flu . $? ' iOiifflr : WAS INDECISIVE - . V ' V. . ' i ..... . ' - - ' ' ,. atsas asaasjaassai s asslssaa sasa - .-!- CnlA-fnrl ftlicrnr Bears gain . -. Stocks td Unsettle the , Oo'neral Market . - Vnrlt July 22. The New York bSm s'' ",,n flnflnc"11 rcv,8?v today w: . . . ,MU ,.. , W;' t adnTnn. n,,7ci;ive price rfon Of dU" "5"LUS rrhft Inortlfl of thfl "5 wis "haps Ita chief charnc. 53S. W tV" not -prWn, n !i"..ihT o the public. .Operation bv tt!25onal trmlorH made up the .hulk PMhI Cine rtran-acted n the fear c tht Olivines .. n0 Pv. There KfrVM disturbance In the money ll Vrntrkt Ration Joans renewing " .o -- - .---'.. .-.i.-..i nnaMKrnh1f Ktreneth .WS23wsaar 10 '.. ,m n fract on to a point but Sire wm v,,n,lty t0 Jho b"y,n1 inert "" .,. ,,,. l n ronMvnl me.nt- ..:.; nt the suear .tocks whlfh had been so successful yen and the lending Issues In this iroup broke from 1 to 4 no nta further In the l0WCt 1PVC1S rrncneu 111 a iuu lmc. Puta Allcgrc dropped below 01 nd Cuba Cane Sugar felt under 47. position of the commodity up to the nrnent t me nave chcuih-u uC.huu Flofhlch l.s been f enernl In o her the "ear element which has been peek- of this Kroup in connection with thO etMDK 01 raw MlRnr ijuuuiuvih. Weaknces of tho sugar stocks unset .. ... ...t..i mnrliot fnr n tlmo but po Important selling was Induced In other nuaricrs. liulvi nu u "" mult of having been temporarily over- told. The failure of the snlfcndid quarterly earning statement of the Republic Iron .,! Ht.i Co. to revive interest in the steel shares was rather disappointing. United States Steel sold on now sines oi 01. The equipments miciuaica in differently and the rails did not make the headway upward indicated in the early trading although they continued .iA(.'Alt nttvi Tpxlrnn IVtrnlpiim Anrl Tnn. A tntrtrnn IWrnlplim CffltllArf.rl strength In afternoon nnd a few special ties including nironiucrK iuruurcirr auu Gtneral American Tank Car were mark ed up several points. tliiffniy nt IT H T'nAfl TrMlit.a nml I UUlll '. ' .w. i.l.in (1.11. 'f"Vin Prnlnpre wno fnfllf ortrpfl hv f n . 'rorable estimates of the large business whieh these comnanles nre doing and which will be reflected in the quarterly Biaiemcnis soon " uc piiDiisncd. A significant Item in the dny's, news stocks and bonds fnr all reporting mem ber banks of the Federal Reserve system er Having nccn n contraction of $310,8.'3,OOO In such loans since tho first of the year. JULY COTTON HITS OF ALL T Urgent Demand Sends Option to 43.75 -Late Months Dull and Heavy HIGH 1 New York. July 22. July contracts on the New ork Cotton Rxchnnge sold at 4.1.75c today, representing; tho high est price ever recorded for a future con tract in the history of future exchanges, on an advance of 12." points over last night's close. The next highest was In March contracts which, on March 23 last, sold at 4.1.18c. Late months ruled dull and heavy. Today's advanco resulted from cover ing bv traders who hnve heen nrevtntil by railroad congestion from carrying one tneir pians to, get cotton here in time for delivery. The market onened steadv nt 2 nnlnts declino to 10 points advance, and during the early trading showed lltlc change trom tins level. .Most, of the demand appeared to bo based on unfavorable weather reports from tho belt. Cables were poor, foreign exchange was weak and the South, more espe cially eastern belt interests, was a .seller. There were sixteen July notices In Ulrcuiatlon. but thero was no trading in the July position during tl)o first fifteen minutes. Iiivcrpool reported an Improved spot demand and further "colling" by the trade. All attention today was centered on July, contracts, which continued to ad vance steadily until they reached 43.75, exceeding the previous high record, made last March' by 57 point. The later months .showed little ac tivity nnd were inclined to be rather heavy, under realizing, and at midday showed net losses of about 10 to 15 points. Tho receipts at the ports for the day were estimated at 4000 bales, against 1643 bales this day last week and 12,- a Dales tnis day last year NEW YORK BOND SALES wm.T nf TtMlvMnst TrunsifttarM tin Ntr York ICxrliantt (SALES IN 11000 (N. T. tlmo) Yt. Todsy'g 11:80 1:80 clou open a. m. p. m. July 42.80 42.0S 43,00 .... October .11.(15 34.03 34.01 34.35 December 32.81 32.00 33.78 82.63 January 32.15 32.18 32.03 81.83 March 31.20 31.80 31.22 31. US May 80.10 80.60 BUTTER, EGOS AND CHEESE New York. July 22. BUTTER Steady. Receipts. 8412 tuln. Creamery, higher than extran, 3703714 c: creamery. extra (02 Bcore), BBHc: creamery, drats, (88 to Bl Kcore), B2VlBnci pnekinfr itock,, current make. No. 1. 44c. ECIOS Firm. Receipts. 13,832 caaea. Freah-rathered, extra rlratn, GOHOOSVic; freah-Kathered, tints, 47lHc: state, Penn sylvania and nearhy western hennery whites, llrsts to extr.i, (lOWOOc: state, Pennsylvania and nearby western hennery browns, extras, ra3Q9c; state, Pennsylvania and nearby gathered browns and mixed colors, first to extras, 47055c. CHEESE Irrefrular. Receipts. 4088 boxes. State, whole milk, flats, current make, white and colored, specials, 272Be: do, average run, 2.1CT2ftS4c; state, whole milk, twins, cur rent make specials, 2727Kc: do, average run. 200200 v BARjSILVER Domestic bar silver Is unchanged In New York today, at 99 Vic; forelfrn 93 Vic down c. In London, the price Is 55Hd, unchanged. Amer'nAir Cham Ss 1 00 Mi Amtr Smelt' a mt'r R l.k... .77V 8...- ..77K 4..... 77 ..... 77H 0 77V. 1 774 l.ti.. 77 A iel 41 10..,.? 70V liji.. 80 A Tel Tel "s 2... 7RH 0..... 7BU M..... 73 T4 1 751t A mi .Te. u 2 02U 3 02Ti B 03 1 03 1 93 4 OSH 4..... 03 1 03U 2 03 Al 'k'TenCll i' 42.... 00 11 2 BDtt 7 "3V. 10 B0 S eos SO 00 i 22 09 H Arg Repub Ss 1 70U Armour 4Ws 0 74 1 78 8 74 ATsSFtO 2 73H 1 73S 4 73 10 78 V. 2 78 4 78 B..... 78 1..... 7 A C t. rots 7s 2 07T4 1 07 1 07 1 97 Bait Ohio OV 1 68 1 08 2 38 I. J... S8 1 38 rjstt & Ohio 4a 3 CO Dalt & Ohio S 2 S8 0 38 1 B8i Bait A Ohio Ot 2 83 6 83 3 85 D & O-P L, E & W Vs. 4s 2..... 63 D 4 O S W'n Rly 3a 2 08 B It O Tol 4s 1 48 Beth Steel 1st 1 ooy, 1 00 Bkyn Rapid T 7a ct Sta 2 34 Cent' I Pac 1st 1 00iA Cent'l It It ui N J 6s 3 03 C & Ohio 4s B..... 70 C & O cv 4s 3 72 C'k & O cv Sa B 74 1 74 10 74 C Il'n & Q 4s 3..... 0 1 1 2...,, 10 2 1 S 1 3 6 Chi A 1... 1... 2 oav. 03 03 03 93 08 93 93 98 93 III '.4 03 Own 4 .. 62 nil 62 Chitaso Ma Bt P 4s 1 04 Chicago Mil a St P 4a '25 1 70 Chicago Mil StP cv 4s 1 3 4 63 1 A3 1 03 Chicago Mil t StP fd 4s 8 64 2 64 S 10 64U Chicago Mil A StP imlUi 1 08 0 OS 1 04 0 00 10 OS Chicago Mil & St P ov Ss 1 02 1 02 0 A Nwn d '21 2 08 C N'n 5s '87 1 80 1 89 Chi A Nn 7e 1 09 B.... 100 8.... 100 1.. ..100 10 00i Chicago ItocH I A rao ia 1..,. 100 1 . . . . 100 txntlto (d 1 43 Den A n O 41 10 02 Detroit Edlsonl Co 6s '40 2 81 Det Tun 4s 2 70 D Can Ba '21 0 97 1 07 10 97 S 97 D Canada '20 2 80Vi D Canada '2V 3..... 01 Erls Unl Mn 0 30 1 40 Erie II It ov II l at Erlo R Co 4s 2 48 3 48 2 48 Erie n Co Ss 1 83 Oem Eleo Us 13 98 2 00 1 08 1 08 1 08 3 08 Onv't Switzer land rcta 03 04 04 04 34 64 04 64 1.. 2.. 1.. 7.. 3.. 4.. 2.. Child Cop'r Oa 1..... 72M, 6 72 Chllo Cop'r 7s 1 07 S OS Chlnaao Qovs't IMC Rlya 6s 3 48u 10 44 City Copenha gen Bs 1 74 Cty New York 4 of '50 ' 1 82 Cty New York 4Us '64 0?.... 80 City Paris Oa 2 03 1 03 4..... 03 2 03 Col & S'n 4a 1 06H 2 60 Cons'd Oas 7s 2 1... Cuban 1... 11... 14... 1... 0... Del & 1... Del A 3... 08 08 O rloi .. 00 .. 00 ..no ..no .. 06 Hud cv .. 7B Hud 7s , 100 0.... 103 U 1.... 103 3.... 103' 1.... 103 1.... 103 4.... 10.1 U 10.... 103 3.... 103 8.... 103 0.... 103 1.... 103 2.... 103 1.... 103 4.... 103 Oreat North'n Rwy lat 1 73 1 77 Ilud A Man td 1 63t4 1 63 Hud A Man In 10 18 10 18 III Central fd 1 70 III Cen'l 4a B3 1 64 IntboroM 4s B 12 B 12 Interborough Met ct 4s 10 12 Intboro R T fd 1 44 B...,. 44 Int'l Agrlcul'l Corp'n Be 2 70 1 77 Int'l Merchant Marine Os 1 M 1 M B..... 84 Jap Gov't lat 8 74 B 74 10 74 B 74 3 74 3 74 Jap Uov't 2nd 1..... 73 0..... 73 1...... 72 1 73 2 73 Jap Gov't la 1 BR 1 85 2 63 Kansas Cy TI Hallway 4s 1 0.1 8...., 03 I...!: C) 4...,, A3 1 69 Keokuk A Dea Moines Ss B.C.. 60 Kingdom Bel urn os 'zi B 2 I.. ... 1 Kingdom glum 6s 1 8 B 2 0 1 Kingdom 08 98u 9H 98 llel' 23 04 04 04 04 04 01 .Bel- Oregon B I, 4 a 1 76 18.,. ..75 4 7SK Oregon S I, 6s 2 83 Org'Waeh'n R Co Nav Co 4 1 03 Paclflo Qas & Eleo 6s 1 75 Pao TtTJi 6 83 Pa II R 4a '48 1 77 B 77 Pa RR en 4a glum 7s 8 a Penna R 20 2...,. 10 6 100 100 100 100 100 100 100 100 100 - iass saaswa ...l, I aewaesa ' ' "-- NEW ISSUE $3,000,000 West Penn Power Company First Mortgage 7 Gold Bonds, Series "D" Dated March 1, 1916 Duo March 1, 1946 TAX EXEMPT IN PENNSYLVANIA Interest payable without deduction for Federal Income Taxes now or hereafter deductible at the source not in excess of 2 per cent. i The West Penn Power Company supplies electricity for light, heat and power purposes in 291 cities, towns and communities located in the Pittsburgh district of Pennsylvania, at distances of from three to fifty miles from that city. The population of all communities served is in excess of 500,000, while the chartered territory exceeds 4,000 square miles. The following is summarized from a letter of Mr. A. M. Lynn, Presi dent of the Company: . These bonds, in the opinion of counsel, are secured by a first mortgage on all the physical property, rights and franchises now owned by the West Penn Power Company. Gross earnings for the twelve months ended May 31, 1920, were $6,843,382. During the same period, net earnings amounted to $2,201,380, as compared with annual interest requirements on the outstanding First Mort gage bonds, of $951,680. The replacement value of the Company's property, based on pre-war prices, is largely in excess of the $16,778,000 First Mortgage Bonds out standing. The mortgage provides a graduated Maintenance Fund rapging from 1 V2 to 2Vz annually, of .the principal amount of the First Mortgage Bonds outstanding, and in addition, a Depredation Reserve Fund amounting to 2 annually of the First Mortgage Bonds outstanding. ' Upon completion of the new Springdale plant, the generating capacity of the Company will be increased 44 per cent. The new business which the Com pany has actually under1 contract and business now soliciting supply from the Company, will, when connected, be' sufficient to keep in active service the Conncllsville, Windsor and new Springdale plants. The franchise situation is eminently satisfactory, as with the exception of a few small communities from which the Company derives less than 3 of its gross earnings, all of the franchises, in the opinion of counsel, are unlimited as to duration. The territory served by the Company is located in the Pittsburgh industrial district and is considered one of the best fields for power consumption in the United States, the industries served being of a very widely diversified char acter, of which coal mining, coke ovens, steel plants, pig iron furnaces, glass and chemical works stand out prominently. Price 94.25 and interest, yielding 7.50 WE RECOMMEND. THESE BONDS FOR INVESTMENT ' ' Halsey, Stuart & Co. A. B. Leach & Co. Inociporatti Sueoettors to if. W. Ilaliev a Co., ttcorporotad Chtcnoo - L- Title Bldg., Phila. 1 IS S. Fourth St, Phila. 1 2... 1... 2... 2... 1... 3... 1... K of Italy 6 23 02u Ltg't & Myers Tob'o Co 7 1.... 101 Lake Shore M S'n 4a '28 0 70 Lake Shore M B'n 4a '81 0 7T L & Nash 4s 1 77 2 77 1 77 1 77 Louis A Nash. rets 7a 3.... 101 B..,, 100 2.... 101 Manhatan K'd Station 4a B 81 Mich C'l d 4a 7 74 Mich Co'l 8 a 1 00 Mldv'. Bteel A Ordln'a 6s 2 77 2 77 Mln St P & S Sta M 4s 8...,. 72 2 72 2 72 Mo Pao gm,4e 4 31 S...w i2 Montana Pow Co 6s 0 78 MM Mont 1 78 Now O Tex A Mexico 6s 1 48 6 48 1 48 N r C fc It R R R3. 4 04 3 04 7 04 N Y C A II R R R 4a 1 71 N Y a A It f. R R 0s 1 68 ' 2 88 0 86 N York LKttk Co 4a 1.... 1. N Y Light Pwr cv 1 43 New Y N II A Hart'd 6s 4 70 N Y Susq A W rets 1.... 103 N Y Rlwys 4a ... 20 Tele's Ss 8 Tele's 6s Penna n R 7 88 88 R 6s 82 f.2 82 82 4... i::: i... i... i... 6... 1... 3... 1... B... 2... 2... 1021, 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 102 S'n Paotfle 4a l n 1 64 S'n Pao cv 4a S 76 S'n Pao ov 6s 1 96 3 03 6 06 1 95 S'n Hallw'i. 41 8 67 2...., J7 2....! 37 1 67 S'n Itaiiw'it lis 1 80 1 80 1 U Seab'd A L aj 1 33 Third Ave 4s 2 40 Union Pao ct 1 70 1 70 Union Pao td 0 70 10..... 70 3 70 t... inti Union Pae 4a 10 70 Union Pae 6a 1. 1. 10. Peo'a Oas I. A Coke Co 6a 1 80 PeorHa A E 1st 2 60 Philadelphia Count cv o.,... en 1 83 Readlnic'R 4a 1 78 Rep Cuba 4s 8 72 Itlo Grand A West'n olt 1 60 2 60 Rock laid Ark A L 4a 2 63 1..... 02 1 02 Bt t, I'n Mt A B Rwy 4s 8 Oft 1 68 St L I M A B R A O D 4s B 66 St L & S F al 06 96 00 nitu uKl'a lint A I'd 1D21 11. 8.. 4.. 1. 1. 10.. 6.. 3.. 8.. 1.. 3.. 10.. 8.. 20. 60 .BOH II 7.. 20.. 10.. 2.. 7. 60 00 00 61 61 Bt L A 8 y In 20.. 1... 6... 2... 10... 8... 10... 2... 1... 1... 0. 47 47 47 47 47 47 47 47 .47 47 47 St L A 8 Fran Series A 2. 0.... 1.... 1.... 1..:. 2.... 8.... 1.... St I. A Series 2.... 8. 60 . 00 . B4 . 64 . B4 . 64 . 64 . 64 S Fran B . 00 CO 1. N Y 2.. N Y 1 80 a ai N Y West C A Boston 4s N'k ft W cv Us 3 07 10... 07 N'n Pacific 3a 6 62 10 B2 1 B2 N'n PaclHo 4a 4 72 1..... 72 St L ft B Fran Series C 1 83 StL A Snn en 8 61 StI, ft Bwn lat 2 03 St 1. A Bwn 6a 2..... 61 0 62 10 62 10 32 til P'l ft K O Short L 4a Seab'd A 1 Seab'd A 1 3 10 S'n 2. 0, B. 2. 00 L a 33 I. (d . ... 40 .... 40 40 Paclflo fd .... 72 .... 78 .... 73 .... 73 31 7 00 u 90 98 00 08 0 06 7 06, oas n UKolO Brit A I'd 1022 2 02 10 02u 2 M'4 1 92 1 02 U 1C of O Urlt ft I'd 1920 1 87 1 68 8 7 2 87 U IC ot O Urlt A I'd 1037 86 83 83 83 83 66 14... a.'.'. 2... 2... 1... U 8 Mexico 4s 3 28. U It Inv't Co of S F 6s 1 07 2 (10 Und R of S Fe un ct 4s 1 21 U S Realty A Imp't Co 6s io no 2...,. 80 U S Rub'r 6s 2 77 ... 77 ... 77 ... 77 ... 77 ... 77 Rub'r 7s . ,.0fl Steel a ... 00 . : " " $2,000,000 The S. S. White Dental Mfg. Co. , . ' 10-Year 8 Gold Notes Dated ugust 1, 1920 , Due August 1. 1930 A Sinking Fund of 10 per annum of tho amount issued b provided to purchase Notes in the market at or below 105 and interest Total outhorlied ,000,000. rrlnclpal qnd Interest payable In a-old In New .York. Interest payable February I nd August 1. Coupon Notes of 31,000 with provision for registration of principal. Redeemable ns a whole at 107 and Interest on nny Interest date. CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE The following information h contained in a letter to us from Mr. Frank H. Taylor, President of the Company: The. Company and its Business The S. S. White Dental Manufacturing Company, organized 76 years ago, and incorporated 37 years later, in 1881, is the largest dental manufacturing company in the world, its products comprising practically every requirement of the dental profession. The company's products are manufactured in its factories located in Philadel phia, Frankford, Pa., and Staten Island, N. Y., and are marketed through the company's own retail stores in many of the larger cities in this country, through affiliated companies in England, Canada and Brazil, and through approximately . one hundred dealers in the United States and two hundred dealers located else where throughout the world. When incorporated in 1881 the company's net tangible assets were approxi mately $837,000, and except for the proceeds of this issue, have been increased to ! the present figure of $8,772,314 solely through the reinvestment in the business of surplus earnings. Income 6Vi Times Interest Net income, available for interest and Federal taxes, for the three fiscal years ended December 31, 1919, with estimated net income for 1920 based on actual results for the first five months, is as follows: Estimated 1920 1919 1918 1617 10. 2.. 8.. 8.. 1.. U S 4.. U B 3.. 2.. 3.. 1.. 1.. B.. 1.. 2.. 0.. Vlra-lnla 00 00 H0 00 00 00 00 00 0s U llrost Ctfs 00 60 01 03 03 64 64 04 OS A3 03 ft 03 OS 63 Vlr'a Carolina Chem Co 1st 2 03 West Shore 4s 1 08 2 no 3 08 1 07 Wilson Co cv 3 83 21. 6. 10. fi. 1. 6. o i! 6. 18. 18. 10. 10. 6. S. GRAIN MARKET Chicago, July 22. High tempera tures over the Northwest and further reports of injury to tho spring crop by rust brought nbout a firmer tone in wheat futures hero today. Prices had a temporary setback at tho start due to jiretisure from local interests, Induced by reports of rains over" Canada. On I the setback, commission houses bought and shorts covered, improving the un dertone. Dealings were light. No exportfl bid wero reported. Gossip from tho East had it that close to 10.. 000.000 bushels had changed hands for foreign accounts so far this week, not withstanding assertions that exporter were not in tho market. While a good part of this was said to be in tho way of consummation of old sales, it was de clared that considerable new business had been dono for Dutch, Italian and uerman account. It was said that within tho last forty eight hours about 2,000,000 bushels had been negotiated. English buyers remain ed idle. Winter wheat threshing re ports from tho Southwest were good. In private cables it was stated that. since July 10, prices for wheat for August aeuvcry in Argentina had drop ncd forty-nine cents a bushel. Onntn tions for cash wheat at Minneapolis were up to iu cents. Corn developed much strength nn m pectations of lighter roceiptB and the rcporteu large sines ot wneat for ex i nort. following weakness. An Imnnr tant concorn iorccu tno DreaK after tho opening and then picked up about three times as mucn ns tno amount sold, driv ing in many shorts. Leading futures ranted aa follows: turn, tlms) 10:30 Teat. m. oloae $1,500,000 $1,388,829 $705,711 $431,509 . Including the estimated results for 1920, the average annual net income for the four years is in excess of $1,000,000, or nearly 6 times annual Note interest. Net quick assets are $6,280,803 and net tangible assets are $8,772,314, equiv alent, respectively, to $3140 and $4386 per $10W! Note. Provisions for the Notes The Notes are the direct obligation of the company and comprise its only funded debt. The company covenants that net quick assets will at all times be maintained equal to at least 200 of its total funded debt. No bonds, notes or other securities ranking ahead of this issue can be created while any of these Notes remain outstanding or unprovided for. The Trust Deed provides for a sinking fund of 10 per annum of the total amount of notes issued, to be available semi-annually, for the purchase of Notes in the market at or below 105 and interest. In the event that sufficient Notes are not so purchasable, the unexpended balance of the sinking fund will, at the company's option, be used to purchase Notes at a higher price if obtainable, or be invested in securities, approved and hald by the Trustee, maturing prior to the maturity of the Notes. The notes can tot be called for the sinking fund. Purpose of Issue The funds derived from sale of these Notes will afford the company additional working capital required by the increasing volume of business. Price 100 and Interest To Net 8 i Wm. A. Read & Co. pv New York 1421 Chestnut Street, Philadelphia Chicago Boston The information contained in this advertisement has been obtained from sources which wc consider reliable. While not guaranteed, it is accepted by us as accurate. Torn (new delivery) Open., Hli-h Low July ... 1.61 1.62 I,B0 Sept. ... 1.32 1.S3H 1.30 f)ts July ... SI 215 0 Sept. pt. ... I'ork 77 2S.00 77V 28.33 10.47 Sept. ... I.ara " Kept. ...10.23 Hlbs Sent. ...10.73 16.03 'llid. tAsked. 76 28.00 10.23 18.73 1.62l.St 1.63 1.B2U 01 77 ?7f 28.83 'JS.IS 10.47 110.85 10.03 10,83 JULY 1920? Where, today, will tho ahrunken dollar bo ae far aa In tjio purchaaa of high grade aecurltlea) Many excellent Issues can now be ac quired at a fraction of their worth. What are the outstanding stocks and bonds deserving of conaldero. tlon In Julys market and why Our apeclal letter "JULY 1920" analyzes certain Issues deserving of for FnRVEE0COPY.n',d",t,on- 3end carried upon oon$rva. Uvt marginai lattt. ODD LOTS a speofalfy. MILTON HEIM & CO. 1622 Cnittlnii C ft. invuvMi iirtii opruefi 74 RroB A Norm, Grubb & Conghlau Accountants and Auditors West End Trust BIdff. Philadelphia jfew York The National Oil Company (of New Jersey) Common Stock William W. Cohen & Co. Members N. Y. Stock Exchange N. Y. Cotton Exchange Chicago Board of Trade 67 Exchange Place, New York City E Quarterly Dividends JJ can now be obtained ' with safety when yon invest your money in Preferred Stocks issued by well established Manufacturing Companies, with no mortgage indebtedness and earning several times dividend requirements. ire have a (artfully itleited list if Preferrt d Stocks, paying Ifo Qsertrriy Dividends, whieh toe can recommend to the most conservative investor. Ask for Folder A'o. FPL-3S1 lollisterWhite&Co. iMCoPotArao. I North American Building PHILADELPHIA new YORK "fll IELD PROVIDENCE PITTSF1ELD PORTLAND Allegheny Valley 4s, 1942 Buff.. Hoch. & Pitts. 4i,s, 1957 Mason City & Ft. Dodge 4s, 1955 Western N. Y. & Penna. It. R. 5s, 1937 U. S. Rubber 7'jH. 1930 Waterloo, Cedar Falls & North ern 5s, 1940 Amcr. Ice R. Est. 6s, 1942 B0ENNING, GARRISON & CO. STOCK EXCIIANOK nCILDINO American Lt. & Tr. 6s, 1925 Armour & Co. 7s, 1930 Cleve. Elec. 111. 7s, 1935 Hershey Choc. 7s, 1930 Philadelphia Electric 6s, 1922 United Gas Improvem't 6s, 1921 U. S. Rubber 7s, 1930 MCown&CQ Locust 819 v Land Title Bldg, if IV) Yei Xl. ConnMo. Canal if if National Properties Company Bondholders' Protective Committee To the holders of tho 4-6 Secured Gold Bonds of National Properties Company A default in the payment of the Interest duo July 1st, 1920, on the above bonds havlnc occurred, it is necessary for the pro tection and assertion of tho rights of the holders of these bonds and tho conservation of tho value of the security pledged that concert nnd unity of notion should be obtained. The undersigned have consented to act as a committee for this purpose and for the protection of tho interest of all of the holders of the said 4-6 secured bonds who snail become parties to an agreement which has been prepared, dated Juno 8th, 1920, an executed copy whereof is lodged with the depositary hereinafter named. Holders of said bonds are requested to deposit the same with tho Pennsylvania Company for Insurances on Lives and Granting Annuities, nt its office, 517 Chestnut Street, in tho City of Phila delphia, the depositary named In tho said agreement, not '.ater than July 26th, 1920, at three o'clock P. M., when the right so to do will cease. Said depositary will issue transferable certificates of deposit therefor. All registered bonds must be accompanied with proper transfers thereof. Your Committee submits to you for your consideration a plan based upon an offer from an underwriting syndicate, a copy of which is on file at the office of its depositary. By the terms of the offer, it must be accepted by your Committee on or before the 26th day of July. Your Committeo accordingly has extended the time for tho deposit of bonds until the 26th day of July next. All tho depositing bondholders are requested to express their approval or disapproval on or before tho 26th day of July, 1920. All bondholders who have not yet deposited their bonds with the Committe are requested upon the making of tho doposit thereof to express 6uch approval or disapproval on or before said 26th day of July, 1020, on which day tho Committee must adopt or reject tho said plan. Under the plnn all depositing bondholders will receive 39 of the faco value of tho bonds deposited by them in Common Stock of The Amorican Railways Compnny when acquired by the Com mittee; the bondholders who elect to pay in cash, 17& of the faco of .their bonds will receive in addition 7 Second Preferred Stock of The Amorican Railways Company to the amount of the sum paid by them, less the disbursements provided for in tho plan, and an additional amount of the Common Stock of Tho American Rnilways Company of at least 100 of the face of his deposited bonds. Copies of tho plan and the deposit agreement may be obtained at tho office of tho Pennsylvania Company for Insurances on Lives and Granting Annuities. Dated July 12th, 1920. U J. CLAItK, Secretary, B17 Cheatnut Street, Philadelphia, Penna. EVAN RANDOLPH. Chairman; JOHN ORIBBEU, ARTHUR V. MORTON, JOHN J. HI3NDKRSON. E. CLARENCE MILLER. Committed. PRICHARD, SAUL. DAYARD & EVANS, Counsel ' .-V 'kr -a V ; 1 'if,.. ri: y1 tjj r n 1 4$ 'tj. r , , w -1 H ii ' tfl m n i ii H 1 m 4- m 'Jik--) mm jT-t J.l ft VI I a w J i 'M ? w M V , jte4,wjh '.t. ..a r rtJ ,. .'!.' , 71 1 1, f , ja i'jor Jl"i j).A JJ l&l..
Significant historical Pennsylvania newspapers