,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
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Chinese Qove't
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1 44
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May '54
8 71
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2 01 '4
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1 40
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1 07 i
D Canada '29
1 01
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1 80 14
Erlo Oenl Lien
0 42
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3 37
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37
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2 3IU
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a r.o'i
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103
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101 Vi
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7 17
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1 70
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5 42
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1 83
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3 71
3 71
Jan Gov't 2nd
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1 70
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I. 8 3a
88
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88
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60
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1
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Co 4a
1 01
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cva
1 43
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1 53
1 53
N Y Tele 4i
1 75w
1 74
N Y Tcle'a 0a
1 87
1 87
3 88
2 88
N Y Weat C ft
Boat 4a
3 43
1 43
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1 75
N'k ft W cv Oa
1 08
4 08
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1 B4
3 54
N'n PatlOf 4a
1 70
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77
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ft e
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41.
40
40
40
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2 03
St li ft Swn en
r 1 64
6 04
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3 03
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4.
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fl'n Pacific fd
3 74
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S'n Pac cv 6s
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fi'n Rallw'a Oa
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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
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1 81
0 81
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1 07
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of 8 F 6s
1 cot,
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ft I'd 1071
03
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ft I'd 1022
1 00H
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10 85
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83
83
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1.
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01
01
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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.
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