f w 'ii' " . , ' NEW I8UK ' ffVIiiaij fUBJ&U ESPQBlMPiniiMWttU, ' WMItf' JUX ll)2J MjM, yj?c r ,-, .$3,000,000 Centra! Maine Power Company Fimt nd Qonerql Mortgage 7 Gold Bonds Series A. Dated June 1, 1921. Pus June 1, 941, Interest payable June 1 and December 1. Interest and principal payable in Boston. Npn-callable during the first fVe years; thereafter callable In whoje or in part ' on. any interest date on GO days' notice at 107 to and including Decem ber 1. 1,927, and at yi less for each year thereafter urjtlj maturity. Coupon and registered bands, interchangeable. Old Colony Trust Company, Boston, Trustee. Issuance authorized by the Public Utilities Commission of the State, of Maine TAX PROVISION: The Company agrees to pay interest without deduction for any Normal Federal Income Tax to an amount not exceeding 2, which it may lawfully pay at the source. For further information regarding these bonds, attention is called to a letter of Mr, Harvey D. Eaton, President of the Company, copies of which will be furnished on request, and which states that: The Central Maine Power Company forms a single comprehensive system of hydro-electric plants, transmission lines and distributing systems, serving ninety cities and towns and more than 300 industrial establishments. The territory served includes practically all the large communities of the State, except Portland and Bangor, and includes a population estimated at 270,000. The strength of the Company's position, in a section widely known for its textile, paper, shoe and shipbuilding industries, is established by its owner ship of 27,900 H.P. of developed water power and its control of some 105,000 H.P. of undeveloped hydro-electric sites located on the principal Cower streams of the State. The hydro-electric instillations are supplemented y steam stations with an aggregate capacity of 10,000 H.P., and the entire system is intcr-connectcd by 450 miles of transmission lines. Earnings (Of Central Maine Power Company Exclusive of Controlled Companies) (Year ended June -30, 1921) ..$2,130,746 ) 1,212,958 Gross Earnings Operating Expenses, Taxes and Depreciation.. Net Earning 923,788 Annual Interest on $8,747,900 Bonds (including this issue) 494,540 BaUnc -.- ...$ 429,248 Not earning over 1.8 times annual Interest charges The depreciated reproduction value of the entire mortgaged property, based on pre-war prices, with no allowance whatever for rights, franchises, or undeveloped water powers, exceeds the total bonded debt of the Company, We recommond these bonds for investment Price 9512 and Interest, Yielding About 7.45 t These bonds are offered when, as and if issued and received by us. It is expected that temporary bonds will be available for delivery on or about August 6. Harris. Forbes & Co New York Philadelphia Coffin & Burr, mc New York Philadelphia i.1 -,-.tJJ L1 A -l ...";, i .ii NEW YORK BOND SALES Am Ar ch 7 '4s rcta ,,... OAK 8,.,.. att ...,. oou 1.,,.. atf 3,.,.. SOW Ami! T T oil 1,,... T9 7t Arnn T T 3a, 1 SS.U i nu l,.,.. Hi 2 8SH Atnn T T Of IS B8J 13 09 1...., 00 1 09 1. ... 0H Am'n W 1 at 8 701 Ars'S RtpV ft l oq a on Armour 4H 1 TO 1 TO A T A A Fo U 1 T0H 1 T0H Ateh Topeka a B F or i 1 08H AtlantlQ rial's ct SViS 1.... 100H 1.... 100 Dili a Ohio CT 1 08H Bait a O 84s 1 8M, 1 84 nit l onto at 3 ... SO 1 89 1 SO 1 .... R9H 1 .... 80M, n a o r i u t. W Va 8s 8. ... S 04 n & o sn nn 7 T0U T0U B 70 Hath S Bt MS 1 T7 Dkn Kdl C 71 1 08U Drkin II T Tt 3 8l 1 48V4 llush. Hid' lis S 7R 1 78 Canadian N't'n (His wl 1 (HALES IN It 000 07 00 07 07 or 07 0(1 07 08T4 07 07 I..... 88 2..... 68 Del 1 Hud T 3 88U tnni(rH tofl HAM e...i loo u Ptnmark Cpp ct If ta 1.... 1MH l.... 10OU pan 1 II Q lil 1.,... 10 1 40 s 4a 4..... 48 pn ft I a 4 - ASH 1...,. 03H 3 oau Det Cdl Co at! 1 R8H 1..... 88H p Match 74 1.... 10SU 1.... 103 1.... lOSVi Do Canada '38 8 01H Do Cap ad a '3S i nin 1 03 3 01 D IM Ntmqurt rwd'r TMp 3 07U 3 07 1 07 U 2 07 2..,., OTrf T 08 3 08 1 08 1 08 OR Duq Light 01 1 00 Brie an !,t?n 1 43H 3 (I T 42, 0 .... 42S 0. ... 43 Prie B H cv A 3 88 Krle II B cv D ! 43 Krle Rr C 4l 2 84 8 64 On Faalfta lit 1 08 Qnne'l Elea 8n 4 80H Qoodyoar Tire & Rub'r Si 1. (V 1 1, 1, 1, 8 Qovt't .. 00 . 00 .. 00 ,. 00 ,. 09 ,. 00 .. 09 ,. on French I 1.. 1.. 1.. 1.. 1.. 8.. For the Individual, Firm or Corporation U. S. Treasury Certificates A safe and profitable method of using surplus funds while waiting for an acceptable long-term invest ment or the needs of your business. Call, Write or Telephone Spruce 8200 Commercial Trust Company Member of Federal Reserve System City Hall Square West Bank Rates and Bond Interest The Bank of England and the American Federal Re serve Banks again reduced their rates recently. Call money is now available on comparatively favorable terms. It seems logical to expect that bond interest rates will reflect this situation. We therefore call attention to three long-term bonds yielding from 7.85 to 8.15. For details write for List 73S9 Bonbright & Company 437 Chestnut Street Philadelphia New York Ootton Chicago Detroit WE OFFER, SUBJECT TO SALE 500 SHARES E. I.DUPONT be NEMOURS & CO. C Cumulative Debcnturo Stock PRICE TO YIELD 8.60 THIS STOCK IS PREFERRED AS TO A8SBT8 AND CALLABLE AT $125 PER SHARE. FOLLOWED BY COMMON STOCK WORTH OVHR 70,000,000 AT MARKET PRICE. EARNINGS FOR 1920 EQUAL TO 2i'f, ON THIS DEBENTURE STOCK. RATING "AAA" BY MOODY'S ANALYSES OF INVESTMENTS Moore. Leonard & Lynch Cushman Newhall, Manager 1503 Walnut Street Philadelphia Pittsburgh Nw York OTIS & CO. Stocks Bonds Acceptances Foreign Exchange Member of New York, Cleveland, Boston, Chi cago and Detroit Stock Exchanges, the New York Cotton Exchange and the Chicago Board of Trade. Private wire connections ivith principal markets of the United States and Canada. 216 Superior Ave.. N. E. CLEVELAND New York Boston Detroit Cincinnati Columbus Toledo Akran Youngstown Daytoa Denyer Colorado Springs Canadian N Tt a.... mm 8(t T) 101l . 101 '4 . 101 . 101 . 100 u . 101U . 101 Vi . 101 H Canad'n Sn Bt 6 80 Carol' a Clneh A Cftlo 6a 4 74 1 704 Ctn'l of Ga en 4 82 1 Hltt Of n I of a us 5.. .. 8li Ctl Leather 8 1 801 Ctl Pacific Itt 1 (a 80) 71K C A Ohio 4Ht 2 78H 1 78tt C Si O cv 4V4t 3 78 1 76 C'lc A O ev 8a 8 81H 3 81 1 .... 81', Ohl 11 A Q m 4 77i C B fl 1 4... . 00H 0 .... 00 09 V 00 '4 00'. 00 U 00 Ti 00 V 001 00 100 100 100 00 100 100 W 4t 60 BO 60 Chliaco Mil A Str cv 4 Hi 1 88V4 i esw 5 83 Chlcaco Mil A BtP fd 4V4t 6 80S Chteaso Mil A bt P cv Bl 2 05 K C A Nwn Otta 6 OOtt 0.... 100 1.... 100 3.... 100 1 ... 100 2 .. 100 2 ... 100 Chi A Nwn 7 1.... 103U Chi H I A V fd 1... 18... 12... 1... 1... 1... 6... B... 8... 1... 2... 1... Chi A 6... 8 . 12 0 . 4.. 2 . 1 60 . 17 . 6 . 1.. o ll" B.. 2 20 '. 8 . 1 2 ! 8. II. a., a. 100 loow 10O sss3 loot. 2.... 1 M 1,1.1 K nH'm rcia I.... w .18,.. 100 1.,,. 100 1 POH 3 09 '4 4..,M 00 .,., 100 1.... 100 Klntdom Den- mafK oi 1.... 101H 1.... ion ... 101M 2,,., 10U4 1..., 1H i.,.. b i. .. loifi Klnrlpin JfoTT wsy ct us 1,,,. 103 1.... 108 1,,.. 10SM l!... iosu i.... iosu 2.... loan K Swtfltn Ca t SB 2 86 Uck stft) -as PJ Laclede Gao C qf Bt l 6a 3 70 Laka Short M S'n 4 '31 8 82, 2 82 Lehlch Val 4 1 00 H A Ktt Bt 8..,,. 88 l-orlllard C Bt 8,.... Btn 2 .... 8S A J IMS 4 S 081 Marland Oil Sa 1 08 Mai Pttr'm 8t 1 08 1 08 MI4 8 ft Or Bt 2 70Si 1 7U Mo K T 2nd 8 83H Mo K A T 4t B (a 88) COW 1 60i ltd I'acino 4i II THa rcta OS 0 DD 0B1 as HSU oo u 08 OS H 0BU 0BU 0BH OB 08 'J OBH 08H 00 0B1 0BU 0.1 U HB4 0AH 08 V OBH 0B OBVi MV, OBSi OBU 06 IIBH Gove't mil 1... 1... 6... 0 .. 2B,.. 1... 1... 8... Son. .. mu .1 ol HI 01U B'n I'acino Id 12 7RU SIS.... 7BH Bo'ri Pac cv 4a fi (a SO) 7SW I,.).. 7SM 1 70 Bputh'n niy 4i 1 68H S..,,. 60H 1 BQU 1 sou South'n niy Bl 2 8?H BUnd'd Oil of Calira 7a 4.... 10SH 1.... 10S 1,.,. 108 Tnlfd vo a) J,., ..31H i am Tldtwater Oil Co ct 0V4a 6 06V 1..,.. o?H Union Pao cv 1 84 H Union Pao 4t 8 81H 1 81H 1 81U Unlpo Pao tt 6 ( 7) 100 1.... 100 UK of O Urlt ft Vd 1021 8 OSTi U K of o Urlt A I'd 193-1 08W 8,,... 0814 1..... 08H 0.,... 08H I..,.. 08H UKolO Urli A I'd 1PZP a,M.. 88H 1.,... 88K 8,.,.. 88H U K of O Url in ivtt i... 2,.. 4... V" 1... 1... 8,.. sl::: u H514 S0H 88 8KH 80 80 H 80 H 80H a nra.u st 3 08V 4 .'.. 9814 O B8V4 4 0SH 1 (a. 8) 08 H 1.. 1.... 1 1 1..... 2 1 1 1 4 1 U S Mexico 4a; i aau V S Mexico Ba 1 (a 80) 43H 08H 08 U 0R4 08H 08H 0HS 08 U 08H 08H BSU 08 H 98U (I8H J 8 Hub'r 6t I...... 1TH 2 77H U H Itubb'r 7a 2.;...- 01 H U a Bub 7U . 1..... 0074 U'd 8 8tt1 S n. .. I mu.' 04K B..... 04 H 2.1... 04K 1..... 04H 6 04H Utnh P A L i..;.. 78; 1 7811 V-C Chbrn lit 8 01 U 8 01 '.i V'n-C Chcm Ot l..s.. nov, Va-0 Ch 7ia B....I 01H !1 02 Wabaah n 2nd 1..7...T414 Wea'n Etec Bt 2 07 Wfit'n Md 4t 1...., S2U 1 B2 1 62 WIS Mtit 7t 1.... 101 2.... 101 4.... 101U Wilton Co 1st 1 84 1 .... 84 3 884 Liberty 3 Liberty lnt 4V4s. . Liberty 2d 4J8.. Liberty 3d 4VM.. Liberty 4th 4Us. Vic Notes 4t.. Hich 80.80 87.03 87.80 1)1.50 87.40 1)8.43 Low 80.70 87.00 87.20 01.34 87.28 03.38 1 p M. 80.80 87.08 87.28 01.48 87.40 08.40 l. l. 8. J 1 1. 1. 1 1. 2. (Id Trunk rett 2.... 100 1.... 100H 1.... 100'4 1.... 100H 2.... 10OH 0.... 101 3.... 101 O Nthn niy 00H 00 H 09 H 00 H 00 H 00 H 00 u 0SH 00 H 00 U 00 H 00 tt OOH 09 tt 00H OOH 03 BStt 63 tt 68 63 B2H 62tt 82 tt B2tt 2... . BS Mo Pao B '23 1 .. 01 tt Mo Pao Ba '50 B 80 a .... 80 17 80 Ntl Tub C Si 1 01 NY Centl 3H 2 (a 7) OBH N T Cent'l 4i B 77 N T Ctl en 4a 1 80 1 71H Saw Tic Ctl 2 01V4 1 DIM Sow Yk Ctl 7b 2 ... 101'i 6.... 101' 1 ... 101 ' Vew T N H A Hardf'd 6a 1 00 Sew Tork O A Weatn 4a 1 70S N Tork 8tata rtlywa 4 Via 4 68tt N Tork Bum A Wtat vm 1 45 '4 S T Tola 4tti 1 81 1 (a 80) 80H N Vk Tele 0a 2 02 Srth We'll 1J Telo'n 7a 101" LONDON STOCK MARKET Industrials Mlxad, but Cheerful. French Loans Dull Kaffir? Firm London, July 22. Tbore waa little feature to the ntock exchange markets today, operations being mainly profes sional with changes in prices unimpor tant. The usual wook- end absenteeism vn noted in the house. Oil shnrcs lost ground and their undertone was not so good. Shell Transport nnd Trading was 5Vs and Mexican Eagle CV4- Although mixed, the feeling In the Industrial department m more cbecr ful. Hudson1 h Day was 0 0-10. Hub bcr shares drooped, owing to recessions In the staple. The gilt-edged depart ment nan quiet and Irregular. French loans vita soft but dull, following PnrlK. Homo rails were utadT. but lacked leadership. Dollar descriptions wero neglected and unaltered. There wns light profit-taking in Argentine rails. Knmra were firm, but unchanged. Qerman Bank Statement II rlln. July 22 The statement of the Im nerlal Hank of Oernmny, at of July IB. ahovta the followlns chanxeat Total coin and bullion Inoreaard. 808.000 markt; sold deireaned, 18,000 markt; traatury noten de- rtaeed l.lss,4Jl,nuo marka; notej or owor lanka increaaed. 1.100 QUO markt. bills (lie- counted Increaaed. 8,808. 100,000 markt: ad- ancea incre&teti jiiiimhu mirj, inuisi merrta Increated. 3,180,000 marka; other ae rurltlea Recreated, HO.178.000 marka: notaa In circulation decreased 480 601.000 marka: depnslti Increnerd 4 057.800 000 murks; other llnbllllles Increated 8J 387.OO0 mnrkt; Intel gold hrldlngt 1 OQ1 B44 OOP marks a OOH ooh 00H . 00N OOH , OOH Union Otta 10SH C. S. PATTON & CO. 3D A CHK8TNUT HT8. BANKEHS Hurrssra In KAlLFIt HTKVKNSON rifinds nnd 8nrka bought nnd tell Member I'IiIIt, Hlnrk Ktrlmrce 8 . 0.. 1 . 0.. 1.. 0.. 1.. 3.. 8.. 4.. 1.. 1.. 13.. 1.. 3.. 3.. 32.. 3.. 4.. 00H 00H 00H ooh OOH 00H 0H 00H OVH OOH 00H MOtt OOH 09 H 90 Vi 09 H 0SH 0DH OOH OOH 00H 0SH 09 H HUH 00 01) H 8. 0. 1.. 1. 1.. 1.. 1.. 1 . 4. lOltt 101 tt 101H 101H 101H 101H lOltt 101 H 101 tt GOSSIP OF THE STREET r-s z p r-JT "In my opinion, (his pessimism wlich seems to have got under the skin of most of our Unanclal men, s being overdone," said A well-knqwr) ocal business m,an yesterday. "In making n week-end trlb to vlstt my family, who' arc stammering In Slalnc, It wan m lot to fall In wth an innuen,((n New York banking' Inter est who was on tho same orrnjhil. The night being sultry, we decidetl io sit up In the erimfortnble smqk(ng compartment rather than baking to death n our bcrtbn. Of course, our conversation RQon swung around t,a buHlneM, credit, finnn, cial and other topics of tho general sit uation. It would do no particular good tq recount t,hq many inpleaao,nt views expressed, but let me toll you, after ho Lad finished. I folt like jumping under the train. It not only put a. damper on my enthusiasm besides spoiling my short vacation, but also mndo mo to do a heap of thinking. ''Since getting honc," lie cpntjnucd, "I have spent considerable time in, com paring notes and about Teachcd the con clusion things are not nearly so bad iih some people think they arc. Ii la true, a grcnt many mistakes haye been made; in fact, too many of them, but thin docs not; necessarily me?n the cntre outfit is going to collapse. It is true banking interests nrq growing weary of t,ho, heavy loads th,cy have bpen compvllcd (o carry. The slow proecssj of the deflation Is also ery irritating. Iiut bconuso injinUclous judgment in extending credits 1ms got a good many in a lot of hot vnter does not mean tho mes cannot be stralditencd out. It is going to be, It will be slow work. It in Just a question whether our already badly strained nerves will hold out." (ilml of neirujr Old -Fashioned A senior member of a firm of well known bankers, who for yearn handled the paper of some ot tbo largest cor porations of the country and who Is nn ardent follower of Izaak Walton, dropped into town tcstcrttay for n few hours, as ho said, "just to look things over." While not taking an active pnrt In tho business of the firm, he still keeps himself well pouted, main tains desk room and is still active in the management of the several banks and charitable institutions. A few car a ago ho built what he calls a "man's house" at one of thq New Jersey seaslioro resorts, and has a com fortable motor cruiser on which he makes dally trips to the fishing banks. Commenting on the general financial situation jestcrdny ho said: "A numticr or mv DanKinc iricuus in the last two or three tf cars wero inclined to criticize my refusal to become a members of the nrious underwriting sjndlcntes. They told me I was- old fashioned nnd was not up to the times. Perhaps they were correct, but I am quite certain many who criticised my lack of up-to-date mothods wish they had followed in my footsteps. My hands aro free; they arc tied up luipd nnd foot. I hnvo nothing to worry mc ; they hnvo lots. I can go fishing when ever it pleawea mo: they must come to office every day. In brief, I made my pile. For nearly forty ears I wns a slave to tho business. Never felt I could tnko a vacation. A little spell of sickness J Hifty-H "fW AetW.WW changed , piy perspcqtlvo nnd habits. WoJin it st said I & jnVself, 'You can not go? It nll.t JThcittl Just quit!,"" iTurn VIllTtho Keller Tttule organs reiwr an Incrcnsciln biielneis 'tis a result of further prjco editing," said ft woll-posted' steel man yistorday. "ItepnbllC Iron and Steel, for tho second quarter, reports deficit of 3883.000, against a Surplus pf ?t0f -000 in -the preceding quarter and a sur plus, of, f2,n0),000 In. th.h sfoond quar ter of 1020. This miserable showing had h.een quite generally expected. "Such earnings," ho said, "bv qur steel companies reflect tho lowest state to which the industry la,s fallen in twenty years. Therefore, In my oplnipji, any chango nust be for the better. Ttc carnlpgs of the big strcl CQrnOraUpns yll) lie. out; next Tqtsday an.n Will show failure tq earn the divi dend. ' Tliat, In all probability, will be tqa last piece pf ba.d news on, tho steel trade, and when that is. rruldc public it wotld not surprlso rqo In tho jrost If n recovery will fallow, if for nothing else on th,o theory thai the final atago in our business readjust ment Is over." Rw Silk, Importations Ipsrge, The pepple q tho United States yill hayq their silks irrespective of the qe mand or s,tjpply of "other articles of dqily requirements, says a stntement by the National CjtP flank ot New York. While the quantities qf nearly nil other classes, of manufacturing material imported show a big fall In May, as compared with May, 1020. silk imports Hhow a big Increase, standing for the month pf May, 1021, at 4,485,00(V pounds against only 2,500,000 in tho same month of last year, whilo nrtiflcfol Mlk imports stand at fi02J)pO pounds against 172,000 in the same month of last J cop, and silk manufactures as a whole stand at 0,240.000 value,, against $4,888,000 Jn May, 1020. Meantime, tho Silk Association ot America nnnounrcs. that tho quantity of raw silk In tho warehouses is the low pat atnrA (t llAcnn nmtilltnir tnMaflf.a upon this point, and that the npparent1 consumption uurins .iun is "tne men- est ever reported, ' J!0,877 hales. THE TRADER. Rayv Sugar Market Steady Naur York. July 23 Tho raw aunnr mar ket continues ataaily on the liasla of Oc. cost nnd freight, for Culmi. Hales yesterday by man ausar uommittee included 33,non i KarfjQs, S3. Butke investment becurli Oovernmentraondj Fc! Exchange wrelgn'BS,,! J lnquhlailnviud MWWalnutSt,,PlU,dtWirf PhencMpnct 607 NeirYorlc ' Ptlaioti Pl'fU Prrl Wti .. u ' lcg5 baaa Cubaa for July shipment at 8c, cott ni n, ocai renner; no.qoo bass frelcht. to Cubaa, from store, and for prompt shipment to a Phlladolphla roflner at 8c, coat and freight, and 6000 tons Cubaa for prompt Hninmem to an urerator at j.aje. r o. p Cuba. A local refiner la alto reported to l.V IWU LHISUKI Ul I hate bousht cost and nllteo tuo caraoea of Cuba, at 8e. d freight, from the Cuba, Sugar Corn Irf Cuba.Vbut this sale hna not been ctflolally cohnrmod. Other sales Included 2200 tons Philippines in port and afloat nt 4 01c, c I. f.. also to a local reflntr. The local reflneil market la unchanged with re- nners nit prices ranging trom o.'joo to S.Ouc. Icaa 2 per cent for cash, for fine cran-uuted. Prices Heavy on Paris Bourse Fnrls, Ju)y 22 Prc wore heavy on the liouraa touay. inree per 80c. Uxcharuo on I.onJon por cent loan 82f 70c. quoted at 12f OlHc. cent inr The tea, Bilf c. Five dollar vvas WIEGNER,ROCKEY&CO. Certified Public Accountants Drexel BuQding;, Philadelphia QRAN ANP STOif3 Facts and figures relat ng to securities or grain cheerfully supplied. Wq specialize in Odd Lota Boureau & Evans Member. Ji. BUtk Eteba.,,, 130 South 15th Street - PhiUtUlphU Locutt siat ,, -v,ri m Investor's Pocket Manual Bent rc on rrueat MILTON HEIMCO I2!I2WIWJgHArtWDS PMIIAOHJ5HIA aiCCntXCUiNnt ONSOU0ATBOjypclr&ff 1G22 Chestnut Kir..t ICejetonei RnrolBOi sSi itfl Braadwny 4ID Bin Are.?, v .lti. 74 pi am ford, Cnrui. HDTjnari PENNSYLVANIA RAILROAD 6's EDWARD LOWBER STOKES .upmwr rililll, MOCK Kxehanrs. iwutHT C45 20 S. 1CT1I 8T. LtL, HIUQINSON & CO. Eatablltlied UU D03TON NKV 01tK CH1CA00 1306 Finance Bldg., Phllndelpkl, 11TUX bat uo Investor erer TT or principal or Interest for our why. ? S. W. STRAUS & CO. Btoclt Rrchsnro nidir.. rhllajtbala last a a &&M& ssrunfB Stockwell, Wilson & LinvUli Certified Public Accountaab Und Title Bldir., Phnadelplik Puctflc It Sa S4H Oreion S l 4a 7 83 Ori-W'n R Co Navt Co 4s 1 .... 70S 1'ac O L K Bt 1 .... 78 fa nil en 4 Us 1 85'i Pa n sm 4Vjt 2 70 i 1 78'i 3 781 Penna lid OH 14. If There Is a Market We Can Find It Wo hold sales of stocks and bonds every Wednes day, charging $1.50 en- tranco fee for each item. Our weekly catalogues and postal card service reach evory mar ket. Wo take pleasure In furnishing rtuotaUons. Barnes & Lofland 8totk llrokers and Aoetlouear 1 ... 1 .. . 1 -' J ... 1 . . Chicago Sta ct 8 ... Chile. Cop'r 0 B .... 71 8 .. . 7144 Chlnxee aoe't Uu'K ny 5a 3.... 4B C I ft St 1. 0i 1 03K. City of Dtrsea 8s rcta I.?... 07H 1 07 City Iitrn 8a 1.. .. 08H 1 08U 1 . .. OSVi 1 . 08'i Cty Chrft'a s 1 .... 08U City of Copen haven BVia 1 77i 2 77H 1 .... 7T 7 78 1 78 0. 1. City Lyons Sa 1 83 1 83 City Paris 0a 1 ... SO IB B .. 00 IB City Toklo Sa 1 B0U City Zurich 8a 3 .... OOH 8 . . OOH 1 .... 00 H 1 00 Cl'd Cin Chi a, Bt I. gm 4a 1 87 Clara St, Hs 8 81i Colo A B 4Ht 1 74 H Cont'd One Tt Hud Man td 1... . 00'i 1 08U Hud ft Man In 1 40W 1 . .. I0H 2.... 40H 111 Central fd 2 75 llln'a Cent I I. 1)1 v 3V,s 0.... 72H 0 .. 72H 111 Hteel 4Hs 2 .. . 70H 1.. .70 ... 70U Info Met 4Hs 1 1BH Int M ct 4 Ha 3 18 Intboro It T fd 77 1 1 1 Cuban B. Cuban 1... 1... 1.. 1... 4... 4.f 101 loiu 101 K A. H St . 00 C .1 ev . AS . 04 U BB SB BBi BB SBU JVA B'.V, C3W SB B.. B.. 30.. 1.. 1.. 1.. B . I.. 31 . 13.. 3 . 1 1 01.. 0 12. B Phil County cv 4 ..07 Reading rty 4t 2 . 74H 1 .. 74 fc 1 .... 74 H Rep Chile rett 08 i 68 00 08 00 00 00 , OOH OOH 00 h 01 i 00 V, OOH 00 V, not 03 w 04 00'. 004 1 1 12 :o i 2 B.. 1 . i" 2 3 "l. S 1 Iowa Cent' I 4s 3. SSH 8... 80 , 1 80 U 1 .... 88 1 . 30 Jap Oora't tst 3 84 B .... 84H Jap Qovt't 2nd 1 84 Kan C 4 a 3, 1 B7 1 (a 80) BAK 3. . IflVi 2 .. 8fl 1 BAV 1 (a 3D) BOH 1 B7 Kan UdUli 1 73 M 4 76 W Kelly flprlng'd Tiro Co 8s 0 i Ht I. B . 8 . 3 . St I. 04H Ot'j 04 H 0H 01H U4 H 04 . K Iltlglum 0a 1 0SH is oau 2 03H B 03U (14 K Uelg'tn 7 Ha B 1.... lOOH 08 1..,. 10014 t 1,1,,,. 4S 00 07 07 07 07 j 07 07 B.. 07 1 07 3 . 07 nock U'd A A Lout' a 4 Ha 3 ... 08 ht I. & S 1' aj . . 004. (164. a S 1' In . . Bl . 64 U . . 84 ft 8 Fran garlee A 3 81 1 01 1... . 81 13 01 1 . .. 81 IB .. 81 St L A B Fran Herlta I) 8 ... 73 2 . . 73 3 . . 78 8 . 78 8 . 78 1 ... 78 St I. B 1'ran Berlta C 1 87 Bt L flow'n en 3 .. . 03 1 83 fit I. flow'n Bt B 63 Bao Paulo ot Draill ct 6a 4 . . OBit 1 0A 3 03 Beab'd Aba) 20 35 Beab'd A I. 0s 1 49 Sinclair O Oil Corp'n7s 1,.... 81 New Issue Subscriptions having been received in excess of the amount of bonds offered, tlus advertisement appears as a matter of record. $4,000,000 (Total Inue) j Atlas Powder Company Fifteen-Year lVz Convertible Gold Bonds To be dated August 1, 1921 Interest payable Februaty 1 and Attqust 1 To mature August 1, 1936 Coupon Bonds in $1,000, $500 and $100 denominations. Denominations interchangeable. Principal may be registered. Callable as a whole or in part on any interest date before maturity, on thirty days' notice, at 105 and interest. Froo el Normal Federal Income Tax up to 2. Pennsylranta 4-Mili Tax refundod. Sinking fund beginning December IS, 1921, sufficient to retire $100,000 principal amount of Bonds semi-annualry by purchase at not exceeding 105 and interest or call by lot at 105 and interest. This will retire 75 9o of the issue by maturity. Principal and interest payable at the office of the Trustee, NEW YORK TRUST COMPANY, TRUSTEE The following summary has been prepared by W. J. Webster, Esq., President of the Company, from his letter to us dated July 19, 1921: Business The Atlas Powder Company is one of the leading manufacturers of dynamite and blasting pow ders for commercial purposes in the United States. It is also a large manufacturer of leather cloth, lac quers and various commercial chemical products. The business of the Company is essentially commercial in character and not dependent on war condi tions, as is indicated by the fact that net sales for the year ended December 31, 1920, were the third largest in its history. Security These Bonds will constitute the sole funded indebtedness of the Company, with the exception of $159,875 real estate purchase money mortgagca. The Trust Agreement will provide that no mort gage shall be placed on the property of the Company without including these Bonds equally in the lien thereof. The Company agrees that it and its subsidiaries will at all times maintain aggregate cur rent assets in an amount equal to at least 150 of all liabilities, including all outstanding Bonds. The Preferred and Common Stocks of the Company at present market quotations represent a total equity of more than $12,000,000, ranking junior to the ?4,000,000 Convertible Bonds. The balance sheet of May 31, 1921, after giving effect to the present financing, shows net current assets of over $10,500,000, or more than two and one-half times the principal amount of these Bonds and total tangible assets, after deducting all liabilities, except these Bonds, of over $19,000,000, or nearly five times the principal amount of these Bonds. Earnings-Thc average annual net income, for the entire period of the Company's existence, after depre ciation and all interest charges, has been nearly seven times the maximum annual interest require ments of $300,000 on these Bonds and, after taxes and prefetrcd dividends, has been equivalent to ocr $22 per share on the Common Stock now outstanding. Conversion PrivilegeThese Bonds will be convertible at the option of the holder into Common Stock of the Company at a price of $125 per share, with appropriate provisions for a reduction of the con version price in the event of an increase in the number of Common shares outstanding. The Com mon Stock has sold as high as $270 per share and within the past seven and one-half years has not sold below par. For the first six months of 1921 the high was $146 and the low $106 per share. Since January 1, 1913, dividends on the Common Stock hac aeraged in excess of 15 per annum. The present rate is 12 per annum. Price 96 Vz and interest, to yield 7.90 Uv!iT,:,Irill1.bmude t0 Bonds and the Common Stock of the Company on tha fi i i SnCk Efh,ln8e' Dvy in temporary form is expected on or about August J, lMK All legal matters will be passed upon by Mcsm. Beekman, Menken & GrlscZ, of New York. Redmond & Co. The National City Company Brown Brothers & Co. Tbt Informs!! conulnsi la tbli s4trtlimeni li ti4 upon orhclal ittKmtou imlulci on b!cs Tt r. rJl la tat tanttx tf H.h b.t4. W. . a.i ,., M kclltrt It tt b comet 'A M J 147 b. 4th St. ,j in...., tin If ''V)" aV!x . i , ( t 14 4
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