;f'',J,;wi r BWJ'' A i "'!.. tt ' V As' V' - V " r.' 1 w ' n w. 1W' "ttfjpm' ) w ,. 1.' wi'V r ( nii. v .; i Hi EVENING PUfeld dEDGEKr- PHILADELPHIA" TUESDAY, AUGUST 8, xi9&- f C I , ' - r irii-ji . ,TJJndon stook market Checkercd-K.ff1r Cheerful. ,9"V ...1.1 Auction Lacked Snap ,n" Aii j,jrhero was noJn ". ,7the altehdMio. of broUira ..k the resumption 01 """ "'"" 3k hatiKo today, -in iato. but Bcneralleteady. .. Iiied investment Issues were ,m'$K?big the distribution of 1,0. v iS dlvtfendg today. Dollar ee- e'ill.'' Jf IS e York exchange. K.n "II. -ere dull, but the . "'.". r Mexican ini" ""IT'.-- en -- prone h loane wcro weaKer, !?1e8f; nr7paratlona for the notation owing w a r,tr cent Issue, of a new 6 per Trannpori 01I.i and Mexican Eagle 10 1Mb. tU .B?..r L fhB Kafllr department was M'" tonoth.? advance in Sf Sim of bar sold. 1 The Industrial bc'" """"" "'- uT.on Bay was 6 11-10. Haw 8ugar Continues Quiet . . i.. 9 TYiik mnxlret for .Jnr contrnueB' gulet but steady. i'blTh bSyers and" .ell. ahowtaK ii.nnnltlon to await luruior uo.biuj.- ,, disposition eale wcordjd L o!vMqn- Te .?.'.. i. Tot of 4200 bags or uudbs ror WLnt the flre half of this month hlrment tne " .. Amirirftn Tin. !?.Nrro at U cenu. cost and flnne Co, at VJ. ioiii,iri ii nnn rfba.fi National CoT; 10 481 SS Ccub and ., M.000 bag; Porto n7Sw to tho American -, . ". i, X.V. Vn the Fcaerai uo. ; iu.uuu uii; Sub. meos to Arbuckle Brothers, and ?jm bigs Argentine whites consigned We. The local refined market remains "' " Loading Livestock Duty of Railroad WMlilnKtoD. Aug. 3. Collection of ,hlrs for unloading and loading live ...v in addition to the rates on live- $! S and from. Chicago stock yards "..mind today by the Interstate Com yali Commission to be an unlawful '? unreadable practice. In deciding f, "brought by the Chicago Live- trie WSB. "i"" int thn AJp.hlBon. ,0aa and toiUa Fe Itollway Co; the ttSlTMatluit loading and un- loading of 1 vwiock " uw ..fcu ,-.- vs rt au'y UJ ",v " T fJEW YORK COFPEE' MARKET New York, Aug. 3.The coffee mar ket was empty this morning and senti ment Wnslncrvoun.. Tho nnnrnm'nrn nf a few selling orders, In liquidation, gave Dears another opportunity to depress values and prices on the call were 10 to 13 points below the previous closing figures, with ecant buying power In evidence. After the call, nctlve months sold off C to 7 points, December selling to 10.48, Mnrch to 10.70 nnd May to Jo.78, but nround midday prices summed bark to tho best of the morning, although trndc Wfln ntllor. Prominent trndc Interests expressed the belief that Hantos Is slowly recov ering from the recent chaotic condi tions prevailing there and that, while tJic recovery may not bo rapid' until they have sold more coffee, they sec a gruuuui ucui'riui'ui. NEW YORK BOND SALES Summary of Individual Transactions on New York Exchange 8AMJS IN ilOOOl Srronf Opnlnr Until 3 p. in. (N. T. Time) Vmer'n Aur &C'k A O ov Si Grla Otnl LI. B 7B'i 8 7BH Chi A Alton Si 2 S3 C & A char fia 1 83 CB&QU3U Test. Tody' cloo otyn (tent. .. J0.80O32 10.2OSO Dee. .. 10.04t 10M(.(5i March. 10.8fi0 10.73073 Mar... 10.03011.00 10.81083 Bid. (N. T. tltno) 11 a. m. 10.20031 io;4r, ., Liverpool Cotton Liverpool, Aug. 3. -There was a fair demand for spot cotton today with prices easier on tho basU of a dccllno of 69 points for middling at 26.50d, The sales were 7000 bales. Tho re ceipts were 6000 bales, none American. Futures were quiet In the early deal ings. Spot prices wore: American, mid dllriK fair, 30.81d : good middling. 28.06d; full middling, 20.81d; mid dling, 2B.66d; low middling, 21.76a; good ordinary, 18.66d, and ordinary, 17.66d. GOVERNMENT BONDS r 27 10. 33. 00. S 0. ArK ranama coupon St, 1033... Panama ratlatercd 2i. 1038. Panama coupon 2a. IMS.... Panama registered 2a, 1038. llld ino ion toil .100t Panama coupon 3. 1001 77 Panama reglflttrcd 3a, 1901... 77 PhltlPDlne 4a, 1081 T8 Phlllppma 4a. IBIS 7s Philippine 4a. 1930 7S V S OoJ coupon 2a. 1030.. ,.ln(ii V H Govt roRlateren 2. 1030..100i u 8 Oovt coupon 4, in;. ...ior, V.S Oovt rK(Btned 4. 1D2H..10', Plat or Columbia 3-(10. lli'.'l. on -t 'f--i-xtxj jJk-J The' Alien Property Custodian during the Great War sold various prosperous concerns at auction, in many cases at forced bargain prices. For this reason we have been able to purchase a block of the securities of one of these concerns, the Eiscman Magneto Corporation, which wc can offer at 5 SHARES OF 7 PREFERRED STOCK I SHARE OF COMMON STOCK Total Cost . . $498.00 and. accrued dividend on Preferred Stock This Company is one of the largest and oldest manufacturers of magnetos in the United States. There it No Bonded Debt Earnings, before taxes, are at the rate of about 6 times the Preferred Dividend' and about 18 per share on Common Stock. Descriftive foot let upon request Eastman, Dillon & Co. Members New Ycri Stock Exchange INVESTMENT BANKERS 71 Broadway, New York Amer Cham d 5s l...t. 02 Amer Doclt A Imprv 0a 1 07't Amer Bmelt'k & ItcH's St 2 78u A Tel Tel cit 1 7011 A Tel & Tel ta 1 75 i 1 73i 1 70 1 73 2 7SV. A Tel & Tel 0a 1. 1.. Di 04 H 04 114 H 1 2 A W Paper 7 3 70 '.1 AnvFrench Aa 004 noti P0H nntt HO(4 Ilepub r 2 nn vi 1 71 Armour & Co Real E 11 4 '4 2 73U 1...., 70 S A T & a he U 1. 1.... 0.... 1.... 4.-... 2.T . a'.','.'. 1.... n.. "0'i 70 70 76U 701 70 70tt 76 U 70 70 S C ll'n 1... J::: B... B... C U 2 OT Q 4a 03 08H 03 i 0.1S 08 03 A Q II 4s 73 Chi A O'wn 4 1 2W It.... 63 Chicago Mil A Bt P 4a -2 83 Cblcaco Mil & BtP 4s '23 L 1 74 cnicaso Mil A mi- cvihi 1 .... OS Chicago Mil A BtP fd 4 Ha 1 B7U Ctllcago Mil A StPBm 4 Ha R 09 1 00 'l Chi A Nwn ; n.... 100 1 00 Chicago fit P'l Mln A O 4 1,4 a Lien 3 40U 3 40tt 1 40 2 40U Crla R n ov u 10 SOU Erla 11 II cv D 0..... 37 Oen'l Kleo 6a 1 08T4 ICvt Swzd rcta .... 7.., 1... 1... B... 3... 8.... Atch T A S I cv 4s 1 03 2 63 Atch T A H T cv 4V4" '60 1 J0 A T A 8 Ko 1 !.... 064 8... cnu l 7 2...;. 3 2 1 A W M03H 103 H 103U 103 U 1034 103 V. 103'4 0.... jo.iv; ; N'n ly let K 78 Hud A Man (d 2..... 03 2 , S3 til Cen'l 4a '32 1 08 v 111 Cen'l 4a '63 10 H B 08H Intboro M 4 Ha 7 W, 7 12V4 10 12 B 12'4 In'o M ct 4t4 8 13 8 12 1 12U Intboro II T f d lJngJM,M'ia4UJtWl.tsMhA' ,,afeJAx.g-H OOH .... 08 .... 00 .... Oly. C Line cit .... 02H .... 02V4 .... 03 Atl Coast L 4a 1 72 2 72 8 72 ACL rcta i 4- 07 2 07i Dalt A Ohio cv 00 B0U B0 00 BOH B!) 00 84 IJ P fd 05 65 60 60 0 00 I 4 B3K 31 54 V, Chile Cop'r 01 B 71U 2.-... 71 18... 72 Chile Cop'i 7 B... . 01 5 nt City Lyona fls It.... 84H 4 84 City Mara's 69 3 84 City Parla 6a 2 02 1. 16. 35. IS'. 1. 11. 10. 8. 2. Bait A Ohio 4s 15.,... 001 B OOH Salt A Ohio 5a D 00 Dalt A Ohio 0a 5... 1... 1... 1... 2... 1... 43N 11 12'4 42i 43 42'4 43H 42H 42u 42 13 43 n M Marine 0s 1 84H 1 84 1 83 5 83 10... . 83 Jap Gov't let 5 72H 5 71 Jap Oov't 2nd 1 71H 5 71H Jap uov't 4a 2.. 0.. 2.. 10.. 27.. 1.. 85 H 85 H 85 H 85 83 85 2 85H II O Till 4a 1 45 1 45 n A O P L U A W Va 4a 3 60 n A O 8 W'n nty 3H 2 08 Deth S 5a '36 1 78 1 78H Cen'l ot Oa 3a 6 85 Cen'l Lea'r 3a 6 00 6 00 1 00H Cent'l Fac lat ,2 71 C A Ohio 4Hs 1 71H 1 71 C A O cv 4Ha r. 71 2 71 02 02 02 02 01 i 02 01 Cl'd Cln Chi A St L 4a 3.i .. 71 Cl'd Cln Chi A St L 5s 1 70 (Col A So'n 4a 1 78 Cona'd Qaa 2 06 l.i... 1 '"uban C 10 1 1 12 3 1 10 Kan C 1 2.. 10. 17. 0. 1. Sen 10, 10, 00 07 H cv 04 .... 04 .... 03 .... 03 , ... 03 .... 03 a n u iii .... 46 42 Mo Poo cm 4i 2 B2H 23 62 1 63 25 62 Mo Poo 6a "23 1...... 84 6..... 86 National Tube Co 6a S 83 New O Tex A Mexico 4a 1 68 . 1 58 New O Tex A Mexico 6a 1 52 N Y C A II It It It 3a 1 04 N Y C A II n nitti 1 87 87 1 87 -6 88 N Y I.liht II ' A row'r 4a 6 78 N Y Mint II A Pow Oa 1 73 N Y N II. A II ov 8a 11 41 1... .741 New Y N II A Ilart'd 0a 1 70 N Y Tele 4a 4 78 N Y Tele's 0a 1 80 2 i85 N Y Weat C A Dost 4B 6 40 li 1 40 -.0..... 40 N'k A W'n 4a 1 76 7 76 2 76 N'k A W cv 0 6 07 B 07 N'n Pad Ho 3a Fubllo Bervlca On N J 5a 4 60 4 60 Reading RR 4a 1 70 3 70 1 70 Rio Q A W cit 1 40 I..... 40H 1 40 Bt Louie A t Fran aj 2 64 54 53 CI 68 63 B8s 32 321; Kan C T R 4a 5 05 1 05 0.. .. 05 7 00 K Dole 0a '23 2 02 1 03 K UelB'm 7Ma 0.. 18.. 1.. 1.. 4.. 6.. 1.. 3.. 3.. 1. 07 08 07 07 07 08 08 08 08 08 21 Bt Loula Fran In 1 1 6 16 5...1. 3 1 1..... 0 1 2 2... . 2...k. 2 8 13 v 2 2 10 1 6 1 2 3 1 10 1 7 Bt L A 8 Fran Series! A 1.. 1.. 8.. 6., 63 03 62 62 3. . . . . 63 6'..... 68 N'n Pacific 4a 3.,... 76 Orson S L 4a 1 77 3 70 1 77 Orr-waeh'n R Co Nav Co 4a 1 60 2 63 Pao OlEli 2 74 Pac T A,T 5a 2 70 Pa R rm 4V1 1 73 1 76 Fenni It R 6a 3 82 4 82 1 82 1 83 Pcnna R R 7a 102 61 li 61 61 61 61 61 01 01 01 ui A f 47 48 47 48 48 47 48 48 47 47 48 .47 47 47 47 47 47 48 48. 47 48 48 47 48 48 48 48 48 B'n rao Ter'l H...1. 65 B'n Itallw's 4a 1..... 08 2 68 1 68 6 68 B'n Rallw'a Ba 2 80 2 82 Ter'l It A of St li 4a 4 63 Third Ava 4a 5... A SO 1 30 Union Fao fd 1 78 Union Pao 4a 8 81 2 81 2 81 Union Pao 6a ... 07 ... '81 U K of O Drit A I'd 1021 8 06 10 00 25 00 U K of O Brll A I'd 1B22 2 01 8 01 5 01 1 80 U K of a Brit A I'd 1920 85 85 84 84 84 84 84 84 84 83 84 84 84 UKolO Mm A Id 183T .13 65 65 85 56 5"V r.r. 65 65 85 85 55 Diet's Secur'y Corp'n os 1 77 Dome Mines Co 4a IB 00 D Can 5a '21 2.,... 07 3 07 o Canada '20i 1 80 D Canada '20 2 00 1 00 1 00 3 00 Dom Repub 6s 10 87 E'n Ten Va A ueorsla en 1 80 Erie R R cv A 2 38,; luck Steel '23 1 00 Lake Bhoro M S'n 3B- 1 60 Lake Shore M S'n 4s '28 2 70 Lehch V'y 6a 1 00 Ltc't A Myers Tob'o Co Bs 1 77 Ltc't A Myers Tob o Co 7s 1.... 102 Lorlllard C 3s 1 78 LAN rcta 7a 4.... 101 1.... 101 Loula A Nash Mono 4s 6 63 Mln St P A S Ste M 4s 1 74 2 74 Mil. Jill Ji1 1 jsMll'PslJ lisl. iJI-aaaasiasaajjaasjjaaisiBaaasfajipaaaaisaisaaifsajai M iffll I 1 flW a" JBBsP isllllllllllllllllllllllllllsHslHBSaisllllHsllllllllllHslllllllllllH M II & i r'iBaaaaaaaKi:' -:VKlmKM 1 'IllJfi iHBKSHRfc iii!lHlllllBaHB!HiH Irv5 J4Ul?aCXBE9BBBBBHaBBMaBBflfSBBBBBaV HuQBt 4V - a tTmi fsaW tvKjMBJBBaflpBBl 4aaajfe5ab3HfKsgW- am' i aiiis'saaaWiasaaaaaaaaBn $adto(ur$prub are theSNecessibes for ffiefdvancement of ' GLvilizotion Do you need a con venient method or recording your in vestments? Wc shall be pleased to send you a copy or our Loose-Lear Security Record without cost or ob ligation upon re quest for Book No. PA 24. v a ii j . if ' B ka -. AN AWAKENED AMERICAN INDUSTRY CAPITAL for ages past has found profitable employment in ships and shipping. With modern steel steamships, modern safe-guards, and established trade-routes, the former risks of the business have been almost entirely re moved. Sailing the high seas is today one of the least hazardous of transportation callings. With the 'larger demands resulting from the war, American shipping is resuming its former position of leadership, and .capital is today offered increased op portunity for investment in this essential industry. Bonds-secured by first mortgages on modern vessels offer exceptional security to conservative investors. Steamship bonds of responsible companies, issued in serial maturities under exacting restrictions as to amount, maintenance, creation of ad ditional debi, insurance, etc., form a part of the varied list offered by Hajey, Stuart sT Co. As with all our recommendations, such bonds. 1 are investigated from every angle prior to our own purchase and endorsement of the issue. A representative Halicy, Stuart is" Co. offering of this type is Elder Steel Steamship Company First Mortgage Serial "Q Bonds, t Due Jan. I, 1921 1930. - A circular dttcrivtivc ,0 his and a aide variety ot other tatt Investment fcotida )IU bo I uj'o requcsl or iainpMet FA-li HALSEY, STUART & CO." Incorporated Successors to N. IF. Haisey & Co., Chicago ' LAND TITLE BllLDINO, PHILADELPHIA N TELEPHONE LOCUST 4820 , ' CHICAGO NEW YORK 008TON , DETROIT Bl T. LOUIS " MINNEAPpL(8 ' MILWAUKEE 2 " mm b i 1, ; 1... 1... 1... 1... 1... 2. 1. 102 102 w 102 102 102W 102 102 14 Peo's aaa L A Coko Co 6a 1 67 Pero Marqt 6i 1 77 1 7T 1.. 1.. 8.. 4.. 1.. 0.. lr. 10.. 2.. 2.. 1.. at I. A a Fran Series B 8 60H 6 60 Vj St L A S Fran Series C 2 83N 14 83 6 83 St L A Swn en 1 6.U StL. A Swn 1st I .... 04 Seab'd A L aj 1 .... 33 0 33 2.. 4 ..331. 5 33 U Seab'd A I. M 4 40ib 2 40S B'n Pacific M 1 74 'i B'n Tao cv 4' 8 70 1 75 B'n rao cv ,i 2... 2... 10.,. 7... 1... 10... B... WW 1... 5... 1... 1. 1... 10... 1... B... 6... 1... 2... 5... 3 .. 1. 10. 83 H 83 83S 83 H 83 U 83S 88 88 4 8SH 83 83 '4 83 Vi U H Mexico 6a 2 36 1 3.1 1 35 U'd R of O Fe un ct 4a 1 214 I) 8 114 M. 1 78H O S Hub'r 5 6 78H U S Steel 5a 01 1 3 Oltt om nt'4 02 02 (Va. 0s Urown Ilroa Ctla 6. 5. 25 1 5 10 03 03 Vj 03. 04 W 04 04 00 60 60 n ! 81 N TTlr.h Liberty 3s 01.02 10 5 10 Wabash 1 Wea'n Elec i 84'i Weat'n Md 4a 10 40 ,Wn Pacific lat 1 70'i Weat Shore 4 a 1...... 08'4 Wilson Co cv 5 84 1 84 (N. T. tlmcl i:id Ijlbcrty 1st 4s liiberty 2a 4s Liberty l8t 4V4r. Liberty 2d 4Ms.. Liberty :itl 4s. S.1.40 K4.48 85:70 fi4.(i,S 88.04 85.10 05.70 05.70 T.ow 01.00 85.40. 84.112 85.50 81.50 88.4 84.1)0 05.00 05.01 n. n 01.00 85.40 84.48 85.00 84.04 8S.50 "85.00 05.0(1 05.08 Financial Briefs The New York Subtrcatiury lost $206, 000 to the banks yesterday, making a cash net loss slnco Friday of $770,000. The nvcraflre price of twentv active Industrial stocks declined 1.00 per cent yesterday to 84.95, while twenty rail roads advanced 0.04 per cent to 73.07. No request has vat been made hv Chlnn to tho American group of bunk ers In the International consortium for a loan of $9,000,000, accordlns to Thomas W. Ijunont. of J. P. Morgan A: Co., who recontly returned from tln Far Knst, where he went to ascertain con ditions In China and nlso to brine Japan Into the consortium. Arthur n. Post, assistant Federal He. serve agent, and Walter I. Grosscup, of tho Federal Reserve Bank of Phila delphia, have returned from Seattle where they attended tho nnnual conven tion of the National Association of Stato Dank Supervisors. A Haupt & Co, dealers In commercial paper, bank nnd trade acceptances, an nounce they hnvo become associated wltn and will trade In future as Ilond & Goodwin. The olllco will remain at 104 South Fourth Btreet. Commodity Markets VIOLENT BREAK IN COTTON Net Declines of 75 to 95 Points Scored In Early Trading New York. Aug. 3. Cotton experi enced a further decline this morning. Tho opening tono was weak, with first prices '19 to 16 points lower. Selling was heay and,, general lod by the South, particularly the Atlantlcs and Wall street, and prices continued to fall, breaking to a not decline of 75 to 06 points before the end of the first fifteen minutes Much of the cotton that had been covcrod on yesterday's rally was thrown on the market ngnln. The receipts nt the ports for the day arc estimated nt .'1000 bales, nRiilnst 7214 bales n week ago, 14,440 bules a year ngo, and bum bales two jears ago. (N. Y time) 1 1 -30 1 :30 Yest close Opn n in i m October . . .'31.70 31.00 no.HK 30.S5 December . 30 68 30,45 30 17 n or, Jaiiu-iry . . . 30.00 Vll 75 SO 15 I'll V .March 21) 7.-i 20 4 20.10 I'D 1)3 May . . . 211.32 2I),2'I li 3 ,j GRAIN MARKET Chicago, Aug.. 3. Offerings of whout were scarce today, ami on general buy ing in unall lots prices M'oretl nbnrp gains. Outinurd abseuce of tain over the grain belt served as an incentive for purchasing. The demand for export was better. The cash article flNplnyed more stability. Keeeipts were .'175 curs. December opened nt $2.17 to $2.20, against $2.1.1Vi nt the end .wstcitln), and later sold at $2.21 March ad vanced Tie to 52.20 nt Hie outset, and luter touched $2.21. Com also opened stronger on gen eral limine bv commission houses, will) offerings light. The upturn hi wheat was a factor, ns was less fnvoroble weather. The arrivals here toduy wcro 217 cars. September started nt $1,889. to S1..19. against $1.37 nt the end yesterday, nnd later sold nt $1.30: December opened nt $1,33V to $1.25, against $1.22, yesterday's last price. General buying In n small way made oatfl firmer. Offerings were limited. Drought In Illinois was expected to. ef fect the quantity nnd quality) of oats. iieceints were ih cars. (September opened nt tlO to 70c, oguHt,.0pc.at the cIoho yesterday, ,Pecenbftr' ope4 at 6pc tto. 6flHc,. Aialntit 08c,eflterday'8 last price. ' 'H N ' ' i Free From Normal Federal Income Tax - j i $7,500,000 Liggett's International Ltd., Inc. 8 Cumulative Preferred Stock (Par Value $50 Per Share) Callable at $60 per share and accrued dividends in whole or in part. Dividends guaranteed by the United Drug Companu Authorized 7. . ?. $35,000,000 To be presently issued 7500,000 Reserved for exchange for United Drug Co. 1st Pref. 15,000,000 Dividends payable quarterly Fcbruaru, May, August and November 1st The Liggett's International Ltd., Inc., owns all the common stock of the Boot's Pure Drug Company, Ltd., of England, which company operates some 632 drug stores in England and which did a gross business last year of over $35,000,000. It also con trols the Canadian and4 English business of the United Drug Company operating through 31 of its own stores and 1828 stockholder-agents. The United Drug Company through itself and its subsidiaries did a gross business last year of $58,000,000 with net profits of $4,297,000. It owns and operates the well-known Liggett Drug Stores and has about 10,000 stockholder-agents through out the country, operating under the title "Rexall Stores." t' The combined net earnings of the United Drug Company and the Companies now composing7 the Liggett's International, available -for dividends for tHe 12-month period ending March 31, 1920, were between three and four times the dividend re quirements under this guarantee. Application will be made to list this stock on the New York and Boston Stock Ex changes, and interchangeable certificates will be issued, negotiable in either city. Price: $50.00 per share, to yield 8 , Detailed circular on application. b t'lQ Kidder, Peabody & Co. F. S. SVJoseley & Co. 115 Devonshire St. Boston 18 Broad St. New York 50 Congress St. Boston 26 Exchange PI. New York Thti information antV atatittlcs contained in thlx advertisement, white not guaranteed, have been obtained from sources which tec believe to be accurato r J .rj tt! it I l' 4111! ilillilillilllliiiiiillillll"'MWlllliilll.!iiillii iiiiiiiliiiiiiiiiitt'iiiitiiiHiiiiijiiililiiiiiiiiililiilh Ratio: 5 to 1 The total net assets behind the note issue described below are stated by the Company to be over $250,000,000 including the proceeds of the notes. This is more than live times these notes. These assets in clude, among others, oil-producingpropcrties, pipelines, refincriesand distributing facilities, each of which has an independent earning power. In the opinion of the Company's management, these valuations are conservative and the properties could not be duplicated to-day ex cept at much higher figures. A Complete Unit in an Essential Industry Facts and figures compilfd by the Sinclair Companu Produces, transports, refines nnd ninrke ts petroleum prod ucts. About 1000 producing wells. Approximately U800 miles of pipe lines. (H pumping stations. Over 4000 tank cars. 10 Thqdern refineries with total daily capacity of about lJ.000 barrels. 10 casinghead gasoline plants. 400. distributing stations m '20 states. About 0,000,000 barrels crude oil in storage. Marine fleet of 50,000 tons in service. 1010 net earnings before interest nnd reserves $21, 800,808 Total similar net earnings for last 3 years 50,060,582. 9 1 ' I HHHHHHsIHHj aaiaaiSiiaisasaPSsaasaciaRamiaaaaamaj W Pennsylvania personal property tax of four mills refunded To yield 8 Five-Year Secured 7Vz Convertible Gold Notes of the Sinclair Consolidated Oil Corporation which has furnished us with the following information: 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 consolidated net earnings over a series of years make a consistent and convincing record, the aiulited 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 tho 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 2K 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 i. Write for illustrated booklet We offer and recommend these notes for investment at ya and interest, to yield 8 Blair & Do. INCOKPblt.VrKD 1518 Walnut St. Philadelphia West ft Co. 1417 Chestnut Street Philadelphia 7f oliminlBr..nl(In this advrthtmtnt. whit not sfuaranUsJ. am obtain from sourest which w bliv to b fliabl. Don't Neglect To Get This Book .Today Call, telephone or write at once, as the third edi tion of this 64-page book is nearly exhausted. It gives simple examples of the General Rules for Trading, and clearly ex plains: How to Give a Broker Instructions. Hrokers' Commission Charges. How to Indorse a Stock Certificate. How to Use Collateral in Trading. How to Grouji Invest ments. The Deposit Require ments for Carrying Stocks on Account. The Riphts of Stock and Bond Holders, etc. Call, phone or write at once. Ask for No. T. U.-913 JONES & BAKER Sfecitnitt in Nets fork Curb Market Securities Widcner Bldgr., Philadelphia i rnones Uell, Locust 4730 Keystone, Race 2290 Offices In 9 Principal Cities Direct Private It'irtt American Ice lnt 6s, 1012 Baldwin I.oco. Works 1st .Is, 1910 Delaware River It. It. & Bridge 4s. 193G Lehigh Valley Cons. Wi, 1923 CHARLES FEARON & CO. 333 Chestnut Street Lawrence E. Brown & Co, CERTIFIED PUBLIC ACCOUNTANTS 1050 KKAT. KSTATK T1IUHT III.DO. Inrtliute anil adjuat nurtnrrahli, and income Tux Itfturni. . I'ulillo Hmlf Newark Termlnnl,, Ka, It Kmnlre. Unn fj Jhuel tu. Coll, Tr.,', Hh, U oilliuiitriip Hiiur , viiinanir ia,,, Hcruiuun Ulllira-jtarra Trr...:f J).. JjU rortlimd. Kullwur C'otnnunr Hi-tt. Sa, 1M 14' ' 11 Hew igrK lenirai naiiwarrauln. 7a, Herial ' ,. ui VMmtfjsrwfflyb? ; wjiii iiiij l ybtnl,m -a m M t. J V. A i 1.V ,. t .tefVi'i .MKV r -'