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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
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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
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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...
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8...
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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
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98
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98
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98
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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....
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Chlcuco Mil 4
St P 4a
5 01U
3 81
Chlearo Mil A
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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
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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
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8 80H
10.
Lehigh V'y (Is
1 021
Llg't & Myers
Tob'o Co 7a
3.. 102U
Long Isl It td
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Lorlllard C 7
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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
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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
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1 88U
1 88
1 8SH
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New York C'l
I. S 8Hs
8 B7
New Y N II 4
Hart'd 0
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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
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N'n Pacific 8s
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1 S8H
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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
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Union Pae 4 s
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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
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