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ttY&mm K PUBLIC iDdER-pklLADELPHIA,, TUESDAY,' ' JULY 20, 1020
17
ii V
-
MANUFACTURERS and JOBBERS
, . We will put your business on art .80 cash basis
, 6y buyjng your ojien book accounts. You collect them
', as usual and your business organization 'is riot
i disturbed. .'.
V Write, wire or phone for our representative to
- "call and explain. No obligation.
INTERNATIONA! FINANCE CORPORATION
METROPOLITAN BANk BLDG. V
(Opp. U. S. Treasury)
WASHINGTON, D. C. ' , l-
If "
WHEN "STORM SIGNALS" FLY
IT'S NO TIME TO TAKE CHANCES
-
FNANCIAL conditions at the pres
ent time arc not what cbuld be
called stable. In'many lines big profits
are being made, but in general, produc
tion is not what it should be and there
is a spirit of unrest in both business
ancNabor. .
This is not pessimism, nor on the other
hand, is there any occasion for alarm,
if your business is well protected.
But is it?
If n crash should corjne, in what condition
would your accounts be! Are you sure of them?
There Is a way to be sure absolutely sure.
Our Unlimited Credit Insurance Policies
insure and protect you against loss from bad
debts. Better ask for particulars before, rather
than after. There is no obligation.
OUR SUPER?
SERVICE
Losses Paid'In
AmericanCurrency
AT YOUR.
SERVICE
Established
Eighteen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD..
R. A. IRVING, Geheral Agent
Phone Lombard 4016 PHILADELPHIA, PA. S20 Is Fayette BIdg.
$975,000
Berks County, Penna.
5 Road and Bridge Bonds
Dated July 1, 1920
Maturing annually from July 1, 192C, to July 1, 1038, both Inclusive.
Interest payable July 1st and January 1st.
Coupon bonds of $1000 each.
Free of Personal Property Tax in Pennsylvania
and All Federal Inconle Taxes
Legal Investment for Trust Funds in Pennsylvania
Financial Statement
Assessed Valuation of nil Taxable Property in 1919. .122,000,000.00
Outstanding Bonded Debt $240,000.00
Present Issue 975,000.00 1,215,000.00
Net Debt Less Than 1 of the Assessed Valuation
Price 100 and Interest v
Wo offer the nboe bonds, subject to prior sale and qf the appfmal
as to legality by Townsend, Elliott & Munson, Philadelphia
The Berks County Trust Co.
Reading, Penna.
- i !
n
n
5
;
';
(
K
8
I
I
'Twill be Called
" The Pulp and Paper Boom"
But it is not a boom. World demand nnd
the water-powers and raw materials to All
the demand arc behind it.
v This is a pulp and paper year but only one
year of many yet to come. Canada's leader
ship m the industry should increase for the
next five years and perhaps for a decade.
Why? Because- Canada has the Inst Stent accessible
"rest reserves. The world must have our pulpwood
ana lumber, and tho price must bepald.
Those who possess' sound pulr'and paper securities
anould retain them and increase their holdings at
every available opportunity.
Write, If you wish, and we will advise you of some '
cuolce pulp and paper securities to Invest In. Address:
83.
AGENCY OF
Royal Securities
X CORPORATION
(CANADA)
LIM.ITED
1RK DDAaimiihu tiFiiivnDtr
ir-iri .. riyjryuvri - icww iwnn
aAajaaEggrs u u n. mm wm m-i gramam yuusaaarMa
common
Acme Tea 1st pfd
An?". Gns & Electric
ff; Stores 1st preferred
yllctte Safctv nnnr
"Hie & KHburn preferred
B0,EWNIHGQARR$0ll 4 CO.
wftflHMBB
fin Vark
(chtiMV, , ;
ft
DWIdrnai
UK LEHIGH
COAT, AND
I'uauvuvx
NAVIOATION
Philadelphia Jun 23, 1020.
DUldf nd No. 107. '
or M&ner mp ay aeeiarea
dividend of 9 per eont (It
art) on tha capital biock ocune com.
r Utrd,on,th bookr a( the com.
nany at 13 o'clock noon July SI. )&
Checks' will betmalUdtolalockholdtrt !)
have fllad pripa8nt l vjif4r, .. ,rT
The Board ot
a nuarterlv dl
ler aliare) on th
pany,
Make the
Most of It
The prices at which
. many of the most con
servativc investments
are selling present
great opportunities for
obtaining exception
ally high interest re
turns. A .gradual return to
more normal money
rates should mean not
only a profit on the
principal investerTnow,
but also a riiuch more
valuable income.
For n eunecatlon ciirf
for Circular Xo. Eto
6HANDLEI?iG0MPANY
IHCMNtM,, f
Franklin Bank Bldg.
Philadelphia
Now York
New Haven
noton
nalllinore
NEW YORK BOND SALES
irmmsrr of IniltfMnsI Tmntilon on New Yorlt Birhsrijrt
Alaaka Oold At
Co ov A
1 is.
Artier' n Aar
Chem Sa
1 8!H
S 00
3,.... 00H
Atner Dock t
Imp't Ba
2 6TU
Amer Bmell'tr
ft nefl'K Sa
. B 11K
) i. 77V4
1 TTtt
11 77U
A Tel & T Jit
B 70K
A T&T cv 4i
1 77
A Tel fc Tel Ba
tSALES IN 11000
AlaaaKailiaaaUlaaaaaMaaakMaX
iCAPITALS500,OOaOoA
f SURPLUS (EARNED) 11
II $2,000.000.00 Jl
A THRIFT LINE
is the opposite of a Bread
Line, and the Savings Line
means a Thrift Line, and
where there is a Thrift
Line there will not be a
Bread Line. Open an ac
count in our Saving Fund
Department where you
may draw up to $100 at
any time without notice.
Do what you can to make
the Bread Line
IMPOSSIBLE
How Ti N
Trae.In
'The Market
x and other rules and
methods, of interest to
business men are given in
our free booklet, "The
Investors a nd Traders
Guide." It tells:
The General Rules of
Trading.
How to Givo a Broker
Instructions.
Brokers' Commission
Charges.
How to Indorse a Stock
Certificate.
How to Use Collateral
. in Trading.
How 'to Group Invest
ments. The Deposit Require
ments for Carrying
Stocks on Account.
The Rights of Stock and
Bind Holders, etc.
Written In simple lan
guage and easy exanmles
given. ,No obligation.
Edition limited. Call,
phone or write at once.
Ask for No. T.U.-937
JONES & BAKER
SpttUditi tn Ntxo Ytf-k
, Curb Mtrkit StturMti
Widcncr Bldg.. Philadelphia
Phones Qell, 'Locust 4730
Keystone, Race 2290 "
Offices in 9 Principal Cities
Dirta Priv4t$ Wirit
f
i '
XX..4 Jx,
v ' K . W
7BU
78 V4
7BW
7BU
7B
78
75
78
75
JB
75
75 K
7BV4
7BH
7SM
73U
73H
73U
73 Vi
73U
78 V.
73H
73 14
73
73v
78 H
73 V4
73
1
1.
1.
1.
2.
4.
17.
a.
3.
3.
4,
1.
1.
1.
A Tel & TeV 0
8 C2
3 02
3 02H
2..,..- 03
2 03
1... ..03
2 03
3 02'4
A Wrt Pap 7
1 74T4
Ane-French Bt
in. r... 00 0
"5 00 0
B 00H
80 00 0
07 00S
Armour 4 Via
1 74
B...0. 74 H
10. t.". 74V4
A T & B Fe
B...
$::;
i...
i,..
i...
3...
25. j.
'B...
6...
1...
'SI...
8...
7...'
Atch T & S Fe
sT... 71
A T & S Fa aj
1 01
' 1 04
Atch Tranac'l
Short L 4
1 00
4 09
1 68'i
5 08
Atl Coaat 1. 4 a
1,.... 714
2 11V)
1 71Vj
A T14
A C li ret 7a
1 07
1 07'
2 07T4
2 07T4
2 07
Bait ft Ohio cv
1 B8
B B8
1 5851
10 BS'i
2 B8
TJalt & O 8tta
1 78
1 78H
2 78W
Bait & Ohio 4i
4 B0U
Bait & Ohio Aft
2,.... 85
, :r.... 85
a &
& w
6 50
B & o H W'n
niy 3a
1 081,
Beth Steel fd
2 78
1 70
Beth Steel C'n
5a of '86
1 78
1 78
3 7B'
Bkyn Rapid T
7a ct ata
17 33
Ten'l ot Qa en
4 77
Cen'l Lea'r 5a
3 70
Cent' I Fao Ht
2 (10
1 CIH
C'l Pac al 4a
3 .... 01
2 . . 05
Cenfl H It ot
N J Da
r, . .. 03
C k Ohio 4Ui
s . .. v;
15 .. 70t;
3 .... 70
C ft O cv 4i
1 72
1 72
C k a O cv (a
5 .... 73
20 73
15 .... 73
1 73
C k 4 O K
A Dlv 1st
3 50
Chi Alt'n 3a
2 .... 41
C II & Q II 3u
i or
Chi 11 & Q m
15 73
2. ... 78
Chi liu'n & 4t
Of L..E
V Va 4a
03
. 03
..03
. 03
, 08
. 03
. 03
. 03
. 03
03
Chi & 12rle lat
1 . . 71
4 ... 73
Chi S Own 4a
4 ... 51
Chlcaio Jill &
St P 8a
"... 50
Chicaio Mil A
fct P 4s
) . . 65
6 ..04
3 . 84
6 .... 04
1 ... 04
4 . 04
Chicago Mil A
St P d 4s
a 65
2 .... 55
1 ... 64
Chicago Mil
St P 4s '25
8 .... 70
Chicago Mil ft
stl ov 4a
2 .... 02
1 .... 83
2 ... 03
1 ... 08
Chicago Mil ft
StP fd 4a
1 .... 64
2 .... B4
Chicago Mil
BtP gm 4s
1 . 08
Chicago Mil ft
St 1 cp Ba
11 ... 48
Chi ft Nwn gm
3 ... T2
5. .. 72
Chi ft Nwn 7a
5 ..100
I . i 100
10 . 100
1 . . 00
3 ... 100
Chicago Ht P'l
jlln ft O Sa
3 00
Chicago Hock
I ft Pao fd
1 04
1....,
0.,,..
2
1
5...,.
Memp's 0a
1 ox
Kanaua City ft
noiun'n 8a
a 51
J...,. B3
2 K3U
Kanaaa: city ft
aouthTi Ba
1 tin
Kanaaa Cy T'l
Railway 4a
Kingdom Ilrl-
glum 0s '23
04
64
04
D4
61
4J.
Chicago Roek
I ft Pao 4s
2 08
Chicago Union
Sta, 4a
3 74
0 73
2 74
Chicago Union
Sta ct 0s
6.... 102
3.... 10)
Chicago & W'n
Ind'a 4s
5 64
3 6ST
City of Copen
hagen 5s
,3 747,
fl 74 'l
Cty Nw York
4 V4s '60
1 80
City Paris fls
1 03
8 03,
5 03
CI'd Cln Chi a
St li 4
2 71
Colorado Oas
ft H 1st Sta
1.....' 81
Col ft B'n 4a
1 00
Cons'd Oas 7s
10..... 08
6 08
5 07
Cuban C 8 cv
1 07
1 07
1 07.
2..,.. 07
18..!.. 07
10 07
Del ft Hud 7s
1.... 100
1.... 101
1.... 100
1 100
4.... 100
1.... 100
Den ft R O fd
1 45
3 45
l...V "
Den ft II O 4i
2 02
D ft R O 4a
1 04
1 3
D Can Ba '21
1 07
8 07
1 07
1 07
B 07
8 07
D Can B '21
2 07
D Canada '20
8 01
3..,.. 01
1 00
4 00
D Canada '81
80
IS tly Minn 4
0 78
B 78
Erlo Cent Lien
1 30
B 80
1 30
0 30
B 30
Drle R r cv A
10 34
Urlo R R cv D
10 87
13 37
8 37
Oenl Eke 0a
2 00
1 00
10 08
Gov't Switzer
land rcta
41.... 103
8.... ltn
8.... 103
6.... 108
2.... 103
1.... 10?
2.... 103
4.... 103
1.... 101
H.... 103
0.... 103
2..., 101
6.... 103
1.... 103
2..v 101
12.... 103
6.... 103
2.... 103
B.... 101
1.... 103
1.... 101
1.... 103
2.... 103
Ilud ft Man fd
3 BO
6 50
Hud ft Man In
1 18
2..... 18
III Central fd
1 00
1 70
5 70
111 Cen'l 4a '81
1 04
5 04
2 04
III C'l Chi St
L. ft N O 6s
1 73W
111 Steel 4a
1 74
2 74
Intboro M 4s
13 3
, 1 18
Intboro R T fd
45
10 45
10 45
45
3 45
1
1 45
10 45
5 44
Int'l Merchant
Marine 6a
J 84
J 84
1..... 84
Jap Gov't 1st
3 74
; 74
1...... 74
7 74
12 74
Jap Gov't 2nd
4 73
4 73
10 72
12 73
B 78
10...,. 73
B 73
0 73 B
!.... 73
2 78
2 74
. 1 72
Jap Uov't 4s
B 65
; B4
5 65
16 65
5 55
2 64
,1 55
10 65
B 65
10..... 05
Kan C Ft 8 ft
1.... 100
i.... ioa
1.... 100
3.... 100
Lake Shore M
S'n 4s '28
8..,., 70
Lake Shore M
S'n 4s '31
3 .... 70
1,1 a' t ft Myers
Tob'o Co 6a
3 77
1 77
Lorlllard C 6a
8 .77
Louts ft Nash
ville al 3a
1 48
Louis ft Nash
ville 4s
3 77
18 77
Louis A Nash
ville rcta 6s
8 77
Lehigh Vy Ct
1 05
Manhatan C'd
Station 4s
2 51
2 61
1 61
3 61
Mlchlg'n State
Tel Co 5s
1 R4
Uldv'e Steel A
Ordln'e 6s
4 78
2 78
1 78
1 78 i
2 1811
Mln Pt P ft S
Ste M 4s
10 .... 72
Mo Pao gm 4s
1.. .. 52
1 .... 53
1 .... 51
6 63
2 .. . 61
5 61
8 .. . 62
Mo Pacific 0s
5 DA
Mo Pao 6s '20
1 .... 80
Mo Tno 5s '05
3 78
Montr' I Tram-
v.as 5s
N Y C ft II n
n n 0s
10 80
1 80
6 80
10 80
New York C'l
L S 3s
1 67
1 50
N York Dock
Co 4s
3 GO
N Y Light 11
ft Pow'r 4s
1 60
1 .... 60
New Y N 11 ft
Hart'd Os
1.
1.
13.
1.
10.
10.
10.
10.
60
no
00
70
00
00
60
00
N Y Connect'ir
R R 4s
1 70
New York O ft
West'n,4s
1 67
6 68
N Y Tele 4s
1 lOft
2 75
N Y Tele's (Is
1 80
1 80
NorfU ft W 4s
fet li A fl Fran
Series 11
1 85
1 00
St L A Hwn 5s
1 61
Bt P'k ft K C
Short ti 4s
1 01
'Beab'd A L aj
' 2w... 83
6 311
2.... 83
0 33
Beab'd A L fd
1 40
1 40
Bo'n Bell T Bs
1 85
B'n Pacific fd
U'-.x 73
4 72
1 73
1 73
S'n Pac cv 4s
1 76
0 76
8 75
B'n Pao cv Ba
3..,.. 05
1 05
B'n Rallw'a 4
1 67
2 67
1 57
B'n Rail w'n B
2 70
11...., 80
4.....' 80
5 80
Third Ave al
20 21
10 21
6 20
1 20
Third Ave 4
10 80
2 30
Union 1'ae cv
1 70
Union Pac fd
8 00
10 70
10...
3...
Union
13...
10...
4...
0...
Union
1...
1. .
1
.. 70
.. 70
.. 00
.. 70
Pac 4 a
., 70
..80
.. 80
.. 80
Pao 0j
.. 07
.. 07
07
U K of O Brit
A'I'd 1021
5 08
1 0(f
4 .... 00 7
1 00-
6 00
14. .. nn 7
U K oI'O Ilrlt
& I'd 1022
25 02
1 02
7 02
10 02
4 02
2 02
UlCofO Brit
ft I'd 1020
1.
1.
b!
3.
21.
2.
1.
1.
11.
1.
1.
1.
2.
n
lK
ft I'd 1D3T
1 86
2.....' 85
6 85
0 85
6. ..i. 85
..1. ...
87
87
88
88
88
88
88
87
87
87
,87
87
87
87
87
of Q Brit
85
85
85
83
85
85
85
85
0.,..
n... ..
so
2
8
1
1
U H Meilco 6s
22 37
5 37
1 87
U fl Rub r 6s
8...... 7T'
12 77
2 77
10 77
1 77
2 . . 77
U It Inv't to
of a os
0 08
U d Steel 6s
1 i
1 00
2 IVDJ'i
3 101
Virginia 0s B
Bros ctrs
6U... 54
10 55
6 CO
Virginia Hall
ways DS
1..... 78
,Vabsh R 1st
1 84
Wes'n Elr! 6s
1 04
1 04'
West'n Md 4s
1..... 48V,
2 48
10 J8
West 8hores
1 CO
Wilson Co cv
1 83
2 85
3 85
Wilson Co 1st
!..(.. 88
Totftl. Sfl ftrWflflrt -nmnnHil .., o J fin
000 yesterday Thu far thl wrW 'nn'-
s25'S22- Bamo Period last veek, $21,-
OOUiUOO,
High
Liberty 3s .... 1)0.00
Liberty 2d 4s 8-1.70
Liberty 1st 41,4s.. 85.80
Liberty 2d 4(4s.. 84.00
Liberty 3d 4Vls.. 80.00
Liberty 4th 48. . 85.20
Vic Notes 3y,s... 05.84
Vic Notes 4s... 05.81
Low
00.02
84.01
85.04
84.80
88.50
85.04
05.80
05.70
Closo
00.00
84.70
85.80
84.00
88.00
85.12
05.84
05.81
MAtaQNIINUED
DRIFTING AFFAIR
Traders Apparently Were" Un
certain How to Proceed and
Shifted Constantly
71
71
71
71
71
71
71
71
W'n
1
4
15...,
4...,
1...
1...
1...
1...
Norf'U
cv Os
1 00
N'k ft Vf Po's
Coal Co 4a
1 73
N'n Pacific Sa
3 61
1 61
2 62
N'n Pacific. 4i
2 72
10 78
3 73
.Nort'n Statea
Pow Co 6 s
1 72u,
2 72
Oreg ft Cal 8s
1 80
Oregon R R A
Navl Co 4 s
8 70
Oregon .Short
Line 1ft
1 75
1.... 75
1 75
Oregon Short
Lino 0a
1 07
Ore-Woah'n R
Co Nav Co 4 s
0 03
Paclflo Gas ft
Eleo Bs
2 75
2 74
PacT ft T 5s
1 84
2 84
Pa R It Co 4s
4 B2
Pa R gm 4s
3 75
Pu R 4s '21
St.... 07
2 07
Penna R R Bs
3 83
25 81
7 83
15 .... 83
10 81
1 83
Penna It It 7s
1.
7...
4!'
10 ..
r
l".'
l...
4...
1...
B.
102
102
10 1'.
102
102
102
102
102
102
102
102Ti
1
12
B
B
?:::::
Kingdom
'um 7a
T..a 100
i
04
04
04
'J44
04
04
04
Bel-
Pero Mamt 6s
1 77
Readlnr R 4s
6 77
8 77
3 77
Republic Cubit
Be ot '14
1 82
(tin Grand A
West'n clt
1 60
2.... 60
1 60
1 60
1 50
Rock laid Ark
ft L 4n
1..... 02
1 62
2 .... 02
III I, I M t 8
R ft O D 4S
1 65
5 05
St L I M ft B
R ft a dv 4
2 65
St L 4. 8 ' a
1 60
5 60
1 00
10 00
6... . 60
2 61
St L ft 8 K In
4....
3....
1....
1....
J::::
a....
a....
i..i.
Hi...
100
100
100
"100
loo it
100
100
100
100
100
103
100
1
100
100
100
100
100
.j..rf loon
ll.
1.
8...
2...
3...
2...
10...
14...
10...
6...
8...
D...
2.
47
47
47
47
47
47
47
47
47
7
47
47
47
8t U ft 8 Fran
Berl A
4...,, 54
1 51
-1...V,
Stock sales today on tho New York
Exchange, ns compiled by tho Eveninc
Sun, totaled 318,200 shares.
Ncw York. .Tnlv 5(1 ti. .t i.
hot gavo no slgnu today of moving out
of Its narrow trading area, trading uns
extremely sluggish and too cntiiely pro
fessional to- be of importance. Price
changes were irregular and narrow dur
ing the greater part of the session, al
though the list on the whole displaced
a firm tone.
Storks opened slightly lower, but
quickly rallied from a fraction to 2
points, a good deal of tho earljt buying
coming from tho short clement. After
demand from this source had subsided,
the market turned into n drtfHr,r nrl
fair, the chiff significance of which Mas"
mut iraacrs were uncertain how to pro
ceed. The most important piece of news
was the promulgation of the new wage
... ,, 'or railroad employes which
will add approximately $000,000,000 to
the annual pay roll of the carriers,
lhe wage awards were accepted by
union leaders subject to ratification by
the men, avoiding the possibility of a
general strike for tho time being at
least.
1 1 w?11 ?trJct rfKrded ns rcmoto the
likelihood of a walkout of railroad work
ers because of dissatisfaction with the
Increases granted, and railroad shares
were generally firrn, -but no disposition
was manifested to bid prices up in an
ticipation of the increased freight rales
winch will soon be announced.
lhe fact that tho Pennsylvania Rail
rpad had found It advisable to cut down
the number of its' emplpoycs direr ted
unfavorable attention to the slowing
down in many Hnes 0f industn, but
Inaasmuch as the recent decline in
, if!!ldM bccn. discounting precisely
this situation, tho market made no
Ihl L!.CS? nSC- ,At the sn'"L time
the action of Pennsylvania was regarded
as signifjing n "narrowing of tho mar
gin between the supply and demand for
labor which will tend to soften labor's
dictatorial attitude nnd add to its ef
ficiency. Call loans renewed at 8 per
?CIJt:i.?s ,nsnlnst 0 Per cent yesterday,
but this improvement was evidently due
In!0 . nS4 n? lnc"a8o in the supplv
of money. Tho lower renewal ratu did
not Btlniulata tho market to any extent
n m?S.fWWi of tPnslve "ovements
the market did not offer much of Inter-
C!!; Apf7 BPectaI". such as Strom
berg Carburetor, moved up 3 or 4
Stin- f3i?f"at th- opening, shorts
taking fright from the statement that
the company'., mills might reopen wi hi,
tho next week or two. IlasUclt &
Barker was 3 points higher at 7.T7.
Other equipments moved ahead 1 or i
8n? nJ?.i?nL commn, he'd doso to
01 V4. Reading and Union Pacific rose
a point or so, but other ras were list
les?. J'ool activity In" Invincible Oil
was reUved, the stock .going up to 40
f BREAK IN COFFEE FUTURES
Decline Carries September to Low
est Price Since War
New Tnrk. July 20, Thero Wrnn n
violent brenlt in coffe futures this aft.
?nni0n?it 'nr ti"? September
to 10 08. or to tho lowest nolnt slnm thn
war Sentiment, locally. wS3 nenoSs
and brokers wero excited.
Opi-n High T,ow Close .To.9.
Sent 11 S0I822 11.40 10.81 in ?!&, ... .l!?
Oct . Ml. SO io:sAr,i; iT,
Deo" 1124020 UB0 lV.00 ?2'SSS? i"ll
??" 10'0007 11,3J
ig:; . xvoa ix:io IftgggM ii ss
April i .. 11 03 (refill 11 qa
May. Ml 30 11 65 U.14 IIIojmSj 1 1 IS
July M2 OH 12 85 12 5s 12 000 j . o2
Aug ao.OlSn.i ii'Si
nid -..-- .
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
IfllBRKAIj ESTATH TRUST nujfj
Investigate and adjus ; partnership nd
eorporntlnn areonnta. Also prepare us
..... Tn. ltf.fi.rnB w v o.
llirutiir
Tax Returns,
Special Notice
KSSf THOMH COU.IKHX COUP.1NV
niND.nu) uom8. utru AuacsrNi
Cr..-. 1. IohKu rr1ati ,... -r.
2Sl, 283 .210.' 287 ' 200. 287' 202.' 08,' 3J0'
for $1000 ench. have been drawn for re
demption out of the money In tha Blnklnir
!? 'y.KraE'aliiSVK. N;v'i"on of
ecur-
aj iiirprMi. H.r inn niiioak tr .-.
j-v"y-..-v-j,v-- ra..I"." e..
I. IV.
rreat. at t
Iurth and Chestnut ata., Phi1
nr AUas ,'vl, rY
trustel
uiun. a
t Interest
taHn lABfll ' N .A
iiiiiiiiliiiiiiiiiiiiiiliiiiiiiiiiiiiiliiiiiiiiiiiiHiiii iiiifiiiiiu iniiiHiiiiiiiiiiiiiiiiHiiiiiiiiilii imiimiiiiiminm iiiiiiiiiiiiiiiiiiiriiiniiiiiiiiiiiiiiiiiiiiiiiniiiiiinniiniiinnniiiiiiiiiiiiiiniii niiiijW
A Convincing Record
The? certified net earnings of the consolidated Sinclair properties
increased 218 from 1910 to 1919. These net earnings reported
available for interest and reserves, after allowance for Federal
taxes, "Were;
1910
1917
. JJ0,8G7,823 1918 . . . $19,040,717
. 15,1(M.,907 1919 . . . 21,890,898
Total -$G8, 503, 90 j
The notes described below arc backed by this consistent record.
A Complete Unit
in an
Essential Industry
Facta nnd figuret compiled bv n
Sinclair Company
Produces, transports, refines
nnd markets petroleum prod
ucts. About 1000 producing wells.
Approximately 2800 miles
of pipe lines.
y01 pumping stations.
0cr -1000 tank cars.
-
10 modern refineries with
totul dally capacity of about
15,000 barrels. '
10 cnslnghcnd gasoline
plants.
400 distributing stations In
'JO states.
About G, OO07OOO barrels
crude oil in storage.
;
Marine fleet of 50,000 tons
in service.
1D10 net earnings before
interest nnd reserves
$21,800,898'
Total similar net earnings for
last ? years $5G, COG, 582.
Pennsylvania personal properly tax of four mills refunded
To yield 8
Five -Year Secured
V2 Convertible Gold Notes
of the
Sinclair Consolidated Oil .
Corporation
vliich has furnished us icilh the Jblloving information:
These $50,000,000 Secured Notes arc the sole
funded debt of the'enterprisc, excepting equipment
notes and other items aggregating abou t $5,275,800,
and against this the audited statement shows total
net assets, including the proceeds of this note issue,
of over five times the amount of the note issue.
The consolidated net earnings over a series of years
make a consistent and convincing record, thcauditcd
statements showing an amount available for in
terest, depletion, etc., equal to 5.83 times the annual
interest on these notes for the year 1919, and
averaging over 5 times such interest for the past
three years.
The notes have the benefit of a"sinking fund provi
sion at the rate of $2,000,000 every six mon ths for the
purchase of the notes at or below 100 and interest.
A feature is the noteholder's privilege of converting
each $1,000 note into $1,000 par value (ten shares)
8 Cumulative Sinking Fund Preferred Stock and
2 shares Common Stock of the Company.
These secured notes may be purchased In denominations
of Si, 000', $500 and ?100. Interest payable without
deduction for the Federal Income Tax up to Q.,
Write for illustrated booklet
Wc offer and recommend these notes for investment
at 98 and interest, to yield 8
Wurls, Dulles & Co.
Bankers and Drokera
Franklin Bank Bldg.
1416 Chestnut St.
Rufus Waples & Co.
Hankers
322 Chestnut St.
77e itaUmrnlt presented in thU adeerthemtnl, while not guarantttd,
arm obtained from Moureet which we believe lobe reliable.
.lllllllllilllliillllillllllllltllllllllllllllll'M H'Mimiiliiiiiiiiiiimiiiiiiiiiiii'il &.
The Experienced Institutional
Investor
realized the value of a "connection
with a responsible investment house
B
ANKS and "" insurance com
panies, while among the larg
est and most expert buyers of
investment bonds, appreciate as
fully as the individual investor
the importance of dealing with
a reliable bond hous
Officials charged with the impor
tant responsibility of selecting
bonds for the investment of their
institution's funds, oj of advising
clients regarding their invest
ment matters, will find satisfac
tion in backingup theirown judg
ment of securities with that of an
organization, capable thru spe-
cialized effort, of rendering a de
pendable service along bond lines.
A substantial par t of the business
of Halsey, Stuart & Co. is done
with banks and other institu
tional investors. An extensive
list of securities, a trained organ
ization, and a distribution of
offices in the principal financial
centers, connected by private
wires, enables us to render a bond
service which many .individual
and institutional investors have
come to regard as indispensable.
given the opportunity ice could render a like service to you.
May we send you- our booklet, 'Choosing Your Investment
Banker," ivhichcmphasizes further the importance of a careful
selection of the investment house with which you deal and outlines
the basis for our claim toyour'confidencf? Ask for booklet Pl-21 '.
HALSETY.STUART &CO.
Incorporated Succtstart to N. If. Ualsty li Co., Chicago
LAND TITLE BLDG., PHILADELPHIA
Telephones Locust 4820
CHICAGO NEW YORK BOSTON DETROIT
ST. LOUIS MINNEAPOLIS MILWAUKEE
Helping to Break .the Jam
We hoar and read much theso clays regarding the activ
ity of Industry in all parts of tho country. Tho rail
roads have felt it by tho vast amount of manufactuiod
products which they have been nsked to transport.
In thousands of industrial concerns our Philadelphia
built locomotives, bearing tho Baldwin Badgo Plato, aro
helping in tho shifting of cars so that loading and un
loading may bo accomplished In tho shortest possible
time. Ihis is placing industrial locomotives to a good
use, -
TlXe Baldwin Locomotive Wtoks
".J..'l
rfz
Tennessee Power Co.
First Mortgago Si, 10C2
Portland Rwy., Lt. &
Pow. Co.
lit & Ref. 5
Due 1942
e.J.larkfieo.
321 Cheitwttt St.,' MgUftsUlphl
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