frlj "i.ln, ' 'if . "'" V.ji " jSv 'lirf'i i I iv jf-? a Scranton Tob8JtMJolyl,lM0 $800,000 El Paso Electric Company Five Year 7 Gold Notes To mature July 1, 1025 - UM.1U Y .. 4 J T tf . M u .. . . SIriil-.M.inrn?10? T0 r noi" dI Income Tax up to i. Coopoa note la dsaotBlnattoaa of 1,000, $600 tad $100 Interchangeable; roglsterablo as to principal only. The Company will agreo to refund the Pennsylvania four mill tax KdemaUa m a fhoU or ia part, at option of Company, at uw tlmo onUS data' notice at the followW nrir .nrf ?S JJE TirESE ju ".ioaje juiy 1, irai,to junoao.ma-.ioi July 1,1023, to jun 30,1024: 100 July 1, ltti, to maturity. Authorixd,ll000,O00 To be Issued, Series A, $800,000 Guaranty Trust Company of New York, Trustee r A lettar; eoplaa of which will be supplied on request, from Mr. Charles P. W. wetterer, of Etoee Webstar, Ine Management DMslon and President of the Company, is summarized as follows: The Company owns all the securities (except direc tors' qualifying shares) of the operating companies through which it does the entire electric street and interurban railway, lighting and commercial power business in and adjacent to El Paso, Texas, and Juarez, Mexico and owns the two toll bridges across the Mo Grande' at El Paso. The earliest maturing franchise expires in 1951, and practically all of the interurban mileage is located on private right-of-way. El Paso is the principal gateway to Mexico. Served by eight railroads it is the natural distributing center for ''a large area in the United States and Mexico, a rich mining, cattle, agricultural and tim ber district. These Notes are to be direct obligations of tho Company and are to bo secured by pledge of all the bonds, notes and stocks of the subsidiary operating companies now owned or hereafter acquired, which have an aggregate valuo in excess of $6,000,000, sub ject only to the lien of a closed 81,000,000 Collateral Trust Bond issue maturing January 1, 1932. They are to be Issued under a Deed of Trust which will contain protective restrictions as described in the President's letter. t The value of the property Is in excess of the capitali zation and the conservatism of the financial structure is shown by tho fact that, of the total capitalization, bonds comprise only 18 , those Notes 16 and stock 67?$. EARNINGS AND CHARGES TwelTQ Months Ended May 31. 1020 Gross Earnings Operating Expenses and Taxes . . Net Earnings . . . Interest Charges: On Bonds . . . On these Notes . $50,000 66,000 Balance $1,710,669 1,182,618 $628,041 106,000 $422,011 UUfMt cfetftot thorn tn tho re which fll teem after th completion of tho pteient flaineinc For the twelve months ended May 31, 1920, the Net Earnings applicable to interest were approximately 0 times all Interest charges on the Company's bonds and these Notes. Moreover, average Net Earnings for the seven years ended December 31, 1919, have exceeded 4 times such interest cha ges. Junior to theso Notes, there are outstanding In tho hands of the public $783,700 6jg Preferred Stock and $2,914,100 Common Stock. Dividends on tho common stock have been paid since 1910 and, since December 15, 1915, at the rate of 10 per annum. Price 96 and interest, to yield about 8 When, as and if issued and received by us, and subject o approval of counsel. Announcement as to time and form of delivery will bi made about July 7th. All letal details pertainint to this issue will be approvedby Messrs. Tyler, Tucker, Barnes & Wright, of Boston Guaranty Trust Company of New York Philadelphia Correspondent: 421 Chestnut Street Stone & Webster.Inc. New York Boston Chicago We do not cuaranteo tho sta.tem.enta and flcures presented herein, but they are taken from wurces which we believe to be accurate. Your Money Will Earn 8 With Safety when invested in Preferred tocks with strong Sink ing Fund provisions and issued by well-established computes manufacturing essential necessities and earning several times dividend requirements, with no mortgage indebtedness.! We have a carefully stinted list of Preferred Stocks meeting these re quirements, vihith toe recommend ti the most conservative investor, yielding 85 Ask for Folder No. P P L 357 Hollister;WHite& Go. (NCOavOWATIQ BOSTON SmtNOriELD North American Building PHILADELPHIA riTTSFIELD PROVIDENCE NEW YORK. PORTLAND BLUE STAR NAVIGATION CO. Owners and Operators Drexel Building, Philadelphia, Pa. Sailed for Gothenburg JUNE 28, 1920 SS "LAKE FERNALDA" CHARLES T. MEGEE CO. Agents for U. S. Shipping Board Drexel Building,, Philadelphia, Pa. . 'Sailed for Copenhagen JUNE 26, 1920 U. S. S. B. "FORT ARMSTRONG" New York Bonds (BALES IN llOOtl Tram Opening Until J p. m. (N. T. Time) Amern Ar A Chem Be 3 M 1 88 . 1 8TH A Tel ft Tel clt 1 73 3 1H ID 78 4 1 78 H 1 7 A. Tel A Tel Si T 74U A Tet A Tel fta 1 03 H 1 BSU 3 f)3H 1 8HH 1 03 U Anr-Krench oi 0H 09 7 S3 7 99 H 99 H 99K 80S 99 H a. r. 3 B B.. 80.. 1.. 11.. 3.. 11.. 13.. Argentina Ite publto os 1 71H Armour mi 1 7BU Atch Topeka 4l 70 3 70; 4 70 U Atlantic Coast Line clt 8 80u 1 eiu Atlantlo Coast Line 4a 1 to Atlantic Coaet T rcta 7a 7 0BH 2 05 H 8 95H 7 0SH 0 0BS Dalt b Ohio ov 1 BSTi 3 88ft 4..... B8H 1 B8T4 Dolt & O 8H 2 78H 1 78 Dalt A' Ohio 4t! 1 WU 1 B94 2 09 a B8 3 69 U Bait A Ohio Bs 1 BStt Dalt A Ohio fl! 1 84 3 84 1 84 lie t hie' m Steel Corp'n Id 1 78 't Brooklyn Rap Tranelt 7. 4 4011 Caltorn'a daa tt Rleo Sa 4 81U Canada S'n Be 1 77 Cent Leat'r 6a 2 BOH Cent' I Tac 1st 2 8H 2 fltt 4 SH 4 68 C A O cv 4V4 B 70 1 70V4 C A Alton HV, 4 S2H Chlearo A A'n Char Ba 4 82 Chicago H'n A Qulncy Em 9..... 71W Chicago Il'n A Qulncy neb 1 83 Chicago Il'n A Qulncy 4s Dom Canada Ba of '21 3 07 H B 87 10 97 B 07 D ot Can '28 8 87 H 1 87V4 D ot Can 2 10 00 D Canada 81 1 84 Erl. Oenl Men 1 88 Eri. nn cv a x so 1 84 Erl. R n ct 11 3 84 Erie RRerD 1 85 Erie n Co 4i B 47 10 47 Oen'l Eleo Bs 3 88 Oen'l Rleo 8a B 07 1 97 8..... 97 1 07 1 97 1 07 Hud A MKn fd 1 68 1 B8 III CM ext 8 1 83 til Cent 4a '62 B 83 imp Jap O 1st 1 74 Imp Jap O 2d 0 72 10 72 4 78 B 73 Imp Jap O 4s 10 BB 8 6B 12 BBS B B 3 BS 3 B8 mierborough nap T fd N'n raslflo 4a B 70 8..... 70 B....: 70 8 70 1 71 2 70 No'n Pao 4a 10..... 70 . Oregon A Cal It It Be 1 88 Oreon n H Nav Co 7 a 71 Paeltlo It II -Jf Missouri e 1 10 2 70 Pa B n 4a '48 1 TT Pa n en 4g 1 8B ra n gm 4. 1 TOM Penna R B 4 B2 8 82 1 82 1 82 Penna n H 7 RAIL TIE-UP HURTS CREDIT SITUATION Proaont Congostlon on Roads .Believed Responsible for Low Price of Securities B0 60 B0 BO B0 B0 B0 .60 1. 4.. 1.. 1.. 1.. 8.. 1.. 101 101 101 101 101 101 101 7 18. B. 10. 10. 10. 10. 2. Int'l Agrtcul'l Corp'n Ba 1 78 Int'l Merchant Marine 8a 1 84 Kansas City A Boutrrn Ba 1 87 Kan's A Midi my 4a 1 84 10 84 Kingdom IM glum 7s 9 09 a... 2... 1... 1... 3... 1... 28... 8... 10... 2... 3... 2... 1... 1... 17... 2... Publle Service C'n n.j os 2 82 4 01 4 80 Republic Cuba Bs pf '04 1 90 1 00 Republic Iron oieei 1 84 Rochester A P n n en a 18 Bt L I M A S P.iy 4 a 2 88 St L I M A H nlv Ba 8i.... 61U 3t I. A B V al 6 80 1 00 10 80 SI L A 8 K In 93 93 ..93 03 93 03 03 03 .03 98 .98 98 OR 98 98 08 03 08 98 08 08 98 98 08 98 98 9 98 47 .47 47 47 47 47 47 47 47 .47 The First Mortgage 5 Bonds of a Local Public Utility Company are selling at a price to yield about 8J4 on the investment. We recommend purchase. The bonds are .tax free in Pennsylvania, listed on Philadelphia, and New York Stock Exchanges, and in our opinion well secured. We shall be glad to forward particulars. HARPER & TURNER Investment Banker I Oth Floor Stock Exchange Building Philadelphia Members of Philadelphia Stock Exchange Reading Philadelphia Will Help The prosperity of tho nation depends upon tho ability of the railroads to transport manufactured and food products of overy kind. Philadelphia's manufacturers know tho crowded condi tion of tho railroads and the terminals, together with the shortage in locomotives and cars. As a Philadelphia Industry, wo will strain every effort to rush to riomple'tlon every locomotive and so help over come tho present serious condition. The Baldwin Locomotive Works - Philadelphia A Booklet of Sound Investments We have prepared a new Booklet which briefly de scribes: 6 Equipment Trust Certi ficates 4 Notes due within a year 1 2 Issues due within twenty-nine years 4 Preferred Stocks These issues represent the most attractive now on the market. Compfimcnlarii copii of litis Booklet sent on request. Bonbright & Company 437 Chestnut Street Philadelphia N,w York Boston Chicago Detroit TO HOLDERS OF INTERIM CERTIFICATES. DATED MAY 1. 1920. FOR ASSO CIATED SIMMONS HARD WARE COMPANIES FIVE YEAR SEVEN PER CENT SECURED GOLD NOTES: NOTICE IS HKrtEBY GIVEN" that the Definitive Associated Simmons Hardware Companies' Flvo enr Seven Per Cent Se cured Gold Notea will be ready for delivery nt tho office of the Continental and Commercial Trust nnd Ravines Hank, No. 20S South La Salle Strrot, Chlcniro, Illinois, on June 30th. 1020 nnd thereafter on presentation nnd surrender of interim certificates therefor Issued by the under signed. DATED: Chicago. 111., June 29th, 1920. CONTINENTAL AND COM MERCIAL TRUST AND SAVINGS DANK. I..v w. i. kopf. RKr?u'S".,u"' 0 2.... 3... 1.... 18.... 1.... 1.... 1... Chlcuco Mil 4 St P 4a 5 01U 3 81 Chlearo Mil A 8tFcv4W 2 03 Chlcacn Mil str ra 10 8314 Chleaco Mil StP gm 4,4 1 80H Chicago Mil & St P cv Ba 1 0314 Chicago nock I & Pao fd 1 R4H 3..... 04H 2 04 H 1 04H 1 04H Chicago nock I & Pao 4a 1 B8i S OS Crlcaro Union Sta 4V4a 2 73W Chicago Union Sta ct OVja 2.... 101U Chllo Cop'r fli 10 73U 1 78 Chlneas Oov't INK niya Aa 1 43U Cty New York 4a of 'BS 1 82U City Parta Aa 1 02 11 02 S 02S City Toklo Ba 10 B2 Cl'd Cln Chi 4 Pt I. gm 4i 1 83 Cons' d Qaa 7s 2 084. 8 08H 3 00 Cuban Cans Sugar cv 1 07'4 7 07U Del A Hud 4a 1 B0 Drl & ltud ' 8.... 100 IS.... 100 Den t RUId 3 .... , u 10 UH A 44V4 1 44 4 2 4411 2 441 Dn 4 II O 4s (1 80U 8 80H 10. Lehigh V'y (Is 1 021 Llg't & Myers Tob'o Co 7a 3.. 102U Long Isl It td 1 0M 1 00 Lorlllard C 7 1.... 101 Lorlllard C Ba 10 77 Louis tt Nash' villa 4s 2 76 13 78 Louis & Nash vllle rcta 7a I 4 09U Loulsvl'e & N Mono 4 s 1 82 1 02 Mldv'o Steel 6! Ord'a Bs 3 77H 1 77H 1 77W Mo Kan A Tex Rallw'y 4s 1 83 Mo Kan & Tex nly 4H 10 24tt Mo Pao gm it 1 31H SI & O Rt L a Carlo 4n 2 08 New O Tex ft Mexico 4 a 1 flOK New O Tex & Mexico Ba 3 40 N V C 4 H n n n sua 1 02V4 1 82 2 014 N Y C & H n n n 4s 1 70K N Y C 4 II K nn no 4a 2 BOH t c ii n Rlltl 1 88U 1 88 1 8SH 8 88H New York C'l I. S 8Hs 8 B7 New Y N II 4 Hart'd 0 2 00', N York State niya 4 Ha B BOH N YTel'a 4 A c 1 74H 1 74 N Y W B Rn 4Hs 1 S7H Nation! Tube Co Ba 2 8514 Norfk & W 4a 1 71 2 704 3 70H Norfk 4 W'n cv 0s 2 00 N'n Pacific 8s 1 11.. 44.. 10.. 23.. 5.. 10.. B.. 87.; i.. St V 8 Fran Bsrlti A 8 88 1 S8H 2 B3 1 B3H Bt' V A B Fran Series o 3 83H 8 83H St L A Bouth West'n 1st 1 1 1 00H 8t P'l & K O Shrt I 4 Ha 1 BOH St P'l Minn a Manl'a 4 Ha 3 83H Seab'd A I. a 2 S3 B S3 8'n Paclflo M 1 70H 5 7041 S'n Pacific 4 B 00H S'n Pao ev 4s 1 74H 1..... 74 8 74 VI 10 74H 4 7414 S'n Rallw'a 4 1 B4H 1 84 W. S'n Rallw'B Bs 23 77H 1 70 Third Av n aj B 20H 2 'i0'4 0 31H 7 214 Union Pao cv n Tii 3 70 1 78 Union Pao fd 10 oth 1 07H Union Pae 4 s 1 TTtt 2 77 DKOBI'Jl 10 "I 0 07 1 10 07 1 B 07 1 3 07H 1 07 1 U K a D 4 I rets '22 0 02!i 2 03 2 03 U K O B 4 I rcta '30 T 88H 1 80 1 88i 1 03 U K O B I '37 8 84 2 88 U B Mtxlcn 4a 10 27U U 8 Mexico Bs 8 SSK IT 88H 1 85 4..... 35 B 35H B 83 H U B Ilub'r Ba 8 781 U 8 Steel B Transportation nnd credit reduction are so closely related, said a banker, that pronrcis In the Utter is seriously hnmpered by the failure of the latter, and the shopmen's ultimatum, delivered to Pennsylvania Ilallrond ofllelalu, to take effect at 11 n. m. today, is not cal culated to help matters. As an instance of the brokcndown condition of our transportation, he ttnld. ana which is now aggravated uy aimes. we hear of public service corporations of our leading cities appealing to the fovernment to assist them In procuring coal to run their plnntx, otherwUo they will bo obliged to shut down. Now as a matter of fact, no con tinued, thcro Is plenty of coal In the country, not In the ground alone but on the ground, and these public utili ties companies are told they can get u If they pay the exhorbltant prices de manded for it, which amounts to twice or three times tho normal. The trouble lies with transportation and distribu tion and not with production. It is true, he added, that there arc no reserve supplies on hand comparable with previous years, but if the trans portation facilities were anywhere near what they rJiotild be that would not figure to any considerable.' extent, as there is plenty of labor ready to take the coal out of the ground If only the necessary cars could bo supplied. Home people, he remarked, nave tieen savins that: the fault of our coal short age Is duo to our export trade and claim that If this source wcro embar goed till we had supplied our own pub lic utility plants we could soon over come our present shortage, uui tins is not borne out by tho facts, which are that only about one-halt the amount of last year's coal export haH been hcnt through our Atlantic ports up to the present. To get right down to where the blame lies, he said, wc must go back to the years when the Interstate" Commerce Commission was obsessed with the idea that the country was more interested in cheap rates than efficient service, and as a consequence the railroads today hnve not got the cnulnmcnt which will enable them to move coal for winter supplies and move crops at the same time. The commission In the past seemed to have lost sight of the big fact which was patent to every one else, that the country was being developed by leaps and bounds, he said, ana tne most im portant agency of that development the railroads were not progressing in proportion. In fact, one could almost fay they were not progressing at all. The present congestion on the rail roads, he continued. 1a the direct cause of overstrained credit, and affcct to a greater or less degree the whole eco nomic system and Is responsible for the low prices for all classes of railroad securities and has Its Influence on bvcry other security. hies, which are worse than shortage of equipment, will never be settled till some law is enacted maxing strikes among employes of public utilities Ille gal. He gave an instance which hap pened on his road recently: There are, he explained, five mem bers to each switching crew engineer, fireman, conductor, front man and rear man. When any one of these Is absent the rule was to draw nn extra from a reserve, but labor Is so' scarce recently that there is no reserve, nnd the union prevents employing any but those on thn frvn nnvhow. One of these men was absent, he said, from his crew, and the union rules compelled tho others to remain idle till the vacancy was filled In the union way. On investigating the matter farther is was found that one member from each of five crews waa missing and the other twenty members remained idle. It would have been possible, he snld. to hat'e made up four complete crews from those remaining, but that, too, was not allowed by the union. Until there Is some way found out by which all such nbsurd rules enn bo met. the broker remnrked, we must expect our transportation problems to remain unsolved. DIVIDENDS NOT EARNED f: Bl The transportation problem seemed to be the dominant subject in the financial district yesterday. The principal mem ber of a wcn-Known DroKerngc nousc said he had been speaking recently to a high official of a leading railroad com pany and lie said ttiat tne laoor trou- Ko important Is this subject In the opinion of financial men that the month ly letter of the'Olrard Trust Co. devotes Its first three pnges to one phase of it, namely: "How n rate affects tho pub lic." It said In part: Railroads of the country need a billion dollars more Income a year. To get It they hove asked the Interstate Commerce Commission to Increase freight rates 110 per cent. What would such nn Increase menu to the average person? For a fnmlly of five, a .10 per cent advance in freight rates would repre sent for all tho food eaten In one week Just the price ot a" shoe shine. Ten cents would be the maximum increase on the cost of food, while the Increase In the cost nf clothing for n week Is too small to be figured out In nuy coin now mlntfi1 liv the I'nlted HtnUS. Let a hundred mean each order a good stenk at a first-clnss hotel nnd the bill will be not less than ?u() for tne din ner. How much more would those hun dread steaks cost the Philadelphia meat dealers were the railroads to get n 30 per cent Increase for hauling them from Chicago? Just twenty cents for the lot. The after-dinner cigar of one man at the table would equnl tho whole extra cost of the. beef for the entire party of one hundred I A rise In freight rates might be uped ns an excuse by dealers for boosting food nnd clothing price to consumers, but In reality, it would be almost Impos sible to translate such an increase to individual cases because it would be so small. , . It was said In one of the leading banking and brokerage houses yester lav that, with the exception of the Fo'rd Automobile Co. and the Dodge n ..nl l.nri hAfin rMwinvM in I'lftvp land that all other automobile companies were cancelling their steel orders. While the source of the information wns not questioned. It wns snld that the of ficials of the vnriouH motor companies were giving out that they were never in a more prosperous rondition, nor wns the outlook for business more cheerful. They maintain that nil com panies arc far behind on orders. A customer, when discussing the mat ter, snldj when buying a new ear Inst week, he went "shopping" nnd it was clear to mm, no saw. nine one couui have Immcdiuto delivery of any car he selected. A. banker sold he had heard that the making of pleasure cars had been over done, and the concerns making trucks and tractors nrc in the best positions to face the future. ''& : vl iii i . - aiea - . . --A Wl barninga or ureai Nonnarn wr", Latt Year Only $3.83 on Stock New York, June 28. The Oreat North- . ern Iron Ire Properties during 111 failed to earrr the dividends paid on lis,, certificates of beneficial Interest, accord. . Inu to the company's annual report made public yesterday. The net receipts of, the oro properties, after charges for ' salaries nnd expenses, amounted to 15.-, 750,838, which is equivalent to )3.Ss share. Dividends paid on the company' . certificates of beneficial Interest during the year amounted to tt a share The receipts of the trustees of the ore . n.nn.rlljta rillrlncr th Vftttr lnnlllrtA ' .. .''M 15,816,370 from proprietary companies,,, 128.634 from Interest and 11245 from, rentals, ninklns: a. total of 5.844.24B.'f Their disbursements Included 181,565 for' salaries, $12,061 for expenses andr , J6,000,000 on 1,500,000 certificates of' beneficial Interest outstanding, or total) ' disbursements of 16,093.616, making' v deficit, after dividends of $240,367- The1 undistributed receipts at the beflnrrtng. of the year stood nt $602,278, conse-7 quently on December 31 tho surplua amounted to $352,811. The consolidated balance sheet of the ' properties and their Interest Irr pro-' prlotary companies on December 81 shows total assets and liabilities of $98,567,933. The asset Include $83,817, 170 of mineral and nonmlrreral lands and lessee, $1,377,128 tn royalty dis bursements, $1,891,653 In advances un-, dcr mining contracts, $4,958,191 In Be- r curltles, Including Liberty bonds nd United states certificate of Indebted ness. Its current assets, Including cah, ? Interest, royalties and accounts receive ablo and due on account of ore sale,' were $6,309,064, nnd It current liabili ties $951,954. M 'k Financial Briefs Indications point to the belief that the governors of the New York Stock Ex change will grant the jetltlon now be fore them asking that Saturday, a well nn Monday, ho observed n a holiday. The governors are expected to meet In special session this afternoon or tomor- row afternoon to comlder the petition, . which has been signed by more tlian 500 moir.Ders or me exenonge. Tho New York Subtreoaury rained' $647,000 from the bank yesterday, mak--Ing n cash net gain since Friday ot $409,000. William C. Gray has been elected a," director of the Union Traction Co. to till the vacancy caused by the death ot John If. Chestnut The average price of twenty actlv Industrial ctocks declined 0.43 per cent yesterday to 90.45, while twenty rail roads declined 0.36 oer cent to 70.72, The government will withdraw $14, ooo.ooo from the New York member' banks today. 7 BUTTER, EQQ8 AND CHEE8E New York. Juno 20. IIUTTEn Firm. Reolpta. 0130 tubs. Cremry, hlshar than' extras. flftSi 80Oc; creamery extraa (B3 scor). nOr: firsts (88 to 01 score), 889880! parking stock, current mke, No. 1, 42V 424 c. EOaS IrrnruMr, Itfctlpta. 18.041 casts. Frcsh-itnthcrrd rxtra. nrata. 47Mc; rrean gathered firsts. 42Q4nr: state. Pennsylvania and nearby western hennery whites, nrata to extma, ASOOOet do. browns, extras, A29 Bflc; state. Pennsylvania and nearby gath ered browns and mixed colors, nrata to ex tma. 48(1810, CHEESE Firm. Recelpta, 4321 boxeaj State, whole milk, flata, current make, whlta and colored, specials. 27HQ28Uc; do. av eraxe run, 2A027c, twins, current make, spa dais, 27027Uc:do everoee run. 2n026Vie. GOVERNMENT BONDS nii Panama, coupon 2a. 1038. lOO'l ranama. realstered 2. lt.3fl.. lOOH Panama, coupon. a. na". . . . "5 Panama registered 2s. 10SR. ..lji',4 TAnamn rnunnn 3s. 1061 ranama recisterert 8s. lOfll.. Philippine 4s. 10S4 Philippine 4, luar. rninppine 4a. jj ;! l a riv. rnunnn 9a. 1DXO. t: s Govt registered 2a, 1H30 U 8 Govt coupon 4s. 102J.. VI S Govt MKlstered 4a, 102. 77 77 7R 7S TS ..1H I0OH .104H .10R loU ioiu S ,0lJ A torn k io-a . & i. i. B.. 80 "i 80 SOU 80 80 K Hd 80 & So S 1 1 Vlralnln west'n en 3 65 Wea'n Eleo 5s 1 04 it 3 04Vj Virginia Itall- 1 M 1 M 2 BOH West'n N Y t Pa nit 4a 1 60 Wilson Co cv way Ba 1 74 Wllaon Co 1st 4 85U Georgia Rwy. & Elec. 5b, 1910 Horwood Electric lat 5a, 1939 l'cnna. Co. let Mtgc. 4yu 1921 Sun Co. debenture 6s, 1929 Charles Fcaron & Co. S3S C11K8TNUT 8TBEET Portland Rwy. Lt & P. 5s, 1912 Southern Utilities Cs. 193,1 Penna. Water1 & P. 5s, 1910 Lehigh P. Sec. Gs, 1927 Central III. Lt. 5s, 1943 Bru3h Elec. 5s, 1952 BOENMNG, GARRISON &C0. STOCK KXCHANtlK 11DH.DINO Direct Private Telephone, to New York Members I'hllo. Stock Kxcluiigo Liberty SVis ... Liberty 1st 4s . . Liberty 2d 4 . . , Liberty 1st 4i8. Liberty Erl 4Vis. Liberty art 4Vts. Liberty 4th 4y4s. Vic Notes .l'.s. Vic Notes 4 s. l'in. 01.10 Wi.Wl 8r..0O 8.1.80 8.-. 14 88.71! 85.44 1)5.58 05.00 (N. T. tlmtl 11:1.1 a. m. 01.10 85.00 85.00 85.18 85.00 88.50 85.22 05.58 05.50 Low 01.10 85.00 S5.00 85.18 85.00 88.50 S5.22 05.54 05.52 LONDON STOCK MARKET Lettish I'nul K Natlrntlnu . Indianapolis True. & Term, vlrirtnln Itullwfiv A Pnuer I Indliinn, Columbus A Kastern 4Hs. 1024 ,,Ss, 1033 . 6s, 1113 1 ,0S, 1U3U An Unusual Investment Yielding 8.64 Circular Upon llequett NAULTY & CO., Inc. .Flanders uuiiainK gglUPELPHIA. PA. rglnln Itiillwnr Power rlli.nn f'Alitmlitia .f1 lnk, V. ., ' i7i . .. ,:"" -,,,,01, IV9II f'ftniidlun NollonullliillivmH 7. in Ft. H'ajne, Von Ucrt i Um,., Ba ipso Cleveland Klec. Illuminating Is, tojj samuei iv. l-nunps a Lo. Members PhllndelnhU Stock Kxcbangei B07 CIIKKTNI1T KT. ""'"'" Lawrence E. Brown & Co. CERTIFIER PUBLIC ACCOUNTANTS 1015 11KAI, KSTATK TIIUHT 111410. Investigate nnd adjust uartnersliln and corporation accounts. AIM prepar TJ. H. Incomo Tax lUtnrni. Oils Rally After Having Drooped Industrials Ragged London, Juno 20. Russian dcscrlp tlons wero wenk on tho stock exchange todny. They were unfavorably affected liv statements that the ne&otlatlons ot Orecory Krasaln, the Ilusalan soviet commissioner of trade and commerce), for a commercial agreement with Oreat Bri tain were collapsing. After having dropped, oil share rallied. Shell Transport was 6 and Mexican KaRle, S?i. The Industrial section was ragged. Hudson's Bay was TV- Kafllrs were dull. Moderate purchasing for Invest ment cauned gilt-edged Issues to harden again. Support also waa given to French and Brazilian loans. Home rails were neglected, and Grand Trunks were flabby. There was light nrofiutaklng In Argentine rails, Qerrerally, the markets were quiet and mixed, CHlbAGO BUTTER AND EGOS Chlcaco, , June. SrlBUTTEll Higher, Croamery, 4456Hc. y, EOOSUnchnetd,l IctlpU. 0,273 cuu, $1,500,000 Chicago North Shore and Milwaukee Railroad Ten Year 7 Secured Sinking Fund Gold Notes, Series "A Due June 1, 1930 Price 92 and interest yielding about 8.20 The Chicago North Shore and Milwaukee Railroad owns and operates the electric railroad along the shore of Lake Michigan through practically a continuous succession of cities and towns from Evanston, Illinois, to Milwaukee, Wisconsin. The territory served is one of the wealthiest and most rapidly growing suburban communities in the United States. All-Steel Limited Trains, with dining cars, now carry passengers to and from the heart of the retail, hotel, theatre and business districts of the cities of Chicago and Milwaukee without change or transfer. This service is increasing rapidly. The following information is summarized from a letter of Mr. Samuel Insult, Chairman of the Board of Directors of the Company: These notes will be a direct obligation of the Company, nnd will bo secured by deposit with the Trustee of the Company's First Mortgage 5 Gold Bonds in the ratio of not less than $142,857 par value, or, in lieu of 5 Bonds, all or any part thereof, First Mortgage 6 Gold Bonds, in the ratio of not less than $127,033 par value of bonds pledged for each $100 of Notes outstanding. The indenture will provide for a sinking fund with semi-annual payments, amounting to 2 of the notes of each series then outstanding. The value of the physical property on the basis of a report by independent examining engineers, as of May 1, 1916, plus capital expenditures to Decem ber 31, 1919, amounts to in excess of $14,500,000, against (he outstanding funded debt of the Company, including these notes, of $6,899,000. Tho Company owns and operates 84.54 miles of line, practically all of which is double-track construction. Net Income for tho year ended May 31, 1920, was $787,940.63; annual interest on all outstanding First Mortgage Bonds, Equipment Notes and Secured Notes, including this issue requires $363,340. These notes are offered when, if and as issued and received by us, and subject to the approval of counsel All ttatumrnts herein ars official, or baaed on Information which wo retard na reliable, and while we do not guarantee them tlyy are the data upon which we have acted In the purchase of thla eecurlly. Inc. Halsey, Stuart & Co. PHILADELPHIA CHICAGO The National City Co. PHILADELPHIA NEW YORK - . -.. - - -. .. W m Jf'tl TTT' "ifiteEri Ai. VMi"JJ.i liittii&JfflSi&&. S& w& , . L"4.r.ff'.v Kid
Significant historical Pennsylvania newspapers