rv
-yjpwraw-KnfiT
jUfStXiyn. -y.
PfWlPr'T'
. -
r.
l'-
Penna. Tax Free
$50,000.
Luzerne County
Gas & Electric '5s
Du.I948 , ,
"A first, eteied mrili, Property
value 00 In aicei of thla lint
which If dated .1608. , i . , i , ,
' Earntnc ever, lw(ee charces.
Fr of Nermal tax W'294 ,
Prices Tt;
Te Net Over o'e, - 1
IATTLES& COMPANY
Invemtment Banner,
BitablUhed SMtO
Independence Sgnartj (Kaat)
' "s fgyT Tyjjnfffy" vawBHpnHvr
i i inianMiiiiii ii'irfi i4iii'mi i n' ii
ifl'-W """ g
SuMmarr of Individual Transaction en New Yerk Exeliangs
ftA
Analyses
of
Leading Rails
vnz rrave prepared and have, for dls.
" tributlen analyses giving the salient
featari-s of the leading dividend and
nendtvtdend paying railroad stocks.
with particular reference te earning
peislbllltles under the increased freight
and passenger rates.
A copy will be gladly
furnished en request.
Carstairs & Ce.
Members Philadelphia and
New Yerk Stock Exchanges
1419 Walnut Street, Phila.
71 Broadway, N. Y.
Indiana, Colombe A Kuitern Trac..3'a lets
Mende A Union Cltr Traction B's IBM
Kraairllle Ou A Klectrle Ce B's IIS)
II. i. Helm Campnnr 10 JT. 7's 10.10
renrmansh Power Ce. 10 rr ft'e 1930
Cltr of Denmark 10 jnur ....' 19S0
Celnmnna, Newark A Zanmrllle. .fl'a 1921-26
Celumbna, Bnekeje Lake A Newark. S'a 1021
Cleveland Short Lln Railroad, , ,.4V4't lest
Narth Hprlnrteld Water Ce.. 8a 1028
Nerfelk A Portsmouth Traction Ce..B'a 1986
Vlrslnla Bwjr. A Power Ce S'f 1034
Olrard Telnt Storage Ce. tV 100
Standard Oaa A Electric Ce 6'e IBM
Ontelldalrd Traction of N. J S'a let
Calm Traction of Indiana.. 'a 1922
Illtnala Central R-JIread Kqnlp V 1030
altaMe lllumlnaUn Oia light. .S'a '1028
eirt Hound Electric Railway S'a 1032
Grand Raplda A Indiana Hallway Stock
Samuel K. Phillips & Ce.
Member Philadelphia Hteck V.tehenie
807 Cnr.STNWT HTREKT
STOCK AND BOND
SALESMEN WANTED
BY 0LT KNTATILIBIIRD FIirtADEL
rillA HOL'RE DEALING IK rCBLIC
UTILITY. MUNICIPAL AND HIGH
ORADE INIHTHTRIAL STOCKS AND
nONDS. GOOD OPPORTCNITV FOR
niOHT MEN.
A 400, led-eer ennqE
Bends for Investment
Circular Unnn nefluett
The National Gty Company
rilladslphla 1421 Chestnut St.
Atlaatie Cltr 1225 Boardwalk
78
78
7BH
7B
74H
7B
T elt
70ti
78
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Moere, Leenard & Lynch
Cushman Newhall, Manager
Bend Department. Heard Iloera.
1429 Walnut Street WU-Carlten Hetel
PHILADELPHIA
LEE, HIG6INS0N & CO.
Established 1848
1808 Finance Balldlnj, PhlladeJnhi.
BOSTON , NEW VOBK CHlCAnn
WANTED
nittfcharacter aalesmaa te sell ateck et .
cwrnrrelal b.nUn, corperaulm TOC" " "
An Bbfelutely clean nropeattton.
write, twins ace and experience.
BOX A 804. I.KTWEIt OFFICE
Investment Opportunities
The Opportunities for Investment
New
are the greatest since the period following the Citil War,
but purchases should be made with great care. We
believe, first, that this is the time' te
Buy Leng Term Securities
and, second, that one should cheese the securities of
companies that have demonstrated ever a long period of
years their earning ability. In this class there is no
mere conspicuous example than
Electric Light & Power Companies
An analysis of the records of these companies ever a
long period, of years reveals a remarkable degree of
stability we .knew of no business which has had such
an unbroken record of success as haar this class of
public service corporation, and the present era of
readjustment from war te peace conditions finds this
industry in a sound position.
We have prepared a circular in which we discuss these
two points and make suggestions of fourteen high-grade
investments yielding from
6.10 te 7.85
A copy will e senr en rcijucsr
parsly Bres. & Ce.
BANKERS
1421 Chestnut Street, Philadelphia
"Wcmterrs Philadelphia Stock Exchange
i, -i
New Issue
$5,000,000
Government of the
Province of Ontario
Seven-Year 6 Geld Bends
Dated November 15th, 1920 Due November 15th, 1927
Principal and half-yearly interest payable in geld in New Yerk
These, bends, and the interest thereon, are a direct and primary obliga
tion of the Province of Ontario, and are a charge upon the Consolidated
Revenue Fund of the Province.
Ontario is the wealthiest and most populous Province in the Dominion,
of Canada, the population being about 30 and the value of the annual
production being ever 45 of that of the entire Dominion.
Mere than 50 of Canada's entire manufactured products totaling in
value in 1917, the last year for which these figures are available,
$2,790,000,000, were produced in Ontario. Sv. -'alue of the timber and'
mineral output alone in 1919 was $290,000$v. .Ontario's agricultural
products for the same year represented a vaf 3f $373,507,500.
The three largest cities in the Province are Terente, with a population
of 550,000; Hamilton, 110,137, and Ottawa, the capital of the Dominion
104,000.
Price 94.54 and interest yielding ?
(Payment in New Yerk funds)
A legal investment for Connecticut, New Hampshire and Vermont savings banks.
Full Particulars P-1122 en Request
R. C. Matthews & Ce.
Terente
mi
ta
Weed, Gundy & Ce..
Incorporated
New Yerk
Illinois Trust and Savings Bank
Chicago
A. E. Apss & Ce.
New'Ynrli-
sH,r.-W
le....' TH
8n Paclne fd
1 74
S..i.. 74
B'n Pacific 4t
3 70
B'n Pae cv 4f
S '70
18 76
B'n Pae ev if
110
110
110
111
111
111
1....
10....
10....
1....
33...,
3....
B'n Rallw's Bl
1 87
Term'l It R A
of St L 4s
1 1
Third Ave aj
S 29
B 28
8 20
Teledo Bt U A
Wcatern 4a
8 40
Union Pae ev
1 80
12 81
Union Pae fd
1 78
8 78
1 73
Union Pac 4 s
1 80
Unleln Pe 6e
1 98
HKelfl Brt
A 'd 1021
10 07
t tv.
WW VOfK eni(ir)r,4);
U Kef O.BHI
A r 1912
8 .... 4
U K of O Brt
A 'a 1930
8 88
1 86
1 89
V K of O Brt
A 'd 1937
IS 83
B 88
B..... 88
U 0 nub'r Bl
1 78
B 78
10....
2....
1....
U B Rub 7l
8 07
l..i.v 97
2 08
1 98
U 0 Smelt's
Ret A M 61,
1 9BU
U'd 8 Steel Bt
78
78
78
tftah A N'n Si,
r.. V au'
Utah Power A
Llsht as
3,.... 76
Vlra Carolina
Chern lat
1 92
Va, Itailw'fSs
1 83
Wabash n lat
8..... 88
Weet'n Md 4f
1 SSU
W Pacific lat
2 83
8 84
Wast Shera 4t
1 70
Ii..... 70
Wett'e Elee A
MfC Ce 7f
1..... 03
10 06
2 04
...... OS
8.
1
1
1
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A
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02
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n
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3..... S3
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8... T'W
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!
,wy ft -j .VW'
ii ii e
K J.e"t
V
Ljfi. m wiiiii .1. i, . . i.iiii, i. .
ft"M
1
, t I
'Corporate i securities due te b paid off
In December arc unusually llsht, the
areTecate belnc, Z4,z,ziej ncainm
I,056,B70 In November, and 6f,780,
780 In December, 1919, Ilnllread ma
turities, are extremely small, assresatlns
entyHS,l8!.20, made up of mlscellane mlscellane
eua small Items The drop In maturities
dueisheuld have a favorable effect en
the money market, as there will be little
new financing: necessary te refund these
obligations, most of them being already
provided for,
The New Tork Suhtreasury lest 12000
te the. banks en Saturday, making a cash
net less since Friday of $147,000.
Today's Range In Liberty Bends
11:18
Hish T,ew
02.40 02.30
80.80 80.80
85.00 85.00
87.10 86.00
80.24 83.80
80.00 88.70
80.40 85.88
00.00 05.00
05.08
Liberty 3Mi
Liberty 1st 4n. . . .
Liberty 2d 4
Liberty 1st 4s..
Liberty 2d 4V4s. .
Liberty 3d 4Ub,.
Liberty 4th V4.
Victory notes 8 a
Victory notes 4s 00.04
m
02.30
80.80
85.00
80.00
80.10
88.08
80.18
00.00
00.04
Trade' Inactive en Parla Bourse
Paris, Nev. 22. Trading was Inactive
en the Deuran today. Three per cent
rentes SSfr Ge: exchange en Londen,
S8fr 81c ! five per cent lean, SSfr 20c
The dollar was quoted nt 16 fr 24c.
5 ofteofoOrimfinKkrt J
'f. '. ,,' i '-
peallnflg Restricted by New Capital
Istues Heme Ralls Softer "
Londen. Nev, 22. Dealings In securi
ties en the stock exchange failed te
broaden today, being restricted by new
Issues of capital, the unsettlement In
foreign exchange, and distrust ever the
outlook for cr-mmedltlea. The markets
generally were Inclined te sajr. The city
did net like the Oreek situation, follow
ing reports that the Oreek garrison at
Hymma wan te demand demobilisatien.
There wan profit-taking In the oil
group. Shell Trading was 6V4, and Mexi
can Kaale 11 11-18. Dellar descriptions
dropped again In sympathy with New
Yerk exchange, and Argentine rails were
heavy. Heme rutin were softer.
Seme scattered forced selling occur
red In Industrials, which were unsettled.
Hudsen's May was . OIt-edged In
vestment Issues were easy, nnd foreign
leans lacked steadiness.
RAILROAD EARNINGS
CUBAN RAILnOAD
1DZS
fleptember rreis
Deficit after taxes. .
Deficit after charsea,
Six months' cretf....
Deficit after taaea , .
Deficit after charrae..
Decrease.
11.194.889
188.630
244.433
8,4.16.374
183.172
, 407.608
Inereane
loe.niB
471.804
487.080
364.342
008.493
946.221
BAR SILVER
Dementlc bar silver wen unchanged, at
90 He, In New Yerk today; foreign was
down one cent, at 74c. In Londen, the
price was 47)4d, down IVid.
I i
fmi jM,X'
r'g4aBaEa!e7
jT0CKi7
ltVQr10i
,,., ' ' ". ' '"Af asiA-saa-asTssit
ARE YOU
plant I nc new far a fs
inrs harvratT Bhrewd In-
eaalrlnc selected aeenrlllea st from
half te third of Uirlr beak vainea,
Ne sane-minded peraen wsnld prrsnme
te sell the United State fbsrii would
aafume that our leading Indattrials
ra hendrd far bllrlen. Art new.
Rlfkr Panalbllltr of further 4mm.
l.nT Ye. Det that tlak la mlnlmUed
In rnnnrrtlen with the arrnrltlra
apevlflrd In our special IHIer "K." a
remnllmentary ropy of which la rmra
for the naklnc,
ifnrke'aMa tecuriMes carried
upon a centtrvptive marginal
baMi. Odd left a ipeciaUy.
tm
mk I Philadelphia 81k. Kxeh.
M"",W ) Conael. Btk. Kx. of N. Y.
1622 Chestnut Street
Phene I Ball. Bprnre 8017-439O
Keratene. Rare ISO
74 Broadway A 460 Stli Are., N. Y.
Stamford, Conn.
STOCK SALESMEN
We want rrperlrnrrd alerk aalramen
te aell the atnek of a Uirlrlns Indus
trial. A real-eptrtnnlty for re-al men.
A 810, WJM1KB OFTICK
Wttrn IWarktte
Dlrvct private Ulegraph
wlr connections with
Chicago, Datrelt
anel Grant! ttmpli
ERNEST SMITH A CO.
INVESTMENT SECUniTIES
20 Sread StrMt, New Yerk
TtU Hecter fJJ7
Attractive Listed
Railroad Bends
A circular wetl worth reading that
we'll gladly mend you en requeet
MEWHRfiER,
HENDERSON ft LOEB
Afemfters New Yerk and
Philadelphia Stock Exchanges
1410 Chestnut St
Tm yimld mvmr 0Y n rmgalar ejuartwiy
dlvtdmnd rnnd pmrtieipttta in farther
mrninga through eutttm dividend.
Thm total nt arrnnga of thii Company for the nine yearn,
1911-1919, inclusive, warm 260 of thm outstanding capital
stock, or avmrage net earnings of mera than 40 Pt annum.
40,000 Shares
"-" OF ILLINOIS
"CLEANS AS IT POUSHES"
The Common Stock (Class "A") te be the First Capital Obligation
Preferred and Participating
Peeples Trust and Savins Bank ef Chicago
Rtistrar
Central Trust Company of Illraeis, Chicago
Transfer Agents
Te Yield Over 9 With Farther Possibilities
Upen the completion of the present financing the capitalization of the Channell Chemical Company of Illinois, having
branches or affiliations in New Yerk, Londen, Paris and Terente,' shall consist entirely of Common Stocks, of which
there shall be tUfe classes Class "A" (40,000 shares) and Class "B" (80MO shares) both having voting powers
with no benils, mortgages or preferred stock outstanding (H being the intention te retire the present preferred stock).
The Class "A" Common Stock new offered te the public shall be the first capital obligation and have preference ever the
"B" shares, both as te assets and dividend, which shall be payable as follews: First The "A" shares shall be put en a
regular cumulative dividend basis of $6.00 per share, payable quarterly? the "" ariar-. will then receive a dividend of
like amount. The Class "A" Common Stock shall participate in the further profits of the Company by reason of the fact that
extra' dividends, payable thereafter, shall be divided equally between the holders of the Class "A" and Class "B" shares.
The stock is non-callable, free from the Nermal Federal Income Tax and exempt from the Illinois Personal Property Tax.
Application will be made te list these shares en cither the New Yerk Stock Exchange or
Chicago Stock Exchange.
O -(Mar A Household Werd Annual Sales New $5,000,000
CHgtltr, the phenomenal merchandising and advertising success, is sold the world ever. Intrinsit merit and extensive ad
vertising have brought se great an increase in demand that the .Company is just completing the construction of a mammoth
new Chicago factory, located en Western Boulevard and Forty-fifth Street. Upen its completion of this financing, it is planned
te retire the outstanding Preferred Stock, making these Class "A" Common Shares the first capital obligation of the Com
pany, being cumulative, non-callable and having preference as te dividends and earers and sharing in extra dividends
upon payment of the two regular $6.00 dividends, or at the rate of ever9xr en the underwriting price, (without consider
ing extra dividends) at which they are new offered. CXs sales for 1920 will run about Five Millions of Dollars. Sales for
1921 are reasonably expected te be double this amount.
The Effect of Pest -War Conditions en This Business
This is one of the few lines of business that have everything te gain and nothing te lese by general deflation new in process
and the readjustment new going en in the business world. 05kr is the most popular of all popular-priced labor-saving
household articles. Deflation and reduction in price of raw materials benefits, rather than injures, the Company's position by
materially reducing the cost of manufacture while demand remains consistent, steady and always en the increase.
Company's Great Earnings Recerd
The total net earnings of this Company for the nine years, 1911-1919, inclusive, were 260 of the outstanding capital
stock, or average net earnings of mere th?n 40 per annum. The earnings of the Company for the seven months ending July
31, 1920, were Twe Hundred Sixty-nincTheusand Eight Hun tired Seventy-five Dollars, or ever the entire annual dividend
requirement of $6.00 per share en the Class "A" shares, without giving effect te the present financing. It is the opinion of the
management that en account of the! enormous increase in demand for the product and reduction in cost te manufacture, owing
te decline in prices of raw materials, fAar Company urill earn,before taxes,daring the fiscal year about Six HandredTheasand
Dollars. Sales te Septcmberst have been Twe Millien Three Hundred Seventy-five Thousand Five Dollars and Thirty-nine
Cents; English sales are new running at the rate of ever One Millien Dollars annually. These, with the sales of Aladdin Dve
Soaps, it is estimated, will give a total volume of sales for the current year of about Five Millien Dollars. It is confidently ex
pected that the present financing will enable the company te double its business during the coming year, in which case profits,
after operations, for 1921, in the opinion of the management, will total One Millien Twe Hundred and Fifty Thousand
Dollars, or ever five times the regular dividend requirement en the Class "A" Common Stock, leaving a large equity
applicable te the payment of extra dividends.
v PRICE
Subjact te rrer sale, we etfer the Class "AM Caramen Stock, when, as and if issued -and deliverable by na, at $62.50 per
hare, te yield en regular dividend ever 9 with further possibilities through extra dividends, which may be paid from time
te time. Checks should be made payable te F. A. BREWER & CO. As we anticipate an early oversubscriptien for these shares,
we advise clients te wire their reservations farnmedrataly; the right te reject any and all subscriptions or te allot a smaller nunT
bar than subscribed for is reserved.
208 Seuth Lit Salle Street
F. A. BREWER & CO.
Investment Securities
CHICAGO
Tke etmtemente contained herein, white net gaaranleed by ta, ere based en information and advice vMch . h.t: j i.
art-tf raMcWs, Alt left mailer, pertaining te the heae have been patted upon by Mettre. Adam. Child, Babb . t ,. FZtrate
The book, of the Cempeny hare been audited, as of October 6. 1920. by Mettr,. Barrow, rade Guthrie Art. rlSL ' JCA'ce
Aemnntmte, 17b sppretMl of the Cempany1, properties has bwn under the direction e the American ApJrtrt aJZ
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