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V X EVENING TtJPBMO "LEl5&EIt-J?t)ADBiHiA, ONdy, Y 21920
i li ' " ' - ' i v AwrwrtfT fiifTiir-r
if
Circular on Request.
NEW ISSUE $1,000,000
SKENANDOA COTTON COMPANY
SERIAL 7 SINKING FUND GOLD NOTES
Dated June 1, 1920
Due annually $200,000 June 1st, 1925, to 1929, inclusive.
December 1st
Interest payable June 1st and
First National Bank, Utica, N. Y.
The Company agrees to pay the United States normal income tax up to 2 per
cent of the interest if exemption is not claimed by the note holder. x
COUPON NOTES, $1,060, $500 AND $100 DENOMINATIONS
Redeemable at the option of the Company on any interest date as u v.-holo or in part, upon sixty days
notice nt 103 and interest on or before June 1, 1925, at 102 and interest on or
before Juno 1, 1927, and nt 101 nnd interest after June 1, 1927.
CAPITALIZATION
On completion of present financing
NEW YORK BOND SALES
Bnmmnry nf Individual Transactions on New York Exchange
tSAI.ES IN I1OO0J
From Oiwnlnr Until 2 p. m. (X, Y. Tim)
A'n T T elt
1....T T4U
A'n T ft T Ba
1 73
A'n T ft T
3 02ft
1 1)3
1 2,i
1 t2T
1 02ft
Amer T Co fl
3 02ft
8 02ft
1 03
Ant-French
3.
n...
7...
2.1..!
2...
ft...
1...
20...
1..
148.
00.
H.
ft.
30.
.1.
i.
:::
ns't
nau
98 !i
OS .1
nstt
or s
II8U
08H
OR ft
08 ft
B8H
08 H
08 .
08 ,
DHS
08
08
Serial 7 Sinking Fund Gold Notes (this issue)
Common Stock (10,000 shares)
Authorized
$1,000,000
Outatandinff
$1,000,000
1,000,000 1,000,000
NO BONDED INDEBTEDNESS
"
BUSINESS: The Skenandoa Cotton Company, Incorporated in 1881 under the lawo of the State of New J
iorK aim iwoicu ui, uncu, . i manuiuciures ana sens cotton yarns throughout the country.
In 1882 the number of spindles installed Avas 10,900, which amount has been increased from time"
to time until at present 70,000 spindles aro in operation, while the sales amounting to $100 000 in
1883 have increased to $7,000,000 in 1919. '
ASSETS: The Company, so long as any of the issue is outstanding, agrees to maintain its total net
quick assets at an amount equal to at least 160 of the principal amount of the issue then out
standing. NET QUICK ASSETS: After deducting all other debts aro two to ono against the amount of this
issue.
NET EARNINGS applicable to interest charges for the past five years averaged more than four times
the interest charges.
PURPOSE OF ISSUE is to provide additional working capital to meet tho steadily growing increase'
of the Company's volume of business.
SINKING FUND: The Company agrees that on June 1, 1921, and each year thereafter, to set aside
out of surplus earnings a sum equal tp 3 of the notes outstanding to constitute a sinking fund to
be paid to the Oneida pounty Trust' Compan y, Trustee, for tho purpose of retiring said notes, or
purchasing them in the open market at the option of the Company, or for the purpose of purchasing
with the approval of said Trustee for the noteholders, other securities with the same force and
effect as if the said 3 cash had been deposited.
PREFERENCE: The Company agrees not to create any evidence of indebtedness having an equal or
prior lien with this issue except customary borrowings in the usual and ordinary course of business.
PRICE: PAR AND INTEREST FOR ALL MATURITIES
Utica Investmnet Company
Utica Trust & Deposit Co. Oneida County Trust Co.
Black River National Bank
All !! matte In connection nlth thla ltaua will ba aubjeet
I.jii'h, Wlllla L Titus (or the bankers.
May. 1020.
to approval of Kernin ft Kernan for tha Company, and
!' ' L ji
PHILADELPHIA-AS A PORT
is of vital interest at this time to
manufacturers and merchants
engaged in Foreign trade.
Congestion of traffic and lack of adequate .facilities
at other ports have caused many shippers to turn
to the Port of, Philadelphia with its unlimited
possibilities as an -outlet for their exports to
Foreign countries. Imports for similar reasons
are coming to the Port of Philadelphia in increas
ing volume.
Let us finance your Foreign trade
Write for our booklet "Philadelphia Port of
Unlimited Possibilities"'
The Philadelphia National Bank
Total Resources
One Hundred Eighty Million Dollars
Ann Arbor 4a
1 4B
Armour 4Hs
1 7.1 U
1 7J.
ATtSFIi
1 71
1 7UM,
1 70',
S . .. 70
10 70",
.1 704
Atlantic: Coast
Line clt
l..... oi;
Atlantic! Coaat
Lin. 4s
11 70
1 70'J
3 70S
1 701 J
. 70.
Atlantic Coaat
Line 4Kb
2.. .. 08U
Bait & Ohio cv
13 r8H
12 38
1 n8U
7 084
11 & Ohio .Ilia
2 78H
2 781,
2 78
Unit & Ohio 4a
1 KR7S
1 B!Ul
Dalt & O 44s
1 72
Halt & Ohio Bi
4 M4
1 B0',
2 59
Dalt Ohlo 6a
2 8(1
2 85i
1 85
(1 8.
!.,... 85
tWVaS 4s
1...... 524
2.... 52
DMh Steel fd
10 78'i
B Itap T sf aj
1 584
Brk n T ct 7a
10 .10
n 804
5 M'i
10 30
Bush Bids; 5s
2 71
C Fdy Co (I j
1 70
Cent Leat'r 5s
2 00
Cent Tao 1st
1 054
7 nnu
1 05 U
C & O cv 44s
1 07
1 07
1 074
0 67 4
Ches'k & O 5s
1 854
C'k & O cv 5a
1 71
1 71
1 704
0 704
5 70'i
Chi & Alton 3s
5 42
C i. Alton 34
1 33
Chicago n'n &
Qulncy 4a
5.. .. 01'i
2 03'A
1 03
10 113
5 03',
1 Ui
Chicago & (J't
Western 4s
5..,.. 52
1 52
2 52
1 52
Chlcag-o Mil &
t 1' 4s
nI fl04
1 00
Chicago Mil &
St P cv 4 4a
l..w, 01
10..... 01
2 014
2 fll;
hlcneo Mil &
Nt P cv 6a
6 GO
Chicago Rock
1 ft rac frl
Chicago A W
Ind a 4s
10 65
Chile Cop'r da
o 74 4
2 744
5 74U
6 74 Vi
Chile Cop'r 7a
n 084
1 084
5..... 08
1 08W
City Dord'x 0a
4 80
3 804
City Ljona 0s
5 80
City Mars' 0s
4 .... 80
3..., 884
Cof N Y44s
aov -57
2 004
City NT4 4 05
10 014
10 .... 014
City I'nrla 0s
3. ... 01
2 01
2 .... 01
2 .... 014
3 01
City Toklo 6s
15 50
Clett Cln Chi
St I. cm 4s
1 00
Color'o K H 4s
B .. . 71
Col & H'n 4 4s
H (104
3 .... 00
0 .... 00
2 .. . 00
Col da Ic t,
first Sta
1... . 84
Con'd Coal Co
of Md 5s
5 .... 74.
Cons'd Gas 7s
1 . .. 00,
1 004
2.. . 004
Cuban C 8 cv
1 ... 00
B 07
12 004
Del & llud cv
1 .... 7
Den ft II O fd
5 42
5 42
4 42
Detroit Unt'd
nail's 44s
1 . .. 00
DCan 54s 21
... 0OT4
D of Can '2e
2 80
1 884
1 .... 80
3 .... SO
D of Can '29
... 01
D of Can '31
: 87
Dominion ne
public 5s
1 84
Urle Itn cv A
4 .... 3Ziil
.. .
L.ns mi cv u
1 344
Gen'l Elec fla
. ,. 00
...00
Oreat North'n
my lat
1 72
6 .... 72
Hud & Man fd
1 .... 654
1 554
1 . .. 60
1 60
1 60
III Central fd
2 004
1 .... fi4
1 03",
III Steel 44
1 72
Interboro Ilap
Tran fd
B 52
Imp J Qv lat
5 75
Imp J Ov 2nd
3i
. 74
. 744
. 74
. 74
. 74
Uvt 4s
. 68
. 57
. 67 4
. 58
. 67
. 67',
. 6S
. 68
57
5.
3.
6.
1.
1.
Chicago .Rock
t t x'ac 4a
1 OS
2 an
12 08
01
01
014
Ul
61
01
01
1
1.
1.
1.
10.
100.
Imp
5.
1.
1.
5.
5.
I.
0.
4.
6
Ind'a Steel 5s
84
Info Met 44s
2.. .. 14
In'o nap T fd
3.. .. 51
I M Marine Os
1 . . . 83
Kan C & 8 3a
8.. . 60
IvhiiC & S 5j
3 054
Kansas City T
Hallway 4
1 034
T.'o Qua Co of
St L 5s
3 71
3... . 714
L k Myers 7a
1.... 10J
2 . . 102',
1 102',
Louis t N l
1.. . 72
6 72
Manhat E'd 4a
2 51
3 514
Mich C'l D 4a
75
M 8 Tel Co 6a
8 83
Mid & S O 4a
4 .... 71
Mid 8 & O Bs
1 .... 774
2... . 77
" TJ1
2 is
M K, C & T 4s
8 54
3..... 54
Mn Pao cm 4 s
6 614
4 614
1 614
0 51
NTOalllt
n n 34
B .... 034
1 034
2 024
6 .... 034
New York C'l
Lk Bh 34a
1 604
NTOli W 4s
1 53
1 534
N Y Tel 4 4
1 734
N Y Tele' 0s
4 ... RJ
Norf'k 8'n Bs
11 64
Norfk & W 4s
2 08 v;
10.. .r 08
N & W'n D 4s
4 714
N'n Pacific 3s
1 604
1 50
1 60
12 604
N'n Paclflo 4s
5 .... CA
4 004
1..,.. 004
3 00
N'n Pao 44
2 00
North'n Stales
Power Co 6
1 74
Org-Waah'n n
Co Nav Co 4
1..... 03
Pac a & 11 0s
3.. .. 73
Pco Clas I. &
Coke Co 5s
2 50
Pa n m 44s
8 734
1 73
10 734
... .. T3
1 73
Penna n 11 6s
1 82
1 82
3 824
Penna It n
0.
B.
1..
4..
1.
B..
3..
10..
6..
o!'.
10..
1..
3..
n
'.'.
B..
1.
101
101
1014
101
101
1014
101
1014
1014
101
1014
101
101
101
101
101
1014
101
Pac O & 13 6s
3. ... 73
Pero Marq 6a
2 .. 704
Publlo 8 Corp
of N J 5s
1 .... 004
Beading 11 4s
B 784
6... . 784
nensselaer &
Sar n n 1st
2.. .78
Bep Cuba 4 4
4 ... 734
Bock lal A &
Loula a 4 4s
2.. . 00
St Ij I M & 8
n & a D 5
2 044
St L 4 B P U
2 684
1 58
6 68
1 68
1 684
St l. & 8 V in
3
10
5.
17
5..
43
4.-.
43 4
13 4
43 4
434
41
43
41
44
45
43
HtL & S Fran
Series A
1 33 4
1... . 5
1... 33
ML ft S Fran
Series B
1. . . 03
St L & South
West'n 1st
1... . 10
St L & South
West'n 6i
1 . . 51
Seab'd A I. aj
2. ... 33
1 33
1.. . 334
1 . . 33
Seab'd A L fd
0.... 04
B'n P cv 4 4
1,..,. 01
8'n Faclfla fd
11..... 08
1 fin
B' Railway 4
1 04
0 64
3 31
1 64
10 64
1 54
8 Railway" Ba
1 70
So niy M & O
Ctf 4s
2 B0
Texas Co As
A.... 104
1.... 101
Third Av n aj
1 22
Third A nn 4a
1 41
Union Pao cv
10 704
Union Tao fd
l.... 08
Union Pao 4s
2 74
1 7
.2 71
Union, Pao 0s
2 07
U IC a U I '21
1 04
2 044
1 04 4
1... . 044
10...., nt'-o
12 .... 044
1 04
u k a D ft
rets '22
10 03
UK O B & I
ret 2o
3 SOT,
!.... 80
UKOUI'SI
0.
10...
6...
1...
6...
1...
5...
1...
n
t
83
83
83
83
83
83
83
83
83
83'.
U 8 Mexico 4
1 .... 20
8 .... 204
U H Mexico 6a
6 38
10 324
4 33i(
Unltd 11 Han
Fran unct 4a
1
2a
U 8 nealty 6s
3 78
3 78
U 8 Ilub'r fd
... 60
U
2 .
3 .
U B
1..
2.,
1..
0.
1.,
4 ,
6.,
.
r.
4..
2
15
nub'r Bs
. 70
. 78
Steel 6s
. .. 80
.. 80
...00
,.. 69
... 80
,.. 80
, .. 80
... 80
... 00
...00
, .. Ml
.. 00
... 80
. . 80 4
80
HI 1-UKIHtK ,
DEW IN PRICES
Vft nall'ys 5s
10... . 73
1.. . 72
Wnbaah It lat
1 70
Weat'n Mi 4s
10 484
7 .... 484
3 48
West Pao 1st
.. 784
Shorn 4 s
noil
Mborty nV$s ...
Liberty 1st 4s. . .
Liberty 2d 4n...
Liberty 1st 4'.
Liberty LM 'P4r.
Liberty Kl !. .
Liberty 4th 4,s.,
Vic Notes .'!',.
Vic Notes 40',h.
High
itu.co
si.nii
R.'i.(i0
sii.nn
s."
S8.S0
S.-I.4
mi.no
n.c;o
8.
West
I ..
t...
21....
Wilson
1 ...
1..,.
1....
1....
(N Y
lOW
nu.on
S.X40
8.".rio
si. 10
88.115
84.78
1)0.00
no.oo
, 00
. 004
Co cv
, 83
83
854
834
. tlnn)
113
p in.
DIMM)
RK.liO
Kl.BO
s.-.ro
84.70
88.70
S.V.24
no.no
no.oo
Commodity Markets
COTTON MARKET
New Yorli, May 14. TIip frnturo of
the cotton market this mornins wns
the National OinnciV report nmkins
condition 04 ami indicating n crop of
only 10,200,000 billet, nr well under
last year's crop, nnd very much below
estimates of what the world will re
quiro this year.
FirBt prices were 20 to.4.T point
higher on the report. This was fol
lowed by n period of realizing under
which prices dropped about 15 points
from opening levels.
Memphis interests and local spot peo
ple were good buyers ou the call, but
the favornble weather reported over
Sunday invited considerable local sell
ing. The market steadied later at about
20 points decliuo Under Saturday's
close.
Y time
12 m.
37 43
34 54
33 40
Prev. close Opn
July .17 35 38 nn
October Ji.fl7 31 on
December 33 00 33 87
January 32.73 3: os
March 32 25 32 48
no
72
40
40
40
40
Paclflo 4s
01
02
. . 02
S'n Tac cv 4s
1 . 74
2 . .. 73
1 73
S'n Pac cv 6s
10 ..03
10 . 01
0
I
1
3
H'n
1
I.
10
GRAIN MARKET
Chicago, May 24. The corn market
was feverish and Irregular in the early
trading today. Operations were mixed,
but wire houses took hold at the stnrt
nnd absorbed the offerings. The news
over Sunday was not important.
While sentiment nppenred to be bear
ish, some concerns wert' inclined in l.n
cautious on the helling side. The dis
tribution of cars, tinder the Interstate
commerce uonimtttcp orders, had
pronounced effect. Receipts were
cars.
Mny opened at $1.78 to SI. 70. against
$1.78 nt the close Saturdnj. ond moved
up to SI. 82. July was quoted nt
S1.58VG 4o $1.50 at the start, and roe
to $l.(i0Vi. .September opened at
S1.4!)', to S1.4M5. romiMirerf -IH.
.Sl.lSV, at the end Saturday, and ad-
vnnceti to .i.iuy,. i Here were i cau
tions from the top.
Oats nlso were Irregular. There was
Bi-uiii-rrii bl'iiiiix u.v rommissimi nouses I
ot (icierreu tutures at the stnrt, but
offerings ceased and the murket rallied
promptly in sympathy with corn.
May opened V cent higher, at 07c
July was quoted nt S5c to S.V.,
against 85c at the close Saturdaj!
nnd advanced to SO'Kc. Sentnini
started at He to i.'l-Kc and later .sold
'4 cent above Saturday's close, at
f4c. Receipts were 07 car.
Receipts of wheat here todaj were .'5
cars.
Lendlns future runired as follow
fChimpn .lin.l
v-urn wi"w unnfryi
Opon HlKh
May ..0 1 78 1.82
July 1.6S 1 00
Oats
May 07 014
Julv . .. S54 87
Pork
July 33 SO 33 00
Ijarn -July
. ...20 73 21 00
niba
Julv .. .17 00 MS.12
Bid tAikivl
Majority of Bankers Bollovo
Drastic Reductions Aro
on Way
Whether prices are coming down still
lower than the present wnte, inaugu
rated by the dry goods stores; whether
the reduction will or will not bo per
manent, wcro questions which were
being more discussed In the financial
district during the dull half session on
Saturday than the fluctuations of the
stock market. In some brokers' offices
visited the prices of strnW hats were
moro discussed than the prices of bonds
and stocks.
On the question of still loner prices
for commodities there Is a wide dif
ference of opinion, but the mnjorlty
seem to think that very drastic reduc
tions nrc due and on the way.
Those who think differently claim
that tho present wave of price reduc
tion will be followed shortly by a rise
in prices all along the liniv They clnim,
nnd with some justice, that production
has not kept puce with consumption :
that it has been still further reduced
since the present wave of price reduc
tions begnn: that merchants arc now
selling off their stocks nt such a rnte
that they will shortly be depleted, with
nothing to take their place, nnd, ac
cording to the unchangeable law of sup
ply and demand, the scarcity will pro
duce higher prices.
A banker said it would take a verv
v ise person to say Just what way prices
nrc going to trend, but he hoped the
decline, if It is to be a decline, will be
gradual. lie said he did not look upon
the reductions so gencrnlly advertised
as of any consequence, as they arc in
no nay comparable to the enormous
advances mnile In the prices for tho
same goods during the past few years.
He said lie looked for something moro
drastic than nnything which has hap
pened yet. He said in general conver
sation he found there wns a feeling that
prices must come down still further,
nnd so long ns such a feeling is preva
lent, ho said, there will be little btiv
log. When merchnnts find thnt the
cuts already modo don't moro their
goods quickly enough, thorn will bo
moro cutting and tho bulk of tho peo
ple are wise to those conditions.
Thorn Is n belief that wages, must
como down before very long, but when
nnd where seems in doubt.
"When the public recently was buy
ing, without any regard for the future,'
said n broker, "the banks could nfford
to be liberal as to credit; but now. with
falling prices, they put on tho screws.
The some thing happened to us some
months ago." he said. "When stocks
were skyrocketing Wall street and
brokers generally could get nil Hie
money, needed, but when the decline
cnmr well, he said, "every one knows
what happened."
Chandler Bros. & Co. Fn Ilnvana
harbor, one day last week, os mnnr ns
1.12 mighty shins occupied her docks or
awaited impatiently midstream their
opportunity for loading and unloading
valuable cargoes. Japanese. Swedish.
Kngllsh, French. Italian. Norweglau.
Spanish, Portuguese. Cuban and United
States hud each more thin single en
tries. This "Queen of the Antilles"
city Is growing by leaps and bounds.
Those who saw the place nine years ago
nnd now. behold a growth nnd enrich
ment far beyond imagination. They nnd
neighboring countries nre absorbing tho
enormous wealth flowing in by reason
of the demand nt greatlv increased
values of their products. No stifling of
their profits, as of our copper, steel,
food products and what not, except cot
ton. Costa Rica, with her vast cultiva
tion nnd supply of coffee, tobacco,
cocoanuts. bannnno, pineapples, cocoa
beans, ninngocs and other sninller fruit,
Is gathering In riches galore nnd emerg
ing rapidly from the poor countries- of
the world. This is the story of many
others of these southern states, who es
teem, llelitlv Indeed, either the friend
ship or the honor of the T'nited States,
the -one country of all countries thnt
should be heir most ardently admired
comrade,
Hughes & DIer The spirited recov
ery made by stocks following the wave
of" selling which enmo in the wake of
the Federal Board's warning of the
necessfly for further conservation of
credit, strengthens the belief that liqui
dation in securities has ended. Senti
ment regarding the future of the mar
ket has assumed n more optimistic tone. I
and considerable buying for the "long I
pull" wns In evidence during the closing
dnys ot the w;cok. The upward move-1
meut in Liberty Bonds helped to bring
nbout a better tone for stocks. We be-
lfevo the srecls, equipments and rU
offer splendid opportunities' for enhance
ment in vnlue if purchased at their,
present level.
Jones & Baiter The railroads nr
believed to bo tho key to tho present
market situation. Their condition In
the cause of the mucn -discussed "froz
en credit" that Is, merchandise and
food supplies which cannot get to mar''
kct. Couple this with tho banks' desire)
to bring about an orderly deflation of
commodity prices nnd one can under
stand why many large holders of stocks
and bonds have let them go. Stock
prices, like prices for food nnd tner
cbandlse, can go lower. But many ho ,
lieve that once the public realUes th ,
many fine issues now selling at better
than "20 to r0 per cent ou" tho re
suit will be nt least steadiness nnd, per
haps, a strong rally.
Henry Ij. Dohcrly & Co. In th
disposition of surplus funds, it Is of
importance that these, funds be invested
In something that will not deprocinte)
In market value through the reconstruct
tlon readjustment of the cooutry, but,
on the contrary, will, as prices of com
modifies decline, Increase in market
value. The most disappointing factor
in the investment situation today Is that
the holder of long-term ponds nnd good
preferred stocks whose purchases worn
made several years ago finds that the
dividends received on investment stocks
or the interest received on his bonds
will not today purchase more than one
half the amount of commodities which
these same dividends nnd interest would
purchase at the time of orlginnl Invest
ment. The purchaser of good preferred
stocks nnd lnng-tcrin honds at present
prices nnd ' nt present income yields,
however, will just ns certainly find
within tbe next two or three years that
the dividends nnd Interest received on
his investment securities will In thnt
future time purchase n materially
greater nmount of commodities than
these same dividend nnd interest pay
ments nre purchasing today.
No such opportunity ns the one now
existing for the purchnso of high-grado
Investment securities nt normally high
jlelds has ever before been available to
the American investor.
Plilln. Klfsrlrlr Os. 1022
II. V. flood rich 7s. 1023
I'enna.-Marjlsnd ntrel Oa, 102S
Lehltlt I'r. brr. Oa. 1027
BOENNING, GARRISON & CO.
STOCK KXrilANtlR I1CH.DINO
Olrrrt Private Telephnn to New York
Members Plilln. Ktwk Kirhanee
10 30 Sit
I.nv 4. ni , lnp
1.78 -1 81 tl 7S
1.58 1 (10 k 1 ;.7'
07 os'. tort,
S.Vi S-J v.,.,
33 30 33 00 III 'IJ
20.7S '21.00 2(i -.11
17 8,' -IS i n ,
Raw Sugar Market Quiet but Firm
New York; May 34 With the ocep. I
tlon of tho arhanco to 22Hc by the
American Co.. no changes are reported
In 'tho refined market. Tha markat fnr
raws continues quiet but firm, snot
7ubas talnB .quoted, unchanged, at
23.67c. duty paid. There Is still a good
demand for prompt sugars, hut refiners '
nre holding off on commitments for
later months.
Commodity Liquidation & Security Values
The effect of inflation is to increase the price of commodities and to decrease the price of
bonds. The following table has been prepared to show how far this process has gone since May,
1914. For example, an unskilled laborer can now exchange 15.4 days labor for $100 Union Pa
cific First Mortgage 4 Bonds, as against 55.4 days' labor in 1914. A planter can now exchange
188 pounds of cotton for the same bond as against 746 pounds in May, 1914.
Quantity of Commodities Exchangeable for $100.
Union Pacific First 4's.
In May 191'
Unskilled day labor 55.4 days
Sugar rcf. gran 2,395
Cotton 746
Steel rails 3.46
Steel sheets 5,243
Pig iron 6.58
Copper 685
Wool 100 grades ave 408
Wheat 88V2
Corn 121
Live beef 1,311
Leather hemlock sole . . . . , 323
Oil Ref. petroleum '. 746
Coal nut anthracite 15V
Newsprint 4,31 1
Brick common 13.85
Yellow pine 3,233
Temporary causes have produced these striking results, but inevitably tho demand for
commodities will decrease and their production increase. As commodity prices fall an enormous
amount of capital now invested in them will bo released nnd lower interest rates will stimulate
the demand for bonds. minimum
Recent price cutting indicates that these economic laws have begun to operate. The read
justment of commodity prices and bpnd prices may be slow, but wo believe that purchasers have
an unparalleled opportunity at the present time to buy high-grade investment bonds 'which
will eventually show them handsome profits and a splendid return in the meantime.
We have prepared a list of high-grade bonds', including Liberty Bonds, which wo recom
mend for investment. . i".um
Copies upon request
Clark, Dodge & Co.
ESTABLISHED 1847
51 Wall Street, New York
Y 1914 In May 1920
days 15.4 days
lbs. 350 lbs.
16s. 188 lbs.
tons 1.40 tons
lbs. 1,400 lbs.
ton3 1.64 tons
lbs. 405 lbs.
lbs. 114 lbs.
bu. 24 bu.
bu. 34 1-3bu.
Ihs. ' 664 lbs.
lbs. 148 lbs.
gals. 296 gals,
tons 5.6 tons
lbs. 700 lbs.
M. 3.08 M.
feet 700 feet
6lA?w" c XL 1
Call
Bcll, Locust 4730
Keystone, Race 2290
A battery of telephones
with representatives to give the latest quotations and
news regarding New York Curb Market securities, is
one feature of our superior brokerage service. Printed
reports giving management, properties, capitalization,
dividends, plans, etc., may be had without charge.
1 investors ana traders are cordially
,Hvisie I invited to make our board rooms
their market headquarters.
JONES & BAKER
Specialists in New York
Curb Market Securities
booklet, "investor I Widener Bldg., Philadelphia
dgn8UrKui Wones Bell, Locust 4730 Keystone, Race 2290
of trading deposit OFFICES IN 9 PRINCIPAL CITIES
No charge. Call,
phone, write for No,
l" j, 897.
TJlMR V
i it
i isSS'' 1
Safeguarding the Investor
Number Four of a Scries
Investors frequently find it difficult to decide whether to buy bonds, preferred
or common stock.
There is no general rule which will enable one lo decide this question wisely.
A bond, of one company may be a poor investment while the common stock of
another may be a safe as well as an exceedingly profitable investment. The mere
fact that an investment is a bond docs not necessarily give it the desired safety.
Generally speaking, however, additional safely is offered to the bondholder by
reason of the fact that he is a creditor and his principal must be returned to him
in case of liquidation before any payment is made lo the stockholder, who is in the
position of a partner.
The stockholder on tiie other hand while sharing in possible reverses also partici
pates in the success of the corporation through increased dividends, while the
bondholder because of his prior lien is limited to a fixrtl rate of interest.
Iii determining the safety or desirability of bonds, or preferred or common stock,
the investor will find it to his advantage to consult with an Investment Banker
shose experience and reputation assures an able and unbiased opinion.
Hambleton & Company
EitabtUhcd 186S
43 Exchange Place, New York
Baltimore Washington Philadelphia
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