' ' '','. 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
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