" 4 1 - 3
TSWeaV" ,v"-
'"rt
Wyi
j ii . ,A rtt
"' rV''lw'' 'ct4tp,u7 "1,715?' rflj-:;' '"- " ' ' '
if ii '')"
EVENING PUBLIC LEDGER-FHILAIJELPHIA,
THUBSDAY,
APBIL 28, 1921
19
ft'mt f.
NEW ISSUE
A 6 FEDERAL INCOME TAX-EXEMPT BOND AT PAR
$806,000
CITY OF SEATTLE
Washington
MUNICIPAL LIGHT AND POWER PLANT AND SYSTEM
Dated
(Tune 1, 1
JMartlt 1,
6 GOLD BONDS
1020
1821
Due hown btin
uflw York aZ ir?1 abIer1'l Eif atle flscal " f Ute Ste f Washington.
hl & L ff ue J theJ9.ty Treaturw n Seattle, at the option of tfao
holder. Coupon bonds, with the privilege of registration oa to principal and
interest, either or both. Denominations $1,000 and $500.
Exempt from all Taxation In tho State of Washington
Eligible as Security for County and City Deposits In Washington
FINANCIAL STATEMENT
(As officially reported.)
Actual Value of Taxable Property (Estimated) $494,665,912
Assessed Valuation for purposes of taxation 24. 833 oft
Total Bonded Debt (included In this issue) "4541,511,700
M l Bond' elf-supportlne (including this issue) 31,716,436
Net Bonded Debt 9.795.J64
Population 1910 U. S. Census 337,979
Population 1920 U. S. Census (Increase 33) 315,652
In the opinion of counsel these bonds are an obligation of the City of Seattle, the principal
and interest being payable from the gross revenues of the entire Municipal Light and Power Plant
and System, and are Issued to provide funds for the purpose of making certain addition! and ex
tensions thereto.
Legal opinion of Chester D. Mastlich, Stq.
MATURING
$40,000 March 1, 1927 $40,000 March 1, 1932 $40,000
40,000 March 1, 1928 64,000 Juno 1, 1932 40,000
6,000 June 1, 1928 4,0,000 March 1, 1933 40,000
40,000 March 1, 1929 20,000 Juno 1, 1933 20,000
37,000 June 1, 1929 40,000 March I, 1934 40,000
40,000 .March 1, 1930 40,000 March 1, 1935 35,000
40,000 March 1, 1931 4,000 June 1, 1935 40,000
20,000 June 1, 1931 40,000
March
March
March
June
March
June
March
March
1, 1938
1, 1937
1, 1938
1, 1038
1, 1939
1, 1939
1, 1940
1, 1941
Boston
WE RECENTLY DISTRIBUTED $2,175,000 SIMILAR BONDS.
THE ABOVE NEW ISSUE IS OFFERED STRICTLY SUBJECT TO SALE
Price 100 and Interest
Circular fall) Jetcrib'ing the above bonJi '(( be furn'tihti upon request.
R. M. GRANT & CO.
31 Nassau Street, Now York
St. Louis Chicago
The iota art eiotemente in tMe aAvtrtifmiKi were ehtainrt frm offuial rreorie are w opinion Boserf
upon Information tehieh w regard a rttlaMe, and tcMle they art not puaranteti, vie believe thewi to be correct.
The World's Barometer
Of Investment Conditions
O Q 9
a w
2 2 2
fiOOQOOOOOQQQQ
gcn052oi3!iotOfSo5r0
Price-1 i-si-iisaiHa-iaa
i0 Kill IliitcreKl Ratda I I I ni-z;.4- ttfrt 3?
no aJL.
ioiR 10s 5?5aT
liaeiusU os &a
oo ilLU. il4 V-
A If V 7G Turning PoiMfrs in Prices
70 roi J V i &73 . . or l
111 A V British Consdls V
60 UJ-A- 1 8n U A
Si p5 & a & 5 A
11 $ ! Sin s j y.
British Consols were considered the world's
premier and standard security until 1914, all
other issues more or lest following their mar
ket fluctuations.
The above chart illustrates the fluctuations
from 1792 when they sold at 97 to the low
of 43 in 1920, with subsequent recovery to
about 47 J4 to date.
Major fluctuations were caused by commercial
panics or wars, including preparation for and
recovery therefrom. Present price Indicates
improvement and average bond prices in this
country substantiate this. Therefore invest
now in long-time securities.
Suggestions submitted on request
Harrison, Smith & Co.
INVESTMENT SECURITIES
121 SOUTH BTH STREET
PHILADELPHIA
LOMBARD CtOO
Service and Stability
A Story
of Progress
Founded on SERVICE
DEPOSITS
April 1st, 1016 $4,108,688
April 1st, 1910 4,869,507
April 1st, 1917 5,518,948
April 1st, 1018 5,812,747
April 1st, 1010 7,150,051
April 1st, 1020 8,140,055
April 1st, 1021 8,753,808
Wo lire particularly pleased with
tho Increase durliiK tho lust year.
Integrity
Trust Company
Fourth and Green Streets
Capital
Surp'm ,fi Profit. .
. $500,000
.$1,760,000
z
Luclcde (Jus 7s. 1929
Goodyear Tire & Ilubber 8s, 1941
Central I'r. & Lt. 0a, 1946
Goodyear Tire & llubbcr Com. &
I'fd.
Morton Lachenbruch &Co.
42 11IIOAD ST.. N. Y.
I'lillJ. Telrpliuue IVulJint 5107 Kaee 8054
Private Wire to New York, Cbloaso,
til. Leuls, I'lttibursh. Detroit. ClstelaoO,
flrnnil Ilnnlila
- -JJ
Vie Itrrommrnil fur IiiTmtmrnt
Laurentide Power Company 5s
Cedars Rapids Mfg. & Power ,c-
JosepKW.Groasa,
1421 Chestnut Street
Corrceiiondcnta '
Aldred & Co.
Corrugated Boxes
s.i.noo vcrr AHSoriTi:n hmai.i. bizkh.
AV1CUA01NO Hi 14x8 KOI I B A 1,15
HIDIClIIll'BI.T ClIKAI'i PKUFKCT
CONDITION; OWNKIl IlI-mrtlNO.
Call Walnut 2851
H. L. SMITH & CO.
INVESTMENT SECURITIES
1009 Una Tills BU. Jprsce 1721-S
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
A O'd u Cv A
l 15
Am Arrcu't A
Them it Bh
1.... 100
Am Cot Oil (in
1 75
Amn T T 'II
S3 7RH
3 7r.
ATT cvH
1 81)
Amn Tltll
1 S3
1 82
1 82U
3 83 H
1 83S
3 8314
Amn T T til
30.... 100K
1.... 100N
!) 100V
nci(iu) ioo
t BAIZES IN 1 1000 J
7..
1 .
1..
2.
22..
n..
5.
J00W
100 W
100
100
100H
100
100
Armour 4H
2 TO
2 78T4
2.. . 70
1 70".
... .. 7W
70tt
Atrh Topeka
8 Fo ct
2 08
Atch Topekft A
' P 4s
1 TOM
1 70H
S 70
1 70U
Atlanta Knox
villa C4i
1 70
At! Coast b 4s
0 75
Atl Coast I. 7s
1 100
Atlantic Rat's
ct OMa
B
5
0
1
1
5
1
3
1
2
Dal & Ohio cr
1 05
5 05
1 65
1 03
3 65 H
1 0511
Il.il 4i Ohio 4s
1 60
3 aala) 06
1 00
4 65
3 Ofl
Dal A Ohio fli
1 88
n & o p u k
& W Va 4a
1 64
Dll T 7s rets
C. S. PATTON & CO.
SU & CUEHTNCT HTS.
BANKERS
Buccraaorg to
HAJI.I'.H i HTRVKNSON
Honda and Btotka houjrht and aold
on rommltalon
Ifitihr 1'hllw. Htofk Kirhn
LIBERTY BONDS
Oouoht and sold for cash
at Stock Exchanao Prices.
ISAAC STARR, Jr. & GO.
16th t Sansom Sts., Phlla.
Members I'hila, Stock flxohangt
and .V. V. Cotton Exchange:
1 J. VAN UILLIARD
ACfOl'NTANT-Al'DITOIl
BptcialMnp In
l'KDKHAI. INtOMK TAXI'.S
iormrl with Income Tax Unit
Itureav of Internal Kevenue
000 HKA1. KSTATK TIll'HT III.IK1..
yuhrrf K4n n.f. sop
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1650 IIE.ll. ESTATIC TIHJBT IIUK1.
Intratlsnte and adjust partnership and
lnrinu Tin IIMnrn..
00
00
00
00 V,
00
00
oo
00
00
00 m
00
Chi Italltr'a St
1 05
Chicaao It ll'cj
A Pao fd
B.. .. 66
1 06
1 66V.
Chleaso St PI
SU O en
1.... 100
Chleo Union
Sta 4t
5 82
3 82
Chla(o Union
Hla ct OUa
1.... 103
Chi t W I 4t
3 C0
Chile Cov'r n
1.. .. 73
2.. . 78
1 78
Cltr of lit it to
8a rcta
2 0B
cur nrn Mi
1 06
1.... 06
1... . 06
1 06
Cty Chrli'n Hi
4 00
1 00
Ctr Cop'B 5
15.. .. 74
C N Tk4'60
4 86
C N Tk 4'04
1 80
City 1'arl. (I
2 07
1.... 07
3.... 07.15
1 08
Cltr Zurich 8a
a 07V
1 07
1 07
1 06
Cl'd Clu Chi t
flt Louis 0s
1 87
6 87
Col F'l 4 I Bi
3 70
Colo A 8 4t
t 73
Columbia llm
A Ktec 1st
1 84
Cona'd Oss T
1.... 100
Cuban Am.r'n
Sucar BS
1 100
100
100
100
100
100
100
100
100
100
100
2..
2..
3..
5..
5..
5..
3..
1..
5..
18..
5.... lonUiMfi 1'at wl M
Cuba C Sue cv i oau
3 82 4 08&.
Dtl A Hud Ti s b8i
1.... 100 I U8t
Denmark Conl i 08
ct A 8 .Mich B Tfl Ss
1...
1...
1...
2...
1...
2. . .
1 '. '. '.
1..
2.
1.
103
10.1
10.1
103
103
103 '4
103
103
103
103
nth Steel 1st
1 00
Ilrth B 5a '3d
2 78
nrnden Cop 0
2 81
Ilkn Kdl Co 5i
3 70
5 70
nkln Ed Co Ta
1 06
nrkn Itapld T
ct 7a ata
1 30
nuih Oid'c 5t
1 74
Ilu.h Term 5s,
B 70
2 70
Calf, O a I! ti
3 83
Canadian N
Jap doy't 2nd
1... . 82
3... . 83
Jap Gov't 4a
3... . 66
1... . 86
1 H
3 66
Kan C Ft 8 A
Memp 4 s
1 05
Kan C Ft B
Mtmp 6s
3 04
Kan C 4 II 8i
2 55
1 55
Kan CtHIt
3 74
K Ualslum 8s
1 '02
1 02
K Uati'm Ta
1 07
3 07
3 07
8 07
1 07
1 4TVi
1 07
1 08
K Dtlrm rets
7 08
1 .... 08
0 OH
1 . . 08
1 08
3 08
11 . .. 08
1.. .. 08
4 08
Rlnxitom Den.
mark ct8s
1 00
1.... 100
3 09
1 00
3 00
3 00
1 00
1 09
Klnsdom Nor.
way ct 8a
2.... 100
3.... 100
3.... 100
Kins Swd'n it
1 83
5 82
1 82
1 82
2 82
Lack Hteel "Ji
1 04
L Vr Coal 5
1 01
I. A Myers Ta
' 2.... 100
Lorlllard C Be
1 81
Lou A Naih 7a
8.... 100
1 100
3.... 100
1.... 100
2.... 100
Tare Marat As
1... . 80
1 .. . 80
Phil County c
7 03
Hep Chile rets
1 00
1 00
1.. .90
Hock I'd A A
Loul' a 4 a
1 65
Bt L I'n Mt A
B'n Illy 4s
1 60
2 60
Bt L A 3 F a'
1.... 04
0 64
1 64
1.. .. 04
B 64
2 64
H L A fl Y In
3 48
20.. .. 48
1 48
80 48
5 48
Bt I. A 8 Fran
Berlia A
6 60
1 60
1 60
3 .... 60
1 60
Bt It A a Fran
Series D
T 73
2 72
3 72
4 72
1 72
Ot L A H Fran
Berlra C
n 83
4 85
Bt L Bw'n lei
2 66
4 00
Bt L SoWn en
1 03
1 63
St L. How ii n
1 68
t. ... 68
1 68
Bt I" I A Slcnn
City Ta
3 04
Brao'd A I. KJ
1 81
Seab'tl a J fd
1 68
6eab'd A I. 6t
1 47
4 47
Sinclair C Oil
Corp'n Te
4 08
Denmark Con
ct D 8
1 08
t 08
6 08
Den A n O M
2 44
Den ft n Q 4
1 63
1 G3
Det Edl Ss '40
2.'.... 80
Det Kdl Co 6i
5 88
Det U n 4i
3 58
4 58
Do Canada '21
4 02
1 02
Do Canada '20
4 02
5 02
Do Canada's)
.2 80
Dug Llstit 6s
0 88
Erie Uenl Lien
1 41
B 41
3 40
1 41
Erie Ity Co 4s
3 52
Erie It n cv A
1 88
1 .... 37
Erin n n cv D
1 40.
3 40
3... . 40
Canada B'n Si 18.. .. 40
1 87
Hid 8 A Or Ss
1..
1..
3.
1..
0..
100
1O0S
100
100
100
100
100
100
77
77
77
77
77
77
77
SI In A Bt I. 5.
1 60
M A Htl. en 5s
4 00
Mln Bt P A 3
Ste M 4s
2 77
Ho Paclflo 4 s
1 03
1 53
1 74
1 53
1 53
1 53
Mobile. A Ohio
6 (new)
1 00
N Y Cent'I 4e
5 75
N Y Cnfl 4i
1 74
N Y Cent'I 6s
1 88
1.. .. 88
1 88
t 88
N V C Ta rcta
I....
0....
1....
1....
6....
02
02
02
02 i
02 I
2 ... 03
1.. . 02
1... . 03
2.. .. 03
B'n Ill Til Ss
1 81
Bo'n I'acinn fd
1 78
1 75
6 75
B'n 1'ao cv 4i
0 78
1... . 78
1 78
Bn rae fd 4s
5 58
1 88
3 08
3 B7
B'n nallw'a 4i
1 B7W
4 B7H
Btand'd Oil ot
Calf rcta
1.... 103
Third Ava 4
1 46
Tidewater Oil
Co ct fls
8 05
17 05V
8 05
5 .... 05
6 .. . 05
0 05
Union l'ao 4
4 79
1 .... 80
1. ... 79
5 70
0 .... 79
1 .... 79
L'nlan Pao n
1 07
4 07
UKolO Orll
A t'd 1021
10 00.0
B 09.0
3 00.0
1 09.0
UKotO Urn
A I'd 1922
2 05S
2 05
0 05
V K of O Ilrli
A I'd 1029
5 80
1 88
2 80
1 88
25 80
1 80
V K ot O Urn
A I'd 1017
1 85
6 86
3 85.
Ilia u as oaa
F unct 4a
1 30
2 31
8 . . 81
U B ittllcn 4e
3... . 35
U B Mexico Ss
7 40
1.. .40
O B Ilubb'r As
8.. . 78
1... . 78
3 78
U B Itub ;4
1 00
I.. . 00
U OMi
7 00
U'd 8 Bteel Si
06
05
05
05
05
06
06
06
05
Utah P A I. Si
1 70
1.. . 70
1.. .. 70
V C Chem lit
2.. .02
7... . 01
Va C C'l 7i
1 01
8 01
2 01
Va nalltr'a Si
5 81
Wea'n Ele Si
B 06
Wilt's Md 4i
2 53
1 B3
Writ Shore 4i
2 68
'We'n Union 4 s
3 80
W1U Mrs 7i
2.
2..
12..
2. .
3.
B
1..
1..
I... .
1.. .
1.. ..
1. ...
0. ..
1 . ..
2. . .
1
Wh A I
1 .. .
Wllion C lit
2 87
1 87
3... . 87
2 . . 88
Wis Cntral 4s
It 67
00
00
00
00
00
09
00
09
00
00
00
00
00
00
00
00
09
F. 4
B6
GOSSIP OF
THE STREET
tho bnnk'8 solllni! rnt for rhofks on lioldcra ah wfll nn It ofllclnlly determines
New York (b 417 riibfcH to $100. I the vnluc of (Ills property. '
TUB TItADKH.
?
lllsh
88.42
MbrrtT 3Via ,
Liberty 1st 4Vis. 87.00
Liberty 'M 4V,h. 80.1)8
Liberty 3d 4 Vis. 00.S8
Liberty 4th 4V4h. 87.04
Vict'y Noti-H 4 s 07.54
Lo
88.20
87.00
80.82
00.24
80.02
07.M)
11:13
n, m.
88.20
87.00
80.0S
on.;t8
87.04
07.04
LONDON 8TOCK MARKET
While ccnernlly expected, tho cut In
the rennRylrnnln Iiallrond dividend woo
more nr less of ahnck to Investment
clrelcB. It was sad ncwo to the com
pany's Winn nf nhnrolinlilerx. of whom
tho largest percentage Is of the gentler
wx. To a grent innny, It menna n
hnrdshlp, for nmong the long list of
the I'cnnyy shareholders there ore num
bers whose Income is derived entirely
from dividends received on their l'enn
eylvnnla holdings.
This is the second hard Jolt Phlln
delphla Investors have suffered within
the last six months. The first wos the
reduction of the United Gas Improve
ment dividend from an 8 to n 4 per cent
basis. The dividend, on both of these
stocks wore always regarded ns abso
lutely safe and, next to government
bonds, were both considered as life
time, reliable Investments.
The action of the Pennsylvania Unll
road directors only naturally has raised
the question of tho safety of other
railroad dividends. It would not be
surprising If other reductions must be
mode, as the high price all these com
panies arc paying for their new
tlnanclng, unless there shall be a radi
cal change In traffic conditions, easily
foreshadow reduced dividend distribu
tions. When the leading corporations
of the country aro compelled to pny
from 8 to 10 per cent for new money,
It Is reasonably certain some paring
down must bo done elsewhere and tho
most convenient avenue of unforced
economy Is usually found In reduced
dividends.
IluAuiens Outlook Brightening ,
A ring of optimism rang throughout
most of tho addresses mad? a few eve
ning H OffO nt tho nntiiml .llnnnr nt
the local credit men. Tho nnlnlnn vrnu
generally voiced before, during and after
wi; uniiicr mat tne real crisis o the
business sltuutlon had been safely
passed. In fact, the bard ruts In the
roods were safely negotiated several
months ngo. It was pointed out a bet
ter understanding nrcmllu liotMcmi th
manufacturer and bis customers and the
Inbor end of the problem gives promise,
likewise, of an amicable adjustment.
ino volume of new business has not
come up to expectations In some llne-i,
Dank of England Statement
lindnn, April 21.- The ekly ula'.emeht
of the Hank of Knalnnd ehowa the fnllnvttnc
th-itiffrit: Tntftl rservr t1irrenrd 230.0001
rlrculntton Inrrennrfl (243 000. bullion In
croiioft. CI2.70K; other securltle. ilorresied
IU llll ItrWl. nltin il..fi..ll- ln.,r...l Mf.A9tl.a
imo, hublfr d)-pnlta rlecreaced. 3.027,000;
notos reserve ilerretied 4210, 000 aovernment
ppruruien incr"nnri idl ,nitu.Hi. in. pri
An utifnrrtinntn nlpinpnt 111 the ex
change situation has been tho refusal on '
thn nnrt nf Imlln merclKHitH td meet
drafts covering Imports nt the present
low vnlue nf the rupee, thus placing
foreign shippers nnd local banks In a
difficult position.
Ilellcr Slcel nenuntl
Iron Age soys: "HeporU from Hleel
trade centers Indicate improvement in
sentiment with n slight betterment in
demand, represented by belated appear
aneo of spring IiiisIiipm looked for In
vain Inst month. Operations are little
changed, nptift from some recovery from
low dip by Steel Oirporntinn Inst week.
Average for the Industry is somewhat
under 40 per cent.
"The larger working o' automobile
plants now gives signs of being more
than the Hurry it wis first thought to
be. A 50 per cent operation of inde
pendent Mieet mills this week is cred
ited In large part to automobile demand,
and there Is n 4000-ton inquiry from
Ford Motor, chiefly for bill'! annealed
"There is better promise of activity in ' instances favorably affect the
oil. Twelve 80,000-bnrrel tankH for bonds and Stocks of the COm
Wyomlng call for 4.ri00 tons of plates. . ... .
"Finished steel prices arc generally ' panics concerned. We are issu
malntnlned nt figures announced two j semi-monthly, letters dia
weeks ago, the few concessions reported ' , ...
being traceable to quotations made ue- playing securities tnai snouiu
fore tne advance, a iwo-ccni price on . fi. . .. ,
plates was mode by one of the smaller benefit by the new law.
mills. furnished on request.
"Though only seven and a half days
of country h capacity for fabricating
bridges and buildings were contracted
for in March and totnl was over twice
that of Fcbruarr. six months ended with
March gave more bu.IneiH in fabricated , Members of Philadrlphta .S'tocfc Exchange
steel by over 14 per cent than the six
portion of the batik' reeerve In liability
week la 12 04 per centi lait week I? wail
14.61 per cent. Hate of dlwount 0 par
tent.
INVESTMENT
POSSIBILITIES
OF THE
TRANSPORTATION ACT
The Transportation Act author-
zes tne grouping or merger ox
am railroad properties. The
Hcation of this will in many
Copies
HARPER & TURNER
Investment Bankers
months immediately succeeding the sign
ing of the armistice.
"Fabricated steel nwnrds in large jobs
total 11.000 tons, Including 3100 of tank
work, nnd fresh projects calling for (WOO
tons hnvc appeared, half of this being
for railioad car construction and re- I
pairs. i
Kails are the only sizable factor in
the export trade. Tiircc lots ore up
with good prospectH that business will
come to this country, 7000 tons for
Imperlnl Japanese Hnilwayw, 10,000 for
Argentine Government Rnilway nnd
11.000 for the 1'ckin nnd Mukden.
"Cutting of prices has brought nn
open market on 50 per cent fcrrosill
con, which can be had from first hnnds
holders ns well, as it otticially uetcr-1
Stock Exchange Building
Philadelphia Heading
Kcranton
4 84C'na't Eico Ss, ja
5 84 a ""
Cen'l of Oa en Gene! Elea Ci
1 82; l 00W
Cen'l ot Ha Oil 2 00
2 87 I 1 00
3...
6...
6. ..
1...
1...
1..
0. .
1...
Ctl leather 6
4 80
3 80
Ctt Pacific lit
8 72
1 72
Cerro da Pasco
Cop'r C 8i
ft.... 108
0 10S
3.... 108
0.... 108
C A Ohio 4a
1... . 74
C'k t O cv li
t .. . 82
Chi A Alton 3i
2. ... 45
C A Att'n 3s
1 85
Chlcaso nur A
Q II 8a
3 72
Chi D A Q 4f
00
, 00
, 00
, 00
Ofl.TS
00.64
00.03
00. T2
00 T4
00 70
00 74
00 70
00.70
00.70
20.
20..
70..
25..
8..
n
o!i
47..
1..
1..
60..
SO..
3..
6.,
C II A Q II 4i
12 80
1 80
Chi Ilur A Q
0s wl
1 06
3 00
P A E I ct 4i
2 28
Chi A Kit Ills
suar ct Oa
1 87
t .... 87
Chi A O V 4i
1.. .. 60
Chlcaso Mil A
Bl PM d 4s
3 (sale) 06
3 60
6 ... 56
2. .. B
Chlcaao Mil
StP 4a '25
5 . .. 72
3 ... 72
2.. .. T2
Chlcaso Mil A
BtP cv 4
4 ... 04
I ... 64
Chlcaso Mil A
Bt P fd 4a
I .... 58
8 ... 68
Chlcaao Mil A
Bt P sm 4i
1 .. . T4
3 . 73
Chlcaso Mil A
Bt P'l cv Sa
2 .. . 63
Chi A Nwn mi
1 ... 73
Chlcaso A Nth
Weit'n 0i
1 .. . 00
1 . 06
12... . 00
3. ... 00
1 . . 06
B 06
Chlckisi A NU
WirT 7S
5 . 00
Cloodyear T A
It wl 8s
3 . ..
5 ...
1. . .
5.
5. ..
3 ....
8.. ..
1. ...
1 ..
6
8 .
8 . !
B
7
3..
12... .
8.
Oove't 1'
1. . .
1.
08
00
1)0
00
00
00
00
08
08
100
100
Oils Firm Rubber Slow Dollar
Descriptions Soft Kaffirs Inactive
London, April 28. Sentiment on the
stock exchange was cheerful today on
the reduction of one-half of 1 per cent
in tho Hank of England's rate of dis
count nnd on more optimistic state
ments about prospects for the ending
of the strike of the rirltlsh coal miners,
which has been on Bincc the first of the
month.
Firmness continued in the oil depart
ment, with dtallngu again brisk. Shell
Transport nnd Trading was 5 lfl-lfl nnd
.Mexican f-ogie uft. xnere was nine
Interest In the Industrial department.
Hudson's Bay was 0. Rubbers also
were slow. Ollt-cdged Investment Issues
moved upward. French loans were
maintained, but Mexicans were flabby.
Home rails were nulet but firmer,
with the feeling confident. Dollar de
scriptions were soft. There was light
repurchasing of Argentine rails. The
Kaffir department wns inactive.
.... u ' ; . " """." iii, unifiers ns wen, ns ii oiiirnui
nlL. .WinH i,1nld,tf' h,e distinct im- mines the vnlue of this property.
,-.,v...iuv ii, lllc inquiry over mat ol
thirty nnd sixty days ngo. This senti
ment dovetails with the recent ex
pressions of the 'leading banking inter
ests, who have asserted the real corner
has been turned and with oil hands pull
ing together, a generally more satisfac
tory state of affairs wan bound to result.
Exchange Situation In India
In commenting on the exchange sltua
Jno, '" In,". under dntc of March 14.
10J1, Consul General Weddcll considers
the s tuntlon still critical. The con
tinued unfavorable trade balance, cou
pled with the fact that In many lines ex
ports arc almost nt n standstill, makes
it seem Impossible hat tho rupet- will
soon regain it former fnvomblc posl-
l A" "U"""T, iuti, a. tionnr was i
worui -... rupees, a highly favorable
portion as compared with the normal
value of 3.125 rupees to n dollnr. My
December, 1020, the rupee waH worth
only about 25 cents, while nt present
Utilities Getting Knlrer Deal
Almost each succeeding week brings
testimony Indicating n more llbernl at- I
titude toward public utility concerns I
on the part of the various State Public
Service Commissions. The latest evl-
tlencc on this line was furnished by the
decision of tho I'ennsylvunlrt l'ubllc '
Service Commission ordering thp Scntn
ton Railway Co., one of the most im
portant subsidiaries of the American
Hallways Co., to file immediately a
tariff covering a rate of fare nf eight
cents for cash fares and four tleketfl for
thirty cents. Naturally the Increased
fore will add materially to the revenue
of the company.
The commission further found, after
n most exhaustive investigation by their
engineering experts, that the value nf
the Scranton property is $0,000,000.
This decision is most Imimrtniu to the
holding compuny nnd the security
JONES & BAKER
Specladite in New York
Curb Market Securities
Booklet containing tho
General Rules of Trading,
Commission Charges,
etc., on request.
Call, phone or
write for No.
TU-414
PHILADELPHIA OFFICE
WIDENER BUILDING
Telephones BelL Locust 4730
Keystone, Race 2290
BALTIMORE OFFICE
433 EQUITABLE BUILDING
Telephone St. Paul 6451
Offices in 8 Principal Citis
Diract Private Wires
Safe Bondsjr InvestmeiiT
HALSEY,' STUART
&. CO. Inc.
i.
6.
New Tk Ilk 4i
1 07
1 07
N Y'k Lack A
Weit'n Si
1.. .. 05V.
OOHjNew Y N II A
00 It cv 3a
0B j 3svi
00 8 .. 35
00I.Vw V N" It A
00 II 4i of '58
00 1 40
00 New Y N II A
00 Hart'd fli
00 4 .. . 68
B 68
00 0 48
00 3 dale) 58
0'J 1 B0
00 B... . 08
00 1. ... 68
00 N York Stato
00 Itwys 4s
00 4 S3
It hi N Y T.le 4s
08 B 80
08 2 80
1 08N Yk Tele fli
08
08
08
08
08
08
08
00
08
08
O Uwlt'd rcti
1..
0..
1..
1..
1..
6. .
1..
1..
1..
4.
1..
5..
1..
1..
1..
4..
2..
103
103
103
103
103
108
103
1 01
Nla I1" Pwr til
1 01
Nfk A Wn 4i
3 74
N'fk A V Oi
1 58
3 68
Nfk A W cv 6s
1 100 Vi
North Weit'n
Dell Til 7a
08
08
08
08
08
08
t.
1..
1 .
1..
5
0
00
00
00
00
00
09
Od Trunn rcti! 1 08
1.... 101 I 2. ... OSS
8.... lot 1 08
4.... 100 s 08
1.... 100 I I8
0 Day A W II Ont B M" 4a
1.... 7 3 80
Hud A Man M Ores A Calf Ss
2.. . 1H 1. ... 80
0... . 05 Oreson H I, 4i
2.. .66 1 70
3. . 65 Pac O A E 6s
Hud A Man In 1 77
1. ... 37 0 77
1. . 87 Tao T A T Si
7 . .. 37 1 86
7 . .37 1 ... 84
3 . . 37 Pa It sm 4s
1 . . 37 1 76
5 ..37 6 70
6 ... 37 Penna 11 II Ss
5 37 2 84
1. ... 37 1... . 84
Ind I A la 4i Pa II It'd !!
1 . 73 0 04
III Central fit 2 . .04
1. ... 74 8 ... 04
III Cen'l 4i'3S 2.. .. 04
4. .70 1 .... 04
III Cent'I 5i 1 .04
3 . 88 2. .. . 04
Ill's Ct'l Wen I . .04
I. Inn let 2 im;
2... 100 1.. 04
Int Met 4i 1 . 04
2. .. 17 4'. . U4
Int Mel ct 4 3.. . 04
5 ... 16 1 . 04
Inlboro II T M 2. . 04
7 BOH I'enna It It 7a
I... . 56 1.. . 100
5 56 4. .. 100
2... . 66 1. ., 100
1 dale) S0 J.... 100
1 56 8. ., 100
1 M Marine til 3 100
7 81 3.... 100
1.. .. 80 17.... 100
Jap UoVt lit 3.... 100
2 83 Peoria A E In
25.. .. 83 t T
6 .83 rrre Marot 4i
LOCAL MINING STOCKS
TONOPAIt STOCKH
nid
Caih Hoy 0.1
Jim nutler 08
MkcNnmaru, 12
MarNamara Crescent 10
Midway 15
Mlipah Ext 07
Montana OS
North ftar 03
Ileecun Eula IS
Tnnopah Eat 1.37V,
Wet End ooti
Wes Tonopah 10
DIVIDE STOCKS
Ask
.04
.10
.14
.12
.17
.011
.08
.05
.17
1.02
.01
.12
Allied Divide 01
.Alto Divide 02
neither 03
Uelrher Est 01
Hen Hur
Ilrouah Divide 11
Divide Ext 35
Divide Cons 02
Dividend 0,1
Eaut Divide 02
llurmlll 00
Haibrouck Divide 02
Hlrh Dlvld
Knox HI
Ilevert Divide 03
Reno Dlvido 01
Ilcaetta 02
Sliver Kins 02
Sutherland 02
Tonnpah Divide 01 r
Trnnpah Haibrouck 02
Victory Dlvld 03
Verde Dlid 02
Zena 18
aOI.DFIEt.D STOCKS
Ilnoth 03
fnmblnatlon Fraction 01
Cracker)ack OS
Mnmcin.tflrl.1 U II
Florence 33
(loldneld Cone 06
Onldfleld Development 02
llnlilnelil Deep
Great Ilend 02
Jumbo Ext OS
Kewanaa 02
I.one Star 02
Orn
Ited Hills 1.50
Silver lick 05
Spearhead 02
M'tSCKM.ANKOUB
Arr.parn 1.10
Arlinna United O0
Caledonia 10
Kden 10
Emma Silver 02
Eureka Proems 62
Eureka Holly 1.00
IlerU - 8.87
Mother Ixide 4.00
Nevada Hill 01
Nevada Wonder 14
Hucceia 02
Tecopa Mlnlns 07
White Caps Oil
Wlibert 03
.02
03
.04
.04
01
13
37
.OJ
.15
.0.1
.11
O.I
01
17
04
02
0.1
.01
0.1
.01
03
.OJ
.04
.20
.04
.02
OH
.00
.3
.0
.0 1
.O0'
I I.I
.07
.03
04
.00
2.50
.M
.OT
l.SO
11
.t2
.20
.03
,0H
1.05
4. no
4.60
.02
.18
.03
.00
08
.04
New Issue
$2,500,000
Meridian Petroleum Corporation
Kansas City, Mo.
Serial Q)'0 Convertible Gold Bonds
First Mortgage
Dated April 1, 1921
Pennsylvania Four-Mill Tax Refunded
Due Serially
Redeemable at 105 until April 1, 1925, and at 103Vs thereafter
MATURITIES
(Accrued interest to be added to price)
Price
$100,000 Oct. 1, 1921 99.64
100,000 Jan. 1. 192299.47
100,000 Apr. 1, 192299.30
100,000 July 1, 1922 99.13
100,000 Oct. 1, 192298.97
100,000 Jan 1, 1923 98.61
100,000 Apr. 1, 192398.65
100,000 July 1, 1923 98.50
Price
$100,000 Oct. 1, 1923 98.35
100,000 Jan. 1, 192498.20
100,000 Apr. 1, 1924 98.06
100,000 July 1, 192497.92
100,000 Oct. 1, 1924 97.78
100,000 Jan. 1, 192597.65
110,000 Apr. 1, 192597.51
110,000 July 1, 192597.39
$110,000 Oct
110,000 Jan
1.
1.
1925-
1926-
Price
97.26
97.14
110,000 Apr. 1, 192697.01
110,000 July 1, 1926 96.90
110.000 Oct. 1. 1926 96.78
110,000 Jan. 1, 1927 96.67
110,000 Apr. 1, 1927 96.56
110,000 July 1, 1927 96.45
At the above prices these bonds yield 8 '"c
64'
RAILROAD EARNINGS
fiOimiEIlN RAILWAY (Mnei East A Weitl
1121 Increaer
Third week April .. 13.128.004 M100.7H
January 1-Aprll 21.. 51.072.237 6.104,581
MOM MS AND OHIO
Third week April.. . 1.147.108 tSl.COi,
January l'Aprll 21. 6.680,032 335,437
IIAL.TIMOIIE AND OHIO
Mtreh oper. revenue. I16.2IT.808 in44 800
Ne revenue . . z.HJT.xit
Net oper. Income . . 2.818,664
Tlirea moi. oprr. rev 46,238,000
Net revenue . 6.764.70O
Net oper. Income 3,285,881
Decreaie.
3.568.738
2.175.704
478,088
4,705.ll.V
8,034,008
French Dank Statement
Parts. April 28. The weekly itatement of
the Hank of France ihnwi the followlns
chansen (lold In hand Increased 6.201,000
franri, sllter In hnnrt Increaeed 118,000,
nolei In circulation decreaieil TI. 8.10, 000,
trraiury depnilta Increased 32,164.000, xen.
etal drp1ta tncreneed 88,O!T,O0O, bill!
discounted Increased 327,058,000 advance!
decreased 25,453.000 franca,
FINANCIAL
ItKnEMPTION NOTICP
B rilAI. roMI'ANV FinST
iniunun n-.tt vi.tTtri.iir.&in n,
mil r iiiiuilu twivj mbu .V.."
,,M ...'. i.Kiit mvWF. 1. IHflS
DIAMOND Jf'K A COAI
IK ftwn
MOKTOA
IJI1L.X1
Notice Ii hereby stven that. In pursuant
the terms of the ehovemantlonMl m.rt.
age, dated May 24. 1018. the Diamond Ice
of the termi of the above-mentioned mort
ib, uaivu H.r . -v.e. iui uiamonq
C-oat t-ompany anail pay on ana rHMm
all of Id outitandlns bonds lnued thirc
ITUN
and Market streets
under on June
WILMINOTU
"a-JRIIi JUVW. "Pi ot the
ou..t. VJIIIA"i
...t. H'l mi
Wllmlnalnn nlimMM
st 105 and accrued Intereit, upon prannta.
tlon and surrender of said bonds with atl
coupons thereto appartalnlns, due Juna 1.
1021. and thereafter. Ownership certincates
covirlnr June lit Interest muit alio be pra
ter ted. After June 1st, 1921, intsrait oa
ltd bind shall reape,
DIAMOND ICE t COAI, COMPANT
The details of this issue are summarized as follows, front a letter of Mr. W. R.
Douglas, Secretary of the Corporation:
SECURITY: A direct closed First Mortgage on properties appraised by
the Keystone Appraisal Company of Philadelphia, specialists in the
valuation of petroleum properties, at a net sound depreciated value of
$25,506,285.18, or more than ten times the total amount of the bond
issue.
MANAGEMENT: Under the direct supervision of Mr. W. D. Richard
son, President, one of the most competent refinery operators in the mid
continent field. Mr. Richardson is also President of the Western
Petroleum Refiners' Association and his experience covers a period of
more than twenty years of successful activity in the petroleum industry.
EARNINGS: Net earning available for interest and Federal Taxes were
$1,216,910.41 for the year ended December 31, 1920, or more than six
times maximum bond interest requirements. Based on successful drilling
operations now in progress, net earnings for the next twelve months'
period are conservatively estimated at $2,000,000.
MONTHLY SINKING FUND: Paymcnte to the trustee must be made each
month of amounts equivalent to the monthly accruals of principal and
interest of this bond issue. Provision has also been made for a contingent
sinking fund, to consist of 10f , of the net earnings of each year, which
must be used to retire additional bonds other than those next maturing.
The Meridian Petroleum Corporation is one or the most complete and cflicicntlu
co-ordinated units in the petroleum industry, and in addition to ample refin
ery capacity and adequate tank car transportation facilities owns nearly
40,000 acres of valuable oil leases, principally located in Oklahoma, Kansas
and Texas. With only a partial development of less than 25', of this acreage,
there are over 600 producing wells having a settled production in excess of
2,000 barrets of crude oil per day, and included among these properties are
some of the most valuable leases in the famous Osage District in Oklahoma.
Definitive bonds will be ready for delivery about May 1 0th.
Descriptive circular on request.
HYNEY, EMERSON & CO.
Municipal and Corporation Bonds
39 South La Salle Street Chicago Telephone Randolph 2521
The statement and tourcs contained tit thxe advert iso mint are not guaranteed but have brrn obtain.! Irani
tourcea which we consider reliable and havo been relied upon by uj in our purcAose of thia issue oVoml
A J
ia'