1 N it V .1 i V wij EVENING PUBLIC, C LEDGER PHirJADELrHIA, MONDAY, NOVEMBER 20, 1920 .Republic of France 6 National Lean of 1920 SUBSCRIPTIONS CLOSE TOMORROW These bends arc redeemable at par at the option of the French Government after January 1, 1931, and arc a direct obligation of the Republic of France. Under autherfty from the French G'evcrnmcnt wc are receiving subscriptions payable in dollars at the rate of exchange fixed each day by the French Finance Commission. "Cables Frem Paris Indicate Great Enthusiasm for Hie Lean and a Probable Subscription of Thirty Billion Franca." Price today $61.15 per 1000 Franc Bend The French character is well known for its courage, intense industry and thrift. At least two-thirds of the French population is composed of peasants, agriculturists and farmers, nearly all proprietors of the soil. Since the war ended France has shown marvelous recuperative power. Of 3,500,000 kilometers of land destroyed in the war zone 2,000,000 have already been put into productive use. A considerable percentage of the 300,000 houses completely destroyed has been reconstructed and 3,000 kilometers of railway, which were destroyed or damaged, have been restored. The stability of French institutions and the conservative character of the French pepplc arc responsible for the high esteem in which their Government and Municipal obligations have always been held throughout the world. During the ten months of 1920 French experts increased nearly 150 ever 1919, or in amount mere than 11,000,000,000 francs. In the same period the increase in French imports was less than 10. Experts of French Colenics te France arc today mere than twice these of the pre-war years and arc rapidly increasing. The French Colonial Empire has an area of 11,000,000 square kilometers and exceeds the combined areas of the United States and Alaska. BROWN BROTHERS & CO. 4th and Chestnut Streets GOSSIP OF TtiE STREET H vnn tlie i-ntiiuiMiq of opinion en lhi strrct nflep tliu losing en Hntimliiv (lint ewIiir (e tlii ninnv litiecrlultit!ts in cncrnl luminous r-eiiilltfnns nml the ws hllilllty of a tontlmiutien of Irrrgiilntl tli's ever n period of the next few months it would lip tinwlie te innke nnv peslthe or gpcrillc picilk'tleiJ relative te nn lwic or Kietij) of cceuritics. (lenernlly cpenkliiK, however, It Is felt In the brut linnnuliil iptniterH Hint rnitiend Mecks will he nmetiK Hie firet te relied n ihnnce for the better, al though eqinil ceiilhlenee is enti-itnlneil thnt there will tnle plnec n teheunil of liinrh mere Imposing proportion In the InihiMrint lltenee the turn hns definite ly tnken pint p. The rnilrencl mnrket hns been n iieRlctled one exer n net mil of sexernl enrs, but eondltlenn hnve inn terlnllv ehnuced -inee the leiesliie of the Cummins. Ksrh t lilrend menciire nt (lie Inst nesslen of mi ess just pilnr te the $7,000,000 Philadelphia 5 Le i. tf Dated December 1 6, 1 920. Interest Payable January 1 and July 1 50-Year Registered and Coupon Bends, Due December 16, 1970 Free of All Taxes in Pennsylvania Free fremTax under Income Tax Act of Congress Legal Investment for Trust Funds Bends of the City of Philadelphia enjoy a high investment standing. They are owned largely by savings funds, trust estates anccenservativc institutions. Negotiable Interim Certificates will be issued if desired, pending engraving of permanent certificates. Lean certificates interchangeable as le form from registered te coupon, or from coupon te registered, and re-exchangeable from one te the ether from time te tinie at option of holder, and coupon form may be registered as te principal. May be bought in denominations of 5100 and its multiples. Sealed proposals will he received at Mayer's Office until Thursday, December 1G, 1920. nt 12 nYlrwlr i. j Bids must be en form which may be had en application te Mayer's Ofiicc, and must be accompanied by certified check for 5 of par value of the amount of lean bid for. fine ngni is reserved y me unuersiKiiuu i" reject, any or an eius, or te award any por per por Ctien of the lean for which bids shall be received, as they may deem best for the interests of the City. Full descriptive circular furnished en application te the Mayer's Office. .1. HAMPTON MOORE, Mayer WILL 11. HADLCY, City Controller DAVID J. SMYTH, City Solicitor Knle (oinmeilltA piiies ntljilfl-Pil te bot tom lcels, with letnll pthes ceiieiiilly lower, nnd thnt n business impioe inent will ei em In the enilv summer lifter thorough liquidation of letnll stocks. While we bcllee the Rteik nimkct bflH verv nenrh dlenunled the nhnve, it Mieulil liu nndeitoed Unit the lust of the jenr will likely nlmw n large biiHlness tmirlnlit.i, ns !t Is nt tint time thut men limits must tnke nieeunt et their positions, nnd .we mm xee n kIIrIiIIv lewei xteik mnrket in Decem ber. We, however, feel thnt filers nre nearly lit the low point nnd judleieus purchases should be m ide of the sounder Linss of uteiks." (Iiitniller Itres. it Ce. "Consider nle the relensc of sueh vnst sums ns were nliserbnl tiy ticlitieiiH values in ninnv directions. It wns net until the Southern cbtlen he ders hnd marketed Ihiir 1II1D-1II-0 nep, nt prices rnnx Iiir from forty te xlxty cents per pound, neierdltiK te ipinlitv, Unit the piv eminent vvnrebnuseH were thrown wide open for linlshed Reeds dlhtrlhit turn. nid the price of scnttered (otten holdings went i politic down te fifteen turning brtik r the iitrrieis te their cents per pound. Weisted .Mini, in DttiierM. I Deher inlcs mr nnw linlni. one of ltn most iienulnr bintids. hn chniRed for hnndlliiR Imslness, wlihh Is meanwhile diepped fiem fc'J.fiO n pound feitutinte pnitlculnHy ns the business of te elf(lit -two ents n pound, whent the rends hns fallen eit rather hhnrply f'"' -' SUk". ""i front SI 70 from ii tenniiRe point of iew ihultiif " l3tt -IIp icnts. nnd numerous ethei (he lust two or three cekn. The lns "' mnteiinls hnve liken ise iiluiiRcd in this resneti. Imuntcr. will tm nffsci downward. e thnt the relcnve of inenev te ii considerable extent by the higher i advanced, linked en the IiirIi prices intes new in operation. j limited, is cut down from h'llves te ipiarteid. .We had duriiiR the jvt Kvrellent Iteml lliiitn- vviek the first limit Inns sensation of ." lAeeiient lleiiil lliDliu ,,,. rclt ,,. fm. Mlll vllcl,.,M Altheush some 1 Inuli Intlen hns taken. ..in, ii.u ..m.n,lni,a n.i nlinni-iv u,u. .1 i .i. ,..., . . ,...,... .1... """ i "" ' " (UMir in 1UC IMlll'l lliail.ll (1I1IIMR IIIU iat ten davs or two weeks, thete )b tninrd In the trade a feeliiiR of con cen lideme nult" unmlnlnknble. the iiirii ment IicIiir ndvniiced thnt the ihm niter of buvln? of IiIrIi Rrndl- fcc unties hns been Hindi Ii. Iter than thnt of the sell itiR. Xnturnily. when bend pi lies nR us thev have teceiitlv, partly beeniise of ptelit takltiR nnd paitlv ns n icsulti t forced luiiildttlnn. tiieie iivtnillv i emes Inte the ni.uket Inn ins bv the so se called biusnlii hunter loekliiK for nn oppeitunitv te pic k. up Nrctiritles of known merit nnd vnlue nt pi ices .ievv Iiir a sati-f,i(lei y tetuin en the invest -mint. This is said te have been ex actly what lias hsfppened in the last few days, but the volume efHiiih nhsiiptien hns net bein sufficient te etette any mitikeil ehnnje in piices at (he lower levels established mi the dewnvvnui movement which has been under wav. Mm It slRiiiliciiiK e is ntt.u lied te (lie fm t tbnt the i cut ion in bends has been pro pre pro peitionatelv less thnn th" tccissiens which. hive eeintied in (lie steik nut ket. This it accepted ns IndicntliiR tint there has been such excellent dlstiibu- tien of bends at the lower prices obtain - iiik uirr mi' itivc iw.i or cnice .Mars, that there y net ltkelv te he an en slausht of scllltij at nnv thing like the new prevnllins ipiotntiens, Itrralc in Stpel Pilres The fust In eik in the ranks of the independents who have been hehlitiR up "teel piices has i nine, the Jenes , I.aiiRhlin Steel Ce. havinc announced n downward irvlsien en bus, shapes and plates te -It." ei nts. U.I." (cuts and ''(!" icnts per pound, tespictivelv, britiRinc these tiiiNlieil piedmts te the level which Iris been ndhciid te bv the 1'nited Slates Steel Cotpei.itioii suite Mntcli of last ve.tr. This action was most Impeitiint iinil was in line with the ptedit linns nude in these columns fni ne.ulv six months. It will he tei ailed th.it the i (intention was ninile Hint the independents would he cempillid before the end of the vnnr te meet the steel corporation's levels in order te slime in the ncv business that might develop. ItniKers' Opinions West & Ce. "It is our opinion that the last of the jcar should see whole- tent, we should hnve hnd !'. te ! pet tent money for n collide of months lleldeis of secm'tles enlv pattlv paid for, hnve net ditiiiiK the past twelve months ivenpcd paviliR fiem S te 1(1 per lent en their bnlnnces. which with the usual hitbit of tompetindltiR innnlh Iv, has made It pinitliitllv piehibitive and has forced thousands of lieldeis te sell their stei ks lit tuineiis losses. Its nnite time that some helpful recoRiil receRiil recoRiil tlen should be made of the enoiiiieus sncrlllces In srctirlt.v allies In nidliiR dcflntien." . . , Illltlies ,t Dler "While Irregulntilv has supplnnted the stnnrth shown in (lie euily part of Inst week, the under time of the market Is such ns te Indi cate thnt ptreiiR inteiests de net desire nnv resumption of ilrnstle liquidation This Im especially due In the rniliend llt Such shuies continue te make n stretiR appeal and as the private man aReis Rrnditnll.v icstere the curriers te the btele of eflii iencv which marked them prier te the vvnr we expect con siderable improvement In the ninrke position of nil stand trd mils. The rne In money nlCH Is nn enrniiincliiR factor whlih should licit ineie inline net te vvn'td the end of the ve.ir." II. r. Ilarhniniiit . Ce. "'I'he mt ten fill tlie inail.it sinie I'rlihtv bus bewit ii nun h imptevid undeitene The innlek.v vetlitiR of the fet t liiirlil tueviens seems te hnve subsided, and although l.tvetpoel mid the Seuth uiutlnue te meet the market en alt ndvanics with selling cutler, pfnes hnve made sub stantial Rains due te short iiiveiing nnd Investment tuning l'rebnhlv the iuet eneeuraging fenlute In (lie eislir money mat ket mid tin' ndv timing ten deiii V f sterling c limine We nie fli inly convinced that the pi ice of cut Ien iiiiinet be periinnentlv 1 ept below tifteen i cuts mid Hint us seen as eon een lideme Is lestaiid we will witness mill Ii higher pi lies At presint piices it enlv reiptitcs about one thud ns much te finance the crop n,t it would have ie ipilred nt Inst summer's prlies of nreiiud feit.v-hve icnts per pound A great deal mine i oil cm will be (eusiimul at llfteeti cents than lit ferlv icnls, and oener ei Inter the selli rs of cotton w .11 be placed en the defensive. I'lnnt inv going rnpldli nml stendllv ahead for Hie pmper tin lining of felelgll iteiTitM jn an eiiorineiis si ale, mid these who igueie this f.ut will he liable te CehlO , te g.lef." Ilicher A. Ce. "Swaved by tbn whims of piofcuiennl tinders. Who nre doing most of the business just HOW, the mnrket iucciiied this week n very Ii regular nnd confusing nppenrnnre, limiting it hard te judge which side Is the safer. The fiut it Ins already suf feted a big decline, thereby discount ing much thnt Is unfavorable. Confi dence In the tnntket has been se shnt lered by its big break, it cannot be ex- pec ted that rallies will held tlnjjr some thing of veiv favorable and funda mental nature uppcirn te Induce car riers of stocks te held en for Inrger prutits." Till: TKADnil. ClQln Watch Pays Stock Dividend ( lilreRn, Nev ;i The Klpln Nntlennl Waiili Ce has rteclaird i Bleck dividend of 20 pet cut, p.a ibln te stock of record December IB Uffifc. r MaiRA v-i nil bdbIi ? - H ri Jm wv r- 1 1 Investment Province of Buenes Aires Argentine Republic Ten-Year 6 Geld Bends Due December 14, 1926 Pnncipnl nml inttuc.st payable in New Yeik en June 14th utid Dt'cembcr 11th S8,0'.I8,2.".0 .,(iG8,2"0 Aiilliiirieil Ihsue W OutHttuulincr ( Aiipreximate) ltedeeiuiible ly scmi-anntial drawing at par besinr.in June 1 1, 1917 k Particulars as te collateral security, tax plcdycs, etc., will be furnished en request m m Price 80 and Interest Yielding Over 10.30'e Moere, Leenard &$ Lynch Cushman Newhall, Manager Hi ml Iicpiirtnient Hen id Itecnn 14. 'J Wiilmit hlieet Itltis-Cirllen Hetel I'IlM.AI)i:i.l'll!V m:w Mine lMTi'.sm'itr.ii Mcmlicit Aciu I'ei. 1'h (i if I'lltsbmeh Stuck 1 jLihintaci m B'L1M1B)BiaiiMffiT" " niwwMWMwrwwnwi -, rfi i-mmiiniiimiMmmij WE OFFER Atlantic & Yadkin Rvy. Ce. 1st 4s April, ID19 Rntinsr A. A. A. 0.100 per mile. " '",V r",e of Price (e Yield fi.fiu',', B0ENNINQ, GARRISON 8 CO "Irrrl Irl.ale Trlenliiiii,. I , .,,, Mi ml,,,, I'l.ll... s,,,,,, l.cll "nurV rk I Saint Paul in... I'ilnw niVn :11,. T "'M"K f epl minis lllilllll l.n II I Mill u t .. . . . ttnlferiu. SmM l.' U Diiiidi.i must ik- tit pies betiKlit piellt ij.iiiH vi men e bli.ililu purcliiists Scott & Stump iNvm-MLwr Ki:cnnrii:s STOCK KXCHANfJIJ HLDfj. IMIILADL'LPIIIA In I i hmire I'th imlemllli i hainl nml,,,,. 1". IHU) lk.l in t N ViirK C .illNI , T'le real value of a bend Is net ilie Interest It pnys ye muc'i as Us eltnracttir ns u six'uniTV .luilglnif the Rfcurlty of Inest . inentR requIieH expert knowl edge and Fclenllile biud. Leani the neci'HHlty of buvlng Ihreugh bankers whose lnteg rltv nnd expirtncua arc nwl tets of recoil. BATTLES&COMPANV Investment Bankers rifntlllllirit 1890 InitfPenitfiire Hijuurr (KtM) yjMjSWSBS8SSJSW31 ! ; Republic of Closed 6st Mortgage Underlying 5 Bend Rated Aa earnings 0 times intcrext Yield te maturity O.t'Oft, Annual Inceme T.il)i, A limited amount at 6S34 and interest Particulars en Request Martin & 60. (411 Walnuts. riilludflnliln THE STER f POUND III1 Will lliimill'llill liWi'IITFwuwywi Subscriptions Clese November 30 Guaranty Company or Newehr, acting as Subscription Agent for the French Government, vsill receive subscriptions for France 6 National Lean of 1920 Payable in Francs, free of all French taxes A circular giving detailed information will be sent en request Subscriptions entered in the United States will be payable in full, in dollars, at tlie time of subscription. Each day the price in dollars will be based upon the pre vailing rate of exchange of the previous day, as fixed by the French Finance Commission. Price for November 26 $61.15 per 1,000 Franc Bend In order te simplify the collection of all payments, arrangements have been made whereby Bends may be held in custody at the Paris Office of the Guaranty Trust Company of New YerK, and the amounts collected remitted by check te the holder, in francs or in dollars at the current rate of exchange, or deposited te the account he mav have with the Paris Office. An annual fee of 30 centimes per 1,000 francs par value will be charged for the custody of the Bends, and a collection fee of H of 1 of the amount of interest collected. Subscriptions received by Guaranty Company of New Yerk Philadelphia Office 421 CHESTNUT STREET 0 LING In censldeiins the pound vis unll?i' It In tot nit of the MrltMv llmplre rather thnn n nlece et tnenej uhere exclnnRe value linH fallen te $3 10 We liave Sterling Securities which nre if commended ns Safe, Profitable Investments . fiRAZIER&Ch BROAD AND SANSOM STS PHILADELPHIA 63 DROADWAY, NEW YORK 19 SOUTH ST.. DALTIMORE 927 15TH ST., WASHINGTON Ttgt'Wt BUJ, WmiWKTlX Chesapeake & Ohie Rwy. 6Vz Equipment Trust Certificates Commercial Trust Ce., Trustee (Philadelphia Plan) I'rice I'lien Applicutiuu. EST & 0. Itr riirntimt fi. VlillndHpldn. Mrnilirre I'lillHdrlplilii hlnrk Lvrlinnun rw 11rU Htciilt UxeliutiBf A3 Itrnndvwiy New rU Attractive Listed Railroad Bends A circular well worth read,e that we II eladly send you an request REWBSRGER, ms'iunit'inAMii w I2E:i;Eiii9Ji3 & Member? Krw Yerk and Philadelphia Stock ISxchmiges 1410 Chestnut St. v mm 11 r 111 "i 11 wii 01 "iip'ii m ' it wu pi wan r n 1111 -1 i 1 I I ESTABLISHED 1855 S-! k nurtnrrfLi e. or M H uivaAfcin ck vj. .DftNKEnS a I 4IOChestnutSt.,Philadalpht3 U 0 tievernment, p Mtmicipnl, Jlailread and Coi'iieratiun Securities Urvhtra .Vru leilc nit rht'.aJttebUi Bleck UlCharigtt " inii" nni wr 11 nw 1 1 1 m m 1 11 ii w i. u 1111,111,111,111111? Bends for Investment I Ml tr I 1 n n-niiiTit The National City Company t oireiwwrf'T' Otflct 111 fhrr t) ( ilrj l'hllilll Inhll II.M (iHMllill ( Mhiiilli (lt U.'A Hu inlvi ilk SMTOCK SALESMAN -J;VMl..e uteOi Mitlejmnn who tin n iJT.i. that will, iiuoeru a vrefttrM l iuui or mtrlt only. . Ie0v rfrawMlim AUfinsiiru nun m I -"' iu IT 7jT- I rrnnmlinnlii nmijiifui tnrliic: ilmrlrr nn k4.eaillHin lupltn'l. ltreriHnlt.il fivrr 4.uuii imu u Sell eme-huir viilur. mnnv. LONimimeM & v.wr. . CSO Hlfelirn (llrura Hide,, riilli., I'u. Imlliini I nlnii Trnrtlnn ( n I'llllililrlplll l I Ii ll ! I nnii inj l;l Inn I'entr .V I ll,t ( 11, I rniiin Mliln A I mine IIIiIk, i Mum, Ir Kli-drle U-lil ( e, I'nrlliiiiil Kiilluii ( mini in) Inilliini I lulillin; (in, X, S Mili. li 11. ill MTir (11 I. ( llnliekrn A I'nlrrkiui l(, hlmiiliril le I Werk ( u !"' .Vr.".l,rk niiemlllr Itjr, 'inn I'lilillr I'm lie I ununin) hiriintiin & I'IIIhIeii Timtlini Ainrriuui iiitiiuk t nniMn a n inji (rnnil ItiinliN liiillnini Hnlhva M,M( Samuel K. PhiUips & Ce. lltlubri-N I'hlluilclnlilii rilerlc viclmncil C7 LUKalNUX BTHlUiX A'n lll.l.l 1 1 r.i.'i .Vi. IUII A I U til n'n mi.' .! intn Vn IIIVH H'h 1U til I'm IIH'i fi'H IUM llljl-iil ,Tl mm ii'n in fa ADVERTISING MAN I Amlillliiii" nml riirrcrrtlr. One in virllea ininliinn neiiKe, liiininii Inlrrmt iei vvltli liniiieme .rllluc viilne, Akpiii v I ' 1 .1, .,i.r aiin.it at. im f.lirteti m l 1l.u. I te IimiiIe In rlilliitlrlplihu hninpliB uimm rl'uuenl v n:ii, 1 1:11m. n en tin: LEE, IIIGG1NS0N & CO. nuttblUhrd HIS nun nimilie ItuUdli. miladrlnlili 110STON MC M)KK CHICAGO NEW ISSUE $25,000,000 Canadian Northern Railway Company (Canadian National Railways) 20-Year 7r'e Sinking Fund Geld Debenture Bends The Dominion of Canada Guarantees Principal and Interest by Endorsement . Dated December 1, 1920 Due December 1, 1940 Principal and interest payable in geld in New Yerk City at the agency of the Canadian Bank of Commerce Iitcrcal payable June 1 and Decetnhcr 1. In coupon form of $1,000 with prevision for registration of principal. Authorized nnd lucd 525,000,000. Callable ns n whole nt 102'a nnd interest en December 1, 1035, nnd en nny interest dntc thereafter en 30 days' notice Central Union Trust Company of New Yerk, Trustee A Sinking Fund of $500,000 per annum, payable semi-annually, is provided by the Trust Agreement for the purchase of Bends in the market if obtainable at or below par, but the Bends are net callable for the Sinking Fund. The Bends are the direct obligation of the Canadian Northern Railway Company, which is owned by the Government of the Dominion of Canada .under authority of Acts of the Dominion Parliament and forms part of. the Canadian National Railways. jCr Price 100 and Interest Wm. A. Read & Ce. The National City Company Guaranty Company of New Yerk Blair & Ce., Inc. Lee, Higginson & Ce. Bankers Trust Company Continental and Commercial Trust & Savings Bank The information contained in this advertisement hns been obtained from sources which we consider reliable. While net guaranteed, it is accepted by us as reliable. Orders have been received in excess of the amount of Bends available. This advertisement appears as a matter of record. m i' M .-qi 1 . , "I HI ) A (I 1 fl fl . fj LAI Hi Ml 1 I ', . J i .' 'rfiv. 'I'ASStliiu f J .., L-i&.vilp'f UK v" .- .-.., .- . . 1 . , -.,- -V-T .S, I ,v 1 "'1 11 ii 'Ti . -k fcittif- " "i' M ! 1-Jt ' ' idM -A,.' '' - W ..11 r KiHit4 ila! hKJCI KJ 'WJ,, iii t ' SL-l 1 1 waET' lui 1-f2-l .. . ... .. Tfc.T jjgjL
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