i-
' til I
(V
'I'
i 'J,
if-
( 'Ki i;,
1 'it"
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-v
'HfiVV '
If; MARKING TIME
High Money Rates Put Quietus
on Transactions in. Securi
ties Market
"don clays" of tliei
"Mnrklng time" was
' All tho talb Is of high'
A broker said that
'I'hcc are the
. LI Italflct.
,1 way one ofvthc leading Investment
bankers put It
- At nn innncr
h the stock market begau to show'
,ome life on Monday, the pried of money
Tonrc ..ckiui to climb Hf Mild he
SmI It was n r Rna from the bank
Kit no "nifm.nl activity could be
permitted at this time.
P In tie absence of nnythliiR more In
trreltlns to talk about, n banker took
m the matter of taxation wit i special
JJforcncc to the excess profit-, tax. He
Ed It I- mort absurd tux ever
oJirelved and there should bo n special
lnl struck to ecorntp the man who Is
mmtab c for It. It must Bo. he said,
XS "the present period of lettlnR the
ms out of excess profits by mluclnR
Slices continues on? cnoiwh and cams
mnraMitum enough It will provide the
?cmc(lv. When the profiteer has been
tauKht his lesson, nnd through that
lorce prices fa I. the excess profits
tm". ...'..... ttnnllr il Bnnnenr nnd there
i 1 soon reninln no excess profits to
ax. The very title of the tax wouiu
mm to Rrant permission of the gov
eminent or at lenst Its approval of prof-
i. .:.... lin Rfitd.
Akeil if he had nnythlnc to RUKRest as
ubtltutc for the excess profits tax,
he said he had no siiRRCstlon of bis own,
seems to be a sentiment in
favor of the sales tax of about 1 per
cent on the moss .sales of commodities
an being both easily computed and coU
all T.h(,,n t,tZp ls n- Proposal of a
flat tax of about 20 per cent on the-un-distributed
Income of corporations, that
Is on such Income as Is not distributed as
dividends to stockholders. This tax
would be collected from the corporation.
wiiiir inu ii mi me ipmon distributed
as dividends would be collected from the
Individual stockholders on the basis of
the regular Income tax which he pavs.
The enactment of such a tax law
would, he said, In his opinion, acceler
ate the- payment of stock fllrl,l(.n,i. t.
sterid of having them deferred for long
lie. iu.i-1 u-i nui recently neen mc case.
Knulpment notes have the call these
days, wild the principal partner in n
bond nnd Investment house. There wns
n time, nnirnnt so long ago cither, he
said, when investors fought shy of
them. Indeed, he ndded. there "were
many Investment houses that wouldn't
touch them with the proverbial forty
foot pple, but It's different now, ho
sntd.
Recently, this form of financing has
been popularized by the railroads and
Investment bnnkinp Institutions, lie
continued, and investors have been
made acquainted with their good points.
Issuing them on the Philadelphia plan
is now the rule nnd has contributed iu
no small degree to their growing popu
larity. The shrewd Investor, he re
marked, wants no better security than
a Hen on what constitutes the earning
power of the ronds. Even first mortgage
bonds would lose their value If the
equipment of n road were permitted to
deteriorate.
Any mnn. he said, who can buy
equipment, notes of any of the standard
roads' at par today Is loslnc an otmnr.
tuuity If he permits the chance to pass.
A broker remarked to a customer
ons o yesterday that ho co'ufd s'ee no reasottl LtfCAL MIMING STOCKS . -. v - n1 .. I (M10 010 CQQ PMM RA wSnstlVakia ,
I. why people should refuse touy stock. TOorA stock New York Bonds 1 V h hX l-Il N ...
but he ha4 seen some" suggestions of yesterday that ho co'ufd s'ee no reasoa
outers which hrf considered food. N !. n-nl .f,,,i,i ...... .i,.. .i,.
There seems to be a sentlmrnf in Mi,n i.i.v .n rt ,-.. i .. ..u
.... ...v, .U. Ul'l "".OUKf UO DUIU,
the movement upward always starts
when least expected. People say, .as an
excuse for holding off, that they arc
waiting till after the Democratic con
vention and, while he could not say
positively, yet he would not be sur
prised to see tho market begin to de
velop strength at the cndtif the present
week, although it may not be out of
the trading area till the first week In
July. The improvement in the banking
position, hcremarkod, Is a bull point
today, although It may not be so some
months from now, 'as it all depends' on
commercial liquidation which has re
sulted In good reserve ratios for Federal
Reserve banks.
This liquidation, he snld, may later
on make call money easier, but will
mean a general slowing up of business
with a consequent reduction of profits,
n condition which always dampens
stock market enthusiasm.
" Public utility Issues are coining into
the lrt&rKct again, vt linam A. -Head &
Co. offer a tbIock of $.",000,000.
Cleveland Electric Illuminating Co.
15-year first mortgage collateral bouds,
due July. lOIin. These bouds aic se
cured by .$7,143,000 first mortgage G per
cent bonds, due lO.'lO. nnd are part of au
authorized Issue' o.S30,000.000 secured
bv n first mortgage on all the property
owned by tho company or hereafter to be
acquired.
The company) operates In Cleveland
and the adjarfent suburban territory,
serving with light and power a popula
tion' of over l.'JOO.OOO.
The net Income of the property for
twelve monthB. ended April 510. lfl'JO.
wns equal to four times the Interest
charges. They nrp offered nt IKi'i and
interest to yield 7jj per cent.
Old
Cftih Boy .. ..,,,,,,,,.,.. .05
Jim ButUr ,...,. .14
JUcNmra
.05
.!
.10
.05
.IS
1
.......
McNmart Crucent ....-..
Midway
Mltpali Ext
Montana
NoWh 6tar
neu Hula , , , ,
Tonopah Kit .......,,,..,.
Wit Kind
DIVIDE STOCKS
Allied Dlvld
Alto Divide .1
nichr ....!..!!!
jisichfr Kxt ...,.;;;;!!!!.
Hon Jtur
Ilroush Divide , .."
Divide Kxt ...;;;;,
Divide Hyndlcale
Divide Cons '
Dividend ':
Kant Divide
llarmlll ;.,
Ifaibrouck Dhlde
High Divide ;.;;
Revert Divide
Ilno Divide
rtoeetto
niivcr Kin ;;
Tonopah Divide
Tnnopali Itaiibrouck
victory Divide
Verde Divide ,-.
5$pne .,.,
dOLDKIELD STOCKS
Atlanta ni
niue jiuu 01
Ilooth 04
C O D.I 0'
Combination Fraction ii'j
(.racKerjacK 03
Dlamondneld II D....AA (11
Daley 01
Florence lr.
tioldfleUI Cons . no
aoldneld Merger u
Cloldflcld Development OT
Oreat Ili-nd m
Jumbo Kxt nr.
Kewanao HI
Initio Star 05
Ora 01
!l-d IIIII n.
Sliver Pick n;
Spearhead 02
MISCELLANEOUS
Amparo Is,
Arizona United 10
T!den '
Motrer Iyidn 57
Nrvnda IIIII 02
NVatla Itund SO
IVIlbert 04
Nevada Wonder 'i
Terona Mln .
White Caps 10
.03
.01
.02
.DA
.04
.01
.07
.24
.01
.01
.05 '
.01
.10
.02
.01
.05
.01
.01
.02
.05
,0.T
14
A ik
.OT
.16
A
.Ol''
.is
;
1ft
.05
.02
.04
.04
.on
.02
.no
.20
.02
.01
.07
,.oa
.50
.04
.02
.on
.02
, .02
.03
';
.07
.05
.10
.02
.02
.0(1
.03
.01
.10
.02
02
.15
.11
.02
.OS
02
.07
.02
.07
.112
.03
.OS
.01
Hi
.15
nn
.01
.25
.0(1
.oo,;
.12
SALES IN 110001
From Opentna- Until 2 p. m. (N. V. Time)
Adams Kx U. li.... 07 U
D of can '2
1 87
D of Can '23
8 89U
D of Can '31
1 R014
Erie Oenl Lien
2 BOH
8 EBU
A Tel A T ell
3 74
a..... 74
A Tel & Tel (a
5 74
1 74'
4 7 4
A Tel & Tel flaJCrle fl II c-A
1 0.11
3 03',i
1.. .. 04
1..... 03ft
AncFrench 6s
8
10.
i. 3.
3
1.
.
n.
5.
14
11.
22.
2.
4
7.
Apn
'0
mil
"... OSt
... 08'4
... 08ft
.. 08ft
OR't
... 1)8
. . 08H
08
... 08
... 08
... 08
... 08
... 1)8
Arbor 4
40
Ws atwfmmSnKKSWmms 7
ill :A?--lirfpVilffBI
v r
&&&.
Petroleum
T he possession of an adequate proportion of the world's
future supply of oil has now become the affair of nations, and
the- rapid development of the present known deposits is
essential to the welfare of every country.
The United States Shipping Board asked for offers in
February, J 920, to fill its fuel oil requirements for a year,
and a month later for only a six months' supply, and in each
case but a few small bids were received.
The demand for petroleum products is now in excess of
the supply, and has increased from about 70 million barrels
in 1901 to 435 12 million barrels in 1919, with an estimated
demand for 650 million barrels of crude oil in this country
in 1925, or approximately 220 million barrels more than .we
produced and imported in 1919.
NEW ISSUE
$900,ti00
Choate
Corporation
(Incorporated under the Laws of Delaware)
Five Year Eight Per Cent. Sinking Fund Convertible Gold Notes
Dated June I, 1920. Due June 1, 1925.
INTEREST PAYABLE JUNE 1st AND DECEMBER 1st '
Callable at option of Corporation in whole or in part at 02Vic and interest on thirty days' notice, i
Callable for Sinking Fund at 02Vz and interest on twenty days' notice.
Coupon Notes of $1,000 denomination, registerable as to principal.
Pennsylvania State Tax Refunded. Free of Normal Federal Income Tax up to 2 under existing laws.
1HE LAND TITLE AND TRUST CO. OF PHILADELPHIA, Trustee
Outstanding
$988,000 (I)
1,000,000 (2)
229,786 (3)
From a letter addressed to us by Mr. John V. Choate,
President of the Corporation, we summarize the following:
CAPITALIZATION
Authorized
3 Year 7 Sinking' Fund
Convertible Gold Bonds. .$1,200,000
5 Year 8 Sinking Fund
Convertible Gold Notes.. 2,500,000
Capital Stock (no rJar value)
(shares) 500,000
( 1 ) $21 2.000 retired by Sinking Fund.
(2) Remainder of Notes to be issued to refund 7co
Bonds or for other corporate purposes under proper restric
tions. (3) 110.000 of the 270.214 unissued shares are re
served for conversion of Bonds and Notes. The Board of
Directors is empowered to issue the remaining shares in its
discretion.
BUSINESS: The Corporation (under the name of
"Sammies Oil Corporation") was organized in 1917, and
now includes every phase of the oil business producing, .
refining, transporting, and marketing petroleum and its
products. .It owns and operates a two-thousand-barrel-per-day
refinery, tank cars, loading racks, steel storage tanks,
gas plant and mains, and many retail filling stations. It
owns leases on oil lands in Oklahoma, Texas and Louisiana.
EARNINGS: Messrs. Marwick, Mitchell & Co..
C. P. A.,have reported the Corporation's earnings for the
first three months of 1920, and the Corporation has esti
mated earnings for April and May. These figures combined
indicate average net earnings applicable to interest charges
for the past five months to be at the rate of approximately
$880,000 p.er annum, and for the last three months at the
rate of approximately $1,1 50,000 per annum. Several wells
are being completed and others drilled which should greatly
increase the earnings.
CONVERTIBLE at any time at the option of any
holder into shares of stock at the following rates :
On or before June 1, 1921,
50 shares for each $ 1 .000 Note.
On or before June I, 1922, i
, 40 shares for each $ 1 .000 Note.
On or before June 1, 1923,
1 33 shares for each $1,000 Note.
On or before maturity,
30 shares for each $1,000 Note.
Accrued interest is paid to the date ,of conversion.
VALUATION: Jo P. Cappeau, Esq., Petroleum
Engineer, valued the Corporation's property as of February
25, 1920, at. $4,259,625, exclusive of quick assets. The
Corporation's officials estimate that since that date the value
of the property has increased on account of the bringing in of
additional wells to $6,000,000, to which should be added
approximately $1,000,000 of quick assets, giving total
values of approximately $7,000,000 behind these Notes.
SINKING FUND: One-third of net income less all
accrued interest but without deducting depreciation is payable
monthly into the Sinking Fund for retirement of these Notes "
by purchase at lowest price obtainable less than redemption
price. It is expected that this Sinking Fu,nd provision will
retire all Notes at or before maturity. f
All legalities subject to approval by Messrs. Morgan, Lewis & Bock'ms, Philadelphia, 'Pa. Engineering
Reports and Appraisals for the Bankers, by Jo P. Cappeau, PctrolcumJLnginccr, Pittsburgh, Pa. Audits for
the Bankers by Messrs. Marwick, Mitchell 6- Co., C.P.A.
WHEN. AS AND IF ISSUED TO AND ACCEPTED BY US.
PRICE 98 and interest, to yield about 8.50
with Five Shares of Capital Stock.
The statements in this advertisement are based upon 'information obtained from official sources or from
those which rve regard as reliable. i
WE WILL GLADLY FURNISH FULL DESCRIPTION
65 Broadway
New York, N. Y.
Pittsburgh, Pa.
Wilkes-Barr Pa.
Frazier & Co.
Broad and Sansom Sts.
Philadelphia, Pa.
19 South Street
Baltimore, Md.
Washington, D. C. '
Lebanon, Pa.
Arsentlno IW
public Ca
1 Tl
Armour 4s
1 76!i
2 70
1 75W
8 7Btt
Attn Topeka &
8 Fo 4a
1 70i
2 70
4 70.
2 70
1 70S
Atlantlo Cuat
L rcta
8 9GU
2 80
2 00
7 00
0 00
1 1)0
2 01
Halt 4. Ohio cv
1 50
1 SO
1 50
8 50
2 , 5U
Halt i. Ohio Is
2 50
2 50
Halt I Ohio 5
1 50
1 50
Haiti Ohio 0
1 85
1 85
5... . 85
4.'.... 85
3 85
2 84
Ilethle'm Steel
Corp'n M
1 78
1 78
Ucthle'm Steel
C'n 5a '30
1 78
Calforn'a Gas
li Kleo 5a
1 82
Cana'a S'n 5a
1 78
Cent of a eti
2 77
Cent'l I'ac let
5 00
1 04
C & Ohio 4s
4.. i.. 70,
1 70i
1 70,
C'k L O cv 6s
2 74
1 74
1 74
Chicago D'n &
Qulncy 4a
2 03N
2 08
1 03,
10 03 Vi
II 03
2 08
2 03
Chi Krle let
2 73
Chlraco Mil &
St 1 d 4a
1 54
1 04
1 7B
Pa It 4 '21J
10 08.
Penna rt n Be
12 '.'
10 83
i. ... 82
Penna It It 7
1 34
Crle II K cv 13
2 84
1 85
Erie II II cv D
10 85
1 33
0 35
5 5i
Brie It Co 4s
10 47
Oen'l Uleo OaJ
8 07 '
3 87
llav'a Elec 5a
8 84
1 84
Hud & Man fd
2 B0
2 60
Hud A Man In
1 10
10..... 10
111 Central fd
10 08
2 .... 08
III Cent 4s '52
02
III Central 6
2 85
Imp Jap Q 1st
.1 . . 73
4 .... 73
5 .... 73
6. ... 73
Imp Jap CI 21
107-.... 73
Imp Jap U 4a
10 65
10 54 1
10 65
1 85
Interborouih ,
Met 4s
17 16
1 15
In'o I'.ap T fd
1..
1..
1..
I..
2..
B..
1
1.
101
101
101
101
101
101
101
101
101
N BANK DEPOSITS
Now Jersey Commtssloner'3 Re
port Shows Unprecedented
Increase for Year
RAILROAD EARNINGS
iii.ni iiirrBar"
A.ll AU . iai.fHM.2tl ";c.n2..iui
IiiflMf alter taxes. . K .bt ii.gn.ai.i
pencil a1'. lr... u nn, i.n If. fifi. T.a
iSSr wnil.s- o: ! mSSmSm Milt 747
DfOcl after taxea... 23.453.500 23.304.25i
Nit owr. deficit: t. 24.301.034 25.300,207
Wi:ST JKnSBT ASM SUABHIWI2
SAVINGS ACCOUNTS GROW
8.
31
52
52
62
62
51
51
51
61
61V
Int'l Merchant
Marine 0
B 84
1 84
6 84
Kansas City T
rtly 4s
-1 64
Kingdom Del
slum
13.
1..
1 .
1..
1..
1..
..07
. 07
. 07 :
. 07
. 07
. 07
. 07
07
. 07
. 07
. 07
. 07
, 07
.. 07
. 07
. 07
07
rhll County cv
2 to
1 ,...-80
2. ... 86
2 80
r 80
fleadlmr It
10 76
1 76
4 ... 73
3
tinmllnr Co J
CI Col 4s
10 85
IMP I 8 ?
2, , , I . OM7J
1 8B
ni a & w 4s
4 01
rtoctt 1st Ark
& li Viis
1 02
t 02
1 62
02
at M a
niy 4s
l 07
St U ti 8 V al
1 01
2 01
2 00
1..T.. OOi
St U U 8 F In
10 li
3 l
2. . .. . 4"
2 47
10.... 47
3. .... 47
St U 8 l'r"
Perles A
6 03
R .. ..53
6 63
1 63
1 634
1 53
7 53
St U & 8 Fran
Series u
4 "i
2 03
6t U to B Fran
Series C
1 82
1 83
Srab'd A U aJ
1 33"i
St U & South
West'n 1st
1 oi
April R-rofs
Deficit nf'.cr taxes .
Net oper. deficit.
Four mmths' crons.
Deficit ntter ""'
Net ni-or. deficit .
Dtcrcase.
1808.431
228.0RU
230,771
3,182,100
1,101,842
1.188,732
123,827
114,010
111,10
111,810
643.TIB
600,250
1.
1.
1.
1.
6.
5.
1.
6.
10.
1.
Lack Steel '50
3 84
Lake Shoro M
S'n 4s '28
1 78u
Louln & Nash
ville rets 7s
0 00
i no
10 00
1 00
Mldv'e Steel &
Ordln'o 5
3 77
1 .8
1..... 77
Mo Kan & Tex
Illy ct 2ds
1 27t-
Mo Kan t Te.t
Trenton, June 23. Unprecedented
Increuscs In the resources nnd deposits
of New Jersey financial institutions
are Indicated In a statement Issued by
Commissioner Frank II. Smith, of the
Department of Hanking and Insurance.
Bhowing tho condition of 123 trust com
panies, twenty -spv.en savings banks and
twenty-six state banks nt the close of
business May 4 last.
Total resources of these Institutions
on Mny 4 amounted to $S30,014,452.&3,
or on incremc of $105,030,750.30 since j
May 12, 1010. Deposits on -May i
reached a totnl of $720,310,210.50. on
incrense for the year of $112,012,583.55.
Uesldos establishing a new high-water
mark for deposits and resources, the re
ports returned for last month indicate
the largest gain ever made for a year
by the state's financial institutions.
Resources of trust compnnie last
month amounted to $581,ir24,085.40. nn
increase of $77,175,251.32 since May.
1H1II. Deposit of trust coinpaures
amounted to $405,050,570.28. nn in
crense of $85,530,503.51 for the yenr.
Totnl resources of savings hanks
nmnunted last month to $207.5S3.
010.30. this being a gain of $20,210,
428,52 duriug the yenr. Deposits of
snvintts bnnks nmounted to $101 .42G,
010.80. an inrronse of $10,272,727.80.
Htntc banks, with totnl resources of
$50,137,317.05 nnd deposits of $12,
833,074.52. showed a gain of 88.254.
070.52 In resources nnd $7,803,332.21
in deposits.
.Surplus funds of trust compnnIs Inst
month amounted to $10,800,343.22. nnd
undivided profitR to $11,100,720.30. a
gain of Sl.314,700.81 iu surplus and
$1. 251 ,040 in undivided profits. The
surplus of- state banks amounted to
si u & Bou1n51.n02.500. n gnln -of $l(2,r0(i. Un-
. Jm divided profits of state banks nggre-
'"". 51 Wli $1.138.873.4.0. a gain of $108.-
2!!.:. 61 171.23. Savings bnnks hnd surplus
4 61 funds lnt month amounting to $14.-
8...... Bl . 028.050.50. n gain of $1,052,000.45 for
the year.
Liverpool Cotton
Ilrerpool, Juno 23. There was only
a small demand for spot cotton today,
with nrlces easier on the basis of a de
cline of S point- for mldtllliw at 2G.04d.
i.l .!.. were 8000 bMes. The receipts
were E000 bales, Including 300 bales
American. Futures wero uulet In the
enrly dealings. Spot prices were: Amer
ican, middling- fair, 31.29d Rood mid
dCc.28.G4d: full middling. 27.29dj
11 dd Ins! 26.04d : low middling. 22.74d :
Sood ; ordinary, 19.B4d, ntrd ordinary,
18.540.
' Imperial Japanese
Government
4 Sterling Loan Duo 1931
20 bonds (rpproxlmntcly ?100
bonds $ principal and interest
pnyablb in U. S. Bold at fixed
rnto of $4.87 per sterling.
Price $54 per 20 bond
to yield 11.70
Tho 200 Bonds are selling
nt nbout C5 on the New York
Exchange.
BATTLES & CO.
INVESTMENT BANKERS
ESTALISHD IBBO
INDEPENDENCE SQUARE, EAST
CHARTERED by CONGRESS ITS)
Jt NATIONAL BANK IBM
he BANK of
North America
3orCfiestnut Street
s
OFFICERS
l. rUSET PASSM0RE, Prtildi.t
It S. McKINLET, VI t. Prti. E. S. KR0MER, CtiUtr
W. J. MURPHY, Aut. Cttaitr C. H. PRINCE, Ant. Cailt
J. W. WHITING, Aut C.i.I.r
DIRECTORS
Chlcaio Mil i'llb- ct 4js
SIP cv 4Ss
2 ivi
C 03'i
3 08 1;
1 03t
Chlcaco Mil ft
StP'M 4Hs
1 114
2 54
Chlcaco Mil ft
St V cv Brf
3 03 "4
S 03U
Chlcaco Mil ft
SIP em 4's
1 004
Chi M rust
Hound 4s
1 RS
Chlcaco Ht 1'
M a O t
0 80
Chlcaco Ilall
ways Bs -
1 01
10 01
Chlcaco Ilock
I I'4C fd
B 04U
IB 044
1 04
1 .. . 8
S.. .. 01'i
Chlcaco I'nlon
Hta ct 0',s
S . 101 'i
Chlcaco ft W
I nil' a 4s
1 BSV
City Lyons 0s
10 S3
City Mara's fli
10 83
City N T S',43
May B4
5 74
City N T. 4Via
May 'BT
3 02",
City Paris 0s
2 02'i
4 02H
1 02'i
1 02U
1 02i
, Cl'd Cln Chi
1 yt i; cm 4s
! 1... .02
1 Color'o L & 4s
2.. .. 7SH
Cons'd Oas 7
1 08K,
B 0HU
Copenh'n B'4
2 7;
1 78
Cuban C'e Bu-
i car cv
. .. .. 07
1 2 .... 074
B .... 97
I 3. ... 07W
Vtn U It O 4s
3 .... 01
1 . .. 61
D i. R O'rt Ba
2 03H
Horn Canada
fli of 21
20 .. . 07U
Dom Canada
Bi '21
3 . . 07
B 24
Mo 1'rc cm In
0 32
1 -92
1 &2
Mo Pro Bs '!
10 SOU
Mln t. Ht 1. 4s
37
M .HtP ft Saul!
te M Ry 4s
1 72
Mon'a Tow Bs
1 70
1 78'i
1 7Bu
2 7H
3 77?.
New CI Tex ft
Mexico Bs
1 4B'i
N T C ft II It
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N T N II ft II
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R R fd
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N T Tele's 0s
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RR 4Us
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1 71
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Coal C 4s
B 734
N'n TaclflB 8s
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N'n Pacific 4a
IB 704
4 70i
Orecon S L 4s
1 70
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S'n Pac cv 4s
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1 74
S'n Pac cv fls
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1 S3
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S'n Itallw's 4a
1 BON
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S'n Itallw's Bs
B 80
1 80
So Rly M ft O
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B Bli
Third Av R 4s
4 40
3.. .. 40
6 40
Union Pac 'd
0 084
B 07H
JUnlan Po cv
1 70H
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1 774
3 774
Union Tar 0
0 00
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B 07
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rets 20
10 SO
10. s;
18.. 884
4. . . H4
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U K O 11 ! '37
IB.. . 644
1.. . 844
B 844
3 844
U S Mexico 4s
2 274
1 274
U S Mexico Bi
4 314
11 344
U S Realty .'n
1 814
B... . 82
1 . . . 82
4 814
U 8 Rub'r Bs
10 784
4... . 784
U S Steel Bs
2 80
1 604
1 SOU,
B .804
1 804
8 804
Va I'n Coal ft
Coko 1st
1 804
We'n Eleo Bs
2 044
1 D44
We'n Pac 1st
1 704
West Shore 4s
2 07
1 674
Wilson Co cv
8 8B
8 85
Wilson Co 1st
2 80
10 . .. 804
Investment
Bonds
Welsh Brothers
028 CHerrrcxrrSTiiEar
Philadelphia
Lombard 1543
LINCOLN K. PASSM0RE
JOHN W. PEARCE
JOHN P. CREEN
GEORGE FALES BAKER, M. D
N. MYERS FITLER
CHRISTIAN C. FEBIGER
J. HOWELL CUMM1NGS
W. PERCY SIMPSON
WALTER H. R0SSMASSLER
CHARLES B. DUNN
HORACE E. SMITH
HARRY S. EHRET
EDWARD F. HENSOlf
THER0N I. CRANE
GRAHAME WOOD ,
W. KIRKLAND DWIER
WILLIAM F. READ, JR.
CHARLES O. ALEXANDER
LEONARD T. BEALE
MARVIN A. NEELAND
JAMES D. C. HENDERS0I
WALTER ERBEN
L PUSEY PASSMQU
Workmen's Compensation and
Automobile Insurance
At Actual Coat
LIBERTY MUTUAL INSURANCE
COMPANY
"0 South riftpenth Street Phlladelrhla
NEW YORK WEIGHING CO.
OF 70 WALL STREET, NEW YORK
One of the largest organizations engaged in weighing,
sampling, examining, coopering and forwarding of general
merchandise will on or about July 1 open a branch office
in this city and will specialize in the above operation.
Further information can be obtained at our main office in
New York. WE SOLICIT YOUR ACCOUNT.
'
" ., V T 'SI
1 '' . "j
New lu 11 f
$2,000,000
Idaho Power Company
First Lien and General Mortgage S Gold Bonds
Dated July 1, 1920
Due July 1, 1930
Interest payable January 1 and July 1. Not callable for the first three years; callable
on and after July 1, 1923,, in blocks of not less than $500,000 at a premium of 54 of 1
for each ear, or unexpired portion thereof, to maturity.
This Company operates under the jurisdiction of tho Public Utilities Commission
f the State of Idaho and the Public Service Commission of the State of Oregon
The following information is taken from official sources:
Uleh Low
Liberty 3r .... J2..10 OL'.OS
Liberty 1st 4s 85.(10 fi."i.30
Liberty 2d 4h M.40 85.20
Liberty lHt 4'In. 80.10 8.1.02
Liberty 2d 4"1h. 8.-).00 M.40
Liberty .Id 4Us. 80.!!0 80.12
Liberty 4tlt -iJs. Ki.110 S5.0S
Vic Notes r.nis.. 0.".(1R ."i.."i
Vic Notes 4-1i8.. 05.08 05.50
(N.T. time)
1:13
p. m.
02.08
85.00
85.40
80.10
85.54
80.24
85.70
05.54
05.50
Exchange Asks for Triple Holiday
New York, Juno 23. Tho petition re
questing the governors of tho New York
Stock I'Jxchanero to close tho exchange
on Saturday, July 3, giving a. triple noil,
cluv, lion so far been signed by moro
than 400 members and there Is a pos
sibility tlmt additional signatures will
watrant tho presenting of Mho petition
at the regular meeting of the gocrnlng i
commutes whs uiieiiiuuu. mis will Do
the last governing committee meeting of
the season, '
GOVERNMENT BONDS
ma
Panama couron Ss, 1036 lOOi
Manama reslstared Ss, lB3tf.,.10ll(
Panama coupon 2s, 1038 100U
I'anama registered "s. 1038 100'i
i Psnama coupon Ss, 1081 77
I'mmiH rrcltteied Ss. 1061 77
Ask
10
10
loin
fflil
si
81
83
The Idaho Eower Company, operating without .competition, serveswith electric
light an4 power a territory extending across southern Idaho and into eastern
Oregon and embracing a population estimated at 160,000. The territory served
includes practically every important community in southern Idaho.
The Company's entire power output is supplied by hydro-electric plants.
The Snake River, one of the major rivers of the United States, flows through
the field of the Company's operations and presents unusual opportunities for the
development of hydro-clcctric power at low cost. The present plants owned by the
Company have a generating capacity of 39,540 K. W. With the abundance of
hydro-electric power which can be cheaply developed as needed the Company
is in position to meet thcHuturc demands for power at a relatively low de
velopment cost.
Earnings
(Years ended May 31)
1920
Cross Earnings $1,98182
Operating Expenses, including taxes and
maintenance , 992,450
1919
$1,597,738
855,504
$ 742,234
Net Earnings $ 989,032
Annual Interest on Funded Debt in the
hands of the public 460,000
Balance $ 529,032
Net Earnings OverTwiea the Above Interest Chare
We recommend these bonds for investment
Price 100 and Interest, Yielding B
Complete circular on request
These bonds are offered for delivery when, as and if issued and received by us, and
subject to the' approval of counsel as to legal details. It is "anticipated that
temporary bonds will be available for 'delivery on or about July 6, 1020.
i
Harris. Forbes & Company
Pine Street, Corner William, New York
Widener Building, Philadelphia
Harris, Forbes &' Company
Incorporate!
Uotton
Harris Trut and Ravings Dank
BonJ Dtpurtmot
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