Pitt., Cin., iSt.L. Rail way Co. Fifty-year General mortgage 5 Gold lends Due 1970 Payment of Prinolpal and Interest Guaranteed by the PENNSYLVANIA RAILROAD 00. . i,r.term railroad mortraro bond, A .JJlsJSi by the Pannaylranla nail "v Co xA oorerlnK & larsra part of iSriant mlleafo of tho Pennsylvania (ysteni. . rr of Pennsylvania Blato Tax prica'to Yield Ovcr 6.60 Particular on request. Carstairs & Co, Prompt, eouraci, fleouHfy 1410 Walnut Street Philadelphia Member rhtladelphlai ool Ksw York atock Bhm 71 Broadway, N. T. Quotations Given By Telephone Those who do not find it convenient to visit our board rooms may keep in close touch with quota tions and market news' by telephone. There is no charge or obligation In volved. Read this week's issue of the Investor & Trader. Call, phone or write for your copy. Ask for No. TU-949 JONES & BAKER Specialists in New York Curb Market Securities Widencr Bldf., Philadelphia Phones Bell, Locust 4730 Keystone, Race 2290 Office in Principal CIUm Dirt frtomt Win lONDOMTQCK MAHKKT : Tracing Slow, With Attendance of prokera Below tho Aviraae Jtondon, Aug-. 16 Developments In -r.-". uHiunuea mo governing; In- imenco on trto stock cxchanjro today and a cloeo watch was maintained on' all advices affecting tho situation there. Trading; remained Blow, with tho attendance of brokers In tho house be low tho avern.ro. The markets generally wr,, steady. Proflt-taklnir brought about a reaction In oil shares after they had scored gains. Shell Transport and 10. Wa8 6 and Max,cn Eagle thUkI-,il",U8tr,a.1 P00"0" was mld Rubber Issued dlanlnveA n,m... .. port wan furnished to the securities of domestic and Argentine rails and they movod upward. Canadian descriptions wore flabby. Khe f,roRn department was listless, being without a leader. Messages from Paris Indlcatod that operations In seeurl. lles, there wero at a standstill. Kaffirs were hard on an upturn In tho prlco of bar gold. Goodyear Tire Reduces Dividend Akron, p., Aug. 16. Tho Goodyear Tire & llubber Co. has declared a. quar terly dividend of zy, per cent on the common stock, payable September 1 to stock of rocord August 14. Previously the company hart been paying regular quarterly dividends of 8 per cent. On May 28 tho company declared bwck dividend of 150 per cent. GEO. A. HUHN & SONS ,. , HTOCKH AND nONDS Member of. the Philadelphia, New York, and Chlca.ro Block Ejtcliancra New York Cotton Kichange Commlislon Orders Executed In All the Principal Markets DELI.KVT7P! COUTtT DI.TKJ. HIS Walnut fit. NEW YOnK OFFICE 111 Broadway, New York Excellent Investments All Maturities LAH0K INTKKKST RATE oirrred on thrre month rates In amount S300 to SS00 up to total of M000. secured by real eetoto and factory equipment. I. O. Ilox 4523. Pacific Fruit Express 7s " New York Central 7s Southern Pacific 7s Union Pacific 7s Canadian Pacific 6s Issticd Under Philadelphia Plan. Bought Sold Quoted. Pitt.. Rhriinnco & T-nke Krle let Re, IRiO ;iy. neriea ," nil Pennnvlvnnla Co. New York, I'hlln. )W Yorif Bonds IflAIJCfl TM lloAM From Openlnr Until 2 p. ra. (N. Y. Time) Amer'n Agr k cnem os 1 SOU Amor Omelt'c a lien's Ba . 7BH IS 75 8 ?S S 78 A T A Tel ell 1 7SH 3 TfiU 2 75 A T Tel (Is 0 7(1 1 77 A T A Tel Cs 1 OAK 1 90 8 0BK 1 05 Ang-French 6e 4 OSH 23 00H 8 00 H 11 00 Mi Armour A Co P. Eat D 4tt B 74 Atch Topeka S Fe.4 1 76H 8 70H Atch Topka A H Fe ov 4 2 0BU Atch TAB l'e cv 4s '00 10 81 Atch Topeka A S Fa Ba 1 77H 1 77 Atch Topka A 8 Fe aj 1 00 1 oo4 2 00 Atch T A 8 Fe IJ Okla D 4a 3 H2U 2 8214 Atl C Line 4a 3 73 A Coaat Line rcta 7a 3 07 8 07 2 07 4 07 8 07 2 07 Dalt A Ohio cv 02 03 03W 0BH 04 C3M 03 08 H 03 W & Norfolk lt 4a. 1030 Isaac Starr, Jr., & Co., 15th & Chestnut Streets. Telephone) Spruce 3882-8R83I Race 1800 FINANCIAL Proposals mnroRALH for oasomne. oils and nnV4UVUJ1taW MflterlnJM Atlfl n.lnla Branch" 'office of tho Quartermaster Gen eral. Director of Purchase and Storage. Regular Buppllea Division. Munition Build in Washington. D. C Honied proposala will bo received hero until It) A. M August t insn. and then opened for furnlahlna aaaollno. kerosene, lubrlcotlnK oils, fuel oil nctober. November and Doffmbrr, 1020. Further Information upon application. BROKER'S OFFICE Tor rent, 1B00 wi. ft.i around floor central locntloni Immwllnte i- """EbGAR G. CROSS 14U WAIJTI1T ST. sUinnrannnnnCTin nimmiimnnnnnnnun EnummiimamaninnnnnrjiiTi! niurunrnaa i ii3 Federal Motor Freight Corporation Daily Service Newark Philadelphia Hancock and Columbia Srni. 14 fork 4S4 Following points touched daily 437 Broad St. Ilonnd Ilrook S70S New York 414 Lafayette St Sprlne 788D Arlington N. J. Daronne " Dtllevllle rtound Ilrook " Ilrooklyn N. Y. Caldnell N.J. Cetlar Orova " Clifton " Crawford " Dunellon " niliabeth - Kez Fall " Clen Rldiro " Ilorrlson H. J. Iloboken " Irvlniton " Jeraey City " Kenrney Lour Island Clty.N.Y. Muplewond '. J. Montclnlr " Nrwnrk " New rtrnnawlck " New York N.Y. North Itergen N. J, Nntley " Orangea(K-W-S) Overbrook I'naaalo Pnteron Terth Amboy I'lnlnfleld Ituhwfiy Itoaelle flomervllln South Amboy Verona lVratlleld N.J. In addition to scrvico outlined above our connections touch all points cast of New York. Rates on application. Arranged for Customers The convenient location of the business windows makes it easier and quicker for you to transact your business and be on your way. The officers arc easily accessible and anxious at all times to give helpful assistance for the asking. In fact, everything is carefully arranged for the comfort and satisfaction of customers. National Bankf Commerce in Philadelphia. " 713 Chestnut Street Nathan T.IolweJJ.Ij-e a idant r . 1 10 3 15, 2 10 6 4, 10, Halt A O BVia 3 70 1 70K Bait A Ohio 4a 2 00h 3 00 Halt A Ohio Ba 10 02 Halt A Ohio 0a 2 87H 0 87 2 87 20 87 20 87 1 87 B A O P L E A W Va 4a 3 B8 11 A O S Wn rtly 3a 8 70 B 70 Brkyn Itapd T 7a ct Sta 3 80 Ctl Leather B 1 00 Chea'k A O cv 10 7014 SB 70 C A Ohio 4a 4 70 C A O cv 4a 2 73 10 72 C'k A O cv Ba B 70 1 70 1 70 3 70 1 70. C A A char Ba 10 83 B 83 10 83 C U'n A Q Em 1 77 C U'n A Q 4a 0 04 B 03 1 03 1 03 Chi A Erlo tat 1 73 0 74 Chi A O'wn 4a 23 S3 Chicago Mil A St P fd 4 B 10 B0 Onlcniro Mil A StP cv 4a 4 07 Cl.ltcago Mil A StP fd 4a 4 00 2 B7 B B0 3 E0 4 B0 Chicago Mil St P cp 5a 2 05 Ohlcaeo Mil A, Ht 1" cv 8i ..1... 04 Chicago A Nth W'n Ba '87 1 01 1 01 Chi A Nwn 7a Del A Ittid 7a &.... 100 1.... 100 Den A n O 4i 1 82 D Can Ba '31 8...... 07 10 07 D Can 0a'21 2 07 1 07 1 07 D Canada '20 1 00 Dom'n Ilep Ba 1 82 Erlo Cen Lien 1 40 1 80 3B 80 10 30 2 811 Erlo n 11 cv B 10 37 Krlo 11 11 cv D 1 S7U Erla Ry Co 4a 7 B0 7 B0 8 B0 2 40U O Swlli'd rcta 102 102 102 102 102 07 102 2 8.. 1.. 10.. 1.. 10.. 0.. Hud A Man fd 8 BS 1 BB 3 BR 2 65 1 bB Hud A Man In 23 17 B 17 ,8 17 Ula Central fd 1 71 Ill's Steel 4 1 77 Ind'a Steel Bs 1 80 Inlboro M 4u 2 12 Intboro It T fd 1..,. 102 1.... 102 1.... 102 Pore Marat B 1 77 3 77 2 77 neadlnc Ry 4 a l..w. 78 Rl A A L 4 1 03 1 03 St L I Mt A S Rwy 4a 8 00 St L I Mt A 8 wy Ba 10 04 St Loula A B Fran aj 1 B 8 1 1...V. 1 10 1 B B 1 1 B St Loula Fran In 1 IB. 6. 4. 1. 42 42 42 42 42 42 42 1.... &.... 6.... 6.... 3.... B.... B.... 5.... 3 1.... C 11 I A 5. 1. 10. inn 100 100 100 100 100 100 100 00 100 p fd no on on oo 05 15 05 115 1. 7. I M Marina Os 1 81 1 81 Jap Oova't 4a 2 B3 17 83 11 B3H 2 B4 Kan G Ft S A M Rwa 4 a 1 01 1 01 Kan C Ft B A Memp nil 0a 1 02 Kan C 4 K ,11 2 B3 2 83 Kan C t 8 111 8 00 Kan City Te'l Rwy 4a B 07 1 7 2 07 B 07 1 07 K Dele 0a '21 1 08 1 081: K Dels 0 '25 12 00 a oi K Bels'm 7 01 01 01 01 01 01 01 01 01 01 01 01 01 A B 0. 0. 4. 1. 1. 11. 3. 10. B. 1. 2. 2. 48 40 48 48 40 48 48 48 49 48 48 48 48 74 74 74 74 74 74 74 74 74 We specialize in Liberty Bonds all issues bought or sold. We call attention to the fact that at present prices these bonds we yielding from 4 to nearly 6Y2. GEOKENDDICK 3rcT tf CO U3i walnut st. "zzzr" DHAn;..... KlUmk.r. N, York ,BJ PraiMnj T.i. ... .... " . o.ock jutuanr y K.V.toneK?.0 liJj 'U0 4 . 1.. 4. . Chicago Unlorf Sta ct 0a 0.... 102 Chi A W I 4b 1 34. City Bord'x Be 2 K3 City Copenha gen Ba 2 78 City Lyona On 1 83 City New York 14b 'CO 7 85 City Parla 0a 1 01 2 01 1 01 C C C A St L Carlo 4a B 09 Cona'd das 7s 10 00 Cuban C B cv B no B 00 Del A Hud fd 2 73 Lake Shore M S'n 4a '28 3 70 Mtn A St L Ba 1 08 Mo K A T 4a 2 B4 B C3 Mo Pao em 4a 10 62 10 B2 1 B2S 4 62 1 B2 2 52 Mo Pac Ba '33 1 88 New O Tex A Mexico 4a 1 68 1 88 2 88 N Y C A II H R n 4a 3 74 .S- Y C A II K it oa 1 3 1 2 1... . 1 1 New York C'l l. a mi 1 Bd N Y Chi A St Loula 4a B 70 N Y N II A H 4 of '80 10 48V N..W Y N II A Hart'd 0 2 73 2 72 New Y N II A H 0 rec 10 00 N York State Illya 4a 2 40 2 40 N Y Tolo 4a, 1 73 N Y Tele'a 0a 3 80 3 80 N Y West C A lloat'n 4a 8 42 N'k A W'n 4a 1 78 N'n Poclfllc 4a 1 74 2 74 1 74 1 74 N Pac Ba "23 1 .... 88 N S Pow Co 5a 3 73 Orr-Waah'n 11 Co Nav Co 4 a 1 00 b mi 1 05 1 05 a 03 Pao O A n Be 1 78 Pa It im 4 1 75 1 7S Ponna R It 5 1 84 1 81 1 84 Penna II II Ti 1.,.. 102 1.... 102 BA 60 60 60 60 60 BB 80 86 68 68 St L A S Fran Serlea C 1 83 1 83 St L A Swn en 1 68 SLA Swn 8a 8 60 2 60 6 60 St P'l A K G Short L 4a 1 01 1 01 Seab'd A L oj 2 33 Seab'd A L fd 7 41 1 41 E'n Paclfllo fd 4 78 1 73 S'n Paclfla 4a 2 00 3 00 0 05 0 08 B'n Pao cv 4 14.... 0.... 1.... 1.... 0.... 1.... 1.... 1.... 2.... B'n Pao ov Ba 1 08 6 05 1 08 7 05 S'n Rallwa 4 1 80 S'n Rallwa 6a 6 83 B 83 S'n Ry Mem D 1 77 1 77 S'n Ry Mobile A O Ctta 4a 4 B6 Toledo St L A W'n Ry 4a 2 40 Union Pao cv 2 80 Union Pao fd 1 74 Union Pao 4 a 8 81 1 81 U K of O Brit A I'd 1021 0 8.... 17 1.... 2.... 6.... 13.... 1.... 1.... 1.... 1.... 1.... U K of Q Brit A I'd 1022 0 00 8 110 2 00 3 00 U K of a Brit A I'd 1020 2 85 1 84 4 81 1 84 4..... 84 U K of O Urlt A I'd 1037 4 82 2 82 8 82 2 82 2 82 2 82 U S Mexico 6a 2. T. 10. 1. 0. B. U R Inv't Co of P F Ba 10 00 1 08 U B Rub'r Ba 2 77 13 77 4 77 U S Rub 7a 3 07 1 07 1 07 74 U H Steel Ba 30...., ni 2 01 U Pwr A I, Ba 2 71 Va Rawaya Ba 1 78 1 78 Weat'n Md 4 a 6 82 1 R2 3 62 Weat'n Md Ba 1 03 1 04 Whel A L U 4a B 63 Wilson Co lat 1 80 Wla Cent'l 4s 1 80 Bysg'ffi5yTag . r ',-,,,w-V;,( wa-ei-a- iiTiiiiifTr-J.ft4- ifcjjfa t . 7 WSSlP OF . THE STREET immmmmy Liberty 3s .'. . Liberty 1st 4s. . . Liberty 2d 4b. . . Liberty 1st 4iB, Liberty 2d 4s. Liberty 3d 4tH. Liberty 4th 48. 84.80 Vic Notes 3 a... 05 .SO Vic Notes 4n... Ofl.nO Ulan 00.20 S4..r0 84.KJ 84.70 84.38 87.00 An the) time for depofdtlnif the bonds "J we National Properties uo. unuer the bondholders' protective committee Plan oxplrcs today, It will be up to those holders who novo not assented to decide Whether It la n wlaer rnnrae to accept ftdmethlng which has been worked out Dy compctcut banking interests orennso a wlll-o'-thc-wlsp promise of an un determined nrtlnn. Dun Vina thn In dorsement nf renronentntlvA banking interests, flanked by an underwriting flyndlcata. which means n successful carrying out of the refinancing plan In every detail. Those who havo opposed the sincere efforts of. the protective committee offer nothing, not oven a hint suggesting any plan which would be fairer to the bondholders. xoik is cheap, and tbcro has an porcntiy been altogether too much of It, and too littlo action. Criminations and rccrlmlnntlons bring nothing and have no tanelblc resulta. It onlv breeds confusion and distrust. This has been the trouble of tho Independent move ment. Thern hnn been a whole lot ot .clamoring for something, yet 'not a single Interest has been able to produce any concrete evidenco of what this something is. Considering the money market con ditions existing, which nre familiar to every one, it is the consensus of opinion of competent bank authorities that the protective committee made an excep tionally good bargain. There Is no uso going Into the details of the contro versy, as tho matter has been thoroughly st L A 8 Fran "iresnco out, Dotn orauy nna in puoiic a i a i limit. morn tnnn iwo-iniras oi iuu U-.. -- , . ,. . -. . - . nonuiioiucrs nna the group oi nanx which have extended credit to tho com pany have assented to the protective commlttee'H plan. It is altogether likely that the plan, furthermore, will bo de clared opcrntive after today. At the eleventh hour, unless the opponents can offer something much better, it will be wiser for those on the side lines to follow the crowd. Market Apparently Oversold Considerable comment was mado In market circles on Saturday on the scarc ity of offenders, as higher prices were established. It was assumed that the absence of supply indicated that an oversold condition hod again been cre ated; making the market sensitive to bullish Influences of any character. In tho meantime, n better situation on the other sido of the water wns In dicated by tho action of sterling ex change. Thero Is a growing Impres sion that the liquidation has run Its course, nt least for the time being. It wns noticed, however, that the buying was cautious and the recovery was kept within moderate bounds. Watclilng Railroad Situation Hanking interests nre giving close at tention to the railroad situation because of the fact that the carriers are now engaged in n struggle with the various state commissions over the rate ad vances, which, It Is believed, will bo satisfactorily adjusted. In Influential quarters no effort Is made to conceal the belief that the re cent rntc ndvnnco allowed by the Inter state Commerce Commission was tho most constructive development In a generation. For a long pull in tho rails, bankers say, tho decision was constructive, but It must bo remembered that the res toration of rail credit must bo worked out gradually, sparingly and conserva tively, and that the higher rates merely provide a living wage for railroad capi tal. Some of those who have been noted among the buyers of Heading announced their Intention of holding tho stock without regard to its market movement until its nssets havo been distributed ns they think that is tho only way to obtain the full proflta which they expect to come through the execution of the Supreme Court's mandate. Market Sentiment Moro Cheerful It was the consensus of opinion in most of the weekly market letters of the leading commission houses that the worst of the liquidating movement had been seen. Uarring some unfore seen accidents, they believe the market Is in a fair way for a material re covery. Oninions of some of the moro prom inent houses follow: IlecUer & Co. "Although tho for eign situation has been blamed for much of the uncertainty in tho Rtock market. In reality much of it has been caused by the fear that the Public Service Commissions in the various states will not allow the railroads the same in crease in rates that was allowed by the Interstate Commerce Commission. Should intrastate rate be made less than inter-stnte rates, it will result In endless confusion. I'ntll finnl action is tnken by tlicso commissions, the earning of tho railroads affected will bo uncertain. The market as a whole has withstood unfavorable news very well nnd opparently the trading, al though narrow, has been of a construc tive nature." Jones & Batter "Apparently the unfavorable European news has been discounted by the market nnd the strong tone toward tho dloso of tho week In dicates that the turning point has been reached. The uSuol 'election year' rise is expected to get under way short, ly, especially as call money has again got down around 0 per cent." Chandler Bros. & Co. "Another week of sharp attack produced in a large variety of ptoeks, new low records for n year or more. This time the weakness was not bahcd so much upon money scarcity ns upon tho successes gained by the Russian Iteds in their drive toward Warsaw and the appar ent collapse of the Polish defense. It has, of course, seemed inevitable thut just such a result must occur against such an uneven struggle ns the newly formed republic has attempted in meet ing the countless Hussion hordes, uu doubtcdly aided nnd nbetted by Ocr mnu direction and assistance. It is niso unfortunately truo that Poland is largely to blnmo for the sorry plight In which It finds itself today. If tho work of the League of Nations at Paris Iind been- as thoroughly and capably performed ns it should, the present crisis would in nil probability have been avoided." Hugh & Dler "There come times in life when it is far better to take the perspective view of the situation rather than to be too thoroughly impressed by thoso things which Ho close at hand. It seems to us to be such n moment in connection with market affairs, be lieving as wo do that tho near future holds much brighter tliiugs in store tbnn appear on the surface in viewing the situation from close range." oo 00 o 00 00 oa 00 00 00 00 00 00 33 84 84 34 34 31 ,-,fjVfv:.tf" '""yc '", st T.VHTjIWgSc fi ' v" '.'''- Wffi rr " (N. Y. time Low 00.12 84.C0 84.10 84.70 84.30 87.70 84.70 0.1.40. 05.48 time) 11:18 a.m. 00.20 84.50 84.10 84.70 84.30 87.00 84.80 05.50 05.51 GOVERNMENT BOND8 nid Panama coupon 2a, 1030 100 Panama registered 2r, 19S0 ..100 Panama coupon 2s, 1038 100 Panama registered 2s, 1033... 100 Panama coupon 3s, 1081 77 Panama registered Ba, 11)61. Philippine 4a, 1U84 Philippine 4a, 1038 Philippine 4a, 1U80 V H uovt coupon 2 1030 . U S Govt reclsteied '.'a, in.io TT R rinvt .nunnn 1. Ifi'i U 8 Oovt reglatored s, 1025. 77 78 . 78 . 78 .100 1001 .10.1 .103 Ask 101 101 101 101 80 80 83 M 85. 10 in- 100 10S Raw Sugars Continue Quiet New York, Aug 16. Tho market for raw sugars continues quiet with of forlnes on tho bnslH of about 13.4a nuyors arw still inclined tc await fur ther developments, There were no sulea reported on Saturday. Importations are moderate ThoRe reported from August 13 to 16 consisted of 10,440 bnes of Cuba.4 nnd -400 Iinpa San DomlnRoes to the National Sugar Co,, 1500 bogs San Domlniroes to tho American Sugar Co. and 1707 bags to Arbuckle Bros. The local market for refined sugars re mains quiet, 'inn aemana appears to bo limited and further concessions In prices o- tho part of some refiners are looked for. DIVIDENDS DECLARED Copper Range Co. able quarterly of nfty cents, 16 to stock of record nay ii hi n Hfntembtr AUniBt I'll. titandunl OH Co of Maw Jomnv niitiu I of $S on common and $1,73 on prnferrd both Pyle September 16 to lock of record :&B9BBK&'f.'" " ' . . YUtjarKfrkaztsfrM It nacTtcv every . . V. l aaas intartka'twa-raw J-iZuX. "SBi - ill" tVCVl CI fftrmriTi-niinn-iifti - iMrliPf- Tn$Safc'7St2?b2& AxJrM ,JBwU$L l its ihchmse forecast im: t Sr rflHjPSuM T ' AttMEET3UGAflCR0r H a C5Xwg vrSMlBSllMiKav.Al WwarYlaWayawHft'JaiVCaaWaiiNa- Ki 4Ji&fflw Eaifc 'ill RjilllflnlffiWlalBIBRfctml iaUlaa4awvomer1H) CM ' "y tfG&WSusz:J2!P J MfllrolfllflHB& s" o .. v -ry ti ' I 1IrJ H fit gaTTTMiHHfffglllSft anfottr pro is ya f34jM torn ef A U! I labV -an WSi I r innr7lrFlrl,r fctl1 araaare1 with IfiHflM tana Ola; JM liffl. H JK'. Jft TiTlan I J ' '1L f Hrao4 laet year, mxorimt D7ejr"tap -z--rtTw Obit aw laflH V IV L II reuM ,ia it by itn IMeeat Suae Dtpatv -.! 7PTwinflM Mafh , H Writ' Vm 1 mm ( AfSiiStt&r'vssL trj 'SJHm If 1 TM if Hi 111 IlM,r ? towaat f Wrtta Wvrafer tMa aWawPMSSlMwl HI aaM i.Mfcr KHir5iliaaiJSar JitIl ' CaMiaaaiaaj aajsatii il n. 'XsHJHMMui&HZ 11 BH BSirarararXiaBavtflHfJBjrtlHnlPJmHPHIfYBBFifaHan Jugr -1 1 avta 4sssjcas4. si 4a1abaff srveraisw aaaaar 4eartaaa JHuCaiiiEaViliBI 9aV iiiV MBy IB8iaMWwlliHllPlwEai Miiiftmti lutawcut. KMaBBBjHH S3 B Safety and 7 in First Mortgage Investment Backed by the assets and earnings of a firmly established, essential industry one of the largest producers of beet sugar in the United States Utah-Idaho Sugar Company First Mortgage Serial 7 Gold Bonds Due Annually July 1, 1921-1930, inclusive ,We Recommend and Offer these Bonos subject to prior sale In $1,000 and $500 amounts . Price, according to maturity, to yield 7 s Beef sugar is an essential food product. It is used for the table, for cooking, for preserving, for the manu facture jof candy, soft drinks, medicines, etc. Regard less of industrial conditions, it is assured of constant demand. The Utah-Idaho Sugar Company is one of the largest producers of beet sugar in the United States, owning and operating fifteen sugar" factories. The Company's financial statement as of February 28, 1920, adjusted to include this financing, shows total net assets of $32,776,424, applicable to this issue of $8,000,000 principal amount of First Mortgage Bonds. These bonds are secured by a closed first mortage cm all the Company's properties (except certain farm Is2 ,jecLon,y to a purchase money mortgage of $600,000, due 1921-1923, on one of its IS active factories. The mortgage contains a very strong covenan'E by which the Company agrees to maintain current assets at all times equal to at least 100 of all liabilities, including these bonds outstanding. Net profits for four years ended February 28, 1920, averaged $3,123)943. The maximum annual interest charge on these bonds amounts to $560,000. The annual retirement of substantia! amounts of this issue through the serial maturities will steadily reduce the interest charges as well as constantly in crease the proportion of equity in the property over and above the First Mortgage Bonds. These bonds are followed by $23,730,000 par value of capital stock, all of one class, upon which dividends are being paid at the rate of 8 annually. Dividends have been paid ever since the organization of the company at rates never lower than 6jo per annum. TTrife or telephone for our special descriptive circular P. A. ts, uihlch sets forth in detail the manv attractive features of this issue. j, HALSEY, STUART & CO. Incorporated Suceemsor to N. IF. Hairnet & Co.. Chicago LAND TITLE BUILDING, PHILADELPHIA CHICAGO ST. LOUIS Telephone, Locust 4820 NEW YORK BOSTON MINNEAPOLIS DETROIT MILWAUKEE The above, atatementa ar official! or are baaed on Information which we regard as reliable and whu wo do not guarantee them, they are the data upon which wo have acted In tho purchase of theae bonds! - V.T W: IDENING '? ff HORIZONS0 IV, jTOfAXCIAI. -' . lW H Q I ff - - - ! .mi rruin PHILADELPHIA .. Philadelphia's ever widening trade horizons are including more and more of the world's markets. Foreign vessels that once docked elsewhere, today discharge their cargoes in increasing volume upon our wharves. The interests of the port are identical with those of this bank which for more than a century has contributed its share of service in financing the trade that has kept the great industries of Philadelphia in the forefront of favor in the world's markets. THE BANK 4Ztl CHESTNUT STREET NOT1CH Compan?ikb0lIe" f Horp"" " d dnr of Heptembtr. loio. at J- Sil.JJS noon, for the purpose of taklnv in2 !2Sr federation tho moAlneatlSn or ihania ofK 5rm BJjd condition, of the preferred it!) of thla Company leaued and outatandlni kS Issuing; In lieu and place tharMt.cartn&& of stock entltllnr the holder aSoV K'lS celve a fixed dividend of aeven per nt T annum.- and no more, from and a2f ?K lesulna thereof, payab a half-yiiriWle any dMdenia shall U declMerf or ' MtotSS!? any othar stock of the corporation S522 preference dlvldenda to be cumulaUw M ahares. In the event of liquidation i Vil5 aolutlon of the corporation, to '2? ,r,ifl'; to la paid In full Jho par value th.'iiL'e with unpaid dlvldenna accrued theraonhll fore any amount shall be paid to tha hwSS cf other atock of tha eorpora?Uoni aW S?S ferred ahares. however, not to ba enUtlel further share In the proceada of th. e2?p2 By order of the Hoard. HOLLIBTKIl STUnnns. BecratarrJ PKNNRTLVANIA CO. OUAIIANTEBD aw rnit ni.NT thust cnnxir- ICATKS, SKHIKS "A," i,uk 10S7. Pursuant to terms of nareement a.'i fV-Ptembar 1. 1SI17. thn undJrJlJSJS1 InvVleJ tenders of above certificate for JiTJ dellv-ry aa of Heptember 1 1020, at I p?lci not exceeding par and Interest, to th. ,J,i3 r.;?lnr;Uenofrre,lU,ad5rdnom,SrirAVnr Tnt'ST COMPANY. TruatV. , S nkl"" Amd Pennsylvania Company Ouarante" d ."u .? cent Trust Certlflcates Serlea A. will bl received until S p. m.. Auguat 31 lV0 a? eepted certlficatea must b.i de'llve?ed not later than September 1, IKO J,,Jf! furnished that day If requlr'ed thai d.' livery will ba made nlthln t?n days CIHIAIII, THUST COMPANY. Truita. OEOnOB II STUAIIT 3d. Treasurer. Philadelphia. Pa.. August 14, 1020. SC1IOOI. DISTIlirT OF AUDrm7 rnmden County, v J "" 882.000 TIIinTV.YKAR 8 rlKRIAI. U0ND3 Ilenomlnatlona of IIOOO uu.iwa Offers will be received until M.wi. 7h. 102O, by tho Hoard of Edue2JiS?b'5 Auduln. Camden County. N J ilV1 tSi i'ionda.'"UO 0' ,8",0 thl"y-Wrfc"S,rtlli5 The noard reeerv'ea the right to accent reject any or all bids. accept or Addreesalt communications to U. N. Hoffman. District Clerk. AUDUBON, jk. J. Hueelal Mretlnaa fpe-lu MeWIng Tlir. TOLIHll NATIONAL PUBURniNa COMPANY Philadelphia, August 1, 1920. Notice la hereby given to the atoekhnli.)!.. of The Polish National PubllanlmT ' &,m pany. a corporation organlied and -xliTi?; under tho awa of tha atata ol rwlillwr that, in pursuance of a resolution SrVif Hoard of Dlrectnra of aald oorM?.?i-tt special meeting of the itockholde?! J?nU." Polish National Publishing ComoanT. Ti..'T held on I'rlday tha 10th 4V of aiiU? 1P20 at 8 o'clock P M , , ' thSSSSfll meeting place and offlca of the aaM ni!5Sr tlon at TOT a 2d Bt.. In th, , el"' of PhTiiT Pa., for the purpoaa of voting fof or agalnai tha proposed Increase of tha eanli.i'MiS of the .aid The Polish N. 1 1 ?" TO ,.?. Company from IS0.0OO.00 to ISM Sao rSi ANTON! DZ1WISZ. BcYa'tS09' nirldenda Till 15 JJS A.1.NA"2M' n"7J7 h !4 n.M r 1 ' -n j a ' ..J 4 r The Hoard of I) rertora has declared III at. wvi4.caTh;Jg JsVUlfc tV 4kW"iaaLi.'.. iIXfr&S ML -,,t K a . iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiaiaiaaaajaiiBllaMMt wvi-ifr7.wt.-p'af-wrMMiv,.ji gyfwx&yyraaiyrau
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