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EVllf& pfeBLlO imdAPHU; THTJttSDA, JULY 290
19
FLOUR PRICE IKS
AT MINNEAPOLIS
Reduction of 75 Cents a Barrel
Follows Slump In Wheat
Quotations
BRITAIN BUYING U. S. GRAIN
Minneapolis July 20. TtePctin,: the
lumii In wheat Prices, flour dropped
TpTrdny nt nil large m " here, one
It he lirficfit mlllH roportlnR n redtie
tied of seventy cents a Imriel mid nn
other a M-venty-flve-ccnt drop. e.
terdnVs iuotot Joiw were $1.1.50 o
I3 M n barrel lit carload lots, in
nlnetyelRlit-Pouud cotton sockM, for
family patents.
Hrnn also dropped to. $4R n ton from
ye.Merday's quotntlon of 54".
"Burton count v in the banner wheat
rntintr of Kansas this year, with fin
Sited yI"W "f 4.000.000 bushels,
valued at $ll.r.00.000. It baa a popii
Uilon of 1.1,000, which means Its wheat
Xt tlita year Is worth .$(140 per
ranita for every man. woman nnd child
In the county, to say nothing of the
corn and other products.
It has hod no harvest labor shortaRe,
and much of the threshing has been
finished and the floating labor has been
filtering away to Nebraska and other
fields, following the ripening grain.
Ilnjing tor export to the T'nlted
Kingdom has resulted In jeonsldeniblo
trading In new club wheats in Wash
ington and Oregon, with farmers hold
Ing for n price that will mean $2.G8
f. o. b. Puget Sound, drain has
changed hands nt nn opening figure of,
$2.00, with the bulk at $2.40 to $2.Ct.
Bids on new hard whites tun tttlout a
nickel over the clubs.
England Won't Huy Flour
Northwest millers arc not operating.
They have nil the wheat -they require,
and on taking invoices of stocks of flour
on hand all plants in this territory find
they have unusually heavy stocks where
they expected n clean-up by the begin
ning of the fiscal year.
From known disclosures to confiden
tial agents in the north coast wheat
territory, It Beems certain that England
will resume its pro-war practice this
year of buying wheat, but (io Hour In
order to retain the feed and residue and
to keep Its own mills in operation.
North coast mills must therefore look
to the Atlantic seaboard and the south
eastern states for nn outlet for their
surplus, which will show triple what It
was In 1014 due to the Increased mill
capacity during the wur.
No Loans for Speculation
Millers arc confident that thcro will
be no loans for speculative purposes this
year. Plant that have been necus
tomed to finance their wheat supply for
Rix months to n completed season ahead
have been quietly advised that funds
to buy wheat for n three months' run
will be the greatest they inay expect,
such loans to bo handled through the
Season nn Mm ntlintv.iliiv Tinala li-nrm.
ers will get loans of about $1 per
iKlliltltl iA - .u .... . - . - .1 ll .. . -11
uupiici iur expense money nnn uie sman
operator will be eliminated. Estab
lished grain dealerh, It is intimated,
will be left to take earn of themselves.
This financial program in mnrkcting
wheat in the. north coast territory will,
" nv.ti v. .. Tl.l. 11, llu .'.Mill. IIUI1
of the speculative feature and result
In n nlinrn nnd nlllek rtmnl'C of hands
from farmers to dealers nnd millers and
movement to primary storages, thereby
releasing rolling BtocK urgently required
tor olticr commodities.
Washington, July 20. Wheat from
lent year's crop carried over info 1020
totaled 100,1118,000 bushels on July 1,
comnared with 48,001,000 bushels of the
1018 crop on hand tho corresponding
day last year, said an announcement
yesterday by the Department of Agri
culture. Stocks on farms, in country mills and
elevators and in points of largo accu
mulation nil showed nn increase over
1010 totals. This year farmers held
47,750,000 bushels, against 10.201,000
bushels In 1010, thff figure perhaps re
flecting disturbed transportation condi
tions during the last year.
At tho larger central storage points
this year the department found 21,
574,000 bushels, against 0,032,000 in
tho samo places July 1, 1010. In coun
try mills nnd elevators this year thero
are. .10,088,000 bushels, while in 1010
there wero 10,708,000.
SENT WIFE POISONED CANDY
Tennessee Farmer Said to Have
Told Another Woman of Intention
Nadu Me, July 20. George Llttnlal,
a young farmer of Sumner county, has
coiucsHcu, uivjiruiuK hi me ponce ucru,
that lip sent the poisoned candy to his
wife. Mrs. Susie tiittrtial, nn Inmate of
the MIddle'Tcnnessec Hoipllnl for tho
Insane, which resulted in the death last
weeit ot mrs. ijizzip urooits, nnotner in
mate, and the serious illness of Mrs
jjiunmi uim iwo uuspuui uiieniinnis.
The confession, as made public by
the police, quotes Mttrunl ns saying
that he had communicated his intention
to attempt to poison his wife to a young
woman neighbor, whom, it was said, he
had planned to marry.
c
New York Bonds
ISkVER m S1000
From Openln Until 2 p. m. (N. Y. Time)
A Tel & Tel elt
1 7Bi;
0 76 3
A TAT ov 4i
1 78
1 78
3 78
A Tel ft Tel Be
3 TOM
n 70
1 75H
B 75H
A Tel & Tel
1.
1.
n.
1.
1.
1.
B.
s.
A W Taper Be
B TO
Ana-French Be
03 W
03 U
03U
D3U
03
03 U
03
1 01
4 01
D Canada '31
s eav,
Erie rjenl Lien
3 83
Erie It It cv A
1 31 !i
Krle 11 n cv 13
1 33
Krle P. It cv D
Erie ItR Co 4 k
2 48
1 18
10 48
,fjn'l Klcc 6s
pirn ii iiiin;i!iiiiiiiiiiiiiiiiiiiHiiijiiiiiiNHiiiiiiniiiiiiii!iiHii
Earnings 5.83 Times the Annual Interest
The stability of well-secured convertible short-term notes has long made
this form of investment a favorite with conservative investors. The five
year secured 7K gold notes described below occupy a very favorable
position both as regards assets and earnings, the audited earnings for
1919 being equal to 5.83 times the annual interest on these notes.
With such earnings, the 8 yield made possible by present conditions
is decidedly unusual and the privilege of conversion into the preferred
and common stock adds an opportunity for enhancement in the value
of the principal as well.
A Complete Unit
in an
Essential Industry
Factt and fgurti compiled bv the
Sinclair Companv
Produces, transports, refines
nnd markets petroleum prod
ucts. About 1 D00 producing wells.
Approximately 2800 miles
of pipe lines.
t)4- pumping stations.
Over 1000 tank cars.
10 modern refineries with
total dally capacity of about
4.5,000 barrels.
10 casinghcad gasoline
plants.
400 distributing stations in
20 states. I
About 6,000,000 barrels
crude oil in storage.
Murine fleet of 50,000 tons
in service.
1919 net earnings before
interest and reserves
$21, 890,808
Total similar net earnings for
last 3 years $50,000,582.
Pennsylvania personal property tax of four mills refunded
To yield 8
Five -Year Secured
1Vi Convertible Gold Notes
of the
Sinclair Consolidated Oil
Corporation
vhich has furnished us villi Ihcjolloiciiig hiformalion :
These $50,000,000 Secured Notes are the sole
funded debt of the enterprise, excepting equipment
notes and other items aggregating about $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 consol idatcd net earnings over a series of years
makeaconsistcntandconvincing record, theauditcd
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 months 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 moy be purchased in denominations
of $1,000, $500 nnd $100. Interest payable without
deduction for the Federal Income Tax up to i,
Writo for illustrated booklet
I Vc offer and recommend these notes for investment
at 98 and interest, to yield 8
Graham, Parsons & Co.
43S Chestnut Street
j Philadelphia
The ttatementt presented inthh adcertliement, while nortfuarantted
are obtained from toureet which we believe to be rj&able. '
1
jlHl.lllllllllllllllllllli
Issued under the Philadelphia Plan
$250,000
Virginia Railway and Power Company
Car Trust 8 Gold Certificates
PHILADELPHIA TRUST COMPANY, Philadelphia, Trustee
Certificates in denominations of $1,000 each, may be registered as to principal
Dated July l, 1920 Due Serially as follows:
$50,000 July 1, 1921 $50,000 ,
$50,000 July 1, 1922 $50,000
$50,000 July 1, 1925
.July 1, 1923
.July 1, 1924
Warrants for semi-annual dividends mature January 1st and July 1st. Certificates and dividends
Payable, at the Office of the Trustee. Certificates may be redeemed as a whole on any dividend date, upon
30 days' notice, at 101 and accrued dividend.
The equipment under the trust will consist of 50 safety cars to be built by the J. G. Brill Company,
at a total cost of $325,700, and is to be leased to the Virginia Railway and Power Company at a rental
suincient to pay the certificates and dividend warrants as they mature. Title to the equipment will be
vested in the Trustee for the benefit of the Certificate holders until the last installment of Certificates
Miall have been paid.
The Virginia Railway and Power Company owns or controls through lease the entire street rail
way, electric light and power business in Richmond, Petersburg, Norfolk, Portsmouth and Berkeley;
the electric light business of Suffolk and the City Gas Company of Norfolk.
t Vpon the baB3 of eleven months' complete returns the net surplus for the twelve months ended
June 30, 1920, after all charges, but before depreciation, ft estimated at $1,500,000.
We offer these Certificates when, as and if issued and received by us and Bubject to approval of
legality by our counsel.
Price 100 and Accrued Dividend, to Yield 8
CASSATT & CO.
NEW YORK COMMERCIAL TRUST BLDG.
BALTIMORE PHILADELPHIA
PITTSBURGH
SCRANTON
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SUFFRAGISTS SEE VICTORY
Tennesaee Sure to De 30th State,
Says Miss Alice Paul
Wnshlriffton, July 20. Kntiflcntlon
of tho woman milTrngn amendment by
tho TenncBRoo Legislature Is regarded
as certain by the National womun m
party.
"Miss Alice Toiil, head of the organi
zation, announced last night that the
latest poll made by her lieutenants on
tho ground shows that thirteen of the
necessary seventeen votes in tho Sen
ate have been definitely pledged, and
that thirty-five of tho necessary fifty
votes In the House arc assured. Sev
enteen votes constitute n majority in
the Senate and Jlfty it majority of the
House. It is felt certain that with
more than a majority In each House
Ntill unpledged, while only four more arc
needed in tho lower branch and fifteen
In the upper, thero is virtually uo
chance of failure.
If Tennessee does ratify the necessary
thirty-sixth state to make woman suf
frage effectivo by federal amendment
will have been obtained,' nnd 11,000,
000 women who would not otherwise
have the right to vote may go to the
polls and vote for the next President
in November.
'GAS' STREET CARS URGED
WOOL IMPORTATION
STEADILY GROWING
Increaso to Juno 1 Over tho
Previous Year Was 40,-
365,538 Pounds
EXPORT 11,013,491 POUNDS
Ford
Save
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8T
Shows How Detroit Can
Money by Its Use
Mayor Conzens, of Detroit, has re-
rnlvorl frnm TIpnrr Vnrii n rCnort con
taining llRiiri'M on the cost of operation
nt fhn trnvnllnn street rnrs which he
proposes to iikc on the municipally I
owned lines, sajs the Detroit rsews.
Although he had not yet had time
to digest them, the nmyor said they in
cluded a comparison of the cost of gaso
line car operation with D. T It. cars,
ns shown by the audit of the traction
company s boolts mnuc ty tue ciry 8
auditors in nettling the penny transfer
dispute. This audit showed that the
cost of operating tho D. U. It. cars was
HIJ.OS cents tier car mile.
Mr. Ford's figures, nllowlng for an
overhead as great as that of the I). XT.
It. which the major does not believe
necessary, indicates that his gas rur
will 'effect a raving of $1100.(U7.4.T a
year ou a car mileage of Il.l.ODO.OOO. Tin
D. U. It. cost was .'IH.08 cents a car
mile. Mr. Ford figures on a cost of
ill, 01 cents a car mile.
SAVE PHILA. GIRL AT SHORE
Llfeguarde Pick Up Exhausted
Swimmer Near Helnr Pier
Atlantic City. July' '."O. Lifeguard
Thomas Cowcll. former star of the Wc-t
Philadelphia High School, yesterday
rescued Jack Plckford, a Cauodiun vet
eran of tho world war. when he fainted
in deep water off Tennessee avenue.
Vhile hundreds of promenadcrs on
the Boardwalk looked on guards res
cued Miss Marie Ueohels. of Philadel
phla. when shp became exhausted while
attempting to swim nrotind the Heinz
Pier.
Washington, .Tulv 20, Wool Impor
tations increased ' 40.ll.".n8 pounds
during eleven months ending .tune 1
this j ear. over n similar period In 1010.
according to n statement just Issued by
the National Association of Wool Man
ufacturers, uhirh reads as follows:
"The total Imports of wool for the
eleven months of 1018-1010 wero J100.
1 rt2.8T.t pounds and 400.408,411 pounds
in 1010-20. divided as foiiows: Class 1.
321,1:18.871) poiindi: Class 2. 0,002.053
pounds: Molinlr. etc., 7.000,403 pounds;
Class .1, 07.077.071 pounds. During the
eleven mnntlw nt 10111-20 the Imnorts
of Class t wools slmwa nn ncrease of
35.0.10.002 pounds; Class 2, wools. In
eluding mohair, an Increase of 7,850,
257 pounds, and CIiifs 3 wools ft do
crease of 3.13.1.000 poundt.
"The imports of cloths of wool during
the eleven months given above show an
increase in qunntitv. of 3,124.021
pounds, equal to -1,747.040 square
yards, and nn increase In value of
$8,212,100. Of the Increase in pounds
2.R02.00S are credited to tho United
Kingdom.
"During the eleven months 11,013.
101 pounds of loreign wool, valued at
$11,155,301, nnd 5.811,810 pounds of
domestic wool, valued at $4,000,G80.
were cpnrtcd. The total quantity of
wool, both foreign" nnd domestic, ex
ported in the period was 10,825,310
pounds, valued at. $10,101,S03.
"The exports of woolen rags in the
elcun months were 20,433.834 pounds,
valued nt $3,820,755, nnd In 1018-101!)
they were 10,073,020, valued at
$3. 135.820.
"American -mnde blankets, valued at
$1,000,050. and cloths nnd dress goods,
weighing 10.430.030 pounuV. equal to
14,5.10.230 square yards, unci valued
ot $25,S13M51, wore exported in thei
eleven months. The exports in the same ,
period lust year were: Blankets. $012,-,
COO; cloths and dress goods. 3,545,352 1
pounds, equal to 01.172.470 square
ardi. valued at $10,008,328.
"The total import value of all manu
factures of wool nraounted to $12,121.
378 in the eleven months of the fiscal i
enr 1018-10. and to $38,007,034 in the1
corresponding months of 1010-20, show-'
iug an increase of $25,880,250 iu the
jntter period. The increuses were,
wool. $2,717,014; tops. $1,040,205;
carpets, $5,720,388: cloths, $8,242.
100; cloths of mohair and alpaca,
$.170,005; dress goods. $1,718,001;
wu-te-, nnd tags. $5,220,788; yarn,
$2,772,237 ; all other, $1,101,705. The
imports of wearing apparel decreased
$004,1 17.
MAN KILLED IN COLLISION
Twelve Others Injured In Tralrt
Crash Near Eric
Krle, l'ft., duly 20. William 'Am
mcr, a track laborer, of Kdlnboro, Pa.,
was. killed and twelve persons were In
jured when a passenger nnd a freight
car collided on the Northwestern Penn
sylvania Klcctric Hallway two miles
south of Krle yesterday. Failure of
tho freight train to take a switch was
given as tho cause of the accldoht.
The Berlously injured were Mrs. P. 11,
Sheridan, Chicago; Mrs. I. ,T. Klowier,
Cambridge Springs, Pa.; John Hopski,
Krle: Air. nnd Mrs. Jacob I. Mohn,
Pittsburgh ; Austin Corll, motorman of
Fassenger car; Lee Vaughn and Frank
.cslie, freight train crew, of Meadvllle,
Pa., and Archibald Steele, section fore
man. Kdlnboro, Pa. All arc in Erie
hospitals.
f
it'
CHICAGO OFFICER ACCUSED.
Charoed Wftfv
From 8aloon Man
a
M
.
Detective 8crgeant
Theft of $15,000
Chicago, July 20. Paul Peterson,
detective sergeant, was formally charged
with robbery yesterday in connection
with the theft of $15,000 from Abe
Nelson, a saloonkeeper.
Peterson, holder of scverni swtmmlns;
records nnd three times cited for
bravery, is charged with persuadlne
Nelson to draw $15,000 from tho bank
to buy whisky and then arranging '
fake hold-up. '.
Although his salary is only $2000 ft
vear Peterson's bank book snows " &
posita of from $150 to JjWio a, mpntn
since January 1. according to Assistant
District Attorney McKay. Nelson told 1
McKay that Peterson had $0000 in his . ,1
,.-i -. !.- !.-- ,1.- I. .1.1.. . 'I I
pocnet lit uiu nine i im- uuiu-ui'.
Equipment
Trust Certificates
Union Pacific 7s
Southern Pacific 7s
Pacific Ftuit Express 7s
Canadian Pacific 6s
Virginian Railway 6s
Issued Under Philadelphia Plan
All Maturities
Bought, Sold & Quoted
Telephone Spruce 1480
Commercial Trust Company
Member Federal Reserve Bank
City Hall Square
$7,500,000
Columbia Graphophone Manufacturing Company
Five Year 8 Gold Notes
To be dated August 1, 1920 To mature August 1, 1926
Interest payable February 1 and August 1 without deduction for normal Federal Income Tax not in excess of 2.
Principal and Interestpayable at Guaranty Trust Company of New York. Coupon Notes in denomination of $1,000,
registerable as to principal only.
Redeemable as a whole or in part on any interest date, upon 30 days' notice, at par and interest plus a premium
of Vi for each six months' period by which thepnaturity of the Notes is anticipated.
The Company covenants to refund the Pennsylvania four-mill tax
Each $1,000 Note will carry with it the privilege, at any time after February 1, 1921, and on or before the maturity
or redemption date of such Note, to purchase 3 shares of common stock of the Company at $35 per share, which price
shall be reduced if the Company issues additional common stock for less than $35 per share after February 1, 1921.
Semi-Annual Sinking Fundjof $626,000 payable June 1, 1922, and on each December 1 and
June 1 thereafter up to December 1,1924, inclusive, is to be used for the purchase or redemption
of Notes of this issue; if Notes are purchased and cancelled other than by Sinking Fund, the
semi-annual payment will be proportionately reduced.
Guaranty Trust Company of New York, Trustee
Fot information regarding these Notes, we call your attention to a letter I copies of which will bo furnished on request) from
Mr. Francis S.Whitten, President of the Columbia Graphophone Manufacturing Company, which is briefly summarized as follows:
The business was established in 1887 and consists
of the manufacture of Columbia Grafonolas, Colum
bia Records and Dictaphones. Columbia Grapho
phone Manufacturing Company is one of the two
largest companies of its kind in the country.
These Notes will be the direct obligations of the
Company which (excluding $250,000 real estate
mortgages) has no other funded debt outstanding.
They will be issued' under a Trust Indenture which
will provide that the Company shall not make any
mortgage or pledge (except purchase money mort
gages or to secure acceptances made in the ordinary
course of business) of any of its present or future
assets without securing equally these Notes, nor
shall permit any domestic operating subsidiary (as
defined in the Trust Indenture) to mortgage or
pledge any of its assets.
The Trust Indenture will also provide that the Com
pany and its domestic operating subsidiaries (as de
fined in the Trust Indenture) shall at all times main
tain current assets equal to at least 160 of their
combined current liabilities, the present issue of
Notes, any future issue of debentures and notes,
and all guaranties (as defined in the Trust Indenture)
of future issues of debentures, notes and other
obligations.
The operation of the Sinking Fund, which begins
June 1, 1922, should retire approximately one-half
the amount of this issue prior to maturity.
Total Net Tangible Assets applicable to this issue of
Notes upon completion of this financing will be over
413 times the par value of these Notes, and Net
Current Assets alone will aggregate more than 313
times these Notes.
The equity junior to these Notes is represented by
$10,348,941 preferred stock and 1,209,762 shares
.no-par-value common stock, which, at present quoted
prices, have a combined market value approximating
$40,000,000.
Earnings, as certified by Messrs. Arthur Young &
Co., Certified Public Accountants, have been as
follows :
Liberty 3,$s
Liberty 1st -Is...,
Liberty 2d -Is....
Liberty 1st 4..
Liberty l!d -lVls..
Liberty .Id 4 Ms..
Liberty 4th 42h..
Vic Note 3Hh...
Vic Notes 4'J4s...
inch
01.00
8.M0
84.70
85.70
84.88
88.80
85.20
05.70
05.74
(N. T. tlmM
1 ir
p. in
00.08
85.10
81.70
85.70
81.82
88.80
85.20
05.70
05.70
Low
00.04
85.10
84.50
85.00
84.72
88.04
85.00
05.08
05.00
RAILROAD EARNINGS
TLANTIO COAST LINE
. 1"20 In
juna iniM ,,
IS.roa.osa
rrtueo
tSOM&O
3 Years ended December 31, 1919, average
Year ended December 31, 1919
Net Income (after
allowance for depre
ciatlon and all taxes)
$2,087,493
3,887,162
Interest Charges
including interest
on notes payable
$394,873
262,960
Balance)
$1,692,620
3,624,202
For the year ended December 31, 1919, the Net In
come after allowance for depreciation and all taxes
(but without allowing for any benefit to be derived
from the proceeds of this issue) was more than 4 V2
times all interest charges including the maximum
annual interest requirement on this issue of Notes. s
For the six months ended June 30, 1920, the Net
Income of the Company, after allowance for depre
ciation and all taxes, approximated $2,900,000, or at
the rate of over 6 times all interest including tho
interest charges on these Notes.
Price 100 and interest, to yield 8
When, as and if issued and received by us and subject to approval of counsel. Announcement aa to time and form of doUrex
will be made about August 4th. All legal details pertaining to this issue will be passed upon by DUT7
Messrs. Stetson, Jennings & Russell of New York.
Guaranty Trust Company of New York
Kissel, Kinnicutt & Co.
New York Chicago
&
Dominick & Dominiclc
New York
W do Mt cumiite the statement ani fliviee pteienled beieta but Uiejr are taken bom eoureei which va UIUto to battaxta.
SI
ii
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f'lfl
rJt
49
rs.
1
tn
HI.
r
m
iji
Mi
:
m
m
4
Tht alove MormaUon has betn obtained from source we regard o reliable. lv do not
guarantee it, lut oeltcvo U to be correct.
Dflolt after Uxei ,.
Net opr, deficit,,
Blx monthr rrosi.,,
Jlalnnce arter taxes.,
ta oporailng fcjoomo
Oca-cane.
417.H34
078,168
86,010,086
04.1,018
4,080.m
223,408
Lfe.,
1.TTS.1M
II
4, Ul, 38a
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