r
i-'tr
!..
AK
v
.ti
ir
a .
.
l
WBMtfPOT APKITJ & 1920
'I V ...... .f, V -J. w,, . .
A . .iiii - i r ' ' ....--. - -- .-
1 " ' ' TTfT "
I9i
SALES or CAMPAIGN
MANAGER WANTED
U2 000 income to organize
,Bj' take entire charge of
' tilet force to market naw
iuue of atable industrial atock.
Rural -ropoilllon. p.r..
.ire aalea plan. Philadelphia
office- Permanent connection
with firm upon C0BJPletIn of
campaign. Keen salesmanship
I, paramount issue. Full data
0f applicant must be given to
receive consideration. Address
,C 51S Ledger Office.
CITIES SERVICE COMPANY
IUNKEKS SIIAnCS
DISTRIBUTION NO. 11
Henry')!-.. DOherty ft Company an
"0n that tha 14th monthly dlatrl.
button on Cities Service Company
Hankers' Bharea, payable Mav lit to
holderii of Bankers' Sharea of record
shVre 18lhw,u 83'B cal 5
R. B. CARR
Accountant and Auditor
Specializing In all
INCOME TAX MATTERS
Former Income Penna. Dlda..
Tax inspector Philadelphia
Low
$3.20
LoWf
lcent
ENGLISH POUNDS
Today Former Value
HM $4.87
GERMAN MARKS
Today Former Value
1 1-2 cents
23 4-5 cents
Marks offer excellent speculative possiblllilics
;. WE SUGGEST THE PURCHASE OF
GERMAN CITY BONDS
selling today at about 1-15 their former value
All cities paying interest.
Bond fluctuate with the price of marks.
',, Full detailed circular on request P. BOO
Farson, Son & Co.
A Members New York Stock Exchange
118 Broadway, New York.
HI!
film
MHMHnra
Columbia Gas &
Electric Company
Special Letter on Request
WILLIAM W. COHEN & CO.
Members Stir York Stork Exchange
67 Exchange Place, NEW. YORK CITY
x
NEW YORK BOND SALES
Summary of Individual Transactions on New Yorjt Excliango
tSAI.ES IN S1O0O
rrom Openlnr Wntll t P. M. (N. Y. Time)
Adams E 4a
1 RRU
2 MM
Am B ft n He
3 SIV4
Am Tel & T
Char Ss
2..... 80 "i
Am T 4 T clt
1 78U
Am T & T Bi
.1 80
2..... 70
.1 79
6 70M
Am T h T (la
10.. .. JIB
Ani-French Be
25,.
38..
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Ann Arbor 4a
1 BB
2 BB
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5 81
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BO 75
Atch T ft S Fe
nj 4a
8 OStt
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7 67
Atl Coaat I. 4a
2 76 U
D ft- O P li E
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B 01 i
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Bait ft Ohio 4a
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Halt ft Ohio Ba
2 68
2 68
6 02
Bait ft Ohio 6a
msBammmmmmmam j
If i (i
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1 84'i
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1 83 U
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Cent Pao a '4 a
1 80
C ft O cv 4'4
0 73
1 72
1 72 ft
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1 78(4
2 78;
2 78i
8 78
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Chines Qvt 5a
1 40(4
1 46(4
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1 80
City Lyona 6e
1 80
1 80
City of Mar 0a
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101
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Copenh'n B(4a
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Corn P Pet Co
5. of '34
1 08 I
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6 48
20 47
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Den ft n O 4a
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Den ft n O Ba
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0 88
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NEW ISSUE:
$370,
f?'
X
1,000
FIRST LIEN
Equipment Trust 7 Gold Certificates
of the
Bigheart Producing & Refining Company
Tulsa, Oklahoma
Free 'from Normal Federal Income Tax up to 4
$30,000 Oct. 1, 1920
30,000 Apr. 1, 1921
30,000 Oct 1, 1921
30,000 Apr. 1, 1922
MATURITIES
$30,000 Oct. 1, 1922
30,000 Apr. 1, 1923
30,000 Oct. 1, 1923
30,000 Apr. 1, 1924
$32,500 Oct. 1, 1924
32,500 Apr. 1, 1925
32,500 Oct 1, 1925
32,500 Apr. 1, 1926
PRICE
First four maturities, par and interest, to yield 7. All other maturities to yield 7.25.
SECURITY: These Equipment Trust Certificates.. constitute a First Lien oi
200 new, standard, all-steel tank cars having a market value of $605,000, or
about 64 in excess of the total.amount of the issue.
CAPITALIZATION: The Bigheart Producing & Refining Company is in
corporated under the Laws of Massachusetts, and has an authorized
capital of $7,500,000, of which ?4,500,000 is issued and outstanding. The
stock is on a dividend basis of 10 per annum and is listed on the Boston
Stock Exchange. On the basis of current Boston quotations, the out
standing stock has a present market value of approximately $4,950,000.
PROPERTIES OF THE COMPANY: The properties of the Bigheart Pro
ducing & Refining Company arc conservatively valued at over $7,000,000.
The Company owns approximately 15,000 acres of valuable leases in Okla
homa, Texas and Mexico, having a combined daily production of over
40,000 barrels of crude oil. Thq Company's manufacturing properties
consist of a modern, complctely.'cquippcd refinery with a capacity of 3,000
barrels per day, paraffin wax pressing and finishing plants, a lubricating
oil filtering plant and a large casinghcad gasoline plant. The Company
also owns 160,000 barrels of steel storage capacity and over 70 .miles of
gathering and main stem pipe lines, and operates 380 tank cars in the
marketing of its products.
Tlie uniformly excellent record of Equipment Trust obligations, from the
standpoint of safety, .marketability and prompt payment at. maturity, has
Kven to security issues of thb type a rating not surpassed by any other
medium of investment, and we recommend these certificates of the Bigheart
Producing & Refining Company by reason of their liberal income return, the
standing and responsibility of the obligors and the unusually large equity in
the underlying security.
Deicriptive Circular on Rcqurtt
Hyney, Emerson & Cb.
.Municipal and Corporatjon. Bdnds
39 S. La Salle Street
Telephone Randolph 2521
Chicago
i
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8....
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4....
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1
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96
96
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1 83(4
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1 0
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1 08(4
Louis ft N 4a
2.,... 70
Minn St P'l 8
Bte Marie Ba
3 01
Mo K ft Tx 4a
1 57
Mo K ft T Sa
1 27
Mo Pao Ba '65
4....'.' 79
1 79(4
Mo Pao cm 4i
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Mont Cent fl.
1.... 10414
N T Air B 0a
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New O Tex ft
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1 78(4
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N Y Tel'o 0a
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N ft We.tn 4 1
1...J. 73
2 72(4
No ft W cv 6a
10.... 100
10.... 100
6.... 100
3.... 100
2.,.. 100
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No Paclflo 8a
2 B2(4
No Pao 4 (is
2 74
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1 80
1 80
1 80
Pao O ft K Ba
1 77
8 77
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Pa R 4a ot 43
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2 78
n I A ft L4'4
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3 62
10 02
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R 44
1 45
1 45
St L ft S F a
1 01
1 01
St L ft S F In
2 40
5 40
4 45
11 46
B 45
St L ft' San F
Series A
2 B8
3 68
57
67
07
67(4
08
San F
1
15
St L ft
Series B
2 68
1..... 68
l..r.. 66H
St L ft San F
Scries C
1 88
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St L, ft I M 4a
5 73
1,.... 73
2. 73
St L Peoria ft
N W Ba
5 87
St L S W lat
1 63
1 62
So Bell Tel Ba
1 82
So Pao Term
1 70
Sou'n Pac fd
10 73
So Paclflo 4a
1 08
B'n Pae cv Ba
10.... 101
10..,. 101
Sou'n Rly 4a
2 87
1 B7
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1 72
5 71
Union Pao 4a
EASY MONEY IS
i.
i,.
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4..
4,.
1..
2,.
80
80
80
81
80
81
80
Union Pao 6a
25...... 08
IB 08
1 08
1 08
1 08(4
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B 98
UKOOl '21
10 95
5 04
16 06
3 05
IB 94
80 04
R 04
S 04
u k a n & i
rets '22
B 03
2 08
1 93
R 03
2 03
B 03
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UKOmi
rets of '29 ,
12 01
1 01
25 01
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87
88
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U R Ssn Fran
eqct 4s
10 20
8 27
U B Mexico Ba-
1 87
2 37
V 8 Realty 3a
2 83
2 83
2 84
U 8 Rubber 6a
1 84
1 83
1 84
8 84
1 84
U 8 Rubber 7s
2.... 100
O 8 Steel 6s
..
1.
00
, 00
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00
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00(4
00
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Va lUtlw'e fia
4 78
4 78
1 78(4
Wabash R lat
10 83
Weatn Elec Ba
1 03
Weatn Pac let
2 81
1 81
10 81
Weet'n U 4
1 78
Wilson Co 1st
1 05
Wlleon Co cv
6 01
1 01
1 91
Wla'n Cent 4a
1 40
Wla'n Cent 6s
3 07
Tllph Low
Lib , Bond 3j... 00.00 00.80
Lib Bond 1st -Is. . 01.C0 01.30
Lib Bond 2d -Is... S0.-10 80.150
Lib Bond 1st 4ih 01.70 1)1.40
Lib Bond I'd 44h 80.70 80.0
Lib Bond !ld 4 Vis 02.80 02.00
Lib Bond 4tb 4Mb 80.72 80.00
Victory Note Hn 07.80 07.00
.Victory Note 49is 07.80 07.00
BIG BULL POINT
t-
Many More Stock Dividends
Said to Be Undor Serious
Consideration
"So long as money remain? nt 0 per
cent, prices ot stockn arc bound to go
up," wns thorcmnrk of tho senior part
ner of a central bankinc and broker
oro house. When asked how long he
expected coll money to stay at that
figure, ho replied that tho answer' Is
"on the knee of the poda."
"Thcro is," be sold, "as much in
Side manipulation of tho money market
as thcro is in certain stockn which need
not bo mentioned." The enormous
amount of free money In the hands of
certain bit; financial institutions. In New
York here ho named nomo six or seven
If subject to a combination ; nnd there
ii no reason, he remarked, why wc
should not conclude that thcro arc such
combinations, is sufficient to put the
control of the New Tork money market
at their mercy.
He said ho believed these concerns
could "rig" tho money market what
ever way they liked. Just now, It is
evidently to their advantage that money
should be both plentiful nnd easy.
interostpil In rhi mnttor nnd hnvp tlrin
it little attention.
All they Hccm to have gtcn'ncd from
what they have heard and read Is that,
ns one banker put it, two men have
had n fight, ono of them well known,
the nomo of the other doubtful or the
subject of guesswork, that they havo
"kissed nnd made up again" nnd in the
meantime tho papers havo given a good
deal of frco -advertising to tho taid two
men nnd toa certain stock.
This banker said that while ho Is not
complaining, the fact that ho and others
arc giving a lot of their titno nnd some
money to such matters ns the housing
of the poor, not a word is said nbuot
their meetings or their work in the
papers.
Thcro is some talk about prospective
stock dividends iu connection with cer
tain stocks, nnd Cc-rn Products is ono
of them. Some brokers say that thcro
are shorts in certain other well-known
stocks which arc known to have n lim
ited floating supply, whoso condition
is nbout as unhappy as the shorts ou
Stutz. Crucible Steel, Republic Steel,
The Stutr controversy is taking so
much space in tho papers that it is
natural discussions on tho subject should
be frenucnt In thn ftnnnrint illstrlrr. Tr
is noticeable that bank officials arc not ootids on the market to sell at a price
and Studcbakcr are mentioned in this
connection.
John IT. Mason, president of the Com.
raerclal Trust Co,, expects to sail for
Ktiropo on April 24. He said ho has
not had a vacation elncc 1010.
It is his Intention to visit Great Brit
ain, I'rnticc. Italy nnd such other of the
European allied and nnnnlllcd countries
ns possible nnd for which ho can obtnln
passports.
Mr. Mason expects to see for himself
at first hand and to hear direct from
tho people of tho several countries the
matters which aro most on tho public
tonguo nnd which nro und?r discussion
both hero nnd abroad,
When asked if he hod anything to say
in connection with his appointment on
the Mnyor'fi traction committee, he said
that he had heard bis name was men
tioned on such committee, but that is all
lie knew nbout it.
'
Ono of the latest of the many rumors
concerning Baldwin Locomotive stock
Is that a CO per cent dividend is awnlt
Ing tho return of Mr. Vnuclain from
Europe. As usual, with all such rumors
nbout Baldwins, this particular one was
said to be on good authority, but with
n. majority who take even a posslnR
Interest In Baldwin stock it received
little attention.
While the 0 per cent rate for money
yesterday was credited with the buoyant
condition of tho stock market, It was
said that manipulation by tho pools was
responsible to a much greater degree.
Stutz brought 701 nt nuction in New
Tork yesterday, and some nro figuring
out where the shorts nro going to get off.
When spenking of tho proposed
finnnclng by the Pennsylvania Itallroad
Co., n banker who is exceptionally well
posted on the investment situation sold
that unless the company enn put these
to yield 7 per cent, he believed they
wouiu una uiificuity in placing tiiem.
He said ono of his reasons for saying
so Is the coming flotation of a large
number of equipment issues with which
tho Pennsylvania financing will be In
competition nnd, nil other things being
equal, tho investors prefer equipment
certificates.
Among the roads which It is said will
shortly issue equipments, he said, nro
tho Atchison and the New York Cen
tral. Tho latter, bo remarked, has al
ready placed orders nnd Is considering
an' issuo of from $10,000,000 to $25,
000,000. '
Bank of England Statement
London, .April 8. Tho weekly state
ment of tho Bank of Knglond shows tho
following changes: Total rcservo de
creased 1,567,000, circulation Increased
1.540,000. bullion decreased 27.692,
other securities decreased 15,974,000;
publlo deposits decreased 11,270,000,
other scuurltle decreased 15.94,000,
notes reserve decreased 1.529.000, gov
ernment securities Increased 38,637,000.
Tho proportion of tho bank's reserve to
liability Is 14.98 per cent. Last week it
wns 18.47 per cent.
dL
No. B Geologist's Report.
Emerald Ou
In the judgment of highly capable
geologists, this Company lias great
potential values. Its present holdings
form the nucleus for a large and suc
cessful Company. Mr. W. E. Grif
fiths, of Pittsburgh, lias prepared a
very favorable report, which sup
ports the judgment of Mr. A. J.
Diescher, President of the Company,
and Mr. Everett Carpenter, a well
known geologist, in their selection
of properties. Aside from the hold
ings in this country, the South
American concession on 1,500,000
acres is one of the most valuable
secured by any American Company.
All legal details carefully attended
to, and audit by certified public ac
countants available on request.
TVc offer and recommend Emerald Oil
7 PREFERRED
Stock at $100 per share, giving free
one share of the Common with each
share of Preferred purchased.
Send for special circular PL-E and
Geologist's Report
Douglas Fenwick & Co.
34 Wall Street New- York
Attractive Short Term Notes
Yielding
from
7to7.50
Indianapolis Union Ku
Vlrolirtatt Italttvau Coulpmeiit. .
37ie United Gas Improvement Co.
B. F. Qoodrich Co. Conv
Consolidated Tejrlllc Corp. Conv.
Hair nf, C Due Dales Price Yield.
r Feb. A A. 1913 J7(4- 7.00
6 A. J Oct. 10S1 97 7.99
ST. Feb. A A. lOtl 93 T.iOfc
7 Avr.iO. 1911 Oj 7,0r
7f. Avr. A O. 19tl 98(4' 7.10
Reed A. Morgan & Co.
West End Trust Dldg., Phila.
All pistes subject to change.
Full information upon request.
Members ot Philadelphia Stock Exchange
B. F. Goodrich Co.
Five Year 7 Notes
Convertible
Price to Yield
7.40
A WELL-SECURED INVEST
MENT. READILY MARKET
AHLE. OIVINO A IIIOII RATE
Or nCTURN AND HAVING
A DESIRABLE CONVERSION
FEATURE.
Circular on Request
Parsly Bros. & Co.
BANKERS
M21 CHESTNUT ST.
PHILADELPHIA
Members Philadelphia Mock Exchange-
Confidence
It Is the efficient melh "
ods nnd modern facilities
of tho Contincntal-Equl-tablo
that Philadeiphlns '
builders of business like.
They have shown their'
appreciation of these
services nnd the con
fidence that they havo in
this bonk, by depositing
more than eleven million
dollars.
Wo offer you the snmo
accommodations.
TJTijjT&yax Compaq?
Twelfth Above Chestnut
Philadelphia
Capital $1000,000
Surplus $1,000,000
Over $11,000,000 Deposits
tfl
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Commonwealth P. R. & L. Co.
Pfd. Dir. Scrip
Portland R. L. & P. Co.
lst&Ref. Ss, 1942 4
eiU.eiarkeo.
DANKEKS
321 Chestnut St., Philadelphl
Members New York and Philadelphia
Stock Exehanoei
1
Portland Hwr.. I.. & I. Ra. 1042
(irorsla Rwy. 1 Ra, 19M
(iirMer I'nprr Co. Sa. 1031
Halt. & Ohio 6a. 1020
Indian Tonl & NaT. 4Uo. lOSt
Lelilch . R. R. 0a. 1038
HENRY D. BOENNING & GO.
STOCK KXCIIANOE BU1I.DINO
Direct rrlvat. Telephone to New York
Member, l'hlla. mock Exchange
EXECUTIVE
TounR man, SO years, with IB years'
bualneaa experience aa aaleaman, pur
chasing acent anil aaalatant to treaaurer,
desires connection with reaponalble manu
facturing concern.
BOX C 533. LEDGER OFFICE
LIBERTY BONDS
All Issues
Bought and Sold
$50 $100 $500 $1000
Graham, Parson JtC
435 Chestnut Street : " .
Philadelphia
- . ... a
Exempt from All Federal Incoma Taxes '
int..!. .111....1 .n a
b7umunicipai oonas at rarii ,?
To iKur dttcriptUm cimdera cut ihU put and '' 't
mail today ultfi your noma and oddrnt t t vZ
The Hanchett Bond Co. J
Incorpcraud 1910 , ',
JJ South la SalU Stmt, Chlatfo i f
renaijWanU Rep. C. B. ROBDINS J
Mi rarrr Dld(., TbUadalphU Tel. Sprue MM 2 "
11!
(N.T. tlmn)
1:15
p. m.
00.84
01.00
80..14
0t.70 I
80.00
80.0S
07.00
07.01
LOCAL MINING STOCKS
TOKOFAII STOCKS
Rid
Cash Hny ,, OU
Jim nutter , 23 .
MacNamara, ,'
Midway 14
Mlzpah Ext -. 13
Montana 10
North titar .08-
Rescue Iiula 21
Ton Ext 2
Weat End 1H
West Ton 00
DIVIDE STOCKS
Allied Dlv 02
Alto Dlv 07
rielchcr 10
Den Ilur 03
nrouKlt Dlv ' ,
Dlv Syndicate 02
Dlv Con 0.1
Dividend 10
Eaat Dlv 113
Haabrnuck Dlv ........... .02
Illch Dlv 02,
nevert Dlv ............... .1.1
neno Dlv ................ ,02
Rosetta ,0,1
Silver Kins- ?... .04
Ton Dlv 2H
Ton Hnshrouck .10
Victory Dlv 07
Venlo Dlv 07
ono ..., 20
GOLDFIELD. STOCKS
Atlanta 03
lllue null 02
Month 0.1
C. O. D 02
Combination Frao OH
Crackerjack 17
niamondneld 11)1 01
Daisy .02
Florenrn 2,,
Ooldlleld Con 12
Ooldflold Merc o:i
Hold Dv OH
ilreat nend 02
Jumbo Ext ' .00
ICewanaa 0,1
Iino Star Or,
Oro oi
Kim! nms , o.l
Silver Flc-l;
.Spearhead
:JS
MISCELLANEOUS
Amparo
Ariz United :..
Eden
Mother Lode
Nev Hill
Nev Rand
t'romnntnrlo
Nev Wonder
Teropa. Mln
White Caps
NEW YORK COFFEE MARKET
f New York, April 8. Thcro appeared
to Lo o. little better feeling in tho coffee
market this morning and, while business
continued quiet, prices were being bid
up without delinito offerings.
Some attention wns being paid to the
constantly decreasing iock at Rio, the
official cable showing n clenrnncn of
01,000 bags to Europe, leaving n stock
now of only 1101,000 bags, compared
with 717,000 bags a year ago.
The big decrease of CSR.74R bags In
tho world's visiblo supply for tho month
of March may also havo stimulated
sentiment to some extent.
,. . n. , N'T- '"")
Teat. Today'a 11:00
close open u. m.
May 14.00 14.(MU70 14.70&73
July 14.8 14.R7WOI ,..,
Sept. 14. B0 14.60(I5 ....
Dec 14.00 14,61 62 H. 60
Hid.
Gas Co. Pays 200 Per Cent Dividend
Vltl.bursli. April 8 Tho United tfucl
Gas Co. directors voted today to lu
creaflo tho capital from $10,000,000 to
130,000,000, and declared a Block divi
dend 'of 200 per cent, of which 61 per
cent Roes to the Columbia das and
Kleotrlo Co., and 49'rer cent to thn Ohio
Fuel Supply Co. The directors also
continued the old dividend rnto on the
new capital by declaring 4 per cent
csh for ttyo Qunrttr payable' My 10.
0h4
warn
5
Total Net Assets
After Present Financing - $9,600,000
CAM.
Founded 1893
Surplus, 1919 - $4,200,000
Additional $1,000,000 Issue
H. H. Franklin Manufacturing Company
(Franklin Automobile Company)
r i i
1 CUMULATIVE SINKING FUND
PREFERRED STOCK
At Par - -
Callable at 110 on
$100 per Share
60 Days' Notice
Dividends to Accrue from Date of Issue
Payable February 1, May 1, August 1, November 1
Capitalization
Upon Completion of Present Financing
Preferred Stock
Common Stock
History
The II. H. Franklin ManufacturitiB Company has ben
under the same manacement since its organization in '
1893. It began the manufacture of the Franklin Car in
1902. It owns all capital stock in the Franklin Auto
mobile Company, the selling organization.
Plant
5,000 employes. Yearly payroll, $7,300,000. Floor
space: 1918, 16.5 acres; 1919, 23.4 acres; 1920,
(planned and under construction), 34.5 acres. The
largest industrial concern in the city of Syracuse, N. Y.
Production
1916 . . 3,836 cars
1919 . . . 9,177 can
1920 (scheduled) . ' 16,000 cars
Prospects
Unfilled orders on books January I, 1920, amounted to
3,194 cars; March 13, 1920, 3,901 cars, despite a nearly
doubled production. Estimated that the planned increase
will be insufficient to meet the demand.
Outstanding
$3,500,000
$1,858,700
Authorized
$5,000,000
$2,000,000
Asset Value
Protection for each preferred stock share outstanding
December 31, 1919, as shown by the audited balance
sheet, $404 in net assets; $231 in net quick assets.
Sinking Fund
To begin Jan. 1, 1922, consisting of 15$ of net earn
ings of preceding year, after payment of preferred stock
dividends and taxes. To be used for retirement of pre
ferred stock, at Company's option, and to buy in shares
which stockholders may desire to sell.
Covenant
There shall be no mortgage or bond issue placed with
out the consent of the holders of at least 75 of the
preferred stock, excepting purchase money mortgages
given at the time of purchase of additional real estate.
Earnings
Average yearly earnings for past five years, after depre
ciation and taxes, were four times the dividend" require
ments on preferred stock outstanding including this issue.
A919 net earnings were at the rate of seven times these
requirements.
Circulars and Subscription Blanks on Request
H. H. FRANKLIN MANUFACTURING COMPANY, SYRACUSE, N. Y.
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