rif
"t.X'
Eyteyiya uSlIO JLEDGERr-PHILXDELHIA, THUJJSDA MAUCH 3, 1921
'2t
flct?ma& as a wiofo or in part, at any thus upon thirty days' published notice at 110
i ?rlri cepiemocr 1, juxx, tnereaftcr at the principal amount thereof and accrued
Of Vo for each full Vear Of Unexmred lifr.. Inlrvmt. nn.mhU M, Jj o. 4 i.- 1
$2,000,000
Public Service Company of Northern Illinois
7V2 Convertible Gold Debentures
CONVERTIBLE ON AND AFTER JUNE 1, 1922, PAR FOR PAR INTO 30-YEAR 7 COLD BONDS
Due March 1, 1936 . Denominations $1000, $500, $100
PRICE 95 AND INTEREST, YIELDING ABOUT 8.10
and accrued interest on
interest plus a premium
I a, tit t. .All .fdrtll.li'AU j
.MikniM. . .- !.. i7"'j:j .::7At:':rr -"r...""'w. :"" ""' .i. .,. ,
v"""' ...,. o.vg v w nvrcuicr utuucnuie at tie source, not m excess of 87c.
This Company operates in fifteen counties in Northeastern Illinois, having a combined
population, according to the 1920 census, of 1,156,677, excluding the City of Chicago. The
Company supplies electric light and power, gas, water and heat. Consumers on December 31,
1920, numbered 184,609, an increase of 44.80 since December 31, 1915. The territory served
surrounds the City of Chicago, and includes not only the suburban districts tributary to Chi
cago, but also one of the best inanufacturing sections in the United States. On account of
its nearnessto a large central market, this district is an excellent market for light and power
and industrial gas.
These Debentures will be a direct obligation of the
Company and will precede $8,332,300 outstanding
Preferred Stock paying 6 dividends and $12,053,
500 Common Stock paying 7 dividends, having a
combined market value, as indicated by present
quotations, of more than $15,800,000.
These Debentures will be convertible par for par
on and after June 1, 1922, into 30-Year 7 Gold
Bonds to be issued under a new mortgage covering
substantially all of the property now owned or here
after acquired by the Company. Such new mortgage
will be a first lien (or an indirect first lien through
the pledge of first lien bonds) upon important
physical property to become a part of the plant and
system now owned by the Company. Bonds issued
for such property will not exceed 75 of the cost or
fair value thereof. The new mortgage will provide
that all First and Refunding Bonds issued after it
shall have become a lien upon such plant and sys
tem must be pledged thereunder.
For the year ended 'December 31, 1920, gross
earnings were $11,649,940.62 and net earnings before
depreciation $3,920,717.20. The net earnings do not
reflect the full benefits which the Company will de
rive from the increased rates received during the
year. The annual interest on the entire outstanding
Funded Debt of the Company, including these
Debentures, requires $2,050,82Q.'
For more complete information, we direct attention to a letter of Samuel Insull, Esq., President of the Com
pany, from which the above statements are summarized, and copies of which ivill be supplied upon request.
WE RECOMMEND THESE DEBENTURES FOR INVESTMENT
Halsey, Stuart & Co.
Incarporattd Sacctnors to N. W. UaUty & Co., Chicago
Land Title Bldg., Philadelphia
Chicago Now York Boston St. Louis
Detroit Minneapolis Milwaukee
A. B. Leach & Co., Inc.
Invttlmtnt Stcarititt
111 South Fourth Street, Phfladelphia
St. Louis
Milwaukee
Chicago New York Boston
Detroit St. Paul Minneapolis
All ntatmnta t.ereln Rre official, or are baied on Information which wc reg-ard an reliable, and white w
do not guarantee thorn, thry are the datu upon which we hie acted In the purchase of this security.
National Bank of Commerce
III inNewYork
I II Established 1839
HI STATEMENT OF CONDITION
I II FEBRUARY 21, 1921
I II Resources Liabilities I
III Loans and Discounts $3(33,746,965.70 CapItalPaid up $25,000,000.00
I I U. S. Certificates of In- Surplus 25,000,000.00
II n,!cb,nnS "Tc "";" in'! Undivided Prof.ts 7,665,708.70
II Other Bonds and Securities 10,153,161.62 . ,',',.,
U. S. Government Sccuri- DcPs,ts 321,077,404.83
III ties Borrowed 6,200,000.00 U. S. Government Securi-
II Stock of Federal Reserve tics Borrowed 6,200,000.00
I l Bank 1.500,000.00 Bills Payable and Rcdis-
Banking House 4,000,000.00 counts with Federal Rc-
I Cash, Kxchanges, and due serve Bank 93,888,500.00
II 'romKecleralRcscrveBank 92.420.731.88 Reserved for Taxes, etc... 3,8 346.87
II Due from Banks and Bankers 7,484,Oo4.74 tt.,,.i n:... -jitioi;
Interest Accrued 392,360.89 L ..earned Discount........ 2,641,339.3o I
l Customers' Liability under Letters of Credit and Ac- ,,,,,
Hi Letters of Credit. and. Ac- ccptances 34,j33,828.51
III ceptanccs 33,385,697.18 Other Liabilities 2,800.000.00
HI $522,419,628.26 5522,419,628.26
I PKcatDtMT
I JAMES S. ALEXANDER
I J VICt-PRBSIDCNT3
I I J. HOWARD ADOREY HERBERT P. HOWELL FARIS R. nuSSELL
I I JOSEPH A. BROOLRICK LOUIS A. KEIDEL STEVENSON E. WARD
I I GUY EMERSON DAVID H. G. PENNY ROGER H. WILLIAMS
I J JOHN E. ROVENSKY
I I BICOtID VICE-PRBSIOENTB I
II HARRY P. DARRANO ...,... c MAXWrl . EDWARD H. RAWL8
I II LOUI8 P. CHRISTENSON S urvtn MAXWEL'- I.VERETT E. RISLEY
III AMES I,, CLARKE FRAMS MLYfcM HENRY C. 6TEVEN3
J tiOASMS AUDITOR
I II ROY H. PASSMORE ALBERT EMERTON
I OIRCCTOKS
I I JAMES S. ALEXANDER CHARLES E. DUNLAP VALENTINE P. SNYDER
I I WILLIAM A. DAY HERBERT P. HOWELL HARRY D. THAYER
I H HINRY w d0 FOREST ANDREW W. MELLON JAMES TIMPSON
I J FORREST F. DRYDEN THOMAS WILLIAMS
II
T 1, r
Butte Copper
Contrary to Its name, this com
pany docs not produce copper. Its
prlnclp.il output Is zinc, with man
panose silver and lend In order of
Importance. The current number
ot our Mnrlct llovlew contains a
complete unnlysls of Dutto Copper
nnd Zinc.
Hecla Mining
Larue oro reserved, the hlsh silver
content of its production and excel
lent financial condition aro Import
ant features of this company nlso
outlined In another comprehensive
article.
Amontr other stocks discussed are:
Texas Company
Gilliland Oil
Calumet & Arizona
Farrell Coal
Sent on Request for Ii-COO
Hughes & Dier
SPhlln. Stork Kirhiingo
rjtuhiirrh Htnk Kxrhnnie
Chimin lloard of Trndo
New AorU Troduce Ktchanre
1435 Walnut Street
Philadelphia
Pprure 813
Not York
nttmbni-th
Hnrr 1895
ClrrtUnd
IFe arc interested in
Huntington Devel. & Gat Co.
6i, 1930
Portland Ry., Light & Power Co.
5t, 1042
Caddo Central Oil & Ref. Corp.
Ci, 1330
Commonwealth Power, Ry. &
Lt. Co.
6 Dividend Scrip.
UAMUUU
Utmhera New 1'orft and
imaattyMa Stock h'xohu
321 Cheitnut St
noe
Philadelphia
' Ortld. Rw I. . D e irn-.
oi.i '' -i. . rr. J8, iti
fnila. RanJrl T. . inn
1. 8s. 1923
enna. Pr. & if. 7- 10 ; 1
ansas City Lt. & FV fl. loan
-opner Pvnn.t a. e 1 '
' nila. Eer. a ion
'uckyTrc'&Trm. 58. 1951
u..L,"ntl Ji,U Building
Helping
Investors
to Belect suitablo socurltcs is
tho iirimnry duty ef a rcllablo
inveutment banker. Obviously
such n ecrvlco can be rendered
to the best advantage by
bankers who own and offer a
diversified list of
Government, Municipal,
Hnllrond. Public Utility
and Industrial
Bonds and notes and n selected
list of preferred stocks
Write for our Investment
Suggestions No. L-1S
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St.
Bell Telephone, Lombard S57
CHICAGO, HAMMOND
& WESTERN RY. CO.
1st Mtge. 6s
January, 1927
Price on application
Blodget & Go.
Real Estate Trust Bldg., Phila.
Boston Chicupo New York
Walnut 1C0G Race li71
6 to 9
Short Term
& Long Term
Bonds and Notes
A Dozen Attractive Issues
Send for List D-217
Baker, Ay ling & Young
JOSEPH W. SWAIN. Jr.. Min.rrr
Land Title Bldg.
Boiton Philadelphia
Now York Bonds
Adnmi V.zp 4
2 02
Am Nmtlt's 4
lift's (Is
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10 78i
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1 .13
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In 01
7 05
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Valley fl
2.... 102
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ct Oils
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3 .... 02
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2 04
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City 7n
1 05
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4 47
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4 70
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1 78
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i?o ct 0nn
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03
OS
03
GOSSIP OF
THE STREET
Kltchln tq Lead Democrat!
Wnshlnirton. Miirch fl. (Hy A. tM
Democratic iiiemliern of the Houo
tnent of ?OP7.000 folllnc due Mnrcli 15.
In brief, rnsli im.vmcnU for dlvlilcncN
nnd I'Vdornl tnxrii over tlic next 80 iIiijk
would require Sl.'-MIll.OOO, or SIWO.OOO , wrrp n,vm.d totlny tlint ltoprcicntntlvo
in cxrrii 01 c-iihii on niinii nn 111 im-eny Kltchln, of North tTnroIlllfl, Who VC-
Imp Ml I., !n.. .., I'nliriitfiitAii 1. tllAl .1 .... , 1 .. .1. If...
-1 " '"',.". , " " ' "i"'"""" ' "" i rump niinnrii)" icnucr in mo inranc jvb.
Tli. H.M..1.1 ... . u ,i, .,1.! """nmii r iiHiunir un ruin iiiiniu.ni i n ten OV t iroUK I tile erttll OI H!prc
Lhc thought linnPrmo.St In thP inlmK i ,. rn,nnnr enn i unl iitrn iinirti nrrnll ....i.l... ni. fi.l, ..... ..UI.
f ,, ... ... . . ..!. I. ." ,-....----- r, n-iiiiiiMi- llliliii v iiii, il'"J
" mi; ijiiik oi me mnniri roininuinij i- improvement, mnee inc iirxi. 01 tne year.
Whether the nredleted initliKiirntlon i II the reRinor dividend 1h derlnred dl-
liulfro will he realized. In most every
preHldentlnl JnniiRurntlon year there
wriH nnnic Hort of demoiiHtrntlon, which,
while not nlwny.s of Inurf duration, pave
the iidviintaRo to those pledged to the
constructive Hide, lleenuwe of the con
tinued rcoiljuMmentH in world condl
tlonn, incident to the wnr, tlilM jear
may prove nn exception, although In
the opinion of home mnrhet obervera
tho technical portion of the market,
seemingly, fnvorn a nhort dlsploy oi
market pyrotechnic.
It In traditional that the course of
March atock morkctH In upward. From
18117 to 1I)1!0, Inclusive, Morch of each
ear linn recorded nn improvement In
railroad nnd Industrial price nvernges,
with eight exception, namely. 18117,
181KS, 11)03, ll)0,'i. 1007, 1010. 1018
and 1010. On the other hand. Feb
ruary has generally recorded u decline
In stockH. I.nKt month wn no excep
tion to the rule. During tho last month
the railroad averages were nH high as
7.".3r, mado on the first day of the
month, against a low of 7.1.32, made on
the closing day. Industrial averages
opened at 75.48 and closed at 74.08.
So, after all, February may be chron
icled as a month of dullness rntlier than
weakness. It 1m the middle Juncture
between the .lanunry reinvestment up
lift und the proverbial spring rise.
Trapping the Hears
Some of the close market observers,
who nre supposed to be well informed
about the character of the trading, as
erted after closing yesterday that buy
ing orders were in the leading stocks
on a large scale and that the offerings
for both long and short account had
gone into strong hands.
rectors will be taking a lone-range view
of the situation. I
Steel Stagnation I'nbrolien
In the Steel Industry In the post week ,
the trade Journals observe that the stag- j
nation resulting from Independent price I
cutting has not been broken. "While
independent! generally appear to have I
booked sufficiently to maintain their re
cent scale of operations," writes the
Iron Age, "further recessions In steel
corporation plant activities more defi
nitely tell the story." It was noted
that In the Chicago district, the corpo
ration has dropped to 00 per cent of
ingot capacity and in the Pittsburgh dis
trict to 08 per cent. The corporation
has 15 fewer blast furnaces active than
on February 1st. The February pro
duction of tilg Iron was 1,!I37,'J57 tons
against 2,410,201! tons in January. It
was noted that the daily average of '
00,187 tons was the smallest In six
years save for two months in 1010.
Cops and Street Cars '
A prominent interest In the New York i
traction companies, in discussing the I
I metropolitan transit situation ye.stcr- '
I day. declared a solution of the long
iMxlng problem was virtually in sight
and that he felt confident some relief
I would be granted by the New York Leg- i
Mature. There nre manv Interest tic i
angles to the situation with which the ,
public nt large is entirely Ignorant, yet
each of these influences hns a distinct
Searing upon the situation. One of these
is the question of free trnnvnorfntlnn
granted to the police force and firemen. J
How much do you suppose It costs the
street railways of New York city to
tiansport the police force alone? No
They regarded the situation as very I one. strange to say. has been successful
much like that which developed in the in figuring this out correctly. Taking
lat week of December when an up- four rides a day for each man as a
ward movement started nnd was con-1 foundation for the calculation, and this
tinned until the mass of the then exist- ! would possibly be the minimum of the
ing shorts had been forced to cover at i numoer ot rides given, it costs tlic street
nldly
recovering from his recent Illness. Mr,
Kltchln, bis physicians announced, will
be able to resume his sent nt tho extra
session to bo called, probably early in
April.
Customers' and
Office Manager
Wanted
Well-known New York House
desires services of thoroughly
reliable nnd nble customers nnd
office mantiffcr for Philadelphia
Office Board Room. Give com
plete details nnd pnst connec
tions, also salary desired.
Replies treated in fullest con
fidence. B 314, LEDGER OFFICE
fiEiiitHXiijreiirraiiiiBaimiiiii'SiiiraiiiMiMRiiiroii'iiiaiBrir:
PRATT, BREHM & CO.
Government, Railroad
and Corporation Bonds
Bourse Bldg., Phila.
l.omlinnl 2433 Main 3084
material losses. It had been Insisted
by some interests on the Street that as
tho time drew close at hand for the
change In administration thnt event
would be made an occasion for bullish
demonstrations.
It would be no unusual incident in
connection with market events to have
this incoming administration preceded
by a buying movement and it was re
called that on several previous occasions
Incoming administrations regarded with
public favor had marked the exertion of
a buying power on an unexpectedly
large scale.
tail way lines approximately $2,500,000
u year. Quite a neat little sum, and
there does not seem to be jiny more
earthly reason I know of. why n police
man should be granted free transporta
tion than any other citizen." (
THE TRADER
NEW YORK COFFEE MARKET
New York, March 3. Trading m
quiet on the opening cull of the local
coffee mnrJtet this morning, prices being
unchanged to 3 points lower. The early
official cables from Brazil failed to fur
nish any ntlmulant which might tend to
attract outside speculative Interests and
receipts nt me principal ports were
A Competent Executive
and Sales Engineer
for your
Philadelphia Representative
Dries mir product require thn nenicen
ot n nrailuato enxlnuer tu thorauahly
ilveln Itn. m.irkct through Manufactur
er!. Contractorn, Hnirlneern nnd Ar
chltectn? Cun an -neriretl renourcnful mnn
ponnenslnx common nenne, plenty of back
bone, nn eicfllent nnlen record und the
proper iH?rnona.l oUAllOcotlonn bn of nerv
In. to nu'
II 300. I.KDfiKIt OKFirB
C. S. PATTON & CO.
SI) & rilKSTNt'T NTS.
Ilnuiln mill Htorkn bought imd nold
on CommNnlon
Mrmhern I'lill:'., Htnck Kttliitnr
1
Tent clonn
. o.ioais
. 0. llr4'J
. n.sirts'j
7.17(518
Open
B.0S
0.3.-,
O.TMCrSO
7 lillT
7..-,3 8S3
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4 71 N V N
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1 . . . . SO
Union 1'iic On
2.... 100
1.... 100
U K of O Ilrlt
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Si I'd 1020
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. 81
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S4'
SI'S.
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33 W
Mexico fin
, ... 45,a
lleulty (t
Inipv't ftn
2 SI 'l
2. . S4".
Cnnn'd Hun , HartM 0s U S llubb'r Si
1... . 0ti" R. . OR 1 . .. 7SS
3 . OOS New Ylf Hlntp 3 7R,
1... . MIS I llly'H IW s TSS
.1.. . Hl4. 1 ... fi"j I' S llubb r 7n
1... . Ull. N Y Tele Ji-isi 1 07
Cuba ltd t'o Sn 1 70 J . . . on'
a.. . iiii'j,.mk . v cv un u h Hub 7'i
North American Co.
In spite of the difficult operating con-
illtlAnu nnhitnnn 4n nil tutVtl In 4I1 !
companies In the last few years, the "Baln '"8"
thirty-first annual report of the North March . . .
American Co., covering the calendar May
year 1020. shows the erouns controlled i"'?.:..
; .. 'ftijifiii ii" r ....... ill
by the company to have had an excellent I December 7.330S4
year. Gross earnings nmniinteil to S39.- nid.
(ill, 102. nn Increase of 30.C54 per cent " '
over 1010, whereas, the balance for! Reserve Banks' Discount Rates
depreciation, common dividend andi Official redlneount rates at the twelve FVJ
BUrniUS, WOS S..;illU.JH. nn increase I cra' ncrvD ounnn aro nn rouonn:
of 17.81 per cent, equivalent to $18.11
per share on the outstanding stock be-ioton . . ,
fore reserves, ns compared with $15.38. " J"'
in the preceding year. I'cfe'X'n
A significant feature of the 1020 re-1h!""nd
port is the small proportion, about 13 rhicaio '..'
per cent, of net income- of subsidiaries St. u.uln
H. L. SMITH & CO.
INVESTMENT SECURITIES
1009 Land Title Bldg. Spruce 6721-2
I!
1 f. Jv
II
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
10.10 11K.H, KsTATi: TltL'MT Ill.IJtl.
InrntKitp and ndjunt partncrililu and
Income Tux Itrtunn.
Trea?.
clfn.
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IS
Moore, Swartz, Hindle & Clark
ACCOUNTANTS
Income Tax Colt Sjriteras Anditi
Frrnce 1777 lIHK.n nUII.DINCl
Mlnneapolln
Knnnin City
lja.Ha 1 . . .
Ran FrantUco
tDIncount rile correnponan with ln'erent
rate pome ny cvriincaien rirngfii nn collat
eral. with mln'mum of 3 pr c-nt In the cane
of Atlanta, Kannin Cltj nn.i I.'illne. ami
r.U oar cent In the caee of CleelanrV Illeh.
mond. Chlcaao. San I'mnclfco and rnila-
derived from street railways, while
more than il per cent was derived from
electric and heating, nnd the balance
from gas nnd coal operations. This
shon-inR, and tho fact that the com
pany's entire investment In the I'nlted
Hnllwavs Co. of St. Louis is carried on
its hooks nt $1. dispel any impression j delphia.
which may have prevailed that rnilwavi
operation Is the principal source of sub
flldlnrv net enrnlne-a
A dtrlklnir fpntnrn nt li ,...i Thero In and always will be a dem.ind fur
1 1 .1 S, Ieat',ro ' .t,'f..!'a'n.ncc trained men In Korelirn Trade The 11. r-.
Sheet is the investment of $110,r.0-l.- nary tralnlnir will be s-lven In our nprlnw1
4a."i In nrnnnrtv nn.l nlnni ,. !,,.,.,! clann In Foreign Trade ntartlnir Thur.dAv 1
three .Inline iic .Inline ;,. :. '"'"? M"?!-!?' i,.8 "'.cj2f.1-. M.knon
.....v ....,..,. . j--. mi'iiiii iii fiiiim tuill
Iiirh. rroperty nml plant
R. B. CARR
Accountant and Auditor
tlpeclallztnc In
FEDERAL INCOME TAXES
rennn. llldi. rhllnrielpht
EXPORTING IMPORTING
Increased SI 2.370.041. while ennltnl
liabilities Increased only $0.80.".."40, in
dicating thot about two and a half
million dollars of construction expendi
tures were financed out of earnings and
reserves. In addition to substantially
increasing the reserves for depreciation,
tho ubsidiarie.s expended $1, .041 ,331
for maintenance and renewals. Net
working capital amounted to $0,010,
800, nn Increase of nearly n million
dollars during the jear. Accumulated
reserves and surplus total $27,708,533.
un amount in excess of 00 per cent of
the entire outstanding stock of the
North American Co.
Oood Reason for Conservation
Tho cash position of Chandler
Mutor explains why certain direc
tors are opposed to declaration of
the. regular dividend on March
10. There i cash on hand of
only $040,000. The next quarterly divi
dend nt regular rate would require
$lit!2.000. Federal taxes amount to
$2,428,000. the first quarterly In.sul-
Investment ' l'"re ncholarnnlnn In thin courne for Dla-
I'. J. VAN BILLIARD
AOCOrvrANT-AUHTOll
gperlnlufnp in
FKIIKKAI. INCOMK TXI.
Formerly uHth Inrtytnv Tux t'nit
Jturtau of Intermit A'cfnui
0O9 KKAI. I'.STATK TRt ST III.Dfl.
Filbert 3 Hare S917
rhnrired riervlrP Men
School of Commerrr. Account 4. Ilnanre
YMCA
rr.xTRAt. nrii.niNo. 1421 nrii st.
BOARD ROOM MAN
WANTKI WHO is r.XI'AIII.B
IIAMll.INd C'l.ll'.VTS
n 311. i.r.nnnt urnrn
or
Financial Fables
The Man Whc Was Afraid
"Why should I give my savings to other people? said Mr.
Cautious. "I keep them in my box where I know they will be safe."
"According to that system," replied Mr. Wiscmnn, "they will
remain in tho box nnd never bring you any return. Why not invest,
as I do, in high-grade and dividend-paying New York Stock Exchange
Securities? A small sum down and a small sum monthly. That's all."
Our booklet, "Sai'ing and Investing," explaining it fully, cheer,
fully sent on request.
Alan A. Alexander & Co.
STOCKS and BONDS
COLONIAL TRUST BLDG.. PHILADKLI'HI
llelli lxrnt 0J10.l-2-.i-l liri-Mnne: Itnre IH7I llranih (takes llrliljrimi
. .1.
ii " " :- -rrE;
First Mortgage Bond
of Seaioned Public Utility
For a ten-year investment, to
yield over 10.50.
Sinking Fund, good earnings,
security and marketability.
Full Particulars on Request
Scott & Stump
Ini'Mtmrnt SrruriHrs
Stock Exchange Bldf. 40 Exchintt PI.
Pnilidtlphii New York
Ivicunt 0180-3 Ilmnil I33,3
1... OlUi
1 70
Del A I lull CV
1 80".
Denmark Con
A ct 8s
I tin
I no
1 00
j . ii a
l.. . nm.
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Denmitrtc (.'un ' j .
II it Sn 1 1
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L' II l'i 1..
3.. 1I.T4 4...,
I 102 1 .. . (ili'l
2.. 102 I 10... . Pfu;
N & W INicu'h! 7 0ll!i
iii Co j 11.. . tun,
1 ..77 '1"I M Mcel .V
Ni.rlli vei.tern j .... n.v,
llell Til 7n '.... P3
2 .07 B . 0S
. H0N..VI. (.' ' I i.h
. n0"l ft 03
0t1. Wen 11 i:iiv ftn
. onv. i. ii.Mj,
. 00 4 ! 0.M4
110"', Wihi'ii M.I In
. OON. ft r.3',
A ' ftniwvnt'n N V A.
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1
20.
SS I
3 . . 03 H I'm, It k!in pi
Prt-IMI ftn M3 1. ST
t ... SSMi Pennu It It fl
Dnm Can '2U J 4 1
I... . nt4 lft 87
2 . . 0 2i1'h lilt i'. '4- wi
Pn L'un0a '31' ft ... 0H,
2 . . KOI, ft ... 00 1,
lini I.lKhl On in Oil
I.. . K'.i't
2 . .. S!l
i:ant'n T Vn
(UnrKl.i en
1 R8'i
Krlo ixi "n
ft 00
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H84
LIBERTY BONOS
Douoht and told for cash
at Stock ExchanQO Prlcei.
ISAAC STARR Jr. & GO.
16th & Saniom Sts., Phila,
Utmturi l'hita. Stock y.xehatngt
unit N V. Colon Krchnno
Stockwell, Wilson & Linvill
Certified Public Accountants
Land Title Bldg.. Philadelphia
SALES MANAGER
For investment banking house,
must bo experienced! snlary and
liberal participation fjlvcn to one
who enn furnish proper creden
tials j references trcutcd in con
fidence. P G20, LEDGKK OITIC12
4 !l0
ft . . 00 '
Pa H ct OH ii
r. . . no Hi
IVnna 11 It 7 Wllion Co i v
2 103 (L. 80
2. . . 103 Wllnon I'n l.l
r.rlo llenl l.len 1 . . 102, a. . 88i,
I 41 1. . 102Hwii Cen'l Sup
1 II Penrlu & i: lt' ft Dululh in
IZrln It It iv Al 3. . . 00 H1 Ter'l in
0
lirii-
3
ll
3SM, Phil Count) CM
C 4 2. . . 02I4J
ii ' 2 112 H1
Llliprtv
Llbortv
Lilifrtj
Liberty
.TM'.
Int -W. . .
1st -JUt.
'Jd lV,s..
l.iiHTty ;iii i'.n..
Libert) -ttli -JVjH.
vie Notes ay,...
Vic Notes 4:),n. . .
With
ill. (Ml
S7.K1
ST.'JS
K7.1tl
00,'"
87,'J4
07.18
07.-I8
Low
111.00
r.7.1(l
87.2(1
87.0(1
110.14
87.12
07. H
07.44
mi
01. Oil
87.10
87. JO
87. OS
00. is
87.20
07. IS
07. IS
RAILROAD EARNINGS
ATLANTIC COAST I.I.Ni:
1021
ie i.m.i 12
431 233
liimurN izriMt ,
.SYt aft r tnxen
tin. rum
lueriane
0ir.8.i!lt
't 081 430
New Issue
$700,000
MERCHANTS HEAT & LIGHT COMPANY
(Indianapolis)
Fifteen-Year 7V2 Gold Bonds
Tax Refunded in Pennsylvania
Denominations $500 and $1000
Dated March 1, 1921
Due March 1, 193G
Purpose
Property
Fuel Supply
Security
Earnings
Proceeds will lie applied to the payment of $600,000 notes tine
March 1, 1921, the balance being available for additional working
capital.
The Company operates three modern steam pcneiatinR- plants with
o2,000 II. P. installed capacity, located in the center of the busmen
and manufacturing district of Indianapolis
The company owns and operates its own coal mine, which insurcv
an adequate supply of fuel.
These bonds will be equally secured with the bond.s iMied to
''cuiiid the First Mortgage bonds of the company maturing (Jet. 1,
eight
Gross earnings have increased .w dunntr tin- last
n n rl n i t ,,., 1 , ,o .... .... .., ...I i . . i . i !
.... ...... ..,, innKa un itjujiiiii uiuui to auotit i j times
interest cnarges on total luntlcd debt.
Price 95.67 and Interest
Yielding 8
pain, frfe, Company
1422 S. Penn Square, Philadelphia
ear-
animal
Boiton
Minneapolii
Springfield
Albany
New York
St. Paul
Chicago
Milwaukee
Portland
Hartford
Worceiter
Detroit
Duluth
itf
wl
hvJ,
lip
'.'ills.
i! art
m
. Mv A A',