JTJ4t'K3RliJtSv' V?.:lvrPllfcmTV.J!?SHES7'j'S V 'vvittppr'' ; "ff jiKi.'"-, "jt.twi . f TMlt"'!' V K N, . ' EVENING PUBLIC LEtiGtiRr- PHILADELPHIA, MONDAY, FEBRUARY 14, 1921 ID ll.'iylt,,.,, !-.. LONDON STOCK MARKET Trade Continues Light Gilt-Edged Section Hard Ralls Sag Mttilon, I'Vt). II. Thrro wim lllllo change In securities on tho Btor.lt ex clinnK" l,lll'. trndlnff contlnulnjr Unlit. f.ll.f(lgc(l Investment Istrucs wer0 linnl, ami French loans iiIbo wcro (Inn MexU (jnns wrro Irregular. Oil Koe-Hnwed, Shell Trnnsport wnti G3-1G mid Mexican MBle. 6'4 Homo rails siirkcii. Tho newn on the tnbor situation was bettor, but reporm '' (rado were mixed Dollar description wero niilet, Jiencllnir the reopening tit xv!i- Yorlt. South American rails also uere without feature, but steady Industrials wero stow. Hudson's liny .,., r,, Knlllrs wcro maintained. Iielnn Pitied by announcement that tho Htrlltc St the Hnnd was nppronchlnB an end. NEW YORK COFFEE MARKET v Yorll, l''cli. 14. 'Clio market for ,.0ffee futures tinenwl (1 to II puliiM lower Mils morning on tlip poor cubic? from Urnzll nml local tniile pressure. Trailing was itilet, anil while offer were limited, flu ro seemed to ftill he . i....1wif lin I tirr nowpr. Trev. f'lnvn rc1, ... . il.'jaWIM Suit 7.11ffJ F"ptemnr 7 IK Mil De.nnl'cr i.MMS.i r NEW YORK BOND TRANSACTIONS ISAl.r.H IN- ItnOft) Amn flmoltn A 1 (in It Itef'B Ri Unit 6 O'.lln B ft 77H W'n a4 1 774 6 TilVi 1 . . . . "K tl A O Tol it 1 77i B. ... t,A 7 77 2 f..". At" T & T "II Hell T 7s rets J 70m, 1.. . in,l 1 70S M . 1(1.1 1. . . 80 1 .101 V &.. At a., i. in i. si i ' O.M, OS i,i IIS v. "!. "A Aru o Itcp'p M 0 71V, 1 71M Atcti Ton1a A fl'n To nj 0 ... 72 Atcn I'npcka & 8'a To 4s 1 H t 'upper M H 10.. . HI', iiimtlnin .N ii Wn rets Opnn it.inyis ll.ll:('.i Vli ll'iM.V 7.701fii 77 - 77, I .. . 71 0 . 7A A (.'iMst t. 7s Liverpool Cotton l.ltfriionl, Kelt. II. There was nnlv a n oderatn ilnnnnd for upot rotton tod.iy. v Ith prices easier on the basis of u lif eline of I polntH for middling at 8 07d. Tho sales were 4000 tales. The receipts were 8000 bales, Including 2200 bales American. Futures were unlet In the rnrlv ilealliiRS. Knot prices were: Amer- lean. nil'iainiK "' i..-.i. buuu miii llhicr. 9.421; fully middling 8.U2il J nml dllnp! 8,07d: low mlddllnR. fi.!2il : Rood 1 All I . S ft . . . , Alliimlt' 1 1 'J, 1 "I . . UM rult Tn . lift i, . lift'i . Mty, 11-f K t'l'k til'. no d ne ordinary r.(2d coud I nnd ordinary. 1 I2d Hint & uhl 2 ism H Ohio :iia 1 S2',, Huit & ohl. 1 .. . ilsi-i 1 . (IHH, ii t o p i, i: & W Vu Is, 2 . mil iot 1110', 101 'l 101 101 mi inn. iot Onlriil l'nclllc JnRiifT Ilrli a . . O'i r ii t i , 1, ... 70 2 ... 70 ft . 7ft . "K & 11 cv ft I... . S2H r & Alton lids 1... .UPS fill II ft U Bin 1 . 82 cm at. 2ft. .1:1. 10 ift. Chicago Mil & St P 1 4s 1 . 02 1 01 ChlcBKn Mil & Stl'pv 4s 1 . C.1 1 . . r,a 1 '' 1 . . . r.'i Chlencn Mil & Stl' M 414s" ft ... 01 'i niicnitu mm & HIP Rm 4V4S t .. . 77V, Chlcnitn Mil ft St P ev (Is 1.... no. ChlniKo A Nth W'n il Ml 2 ... 00 Clmiitfti & Nth 0 4s wl 2 OOii S.. .. 00i 1. . 0'IH 2 . . tnii4 1 oo v. t'hl HiiIIu-'k fts ft . . 02 ft. .. II2, :i (i a t'hli'iiKii It ll'il k I'nc f.l 2 Cltl I 10. . 10. . ('hi tc II U I 07j . .. I1714 . . . 11714 . .. 07 14 ... 117". 07". . .. 0714 . . 0"i4 O W Is fit .. 78W 7SVi I'up'B 'i 7S ft 71 City l'urls lis 00H 111 II.. 17 1 . a. rhi ft. 1 117 IH 117 ; 1171, I Is 'ill 'I Chile t'op'r Os .. 7.1 , .. 7.1 Chinos ilt fti 2. . . 41', 1... . II", ChlciiRn Mil AiClty Iierne Ss fit Pnul 4s I 1.. . Oft 14 1 OS H .City lloril'x lis I a.. .. 78'i no nnvt 1111 no on mi City Tokln Rs a. .. si C '.urlcli rrls 2 on Cons il iJhh 7s 3R . no' Cubnn 0 8 ov I -8t 1 . . 8.1T4 Pr ft. Hurl 0. 17 .. . 81 1. Nt trl ft. Uuil fit . . . 70 !"nnmrl Con Mntiii rm ul 1 OS iJiim Cnn'n 'at 2 ..02 V U'an 51,4 '21 1. ... Nit4 . ' 00'. Ii) Ciuiniln "20 .1 .. . 01 '4 I Do Cunniln '20 I 1 .02 Dnm Itcp'u fti 2, ... 77S Duluth ft- Iron Itiiniro fts I 1 8RH i Dui Llsht Us I .. R0 l.rlo Urn l.'pn ft ... 11 O-im I lll.r . 1 . no i Gimio I lllr ts ! a . . ioo'4 lOov't r II rets 10 ftl I.ark Kteel Gs N Y O 7s rrts ! . 08J II. . (la 1.. .. 70 1 . 101 M 1 n8T4 6 51 I.iiko ahoro M ... iot4 2 . nil Intl llsrv'r fts H 4s 2S New Y N it A 2 U ft 80'i 2 ... HPi Mnrt'il Os 0 . 0H ft. h0'4 I.hlBli Vl'y Os ft ..07 1 . lis"; 1 M Miirln- us 1 .. OHH I 07 1.. . nsi ft . HlH I, I.orlllnr.l C R N Y Hwys Is n. ns so 1.. hi 14 ft 2t'j 2. . . OSH Jmi Uoie't lt I oil A Nush 4s N Y Telo Ar O tlwlta'd rctr 3. ., 82V1 1 8tT4 II 77'4 1.... 102'4 I. . 82'. 1.. .. 81 7 .. 78 0.1 Trunk rct Jmi Oov't 2nd I,ou A N Ob A Nv Y'W C A 1 inl'4 1 824 Mont 414 s 11nst4'.4s 1 ml'4 ft 82'i 4 .. 814 ft 40',4 0.... 101U Jan Oove'l 41 Manlmt ll'il 4s Nlnif I' I'wr il ft.... 101 H 2.1. . 0.1 1... . S0'4 1 ... 01'4 1.. . 101 K n.1 Mid .H A O or Nfk A W'n 4s Ituil A Man M n 0.1 I . . , 70 1 . . . " 2 niv, Kan a !t ri & 1. ... 7fl Knrih Western 2 (IIJ Memp 4s 1.. .. 70', ll'll Tel 7 ft 0I'4 2.. rt.tV, Mo Ii A Ten 4s 2 . .. 00 7... . 03 Kan C A ri 3s 1 . . ftO' 10 00 Huil A Man 'n 1. ... ftl Mo I'aclOo 4s 2 I'0 n .... an'A a r,i t ... .1114 1 .. . nn ft 0 K HelKltim Os 2 ftft a 00 10... . ao'd pi Mo I'ao fts '2.1 a 00 1 . .. noi; 1 'di 1 oou a. ... oou 1 .... ao K lldit'm 714s Mo Pnr fts 'Oft 4 .. . Oil'. I aoi4 a inl'i 1 ... 70 2 Ml'4 2. .. 301 1. . 07 New Or Tm ( N'n Piicllle 1' 2 ao'4 1 BO', Mexico Is 1 ft.V, a 30',4 K llrlit'm rets 4 ... 0.1 N'n I'aclfla l 111 (Vntrnl M 0 ti(i ,1 . . nft'4 10... 711 I 7ft 'i 1 . .. no New ur Tex A Orcuoii II II A 1 "ft'.i ft til Mexico fts NaW Co 4s 1. ..70 .1 OH 1.. .. 01 7 77 111 (.'cn'l 4s 'ft'.1 . . 00 1 . . . 0.1 Oregon H 1. Is B 7m I . . liH N Y Cenfl 4s 1 70 111 Cen'l 4s 'ft.1 t . 11:11, 1. .70 ft 70i 1 70 a.. . 00 1 711 Orc-W'n It Co 111 Cenfl im Klnwlam Urn- N Y Cll en 4 Nml Co Is 1. ... (' murk et Ss 1 71 2.. . . . 7H4 tntli Met 4'4s 1 nw't I. . 71 'i Pao ll A II fts ft in', 1.. .. Iini N V (.'Ml l'4s 1 70 ft 10U 2 ... OH', ft. ... 78'4 a.. .. 70 Int Met et 4'a a... . H8'4 2. . . 70 Pbc T A T fts 2 17 1 .... 08U 2.. .. 70 ft 82 1 17- K of Hilly iPj 1 N Y Cenfl Os Tn It en 4Ss Inlliorii It T M 1 R2a4 I 1 .... 00 1 88W ft.. . ft2i 2 83 ! 1 MO s; Pa It sin 4', 1 .. . ft.1 I 1 SO', P.llllK I .. a . 1. . 1 .1 . . 80 Pcnna II It fts 2 88 1 .. . HH'i Ta Hit IH4S wl II 00'i 2. . 011 1 . . OOU 2 OOU ft ... 0'1'i 2 . . . 00 W It H 7a 101 ma mi ma Phil Cnuntv ev 2 .. . 01 Pitts I'm I' A Htl. a lis 2 8ft 'J Public Hcrflco r n j os 1 . . . 112 1 . . . 02 tteiullnx Itv 4s 1 .81 I 82 .1 82 rtoaillne fn J Cll 10I 4s ft 8 ' Rep Cuba Is . f.n'i Hen Cuba II4B I... . 01 Rio HAW Is 2 . na ItiH'k I11I1I A A l.oul'ii I '4 117 r ul O'i nft'i Oft', Oft', ran 01 01 SI A ri 1 .... 1 HI I. A H rierleM A , 4 Slim imiiimiimmiiiiimmiiimiiimi i minimi iiiiiiiinnnun i i iiimiii m in iiiiiiiiuii iiiiiiiiiiiiil mi 1. 1. ....I. 1 .' i... 1.,., "'-"i" 1 i.n ..., !..,. .nun M..i.,i..rtl.ri4tt4agw.-Ma F t llumT'Mriliyiiii'iiii iii ilTraTarvt TiHT: I ilf Tl I lii III inihllliilMlllllii liWliwill siu'm ill'ii'llllil limiiiHIIIHJiillHHWIiH Ttmitmiii 1 1 tiTli The Fog Is Clearing Away What hasv.once been accomplished soon becomes the normal volume of'business and we then pass on to larger achievements. Fewrealize the large volume of business transaction in the City of Philadelphia. No reliable figures have heretofore been pub lished and it will surprise many to read the following: In 1919, Philadelphia produced in ifTTW Textiles $292,107,000 Leather & Rubber Goods , 130,585,000 Paper & Printing Industries 146,510,000 Chemical & Allied Products 210,240,000 Clothing Manufacture 189,629,000 Food & Kindred Lines 283,531,000 Metals & Metal Products 366,780,000 Tobacco & Its Products 27,648,000 The grand total of these and other lines produced was $2,626,834,000. This does not include goods produced outside the city in the Great Metropolitan Philadelphia section. " The fogs all around are beginning to lift, and the business man will soon see his course clearly. The Corn Exchange is here to co-operate with you in makiffg Philadelphia even surpass its wonderful record. vwmv UJK1N fcXCHANlifc. INAHUiNAL BANK. i Philadelphia Chestnut at Second NEW YORK BONDS (Continued) 1 . . 70 1... 70 U H Hub ; 1 00 o no i on 2 . . . . on i... . no it. . no tt'.l ri bteel ft 10 0.1 Ht 1. A R l'rnn Herles II 2 71 r. 7.1 u Ht P'l Minn A Man ma 2 80 St P A Slnux City 7s Hoiib'tt A I . .. Seab'il A t Sen'b'aA 01 I, aj 3 1 ',4 I. f.i 30 L fls 2 .... 48U 4 . . . . Ill So'n PaelOc fit 1 .... 77 ft. .. 77H K'n l'uc cv 4s I .... 77 1.1 78 a . .. 7R 1. ... 78 Hn Pne Term'l 1... . 71 '4 8'n HhiIw'k 4s 2... f,0(4 2. ... Ml 14 0 . . 00 S'n Kallw's fts 1 .. . 80', H'n Illy Mobile A O Ctfs Is I . .. RH14 2 Ml Stanil'il Oil of Calf rets I 0 . 10. 1.. I.. 2 . 0 ft 1 t'nlon 14 t'nlon 1 . 08 08 '4 . A8H . 08 . 08 . 08 . 0H' . 08'4 08 lie fd , 70'i 'ac 4 s . 814 Hilt Cnlon Pac fts I . . no Union Pae Us 1 . . 00 1 tin Ti u k of o tint A I'd 1021 lift . .. no' a tin v, V K of o Urn A I'd 1022 ft . Oftti U K of c) Urlt A I'd 1020 1 88 0 K of O Urlt A I'd 1037 1 . . . 80 a. . 8.1 14 1 . . Sft'd a... . 8ft 1 . . . . 80 IT K Mexkn 4s lOPi mm 101 ' 101' mu; mm km v. 7 iot'; Tidewater Oil Co 0'4 wl 2 .. . 0Si 31V .114 3 Hi 3IJ C H Mex '4s I't Mexico ftf 40 1 11 47 O H Kulib'r ftH I.. .. 70 1... . 78 U S 3. 12.. 1. 1., 7 . . 1 , 3. 0. ft nr. 0ft '4 0ft or. oft Oft'i 0ft (Hah 1' A I 1 BO Va Kallw's fts 1 81 n. .. 81 Wabash It '"' 1 88 West' n N Y A Pa 11 11 1st 4 88 We'n Union fts Gasoline Reduced to 28 Cents New York, Ken. 14 -Tho Htnnilnrd Oil Co. of New York today reduced tho price of gasoline two cents a Rallon. innklng tho wholesnlo prlco twenty-tight cents. This Ib n drop of three cent from the high mark of thirty-one cento reached In 1!'20. Kerosene wn also reduced one c(nt a Riillon, mnklnB the wholesnlo price Bcventcen cents. , ELEVATOR MAROONS NINE Party Passes Two Hours 150 Feet' Up In Trenton Monument Trenton, Toll. 14. Nlue persons, two of whom were women, were tun- rooneil for two limim nml n half jes- tertlny, when the elevator Jn the Trcnlon Itnttle Monument camo to sudden ptop nearly 150 te'-t front the Rrounil, C'rlw for help finally attracted tho nttentlon of visitors nt the base of the monument nnd electricians wern sent to the rescue. It wns found the motor operating the elevator was out of order. The Im prisoned party were ncvercly chilled when relensetl. 4 w i: a i... i. . i.. l. . l... ft. . i. .. W A I. 1... W A I 1 ftft Wilson Co cv I 8ft ft... . 8ft ft . 8ft Wilson Co lsl I... Mi 80 MfK 7' . 08 . 08'i 0H . 08 . 08 i . 08 . 08 i:rln Is . ftl I! H" Liberty ,T.j Liberty I'd -Is.... Liebrtv 1st t'8.. Liberty LM J1(k.. Liberty .'Id 4VIh.. Liberty 4th 4Us. Victory notes .'l-lis Victory notes 4a.(B trial' ill .'JL' Sft.70 K7.10 SII.IW 1M1.14 87.012 i7.'S 117. 1S T.ow 01 .'JO 80.70 87. JO HI!. (Ml 1)0.00 8(1.!I'J 07.JI 07.21 11 Ift i 111, 8,1, S7. SO. SHI. SO, JO 70 10 OS 01 ill GOVERNMENT BONDS P-innma coupon 3s. 1001... Panama reirlstere,! 3n, ItOI. Milllpplnn Is. 10.14 Philippine, 4s. 103ft tr H Oou coupon 2s. 1030... i, .- won rririniercii -s, iti.jw. . ij- I S Ooxfreirlstcred as. 1OI0.. 102 I ri Oovt coupon 4s. 102ft .-.10:1 111,1 70 70 Mil, M'l ont-. 09S A'l SI K'J III) I no moi; 11)1 ioivi Another Cut In Crude Oil I'lttshundi, Feb. 14. I'lireliaslns riRencles hero todav nnnounccd further reductions In the price of crude oil The crndo known as Cornlnc wns cut forty flvo cent a barrel to $2.54. whlli- Cabell was cut fifty cents a barrel, to 12 IB. Wc recommend the followinR New Issues Penn. R. R. . . . . . , Crind Trunk Equip, Atlantic Refining . , Ohio Power Mil. Coke & Gn Gulf Oil Corp, ..6tfCc ..6Mrr ..6Hrc , .7 ...7!ro ...7 Chic. & No. Western. 6 J& To Capper Export An... 8 Penm. Power & L. . .T"c 1936 1936 1931 1951 1933 1933 1936 Nolo 1951 We recommend all of thete isMuet at attractive Invest ment Securities. Particulars upon rcques' Reed A. Morgan & Co. Members of thp Phlla. Htoeh Hxch Wcat Jlntl Trust Ulda.. PAIta 110 105 100 95 90 85 80 75 170 190G '07 '06 '09 '10 '11 '12 '13 '! 'IS '1G '17 '10 '9 '20 'Zl v ir :V s- Bond Prices Tlic abore chart grapliically illustrates, from the year 1905 to the present time, the course of the average price of a number of high grade bonds chosen as repre senting the trend of investment rates of interest. Shortly before the lowest point readied in lP20he prices of basic commodities had started to fall. As the decline in commodity prices continued and other signals of deflation appeared bond prices turned for the better and have since shown, with the reactions usually accompanying an advance, a broad trend toward higher levels. Wc have entered a period of greater business and industrial conservatism. The desirability of securities bearing a fixed high rate of interest is becoming more and more obvious. Wc recommend the purchase of investment bonds at this time. Wc shall be glad to send to investors a copy of our February Investment Hond Circular describing over two hundred issues of investment bonds which wc offer with our recommendation. Wc suggest you ask for Circular 1M1. Harris. Forbes & Company Pine Street, Corner William, New York Widencr Building, Philadelphia Harria, Foibos ft Company Ucerporatd BtltM Harris Trnrt and SaTifffi Bank Band Department ChWtca $8,000,000 Pennsylvania Power & Light Company First and Refunding Mortgage Bonds, Series A, 7 Due February 1, 1951 I?6' Febuar7 1 1921 Coupon Bonds in denominations of $1,000 and $500, registerable is to principal; oO0 Bonds exchangeable for $1,000 Bonds agcregating like principal amounts; fully registered Bonds in denominations of $1,000 and $5,000; coupon and fully registered Bonds interchangeable. Principal and interest payable in New York City. Interest payable Pebmary I and August 1, without deduction for normal Federal Income Tax up to 2, Redeemable at the option of the Company, as a whole or in part, on any interest date on 30 dys' published notice, at the principal amount thereof plus accrued interest, together with a premium of 7JAS less 'i of 1,-i for each full year of expired life. Payable without deduction of tho Pennsylvania Four Mill Tax Guaranty Trust Company of New York, Trusteo A letter from Mr. P. B. Sawyer, Vice-President of tho Company, copies of which will be supplied upon request, Is summarized a3 follows: BUSINESS Pennsylvania Power & Light Company owns and operates electric power, light and gas properties in an extensive territory in Eastern Pennsylvania, with a population estimated at 650,000, including the in dustrially important and prosperous Allentown-Beth-lehem-Northampton-Slatington section. TERRITORY SERVED The territory served extends through the heart of a coal district estimated to produce more than 60 of all the anthracite mined in the world. Other im portant lines of industrial activity are iron and steel works, silk mills and cement plants. The Electric Bond & Share Company, which super vises the management of the property, considers that this Company has one of the greatest opportuni ties in the United States for large additional power development. PURPOSE OF ISSUE The proceeds of these Series A Bonds will be used in pare for the retirement of current indebtedness heretofore incurred for capital expenditures and will provide funds available for additional construction. SECURITY The Bonds are to be secured, in the opinion of counsel, by a first mortgage upon a portion of the property of the Company and by a direct mortgage upon the remainder, subject to an aggregate of $12,329,600 divisional bonds outstanding in the hands of the public mortgages to be closed). This lien will be protected by the provisions of the Mortgage, which will also limit the issuance of additional Bonds as described in the Vice President's letter. FRANCHISES All important franchises arc, in the opinion of coun sel, without time limit and free from burdensome restrictions. EARNINGS Gross earnings increased from $5,420,488 for the calendar year 1918 to 58,344,932 for the calendar year 1920. For 1920, net earnings amounted to more than twice the annual interest charges on all underlying bonds and on these Series A Bonds. 92 and interest, to yield about 7.68 February IS, 1921. The Compny' title ltd fnmchliei wld I fc. Ti.3 ,,... Srfr t A t me. .".? 'orm L dl"ry "ill be mad on or tbonl t. uu. ...u. wm b. p.,,. ,Vb, .... Ef..ot My SCwSSiiS" b-a& Guaranty Company of New York Halsey, Stuart & Co., inc. Harris, Forbes & Company Brown Brothers & Co. W. d. aot tuarant.. tat tUt.acaU and fixuic. wataiBed.h.r.ui. bat Ur at. takM lm NBH, .lucu .. b.U,,, to n lrJltMi, t Wl' ''''''''iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiii i mi i n n 1 1 1 1 1 1 1 1 1 n ii 1 1 ii t m n 1 1 n n iiiiiiiiiiiiiiiiiiiiiiii.l r -r f l? Lwj?'t..i
Significant historical Pennsylvania newspapers