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'
... . . . .. ' . !T.
itENING PrMilC' r,BDGlBPWfiilJBpmlr feBIDAY, OCTOBER 15, 1920 - - '
".t. i . a r
Ir
"" ' ... At- i ," .'. 1 1 - '
$5,000,000 .
Wisconsin Electric Power Company
First Mortgage 7V2 Sinking Fund Gold Bonds, Series A v
Dated October IS, 1020 Due October 15, 1945
Principal and Interest Guaranteed by Endorsement by'
The Milwaukee Electric Railway and Light Company -
Principal and intereit payable in New York.
with provuiont for registration of principal.
Intereit payable April 15 and October IS. CoUDOn bend of $1,000
Total litued $3,000,000. Redeemable at a whole at 110 and interett
en any intereit date. The Comninv airm. t nav .! Ifnttail ; Nnmial Inrnma Tw im 9M, If anemntlen il
not claimed, and to refund on application, the preent Penmylranta four-mill tax to holder reddent In Penirtyl
Tenia who have paid such tax.
CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE
A smi-annual unking fund will redeem 3 of Series A Bond each year,
beginning 1921 either by the purchase in the market at or below 107Jg
and interest, or, if not so obtainable, by call by lot at 107 and inter.
NEW YORK BOND SALES
Summary of Individual Transactions' on New York Exchange
'SALTS IX 11040
Prem Ovenlnc Until 20 p. m. 'CX, V. Tlmr)
Alabama, Or I S4.
The following information is summarized from a letter from Mr- Chas. 5. Ruffner, President of the
Wisconsin Electric Power Company. . t
Security These bonds are secured by direct first mortgage lien on the entire property, now
owned or hereafter acquired, of the Wisconsin Electric Power Company, which is completing a
modem steam-electric power house with 40,000 KW present capacity, operation of which will
begin during the latter part of 1920, and which is leased to The Milwaukee Electric Railway and
Light Company, guarantor of the bonds. The cost of present property, against which these
Series A Bonds are issued, is estimated at $6,250,000.c
Lease By the terms of the lease, The Milwaukee Electric Railway and Light Company operates
and maintains the property, paying a rental 'sufficient to provide interest and sinking fund on
the First Mortgage Bonds. The lease is pledged as'additional security for the Bonds.
Rentals an Operating Expense In accordance with the accounting procedure prescribed by the
Wisconsin Railroad Commission, the rentals cpnstHute an operating expense of The Milwaukee
Electric Railway and Light Company, payable before determination of net earnings applicable to pay
ment of that Company's fixed charges.
The Milwaukee Electric Railway and Light Co. The Milwaukee Electric Railway and Light
Company, organized in 1896, owns and operates substantially the entire central station electric
light and power and street railway business, and a steam heating business in the city of Milwau
kee and suburbs. The company has paid full dividends, since issue in 189G, on its 6 preferred
stock, $4,600,000 now outstanding, and has paid dividends in excess of 6 per annum since 1903
on its common stock, $9,850;000 now outstanding.
The Milwaukee Electric Railway and Light Company's revenue and expenses for the three twelve
months' periods ended August 31,' 1918, 1919 and 1920 were as follows:
' 1920 1010 1018
Groii Earning. $17,758,740 $13,962,281 $11,405,798
Net Earning after Taxes, available
for Intereit, Depreciation Re-
erro and Dividend 4,608,697 4,172,799 3,077,668
Intereit on Funded Debt ' 1,609,387 1,478,987 1,268,989
Balance $2,999,340 $2,693,812 $1,808,679
Approximately 64ft of the net earnings for the twelve months ended August 81, 1920, was derived
from the electric light and power and heating business.
1 i
ire offer theso bonds, when, cs. and if issued, and subject to approval of legality
by our counsel and of the wstw of bonds by the Wisconsin Railroad Commission. i
Price 99 and Interest
flouMYn ii
8.... 104U
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Wm. A. Read & Co. Spencer Trask & Co.
The
information contained In this advertisement has been obtained from sources which w
consider reliable. Whllo not guaranteed, It is accepted by us as accurate.
8.
1.
8.
3.
10.
ic'.
1.
1.
8.
Specialist in
OHIO MOTOR, RUBBER
AND STEEL SECURITIES
COMPLETE SERVICE
In All Formi of Inveitment
Main Departments
Investment, Brokerage
Acceptance, Liberty Bonds
Foreign Exchange
Statistical, Ohio Securities
Extensive Private Wire
Connections
Members of New York and
Other Principal Stock
Exchanges-
otis & ca
I Inveitment Banker!
1 CLEVELAND
New York Boston Detroit
j Cincinnati Columbus Toledo
Akron Youngitown Denver
. Colorado Spilng-a
&V,
ctaMas
VSTOCKS'i
l&OHDS
HOW FAR WILL
THE RAILS
COME BACK?
WILL READING AGAIN BE
A MARKET LEADER?
IS ANYTHING THE MAT-
TER WITH THE MOTORS :
We lay no clulm ts power ot cllr
vojrance. tint th foreiolnc qnwtlont
run Ui iniwertd nllh KrratMt t
rrotimate arcumer by th liivnlor
y.h" Jii. rt4 our pl! lriter.
.' i& comDllnintBPV rAn
upon rrianr.
"n. R. St.. eomolii
f whlrh will bo MM i
UarliilaMi tctiHlla
tntervattv marulnul tatlt.
a spiotallv.
lot,
oarrfKl goon
a da
ibw ttewgfa
1622 Chettnut Street
ri Bill, nprae IU1MIN
., B(Mtaui. Race It M
14 Brwdww A 4 to (th Am. N. 1.
ntemtwi. Csaa.
In the Investment of Your Funds
it u important to consider the splendid opportunities
offered to discerning investors in Preferred StoiAs
issued by well-established manufacturing compmifs
earnins several times di idend reo- ircments.
Predling rates assure you a satisfactory income and
your funds arc actively employed in the expansion
of our industrial development.
We have a Preferred Stock of unusual merit which
we can recommend to the most conservative investor.
Atk for Folder P.P.L -SSi
HollisteiWhite & Go.
tuC0ft0ATCD
North American Building
boston PHILADELPHIA ncw york
SPRINGFIELD fROVIDENCr. FITTSriLLD rORTLAKD
vi: will buy
P. S. Corp. (New'kTerm.) 5,
1955
Lehigh Pr. Sec. 6$, 1927
Amer. Gas & Elcc. Cs, 2014
Phils. Sub. G. & E. 5s, 1960
BOENNINQ, GARRISON & CO.
STOCK KXCHANOR ilCIiniNO
Dlrtf friTut Telephone to Nrw York
Mrmberi riill. HtwU Uxrbinte
LIBERTY BONDS
Bought, Sold and Quoted
Call, Phone or Write lAbeity Bond DepaUment
West & Co.
1417 CHESTNUT STREET
Mtmbtr
Ucll. Sprue iflO I'MlodelDhlu Hto.h Ktdtinri Krili, ni Xt
Nw Yttrli HtMk Exchini
Wt Aln) liave on lUnil Uit el HUb tird ItoDdi
Comipondesci Invlttd
WE OFFER FOR SALE
100 Shares Autocar Co.
110
CHARLES FEAR0N & CO.
w
Income Builders
Yielding 5 to 8
Safety it the firit comidera.
tion in depoilting or inveitin
money.
Safe Bond and Stock can
now be purchaied in large or
mall denominntlom to yield
from S to a "5 J.
A special list of "Income
Builders" mil be mailed
upon request.
Baker, Ayling & Young
JOSF.ru W. nWATN. Jr.. Slimirr
Land Title Building
Boiton Philadelphia
Experienced
Bond Salesmen
Well-known established
( bond house hus opening
for several high-grade, ex
perienced bond salesmen
in the city of Philadelphia
and State of Pennsylvania.
Replies must state fully
former experience and
ability.
Addreit B 52S, Ledger Office
4!3
Wlnu ft
Robert M. Coyle & Co.
INSURANCE
G0.A.HUHN&S0NS
WArf7fl 4 f k ftnvviu
llK.k . .u. . ...... . . . .
lira
Tit
TlH'i.-" "'ii itll.MI
'.".uJ1" I'WIaUtlyhn,
end rhlcare Hlek Biinioi
New oik Cation Krhnt
IV
unct
ConHnUilon Order Bxteuteit In
All the Principal Marlutj
UrXLRVCE CODBT 1IX41U.
1418 Witnel . '
, NEW TOIIK oirvIbB
'lit rinr. Nw
A Service for Those
Who Save ahd Invest
The stability of any
nation depends on the
thrift of its citizens.
The United States will
benefit in proportion
to the number of in
vestors who set aside
regularly part of their
earnings for legitimate
investment purchases.
We offer every facility
and encouragement to
those who have mod
erate sums available
for the purchase of
bonds the same kind
of service as is ren
dered to large investors
with years of experi
ence. Hemphill, Noyes & Co.
Members .Veto I'orfc Stock Exchange
Franklin Bk. Bldg., Philadelphia
J"(T York lioltnn n.... ......
1...
10...
10 .
78 ti
a vrl
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1. ... 40
1 10U
1 40
S 41
Chi awn 4
1 67
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8 C4
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8 ca
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B 57
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1 7Ut
a 71Vi
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1 80 U
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1 6BU
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1 83H
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2 79
0 70
Chlcazo llll A
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4 79 tt
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di n o w
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1
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CO 81 33
1 87
Datrolt Kdiaon
rr fla '49
I.. .. 82'A
pi-truit Unit n
n' 4V.ii
1 .81
4 1
D Can Bi "21
98U
D Canada 'za
1 0l
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3 931
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104
101
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nvv A
0 70
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8..... o'JVJ
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16 25
a 23
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HI Cant't nm
1 71 W
III Cfhl 4a 'Bfl
8 7Hi
1 71 Vi
HI Central X.0
DJV SH
5
Intbo M 4Vli
1 21
S 21
13 21
i aivi
IE 20 Vi
Intarboro Met
ct 4ii
29 10U
tniboru n T ta
Jap Oova't lt
8 74 vi
Jap Oovat Und
2 74'A
8 74
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11 07 Vi
8 B7U
Kan C Kt 3
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io sou
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8 73
Kan City lr'l
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2 72V.
2..,.. 72Vi
1..... 78
6... . 74
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1.. .. 08S
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K Uclem 7Hi
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6, 90
1. . . 994
1 09U
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Iuli A N.h
Mono 4
8.... 9
Lou A Naah 7f
1....' 103 VI
i ... loavi
1 ... 10SV4
Mldv'a Stl A
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8 77"i
Mln A Ht L 4a
20... . 49
10 . .. 49
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Sta it alt 41
2 90
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1 46V4
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to K A T 4
1 .. . 63
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1
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10..
10..
10..
I 1 i.llt,
10
B8Vi
B8U
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. S8U
. SO
A N
. 77
Tax
Popular
Bonds
84 Vj
84 V.
B4U
84 Vj
04 Vi
64 Vi
E4U
84..
64 Vi
04 V,
6 iv;
I-
82
. . OJ
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Lack Steal 'DO
1 80
Lake Bhoro M
B'n 4 '28
1 ftSU
LeUe Hhori M
4 o: '81
1... . BSVi
It Vy en 411
1 BOH
1... . 80V.
iT.U't A Mlira
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1.. .. 841i'
1... . 84 Vi !
1,11' t t: liyri
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l.... lo.vi
2.... 102
1.. . 103 Vis
it III It El IT
1 88V4
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1 . . 8-"i
8
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1.
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0 .
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4 Vis
6.. .
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Mrxlco 6a
7 61 li
N T C A II 11
n n sua
a 9
N T C A II K
n Tl en 4i
2 71'i
20 711
N T C A II n
nnta
The fall in commodity
prices and the growing
demand for conserva
tive securities have had
a favorable influence on
the prices of all sound
bonds. Let us present
for your consideration
some facts about con
servative bonds which
should increase in popu
larity. Write for letter No. 7S.',S
Bonbright & Company
437 Cheitnut Street
Philadelphia
Stw "VorL riilrao
Boiton Itrol
J. ... 02'4
2 92Vi
2 . .. 92V.
1... . 92Vi
. . 93i
10 024
an . . 02
G.. . 02Vi
10.. 02U
10.. . 92H
8.. .. JU
6 92
S 7 O 4 1! n
n n ct 7i
2 . 102'',
8 . . 102V.
1.. . 102V4
2.. . 10J
6.... 10JV4
8. . 102V;
Louisiana & ArkansasRy.
Ill MTQE. 5 I0NDS
Ditiiim.tlDellJ
DiinI First Mirtrue SMurit
Liw Rate Pir Mi!o Sirmi Slaklnt Fm b
FayarableEarains Pt and Prmn.
To Yield Over 10
Pricm and particulars en requett.
H
Uw Tim
Railreti Unit
Wlien the Europeyn war
broke out in. 1914 hfr-V
long-time railroad bon4a
selHng to yield about 4j
TI..I. tUnmA itwi flOOd Oi
European liquidation an
heavy borrowing by our cram
Gorernment, with the rewH
ing steady decline In ''f?'r
bonds to conform to he W; t
creasingly higher "'?!
rates paid on new tctirtty
issues. Hfsh-grade long-time
railroad Issues can b p?"
chased to yield a return higher
than has been obtainable l
any previous year for more
than a ireneratton. The enact
ment of the Tranaportattpn
Act of 1920, followed by tho
increase in rates granted by
the Interstate Commerce Con
mission, has greatly clarinet
and strengthened the ralirsM
situation. Wc recommend to
investors the purchase at tM
time of long-time railroad;
bonds.
Complate jeferrnation retiaa
Harris. Ftriti ft Ct.
rta St. Gee. Wim.
mctAnstTBtA amcM
Mioimaittiuiiio
Contlnuwl n Nnl Pare
1..
1..
10...
1...
6J..
20...
10...
10...
10...
23...
a...
s...
20...
20...
26...
8...
4...
6...
43...
80...
22..
a...
8...
100..,
23...
101 Vi
10IU
101S
101 i
101 V.
101V4
101 Va
101 Vt
101 Vi
101
101V4
101'
101
101 Vi
101
102
101
101
101
101
101
101
101 V,
101
10J
10J
An Ideal
short term investment
Gas Securities
Company
8
io
Two Year Secured
Gold Notea
Price 98 and Interest
Yielding over 9
Cireulci oil rfjuraf
flB
Martin & Ga.
1411 Walnut St.
Phnmanti
Henry L. Doherty
& Company
604 Morris Building
Philadelphia, Pa.
lelephons: Ixicu.it 1140
'T'rifc. investments on our
current list offer attrac
five yields at present prices.
BOND DEPARTMENT
1429 Walnut St.
Longmcre Hojkl
Our Stock Department offers
every service to those inter
ested in Listed Securities.
BOARD ROOM
1340 Walnut St.
Ritz-Cariton Hotel
Moore, Leonard & Lynch
CUSHMAN NEWHALL
MANAGE
PHILADELPHIA
New York rtapth
llroadtvar BslKlas
MUMBEJIS
NIW TOHK. VIUIAD&L.PHU. ANO
PITT3HURQH 3T0CK EXCHAKOE8
Empire Tube
& Steel
Bought, $old & Quoted,
Cempaay Statmeat
oa Reraet
C. We Pope & Co.
25 Broad Street, New York Gty
Telephone Broad 7110
Stockwell, Wilson & Linvill
Certified Public Accountants
Land Title Bldg., Philadelphia
Bids Wanted
5000 shs. West, Utah Cop. Co.
350 shB.-Odor. Incinerator C.
300 ahs. Carwen Steel Tool
WM. H. FAUST
Stocks
421 Chentnut Stnet
For a Limited Time Only
Money at 5
on Stocks and Bonds
H. A. HEIBING
1W South Ninth Street
B era ul on
4 ARGENTINE
GOVERNMENT BONDS
Present Pric
$215.00
Per Bond of 1001:
Payable in Sterling
Value per 100S bona with
English Exchange at norn.nl
und bonds at par.
S486.00 i
Tluse bonds combine l.ijjH
yie'd, safety and chance of
great appreciation of capital.
further particulars upon requtat
All Other Foreign Securities'.
E. H. WOLFES,
212 Broadway, New York
Attractive Listed
Tfnilrn'.id Tlf.nla
.4 circular well mrth reading that
, .. j.--- -... v,. u request.
NEWBURGER,
HENDERSON & L0ER
Members New York and
Philadelphia Stock Eachanaes
' "141ftV nl...4...l na
a$2,500,000
Middle West Utilities Company
Fifteen Year 8 Secured Gold Notes, Series "A"
Dated September 1, 1920
Due September I, 1935
Interest payable semi-annuallj. .March and beptenilici '..st .n Chicago and New York
Coupon Notes in Interchangeable denominations ot $1000, $500 and $100, registerablc as to
ririninT nt. T .n.M mt.Aneqkl. na . ...t.1. . in ... . nn.. .m nr... Cn-
I
Ill
The Middle CiL Utilities Company through it- -ul)iUiai ounipa:iic" opei tcs in
the following- fifteen states: Illinois, Indiana. Kentucky. Maine. Michigan, Misbou, .
Nebraska, Xew Hampshire, New York. Oklahoma. Tenne.-see. Texas. "ennont. n
ginia and Wisconsin. The Company's subsidiaries erc J()2 communities, having ;.
combined estimated population of 1.315.-100. At .lul M. 120. electric cUhtomer, num
bered 215.717. gas 54.69). water 24,148. a total of 294. 54 customers fur thc-e bervicc
alone.
These Notes will be secured by pledge of mort
gage bonds on properties of subsidiary companies
owned entirely or controlled by the Middle West
Utilities Company, the aggregate principal amoiant
of bonds so pledged being at least equal to 150
of the principal amount of Sorites "A" Notes at
any time outstanding.
No Notes of Series "A" may be certified unless
Ihe net earnings of each company, mortgage
bonds of which aro pledged hereunder, are equal
to at least l1 time the annual interest charge
on such bonds and all underlying mortgage in.
debtednexa.
The equity behind these Notes, repress ' by
investment in junior securities of the Coh-any
and die reserves and surplus earnings retained in
the business, aggregatet over $25,000,000. The
latest available statement of earning; of the
properties on which the pledged bonds are
secuivd by mortgage liens shows that the ratio
of net earnings to pledged and underlying bond
interest io equal to 1.85.
The earnings of the Middle West Utilities Com
pany for the fucal year ending April 30, 1920,
show a net balance of $2,197,617.71 available
for the annual interest of $861,110 on $2,500,
OOO Fifteen-Year 8 Notes, $9,318,500 Ten
Year 6 Collattaal Gold Bonds and $1,700,000
Three-Year 6 Gold Nolcs. 73 of the Com
pany's utility earnings in derived from the sale of
electricity for light and power.
For more complete information ue d'.iect attention to a Ut. of S'ami, .. A n .. , f ,. ,, ,
pany, fr, a-hick the 5ot, ..,.,, are suuJa o Tf ' , ' U' t w&a XSi
WE RECOMMEND THESE NOTES FOR INVESTMENT
Price 96 and interest, yielding about 8V2
Halsey, Stuart & Co., Inc
New York Philadelphia
A. B. Leach & Co., !nc
New York Philadelphia
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