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
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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!
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W:
IDENING
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ff HORIZONS0
IV,
jTOfAXCIAI.
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- - - ! .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
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The Hoard of I) rertora has declared III
at. wvi4.caTh;Jg
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