n military problem. If It
was the solving of war problems I would
vote for Wood. Hoover's record is hi
strength and you nil know what he has
accomplished. There are many prom
ises made by presidential candidate
that are soon forgotten when they reach
the White House.
"Hoover will carry through his pro
gram without interference or there will
be trouble."
SENATE MAY KILL BONUS
Soldler-Rellef Act Expected to Have
Stormy Time
Washington, May 12. Hnpp of pre
venting the rmxsage of soldier -bonus
legislation with its big program of in.
creased taxes apparently lias been
shifted to the Senate, with indications
that the Senate will put the hill to
sleep, as it has several other House
measures.
It now seems us the result of the no-
sition beiug taken by the insurgent He
pumicans wno wanted a retroactive war
profits tax instead of n levy on retail
sales, that the revised soldier-bonus bill
will be passed by the House probablv
next week. There is little doubt that
close to a majority of the Housn mem
bers believe the legislation is unwise at
this time, out with re-electiou cam
paigns staring them In the face, bonus
advocutes have the upper hand. Not
more than one-third of the members will
vote against tne Dill, its friends assert.
Representative Johnson, leader of tho
Republican insurgents, said that the
faction will not ceaBe to insert the war
profits levy in the bill now that the
sales tax has been eliminated.
DECLARE AIR MAIL SUCCESS
Postal Officials Plan for New York
San Francisco Service
Washington, May 12. (Ilj A. P.)--The
government nir mall srrvii e will
celtbrate its second birthday anniver
sary Saturday, the operations of the
pait yeor having been marked with
"phenomenol success, " according to
the rostofflce Department. .Postal air
planes in the last twelve mouths trans
ported fi.1S.000 pounds of mail matter
4US.0O0 miles. The service win eco
nomical financially, the department an
nounced. With regard to future plans the an
nriiincement said that when the New
York San Francisco route start tint
air mail which will leave Nw York- nt
dsi, break will be in Oinalu tlmt same
ciny ueiore Ktinaei. .turn ifjuvuig ahw
ork .Monday
San Francisco
clnv mornlm-
SWEET POTATOES $3.50
Phlladelphlans Pay Hloii Price for
125 Hampers Whites Game Price
Swedesboro. N. !., Maj )I2.- A truck
load of 12.T hampers of sjveet potatoes
was taken to the Philadelphia markets
yesterday, the owner ieci(iving .W.fiO a
hamper. It Is said th potatoes, If
hauled to New York, wnjultl have sold
at $5 a basket. Whlte potatoes are
worth the same price a basket, which Is
a third less In quantity.) The storage
In this county, however, does not com.
pare with the "sweetsy wren
are not nhp to cipjafn.ilhn
rignt nere iu ? puiaiq-gravring center,
.. ... ........... 1IIIH Pdllltf
iset. Mail lijuviiig New
morning will arrive iu
by I) o'tlnejk Wed lies
iVe w fssuc
125.000 SKare
Broods Steamship Corporation
(Incorporated in Delaware)
CAPITALIZATION .
rttpen completion of proMnt filMtrrclrrf)
Authorised
Capital stock (No Par Value) 500,000 Shares
S Mortgage (lo the U. S. Shipping Board) 93,780,000
Tobtj
presently issued
185,000 Share
Tramfer A(nti
The Equitable Trust Company of New York
fUfittraft
Guaranty Trust Company of Now York
A Ultr from F. Bradley Cox, Vkc-Pttiidenl in charge of operation), to tvhich reference it made, it
tummarized a$ foUott:
Buiineu : Brooki Steamship Corporation was organized in March, 1919 ant) sinca that time has been 'engaged
in operating steamships for the account of Nacirema Steamship Corporation in traniAtIanuc trade,
routes, European coastal and cross channel traffic. It hat developed an extensive organization for
chartering and handling steamship freights, with offices in New York, New Orleans. London and
Buenos Aires and chartering agencies in Baltimore, Philadelphia, Rotterdam. Amsterdam. Helsingfort,
Havre. Hamburg, Danzig and in the leading shipping centers of the West Indies and .South America.
Property . The Company bat now arranged to purchase the vessels' heretofore operated by it together with two
' s additional vessels, comprising in all 25 steamships with an aggregate deadweight tonnage of approxi
mately 1 1 5,000 tons. Sixteen of the ships are of the Supple-Ballin type, (composite steel and wooden
construction) and nine of the Daughcrty type (wooden construction). All of the vessels are classed
A I for ten years in Lloyd andor American Bureau of Shipping, and the actual experience of the
Company in their operation on voyages averaging 10,000 miles has demonstrated their stability and
soundness of construction.
Upon the completion of the present fmancmg the Company will own the entire fleet of 25 vessels
free and clear of all indebtedness, except a mortgage to the United States Shipping Board for
$3,750,000 bearing interest at 5, nnd will also hare a cash working capital of approximately
$1,000,000 and accounts recehrable in excess of $750,000.
Earnins': The net earnings from the operation of 23 of the above ships for an average five months' period, before
depreciation and taxes, amounted to $1,775,000. On the same basis, had the entire 25 ships to be
acquired, been in operation during the past twelve months, the net earnings would have been $4,625,000.
Allowing for an appreciable reduction in rates, the estimated annual net earnings before depreciation and
taxw are between $3,200,000 and $4.000 000. an amount equal to. from $16 to $20 a share on
185,000 shares. This amount, less depreciation and taxes, will be available to meet the, interest and
instalments of principal on the mortgage, for dividends and for extension of the Company's business.
We are advised that application will be made to list this stock on the New York Stock
Exchange.
A large part of the above stock having been sold or withdrawn, we offer the unsold balance,
reserving, the right to reject any and all applications and also in any case to allot a smallej
amount than applied for.
PRICE $25 PER SHARE
Deliverable, when, as and if issued and accepted by us.
R.C.Megargel&Co.
Syndicate Manager
27 Pine Street. New York
Tae""fcove"rnfoimsrlof and ilstlstrts are not ipjiMtrteed. Inrt ttst thtm be sretlrrt.
CTlllli'lliiiiii'llPjiiCJjjgBUli
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BRANCHES
New Orleans
731 Gravier Street
Paris Offick
1 ibis.Boul.Haussmnnn
Madrid
Gran Via 14
Barcelona
Rambla dc loi
Estudios-Canuda 2
AFFILIATED BANKS
COLOMBIA
BANCO MERCANTIL
AMERICANO DE
COLOMBIA
Bogota Burranqullla
Cartagena Medellm
Call Clrardoc Manl:alc
Honda Armcma
Ducaramanga CCicuih
perit
BANCO MliRCANTII
AMERICANO DEL
PERU
Lima Arsquipa Chiclayo
Callto Trujlllo
VENEZUELA
BANCO MERCANTIL
AMERICANO DE
CARACAS
Caracas La Cuayra
Maracolbo Puerto Cabtllo
BRAZIL
AMERICAN MERCAN-
TILE BANK OF
BRAZIL
Pari Pcrnambuco
NICARAGUA
NATIONAL BANK OF
NICARAGUA
Managua , Bluefieldi
Leon Granada
' ' CUBA
BANCO MERCANTII.
AMERICANO DE
CUBA
Habana Ciego de Avila
COSTA RICA L
BANCO MERCANTIL ft
DE COSTA RICA "
Sanjoii
HONDURAS
BANCO ATLANTIDA
l.aCelba Tegucigalpa
San Pedro bula
Puerto Con ez
Tela Amanala
GolomSia
-American interests in Col
ombia o.re served by our
affiliate, the Banco Mercan
til Americano de Colombia.
Due to transportation condi
tions between its commercial
centers, Colombia has always
presented a difficult problem to
the American exporter or im
porter interested in its trade
development. As an instance
of this, if an agent has been ap
pointed in Bogota, the capital
and largestcity.it is difficultfor
htm to act also ns representa
tive In Barranquilla, the largest
port, since a journey of eight
days separates the two cities.
In the handling of collections or
other export trade transactions, the
jdvantarjes of dealing with a bank
having branches at all the Important
commercial points of Colombia will
be readily appreciated by the ex
porter and his local agents. The
Banco Mercantil Americano de Col
ombia, affiliated with the Mercantile
Bank of the Americas, has branches
in eleven of the most Important com
mercial cities and Is the only bank
in Colombia which covers the coun
try thoroughly.
Through Iu affiliate in Colombia, the
f Mercantile Bank of the Americas has
the facilities to render excellent ser
vice to American firms transacting
Business in tnat country.
AJur booklet will be sent on request i
MERCANTILE BANK$
OF THE AMERICAS
I : An American Hank for Foreign Trade
1 (44 riNE STREET, NEW YORK
ijiiiiiiiiiiiiiJifHst u . JJraSrmniir.iui.iiit:i-Hi',,iii n.ii i'inh ivhi'M.iHiiiiiintiviiiMiiM.Mii.ii'riiiil"iNiti.i!ijf-ri'ii!MiM"rw.Hswnf-
CHARTERED by CONGRESS 178)
utf NATIONAL BANK I8S4
fcefiANK
North America
30r Chestnut Street
OFFICERS
l. PUSEY PASSM0RE, Praiiilail
R. S. McKINLEY, Vict Prti. L S. KR0MER, Caikltr
W. J. MtJRPHY, Ant. Cai.i.r t M. PRINCE, Ant. Cai.ltr
J. W. WHITING, Al. Cat.ier
DIRECTORS
LINCOLN K. PASSM0RE
JOHN W. PEARCE
JOHN P. GREEN
GEORGE FALES BAKER, M. D.
N. MYERS FITLER
CHRISTIAN C. FEBIGER
J. HOWELL CUMMINGS
W. PERCY SIMPSON
WALTER H. R0SSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRY S. EHRET,
EDWARD P. HENSOrt
THER0N I. CRANE
GRAHAME WOOD
W. KIRKLAND DWIER
WILLIAM F. READ, JR.
CHARLES 0. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEELAND
JAMES D. C. HENDERSON
WALTER ERBEN
E. PUSEY PASSM0RE
Dividends
I'IIIwDKIJ'IIIA COMPANY Port (lUArtJ
22i Land Tltlci Ilulicllnir
Capital . n, 000,(10(1
Philadelphia May 10, 1tl0
Th rfciard nf Direr-tors hm fhl rf.u j
elared a dividend an lbs -aplta stock of ths
company of Thru- Dollars 13) prr .har,' In
fash. ,.'""", an "Ira. , dividend nf
no Dollar (!) Prr abarr. payable In Liberty
Loan Uonds at par. said dividend payable
June 0. HP- N stockholders nf record at
the do" of business My 2, 1020.
Checks will be mailed
HAMUKI. C EDMONDS, Treasurer
OFTICK OF" TUB
NORTH lNNVr.yAN,Ad ,U,,.OAD CO.
I'hlladelDhla. Mhv ti moa
The .Board of bPI recto m of th North fenn
UIU "' --. . .:. i '..', " eslUlIH-
holder, a; "if reaiaiereu at the clos.
inic im.o".. "-nH v'.Vi"v".'-.u",-.,r.,a.n-
inst.
until
na or n" vwnm . u u i-iucn p. m wednea
rty, '-,n "';' ,z! t,v lit "",'" lnn Ins
Tne n..".i .-. ...ii aciiiNiii ciuseq
the !!0lh Inst
JOHN B WI8B Treasurer.
Nebraska Power Company
Preferred Stock Dlrlden-J
The retular quarterly dividend of 194
...vw .m.ui ii.uiuM 1'nwer
E"layra. pybi June
- h Preferrei
Cornj.ony.baa bn
ren dealer. ctT.Vpr"aVt"So.(
liUh prlrca Ut 'h THwLi'
ig center, ' i .f,Hii
payable
ildere of
German City Bonds
Bought, Sold and Quoted
Scott Stump
Investment Securities
SPKCIAI.IHTH IN ODD I.OTH
Stock Exchanee Olds.
I'lIII.ADKM'llIA. 1'A.
New York Offlce. 40 Kirhanae Place
Hn.ncl.esi roatesrlll, NorFl.liwn. pB.
Direct Private Wires
en trul Aiulrre Miliar
I illetle rlnfety llator
Oodjrear Tire Rubber 1st Trf.
Illmntununin Huisr ""''
Northern States.Power Common
Hepiibjio Ily. iht. Common
Hteel & Tube (Amerfcat r.e
B0EMHINQ, GARRISON ft 00.
..)( "OCKJKXCHANOK llfJII.Diyil T
Hri h"",;,kM'Pf l HyriXmM
-.... B.vve, S.IV'AI
record
n. IV-U,
treasurer, r f --- . . i
.iViu' - .. , . ?J . ' BBBH.J-
ANHIICIATED ISI5IONr IlARDWArlK
To I he holdsrs of serial S'A Secured Clold
No es msturlns July 1. 10SI. and Issued
1 iiiIh ecur1 ox Indenturo dated July
. .?lotJf ' lireby liven that, In accordance
with the provisions of Article Fourth of the
said Indenture, dated July I IBM, nnd pur
""nt I?, the direction thereunder of Assn.
elated Hlmmona Hardware Companies, the
jljove.mentlnned serial Bft Hecured Cold
Notes wl be redeemed July I. I0t0.
ioli . v '" " pm on lna a"er Julr
I. 1020. a' the offlce of Philadelphia Trust
te 'm.lr'i ,Nn; ls Cheatnut at., In the city
nr i nnadelphla. upon nreaentatlnn and sur
renaer of seld notes with all roupons matur
ln on and subsequent to July 1. 1910, nt
p;r, together with a premium of W of 1
ld 1 Jul?" iotu0'. wltS ln,er"1 accrut1 l0
Dalecl Mav , 'man.
ASSOCIATED HIMMOVR HARDWAnH
COMPANIBS. '
WAT.LACB P SIMMONS.
i,;vi i ituw and
I.KWIS B. HA8I.AM.
L'?, B "ASIM. Secretary.
900 Spruce st .
St. Louis. Missouri.
Trustees
POCAHONTAS CONSOLIDATED COL.
LIERIES COMPANY, INCORPORATED
Plf ty-Year Mve Per Cent. Mold llnnds.
Notice Is hereby given, pursuant to the
trips of the Mortae dated July 1st, 1007.
that the understated, ns Trustee, will re.
"Ive sealed proposals up to 3:00 p m. on
he lh dav of June. 10110. for the sale
to It of bonds aa abne described, sufficient
to use the sum of 154. 184. 81. The under
signed reserves the rllht to reject any or all
tendere.
TUB NEW YORK TRUST COMPANY
Trustee, riy II. a OURTS. Secretary.
New York, May 10, 1020. -"".
nSSWATKINH COAI. TO
';x' To holdera of flfty.y
Issued
ivm;
under morlte
fifty-year bonds,
re of December SI
Ycu are h.r.hv nninA .hm. k- . j.
lned Trustee will receive offer for the
purchase of two bonds from the slnklnr
fund provided for. In said mortgage, until it
e'cleck noon on the list day af May, 1M0.
These offering bonds will state the serial
number of bonds offered, the price which
tney will accept for their bonds and whether
bond? Y ,r w'"'"' 'V'H " or two
tm SCKANTOW TRUirr. Crt.r Trusty
' U 8ua W (eWMuMiT.
SHORT TERM BONDS
lo yiald from
nm
o
to 8
L0NG TERM BONDS
to yiald from
6 to 7
FIRST PREFERRED STOCKS
to yield from
7 to over 8
Send for Our May Lilt of
Offering Circular L-109
E. H. Rollins & Sons
1421 Chestnut St., Philadelphia
Boston New York WWcea-Barrt
Baltimore Chicago SauFruncUco
Siockwell, Wilson & LinvHI
Certified Public Accountant
...AMkMl.. AH"- - -
CMltue:
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