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EVENING PUBLIC LEDGER-PHILADELPHIA, WEDNESDAY, JUNE 15, 1921
23
4'
J,ii
$2,500,000
Alabama Power Company
First Mortgage Lien and Refunding Gold Bonds
s ' 6 Series, Due 1951
Dated June 1, 1921 Due June 1, 1951
interest payable June 1 and December 1 in New York City. Callable as a whole
in part on any interest date, on 30 days' notice, at 105 and interest, to and
including June 1, 1932; and thereafter at a premium reducing Yrf
per annum. Coupon and registered bonds, interchangeable.
United State Mortgage and Trust Company,
New York, Trustee.
For derails regarding the above issue, attention is called to the letter of Mir. Thomas W.
Martin, President of the Company, copies of which will be furnished on request, and
which states that:
The Alabama Power Company serves, directly and indirectly, the major
part of he urban population of central and northern Alabama, including the
so-called "Birmingham District," comprising a total population estimated
at over 550,000.
The First Mortgage Lien and Refunding Bonds, in addition to being secured,
in the opinion of counsel, by a general mortgage on the entire property of
the Company, will be secured by the pledge of $2,500,000 of its First Mort
gage 5' bonds, of which $10,204,000 additional arc now outstanding with
the public. The indenture will provide that the Company shall issue no
additional! First Mortgage bonds except for pledge as additional security
thereunder;.
The duplication value of the Company's property is materially in excess of
the total futjded debt outstanding with the public, including this issue. With
the completion of the initial 60,000 h.p. unit of the proposed new Mitchell
Slant the Company will have a total installed generating capacity of 220,000
.p., of which! 77 will be hydro-electric.
Earnings
(Years ended April 30)
1921 1920
Gran Eariilnp $4,425,125 $3,296,988
Operating Expenses and Taxea 2,204,882 1,914,887
Net Earnings $2,220,873 $1,782,431
Annual Intereit on Funded Debt with Public,
including) tfcii Issue 846,700
O&IA&ICQ r ft '. 913T3073
Nat Earnings Over 2 3-5 Times ths Above Interest Charges
The State of Alabama in general and the great manufacturing aild industrial .
"Birmingham Dihtrict," in particular, afford a large and diversified market
for the low-pricefl power that the Company controls in abundance.
Bonds are offered for delivery when, as and if issued and received by us
and subject to approval of counsel as to legal details. It is anticipated that
temporary bonds will be available for delivery on or about June 27, 1921.
We recommend these Bonds for Investment
Price 844 and Interest, Yielding about 7.25
Complete circular upon request
Harris. Forbes & Co Coffin & Burr, me
New York Philadelphia NEW YORK
How We Widen
Operating Margins
Industry is suffering from too narrow margins between net sales
and factory costs. We are widening operating margins for numerous
clients by one or more of these three fundamental methods :
FIRST, by effecting savings in present pay-rolls through
eliminating labor now largely wasted or ineffectively
used.
SECOND, by installing labor-saving devices and modern
handling equipment to replace out-of-date apparatus.
THIRD, by more efficient generation and use of power,
and the more effective operation of other auxiliary
processes.
The first method seldom requires additional capital, and we
often effect pay-roll savings ranging from 10 to 50.
The second and third methods necessarily require capital, but
in most cases we can show more than 25 yearly return on the invest
ment, and not infrequently more than 50.
Such consistent and far-reaching economies can only be effected
by a highly trained and thoroughly experienced organization of engi
neering and managment specialists.
Such an organization, nation-wide in scope and international in
reputation, is now at the immediate disposal of Philadelphia executives.
OUR OFFER
With a view to widening your operating margin, we will,
for a limited period, at our expense, make a survey of any
business in Philadelphia with a pay-roll exceeding $250,000
per annum.
We, will present the owners with a report of our con
clusions, and opinion whether our services would or would not
benefit the business.
fori), cfi&con & avte
Established 1894
cAn o
rganization of experienced engineering and management
specialists in public utility ana industrial business.
1421 CHESTNUT STREET
PHILADELPHIA
Telephone--Spruce 6Q2
MS Broadway New York SaSutfer Street 8j Frenclico
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OS. 34
o.s.:ti
Boton & Maine Dividend Deferred
Boafon, June IB Announcement thnt no
action was takon by ih nnnnl of directors
of ths Boston and Main Hnllroud at Ita
meetln Jn the mAtter of declaring a divi
dend on the flrt preferred alocks, which
rould nsrmilly bo paynhlo on July 1. una
made by President .Inmoi U Huelln H,.
iiolnitxl out that illvliVpds on thene utoclo
wrra cumulative twiirVAliI they would w
paid when earned.
In a atatetnent Issunl nfter Ilia meetlni:
Mr Hust'a said:
"Tns conditions which mado It necoa.
aary to defer fiction on the pi ef erred rtll
dnda du January 1 hay ionllnud durlnc
the Intervenlnc month", mid i u roault It l
eellniated that the deficit for the Oral als
montlia of 1021, after tho imjm.int nf flxvd
cnaraes nnd laxra will be over t7.O0o,oqo.
"Wa believe, howayer. thM there Is n
turn In tho adveria tide itgulntt which we
have been struuxllnr and that the tecond
half of the year will thnw n dlffemnt
tendtner,"
Alp per cent reduction In railroad fam
In Eaalern Canada July 1 was ordered by
the Dominion Hoard of Ilallnay Commie,
slonors. Western rates remain unchanged
Dividends Reduced
Votinxalnrn, Junn 15, Youniitown Mheot
nnd Tube Co. denlnred a ilh1ilnd of ntty
lite on Ihe.coinnmn and the regular qunr.
terly dividend of,J,ia on the preferred, both
payable Jivly 1 to stock of record June 20,
Company paid tl on. common on April i
and ll.na. o June i. ,
Tn oonfereneaybatween the mhufteiur(-
and rrentatlrs at emnloyes to dotsr
w Dtw.ww contract rr aneetiasid
"Tim country Is Kcttlnc back to tin
old bnsls of renl work for nn honcRt
trng-o nnd nil communities will be better
for ft," snyB Wllllnm A. Laws, presi
dent of the First Nntlonnl Unnk, In thu
monthly letter on the business nnd
finnncinl outlook issued by thnt Institu
tion. "Pcoplo nro stabilizing their
thoughts, as well os their methods," ho
continued, "nnd the tiltimntc consumer
Is coming Into his own ngaln. No one
Js buylntr thoughtlessly these dnys, but
everybody Is taking enre to get on?
hundred cents of value In every dollar
of morchnndise. This represents an
extraordinary change from n yenr or so
ago when most of tho 21,000,000 fam
ilies in the United States wcro buying in
tho happy-go-lucky fashion which mado
deception and unjustifiablo prlco ad
vances not only possible, but the easiest
thing to put over. The average mnn
thoso days is looking for quality In
stead of quantity and driving as good
a bargain as he can get.
Laid Away for tho lUlny Day
Managers of some few of the indus
trial concerns apparently enjoyed the
raro foresight to lay away for the
inevitable rainr dnv durinc tho ncrlod
of abnormal big profits during tho war
period. Tills apparently applies to sot
cral of the so-called equipment com
panies, notably American Car nqd
Foundry, Amcrlcnn Locomotive and
Baldwin Locomotive. Interesting figures
as to tho lost-named company's opera
tions have already been printed. It wai
stated yesterday that the American
Locomotive Company since the first of
the year has purchased some $15,000.
000 treasury certificates of Indebted
ness. It was pointed out interest on
this one Item represents about a half
year's dividend on the company's pre
ferred stock. It Is reported the com
pany has n.s much agnln in other in
vestments paying higher interest and
cash. Some timo ago nn interesting
story was told on tho street of the
American Car and Foundry Co. being
largo lender of fuuds In the call money
market, nnd profits obtained from these
operations wcro nearly sufficient to pay
tho yearly dividends on both classes ol
tho company's hhnrcs, besides helping
to relievo an otherwise serious situa
tion In loan market.
Dividend Changes Unavoidable
Discussing tho probability of a re
duction being mode In both the Great
Northern and Northern Pacific divi
dends, a prominent local financial In
terest, wlto is also a director of several
railroads, said yesterday such action
would not surprlso him in the least, and
furthermore ho expected radical divi
dend chances to be made by other rail
ronds. "lou cannot pay out something
you do not earn, and the conditions aw
such as to make most boards of man
agers reluctant In dipping into accumu
lated surplus to pay unearned dividends.
The rnllronds, you must remember, will
not receive tho slightest benefit of re
duced cnrnlngs or other adjustments
until tho last half of tho yenr. These
changes do not go Into effect until July
1. In tho meantime, business and
industrial conditions are going from
bnd to worse. If the leading
Industries arc only working -0 to
25 per cent of capacity, it means
tho traffic on the various rail
road lines will bo reduced proportion
ately, and in turn earnings will shrink
correspondingly. Furthcrmoio the im
provement shown In April operations ai
a result of tho rigid retrenchments ap
plied are nppnrently not being main
tained, nnd from whnt figures there are
nt Iinnd, May returns will be disap
pointing. There ! still much to be don
in the readjustment, and dividend must
suffer In consequence. It is hard fo'
many Investors, but It is nn unfortunate
condition that hardly could have been
foreseen."
Ono Sore Spot Removed
Reports that were current n little
over a week ago concerning an impor
tant financial combination having token
steps to Htrcngthcn the position of n
more or less prominent Institution had
a sequel in other reports which were
current after the closing yesterday to
tho effect that tho hend of the same In
stitution had taken a vacation an-1
would be away from bnsinrsN caret for
the next two jenrs. It was thought
that much of tho liquidation on Monday
wns connected with some incident ol
this kind, on which the public hns no
general knowledge, but which for s
time had an Important influence on
prices.
Proposed Cuban Loan
According to a icport circulated yes
terday In local banking circles, Cubn
hns been invited to consider a loan for
$100,000,000 or more. Tills story an
parcnty was prompted becauso of the
conference which was held in New
Tork yesterday by Important bnnklng
interests concerning the Cuban situa
tion. Consent of both American and
Cuban Governments would be a neces
sary preliminary in such negotiations.
It is understood Cuba Is willing, but
Washington has not yet signified ItJ
approval.
Those familinr with the unfortunate
Cuban situation nsfcert the proceeds of
buch a loan could b used ndvnntage
ously by the Cuban Government to aid
the present demoralized condition of
the sugar industry. Project for a cen
tral bank of lsue could be carried
forward. Cubn at the moment is t-uf-fcriug
from n current' panic and lack
of banking facilities In the present
crlslB as well iih low sugar prices.
Kither dlrectl or through tin new
central bnnk supervised bv American
managers loans could then be made t
sugar producer " ninp'e security
thereby relieving the banks In this
country which have been carrying the
brunt of the 1 irden.
THnTKADKU.
WINS THREE TEMPLE PRIZES
Unlvsrslty Pharmacy Graduate Also
Named on Faculty
Solomon P. llnnlg. 11 member of tho
ernduutliig class of TVmplc 1'niversit
riohnol of 1'harmac . was awarded three
of the faculty prizes Inst night and also
wns appointed 11s a now member uf the
faculty of the nchool.
The announcement was made at the
twelfth minimi dinner of the alumni
of the school, which took place lust
night nt the llittenhnuse Hotel. He
won awarded the LoiiIh Green prize,
the Dr. John It. Miiiehutt gold medal
and the Dr. .lumen ('. Atlli gold medal.
The Dr. II. Kvert Kendlg gold niediil
was awardeil to William (i. Srhmldt.
the Dr. Henry Fisher gold mrdnl to
Jacob Sterling, the Dr. II. I). Morsa
prize to Hose Wasserinan nnd the Dr.
L. G. Penu prize wns n win (led to C.
P. Henry.
Dr. Henry Fisher, chairman of the
faculty, was the guest of honor and
wns presented with a complete fishing
outfit after he had responded to the
toast of "The Truthful Fishermuu."
Diplomas for Four Nurses
Four nurses were given diplomas at
the tenth commencement exercises of the
Mercy Hospital nnd School for Nurses
last night In the Library P.ulldlug, 5000
VoodlaWn fiTenue. Addresses were do
lltered by Dr. A. B. Jackson, super
Intendunt! Dt. Hcnr Mtaton, chairman
of .the training schools Henry L, Phil,
ilpn, president of the boa;d of directors,
B ttlniVf Iflultilillililtn iinisi HlPfllliillil ""nini vi'"iij i, Jin '"I... i ir " "'ssaBsWHBBJB
Treasury 'Buildins, Washington
NEW ISSUES
United States Treasury
Three-Year Notes
Scries "A"
5
dated June 15th. 1921 due June 15th, 1924
One-Year Certificates
54
dated June 15th, 1921 due June 15th, 1922
We solicit subscriptions to both issues
in amounts of $100 and upwards
Price 100 and accrued interest
Commercial Trust Company
Member of Federal Reserve System
CITY HALL SQUARE WEST
Spruce 8200
Why
IWa'Srl
flnHB
Gamble ?
The basic Law of Action-Reaction governs both
speculative and investment markets. While it
is impossible for any ore to anticipate "day-to-day"
ripples, the great major movements
are regular almost as the tides themselves.
Bavtl on fundamental statistics, Habson's Reports,
carefully forrcait the mrjor movements. Thev en
able you to find the. real "buys" at low tide to se'l
out cs your holdinnrs reach near the peak and th-n
to Iwy In again at close to bottom prices
REPORT ON REQUEST
A recent Babson Bulletin End our boo.!t.
"Gttlinif the Mast fron Ymir Monty' ' v. II be
sent to interested investors without charge.
Mtrclu Atk hr BuI7li.i 31 IT
"BABSON'S
Statistical
Organization
Write Today
Tear oat the Memo now
and hand it to your
Ar.rw ul.M r. tl I
e.b.a.. .'.(kt. JWU ,..,-
Ute trie morning a man.
Wcllesley Hills, 82, Mass.
Tk4 lrfttl Orgmnuaium Htwmn Adrutrt xn Ikt trrW
-.CLIP OIT HERE .
MEMO for Your Secretary J
Write Eoer W. Dnbson, founder of The Uabson Statfeticat '
Orsanrzation, Wellesly Hills. ff. Mass . as follow Plrsse I
send me a copy of Booklet ?.'"Gttins the Most from
Your Money" and recent seport (rratis. I
A Study of
Bond Values
Whether a long1 term
3i:r or 4c bond sell
ing at 50fo or 60 of
its par value, or one of
the new issues yielding
8r, or better, should be
purchased, is a problem
tha average investor is
meeting today.
A solution is offered
for those who send for
our Letter L 33.
A. B. Leach & Co., Inc.
Investment Securities
115 South Fourth St.
Now York Boston
On an 8.10 Basis
Southwestern Power & Light Co.
20-Ycar 8c
Bond-Secured Cold Notes
Secured by First Lien
and General Lien Bonds
in the ratio of two to one.
Send for Circular
Bonbrigfot & Company
437 Chestnut Street, Philadelphia
Chicago
Detroit
A Controlling Interest
In a t.a'ionnllv advertised manufac
turing corporation, well financed and
vlth a continuous record of steadily
lrcrt.-nlnj: sales and earnings for ttin
past flft-rn year, may bo itecured on
-trifonnble terrm , an exeellont oppor-tuinU-
for the rin'n man or group of
men to buy into a lsorous solruj
concern
C 439. l.i:i)GEK OiTICB
smmnmi,
imnm
Mf?
1
Members 'o York and
Philadelphia S' t; Exchanges
1410 Chestnut St.
:"i'i3Lvimi um?u jjimmijMjF
AMER. TEL. & TGH. CO.
RIGHTS
BOUGHT SOLD
MORLEY, WOOD & CO.
3M Cliestntit Street
Leonard, Stetson &. Company
IM(IHrOUATIU)
New York Office:
60 Wall Street
Telephone Hanover hS'?'
Philadelphia Office:
Land Title Building
Tlerh')n l.omsl IM
announce that they have taken over the
business of A' ericus J. Leonard and will
continue to engage in the general business
of underwriting and dealing in investment
securities.
AMERICUS J. LEONARD
G. HENRY STETSON
The
First National Bank
of ttoslon
Capital, Surplus and I'roflta
.S37,.r)00,000
,"U. S. PATTON & CO.
II) S. ril!'.NTM?T 8TU.
HANKERS
Xiirrtsmrs In
4.MI.1 It & SIKM.NSON
llrnil". nnil Mneks lionirlit anil Held
M.n.nr t'Ml-y mrl y.Thn..
Shnffcr Oil & Rcf. 6b, 1929
Empire Gas & Fuel 6a, 1921
Empire Gas & Fuel 6s, 1926
Con. CUUh Lt. & Pw. & Tr. 5s, 1962
Lehigh Power Securities 6s, 1927
American Pew. & Lt, 6s, 2016
PhiU. Sub. Gait & EUc 5s, 1960
AUER, STARR ft CO.
Ln TWO mnwio. rhHMflHUi
i
1
Frederick Peirce
nONII.1 O f INVK8T
I4tl Otieatiiat 6trt, rblU4lhU
-" "' - '
r
Dunin-Penn
Commoik & pf.R
,5oiV, Quotecf
invited
V & CO.
tchanoi
Coneif,1
htquli
WILLIAM
ltembur Nn
3ft BroadW
WE OFFER:
luislun anil Anibu) It. II. Co, 1st As, tvli
1'hlli., Unit. & Wn.lilmlon 1st 4s, 1143
Samuel K. Phillips & Company
MI..MHKIIH I'HIUV. HTOC'K y.XCHANOH
807 ClliaJTNUT HTJIKKT
STOCK SALES
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