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1 ' KB-v1toN&J WEDNESDAY, JilA.ROH 17, 1920
.' ,
$35,000,000
The Texas Company
Three-Year 7 Sinking Fund Gold Notes
. i - v
Dated March 1, 1920
Due March 1, 1923
SL !??,? a hol'sOfW lot in amount of not less than 58.000,000, at 101 nd Interest nt any
""'A' ??.?V! ""i11?' Coupon Not of f 1000 with prorHton for registration of principal. Interest
?.?. . ? nK.hilld BPtemer 1. The Chase National Bank, New 1'orlc, Trustee. Total authorized
issue $outUUUUU0
v
The Texas Company is one of the largest corporations in the world engaged in the pro
duction, refining and distribution of petroleum and its products.
Security These Notes will be the direct obligation of The Texas Company and, except for
. sundry obligations aggregating approximately $4,200,000, will comprise its only funded
. . debt upon the redemption of $ 1 4,798,000 6 Debentures which the company has agreed
to call for payment on July 1, 1920. Funds for this purpose will be deposited with the
Trustee of these Notes simultaneously with their issue.
Market Equity $250,000,00011x0 Texas Company's fully paid capital stock outstanding
amounts to $85,000,000, in addition to which the company is issuing $45,000,000 stock,
subscribed for by stockhplders and employees in January, 1 920, and which will be fully
paid in July, 1920. At present quotations, this aggregate of $130,000,000 stock will
represent a market equity of approximately $250;000,000. Dividends have been paid
without interruption since incorporation in 1902, the present rate of 10 per annum
having been paid since 1913.
The Trust Agreement under which these Notes are to be issued will provide that :
Semi-Annual Sinking Fund Beginning September 1, 1920, the company shall provide a
semi-annual sinking fund of $2,500,000, to be applied by the Trustee on each interest
date, on 30 days' notice, to the purchase of Notes tendered at not to exceed 1 00 and
interest. On any semi-annual date when sufficient Notes are not tendered, the unex
pended balance of the $2,500,000 then available will revert to the company.
No Mortgage on Present Property No mortgage shall be placed on any of the property
of the company now owned or hereafter acquired, other than purchase money mortgages
specifically secured upon properties hereafter acquired.
Quick Assets Always 150 of all Liabilities The company shall at all times maintain
quick assets, as defined in the Trust Agreement, to an amount equal to at least 150
of total liabilities, including these Notes and all other indebtedness.
Earnings Hflz Times Interest For the fiscal year ended December 31, 1919, the com
pany reported net income, after all interest charges and provision for Federal Taxes,
equivalent to over 1 0J2 times annual interest on this issue of Notes, and for the past
Ayz years average net income equal to nearly 9J2 times such interest.
Purposes of Issue These Notes are issued in connection with the acquisition and develop
ment of . additional producing properties, extensions to refineries, construction and'
purchase of steamships, laying of new pipe lines and installation of additional marketing
facilities.
We offer the above Notes for delivery when, as, and if issued and received
by us, subject to the approval of legal matters by our counsel.
Price 99 and Interest. To" Net over 7
Wm. A. Read & Co.
PHILADELPHIA
Bankers Trust Company
NEW YORK
Illinois Trust & Savings Bank
CHICAGO
Tb" Information contained In tbls advertisement has been obtained from sources which
we consider reliable. Whllo not Guaranteed, It Is uccepled by us as accurate.
FOREIGN INTERNAL BONDS
Wo hovo established
Direct Cable Communication
with
Belgium, France, Great Britain and Italy
and through our agents in theso countries can offer subject
to change in price ,
Tuesday' Closing- Trie nt Tar
Closlne Friers Exchauge Ji'ormul
Belgian Goyt. Restoration 5 $77 per 1000 frt. $193
French Govt. Victory 5s 683i per 1000 frs. 193
French Govt. 4s of 1917 56 per 1000 frs. 193
British Govt. War Loan 5s 344 per 100 486
Italian Govt.ConsoIidated War Loan 5s 53 per 1000 lire 193
Wo aro prepared to give information concerning theso and
other Foreign Securities and invito correspondence on this
subject,
1
EDWARD B. SMITH & CO. E.LKINS, MORRIS & CO.
Bankers Bankers
1411 Chetnut St., PhiW Land Title Bldg., Phila.
BROOKE, STOKES & CO.
Members of Philadelphia Stock Exchange
Fifteenth and Walnut Streets
Philadelphia, Pa.
102 St. Paul Street
Baltimore
A
Safe
1st Preferred Cumulative
Stock Investment
Offered By
ULUUtAJkt
MMJpgferaiij.jr,i-IS
GENERAL OFFICE AND FACTORY
READING, PENNA.
?nra
vV2Am)l?UYVlH
I22S2X3Hfjw
This sto.ck will participate with the
common stock up to 5
Jhis should net investors
11
V
Write Treasury Department for prospectus.
Mercantile Stores Corp.
5 Bonds due 1933
and Stock
riucB on Ai'i'LiavriuN
Mills & Corbierre
At HBOAnWAY
NEW XOKK CITY
GUARANTEED
Railroad Bonds
GEO. WILLIAM WALLACE
Hn.4,5L,n3nd Bui,din
Ji I.
V illfeS li
No Fare Rise Hint
in Report of P. R. T.
'
Continued rom Pare One
morn than $2,500,000 nnrt absorbed
31.00 per cent of tho enmities.
Net cnruiriBS from ooerntlon were
.$11,045,000.02. Tho fixed charges of
$0.020,813.Ki deducted from that mim,
left n surplus of $1,715,870.80, com
pared with the surplus In 1018 ax 1,
634,810.08. Carmen In this city, the report states,
receiving a maximum rato oMlfty-clght
cents on nour, now uvciubu .pu.ui. u. uuj , i
contrasted with $5 a day In Cleveland
and $5.10 a day in JJctrolt.
DiscuMlng improved scrvlco to tho
public, tho report says:
".Salesmanship i hero demonstrated
by the efforts of motormen to pick up nil
tho fares and by tho alertness and
conrtcsv of conductors who endeavor to
make the car ride a more ngrccaoio ex
perience." ,
Reference was mado to the company s
plan prior to 1014 to extend tho Market
street subway directly to Camden. That
and other projects, It Is stated, were
mado lmposslblo through tho company s
lots of credit, due, It was said, to tho
city transit department's attitude tow
ard company revenues.
Tollcy Is Outlined
Outlining tho company's policy, the
report states: ,
"The policy of this management has
been set ngainsc pcrmming mo property
to be used for prlvato gain. The great
est good to tho greatest number deter
mines cVery decision in the matter of
scrvlco to tho public. It matters uot
what particular person or Interest bene
fits from the imposition of an unfair
burden. Tho point is that the cost should
not bp made an added burden to tho
car-ridlng public."
Tho company estimates that one bil
lion passengers jvill bo carried this year.
Bight humircu una novemy-iwu umiuu
ridors wcro carried Inst year. To give
relief from tunic congestion the follow
in ciinrpxtlnnH wcro made:
'Rearrangement of streets and traf
fic with enforcement of trnfllo regula
tions to avoid unnecessary delay to,
street cars. ....
"Uncorking tho bottlo neck of Mar
ket street traflic at Pcnn Square by
resetting tho tracks around City Ilnll
plazn or operating cars directly through
MarkPt street passageway at City Ilnll.
"Completing construction and equip
ment of Frankford Tj, so that it niuy bo
operated as pnrt of the Market street
sjstcm during tho winter of 1020."
Transit Program Continued
Turning to tho city's transit program
tho report declared :
"Originally estimated to cost ?03,
500,000, tho city's trnnsit program as
now authorized is estimated to cost more
than doublo that amount. These plans,
If now carried out, would place Phila
delphia in Hko position with Boston,
where up to this time orr 5,000,000
has been charged to general taxation to
mako up thi loss in street railway
operation. Ten-cent fares uro there
exacted.
"The city lias been educated irto tEe
belief that Its interest would be best
t-crved by such an arrangement as would
contemplate n commitment on the part
of tho compauy to operate all of the
city lines hereafter to bo constructed.
The making of such an agreement on the
part of tho company, upon fair terms,
should serve to slabilUc the sltuutlou
nnd removn tho transit question from
constant? discussion a ml iiuduc critl-cipiu.
"If operated, however, as u nait of
the- existing iittem uud of a necessity
largely supported by P. R. T.'a picscnt
and prospective earnings, such new lines
nnd extensions as are undertaken should
bu planned, so as to supplement, extend
and iucreaso tho carrylug capacity of
tno present system, it mis bo done
wisely nnd well, not much inoro than
half, of the amount cow estimated as re
quired to complcto the city's authorized
system will bo required to provide udo
quato accommodations."
VON TAGEN SAYS
p. r. t. is Unfair
Councilraanic authorization of the
Boulevard extension to the Philadelphia
Rapid Transit should be withheld until
the transit company "gives some nsbur
nuco that it will keep pnen with the
growth 'of tho city and tho needs of
tho people nt large."
Churles II. von Tagen, rouucilmuu
from the Sixth Germiuitown di-tiiet
iiiudc this btatcment this mouiing, ex
plaining why he hud opposed reporting
the bill looking to tho extension out of
committee nt Couucil'H meeting ii
torduj .
tie fllld he could nnt mm- Hip iiihKn.
Lbility of granting authority for tho tx-
iPUMon on tiio Koiilpvuril to tin new
plant of Scorn, Roebuck A. Co., uhen
petitions of his rom.tlttiPnc fur exten
sions "have been iguored for at least
fifteen years."
No favdrable action should be taken
on tho proposed extension, he believes,
until residents of Ciermnutrnwi, Oak
Laco and other northern sections of tin
city nro given opportunity to voice their
gricvanco at n public hearing.
"I believe the Boulevard extension is
nil right if It Is uecesnry for the ac
commodation of the largo plant now
being erected," Mr. on Tngcu Mild.
"Hut I rather think wo hod better
pay attention to extensions of transit
lines which citizens have been lequcst
ing for u number of years."
NEW YORK COFFEE MARKET
New York. March 17 Tho coffee
muiket openod strons ami trading wis
brlbk. Call prices weio 1 to :i points
ubon Inst night's closing (Ikuics.
A broker oporutlng tor n. largo cotton
commission liouso. and who wns u licuw
buyer of contracts Hto jestnrduj, likh
i'uuhmI a 8lirp advance, continued III
buying this morning, mostly in Jul uiul
gepUnvner. nnd promptly absorbed all
oltorlngH of scattered long liiteiehts.
Cull pi lead wero 1 to .1 points uuuto
lust night's closing figures.
LONDON 8T0CK MARKET
Oil Group Hesitates Gilt-Edged la
sues Weaker-Industrials Mixed
London, March 17. Kxpcctatlons of
an advanco in tho minimum rnto of dla
count of tlie Banlc of Kngtand, which
lias been maintained at 6 per cent since
November C last, causod tho stock cx-
chango marltots to droop today.
Komo rails sagged ana Canadians were
dull. Tho shares of Argentina roads
tlon wafl noted In the oil group. Hhell
xranspori mw v "u .-.
Eagleu at 10 7-l.
Qllt-odged Investment Issues wcro
weaker. Tho foreign group was slow.
Industrials wero mixed. Generally, the
undcrtono of securities lacked steadiness.
Crucible Stock Dividend
riHsbtirch, March 17. Tho first Im
portant stock dlvldond declaration slnco
tho decision of the United States km
premo Court that stock dividends nro
not taxable ao incomo took place yester-,
day In Pittsburgh when directors! of Uio
Cruclblo Steel Co. declared a common
stock dividend of B0 per cent, equal to
MZ. GOO, 000. At the sumo time tho board
declared the regular quarterly cosh
dividend of 13 a shnr. Both distribu
tions aro payable April 30 to sharouold.
era of recotd April 13.
Liverpool Cotton
XJre rnoof, March 17. Ticro waUr:
Inquiry for spot cotton today, with
ntr nn tlin busts of a decline
points for middling, at 38.17aV;i
sales wore 4000 bales. Tno re
wern 36.000 bales, including 13,808
American, lMturcs wcro quiet 1
early deoiings. mpoi prii-cH worer. .
.in.,. fin 17,1 ftillv mlddl nir. 2
middling, 2S.17d: low middling, 2LI
rood ordinary, 21.67d, and ordfn
20.07d.
75
jUs'
.?'.
Wt'
I Beauty
in Brick 1
.ID you ever stop to
admire the Colonial
architecture of old
Carpenters' Hall, tucked
away out of sight near
Third and Chestnut? If
so, you must have been
struck by tho beauty of
common brick work as
done in the old days.
Handsomer buildings
were never built than
those of plain Philadel
phia brick. But modern
architects have learned
how to produce new and
varied effects in brick not
dreamed of by our grand
fathers. Get an architect
who really knows how to
handle common red brick.
He will give you a house
that is a dream of beauty
and style, a family home
for future generations, yet
built of the least expen
sive of all enduring ma
terials. Before you build, ask
such an architect to point
out fine specimens of
buildings in Philadelphia
brick. .
. ,1" SEITTEIl'S aONfl
Nlcetown J.ane and O Ht.
II. M k C. B RIMER, -
Churcli and Tacony
JC T BTHNE EST.
L'Olli and Clmrnelil
JOHN If. EAIU.KY
Nlcctown Lani nnd E St.
rilANKFORD BRICK WORKS
Torresdalo Avcnuo
KEYSTONE BRICK CO.
Godfrey near Second St. Plko
NORTH PIIIbA. URJCK WORKS
Rlalnc Sun and Lutemo
TOi23JJ Sin, i s .rgjg jmnL Jffjn
Broadway and Fifth Avenue
at Madison Square
New York
THE
FIFTH AVENUE
BUILDING
The most strategic
location, commer
cially speaking, of
any office building
in America is but
one of the many ad-
vantages this build
ing offers.
A BANK ACCOUNT
IN CANADA
JJhe Advantages of a Canadian Banking , ,'
Va Account have never been more clearly demotv . t
ntrated than at oresent. Manv American firms and
; r.-: Crr -Vio nnanmn rf cu-ft "'
accounts for the deposit of their Canadian cheques'
and the disbursement of payments which they J
. t
require to make in Canada.
',
Companies intending to establish in Canada will find thm
information at their disposal in our files of special value.
Bank of Montreal
HEAD OFFICE MONTREAL
ESTABLISHED OVER 100 YEARS
NEW YORK AGENCY: 64 WALL STREET
R. Y. HBBDEN. W. A. BOO. W. T. OLIVER. Acuta
CHICAGO SPOKANE SAN FRANCISCO
LONDON. Ene. PARIS, France MEXICO
Branch Offices in all important cities and town Ihroaghoat
Canada and Newfoundland
Total Assets over Five Hundred Million Dollar!
Ki
BUILD WITH BRICK-FOHKVEIl."
Investment
Bonds
Welsh Brothers
328 CuKSTNUTSmrtrr
I'lilludelphU
Lombard 15-13
6
i Profits in
I French Bonds
m 250 c'o
ii
LI, II
m1
1!
I'll
I'll
IT LASTS p
IBIII'IIIIHIIIKIIiM'li
I II
At current prices and exchange rates
llie following profits are possible from
investments in the three principal in
tcrnal loans of the French Government.
on an investment of $55.50,
in the 4s of 1917. V
80 ci on an investment of $68 in
the Victory 5s.
300 on an investment of $74.91
in the 5s of 1920.
These figures are subject to change.
Further information on request.
rj
f ij
Bonbright & Company
MORRIS WISTAR STROUD, Jr., Manager
437 Chestnut St., Philadelphia
New York Boston Chicago Detroit
Ycat
I lOHH
May U T'l
July II Oil
Heptcmber ........ 14. TJ
Dcccmb-r 14U8
Hid,
Todnj'K
open
14 7r.
13 02
H 73
14 7'J
11 00
n in
14 78
15 IIJ
II T
Financial Briefs
II
StocMI, Wilson & Linvi!
Certified Public Accountant.
UW TW).iWf PfcfladelpWii
Tho Now YoiUc Subtrcnatlry K.ilnul
$CU2,000 from tlin bnnkH yeptei iluy
inuUlnR a ciihIi net Bain Hlnc Krldnv
of J2.709.000.
Tho commltteo on aociiiltlon of tin
Now lork Btoc-k cxcliunBe ruloH tht
trannactlonH on common stock o i
lyorlllard & Co. shall ho ox-rltr' '
April 1 ntelllH will bo dralt In r i
after March 17. TrunHactloiiH In Ih
must brt wttlcd on April 15, after whlth
elate rtealliies shall bo In Keiurltl
ulght to uuliHcrlbo expires May J, 11120
LIVE8TOCK QUOTATIONS
Chimin. Mnrch J7 HOOH RocolntH, 111 -000
httd Hlihor A Hulk, tM.31Uttun
top. Jlfli hfavv, $I4fi,tn 10, moilluni 11175
wini'liirt't. JIB nuoio; uiiit MU, sit nnt,
15 7B heavy racking- anH, amootli, SIS 75M
llswiJYn B0W"' Toni'' i-(8'i--io. pk
CATTI.K nclpt. T0OO hiai Firm
Deef atenr medium unit hay, choice and
?I'.mi."-,,,,.8J!J,8'u,-,,0! ne.lium' and (rood;
111 50013 50! common. Sio&tt 00. fiiiit
Bood and irholcn. 113,13015 common iiii
medium tO.lOOlS t5l h-Ttrhrr S." l,e?fl
era. TOt3i5 cowa. f712 55: cam rra Hn,l
cutiera. inofi yi caU.i. Sill 50f IT B0
lyrnCTM6""''' 'P'TaOU T5i atorlter aUeri
J WIIIIKP npcelpU. 7nno head rirm
1 !!iJi5Ql Iwe"- nwluim. Rood nnd cholcB
111 ro c "' to"imo" 3.75iy
IIUkbiirKh. Til., March 17 HOa.S n
"Ipta. BOO had, Jlltfhcr lleuvlea. tis
1B.B0I heavy jorkara. 110 800m OOj llSM
yorkara. ltf.TBlBi pbta, SIS.SBOIB 50
8HBI5I AND bAVrir? nece pta. BO head.
"Foreign Trade Through Foreign Investments"
A Comparison J
of French Government Loans
4 Loan of 1917 5 Victory Loan
5 Loan of 1920
TN view of the interest in French Government Internal Loans it has
become necessary for bankers as well as investors to have at their
disposal a comparison of the principal issues. We have therefore
prepared a chart which gives for each issue the present income in
irancs and m dollars, with ale. change in the value of the franc from
c. to 19c, the increase in income as the franc recovers its exchange
value, and the comparative profits and income at current rates for
each loan.
im Als,0Pa Sophie chart which shows the fluctuations in the French
5 and 5 Rentes since 1798.
This chart should be in the hands of every banker, manufac
turer, exporter and investor for present and future reference. Com
plimentary copy sent on request for pamphlet No. P.T.-80.
A. B. Leach & Co., Inc.
Investment Securities
115 So. Fourth Street, Philadelphia
New Yoik
Minneapolis
Chicago
Baltimore
BoHton
rittsbiu-gh
Buffulo ,
. Cleveland
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