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Show A PCBMO CTnilTY PIMOBLKM For tho week, ending August 7, there was offered at prlco' to ylold about 6 3-4 pof cent, tea million dollars dol-lars of Philippine government one-year, one-year, 4 per cent certificates of Indebtedness. In-debtedness. Those certificates are by reason of an act of congress ot March 2, 1903, exempt from tho payment ot all taxes or duties of the government of tho United Suites or tho rhlllpplno Islands, or any state, municipal or local authority la this country. In Juno of this year tho federal government Issued Us own certificates of Indebtedness on a 6 per cent basis .the highest yield for any security Issued by It since tne Civil war. When tho fact Is taken Into consideration consi-deration that theso securities aro exempt ex-empt from all taxes It can bo readily seen how utterly Impossible It Is for public service corporations to obtain money at any reasonable figure and how Impossible It ts to do any long time financing. |