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EVENING PUBLIC LEDGER- PHrEAD'MterA, OTESD&X, eTANUARY '20,
tvW
1920
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NEW ISSUE
$5,000,000
The Greelock Company
A MJ5SACHUSLTTS CORPOR TION
' c
Five-Year Collateral Trust Convertible Notes
Outstanding
$5,000,000
6,000,000
None
Dated January 1, 1920 Due January 1, 1925
Interest payable without deduction for Normal Federal Income Tax up to 2
Call.ib!, ns n wliol- or 'n pirt on II dvi notur on nm Inlerit dale nt 101"e durlnc MHO. IOZ'1
Uurlne J0J1, initr during 11122, l(ll' uurlns Uisa. und vr during U'SI, lilua accrued intrecst.
Convertible, nt holder's option, after May 1, 1920, and for 30 days after notice of call,
on the basis of
5 shares (aggregating $500 par value) of The Greelock Company new 79c Cumulative
and Non-Voting Preferred Stock, and,
4 shares (aggregating $400 par value) of The Greelock Company Common Stock
(now paying 8 dividends) for each $1,000 of Notes.
CAPITALIZATION
(Upon Completion of Present Financing)
Authorized
7c,'u Collateral Trust Conertib'e Notes (this
issue) .' $5,000,000
Common Stock (par $100) 8,000,000
Preferred Stock Cumulative 7rf (par $100) 2,500,000
BUSINESS: The Greelock Company, incorporated 1915, is a holding company own
ing common stocks in Pacific Mills, Lancaster Mills, International Cotton Mills,
Wiunsboro Mills, The Lawton Mills Corporation and Roxbury Carpet Company,
all well-known textile manufacturing companies. The par value of the stocks'
owned is $9,848,400, with a present market value of about $14,405,562. The
present annual dividends thereon aggregate $941,430. V
SECURITY: Of these holdings there are pledged as security for this issue stocks of
the Pacific Mills, Lancaster Mills, International Cotton Mills, and the Winnsboro
Mills, of a par value of $7,000,000 and a p'escnt market value of $10,075,000, on
which the present dividends are $680,000. The pledged collateral is worth more
than twice this issue, whether based upon market value or asset value.
NET ASSETS of Company have a value at present prices of about $13,736,862, or
2.74 times this issue.
INCOME: Current net income of The Greelock Company is about 2 times, and
current dividends on the pledged collateral alone are nearly double the interes'
charges on these Notes.
EQUITY: The $6,000,000 Common Stock of The Greelock Company will represent
an investment of $6,400,000, junior to these Notes. Present dividend is 8.
MANAGEMENT of the Lancaster Mills, International Cotton Mills," Winnsboro Mills,
The Lawton Mills Corporation, nnd Roxbury Carpet Mills is under the direction
of Lockwood, Greene & Co., Managers. The Treasurer of the Pacific Mills is
Mr. Edwin Farnh'am Greene, of Lockwood, Greene & Co.
WE RECOMMEND THESE NOTES FOR INVESTMENT
Price 99 and interest to yield about 7
Temporary negotiable receipts will be delivered, exchangeable and .subject to stock
holders' action, for definitive Notes when, as, and if issued and received by us.
Lee, Higginson & Co.
Established 1848
,306inance Building
PHILADELPHIA
) Spruce 2992-458
SHORT CORN SUPPLY
STIMULATES BUYING
Trade Broadens After" Slow
Start Contract Stocks
Are Light
BOSTON
T.l.nk.n..
, ,"'"w""Keystone-Raco2026
NEW YORK
HIGGINSON & CO., LONDON
CHICAGO
ohain nni.T wkathkix fouecast
rhlraco. Jan. SO Illlnnln Snow Ktitl
colder In north tonight; "Wednesday Bfn
ithIIv fair nnd coldr Missouri Cloud
and much mlder tontrlitt "Wednesday nnrt
rlondv. Wisconsin- Cloudv and colder
tonltlit: WodnrMny a-enern'lv fair nnd
colder. Minnesota Generally fair and
colder tonlBhtl Wednesday fair. lows
Tart cloudv nnd colder tonlirht: Wednes
la fair. North Dakota Fair tonight i
Wednesday fair nnd continued cold.
Mouth lkota ralr mnleht and Wednes
day! colder tonlffht. Nebraska Generally
fair tontKht nnd Werinisdi); colder to
ntsht. Kansas Generally fair tonlsht and
Wednesday; much colder tonight, v 1th
cold wnvr. Montana Fair tonight and
Wednesday: colder tontsht. Wyomlnc
Generally fair tonight and Wednesday,
colder tonlcht.
Chicago, Jan. 20. Trade In corn
broatlcuod utter n slow start (odny, and
the marLet wus stronger, with u fairly
gootl demand through commisvlon
houses.
Athioes from Washington to (lie ef
fect that nallway Director General
Hlnes uould sec to it that the shortage
of grain cars would bo relieed in
promptly as possible did not help the
hears. Moreover, there v. as au In.
prou'incnt in quotations for cash wheat,
uud rje nlsomade a better showing.
Accumulation of corn ut terminal
points in the near future appears to be
out of the question. Contract stocks
arc light. News from Uu.sia and Ar
gentina is so bearish as to suggest to
some traders that it is inspired.
Oats were helped bv the upturn in
corn. Offerings were limited, nnd cash
nnd commission concerns were on the
btijing'slde. Stiles against indemnities
later checked the rise.
Reports were current that (100.000
bushels had been sold for export late
Moudaj .
Leading futures ranged as follows.
Tei
Open HUh tow Clcso Close
Corn (new d3llveiv .
January. fi3s4 1.40 l.JSJj I -lo' 1 3S1
Julv. ... l.Cl' 1 32'4 1 31' U2'a U1"j
Oats ...
Jan.. . Ms4 88'i SJ (Wli
July . . 75S 5! "B
Jan " 138 75 30 00 38 73
January" SO -'3 70 23 r.O
July .. IM.SJ "1 4- 113.'
nits
Tan . .
Julv .. 20. SO 20.05 20 50
Ul(l. TASItCQ
75.
uo oo :
21.70
24 12
73
'21 50
21 35
10 70
20.15
Philadelphia Markets
The, rt.um.nt. contained In this a1,ert,t,ent .h.le not guaranteed are taj-d
. J J i irh i )i II tl I bllULB Tfl III" dLUU U IU
upon information nu ami" .....v.. ... ....- .-
LIVESTOCK QUOTATIONS
Chicago, Jna 20 IIOOH Receipts 10.
nno head Higher. U-ll; $15 15015 to ton
tl5 5n.hea'. ll nomi". 40 medium, JIJU
S?15 25; light. J15 20015 50; lltht HuMs.
H4 5l15 25, hcay picking ov. . "month
J14 'i't&l 75. Ducking aows. rough, J13 6US
14 23 nigs. 13 7514G5. ,
CATTLE HecelptB, 18,000 head blow
fieef bteers mtdlum and hea-j. cholco ana
nrlnie $17 5011). medium and good, $11 .'0
H7.50. common $0 50 11. 30, light, goor
and choice $13 7518. common and me
dium 9H13 "ft, butcher cattle, hellers,
til 73014 2M cows. $0 7313. cannera and
.A...U.U r. tn(7f)A7.. venl rales. $ldj'
is 50 'feeder steers. $812.50; stocker
bteera 7 3011
HJiriKx Iveceipis. l-.ui"' ucau. onh
Lambs 17 TiOin 00- culls and common.
$14 17; common. $14418 50; ees medium,
tood and choice $D.2312; culls and com
mon. $3 30S.73.
riltaburgh. Jan 20 HOGS Tlecelpts.
3000 head Steady. HuaUes. $15 Sul BO,
ha'v orl.er and light jorkcrs, J15.TDO
15 05' pigs $15.259515 00
bllEEI' AND I.AMBS Ilecclpts. 300 head.
Hteariv. Top sheep. $13.50, top lambs,
$10 50
CALVES Ilecclpts. 100 head. Steady.
Top. ?22.
Kast BaffHla, N, Y Jan. 20 CATTLE
Receipts. 575 head. Strong. Calves, re
ceipts 400 head: 60c higher. 024 5O
HOGS Receipts, 8OO0 head, 1025o
higher. Heavy, $10 7515 85; mixed. 1J hr,
16: jorkers, light do. and Digs, ?16;
roughs 13.75(S14. etags $10011.
hllLEP AND LAMBb Ilecelpts. 2100
head. Steady, unchanged.
lkt St. Tnln. 111.. Jan. 20 HOGS
Receipts. 18,000 head Bulk. $15.23015 50
heay. $I5 20W1R3': medium,
IB 50. light. $1515 05: light lights
1.1 Sti heaw nacklncr bows, smooth
14 23. packing bows, rough, S12.7015 75
rlgn. $IO113 20.
CATTLU Receipts, 6000 head btrong
Beef steers medium and heavy, choice and
prime, $1C17.50, medium and good, Jll
13.73: common $010 75; lightweight, good
and choice. $13(916 50, common and medium
$8412.75. Lutcher cattle, helfera $7.50
in. cnHfi. S7 25dM?: cannern ajld cutters.
$5 23(5 7, eal calcs light and handv
weight. $13018 50. feeder Btcers, $8 504P
12! Blocker steers. $7410 50.
SHEEP Receipts, 3700 head. Very slow.
Odd sales 20c higher. Not enough for quo
tation. Kansas City. Jan. 20 HOGS Receipts.
21 000 head Higher. Bulk. $15.1t(al5 3'
heavies, $10.10010 31 mediums. 1 3.15
15 30. lights. $14 TOOTifi 40; packing bone,
$1.1 7 5 ft 14 50' pics. $13 30fi'15.6O
CATTLL-Rci.clpts. 14,000 head Steady
to weak. Heavy beef eteers. choice and
prime, $10:0017.00: medium and good.
$12 15lti.O0: common. S1O.5O012 25, 1111,
good and choice. $12 30(16 75, common and
medium. $8 2312.40, butcher cattle, holf
crs, $6 75ai4- cows $0.fl312.35; cannera
and cutters, $."G.50, eal calves, $13 73
16: feeder ateers; $s 23(ai3.io, Blocker
steers $6 30 10 DO.
bHEEr Receipts. 0000 head. flow
Lambs $18 50 til 50; culls and common
$10.33810 25. jearllng wethers. $11.23lfi:
cues. SO 50 11.50: culls and common, $1 50
(&)0 25; breeding ev.ee, $8C$14 50; feeder
limbs, $14.00I7.75.
GRAIN AND FLOUR
WIIKAT RecelpU, OS, 143 bushels. Offer
lng were light and the market ruled llrm.
though cutlet. Quotations! Car lots, In
export elevator, iroverntnent standard In
spection ntardard prices. No. 1 red winter,
$2.30; No. 1 northern spring. $2,S9INo. 1
hard winter. $2.39: No. 1 red winter, gar
licky. $2.37' No. 1 red smutty $2.30; No.
1 red, garlicky and sniutlv. $2.84. . Ths
United States drain Corporation' purchases
of wheat are tMsed on the following nched
tilo of discounts: No. a wheat 8o under
No. 1. No. 8 wheat Oo under No. 1. No.
4 wheal lOn under No. 1. No. 0 whwit 14c
under No. 1. . ,
CORN Recelnts. 2321 bushels. Tho mar-
Jet was quiet but firm, with light offerings.
vtc quote now, as to quality ami locauuu,
at 4l1.Aaw1.0il, the Utter for No. J jellow.
OATH ltcrelDtrf. 5247 buehels. The mar
ket advanced 2(B2'4o und'r light orfcrlngH.
Dut ruled quiet, we quote car iota as 10
lccatlon: No. 2 white. MHclrtJI: No. 3
white. I)8iift09c; No. 4 while. U7V4B08C
TLOUR Receipts. l.H'.MOl lbs In Backs.
1'rlces were firmly maintained hut trade
v.a quiet. Quutallons: l'er 100 lbs. packed
In 140-lb. Jute sacks Soft winter straight
western $10 73W11.25; do, do. nenrhj.
$10 65011, hard winter, straight, 14W
14 00: do. short patent, $14.50W13j spring
first clear. $10 50W11.23: do. patent. $14 00
VIS SO: short patent. $13 00t25: fancy
spring and city mills patent, family brands.
$10 2ft Old 50
R1E l'LOltR was qufct but flrn. Quota
tions: tilt DOW1G.0O per barrel, In sacks, as
to quality,
PROVISIONS
There wis a 'limited Jobbing tiadt and
ronio klndi wcro easier. Quotations: Beef,
In sets, smoked and air-dried. 53c: btef
knuckles ami tenders, smoked and nlr-drled,
54c. pork, fatnllv, 52o; hams. S. P. cured,
looso, 27SS31U. do skinned, loose, S3 Hi U
20c. di, do smoked, -'5W 27VS c: hams,
boiled, boneless, 87c, plcnlo shoulders, S. I".
cured, loos 37c: do. smoked. 24c, bellies in
plclcle, loose, 23c, breakfast bacon, 03c.
lard. 27c
DAIRY PRODUCTS
BUTTER Tho market further adanced
lc, with ii fair Jobbing trade In flno goods.
Quotations: lid-packed creamers, fancj.
high-scoring goods. C0(3USc: extras, 03c, ex
tra firsts, 02604c, firsts, 5Sftfllc: seconds
r537c: sweet crcamer. choice to fancy.
(17C?0nc fair to good. 0100c: prints Jobbing
at 7.17flc for fancy and at 0272c for fair
to choice.
HOGS The market was quiet and without
important change Offerings wero ample.
Quotations: Tree cases, nearby firsts,
JJt 00 per crate, nearby current receipts,
$21; western extra firsts. $21 ISO; Ilrsto. $21.
seconds. $18.60910 30: cold Btorago eggs,
as to quality. I14.10WH1.S0. Inferior lot9
lower: fancy selected fresh eggs Jobbing at
78ffl'80c per dozen.
CHEESE Trade was Blow and tho mar
ket was unchanged Quotations: New
York, whole-milk flats, held fancv. 3.'W
32ttc: fancy held specials higher, held, filr
to good. 31fi31'?c; fresh-mado goods noml
nal- Wisconsin, whole-milk flats, held fancj,
13033MC! held fair to good SlUfSI'-ic.
Jubblne tales of fancy held goods. 33(PJbc.
POULTRY
LIVE Recelot.s were llehr nnit the mjr-
Let rulei! (trm ind blightlv higher Quota
tlons: Tow Is fine fat, weighing 3 lbs. and
oer .ipleci. 38040c: fowls, medium slie.
rood quality. 36ff37c: do poor. 30l3Jc,
broilinc chickens, fancy soft-meuted, welgh
liiK m 2 lbs apiece. 4042c. spring chick
ens, aierago soft-mrated, 34fS35c, do In
ferior. 33Jc: old roosters. 2323c. ducks,
white Pekin 40s4Sc; do Indian Runner,
asOc do .Muncovy 5830c; geese, .".5)
4c, turkejs, 45i50c: pigeons, old per pair.
35c- do oung. per pair, 45R0c
DRESKED Kino de8lrnhl.t,lzed Mock was
well cleaned up and firm with roasting chlclc
em and turkess bllghtly higher. Quotations:
Fowls, fresh-killed dry-packed. In boxes,
welgliinj: 4 lbs and oer apiece, 39c. welsh
ing 3-4 lbs , 32&r.1c. smaller alzes. 27W31c,
oo. fresh-killed, in bhls , dry-packed, weigh
ing 4 lbs and oer apiece. 38c. welshing 3'a
lbs. 30032c. smaller sizes 2(Un20c, old
roosters, dry-packed, 26c, broilers, Jertio,
dry pucked. 4SiiJ48c. do, ordinary, nearbv,
drv-packed 3"42c: do. western, dry-packed,
weighing 102 lbs apiece. 380c, roast
ing chickens, western, dry-packed In bbls..
welvhinp 4.1hn nnd ntr anlece.
weighing SV4 lbs, aplero, 8308ic; wclghlns
niece, 3(lW87c;
214 119.1 lbs.
fed .chickens,
nplece, 3082o: western corn
12 to box. 17 lbs. and under
tn dozer per lb., 44M43CI 18 to 24 lbs. to
doren, per lb . 43044ci 23 tn 80 lbs. to
doten, per In, 83tj37ci 31 to au lbs. to dozen,
per lb. 3108401 87 1o 4J lbs. to dozen, per
lb., 3111135c, 42 to 47 lbs. lo dozen, per lb,
84W330I 48'lbs. end oer to dozen, 37038c;
ducks, western, fancy, !l8W40c: bccsc, west
em, fany, 308.'c; do, do, fair to good,
IMcHSlc turkeys, Delaware and Maryland,
fancy, liOr; do. vlrglnln and other nearby,
fancy, 083lic do. nearby, fair to good, 33
W33c: do. wcstti; spring; fancy, CRQMici
do western spring, fair to good, 5355c;
do, old toms, 4Sc.
FRESH FRUITS
Cold weatlrcr checked business nnd prices
wcro largely nominal Wo quote: Apples.
Per blil., as to quallt, $4U 00; do, per
box, $1.5008.40. Cranberries, per bbl.,
$6 BOWS 50; do. per crate, $1 508 Oranges,
Florida, per box, $2.23 (SB 75. Tangerines,
Tlorlda, per half-box, $23 80. Urnpefrtilt,
Klorlda, per box. $2,154(11.75
VEGETABLES
Tho market was quiet owing to cold
weather and prices were largely nominal.
Wo quote: White potatoes, Ponnslanla,
per cwt,. SI. 231x4. 30; do. New York, per
cwt.. $4.25 HwTe.t potatoes, touthern, per
hamper, $1G?2 23: do, Jersey, per basket,
$l,40j1.73 Cabbage. New York. Danish,,
per ton 00c$1,10. Onions, per lUU-lb.
sacks Yellow, No 1. $5.7S8.
LONDON METAL MARKET
New York, Jan 20. Cabin adtlces re
ceded at the Nw York Uetal Hxchango this
morning quoted prices In London today as
follows: Tin Spot, X8S4, off ion: futures.
380. down 5s, and straits .ISO, a loss of
lUs Sales Spot. 70 tons, futures, 130 tons
Singapore (Monday's prlcc), 888 bales,
125 tons. Standard copper Spot, 116 Bs:
futures, 118 5s. both off 1 10s. Hales
Spot 25 tons' futures 1200 tons Electro,
lytic copper Spot, 122, und futures, 123,
both unchanged Lead Spot, 47 5s. a
loss of 7s 0d: futures, 47 15s, a decline
of 2a Od. Speltei- Spot, 58, a loss of 1,
futures. 00, down 15s.
-D--
-tt3-
.a
Reduce Coal Bills
By Using Less Coal
The cost of ton of coal can
soon be saved
wllli the
MAJESTIC
ELECTRIC
HEATER
It c.tpb Infttant hrat. Can be (-nrrleil
from room to room as nwsJrd, und docs f
n.4 a.. .n U. okvwah In IH .. t a ak
IIVI, tub Uf HJtJ UJ ftCll 111 tuuuiia "
j Standard Electric Supply Co.
I I'hone Lor. 45M 223 N. 13th Nt. I
P
-o-
-o
i SURPLUS (EARNgm W
ii $2.oooog.ayUj
Vtlxlh&Sp5nfjSrf"liS
TOMORROW
may be too late. Why wait
until January 21, 1920, the
day which has been appointed
as "Make-a-Will-Day" in the
Program for National Thrif
Week, to urge the people of
the United States to make
Wills and impress uoon th.m
the advisability of makin
provision for the future of
those now dependent upon
them?
"YOU SHOULD MAKE
A WILL TODAY."
We are at your service
every day and cordially invite
you to consult our officials
freely, without expense, about
your Will, and to consider the
advantage of appointing this
Company your Executor and
Trustee.
"Make-a-WiU"
80 Clause!
INSURANCE
far JUNUJiUMtUi
Is this just an expression to you?
AFTER a fire you may learn what it
is to your sorrow. Wc will be glad to
consult with and advise you NOW.
H
arris
J.L
PENNSYLVANIA DLDG.
locust S78
atta
PHILADEI PHIA.
Knee 343:
NEW ISSUE
:oQio on.
15 20 W
14 75lg
J13 75W
(ffl iiMjaiMim in mi niiiimiaii'ii,iiin niriw mwi wiw
iiiiinmiiiiunm'imiiimuiiniiiiniiiiunnmiimmuiiLiuiiiOuiiniimuiiiiiitnuiiBi
" g!
m
$15,000,000
Prime Bank and Bankers Acceptances
Eligible for rediscount and purchase
by Federal Reserve Banks
X7E own and offer, subject to prior sale and current fluctuations in rates,
,11
m
$15,000,000 prime bank and bankers acceptances.
Maturities ' ' R"le
61 to 90 days 5h toS'4'
31 to 60 davs 4 to 5rc
discount
discount
30 days or less
4 to4fo discount
.
Bank acceptances arc the direct obligations of the dCceptinB institutions.
They arc, therefore, equivalent in effect to the cashiers' checks of such accepting
institutions payable at a definite future date.
They alio have behind them the additional responsibility of the drawer and
such endorsers as there may be.
They can be turned into cash readily. Even during the recent money tight
ness millions of dollars of acceptances changed hands daily in the open market at
about Sc
They arc more liquid than time deposits xiith a bank and they yield from 1
to Ho more than can be obtained on either demand or time deposits.
They can be obtained in maturities and denominations to meet practically
any requirement.
They are purchased at the present time in round amounts by banks through
out the country, but they are equally desirable as an investment for funds only
temporarily available to other corporations, firms, and individuals.
Daily or weekly offering will be mailed on request
BERNHARD, SCHOLLE & CO.
14 Wall Street
I
I
a v
I Pam
NEW YORK
Philadelphia Correspondent
HAUPT & CO.
104 South 4th Street
London
Rock island, Ark.
& Louisiana
First 4y2s, 1934
1 hese bonds arc now selling
on the New York Exchange
between 62 and 63. Yield at
this lcel about 9.30.
We feci that they present a
hplcndid investment oppor
tunity at any figure under 70.
All orders executed at Marlet
Carstairs & Co.
Mrmbrr rMUdtlpfilu und
tt )ork hlock Kicbatifps
1419 Walnut Street
"1 Llruddway, N. Y.
Financial Briefs
$25,000,000
Consolidated Gas Company of New York
Five Year Secured Seven Per Cent. Convertible Gold Bonds
Dated a of February 1, 1920 Due February 1, 1925
Interest payable quarterly February l. May 1, August 1 and No ember 1 In New York. Coupon
bonds In denominations of. J1.000 and $000 rcslsterablo as to principal only. Conertlble nt
tho option of holder on February 1, 1322, or on any lnterert dato thereafter, prior to""
redemption or maturity, into an equivalent amount par -valuo of U10 Company's
common capital stock.
Redeemable as a whole, on September 1, 1922, or on the first day of the month next succeeding
any subsequent Interest date, upon 60 days' prior notice, at 102"' ani? interest durlne 1922,
at 102 and interest during 1U23, and at 101 and interest during 1924.
THE NATIONAL CITY BANK OF NEW YORK, Trustee
Application will be made to list the Bonds on the New York Stock Exchange
Issuance authorized by the Public Service Commission for the
First District of the State of New York.
Bonds of
Foreign Nations
Wo have prepared an Interest
ing booklet describee Internal
Loans of
FRANCE
BELGIUM
ENGLAND
ITALY
which can be purchased today at
prices to ohow American In
vestors a possible profit of from
40 to 200ft.
Ask or Uooklet L SO
A. B. Leach & Co., Inc.
Invntmint Banhtra
115 South Fourth St.
The average price of twenty aetivc
industrial fctocks ndviineed 0.21) per
cent jestenlaj to 102.72, while twen
ty railroads declined 0,25 per cent lo
7-1.71,
The wur finance corporation liab an
nounced that it lias granted further ap
plications for credits up to $10,000,000
to finance exports of machinery lo Ijiig
land. Trance, Italy uud Belgium. The
lorporation hab thus ndtunccd a total of
SHO.OOO.OOO for such exports.
The National City Co. is offering
Consolidated Gas Company of New
York he-ear secured 7 per rent con
vertible gold bonds nt 100 unU iutercbt.
The stockholders of the Consolidated
Oas Co. have the right to subscribe to
?2.-.000,000 of these bonds to the extent
of 2o per cent of their stock holdings
and the offering made by the National
CIt Co. represents the bonda not
lakeh by the stockholders.
James F. Dell -was today elected n
director of the I.ehigh Vulley Itailroad
to. ut the annual meeting, to succeed
James Mrl.eun, deceased. rresideut
II. II. Loomls and the other rctirluc
directors were re-elected. At the meet
ing of the directors for orgumzlug the
reMriug officers were re-elected.
The New York subtreasury gained
$124,000 from the banks jesterdoy, re.
duclng tho cash net loss siucc Trlday
to $21,83 1,000.
Delegates to Bankers' Conference
The Philadelphia Clearing House has
uppointed the following named bankers
to represent Philadelphia ut the Chicago
conference FrUiTj of this week: William
A. Law, prescient of tho 1'irst Nntional
Hunk; Churles H. Calwell, president of
tho Corn I'ltchangc National IJuuk, and
Charles 1'. Hllun, .Ir., lcc president
of the Philadelphia National Honk. This
conference was called nt the suggestion
of the Federal Reserve Hoard, three
representatives being uppointed from
each of the various reserve cities, and
will consider the question of Interest
rates on balances.
I
CHICAGO BUTTER AND EGGS
DUTTm Ulsher
Unchanscd,
(hlraro, Jan SO
('ream.ry. fillti-lc
LOOS neceljt. 7170 cnacs
New York Mutal Market
ew ork, Jan 20 Coppr Spot anil
January oirroU I 111. c: February and Marrh
ortercil 0c Mnrltct eadrr Lead All
rnontha. S (1018 hue. Market eakler. fpel.
tr. Kait St. (.uule, all Tjonthj a.lDOU.OUc.
Miriet uitt,
For further information concerning these Bonds, rve refer lo a letter of Mr. Ceo.
B. Corlclyou, President of the Company, which he has summarized as follows :
Tho Consolidated Gat Company of New York directly and through it
subsidiaries does practically the entire gas and electric light and power
business in the Borough of Manhattan, New York City, and in large f.arts
of the Boroughs of The Bronx and Queens, and in Westchester County,
serving a present estimated population of 4,000,000. The gross revenue
of the Consolidated Gas System in 1919, after eliminating inter-company
transactions, was over $70,000,000, of which 58 was derivetTfrom the
electric business and 42 from the artificial gas business.
The Five Year Secured Seven Per Cent. Convertible Gold Bonds will
constitute the only bonded debt of the Consolidated Gas Company of
New York, and the Company will covenant that it will not execute any
mortgage upon, or make any pledge of, any of its property other than
shares of stock owned by it, unless the Convertible Bonds outstanding
hall be secured equally and ratably therewith.
The $25,000,000 Convertible Bonds will be further secured by the
pledge with the Trustee of $35,000,000 par value, or over a majority of
the capital stock of The New York Edison Company, tho annual divi
dends upon which alone exceed the amount required for interest on these
Bonds,
The various companies comprising the System possess franchises for
furnishing gas and electric service which, in the opinion of counsel, con
tain no burdensome restrictions, are entirely adequate for the business
" requirements of the companies and, for the most part, are perpetual.
The figures thus far available Indicate net earnings of the System in
1919 after operating expenses, taxes, etc. (including $3,058,609 for re
newal and replacement reserve) of $13,643,549, or an amount over twice
the annual interest on the funded and other debt of the System with the
public, including that on the $25,000,000 Seven Per Cent. Convertible
Bonds and the dividends paid to minority stock of subsidiaries.
Bonds are offered for delivery, when, as and if issued and received by us.
It, is anticipated tlmt temporary bonds will be ready for delivery on or about February
' 2, 1920, and that definite engraved bonds will be available about April 1, 1920,
We offer and recommend Bonds of this issue
Price: Par and Interest, Yielding 7
Complete descriptive circular upon request
The National City Company
Correspondent Offices in more than B0 Cities
Philadelphia 1421 Chestnut St.
Atlantic City Chalfonte Block, 122S Boardwalk
Th Information contained in this advertisement Is bastd upon ofllclal statements snd statiatita on which
we hae relied In the purchase of these bonds AVe do not Biia,rantee, but bclleq it to bo correct
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