&'
EVENING ffTJBLIC, LEPaER-JPHlUAPEjbPHiA, WEDffjAfcy PEOBMBEiR 7!, 1923!
21
V-
New Yerk Bends
p. -
p - - . '-
'Ii J
ysdv-.CTw' err.- mtLW.
w'
Hi
.'frthu vjHt ."vHUnnKn
77ie Institution that gave Philadelphia
Day and Night Service
L.I AND 01
UMMMMry
Be
We Serve
Capital and Surplus, $1,800,000
Resources ever $14,000,000
DIRECTORS
MILTON D. GEHRIS
Vice-President Jehn B. Stcisen Company
PHILIP J. BARAL
President Bnrnl Hardware and Heating
Company
HENRY G. PEDDLE '
President J. Frank Shull Ce., Wholesale
Grocers
ROBERT H. HOOD
President R. H. Heed Company, Machinery
JOHN J. CAINE
Iren and Steel
GEORGE B. WELLS ,
Retail Hats
C. HENDERSON SUPPLEE
President Supplce-Wills-Jenes Milk Company
WM. INNES FORBES v
Stroud and Company
C. ADDISON HARRIS, JR.
President
THOMAS E. COALE
President Themas E. Coale Lumber Company
ANTHONY H. GEUTING
President A. H. Gputinrj Company
,A. E. FORD
President Ferd & Kendig Ce.
CHARLES W. MILLS
Ceal Operator
ALFRED I. Du PONT
Wilmington, Delaware
cause
We Have Grewn
It is with a deep sense of appreciation for
the way in which the people of Philadelphia
have endorsed our banking service, and a par
donable pride in bur growth, that we extend a
cordial invitation te inspect the greatly enlarged
quarters that we new occupy.
The completion of the new addition te our
building, which we ate new occupying, makes
it possible for us te offer mere complete accom
modations and time-saving facilities.
The magnificent response which marked
the advent of day and night service in 1 909 has
culminated in eur1 new serying four main busi
ness centers, and the necessity for largely in
creased quarters at our main office.
We leek forward te a continuance of the
same friendly, confidential relations that have
existed in the past with our clientele, and assure
a sincere greeting te these who would like te
learn mere of Franklin Trust Company service.
Franklin Trust Ce.
Main Offiee:
Fifteenth Street below Market
Delaware Ave. and JVlarket St. Fifty-second and Market Sts.
5708 Germantewrr Ave.
Te the Helders of Certificates of Deposit of the
Missouri, Kansas & Texas
Railway Company
First Mortgage 4 Bends of 1990
Tlie untlersiptncd liavc taken an active part te protect the
interests of the First MertpaRe Bondholders and a plan of re
organization has been published. This plan net only safeguards
your bends, but affords an option for exchange into bends bear
in r a higher rate of interest which may prove attractive te bond
holders. Helders of the First MertfjaRc 49c bends of 1990 have the
choice open te them, either
(a) Te retain, undisturbed. Jheir present bends paying (
4 per annum, having 69 years te run;
(b) Te deposit under the Plan, which offers in exchange
new Prier Lien Mortgage Bends for the same principal
amount, but with an aggregate interest rate of 454 per
annum and having 40 years te run, secured by a new Prier
Lien Mortgage which (except te the extent that the hirst
Mortgage 4's and a few miner issues arc net deposited
under the Plan) will be substantially a first mortgage en
the entire system embraced in the reorganization (includ
ing substantially all of its lines of railroad, rolling stock-,
shops and terminals, nil exitiiiig First Mortgage Bends
refunded and generally all property hereafter acquired.
In cither event, the overdue coupon is te be paic in cash.
Relieving that the choice is essentially one for the individual
bondholder, your Committee, having accomplished the purpose
for which it was organized, has decided te dissolve.
Certificate holders desiring te take advantage of the Plan may
de se, without charge except interest en coupon advances, by
depositing their Certificates with Columbia Trust Company, 60
Broadway, New Yerk City, en or before January 7, 1922.
Certificate holders desiring the return of their bends will receive
them en surrender of their Certificates te United States Trust
Company of Xew Yerk, 45 Wall Street, Xew Yerk City, upon
payment of interest en coupon advances and the additional sum
of $5 per $1000 bend as their pre rata share of the Committee s
expenses and compensation.
Copies of the Plan, including a detailed description of the
new Prier Lien Mortgage Bends.; may be had upon application
at the ellici of either of the Reorganization Managers Messrs.
J. & W. Seligman & Ce., 54 Wall Street, New Yerk City, and
Messrs. Hallgartcn & Ce., 5 Wsaii Street, Xew erk City.
Dated Xew Yerk, December 6, 1921.
WILLIAM CHURCH OSBORN, Chairman,
BEEKMAN WINTHROP,
JAMES B. MABON, Committee.
We
Often
Speak
& r j &
Opposite Bread Street Station
In the Center of Things
Organized 18G3
sales in niocel
Cnnndl'n Nthn
nn rets
1.... I07N
1.... 107 M
1.... 107H
1.... 107V4
Canadian N 7
1.... 100W
Canadian H Bn
0 024
2 02
0 D2U
10 03
Chlle Cep'r 08
1 83
2 M
r. B4H
1 R4
1 8.1
1 84 V.
IS 84H
Chlle Cep'r
1 00
1 0BH
2 00
Chinese. Oeve't
IMC Illy As
1 44V4
2...,. 44
3 U
2 44
1.,... 44H
1 44S
City of Ilersen
8 rcta
1.... 10.1
1.... 10.1
3.... 101 M
city Herns 8
1.... IDS
1.... 10S
2.... 101
City Ilerd'x (In
23 8t)4
1 80S
2 80H
'City of Cown-
hmren 51
1 87W
1 87
1 B7',4
10 88
1 88 ;
2 88
City Lyens 1
20 RflS
1 80S
2 80V,
0 80Vi
Clly Mars' On
13 80 u,
1 80S
2 80 '4
1 804
Ctv rtle de Ja Ja
nr!e 8a
3.... 10IK
1.... 1014
1.... 1014
1.... 101
1.... 101
fi.... 1014
804
804
804
80
80 V4
80S
80S
80
3.
3.
1.
1.
20.
1.
1.
1.
Jap Oeve't 2d
,1 804
10 804
Jan Geve't 4a
2 70tt
2.
3.
2.
27.
704
71
71
71H
70 .
70 ;
71
7Hi
714
714
714
2.' 714
3 714
K lielilum 0
5 Ofl'
1 054
n en 4
10 ess
2 n.i4
6 DBS
K ltnTn 74a
2.1
10.
4..
a..
4..
1..
i.
104 4
1044
1014
1044
1014
104 4
104
104
IC DelB'm rcta
1 1014
1.... 101S
.... 104 4
.1 1014
Kingdom Den
mark ct 8a
1.... 1084
1.... 1084
B.... 108S
K Italy 04a
1 004
7..... 004
a rtei
IB 004
3,i nevt
2 004
10 DO.
Klnidem Nor
way ct 8i
12 ... 100
1.... 100
6.... 1094
1.... 1004
IC Sweden 0a
1 0.14
1 0.14
1 004
B 004
108
108
108
108
108
1084
108
Am'n V V fl
I.,... 4
il 84
Ann Arotier 4a
1 BO
A T A u r "J
1 7"
8 784
2 784
2 784
A T A S ! 4a
1 8.14
S 83
4 83
B..,.. 8BW
A T 4 fl Ft A
niv 44"
. 1 87
2 87
A Ceaat I. clt
0 77
O(aale) 774
10 77
0 774
Atl'c 1'rult 7a
3 38
Atlantic Kefir
ct 04
1.... 103
1.... 104
Atlaa Powder
Ce 74a
1.... 104
2.... 104
1.... 1034
IJald L. W 6a
B 98
Halt A Ohie cv
77
77
70
77
77
704
70
77
70
I Msale) l014'Qunrd Kit
1.
1....
B....
1....
3
1....
1....
1
1...
101
1014
1014
101S
1014
1014
101S
lets
101 S
City Teklo 0i
2 044
1 01
1 G.1
City Zurich 8a
1.... 1074
Cuban A 8 8a
2.... 103,
2.... 103
1.... 104
1.... 103
1.... 103
Cuban C H cv
1 02
1 02
2 02
C'n C Q cv ct
7
30
10
30
0
7
7...
7.....
Cuba R
1
1
1
ZsSrK VrtWfflTSgS I
of the atmosphere in a painting and
the wonderful word pictures of some
book that makes the sands it describes
se plain that one can almost feel the
rustle en the desert or hear the rush
of waters of the stream.
There is also an atmosphere in what
is generally considered se cold a place
as a Bank an atmosphere of friendli
ness, co-operation and geed service.
If you care te have proof of this, come
te the
-Joint Stock Land
I' Bank Bends
Hill ''"' '""u '"' tftxutlnn ex" llll
ll 1 1 "N't Inhirltiinre tuxi'. IVu I '
II n anil elTer audi lienda nt u
I II 1'ilie te lud liver live ier ct'lit.
I U WlOINlH Blde, PHIUDllPWA JJI
W, Nne Yerk Stock xdMta A
I ' """"H" tUIAMTH. H.J. f
Empire Oas & Fuel Gs, 192G
'.iuthrie I.t. & I'ew. 5a, 1925
Pcnna. Pew. & Lt. 7s, 1951
Kentucky True. & Term. 5s, 1951
LehiRh Pew. Securities Gs, 1927
Crew Leu'elc 6s, 1931
Standard Gas & Elec. Gs, 192G& 19:15
American (Jas & Elec. Gs, 2011
American Pew. & Lt. Common Stock
Lehigh Pew. Securities
BAUER. STARR & CO.
I.iinil Title lliillillnr, I'lilliulrliilil i
Nr Icirk Oilier, 2 Iterter Ktreet
Direct 1'itvntc Telephone let Offices
60 4
60
00
60
00
00
00
60 4
'e Sa
78
78
7S
78
Denmark Cen
ct A 6a
1.... 1084
1.... 107
7.... 107
1.... 107
1 107
Denmark Cen
ct D 6a
1.... 1074
1 ... 107
D Canada "21
3 004
1 00
S 00
13 Canada '28
1 074
3 07 4
B 07 4
i !.... 07 4
2 074
D Canada '31
1 0.14
i 1 0.14
10 .... 0J4
I 1 .... 0.1
1 flete't Trench
II 7 4a rcta
B
3 ..
B0 ..
4 . .
4
.1.1 ...
B ...
3
HI ..
31 ...
17
1
3. ..
13
t
il.!'!
i
i
10 ..
1
1 ...
::::
i....
ii
4 ...
2. . . ,
ii . ! ! !
K . .
.1...
8...
,
?.!!
i..
3...
3...
13.
B...
I!!'.
i...
i!!!
i...
i ..
.
Oete't
1...
4...
3...
Lean ct 7a
1.... 108
3.... 108
B.... 107
2.... 108
S.... 1084
3 108
2.... 108
It Chile ct '26
8..
4..
1....
0
1....
1....
100S
100S
100
loes
100.
100 s
100S
1004
100
II Chllfl ct '41
1 102
1 1024
le.... 1O24
1 1024
0 102S
B.... 1024
1 102S
l Chile "40 wl
1....
1....
4....
a....
8....
1....
102
102 S
1024
1024
1024
1024
1024
1024
let 4
102 X
Hep Cuba 4 4"
1 74
Ilepub of uru
cuay 8a
9.... 1024
1.... 103
State of Sae
Paule 8a
1.... iem
8 102
1 103
Swltx'd Cen 8a
1.... 1134
2 1134
3 1134
3 1134
1 1134
1.... 1134
U K Clrt llrlt
A I'd 1022
12 M4
4 1104
2 P0S
1 00 S
10 !I0S
1 p!IV
U K tlrt llrlt
A I'd 1020
French Cities
Nen-Callable
6"0 P.ends Due Nev., 1931
Te Yield 7.65
City of Lyens
City of Marseilles
City of Berdeaux
Reed A. Morgan & Ce.
West Find Tnnf IIUlp . I'htln
Memliira of (Ik I'niln Stii. I( I'xi'h
03
0.1
0.14
n.14
054
0.1
0.14
0.1
0.1
0.14
0.14
0.14
0.1 4
IMS
U.14
USS
0.1 S
0.14
0.1 S
0.1 S
03 4
0.1 U
OS
034
03S
034'
03 S
11 B 4
0.1 4
03 4
01'i
03S
03 4
0.1 4
0.1 4
IMS
OSS
0.14
113 4
03 4
03 4
li.l
M
03 4
03
034
0.1
0.1
0.1
It H
1004
10D
1004
2 100
40(aale) 1004
13..., inn 4
DO.
.1.
B.
!fl.
7.
18.
0.
B.
12.
23 .
1.
1.
7..
20..
16..
10..
07
87
07 4
07 4
07
07
07
0IS
07 4
07
07
07 4
0,-
07
07 S
10.
B.
B.
10.
0
1.
1.
12.
1.
nalt A O 34a
1 01
12 00
B 004
nalt A Ohie 4a
1 77
2(.ale) 77H
3(ale) 77 S
1 77
Halt A Ohie 3
.1 704
Unit A Ohie (la
1 00
B A O P I. B
A W Va 4a
1 74
3 73
Halt A Ohie S
W'n 3 4a
1 874
1 874
1 87S
2 874
D A O Tel 4a
1 04
1 014
0 04
1 04
Bell Telephene
of Pa 7a
1.... 1084
1 1084
1.... 107
2 108
Deth Steel lat
1 73
11 Steel Ba '30
1 87
1 87
tldn Cep M fli
10 04
B 04
2 Of
Ilrkn Udl I 7a
1.... 107
S.... 108
1.... 1074
1.... 107
Ilrk'n napld T
ct 7a ata
IS 80
Ilrkn U E lat
2 734
3 7.14 I
1 754
Huah Ter'1 Si
1 824
1 824
1 824
1 82 4
3 83
Cen'l of On en
1 80S
Cen'l of O.i il
B 004
Ctl Leather Si
6 034 ,
0 04
Ctl I'aclOc lat
1 82
4 82
2 82 .
0 S2S
C ft N Jay Bs
1.... 100
1 104 4
Cerre de I'aa'n
Cep'r 8a
4.... 113S
1.... 114
1.... 114
0.... 114
C A O cv 4 4a
84
84S
84
84 4
64
NtS
84 4
84
84 4
10,
1.1..
10..
1..
4..
II..
B..
23 . .
2.1 . .
C A O cv Sa
4 8S
1 M
1 Nil
2 8.1
1 80
1 80
074Chl A Alten 3a
07 p 4 sa
07 14 .... S2V4
07
'I
.1
1.
S2U
IT IC tlrt llrlt 2 52U
A I'd 1037 Chi A Alt 34a
3. .
04 4
0.1
i 5
03
li.l
U.1
0.1
0.1
304
-'.... 40
1 .104
1... 1074
Chi n A Q urn
2 804
0 Rl)
1 80 4
2.1.
1.
14.
4.
1.,
1.
O
i!
3.
V rt
1.
4.
1.
T!
i.
i.
i.
e
1
3.
... 0.1
... 04 4
., 01
... 014
... 01'.
... 01
. . . li.l
. . . 0.1
. . . 01
llnizll N
.. 1014
.. 1014
.. 104 4
.. 1014
.. 1044
.. in.14
.. 101 1,
104S
104U
. 1014
.. 1044
.. 1044
.. in4 4
.. 1044
.. ml
.. 1044
1014
94 4JC II A Q 114,
s' McGLINN & CO.
,7,JJIt 5103
Members N. Y. Stock Exchange
Widener BIdff., Philadelphia
United Gai Improvement, 8 Netei 1923
Lukeni Steel . . . . ., 8', j940
Metropolitan Ediien 5', 1922
Phik Electric 6 Nete. 1922
! 1. 11 1 1 .. . . . , -i. - -- - 1 1
.1
100 S
1004
1004
1004
11104
100 s
1004
1004
1004
ICM14
ion
100
ion
ion
1004
Trunk of
fan On rrta
2 ... 004
1..
3.1 . .
!l. .
10..
1 .
n
B..
3.
S
1.
4
1.
Ur'd
lauViienif
H WM Lw lit 1 U
T-Uh m T fA
Frederick Peirce
&Ce.
neNim e r
irnrt uc vvr. nir..-.
" . . MAM.J.I.m.
1411 Chfltnnt flterii ni..
WIEGNERJOCKEY&CO.
Certified Piiblic Accountants
Drexel Building. PhUadelphim,
Standard G.& E.6, 1935
Uarnliur times lnteret.
R. L.BQSTOM&CO.
llll JVAI.NI T T. I'1IU.
Il ..L .! . .-...-,
n
. KM
nes I
I'runk of i
5.
1
6
(Ir'.t
nf i'nn 7a
3 ... 1110 4
Jnp Cline't lat
2 80S
1 80
1
0
10.
.1.
' S Mexico St
HV14 2 .11
IO04I .1 33 4
11)04 1 B ,134
m n Ar c
Chem 74
1 ... 101S
1. .. 1014
1 . . 1I1S
4. . 1014
ASA H'r Si
2 874
3 . 87
2 87
1.. .. 87
1 87 4
Am T T ell
2 87
1. ... 80S
10 h7
mn TAT r.
1 . . . 02
1 ... 02
.1 ... 02 4
.1 . . 02!
t ... 02 I
.1 .. . 112
Amn TAT flV
ion
00 4
00
Hi)
00
00 4
1074
107 4
1074
107
107 4
1074
107
107 4
107 4
107 4
107
107 4 .1
10
4 .
B. .
10
1..
1..
10..
1..
1..
C A K I 3a wl
10 .... 714
l(anle) 72
10 72
714 1
1 72 I
10 71 I
CM A II IV 4 a
1 02
1 03
1 02
3 014
1 02
1 014
1.. .. 014
Chi Mil A Tt
Hound 4a
3.. .. 08
Chlcaire Mil A
St Paul 4a
3 7SS
1 74 S
10 74S
Chlcaijn Mil ft
St P d 4a
2 SO 4
1 SO
2 SO
Chlm-aic Mil A
St P 4a '23
New Offering
$750,000
Penn Public Service Corporation
First and Refunding Mortgage Geld Bends
(6 Ten-Year Series "A")
Dated December 1, 1919 Due December 1, 1929
Interest payable June 1 and December 1 In New Yerk. Callable at 103 and
accrued Intereit en or prier te December 1, 1924, and thereafter prier te
maturity it 101J4 and accrued interest Coupon bends of $1,000
denomination, with privilege of registration as te principal.
Bankers Trust Company, New Yerk, Trustee.
TAX' PROVISIONS: These bends are free of the present Pennsylvania Four-Mill Tax.
The Company agrees te pay Interest without deduction for any Nermal Federal Income
Tax te an amount net exceeding 2 which it may lawfully pay at the source.
Fer further information regarding these bends, attention la called te the letter of Mr. F. T.
Hepburn, President of the Company, copies of which will be furnished en request, and which
states that:
The Pcnn Public Service Corporation owns and operates an electric light and
power system serving ever fifty communities in western Pennsylvania. It
also does some incidental artificial gas and steam heating business, and
through a subsidiary renders natural gas service in Johnstown and its suburbs.
The territory served by the Penn Public Service Corporation has an aggregate
population estimated te exceed 400,000, the principal municipalities being
Johnstown, Somerset, Clearfield, Indiana, Phihpsburg and Blairsvillc.
Franchises of the Pcnn Public Service Corporation arc, in the opinion of
counsel, unlimited in time, with a few miner exceptions.
Earnings
(Years ended October 31)
1921
Creat Earning! $3,715,010
Operating Expenaei, including Maintenance
and T.xei 2,426,868
1920
$3,227,608
2,135,220
$1,092,385
Net Earning $1 ,289,042
Annual Intereit Charges en Funded Debt In
handi of public (including this iiiue) .... 641,850
Balance $ 647,192
Nat aarnines ever twice the above Interest charges
Approximately 90 of the above net earnings were derived from the Com
pany's electric light and power business.
The replacement value, as determined by independent engineers, based op.
pre-war prices, of the present physical property of the Company is substan
tially in excess of the amount of First and Refunding Mortgage Bends and
of all underlying divisional bends outstanding with the public.
W rteemmind these bends for investment
Price 96 and interest, yielding about 6.70
It is anticipated that definitive bends will be available for delivery
en or about December 16, 1921.
Harris. Ferbes & Ce
New Yerk Philadelphia
E. H. Rollins & Sens
New Yerk Philadelphia
What about the
German mark?
THE gradual depreciation
of the German mark te
present levels is one of the
most important and least
understood phases of world
wide economic readjustments.
The Immediate Out
look for the Mark
Is the title of a folder written
by a leading authority en
international finance, which
discusses, in an authoritative
manner, the recent decline in
Oerman exchange rateand
Suggests what may be ulti
mately expected of the mark.
Call, telephone or write for
your tree eepy of Foreign
Felder F-37.
Wm. H. McKenna &. Ce.
221 S. 15th St.
PHILADELPHIA, PA.
New Yerk Pattrum
fkiyfyr PUubuxgh
SSR
you new held or con- 3
template the purchase of I
bends, by all means read JJ
I
E. H. Rollins & Sens
l-eundcl lHlfl
Investment Bends
1421 Cheitnut St., Philadelphia
, riienp fipriirr .M00
'Bosten Xew Yerk wflfcen-JIurre
Ualtlmerr Chicago San Francisce
Canadian Bends
Provincial and Municipal
ieiuei at prices te yield from
5 te 6
flenrf for list of offerings L-ses
Drep in
Bends
Coming L
C
Babsens Reports
w Investment Bulletin, just off the
press. It shows you what s going
te happen in the bend market
It is e matter of vital importance te
every investor.
REPORT ON REQUEST
A limited number of copies are avail
able for distribution te interested in
vestors, gratis.
Tear out the Meme note and hand
it te your secretary when you dictate
the morning'! mall.
Mtrtly Ash for BalUtin .1M(i
Reger V. Babson's
Statistical Organization
Wellesley Hills, 82, Mass.
(Suburb of Bosten)
Tk Largtit Orgatwtatwn of U Cfiaratttr
in tht Werm
intimiimiiimiiuinimii
Clip Off Here
De you understand
foreign exchange ?
THE subject is a surpris
ingly simple one, yet many
fail te rea'.ize the unusual in
vestment opportunity pre
sented by th purchase of
foreign Revrnment and muni
cipal securities as a result of
the existing depreciated cur
rency values.
"Foreign
Exchange Explained"
is a veritable encyclopedia en
a topic with whicti the Ameri
can public should be mere fa
miliar. It tells hew normal
rates of exchange arc deter
mined and pcirils out the rea
son for prevailing low quota
tions. Call, telciihttir or ir't for ywtr
free er;ij of booklet F-17.
Wm. H. McKenna &. Ce.
221 S. 15th. St.
PHILADELPHIA, PA.
New Yerk Chlcige
I'jtcnen Plttiburh
Meme SSs
Hiiiiiiimimmiimimiiii
Write ReRer W. Dabten, founder of The
Dabten Statistical Organization, Wellesley
Hills, 2, Mats., ns follews: Please send
MiMMtSST
H
6, a copy of Seecial
a HulletinNe. !HMO
and beaMet."CrttlnB
ths Meil from Your
Menty" gratis.
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NEWBURGER,
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock Exchanges
1410 Chestnut St.
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Samuel K. Phillips & Company
Menilwre VhlUillplila fitepli Kvclmiiie
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C. S. PATTON & CO.
311 A. I'HKSTM T STS.
BANKERS
Mirt'eMirH te
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UrmlwrH Phil Sterk Kxrlmncn
Walter J. Schmidt
& Ce.
Investments
New Yerk .-. Philadelphia
Mere than 100
Questions
answered in a
booklet explaining
Stock Market transac
tions Commission rates
Deposit requirements
Market terms
Points about
Brokerage Service
Copy given en request
Alie latest market news and
up-te-date reports en stocks
which interest you
Call phone or unte
Jenes &. Baker
Member! New Yerk Curb Market
Direct Private Wires
Ntw Yerk CMciie He. ion hblUdfl.hli '.
Httibur,h Del roll Billimeie C.lcveUn4 j
PHILADELPHIA OFFICE""!
Widener Duilding
Telephones
Bell -
Lncuat 4730
RaccES61
Keystone
BALTIMORE OFFICE
433 Equitable Building
Telephene: St. Paul 8451
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AUTOMOBILE
INSURANCE
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BONDS
Blodget & Ce.
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