;
p-
k
V 1.
Is Your
Capital
100 Efficient?
We have prepared a
booklet with this title
to assist those wishing
to take advantage of the
present low prices of
bonds. It contains defi
nite suggestions for in
vestment of July funds.
Complimentary copy
on request
Bonbright & Company
437 Choitnut Street
Philadelphia
N,w York
Boton
Chicago
Detroit
V$3 iuBSDATfi ' ' iftr&Y fy 19:20
'Nn
stc
I.
M'
NEW YORK BOND SALES
Amer'n Ajtt ft
Chem d os
2..... 02U
Amir Bmelt'K
& Ilefl'c 8s
R 77
7 7B
1..... 77K
1 774
Ameri'n Tel A
Tel clt
1..... 75
A Tel & Tel .la
r 1 7fitt
4 7R
3..... 75
K Tfil ft Tel (la
SALKb IN $10001
Atlantlo Coast
Line 4 s
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Lino 4i,4s
S 0711
Atlantlo Coast
u rets 7i
EiiairaniiiimitirainrnnrasinirmminfflnmitmjiHnHnraiuriiimimmiiiimnnnnini
Baltimore & Ohio
3Vz due 1925
To Yield 10
A (Irst morteaBC from Wheellnfj
to St. Louts, underlying $350,
000,000 of Junior securities.
Particulars on Iteauest
BIOREN & CO.
BANKERS
410 Chestnut St.
PHILADELPHIA .
r.st. tsas
Members of Philadelphia and New
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Senior Securities
of
General Motors Corp'n
APPROXIMATELY $64,000,000 new money is now being placed
behind the Debenture and Preferred Stoclw through the issue
of additional Common Stock already sold or underwritten.
Net earnings for 1919 and for the first four months of 1920 were at
the rate of 10 times dividend requirements.
The investment position of these senior securities always strong
is now further fortified.
Net Circular on Rcquett
DOMINICK & DOMINICK
Members Net York Slock Exchange
115 Broadway New York
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A A2 1 vllltt rets 7s
Ioa Cnt'l 4a 3.... 101
2... . 38 I 4 101 '4
4. .. lOlfc
Tennessee Power Co.
First Mortgage 5s, 1962
Portland Rwy. Lt. &
Pow. Co.
1st & Ref. 5
Due 1942
.U.Iark$go.
BANKERS
32 1 Chestnut St, Philadelphia
ifemtar Kn York and PMlitlhlm
JffoeJf Brthanstm
$adio(ur Ootids
arc thclecessifxcs
for thejdvancement
01 Of iv luxation'
ins,
Ojn accurate record of
purchases of bonds,
mortgages and other
investments is necessary
for every investor. Ouri
Looie-Leaf Security
Record offers a conven
ient method of keeping
account of your secur
ities. A -copy will be 1
sent you without cost or
obligation upon request
for Hook P A 18.
REBUILDING NATIONS
RECONSTRUCTION in Europe," the re
building of nations, the turning of industry
from war to peace, has created a tremendous
demand for capital. And arising from this need
has come a remarkable opportunity for invest-,
ment and profit to those who lend.
Back of the bonds and notes of foreign governments
are pledged the wealth and good faith of nations. Ex
ternal loans in particular of the strongest and most stable
foreign governments are recommended by HalseyStuart
& Co. As with all our offerings, the issues selected are
chosen after careful analysis of their investment merits
ensuring every safeguard to the conservative investor.
Typical of our foreign Government offerings, we cite:
Anglo-French Sco External Loan, 1920.
United Kingdom of Great Britain and Ireland
Convertible 5'2s 1922-1929.
Kingdom of Belgium External Gold Notes,
1921-1925.
Kingdom of Belgium External 7' Sinking
Fund Redeemable Bonds, 1945.
Government of Switzerland sVzo Gold Bonds,
1929.
Mormii'ioii and current quotation on anu of tha foregoing io(ll ha
supplied upon request. Upon application tor circular PAIS, we shall
also 6b pleased to ti6mlt our general lift of offerings, containing a mde
variety of government, municipal and corvoration 'nvesfment issues.
HALSEY, STUART & CO.
Incorporated Successors to N, IV. Halsey & Co., Chicago
.LAND TITLE BLDG. PHILADELPHIA
Telephone Locust 4320
CHICAGO NEW YORK DOSTON DETROIT
ST. LQUIS MINNEAPOLIS MILWAUKEE
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NEW YORK BOND8 (Continued) NEW YORK BONDS (Contlrtuod)
V unct 4s
10... . 21
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Light 8s land 4s 2...., 81 '.4
1 74 1 48V4 Wla'n Cent 4s
Vlr'a Carolina 1 48 1 03
Chem Co 1st B..... 02
2 01
To'.al. $11,000,000. compared with $10,000,
000 Friday. Thus far this week. $11,090,000.
Same period last week. 125,107,000.
Liberty 3
Liberty 1st 4s...
Liberty 1.M ls...
Llbcrtylst 44b..
Liberty 'M iH. .
Liberty .'Id 4A.
Liberty 4tli 44s.
Vic Notes JJ-Ks..
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High
iu.no
feU8
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80.28
80.00
no.iM
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80. VI
85.70
110.00
85.00
05.80
05.80
Close
ni.tio
80,18
85.80
80.20
85.80
no.oo
80.12
05.110
05.01
BANK CLEARING8
Rank clearings todav compared with ror
respondlng day last two years-
1020 1010 mis
Phils. ..$80,0.18.370 $01,030 300 $87,1108,2.10
.V York. 800,408,818 020,127,838 048.00,0!I4
Iloston.. $-.2,023,07.1 l.n.';lj 0,401.840
nslto .. 30,837,778 10 010.707
Chicago, 111,024,820 118.008,27.1
Fajardo 8ugar Pays Extra Dividends
New XorV, .July 0. I'n'ardo Sugar de
clared a Block dividend of 70 per cent
nnd nn Mttru. dividend of 30 per cent In
cash and the rcg-Jlar 2,4 per cent divi
dend, nil payablo July 3o to stock of
record July 12.
National Bank Call1 (sued
Washington, July 6. Tho Comptroller
of tho currency today Issued n, call fqr
tho condition of nil -rational honks at
tho close of business on Juno 30.
GEO. A. HUHN & SONS
.. . RTornp ano noNni
Member of the Philadelphia Ntr
York and Chicago Sloek Exchanges
.- v.n U.t.,11 raiiiHRi"
Commission Orders Executed
All the, Principal Markets
nir.i.ivuj court ntuo.
1418 Walnut St.
NEW YORIC Ot.'.ICR
111 Ilrondwnr. New York
In
i
X
NEWBURGER,
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
1410 Chestnut St.
llhldends
NATIONAL HKCt'RITY DANK
Philadelphia, July 0. 1020
The Directors have this day declared a
eemlannual dividend of twclvn (12) per cent
payblo on demand. .
raplfal . 1280,000.00
Surplns and profits.. 1, 824,831. 81
W. II. McKEB. "
Cashier.
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Growth of Automobile Business
In 18 Yean
1901 1
1904 1
19071
1909 1
19141
OUTPUT
$5,718,000
$30,034,000
$128,100,000
$294,202,000
$408,042,474
1917
1919
$1,070.203,500
$1,800,000,000
jr ONE AUTO v
TO EVERY
13 PERSONS
A IN THE
u?
One Autov . one AutoV
to Every to Every
. 200 Persons In 110 Persona In
FRANCE ENGLAND
1 Yearly
Builneii
Ettimilad In Supplies,
Aulomoblli Aecettorfet,
Output Btilacemenl$
fr 1111 ind ReMir$
"The One Great
Business Romance"
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The automotive industiy the
largest manufacturing business
of finished goods in the world.
The most striking phase of the industry is that the busines$ in
Accessories and Supplies, which includes, Tires, Oils, Gasoline,
etc., has reached a volume in dollars and cents greater than the
automobile itself.
A visualization of the Automobile Industry
usually ends with the reckoning of the number
of cars manufactured and their worth. This
viewpoint leaves out the most striking phase
of the industry of the $4,500,000,000, which
is conservatively estimated will be the amount
of the combined automobile and accessory busi
ness during 1920, $2,400,000,000 of that sum
will be for automobile accessories.
How great the industry is can best be realized
from a study of comparative figures.
In 1911 there was registered as of Dec. 31st,
677,000 automobiles ; on the same date 1919
7,523,664, which is approximately one car for
every 13'people in the United States, as against
one car for every 110 people in England 200
in France 867 in Germany 12,000 in Russia.
Besides being the largest business of finished
goods in the world the automobile is the chief
outlet for two other industries, oil and rubber.
The Rubber Companies, one of the greatest
of which is the Goodyear Tire and Rubber
Company, have an annual output of about
$670,000,000, of which Automobile Tires and
Tubes represent approximately $530,000,000.
Gasoline, the most important product of the
petroleum industry, is being consumed by
automobiles in rapidly increasing quantities
which has jumped from 697,158,400 gallons
in 1913 to, according to best estimates, 1,800,
000,000 gallons in 1919. This, though the
annual consumption per car, owing to improv
ed methods, has decreased from 620 gallons
in 1913 to 278 in 1919.
Again, it is estimated that the Automobile In
dustry takes half of the annual output of the
plate glass manufacturers, 100,000,000 feet,
and is paying for it $1 a square foot.
order waiting is in itself sufficient to answer
the question satisfactorily.
And we must also consider the possible foreign
demand. American moderate priced cars have
made .a real place for themselves in foreign
countries. Europe has 449,000,000 people and
about 725,000 automobiles. If Europe in the
years to come will absorb one car to every
fifty people (in the United States it is now one
to every 13) we have a potential market for
8,980,000 cars. Cut this to one in every one
hundred and we still see a market for 4,490,
000 cars, and for the accessories which will
follow in their path.
It is estimated that in this country alone there
is a market for between 10,000,000 and 15,000
000 more cars. Mr. W. C. Durant, head of the
General Motors Corporation, says that "no one
alive today will ever see the time when moro
automobiles will be made than can be sold."
Transportation, freight and passenger, tillage
and other uses for the automobile are as yet
in their infancy.
Economic demands insure their growth.
It is estimated that at the present writing
there is spent each year about $300 per car
for accessories, supplies, replacements and
repairs, which totals $2,400,000,000.
The stability of the Industry is further em
phasized by the fact of there being in tho
United States today some fifty thousand auto
mobile dealers, jobbers, supply houses, gar
ages and repair shops, which employ about
375,000 persons, have a yearly profit and wage
sheet of $595,000,000 and support approxi
mately 1,500,000 people.
Nearly three per cent, of the entire population
of the United States are supported by the
Automobile Business.
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