Show PENNSYLVANIA BONDS Five Million Dollars at n Big Reduction Reduc-tion in Hates Philadelphia July 8It was announced an-nounced this afternoon that the Pennsylvania Railroad Company had placed with a firm of bankers In London Lon-don one million sterling consolidated 3V4 per cent bonds maturing In 1945 I Is understood the money Is to bo used to take up certain mortgages falling due in January next among them being be-ing 1000000 West Jersey list sixes and several small loans on brunches neal Pittsburg An officer of tho company com-pany explained that the object in maltIng malt-ing the loan at this time was to reap the advantage of tho abnormal ease of the money market The company he sold has driven driv-en I pretty good business bargain In that It Is to secure a renewal of Itp loans at a reduction of 2 to 2 ½ per cent In Interest A portion of the new money mon-ey will probably Uo expended in betterments J J |