' T' J.f(jv V.f , . '. ." , i Th. li. f ' BVKNINGtV PUBLIC LEDGEB-PHILADBIiPHlX TUESDAY, AUGUST 30, 19& f , . i . . New Issuo -,' $25,000,000 United States of Brazil twenty -Year 896 (Non-Callable) External Gold Bonds Dated June 1, 1921 Interest payable June 1 andJDecember' 1 Due June 1, 1941 Principal and Interest payable In New York City In United States gold coin at the office of Dillon, Read p' F""!, Ajcnts of Brarll In the United States. Coupon Bonds of $1000 and $500 denominations, reelsterable . M to principal. Exempt from all Brazilian taxes, present or future. The Bonds are not callable in whole or in part A ? Sinking Fund, the Brazilian Government agrees to provide a turn sufficient to buy $625,000 principal amount of bond semi-annually during the life of the loan, which payments will be applied by Dillon, Read & Co. to the Eurchase of bonds in the market at or below 105 and accrued interest. Any alance unexpended at the end of six months reverts to the Brazilian Government Direct Lien on Government Taxes: These bonds, are the remaining offering of a total of $50,000,000 of which $25,000,000 weresold in the United States in May 1921. They will be a direct obli gation of the United States of Brazil, and will be specifically secured by a first charge on the Consumption Tax (Consumo) and Stamp Tax (Sello), which yielded approximately $58,963,000 last year, and according, to estimates will yield $60,000,000 in 1921; also by a second charge on the Government's from reciepts customs' duties. The total receipts from all the above taxes in 1920 were approximately $127,759,000, pn part of which there was a prior charge amounting to $4,035,271. Receipts from the above taxes are pledged by the Government to secure the total of $50,000,000 twenty -year 8 Gold Bonds due June 1, 1941, of which the present issue forms a part. Purpose: The proceeds of this loan are to be employed in part for the purchase in the United( States, of materials required by the Government. Debt: On December 31, 1920, the national debt of Brazil, both external and internal (converted into dollars at par of exchange), was approximately one billion dollars, of which $565,000,000 was external. A large part of this debt was incurred for the construction of Government railways, steamships and other revenue-producing undertakings. On the basis of the latest estimate of population, this repre sents a total indebtedness of only about $33 per capita and carries an annual per capita charge of $1.85. These figures are exceptionally low in comparison with those for the principal countries of the world. The twenty-year 8 Gold Bonds, due June 1, 1941, are the only bonds of the Brazilian Govern ment issued in the United States, previous Brazilian external loans having been issued in London and Paris. Revenue: The principal revenues of the Government are derived from duties on imports, consump tion taxes, income taxes, and the revenue from national railways and steamship lines. Natural Wealth : The area of Brazil is 3,300,000 square miles, covering nearly half of South America. It is approximately equal to the Combined area of continental United States, the United Kingdom and France. Its population of approximately 30,000,000 represents half the total popula tion of the South American continent. Brazil has vast natural wealth, and the increasing investment of foreign and local capital is rapidly bringing out the nation's resources. Brazil is said to contain the world's greatest reserves of timber and iron ore, and has large 'deposits of other essential minerals. It' produces 70 of the world's coffee, and supplies some of the finest grades of rubber which can not be grown in the East. Foreign Trade: The volume of Brazil's foreign trade has increased .rapidly, and the balance in favor of exports increased from $52,000,000 in 1911 to $211,000,000 in 1919. Exports in 1920 were larger in volume than in any previous year, although the total value was lcs3 than in 1919 on account of the general fall in commodity prices. The United States is Brazil's best customer, supplying about 48 of her imports and taking about 42 of her exports. Coffee makes up approximately 50 of Brazil's exports at the present time, and of this the United States has been taking about one-half in recent years. The Central European nations are now purchasing coffee in increasing quantity. Other important exports are rubber, cocoa, meat, tobacco and sugar. The largest packing plant in South America has recently been completed in Brazil. All amounts shorm above Indicating revenuesjand trade have been converted into dollars at the rate of 35 cents per mllreis. Wo offer the above bonds for delivery when, as and if issued and received by us, subject to the approval of legal proceedings by counsel. Price 98!2 and Interest. To Net About 8.15 Dillon. Read & Co. Lee, Higginson & Co. Blair & Co., Inc. White, Weld & Co. Union Trust Company, Pittsburgh Illinois Trust & Savings Bank Halsey, Stuart & Co., Inc. Continental and Commercial Trust and Savings Bank The Union Trust Company, Cleveland Graham, Parsons & Co. Cassatt & Co. Brown Bros. & Co. Information rnnta.ned In this ertl.ement ha. been obtained, partly by cablo. from official and other sources. Whl'e. not ruarai.teod. It I. accepted by ua a. accurate The Uncertainty of Credit Accounts You manufacturers and wholesalers who have been deliberating as to whether you really need the American's Policy of Credit Insurance, read this letter from one of our policy-holders, a lending Manufacturer: "We acknowledge with thanks your draft for $ , which your Adjuster has just given us in settlement of a 'loss wc lately sustained under our policy. "The loss was on a customer who had a capital rating of $ , with a first grade of credit, and who otherwise enjoyed such a reputation, that the most careful and prudent credit man would not have hesi tated to sell him an account even larger than our own. "This but proves the uncertainty of credit exten sion." Can you afford not to investigate this broad, protective service, which guarantees to pre vent, else pay, bad debt losses beyond the normal ? Write or phone today. Paymtntt f PslicyhoUtrs twr SI '0,000, 000. 00 AMERICAN CREDIT-INDEMNITY CO. cm NEW YORK E.M. TREAT. pesidbht ISSUIS STANOAKO UNLIMITED POLICIS W. J. Morphy, Manager J. F. McFadden, General Agent 1011 CHESTNUT ST. Pione Filbert SS02 Philadelphia, Pa. -JUll Born of Necessity Railroad Bond Specialists Have Grown Through Their Services To offer investors exact and detailed statistical data covering railroad securities we have n forco of cn Kincers working exclusively on railroads and their bonds. Every phnso of a railroad's business is considered in determining the valuo of their obligations, and our work enables us to advise you with facts that show conclusively our reasons for the selection of certain railroad securities that aro the best at today's prices. Wo can tell you which return the highest yield compatible with unquestioned safety. We will be glad to have you avail yourself of this information. BROOKE, STOKES & CO. Members Philadelphia Stock Exchange 140 South Fifteenth Street Philadelphia 734 Fifteenth St. N. W. Washington 102 St. Paul St. Baltimore BALDWIN LOCOMOTIVES AND NINETY YEARS OF PROGRESS Ninety years ago. when MntthlnB W. Baldwin built hl the Qenernl AHHembly of a correHponoent wroto -t'wnm is u rnnroau ; 'inn rcmtnr in iAannn.A unino of his correspondents mlclit bo nhln tn ,vnini ' The development of the resources of this and other countries rtnr motive6 V Y Car8 WnS Inrgely mnde PO""ble by the loco! Bn..Y,n,i,h,n" w Baldwin built his "Old Iron, little known. In fact. In March, uas whilT f or Pennsylvania passed Its first rnllrnnrf nn, I" ihW:1 r!tf,,:rH,A oa?"bttb 'mqu.rm: V The .Kdltor. In response, suinreated time suggested that The Baldwin Locomotive Works Philadelphia New 'York Bonds Am'n Acre'l 4 Chem Ttt 1 O.V.t 1 OS A H R'r 1 77H 1 TTH Amn TtTIi 1 80 0 HA S 8A 1 80 1 85 Amn T T (It 20.... MOU 2.... 100tt 0.... 1K Ar'e iup"e n l M Artn.ur 4H 2 BOH 2 81 A T t, a Te 4s 8 11M 2 7TH 1 77 2 77W Atliintto net's et 6s 1.... 10114 2.... 101S 3.... 101'i Atlas l'wdr Ci 7Hs wl 1 SOU 2..;.. 00U Uslt A Ohio ov 2 flH 2 (sale) C0K 4 .... 0IH Dolt L Ohio 4s 9 00 H Halt I Ohio Ss B nv, a 71H Halt a Ohio 0 7 01 II t O I li E A W Va 4s 1 80U H t, O Tol 4s 1 04 ',4 Hell Telephone of Pa 7s 2.... 104 1.... 104K 2.... 108 Drkn Udl C 7s 1 00U. nrkn nai n 7s 2.... 100V4 Bush Ter'l 8s 0 71 Canad'n Nth'n OHs rets tnAI.ES IN iionol 1, 8 A 8...., a..... ons ooh ons oo v, oo w DDK oo u oow 7 00VI 2 00 H Canadfn N 7s 0.... 1ASS 3.... 104 Ksold) 104H 1.... 104 1.... 10894 Canul'n Sn A 0 b.i; 4 85 s. Can'l of Ga 0s 1 01 Ctl leather 8s 8 87H Ctl Paclno 1st 11 74 2 74U C II N Jar As 8 00 Cerro As Pasco Cui'r flft Ksold) 100 .' O ov 4Hs . 8 77H 2 77H 28 77H 7 774 8 77 :'k t Ohio S 4 01 c a & Q ow 3.... 101'i 1.... 10H4 i.... iom 2.... 10U4 CM L Urle 1st 3 78 Jhl & O W 4a ' 1 60H Jhl Ilwy's 8a 1 03 1 03 2 03 J II 1 ft V fd a 88 8 ot; 8 SB 4 07 Srls II n cv A 1 87 Brie H7 Co 4s 1 88 Fort Wort.i D City 1st 1 00K Fort Worth nip Od 1st 1 00 Oen'l ElM 8s 1 87 Sene'l Eire 0s 2.... 101 Joodre'ar Tire It nup'r Ba 8..:. 101U 3.... 101VI a.... iom 2.... 101H b.... mm i.... iom 1o't Trsneh n 7V4s rets 1.. IB... 70... 1... 3... 1... 3... 1... 8... 31... 4... 28... 23... 28... 42... 1.. 2.. 1.. 1.. 8.. 2.. 4.. 3.. 8.. OOVS't F n 8s 2.... 100 2 00!t 8.... 100 O Nthn my 7s 00 W 00 H noyt oou 01 oo oo oo oo oott 00 VI nou 00 V. 00 V. 00H 00 00 H OS i 00 0A4 00 00 00 00 28.... 4.... 1.... 1..., 1.... 2.... 1..., 2.... 2.... 1.... 2.... 100 101 101 100 100 mo 101 100 lot 100 101 Itud tt Man In 2 42 til Central Id 1 78 1 77 tl Cenl 4s '82 2 73 til Centrl Ba 1 01 Indl'a Stsel 8s 2 01 Indiana III ft Iowa 4s 8 28 tnt'o Met 4s 1 13 1 13 30 13S 12 13 20 IS 8 18 .3 13 Intb'o n T fd 8 11.... 22.... 1...., 1..... 8...., 1...., 1 1...., 1 0 8 20 1 1 08 08 08 08 OS 08 08 OH ,rw Orleans Itwr. it I.t. Uuplro Krtlnlns Cainpuny. .inplre (Ins A Kurl Co. , .unsns City (las Co. , , nltfd Klrrtrlc of N. J,.., lunltlpal Hen Ice Co. . .. . V 103 . ,4'n 1040 . ,8's 104:1 SAMUEL K. PHILLIPS & CO. Member Philadelphia Htock Ktrhsms 807 CIIKSTNUT HTR1CKT. l'UILA, CASSATT & CO. Investment Hankers COMMKHCIAI, TKUNT IlUHl. 1'hlladelphU New Tork Baltimore Bcranlon Pittsburgh 1. 1. 1. 1. 1. 6. 8. 7. Chi U Sta 4 1 (sjld) BOH Chlcnao Union, Sta ct 0s 2.... 105 Chi ft W I 4s 1 80 Chile Cop'r 0 2 70 1 00 1 fl 1 00 1 70 3 70 Chile Cop'r 7s 2 02S 1 02 "hlnese Oove't llu-K niy Ss 1 48 3 48 City of Ilerven 8s rets 2 08 1 00 4 Ill) 8 00 2 00 1 70n City Heme 8s 8.... 100 1.... 100 2.... 100 Cty Chrls'a 8 2 00 1 00 City of Copen hagen 8a 1 70 4 70 1 SO 20.. .. 80 City N Tk As 1 .... 04 4 0ti City PorU 0 8. . 00 18 CI'd Cln Chi ft Ht I. urn 4s 1 80 CI'd Cln Chi ft St L As 2 ... 00 Coin Indus' 1 3 3 Coin ft 8 4s 1 ... 70 Cona'd Gas 7s 1 ... 101 1.... 101 1.... 101 1 .. llfl 1.... Ill 1.... 101 Cuban A S 8j 1 OR 2 08 10 08 1 08 2 08 Cuban C S cv 1 84 4 84 1 84 8 84 8 84 Denmark Cn ct A 8s 1.... 100 2 mm 2 ... 101V I)enmark Cjn ot I) 8s l.... mi 2 ... 101 1.... 101 1.... 101 i 101 Den ft It O fd 1 44 Det U n 4s 1 80 Do Cansda '20 1 ... 04 1 03 11 ... 03. Do Canada '31 1 .... 00 D I Nemours Pwd'r 7s 80 80 BO 40 40 40 40 40 40 H 40 40 40 no 80 80 80 80 504 5(1 no 80 80 no 80 40 80 27 7 1 1 3 1 1 I M Marine 0s 8 70 4 70 8 70 Iowa Cent'I 4s 0 30 lap Oove't lt 1 80 2 80 1 80 Jap Ooven't 4a 1 72 Kan C I't S ft Memp 4s 1 00 Kan C ft H Ss 1 70 Kelly Sprlnu'd Tire Co 8 2 05 K nelitlum fls 0 04 4 8 04 1... 04 8 . . . 04 K ItelK'm 7s 1.... 102 1.... 102 1 102 K Ilels'm rets 1.... 101 1.... 101'i 8 0H4 2.... 1111 2.... KU 2.... 101 Klrurdom Den mark ct 8s 1.... 1"2 1.... 102 1.... 102 1.... 102 V. Kingdom Nor way ct 8 4.... 103 2.... 1031. 1 111.1 u Lack fitei-l '21 1 01 Nla T Pwr 0s 4 es NfK ft W d 4s 1 n N'k ft W cv A 1.... 103 North We'n 11 Tele's Is 2.... 108 1.... 108 1.... 108 1.... 102 1.... 103 1.... 102 N Paclfk) n 4s 8 70 N Pacific n 0s 8.... 101 Ore ft Calif 8s 1 01 Oregon 8 U 4s 82 i'.'.'... "m Pne Q A E Bs 1 78 Packard Mjtor Car Co 8s 1 03 2 SS Pa n m 4a 1 70 1 SO Penna H n Bs 1 87 0 87 Penna lid 0a 8.. 8.. 1.. 4.. 3.. 1.. 2.. B.. 28.. 28.. 1. 10O 100 100 100 100 100 100 100 "100 100 100 no 08 08 0B 08 08 08 08 08 Penna R H 7 1.... 100 8.... 104 8.... 104 Psr Marat 6 1 80 1 80 nep Chile rets 2 00 2 4 2 8 1 4 4 3 8 4 (sale) OB o 08 1 08 18 08 0 08 R Cuba Bs '14 1 70 Rep'c of Uru guay 8s wl 4 08 2 08 Rio Grande ft W'n elt 4s 1 84 St L ft S F aj 1 07 1 07"j 8 08 1 08 2 08 3 08 St b ft 8 K In 8 88 8 88 St L, ft fl Fran Series A 1 02 2 02 18.. 1.. 7.. 1.. 25. . t 1, ft S Fran Series B 1... . 74 0 74 2 71 2 74 1 74 It V sow'n en 1 04 4 04 1 04 t P'l K Cliy S L 4s 1 03 It I'M Sioux City 7s 1 02 3ao Paulo of rnzll ct 8s 8 07 1 07 1 07 1 07 2 07 4 07 Seab'd A I. a I 4 27 Sinclair C Oil Corpn 7 eye THE DAILY NOVELETTE Villains and florae Thlevta ttj ANDLOItUS lire villain!" nn- -L' nounccd Hilda Crandell with con viction. "I won't argue with you," returned Ethel Kllngcr. ? Illldn won rending n Icttoi the poit mnn had Just left. Ethel wits deer In a musical mngnxlne, "They're hogs I" added Hilda, ne she read on. "That atntcment will never stnrt a qlinrrcl between you nnd me," obeerved Elliel. turning n page of the magazine "They're horse thieves nnd murder era!" raved Hilda. "No owner of nn nportment house will ever get to heaven. ".fudge, not that ye be not Judged " warned Ethel. "Look here. Ethel!" shrilled Hilda, rising from her chair nnd stomping n foot. "If you knew what this letter meant you would not be so Indifferent." Ethel laid nMdo the mngnzlnc nnd looked up, smiling. Hhe won the smil ing kind. "Well, what does It mean?" she In quired sweetly. "It means just this," said Hilda sav ngcly. "This is a letter from old Stnlthern. and It nnnounees a $20 tbIhc In rent. It also telln 11 a that no phono grapliH mar be played in this building nfter 8 o'clock nt night, nnd that young lady tenantM muit eend young men cnllem home nt hnlf-past 8." Ethel forgot to smile. Her "I've Irnt my Indifference!" hc Hnid. "I sanction all you have nld. Old Smlthers goc to bed every night at 8 o'clock, mid that'n why he orders music (topped nt that hour. Hn'n nn old grouch that never had n girl look nt him without Bcowllng, ho lie makoi uh oust our men frlcnd.s nt the hour when they usually arrive. I mean your men friends, Hilda, bernimc I never have nny. I have to go into the bed room every other night w you may en tertnln In the living room. Just the Hnine, I might hnve a beau some night. Rp, you nee, this latest edict affcctl me. You know, too, that I love music, and that I don't get home from work until hnlf-inst 7. Wc might n well sell the the phonogrnph. And the rent of cnurpe. thnt's the worst blow of all. It mnkes 100 per cent rnlse in the Inst year. Yes. Hildn. I've lost my In difference. Hut what cun we do? There's no place to move." Hilda dropped Into a chair. "Guess we II have to grin nnd benr It," she mourned. "We'll go without those new dresses to meet the rnlse, nnd we'll resign ourselves to single blessedness the rest of our liven." ".Tusfso old Smlthers enn enjoy the comforts of his grouchy bachelorhood," ndded Ethel. "It's unfortunate that he lives right under us; otherwise we might forget wme of his orders now nnd then. I wonder how he gets nway with these things? He doesn't own the building, does he?" "No; nt least, I understand that he doesn't. Hut that mnkes no difference. The owners ar. worse thnn their ngents. Well, it simply means more economy for us. so the owner can hnve more luxury." Ethel agreed, but the very neTt dny she fell from erne. On her way to 02 ' the rnr line from the office where she 02 I worked, she pnssed n phonograph shop 02 02 ' , i-jmf ' ' ""gm.' I L-.i with n display of record" In the window lliey were all grnnd opern selections, nnd were offered nt n bnrgnln. She should not resist the present temptntion nnd she spent five linrd-enrned dollars In the shop, nnd enrried nway five rec ords. From the trolley enr she transferred to the subway nnd got Into n crowded cnr. It hnd senrcely stnrted from the stntion before It cntne to n sudden stop nnd the cry of "fire" went up. In some mnnner the doors became thrown open, nnd the panic-stricken crowd surged out. Ethel felt thnt she would be crushed to death, for she was short nnd those nbout her were tall. Once out of the enr. however, she detached herelf from the rrowil nnd stnrted running nlong the track, holding the precious record" high Irl one hand (0 prevent their de struction. Her nrm wns caught In n firm grftsn nnd bIic was Jerked bnckwnrd. A tnll young mar, wltfc twinkling eyes, wns holding her. . . . ,,.. ".Fust in time!" he exclaimed. "Do you know, young lady, Von were just nbout to step on the third rail? The rest of the crowd thought about It, pahlcittrlcker. though they were, nnd kept clear. Don't you know It would hnve meant Instant death?" Ethel turned pnle. "Thnnk thnnk you." she stam mered, "for saving my life." "Oh, It's all right." assured the voting man. "I think I hnd better tnke chnrgc of you, though. Let nn- tnke thnt bundle phonograph records, nrrn't thev?" "Yes," nhe breathed, relinquishing the burden. .... . He escorted her snfely blek to the stntlou nnd they innde their way to the street. The mnn hailed n tnxlcnb. "What nru you doing?" Ethel In quired. .. . "Taking you home." he returned slmplr. "Something Is wrong in the Ktibwnv. but you must get home or joti'll you'll be Inte for dinner, or something." Ethel 'arrived home Bllghtly abend of time, and the mnn got out of the taxi with her. .... "Here nre the records," he snid, hnndlng them to her. "v hnt nre they 1 jnw.?" , I "I should sny not I" she retorted In dlgnnntly. "They're grand opem." "Good. I Just love grand opern. nnd I'm sure I'd like to henr these. I hnve n lot of nerve. I know, but couldn't we hnve a eonrcrt?" "Hut the landlord objected Ethel. "He won't oh. nil right. We1 enn play for a while. Won't you come in?" "I will." said the young man. If Hilda wns surprised to see Ethel with n gentleman friend she did not thow it. "This Is Mr. Mr. ," Ethel be gan In confusion. "Lnngford," he prompted. The in troduction tnken care of, Hilda retired to the bedroom with n magnzlne. Ethel took off bur wraps nnd started the phonogrnph. All the new record were tried out, but the visitor wns not satisfied. , , "Let's henr some more." he pleaded Ethel's wrlstwntch told her It was S o'clock. "I'm afraid I can't." she snld. ' "There's a new rule thnt no phono- graphs enn be played nfter 8 o'elnefc, nnd I'll hnve to nsk you to leave soon, becnuse young women can't entertain ' . oungmen nfter fi:.10" ' The young mnn's eyes opened wide. "You mut hnve n tjrnnt for n lnnil lord." he observed. "Well, let's tnke I n clinncc. I'll a.vuirac the responsl- , blllty." I "llut he'll rnle our rent ngain." 1 Ethel insisted. "He's Just tacked on another twenty, nnd there's no telling when It will stop." Hut the caller hnd thnt commnnding wny with him, nnd he insisted, so the new rule were broken. At 0 o'clock there came a loud knock on the door. "Smlthers!" exclaimed Ethel, shut ting off the phonogrnph. "I'll nttend to him," snld Mr. Lnrig ford, nnd lie went to the door nnd opened it. Sure enough, it wns Smlthers, nnd he wns fnirly grinding his teeth until he snw who hnd opened the doors. Then he suddenly beenme humble. "Something you wished?" asked I.nngford, sunvely. "No no. I guess not," stnmmered Smlthers. "I'm sorry I didn't " "Didn't know 1 wns here, eh? Well, let mo tell you, Smlthers, you move just as soon ns you enn find n place. I'm going to run my own npnrtmeut house hereafter. And the phonographs nre going to keep going till midnight, and young Indies can use thuir own judgment nbout sending their guests home and rents nre going to be cut in two. Good night !" And. now, in regard to Ethel nnd Mr. I.nngford, they well, this Is a love story. UNDERLYING RAILROAD BONDS To Yield 5.20 to 7.60 Including: hsues Tax Free in Pennsylvania List on application Blodget&Co. Real Eitate Truit Bid., Pklla. BoBton Chicago I Walnut 1606 i New York Race 4360 CAPITALS50CW)0a0gu U SURPLUS (EARNED) 11 81 $2,000.000.00 Jl VlxlhaSpJinflGrdf 1871 to 1921 HAVE YOU examined your Will lately? Arc your beneficiaries all living? If you have named an individual as Executor or Trustee, is he still liv ing? Have any changes oc curred which would in validate it? Numerous other ques tions might arise which would make a revision de sirable or necessary. We suggest that you examine your Will and let us help you. Fifty Years of accumulated experi ence is at Your Service OOTi 80 01 ni 01 00 T4 01 H 01 '4 OOt, Ho'n raclne fd 1 77 7 77 1 77 n 77 So'n Pacific in 1 71i 2 .... 71i Ho'n Tac cv 4m . B SIS I Houth'n Itly 4a ; 3 57S I B'n It Mem D I 1 m; I StnncVd OH of Calif 7s 1.... 103T4 Swltt'd Cun 8s 1.... urns 1.... ifni 1.... 10 in. Third Ave 4s 1 Ml; S til Tldwater Oil Co ct OHi 1 .... o.-m lnlon Pac cv 1 BR 1, B 8,1 STROUD & CO. 1 Laks Shore M igo-n Tac cv' 4s " 1 8l; 1 SlISi I'nlnn lm. A. usks tuiore Mi 1 I 2 2 a 3. . i SI 08U OHM 88 88 08 So'n 4s 'at 1 Sim U Val en 4 4s 1.. .. 77S L. A Myers Bs 1 S.I 1, f.omr 1st en ft B 87 Uu Nash 7s 1 14 Manhat EM 4' 1 B2, Man K 4s am 1 , B 100 .M Pstr'm Sa t 01'. 1 031 M It & i: 1st t B'Jh 4.... B3 Mo K 1 T 2ml 4 SB Mo K a T 1 flOH M K A T 4S,. 2 SB Mo Pacific 4s B Bv, 1 Ml. B BS'i 4 B3li 20 BS 20 navj Morit'a Ctl rt 2.... 1C0VI Nashvllls Out & Ht L Bs fi 0B N T Cntl 3H B BAH N Y Ctl en 4s 70i, 4 -n't N V IVi l 1. i!H 1 tia, . 111! ' N Vk Cent' I L Shore 3 Sis 7 02 New N II A H Hartf'd 0s B ItSK Nsw Yorh O A West'n 4s U0H N Y Tele 4is 1 H2U N Yk Tel'e 8s 2. . . on. L"n Tank C 7s 2 . . 101 V K of (1 Ilrlt A I'd 1021 2 win 1 . . . wv; V K of O Ilrlt A I'd 11122 1 n4 0. ... OKI., 34 nm, 1 . HSU ftn, V IC of f) Ilrlt 5!,' I'd ld'Jn . . . SO'i . . . s . . ... HOS I 4(1 Ml4 31 .... S'4 1 8S V K of 0 Tlrlt A I'd 1037 fl 87 4 BS 2 RB 1 BS fl. ... 88 V H llraill Ss 99 fl 10 . 1 . IB., B.. 2 , IB.. I . 12.. B.. a.. 3.. 1. B., 4.. 2.. V S llubb'r Bs 1 78 2 77; U H Itub 74s 1 0S; i 08H OM ft gteel n, 1 t4i 1 04 , 2 114 ; 2 (M '4 Va-C Ch 7 4s 1 91 Va Itallw'n Bs 1 83 2...,, 88 0RS 084 8' 08 4 08 i 084 08 4 Ii8i, 08 4 084 08 4 08 4 Oil's, 08 4 08 4 O84 This entire issue of bonds having been sold, this advertisement is published to record the terms of the Loan as set forth in the final loan agreement. $7,500,000 Republic of Uruguay External Loan Twenty-five Year 8 Sinking Fund Gold Bonds No Bonds can be called for redemption prior to August 1. 1931. Bonds may be redeemed on August 1, ,1931, or on any interest date thereafter at 105, cither as a whole, at the option of ..v. uutbiiiiuciii, or uy ioi, iniougn tlio operation of the bulking Dated August 1, 1921 Fund. Due August 1, 1946 rlcHaLM ' F,ebrunrV 1 nl Aiwist 1 Coupon Bonds In nominations of J1.000 and J500. nil r ').rlrclal ,onl' 1'rlnclpal. premium ami Intere-t payable) In New York n.v;,i; i ?,e?, sold 00ln of ,n'" Ir"'nt standard of walg-ht and fineness, at fl.?n p1 Clty Bnnk of Nw YorU- Ktsca' Aif.nt of th loan, without d-duotlon ior any Uruguayan taxes, and ar payable as well In time of war as In penoo, IrreHMectlto of tho nationality of the holders. Sinking Fund Sufficient To Redeem Entire Issue at or Before Maturity As a Sinking Fund for the retirement of the Bonds, the Government of Uruguay agree, to pay to The National City Bank of New York, Fiscal Agent ot the Loan, $300,000 annually, during the first ten years, in equal quarterly installments, beginning November 1, 1921, and sum. sufficient to retire each year during the remaining IS years, at least one-fifter-vth of the Bonds out standing August 1, 1931. Sinking Fund payment, shall be applied to the purchase of Bonds in the open market, if obtainable, at not exceeding 100 and interest during the first five years, and at not enceeding 105 and interest there- """' ne unappnod balance of each quarterly payment during the first ten years will revert to the Government. Aftr A.,.. 1 IQII qiL: P I moneys will not so revert, but shall be applied to the redemption of Bonds bv lot on semi-annual interest dates at 105. if .ufficient Bond, are not pur , cna.able at or below 105 nnd interest, to exhaust the same. These Bonds are the direct credit obligation of the Republic of Uruguay, which agrees that, if in the future it shall issue or dispose of anv Bonds or loan secured on revenues of the Uruguayan Government, the service of this loan shall be a prior charge on such revenues over such .subsequent issue except in the case of mortages on public utility properties made bv the Uruguayan Government to secure obligations issued .for the purchase or construction of works of public or industrial utility, and e'Scept also in the case of local assessments levied to supply funds for construction of public works or for the service of any debt made for any otiier similar purpose. H e offer theao bond if, aa and when issued, and received by us, subject to approval of counsel, At a Price to Yield about 8.20 to Maturity Delivery in temporary form is expected on or about August 31, 1921. Descriptive circular sent upon request. The National City Company National City Bank Building, New York Philadelphia 1421 Chettnut St Atlantic City Chalfonto Block, 1225 Boardwalk I'Vj VT i?M VM V 1 ,. ' ,M Jt m ' M I 01 VIMI m . Vd 1 ." ," h j. )l'''(..H.'ltei, XK 2LL-iHe '- . nu.it. ..-uhsmr a -Nj VA -vv
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