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, ,' ,
'EVENING' UBXIO LEDGEjE-PHILADELPHIA, THURSDAY, JULYi 15, 1920
V
: m ' 4tA
-
0w?r S0 o' lte tesIfc ,aunff been placed with Investors, we offer the balance,
. . i j 1n nr.il nlmnno lit nylon nt- 00 IJ Jju a ..' . . .
guOccc iw ou. ....w..-..w-.- ,-..,, u uih. im;r;ai, yiciaing- aoout 825-
$2,200,000
,THe American Gas Company
Two-Year Convertible 7 Secured Gold Notes
jr
"A
Dated May 1, "20
Due May 1, 1922
Convertible at the option of the holder upon 10 daya' written notice to the Trustee, at any time
prior to maturity, or their earlier redemption, Into 20.Year 7 Gold Bonds of the Com
pany of an equal principal amount, together with cash equal to 5' of the
principal amount of the notes converted.
COMMERCIAL TRUST COMPANY, Philadelphia, Trustco
BUSINESS
PROPERTIES
SECURITY
AND
EARNINGS
EQUITY
The American Gas Company, incorporated in 1892, owns and oper
ates gas and electric properties throughout the eastern part of the
United States. One of the largest of these Js the Philadelphia
Suburban Gas & Electric Company, which supplies gas or elec
tricity, or both, to a very large, part of the rapidly growing terri
tory immediately adjacent to the City of Philadelphia.
The Company has fourteen electric generating stations, with a
combined capacity of 71,175 k. w. h. per day, and sixteen gas plants,
with a daily capacity of 19,405,000 cubic feet of gas.
These Notes are a direct obligation of. the Company, and are se
cured by deposit with the Trustee of bonds and stocks, which rep
resent a cost to The American Gas Company of $7,050,000. The
income available from the collateral deposited, for the year ended
February 29, 1920, amounts to $661,700 against a maximum annual
interest requirement on this issue of Notes of $154,000.
The Company has outstanding $7,804,100 capital stock, all of which
has been paid in, dollar for dollar, in cash.
NEW YORK BOND SALES
Trnimrr nf Inrlttliinwi Trnnnnrtlon on New Torit Exrhnnxfr
Amtr Bmelt'a:
i rum 4
tSAUCS IN IlOOftJ
80
78
ITS
78
77W
8
14
3
. 1
2
Amarl'n Tal A
Tel clt
1 78K
A Tel fc Tel Ba
1 78H
8 7BH
10 7BH
1 7BH
10 1.V4
1 7SH
1 78i4
A Tel & Tel (ia
Chlcat-0 Mil A
PU'cv 4 Vie
83 9k
03
8.1
03
63 V,
9.14
au
03 Vi
03
03 U
03 Vi
83 Vi
03 U
03 Vi
2
1..
L-i..
1..
3..
2..
CMciKo Mil &
Sir fd 4Vii
1 B4U
Chleico Mil
Btr cm 4Via
1..... 68U
Chleico Mil A
Bt F cv 8a
tlS 63
Chicago L Nth
weat'n im
1 72
1 72'i
20 T1K
Chlcam ft. Nth
W'nSa'87
7 88
3 80
Chlcaso L Nth
Weafn 7a
Bioren & Co.
410 Chestnut St
Philadelphia
Stroud & Co.
1429 Walnut St
Philadelphia
West & Co.
1417 Cheatnut St
Philadelphia
The above information and statistics havo been obtained from sources that
we deem reliable, and whilo not guaranteed are accepted by us as correct.
Ant-French Ba
0 OOVi
10 00 0
BO 00 U
1 f.D',4
3 00 Vi
00 0
00 II
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OOVj
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IS
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1 au
8 75H
1 7&
8 76 Vi
Arlson& mi
2 72V
Atch Topeka. ft
8 Fa 4a
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3...
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8.
10.
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10...
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4....
10....
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13....
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Chicago
waya Ba
1 2
Chlcaso Itock
I & rao fd
100
100
loo v;
100
1004
loo
100 'i
100
100
nail.
10244
102
102H
ioai
102 H
1021,
102
.102
102
Ntrth'n
Illy lit
3 78
Hocklnc Val-
ley 4Vii
B 04
Hud & Man fd
0 BflVi
i navi
2 nuvi
Hud A Man In
1 18Vi
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1 70
III Cen'l 4v'S3
6 03
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1 3Vi
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1 74
Imp Jap O 2d
8.
1.
B.
Chicago
I
A3;
084
(1.1
05
84
04
Itncx
Atch Topeka &
8 Fe-ija
1..... 04
8 64
Atlanta Knox-
villa A C 4a
1 64
Atlantic. Coaat
2 MH
B 62Vt
1 62H
Atlantic Coaat
Lint 4 a
1 72
Atlantlo Coaat
L, rcta 7a
3...
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jlllllllllll llllllWII"NHI)lllllll)lllllllllllllllllllrfl
Short-Term vs
Long-Term Investments
Investors are purchasing short-term securities because of their high yield
and relative price stability. There are strong arguments, however, for
purchasing securities which should insure to the investor present high
income returns for a long period of time.
An ideal combination is a short-term security with a privilege of conver
sion into a more permanentjinvestment. This combination is afforded by
the notes described below.
A Complete Unit
in an
Essential Industry
Factt and figure compiled by the
Sinclair Company
Produces, transports, refines
and markets petroleum prod
ucts. .
0 About 1000 producing wells.
Approximately 2800 miles '
of pipe lines.
6t pumping stations.
Over 4000 tank cars.
10 modern refineries with
total daily capacity of about
45,000 barrels.
10 casinghead gasoline
plants.
400 distributing stations in
20 stales.
About 6,000,000 barrels
crude oil in storage.
Marine fleet of 50,000 tons
in service.
1019 net earnings before
interest and reserves
21,800,898
Totalsimilarnetcarningsfor
last 3 ycars-$56,66G,582.
an"" 'i iiiiiiL i i ii in i
- '"'"'""'iiiiiiiiiiiHiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiinHi
i
Pennsylvania pergonal property tax of four mill refunded
To yield 8
Five -Year Secured
7J6 Convertible Gold Notes
of the
Sinclair Consolidated Oil
Corporation
vhich has furnished us tcitk the following information:
These $50,000,000 Secured Notes are the sole
funded debt of the enterprise, excepting equipment
notes and other items aggregating about $5,275,800,
and against this the audited statement shows total
net assets, including the proceeds of this note issue,
of over five times the amounfe-,qf the note issue.
The consolidated net earnings over a series of years
make a consistent and convincing record, the audited
statements showing an amount available for in
terest, depletion, etc., equal to 5.83 times the annual
interest on these notes for the year 1919, and
averaging over 5 times such interest for the past
three years.
The notes have the benefit of a sinking fund provi
sion at the rate of $2,000,000 every six months for the
purchase of the notes at or below 100 and interest.
A feature is the noteholder's privilege of converting
each $1,'000 note into $1,000 par value (ten shares)
8 Cumulative Sinking Fund Preferred Stock and
2yi shares Common Stock of the Company.
These secured notes may be purchased in denominations
of Si, 000, $500 and Si 00. Interest payable without
deduction for the Federal Income Tax up to 2,
Write for illustrated booklet
We offer and recommend thezc notes for Inoeitmenl
at 98 and interest, to yield 8
FRAZIER & CO.
Broad and Sonsom Sts.
l'HILADKM'IIIA
HARRISON & CO.
UAMtnna
106 S. 4th St., Phila.
Members New York: and rhlla.
Stock Kxchaniea
Thm ttattmtnti pnnnttd In thtt advrthtmtnt, w hilt not muaranlttj,
arm obtamtd from tourcti which w bllvm to o nfiabl:
limiliiiiii ii!iimiiiniitinnnii I Itlitiili iiiililliiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiimiHiiiiMiiiitiniii.t.iniiiiiiiiiiiiiiiiiiiiiiiiimfi?l
Tennessee Power Co.
r'nt Mortgago Si, 1962
Portland Rwy., Lt. &
Pow. Co.
lt & Ref. Si
Due 1942
G-lU.eiari($0o.
HANKKna
JR. R. r'Aorv
Accountant and Auditor
-SB,1- '"COME TAXt .
United States Certificates of Indebtedness
Wo recommend the above obligations of the United States
Government as n most desirablo investment for funds reserved
for future payment of taxes, interest, dividends and other shortly
maturing obligations. -
We can offer limited amounts of the following maturities:
COUPON .. ATPRirKH
llATi: MATCIUTY TOYIISMX
. 4V2 Sept. 15, 1920 5
434 Dec. IS, 1920 5V2
434 March 15, 1921 534 o0
Graham, Parsons & Co.
435 ChMinot Street .
Philadelphia
UTS
5T
SH
SB
5T
oS
I .I'.ia
70
70
Dalt 4 Ohio cv
88
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3 88
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nly SHa
1 Ml,
3 8'4
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Ba ot '36
1 I?
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3 70
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Buah niclK An
1 71
1 71 U
Cent of Oa ill
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hacen RH
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1 7411
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Cty Nw York
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1 87
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cv 6a
4 07
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5 53
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16 73
3 73V,
N'n P reit 4a
2 71
1 72
Nort'n 8tatea
Tow Co 5a
1 72
Orel ft Cat 5
1 8(14
3 80
Oreron Uhort
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3 704
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S 33
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R R 4a
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86
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South n 3a
1 1.3
2 6374
Klncdom of U
6s of '21
08
1IX7J
08
08
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08
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08
08
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Cuban Cane
Sugar cv
8..
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R O fd
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45
R O 4a
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1 70
3 70
Dlat'a Secur'y
Corp n 6a
2 77
D Canada 5
of '21
3 07
p Canada '20
0 89
D Canada '20
6 00
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2 88
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public 6a
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Tob'o Co 7a
2 103
Loula ft Nash
ville 4a
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Loula ft Nash
ville rcta 7a
2.... 101
76
75
73
75
2 75
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2 84
11
12
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1 76
1 70
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County cv
1 80
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2 77
8 77
5 77
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6a of '04
Itlo Orand ft
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1 40
1 40
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1 70
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ft L 474s
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1 60
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10...
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1
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2 00
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1
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1 57
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5 58
2 58
B'n Ilallw'a 3s
3 80
S R0
5 80
01
01
01
01
3 .... 01 I
3 01
3 01 I
2 01 I
1 01
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Bros ctfa
7 64
2 55
2 65
Virginia Rail
ways 5s
3 7.0
kvabash R 1st
B 83
1 84
2 84
2...... 84
2 84
2 84
KVeat'n Mary
land 4s
6 40
1 48
10 48
Wilson Co cv
B 85V
Wilson Co 1
2 SSr
2 SM.
High
m.io
Liberty 38..
Liberty 2d -Is.
Librcty 1st 44s. RO.fiO
Liberty 2d -IVis. . 85.50
Liberty ad 4ah. . M1.04
liberty 4th 44s
Vic Notes .'$.
Vic Notes 4-T,s..
85.70
1)5.04
f)5.0S
(N.
Low
ni.oo
85.20
85.40
85.30
SH.S0
ai.oo
05412
05.1)2
T. time)
1:15
p. m.
91.10
85.20
8(5.44
85.50
St.00
85.70
05.04
1)5.04
DIVIDENDS DECLARED
American Sumatra Tobacco Co.. quar
terly $2.50 on common, parable August
1 to stock of record July 21.
Lee Rubber and Tiro Corporation,
quarterly 60 cents, payable September 1
to Htock of recorfl August 14.
Electric Bond and Share Co.. quarterly
of 2 per cent on common and 1 per cent
on preferred. Common Is payable July 13
to stock of record July 14 and preferred
Aurusi 2 to stock of rcuord July 17
i-MiiHiit'ipiiin itHrriiouse l.o semiannual
6...
6...
1...
3...
78
77
77
77 1;.
71
71
37
3(1
3674
37
37
Co 4s
40
48
Gen'l Klec 8s
I.
5.,
6..
12..
7.,
Erie
1..
R
1 90
8 00
5 0074
2 110
1 09i
Uov't HwlUe.--
land rets
10.1
101
101
101
101
MIchlK'n Slut
Tel Co Bs
2 S3
Midv'e Steel ti
Ordln'o Bs
10....
B....
1....
14
1
6....
Mo Pacific 3s
1 03
Mo Pao cm 4 s
2 62
2 32
6 52
2 62
0 62
New O Tex ',
Mexico 5h
7 50
N Y Air U 0
1 02
N V C ft II R
R It 3s
64
64
01
11 K
of 3 per cent, payable August
ot recoru umy .o,
J Q. Brill- Co.. quarterly of 1
nn preferred, payable August 2
of record Julv 23.
Seurs, Roebuck ft Co., quarterly
common, payablo August 14 to
reiord July 31
to stock
PT cent
to stock
of $2
stock
20..
o
iS!!
14..
o
0'.'.
1..
10..
3..
102
102
102
102
102
102
102
102
102
German City Bonds
for Regtilar Delivery
Bought Sold Quoted
Morton Lachenbruch & Co.
LAND TITLE I1LDO.. PHILA.
Tel. Spruce 881. Race 6050.
New York Chicago Detroit Pittsburgh
All cfflces connected by private lolres
70
1..
n
4"!.'!
n y c ft
n n 4s
4
n y c ft 11 11
R R 4s '
8 71 1
21 72
N y C ft It '
R R 6s
I .. . 87
1 87
Irullnnnpolls Traction 4 Terminal Si. 1033
tnion rrncnon 10. or Indiana.. . 6h. 103J 1
llturns- pt. u. it. or Indianapolis 5s
Indiana Northrm Traction Co. ... As
Indiana Union Trartlon Company. . 6s,
Indianapolis Street Ralltrny 4
Indiana Sen Ice Corp. 1st Ref. ju.
Indliniipolls Northwestern Traction 5s,
Samuel K. Phillips & Co.
Members .''''"d'lny a Stork Kxchansc
. ..-.... ly . tl.
103.1 '
101.' 1
1033
10.13
1030
lU.'.'l
Norn's, Grubb & Coughlan
Accountants and Auditors
West End Trust Bldg.
Philadelphia' New York
j"illIILL!l!llilllMlmL'mumimiiL!
GIRARD TRUST COMPANY
Capital and Surplus, $10,000,000
1,. 1 t4S
S I 01 Is. iU l2Scffmm2JlWWllG
K Cleaawl52Er3S5SiaaaafiSjllfi8E
aiililS
T-HE modern man or woman
l olaffalrarealUf.th d
taaes In a trust company as
Since 1836 the Clrard Trust
Company has maintained Its
i.i. .J -.ii ,""; estates.
arge and sma I, to tho advan
tase and j.l.r.-.i . .
patrons.
".faction Vf K
Chartered 1836
$ BROAD t, CHESTNUT STS
f Philadelphia
SulTIHTriTflTRTnWi'iTiWIi
I
; r
1812
THE
1920
Pennsylvania Company
for Insurances on Lives and Granting Annuities
TRUST AND SAFE DEPOSIT COMPANY
1
Capital and Surplus - $7,000,000
1 i
Member Federal Reserve System
i
BROAD STREET OFFICE
l - Ckaoaaat ao Juniper Itraatr
517 Chestnut Street
Philadelphia
NEW ISSUE
M
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ft ",-,i
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-
American Chicle Company
Common Stock
(No Par Value)
Registrar
United States Mortgage and Trust Company
New York
Transfer Agent
Registrar and Transfer Company
New York
t
We summarize as follows from a letter dated June IS, 1020, from Mr. Darwin It. James,
Jr., President of the Company: J
Business: The American Chicle Company, organized in 1899, is today one of the
principal manufacturers of chewing gum in the world. It owns and operates
five plants in the United States, and through its subsidiaries, plants in
Toronto, Canada, and London, England. Included in its products, which are
sold throughout the world, arc the well-known Adams and Bccman's brands.
Gross sales are now the largest in its history.
Management: Since the present management took control in March, 1916, the
gross business of the Company has been increased over 350, and the earn
ings available for common stock over 250, compared with 1915.
Purpose of Issue : Proceeds from the sale of the new Common Stock (82,500
.shares) will be used to provide additional working capital required for the
rapid expansion of the Company's business. '
Earnings: Net earnings available for Common Stock, after all taxes, interest
charges and preferred dividends, have been as follows:
PerShare on
163, Goo shares
$8.73
Year ended December 31, 1919
Average for last 10 years
$1,419,745
1,082,393
6.66
Relief from special taxes and the extraordinary cost of sugar will, it is ex
pected, result in larger earnings than any made by the Cbmpany in the past.
Dividends: With the exception of two years, the Company has paid dividends
since 1902, averaging $6.20 per share annually on the present outstanding"
common stock. The recent rate has been $4'.00 per share per annum, and
the Company states that it intends to continue dividends on the increased
capitalization at this rate.
The legal details in reference to this issue of stock have been approved by
Messrs. McAdoo, Cotton & Franklin .,
Application tvill be made to list ihis Common. Stock on the New York Stock
4 Exchange.
"Price $40 Per Share
Hornblower & Weeks
New York Boston Chicago
White, Weld & Co:
New York
'Boston
Low, Dixon & Co.
New York
This information and these statistics are not guaranteed but
have been obtained from sources we believe to be accurate.
Your July Funds
This July, through the payment of hundreds of millions of dollars in interest
and dividends, and the high price at which real estate and other prop
erty may be turned into cash, combined with the unusually low prices
at which bonds are selling, offers to an unusually large number of
persons a great investment opportunity.
Your Problem of making the wisest or most profitable use of your funds in
volves, we believe, your considering at this time the high, safeJncomes
for years obtainable from bonds.
An exceptionally broad selection ofhigh-grade bond issues is offered in our
July List of Recommendations describing over ISO issues of
Municipal Bonds yioldlng 5 to 6
Railroad Bonds yielding 6 to "''iff
Foreign Government Bonds yielding 7 to B
LongTorm Corporation Bonds yielding 7 to S
Short Term Bonds and Notes yielding 7 to 8
A copy will be mailed upon request
Our service la at your disposal
Harris, Forbes & Company
Pine Street, Corner William, New York
Widener Building, Philadelphia
Harris, Forbes & Company
Incorporated
Botoo
Harris Trua and Savings Bank
Bond Department
Chicago
The Earning Power of Your Dollar
Is Increased
when invested in the Preferred Stocks issued by well
established Manufacturing Companies producing oui
essentials.
Your Dollar will assist in financing increased produc
tion, which should decrease the eost of our necessities.
We have a carefully selected list of
Preferred Stocks, which we recommend
to the most conservative investor,
ridding 8
tafc lor FoMer ,'o. ;'Z-Ji7
IIollister,WhilecS:Go.
iNCooavao
North American Builuing
BOSTON PHILADELPHIA
aPMNOriXLD f PROV1DENCB NTTtriELD
. t
NEW YORK
PORTLAND
JULY 1920?
Where, today, will the ahrunken
dollar go at far aa In the purchnao
ot high grade securitiea) Jvlany
excellent Imuci can now VJe no
u"u at " frac'ln of their worth.
j V. aro "1 oiUatandlnu atocka
and bonds drierving of conildem.
tlon in July'a market and why
Our apFcinl letter "J"LY 1920"
analyzea certain laiuea deaervlsg of
Tor FREcbpY.""deraUOn- bend
Maikctablr securities
rnrrieil upon ennsrrva.
J'Xtruinnl basis ODD
inTfi a mii-nlnltu
MILTON HEIM & CO.
(Surreor Hi fialillirra llrlmi
MrmlH-ra HilU. Stork JWahanaJ,-
1 ('mm. Slock Kx. of N. Y
1G22 Chestnut Street
I'lionrM llril. Hprure 81117-4300
.. .. ! "tone. Kure 781).
71 llrnmliiMiy 4 4ru nth AT... ". Vj
Nlnmfnr.l rv... "-"
Securities
for Investment
JosephW.Gross&,Co.
1421 ChwtnutSt.
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