' ' '','. i i &3 3 s 1 . L BRANCHES Hew ORLEANS 7n Gravlcr Street Paris Office nbls.Doul.Haussmann Madrid Gran Via 14 Barcelona Rombla dc los Estudios-Conuda 2 AFFILIATED BANKS COLOMBIA MANCO MUHCANTIL. AMIiRICANODtf COLOMBIA Dopoti ' Brranqull!a , Cartagena Medellin Coll Clrardot Mnnlzoles Honda Armenia Bucaramanga t-Ocuta PERU BANCO MERCANTTIL AMLHICANO DLL Lima. Arequlpo Chlcl ayo Calloo Trujlllo VENEZUBLA BANCO MEKCANTlt, AMUIUCANO DEi CAUACAS Caracal La Guayro Maracaibo Puerto Cabello BRAZIL BKAZIL Par Pernambuco NICARAGUA NATIONAL DANK OF m NICARAGUA Managua Bluefields Leon Granada CUBA BANCO MbRCANTIL AMERICANO Dli CUBA Havana Citgo de Avlla COSTA RICA BANCO MERCANTIL DE COSIA RICA Sanjosf HONDURAS BANCO ATLANTIDA La Ceiba Tegucigalpa San Pedro aula luerto Corttz Tela Amapala L lhat Makes lillionaires? Roger W. Babson studied the hundred leaders of our commercial world and the businesses they built He found some very interesting facts on the effect of heredity, en vironment and training. Butmore important he discovered a princi ple of doing business-the principle Mat has built every great business in America. It is simple, for it can be clearly stated, in a single sen tence. It is unusual, for it will practically double the net profits of any business large or small. ou will find the whole story acts, figures and principle in the new Babson booklet, "Incrcas W Net 1'rofits." Write Today A copy of thisBooklet will be sent tO MterMteri v....:...n .-- Send for it today. " Tear out the Memo now and 'wT.1.0 y,our secretary when Sou dictate the morning's mail. Mntfy A$k for Booklet 34-SJ WMlyHIII..82,Doiton.Ma... hrststOrsantiation xfBusinus AJvlnr. m the World -TEAR OFF HERE- Memo sklx M ffis WSey "HI5' 82. "oston, a codv offClr,Wf:,Please "end ' Net Profits"-KTaUs Cities Service Co. Preferred Stock Dividend Earned 4 Times Over 0 Return on Investment Monthly Dividends Circular P on Request Henry L. Doherty & Company 604 Morris BIdg. Philadelphia, par: I'l'one LOCUST in. OCU8X mo m increasing ml Babson's B I Venezuela American interests in Ven ezuela are served by our affiliate, the Banco Mercaru til Americano dc Caracas. VcnczucIa,thencarcstof South American countries to the United States, possesses great natural resources which, how ever, have not been fully devclopedi Vast herds of cattle could be raised on the Venezuelan plains which comprise nn area of na tural pasture exceeded only by the Argentine and Braill. Therlchness of the soil and vari ety of altitudes permit the culti vation of such diverse products as coffee and wheat. Vcneiuelacontalnslargedcposlts of gold, copper, iron, lead, asphalt, petroleum and coal. An'Amerlcan bank, the Banco M'cr cantll Americano d6 Caracas and its three branches, is contrlbutlngto the developmerttof the natural resources of Venezuela by extending credits for the exportation of her products and the importation of foreign mcrchan disc. TheMercantlle Bank of the Americas gains through its affiliates the confi dence and good wllj of the people of every country in which it operates by assisting them in their local enter prises. By doing so it establishes a point of contact between American and local interests. Our booklet will be sent on rrquest MERCANTILE BANK OF THE AMERICAS An American Bank for Foreign Trade 44 PINE STREET, NEW YORK If You Know A Stock Which May Advance do you know how to profit by your knowl edge, or do you lose opportunities because you do not understand The General Rules of Trading? They are easy to learn. We offer you without charge a very interest ing booklet which explains them in simple language and gives easy examples. Stocks are now at relative ly low prices. Get a copy at once. Ask for No. T. U.-908 JONES & BAKER Specialists in New Yrk Curb Market Securities Widener Bid p., Philadelphia Phones Bell, Locust 4730 Keystone, Race 2290 Offices in 9 Principal Cities Direct Private Wire Ultra-Conservative Investment 7 tax exempt fctoclc secured by real estate In center of financial district of Boston. Kriultle.s as3Uro safety of prin cipal and lone-term leases Guar antee, definite Income- unaffeued by Increasing costs). Special fea tures of attractiveness. Price SI00 per ttlmre Special circular on icijucar ??affifc II! Fairman&Company Drcxcl BIdjr., Phila. Katnlillnlied 1003 I burgess, Lang & co. Members of Boston Stock A'xcft N. Y N. H. & HARTFORD 6tf EQUIP. NOTES Due May 1st, 1921 Phila. Plan To Yield 7.10 REED A. MORGAN & CO. WKST I3ND TRUST BUILDING McmbrrH at the I'lilla, Stock Kxch. DHIilrnda American Woolen Company (Matsachutetti Corporation) QUARTERLY DIVIDENDS Nntlro la hereby clrn that llm refill.... quarterly dividends of One Dollar anil Set. mitk.fllf Ceilt (1I.7A1 Mr talliirM nil lh. lir ferrnl HtuoW unci One Dollar unci Nrtrnt fjtii CrntH.($1.75) iwr lmro on th Cuminon' ntocK or una i;ompny will Iim lalcl nn July in?i 100, to BlockliolJor of record Juno if, Trnntfur boolm will I clocil at the cloaa of biiHlncHs Juno IT. IH:'0, and will be re. cini-nej ul th opcnliiK of business Juno 18, WILLIAM H. D WELLY, Treasurer. lloslnn Man,, Jun 7 1020. Consolidated Interstate Callahan Mining Company , . ,81 Broadway. New Yprk City nivlilftid Nn, 111 of lifer Cent. (S.301 !cr Mi'irn will to paid on June SO. 1M0. to atoclc holder of record at tho cloio of builnraa on Juna 15. 1020, The stock tranafer hooka will not cloaa. Pte4 Nw Tork, 7ual8. 1920. ,, Ncworlj Bonds tBAt.Kn IN itOOAl From Opmlnir Until 8jP. m. (N. Y. Time) Amor'n Ait A Cham D Si J 0014 1 00 City NT 4a SO Pa R im 4Wi 1 78 4 1 7B Pan 4tfi '21 i 81 City N T 4M Nov '07 10 f)3 6..... 02 i Amer Smelt'! 2 07 "i 1 07H mil l...y. 77 1 77 1 77M Am T & T clt 78H A Tel & Tel Si 2 7BVi 2 7fi 1..1.. 73"i 8..... 7BH Clly NY4'03 Penna n n Bl n 82H 2 02U 7 B2K 3 82V& 6 82S fi 82H S 82S City Parli 0a 3...,. 1)2 25...:. 03 2 .02U S t24 8 02 Penna It 11 7s B. 10HJ 1. 2.. ot 2. 4. B. 1. 1. 1. 0. 101 101H 101H 1014 1014 10t4 101 101H 101 1014 101 H 101 Con'd Coal Go A Tel & Tel 0. or Aid os 1 74 1 03H 1 f3W 1 03U 1 03W .Cona'd Uaa 7 .! 2 DOM. Ani-Frcnch Ra uuoan o in Z 07 1 07 4 onu K2- Del & Hud fd ,7 70H 2r... 7014 Per MarqiBs 1 774 wen K u ! Public Bervlco B. 48 48 C'n N J Bo 3 CO'i 4 1 0 11 3 IB 2 D 47 Ilcadmg It 4s 47 77 74 48 48 48 784 78 784 784 784 78 70 4B 48 Den A 11 O 4 1 on: Del Tun 4'4i Republic of C 1 70 Bs ot '04 I 004 4 004 rtlo O A W 4s 1 "14 1 01 Ilocx Inl A L 44s 2 02 0 024 1 03 1 03 ttock lit 5 A I. 04s 3 024 San A A A P Hallway 4s 2 01 St L I M A 3 Hly 4s 0 07 St I. A S 1' In 1 47 10 47 Bt Ij A B K a) 14 014 2 02 1 01 1 024 1 01 Dial's Secur'y Armrtur Corp n Bs 4 781 D Can Bs '21 ! 08 3 72H t 72 3 72; 4 72 3 72 0 72 2 73 Atch TUPe cv 4 1 01 Atch T fc B If cv 4a '00 1 80Vi 7 70 A T & B If ajl 2 03V4 1 0SU 1 05'A 1 04 U D of Cnn .'20 3 80 2 88U S 88 U D of Can '2U 1 01V4 1 01' D of Can "31 1 OOVj 2 00, 1 80fi 3.. V.. 80 1 SOW 1 80 i;rlo Gen I.tcn 1 40 3 40 i:n n n cv a 1 33 3 33 Atlantic Coast I.lno 4a 2 73 5 72i Unit tt Ohio ov S SOU 1 MVi 0 MHi Krlo II K cv D 10 33 Oen'l Klec Ss 3.. Oen'l i:ito 0s StL ft B fran 1 07 1 07'i Series A 1 r.4 1 B4 1 B4 3 644 10 64 1 B4 2 644 StL A S I'ran Series H 1 CO'4 BtL A B Fran Series C 1 83 2 834 St L A Soutb West'n en 1 83 St Li & South West'n Bs 5 Bl 10 Bl St P'l A K C B Line 4 4s 2 024 2 024 S-ab'd A L al 10 33 10 34 B'n Pacific fd 3 00 6 70 B 70 1 70 2 704 8 704 8'n Pacific 4s 1 03 1 03 4 034 S'n Pao cv 4s 1 734 1 73 8 78 0...i. 78 B'n Pac cv Bs r 054 4 034 2 034 10 084 4 034 10 03 Third A Ml 4s 1 41 4 41 Union Pac fd 1 00 10 00 3 00 Union Pac 4 3 77 B 77 1 77 IJ 1C O 11 I '21 1 034 3 03 2 03 1 03 2 1)3 u K o n a i rets '22 2 .... 01 II K O B I rcta '!0 1.. .. 60 2 . . 89 1 . 81) 10 ... 80 V i; U 11! '37 13 .... 84 37 .. . 84 5 . .. 81 10 . 81 1 . .. 84 1 .. 84 1 . .. 84 0 84 Halt A Ohio 4s Hud A Man fd 4...., now 0....'. B0V4 I B7 III Central fd Halt & Ohio il 10 00 1 00 2 80 in soi 2 80'i 1 80 i 14...r. 80 III Cent 4s '32 7 03 3 03 Imp Jap O 2d Halt & O OVjS B 74 2 744 B 74 0 80 II & o P Li B tWV9 4a Imp Jap f) 4s 2 04 11 & O 3 Wn my 3W 2 00H 1 cos 4 BOW In'o Hop T fd 10 B2 8 B2 Int'l Agrlcul'l 1) Btcel Ba '30 Corp'n Bs 4 77 3 77 2..r.. 70H 1 80 Cal O A K Bl Int'l Mercha't 2 81H Cent of Oa. CD 2.....' 78 Marina 0s 1 8SVj 1 85 V. Cent Leat'r Ra Kan CiHIi 1 OOVj 0 52 T4 Cent'l Pac lit KlngB County 1 (" 1 08H 1 OS'S, ICIv'd 4s 4 E3 . B M S 4s 28 8 704 1 70 Cent Pac 3 Via 1 77 B 77 L. B M 8 4IT.31 Cht'i It O 4tts 1...C 7S 1 704 B 70 2 71S C A O cv 4 4: 3 fl0'4 1 COT 2 70 Lehigh V'y 0s 3 or. 2 03 1.. .. 03 A Myers Bs 2 80 1 80 C'k A O cv Da 1 71'' C A Alton 8a 2 42Vi C A Alton 3Vi 1 3 0 33 'i 1 33'i Long Island II 11 en Ba 2 84 2 84 Chlcaco B'n A Louis A N 4s Quln II j'.jh S 034 2 03 Chicuco 11' n A 1 70. L A N rets R9 00 Xi A N rets 7s Qltlncy 4a 2 00 1 00 1 00 B.,... 00 1 00 0 04 K 1. 62. 1. 1. 4. 20. fi. 04t OHi 041, 01'i ntv. MI1 8 A O R 1 784 04H 04 H Minn A BIT. 4a 37 4 Chicago B'n A Mln 8t P A S Qulncy sm 1 71S Hto M 4s 3 73 Chlcico A O't Mo Pac gm 4s West'n 4' 0 B2U 3 33Vj 1 B3 4 B34 1 834 Chicago Mil A Bt P 3W 1 B4'i N Tube Co Bs Chlcauo Mil A 81 Bt P 4s B 01H 8 02 New O Tex A Mex 0s 1 00 Chicago Mil A KTNU4II St V 4s '25 1...... 73 cv BHs 1 04 1 73,i N T C A II n Chlcaco Mil A II R 4s 2 714 3 71 Ht P d 4s 8 B8; Chicago Mil A N T C A II n StP fd 4,4s nnai 1 88 3 88 2 B74 Chicago Mil A U B Mexico StP gm -Wa N Y Conect'g 1 a.", 1 70W n n 44h U Ml In't Co Chicago A Nth 0 44o N Y Light II of S P 3" 1 07 Wes'n gm ... 71 2...r. 71 B 70, U 70,i 1 70 . Chicago A Nth Wet 3 Hi 2 02 . 2 62 A Pow Bs Unt'd II San P unct 4s 1 23 New Y N II A A H 4s 'BS 2 47 V B Iteilty Ba 1 81 3 80'. U H llub'r Bs 6 ... 70 1... . 70 1 ... 70 U S Ilutib'r 7s 2 . . lorn, U h Steel 3h New Y N II A Hartf'd 0s .1 08' 1 .... 08 0 08 Chicago St T M A Orna 0s B 09 Chlcugo lloell I A Pae fd 3 03 'i N Y Itlwys Bl 0 - 0 N Y Tel 4 4s 2... . 74 3 7fi 3 744 (" HO", 00 00 fnl 811 00 8!) 8(1'. Chicago Union 8 3.. 17.' :i u Hta l'4e 1 70'i N Y Telo'a 0s 1 88 Chicago A W N A Wn D 4a Ind'a 4a 2 B3 Chicago A Ind'a Un 2 08 1 71. N A W-cv (l 1 00 1 t. N'k A W Po'i Vd I'll I'oul fc Coko lata 1.. . M Va Itallw's Tin 1 71', 1.... 71'a Coal C 4s Chlln Cun'r ill 2 734 2 74i 17 .... 74 i Chilo L'op'r i 1 08T4 1 08 1 .... 08 Chlneau Ui.v t IMC Itlys Ba B 41H ..I. .. 41 N'n Pacific 3i 1 B24 N'n Pacific 4h 0 70 Wubash U 1st 1 70S 0.. .83 2 83 Wububh U -'! 10. 74 2 704 N'n Pao 4V4i 3 73Vj 1 70S Wi'it'u Mil ! Nort'n Btater 4.. .40 1.. . 49 Wril'n N Y &. ra n lit 0 . 83 t I'ao lit 2 ... 78 llnon Co cv 1 85 '4 City Uord'i 0i Pow'r Co Bs 1 8B 3 8B 4 85 'j City Lyom 0i I KMi 3 85 H City lluro'a (l 3 85i 3 734 Ontario Power N Kails Bs S 734 O A Calf'a 3s 1 80, Pao U A 11 Bs 1 734 (- r Low 01.00 SO. 14 8.-..20 80.40 s.-i.:io time! 1 13 HlHll 02.20 fi.2() 8.-.50 HI1.70 8.1.70 80.80 811.00 0.-.81 05.00 p m 01.00 8(1.14 s.-..r,o 80.00 .V..40 80. 1 1 8.-1.04 0.-..71 I Liberty .Tjs liinerty isi -is. . . , Liberty 2d -Is... Liberty 1st 4 Vis. Liberty iM PAs. Liberty lid -VA. Liberty 4th 4As. Vie Notes :r. . , Vie Notes 4?is.. 80.4 t M.(M) 0.-..40 1)5.10 05.72 REFINED SUGAR UNCHANGED Nw York. Juno 9. The local refined sugar market remains uiiclmiiKeil both as to condltona nnd prices this mornlntr. The raw market continues nulet but steady. There tfero no sales reported yesterday. Some demand for Culias around 19 cents and freight and 20 cents fr Porto Itlcos la reported, Paris Bourse Quiet I'arla, June 9. Trading waB quiet on the Bourse today. Thra per cnt rcntos. 59fr 40o; exchange on London, 60 fr 00O; 5 per cent Joan, 80f. The dollar was quoted at ISfr t0. ALL INTEREST IN CONVENTION NEW Quick Bale of Southern Pacifjc Equipment Notes Regarded as Significant There won little clinnRo In' the coudl tlons prevailing In the finnnclrjl district yestenlny ns compared with' the day prevloiiH. Convention talk wns In the nncendant nnd opinions were ns numer oub ns perKons Rtntlnp; them. It would be difficult to say that any opinion or set of opinions are generally held as tJ the final results In the Chicago conven tion. A broker when nsked his opinion said, "Walt till something crystallizes." And this mny be accepted an the senti ment of tho majority as far as the financial district is concerned. In the forenoon the most discussed subject was the offering by Kulin. Loeb & Co. of nn issue of $15,000,000 equipment notes of the Southern Pacific Uitilrond Co. The offering was n mere formality, ns, nccordltig to n partner of one of the leading banking houses that had n participation in the syndicate, the whole issue wns sold six times over before the 'public offering was an nounced, i He said the notes were similar to those recently offered by the same bonk ers for the Union Pacific Railroad Co. They nre four to fifteen year 7 per cent, to be Issued under the Philadelphia plan, with tho Commercial Trust Co. of this elty Mh trustee, and arc offered nt par for the short maturity, ranging to 101 for the longest maturity. These notes arc secured by SSL'.fiOO.- 000 of various kinds of equipment,. nmong which nrc seventy-two locomo tives of various types nnd n Inrgc num ber of freight and passenger cars. The notes will mature in equal installments from four to fifteen years. A banker sneaking of the nbove issue said he did not expect to sec any other large new financing till after the con ventions arc over. There are other rea sons for such expectation, he said, be sides the conventions. , The credit situation is not quite dis posed of yet. ns is evidenced by the continued liquidation in Liberty Ilonds nnd Victory Sote. The rates chnrged by the banks on loans secured on these 4 to 4 per cent securities ns collnternl lor loans is too much to onset the in clination to sell ns the easiest and in the end the cheapest way to obtain needed cash. There was some discussion over the reports in the newspapers concerning the big deal said to bo carried out by Samuel M. Vnunlain, president of the Uoldwin Locomotive Co., who is now figuring so prominently at the Chicago convention. These reports were to the effect that Mr. Vnuclain had closed n deal with Itiimauln for equipment to the value of ?100.000,000, for which he took oil in payment, qnd which ho made arrange ments to sell to Itritisli interests in cx- chango for United States money. A broker remarked in this connection that it was significant that there was no tnnrked response in nn increase in Baldwin stock, ns would be expected under the circumstances. It may be owing to the variations 'in this Ruma nian transaction which have been given out from time to time and vary from orders for anywhere from fifty to 5000 locomotives. A banker said if Sir. Vnuclain has consummated such a deal in 'the way de scribed he has opened possibilities in the way of trade with r.uropcan coun tries which would be worth looking into. If we can exchange our com modities with these countries for anything of which they have n Mir plus, whether we need these things or not, and cuu find a market for them nnywhere, we will be on the highway to a normal pre-war resumption of inter national commerce, he bald. Conservative brokeraeo houses arc advising clients to buy only such in dustrial stocks as enuinments. rails. oils and steels for tho present. Sonic say that in connection with the court decision uot to reopen the Heading eac tnat insiders claim the stock h worth 1)1. The hieh rates for mil ninnov flnrln" tfll' last two duys are looked upon u, temporary, as tho credit situation, it is claimed, is easing almost everywhere. and cheap cull money is expected tu rule nil through the summer. A bnnltcr sold thnt as far as the cron movement is concerned, there will be no scarcity of money, but he said that he Is doubtful if the transportation conditions are clearing up as satisfac torily ns could be expected. A well-known broker was asked if he expected to see any booms in the stock market soon, and replied that he did not. ns rates would bo advanced on the slightest indication of such a move. That we will hnvc a condition in this .country in regard to oil anulocous to what we had recently in credit is the opinion of a broker who is interested in National Properties Company Bondholders' Protective Committee To the holders of the 4-6 Secured Gold Bonds of National Properties Company Owlin,' to tlio fact tlint dividend upon tlif mock pletlBod to becuro u bondH and which would hne tu'ii payubU- In ordinary coiir-M' l tho fifteenth day of June next, nan been passed, tiw .National theso u non I'ropcrtles tAind fiMiitiinif iimm ia uriinmu iiiiiuh iu im. hm- iiuv,i upon July let upon Its 4-6 secured bonds, and dti .uilt In p of Interest will occur upon that duv. It N neois..ir.v for tho tion and nnsertlon of tho rlirhtB tha conservation of the valuo of and unity of action should bo obtnlned Tho undeniUmeu have con uented to net ns a committee for this purpose and for tho protection of the Intel est of all of the holders of tho said l-rp secured bonds who shall becomo parties to an riKrecment which has ljcfK prepared, dated Juno 8th, 1920. nn executed copy whereof Is lodged with tho depositary herelnnter nnincd. v Holdors of said bonds aro requested to deposit the s.imo with tho I'ennnyh unlit Company for Iiiurnm on Ml" ml (Iriintliia; Annultlm, nt It olllcc. BIT Chestnut Htrrrt, in tho City of Philadelphia, tho depositary named In tho said agreement, not later than July lflth, 1020, at three o'clock P. M., when the rlsht ho to do will eonse. Sold depositary will Issue transferable certldcates of deposit therefor. AH registered bonds must bo accompanied with proper transfers thereof. As soor oh conveniently may be. the committee will prepare a plan nnd submit tho same to tho depositing bondholders, who will bo afforded tho opportunity of withdrawing their bonds from deposit In case of dissent -torn tho plan. It is essential that speedy action bo taken and the commltteo unrea upon each bondholder tho necessity for n prompt deposit of his bonds under tho agreement. Conies of tho Deposit of tho Pennsylvania Company Annuities Dated Juno 8th, 1920. . J. CLAltK. Secretary 517 Chestnut Kirrot Philadelphia, Penna PniCHAUD, SAUL, tho oil situation. The sltuntlon Is grow irig more acute each year in consequence ot the heavy increaso in consumption and the growing decline in the supply of oil, ho said. Vv"c will Boon have to re strict the consumption of the product and differentiate between the essential nnd ""nonessential consumers, he re marked. Tho needs of our navy must nlways have first consideration, he said, nnd ns wo havo started out to create an Amcrlcnn merchant marine, which will consist of a large number of All burners, there should be n heavy restriction placed on the extravagant use of auto mobiles till nt least new sources of supply nre found sufficient to provide for our present nnd prospective consumption nnd for n surplus. He said there was a movement on foot to havo railroads nnd manufacturing plants which nre using nil to use conl if the present high prices do not compel them. WOOL IMPORTS UP W POUNDS Gratifying Net Increase for Nino Months Ending April 1 Is . Tabulated FIGURE IS NEARLY TRIPLED According to a statement just Issued by the National Association of "Wool Manufacturers, totnl Imports of wool, for nine months ending April 1, were 330,02.1.707 pounds, as compared with 2S4.453.a8i pounds for a BlmUnrvpcrioiI cndinB iq 1010. It nlso notes that dur ing thos nine months of 1010-20 im ports of Class I wools show on increase of 34.000.777 pounds; Class II wools, Including niohnir, nn Inernase of 0,350. 222 pound, and Class III wools nn in crease of 13,010,324 pounds. The net increase of wool in the latter pcviou is 54.570,323 pounds. imports of wool cloths tlurlnj: tlic nine months show nn increase in quan tity nf 2,100.233 pounds, equal to 3. 135,033 square yards, 'ntid uu increase in value of $.".(131,002. Ot the Increase in pounds 1.078.102 nro credited to the United Kingdom. In addition to tl.o woolen nnd wonted cloth.s reported, 207.700 pounds (hqunrc yards not given) of innlinir and alpaca cloths, valued at $517,335, weie imported In the nino months, ns compared with 10S.030 pounds, valued nt $322,140, for the same period in the preceding yenr.- The value of carpets was $1,081,041. com pared with $808,148. The vnluc of wnsto and rags wns $5,025,883, com pared with 8228.017. nnd the quantity was 0,055.058 pounds, compared with C35.201 pounds. During the nine months 7,844.427 pounds of foreign wool, valued at $4, 212.300. and 4.040,00!) pounds of do mestic wool, valued at $2,000,308, were exported. The total quantity of wool, both foreign .nud domestic, expbrted in the period was 11,801,42(1 pounds, val ued at $7,172,734. Tho exports of woolen rngs In the nine months were 10,057,020 pounds, valued at $3,130,713. nnd in 1018-11) they were 11.885.085. valufd at $1,020,532. American-made blankets, valued nt $002,057. and cloths nnd dress goods. weighing 0,02 1,(1 Ki pounds, equal to 12,457.808 squar1 yards, and valued at $21,223,030. were exported in the nine month". The exports in tho same period losit year were: Illankets, 8527.353: cloths and dress goods. 2,030.808 pounds, equal to 4.(d.I,2.3 square yards valued at $7,801,017. The Buying Power of money Incrcnscs na com modity prices lower. This will relenwo large sums of money wljlch will bo diverted Into Investment channels of Homo sort, Tho unusually high yield on strongly secured Uomls, duo to extremely low prices -tt which thej' nro now selling, affords nn attructlve Invest- nieiit opportunity today. Baker, Ayling & Young J. XV. SWAIN, Jr., Managar Land Title BIdg. Botton Philadelphia battles" 8c Co. INVESTMENT BANKERS E8TADLI0HIO 1090 INDEPENDENCE SQUARE. EAST hitot'Cbt 'luo payment protec of the homeis or tuese oonun nnn the security p edped that concert T Agreement may be obtained nt the ofllco for Insurance on uhes and Granting HVAN HANDOMMl. Chairman. JOII.V aiUIWKh. AHTHt'U V. MOUTO.V. john' j. Hi:.vrKnsoN 1.'. CLAIIKNCK MILLKIt, Committee. DAYAUD & KVANS. Counsel. 0 $15,000,000 Southern Pacific Company Seven Per Cent Equipment Trudt Certificates, Scries E. Dated June Bearer Ccrtific.ilcs nf $1,000 each, dividends at tlic rate of 7 Principal and dividends payable at the agency of the Trustee in the City of New York in gold coin of the . United States of AtTici-ica, of or equal to the present standard of weight and fineness, and without deduction for any tax or taxes (other than Federal income taxes) Company or the Trustee may be required to pay or retain therefrom under any present or future law of the United States of America, or of any State, County, Municipality, or other taxing authority therein. The Certificates arc to be Trust Company of Philadelphia, as Trustee, covering the lease to the Southern Pacific Company,;.', at a rental sufficient to pay principal and dividends of the certificates, as they severally mature, of " new equipment costing approximately $22,500,000 and including: 10 Mikado Type Locomotives IS Passenger Locomotives of Pacific type 6 10-Whecl Locomotives 24 Switching Locomotives 2 Electric Locomotives 20 Steel Passenger Coaches 30 Steel Baggage Cars 26 Steel Elective Motor Coaches 15 Heavy Freight Locomotives of Two-tcn-two type 9 Pending thcJeiivcry of the equipment, cash equal to the face value of the certificates is to be deposited under the Equipment Trust Agreement to be withdrawn from time to time as equip ment is delivered, to the extent of two-thirds of the cost thereof. The undersigned will receive subscriptions for the above certificates, subject to allotment, as follows: Certificates maturing June 1, " ' " " 1, " 1, " "' 1, " 1, " " 1, all and accrued dividend, payable in New York against delivery of temporary certificates if, when and as issued and received by us, and subject to approval of the issue by any necessary public authorities and approval of the proceedings by our counsel. KUHN, LOEB & CO. ' New York, June 8, 1920. All tTic above certificates having been sold,-this advertisement appears as a matter of record only. I Mfc 'Jlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllli' I Take advantage of the unusual money market 1 In spitfi of th, apparent scarcity of money, millions of now issues of bonds arc being bought by experienced 2 investors. 5 Tlic terms are too favorable to the investor to last long. May we tell you how to take advantage of this unusual maiket condition before it becomes past history? S Write for Literature. West E 1417 CHESTNUT STREET Z Slembrri , New York Stock Kithante riillndtlptila Stock Kjchance We Alw.y. H.v. on Hand . LUt of High Gr.d. Bondi Corropondcacc Invltnl fiiiiiiiiiiiiiiiiiiiiiii"""""'""Mi"iiiiiiiiiiiiniiiiiiiinnillll iimntiiin An Unusual Investment Yielding 8.64 Circular Upon Request NAULTC & CO., Inc. Flanders Building PHILADELPHIA, PA. NEWBURGER, HENDERSON & LOEB Afembers New York and Philadelphia Stock Exehanaia I lijlO ChMtiriutbU 1, 1920. Maturing in equal annual on June 1, 1924 to 1935, inclusive with nrivileorc of registration as to nrincinal. Warrants for the semi-annual per annum, payable June 1 and December 1 in New York City. V,i issued under an Equipment Trust 1924 at 1925 " 1926 " 1927 " 100 100 100 100 Certificates IV 1928 " 100J 1929 " 100 it T -9 Commercial Trust Company City Hall Square West Member Federal Reserve System & Co. Multillilr III, tin, l.t. S. 102S Kinnlre (inn 1 Tuel Oh, t)n Vrr.,!n" Pr. 0. 1UJK J lilliulelplila Huh. (Inn A F.I. 3a. 1960 Irslnlu Kr. i it. 8. 10.14 Prnnn. Water IT. Sa. 1010 I iilon Purine Kuiiip. 7n. XV. I. Purine- Ii,lt KxnrrNM 7. 1031 Ildlli Vullry tl. II. Con. On. I0J3 (Itraintrrrd) B0ENNING, GARRISON & CO. STOCK irXCIIANOE HUH.niNO Olrrrl I'rlvatt. Trlriihonn to New York Mrmbwa Phils. Block Eichuns, s! Frederick Peirce BONDS jp f 1NVKST OK , ' SCVX. --MKNT 14tCheatBU( Street, FhlWdalphls installments which the Southern Pacific Agreement by the Commercial 16 Steel Electric Trailer Coaches 98 Electric "one-man" Passenger Coaches 2,000 Composite Steel and Wood Box Cars 500 Automobile Cars, Steel Underframe 1,000 Composite Steel and Wood Stock Cars 1,000 Composite Steel and Wodd Flat Cars 250 Steel Ballast Cars 65 Caboose Cars maturing June 1, 1930 at 10054 " 1, 1931 " 100J4 , " " 1, 1932 " 10054 1, 1933 100 1, 1934 1, 1935 1008 101 Where Do You Keep Your Valuable Papers? IN an easily opened house safe? A metal box that can be carrieel away? Or just lying around the house? Or have you protected your- self from loss by fire, theft or carelessness by renting a steel box in our absolutely fire-and-burglar-proof safe , deposit vault? May we send you a copy of our Safe Deposit booklet, "This Concerns You"? HIGH MONEY IS HERE TO STAY If your money nutcd or irncitfd ta rajlucr lens than 7, you nre the loiwr '.'.".j"" '"" "u l'0" " buy the beat illvldend-paylng aeeurltlrs for enh or by our eaay. eonvenlent 20-i,tment plan. Incroaalnar jour Interext rates eonalder .ibly It' free, with no obligation. , Send now and profit by it. Scott Stump Investment Securities M'IM'IAI.IHTH IN ODD I.OTH Stock Exchange Building; rilllMtKM'IIIA. I'A. New tork Oflleei 10 Ktrhunie I'laca IlrunehcK! CoittrMlllr. Chjmbrrtburci NorrlntoHif, l'u. I)lret lrltiit lrr Eight Per Cent Tax Free Tho ublliiution nf nn old and favorably known WjiM corpnrntlon Security. Three for One Snirf or ilmrrtiitlvt circular, EDWARD V. KANE & CO. Morris Building. GE0.A.HUHN&S0NS 8TOCK; AMI IIOV11S Mrmlrr tf ttiat I'hlliulf Inhla. N. York and I'hlraao Nlock Kirliani.a Nrw York t'otton Kchanc Commlnlon Order Exacuted In All the Principal Market UULLKVI1R COURT BLOU. 1411 Waleot St. NEW YOltIC ovricti Ut Bioaawajr, Ntw Xult TTZi. ! 4 2rh'' ' ' ; .-y t i 'ft . l-i'V-. SverJTV,J " (S j ' , . v. . ... ,. ; 'k.i r- t - j,'w -, ?& '.ft IT .i .-. ' LLlifW" &L . v .t . &&k& V t.A. &i (-. .4l &..W tt-JiM J- t&. uA I
Significant historical Pennsylvania newspapers