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, 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&-..- ., .,,.,.,,..,.