mw-'iw"
rffl'
'il.vr
f
rsrs.rr
i.
Ki Vl-fAi '
''
:t..fl
s' y ;
' 1
MT
, --i.
M'f tfl
t. i
v
lifi-r
.'?"' '21
St.
Wl
ul
.,
isso; ,
t
TR
14,
V
.
11 X
F '" "ninPw &??"
' l v r :,'
' I naf
DIVIDENDS DECLARED
ttuoo Motorcar Corporallon. auarttrlr
.r- mm naiininn iiit
card i
of
Mr cni on .tiiiiitiuii. .;. nuvcinuar
. .iiwk or rnwra vcioorr w,
3 "V..Y. - VrA Oeto1
1 J?...,. i fiiiar Co.. Inc.. quarterly of 11.80.
-.YlKi. NoYembaf i to atock of record Oo-
1 N.w Tork nd Itomlurae -Iloaarlo Mlnlh
f ixtr of 3 per cent .and I quarterly of 8
Pr' cent. payahta October 20 to stock of
"ttood nubber Co. Mat ronaecutlvo quar
i.rir dlMnd of IK i Per cent on preferred.
",bte Notember 1 to atock of record
RJiflber 20. Hooka cloae October 20 and
YSvtn November 2,
'Tobacco I'roducta Corp.. quarterly of 1M
.., cent on common, payable In two-year
KJidT bearln ? Pr nt Intareit. on Novetn.
k. iB to atocK oi recoru uciooer zv,
"'L.'X.rA Motorcar Co.. quarterly r
pet cent on common.
quarterly of 214
LESS COTTON-CONSUMED
September Total 457(647 Bales of
Lint, Against 401,069 Last Year
Washington, Oct. 14. Cotton con
mimed during; September amounted to
1(57,047 running bales of lint nnd 37,
121 bales of Haters, the Ccnsut Hurrau
announced today. Consumption In Sep
tcmbcr Inst year was 401,000 bales of
lint and 23,182 of llntcra.
Cotton on bond, September 30, In
consuming establishments amounted to
007.288 bales of Hut and 250,000 bales
of llutcrs, compared with 1,007,070 of
llnfand 251,102 of llnters on Bcp
tember 30 laHt year; In public storage
and at compresses. 2.702.1C2 bales of
Mint and 341.075 of llnters. compared
with 2.502,307 of lint and 227,183 of
Haters. " ,
Imports during September were
20,004 bales, compared with 54,342 a
year ago. Exports were 228,0tW bales,
Including 1445 bales of llnters, com
pared with 230,004 bales, Including
8083 of llnters to September a
year ago. Cotton spindles active during
September numbered 34,040,800, com
pared with 34,210,001 in September a
year ago. .
The Response
To our offer of a booklet on the First Principles of
Safe, Profitable Investments was so large it was
found necessary to have a second edition printed.
This edition will be somewhat limited.
An early request will insure your copy.
TT TELLS in clear,
1 concise, non-technical
language what
Bonds and Stocks are,
and of the different
types.
TUARKEDforthor
. oughness arfd
brevity, it affords a
complete resume of
the First Principles
of Safe, Profitable Investments.
Send for Copy
Contents- ' f fll
Adjustment Honda Pace I I
Annuity Bonds.... 13
Assosament i? I I
Blanket JortV ".""S
CarTrusti ..... C 1 2 I I
fVSy' Trust Bond; 7 and 16
8EU!ated MortwS 6 and 14
Conversion Prlvile 4.. 12
Debenture' . ' 7. ifl
I Fflopm'cm Bpnki 6
I SV'Pnt Notes or rUJn: 13 I I
I P,Xt0Ad,cd Bonds!" Ce,nca ....7 and 1?
I Gold Payment r..l. v .11 I
I rrj8?ti0" District 12 I
I Mlnlnir Stocks 8
&;&-Kii":::::::::::::::::::::: J
KKW;: ::::::::::::::::;:: S
I PurchaseMonpy . 23 I I
I Wss?d Lin ..'.":: S
I &? CcrficateV 13
ffi:::::::::l!
I Secured Not? . ..J I
I nfhf W 6
ltlcl Department .'. 22
tai10'""-::::::::::::::---"
Kfni Bonds::::; ..'.' n
I Unsecured Note . 12
imwi'i fi 1 '
RlAZIER 6 G.
Broad and Sansom Sts.
Philadelphia
19 South St.
Baltimore, Md.
927 15th St. N.W.
Washington, D.C.
65 Broadway
York, N. Y.
, NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
(BALES IN 11000
From Otxmtnir tlnlll 2i00 P. m. (N. T. Tlmt)
Atntr'n Ar 4
Chtm d u
B 03
Amer Dock A
Imp't Ba
1 BSK
Amir Bmelt'i
ne'ar 8a
2
1
B..,..
a
2
1
Am T
8.,
12.,
Oath
1.,
4..
7TV4
78
78
77
77 U
77
77H
T ell
1 77H
A TATCV 4Wa
t 81U
Am T A T Ba
2
2...
2...
B...
1...
4...
Am T
1...
1...
1...
a
70
. . 80
.. 80H
.. 80
.. 80
A T fli
08U
00 Vi
00
An-Franch Ba
2 00
Armour A Co
Tt Eat 4tt
B 78U
R..... 70
Atch TopaWa A
ti Fa 4a
4 77
3 77H
7 77K
27 7TH
1 77
Atch Topaka, A
S Fe cv a
3 00
B 00
2 09
Atch Torek A
S Fo aj
1 72
Halt A Ohio ov
B..
B..
IB..
4..
9
ns::
8..
1..
1..
73
73
78
73
74
78
74
73
78
08
08
Steal Id
... 78
78
Ueth Steel lat
8 88
tlrun A W 4al
1 70
llu.h mat Be
B 7A
1 72
Con'l of Oa 0a
2 00
2 00
Ctl Leather Ba
1 00
3 01
2 00
2 00
Cent'l Tao let
1 74
Ctl Pacific 8
2 77
1 77
Cent'l n n. oi
N J Ba
B 07
1 08
C'k A O 4i
B 78
2 78
3 78
C A O cv 4e
1 76
4 70
C'k A Dhlo Sa
2 02
C'k A O cv Ba
B flflVt
1 80
1 80
1 80
1 80
C A Alton 3
1 30
Chicago lt'n A
Qulncy 4a
2 08
1 00,
4 00
2 00
1 00
io on
B 00
7 00
Chtcairo Union
Sta ct 0
io.... lot
Chi A W I 4a
2 08
Chile Cop'r t)
B 78
B 73
Chtneaa Clove' t
IMC live na
2.... 03
City of Copn-
hattn Ba
1 77
a 77
Cty N Tork 7a
S.... loan
City larl na
7 Bt
2 04
Col A B'n 4a
1 77
1 70
1 77
Cona'd flea 7a
1.... 100
1.... 100
2.... 100
B.... 100
Cuban C B ev
1 02
2...
1...
1...
Del A
4...
Del A
B...
2...
2.
101
B.... 101
10.... 101
1.... 101
G tiwlti'd rata
101 Lack Steal '23
4...
S...
IB...
1...
4...
4...
4.
B.
104
104
' 104k
104
101
lot
104
103
Hock's V 4a
1 78
Hud A Man fd
03
1...,.
1
1
1
7
1
8
Hud A i
62
02
02
02
02
03
02
n in
Bait A Ohio 4a
B 74
B 74
2B 71
10 78
Halt A Ohio Ba
B 74
4 74
2 74
3 74
Bait A Ohio 6a
00
00
00
00
00
00
3 W'n
8
1..
1..
10..
3..
&
B A
Illy 8a
1 78
1 78
0 78
1....0 78
B A O Tol 4a
B B0
Bell Tel 7a wl
8..
2...
B...
23...
14...
4...
10...
1...
2...
10...
20...
10...
4...
11...
0...
B.
1.
1..
1..
2..
B.
1.
0.
08
08
08
08
08
08
08
08
00
08
08
88
08
08
08
08
08
08
08-i,
08
08
08
ChtcaKO IV n A
Qncy res 4a
1 80
Chi A Krte lat
S 82
1 82
Chi it A Pust
Bound 4a
1 08
Oilcatro Mil A
St P 8a
2 01
Chlcaco Mil A
SIP 4a '2B
4 80
B 80
B 81
Chicago Mil A
BtP cv iU.m
2 '74
1 74
8 74
Chicago Mil A
BtP fd 4e
2 03
B as
2 OBi!
Chlcaro Mil A
BtP cp Ba
1 08
Chicago Mil A
BtP cv Ba
10 73
23 7B
Chicago A Nth
Weat'n gm
1 70
Chicago A Nib
Weat'n 7a
1.... 103
4.... 103
8 103
Chicago Rail
waye Ba
09
1 70
Chicago It I'd
A Pao fd
. 01
.. 01
. 01
Hud 4a
. 40
Hud 7a
, 103
, 103
. 103
Den A It O fd
1 B2
1 S3
Den A It O 4a
B 07
8 67
Detroit Hdlaon
Co Ba '33
2 80
Detroit Hdlaon,
Co Co '40
1 88
Detroit TJnlt'd
Bwy 4ee
B 00
2...., 0
1....S 00 .
1 00
1 00
D Can Be '2t
B 08
2S 08
D Can B '21
4 08
D Canada '26
2 00
D Canada '20
8 03
2 0.1
2 03
D Canada, '31
1 01
Erie Oenl Men
4 40
2 40
1 40
Erie It ft cv IJ
B 4B
2 4B
8 4
2 48
Erie Hy Co 4a
B B0
10 .... B0
LFla Pen en
1 78
llav'a Glee Ba
1 82
Gene'l Ktrc (!
2 00
1 00
2 00
2.... 119 H
Gove't French
Rep rcta
23
0 2B
III Central fd
1 76
III Cent 4a B8
1 71
III Central Lo
Dlv 8a
10 OS
Ilia Steel 4a
M
6
Intbo
10
8
0
8
B
Interboro
ct 4a
10
10
20
B
Intboru R T I d
78
4a
21
21
21
21
21
Met
20
20
20
10
18..
8..
2..
B..
4..
2..
1..
8..
2..
1..
2..
3..
6.
B4
54
64
84
64
64
64
64
64
64
84
B4
.64
18..
3
B
6....
10....
6....
4....
8....
10....
8....
0....
10....
12....
10....
101
101
101
101
101
101
101
101
101
101
ion;
101
101
101
I M Marine !
1 82
1 82
B 82
0 82
Jap Oove't !
26 74
B 74
1 74
2 74
Jap Uova't '.'.
23...,. 74
2 74
20 74
13 74
JnU Gove't 4
8 B7
Kan C Ft P A
M Rwy 4a
2 04
1 02
Lock Cteel '60
B 80
Lacelede U Co
of 8t L. 6a
1 70
Lehigh V'y tia
1 S3
V lei It 6a '37
1 08
LorllUrd C 7a
8.... 100
Lou A Naah It
1.... 103
1.... 103
Manhat'n E'u
4a ata
10 87
10 B7
2 87
1 67
Mln A 8t U 4i
1 47
10 47
M A BtL en Ba
2 78
Mln St P A 8
St M 4
1 81
Mo Kanaaa A
Kaat'n lat
10 B8
Mil K A T 4a
6 03
2 03
8 03
8 02
Mo 1'ao gm 4
2 68
1 &B
1 68
10 B8
2 88
Mo Tao 6a '23
00
Mo Pacific 0a
1.... 100
4 00
Morrla A Eaex
R R 3a
1 00
4 09
2 71
New O Tex A
Mexico Ba
3 01
B 01
7 02
N Y C A II R
R R 3a
1 00
S Y C A It R
R R en 4a
1 70
1 70
0 70
N Y C A II R
R R 4a
3 80
S X C A II R
R R 0a
N Y Rya ct 4a
1 37 tt
M Y Rwa ct Ba
3 B
N Y Tela 4a
7.,
1.
B.
2.
N Y
18.
2.
.
T
-Financial Depression In Java
WMhlnston, Oct. 14 General, finan
cial depression and demoralisation i of
markets In Java to such an extent that
Shut's are expected, was reported to
the Department of Commerce today by
Trade Commissioner Fowler, at Hatavla.
rh commissioner said exporters should
exercise caution In negotiating- documen
tary drafts b?d upon shipment of ex
pensive luxuries and motorcars unless
'credit had been opened In Java to cover
tho transactions.
Liverpool Cotton
j.lrerpoot. Oct 14. Spot cotton was
Irregular today with prices weak on the
basis ot a decline, of 76 bofnts for' rnleV y
riling at IB. 521. The sales were tOJMl
liaUa. The receipts were 4000 bales. In
cluding 3S00 bales American. Futu
were easier In the early dealings. Hi
prices were! American, middling;
21.0ZU . KOu miuuimK. ie.f(i(
middling. l7.oza; miaaun(
mldldllnir. U.72di (food o
and ordinary, 7.52d.
2.
Kan C
10..
0..
1..
4..
8..
Kan C
2....
2....
1....
K Belg
1....
K Belg
B
a a
a a
00
S ."!
64
64
64
84
64
B &a
78
78
76
0a '21
00
0a '28
02
K Uelg-m 7i
00
00
00
00
09
00
80
... 70
... 70
... 70
Tele' a 0a
... 88
... 88
... 88
1 88
New Y W C A
Iloaton 4a
1 48
1 48
Nk A W'n 4a
B 70W
1 76
N A W'n d 4
1 77
N'k A W ev 0a
2.... 103
N'k A W Po'
Coal Co 4a
1 70
N'n Pacific 3a
1 08
10 88
2 68.
N'n Paclflo 4a
8 TTtt
6 77
1 77
2 77
2 77
Ores A Cal Ba
1 80
1 80
1 80
S 88
Oregon R It A
Navl Co 4a
0 77
Oregon B L BS
2 82
Org-Woah'n R
Co Nav Co 4a
1 78
Pao Q A H 6a
2 78
Pac T A T Ba
8 88
Pa It R 4a '48
82
Pa Kit gm 4
3 B2H
4 82
Pa R 4a '21
1..... 07
Penna, R R Ba
l..i.. 00
Pennn It H 7a
farfi7 b
cr. IK K9A Initf'.r:- 1
Fdinary, k.iM,"'
iv
x
( t.
?;
6..
8
10
10
1
n
It R ct 7a
02
02
02
02
02
02
It It
102
102
102
102
102
102.
102
102
102
CI
10.
1..
1..
8..
8..
2..
1..
1..
8..
New York
L & 3a
2 0HJ
N Y Chl A St
I.oula 4a
1 78
N Yk Llcht H
A Tow r 4a
4 00
New Y N H A
II 4a '66
10 88
New Y N H A
Hart'd 0a
1 82
6..
2..
1..
1..
2..
1..
1.
101
1U4
104
101
101.
104 '
103
Peoplea Oaa L
A C Co Ba
B 60
Phil County 4a
0 03
rhlla Rwya 4a
3 40
Prov 8 Co 4 s
0 40
Reading Ry 4a
8 82
1 81
RIO a A W 4a
1 08
8 07
1 07
Rome Wtr'n A
A Odgnabg en
2 0T
St U I'n Mt A
B'n Ry 4b
2 74
St Louie A S
Fran aj
1..
1.
2...
10...
1...
28...
1...
3...
68
68
08
68
08
68
68
68
Midi Railroad Company
1 (Cotppagnie des Chemins de Fer.du Midi)
6 Bonds '
Redeemable at par, by drawings, not'later2than"1960
Payable without deduction for French taxes, if held by
non-residenta of France.
UndeV agreements confirmed by law the payment of
principal and interest of ita bonds and 10, annually
on its entire outstanding capital stock is secured to tho
Company by the guarantee of The French Government
The Compaenle des Chemins de Fer du Midi is one of the largest railroad com
panies in France. The eyBtem includes 4098 Idkroctera of lines (about 2547 miles)
extending in tho south of Franct from the Atlantic Ocean to thp Mediterranean
Sea. The lines of the Company cover the entire border between France and Spain
and form the only railroad connection-between Spain and Continental Europe.
We offer tho above bonds, when as and if issued and received by us at:
$65. per Frs. 1,000 Bond
with December 1920 coupon
Price autyect to change without notice
Baaed on a purchase at prevailing prices, the following table indicates, under
varying rates of exchange, tho increase in the dollar value of the principal and of
the income.
Rateof Bircnance
ExpreeMdln
Ceota par Pre. 1
6:6
9
12
15
18
19.3 (Par)
Dol!ar"Valu
oirra.00
Anuual Intareat
3.96
5.40
7.20
9.00
10.80
11.58
Income on an Dollar Equivalent
Trtlnal of Tn. 1,000 Bond
tavavtinmtof tCS Far
6.09 $66
8.30 90
11.10 120
13.80 150
16.60 180
17.80 193
Interim receipts cduuia;ebl for boncta, If, as and when issued and received, will be delivered.
Descriptive circular on request '
i
A. Iselin C& Co.
36 Wall Street, New York
Hemphill,Noyes C& Co.
Franklin Band Bldg., Philadelphia
Gude,Winmill C& Co.
20 Broad Street, New York
Wbfle w do not guarantee the above Information we believe it to be correct.
Continued on .Vnt faae " in i "'" " "" ' " -J
n nn R 1 n 1 L A
rmaDurgn WllUea-Barre III l OSTa f "" .' :,,7 I I A 1
, 11 ... iu a va "' w mem 1
2.Y. on in.... ioiu - , I W
1 704 12.... IftlH I JL '
' iii n nati u4 m
l IZZZIZ1 M . I f
ll I " I
New Issue
$50,000,000
Sears, Roebuck and Co.
7 Serial Gold Notes
Dated October 15, 1920
( $16,800,000 October 15. 1921
Due $16,500,000 October 15, 1922
( $17,000,000 October 15, 1923
Total authorized issue, $50,000,000
Interest payable April 15 and October 15 in New York and Chicago
v Coupon Notes in Interchangeable Denominations of $1,000, $500 and $100 Registerable as to Principal only.
Two and three year notes redeemable in whole or in part on 60 days' notice on October 15, 1921, or any interest date
thereafter at a premium of 1 for the two year notes whenever redeemed and for the three year notes of 2 if
redeemed on October 15, 1921, of 1 if redeemed on April 15, 1922, and of 1 if redeemed thereafter
Interest payable without deduction for normal Federal Income Tax not in excess of 2 "J
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTEE
Further information in regard to this issue of notes is given ina letter of Mr. Julius Rosenwald,
President of the Company, dated October 8, 1920, Jrom which we summarize as follows: .
v
'T'HESE notes are the direct obligations
x of Sears, Roebuck and Co. and consti
tute the only funded debt of the Company.
The proceeds of this issue will be applied
to the reduction of current liabilities
thereby not increasing present indebted
ness.. The Company's outstanding capital stock
at gurrent quotations represents an equity
of about $130,000,000 ranking junior to
the notes.
Net earnings after deducting all interest
charges but before providing for Federal
taxes for the four years ended December
31, 1919, average $20,926,692, or about six
times the maximum .annual interest
charges of $3,500,000 on the notes. The
net earnings for the six months ended
June 30, 1920, a'fter deducting all interest
charges but before providing for Federal
taxes, amount to $15,447,285.
Gross sales have increased from $51,011,
536 in 1909 to $257,930,025 in 1919.
The trust agreement requires the main
taining of quick assets equal to at least
one and one-half times all liabilities in
cluding these notes, and provides that no
mortgage or other lien, except purchase
money mortgages, may be placed upon
any of the assets of the Company.
We offer these notes when, as and if issued and received by us, subject to prior sale and to the approval of counsel
$16,500,000, due October 15, 1921, at 99.20 and interest, to yield about 7.85
' $16,500,000, due October 15, 1922, at 98.72 and interest, to yield about 7.70
$17,000,000, due October 15, 1923, at 98.41 and interest, to yield about 7.60
It is expected that temporary notes or interim receipts will' bo ready for delivery on or about October S5, 10SO.
All legal matters in connection with this issue will be approved by Rushmore, Bisbee & Stern and Moses & Singer
of New York, and Arthur D. Schaffner, of Chicago. v '
Goldman, Sachs & Co.
Now York
.
First Trust & Savings Bank
A Chicago
A. G. Becker & Co.
Chicago
Continental & Commercial
Trust & Savings Bank
Chicago
Lehman Brothers
' New York
Illinois Trust & Savings Bank
Chicago
, "V do not guarantee the statements and flsures presented herein, but they aro taken from eourcea which w belleva to be accurate
$25,000,000
Anaconda Copper Mining Company
Secured Gold Bonds, Series B, 7
Due January 1, 1929
Authorized $50,000,000. .
Outstanding, $25,000,000 Series A 6t $25,000,000 Series D 7 (this issue).
Dated January 1, 1919. Interest payable January 1 and July 1 without deduction for any Federal Income Taxes now
or hereafter deductible at the source not in excess of 2. Coupon Bonds in denominations of $100, $500 and $1,000;
interchangeable. Registerable as to principal only. Principal and interest payable in United States gold coin at
The National City Bank of New York or at Guaranty Trust Company of New York. Series B Bonds redeemable
as a whole or in part (but not by the Sinking Fund) on any interest date upon thirty days' notice at par and inter
est plus a premium of Jj for each year or part thereof by which the maturity is anticipated. Scries A Bonds
arc not redeemable.
Sinking Fund of $1,500,000 per annum, payable semi-annually on January 1 and July 1 each year, begin
ning July 1, 1921, to be used for the purchase and retirement of such Series A and Series B Bonds
as may be tendered on the most advantageous terms; to the extent that bonds cannot be purchased
at prices to yield G or more per annum, the unexpended moneys shall revert to the Company.
GUARANTY TRUST COMPANY OF NEW YORK, Trustee
A letter from Mr. John D. Ryan, Chairmin of the Board, is summarized as follows:
These Bonds are direct obligations of the Ana
conda Copper Mining Company and are secured
by pledge with the Trustee of stocks of constitu
ent companies valued in excess of $100,000,000.
The Secured Gold Bonds (Series A and B) con
stitute the only funded debt of the Company.
The Anaconda Copper Mining Company is the
largest producer of copper in the world and its
mines are located in one of the greatest known
mineral belts, the Butte District in Montana.
During the past 37 years the group of mines now
owned by the Company has produced and is now
producing more copper and more silver than arty
other district in the world.
During the period from January 1, 1913, to De
cember 31, 1919, the Company and its constituent
companies earned, after paying interest and all
taxes, but before depreciation charges, an annual
average of more than $24,500,000 approximately
50 of the entire issue of these bonds.
During the last ten and one-half years the Com
pany has paid dividends aggregating more than
$125,000,000.
The Company covenants, among other things, in
accordance with the terms of the Trust Agree
ment, substantially as follows :
It will not mortgage of pledge any of its fixed assets
without providing prior security for the Bonds and for
their payment in priority to all other obligations secured
by such mortgage or pledge, and will not permit con
stituent companies to mortgage or pledge their fixed
assets unless the obligations secured thereby (other
t..an those issued In renewal of existing obligation)
are pledged under the Trust Agreement
The earned surplus of the Company (including any
amount which may have been employed in the payment
of any future stock dividend) shall never be reduced
to an amount less than the amount of the outstanding
Bonds.
The Anaconda Copper Mining Company has out
standing $116,562,500 capital stock, which, at
recent market quotations, indicates an equity of
over $120,000,000 behind these Bonds.
All legal details pertaining to this issue tvill be passed upon by Messrs. Shearman Sterling, and Messrs. Stetson
Jennings 13 Russell, New York.
I
9.6V4 and interest, to yield about 7
When, as and if issued and received hy us and subject to approval of counsel
Announcements ,as to form and time of delivery will be made about October 20, 1920
Guaranty Company of New York
The National City Co-
rr.Ha6hLnn'??htl.0nJ(?.K,u,dJ?p5n 0,J?,c,al "tatements and statistics on which we have
relied In tho purchaso of these bonds. We c not guarantee but believe It !to be TOrreot
".Jtj
4-
m
c.
L. I
jl
y
fl
o
4
J. : 1 '
r
: ' , &
,
''
ft.
l&r
1
,i Us'i
I V
I
JLvbtiMMi
.,Vo?JvJ
SJi