ll '! t"
tyt -
t
"4
'
v
m
ii?
' i
H
Wi
u, v
"SVjELjfA fm
. u. ' Jl 't tf"U J. f Jt J . ,. .,
KiK k'W,M, ,' ,?'; , "
-" 7 ' I . 1 11 'I
- JEVENmGl PUBljlb KEIEiPmiTAiDEliPHm; FRIDAY, " AUGUST 6,
u
i
w'
1
0 .
tw
1920
15.
Commodity Markets
aii'A0 ,,, wonthi la Jielna- oltared at 8 to
07 ptv cent)
LONDON Money Is quoted at, 6 per
cent. Discount rates,' short bills, 64
Per cent. Three months' bills, 6 11-160
6 per cent. .
GANS IN WHEAT. CONTINUE
tJ"JSS.VSSm NEW COTTON LOAN RUUNQ
ti 3Auk, 6. Wheat prices were
ChJ Trnlv at the outset today, ylr-
!K ?A. tavlng buying Orders
" cu o as the result of the European
,?..!i Kltuatlon. December opened 3c
l?1 v..nd March at an ad-
P" r' :;,,. and March at
10 ? 6c. On the rise, there
"nce iii bv local operators. Trade
JS "ctlve d mixed. IUcclpts wo
z 45,
tcrday.
com-
" c.aL.. nened at 2.3. to .
u,tce. ?40V4 at the end yesicr
acanst '".'. itic n J2.47W.
""uK ,12.42. yesterday' "Ht Prl":
pared wlJ" rush to buy corn at the
.tart and the ow Ve belt and
continued d? jvcatner deolared tnat
th ?.r5i!ure was becoming serious,
lack. oTi ir ? Illinois and Missouri, and
S?aK i'tth'o top. Kccelpts
t .
71 cars.
rjeWtarted at M8 to $Vnl.
against .Bi jVj'Iu. December wnh
t?';HU?t8edflTuT.a
ferlngs at nr 1 , d wltn profit
trade became more in wen 04 cars.
taklnRbv Jongs. --" (J ,0 76y
September openca ai tcrdny ttm,
""'""U? It 7B'"c December started
Ve7r.e to 73V4c.aKlnt "c. yester"
"& future, ranged ( Wtow..mrt
j li,.rv lO.illl "
;
NEW YORK BOND SALES
Summary of Individual Transactions on New York Excliance
tBALKH IN $1000
From Openlnc Until 2 p. m. (N. Y. Tiros)
SfPt
Oats
Ftrt.
Pre .
.SKTW82
71
7S
70
73
7T4
71K
Yent.
close
OH
is
71
spi
Oct
IB 75
10 40
10.78
10,00
10 42
10.01 tl0 2
10.40 10.00
Bill". tAekfrt
10 20
lfl.A'J
15 70 tn.7ft 10 07
10 00 M0.05 tl0.40
New
(N. Y. tlm0
11.30 1.30
Yst close Open n m p m.
. . 31.0.1 31 01 :U 48 32 ..'O
30 SO 30..10 31.0.1 30.70
.. 20.HK l'rt.4n ..'0.0.1 20.80
, ... 2 4.1 20.07 20.81
.... 28 00 28.70
COTTON MARKET
v,i, Anir. !. I-lboral offer-
e" .. ' i.. nf Vin pnttnn mnr-
IT to 1 v" fo P es off 14 to, 43
kri- ?nnd reflected n bcwrlnh feeing,
Sue 0 "eaw Sm, I.ivcrpool selling,
;ff.rln of late months for Jnpancsc
Snt ami early favorable weather
Sen". This changed later on rcce pt
Sf private reports telling of heavy rains
a West Texas and mOdorato. rains In
the Cnrollnas. ..,., ,
Ou these advices the list ndvonced
.Bout '-'" Poit from. tl'c lowest after
"" Mart, but the gain woh held with
The tt'nde made moderate imrchascs
on the earlv decline. October was
relatlely tinner than later months ou
coeriug
October .
Derfmtwr
January
March .
MONEY-LENDING RATES
NKW YOIXK Money on call, both
classes of collateral, opened today at
7 for lending and renewing.
The tlmoN money market continues nt
5 per cent bid with occasional renewals
and transactions at that figure and with
special loans at higher rates, nccordtng
to the collateral' and tho character of
the borrower,
In prime bank acceptances, tho do
mand continues unchanged for prime
New York member nlnoty-dny bills, ana
the supply Is light. There Is a fair
offering of prime out-of-town bills but
these find a more ready market In tho
Interior sections than In this city.
Rates are unchanged at 6U bid to 6
per cent asked for prlmo New Yorlc
member nlnety-da- bills; 0iO6 per
cent for sixties and S!(fD per cent for
thirties.
Mercantile paper Is roported In slow
movement with local Institutions, out of
the market almost entirely. Itcs arc
nominally 8 per cent, minimum, with
occasional business at niguer figures.
FIIII..IKLFIIIA Call,6 per cent;
time, 6 per cent; commercial paper,
three to six months, 6 per cent.
(Note These are merely nominal quota
tion", us the ltt.nl rate of Interest In the
late uf IVnnsylvanla la fixed at 0 per cent
Plus premium and commission time mony
far ihlrtj to ninety ilajs 1. loaning at 8 to
51, pir cent, while commercial paper from
National Banks May Lend Up to 25
Per Cent of Capital
Washington) Aug. 6. Tho federal
reserve board has not advised member
bapks as to what loans they should make
against this year"s cotton crop, Gov
ernor Ilardlng declared today In a letter
totno Department of Agriculture.
The letter was written In answer to
f'POfts reaching the department that
uY '" " chiming unancini stringency,
stocks or cotton were being forced on
the market at sacrifices In prices." Such
action, tho department Intimated, had
been prompted through "a ruling cr
other form of Instruction from the fed
eral reseno board which limited loans
on cotton to that only which was In
progress of shipment."
"In answer to this, Governor Hard
Ing explained that Congress had been
requested early In tho year to amend the
existing statutes which originally re
stricted loans to Individuals bv national
banks In excess per cent of tho bank's
capital and surplus.
"Congress acted upon the suggestion
of tho board," Governor Harding wrote..
The amended statute also provides that
for a pedlod of six months out of any
twelve consecutive months, a nntlonal
bank may lend to an Individual or cor
poration up to 25 per cent of Its cap
ital and surplus where thn rxcem of 10
per cent Is secured by warehouse re
ceipts. "Commenting on the accumulation of
low grade cotton, Governor Harding's
l"ttcr stated this was due partially to
difficulty In making financial arrange
ments necessary to Kelt H tn Mm more
central banks, adding: Member bnnksjn
mo souin no doubt feel reluctance, to
carrying too largo a volume of loans 011
collateral, which Is not readily Balable."
ALLIED EXCHANGE STEADIER
Sharp Rise In Lire and German
Marks Neutrals Decline
New York, Aug. 0 Allied exchanges
steadied Ip tho foreign exchange mar
ket todny and llro nnd German marks
rose sharply. On tho other hand, the
neutral exchanges declined from 10 to
25 points, the largest loss. 25 nolnts.
being In guilders. Chrlstlanla was off
10 ana voponnagen 15. There were
small losses on the other neutrals.
.Sterling shaded i cent from the
opening, to 3.61 Vi for demand ami 3.62
ror fames. Krencn exenange held at the
opening nt 7.22U for cables, nnd 7,21
for checks; lire gained 13 points, to
5.07 H, checks 6.06 : Belgian exchange
rose 3 centimes, to 12.90 for cables and
12.02 for cnecits.
Other quotations were:
Marks, 2.18; Qesetns cables 14.92,
checks 14.90; Stockholm cables 20.60,
checks 20 50; Christlnnln cables 15.40,
checks 16 30, and Copenhagen cables
15.35, checks 16.25.
Shortly before midday, tho allied ex
changes showed strength. Sterling was
3.63 V4 for cables and 3.62 for demand.,
showing a gain of IVi cents from tho
early preliminary figures Francs were
714 centimes better, at 7.30 for cables
and 7.29 H for checks. Lire cables
showed u gain of 5 points, at 5.10 for
cables and 5.09 i for checks. Marks
showed a gain of 1 point, nt 2.16.
Guilder cables wero 33 H. checks 33.
YESTEIIDAY'S PINAL QUOTATIONS
HfSrllnir franca I.lrn Qulldern
Demand .. . 3.01 7.28 0 00 33.00 1
Cable. 3 OJVi T.iio n us aa.i
' TODAY'8 OPENINO QUOTATIONS
Demand .... 3 01U 7.21 00H ....
Cable. 3.12 7.22U 5 07V4 ....
Alaska Old MChl A O'wn 4.
Co CV A 2..,,, (13
1 11 Chlcuro Mil A
Amtr Smelt's
It rtefl's R.
8 76
A T A Tel elt
1 78 H
3 7SU
ATA Tel.Rs,
8 70U
A T A Tel 0s
1 OBVi
2....1 0.1H
R S8H
2 08H
R 08
1 OBVi
1 OR
Amr-French 5s
BtP ev 4 Ha
1 0
8 00
Chlcaco Mil A
BtP fd 4 Us
2 R7M
1 67 W
2 R8U
Chicago Mil A
BtP im 4U.
1 76
-R 70
C A Nwn 3H
20.
00 V,
Mitt
00H
now
00 H
0tH
00 H
R.
s.
30,
R,
R,
2 09 0
2t... mtv,
3 00U
Armour A Co
Ileal K 1! 4H
1 70U
A T A B Pe 4a
7RM
78 W
7RH
7RV.
7RH
7RVI
7RU
7RU
7RW
7RW
dre&n Day A
v itwy 11
10 fl
Hock'n V 4 Ha
z 07
1 0714
3 67
Hud A Man fd
1 RBH
2 RRS
3 R5U
2 SSU
Hurl A Man in
1 it 1 ,-
til Central M 4 !?
5 71H
R 00illl Cen'l 4s 'Vo
Chlcaro A Nth
W' 6. '87
1 91
Chi A Nwn 7i
1.... 100
1 091,
1.... 100
1.... 100
1.... 100
Chi niwry. 3s
3 0
C R I A P fd
2
10....
12....
8,...
2....
1....
1....
2...,
0....
1....
Atl Coast L 4a
2 72S
2 724
10 72'4
1 73H
.8 73U
Atl.Coaat I. lis
0 73 '4
ACL rets 7.
1 98H
10 08H
2 nan
1 08H
2 08
Salt A Ohio cv
1 00
2 00
1..... 00
a..... coi
DaJt A O 4 4
1 80 U
Salt A Ohio M
R..... 00i
7 00
Bait A Ohio .is
1 01s
2 1
3 COS
0 01
Bait A Ohio Oa
2 80t4
R 80i
1 fcOH
1 80
B A O P L E
ft w va
1 R7H
2 07
2 R7
D A O Tol 4s
3.,... 40V4
Beth Steel 4V4
1 04,
Bctb S S. '36
2 80
Bkyn Rap T 4a
1 21H
Won IlnpT Rs
1 24
Canada S'n Rs
1 70
Cen'l Lea'r R.
2 no
1 00
Cent'l Pac 1st
1 7U4
07 H
07 W
7M
OTvU
7H
07 V.
07ii
07 K
07 '4
1....
8....
,1....
1....
1....
2....
4...
R....
5....
Chi It I A P 4.
T 00S
0 004
Chile Cop'r 0s
20 71
Chile Cop'r 7s
1 04
S 03
Chinese Oove't
ILK rtys Rs
R 43
City Bord'x 6s
4 83u
City copenno
sen fiH.
1 7RS
78 U
CUy Lyon. o
a 83
City Mars'. 0s
8 834
rClty Pari. 7.
1.
1.
2.
Cl'il Cln Chi A
St L cm 4.
1 074
C C C A St I
Carlo 4.
2 00
Col A S'n 4V4
1 67W
Cons'd Ua. 7si
71.
71
T2
7l4
714
01W
01H
0H4
01
01W
01H
01V4
01 '1
1114
l....i 70
1 noi
111 Cen'l 4. 'nl
1 0.6H
ln'n M ct 4Hn
1 ini
a 11
8 114
1 11'4
InlA,oru 11 'i
1 i-Vi
11 4314
83 4214
I M Marine fl.J
1 83 H
R 83 U
fi 83
lnt'1 Asrlcul'l
Corp n R.
R 70
R 70
Jap Oov't 1st
10 714
10 7H4
R 71V4
1 72
4 72
) uuv't 2nd
R 70i
5 71'4
2 71
10 71
Jap Oov't 4s
1 C3U,
10 R3U
Kan C Kt.S A
M Itwya 4
1' 01
Kan rj A 8 3s
10 R1H
10 R3'A
8 84
R R4
Kun CASS.
R M0
1 00
R 00
Kan C T B 4.
2 00 H
V Dele 0a '25
1 D1U
K Bels'm 74
New T N H A
II U '47
3 48H
New Y N II A
Ilart'd
2 724
H 72U
1 72H
K Y O A IN 4
2 66
N Y ftlwya Ss
3 R
N Y West C A
rioit 4V4s
12 42
3 42
40U
H 10H
1 .... 4t
1 42
N'k ft W r !
R 07H
13 07 H
IS n Pad Re .la
1 R3U
N'n Paclflo 4
1 7RH
0 7RH
1 75
Orsun a 1. 4a
1 77
3 77
Or. koii t
1 97
OriMVuMi'M It
Co N Co 4.
3 OStt
2 RW
2 r,3
1 68
Pa. U & 1. &f
1 7R
1 784
la R icm 4'i
1 784
Tenna II It Rs
1.... (I4H
I Ht't
Bt Louis A S
Fran In
18 4i,4
5 48 H
3 .48Vi
0 48
a isw
28 18
20 18
8 18
2,
2.
1.
1.
1.
R.
1R.
1.
B.
n
t.
8.
10.
R.
R.
ItLaBln,
8erlesl A
18
18
18 U
18H
48U
18U
18H
18V4
18
481,
48
48
48
18
18
R0
80
BO
80
R0U
B8V1
80
80
2
67.
a.
13.
a.
10,
' 0.
1.
100.
a.
Et L A S Pran
p-rtea B
B 7
1 67
Et L A S . an
Series C
6 83
Et L A Swn en
B RRH
BBH
4
2...
1..
Peiili
1..
1..
1..
1 .
l".
e
sin
.. 84
.. B4K E
It It ,
. 1021.
. 1024
. 102
. 10214
. 102
102V4
. 102',
102
3.
3.
3
3.
1..
E'n I'aclflu l.i
Tenn C Iron A
nn Co bi
o. . . . 84
ffhtrd Ave aj
1 20 u
IB 20
IB 20
1 20
Third Ave t.
1 B7W
4 88',,
Union Pao ov
2 BOM
fi 80H
frion Par ''
3 IBM
.fnion Pac H
7 ei "A
V K of a Urn
A I'd IBi
1 90
10 00
10
10 so
1 90
10 00
U 96
1 86V
TJ K of O Brit
B 00
4 00
20 90
1 BOfc
VKotO llrlt
i, I'd 1DZO
1 8Btt
1 8B
1 8B
TJ K of 11 Urn
A I'd 103T
1 814
0 83
3 83
2 83
23 N2
0 82
U II Inv't iJ
fifiu. R 66U
1 t 1 hvt
" ' 1" unct 4.
33 B 22
33S.L 'UJ
NEW YORK COFFEE MARKET
New York, Aug. C. While Santos was
ofllclally reported In the coffee market
this morning, nt nn advnncp of 100 to
me ...la Vin nltnnttnn nt Ttln urfL iIa.
cldedly bearish, the decline there being cen't'Vlt,K of
Zib reis, wun in riu wi uauwiibu ., J oa
London 16-32d lower. ' 3 03
This condition brought out more scat- 2 03
tercd liquidation In tho local market and ch'k A Ohio fd
some benr selling, wnicn rorcea cun 2..,.. Hli
prices off 10 to 11 points. c A Ohio 4a
Around 11 o'clock, a special Santos 28 71
cable reported a dccllno In futures thero 4 71
of 150 to 300 rels, Bhowlng a continued C A O cv 4a
unsettled situation In Brazil. Heavy 1 72
belling set In here, and all nctlve months R 73
went Into new low ground. September 8 ,73
selling off to 9.10: December to 9.55; C'ls A Ohio Ba
T..ni n n OR nnrl Mnv tn 10. 1 874
Home very low Santos and .Wo firm . C k A O cv Rs
nfTnra Wll-ft 111 I I1A TlinrKEL lilltf PHier- "
day, nnd while some sales were re
ported put through, business has been
very limited.
Yeat. close Opn
September n.aosrai rt inwji
December ... I.77fl78 0 0151)72
March 10 04W01 0 BOfDOl
jlay 10.1SW10 10 02004
90S
00
00
90 it
06
00
00
Cuban C 8 cv
8 01
B 01
Del A Hud 7
2.... 100
1.... 100',
1.... 100
Den A R U 4s
1 03
Detroit Unlfo
nwa 4.
1 00
D Can Ss '21
07
D Can 8s'21
R 07
D Canada '20
3 80
D Canada '20
2 00
1 .01'
S 01
fi.l... 01'
Erlo Oenl J.ten
2.'.'.'. 4'j
18 1!
Erie R 1st en
1 00
Erie R Co 4s
10 ROt
Gen'l Eloo 3a
2 8fi'4
4 83
Qen'l Eten 0.
1 0s
Ovt Swzd rets
C A Alton 3 14
3....1 33
C II' n A Q 4s
1.. .. 01
4 . .. 03
R .. 03
C U'n A Q R.
1 C0i
I.-:.
1...
0...
1...
0...
10..
101
101
103
103
103
102
07
07
D7
07
07
07
07
117
1
1
1..
1..
8..
10..
1..
1 1..
Lehigh V 4.
1 71
Lorlllord C 7s
1.... 102
LAN ret. 7a
3.... 101
2.... 101
Loul. A Nash
Mono 4a
1 63
Hid S li 8s
70
Jlln A St li 4.
4 41
1 10
Mo Kan A To:
Rwy fd ct
10 30'
Mo K A T 2nd
8
Mo K A T 1
20 24
Mo Pao Km 1.
8 82
10 83
0 81
3 82
1 B3
M Pac urn 4
4 78
Mont Powr ."n
R 80
New O Tea N
Mexico 4.
"1 08
N Y O A 11 rt
R R 3.
1 0.1
N Y C A II H
R R en 4.
1 0B
s r c t u it
R n 6a
3 88
1 8V4
2 88
1 88
Now York O 1
L 8 3.
3 ,18
N Y Cent'l M
Cent'l 3.
1 B8
8.
Feuria t ' 11
1 67'
Pero Marqt 8
1 70
Phil Countv pv
R 80
Pierce Oil 1st
1 B7
Public BervlceJ
C'n N J 8.
10 00
Beadlne RIt 4a
2 70
10 70
Hi . I'll Ml A
8 Itwy 4s
.1 72
2 72
Et uouis
Fran a
1...
1...
1...
3...
01
01
01
01
3..
7..
10..
4..
6..
10 .
1..
74
74
74
74
74
1
00
06
S'n Pac c 4s
8 . . . 711
1 . . 7R
1 7R
6 i, 1m c ..
1 .... 0.1
1 5
0 08
E'n Rallw'n 4
1....
1....
1....
1..
78
78
78
78
V S Smelt Wt
A M'c Co oa
t Pwr A L 3s
3 72
R
7
fi....
1
14...
0 ...
1....
1....
En Ky Mobile
A O ctfa 4s
1 80
Sparta 4s
72
R
08
88
38
..88
88
88
R8
.1
10
t J Oh
1
1
17
11..
no
oo
lHi
01
01 ,
01
81
I 11
80
00
Bl
itV i ailllli
11 .... 78
Vthel A L P. la
B0
i, sun Cu cv
1 84
10 84
Wilson Co 1st
! .... 80
: .80
TRADE IN TEXTILES QUIET
Jobbers Say Merchandise I Moving
8oyvly, With Few New Orders
Manufacturers of textiles report busi
ness quiet, according to the weekly re
view of trade for the Philadelphia dis
trict by R.fa. Dun & Co , with few now
orders.
Thero has been little Improvement In
the yarn market, and the trend of prices
Is still downward. It Is the Impression
In the trade that thn condition of the
present month will correspond wlh those)
of July. While It Is believed both,knlt
ters and weavers will be In the market
In tho fall. It Is thought buying will
not be active for some tlmo to come.
Tho review, continuing, gocB on to
say:
"Manufacturers of men's and boys'
clothing are Inactive at this time. Buy.
era .-are doing little purchasing nnd are
not disposed to pay prevailing prices.
"Cloak and suit manufacturers report
few orders for fall delivery nnd a de
cided reduction In prices Ib looked for
later. Many of the plants are Idle.
"Manufacturers of shlrta arc Inac
tive and report few sales and collections
slow. Wholesalers and Jobbers of cot
ton and woolens report little trade.
"Jobbers of knit goods, hosiery and
underwear report business quiet nnd
collections very slow.
"There appears to bo considerable ac
tivity In the hardware lino for midsum
mer, with a good demand for nil grades
of material. This condition, It Is be
lieved, will continue with a decided In
creaso during the fall. Prices remain
firm and collections good.
"Paint manufacturers and dealers In
paint Rnd painters' supplies report busi
ness quiet; thero appears, however, a
fair amount of work under wav among
painters, considering tho midsummer
season, and It Is believed there will be
a marked Increnso In tho olume of
business In the early fall season There
Is little change In prices and collections
remnln good.
"Wallpaper manufacturers. Jobbers
nnd denlers report little change In this
Jlnc of business. There nppears to be a
moderate amount of work under way
and a decided Increase In tho volume of
business being done Is anticipated In
the early fall season. Collections appear
about normal. ,
"Wholesale grocers report business
nulet, no Is customary nt this period of
tho year. Collections ore good. While no
apparent recession In prices Is noted,
dealers contlnuo to buy for Immcdlato
needs. , , .
"Coffee futures are Irregular, owing to
ato demand; prices, nominally, are un
ate demand, prices, nominally, are un-
sVia rirroiV
"Tea la quiet and unchanged, prices
are firm and collections satisfactory
"Sugar market Is nulet and un
changed, buyers are holding back await
ing developments. The supply appears
to meet all demands. Grocers are woll
stocked for preserving season, but con
sumers do not apepnr to be buying.
Prices In rellned have dropped to 20
cents a pound.
Penn Municipals -
To Net 5.2S"and 5.50 .
Circular on Request
Townsend Whclcn & Co.
COS Chestnut Street
PENNA. TAX FREE
SECURITIES
v PAUL & CO.
Member Fhlla. Stock Exehanrn
1421 CHESTNUT STREET
GEO. A. HUHN & SONS
8TOCKH .ANH BONDS
Members of the riillartefplilii. New
lork nnd Chlcaro Stock Kxrhinces
New York Cotton r.xelianre
Commission Orders Executed In
All the Principal Markets
ntit.ir.vun court bldo.
1418 Walnut St.
NEW YORK OFFICB
111 Broadway. New York
Peoples Passenger
Stock Trust 4s, 1943
CHARLES FEARON & CO.
333 Chestnut Street
Have You $25
533?!
wK
I hare on exeln.lve nl vary
able stock-selling contract,
linntia nt atoclc in ft IaraT.
e.aentlal business. To carry r
proper stock-selling campaign I
an ..n,l,if. aia treasurer.
9R nnammmU. "s.f v flf teen veara' br
experience In stock selling, In Urs
way, against yonr money! and oi
half Interest In my contract invest.
ment secured. Great anil quick
nroflts con be expected. Will stand
fullest Investigation. if you r
serious, liaTe Ike money and will la-
estimate, you will be convince!.
Highest credentials furnished anil
required.
O 222. Ledger Offlcel
i 71,
Liberty
Liberty
Liberty
Hlch
.'I'is 110.114
l&t 4s... 8.1.C0
-M 4s... 84.MI
Liberty 1st 4 '4s.. .-,.(10
Liberty L'd 4V,s.. S.'.iO
Liberty ltd 4V4".. S8.8S
Liberty 4tli 4',s.. Ki.'M
Vic Notes :... fl.-i.flS
Vic Notes 4s... !)r..7U
(N. Y time)
l.in
P m
I10.H0
85.G0
.S4..SO
K. 10
84.00
88.7U
fin.:u
or."o
I)W
no.no
ar.60
84.:tl!
8.1.40
84.80
88.0(1
S.l.tlS
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05.0(5
H9 ((( ((( aW
City of Philadelphia 5 Loan
Dated August 16, 1920. Interest Payable January 1 and July 1
30-Year Registered and Coupon Bonds, Due August 16, 1950
Free of All Taxes in Pennsylvania
Free from Tax under Income Tax Act of Congress
Legal Investment for Trust Funds
Bonds of the City of Philadelphia enjoy a high investment standing. They are
owned largely by savings funds, trust estates and conservative institutions. '
Negotiable Interim Certificates will be issued if desired., pending engraving of
permanent certificates.
Loan certificates interchangeable as to form from registered to coupon, or from
coupon to registered, and re-exchangeable from one to the other from time to time
at option of holder, and coupon form may be registered as to principal.
May be bought in denominations of $100 and its multiples. Sealed proposals will
be received at Mayor's Offices until Wednesday, August 18, 1920, at 12 o'clock noon.
Bids must be on form which may be had on application to Mayor's Office, and must
be accompanied by certified check for 5 of par value of the amount of loan bid for.
The right is reserved by the undersigned to reject any or all bids, or to award any por
tion of the loan for which bids shall be received, as they may deem best for the inter
ests of the City.
Full descriptive circular furnished on application to the Mayor's Office.
J. HAMPTON MOORE, Mayor
WILL B. HADLEY, City Controller
DAVID J. SMYTH, City Solicitor
MALGA MEETING OPENS
Fifty-third Annual Session Begins;
Lasts Till August 23
Malaga, N. J., Aug. (I. A concert
nnd musicalc by the camp-meeting choir,
assisted by other talent marked the
opening last night of the fifty-first
annual West Jersey drove camp-mcet-Ing
in the camp grounds' near here.
There will be a veck of preliminary
rallies and special services before the
cnmp-mecting proper gets under way.
The meetings will continue until August
23. An introductory service by the
camp lenders will be conducted this
evening and on Saturday night there
will bo another bong Hjrvicc nnd on
Monday niglit still t)nother In charge of
tlip 1'o'rt Norris Brotherhood bund.
The firt.t Sunday In camp will be In
charge of tho local preachers' nhsoj-Iu-tion.
The Uev. G. W. Abel Is prcsi
dent of the cninp-ineeting association
and Prof. CJ. P. Becbe is the musicul
director at the caran again this year.
NEW ISSUE
. , .$10,000,000
Philippine Government
Ws$?
One-Year 4 Certificates of Indebtedness
Dated August 2, 1920
Due August 2, 1921
ftv Interest payable quarterly February 2, May 2, August 2 and November 2
g& Principal and interest payable in gold coin at the Treasury of the United States
p-
Coupon Certificates in the denomination of $10,000
These certificates are issued under authority contained in Act of Congress of tho
United States approved March 2, 1903, and an Act of the Philippine Legislature
approved May 6, 1918.
Under the terms of the Act of Congress approved March 2, 1903, these
certificates are
"exempt -from the payment of all taxes or duties of the Government of
the United States as well as from taxation in any form by or under any State,
Municipal or local authority in the United States or the Philippine Islands."
Legality of issue approved by Hon. A. Mitchell Palmer, Attorney-General of the United States,
and for the bankers by Messrs. Reed, Dougherty 6c Hoyt.
Price 97 and interest yielding about 6.75
s
Kidder, Peabody & Co. Blair & Co., Inc.
Bernhard, Scholle & Co. . Bond & Goodwin
Salomon Bros. & Hutzler.
New Issue
$12,500,000
UNION TANK CAR COMPANY
Equipment Trust 7 Gold Notes
Dated August I, 1920 Due August 1, 1930
Interest payable February 1 and August 1. Xotal Authorized Issue
' $12,500,000. Coupon Notes in the denominations of J 1000 and $500.
Redeemable in whole or in part at 102J4 and interest on any interest date on 30 days notice.
Interest to be payable (so far as lawful) without deduction for the Normal Federal Income Tax up
to 4 per annum whkh the Company or the Trustee may be obliged to withhold.
Company covenants to refund the Pennsylvania Four Mill tax.
THE EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE
For information regarding this issue of Notes and the business of the Company, toe refer to a letter dated
Alfust j, tg20y from Mr. Wm. A. eBarstotpl 'President of the Company, some of the items of which
hate been briefly summarised as follows:
BUSINESS: The .business of the Company consists in the leasing of tank cars under
'- contracts to petroleum oil shippers. The Company was a subsidiary of the Standard
2. Oil Company (New Jersey)' until the dissolution of the latter in 1911.
GROWTH: The Company is the largest individual owner of tank cars in the United a
States, its dwnership increasing from 11,881 cara on January 1, 1913 to 20,584 cars
7 on January 1, 1920. Including cars under contract for delivery and to be built in
connection with the present issue of Notes, the Company will own about 30,000
tank cars.
". SECURITY: As security there wfll be vested in the Trustee for the benefit of the note
holders title to 6,000 new tank cars built and to be built during 1920, representing an
aggregate conservative present value of approximately $19,000,000, or a margin of
about 50 over the face amount of these Notes.
i. ASSETS: This $12,500,000 issue will constitute the Company's sole funded indebted
ness and with the addition of the cars now under contract for delivery and to be
acquired with the proceeds of these Notes, the Company will have total net assets
of over $46,000,000.
: EARNINGS: The earnings available for Interest, depreciation and amortization, after
deducting Federal Taxes applicable to the preceding year, were as follows :
1917.... $4,425,830 1918.... $5,5 17,960 1919.... $5,939,615
These earnings for 1919 were equal to 6.78 times the annual interest on the new
Note issue.
SINKING FUND: The Company will provide a sinkingfund of $1,250,000 per year pay
able in semi-annual instalments commencing February 1, 1921, for the purchase of
these Notes at not over 100 and interest. In lieu thereof the Company may deliver
Notes of the issue at the current market price, but not exceeding 100 and interest.
K ' To the extent that, within 30 days thereafter, Notes are not available for purchase
at 100 and interest, the Company may authorize their purchase up to 102J4 and in
terest, or may have said unexpended balance returned to it upon subjecting to the
Equipment Trust Agreement, additional new tank cars of substantially the same $
1 character as those already pledged.
The legal proceedings in connection with the issue are being passed upon by Messrs. Murray, Prentiet
Gr Holland, and Messrs. Campbell, Harding 6? Pratt, Nett York
Jm the first instance interim receipts or the Company's temporary Notes tvill be deliverable "tohea,
as and if issued and received by us"
Price 96K and'interest, yielding 7.50
P
THE EQUITABLE TRUST CO.
OF NEW YORK
37 Wall Street : : : : New York
BLAIR & CO.
INCORPORATED
1518 Walnut St., Phila.
24 Broad St. N Vnrl-
Th. tftatcmonL preaestp d aber while not roarantud, ar obtalnad from aourcea which weitllave to ba rallabt.
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