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.
EVENING PUBLIC r LEDGEKr-PHIIriU)EIPHIA, FRIDAY, SEPTEMBER 24, 1920
23
! -y
-W
- '
NEV ISSUE ' , , '
Free of Perinsylvanla State Tax
1 Exempt From Federal Income Tax. '
$550,000 '
Butler County, Pefcna.
5V2 Road Improvement Bonds,
Dated Sept. 1.-1020, Maturing Sept. 1, 1927-44
Assessed Valuation Taxnblo Property $34,545,418 ""
Net debt less than 2 k s
' - '
Maturities 1927 33 prices to return about 5.20
Maturities 1934 44 prices to return about 5.15
Bonds maturing 1935 44 optional v
i
Offered subject to approving legal opinion of Messrs.
Townsend, Elliott & Munson. ' ,
M. M. FREEMAN CO. FRAZIER ft CO.
421 Chestnut St. - tread and Sansom Sts.
Phone Lombard 710 Phone Walnut 15370
LIBERTY TITLE AND TRUST COMPANY
N.E. COR. BROAD AND ARCH STREETS
3.65 INTEREST
PAID ON '
TIME DEPOSITS (SAVINGS FUND) .
II Ml
STOCK EXCHANGE SERVICE
Rapid executions of .orders in Philadelphia, New York and
all principal marketa.
"Fortnightly Financial Review" of the market sent regularly
to clients. .. .
Intelligent analysis of Financial News.
West & Co. ,
1417 CHESTNUT STREET
Bell, Spruce 250 SS&S Keystone, Race 2000
riioToriAYs
DEl'AKTMENT OF PUBLIC WORKS
lltlHKAU OF HATKK
September, 1020.
Seated propoial will be received and
epened at noom 210. City Kail, until U
clock noon on Wednesday, October IS. 1020,
(or the following;
Contract No. 417 General Conatructlon
at Queen Lane Pumping Station..
Contract No. 418 Piping .queen L,ane
Pumping Station. f
Conirrt No. 410 PJvot Oatea for Queen
Line Filter I
Contract No. 420 Furnlihlng and Dellv.
ring Sluice Clatea for Queen Uana Filter.
Inquire at Room 788. City Hall.
FRANK II. CAVEN. '
Direr-tor.
GEO. A.HUHN& SONS
STOCKS and noNns '
Mrmbrra hf the Philadelphia, New
York and Ch caB Stork Kxr flange
New York Cotton Exchange
Commlulon Order Exeouted In
All the Principal Markets
1IBM.F.VDR CODRT nr.DO.
1418 Walnut St.
nkw Yonrc OFFICK
111 Droadnrar, Nw York
NEW YORK BOND SALES
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2 87
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' " I Sf
I
$3,000,000
William F. Mosser Company
J Jen"Year Sinking Fund Gold Notes
Principal and Interest Guaranteed ;by Morris &NCompany
Packer, Union Stock Yardi, Chicago
Dated October 1, 1920 Due October 1, 1930"
Jn!!erimPblet.0n AtV.il ! and 0cV,;er,1,i1n N"v Xork.and Chicago. Coupon Notes in denominations of$l,000, $S00
or -J 3 '"'"changeable up to and including October , 1922. Redeemable at the option of the Company, as a whole
?Un. pa.Ttl on iny '"'crest payment date on 60 days' published notice at 107 durinir 1921 1922 and 1923 106 i lurinrr 1Q24
105 during 1925, 104 during 1926, 103 during 1927, 102. during 1928, 101 duringTA and on April 1, 1930.' l
- ' . t
INTEREST PAYAnLE WITHOUT nF.DUCTItJN FOIl NORMALyKDKUAI. 1NCOSIE TAX. NOT IN EXCESS OV -
, CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK, CHICAGO, TRUSTEE
Further information in regard to this issue is given in a letter of Mr. Nelson Morris, President of
William F. Mosser Company, from which we summarize as follows:
William F. -Ipsser Company is engaged in the
tanning of hides' and manufacture and sale of
leather. The Company was incorporated January 1,
1908, under the laws of the Commonwealth of
Massachusetts and has plants at Richwood, West
Virginia, and at Westover, Pennsylvania. The com
bined daily capfefcity of these plants is about 100,000
pounds of raw hides.
All of the capital stock of William F. Mosser
Company is owned by Morris & Company, who will
guarantee the prompt payment of the principal and
interest of these notes.
The entire proceeds from the sale thereof will
be applied to the reduction of current obligations,
thereby not increasing the indebtedness of the Com
pany. The Company's balance sheet as of January 3,
1920, discloses total tangible assets of $10,250,770.39.
After giving effect in this balance sheet to the pro
ceeds of the present financing, net current assets
approximate $7,242,000 and net tangible assets
$8,346,000 before deduction's of the present. issue of
$3,000,000 notes. William F. Mdsser Company has
ntf funded indebtedness other than this issue.
During the four fiscal years, 1916 to 1919, in
clusive, the average annual earnings of the Com
pany Available for interest charges after all deduc
tions except Federal taxes were $855,824.14; average
net profits for the Uame period available for interest
charges after all deductions, including Federal taxes,
were $761,529.40. The average annual interest
charges during this period were $186,273.26.
t The Indenture, among other things, will pro
vide that the Company will not create any mort
gage or lien of any kind upon its properties or
assets, or pledge any of its properties or assets, ex
cept that the Company may acquire property sub
ject to purchase money mortgages for not to exceed
75 of the fair value of the properly covered by said
mortgages, and except as lienr may be -created in
respect to drafts drawn in connection with foreign
exports and imports in the regular course of busi
ness. S I
j
The Company agrees to maintain current
assets (as; defined by the Indenture) in an aggre
gate amouht equal to at least one. and one-half times
all current liabilities (as likewise defined in the In-.
denture), including all notes of this issue outstand
ing and any purchase money mortgage indebtedness
maturing on or prior to the date of the maturity
of these notes and any other issues of notes or
debentures at any time outstanding.
i
A Sinking Fund is provided beginning April 1,
1923, which will retire in semi-annual installments'
$1,500,000 par value notes before maturity.
All legal matters' will be
PRICE 100 AND INTEREST, YIELDING 8
approved by Messrs, Mayer, Meyer, lAitstrian & Piatt,' Chicago, Temporary negotiable certitirat,
exchangeable for definite notes, vnll be delivered when as andjf issued and received byua.
Continental, and Commercial
Trust ancl Savings Bank
Chicago
. Halsey Stuart & Co.
Incorporated Succeiaor to
N. W. HALSEY & CO., Chicago
Philadelphia New York
F. S. Moseley & Co.
Philadelphia Boston New York
The Merchants Loan & Trust Co.
Chicago
-.
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8,,... 07
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4 83
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1 37
Texag A Ok Ba
Third Ave Ba
8 73
1 78.
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23 82
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1 7SU
10 70
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3 80
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6 80
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13 87
3 87
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0 43
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70
B 70
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0 l)S',i
Today's Range In Liberty Bonds
(N. Y. time)
.. 08
.. 07
.. 08
Btee. .it
.. 03
.. 02
.. 02
.. 03
.. 02
. . 02
02
8.
4..
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1...
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S.t... 89
Utah l'owvr A
Light Si
1 73
Virginia 8s n
Urol Ctfa
10 00
Vlra Carolina
Chem 1st
1 01
Va Rallws 3a
1 80
3 80
3 80
Wabaeh P i-
1 81
U( Il i-l
B 80
1 03
Wrat'n Md 4i
2 S3
Wllion Co rv
4.... 83
1 81
4. ..,.'82
Wllaon Co lat
1 83
Wis Cent'l 4a
3 "O
CHICAGO BUTTER AND EGOS
nUTTEK Higher.
4?nn Ma-d
Chicago, Sent. 24.
Creamery. 44038p,
unrip fnrh n -
neremt
High Ixvtr
Libprtjr 3W 00.32 00.20
Liberty 1st 4s.... 87.80 87.00
Liberty 2d 4a 80.00 80.70
Liberty 1st 44s. 87.00 87.40
Liberty 2d 4Vs.. 87.00 80.80
Liberty 3d 4y4s.. 80.00 80.04
Liberty 4th 4s.. 87.00 80.80
Vic Notes 8s. . . 05.00 05.08
Vic Notes 4s. . . 05,00 05.08
1:13
P. m.
00.32
87.30
80.00
87.00
80.04
89.81
80.08
05.00
05.02
LIVE8TOCK QUOTATIONS
Pittsburgh, Ta., Sept. 21. HOCJB n-
eelpta. 1200 head. Higher. Iteavlea, 817.00
W17.78J heavy yorkers, tl8.SS(tl8.4B light
yorkera, $17.3010 17.731 plga, lie."7B17.
BHEEPr AND LAMU3 Ileeelpta, BOO
head. Steady. Top sheep, 88. CO. Top
B0 head. Steady.
lambs, 1 14.50.
CAI.VB3-
Top,
K3 JteeelDli.
810.
Chlrasn. Rent. 34. CATTLE nerelnta.
3000 head, quality plaint beef steers alow
at yesterday prices. Ton vearunss, (lHt
bulk steers, to & 18.30: good cows and heif
ers, 17.30010.23: ahade hlgheri other she
ttoek slow: bologna bulls steady. I0O7: veal
calves. 117018; srasay. calves. . lO.BOfflls
flteadv to atronff! atnekera ancl feeders verv
draggy moitly lower: wciterns, S8.B0O12:
slaw,
HOGS Receipt!. 0000 head. Moatly Jn
lSe higher than veiterrlav'a average. Ton
early, 817.03:-practical Mop, 117.50: bulk
light And butchers, tin 03O17.B0: bulk pack
Inr sows, I15.80W1S.73: pigs strong to 18o
higher.
SHEEP necelrts. 8000 head. Tteit fat
tamha ateady. Top natlvea, 812.73: -bulk.
ll.B0i3il2,3ni rather good Montanas. 118.23:
best fat light swea, 10: bulk fat heAvf.
walghta, 18 28IJI8.B0; good feeder lamba
mostly $13013 23.
Knat St. T.otil. Sent. 24. CATTLE n-
(elnts. 2000 head. Steady to lower. Top
steers. 113: bum igtsizi yearling steera
and holfera steady; canner cows a shade
lower at Il.onta74.2A: bulla alow: ealvea
steady; good and rholcs vealerr. tlO.BQ$17:
reener aterrs ateady.
nuua itaceipia, nuud neaa. Ten 10 ine
hither. Ton. 117.78: bulk llrht anil mr1lui
welRhta, tl7.23O17.00; bulk heavlea, 110.40
W17.ll)
Hlir.EP Ttreelnla. (inn heart, flteadv. Ton
lambs. 112; bulk il0.30Oll.60; top ewes,
13 30; bulk. 84.7303.23.
Kast niiffnlo. N. Y.. S-pt. 24.-tCATTLE
Ilecelpts mj head. Slo'r. Cntvea, receipts.
(Oft hsd: nry higher: tninso.
HC3 neeelpts, 4000 aead. Higher;
steady; others 2V higher. Her.vy, IIS
18 2; mixed 18(H8.B0: york-ra, $18.80;
ilxht do.. 1S(?1H..'.0; pigs. $18J roughs
$14 SO: staga. 10O11.
SHEEP AND r,AMT18 Iteertlpts, 2C00
head. I.nmrH. 78c higher. LAmbs, t(
13.23: jcnrlligs, $0010. Others unchanged.
DIVIDENDS DECLARED
First National Drink of Philadelphia, cuar-
payanie uctoner
tf-rlv of 3 per cent.
atnrkholders of record Beptember
I'amoua 1'inyers-i.aiKy worp.
20.
1 to
nuarterlv
of $2 on prefe-red. payable November 1 to
atoclc of record October IB.
General Motors Corp., quarterly nf 23
centa In caah and 140 of a ahare In com
mon stock on common: alao Quarterly nf
11.30 on preferred. tl.BO on 0 per cent de
benture stock, and $1.75 on 7 per cent de
benture stock. All dividends are payable
Vvnirer 1 lo ptork of repnrd Oetohee h
MARKET LEFT TO
SHIFT FOR ITSELF
Wall Stroot Endoavorod to An
alyze tho Suddon Wavo of
Price Cutting
New York, Sept. 24. The New York
Evening Sun's closing financial review
today says:
The market for securities was left
for Itself to a large extent whllo Wall
ptrcct endeavored to analyze till sud
den wave of price reduction. Tho list
was scarcely more than firm so far da
tlio standard shares wero concerned.
The motor ond accessory issues were
under pronounced pressure, of course,
nnd the copper group wnt weak on
metal price concessions,' whllo the more
active nils, like Mexican Petroleum and
Pan-American, wero strong. Kelly
Springfield Tire again broke badly on
financing reports, losing some 7 points.
There was n partial recovery at mid
day, but a second sinking spell was in
duced by the afternoon announcement
of the stock-offering plan, present hold
cnii being given tho privilege of sub
scribing up to 35 per cent of their hold
ings at 50. Since the par value of the
stock Is $25 and the market quotation
at the time th news came to hand was
in the neighborhood ot D5, it was not of
a nature to prove very stimulating.
The steel industrials about held their
own. Tho tobnecos wero inclined to be
strong at first, but they lost ground
quickly. As for the rolls, there was
little change and interest in them
seemed to hnvo subsided for the time
being. It was evident that there was
no ready supply of stocks in either list
save in the case of exceptions noted.
News developments were of mixed Influ
ence. Postponement bf the British min
ers' strike for one week from Mon
day, the original date for it to begin,
imparted renewed hope of ultimate set
tlement. On the other hand, strike, in
telligence from Itnly was less encour
aging. Price cutting here" as not Tlewed in
n wholly pessimistic spirit. It was re
garded as inevitable and has the sil
ver lining of increased purchasing
power of thc dollar to temper the
qualms of the nervous. Textile manu-
.K-d
facturers up-state announced cut if
30 to 40 per cent to meet the red
tlons of the New England mill. Coi ;
siderablo confusion existed in attemsep.
satisfactorily to diagnose the marM".,
Prlco cutttlng, even to the extent re
ported In the' latest dispatches frai
various Industrial centers', was not e-'i
actly news to Vall street, but even axjt t(
It complicated the sltaulton in no small';,,,
degree, because, few knew what th4f
neighbors would do. ) "
Opinions differed as to the slzo of the) ,
bti..e tni....i trt.MM ti.,. .i.ai. m..m!.s . k
n..u. I. iiuvita., Illicit UlC nuuiH DUMi ,.!
to cover stocks were found not easfyle) u)sil
get, wiuie the bears were in two mintw t. I A
whether to utilize the dorrllnant tople JJ
to add to their short commitments. TL' , t,f''l
result, in a way, was a standstill until ,v
It might be more definitely known Just. , w
how tho public felt In the matfer. ,rv
although at intervals animation was not 'fvyJ
lacklne. , . M
further change'1!
the late sessios.
iocklnir.
There was little
securities value in
Liberty bonds again displayed strength.
on increasing demand. The second am
fourth 4'i per cent Issues each gained
more than a full point, and the third
4 nnrly a point. The bond list, as
a whole, was in excellent tone.
NEW YORK COFFEE MARKET
New York, Sept. 24. The mnrket tot
coffee futures showed disquiet on ths
opening call, October being 20 points,
lower, while the other positions showed -net
losses of 10 to 15 points.
Tho Brazilian and local news .watt
disquieting and there was little desire toi
trade on cither side. Transactions on
the call were confined to a few lots ot
October and December.
The market was narrow and unin
teresting throughout the morning see-"
slon and, when a few baying orders
appeared around the ring late in tin
morning, values worked up 8 to 15'
points from the low point of the call,
or to 7.35e for October. 7.80c for De-
cembcr ond 8.40c for March. "
Santos continues to make an effort to
get rid of the increasing stocks of coffee,
there and from day' to day shades
prices, but so far business in the cost
and freight market has been inactive."
Liverpool Cotton
Liverpool, Sept. 24. There was only m
limited demand for snot cotton today
with prices easier on tile basis of a df ,
dine of 18 points for middling at 21.3Sd.c
Sales were 2000 bales Recelpta were)
1000 bales, nil American. Futures were'
easy In the early dealings. Spot price v
were: American, middling' fair, 27.0d:
good middling, 24.86; fully middling.'
23.10d; middling. 21.35d: low middling,
17.8Sd; good ordinary, 14.10d, nnd ordl.
narv. I3.10rl
'
".
m
?1
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'43
4(1
J'l
ill
$20,000,000 . .
Bethlehem Steel Company
Fifteen Year 7 Marine Equipment Trust Certificates
TO BE ISSUED UNDER THE PHILADELPHIA PLAN
To bo dated October 1, 1920, to mature October 1, 1935
Certificates, ta denominator of $1,000. registerable as to principal. Dividend warrants payable semi-annually
April 1 and October 1. Principal and dividends payable at Guaranty Trust Comoany of New York. Redeemable
at any time on 20 days notice at 102 and accrued dividends. Authorized and to be issued $20,000,003.
Certificates are to be retired by purchase or by call by lot if not obtainable at not exceeding the eaU price, at the
rate of 11,000,000 on or before each dividend date from April 1, 1032, to October 1, 1927, inclusive, and SBM.OOO
on or before each dividend daje thereafter until maturity; these amounts to be ratably reduced if Certificates art
redeemed in advance of schedule. Certificates so retired to be cancelled.
Guaranty Trust Company of New York, Trustee
i
The following information has been furnished us by Bethlehem Steel Company and Bethlehem Shipbufldinz Corporation, Ltd.:
These Certificates are to be issued pursuant to an
.equipment irust Agreement under which the Trus
tee or its nominee will hold title to five steamships of
20,000 deadweight tons each, to be constructed, and
to five steamships already constructed totaling
52,417 deadweight tons (all of which are less than
three years old and one of which has just been de
livered This fleet of ten ships, aggregating approxi
mately 152,417 deadweight tons, will be employed
for the transportation of ore from the Bethlehem
iron mines in Chile and Cuba for use in Bethlehem
Steel Company's plants. All ships are so con
structed as to provide for efficiently carrying other
commodities, thus substantially increasing their
earning power through return cargoes.
The purchase price of the five ships to be con
structed and the current reproduction value less
depreciation of the five ships now in service aggre
gate over $30,000,000, or 50 more than the maxi
mum amount of Certificates to be issued, and this
margin of 50 in excess of outstanding Certificates
must, as below set forth, constantly be main
tained. Title to these ships is to be vested in the Trustee or
its nominee, and they are to be chartered to Bethle
hem Steel Company, which will pay charter hire !n
semi-annual installments that will cover dividend
warrants and retire the entire issue by maturity.
These charter payments will be guaranteed by
Bethlehem Shipbuilding Corporation, Ltd., thus plac
ing behind these Certificates the strength and credit
of substantially the entire Bethlehem system.
Title to any ship will be relinquished (provided that
the number of ships held shall not thus be reduced
below five) upon deposit of an amount q, cash suffi
cient to retire a ratable face amount' of Certificates,
in which case the charter hire thereafter payable
shall be ratably reduced.
The Trust Agreement and Charter will further pro
vide that if at any time after completion and delivery
of the ships to be constructed the depreciated value
(calculated upon the then current reproduction cost
new of similar tonnage, less depreciation at the rate
of 5 per annum from the respective dates of con
struction) of the ships held falls below 150 of the
amount of then outstanding Certificates in excess of
deposited cash, Bethlehem Steel Company will agree
to maintain this margin by the delivery of additional
ships or by pledge of United States Government obli
gations, or Bethlehem Steel Corporation's Consoli
dated Mortgage Bonds or certain underlying bonds,
or othor securities which shall be legal investment
for trustees in the State of New York, all such securi
ties to be taken at their market value.
Pending completion and delivery of the ships about
to be constructed, Bethlehem Steel Company will
agree to maintain the above mentioned margin of
50 in tonnage under construction or inoperation,
or in the securities above mentioned, in respect of
all Certificates not covered by their face amount in
cash or United States Government obligations of
equivalent market value held by the Trustee.
All of these ships will be under American registry
and will bear the highest classification under the
American Bureau of Shipping. They will carry cus
tomary insurance against fire and marine risk, such
insurance in case of total loss to aggregate at least
125 of the principal amount of Certificates out
standing, proper deduction being made for cash and
securities held by the Trustee.
The entire capital stock, excepting directors' shares,
of both Bethlehem Steel Company and Bethlehem
Shipbuilding Corporation, Ltd., is owned by Bethle
hem Steel Corporation and the combined earnings
of these two subsidiaries comprise practically the
entire earnings of Bethlehem Steel Corporation
which have been as follows:
tfl
Years ended December 31 1917
Gross Sales , . . ;" 3298,929,631
Net Earnings (after all Taxes,
maintenance, etc.;
Interest and Proportion of Discount.
$53,979,360
8,746,982
Balance $45,232378
Depreciation, Depletion, etc 17,911,641
Net Income after all charges $27,320,737
1018
0448,410,808
$57,188,769
9,748,013
$47,440,766
31,510,366
$15,930,390
1010
$281,641,907
$37,441,218
9,618,206
$27,923,012
12,666,152
$15,366,860
Current Net Earnings are running at a rate substantially in excess of those of 1919
94 and accrued dividend, to yield about 7
When, as and if issued and received by u, and subject to approval of counsel. Announcement as to time and form of deliver,
aii 1...1 .. ii , , . . wlU be rade on or before October 1, 1020r oeiivery
All leal details pertaining to this lS3ue will be passed upon by Messr.. Stetson, Jennings & Russell of New York.
Guaranty Trust Company " Bankers Trust Company
ofNewYork NewYork
I he Union Trust Company of Pittsburgh
W. do grantee 0,. !.,. , tfont pfmnttfl ,,..
All of the above certificates having been sold, this' advertisement Spears as nutter of record only.
The above statements are not guaranteed, but are based upon. Information, which we belleva
, a to be.accurate and reliable, ana upon which we hnyr-actedjn the purchnse ot thesa note.
"" I ' ' "" ' I' II '"" ! """
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