f-
W
-4-ja.
Cotton
'fei?V ARX? &'$
.Th.f recent consolidation of tlie
Pilot Cqtton Mills Co., Raleigh, N. C,.
Jas. N. Williamson & Sons Co., Burlington, N. C.
Ella Mfg. Co., Shelby, N. C.
Lynchburg Cotton Mills Co., Lynchburg, Va.
Windsor Print Works, North Adams, Mass.
Pelham Mfg. Co., Pclham, pa.
Bonhani Cotton Mills Co., Bonham, Texas
has resulted in an issue of unusually attractive 7
Convertible Gold Notes, which we recommend as
in its original form, as
plucked from the growing
plant, is generally known as
the leading pro'duct or the
South, and it is interesting to
note that of the 33.000,000
spindles in the United States,
46 per cent arc located be
low the Mason and Dixon's
line.
While the spindles in north
ern mills have increased 39
per cent in twenty years, the
spindles in the South have in
creased over Three Hun
dred and Twelve Per Cent.
Safe
Profitable
Investments
Consolidated Textile Corporation
Three-Year 7 Sinking Fund Convertible Debenture Notes
Interest April. and October 1st. ' Due April'lst, 1923
. ,Price a,t market to yield about 7.50. , ,
New York Bonds
JSSm
f SALES. IM 110001
From a l M. Until 2M5 1. M. N. V. Time)
Aiu a it ov n
1..... '13H
Amer'n Asr &
Chem D Ss
S SOU
A'n Linseed 4s
1 DO
Amur Binelt'a
& ntt's r.n
2 74;
8 T4H
A Tl b Tel clt
74S
1 T4
1 74 4
1..... 74i
1 74H
A Tl & Tel (In
0 . 7S
Conn'd Ors "s
1 . inH
3. 100H
3 100
CoMnh'it (H4d
1 . .70
Cuba U Husr cv
Anc-Freneh Bs
00
40...
8...
1...
0.,.
n...
i...
n...
a...
4...
4...
S2...
...
10...
s...
2...
B...
S...
1...
B...
4...
0...
20...
10...
20...
Ann ArLor 4
i nm
Arcn nep'o r
1 Tin,
Armour 4 4s
1 77
1 77
Atcli T 1 S I'c
cv 4a
a....
i....
t...
i....
ti8
08
08H
08H
08 ?i
08 H
OB',4
08
UH'i
nsi;
ohs
08 Vt
l)8"i
DM1
08 3
oh a
08H
08".
08,
IIHH
08 i
08 'i
.v
711.
7l'i
71'1
7m
71'i
71
714
71
7I)
1..
?'
83..
23.
2ft.
2i) .
1.
00 Vi
00 ',4
nou
oou
ooh
00
oou
ooh
oa
Den L II Qd f (J
1 03 2. . 4V
1..... . I ',4 ft . 44?
l 03 H n ., 44H
2 03U 7. ... 44U
B 0t S. .. 44H
B 08 Vi 10. ... 44
1 03H 10. . 4(1
1 03"; 7 ... 44
4 83H D Can Si '21
3 97i
B. ... OJy,
B. ... 074
D Can SUii 21
a. ... 0BH
2. .. Oft '4
D of Can '20
10. ... 88
1 88T
1 .... 80
1 88U
D ot Can '2fl
B )t0 14
4 .... 80V4
3. ... wit;
3 ... lioa-
Dom nep'c Bs
-' 88
1 83".
1. .. 83U
Erlo (lenl Men
1 41
Brie nn ov A
a 34 U
8.... 3B
0 34
Erie nil cv D
0 33 'A
Erlo n R 4a
1 BO
8 41)74
Gen'l j;ito 09
1 08
2 08
2 08
1 08
1 08
..,.. 08
1 u 1 ",-j
Green Bay &
W'n Rly n
I. ... 7U
Hud & Man In
33 20
At Coast X. clt 1 20
1 01 111 Central fd
Atl C Lino 09 1 00
The principal attractiveness of the Notes lies in the Conversion
Privilege attached to them. The expansion of activities of the
Corporation under-present favorable conditions points to much
larger earnings in the future, which should be reflected in a higher
market value for'tbese Notes because of this Conversion Privilege.
Send for Further Information
ft
t -
Frazier. & G.
Broad and Sansom Streets,
Philadelphia, Pa.
G5 Broadway
New York, N. Y.
19 South Street
Baltimore, Md.
Pittsburgh, Pa.
Wilkes-Barre, Pa.
Washington, D. C.
Lebanon, Pa.
1 04
Atch T S To
rce 4a
s cRt;
A T & 0 K nj
1 034
1 0.TN
2 03Vi
t 03H
nalt & Ohio c
2 00
1 Art
2 no
D & Ohio 3Hs
1 81
1..... SO",
1 81
nalt L Ohio 4s
2 B0,
1 B8
1 B8H
4 ASK
Halt & Ohio fts
1 B9ft
nalt t Ohio 09
2 80
10..... 80
3 80
2 80
2 .. 8.14
1.
B.
1.
EtX- t H Fran
Series a
Northern & Western Trading Corporation
. At
announces the removal of its offices
from 47 Cedar Street to
r
7 Hanover Street, New York
The Company offers increased facilities for the handling of all
German securities, rrfany of which are on hand
' for immediate delivery. ' ,
Subject to prior sale and market change we offer
for SPOT DELIVERY
5 at $23.00
4Vo ,
23.00 per 1000 Marks
24.50 " " "
24.50 "
22.50 " "
22.25 ' "
19.50 " u "
CITY OF LEIPZIG
CITY OF COLOGNE
CITY OF FRANKFURT 4..
CITY OF MUNICH 4..
CITY OF DRESDEN 4 . .
STATE OF HAMBURG 4s
At the same time the Company announces
that its name has been changed to
Northern & Western
Finance & Trading Corporation
7 Hanover Street, New York
Teltphontt Hanover 8983-8984-808S-8986-S493
3.,... 80
14..... 80
23 80
3.... 80U
2 80
8 80
1 80
43 80
D t O P I. H
t W V Ey 4
1 0'
D It O S Wn
Hallway 3Vj
2 OOVi
D Steel 0s '30
1 80
1 70W
Drk Rap' Trail
7a ct ata
1 87
2 33
Dush BldK Os
1. ... 74
i 74;
1 .... 71.
0.. . 73H
Ccnfl l'ac 1st
- 4 OB'i
1.. .. C5,
Cent Fao 3H
4 78
1 78
C & O cv 5s
B 74
a 741,
Ches & O 4Va0
2 704
1 70
Chei'k 4 O us
3 8I4
Ches & O cv S
1 73Vi
B 73i
C h Alton 3i
1! 32S
2 32 Vj
1 32V.
Chi BlQla
1.
!:
T".
1
1.
c .
1.
10..
04 ;
OtH
niH
04 u
91'i
0Vi
0k
IM'i
94 U
04 1,
0(k
04
01
044
04
om
at p
GE0.A.HUHN&S0NS
HTOCKB AND IIONHS
Members of the I'hllaAelnhla. New
lork and Chicago Htock Kxchancea
New York Cotton Exchange
Commission Orders Executed In
All the Principal Markets
IIKIXKVUK COUIIT IH.DO.
1418 Walnut Ht.
NBV TOItlv OPK1PH
111 llroadrur. New York
TO THE PUBLIC:
rri'r- ,1l ' 0U2. Thi.i. limd.
South American Projects
We have been retained for invea
ligation in South America thii turn
mer and will be glad to represent
additional clients in engineering,
manufacturing affd financial lines.
Our representatives leave New York
about June first.
Gannett, Seelye & Fleming, Inc.
Engineers
IlurrUburir., 1'a. -Mrmphla. Tenn. Krle, Pa,
HEWBURCER.
HENDERSON & LOEB
Members New York and
Philadelphia Stock Exchanges
I.I0 Chestnut St.
Bonds for Investment
Circular Upon Heauijt
The National City Company
Correspondent Offoet (u ovr to eltitt
Phlludf BhU 1431 rtiMtnnt
Atlantle City .S8 Ttsardirnlli
HI.
6.
1.
Chi M &
4a of 'SB
1 73
1 72
Chi Jl U St V
cv 4MiO
K I. ... 03W
Ch Mil & Ht P
cv Sa
1.... 02i
Chi INWim
3 70
a .... 70
Chi Itys Co 8s
1 .... 024
C R I fc P fd
1.. .. 01T4
1 01T4
a oii
1 GIS
B 03
Chi U Sta 4
4 ,1V.
' C X W Ind 4a
2 ... BO
I Chile Cop'r (Is
0 78Vj
10 78.
10 7BH
1...., 76
11 75Vi
1 731,
2 7Bi
Chile Cotfr 7o
10 00 Vj
10.. .. OOVi
Chinoso Gv On
1 44
City llord'x On
1 871
3 874.
City Mar'fi Aa
1 87
City NY 4s 07
1 34.
City Paris 0s
1. ... 00
a 00
a 00
3 804
B.. .. 811
a o
1 0894
Clev Cln Chi
Ht I. KIU 18
1 .... 03
Colum'a & Oth
Avenue On
B .... 88
Cump Tab t
Record's On
1 83
Con Coal Co
ot Mar'd Bs
1 .... TBH
Imp J Ov lat
a 70W
3. ... 70ii
2 70U
3 7Bi
Imp J Ov 2nd
1 73
1 73
2 7D
3 75H
1 7SH
4 74
Imp J Qv 4a
3. ... EO
B. . . SOU
25 . .. COU
1 BO',4
1.. .. BOH
1 . . S04
1 . . 00 U
Ind'a Steel Ss
7 00H
Inter Met 4 Ha
1 ... 10
1 ..17
In'o Rap T fd
t... . 62H
1 ... 63
10.. . Bli
2. ... B2
1 B2
10 B2
2 BIS
I M Marino 6a
87
Kan C to B Ss
1. . .. Ul
Kan C Ter 4s
1 03
1. ... Qi
2 .... 64 ;
8. ... 64
Klnca C n 4s
0 63
4 B3
Lehlch Vy 0a
2 OSh
Lex Av & Pav
Ferry IIR 6s
3 00
Lone I RR en
1 70
Louis & N 3s
1 B0
Manhat R 4s
2 64
Mid S it O 6s
1 804
Minn at P'l a
Bte Marie Bs
2 01
Mis Pao em 4s
2 B1W
1 61V,
20 B24
1 834
Mont Cent 0s
1 00 V,
Mon't l'wr 6s
1 83
2 83
Nat'l Raly of
Mexico 4 4s
10 21
New O Tex &
Mexico Da
10 474
8 474
10 47
10 104
N Y C 4. H It
R R 84a
1 Ill
x t c i 11 n
It R 4s
1 00 ,
a 004
N Y C t II It
R R 03
3 88
B 8B
1 88
1 884
1 88
N YCLS 34
4 604
N Y Light II
& Power 4a
1 0i
3 CO'S
N Y Rlywa Bs
13 1 0
N V Rys ct 3i
IS B
Now Yk 8tat
!.... 1014
12.1.. ioi;
2.... t014
B.... 101
' B.... 101
10.... 101
4...S 100
12.... 101
0.... 101
23.... 101
SB.... 1014
4.... 101 v;
8.,.. 1014
18,... 1014
1.... 1014
2.... 1014
4.... 1014
. B.... 1014
' B 1014
IS-.... 1014
12.... 1014
1.... 1014
2.... 1014
1.... 1014
62.... 1014,
10.... 1014
6,... 1014
3.... 1014
0.... 1014
2.... 1014
2.... 1014
0.... 1014
1.... 1014
2.... 101
10.... 101
1.... 1014
7.... 101
Pere Marq Ss
2 70
4 70
3 704
Peo Has I.l'ht
Coke Bs
1 B84
Phlla Balto &
Wash R R 4 s
81 -!
Pub Srr Corp
of N J 6a
14 CO
0...., 004
Readlns R 4s
1 7BU
1 t..t 764
2 7B4
2 7BH
1 734
2 7.14
1 70
0 70
rtcu'o of Cuba
Ba of '04
B 804
flo Or ft V 4s
3 004
RIA L L4V4
1 03
t 014
1... . 01V
a,.... G14
St X b I M 4s
10 08
St l t fl P a
'-8 B74
1 074
2 67
1 674
st l t a r in
3 -34
0 134
1 434
1 H34
8 43
DHtiAlQOTAY; 'MAY' lVm
b.
'H !
17
).ocal Mining stocks
TONOPAlt STOCKS
Hid
00
17
.00''
.11
.12
.04
17.
14
Cnh Yiav
Jim liutler
MarNamara
Midway
Aiittmn Extension
Montana .(..
North Star
Rescue Rula .
Tonopah Kxtrnslon . . . .
West i:nd , .
west Tonopah .1..... 01
UtVIDK STOCKS
Allied Divide 01
Alto Divide 02
Relcher o
llrlcher Extension 00
lien liur 02
Ilrouxh Divide ,,. 10
Divide nxtenslon TtH
Divide Syndicate 01
Dlvldn Con 0-2
Dividend ....A 07
KftBt Divide 0'J
Itarmlll in
Hnnlirouck Dlvldo 0'J
lllKh Divide . .1 (11
llevrrt Divide 07
Reno Divide 01
ItoBctta 01
Silver Klntr OL'
Tonopali Divide 14
Tnnopan HaabroucK 07
Victory Divide 11
Verdo DUlde 01
Zone in
aOLDKini.D STOCKS
Atlnnla ill
.01
.
.02
.'J
13
.01
.01
.20
08
.117
.01
.00
02
.04
.01
niuo null
nootn
c o D
Comlilnatton 1'ractlon
f'racke rjnolt
DlamondOeld II II ...
7alay
FlnrenrA ,
aoldOrld Con ........
ctoldnld Mcraer . . .
Oold Development . . .
ClrcHt llend
Jumbo Kxtenslon ....
Kennrns
Iono star
Orn
Red Illlla 0:1
Bilker Pick in
Spearhead 01
MISCKI.LANKOVS
AmiPro I r- '
Arizona United 1."
Kilcn 4
Mother J-o1e r.'l
Nevada 11111 02
Neadj Rf.nd 20
Nevada Wonder 4
Ternpa Mlntnr OR
Wllbert M
White Caps 10
Ask
.08
.10,
.12"
.14
.13
.00
X?H
.oi"
.03
.04
07
.OS
.03
.1.1 ,
.42
.03
.08
.10
.Id
.20
.01
.03
.10
.0"!
.03
.04
1
.ID
.13
.Oil
.20
.03
.0.1
.OH
.01 "
.03
13
.02
.0)1
2t
.10
03
.01
.03
.08
.03
,03
02
.0,,
.12
.05
IT.
.20
.nr1
.01
23
4
.n
.OR"
.12
LONDON STOCK MAflKET
aUt-Edged Issues Rallied Oil
Shares Drooped
London, May 3. Trndlns In nesurl,
ties on tho stocK exchange was sluggish
today and tho markets ncsltated. ftcr
sagging, gllt-cdgcd Investments Issues
rallied from tho bottom. Subscriptions
tO tne now orilisn licnuury xuiiun, nmvn
were opened today, Absorbed Investment
Although selling was light, oil shares
drooped. Russians were heavy on the,
capture of Baku by Hussion BolHhevlk
forces. Hhell Transport was 10 U and
Mexican Hagles U 3-1G.
Home rails were dull because of tho
labor situation nnd Canadians lucked
steadiness. Argentines- und Mexicans
gagged again.
Krcnch loans werr- firm and knfflrs
wcro cheerful. Hudson Hay wns T,L.
Dor Oold Sells Lower In London
London, May 3. Bar gold wns quoted
at 108s nor live ounce today, compared
with 100s 6d nor lino ounce on Saturday.
, GOVERNMENT BONDS
ma
Panama cfiupon 2 1930. 10l
Panama registered 2s, 1030. 101
Panama coupon 2a, 1038, ,
Panama .retctetercd 2a, 103S
Panama coupon 3, 1.801..,
Panama rwrlstered 8s, 1901
Philippine 4s. 1034 .. ,.
Philippine 4s, 1086 , . .
l'niuppine 4s, 111.111
n on
ovt coupon 2s,
V H Clovt registered 2s, 1930
1080
U H Oovt coupon 4s, 1026
u H uovi reaistereii 4,
Dlst of Columbia 8-OSl,
141
.101
. 80
. Ml
. 83
. 83
8.1
.101
.101
108
1023.. 100
1024.. 07
As!;
102
102
102
102
8T,
81
0.1
03
0.1
102
102
107
107
lt.i Jtt tflll..w Am lfl4ifc
1-enim. IVstfr I'r. Bs, 1040,' " p
Vi.rtl.nt II . hi, X Vr. Urn. Ini
Ilener (liis Klre. St. lis, 1031
Mlrhlnn.for. I'r. Bs. 1041 '
I'.mtilre mis &. fuel ss. lUzB
(lenrxln, Hr. ft Pier, Con, 0m, ISM
; ufi. s, msu
in (Kin. 10(19
Piilln., Halt. A Mash, 1st 4s. 1013
('Hddo Ontral Oil A Itrf. Os.
1 niraan tnion riaiinn ov
B0ENNING, GARRISON & 00.
stock r.xniANoi: m.uo, ,
Dlrret Private Telrplmnr to New York?
Members I'IiIIh, Stork Kirlinnse
BOLES & WEST WOOD
Members Phila. Stock Exchange
Chicago Union Station Co.
First 6y2s, July, 1963
Land Title Building. Phila.
Telephone, Locust ZOIC v
To Yield 8.12
Man u,t
write
to UOH
in itctailt
43 Y,
43 Mi
43.
43U
1.
2..
B..
1..
2..
62
32 S
B2H
02 Va
B2H
B2V4
B2U
NEW YORK COFFEE MARKET
New York. May .1. The Improve
ment in the Hrnzllinn roffce iiittrlcets. ns
Miown In the official cnblrs, (steadied
sentiment in tlir loenl roffec futures
market tills morning nnd inltiul prices
were 10 to 12 points not liiglicr.
Local sentiment seemed to Improve
after the call and prices continued to
advance. July nelllmr to lt.DSc nnd Sen
tembcr at 14.66c, or 10 lo 17 pounds neU
nigner.
Importers and New Orleans were
active buyers. There wero reports that
Homo nrm oners were coming in from ,
rtlo at a higher level than recent quota-,
iiona. jccuruiiiK 10 me jvio veeiiijr
statistics Htn cleared 8000 bags for the
week to the United States and nono for
Europe. Santos cleared 138,000 bags
for the United States and 119,000 bags
for Europe.
No steamers aro now loading at
Santos for cither the United States or
Europe.
N T. time
. Prev. close Open 11 a.m.
May .....14.BBW14.02 14.3.1 14.87
julJ .14.78014.H2 14.83lQll3.00 '14.02
fU.pt lt.-B0O14.Sl 14.(1014.fll 14.03
Dec 14.47014. BO 1 38f 14.80 14. BO
Did. ,
LIBERTY BONDS
All Issues
Bought and Sold
3 Sl
Wise investors are buying gMt-edged securities o( liigh
yield and free of as many taxes as possible.
We recommend an 8 Preferred Stock that meets
these requirements,
(h) Earnings are 15 times the 8 cumulative divi
dend, (l) Net quick assets exceed $285 per share of Pre
ferred Stock and total net tangible assets
over $544 per share of Preferred Stock.
(c) No mortgage (except purchase-money mort
gage) can be placed on property without
consent of 75 of preferred stockholders.
(d) Valuation greater than 6'j times Preferred
Stock offered,
fe Sinking Fund Quarterly.
(fj Redeemable nt 107'i and Accrued Dividends,
(g) Commercial Trust Co., Transfer .Agent. Fidel
ity Trust Co., Registrar.
Price 98V2, to yield about 8.12
Member Philadelphia Stock Exchange
Real Estate Trust Bide. Philadelphia, Pa
$?2.
iold
Graham. Parsons &Co.
435 Chestnut Street
Philadelphia
i..
i..
St L fc 3 Fran
Series C
3 82ij
1 82N
8 82U
2 82
StL. & SW 1st
1 61
1 01H
Bt 1, fl Wn en
1 01
1 B0U
6'n Pacific cv
1 08
So'n Pactnc fd
2 70'
4 70
1 71
2 "0V,
S 70',6
4 70, ,
So'n Pac cv 4s '
0 73', ;
1 73 W
S'n Pao cv Bs
1 08'1
0i.... 08 Vj
So'n Ilall's 4s
3 S3
1 B3
8 65
S'n Xlalljs Bs
1 78j
2 78Va
1..,. 78i,
1 7b,
B 78
B 78V.
1 7S'i
Texas Co Cs
3.... 101 "i
Union Pao fd
1 08?;
Union Pac 4s
10 70'i
Union Pao 0s
3 07,
2 .... 08
3 .... 08
UKOni'21
BAR SILVER
Bar silver waa Id higher In London
today at BS'd,
R. B. CARR
Accountant and Auditor
Specializing In all
INCOME TAX MATTERS
Penna. Qldg., Philadelphia
RAILROAD, INDUSTRIAL,
PUBLIC UTILITY
BONDS
LIST ON REQUEST
MARTIN & CO.
Iftll WALNUT ST.
?::?!. JOINT CITY & MIDLAND
BANK LIMITED
HEAD OFFICE: 5. THREADNEEDLE STREET. LONDON. E.C.2
OVBR I.4S0 OFFICES IN CNQLAND AND WALBS
Subsorlbad Capital
Paid-up Capital -Raaarva
Fund
Depoaita ( v.ift) -
3S,M3,.M
0,2S,017
371,742,3ta
S
OVERSEAS BRANCH : 65 CC, OLD BROAD STREET, LONDON, EX. 2
ntticx lisiiKG tvststa or tVMMt Disctirrtos uhdiitjiih
Rt. Hen. R. UcKENMA-Chsirmtn
AFFILIATED BANKS
BELFAST BANKING COMPANY LTD
0ir 110 omcM In InltiK
THE ClYDiSOAU BANK LTD.
nr III OShti 4 (oOuU
Ou'i
. 00
. 03
. 03
. 9B,
. OS
. 03
. 0.1'i
. 031,
n & i
5
1. ..
4 ...
3 ...
B. ..
1 . .
14 ...
1....
10. ..
L" K U
rets ot
i . . 03S
t . 03'.
1 93-"i
I . . 03i
tr K G B & 1
rets ot '29
1 01'..
21 . . fU'i
13.. . OP.
r. oi u
5 .. . OOH
CKUSI 'U7
8 .... 8BU
a . h.v;
s ... so I
.-, . 80 I
10 88
V S M.xlco 4s I
1 . . 26j !
V MmIco Bs
S. . 31
HlKhway 4V4U R fia I-'ran
3. , , . 100 i unci ss
N YTel'a 4Hs' 2 ..23
4. ... 70 U h lieailj- os
0 75 1 81
N T Tele's OsiU S nubbcr 3s
2 80 8 .. 80
1 SOU 4 80
n y w c n
n n 44s
i .:.. so
Norflt & W 4s
08 Vj
11
3
1
1
80 1 i,
80
80
SO",
SO',
N & W cv 0s, U S S It ft It
3 00 I, Co OS
N'n Pacific 3sl' 2 . 0,
61 U S oleel s
1 60
1 UH'i
8. .. B0i
N'n Paclfla 4s
1..... 70
1 70
O (Short I. 4s
2 70
14 704
2 70
1 70M,
(MVash'n 4s
1 03
1 03
Pao Q ft E Ss
1 74
Pa It It 4s '48
B 79
Pa r. cm 4 Vi s
1
8,
11.
1
1.
1.
I.
13.
5.
Penna II It Bs
2 82
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$1,500,000
Eastern Texas Electric Company
Five Year 7 Convertible Gold Notes
Dated May 1, 1920 Due May 1, 1925
$2,000,000 Authorized Outstanding Sl.EOO.qOO
Interest payable May 1 and November 1 in New York without deduction for normal Federal Income Tax up to 2.
Coupon Notes in denominations of S1.000, $500 and $100 interchangeable; reenterable as to principal only.
Redeemable as a whole or in part, at the option of the Company, at any time on 45 days' notice at the followinc
rates and accrued interest: before May 1, 1921, at 103; May 1, 1921, to April 30, 1923, at 102; May 1, 1923,
to April 30, 1924, at 101; May 1, 1924, to maturity at 100
CONVERSION PRIVILEGE
Convertible, prx for par, at any time on or before maturity into fully paid common stock of the Company, with i
cash payment by the noteholder of S4.09 per share and an adjustment of accrued interest on the Notes and of
dividends on the stock at the rate last declared within the six months next preceding. If called, conversion may be
made up to and including redemption date, the noteholder to receive any premium payable on account of redemption.
Guaranty Trust Company of New York, Trustee
A letter from Mr. Charles F. W. Wetterer, of the
Stone & Webster Management Division and Presi
dent of the Company, a copy of which will be sup
plied upon request, is summarized as follows:
BUSINESS AND FRANCHISES
Eastern Texas Electric Company, a Texas corpora
tion, owns and operates they entire electric light,
power and street railway business in Beaumont,
Texas, the entire electric light and power busi
ness in Port Arthur, Texas, and the interurban elec
tric railway between Beaumont and Port Arthur, a
distance of about 20 miles. None of its franchises
expire before 1943 and practically all of the inter
urban railway mileage is located on right-of-way
owned by the Company.
TERRITORY SERVED
The Company operates in one of the most important
oil refining centers and the largest rice producing
area in the United States. The Texas Company's
plant at Port Ncches, which takes a large amount of
power, is the largest asphalt plant, and the Port
Arthur plant of the Gulf Refining Company is ranked
as one of the largest oil refineries, in the world.
PROVISIONS OF ISSUE
These Notes are direct obligations of the Company
which has only $1,663,000 mortgage debt outstand
ing) issued under a Trust Indenture which provides,
among other covenants, that neither the remaining
$500,000 of this issue nor any other bonds, notes or
obligations (except bank loans maturing not later
than one year, and equipment obligations) shall
be issued unless, for eighteen consecutive months
out of the preceding two.years, earnings applicable
tointerest charges have been equivalent to at least
twice the interest on all the Company's funded
debt, including the bonds or notes proposed to be
issued.
EQUITY
Junior to these Notes there are outstanding
$1,400,000 cumulative 6 preferred stock and
$1,400,000 common stock. Dividends on com
mon stock, into which these Notes are convertible,
have been as follows: iyl in 1916, 5 in 1917
and 1918, Qy2 in 1919. The present rate is 8
per annum.
Prices Firm on Paria, Bourse
Paris, Slay 3. Prlceo wore llrm on
the Bourse, today. Three per cent
rentes were quoted at Bttf 80c; exchance
on London, 63( 80c; 5 per cent loan,
S7f COc. The dollar wub quoted al
l?f t)5c.
EARNINGS
The growth of the Company's earnings is shown below:
Operating
Calendar Gross Expenses
Year Earnings and Taxes
1913.... $440,442 $270,692
1914 073,096 401,932
1915 723,091 386,447
1916 826,314 444,422
1917 938,074 616,993
1918 1,131,752 662,169
1919 1,390,350 853,677
Net
Earnings
and Other-.
Income
$212,532
271,163
336,644
381,892
440,900
477,369
544,173
Total
Interest
Charges
$67,427
94,138
98,061
99,112
116,874
139,218
146,967
Balance for
Amortization,
Reserves,
Dividends
$146,105
177,025
238,683
282,780
326,026
338,161
397,206
Since 1913 net income applicable to interest has shown a continuous increase and in 1919 was over VA times
all interest charges on the Company's mortgage debt and- these Notes.
Price 96 and interest, to yield about 8
It is expected that Definitive Notes will be ready for delivery about May 12
All Itxal details pertaining, to thts issue haie been approved by Messrs. Stetson, Jennings fr Russell, of Kew York,
and Messrs. Tyler, Tucker, Eames & Writht, of Boston
Guaranty Trust Company
. , of New York
Philadelphia Correspondent: 421 Chestnut Street
VJ An nnt mrftntA ihm tiimintt mwA fimtre nAAntskJ i.. -...
" "" """ "" . oui wey are taken from sourceo which wo beliero to be accurate
Stone & Webster
Boston
New York Chicago
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