,r ays ' ?, vr j v -- ViK-'W ,i' 'j. ? t ' aCitf. ,) .t fyraHCTCT"- ...w 'TT' r"t'f . ft '" . , -,-w -' v ;m.f. w .. v v .l'V 1 r "W ' W. t. W' '. ft i r JT t . Jf !. . P V. . ' Jt jf V- ' ' i "T IVf, ' ' J l" ft' ' '"i llNi""'l ' fill imUlli il "ml l if-4 Mew gue Ml ' I $5,620,000 Adirondack Power & Light Corporation First and Refunding Mortgage 6 Gold Bonds Dated March 1. 1930. Due March 1, 1060. Callable In whole or In part on any Intemt date on or before March 1, 1823, at 107J4 and Interest, thereafter, to and Including March 1, 1030, at 106J4 and Intereit, and so on reducing 1 every five years, to and Including March 1, 1940. Thereafter at 101 and Interest. Interest payable March 1 and September 1, at The Liberty National Bank of New York. Guaranty Trust Com-. pany of New York, Trustee. Issuance authorized by the New York Public Service Centmlsaton. 2nd blatrlct TAX PROVISION i The Company agrees to pay Intereat without deduction fer any Normal Federal Income Tax to an amount not exceeding 2 which It may lawfully pay at the source. i For further Information regarding these bonds attention is called to the letter of Mr. J. Ledlie' Hees, President of the Adirondack Power and Light Corporation, copies of which will be furnished on request, and which states that: The Adirondack Power and Light Corporation does the entire electric light and power business in Schenectady, Amsterdam, Watervllet, Oneida, Saratoga .Springs and many other communities, in this intensely industrialized region. The company also furnishes, under.long time contracts, all of the electricity used by the distribut ing companies in Troy and Mcchanicsville and by the electric railway systems in and about Albany, Schenectady, Troy, Utica and Rome, including practically all the interurban, roads in the territory. In addition, the company does the gas business in Schenectady, Saratoga Springs and Oneida. It serves directly and indirectly a population of approximately 700,000 The principal hydro-elcctricplants of the company are on the Hudson and Hoosic Rivers and East Canada Creek, and have a total present installed capacity of over 50,000 K. W. The company is in a peculiarly favorable position to take advantage of the large undeveloped hydro-electric resources in this territory. Gross earnings year ended May 31, 1920, $4,139,978, and net earnings over 2.3 times interest charges on all mortgage bonds The First and Refunding Mortgage Gold Bonds are secured, in the opinion of counsel, by a first mortgage on property having a value, based on pre-war prices, in excess of the .face amount of these Bonds. They are further secured, in the opinion of counsel, by a mortgage on the remainder of the property of the com pany subject only to a closed divisional lien of $5,000,000. The original cost of the physical property is over 150 of all mortgage bonds outstanding, including this issue. The General Electric Company owns approximately 50 of the common stock of this Corporation, We recommend these bonds fer Investment Price 84 and Interest, Yielding Over 74 It Is anticipated that temporary bonds will be available for delivery on or about August 18, 1920. Harris, Forbes & Co Now York Philadelphia Coffin & Burr, ino New York E. H. Rollins & Sons New York Philadelphia THE PENDULUM MUST SWING BOTH WAYS Tides flow and ebb thermometers rise and fall. The sun 7 j shines as brightly after the storm a3 before, and the pendu lum of a clock has its upward as well as its downward swing $ it can orily go so far, and no farther, in one direction. , It is inconceivable that America's millions men, women ir and children should be without food, clothing and shelter; that priceless machinery should rust away or whole industrial communities crumble. Yet these things would surely come to pass if the pendulum had only a one-way swing. Whatever way the business pendulum is going to swing in the near future it is palpably evident that some time it will take the upward trend. 4f it is not actually poised to do so now it soon will be. These are wonderful days for the buyer who realizes that the pendulum must swing both ways. Safe Profitable Investments FRAZIER6?0, 65 Broadway New York, N. Y. Broad and Sansom Streets Philadelphia, Pa. 'PitLburgh, Pn. Wtlkei.Dnrro, P, 10 South Street Baltimore, Md. Washington, D. C. Lebanon, Pa, N tiEW YOftC BOND SALE& Summary of Individual Transactions on New York Exchange CHALKS IN 110001 Front Optnlnr Until 2 p. tn. (N. Y. Time) Amir Dock imprv Bi 3 0TU Amr Smelt' ntfl's 5a 9 7 1 TO 1 .... 70 2 70 A'lel&Tel ell 1 7BM 2 7IVU A Tl & Tel &a 10 70 B 70 H 4 70 A Tel 6 Tel 0) Chicago Mil A Bt r cp fta 1 OBV O ft Nwn d '81 B 00 0,A Nwn ilUa a uu Chi Jt Nwn 7s 1.... 100 1.... 100 B.... 100 1 00'4 Chi Rlwya 5s 1. 1... 1... 1... 1... 1. OS 01 04 T. 05 05 05U Aim-iTinch 0a 25. 1.. 0., 3., S., 12.. B., 102., 1.. Armour 00 A 00 Vi 00 i HOW now 0014 00 M 00 VI 00 u. & do Ileal El)tl 7BK 2 75 y. j 75 B 75 ATiBrti '75, 75 V4 7B 75 U 75 i 7BV 75 H 75 H 75 H 75 "75. 78 U 2 0... 2... 10... 3... B... ... 1,.. 0... B... 8... B... 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C 01 Vi 1 01 Vi City l'vrls 7a 1.... 102H Cl'd Cln Chi & St I cm 4a 2 07 1 07i 1 07 . Cons' d Gas 7s 1 1. Kan C ft 8. 5. 1. B. Kan C T R 4a 8 00 Kun C T R fla 3 02 K Uele 0a '23 3 08i K BeU'm 7 VI a 07U 07V4 07 Vi 07 VI 07 Vi 074 07 U 07H Lou & N al Sa 1 40 L ft Nash 4a 3 7DV4 2 70? Lou I N iU 1 07S L i N rets 7a l.... 10tl B.... 101V. Loula ft Kuan Mono 4 a Cuban C 1 1 1. Del 1, Del 1. 1, 1.. 07 08 08 07 V4 07V4 07 8 cv .. 01 .. 01 .. 09.1 1 1 ml f.l .. 74 Hud 7 s . 1004 100 4 1004 02T4 O 6a 70 70 V 7AVi 70'i St 1. 4a 41 M Kun ft O 3a 1 48Vi ,Mu iv tt T la 10 iB3Vi Mo 1'ae cm 4a 1.... Mid S 0.... 10.... 0.... 3.... .Mill A. 1. Den & It O fil B 40 2 40", Den ft R O 4a 8 01 4 03V 1 03 3 034 D Can Sa '21 1 07 i D Canada '29 1 01 1 01 D Canada '31 1 80 14 Erlo Oenl Lien 0 42 Erie R R cv A 3 37 Erie R R cv B 37 30 Erie R R cv D 2 3IU Erlo R Co 4a a r.o'i B Bl Cen'l Elcc 3s 1 80 Ocn'l Elec 0a 1 00i 2 00 Qvt Swzd rets 1034 1.. 8.. 3.. 1.. 1.. 4.. 103 103 103 103' 103 103 101 Vi 103 103 103 103 101 103 Hud ft Man fd S3 04 3... 1... 2... 4... 1.. C'k ft Ohio SsHud ft Man In 8. C'k ft 6... 20... 3... 1 88 O cv A( .. 70 .. 77 .. 70 7 C K Alton flu 2 33 C U'n ft Q 4s 10 1. 3. 12. 0. C U 3, ft O 03 n.i 03 n.v ot II 4s 77 Oil ft U'wn 4i- 8 53 1 51 2 B3 Chlcaco Mil i. St P 4a 1 00 1 00 Chlcaco Mil ft ail' cv 4s 00 flfl 00 V4 07 Chlcaco Mil ft StP fd 4'4 4 B8V4 8, 18. 7 17 1 17 13 17 III Central fd 10 .... 72 2 72 III Cent Cairo llrldce 4s 2 70 III C C St f, N O Jt lid' 8 3 75 3 7B Ill'a Steel 11 1 70 Jntboro M 4a B llfc Intboro R T fd 10 .... 42 5 42 2 42 I M Marino 0s 1 83 1 83 u Jap Gov't 1st 3 71 3 71 Jan Gov't 2nd 3 71 1 70 5 70 B 70 Jan B. 6, Gov't 4a .... 08 .... 53 03 H 3a B8U B3? 53 B3V 03 Kan O ft 7 3 I' ... 3 2 Kan C A H 4a Rl A A L4 03 03 14 H 6s 07 07 07 07 3.. B.. 2.. 1.. 07 07 07 1. 1.... 0.... 25.... n B. '.'.'. 14.... 11.... S3 03 53 53 53 53 S3 58 S3 Mont Powr 5s 80 N Y C ft II R R R 3a 3 05 1 03 N Y C ft II R R R 0s 4.... 1.... 3.... 4.... 11.... 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Bt L ft a Pran Series B 1 07 Bt li ft B Fran Serlaa C 2 83 2 83 fit L & H Fran enf 08 1 03 65 05 03 BB 88 60 65 03 60 08 60 60 85 60 60 84 38 33 84 1, fd 41 41 00 on 00 00 oo Tr'l 03 88 68 60 68 88 a i 8 10 3 fi'n Rallw'a Oa 1 83 B 81 Tenn O iron A Coal C cm 6a 2 83 flhlrd Ave aj B 20 1 20 Third Ae 4a B 38 B 88 1 38 Toledo St L A W'n Ry 4a 1 44 Union Pao cv 9 80 Union Pac fd 3 74 4 74 7 74 Union Pc 4i 1 81 0 81 Union Pac 0a 1 07 0 4.. 2.. 7.. 2.. 3.. 0 . 0.. 15 . U It Inv't Co of 8 F 6s 1 cot, U 8 Hub'r 3a U K of O Brit ft I'd 1071 03 05 03 03 0I. 14 1 1 21 2 U It ot a Ilrlt ft I'd 1022 1 00H U K of O Ilrlt A I'd 1020 4 84 13 8t 10 84 10 85 UKcIO Ilrlt ft I'd 1037 83 83 83 88 V. 83 83 83 83 83 1. 1. 2. 1. 2. 1. 4. U H Itub'r 7s 2 08 1 OS V O Hteel 3s 78 78 Vi 78 78 78 78 78 3 1.. 2,, 1.. 1.. 1. 01 01 01 02 02 02 Wabash It 1st 31 84 Weat'n Md 4 a 2 60 0 60 W Paclfllc lat 1 78ti WHaon Co cv 1 84 2...1. 84 Wllaon Co 1st 0 80 1 80 Liberty Liberty J-iibcrty ayjH..... lHt 4a.. 2d 4a. Liberty 1st 4V1 Llhortv 2il 4 21 4(J 3d 4 Liberty 3d 4V4b.. Liberty 4th VA'a. 37is.., Vic Noteo Vic Notes 4 Ks. Illch M.00 8B.40 S4.82 8.-.C0 85.00 88.74 8W4 05.70 1)5.72 (N. Y I-mv 00.04 85.40 84.58 85.48 84.80 88.50 85.10 05.00 05.C0 time) 1:15 p m 00.0 1 85. 10 84.71 85.5S 81.0(1 88.70 85.3 05.70 05.08 LONDON 8TOOK MARKET Orcon 8 10 . 1" . 2... r.., c 10... Pao O 4... 1... 1... 1... la R em 4 '4 s 5 75 5 76 a 78 I'rnna R R 0s 1 83", 1 83 Prnna R It 7s 102 77 V4 1. 4h 00 i: 5s 75 76 75 76 , 1... 1... 5... 3... 1... 1... O.. 102 102 102 102i,4 102 102 102t Pera Marat 6s i 70 Readme RR 4 s 70 70 70 70 70 nio a & w cit 1 80 1. 1. 1... 10... Securities Are Unsettled, but Price Changes Were Narrow. London, Auff. B. Scculrtlen on the stock exchnngo wcro unsettled todny, but changes In prlcos wcro narrow. This city continued to Keep n close watch on the nows from Poland. The oil department was Irregular ow ing to adutmenta In accounts. Shell Transport and Trading was G 7-16 and Mexican Eagle 10V4. There was profit- taking In the rubber group, following the ndvanco In tho staple. The1 Indus trial section was neglected. Hudson unv was o -io. Homo rails sagged. Canadian Issues wcro quiet. The shares of Argentine roads were flabby because of less faor. able earnings. Tho gilt-edged department was dull and virtually unchanged. Continental loans wero heavy on tho unfavorable position of tho exchnnges. Kaffirs were easier, with a slight recession In bar gold. K. C.'S PLAN FAREWELL Sail Today to Unveil Lafayette Monument at Metz New Yorit, Aug. 5. An elaborate farewell reception for tho delegates nailing Into today on the steamship Leopoldlna to take part in the presenta tion of the Lafayette statue to tho citv of Motz was planned as the closing feature of the supremo convention of tho Knights of Columbus. Arrangements were rando for the oonentionv delegates to occupy 700 tnxieabs in n parado from the con ontlon hall to the pier, where a num ber of tho delegates will board the steamship IliKhlnnder to occompnny the Leopoldlnn down the bay. The pil grimage was hended by Supreme Knight James A. Flaherty. The pilgrims, after tho Lafayette statue ceremonies at Metz, will journey to Ilelgium. where gifts will bo pre sented to Cardinal Mercior nnd King Albert, and thence, to Rome to be re ceived by I'opa Benedict. Howe Sound , An a supplement to this week's Issue of our 'Market Review we huvo prepared an analysis of Howe Sound Company based on tho annual report of operations of its subsidiaries for 1919. Howe Sound, among tho low-priced cop pers, occupies a prominent p"laco 6wing to its finnncial position, largo ore reserves and continued production of copper under un usual conditions. It Is also ono of tho largest silver and lead pro ducers in Mexico through Us El Potosi operations. Thero aro other articles of in terest, among which are tho fol lqwincr: x Willys-Overland Resume of Report for First Six, Months of 1920. International Petroleum Contracts for Additional Pro duction. Loew 's-Incorporated ' New Financing Plans. White Oil x Synopsis of Company Report for Second Quarter of 1920. A copu of thin Iltvtew will bi ttnt oh request or Zc7. Hughes & Dier Membera 1435 Walnut Street Philadelphia Telephones! t flpruee 811 Race 1R0B Newlork I'lttabnrxh Cleveland "VIA COLON" (TAm io wont (ranmtt(if fr Jt tbarpt 6y any Telegraph Co.) John I Mcrrln. rreeldeot DIRECT ROUTE TO CENTRAL and SOUTH AMERICA M Uroai UUi Maw Jfatk GREEK Government Bonds THE most attractive investment in Greek Government securities is provided by the 5 Greek Government Loan of 1914 Whereas these bonds at par and at the normal exchange rate of the drachma would have a value of $96.50 per 500 drachmas, they can today be bought for about $52.50 per 500 drachmas. The yield will be about 7.80 which will increase to 9.50 when the drachma returns to its normal value. Ask for our Grfek Circular. Invent in Securities of Your Own Country A. B. Leach & Co., Inc. Investment Securities 115 S. Fourth St., Philadelphia i' New York Minneapolis Chicago Baltimore Boston Pittsburgh Buffalo Cleveland Tennessee Power Co. Firit Mortgage 5a, 19G2 Portland Rwy., Lt. & Pow. Co. lat & Ref. St Dua 1942 &iU.!arkeo. BANKERS 321 Cheatnut St., Philadelphia II ember t New York and Philadelphia Block Exchange ' 10 -ANNUAL YIELD St. Louis-San Francisco Railway Company Cumulative Adjustment Mortgage 6 Bonds, due 1955 Interest on these bonds has been paid sinco their issue in 1916, was reported as fully earned for 1919, and the Com pany will now receive the benefit of the 35 rate increase nwarded the Western District. Price 61 Yz flat (carrying over 2 Interest) to yield annually over 10 Full Details on Application HARRISON & CO. BANKERS 106 SOUTH FOURTH STREET PHILADELPHIA Member New York and Philadelphia Stock Exchangee Next to Liberty Bonds the nont Attractive InvratmrntH are Old Long-Term R. R. laauca Greatly Strensthened ly the Adunce In IUtei 1'rlcea from 20 (o 40 Point Ilflou- 1013 Send lor List Edward V. Kane & Co. Morria Building Established lt years Lawrence E. Brown & Co. CERTIFIED PUBLIC ACCOUNTANTS 1BS0 UK.U, IISTATK TRUST 11I.DO. IrurMleite unil ndjut nurtnrrahlii und corporation urriiiinta. Am prcnnro C. S. Income Tax Itrt unit,. BROOKE, STOKES & CO. Members of Philadelphia Stock Exchange Fifteenth and Walnut Streets Philadelphia, Pa. MONEY TO LOAN 5 rKll CENT O.V STOCKS AND BONDS FOIt 0 MONTHS. 1 YEAIl. C 134, I.EDOKR OFFICE. We Offer a Short Term 87 Preferred Stock with the privilege or purchasing limited number of common shares, iisuea by a large and old-established Manufacturing Company whose products have world demand far in excess of present production. The Company is controlled by trong financial interests and the personnel of its management com prises manufacturers of the highest type. Ask for Folder PPL-358 HollisteiWhite&Co. INCOPOAT(Dl North American Building boston PHILADELPHIA SFRINOriBLD PROVIDENCE PITTSJNELD NEW YORK rORTLAHD lit Fifteenth Street N. II'. Washington Solid Woven BELTING 102 St. Paul Street Baltimore jiii ii iiiiiii ninnnuMiutiHiiiintitHnitiiiui in iiiiiimiiih mi it iii i ii iiiiiiiiii. :C GIRARDTRUSTCOMPANV capital ana surplus, 910,000.000 V f$Mrafi IN lta own Intere-t. thla tnatl. iifflraiK tutlon malntalna corpa of Eatato Department. The ex. perlence of the etafr, backed by the Integrity of thla Com pany, la at tho aervlea of our cllenta at remarkably raaaoiw ublo rataa, The account! of large ar amnll eitatea are reepectfully aollclted, DROAD U CHESTNUT ST3. , Philadelphia aabP & !L (j CrSSaCTftMU Chartered 1838 L. H. GILMER CO. (Gilmer Endless Belts nnd Solid Woven Belting) Philadelphia, Pa. 7 Cumulative Preferred Stock Additional $230,000 Issue. " (Two-thirds of which has been subscribed) ,$1,000,000 Authorized $480,000 to Be Outstanding Par Value $10 per share Dividends Payable April 1st and October 1st THE COMPANY The L. II. Gjlmcr Co. is today by far tho largest producer of nutomobile fan belts in the world. And fan belts nrc only one of many pioducts manufactured. The main plant occupies tho splendid etrotch of modern buildings on tho north side of the Pennsylvania Railroad at Tacony. Yet sev enteen years, ngo the business started in ono room in West Philadelphia. The company's owners are the men who work for it. The officers hnvc made very large in vestments in this company. 75 OF THE EMPLOYES ARE STOCKHOLDERS they believe in the compnny's future THE ISSUE This issue is made to give more working cnpital for the constant increase in busi ness. Two-thirds of the issue has already been subscribed by employes and men who know tho company. THE GROWTH Sales for 1919 were over $2,000,000 a net pain of more than $500,000 over 1918. For the first six months of 1920 sales have shown n 927o increase over the corresponding period of 1919. Tho net tangible assets of the company today arc twice the par valuo of all Preferred Stock outstanding upon com pletion of this financing. Dividends Exempt From Federal Normal Income Tax Pctnsvlvani& Company for Insurances on Lives and Granting Annuities Transfer Agent and Trustee for Sinking Fund Full Information concerntnir thin congervatlvs Industrial Inveat ment la jlven In a circular which will be ent on request. L. H. GILMER CO., Philadelphia, Pa. v 3 ?! h S X i y TrTnHTWHTp TrnnTunMuuiutiuuiiiiiuiuuiiM ti .! VI K.UA'Ml . y.Je&j &t vtoHJfe , ,, .- i)rtti. ; . W,y,,r1 KLjaaa "HI' ' aTfIT I i l (
Significant historical Pennsylvania newspapers