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i
NEW YORKBOND SALES
(BALES IN I1O0O)
Atlantic Coaat
I, rcta i
2 OOVi
a oou
1 00
rtnn t
Unit & Ohio cv
3. ...i OOU
1,,.,, SOU
1 SOU
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no
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1 BO
8 80
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1 nft
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iwvm u
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ct ita 7
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77
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2 88 U
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2 70
1 70
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1 MH
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t Bt P cv Ba
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weat'n em
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Chicago A Nth
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Chicago A Nth
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Ba of '21
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Corp'n 8s
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Int'l Merchant
Marina Oa
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1 UK
Iowa Cnfl 4a
I .... ?04
Iowa Cent I 3
1.1 .... 71
Kan C Ft 8 t
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glum 74a
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vuio rcta 7a
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iLack Steel '50
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4.... 101
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61
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62
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6 ... 81
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1..... 304
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fi 71
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. 704
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3
07
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84
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84
84
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844
84
U S Mexico 4a
1 27
4 27
U 8 Mexico 5a
10 34
2 34
Ut'd Rda San
r un ct 4a
2 234
U 8 Realty .la
1 814
11 814
1 814
1 814
U 8 Rub r 8
... 78
... 78
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Rub'r 7 a
014
NEW YORK BONDS (Continued)
!.... OOU
U 8 steel fia
1,
1
1
4
2. .,.
2
6.....
1
1
B
in
1
4
10
804
8J4
80
80 4
80
80
80 u
804
80 4
80
80
80
80
80
11 80
Vlrglnlal Rail
ways Ba
3 744
7 744
Wabash R 1st
1 824
W.baah R 2d
B 744
Wash Ohio A
W 4s
B 804
Wes'n Hlec Ba
1 04
West'n Md 4s
2 40
2 40
West Shorn 4a
1 08
Wilson Co cv
6...., a.V.i
1 08
Wilson Co lal
1 87
1 80
1 80
4 80
7 80
Wla'n Cent 4a
1 034
1 034
Total. $11,831,000. compared with 11.7?,
000 yeaterday. Thtia far tills week, 123,-
880,000. Same period laat neck, 120,422,000,
ttlah T.ow
Llbrrty .1!jh 02.30 02.10
Liberty ut -is. . . . ar.. JO 85.:U)
Liberty 2d 4s. . . . 8.-..G0 85.20
Liberty 1st 4Vi8.. 80.00 85.74
Liberty 21 44s.. 8.-..00 85.40
Liberty ad 44s.. 80.34 80.00
Liberty 4th 4,R. . 80.28 85,70
Vlct'y Notes aTiB 05.00 05.00
Vict'y Notes 4 8 05.70 05.00
flne
02.20
85,:?0
85.M
80.00
85.44
80.18
85.80
05.00
05.00
BANKS BACK WOOL GROWERS
Federal Reserve Board Works Out
Plan to Handle Season's Crop
Wn-slilnKton, Juno 22. Plnntf for
flnnnclnpr t'io "wool growers until a
market for wool Is re-cstnbllBlied, havo
been worked out at conferences between
tlie growers and tho Federal neservo
Board. It wnB announcd today by K. It
Marshall, of Salt Lnko City, secretary of
tho National Wool Growers' Association.
Under the plan, as approved by tlie
board, Mr. Marshall Raid, a wool
grower may ship his wool to one of the
usual points of, distribution, obtaining
f'om tho railroad a bill of lading for
tho shipment! tho grower may then
iirnv 11 rimfl mrnlrtxt his bnnK. for sucn
nn amount ns may bngrccd upon by tho
growers nnd the bank, secured by the
bill of lading. TJie Federal ItcscrMj net
authorizes any momncr mum iu utttiu
a draft secured In this manner at the
tlmo of acceptance. prolded that the
draft matures In not more than six
months from tho time of acceptance.
After acceptance, such a draft, bear
Ing tho Indorsement of a member hank.
Is eligible for rediscount or purchase by
a Federal Reserve Bank, provided, that
It hHB a maturity of not more thin
three months from tho date of re
discount, or purchase.
While the board's statement reity-b
nnlir tn nnpontnnppH based on bills Of
inning, sir. warsnau num. u.-uwi
Harding had called nttentlon to prol
ilon of the Federal Ucscro act as to
eligibility for discount of paper oecured
by wnrehouso receipts
It was the unanimous opinion of the
wool growers. Mr. Marshall Haiti, that
the plan suggested was practical nnd
feailblo and that no extraordinary dif
ficulty would bo encountered In tho nec
essary financing to carry "long tho
preient season's wool clip until a
normal buying markot would re-assert
Itself.
' DIVIDENDS DECLARED
Arlington Mills, quartori of 12, payable
J"'' 1 to atock of record June 21. . ,
Shaffer Oil end Retiring Co., quarterly 01
1 per cent on preferred, payable Juno 24
to stork of record Juno 20,
t'osden and Co, quarterly of 024 cents
on common, payablo August 2 to atock of
record June 30,
Taylor Wharton Iron find Steel Co., quar
terly of 14 per cent on common, payablo
Juno 30 to atock of record June 24. .
uomo Mines Co., Ltd.. quarterly of 28
cents payable July 20 to stock of record
June 80,
John n. Stetson Co , 10 per cent on com
mon for tho alx months ended June 30 and
aemlannual 4 per cent on preferred, both
payable July 1.1 to atock of record July 1.
Central leather Co, quarterly 14 Pr
cent on common, payablo Auguat 2 to atock
of record July 0,
Chicago Pneumatic Tool C6 , quarterly 2
per cent, payable July 20 to atock of record
Julv in.
Splcer Manufacturing Co , Initial of fifty
cents on common, payable Auguat 1 to atock
of record July, 20 and quarterly of $2 on
preferred, payable July 1 to stock of record
Juno 22,
Anaionda Copper Mining Co , quarterly
SI. pnvabla August 2J to stock of record
July 17
Fajardo Stock Increase Approved
New York, Juno 22. Stockholders of
tho Fajardo Sugar Co. of I'orto Rico at
a special meeting nt Fajardo: Porto
Illco, approcd the Increaso In the
nuthorlred capital stock from $3,600,000
to $7,000,000, nccordlng to advices Just
rccohed by tho Xcw York olllce of tho
company.
NEWJSSUE
$5,000,000
Cleveland Electric Illuminating Co.
15-Year 7 First Mortgage Collateral Bonds
Due July 1, 1935
Coupon Bonds of S1.000 each with provision for registration of principal. Interest payable in New York, January
1 and July L Redeemable as a whole on any interest date at 101 and interest to July 1, 1921; 102 and interest to
July 1, 1922; 103 and interest to July 1, 1923; thereafter to maturity at 107'2 and interest. Total authorized $8,000,000.
The Company agrees to pay the Normal United, States Income Tax up
to 2 if exemption is not claimed, and to refund, on application, the
present Pennsylvania four-mill tax to holders resident in Pennsylvania
who have paid such tax.
The Central Union Trust Company, New York, Trustee
A Sinking Fund of 2 per annum purchases Bonds in the open market
up to 101 lz and interest, or, if not so obtainable, calls Bonds at that price
The following is summarized from a letter from the Vice President and General Manager of the Company:
Secured by
$7,143,000 First
Mortgage Bonds
The Bonds are the direct obligation of the company, secured by deposit
of $7,143,000 Cleveland Electric Illuminating Company First Mortgage
5co Bonds, due 1939, which are thus pledged at 70.
First Mortgage Fives are secured by a first and only mortgage lien on the entire
'property of the company, now owned or hereafter acquired.
There are now $18,500,000 First Mortgage Bonds outstanding of the $30,000,000 authorized and
the balance will be required as collateral for the authorized amount of new 7 Bonds, so that the
first mortgage will be closed.
Net Income Over Net Income available for interest for the 12 months ended April 30, 1920,
4 Times Interest was eual to 4 times interest charges and averaged $2,740,000, or nearly
r. ' 4y2 times average annual interest charges for the five calendar years to
narges December 31 last. The company reports earnings as follows :
Interest
Charges
$362,384
401,983
576,123
812,514
937,203
953,020
12 Months to April 30
Purpose of Issue These bonds are issued for additional generating capacity, transmission
and distributing system and other new revenue producing expenditures,
which should further materially increase the company's gross and rtet income available for interest
charges, which are increased only $350,000 through the issue of these bonds.
The company has paid dividends on its preferred stock since issues in
1893, and cash dividends on its common stock at the present rate of 8
since 1904.
The franchises under which the company operates are unlimited as to
time.
The Cleveland Electric Illuminating Company operates in the City of Cleveland, Ohio, and adja
cent suburban territory, serving with electric light and power a total present estimated population
of over 1,200,000.
We offer these Bonds when, as and if issued and subject to approval of legality by our counsel.
Price 95!2 and Interest. To Net 7'2
Year to Operating Net Income
December 31 Revenues for Interest
1915 $4,392,579 $2,362,957
1916 5,109,738 2,285,620
1917 6,863,886 2,202,524
1918 8,443,329 3,053,118
1919 9,389,941 3,743,296
1920 10,284,130 3,842,248
8 Dividends
since 1904
Franchise
Wm. A. Read i& Co.
1421 Chestnut Street
Philadelphia, Pa.
Chicago
iaRWwSiwW
If SURPLUS (EARNED) Il
ll $2.000.000.00 JI
vih&SpngGarrfeiiSV
YKPHIlAOElPHWfe
STUDY
your Pay Envelope or Pay
Check carefully and when
you decide what it will cost
you to live until the next
one comes, put the rest
where it will be earning
interest, by openingi an
account in our Saving
Fund Department where
you may draw up to $100
at any time without
notice. The Dollar you
save is the best Dollar you
EARN
t 9wC T2h xUK"' .liHijkN BmM
The Capable Young Executive
realizes the value of a connection
with a responsible investment house
HE realizes that his efforts
must not stop with accumu
lation. He knows that he must
conserve that which he accumu
lates. He recognizes the need
of capitalizing his earnings as a
preparation for the larger oppor
tunity which will eventually
come. He concedes his obliga
tion to create an estate for the
protection of his family, and as
an assurance of a comfortable
and independent old age.
Recognizing that his success has
resulted largely from his special
ized knowledge of his own field,
he turns for advice relating to
the safe investment of his surplus
funds to an institution capable,
through specialized effort, of ren
dering a dependable service in
that line.
Halsey, Stuart & Co. has for a
long period of time made the
purchase and sale of investment
bonds its entire work. We are
especially glad to number among
our extensive list of clients a
large number of young business
men, to whose success we can
feel wc are in part contributing
through guidance in the safe
employment of their surplus
funds.
May wc send you ovr booklet "Choosing Your Investment Banker,"
setting forth more fully our facilities for serving you in your invest
ment matters? Ask for Booklet PA-16. You will incur no obligation.
HALSEY, STUART & CO.
Incorporated Successors to N. TV. Halsey & Co., Chicago
LAND TITLE BLDC, PHILADELPHIA
Telephone Locust 4820
CHICAGO NEW YORK DOSTON ST. LOUIS
DETROIT MINNEAPOLIS MILWAUKEE
A Minimum of Fuel
and Labor Is Required
by Hydro-Electric Properties
NEW ISSUE
$4,000,000
The Shawinigan water & Power Co.
Six Year 7Y2 Secured Convertible Gold Notes
Dated July I, 1920
Due July 1. 1926
Principal and interest payable in New York in United States gold coin or at holder's option in Mon
treal in Canadian qold coin without deduction from interest of Notes held by residents of the
United States for Canadian taxes or for normal United States Income Taxes up to 2.
Callable at Company's option, at a vhole or in part, on any interest date, on 60 days'
notice, at 105 during 1021, 104 during 1022, 103 during 1023, 102 during 1024 and
101 thereafter
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
Capitalization
(Outstanding upon completion of present financing)
Capital Stock Outstanding (all one class, par $100) $20,000,000
Funded Debt (including this issue) 13,353.000
From a letter of Mr. J. E. Aldred, President of the Company, we summarize!
BUSINESS: The Shawinigan Water & Power Company is one of
the largest producers of hydro-electric power in the world.
Population served about 1,500,000, including the cities of
Montreal and Quebec.
SECURITY: These $4,000,000 Notes will be secured by pledge
with the Trustee of $5,334,000 of the Company's First Refold
ing Mortgage 6 Sinking Fund Gold Bonds.
EARNINGS:
Years ended Dec. 31
Net Earnings
Interest Charges
1917
$2,149,367
698,503
Balance $1,450,864
Net earnings for 1919 more
1918
$2,335,053
824,959
$1,510,094
1919
$2,430,857
657,114
$1,773,743
than 3 fimes annual interest
1 New York Chicago Boston
Tho information contained In this advertisement has been obtained from sources
I which wo consider reliable. Whilo not guaranteed, it is accepted by us as accurate.
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requirements of $795,030 on total present funded debt,
including this new issue.
EQUITY: The $20,000,000 capital stock has a market value, at
present quotation of 108 in Montreal, of about $21,600,000.
Continuous dividends have been paid for the last twelve years,
the rate since 1915 having been 7.
CONVERTIBLE at holder's option at any time between July 1. 1921,
and July 1, 1925, into, Thirty-Year First Refunding Mortgage
6 Sinking Fund Gold Bonds, maturing July 1, 1950, on a
6V2 income basis. This privilege is an attractive featureof
this issue.
WE RECOMMEND THESE NOTES FOR INVESTMENT
Price 97.65 and interest yielding about 8
BROWN BROTHERS & CO.
ALEX. BROWN & SONS
LEE, HIGGINSON & CO,
JACKSON & CURTIS
The Statements contained In thlH advertisement, while- not uarnnti .
baaed upon Information and advice which we bellivo acSSratJ and reliable.
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