xsi-msiaa
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yp
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v
H s
EVENING PUBLIC LEDGER PHILADELPHIA, TUESDAY, NOVEMBER IS, 1919
iti
mmimmsgst
& v
Reading Subsidiary Pays Extra
rTht 1 'hllflileltitilii- tlrpinn(Aitn nn.t
"TJorrlnlown Itnllrniitl Co. h'rts tiecttiri'il
a fiuiincrir illvhlrna of fl.r.f) per shnrc
ami un extra illvlileiiil of STi rents per
share. pu.vnlOn Diveinlier -t an rvsinterod
November "0. Books close November "0
and reopen December !. Tlio ealra
illvtdend of Sfi cents mnkrs ut to stuck
holders the amoiintH prnvlounly deducted
from the regular dividends pendluR do-'
clxltin as to excess profils tnx. The
United States Huprcrac Court hold thb
Philadelphia and Heading llnttunr re
sponsible for this tax under the terms
of Its leasj- with the Plilliiilr-lplilu. flcr
wantowu and Nnrrlslown Unllrnud.
Paducah Electric Company
(PADUCAH, KV.)
First Mortgage 6 Five-Year Gold Bonds
STATE STREET TRUST COMPANY, BOSTON, TRUSTEE
(Junvpuny tigrcea to pay any Normal Federal Income Tax now or hereafter
deductible at" the source, not in excess of 2-.
The City of Paducah is located in the jlorthweslern part of Kentucky,
at the junction of the Ohio and Tennessee rivers, about 45 miles east of the
Mississippi Uiver. It is a substantial community, with first-class railroad
and steamboat transportatiojL-facilities, and contains the shops of the Illi
nois Central Kailroad and a number of diversified manufacturing industries.
Tributary to the City is a prosperous agricultural section, the chief products
of which are com and tobacco, and also two of the largest coal fields in the
United States, insuring to it an abundant supply of cheap fuel. Total pop
ulation served, 5.000.
The properties owned and controlled by the Company include an elec
tric station, with a rated capacity of 2,440 11. P.; gas works, vyilha daily
generating capacity of 490,000 cubic feet; electric and gas distributing sys
tems, reaching all of the desirable portions of the City; steam healing
mains, serving the central business district; 17 miles of standard gauge
street railways, and 75 acres of valuable real estate and miscellaneous
buildings. .
The preent depreciated value of properties, exclusive of any allowance for frnn
chiioi and going value, U conservatively cttiinnted by Mr. Edward P. Smith, Valuator,
Chicago, at $1,315,202, or 117r in excess of I'irot Mortgage Bonds now outstanding.
Consolidated Statement of Operation of Company and its Subsidiary
and Predecessor Companies for years ended Sept. U0, 1917, to J9I9. as
reported by Messrs. Barrow, Wade, Guthrie & Co., Certified Public Account
ants, Chicago:
1917
. .$304,588.70
I
1918
$313,570.38
Gross Earnings . . . ,
Operating Expenses,
including Taxes and
Maintenance ChargM-: . 228.803.44
Net Earnings $75,785.36
Annual Interest Requirement on, $230,400 5'c
$368,'100 Gi;'o First Mortgage (this issue) Bonds
Balance
231,114.33
$82,456.00
id
1919
$390,642.92
278,655.80
$111,987.12
33,906.00
NEW YORK BOND TRANSACTIONS
Adalnti Kxprcnsi 4a Cent of HivAmi fla
loot) .... Bil
Alaska it M cv A
5 li (Ml .... -jo
looo .... !i0
11)00 .... '.'0
fiuoo .... 20
Am A cr fi. C l'u Co
looo til
Am Asr & O C U &'
2000 .... 00
Am Tol & Tel clt
8000 .... 81'j.
1000 .... Rl'u
Am Tel & Tel ta
3000 .... nsTb
toon .... M
DODO .... M
30011 .... 83 I
Am Tel be Tel Ca
2000
.10(10
too II
10(10
10110
;iooo
looo
1 000
(poo
looo
. .. 9Di,
. - oi) Mi
. . . l)0i
. .. DOS
. . . on",,
. . oo
. . . oo
. .. ooi
. . . no
. . . i)"i
Am Smell U It Dj
SHOO 80 fa
1110(1 .... HIIKj
S'OOO .... HO !(;
2000 .... u
AiiBlo-Krcncli Ba
$78,081.12
N1ST MANNINGS OVlill 'PlIKEIi AND ONE-QUAUTKU TIM15S ANNUAL CUAUGt:
UK K1KST MOUTGAGIO BONUS
The inanagcmenl of these properties is under the direction of Stone &
Webster, Management Division, of Uoston, which assures experienced and
careful direction.
All legal matters under the direction of and approved by Tyler, Tucker,
Panics & Wright, Boston, and Wheeler & Hughes, Paducah, Ky.
IMUCE 95.7o AND INTEREST, YIELDING OVEIt lc,o
Powell, Garard & Co.
Investment Securities
1H00O
3000 . . .
20U0 . . .
80(10 . . .
tonno . . .
soon . . .
1001) . . .
2.10(10 . . .
20000 . . .
811110 . . ,
looo ...
noon . . .
f.(IOI) . . .
.1000 . . .
1000 ...
ATiSli
1000 . . .
A T A: S I
10000 . .
2000 . . .
1000 . . .
Atl (.'oust
10IMI ...
2000 . . .
Atl I'oust TjIiio Is
21)1)0 .... 1H
1000 .... 1M
Hall t Ohio cv
?
. 01
. no i.i
. 0; J '
. 00 is ;
. uot
. diii
. win
. 91
. on 1
. OHH
. Oil's
adj
. ioi
la I
. Wt ;
I.lno clt
. 32i,lj
ViW
New York
66 Broadway
North American Building
Philadelphia
Chicago
39 South La Snlle Street
SL Louis
Uoalmen's Bank Building
t -tc Mbo,.' Information, Willi,- not ,IUkn.nleM'i1, lime b-.v-n e icrt'iulU compiled Trom S"lree.t v.-e? rcjartj Ha trual
turllo and la the tnforiiihtliiu upceii ulileli v.- lmo bH'u ur tiurclntsn and upprulMil u the Ibauc
1000 .... OR'.S,
toon .... (18
2000 OH
011(10 .... 08
10(10 .... 08
Anno .... 08
Uitlt . O'.ilu U'.-jU
2000 .... Hfl
. .1000 .... 80
3000 .... 8'1
Uall & Ohio o
1000 .... 08
:iooo .... ".1
Halt S. Ohio r.u
2000 . . . Odin
soon .... Hoi.
toon .... m 4
2000 .... BO'.i)
Unit & Ohio lis
2000 .... oa
U&O 1' I. 1J W la
, 2O00 .18
Bolli Sleol Corp d
I 2000 .... 88U
I 1000 .... 8"4
I It 4 7th Av U It on
! 2000 .... so
Urlt llap Traiin Cs
r.onn .... 82',.
I Urouk llap Trnu 7s
10000 .... riOlu
' 80nn .... 61
ifmiaila n'uutliern Jn
4000 .... 80'A
Cenlrul I'aelllu lot
I00D M(i
1000 .... 11m.
8000 .... lOU
K-'fiilral l'iiclllo-3',3
,1000 .... 82
400(1 .... 82
2000. ... 82
Clia & U cv 4V.3
3000 .1',!
1000 . . '. S"i
looo . . . ..U
4000 . . .1 '.4
(1000 .. 11
4000 .... 11 U
1000 . . . 11j
C'lll'S i. U CV tin
100(1 . . . 8.1 'y
11100 .... 8l't.
I 13000 . . . ".
I 4O0O . . . 8.1
I 1000 . . . 8,1 ii
I (.'lu-s & uhlu Pb"
1 1000 1li
1000 .. ll'i
1O0O It's
(Jhes & Ohio us
I 1000 0Dl
Chi .1 A. ton B'lifl
I looo .... :i2
I cin ii s. y 11 ;i'aB
1000 111 4
Chl H & (J r.'K
B000 .... Ol'i
fill It & Rill
10000 .... Ill
1000 . .. 10ti
2000 .... 19',y
Chl 11 .. y neb
100110 .... U2
31100 . 02 1 4
111 It .- LIIlhllM' in
I lonoo . . iiil',
( 200(1 . . . OS'.i
' 1000 ... 9.1 '4
mono .... 0.1 'i
, 13000 . . 0,1'h
I Chi i 1. Ill i! I l:i
10000 ... 20
1 Chl A liiv.it W 13
I looo . .ill
I 1 01)1111 . . ill
:o(io ... r 1
2000 . . . .it
looo .... 51
I 1ml .Si I.iiuIm in
000 . . Hil".
I Chl & S W 3'u
I 80110 . . . Hi's
' Chl & N Weal cm
I 2000 .. . ION
I Chl & . iH of 87
I 1000 .... t)1'j
1 100(1 .' . . 91
' 1000 1)1
1000 . . . 01
Chl 11 N W I) of 33
I 2000 .... 92
1 Chl M fc tit V in
I 1000 8
ll'M 't 1' b-m 'a
.1000 . . .
1 c m & .-:i 1
1000 ..
.-.000 . . .
moo . . .
&000 ....
anon ....
innn ....
loon
Chl M & St 1
:'i
:i
1(10,
i'v 1 Ma
11
II
14
13
1'UI li
3000
8U
10000 .... 03
Chl M i. &t 1' U la
20110
0000 .... 8
C M & M 1 cv Ca
looo ... "3
200(1 .... 12H
20)10 .... 13
Chl It & I'aclllo 4o
inoo .... 18
dono .... 13' i
Chl It t & Vur M
tODO .... Hi's
12000 .... HI
Chl & "Wj" ld u
$4,500,000 v
Standard Gas & Electric Company
7 Convertible Sinking Fund Secured Notes
Dated November 15, 1910.
Due November 15, 1921.
Redeemable as a whole tr by lot at the option of the company ttpoli Mxty days' notice at 101 and interest prior to November 15,
1920, and thereafter at 100!ji and interest.
Convertible at the option of the holder into either Preferred Stock or Common Stock at the rate of $100 principal amount of Notes
for $100 par value of Preferred or Common Stock with adjustment of accrued interest and accrued dividends.
Iptercat payable semi-annually, .May 15th and November 15th, in Xew York or Chicago. Principal payable in' Xew York. Coupon
Notes in denominations of $1,000 and $500, with privilege of registration as to principal only.
Interest payable without deduction for normal Federal income tax not in excess of 2cc Pennsylvania i'tatc tax of A mills refunded,
CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS DANK, CHICAGO, TRUSTEE.
From a letter of J. J. O'Brien, Vice President of the Company, the following' salient facts arc summarized :
These notes are a direct obligation of STANDARD GAS AND ELECTRIC COMPANY, the holding and management
company for the public utility concerns usually known as the Byllesby properties. Recently the company acquired a ma
jority interest in the Shaffer Oil and Refilling properties. The utilities are mainly electric and gas properties and serve a
population estimated at 2,200,000 in 450 communities, among which are Minneapolis, St. Paul, Louisville, Tacoma, San Diego,
Mobile, Oklahoma City, and other important cities. -'
Pledged as collateral security for these notes will be $2,280,000 par value of bonds and notes, $1,160,000 par value Pre
ferred Stock and $1,150,000 par value Common Stock of Standard Gas and Electric public utility properties, together with
$1,000,000 par value 7 Preferred Stock and 110.000 common shares of no par value of Shaffer Oil and Refining Company
represented by voting trust certificates. The common stock of the latter company so pledged as collateral represents a ma
jority; interest in that issue. TJie company places a value on the collateral of overj$9,000,000, or twice the amount of this
note issue.
Net earnings of Standard Gas and Electric Company for OierHItt months ended September 30, 1919, front its public
utility properties, not including any earnings from Shaffer Oil and ReffRing Company, exceeded twice the Interest charges on
the entire funded debt of the company, including this issue.
These notes are convertible par for par into either the 8 cumulative preferred or the common stock of Standard Gas ami
Electric Company. The current market for the preferred is now about 42 (par $50), and for the common about 'iOV, (par
$50). An equity of over $17,500,000 back of these notes is indicated by the present market value of the preferred and com
mon shares, which are listed on the Chicago Stock Exchange.
A sinking fund of $150,000 quarterly is to be applied to the purchase of these notes at not to exceed the call price, or
their redemption by lot at the call price, thus retiring over $1,000,000 of this issue prior to maturity.
' The control and management of the company are in the hands of H. M. Byllesby &, Company, 'who have been notably
successful in their public utility and engineering undertaking s. . .
The accounts of the companj
ters nertainine to the legality of I
and Cummins, Roemer, Flynn &J
audited annually by M essrs. Haskins & Sella, certified public accountants. All uiAt-
issm will be approved by Messrs. Mayer, Meyer, Austrian & Piatt for the bankers.
RcKenna for the company.
He offer ttiese notes fuKxlollrj- hin, lr and u rrclfd by o and tmbjrct lu piiroil by counsel.
Price: 99 and interest, to yield lVzo
Illinois Trust and Savings Bank
Chicago
Continental and Commercial Trust and Savings Bank
Chicago i-
Montgomery & Co. Bonbright & Co.
PhUadelphia, New York, Chicago , 437 Chestnut St., Philadelphia
H. ML Byllesby & Co. " '
111 Broadway, New York
IVe rio uol Guarantee tli's ulatenienlu and Scores proaentrd herein, but they are tnUen from eources wkleh, xe believe to lie
accurate. ,
looo n4
ciillo r'oppr Cb
mono .... n.V'i
Kino .... so
i 11)1)01) . . . 8,1 H
I 8000 .... 85l'j
1001)0 .... HS'.b
10110 . . . RA
I 6000 .... 115
I'lillo Copper In
i 1000 ....110
CufN V Is of 57
:iooo .... os. .
1 :ioou .... ia i
- C of N V -Ih of 'G8
' "000 .... D2U
C of N" V la of GU
i 0000 .... Oll'i
noon .... os '.
1 Diooo .... ni'.i
Uof N Y I'iuot 60
ioooo n;
0 of N Y 4 'as of 63
loooo . ...I0IS
I 10000 ....101
City of 1'u.rlM On
I 2000 . . I)."0,
i 2(100 .... I)ftn4
' 1000 .... 05'Ji
C V y . Ht I. Iij.ii
I 11000 .... ill
I Colo a fc'o Ky -Is
j 1000 .... IW'j
Cutt Una o
11000 .... 09 U
2000 .... oiin
looo .... ni)"'(,
2000 .... US)'.1
Del & Hud Canal fd
tooiio .... 82 i
S0011 .... A2',.j
Den & H llruiul la
1 looo .... OKU
! IU00 .... liSJa
I Don & Klo llr IVjH
looo .... dlH'i
i Il Lilt It.vu I'-iN
fiOOO .... 2
, N000 . . . "2"
I liotn of Ciuiada '
23000 .... UK
I 2000 ... 0'n
I Uom of CiLiiuda 1
I 1000 ... . 03"i
Pom of Canada '
I 2000 .... 02
1000 .... fl.1
inoo .... a:iN
i Krlo l!cnii-al Urn
liooo .... Ir'8
-loiui . . I09s
looo .... Ill1,
(looo .... l',ii
i 1000 .... n
;iiioo .. . to
."iOoo .... ifi'a
un.. t: tt . a
llrfll) 11-',
Uria U It cv Ii
j oOOO ... II
1 uiio it n o n
211(10 . . . 1.1 "j
(iooo .... l.i'i
loon ... ii"-!
General Uloi'trlc us
000 . ., . sr.i
Urent North I!y lut
1 12000 . . .81
5000 ... Hi
! 401)0 . HH
2000 ... S3
llijil A: Man In
I 1000 ... 12"..
fiOOO .... I2"j
I OOOO .... 12','j
nr.ooo . .. 12 '
, Hud &. Mmi I'd
looo . . . r.3'i
1000 . . . .13'
I looo . . . ii.i'i.
I 1000 .... ill
I III Central Ui of 02
I 10000 ... 11
I HI Out tu of Tj3
. 0(100 . . . "Olij
! Imp Jap U t ltt
10000 .... HI '
r .i if L'nu Kin? atu
100(1 .... HO
iooo .... coi,
(1000 .... HO'.j
Indiana titful Co os
iooo . . . . lis
I in Asr Corp oa
2000 .... :n
Int Mer "larlno tia
2000 !fi.
6000 .... t'ft'
iooo . . . n.V'i
3000 .... OB'u
.iooo . . . or.'
20)10 .... !l.1i
1000 . . . Oflli.
Int Met I i.jt)
1000O .... 2l'.D
Int Rap Tranu fd
1000 .... Dl"i
8000 .... 5I',:
2000 .... 3i;
unoii .... .11 '
Co
1 1000 80
V Tc &. M Ilwy
1 IOOO . 33
Nob C & St L. Hy on
1000 . . . 00. .
NY C & H Tt 3jU
1000 . . . 00'i
, NYC & Hit It en Is
I 3000 .... Oil
j looo .... no
' 1000 .... 60
j n y c a un nu i
1000 .... 80
nyc ii n nit 1'tj
looo .... .c
1 1000 ... 1ft
I N ff'S lilt ttllC
iooo . . . v.
St I. & Hail V
U K of U 11 t, t T.7
In
000(1 . . .
26000 . .
MOD ....
2000 ....
1000 ....
2000 ....
UO00 ....
0000 ....
N Y Coil n
.iooo ....
o:ij
ii:i"h
03 'U
113'S,
!)3N
l)3"
03 'j
1UH
Hl!a
4,1
45
43'i
IB"i
1.1
lO'.i.
Id
13
IS'j
13','j
' "J
01
01
(II
III ,
(II
01
()
00''4
St I. Bn)i P A
1000 .
1000 .
2001) .
11000 .
IOOO .
I000II .
looo .
100011 .
30(10 .
1000 .
at l i
1000li .
1001) .
100011 .
1000
IOOO .
J (ion .
2000 .
2000 .
S 1
1000
2000
K000(f
7000
3000
3000
1000
3000
3000
IOOO
112
nn
ott.
!!
01',
on,
Ol'i,
Ol'i,
PHILADELPHIA MARKETS
GRAIN AND FLOUR iEn'' Ico-nuked. 4348cs 3o Vlrslnla, cliolcn
WHEAT nocflpts. 311,810 buihMn The 't"U'''' '"4!i0! ordlnajy to rood. J3
nirkt nan oulft b'jt firm. Tb ountivtlonin I J?,euSr,?'ers ..V."?j ?M1''... welehlne
Car lolo, (n rxrort elMtlor. gmermnMit en, wtnni, Ir-rnrked, elhln 4 lb. ana
clandntrt Intr'i'lon, klantlaru prl- No 1 1 ovr aolere, 3.1VH4ei welchlnc 3(4 VM-t
':.'I..J"1?"'-. '- M- No l nor'lK-rn uprliie, 1 30oi vmern. Ic-Pckel. wclhln 2U 9
. IJ.n. No 1 hru wlijier. J2 31) No. 1 rid , ll,. nplw, 27O20ei wootern mllk.fed clilolt.
i.r :: "..'1'." v .-.". .1l' r ". oi"...,.. vns, j., io vmi. tt in, utia unaer to aocen.
iaBMOc; xe to 21 lb. to doien.
N Y Itwyu ot Cu
1000 .... 7 j
2000 . . 7
2000 .... 1
N Y llwju oil
100(1 .... Hi I
20U0 ... i li
N Y Tci Co I'iu
2.1000 . . . . 8I"
3000 . ..!
N Y Teleplioiiea Ca
3000 .... OH
11100 .... 18".
30110 .... 0H'
1000 .... OS'',,
Nor a WcMlern In
f.ooo .... "O'ti
Nor & Wettern 6s
3000 . . .1IH'
Nor i Wett o (is
100( ... .1113 'ii
10(10 ....10.1
N k W V C I"'" '.l
30(1(1 .... ltl"
Northern 1'uolfli' 3a
iooo .... ft.l'H
iooo .... Si1"i
Nortltern I'aellle Is
looo .... 7h;,
2000 .... 58
Out l'ower N r ia
2000 .... 88
1000 .... 88
Oro clt Call U It 5a
iooo .... !Hj
10000 .... 0IV-J
OreRun Short Ij lh
iooo .... 82 'a
IOOO .... 82
Vati Cub etc K Co us
, 811'.,
2000 37 i
1001) .... 37 i
2000 .... 31 i
1000 .... 314
301)0 .... 01 ',
2000 .... 31 lu
iiono .... 1 it
10)11) .... .11 '-j
St ft Kan 1'' Scr 11
1000 .... 08
St T, & S Vest Du
1000 .... fit
!& K C S I. 4',-i
lofo 07
Third Ao Ity uj
1000 .... 281j
Ti-l C lr & I, Co Cu
1000 .... 1)2
u k of tiuisi 'm
3000 . . . 1)1
21100 . Ill",
3000 . . . 01 n
1000 . . . 01 0
2000 .... 07 "
21000 01
U K of (J II '& I
Union 1'uolhV fa
3000 .... 71 i
7000 .... II"',
looo . . "';,
Union ftcwlllo Is
looo . .. 8.1 '4
noon . 8.1
1001)0 . 8.1H,
3000 . . 8l!i
3000 . 83'(,
Union l'aollli' Cu
looo ... IU2 ',
3000 .... 1021 u
1000 ... 1021c.
U H Itutibur Cu
1000 .... 80''t
1000 .... 80 Kj
20011 .. . SIIKj
1000 .... 81!
1000 ... 80
2000 .... 8(i
' 2000 . . 89 'u
t; S4 I lubber 7s
inoo .. . lo:n.j
looo .. . lo.it-,
USS It ,Vl It Co Cb
iooo .... n:ii
U M Sli:cl r.y
roUi of 2
300(1 . . . 05 7
2000 .... OH
loooo . ..i
U K of (i 11 &.
ralu of ;."!
1000
5000
2.10011
501100
looo
1000
3II00H
111(1110
10000
2000
11100
21100
11100
301)0
20)10
looo
Utah I
looo
. tl!l'4
. niui
. 0';
. 0!)U
. on'.
. II!) 'h
. . Ill)
T. fci t
. . 81
Oil'
OKli
00 s
no'.B
00' i
3(1 't
Villi
0'
06'i
V S of Me-ilco t.s
5000 . . . I3'
Hopulb
unc'liaiiE.
la(c.cj.
Vlr ("ar ( 'hem Co la ' urncl,
2000 .... Ill " I
2000 . . . Hl1
Vttb.'iih Jill Co let !
8000 ... no '
Wubaali 2d Ua
.looo . ... in i
looo .. itiij '
M'eut Mar I aj id lr.
30(10 .... 3d
Vcbt U Tel 4'ia
1II0II .... 81
inoo . . . 88U
VllHnll Co OV"
1000 Illlli
2000 . . OBIi
3000 . . . 0(t'
11100 . . . HO
42 30: Vn I red. pnl-IIUv nnrt rccciltv 12 1U
rolled Htalre cirnln i',rporallon'h porchaeffl
of hc-at wr bated oil tho rollowlnir oc-hed-illo
of dlfccounte: No. 2 vlicl, 3o tinder
No. 1 ; No. 3 wheat, c under No 1 : No. 4
wheut, KM unjer No. I. No, f, M heat. 14e
'inder No. 1. Kor all rheat otlierwlso ron
forillhllf to Ihp frnr.f nrallnnR of No 3 or
better, but deilrirm lu tti-t weight, tho illk
! ctnioi from (ho No. 3 prlco will bo 3o ler
bushel for each one poii'ld deflrleney In teal
1 wuldl.t Wheat Knirtluv below No. 6 for
i leofcoiuc other than clehelenc'y In teat weights
ulll he houRht on Ita inerlla Smutty wheat
will he rlL-ccountod accordlli? to the decree of
j otiiiil. but In no cnao lers than 8c per biibhel
; uticbr thy rnrreapondliu; reRular k'rade Gar
' Itchy wheat ultl 1.0 dlseciuntc Jit
heretofore. 2e ,r bushcil frcon the regular
i Kradc. Ml.xed wheat (11 h dheounted from
2' lo ac nceordllitt to quality and roiuiition
or mUturej. but unles. otherwise In3trucled
(ho trade nviy count on our lahlni; No. 2
mUfd wheat at Philadelphia. Jut aa here
tofore. I e . 2c undT thej eurre&poiidlnK
' regular craci".
COIIN-- Ilcxelpt... 12MI hij.h.!" Olforlncs
were light and the market ruled firm though
I nuiet We quoto No. 2 ellow In ear iota
for loeal trado at II Hwl.mi on mji.
1 OATS - rtecelnts. 1.1.322 buliels. The
market adeaucc-d 'ic but rulfd unlet. Wo
' nunC. Cr Inl. b ... Cr.r.ll.... Ta 1
While, R3t-cS84cc, No 2 nhlt. 2'"tft3e;
No. 3 while. SI', Qsic, No. 1 while. ItlVa i
Hie
ht.Ofl'. lteeelrts. ft().;: Ilia In baelin.
Iioniatid wa-.Jllrhl and irnnicartlona were
nioally In ac e-end-hand htoeKa, whleb were
.iinllicKu blow mill Innltc (Muiatlona.
l'er lOcl Iba laekecl In 1 t'l-lh lute eacko
Soft winter, atraliht wealern. (lOSln.M)
do. do. nearby, $1 ,cilfo 10; hard wlnlcr.
Flralght, (IStf 12.30; do. ihort onlent. 13(a
IS 30; Bprlm: Ural. .'leur. tV 73 10.2.1, do.
ratent 112.011 13.23: do, t-hnrt patent,
13.300 la.7,1, faney apring and rlty mills,
ralent fauey brands. (13.73 1 1.25
IlYM Ic'lMTt nun llrm We uuote at 17.53
cS.S.lo iier barrel m tiaeUa. as to quatit,N,
PROVISIONS
little trading and priee f a -QuotaMona
were na followi:
. frinoked and alr-drled. Tele,
and tenders, fcnioked and alr
rli. family, f.le; luclnc, H. 1'
lourfe. 27Si2le. do. khined. looi.tc, 2,t
0527e. do, do Hoicked, 27eJ2Pc liain. tcicilcd.
Ijcinelta, 12e; picnic shiculdera. S 1' cured,
loone, cjlc', cjo. Mitoked, 22c, belllcH In pickle,
loobe, 2.Sc;, brcakfaut liain. 35c, lard, 31c.
rcee lh .
JjgJ.V; t 0 so lbs. to dotetl, per lb.
84W33o; 31 t0 so lbn. to doion, per lb.. 3a
3e; 37 lo 12 lbs. td dozon. per lb, 31
... -j cu ti cor. ic. uzen, pr lo., umpsaCZ
48 lb. and over to down, a(ffiS5o: anrlncr
duekllnes. nearby, oh to nnatity. 40D41oi
. weateru. fancy. 38S38c;i ceeac, vimU
f alley, 32 335c.
ducka,
cm
FRESH FRUITS
fholce. Moek met Willi fair oalo hnt !
uea generally wero voll maintained. Quo.
tnilona! Apples, jeer bbl., 54(iJ8.50. Cran.
berries.. overae food, per crate, $1.30
2.30; do, extra fancy laree, per rrate, J2.76
U3 Irfmonr, rcr box. Jl.orci?! B.20.
Oraimea. California, per bor, (1.338.10J
do. Klorida, per boy, (l.BOJTS.SO. arape
fruit, Florida, per bor. 51.75S4.BD.
VEGCTAQLE8
l'otoloe and onions of Ann quality trercs
well cleaned up and firm. Cabbage was In
ample lupply and prices favored buyeriu
Quotatlona. IVhIM potatoes, nearby, per
batkel No j OOecftd.lo. lower grader.
in'ctOoc. While potaloea, per 160-lb, tack a
No. 1. (3 53 54.10; No. 2. J2IJT2.40. White
polatoea, lvnnajlxania, per cwt (2.60O8.
Wweet potaloea Southern. No. 1, prr bbl..
(3.75ai; d. No. 2. 2.B0B2 75; do. Jersey,
per basket, J1W1.33. Cabbage, Now Tort,
domcrtle. per ton. .720 0127; do. Danish, per
(on. S2Snc,l:c Onlotu.. per 100-lb. eaeks
yellow. No. 1, 4036.50. do. No. 2, $2,5009
There ,, .-i a
orerl bujera.
lleef. It, -et.
lceef kliucktejc
Urieil, .ilic; p
REFINED SUGARS
were tmall and the ni.trkel wao
I on a. bads of Vn for flue sranu-
OAIRY PRODUCTS
Liverpool Cotton
Liverpool, Nor. IS. There was a fait!
request for spot cotton today with price
steady on the basio of an udvanco of 51
points for middling at il 1.03d. Tha
Miles Mere 30,000 bales. Tho receipts
worn 20,000 bales, none American. Fu
tures vero slcady in tho early dealings.
Spot prices were: American, middling
fair, l'S.00.1; good middling, 25.85d;
fully iniddllns, 21.P5d; iniddlinj,
-1.03d; low middling, Ul.SOd; good or
dlnnrj, lO.Octd, and ordinary, IS. Cod.
2000
2000
3000
6000
5000
23000
8000
13000
5000
51 U
31 Id
ftl'cj
fill,
.11 't
5i
51 '
ol'i
31 '
Iowa Central li
2000 .... 43
K C Ft S 4 51 4a
1000 ....101
JC C & South Sn
1000 .... 57'i
Lack aiecl C of -'3
1000 .... 99'i
13000 .... 9BM,
L .S & M t' lu '"8
1000 .... 87 'i
Li ii M S lu "31
2000 .... 84"
LouIh & Nash in
1000 .... 83S
LrtUlH ci Nabh KOld
2000 .... nu
L - N Ult & S Ity
Mono la
iooo .... 0.1 'y
Lohleh Valley la
2000 .... 50i
Lolileli Valley ft
1000 ....101
Mid t'ceel Corp ba
2000 83!
soon .... S.Mi,
Mo IC a Tex TTty 2nd
iooo SIT
Mo l'aulllo srni 4s
ioooo , . . . 31
1000 .... li'l.H
8000 .... 57'!i
2000 .... 374
3000 .... 67 'ii
3000 .. . . 37 Ii
Mo I'nclllo 6a of :H
.1000 .... 8014
1.1 Puclllc Cu of B3
1000 .... 80
Mont l'ower Co Oj
3000 . . 80
5000 . 88U
2000
j 2000 .... h:i 1 1
1000 .... 83
fonna lilt gin 4 la''
11000 .... 82';
1000 82 'a i
10000 .... 82 '.j
I 3000 .... 82'..
I 10000 .... 82 "j
l'cnnii H It -Is
I 1000 .... 82
I IVnna It K uh
1 5001) .... 92
! IOOO' ... 02
I 1000 ... 02
1000 .... 02
2000 .... 02
1000 .... 02
3000 .... 010,
l'etina Kit en I'-tu
2000 .... 01 li
I'eres Martuctti 5a
' 5000 .... 8,1
P H Corp of N J Ss
1000 .... -;
looo ,. . . . fi2',.j
I tea dins Is
2000 8I
10000 . . 8lla
2000 .... 81 'j
3000 M'h,
IOOO .... 81'i
1000 8I,
K I Aril & I, I'.-.tt
100(1 .... 61
1000 .... II
iooo oa'o
Ban .V & A I ity lo
1000 .... 00'.
1000 .... OO's
fc'cab'd Air J.Iiib uj
3000 .... IBS
10000 .... 15'i
tcaboard Air L fd
Oooo .... m!j
Ho Bell Tel Co et
1000 . . . 80U
tlouilt ltwju SI la
2000 .... 70
Southern llwjt 4a
1000 .... 621.
2000 .... 03
10000 .... n2?s
1000 I2'i
10000 .... 02 Va
Eouih liailrtalj Oa
1000 .... 81. .
5000 . . 7
1000 . . . 8("i
1000 .. . 81 U
3000 . ... 87'sj
Southern Paolflc T
2U00 .... 75
South l'ac cv lu
1000 .... Kl'-e,
3000 .... ai'-s
10000 .... Hllh
t'outb Pae cv Ca
Liberty
Liberty
l.ilicrl.c.
Liberty
Liberty
Liberty
Liberty
Vii'lor)
Victory
tlfTTCIl The market advaliced lc nl
(jmptttby wlib Ihe Weal. but trade wna )
uulei Ouoiailooa follow. rreah eol'nl-,
packed, creamery, fano, hlBh-acorlnc gini, l
73'ft75c. eMraa. 72c. extra tlrsts, H7W70.'.
Oram; IIOUll.lc i-ccorida. r7'0 30e; thirds, 5.1.
'ft 50c; tc,eet creameiT. hiclce to faney, 71'
cj7l!c; fanev In rood. 3B71e; prima Job.
bins at 7SS81e for fancy and at 0277c i
I for fair lo Kte'd, i
1 EOlisi c Ccn.i o. v..ro l.earc and waul- i
ed at full prices The, uuotallona; I-re.i
'ejcaoc. nc.f.rhj Urata. 121 (10 iw crate; tiear
, h.c current reeelpta. (21; wetrteru citra
IflrHs. 12100; nrotH, J1U.M1-&20 7n; nearby i
and western, seconds, J II '1057111.21' : In-,
fr-rlor lota hewer, fancy Related eggb job-
doaen
. . iii.'i.'N i.ni.'j it c .ju-... cici l'-iv-fl
. rn ccteailllv 1caI,I 'n Oclnl.c V.tcic 'nrr t
u-hole-mlllc llats. f.'incv. tlHc- fair In mnri I
IM.tiOl ".r, :t2'ne. Wlr.conslii. wholemllk. faney.
(,' a., i ;!.-;,: fair lo pood, tt.c; JuoUlnk' ialct
IO.ll- . ,'JUU;, UIU--,
112.110 I
today's Rancje of Liberty Boi)da
1:13
.1 llvh tow (c in
';S . . . . Illll.lll Jllll.ll Hlll.;,ll I bluer nl Klltf R2e p
IhI Is .. ill.. "ell III. .-ell lll.iMI I fltllP.SK Trado
M -Is. ... fi'j.Ku ir.'.-IO
Iht l'..H. Ill.l'eO 01.1.0
-ii i'is. m.vj srj.na
:.ei n, .. ni.."o ru.ns 01.1-1
llli l',h. H.'I.OC, 02.01! !C.!'l! ' POULTRY
;;;iis oi).:is iki.'js imi.;;o'
l!l,s ilO.IlO '.lO.'J-j
Utt.nU fjt-strablp hIzp-J ptock. offrincs oi whith wer
DIVIDENDS DECLARED
I Wl.ha I'oPDoriUlon. oiuirterl
rr Q upp cnt xr .innum froin tl d.it
1 fi.up. OctftNr t.. mill, rqr thf quarter eng
ine UfODiulxT 1. Utllt, on first pn rrrn.l,
I lunnunlliir, to JI.-.T a Hnro. pajnlil" Pl
eoiiiln1! 1 to BtncH nf rpcorij Noenilr 20.
fjalcim HUndl Oil Co., nurterl (f J'- O"
1 nKl ftnd n-fw i rrfcrrod. UutU dllrl"ndit .iro
j na whin Dcreniber III ta atock of nvord
Nrtfintfr -0.
IlllimlB IMpt'Tjino Co.. bpnilHunual of )5l,
1 im3 a hlo 0MmbT Hi ciCK'It uf roiortJ
i Nntonihrr -11
I Natinnnl Anilnio and ChemirnJ o . ciuar
' t' ply of 1 per cent on vrtfp rred. vnyaMo
I JrfnuHi'." X in Mtijclt of record Uprrmhrr IT.
AmfPlfftU Telohnne att'l TlBrih ""..
riiiarterly ot , im.olil Januar.v !i to pioi'U
or rwrti Ppcnihcr 20.
Nailonul Huroty Co. gtrrtorly of S jr
fiMit. pjoahln Januao t i Bttn-K of record
I Nntnbr i-
tdht nemanrl was motieratp Tho follow -
'ng r( tlie Quotations: lol. fliio. wetjrh
Intf n lbs. and or arlM'e, n2(&rt4f, do. m-
I fiMim Mtze kimmi tiiiftnty. :m;)iic iio poor,
at tlip ml-? UiltsTHftc; ohiUcn,t. fine ciuallti , "Si?, do, iri
or Trhr, sawjiio- old roottrrH. 'JlwU'Jc; duckp.
hlt1, l'ckln. SI' Willi, do, Indian ilunnor. JS
iaiii; get '2Mt"( turkrya. 3.'40--.
pl-r-ons. old, pT pa'r, o2n:i5c, do, ounff,
ptr n.ilr, "husOcj (?ulnoN. ynunc, per pair
selnhlnsr - lb. mid uvr av,,''',. 1.7fiff
I.S."; wlKliintr mlai lba. bphto, Jl.ftOav
UWij clfflilna U lbs nplpcs 11 10
1.J10; Kuln-:ift, old. prr iwlr, $1.10ui .2i.
DUUSSr.D- Pip dHlrablo-izpd jitock sold
fairly and ruled flrrn w llh vuppHa Mfll
cleanfiti up. QiiDtatiima: Turkvs, wIphi,
urorhitf fanry, irrJ47c; do, do. fair to Rood
40-4:tc: noarhy fam-y, ittlHc. fowls
frch killed, tlrj -pJkrd. )ti box wpUIiIu?
I lbs. u ml ofr upic, ?t (!. : Hi;1iltiK' 3'y
tbs , SO'itl'iii, smaller Hlz-?a, "MH'Jltf, fowls
fresh lulled, in l-armih dry-pick rd -wrlsh-Int;
t IbP mid oor aptne. '.v. wigMng
II1! lb . "4l "(I.-; hin.ilipr .?, -4(a)27i':
1 old roofatprj, ilrj pl-Mtd, 2'ti?, brollerc. Jor
Security of
Income
Wo recommend an in
vestment yielding over
7'd, which is protected
by such satisfactory
earnings derived from
such' numerous sources
that it would seem that
nothing could occur to
interfere with the
prompt payment of div
idends. Not only pres
ent but past earnings
justify us iu making
this strong statement.
Send for
Circular No. E-50
Chandler &G"ompaw
..
rranMIn Ilnnlc llutltllntr
riillutlrlphla
New Torlc Iloetoa
;iooo ....lot
i'Ouon . i. ,ioi
'.'oiiu .'..ma
riuuo . iui
iuou . . .11)1
11IHI1I ..101
luooo . .un '.a
atiou . . IDtiJ
luoon , ...iui"
iooo 1(.-e
0000 . ..iotti
.-.IIIH1 ,. 1(11
1111)01) . mj'.j
11)0(11) . . . IM'i
Iflllll ... 103'
reiinii . . 103',,
,-,nun . . .ion",,
:nii ...insii
fionn . . .innn
liiitiio 1031a
211000 , ...tOIMa
.lOOIIil ... .103
10000 ...,1II2Vj
nnon ....103
3000 ....103
Southern Pacific I'd
sono .... '.1
200(1 11?i
2onn . . . 174
S II SI & O cert la
1000 ... 01
Standard 3111 Co uu
2000 ... 02
St L & I JI S" Ky Is
lonn .... l.lti,
St L I M H Ittv
& Uult' Div lo
Will 1920 Be
Like 1907?
Wilt present conditions very
like those existing In 1D"6 lead
to a break and a (dump In 10"0
blmllar to tho punlcj ot 1907?
BABSON'S
Speculative Bulletin of November
lfctli gives you the plain, un
biased facta on our present (situa
tion and compares it with 190ti.
It la a bulletin of vital Impor
tance. With Its facta before jou,
you can see wliat'B ahead and
govern yourself accordingly.
Ilcport on Request
(A few coplos ot tills Special
Bulletin and full details of Uab.
ton's Financial Scnlco uro avail,
uble for distribution to Interested
oiocutlves, eratls.
Auk for Bulletin U T
Tk BiIiiod SUtiitictl OrfiuiutioB
WrlUslsr U1U, ?U"et.
ZorotilOrmnlnatloH ot ' OAoroefor
" '. the wv.M-
r
Herschell-Spillmaa Motor Company
8 Cumulative Preferred Stock
(Ptcfcrrcd as lo Assets snd Dividends)
CAPITALIZATION
Outstandins
ef)' r- f , e . Authorized (iiiduding this issue)
SP,o Cumulative Preferred Stock (SIiarca $50 parj 5,2,000,000 5l ,3S?000
Common Stock (Shares $50 par) ,2,000,000 1300 000
JuJ' 1 andOctob Ji &M Cormnon Stock c payable Quaxta-, January 1, AprU 1
American Trmt Company, Boston, Mara., Transfer Agent and Registrar
, J'"i ?, lre.tl',r, u,itu" bV Mr- T-J- Wilson, Chairman of the Board uf Directors ef
tlis HerschcU-Sptllman Molcr Company, copy ef which will ba wailed ok request, wo
summarize tlx following investment features of this issue:
Ilcrschell-Spilknan Motor Company iy one of the oldest and largest indeprodent
manufacturer!! of Autoinobifc, Truck and Tractor Motors in the United
States, with large and well-equipped plants at North Tonawanda, N. Y.,
nine miles from Buffalo.
The business lias been in successful operation since 1901, and the Company h
not-id for the -excellence of its products.
Upon .completion or the present financing, Net Quick Asccla securing the Pre
ferred stock alone amount to $1,295,560, or $48 per share; and Total Net
Assets asErcgatc $2,893,383, or $107 a share, par $50.
The Company docs not carry any values in its balanre sheet for Patents or Good
will, although in the course of the eighteen years' successful operation of
the Company, these arc of considerable value.
Salw of the Company have shown a consistent and satisfactory growth .eadi
year; and the business has always been profitable. The prospects for con
tinued growth are particularly bright. Orders booked within the past 30
days for delivery in 1920 amount to $4,170,000, with .estimat-ed total vol
ume of sales for the coming year in excess of $9,750,000.
On the basis of indicated sales for the coming year, it is conservatively esti
mated Hers-chell-Spillman Motor Company will show Net Earnings, after
nil charges, including government taxes, of $1,150,000, or approximately
10 times the Preferred dividend requirements which .call for only $108,000
annually. ,
The Charter of the Company provide that, after payment of quarterly divi
dends of 2 upon the outstanding Preferred stock, and quarterly dividends
of 2 upon the outstanding Common stock, beginning with January 1,
1 920, 20 of the remaining Net Profits cadi quarter shall be usi to retire
the Preferred stock at $55 a share.
Having sold the larger portion of this issue, we offer tho
unsold balance strictly subject to prior sale, reserving
the right to allot a smaller amount than applied for, at
$50 per Share, to Yield 8
Descriptive Voider PPL-355 mailed on request.
HolHsterVliite & Go.
Uotlon
IMceareiuTio
North American Building
PHILADELPHIA
Providence
Springfield
L
1 be sVove illeir.:ils "Ms "' trntd, are lucurcjd Uexa aiucM hleh rrrrd
at uxurile and rdub'.J, icd upoa vhldi v hive tctcd la Xht puxchiM el this luut.
n
i )$
i &
m
Wl - ,''
iti
ct-fl"'. -.
s
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