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iaVBKINb PUBLIC LEDGERPJgILrADlLPHIA, MONDAY, JAJARY IT, 1921
"i&
$F
$12,000,000 v
Grand Trunk Railway of Canada
Canadian National Railways)
15-Year 6 Equipment Trust Gold Certificates, Series F
Iisued under the Philadelphia Plan
To be dated February 1, 1921 Total Authorized $12,000,000 Due February 1, 1936
Principal and dividend! payable at the office of Fidelity Trust Co.,PhIladelplil,Trustee, and tt the office of Ditlon.Read (. CoN.Y.
S2Sir,1nUl VTmmf of $400,000 fetinninr August 1, 1921 must U und to purchase
certificates at or under par, if obtainable. Any unexpended balanca mutt be ueed to pur
chase either Certificate or Canadian Government obligations due before the maturity
data of the Certificatet. Certificate jpurchatod at a premium by the Railway Com
pany under the fore-oinj provision are to be accepted by tha Trustee at par.
The information fivon below is summarized from a letter from Mr. Frank Scott, Vice-President
of tho Grand Trunk Railway:
These $12,000,000 Certificates arc issued against new railway equipment costing $16,000,
562, an initial payment of $4,000,562 or 25 of the cash contract cost being made.
Under the provisions of' the Statutes of Canada, the rentals payable under the lease of this
equipment rank as a railway working expenditure and constitute a claim against earning!
prior to both principal and interest of mortgage debt.
Interim Receipts of Dillon, Read Co. or Temporary Certiftoates exchangeable
for definitive Certificates when received will be deliverable about February 2nd
Price 95.40 to net approximately 7
GOSSIP OF
THE STREET
New York Bonds
Dillon, Read & Co.
Formerly
Wm. A. Read & Co.
The National City Company
Blair & Co., Inc.
Bankers Trust Company
Union Trust Co., Pittsburgh
Guaranty Company of New York
Lee, Higginson & Co.
Continental and Commercial
Trust & Savings Bank
Tfcetafcrantiea contained ia tha adTcrtuemtnt hn been obtained from sources which we consider reliable. While net guaranteed, it it accepted by 01 u accurate.
Order have been received in excess of the amount of Certificate! offered. This advertisement appears as a matter of record.
Portland Railway Company
First Mortgage 5 Gold Bonds
Due November 1, 1930
v' Outstanding $7,535,000 (Closed Mortgage)
Underlying Issue of Portland Ry. Light fi? Power Co.
The Company operates all the Electric Railways (with the exception of two
Interurban Lines), and does over 80 of the electric light and power business of
Portland, Oregon, which is the largest city of that State, and one of the richest
cities of its also in the United States. It serves a population of about 300,000.
Tho property, covered by this mortgage has been appraised by the Public Service
Commission of .Oregon at over $13,000,000.
The Sinking Fund provision has already retired $988,000 of the above issue.
The Portland Railway Light and Power Company is earning more than l'j
times all its interest charges, and is showing steady increases.
and interest, yielding about 10
Circular on Requttt
'rice.
70
'
Moore, Leonard & Lynch
Cushman Ncwhall, Manager
Bond Department
1429 Walnut Street
new ionic
Mtmbera New
PHILADELPHIA
Board Room
nitx-Carlton Hotel
PITTSBimaH
York, Philadelphia and Flttubursli block Kirhanies
The statements presented above, while not guaranteed, are obtained from source
which we believe to be reliable.
$10,000,000
of Capital and Surplus assure depos
itors of safety as well as of
broad and liberal treatment.
Confer with lis when consider
ing a new banking connection
THE
FOURTH STREET
NATIONAL BANK
131-145 SOUTH FOURTH STREET
ESTABLISHED 1063
BIOREN & CO.
BANKERS
410 Chestnut St., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
Members Ifeto York ana
Philadelphia Stock Exchanges
immmmwmwMmMmmMmmmmima
THOMAS GIBSON'S
ANNUAL FORECAST
For 1921 Now Ready
An Annual Forecast of
Business, Financial and Se
curity Market Conditions
and Prospecti.
DecauEO of the effects of deflation,
probable decided changes in credit
conditions, the now railroad laws,
tho situation in Europe, our new
Administration and other unusual
factors, the year 1921 bids fair to
prove ono of tho most interesting
in history. It will also prove an
unusually profitable year for those
who exercise proper discrimination
in business ventures and the selec
tion of securities.
Tho prlncipnl subjects aro as fol
lows: The General Outlook
The Money and Credit Situation
Commodity Prices
The Foreign Situation
The Railroad Situation
The Railroad Bonds
The Railroad Stocks
The Public Utility Stocks
The Industrial Stocks
The Copper Stocks
The Technical Situation
and a general aummlna- up of the situation
and outlook and auayaatlons aa to the most
profitable policy for Investors unil specula
tors during 1021.
Price: Paper, $1.00
Cloth, $1.50
THOMAS GIBSON
29 BROADWAY, NEW YORK
Tho Gibson Letters and Forecasts
have been iisued without inter
ruption for fourteen year.
Foreign government financing at the
moment Is the all absorbing topic of the
bond market.. It Is reported negotia
tions are under way which, when con
summated, will coll for a $100,000,000
loan to Franco for the purpose of pro
viding funds with which to meet the
maturities of the three French cities
Marseilles, Uordeaur, Lyons, and also
tho $o0,000,000 maturity of the city of
Paris this year. A loan of the sire
mentioned nlo would furnish sufficient
funds to meet some of France's ex
penditures for American commodities
and products during 1021.
While It may be threo or four weeks
before anything definite is announced In
connection with the French Government
transactions, It Is admitted in oanKiuK
quarters that negotiations are well
under way calling for consummation or
the transaction. It is, however, a
llttlo too early to make any predictions
ns to the character of the loan that will
bo negotiated.
Other foreign financing which is
known to be under consideration Is that
of Norway and Sweden. Switzerland,
Belgium nnd some of tho South Ameri
can countries.
Copper Metal Market
Improvement continued In the cop
per metal market last week, and some
of the leading selling agencies were In
clined to advance prices. As a mat
ter of fact, whereas some busi
ness was done with regular con-
.....-.. 11 mnin fnr nromnt deliver-
les, and 13 1-1 cents per pound for
first quarter nhlpments, it is known
absolutely thnt some domestic consum
ers were given quotations 1-4 cent
above these figures on inquiries which
they hnd put out.
The leading authorities In tho trade
Insist that there havo been develop
ments of far-reaching good effect last
week, nnd Intimate that when these be
come known It will show conclusively
that there are now actual signs of a
turn foe the better In the copper mar
ket. It Ib the belief that consumers
will ''become convinced when the facts
aro known that there Is little likelihood
of lower prices for tho metal.
In all nrobabtlltv. the increase in ex
port business Is ond of the factors mak
ing for this changed condition. It is
known that foreign buying has In
creased to a considerable extent, with
at least four of the European countries
showing more interest in tho red metal
than they had for several months and
export demand has nlways been highly
encouraging to the copper sellers in
this country.
Future Equipment Needs
From statistics published In the on
nual review number of tho Railway
Age, It appears thnt the number of
locomotives built for domestic service
in J020 was smaller than in 1010, but
the number ordered wns nine times
larger. The uumlier of freight cars
built wok not ns large as in 1010, but
the number ordered was three and one
half times larger. The number of pas
senger train cars built was almost twice
ns large aa In 1010, and the number
ordered four times as large.
World-Wide Decline In Prices
Tho price toboggan is working in
every part of the world and In a very
large share of the articles forming In
ternational trade. Of tho seventy -
five principal articles of our import
trade, for which tin average import
price is stated by the official records
of tho government, mi! but four, says
a statement by the National City Bank,
of New York, uro lower in the No
vember, 1020 import record than In
earlier months of the year 1020. The
articles In the official list which "ro
fuso to como down" are newsprint
paper, wood pulp, pulp wood and
bananas.
The unanimity with which prices
tho World over have already "come
down" Is evidenced by the fact that
seventy-two out of tho seventy-six
article. included in the import price
list show a lower valuation per unit
of quantity in November, 1020, than
in earlier months of the year. Haw
cotton, for example. Is valued In tho
November, 1020. imports at 28.7 cents
per pound, against (Ml cents per pound
in August of the same year; raw Bilk,
$0.84 per pound, against $12.23 In
March j clothing wool, 27.4 cents per
pound, ngainst an average of 00.4
cents in May ; Manila hemp, $24," per
ton, against $877 per ton In July;
flnx( $72 per ton, against $2048 in
August; cattle hides. 20.(1 cents per
pound, against 83.0 cents In February ;
goat skins, 02.8 cents per pound,
against $1.20 in May , pig iron. $30.00
per ton, against $IKi,2S in September;
coffee, lfi.3 cents per pound, ngainst
$22.1 cents in January; cocoa, 10.2
cents per pound, against 17,0 cents In
.narcn ; iresn Deer, i;s.u cents per
pounn. against lT.n cents in .May, and
rice, 5 cents per pound, against 11
cents per pound in February.
Newburgcr, Henderson 4 Loeb
"While the recovery movement has
been unquestionably a little too rapid.
yet, on tno other hand, the conduct
oi tne mnruet iurnl6hcs convincing tos
tlmony of wholesome change which has
como In the financial community's
mental attitude since, the turn of tho
yctr. Tho spectacular rise in n num.
bor of the Industrial specialties wa.4
mado largely at the expense of the short
interest, and under accepted rules the
market is seemingly entitled to a mod
erate backset. Consequently, It is not
considered advisable to be taking on
too many stocks on the bulges, but
rather to defer repurchases on recessions.
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6 27
0 274
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4 374
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Philadelphia
Suburban
Gas & Electric Co.
lst& Ref. 5 Bonds
Due Feb. 1, 1960
Freo of Normal V'e Federal
Income Tax. Tax Free in
Pennsylvania.
Guaranteed
Principal and interest
By American Gas Company.
Price at Market
To Yield About 7.15
Elkins, Morris & Co.
Land Title Bldjr., Phila.
Members
New Tork 4 Phils. Stock Eschanres
II III
U. S. Government
Railroad & Public Utility
BONDS
for
Invcttment i
Boles & Westwooi
Memb.ri Pllla. Slotk Eitliif
Land Title Bldg., Phila.
u
47.
20.
20.
80.
67.
1.
30.
10.
41
41
424
42
44
434
44
44
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0 804
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8.... 08 11
1 084
6.... 08 11
1 98
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A I'd 1022
1 9B4
4 034
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A I'd 1920
1 88
1 80
2 89
8. ... 80
U K of a TJrlt
A I'd 1987
-.
Underlying
V R-R. Bonds
We can offer long-term under
lying railroad bonds at price
to yield G.20
Baker, Ayling & Young
JOSKriI W. SWAIK, it.. Manager
Und Title Bldg.
Boston Philadelphia
I 'i
GET THIS
BOOK It's Free!
A clear, concise -.nalaU of
Inreatment principles writ
ten In almple non-tachnlcat
language Is covered la onr
ne rv bound booklet, n
titled
Ftf
T17
Ask for a
copV'X-J0
SALARIED
PEOPLE!
GUTHRIE ft McGOVERN
r,t
Standard Oil Stocks
Bought Siota Quoted
Aek for Booklet T
Geo. A. Huhn & Sons
Member Fhtlndrlphla and
New York Htock Jixrhangmi
1418 Walnut Ht. Ill nroadwar
Philadelphia New York
Member rhlla. Sleek FichaajQ
1480 South Etna M- rfcUa,
foroee MIS Bae
New Tork SI DroaeHray
Safe Bonds j6r Investment H. J
l . .. .aaaaaaaa em HaW II
HAL5EY, 5TUARTB-
&. CO. Inc.
so
80
80
80
SR.
BBS.
834
83 4
Bt L 44"
1 8014
1 8014
Cnl OAK 1st
1 834
Con'd Coal Co
of Mri Oa
1 74
Cona'd Oaa 7a
4 48
M A mi, en 6a
10 . .. 70
Mo IC A T 2ml
1 . . 30
1 89
$5,000 Policy Coits $69.70
PENNMUTUALLIFE
write for apeelmen poller at xmir nire.
I1011HN1I 1 DURHAM. (Irnrral Aienta
413 Htenlien Olrnrd Hid; . phila.. Pit.
Phone 11 bert 2608 38lr
Bonds for Investment
circular iTpnn. nnut
The National City Company
CorrvmowJoiif 0tf" I" Oi'fr I Ctti't
rhliaanonia m-ji vnrsinui bh,
Chestnut
Atlantic City 1233 lloardwalk
Philadelphia
Rapid Transit
Tho current issue of our Market
Review contains a comprehensive
analysis of this well-known street
railway company wheh is now
showing increased earnings oper
ating under a higher rate of fare.
Midvale Steel
Tho strong position of this com
pany is outlined in another article
which gives in dotal! interesting
information concerning Midvale's
production, output nnd financial
condition.
Hrnr on request for L-it)
Hughes & Dier
l I'hlln.
. J I ttabu
t New Yi
Member '
Flock I'lehnnae
io Hoard of Trade
Itaburjrh. fltnek Kirhanre
York Produce, Kxchanse
1435 Walnut Street
Philadelphia.
fiprucRIS
New York, itburh,
Race 1803
Clereland
"Tho most rnoournglng development
Is found in the evidence of a downward
tendency In the money market. Thero
has been distinct easing of rate In both
time and call loans, which U the out
come of the freer supply of fundK, nnd
which In turn Is the natural result of
last year's heavy liquldatinff movement
to forco credit deflation. Other con
htrnctlve factors nre to bo found In the
persistent strength of foreign exchange
nnd the Improved outlook for an early
rcNiimptlon of gem-nil business. "
Hwker & Co.: "Considering its pro
longed and big recovery, the market
holds its ndvanco remarkably well. This
fact points to still higher levels before
the next reaction of nny Importance
oenirs. The most potential slstalnlng
Influence at work is the decidedly Aisler
tendency or call unci time money, with
money rates going down und good stocks
still selling on a 7 to 8 per cent basis,
precedent shows there is onlv one way
I for the latter to go. and that Is upward
liugnes Dior: "Kxnected easing or
money rates is one of the most Impor
tanr reasons ror iniprovcii market henti.
ment and the strength which has been
displayed by tho stock market since the
beginning of the yenr. It is our belief
that the market Is on the way to better
prVses. While somo Irregularity is to
be expected from tlmo to time as a
result of profit -tuklng, there Is mora
optimism and industrial and business
conditions steadily improving. There
fore we beliovo Investors have presented
ut the jiresent time an excellnt oppor
tunity for acquiring good stocks t at
tractive prices, and wo favor tho rails,
steels and coppers."
Jones & linker hay : "As would seem
to bp foreshadowed by the recent brisk
rise In stock -market prices, the period
of business readjustment is now believed
to be nearlng nn end. and the outlook
for Investors and trader Is considered.
ui.ii, luvvnuuiu iiiuu iir niuiiy innniuy,
i..
i.
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l.
loon
. 100H
. 1004
101
1004
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744
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1 SO
8 .... 88
1. .. 83;
Del & Hurl 7s
8 104
Den & n a 4a
1 ... 034
Pes Molnea 4
Ft D 4a
1 ... 42
Det Tun'! 4 4
1. ... 70
Det U n 44a
1 60
D Can 34 '31
1 00 4
3 ... 00
Do Canada '20
11 034
Erlo Oenl Men
2 ... 43
Mo IC A Toi 4a
10.. 004
13 . 00',
10. . . c,o;
10.. . 004
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3. . 334
1 . 334
3 . . 83.
Mnnt'a Pwr 8 a
1 . . 804
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1 . 70
3.. .70
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1 03
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N Y Cont'l 4a
1 . . 70
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1 81
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1 784
3 . . 784
10 784
Guessing
is reaching a swift conclusion while admit
tedly lacking the material for certainty.
"First Principles of
Safe, Profitable Investments"
is a booklet that will help you eliminate this
hazard. Send for a copy.
Frazder & G.
Broad and Sansom Sts.
Philadelphia
19 South St.
Daltimore, Md.
Uarribburg, l'u.
927 15th St., N. W.
Washington, D. C.
U B Hub 7 4
1 1UOH
U'd S Steel 6S
1 04 4
13 04
3 .. . 044
1.... 04 4
1.. . 014
V C Chem 1st
2 024
Waafn Mrt 4a
1 .... 60
2 ... 66
IWabaah R 1st
! 3. . . 874
Weal Shore 4s
I 2 .... 73
W E ft Mf 7a
2 . 07".
1
Llbertv
Liberty
Liberty
Liberty
Liberty
Liberty
I'd Is...,
1st 4iH.,
2d 4US.,
3d 4Vk.,
4th 4Ws,
Vic Notes 3-V
Vic Notes 44 s.
20
lliKh
fil'.SO
R7.10
X7.00
87.3(1
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07.18
07.12
SAMUEL McCREERY and HENRY G. COLLADAY.
announce that they have formed the
Copartnership of
Samuel McCreery & Co.
to deal in Investment Securities and conduct a
general brokerage business.
Members Philadelphia Stock Exchange.
FRANKLIN BANK BUILDING,
PHILADELPHIA
Telephone Spruce 7690-7-8
A
LONDON STOCK MARKET
Securities Quiet and Irregular Gilt
Edged Investments Hardened
London, Jan. 17. Dealing!! n oecurl.
lien on tho "took exchange were quiet
today nnd the mnrketn generally were
IrteKular. Ollt-edr;ea Investment Ibsuob
hardened, nlthnuKh weekly reports on
trade throughout the nation were varied
Dollar descriptions were esaler
Chanjrea In South American rails were
fractional nnd mixed. French loans dis
played steartlneBa, following the end of
tho political crisis In that country. Kaf
firs held well and diamonds and Hlo Tin
tos were firm.
Oils were slow Shell Transport was
5i and Mexican Kaele. 6 Industrials
were confused. An Improvement was
noted In the cotton trade. Hudson's
Bay was Vi. Rubbers showed stability
In sympathy with the staple, '
GOVERNMENT BONDS
J!!
110 IB, ttVOI ataalsjata...
na 4S. 1938 .. 3 '
Avt Miiiiwti a. lunnV -
"npHERE'S nothing like a bank
account to develop spunk."
EDGAR S. GARDNLR
Pruident
EDWARD C. BELL
Vice Prti. A Cainirr
SifffaTlalsffiBflB
I
Ask
83
loo
JO
Seneca
Copper
Our Circular
discusses the recent developments and pros
pects of this corporation, together with market
possibilities. Sent on request.
Ask for X. i
WILLIAM W.COHEN & CO.
ilfembers New York Stock Exchange
C7 Eaeliange.PUc
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