BSaial teni.rtl t i " !WN? vyi 'v,- r-jrw EC33!a ' nr-', ' tott, 'w .: lu'jf-wta wmMF. t,...t.J'k.4-''"' """. I, 1 Vr - ? ji.TWI, .. V'V I e tamtKM ( I T - i,-j v,f, .ra:'- ,v 20 i ' jr ift i j .,, r. ," ' c " p ? fw; r - i ji if-i ' -' ' i ' : ' ' '""" " ', M.. a m -a. A I -AW v. nt ."!! ivr p.mye BT M fc i ty :tfj "i.n P4 . ms , m? it 1; 'M in' heard JFA & entvl r,iv- vtrarrl 11,1.1 fTitf h death". TmI Vi It Vrwr ifTriltW P10J ' Si "H!" , 1 " T I Va" w I &$. A mill K iuld w & tuff HI) I Hi riTt Meet. tti One iherr To Oin'uili Wi r . .- " .. JnMH lin Cff IV IcitverinM bpnjt.t Bge wfcs- r-. mjc: ?) twfee laco. ' V, fell V.j ih to'' , ANNOUNCEMENT f HANGED conditions in Commerce and Industry demand larger bank ing units. "Old Bullion," in recognition of this need, is joining forces with the Citizens National Bank, its honored friend and neighbor of many years' standing. United under the name of the Chemical National Bank, the enlarged institution dedicates itself anew to the service of its depositors and friends throughout the length and breadth of the land and invites their attention to the greater facilities made possible by the con solidation. We arc itching nea busincu on our record. QDfce Cfjemical Rational pant of J&eto ?orfe Established 1824 Resources 225 Millions I' '" "II III! III! Illl III! IIII Til Mil 1111 lilt I Ml 1111 II 1 I I I I I 'lid 1XT rvT TyT 7siXYsiXTszXYsiX TJ 7stLTjrX 7iZTssZmai7i7snXTTZrrXnl'T0X7jZrFX7f7TXYyri&i i mi mn nun ma iwi ixvu mil mu mil aw aw ivur wh wi win, vm vita, wuil vvil wa. vim vim, win vim rn Foreign Government and municipal Bonds British Government (all issues) Canadian Government (all issues) French Government 4's and 5's Belgian Government 5's German Government (all issues) Japanese Government (all issues) Mexican Government (all issues) Argentine Government (all issues) Chinese Government (all issues) ALSO MUNICIPAL BONDS OF England France Germany Austria Poland Denmark Quotations on request. Your orders solicited COMMERCIAL TRUST COMPANY Member of Federal Reserve System CITY HALL SQUARE Securities Department Spruce 14-80 Number Five of a Series Established 1865 Hamblcton and Company has been identified with investment banking since 18G5. During this period c have rendered sen ice to a constantly increasing number of investors. Among these are clients of years' standing and there are many in stances where the younger generation of some of our first customers consult us in regard to their investments. The investment business is primarily based upon confidence and in our relations with new customers we endeavor to desene the same confidence which has en abled us to retain the business and good-will of our old clientele. Hambleton & Company EstablUhed J86S 43 Exchange Place, New York Washington Baltimore Philadelphia Attractive New Issues . ' Canadian National Rys. 7 Equipment Notes To yield 7.10 Ohio Cities Gas Co. 1 Conv. Serial Notes To yield 8 Spicer Mfg. Corp. 8 Cumulative Pfd. Stock To yield 8 Reed A. Morgan & Co. West End Trutt Dldg., PMta. Jfrmbtrj of the ThlU. Stock Exeh. il BROKER wanted to assist in million-dollar industrial stock issue; Middle West; going1 concern; attractive. Address C BOG, LEDGER OFFICE FIVANCIAT. SPANISH .AMEKtCAN lltON COM PANY FIKRT MORTOAOK 20.1 KAn SINKINO FUND 0 GOLD BONDS, nun 1037. Pumuant lo rnn of Morte d(d Jul? i. iuiu. i(i mm or mii nonnn. a roiiows hv ben dtton for rul'mptldn by Slnkl'H i'unq at par ana intrrtM as or joit 1. iujo. wben all Intertit th-rrnn will caaje, viz : 41T 470 R1A ni 7 lmn 1171 i5m lIRtl 1072 S107 llrn 177 3042 3DA3 4WI4 417 4217 4370 4M7 4KAI1 4RII0 47! 47SS Abov bnrt(i with all unmatured coupon, attached fhould b prfsfntfd for taj-mnt at ofl,co of Truitm on or after July 1, 1010, Tho followlnir bond remain unpaid: Called for JanMrv 1, 101 P 147S; January 1. 1019, 1042; July 1, 1019. .'024, Jan 1, 1020, 33M. GIRARn TRUST rOMPANT, Trutteo OEOnciE If STt'AnT 3d. Treaaurer. Philadelphia. Pa , Jitna 1 1920. TO THE HOLDERS Or Mutuil Terminal Company of luffalo Flrat Mortcare Fonr l'er Cent. Tweotj. tear Sluklni FMnd (iold Uonda. Due Jolr 1. 1924 Notlra la herehj nn provided In Ar ticle IV of the Ftnt Morlf.m of the Mutual Terminal Companv of Buffalo (formerly Mtitual Elevator Company), dated July 1. 1004, to Uuaranty Trut Company of New Tork aa Trustee, and the aupplemental thereto dated January 1, 1048, that all ponda laiued and outatandlns undar paid mortgage bae been railed for redemption on July 1. 1020. at W.'H of par and ac crued lnloreat and will become due and payable at the TTllIST DEPARTMENT of the flnaranlr Trtiet Comtiany of New York. Truitee, No 140 Rroadtray, New Tork City. on and after July 1. 1U20. All Interest on .aid bonds ehell cense fnm and after July 1, 1020. and the coupons for Interest matur ing after aald date shall become null and old Coupons due July 1 1020. ehould be col letted tn Ihe iteiial manner S1UTUAL TKKM1VAT. COMPANY OF lirTFAlO By F SILVERNAIU Secretary. Dated. New Tork N. T, Mav 14. 1820 TO THF. HOLDERS OF Connecticut River Power Co. of New Hampshire First Mortgage 5 30 Year Sinking Fund G-old Bonds due June 1, 1937 The underelaned hereby alvea notice that It has In the Plnklnt Fund the rum of Slff.SIS for Imestment In the aboe-mentloned bonds. Offers of bonds endorsed "Tender of Connec ticut Rlrrr l'oner Co. of N. II. Bonds" will ! received by the Trustee, nt 17 Court Street. Boston. Mans , until noon of Jane II. IDSO. at which time they will be opened. The right Is reserved to reject any and all offerr Interest on accepted londs will cease June 13, 1020. OLD COLONY TRUST COMPANY, Trustee By C. D. HUMPHREY. Vic President. Date. June 1, 1020 , NOTICK TO nONDHOI.TIERI Redemption of Mralmorrlnnd County Court .. . Houae Bands Notice la hereby given that the third 2fl0 bonds of the Issue of Westmoreland County Court House Bonds IuimH Tulv 1 lona numbered consecutively from SOI to 780. both uiciu.i.r j.cn oi xne aenominatlon or one thousand (I10O0) dollars, will be redeemed and paid at the office of the County Treas urer of westmorelnnd county, Oreensburg, Pa , upon presentation of the aame by the hilders thereof on '.he let day of Jnb. A. D. 1020, after which all Interest shall cease on the said bonds called ITERKBY H BOYD. flEOROE W DEEDS, . , W DICK RKAMEIt. rommlsslonera of Westmoreland County. Att.sf WE HER A AnTER Controller of Westmorelnnd County. Oreensburg, Tn . Miy an. 1020 POCAHONTAS CONSOLIDATED COL LIERIES COMPANY, INCORPORATED Flfty-Tear live Ter Cent. Gold Bonds. Notice Is hereby glen. pursuant to the terms of the Mortgage dated July 1st, 1007. that the undersigned, as Trustee, will re ceive sealed proposals up to 3-00 p. m. on the 8th day of June. 1020. for the sale to It of bonds aa above described sufficient to use the sum of 114 104 81 The under, signed reserves the right to reject any or all lenders THE NEW YORK TRUST COMPANY. Trustee. By n O CIJRTS. Secretary. New York. My 10. 1020 w. Dividend Notice of Annual Meeting of the Todd Shipyards Corporation The annual meeting of the Stockholders of this Company Trtlfbeh-.ld on thi Mth day of June, 1B20, at 12 o'clock noon, at the office of the Company No is Whltenalt Street. City of New York, for tho puroose of electing Board of Directors receiving and acting upon the reporta of the offlcera and for the transaction of su'h other busi ness ns may property come before the meet Inc. Including the ratification of all action of the Hoard of Directors and the Omcers of the Company 1 CARL K. RIEDEL, Secretary. American Telephone & Telegraph Co. A dividend of Two Dollars per share will be paid on Thursday, July i.i, 1020. to stock mlders of record at the close of busi ness on Saturday, June lis ign0i 2i i""ii.. Treasurer. n t i regnlor meetlni. of the Boant nf Til- I rectors neia rrmaj jmv ji, iu:o. a dlvl i dend of 2 per cent was declared payable on I the preferred, stock to full paid holders of record Juno 1. 1820. Chexks will be mailed In June . ,... UhllUU AL1 1AJ MltlHIVf. inc;. Special otcca Putting Libertys To Par How this can be done is one of the important features in this week's United States Bulletin. This is the service organ ized to furnish impartial Business News and Polit ical Forecasts. In compiling these political reports, the same non-partisan methods are being used which have made Babson's Financial Reports of such value to the nation. The Bulletin may become of even greater value from now on if Congress does not take action to continue the many useful and important Government Bul letins whose life is now being threatened. Terms to corporations and business firms: $52 per year. A special rate of $12 per year is made to Government employes, librarians, teachers, preachers, and others engaged in public Eervice. Further particulars and a sample copy will be sent gratis to anyone. Ntw subscriber will be furnished free, on request, a copy of Walter Lippman's ntio book, "Liberty and the News." Address 10 JacksonPlace, Wash ington, D. C. K0GERW.BABS0N U.S. Bulletin as A MKETINO OF Til 15 8T0CIC - holder of the New Noutliwnrk Bond ing Association will 1 held nt the meetlnB room 000 Walnut St Thursdiy evening, July 1st. 10J0. at 7 80 o clock, for the pur nose of voting upon the proposed change nf Section 7. Article 3 nf the Hy.I.awa. to read "Interest shall he charged at the rate of alx per cent per annum 1 HABKY W I.OBW,n. Secretary Trowels rnoroHAi.8 ", pQAij work ami Sealed bids will I received until 2 P. M June Slat. 1020. and then opened, for ap. proslmntely Three JMes nnads with concrete culverts anil a!o ewerage and Drainage fljitem at this plant Most of material and equipment furnished Plana and specifica tions may be obtained by applying to this u ' Const rucl Inir Quartermaster. U. H Nitrate Plant No. 2 Mt'HCI.E BHOAI.B Af.A. irtorosi.8 inn coNHrnt'CTioN Sealed bids will l received at this office until June list. 1040, and then opened, for Improvements of nuarrv. comprising apprnx Imately four miles railroad, crusher plant, storage bins housing and sewage disposal. Most of material and equipment furnished Plans and uprclficatlona may be obtained from thl ofllce Constructing Quartermaster. U. R Vltra'e Plant No 2 MUSPI.B HHOAf.H. Af.A. rilOI'OMAI.S FOIl TKANrWISHION LINK Sealed bids Hill be received until '1 V, M. June Slat. 1020. and then opened, for con struction of Transmission I.lne between Plants N" 1 and .' approximately four miles Must of material and equipment furnished Plans and specifications may be obtained by npplylng at thla office Constructing Quartermaster. V. S Nitrate Plant No. 2, MUBPI.TI HHOAf.S AI.A rnorosAi.s fob mkciianioai, KQIIII'.MT.NT Sealed bids will be received until S P. M. June 21st, 1020, and then opened, for addi tions and alterations to the mechanical equipment nt this plnnt Plana, and spetld catloa mty.he ohialned from tilts nffloe. Constructing Quartermaster. U, R Nitrate Plnnt No, 2. MU3CLE BUOALS, ALA,, MAY END G. A. R. PARK DUTV City Triangles Likely to De Given to Legion unacr tne proviHions of an ordlnanco tvlllch won nnRse.l hv !.. .! tin". . E. m. iL.?1".-. -p3 Sectk. and deVlmted public squarw or psrks, were placed under tho oK'tv'.r.rtjpSir . " i ' . ooked after br'tha veterans of trie dif fernt poots. In the last fow years, however, owlnc to the decrease in tho ranks of tho vet erans of tho Civil War tho plots have not been properly supervised, find a movement has been inaugurated to transfer tho supervision1 of tho plots to the Sons of Veterans and tho American Lesion. It is expected that the mattor will be called to the attention of Coun cil .In a short time. Tho eight plots of ground affected are located as follows: naker Post Tark, Oermantown avenue and Tork road. Hirnsy Pott rrk,'8kth rtrettVnd's l"" M."""" A . B...1 , t iwi rum J?'"."" .i.. ".""r. "ttl, r .ira nun ana iti Ureble Post Ptk, Th Post Square, menslng avenue, Hamilton strests. ni Mai Sixth and ButUl Shenandoah Postofflce Robbtd )J Sheruintloali, l'a June 1. Hiirl4rJM nt an cnriy nur una iiiumius Kaiuea g ! entrance to tho postofflce and swcotdM i in maklnc d Rotaway with consldcrshU moll matter, uniie tuo cxaci nmoujiJ of loot, Is ,not known, it is stlmatdj $1700 tri Ubprtv bonds were omoiiir iv'l I rcgisterca man taKon Phillips Petroleum Company (A Delaware Corporation) Listed on New York Stock Exchange Nt circular upon rcquuf Domlnlck&Dominkk MJKY5uArrW 115 Broadway, New York Equipment Trust Obligations Philadelphia Plan In order to comply with tho legal requirements of Pennsylvania for the protection of purchas ers of Equipment Trust Obligations, and to create them freo of the personal property tax imposed by tho State, tho issue of these securities under tho Bo-called "Philadelphia Plan" was evolved. Conditional sales and chattel mortgages aro illegal in Pennsylvania. Personal property (such as the rolling stock of a railroad) cannot bo conditionally sold so as to transfer possession to tho purchaser, at the same time retaining titlo in tho seller to secure tho purchase price. An attempt to secure the seller by tho purchaser's giving back a chattel mortgage is equally invalid. Tho pur chaser can re-sell the goods, or hltf creditors can levy on them so that the original seller is not pro tected. Creditors, tho law holds, look to tho possession of personal property as evidence of title, and extend credit on a man's apparent possessions. A man may lease or rent his property if ho chooses, and if ho leases' his goods and transfers possession to tho lessee, he may at the same time givo to the lessco a right to purchase tho goods during tho life of the lease, and tho Courts have held that this is not a conditional salo and is valid. The title remains in the lessor even as against the lessee's cred itors, or later purchasers from tho lessee, until tho lessee elects to buy and pays the purchase price. This method is commonly used in Pennsylvania to sccuro ono parting with possession and control over his personal property. The legality of the lease is well established, and it has very much tho same effect as a conditional salo in other jurisdictions'. Residents in Pennsylvania aro subject to a Personal Property Tax of four mills on their securi ties. Companies incorporated under tho laws of this Commonwealth in most cases pay this tax for the holder to the State. In consequonce these obligations are called "Tax Free." It would be more accurate, perhaps, to refer to them as "Tax Paid." Rentals', however, are not subject to this Personal Property Tax. Tho "Philadelphia Plan" of equipment trust obligations is a device to sccuro persons lending money on personal property (usually the rolling stock of railroads), through the form of a lease, at the samo time taking advantage of tho non-taxability of rentals. The rolling stock is leased to the railroad, which pays rentals into the hnnds of a Trustee as Agent for the lessor. These rentals aro paid in regular installments, sufficient eventually to pay the purchase price of tho equipment Certifi cates of convenient denomination, with coupons attached, aro issued by the Trustee, which represent beneficial interests in the rentals. These certificates, known as "Equipment Trust Certificates," are in tho nature of rentals and therefore not ittbjcct to the personal property tax imposed by tho State of Pennsylvania. The semi-annual coupons on these certificates are also a division of the rentals received by the Trustee, and called dividends. Titlo to the rolling stock remains in the hands of the Trustee (usually a Philadelphia Trust Company) to sccuro the holders of these Equipment Trust Certificates. This rolling stock is insured against loss or destruction from fire, collision, or any other cause, for 20 per cent, of its value, as it would be practically impossible for such scattered property to be destroyed at any one , time in larger amount. The insuranco policies are in favor of and held by the Trustee for the bene fit of the holders of the Equipment Trust Certificates. The Railroad Company furnishes the Trustee each year with a complete statement of the condition of the rolling stock, and agrees in the Trust Agreement to keep the rolling stock in good repair at nil times and replace any rolling stock destroyed. Each piece of rolling stock is marked with a metal plate inscribed with the lessor's name and sometimes with the Trustee's name. Tho rolling stock is also marked with serial numbers and with the name of tho railroad for proper identification. The railroad agrees in the Trust Agree ment that it will not allow the namo of nny other person or corporation to bo placed on any of tho equipment as a designation which might bo interpreted as a claim of ownership by tho railroad. Wa specialize in Equipment Trutt Obligations, issued under the "Philadelphia Plan." At tho present time we have on hand and can offer, subject to prior sale or change in price, the following issues: Canadian Pacific Railway Company Equipment Trust 6s Virginian Railway Company Equipment Trust 6s General American Tank Car Corporation Equipment Trust 6s Bethlehem Steel Company Equipment Trust 7s New York Central Railroad Company Equipment Trust 7s Pacific Fruit Express Company Equipment Trust 7s (Guaranteed Principal and Interest by Endorsement by the Union Pacific Railroad Company & Southern Pacific Co.) .j.mttaf Biddle & Henry 104 SOUTH FIFTH STREET The Information and statistics contained herein have been obtained from sources nhtch wa believe to be reliable AGENC Y SERVICE HAVE you ever thought it would relieve you of a great deal of trouble and some anxiety if, for a small fee, your securities could be cared for in absolute safety with insurance against loss, dividends collected and regular reports made upon securities owned? If you are in any of the following groups, our service can save for you time, trouble and money. It is of special advantage to men in active business who own securities of any kind. It is generally advantageous to those not.in active busi ness. It is almost necessary to those contemplating travel for any length of time. t It is absolutely necessary to all those who have neither the time, the opportunity, nor the special knowledge to keep investments constantly under supervision. Without any obligation on your part, this Companv will be lad to send a representative to explain the service and advantages of the departments organized for personal service. Agency Agreement are revocable at any timo Philadelphia 415 Chestnut Street Trust Company Broad and Chestnut Streets Northeast Corner .-UsUsssV, . l .. , uUiun.!trti,,il((,te.v..iAXK&-..- ., .,,.,.,,..,.
Significant historical Pennsylvania newspapers