55S5?"' " '' "i',f iv'l' 'WJ15 T r.
I ' aal
i$w. ,.-. rT"K lj'V'1 'm ("' V'-WOrWJr"'Yr"" ' "T
JwTp
'. .
19
V
EVENING PUBEIO LEDaER PHIL'ABELPHIA, THURSDAY, APJttfi 21, 1921
MEW 5Styfe
I ,
V
.J ( .v
r
'
! fc
$13,734,000'
Puget SoOnd Power and Light Company
' General arid Refunding Mortgage V2 Gold Bonds "Series A"
Dated May 2, 1921 ,
Due May 1, 1941
Redeetnableon any interest payment date prior to and including May 1, 1926 at 105; thereafter decreasing Vi annually
to 101 on November 1, I933,'.aftd thereafter to and including May 1, 1940 at 101 and thereafter at 100.
Th Company agrees to pay interest without, deduction for any normal Federal Income Tas to an amount not
exceeding; 2 iVh'Ich'it may lawfully pay at the source. The Pennsylvania) 4 mill tax will be refunded to holder
. who are resident of Pennsylvania who shall within three month make application for such refund
N
The, Puget Sound Power &. Light Company owm and operate one of the
moat extenfeiv and"important electric light and power ayatems in the
United States, doing the greater part of the commercial electric light and ,
power buafneaa in the'Puget SoundJDiatrict of the Sate of Waahington,
including the cities of Seattle, Tacoma, Bellinsham and Everett.
r
This system includes five hydro-electric plants with an installed senerat-
ing capacity of 109,000 h. p. and reserve steam plants of 46,450 h. p and '
an extensive transmission and distribution system. The Company, prin- ,
cipally through subsidiaries', doea a part of the electric railway business
in the same territory, except in Seattle where the street railway lines are ',
, ' owned and operated by the city which purchases power from the Company.
These' bonds will be secured by a mortgage which covers, in the Opinion
of counsel, substantially'all property now or hereafter ownedby the
Company, except securities hereafter acquired but not made the basis of
the issue of General and RefundingMorjgage Bonds, subject to Various
underlying mortgage liens,, and will be further secured by a direct first .
lien on $13,734,000 City of Seattle Municipal Street Railway B Bonda
maturing serially. ,
'
EARNINGS AND EXPENSES
F
(For the year ended March 31)
Gross Earnings
Operating Expenses and Taxes
Net Operating Income
Income from Other Sources
Net Earnings
Anrlual Interest requirement's of,
Bonded Debt (including this
issue)
Balance
1921
$10,140,238.76
5,832,598.12
$4,307,640.64
750,000.00
1920
.$9,225,382.22
5,596,405.19
$3,628,977.03
750,000.00
&"
$5,057,640.64 $4,378,977.03
2,299,250.00
'
$2,758,390.64
Income from $15,000,000 City of Seattle Municipal' Street Railway 5 Bonds x
The Mortgage will provide for a sinking fund of $400,000 per annum, to be used
to purchase Scries A Bonds, if offered at not exceeding the call price, or for
improvements to property. The aggregate sinking fund payments will amount
to $7,600,Q00.
NET EARNINGS OVER TWICE ANNUAL INTEREST CHARGES ON BONDED DEBT
(
We Recommend these Bonds for. Investment
. (
PRICE 97!2 AND ACCRUED INTEREST, YIELDING ABOUT VA
J'
.S
LEE, HIGGINSON & CO.
HARRIS, FORBES & CO,
I
ESTABROOK & CO.
The statements contained In this advertisement, while not guaranteed, are bated upon information and advice whicn we Ddieve accurate and reliable.
NEW ISSUE N
$85,000
Hanover Township
Luzerne County. Pennsylvania
. 52 Sewer Bonds, Series 1921
Exempt from all Federal Income Taxes
Exempt from PennsylvaniaState Tax
Dated April 15, 1921
Assessed Valuation $64,648,112
Net Debt Less than 2 of Assessed Valuation
i
We offer this issue, if, when and as issued, and 'subject to
approval of legality by Messrs. Townsend, Elliott & Mun-
son of Philadelphia
MATURITIES
$20,000 April IS, 1926
$4,000 April 15, 1027-1036, inclusive '
5,000 April 15, 1937-1941, Inclusive
Price and Descriptive Circular upon application
FRANKJVIULLIN & COMPANY,
Succeaiori to
Mull In, Brjggs& Co.
STOCK EXCHANGE BUILDING
' Philadelphia
City of Johnstown
Pennsylvania
5s v i
Pricei: To Net 4.80 Pr Cent
Circular on Request
N "
Biddle & Henry
.
104, SOUTH' FIFTH STREET
,
South American Sterling Issues
The pre-war development of South American .countries was financed
chiefly in England. The bonds of these countries issued before the
warj are seasoned securities, in which unusual profit possibilities
exist only by reason of the prevailing abnormal trade condition!,
and the resulting effect upon 'Foreign Exchange values.
We trade actively in the following -all payable in Pounds Sterling:
Argentine Gownment External 4's, 1897-1954.
Argentine Ry. Rescission 4's, 1897, 1899-1952, 1954
'Argentine Internal Gold 5's, 1907-1944. Payable
also in Duenos Aires in gold.
Argentine Internal Gold 5's, 1909-1946. Payable '
also in Buenos Aires in gold, in Xcw York
at 97.3 per peso.
Brazilian Gorernment 4'j's, 1888-1945.
Brazilian Government 4's, 1889-1966.
Brazilian Gorernment lit Funding 5's, 1898-195?.
,. Brazilian Government 4's, 1910-1978.
Brazilian Government Ryi. Rescission 4's. 1901,
1905-1951. ' ,
Brazilian Government 5's, J91JS1963.
CostaJlica 5'i, 1911. Payable also in New York
at $4.86 per pound Sterling.
Province of Bueaos Aires 4'j's, 1909-1955. Pay
able also in Buenos Aires in gold.
, Province of Buenos Aires's, 1910-1950.
Province of Buenos Aires Consolidation 5's 1915-
' 1944. '
' Sao Paulo" (Sorocabana Ry.), 1905-194S. Payable
, also in Holland, Belgium and Switzerland
Uruguayan Railway 5's, 1919 Payable also in New
York at $4.86 per pound Stirling.
Venezuelan Diplomatic 3's, 1905. Payable also in
Venezuela in gold.
We shall be pleased to give details as to taxation, method of re
demption, and yield at current and" at normal exchange rates and
to outline profit possibilities, which, upon exchange recovery alone
range from 24 to 50 of the money invested. The current yield
ranges from 6 to 9, which increases with the return oi exchange
toward normal. ."
Pricjt upon application
i
A. B. Leach & Co., Inc.
i Investment Securitien
115 South Fourth Street, Philadelphia
New York
Mlnneapolia
Chleagd
Hartford
Iloaton
ijcranton
t'levoland
Pittsburgh
NEW YORK BONb SALES
Summary of Jndivldual Transactions on NcAv York Exchange
'A O'd it cv tl
t 16
Amu Hmlt ir &
R'Vk B
(HAt.KH IN MOOOl
7'4
"0
7(1 u
TOW
I- ell
79 i
79 .
70
K0
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t . 78'4
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1
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1 . 89 It
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1 .. . 78
1 78 i
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2
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2
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1 . . 79
Del Hud 7a
101 14
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2 9Mi
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994
909,
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non
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2 ... 88
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1 100
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1 45
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4 N . 101 4
4 . . 1014
4 . lot'i
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Ctl leather Sa
2 . . 89
Ctl Pacific lat
'-' ... 72K
Cerro da Paaco
Cop'r C B'if
1 74 !i
Cerro da Pasco
Cop'r C 8a
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I ... 107a
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4 38 '4
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7.. . 62
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8 30 Weal'n Md 4a
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Vie Notes .. .
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lllfth
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87.10
ST.'-M
87.HII
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87.24
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WE OFFER
nempt from all IVdaral Inrotne
Taxea Kmpt from Htate. Mu
nicipal and lcl Taxea
IhrouKliout the United Hlete
pieaiitlns Inheritance Taxea.
Federal Farm
Loan 4s
SllV. I. 11)37, OPT lW
Price 92 2'
To Yield About
5.18 and Int.
Joint Stock
Land Bank 5s
OV. I. 1030. OPT. I9J4
Price 952
. To Yield About
5.40 and Int. s
Barr &SehmeItz'er
MemUtre New York Stock Kxrhanna
14 WALL HT. NK1V YORK
Tel. Hector 45JO
Piercfc Oil
The current Inatio of our (.r
Net llevlnw coiitp.liiR an Uiter
eutlnK nrtlcle on contlltlons In
tho oil Industry with especial
fference to l'iorre Oil
AmiinK other Htock illecUMeil
Hrn.
Elk Basin
Inspiration Copper
Simms Petroleum
Submarine Boat
Srnt on request for l,t9
HUGHES & DIER
Member
I'lilln. Hlnrk Kxeh
) I'lltahurili Ntnrlt
) lilruxo Hoard nf
rw -ork I'rodur
1435 Walnut Street
DtiUadelphia
hancn
nxehaotfi
Trade
re lehan
iirllre 813
New Vork,
I'lttaburth.
Kara 1805'
Ctetelanrt
l- llj
We apeciallze in buying
and telling Libartjr
Bonds of all iaiuea
2 ..
1...
1...
Nfk A
8
.. 8814
.. 88'4
. 88'i
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99H 16
99
(MM,! I
99
90
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... 614
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II7.-1S, 17,4I
GOSSIP OF
THE STREET
Some ob8urvcr8 yesterday claimed to i
linvo found oontliinlvo i.vldenop of stcntf.v I
ucoumulution of I'cnuH.vlvnnla Rallroud
stock Nince It sold at tbr low word
of naaj. on Tii.-mlny. ArTrll 12. Thh
wn portly HiiRKCStcd In Hip relptlve
llrpini-Ks of the stock Ibe IbbI few dnys,
and the rendinuxM wltb wbicli 1 tic price
rallied eiicli time there was u dip under
the .'15 umik Home eceni to think-there
bos been h big clianRe of heart on the
part of the management regarding tin'
dividend, and 'hut when the dlrectorn
meet next Wednesday tho usual iuar
terly of 1 4 per (.tjnt will be declared1.
In truth, not a few went so far 8
Jo state Uint pressure had been brought
by Mimo of the most powerful bankiuic
interests to Imve the dividend rate for
the present at leiist maintained. It
was pointed out b? these same luter
ests thru any thnnice in the Pennsyl
vania dividend at this time 1 would se
rl(iuly interfere with plans iilrrTjih
completed for consideration tinancinR by
not only a. linmber.of the ruilroad sys
terns, but industrial concerns as well
There was nothin's. of course, to pin
down any of this tplk ns roming from
reliable sources, but m view of the pe
cullarlties of "the situation the argu
ments were botii feasible and plausible
Jr. una recognized on all sides that a
reduction in the I'ennsylvunia dividend
would have damnglng .results, senti
mentally, and :hcie are enough natur.il
worries to combui tbee days without
adding new one" which possiblj could
ue avoiueil.
INVESTORS' ,
HANDBOOK
1
A statistical man-
ual giving data on i
stocks and bonds of '
railroads, industrial,
mining and oil cor-
porations.
Earnings, working
capital, dividend rec
ords, high and low
prices are shown.
Ask for S-10
J. F. McGOVERN & CO.
lfemhera of Putin. Btiwlt Rirhanga
1130 South l'enn Bq l'hllaw
gnraee 0418 "' ??? !
Kew JTotk 2 Ilroattwajr
Ulrect Trtrate tVlrni to All Market
IJberty Itonila of amnll l-
lionilnntlona ruoliri! nt
the market price
Ak for a ropy nf The
Ininitor'H I'oeket Manual.
Full information on slooks.
WlDIMM BlOO. PMIUUIttll
Nr Vt,k Smi fMhettr
l Taaa autManalttk
rsnnnrra
lJKlBlk'lri
Spruce 8200
ILLINOIS CENTRAL
EQUIPMENT
0
1,
City
6
3
1
City
1
26
12
6
00
90 1
Utrno 8a
. no; I
90 4,
90 ,
OO, '
Purla fla
. 74 '
97',
.IKInsdoiu' U(d. St P'l A Hlout
mark el
6
1
3
I
7a
I
971, K of Italy OH Seub'il
97 ' 1 Z . 85 2
City Toklo 6a 3 ss I I
00',, 6 83 I 5
1 0014
City Zurich 8a
97',
974
97',
97 ,
97
97
City
9911 3 9414
91) Sao Paulo of
99 I Hrazll ct 8a
Ion , 3 1171,
Win, Beauu A 1. al
31
I. M
391.
39 W
I. Ila
47'i
471J
47 4,
88', 2 v.
98'4 Siaud A
90 '. 2 .
99 i . 1
Kingdom Nor. Sinclair C nil
way ct
l-
Cl'd. Cln Ch, A
m a im 4a
3 07
Cl'd Cln Chi A
St I.oula Ua
4 87
I
8a
loo't
100't
1001.
i4 K A Wn lat
2 80
Lake Hhora 51
S'n 4a '31
t 8IH
Lehigh Vl'y Ai
1.. 08:
Li A Myeta 5a '
Corp'n 7 V, a
92
92
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9114
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83, S'n 1111 Tel na
1
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rt MVW? r.J
llllSaa!? "'''' T it , .j.y..t
I'lillmnn Dividend .Safe
Once in a while the bear crowd make
a bad gue.is and havo to pay for it
Lust week they were positively certain
the' Pullman directors would cut the
dividend nt lenHt in half. Besides there
was going to be a wholesule change iu
the management
Their little story was punched full of.
noies yesterday 0 the Pullman di
rectors when they declared the regular
tpiarterly dividend of 'S per cent and
the management antiounced they were
perfeotlj satistled to remain on the Job
for another year. There Is no doubt
there IIuk been an 'exceedingly heavy
falling off in I'ullinitu travel the last
year The reasou.for it Is found in the
almost prohibitive rates now asked for
this additional comfort in travel.
In truth. I'ullman cars are almost a
millionaire's cxuluuive privilege these
das Proof of wbicli is to be found am
da. in theeXralns running to seasboie
resorts Kxcept on the liroad Street
Station tiains, the familiar Pullman
chair iii m seldom seen these days.
Why'' liecTiuse thev got tired of run
ning down empty curs and, as the Pull
maiih me usually heavy, made that
ninth border pulling for locomotives.
Most of the Heading trains still have
them tacked on to Hie express trains
but the pniiouage hardly puyH for axis
grease and the porter's snlarv. .More
people travel nowadays in dtiy conches
than eier before.
Weaierji .Money .Market Mill Tigln
Money condition in western sections!
of the country have apparently been
unmoved bv current developmental
whereby no muteriifl reduction in rates'
of inteieM lias occurred. It must be
conceded, however, that in t.plte of con
fusion fiom leioiiNtructlon mid read-1
jiihtment piogrohs toward normal is 1
slowly-being brought about. However I
nor until such lime as the low Mate of
production is improved und wage are
proportionate to production of em
ployes will there be nny siguB of ovci
coming tight money talcs.
Another factor which augment, the
money stringency i found in the ah- ,
aencii of effective demiiml f. n
, '. . . 'Minium -
ties on account of the inability of .01111.
tries t make exchange for what they
wish to obtain, and instead of giving
In return either Koods or gold, thev cek
credit iu one torni or another.
HritMl Oil Kriiiiireineiits
liieiu itriliiui loiisinueil upnioxi.
mutely L'.l.tHKI.(MX) burreU ui oil in llll'll
a record for any peace-time Ncaii un,i
an Increase of 'J.'i per cent over llll'l
coiiMimption of .'(), (K)fl.(HK) barrels In
1DIS (lieal lliitaiu imported ilO.IMIO.Dtlil
ban els 11 lousideiuble propoLliou of
which was for war u-es, nud in 11117
'J.'1,(M)),(IIMI biineN About lit) per tent
of Ilritaiu oil needs ute supplied bv
the Pnited Slate. In ) .merliii
exported l.'i.lHMI.uiXl barrels to the
fulled Kingdom, and in UU!) about
la.WXI.OMI liairel-
In lll-O we Mipplie,) 70 pei om of the
total of about (1.000.000 baneU of gus...
line consumed SHI per 1 ent of ,'.(100,00(1
barrels of lubricating oil, hi per cent of
the ketoseue euusuinption of -l.noo.OOO
barrels, and about 11 per ci-nt of tlie
11,000.000 barrels of uel and gas oil
consumed iu (tieat Ilritaiu.
TI1K Tit A OKU
French Bank Statement
of tha Hank uf rriiuf nhowa the follnin
change Ool.l 111 hanJ incieaaeil 3 889 000
franca, allver In huml Increaaecl 1107 lion
note In circulation doLreaaeit 40 378 000
traaaury depoalta liKrenaed 700 0011 general
dapoalt ilecreaaei 82 809. OOO. bill" dia
raunteil decreaaed 140.082 OOO advance lie
creaaed 8,fl0.is)o franca The governmoiit
paid bark to the bank 60 000.000 franoi ihli
week and l5n.O0O.lNJ0 n week ago The total
advancea to the elate now etaiid a " "00
OUv q( franca .""
6y2s, Due 134, '5 & '6
To Yield 6.40f 7
M-.tLUITIKS IEr.HTMK.T
commercial trust
Company
Memler I'ederal Reserve ri4.ni
City Hnll Square Weat
$100 Denomination
Bond Secured Gold Noted.
(Due lleiemlirr lat, 10231
of Public ftlllty fompany, ostab
llahed 1908 Karrilng-s each yenr
exi'eed those of previous year.
loo'4 lnrreaar for five-year period
tndlng lojn
Pn'ce to yield 8'
( ircuiar T fi mi rrquttt
Fairman & Company
Drexel Building, Phila.
Katubllahrd 100'i
A. H. Bickmore & Co.
Ill Broadway, New Yorle
Better Off Today
SupcIrI artielfi liv fnrmpr Sotr.
rctary Houston with group of I
selected securities in current
issue of our Investment Survey
No. 616.
Also ask for our 20-Payment
Booklet P9.
Scott & Stump
Investment Scout itici
M'ECIAIJSTS IN nrD LOTS
Stock Eichanje BUr. 40 Exdianfe PI.
Philaderphia New York
I nritxt ISiHO-r, Urn ml .i.t;..t
MIDVALE STtEL & ORDNANCE
Its Possibilities
A Copy of Thi Timely
Analyaia Will Be Sent on
Request Gratia.
BOUREAU & EVANS
JVt'inbtis 'Juluiltphiu Votfc t:ichanae
130 South 15th St.
Philadelphia
f.OCUMl SIHC Hacr S ms
Meat l'hlln. amvr. 7 .s 5Jd St.
'iout Uchnont .'i
To Yield 12V2
A flriir morttrHrf rmirond bond fith
tntj inttrf'fli trunrttntfted h ndoriiement
on each., bond b a unit if ih
United States Government
in a icirilanr ith km ni of th Conn- ,
if f the I'nltfJ 9iHt
Pn e and full parttculM on applicutlon,
FABIAN F. LEVY
90t Stock Exchnnge Bldg-.
Philadelphia
rime leted IUnid AITorillnc a lliaii Vlelit
Manufacturers and
Jobbers
uv iil mu'i-1 V(,nr itlll. anil
Triiite Aeeptaii'i
Guarantee Finance 'lrnst'
314 CTieatnttt St.
BANK OF NORTH AMERICA
Philadelphia
The Oldest Bank in
the United State.
Chartered by Coneresa 1781
National Bank 1864
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1030, liUAL I'-STATi; TltUsT 11LDU.
InTeatlKate und udjust purtuerahlu aad
Income Tax Iteturna.
LIBERTY BONDS
Bought and aold for cajh
at Stock Exchange Prices
ISAAC STARR, Jr. & CO.
16th it Sanaom Sts Phlla.
Jlfmbr i l'h'ln Rlnci. Hii.hano9
and 1' (,'olfon Unhang
H. L. Smith & Co.
INVESTMENT SECURITIES
1009 Land Till Bldf,
1 W
:.B mm ? b
w mn i
Wi A
P. J. VAN IMLLIARI)
t tut NrvM-At uniiu
Slcctilituti) In
rKiir.it i inciimk. Tr.s
Aotmeij .nth Income Tax fult
"""in r In'rrnal lln rrtuti
. !,in'' ui:.:I' '"atah: iki ht num.,
1
A Group of Securities
Chosen to Obtain a Regular Income
$5000
Will Buy
."5.6000
Bonds
of $1000 Short Term
Varied $5000 LonB Term-Types
Income tlutributed throughout the year, one coupon l,ciK
payable each month
The Average Return Is 7.48 ' .
We will Mtibnut the list an request.
BATTLES & CO.
Iftitabltalnd luu
Independence Square (East)
A
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aiaaaa mi'i'1!"'' "t1 ""''' '.li- &2
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