Cpj $' &y v jt&ffiQf,- ' rri,' ,?'i"''"' "'i"v7 lw' ijr -v Viy25.""' lv;"'ir'V'5'-J W ' ''"( EVENING PUBLIC 'LEDGEEr-PHILADELPHIA, FRIDAY,' MARCH 4, 1921 2T fifca $10,000,000 State of San Paulo (Republic of the United States of Brazil) Fifteen -Year 8 Sinking Fund Gold Bonds External Loan of 1921 Duo January 1, 1936 InltfMt parW Janoirr 1 nd Jutr I. Principal, premium and Intersil payable In New York City at tlit affict of hUnrt. Speyer A Co., In United Statet mid coin of tba preient ttandard oi weight and nneneu, free from all rirtllln taxet, pruent or future. Coupon nqnd, ienlsterable an to principal only, in denomi itioni of $1,000 and $500, not Interchangeable. The Ilondi ate redeemable ai a whole, at any time alter January 1, IM7, at the option of the State, at 105 and Intereit, on U monthi' preTious notice. The Sinking Fund paymenta art) to bo aufficient to retire all the Bon da at or before maturity. Security These $10,000,000 Bonds, together with the 2,000.000 Sterling Bonds, offered in London by Messrs. Baring Brothers & Co., Ltd., N. M. Rothschild & Son9, and J. Henry Schrflder & Co., and Fl. 18,000,000 Guilder Bonds, which arc to be offered in Amsterdam by Messrs. Lippmann, Rosenthal & Co., and Rotterdamsche Bankvereenlging, will be a direct obligation of the State of San Paulo, commercially the most important State of Brazil, and in addi tion will be secured by a first charge on the surtax of 5 francs per bag on all coffee exported from the State, except that the Government is entitled to deduct from this surtax 285,000 annually until August 1, 1924. After that date the entire surtax is to be available for the service of the loan. Of this surtax, 447 is pledged for the service of the $10,000,000 Bonds and is to be remitted in weekly installments to Messrs. Speyer & Co., as Fiscal Agents of the loan in New York, until the Bonds are retired. Since the surtax was created, the State has provided funds required for the repayment of the following loans: 3,000,000 5 Exchequer Bonds of 1906. 15,000.000 5 Treasury Bonds of 1X)8. 7,500,000 5 Treasury Bonds of 1913 and 4,200,000 S Treasury Notes of 1914, for all of which loans this surtax was previously pledged. The Contracts with the State of San Paulo limit the entire loan to the above mentioned three issues of Dollar, Sterling and Guilder Bonds. The State intends to use the proceeds of the loan to repay internal floating debts. The 44ft of the surtax pledged for the service of the $10,000,000 Bonds is expected to produce about $1,540,000 per annum (figuring exchange at 7 cents per francl. on the basis of an average exportation of 10,000,000 bags of coffee, the Government having the right, however, until August 1, 1924 to deduct annually a proportionate amount of the 285,000 above men tioned. Any rise in the rate of exchange for francs above 7 cents will increase the funds available for the service of the Bonds. Sinking Fund Any surplus remaining in the hands of Messrs. Speyer & Co. from the weekly remittances of the surtax, after providing annual interest requirements and necessary expenses, will consti tute a Sinking Fund and it is to be used for the purchase of Bonds at or below 105 until November 15, 1925, and thereafter tothc redemption of Bonds at 105. as stated below. Any unexpended balance remaining in their hands oil November 15, 1925, is to be applied to the drawing by lot of Bonds for payment on January 1, 1926, at 105. On each November IS thereafter at least one-tenth of the balance of the loan outstanding after the said January 1, 1926, redemption, is to be drawn by lot for payment on the succeeding January 1 at 105, and for this purpose the State is to provide additional funds, should the surtax he insufficient. All Bonds not previously retired by the Sinking Fund are to be paid at maturity at 105 and interest. c We offer the above Bonds, aubject to the approval of counsel and to prior sale, if, as and when issued and received by ua, at 974 and interest Yielding at least 8.47 per annum if held until redeemed We reserve the right to reject any application and to allot a smaller amonnt thin sppfted for. Payment for Bonds allotted ia to be mnde in New York funda at the office of Messrs. Speyer & Co., 24-26 Pins Street, New York, or in Chicago funds at the office of the Illinois Trust and Savings Bank, Chicago, on March IB, 1921, against delivery of Speyer & Co.'s Temporary Receipts, providing for the payment cf the interest from March 1, 1921, to July 1, 1921, and exchangeable for the definitive Bonds when ready, bearing the January 1, 1922, and subsequent coupons. Application will be made to list the Bonds on the New York Stock Exchange. '3 93 rw!frrjtir-T 'iVjtjiJMa. B itnertca s Lumber Problems are discussed in the March issue of The Girard Letter. The story of the Bell Telephone Com. pany appears also In this number. Upon request the Company will bo glad to place on the malting list, free of charge, the name of anyone desiring to receive this nnd subse quent Issuesof The Girard Letter. GIRARD TRUST COMPANY Broil & Chestnut St., Philadelphia NEW YORK BOND SALES Summary of Individual Transactions on Now York Kxchango (SALES IN uoooi Am Smelfit ('hl II A CI until) Can S & a' 2 1 2... . '"' 7 . . nil l Chi Jl A Q 4" B IKt'4 Cs IlefB 3 . . 7T, ,Vmn T A T ell 1 . '. 7SU a 78 V, 1! 7ft '1 I 78, Atnn a t I A mil !t a r 11 A T Ba 8ti 81 A T r, . ns4 1(5 ' !in on fl . .. 10 1 ... II. .. u 10. . . (V . .. I'hi A U 0. ... Chicago fit V 4s !7'k 07 Si 11) 07t' A llllS MM; on. Jap Gov't 2ndN Y 2 82 V4 .1 1. ... 82 U Jan (lovin't 4" Am W IV r On 8 70 7 70 Ara ti IlpY , 1 70 Armour 4'y t 7ft'i 4 .... 78 S AilM Topk A fl'a Ke 4i !.. . 77H .1 77 '4 A Wan Ht Dan. llt lm 20 1 H7". D.i fanii'ln 1W tit". 14 . . n I 07 Id . . W 1 07S 1 . 112 07S, Do Canadn .11 I t)7 K, . )'(, ' 111 '" 1 .. Wi'i ' 8(1 10. . 80 Mil ;lJUf Ugtil 'i 1 .... 81 ! ' 08 Krln (lent Mrn . I. Speyer & Co. Blair & Co., Tnc. The Equitable Trust Company of New York Halsey, Stuart & Co., inc. Ladenburg, Thalmann & Co. Cassatt & Co. Illinois Trust and Savings Bank The above statements hate been obtained, partly by cable, frcm official and othrr sources which we beliere to be reliable, but they are not guaranteed by ui. N't Yo-V. Match 2, 1911. A ' 'tllisl t 0814 A 1'uim 1, u 10 . 70H A C l.lno 4'4 1 . . . 70 Cluuiitii Mil A 2. Htl cv 4nn Kri 1 07'. 1., 2 ... OS ,; i I'll. Ntwi xm 1 1 ... 74. 3 1 T4VHn (.'lltCHrfu & .N.I I Wn O'jK ' 10 2 no , i -j 3 .... tiS 7. 2 ... 1101, iCl.nl ii. ... nn, 7 a... non 2 Mli'Clll lllllllVK . .J 04 I 2 . . . . 03 4l'.n It It cv II . . 40 ,; I I. r.r!i. C A C A rlt.CliiouKO fnl'tr. Bin ct (l'i 2 . 103 Chi A W I flu 1. .. 101 (, 1... 101 Vi Atlantic ct 0(4 in k tput srsui I U k stoco R boco ATLANTIC GULF Has it touched bottom? Wo hnv prepared n complete and lritertlmc nnnlynln of the position nt ntneto of thin com pany mi affected by the oil and hlpplnir situation nit well an by neent mivrket nctlvltler. This report will bo ent arntls upon rivjueat If ynu nr Inter ested In Atlantic flulf. It will bo to your advantage to rrltt for your ropy lodty. MiitonHeim&Co STOCKS-FCflEIGy EXCHANGE-BONDS PJIILAMLPIUA STOCK EXCHANGE COMSOUDATED STOCK EXCHANGE of NY. 1622 Chestnut Street riiiLAnKi.riiiA I'honfB! Itell. Hprtiir .1017-131)0 Kerotone. liner 750 7t llrnndway S 480 (lilt Ave.. J. Y. htumfonl. t'nnn. Sprlnnlleld. Mitn. tl Cast I. 7 Clillti t.'up'r i,t I ... 10l'4 1 72H llef'tr n . . . 72 '4 Chile. Cop'r 7e 00 1, 1... 08'4 oo a; citlneno Ovt a 00l 2 ... 4014 nnVi.ntv iiord'x o 004 3 70 noSiCty I'hrls'n 8 2 . 01)14 1 !I3 8 . 00 '4 City Cop'ir Mi 10 . nnv, i 73 l"it A Oh', cv City Liins 0 12 .. . 08 j 2 .70'., ll u linn .I't.riiy Mbtb Ob 1. 1 . . 8U 2 81 ' (' N i Halt A Uhlo 4s 10. I 1... . 07 S 2. Unit & Ohio 0 C t .... 80S 2. 1.... 80 VCII v 2 . .. 80'4 17. ii t o v i, i: . W Vn la 3 OSH Hell T 7n rets 1.... 102, 2 ... 102H 7 102H Hrkn Ilnpld T ct 7a Ma 1 30 IJush IllilK oi i no Cnnftdlan N'ti niya rcH 1 ... iou; 2.. . ion; 1. .. 101 4 Ctl TaclOo lnt 4 72'; Yk gwnw.u.'jjxM Miii1 ' esa r Exceptional Opportunities For Investment in Underlying Securities o! Corporations of High and Prced earnintj power. Bonds of established cor porations may now bo Purchased at prices afford ins most attractive returns over a period of years. Conditions brought about by the period of industrial "adjustment in progress yt the present time will lead to much hinher prices or investment securities. We advise the purchase of high-grade securities for investment at this time. Henry L Doherty & Company CO Morris Building Philadelphia, Pa. Telephone i Locust 141 READING ANALYZED Special impartial study clnrifyinjj Ueniling seKi'CKfition plan, with peneral railroad outlook, contained in our "INVr.vr.MKNT Nt'KVnV ALSO ASIC ron Our 20-Payment Plan Scott & Stump Imrjtttnrnt Secunflev M'I'.CI.XMST-i IN OI)l LOTS Stock Exchange Bid;. 40 Exchange PI. Philadelphia New York T-wil-t ClM-- llroud 1331.3 tttmaai. ....... n Combination Investment Two Bond Secured Gold Notes (Short and long terra maturities) f.''lon.'illy recognized I'ubllo L'lliiles ( oinpnnloa, Combinution yield, 8' iD'uiiir nloii rRrnlnRS lirrn tlrties Interest chanced c"ni ) timi Fccurlty: I'oii bonrlB plrdRPd for each ' 'I nolo outstanilltig 1 i i ir.i i,, pr,.0 ' n Hiid Intercut. ' ular on if(jtu.t( Fairman & Company "rixel Huildintr, Philadelphia LntulilUliril 1002 A. H. Bickmorc & Co. Ill Hroadway, N. Y. S?T" 11a n i . i s rrrinrraay.Ti1; iiii . - . "' I n HI illllllSliliHIMIfllllUIIIMIirilllliltlllili iniiFtM.ii.iniiniii.rii """""' iniiiHiiiiiiiiiiiiiiiiiiiiiri.iiiii i,llllllllllr. Customers, and Office Manager Wanted JVrll Known Now York Hou-rc ! rel.ablu ami able customers anil v.i' manuiter tor l'hilailclphia vlllrn Itmit-.l I).,,.,,, :.. i r, , 4.WU111, wivo com plete details and past cornice- ;"""i aiso salary desired. Uepllra treated in fullest continence. 311, LEDGER OFFICE "WE WISH TO BOY Lehigh Power Sec. 6s, 1927 Northn. Ont. Lt. & Pr. 6s, 1931 Copper Export 8s Serial Philn. Elec. & U. G. I. Notes Pcnn Central Lt. & Pr. 6s, 1963 Amcr. Pr. & Lt. 6s, 2016 Portland Ry Lt. & Pr. 5s, 1942 Land Title Building l.tiibcra I'lilla. Mock ISxcliano West. N. Y. & Pa. Rwy. Genl. Mtge. 4s Due April 1. 19 III. Tax exempt in Penua. i-ee of Normal Income Tax 63 & Int. To net ahnul 7.10 Townsend Whelcn & Co. lchitrr 7'nfi .' V V Moil, n-lmiip'-t 505 Clu'Htnut St. Portland Gas & Coke Company First Lien & General Mortgage- 7i Bonds Duo 1940 This company, operating trith out competition, does the entire cm business in the City of Cortland, Oregon, and in fif teen adjacent communities. Its modern plant is one of the most efficient in the country. Not Earnings over two and throe-fifths times bond interest Prico 95 and interest Yielding 7.S0.i Descriptive Circular on Request Harris, Forbes & Go Pine Street, Corner William MEW YORK PHILADELPHIA OFFICE: Widener Bldg. OTIS & CO. Stocks Bonds Acceptances Specialists in Ohio Securities Members of New York Stock Exchange Boston Stock Exchange Cleveland Stock Exchange Chicago Stock Exchange Detroit Stock Exchange New York Cotton Exchange Chicago Board of Trade Private wire connections with all principal markets. CLEVELAND New York Boston Detroit Cincinnati Columbus Toledo I Akron Youngstown Dayton Denvor Colorado Springs 70 In 'no . 8 Yk I ,t 00 ... H0 l'ftrli il . 00 Zurlili rit .. 04S 1... . 0,1 l . .tin t'Pd On Chi i St Lo 0i 1... . !04 .1 . . SHV1 Cnln ImlUKt At 1.. .. 70 Conn d (iu- ! PIH1 . 53 l.l'i. fli till t. . 10t)l, . UlM'i . I0OI, h i. 07 . 07 . 07 . . 07 . 00 . . 07 . . 00i . 07 . Ofl'k 07 . 07 07 O svma'rt ret 1. .. 102 0 . I2i .. . lO'.'Vi n i o'i i , 1.. 102't Oil Trutil. ri'ti ! toil. 1.... 101 1. HUN j mis . . 101V, 2.. . lot's lilJ & Mnn to a.. . 2... 1.. 0. . . ... .1. . n i"!' o oni, ti.i W.i 0.1 i 0.1 on' nst. 01 S 3s Mi llV, SHI H tr . 74 Hly Ik , 71 7l'i . 71 M K lldK'm 7W 0(1 Vi 00 H tms Ort Mi HO', 00 V, IW'4 00 Vi rctt 07 lifl', nn no ", 07 07 117 07 07 00. 07 07 Ilpll 4 10 I. n Klin 1. I 1. Knit o KC . . 1 . A a 3. 1 . . H . . 0 1 . K liclK'tn .1 1 I . . ... . 1... t'wr Is I .... 7S. X Yk Unlit H I'ivr 0s I . .. HIV NVw V N H 4 HartM 0 1 1 n i .v V i :i i NVrt 1. N Vk Cnfl fl t0 SO HO Ht) Ml I 7 reti) 101 mi U V k Is . . :,b I.Uhl II 4 . 01 It.ftdlng Ity Is 10 . . Rt'i 2 . M '. It I'JlllO 8" l 1 . . t'0'k B . . ft) 1 00 7S... 00 imt)-; c .. 04 n po Hock Il'l A A l,t.ul a I'Jk NEW YORK BONDO (Continued) I fonoolldotwl tllvlilfnd whh prnctlciilly ; S!!!,:;St a V" ' foiloh.'i ThoomWlon n.l rHtirtlon lie ri I mimr iij tnc imiht iV"'j i piuiv. Ii3'4 , In otlior wnnli, thn liollcf wivt pxprocKCti tl K at O Urn I'd 1020 0IH 1 MVWrs'n tllSiU H Itul) 7',i t 1 3 N ) 3 N V 1. Nfn . 0i (11 . 04 llwjn ,1r 0 T'lc'n il W 1 Ht I S 3 Wn 4. 2.1 70 Ul I Oft'i 1. . . 2 . HO Ht i. ri r nj 2 01 1 04 m J . Illvl 2 . 01''. 01 r in . 7 40, . t7 47 ri l''rnn . tl 10. i . 1 , 1 I I r 10 i l 3. ! rt 3 flM ItH ; HH .. HMV, ... HH'i H8' of (I liri .1 1037 K, A3 :.', r.t, S3 Mr!rn ,1 1 2 1 5 tM I U'l 3 .. Umii J' 1. no oo . 09'i mm ,ii fi r. 03",. ir n t, .- or. , . or. 01 i . ".'! !)" . 03'.! or.'', I H 3 rnl . 03 '4 I A I. :r . 7H, 2 . . O.-i'i Wn raclfli' li 3.. .. S2 W. !! Hhor I. 1 Coinp'y fin 1 07 tfiS.Vn trn CiiM A Inv 1 ivun 1st 13 12 MN, fH'k.t" 71 'i .Mfc 1 01'. 0l4 Ii 8 "4 0H . OS", ON". 04 !iS ohS IIS lH"', 0Ht4 0S(, lltt'l . M 0', H. . . 70 Nl h n IV 1 it' 1.. . 102H ID . v. 1"2. 1.. 103 Nnrllt Vnlrn lloll Tel 7s .1.. .. 00s Srlrs A 1 I 00 HI 00 's oo', 83', 1.. 3D.. 1 . 0 . 23 1. 4 . 1 17.. 1 1 11.I 0 . 10 .1 n 1. n 13 4 1 . 12. 23 1., 10., 6. 05 . . 03 . 01 ' . 03 . 113 . 03 .. or. 'J . 03 . . 01 MHtt In . . 32 . . 33 . 33 . 33 . 33 . . 33 . 33 . 33 . 33'. . 33'i .. 33 .. 33'i 33'i . H3'4 33 . 1. 3 1 3 .... Klngilum mark ct 81 1 00 1 . . . 05 4 1... . D3 "I 10 1 .. I'O'il 1 . 0(Hl( 4 . . 0(1 ' KltiKUnin Nr way 1 1 fls I 1 . .00 ! 1. . on(, . on . 00 . on?, 00 . nn 00 V4 00 00 s rnin 3 3 1 1. :i I 5 N 11 1. N '1 I'lU'lOc 4 nor r,n no', n on, 001, H I V It CM . . 63 Ht I. Siiw'n 1st 1 . . . BO'4 HI P A Kon C H I. 4W 3 1 I 2. . tliot not onlv wrre tin, cnpiirr Htoks llmroiiKlilj lliiilrlntc(l. but tb" vrry wort side of tho red metal ltuntlon I1111I liron tll"couiitl ' Tlir elmolir eomlition of tlie copper I iti(lntr.v Im one of the wnnilorK of tho I thy, c'tipclitlij to tlirre wlio ore In po I Nitlon of innltlnff n rrlloMi ("itrvov of I (lie roi)iPr nrrd of tlio world Condi - tion bpond bunion pwoptlon lmvo J wrntislit Iiovop wltli plnnt of tho ' powprs-tn-bo of tlio pnpppr Industry. Mnny of tlip pleinptilt rospntiitibln for I the tin'Pttlerm'nt nro. of roitrip, supcpp. I lllilp to sudden nnd rndlrnl phnnitPi. Whit" Hip fiiturp i still rloudcd with I t.ricnrlnlnty, it would bo rrnwmnblc to j tipiot' t lie pt-olt of troubli's of tlie eop- ppr-pro'lnriiiR pompnnlpo hod bfen I poised. Conlrol of llrrmtjidiflH F,nilp! Atinoiinepnu-nt in liindp bv tbp mln .stpr of nitrlrtiltiiri' iitxl Intltintry of tlip Nrtlipr!ond thut Rovrrnnipnt con j trn' of brPiidMiiffi will cntl by Mo.v 1. TIip (rnri-rninpnt l:ns on hnnd ot prpPnt n tnri or wlH-nt nitinuntine to nnour, r.'.onn ton. wlilrb i. crndunlly bolns llnttidntpil ntidcr on nrrnncpiupnt tnodp Hi 1... Poll 1. 1 t. 1. 1 Knl) il 1.. . 3. GOSSIP OF THE STREET Arpordliiu fo ndrlrpi tpppIvpiI by tho 1 lorRPr bnnkliif: institution which hov , uur,, K.-ppinK psi. inns on hip kpiipfu. ... . -. ,,.,,, . .,,- .... o.. lliUMiiiPss hlluntinn. tliP'O Is PV.Ienpp 01 , ' " '" , " "V" L",i t n,lu ,.. t n Ip 'n'"r"r,mP,,,t.iu ,r7i .liJL1 .r? " nnnt Morh ,"p HVnl nnd rnl.pd nnrintlv h2 Is t ' 1p e,l with Rrnln imimrtPd on prlvnto nrrount. Pn ,"" nol,."t, W'" .Tit hi It 1" ntitleinotpd thnt the imvcrninrat'H Snl J rPtidjiiMinpntH nnict ' ! rk w;n . n,,,r,,, (,y tho trade by mad" bofnrp nn mntorinl chnnci1 'nil 1 ,,,, ..", ot'piir. 'I'l.iu u m,n,n,.,i 1.- nitiifinv ,l"' ,ln" ' B"pn. ' "J 1 of flip rpnrl.4,,.f.iiiiUnU nt u..vr.,l t iii'p AnnounrrniPiit iilso is mntln by tho 31 l fn.,,!!,. . f..i !. 33 'I 0: 04 U IcndiiiR inanufapturinit ronrcrns who RovprmiiPtit of Liixpmliiirit thnt it will WW, Mint out to imiki. n pIiisp (.tililv i bo llbp to dlspn.p of its stock of gmitl t,"n, of optunl poiulitloiiM in VHrioiiH sertions ' purrlinsed In thp I ult.'d StotPB for the 4714 of thfr coimtrx. fredlt exu-nfloiirt ond penplp of flip f.rntid Duchy liy next 47', nil other nosrsililp fnt'ilitli'A lire bfinir August, nun tliot ni tnnt iiiup kov- a. wr Trn 1 77 t 77 IXV"ll A. C 34 r. . . . so 3. M) DHVOrPKun P I. 4n 2 . 08'; 1 1. . 70 '1 I.iikr HhotH M.Orn-W'n II (' Hntlin 3'4 3 IR'n n.ll Tl r,s extended to Ioiir pstnbll-hpd customer crnment control of the supply of bread s,iL,";,,1: .R2, 'In nmistintt them to meet the toiidltionsi sturfu will cpoop. The jovernment of 1 l,uXPinoiirc imiiietnnipiv niter ine nrini.' or.HiNorthn Htatcs B'n Itaiiw " " , of the linnr n r.T iv. . -- 1 07 37', 57 M, 0 OS I.nko Hhorn M fi Is '31 1 82'4 NrvI Cu tv 4 71 1 .. 71 1'lie ll A 11 3 2 . . . 7S An the credit mnmispr of one of the litre lociii inaiiiifiicturinK coniprns put it yesfprdiij : "No ntone is beinc left un turned to promote and dpvelnp loyalty nmune our clients. We figure it is ( lienper to be iiidiilcnt and kepn nti old 1 ciltoinpr who hOH nlwiiys ployed f-ilr rather Hint, to siiueeze him out nnd tliett 1 "train upon the treasury wns bo great in RettltiK another to lnih Vl'v t I'n It cm 1 . . 07 '4 t... 07 I... . 07, I, A Mer 5 s lin Cult rctn in 70 I 1 ... 102 1 70 ' 2 . . 101", 3 .. 70 Third Av h) IViin n It 5nl 2. 20" 5 . . . 83 V, I ... HS l.onif I'rl It f'l 2 ss 5 ... MM, 8. . 874 Iirlllnrl (.' 7sl'enim It H Ok 2 . 03. ; 1 00 I, ft .1 ndi: 4 IV Hit OHs wl 1 57', 1 .... r.7' 1 B7'4 8'n KbIIWh .11 I.. St t III l'.'.'.. o i do hnrd diccln S'ii ny cv 3s ; take his place. 3.... os'i I'mlnngrd Lltljr.-itlou Tiirentened , It ns the consensus of opinion je I terdiij of tlio.se mnkltiR close xttidy of , tin Hendine ).PcrP;iitinn Kituotion that it here is every iirohnbility of a tiro- tice undertock the purehne nnd dis tribution of wheat and flour, uml fixed prices for flour nl n point which repre rented n loss to the government of about' 2.D00.0OO frnni' monthly n verr I'otiMldenib'e Hum for ti country the slxe of the flrand Duchy. At one time this Btftti'lM on or I 111 C 8t I. N I Denmark Con O Jt 11,1'" ." , ct A Si I 5 m I .1. . . DO 1 B 83 S Clik&O 4111 1. ... 00 Until Mot 4'ia1 1. . . 73i, 1.. . mi I 1 .. . jh I C ft O cv 4'4,D'nmiirk Con' 5 18y,l 3. ... 73 I ct II s llnlboro II T M , 3 .. 75 I 1. . . OO'il 4 32), I . 73' nn A It n 4a 2. C'k A O cv Rh 22. . . H.'lt J. 1 S21.I 1 ... 03S 1. 10. 3 00 't OO . 00 , . 00 00 . 00 DOS 00 OO K 11 : 1024 4 ... 82 Det-lMI 5s h. I Co 2 .. . 82t, 2. SI I 1, 1. ... 82V 2.. .81 ii M Chi A Alten a.lDi.' I ll 1 , ' 1 44'4i 3 01 1. C & Alton 'j 1. . 01 ,.Imii 2 OD'i Do fan Jh 'ii 2... 1 . 00 V .... . . . 32t, .... 324 lnvrt.'r N J fin . .. 83"i Miirlni. w .... 60'; lime' I m 82 H nnt. Mnn tll'd 2nd 1 I4'4 Mn I. ntii 4s 3 ... 30 I ;i 1 30',, 2 MM .S 1 Or :, 1 . . 70 , 1 Mln ft P A fi 2 Hte M 4s l'rriiA 2. .. 70 I 4 Minn tl'n It OsiPcorlK A i; 1st 7 00 1... . 00 Mo rnclltc 4s 1 .... 31 IVre Mnrqt Ss 3 31 ! 1 . RUS NVw Ur Trx S I'hil County cv Ms,lco 5s 2 .... 02 20 024l 10. .. 03 N Y Cent'l 4s Pitt CI11 Chi A B.. . . 75 I M I. a 3s N V Cntl J'4i 1 82 2 77'i rubllc Ssrvlcp C'n N J 3 12.. . 2971 TMwnter Oi Co ct 01411" 2 OSVj 1 05 4 2. . . O.lt. 4 .. 05 . thnt the eovernment imposed an ex port tar nn certain mineral nnd metnl lurKlcitl exports from the country, but later this was withdrawn. French Sueur Henneries Tin1 refitiitic of HiiRar In northenstpm lotiRpil litigation out this prnliVni. The 1 France wns particularly nffected by the indulRPiict. of the court. ullowinR two weeks for thope contcstitiR the plan to make n formal contest, in the opinion of some, strengthen the contention of the common shareholders iiRninst the war. .Sunny .ill the t rencii suRnr re fineries were loeatpd in tlie departments of Alsne, Ardennes, Marne. Nord, Oiso and I'nw-de-C'n'nis, and in the'e re zions MlRnr beets were raided In enor- ToWmIo m 1. & 1 diMrlbtition of the accumulated surplus mous quantities. Of 'J17 refineries In 1 rnnce. lid were esriiDlisiied in tnese deportments, nnd M."i, valued at $r0, "(1(1.(10(1 iirior to the war, were de stroyed Tlie annual prewnr production, which merngeil approximately "i'O.OOO ton", fell to lMVrfiO tons. The present pro duction amounts to about 300,000 tons. Immediately nfter the war, refiners showed some hesitancy in regard to re building their establishment), but work Is enine on rnnldh at nrefpnt. nnd It in With tlie cutting of the Utah CVipper expected that practically all the re dividend to a ! per cent per annum fineries will be in operation in 102.". Of bonis, ninny on the Street yesterday the forty -seven destroyed in the de were inclined to feel the Inst bit of pnrttnent of the Aisne. twenty-two will bad news on the copper situation hnd resume operation in the rour.'e of the been told. The reduction of the T'tnlf, present enr. dividend and tlip patting of the Itny ' TMIC TilADKH. NVnt'n 4s 1 . . 17 2 48 tjMUII rue 3.. .. S.V4 Union I'ac f'l 1 ... 70H Union lnc 4s 1 80', I'nlon Pnc c 1.... 100 U K of ll lirlt A I'd 1021 0 00'. 1 . . . . 00 3.. 00 1 00 3 Sit) V K ot 0 lirlt A IM 102'.' 8 . 01 . 4. of; among the stockholder!! of the two pref erence snares. ICven if the Circuit Court decides against tlie common stockholders, an appeal will undoubtedly be made to the higher courts and finally the Supreme Court, which would mean a postpone ment of carrying out the provision of tlie segregation pinn for at least a Star. All the Hud News Out R! 61 p' i!1 maeo' : SALES MANAGER For inveatnu-nt bankinp; house, must bo experienced; sulary and liberal participation given to one who can furnish proper creden tials; references treated in con fidence. 1' C20, IJ'.DOKlt OFI-'ICIJ Morris Brothers Co. TtstillaliA 180 Bonds for Investment Municipal nnd Corporation 1421 Chestnut Street uver 070 Until 1941 This return is obtain able, subject to call at a substantial premium, through purchase of a 20-ycar bond-secured obligation of South western Power and Light Co., which is one of the country's strong public utility corporations. For particulars write for Circular No, 730D. Bonbright & Company 437 Chestnut Street Philadelphia ( lilraio Detroit C. S. PATTON & CO. 1 81) A (UlCsTNt'T hTS. llnmln ,iiul Mwlit liuniilit mill olii un rainniUslun Mrinlif rs I'lilla. Stork Ktchsnst rw Vorlc ' lliiktun 8 income can be obtained by purchasing the security of a largo and well-established manufacturing company whose, products are esun tial. In making this investment you have tho privilege of purchasing Common stock at a nominnl price with ex ceptional possibilities of these shares becoming of high value. Ask for Folder PPL-3S5 Hollislcr, White & Co. Incorporated North American Building rinii)i:i riiiA llnntnn I'rotldmce Nrtr York snriiu:flelil I'lllsllrlU l'ortlunil MINNEAPOLIS, ST. PAUL & S. MARIE Equipment 6hs, 1934-1935 100 AND INTEREST EDWARD L0WBER STOKES JO s. t.YII! sr. T.OrUST 3 GEO. A. HUHN & SONS STOCKS WD WINDS Mrmlirrs of Hie l'lillnrirlnhln. Nrw York onil C'hlriiBn Ntnrk Kxchntis, New ork rettnn Kirlinmp Commission Orders Executed D All the Prlnclpsl Markets Mbeity Bomls Bnuaht iinj s0j llrlletne C'ciurt III els. IMS Wiilnet St. N. V. Offlre 11 1 Ilrnnilwn.T VK WILL UVY Scranlon Klerl. :, 1937 Columbus St. Itwy. 5h, 10.12 I'nlon Klentrd of Chic. .Is, 1945 BOENNING, GARRISON & 00. HTOCK i:C1IANRi: nCILDl.NO Dlri'U I'rhiilr leleuliune to .Ssir lork Ucuibers I'lill.i. atuck ICxiluass StocKweli. Wilson & Linvill Certified Public Accountants Land Title BIdg., PhUaddphia Safe Hondsjbr Investment HALSEY, STUART &. CO. Inc. $5,000,000 Sharon Steel Hoop Company First Mortgage 20-Year S Sinking Fund Gold Bonds, Series A Dated March 1, 1921 Due March 1, 1941 Interest payable March 1 and September 1. Principal and interest payable in pold in New York. Coupon Bonds of S1.000 and $500 denominations. Provision for registration of principal. Callable as a whole or in part at 107' 2 and interest on thirty day' notice. Authorized First Mortgage Bonds, $10,000,000. Series A $5,000,000. Application, will be made in due course to list these bonds on the New York Stock Exchange. Free of Pennsylvania State Tax Intereit payable without deduction for Federal Normal Income tax up to 2 UNITED STATES MORTGAGE & TRUST COMPANY TRUSTEE An Annual Sinking Fund Beginning at Once Retires All Series A Bonds by Maturity by Purchase up to 107 and Interest or by Call at that Price. Mr. S. P. Ker, President of the Company, summarizes from ,i letter to us as follows: BusinessSharon Steel Hoop Company owns and operates plants located at Youngstown. Warren and Lowellville, Ohio, and at Sharon, Pcnn. The Company's products have a broad market on account of the diversity of uses for which they are available, including cooperage hoops, steel barrels, articles used in the manufacture of electrical, furniture and builders' hardware, tacks, shoe nails, toys, stoves, ranges, porcelain and enamel ware, and a large variety of articles used in the vehicle and automobile trade and for agricul tural implements. The Company has approximately 3,000 customers in the United States, exclusive of goods-sold abroad. Security These Bonds will be secured jby direct first mortgage on the entire physical properties of the Company now owned (including properties of subsidiaries wholly owned but excepting 3omc unoccupied acreage and property used for employees' homes), carried on the books, after depreciation, at $10,398,047, together with all properties hereafter acquired. A recent independent appraisal values this property m excess of $16,000,000 after depreciation. Assets Combined balance sheet as of December 31, 1920, but after giving effect to the proceeds of this issue, as prepared by Messrs. Price, Waterhouse & Co., shows total tangible assets, less depreciation and other reserves of $18,044,756, of which $6,951,155 were current assetsATotal liabilities (except these bonds) were $3,141,924. Earnings -Annual profits before ntereU, depreciation and federal taxes, averaged $2,841,116 for the five years ending December 31, 1920, cr more than seven times maximum annual interest charges of $400 000 on these bonds. For the year ending December 31, 1920. they were $2,044,693 after writing off more than $600,000 to adjust inventory to marl.ct values. Purpose of Issue The proceeds of this issue will be used to retire all underlying bonds, to reimburse the treasury for expenditures for additions and improvements, and to provide additional working capital. Further IssuesThe remaining first mortgage bonds may be issued at par for additions and improve ments at not to exceed 66-3 of cost thereof and on'y when average annual profits, after depreciat.on applicable to interest charges, have been equivalent for the 3 fiscal years immediately preceding to at least three times aggregate annual interest charges on all of these bonds outstanding and those then to be issued. Wo offer tho aboro bonds tat delivery when, as nnd if ismed and received by us, subject to the apotoval of legal proceeding by counao. It ia etpected that interim receipts will be ready (or delivery on or about March 31, 1921. Price 100 and Interest Dillon, Read & Co. Formerly Wm. A. Road & Co. TI). intorini.ion canta.n.d , ,hl. adv.rlMm.ni ha, . (,uun,a ,, "un ? un h w. rond,r .,.. ww , Blmanla ,. Order h.v. boon received in exce.. of the amount f ,ond, offered. Thi. adverti.ement appear. 01 record. a a matter m I m m 42 Rsl' i I md&tia&m tetoSUtiHam-ttojS xmmmmm )... , 4t' w if .'.
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