1 A HHHBPIJI -riTtwr i imaM SiPTO ' -"W ' W?P WjtW'' rW)S fetft ' ixse iVj. vW re i i w'tfV,- i Kftft L'iv Lfitw',' '!" fft . EVENING PUBLIC LEDGER-PHILADELPHIA, FRIDAY, JUNE '' 1922 ?; IV 30 LV " - l-iV d i IA cj. & ft ! M Is&V CURB OILS SELL ! . AT 10P PRICES! 'Mutual Touches 12 Kentucky at TOO Meters meaer- ately Active JOM Cancir-'nrla Mln . 31c ion I Minn Kip"rntui. -'i anoe ttimiia Hllv.r '-' .'Hiiiii Hnllnu air inn IIhwp Hnun.l .Hi I.MiO In lep Li'iul i4c? pnoe rertuni '.'1c Jinn, s rr llnrn J .inn Mmmn C'ii 31 .".000 Alersh Mln SHc tnoe .viethtrlude r in' 15H0 Nut'iinnl Tin A"Vc inn Nil ! nit Hl 11011 Itn Hercules - lorte Slifr Dal . 41( rtm TnnepHh Ilplmnnl 1 1 J fleOO Tonopah l'h IM T inn Tonopah Divide . Ten 100 Tunlumni ".Oc IWn t'nltnl i:alrn U inei) Vele-inn 4fle JOOWiit IlnJ C l' DO.MW d00 Anarenrin top (l tee 31c - a Jc 31c 3' r.nc SOc .IP l(l x 41c ,v Me m 1H 33c lj 3tc ' ll.'c L'lc aft '.'KC ;e4 !! 41c 70c 80c which existed ilurlnjs Wednesday i "Ien. there van a note of caution dis cernible between the line of the nil nil Uleei ent out by meet of the leiidhiK lump. New forward movement.. In Indlvlilunl Mecks continued te feature I tlie denllnRH, ns hut been tlie eaic iinr- A niiinliPF of flic- local Inllklns tern- nC lu nrnerps of the current con- GOSSIP OF THE STREET munity hnvc planned te wend the hiiiii liter In Kurene ti seek a little ret from the mres of business, I.ii'-t M'"'" trials and tribulations were followed bv u let of linnl and nerve-wrecklnit work n connection with numerous new ienu New ,H lesiies and etlur finnnchiR pImiim. W,CH Hl.-lmrd K. Norten, of W. II. 'beld'H Sens & Ce.. led the va: New Yerk. .Itinc 2. The curb mniket turned firm after the ODenillC. vlth trading npaln active In the oil jrreup and with new hlsh records beiiie e- i tabllnlieil In seeral Initnnecs. jvirey cmim inter Ort Ner A l'etre enm uns en CTeeiit en. nreahing renn Knm im i.n ahfirr.lv .1 r..l.ie tn n nw InW M'nrii Hi ! 2000 UlClcxIc Ul 6. Jltituel Oil advanced te a new hlsh nt 12. Kentucky ale touched a new high at 1V. Standard Oil of New Yerk ndvanccd .T points te -HO. 1(10 10 n A... .t.. ...-t . int mil. inn. iii SSi" Ksw '5i i"H ie2. if': iM be reineinbered for Ills or uuties anne t-Rn N' ny i:i T m "4 jew'4 '"i" In the Liberty and Victory Hend cam IflOO (Vnt Mfd Hn 1"4 104 104 ,,.,i,,u ttiii ,nnn,l rlirpn innnths in "IXSKKXST&h S.r 'JSs 'iWJ ?enn maMiie 11 'Mudy of the Eure- n-.i. oil m unSi titiw eflH tnnLC inim nn Toen Manitoba Veiv.rr T nilS en'4 OilS 10(10 Maimm Cep 7 1J IJ " 1C000 Selay el Cle S . lOit 104 10(1 FORKIdN' mns r.000 Arrfntlnc Tr 0i' nn iin; Moter Hteeks nere moderately netlve. semj nvmi-ic T. r i"H top te ml nfter xllcht upturns cased off. Te- hoeo hwIm S4 ., 1'iJJ "If '"ift bnere Products "A" w. I Melded il mej v nr..n .. 5. 4 n. n.. te 81(. rVepert Texas 7s re'e slnrply , I0000 u. H ;M" " . 10 points from l.'IO te 140s. IMIU5TKIAT.S lliah BOO Acm Tack . . ''-c 10O Am Dru . S' 1O0 llrnnUhn CltV . K' 500 Cleveland Aute 000 Cub Dem Sue . 300 Iur Mtr Inil . 11-00 Oelt) 11 ric . 400 Oram Mtr . . 100 Hudsen Mtr .100 Moen Mtr . Itnn Teb Pred I . Min Teb Tred A ... -'00 Imp Tebac . 200 Int Hubbr 100 Meb MeV ft I 100 Pnckar.l Mtr . ree Philip Merrln 000 Radie com 100 Radie prt?f . 0Onen Mtr Tr .. loeo Seuth C ft I . 800 Tebac Pred . . . 10ft !'!.. II 1000 31t H' 14-4 8i, l1 sin 10s H2 "J 134 8l 2 111' :e 3.V , 7(e 14 ,n 1 P V - (i2c 2 24 SI, 84 3H 3.1, 114 114 14', 144 84 M, iV 1A 214 214 10 10 M M 8l 814 1.14 13 4 8 4 84 24 24 104 14 M 20 3 A 3 A 2.14 III 4 70c 79e 8I4 HV .1"' '? NORRISTOWN FIRE trtrf'tlvn .iiimnl.n. The former no- (cptcd lemlers. en the ether ImnJ. ills lila.icd 11 tired nppearnnie iind, at times, u wavering tciuleiu.v , The temper of market sentiment in beH Illustrated In the remarks of a ptemlnent wire house, which wild: "U'e tin tint Hir nnt thlnff nt nreseiit. anguiird l ..utslde of the threat" of railway labet and sailel .esterdny, en the s"smer te vote en 11 strike, te cause any anxiety KecliamrieBii for nnvre. nr. .ernm or iieciine in aiue, except iciupernry reaetleii!. Uur leans, altheugli at tncir peak, show no disposition en the part of he!dern of securities te take their profits which, history shows, means pean titinnclal situation. , sharp reactions. On firm spots, we Jn tne next tnree weess, inerc man uuisc iiiefc wne nae proms iu iuv a ilereti members of the banking tern- at least part of them, awaiting reac inunltv will sail the briny deep. This tlens before repurchasing." would' seemingl indicate a slewing down of the new financing, but from ..... all reports there ere still it considerable Maj' Sales of Copper Hcay number of lucs new n'"'0P,.w"!: I In 101110 quarters. II Is estimated-the en which Mill be brought out for pub- ,,, . dup M wl lie offering In n short time j amount te nearly 240,Ot).tlOO pounds. This will be the largest total reported Itlamlng the Kid in a long while, and Is considered I.ambern &. Ce., he were suspended 1 highly significant because the big busl- lestenlav br the New Yerk Cotten ness was done when prices for the Exchange for six months for the niiegeu meini were mnancing, OFFICIAL I NJURED lotntlen nf one of the rules of that in Istltutleii, Issued the following state ment in defene: 'This suspension Is result of erren- One copper authority, who litis lust returned from a trip te consuming cen ters, reports the manufacturers are In creasing their activities almost doily, eons and unsupported statement of n and additional men are being put te .cicntcen-vear-eld bev and contradicted work. This, he believes, will lead te under sworn testimony by all of the ecn a better demand for the metal, Pifr struck hv Falling Chimnev empleyes of our order room. cpecia 1 as the users lime once iigain Piter OtrUCK Dy railing unimiiey -110111110 Mr I.ambern and our firm adopted the policy of placing orders ! Bricks While Fighting Creen ;rllot,tnTth-erS:.,,rCrpParrerPo,n, lureT thclr '- et the fa Street Blaze e'n SK'Ki ApS . Traftle Movement Oreng r. proves, and which we nre willing and Officials of railroads operating East shall submit te unbiased judgment 01 ; fr0nj Chicago tint! St. Iuls give out one inrcrcstm. SHIRT MAKERS BUSY Larger Mills Werklntf at Capacity. Prospects Most Encouraging "Manufat Hirers of shirts icpert con siderable Improvement," sa)s tlie weekly review of trade for the Phila delphia district bv It. O. Dun & Ce.. "with the larger plants working te ca pacity. Prospects are encouraging." The men and bejs' clothing trade is quiet, ncerdlng te the same review, with bulng for lmmrdintc needs only. Piece goods, cottons and woolens arc dull. The review, continuing, gees en te say: "Ynm dealers report business quiet, with little future inquiry. There has been no general advance In jam quo tations, mid owing te lack of demand prices have shown n softening tendency. Carpet and upholstery jams have been the most active during the month. "Hosiery and underwear mills have been In the market occasionally, but mostly for small lets for Immediate use. The poundage of jnrn sold during the last month is fur short of normal. "Weel dea'ers report a continued nc tlvlty in the wool market, with 11 geed demand for nil grades. Prices aie firm and stead, with en upward tendency. "In the leaf tobacco trade purchases have been light. There Is a moderate demand for old grades of Fennsjlvanla and Connecticut, but high prices arc maintained and new crops are net sell ing freely. "Perte Ulees are in fair request and nre selling in moderate amounts. Wis cousins and Oliles ere in moderate de mand. Havanns nnd Kumntras arc sold te meet Immediate requirements, and high prices rule. "The large cigar manufacturers re- Norrlstevvn, June Oeerge W n m . vi ... nt.. nv.A iT.rnm.ir nsi ..... . & u a 6tam . . ; , pifer. chairman of councils nnnncu "" ,.V": "",1, ,,;:;,,.,., .,, nrP Pem. p,u",n6'nB reports en tlie traine con cen 8TAptRD OlM iCemmlttee.niid one of the five assist- nn '" "m e i?s7lve" bv 'appeal- ditiens. Car loadings generally have Te ftfinVM. ' "St ,5 5 X. a bri k 'chimnev "fell en ' him nt a , inK from this deel- Ien of New Yerk been larger than for the corresponding W pTrirPJ1 pCi?r;aJa "ISS "S "Se1 fire nt the home of the Itev. .T. T. 'Cotten Exchange nnd take such action ,lcrie(, a Jcar aKOi netwtilstan(1ng the 1400Staand,o.I.1,iyV-i:ie2 iSJIji iSSv, Tompkins, en Green street. Anether as our general counsel advice. an tmt con tonnege ,s fni . ,4?USdd8.1! St' ipdv-lS8 440 U8 inremanesrapedserleuajniurywhcnhei r. , .. . ,, 'below lest , ear's figures. This. In vvns jammed nguinsi h wmi ui "." v....... 1NDKPENDENT OILS 100 Aetna 1J 100 Alcum 4 4 ( 00 Alll'd Oil . 2e 1000 Itoenr) Oil . 10c 1421)0 Hoeten VVyeralre . 00 1100 llraiea Oil 14 lAOOCarlb 8n . ... SS SOO Cities hervlcs 231 100 Creele Svn 34 lOOreilcral Oil 14 S.SOO Olenrnck Oil ... . 1, 4 lOOOOInt Petrel 274 ioeo Kiruy i'i ... . . SOO Urltlah Cent r00 Mena Tete . 200 Masna Oil 400 Maracalbe Oil 1200 Marland Mex 100 Merrltt Oil inn Xfavlrn ("111 1B00 Maxlcan fceabeard. 404 800 Mountain Pred . . 14 18100 Mutual Ref .. .114 100 N Y Oil 28 SO New tnaiana ruei i 244 (14 124 !f. 1000 N'nlile Oil I 8000 Ohie It&nscr . . . 500 Omar Oil '00 Tetineck Oil . J00 Pred ft Refiners 1000 Red Rsnka 100 Ryan Cens, 1200 Hipulpa Ref . . . loe sneu union ri 3.1a lr f.4 04 Bi ' n 100 aimms Pet 9K SOOSkelly Oil 104 1000 Southern TAR.. 3e 1000 Southern Statca . . 23c SftOOStvnten 32c ftOO Texan O ft L, 80c 2R0O Turman 14 100 Ventura 324 noe X'ene. Udlan r4 1000 nil.- Led. 21c U10O Beat ft Ment SSc je lOn Ola 1 S4 231 34 14 lj'e 7' 2A 1A lc 244 (1 U4 3A 4S4 174 isS SJi 31c 7c lt ft 22c ft 4 4 4 O'l 04 104 3'.c 23c 31c SOc 14 324 04 21e SSc 14 44 2c 10c 9c 1 84 :33 14 272 7 2,V I Mc 24 4 04 124 45 174 11 28 B3 3.1c pressure hose In a lire-filled room. I we houses were partly destroyed, with n less of ?2000. . . . I..-I .1 !..... At .1.. 1. l nU f.ntr.1 inatltiitinnnl biivlne of I ' "" urucr niuu unyming cisc securities continues In fnlrlv satlsfae-' the business improvement, as the ton ten tnrv volume nnd until such time as mgr. shows gains in almost every line, ,(e mme rem ini l-iivi ; "' h,7.u" ,.. ,with the exception of coal. Itulldlng The County Commissioners have op- greater degree of ne-tj. ""'",""' materials nre in demand, as shown by pointed Jehn J. McCermiek. Pestmas- necessitate the prevision of 'nrR,,),,. hcavy shipments of lumber ami tcr of Bridgeport nnd a Democrat, a i amount-; of funds for nrf"rn ,p ether supplies. Steel shipments are member of the Heard of Inspection of le-es it Is felt the curjties thus ab-, rctecting thp m()re urgent caU fef Montgomery County Prison. He sue- serbed will net be Ulsleugeu. i prompt deliveries, nnd this department ceeds Harry It. Tyson, of Norrlstevvn, I It is a question in the minds of some ' ,H stcadlly Improving se that there will n Republican manufacturer, who has whether or net corporate liquidation of ,,., be a normal movement. been an Inspector for years. securities win bring nr-eut mucn ae- prc-slen in tne inarKci. mc griu'riii ' t!0wnr, of Tnaten 1e- opinion being that the investment lib lib ad.lres7te the graduate, of wrptlve demand will have gained suf- Training1 Scheel"" the.ncient momentum te prevent such a Russell C llvered the the Nurses Norrlstevvn Hespitnl for tlie Insane held in the amusement nan nt that Institution. The graduates were Clara V. Aires. Ruth N. Banks. Bculah M. liCIeuse, Edith M. Cox, Itose V. Mc- Mchel. Annie II. Mullin, Mary It. Pat Pat ten, Ilheda Richards, Era P. Starr, I.cnera Agnes Keating, Alfred II. Monks, Rcba Rosalind Patterson, Eliza beth Agnes Pcndcrgast. 84 f4 2ZC B4 44 OH 104 31c !3c 31c SOc 14 324 21c 8c Julius Hclntz, of Perklemenvllle, en whose fnrm nn auto graveyard was found, was held In $0T00 ball for court en charges of operating a still and having parts of stolen motorcars in, his possession. condition. Bankers state the short term note market has been slightly mere active during the past week, nnd while prices remained about unchanged, confidence is entertained that the future will bring about n revival of Inquiry in the trade and that, eventually, prices will again move upward. The demand for the shortest maturities Is mere urgent than that for notes maturing In eight or ten .vears, there being falrlv active bidding for some of the ecurities In this class. Caution Signals Ret While yesterday's market showed a complete recovery from the confusion Ofhclnls of Southern reads report a similar improvement te that In the North. Lumber is moving freely, nnd there Is n geed run of general mer chandise. The movement of grain te the Gulf ports is moderate. However, there is a seasonable Tun of perish able freight of normal proportions. The steel and iron industry Is showing ex pansive tendencies also. THE TRADER. William B. Bright Dead In Reading Reading. Pa., June 2. William B. Bright, president of the Reading Ice Dealers' Association nnd the North eastern Republican League, the city's largest political club, died early today after being seized with acute indiges tion en the street last night, lie was forty-four jcars old. $1,000,000 The Transportation Building Company, Ltd. Montreal, Canada Guaranteed Sinking Fund Mortgage 7 Geld Bends (Closed Mortgage) Principal, interest and sinking fund payments un conditionally guaranteed by endorsement en each bend by P. Lyall & Sens Construction Ce., Ltd. Dated May lat, 1922 Due May 1st, 1947 Principal and semi-annual interest (May 1st and November 1st) payable In New Yerk City In Geld in New Yerk funds, without deduction for any present or future Canadian taxes (Dominion or Provincial). Coupon bends in denominations of $1,000 and $500. Registrable as te principal only. Redeemable in whole or in part at the option of the Company en any interest date upon thirty (30) days' published notice at 10S and accrued Interest. QUEBEC SAVINGS & TRUST CO., TRUSTEE, Montreal, Canada I 'fhREn, nr 'twr tt?S Mr. William Lyall, President e) P Lyall & Sens Construction Ce., Ltd, v. hick guarantees these bends, summarises in his let ter as follews: Security These bends will be secured, in the opinion of counsel, by a closed first mortgage of all the right, title and interest of THE TRANSPORTATION BUILDING CO., Ltd., as lessee of the ninety-nine year leasehold of the land and building known as The Transportation Building located in the heart of the financial district, the per manency of which is assured, of Montreal, Canada, a city having a population of about 800,000. Sinking Feb An annual sinking fund will be created beginning May 1st, 1923, sufficient te retire by purchase or call all bends at or before maturity. Managcatnt The President of THE TRANSPORTATION BUILDING COMPANY, Ltd.. is R. S. Legan. Esq., Vice-President of the Grand Trunk Railway, and its Vice-President, H. W. Beauelerk, Esq., a Director in the Bank of Montreal Its directorate comprises a number of prominent Montreal business men. Location aid Tenants The building, erected in 1912, is a fully insured 10-story basement and sub-basement modern - fireproof office building, fronting upon three streets and architecturally imposing. Three incor porated banks, several private banking houses and the general offices of many large industrial concerns are located in the building, among the latter being Canadian Car & Foundry Ce., Canadian Explosives Ce, Ltd., Mutual Life Insurance Ce., of New Yerk, and Canadian National Telegraphs. It is the largest office building in the City of Montreal Value of Property The value of the property mortgaged te secure these bends, as shown by expert appraisal, U $2,630,371. Guarantee The bends will be additionally secured as te principal, interest and sinking fund payments by the uncen- difJenal guarantee by endorsement en each bend, of P. Lyall & Sens Construction Ce., Ltd., whose audited statement as of March 31st, 1922, shows a net tangible worth of ever 12,000,000. Earnings After all taxes, leasehold payments and operating expenses, the average annual income from rentals (which ' are steadily and substantially increasing through maturity of low priced leases) for the past four years have been in excess of the amount necessary te pay all annual interest and sinking fund charges en these bends. Net profits from rentals after all charges for the year ending Apnl 30, 1922, applicable te these bends is shown by the auditor's statement te be $124,300. The net earnings of the P. Lyall & Sens Construction Ce., Ltd., after taxes, and applicable te its unconditional guar antee of interest and sinking fund payments, have averaged for the five years ending March 31st, 1922, ever five (5) times the interest and three and three-fourths (3f4) times both interest and sinking fund charges en these bends. In each year since the incorporation of P. Lyall & Sens Construction Ce., Ltd., in 1912, a period of ten years, the Company' net earnings applicable te its unconditional guarantee of interest and sinking fund payments en this issua have been considerably in excess of such charges. The above bends are offered, when, as and if issued and received by us and subject te the approval of all letal proceedings in con nection with this issue by Messrs. Cadwalader, Wickersham 6r Teft, for the Bankers, and Messrs. Greenshields, Greenshields cV Lantuedec for the P. Lyall & Sens Construction .Ce., Ltd., and Messrs. Davidsen, Wainwrnht, Eider 6r Uackttt for 1IIB TRANSPORTATION BUILDING CO., Ltd. Wt raeemmend (At Bends for fneettment Price 100 and interest te yield 7 Geerge H. Burr & Company 421 Chestnut Street, Philadelphia Nw Yerk Chicago San Francisce Les Angeles ' Bosten Seattle Hartferd Portland, Ore. Sv. Loais '"v Um cMtaked in tkk a4tvtrtitKat it net guaranteed by us but bu been obtained from sources we believe te be accuraU. a - I i nam iwrt business slightly Improved but the output Is net normal. "Wholesale grocers report business in general quiet; collections fair te slew. Tomatoes nre quiet but firm, tern and peas nre unchanged. The coffee market opened nt an ad vance of points and later eased off en ndvlces from Brazil. Spot toffees are quiet. Cost and freight offers lire un changed, , , "In the wallpaper line the volume of business is less than was anticipated for the month nf May. , Prices remain moderate nnd collections slew. "In the hnrdvvare line there is a fair demand for nil grades of mnterlal and the market In general is fairly active, but collections nre slew. "In the chemical market there s n fair demand for crude drugs and dye stuffs, but only In small lets for Imme diate needs. "Seme slight improvement Is shown in the paper line. Manufacturers and jobbers report n fair Increase In vol ume of snles, principally small lets. Prices are fluctuating nnd still below normal. , , "Dealings in electrical goods show increased actlvit.v, especiall.v In connec tion with building operations, Prices are firm nnd collections fair. "While trading In leather is quiet there appears a stronger tone nnd con ditions nre steadily Improving. "Hides hnvc ndvanccd s'ightly nnd sales arc Improving as many smell tan ners ere resuming business." Slncex Re-elected In Sunbury Sunbury, Pa.. June 1!. W. J. Sln Sln eox wan yesterday re-elected city chair man of the. (J. O. P. In Sunbury. and will serve for n car. W. I.. Heffman vvns elected secretory, nnd C. I.. Dnglc treasurer. C S. PATTON ft CO SO CHESTNUT 8TS. BANKERS An.Kn(VSrlvtnMi! Members PhlU. Stock ! Bend nnd Mefhi tMht end MML, EiEOIIHOKVS If There Is a Market We Can Find It We held sales of stocks and bends every Wednes day, charging $1.50 en trance fee for each item. Our weekly catalogues and postal card service reach every mar ket. We take pleasure la furnishing quotations. Barnes & Lefland Bleck nreker and Auctioneer 147 S. 4th St. R. A, M. & Ce.- Seasoned 5 Bends Nashville C. A Heating CfJ.5 1937 Hew Gat Light Ce. Ctl. . .5 1934 Suburban Can Ce. of Phila..5re 19S2 Georgia Ay. A Etee. fif...S 1949 Williamepert Ga$ let 5 1939 We own and offer limited amounts of these well-secured Investment bends ranging In yield from BJ0 te 58?c. Reed A. Morgan & Ce. West End Tiust Blde., PhUa. Member of the Phlla. Sterk Kxch, rwrpnoneepnico -ie Buffalo & Susquehanna MORLEY, WOOD & CO. 333 Chestnut Street Member N. V, Phil, flteclc Etch', HORN & HARDART CO. OF N. Y. Right en New Stock Bought & Sold GARRISON A CO. wiDSNsa auiteiNO, rHiiADiintu WIHIIII rilll.flfkU tmi ttikliff yn Yit let titliui. TltlrM.U rmutitnit tfmi tMt NlwY.it ,, JKJ WANTED $5,000 New Yerk & Richmond Gas Ce. Ext. 7s, due 192U Price en application HANSON & HANSON 72 Trinity Place New Yerk Tel Whitehall 1056 I 1 1 1 i new issue; $24,000,000 Republic of Belivia External 25-Year Secured Refunding 8 Sinking Fund Geld Bends Te be dated May 1, 1922 Te mature May 1, 1947, NOT CALLABLE FOR FIFTEEN YEARS A Coupon bends in $500 and '$1,000 denominations, rcfjistcrablc as te principal. Interest payable semi-annually, May 1 and November 1. Principal, premium and interest pay able in United States' geld, Tree of all present and future Bolivian imposts, contributions and taxes, at the principal office of THE EQUITABLE TRUST COMPANY OF NEW YORK, Trustee Redeemable as a whole only at 105 and accrued interest upon 90 days' notice, at the option of the Government, en any interest date en and after May 1, 1937; and redeem able in part at the same pi ice en May 1 of each year beginning May 1, 1938, through the operation of the sinking fund. Application will be made te list the Bends en the New Yerk Stock Exchange "Vtfyj Belivia, one of the largest of the Seuth American republics, is mere than ten timcb the size of the State of New Yerk and larger than England, France and Germany combined. In mineral resources, Belivia is the third richest country en the Western Hemisphere, being surpassed only by the United States and Mexico. Its silver, tin, copper and bismuth mines arc among the richest in the world. Rubber, coffee, cacao, tobacco, sugar cane and ether products of the Tropical as well as many of the Temperate Zene arc successfully cultivated. Ceca, from which cocaine is derived, is raised and exported in large quantities, and the forests contain numerous species of valuable weeds. Oil deposits have also been discovered and Chuquisaca is said te contain among the 'largest oil fields in the world. The population of the Republic is ever 2,800,000. SECURITY OF BONDS: The bends will be the direct obligations of the Republic of Belivia and, in addi- 4 tien te the full faith and credit of the Republic, will, upon completion of present financial operations, be specifically secured by: (1) A first lien and charge upon all import and ex ex eort duties, surcharge en import duties, and taxes en the follewing: Mining claims, alcohol monop oly, 90 of tobacco monopoly, corporations (ether than mining and banking), interest en mortgage cedulas, net income of banks and net profits of mining companies. (2) A first lien and charge upon the Government's continuing controlling stock interest in the Bance de la Nacien Beliviana (National Bank of Bo Be livia) and th'e dividends declared upon such stock. (3) A first mortgage upon the Atocha-Villazen Rail, read, new under construction, and the Potosi Sucre Railroad, about te be constructed, together with a pledge of the net income of such railroads. If the foregoing taxes and revenues should at any time be insufficient te meet the service of the lean, the Government agrees te provide the deficit out of its general revenues. Additional taxes or revenues, te be approved by the Trustees, will be pledged as security for the lean if the proceeds derived from these pledged fall below one and one-half times the amount required for the annual service of the lean. RECEIPTS FROM PLEDGED REVENUES:- Ac cording te officials of the Republic of Belivia the average receipts from the taxes and revenues te be specifically pledged for the service of this lean amounted, for the ten years ended December 31, 1921 (1921 partly estimated), te a sum which, if converted into dollars at the average rate of ex change prevailing during this pried, would have been equivalent te ever $4,800,000, or mere than twice the fixed annual service charge of $2,400,000 en the bends te be presently outstanding. COLLECTION OF PLEDGED REVENUES: Se long as any of these bends are outstanding, the col lection of all taxes, revenues and income of the Re public will be supervised by a Permanent Fiscal Cem mission te be appointed by the President. This Commission will consist of three Commissioners, of whom two will be appointed upon the recommenda tion of the Bankers. One of the Commissioners ap pointed upon the recommendation of the Bankers will be Chairman and Chief Executive of the Com mission. All taxes, revenues and income pledged as security for the lean will, as collected, be deposited in a special account in the Bance de a Nacien Beliviana and such deposits will continue te be made until the amount deposited each month shall be equal te one-twelfth of the annual service of the lean. The amounts se deposited will be remitted monthly by the Bance de la Nacien Beliviana te the Trustee in New Yerk. SINKING FUND: A fixed annual service equal te 10 of the largest amount of bends at any time outstand ing will provide for the amortization of this issue. Until May 1, 1937, such part of this fixed service as shall net be required for bend interest shall be used by the Trustee te purchase bends at net exceeding 105 and accrued interest, and any unexpended balance shall be retained by the Trustee until a fund of $500,000 shall have been accumulated. After this $500,000 fund shall have been accumulated, any fur ther unexpended yearly balances, up te May 1, 1937, will be returned te the Government. After May 1, 1937, any unexpended balance of the annual service will be applied te the redemption of bends, by draw ings, at 105 and accrued interest. The $500,000 fund, or se much as may have been accumulated by May 1, 1937, shall be used by the Trustee te purchase bends at net exceeding 105 and accrued interest, and any portion remaining unexpended shall at maturity be applied te the payment of bends pre rata at par. In the event of default, said funds shall be applied te the payment of bends pre rata at 105. The operation of this sinking fund is expected te redeem the entire issue of bends before maturity, provided bends can be purchased at or below 105 and accrued interest during the fifteen-year period that the issue is non-callable. PUBLIC DEBT: Upen completion of the present financing the total public debt will amount te approximately $31,300,000 United States geld, of which $28,300,000 will be external debt, and $3,000,000 internal debt at current rates of exchange. Contin gent liabilities arc provided for in the annual budget. PURPOSES OF ISSUE: lhe Bolivian National Con gress has authorized $33,000,000 of External 25-Year Secured Refunding 8 Sinking Fund Geld Bends, of which $26,000,000 will be issued immediately. Of this amount, $19,000,000 will be issued for refunding pur poses, and for railroad and highway construction, and $7,000,000 for exchange for a like amount of External (Railroad Lean) Bends of 1922 ($2,000,000 of which will net be delivered until January 1, 1924). The remaining $7,000,000 of bends will be reserved for issue under careful restrictions te provide for the completion of the Atocha-Villazen Railroad and the Potosi-Sucre Railroad, and of this amount $2,000,000 will net be issued until after January 1, 1923, and the balance net until after January 1, 1924. The building of the Atocha-Villazen Railroad will give the Republic of Belivia direct railroad connec cennec connec tiens with Argentine. This railroad will be operated in connection with the Antofagasta & Belivia Rail way, thus providing a network of trunk lines radiat nB. l? ePeruT,Cle and Argentine Republic. The Potosi-Sucre Railroad will provide railroad communi cemmuni communi canen with .Sucre, the legal capital of Beliviaand SnsPefnthUeP cenun?fy!hC mSt f"tUe agdcuI'urai " ' The legal matters in connection with this'lean, including the contract with the Rcnublic ami the form of bends, will be passed upon by Messrs. Curtib, Mallct-l'rcvest & "ceU, of New Yerk Wc offer the above bends, subject te prier sale, if, as and when issued and received by us, at 101 and Accrued Interest Spencer Trask & Company The Equitable Trust Ce. of New Yerk Stifel-Nicolaus Investment Company Hallgarten & Ce. Halsey, Stuart & Ce. E. H, Rollins & Sens Incorporated MO Cassatt&Ce. Kissel.Kinnicutt & Ce. 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Significant historical Pennsylvania newspapers