Hf V- ,"r
V W3r I" V V
t- M '".V" r '
-fft ft'
. 1 lr st 1
BVEOTNX3F FUBDIO (LEDGER PHnJADEtPHIAf, TUESDAY, MAY . 10, 1921
-u
(1
Railroad Equipment Trust Certificates
(Philadelphia Plan)
Security of 'Principal Stability of Income
eady Marketability
EQUIPMENT Trust Certificatca are issued in payment for
standard new railroad equipment.
THE TITLE to the entire equipment in vested in the Trustee,
and doeo not pass to the Railroad Company until all certificates
have been paid.
THE TRUSTEE leases tho equipment to the Railroad Company
at a rental sufficient to pay the principal and interest when due.
THE RAILROAD Company pays from 25 to 45 of the
cost of the equipment in cash as it is delivered.
CERTIFICATES are issued in serial forms maturing from one
to fifteen years in equal annual installments.
We have prepared a booklet describing the
equipment trust certificates of recent issue.
Copy on request
DISCOUNT HOUSE
OF
SALOMON BROS. & HUTZLER
MEMBERS NEW YORK STOCK EXCHANGE
COMMERCIAL TRUST BUILDING
Telephone Spruce 7591
PHILADELPHIA
NEW YORK
BOSTON
Great Northern Railway Co.
Genera Mortgage 7 Gold Bonds
Non-Callable Due July 1, 1936
At market, to yield about 7.40
Net earnings for the Great Northern Sy8tern for the average of the past I0J4
years was 3 JJ times interest charges (exclusive of income from Burlington
stock or interest on bonds secured thereby).
Based on actual net earnings, for the very poor railroad year 1920, the Great
Northern was among the comparatively few Railroads which we estimate
eurned its entire fixed charges for 1920. We estimate they are earned a
greater number of times than any of the other roads whose 7 Bonds are
indicated below. These bonds will not only be secured by a direct mortgage
on 7675 miles of the Great Northern System, but will be further secured (by
deposit with the Trustee of 7.2 shares of C, B. & Q. stock per $1000 bond),
said stock having for an average of the last 1 0 years had earnings applicable
thereto of 16.8 a year.
The following table shows name, maturity, callable feature and approximate
yield of various high-grade 7 Railroad bonds:
Great Northern 7's
Chicago & N. W. 7's
New York Central 7'
Atlantic Coast Line Tt
Louisville & Nashville 7's
Penna. R. R. 7'
Delaware & Hudson 7's
due 1936 Non-callable
1930 Non-callable
1930 Callable at 105
1930 Callable at 1 premium
for each year to ran
1930 Callable at 1 premium
for each ycai to uin
1930 Non-callable
1930 Non-callable
approximate yield 7.34
" " 6.74
" 6.95
6.85
6.70
6.74
6.70
BROOKE, STOKES & CO.
734 Fifteenth St., N. W.
Washington
Memberi Philadelphia Stock Exchange
MO South Fifteenth Street
Philadelphia
102 St. Paul St.
Baltimore
This information and these stntittics, while not guaran
teed, are obtained from lourcei wo believe to be reliable.
J
uii 5hg
M
Do you own Railroad Securities?
They arc all Rated in
oody's
RATING BOOKS
These listings show you which issues are
food, which bad and which are doubtful
investments.
Tour volumes covering
RailroadsPublic Utilities
Industrials Governments
Send fur full information regarding our
system of Investment Ratings.
Moodvs Investors Service
'124 Ileal Ehtnto Trust Bldg., Phila.
w York Iloston Chlcuo
1'lilft V i tympany . . VA,' I0M
flnii?m. ,?,'J . Kv!iwtt- ..V toil
UMniiJ 'UiW' Inner. . . Va IDS?
I'aVton W.n.V..A.,?' 4 "' Vruoii..fl' IMA
SAMIIPf. If DUII l idc a. nn
"h1nt, PhlUdtliilila fJlork Vactmnn
807 OltKHTMIT HTIiKKT
'"PHE good progress of liquidation
1 continues in orderly fashion. Much
of it has already been accomplished,
and this unpleasant but necessary
period of readjustment will shortly be
completed.
Though advancing slowly, high
grade bonds are still selling at ex
tremely low prices. Wise investors are
putting money away at high interest
for future years of low interest rates.
Mat of aocuritica furniahod on application.
GEOWKENDRICK 3rd 8 CO.
iji wu-nui or.
Mirobsm Nw fork ana
Kjuadalpbla 8 Icy Kxebni
w
PHILADELPHIA.
TtlrnJvwMI HJt 3pxue 0U0
HtntdM-BMt 11M
-unumiitriiilllllllUllllliiiiiinH
NEW YORK BOND SALES
Cumtnary of Individual Transactions on Now York Exchang
Am S Hit Hi
1 78 Vi
Ann TtTli
1 aJe) 6SH
Aran T4Ti
tBALKB IK ilOOOl
101
101
101H
101
101H
101
101
1....
8....
1....
1....
1....
6
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1 9
2 OOtt
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1 77
1 7714
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1 71K
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4 B4
2 St
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IS 39
1.... 100
1.. . 100
i.. .. eoM
4 SOU
Unit Ohio ev
70
70
70
70 V,
70
70
8 (aale) 70
1.
70
70 U
70H
70'4
70 U
704
1...
4..
1...
3..
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1 83!i
1 84
Halt & Ohio 4s
1 0SH
2 0814
nalt 4 Ohio Ss
1 71
1 71
1 71
Halt & Ohio 01
1 00i
1 00
1 OOtt
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1 7Stt
4 70
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4 B4H
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B.... 103
1.... 103
1.... 103
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1 00
Deth S Sa '3S
4 78
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.2 D0U
2 0tt
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1 71
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1.... 101H
1.... 101H
1.... 101H
1.... 101
i.... ioitt
Cen'l ot Oa 0a
7 80
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1 82
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C'k & Otilo Sa
1 82S
C'k i O cv sa
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2.... 101 V.
1.... 101 tt
2.... 101 Vi
Cub Am B 8a
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1.... 101H
2.... 101
Cuban C B o
1 :(
S.W.. 85 H
Denmark Con
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l.... 100U
1.... 100H
1.... 100 u
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1.... 100U
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1.... 4Stt
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2 43
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0 00
2 .10'!
Do Canada '20
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Vic Notes .Ti..
Vic Notes 4b. . ,
Hllh
S9.00
87.24
87.02
87.JI2
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87.40
07.04
07.00
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1 88
(N. Y. time)
una
Ixw
83.00
87.24
87.02
87.22
00.08
87.82
07.04
07.02
m
88.00
87.24
87.02
87.28
00.70
87.40
07.04
07.02
STANDARD OIL BONDS
PHILADELPHIA
RAPID
TRANSIT
An authoritative re
view of the Philadcl
. phia Rapid Transit ait
uation of interest to
every stockholder and
investor is the lead
ing article in our
Weekly Market Letter.
Copy gent on request
J. F. McGOVERH & GO.
MrmlKTu of Vhlln. Stock F.t-hnnc
J430 South I'enn S4 1'hlln.
Bprore 0410 Uare 3002
New York 32 llroadwar
Ordtra exeeutrd In nil Market
oirr tan Direct Wire
00
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Bt T'l cv 4a
1 78tt
1. ... 78tt
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Chicago A Nth
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Chicago R Il'd
& Pac III
1. .08
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r aj
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New York Corporation to Issue $20,
000,000 12-Year Debentures
New Vort. Mny 10. Tho 8tanrlnrd
Oil Co. of :lw York hnH ol(l an iBSueof
$20,000,00aiwclvc-jcur 0 per cent
sinking fund sold debentures to a syndi
cate headed by Blair & Co., Inc., the
Equitable TruRt Co., Dillon, Ttend &
Co. and the Chase Securities Corpora
tion. The banking (croup will offer the
securities to the public today at 100 and
accrued Interest.
The new bondB. necordinn- to nn nn.
nouncement of the bankers late yester
day, will mature Mny 1, 11).'!, nnd will
not be subject to cnll until Mnv 1, 1028.
when they will be callable at 103 and
thereafter less 3-10 of 1 per cent every
nix months. The Indenture will pro
vide for n sinking fund of $750,000 an
nually, payable in semiannual in.ttnll.
monts, woe appneti to the purchase of
tho bonds up to 100 and interest.
Total net assets of the Standard Oil
Co. of New York on December 31, 1020,
were $2.14.315,212. of which $123,808.
0S5 were net quick nssots. This "docs
not include the proceeds of the new is
sue nor of an Isrup of $30,000,000 serial
7 per cent debentures sold last Decern
brc. Previous to that issue the com
pany, like other members of the Stand
ard Oil group, flnnnced its development
programs largtly from earnings. Owing
to severe competition, high taxes nnd
other causes, this practice has been
abandoned.
In the six yenrs ended with 1020 the
New York company reinvested approx
imately .$142,000,000 in its bushier out
of surplus earnings. The outstanding
eapitnl stock at current quotations rep
resents a market value of approxlmatHy
$2(11.000,000. This company Is a mar
keting oiganization.
STEEL BOOKINGS LOWER
Unfilled Orders April 30 439,541
Tons Below March Figures
New Yorlt, May 10. In its monthly
statement issued at noon today tho
United States Steel Corioration re
ported unfilled orders on Its books, as
of April 30 last, of 5.815.221 tons.
This compares with 0,281,705 tons on
March 31. a decrease of 430,541 tons,
nnd with 10,350,747 tons on April 30,
1020.
Comparisons of-unfilled tonnage on
(he 10th of each month since 1013 fol
low: Month of Tona Month nf Tona
Mch.. 1021. i!.2S4.703Jnn 1017,11.474.034
rri 1021, O.UJB.SIW I lac. ll.H.OV(,.Htl
1U2I, 7,573,104 NOV..
11CU. H.H8.12'J00t.,
lOi'O. 0,021, 4st Sent,
iu:u, n.3ti.tt;,. auk .
1020.10.374.801 July,
ID20.10.80B, "38 June.
1020.11, 118,4(13 May.
m'0.10.078.617 Ayr..
ioo.tn.oto.4im Mch,.
1020.10.M0.747 I'eb..
10J0. 0.S02.07B Jan..
n.03.'. nsi uic,
0,285,441 Nor..
8,203,3611 Oct..
7.128.330 Sept..
0,472,008 Auc..
n h Ha July.
1010, 0,100,10.1 June.
1010. 8.578,0111 "ay.
1(110, 4,802.855 !;
1011), 4.282,810 c-
1H10. 4.300.1)05 r?"
1010. B.430,373 '
1'JIV, U.OIO.THT
8,
0,
1
1
1..
1..
02 tt
02 tt
02
hi
8i
02 tt
St I. A B Fran
Ferlea U
7.... 74
Bt Ii A 8 Fran
Serlea C
4 ... 88
6t L Sw'n l6t
1 07
It Ii Sow'n
1 . .00 tt
1... OOtt
8t P A Kun 0
H I, 4tta
1 . .. 04
2 . 04
B. . 04 tt
St I"l Minn A
Manl'a IV,
2 .. 83
St T'l A Hloux
City 71
1 14 tt
1. Ot'i
Sao Pauulo of
Uracil ct 8a
0.. . 07tt
1.. 07
1.... 07
1... . 07
a.. 07
Seab'd a Ii aj
1...
1.. ..
8., .
1.. .
9
eeab'd A
3 ....
85
as
83
35
38
Ii 0a
82
Jan ,
llee..
Nov.
Jet..
Sept.,
Auc ,
July.
June,
May.
Aur
Men.,
Feb..
Jan..
nc.
Nov..
Oct..
Sept.,
Auz.,
July,
Juno.
Mar,
Acr ,
Mch.
Kb .
Jan..
Dec,
Nov.,
Oct .
Sept .
Auff ,
July,
Mav.
Apr
Mch.,
Keb..
Jan..
nee,
Nov.,
Oct ,
Sept.
Au..
uiy.
June,
May.
Apr,,
Mch.,
Tab.,
10in.U.O38.S42
ioie.io.oiB.20ii
1 0211.
1020,
10111.
1910.
1010,
1010.
1010. 0,S22.SSI
1U1U. 11.0(10.357
1010. O.SOO.302
1010. 0,040,438
1010. 0,037.708
101H. O.K'JO.BSl
1910. 0,831,001
lOlOAfi.OlW.dllll
liiinrf,022,70f
1015. 7,800.220
lOlD. 7,180, 4S7
1U15, 0,103,43.1
1015. 0,317.018
101B. 4,008,433
1010. 4,028,540
101B. 4,078.100
HUB. 4. 204. 608
1015. 4,102,244
1016. 4,235,710
101B. 4.313,871
10t5. 4,248.371
ioi4. a, sun. on
1014. 8,324.60:
1014. 3,401,007
1014, 3.7H7.B07
1014. 4,213,3at
1014. 4,158,880
1014. 4,032.857
1014. S.miH.JUl)
1014. 4.277,nili
1014, 4,653.825
1014. 8, 0211,440
1014. 3, 013 080
1918, 4,28J,10j
1018. 4. mm ii
1nln 1 Htm ...
! i-JUK'M ?.. i: Zmw
,,.i. ..".,'i" AUK,. J1H. n.!Z23.4(
Juno,
Stay,
Apr.,
Mch.
KoU,
1910. 0.084 208
1018. 7, 370.132
1018. 8.124.H0S
8,858,203
S.2W7.003
4.7B0.012
0.5118. 'MIS
8.337,028
8,741,882
0,080,400
0.28H.45S
11,477,833
1018.
1018,
1018.
181S.
l'JIN.
1018,
1018,
1018.
1018,
ro.
Nov..
Oct..
ut
Auc,
July.
Juna,
May.
Apr.,
Mch..
Fab.,
Jan..
Dc,
Nov,,
1017, O.B8I.710 Oct,'
1017. 0.833,477
1017. 10.407,010
1017.10,844, 1S4
1017,11,383,287
,0U1
1918, B.aOU.33A
1U1S. n,S07,317
JW 13,
1017 11. 8811. 50
1017.12.183.083
1817,11.711,84 1 Jan..
1017.11.376.007
8.324. 8'2
1018. fl.078.7tW
1013. 7,408.03
lOtO.' 7,050,711
1013. 7.827.368
Financial Briefs
Iho .-ncraire price of th twenty actlvo
lnliitrlat rtoclia declined 0.07 par cant ya
irday ti 78 81 . while tha twenty railroad
advanced 1.01 P.r cent, to 73.88.
Th) ounuit report of tha Nanr Yorlt Chi
,-air.i and Kt. I.out Ilallroad (Nickel ii.
honed nt UKuine after charirca and taxm
o' 12.248 F30. ccJlvalent to 17.40 a aliir"
on tho combined H0, 000,000 preferred and
icmmun alctlia
Allied Chemical and Dyo Corporation re.
porta for 1020 net Income after charrea n
entory ndjuatmenta and taxes of tin ITU
1)30. Q.u.il to 10 33 a ahaio on tha nuta'tan'i
Inir cmnmon slock after deducllne the 7 per
rant dividend requirement on tha preferred
The monthly ruporta of copper eomnanira
or their prixluctlon some of which v,er.
mode public jenterday, renect tha partial
or complete shutdown ot copner-produeW
properties durlnc April Phelp"liodi.i
which produced 0.244.000 pounda or the red
metul In March during part of which It cur.
lulled oper.itlone. produced only 1,86s 001
In April New C'ornilla production umouniid
to 1.804.772 In Anrll and that if Caiurri.t
and Arliona 2 204,000. -aiuinet
The American Poet Sunar Co. haa Issued
Iti annual report for tha year ended March
.It. snowline total Income after charma ami
taxes of 1133.800, equivalent to 2 07 a
share earned on the 35,000,000 preferred
stock Thla compares with total Income of
I J.42B.810 equivalent after preferred dlvl.
denda to 114 17 a ahare earned on the lis.
000. OPo common stock In tha prevloua year'
Saturday Holidays for Coffee Brokers
New York, May 10 - Memlera of tha coffee
and auiar inarkela thla mornlna- voted to
close tha eichnnie for tradinr purroaea on
May 28 and all Hsturdaya durrmf jli?e. Jul?
and Ausust and the first Hihint.w iH u.L
l,,r,l-r ' ' '" '"17
STANDARD TANK CAR
EQUIPMENT BONDS
PHILADELPHIA PLAN
TO YIELD 8
TAX REFUND IN PA.
HARVEY FISK & SONS
(Incorporated)
NEW YORK BOSTON
CHICAGO BUFFALO
LAND TITLE BLDG.
PHILADELPHIA
SPRUCE 7486
WHITE, GEORGE & CO.
INC.
INVESTMENT BANKERS
The North American Bldg., Philadelphia
Tel. Walnut 2991
The above Company has been organized to engage In
a general investment banking business with principal
offices at 50 Congress Street, Boston.
BOSTON
PROVIDENCE
NEW YORK
HARTrORD
PHILADELPHIA
SYRACUSE
E. HOWARD GEORGE
Member Boston Stock Exchange
50 Congress St., Boston
How Philadelphia Helps to Keep
AH Locomotives in Good Condition
IN ADDITION to purchasing new locomotives as" they
are neerlOd, one of tho most important fuctors in
railroad operation is the keeping of all locomotives
in first class condition.
As locomotive builders, we are also prepared to rebuild
locomotives of all types in our own shops and to furnish
all parts needed to do repair work in companies' shops.
This applies not only to Baldwin Locomotives, but also
to those constructed by other builders.
THE BALDWIN LOCOMOTIVE WORKS
PHILADELPHIA
mm.
lyfVV'fi
1
I
Statistics Show That Most
estates of $5000 or more are dissipated in a few
years whero there is no trusteeship. We assume
tho responsibilities of a trustee, which assures
the futuro of those you wish cared for. A con
sultation with us may set your mind at case on
many ui juur nr.anciai responsiDUlties.
REAL ESTATE TRUST CO.
OF PHILADELPHIA
Broad and Che3tnut Sts.
Spruce 8200
BOUGHT SOLD QUOTED
U.S. Treasury
Certificates
All Issues
SECl'KITinfl nKfARTMENT
CommercialTrust
Company
Mrmbfr IVdrral rtrwrtr Smtrm
City Hall Square West
'I
Hove You Considered
Exchanging
Securities?
You may bo able to obtain a
stronger security yielding as
much as one you noiv hold;
or a considerably higher yield
from a security of equal
strength. We shall be glad on
request to make definite sug
gestions to meet individual re
quirements. Ask for our
recommendations L-7
A. B. Leach & Co., Inc.
Inccatmcnt Securities
115 South Fourth St.
if(prrArs5oo,oowtm
ff SURPLUS (EARNED)
II $2.opp.op6.oo b JJ
A
long - established Trust
Company has many ad
vantages as an Executor
and Trustee because of
its
EXPERIENCK
RESPONSIBILITY
FINANCIAL JUDGMENT
CONTINUOUS EXISTENCE
and the
Northern
Trust Company
as your Executor and
Trustee guarantees the
faithful and impartial car
rying out of your wishes.
Wise counsel will advise
you that a good Trust
Company is the one to
assume such
RESPONSIBILITY
Analysis of
Canadian Provinces
A new booklet we have
recently compiled con
tains the following in
formation con cerning
each Province of the
Dominion:
Financial itatement,
area, population, value
of products, and particu
lars of natural resources.
These concisely tabu
lated statistics should
prove of interest and
value to banks, trus
tees, and private inves
tors. Write for Booklet P-SIO
Wood. Gundy & Co.
r' "rl",rnH'i
14 Wall Street, New York
Penna. Municipals
City of Coatesville
Street Imp. os
April. 1M1-31
Prices to jield 4.80
County of York 3 2s
Nov 1032
88 and Int. to yield 37"c
City of Williamsport
Ref. 3'2s
Oct.. 1929
90 and Int. to yield 4.95 ",.
Townsend Whelen & Co.
505 Chestnut St.
Mfmtwr N. . I'lilln. Movl, i:rhuncrN
i: ft 1
GRAIN
PROVISIONS
Our Daily !.rltci bent on llequeal
Hughes & Dier
Mftnb'r
!riilrKi Ilotrtf or Truil
N, V rruili.iv lxrtiitiifi
rtilliirielplilu Mm It Kid
I'lltsliurRli Mcx-k Kvrlmn
anr.
rlmnce
1435 Walnut Street
hpraca 813 Hnc. ,8M
rhlladnlphin
R. B. CARR
ACCOUNTANT
and AUDITOR
I'fona, llldi.
1'hlladrlphla
Conservative Investments
MacMcckin & Williamson
nnpAD AND SANHOM HTH.
Mrmbfr I'hlla. Hlk Kxclmma
NORTHERN PACIFIC
GREAT NORTHERN
Joi.it(CB.& Q.)6'3' IS-Yeor
Collateral Truit Gold Bondi
-"uii.rtlo o t '
N'ofhern Ta.-lilc- la &.t .'047
To Ylld About rt L"2
In onlnlon of cur.?' 1 trai fori
.S. V.. L'linn ilm St Tin,in
or
.rai Northern Ts. ilu 10,l'l
T'i Yl.M Al.ou- 1 4
l.eal for ln.uinn.' "tnpftnl.a
'u New York
Price 90";
To Yield About 6',
H i (ilv nth .'or Ci" tUir ht. It)
CASSATT V CO.
rfrsniuijci
COMMEROAL TRUST BLDG
PHILADELPHIA
BAiriMont- prrriouROM- scrantcn
Free from All
Federal Income Taxei
; Okmulgee County
Oklahoma
5rr Road Bonds
Annual Maturities
December 15. 1921-35
u.nam'iai. yrrr.iirNT
i Asietacd valua-
''on $43,215,770
Total bonded in
debtedness, In
' eluding this
! iasue 1,004,000
Sinking fund on
hand .. .. 1GO.O00
i i'iiui,iiiini, .-, mi
1 Prices to yield
6'v to 6.50'',,
i Bonbright & Company
437 Ch-tnut Street
rhiUdclphia
9
Ni'M nrl,
I'tttoli
( Ini ago
lii-trill
Metro. Kdison rr), 1922
I'fiirui. Ohio Pr. & U. 7j.s, 1910
Phila. Elcc. 0s, 1922.
HENRY D. B0ENNING & CO.
.stock r.xniANC.r. iuii.dino
Dlrrcl I'rUnlr Telcpliuiw tu Nrw lork
.Mcmbrrh I'hlU. Mtock Kirliunitc
Baltimore &
Ohio R. R.
History-Finances
Outlook
This road it expected to
be among ihe first low
priced rails to return to
a dividend-paying basis.
Reasons why are outlined
in our spi-cial circular
AmIi for a free copy
BOREAU & EVANS
130 South 15th Street
Philadelphia
l.Kfw.i sm Hum ,ir,
l I'hllii. Ofllrr 7 K Viil Hlrrrt
I'hune Hrhnoh' ,11
STROUD & CO.
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1850 HKAI. KhTATK THUHT I1L1M1.
Inrfstlmla anil adjust corporallan and
paiinartbtii arcouDU and irriara Incoiua
Til lUlurna.
V
iiJit.i4