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EVENING PUBLIC LEDGBR-PJklLABELPHIA, TUESDAY, DECEMBER 20, 1921
2
iiitliiHw
iiirmi
II liilffiilan
I
wMmuum
iniflnwnwi
$1,600,000
Washington, Baltimore and Annapolis Electric R. R. Ce.
Price Movements Unusually
Narrow Ceal Issues Firm.
Oils Irregular
First Mortgage 5 Geld Bends
New Yerit, Dec. 20. Trading en the
Curb tednv vns falrlr actlre. but with
Dated March 1st, 1911
Due March 1st, 1941
""TJJJJJJJUJSwnw"" ' "I""1 jl'''IWV'liyrt"fs
f, "l s
RING ON CURB
WITHOUT FEATURE
out special feature, prlce movements
being unusually narrow with no large
transactions. Tobacco Bteclis continued
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Itttefcit payable in New Yerk, Baltimore end Cleveland, March 1 nnd September 1, without deduction for any
Nerm! Federal Income Tax up te 2. Coupon bends of $1,000, which may be regirtcred at te principal onryer
fatly registered. Redeemable as a whole or in part en any interest date en 30 days' notice, at 105 nnd Interest.
Cleveland Trust Company, Cleveland, Ohie, Trustee.
Autherised $7,500,000
Outstanding (including this iesue) $(5,747,000
Frem a letter of Mr. Geerge T. Bishop, President of the Company, we summarize the particular
aa (eltawa:
The Washington, Baltimore & Annapolis Electric Railroad Company owns nnd operates a standard gauge
deubletrack railroad system doing an extensive freight nnd passenger business between Baltimore, Maryland
and Washington, D. C, with a branch line te Annapolis, the Capital of the State of Maryland and te Camp
Mead. In addition, the company owns the capital stock of the Annapolis Public Utilities Company Which
supplies exclusively all gas, electric lighting and power in the city of Annapolis.
ThkeE bends are a direct first mortgage en all property, rights and franchises of the Company new owned
at hereafter acquired, subject only te $1,972,000 bends of the Annapolis Short Line.
THESE properties, exclusive of the Annapolis Short Line, are conservatively valued at $11,500,000, which
valuation has been accepted for rate making purposes, by the Public Service Commission of Maryland,
the Public Utilities Commission of the District of Columbia and by the United States Interstate Commerce
Commission.
The Company reports earnings as follews:
Year Ended Grew Net Total
Dec. 31 Earnings Income Interest Balance
1916.... $ 972,223 $409,673 $262,577 $147,096
1917 1,598,592 730,944 268,293 462,651
1918.... 3,047,156 783,449 288,912 494,537
1919.... 2,256,024 614,602 295,202 319,400
1920 2,232,674 586,906 299,899 287,007
1921.... 2,552,000 815,000 478,000 337,000
Eleven months one month partly estimated.
Net income, aa shown above, for five years ended December 31, 1920, after taxes, ha3 averaged $625,114,
its agamet average interest charges of $282,976 or ever 2 . 2 times such charges.
RsrjULAR dividends at the full rate of 6 per armum have been paid en the preferred stock since 1912.
Dividends ranging from 3 te 9 per annum hayc been paid since 1917 en the common stock, the present
rate being 4.
The proceeds of this issue are te be used for retiring at par and interest $1,400,000 7 Notes of the Com Cem
ptitty which will presently be called for payment.
Legal matteVi in connection with this issue are te be approved by Messrs. Venable, Baetjer & Heward, of Baltimore, for the
Sktnket. aftd Messrs. Marbury, Gecnell and Williams, of Baltimore, for the Company. These bends are offered, subject te the
Suuuilad Lifrlri ii iimnrr and sale by the Public Service Commission of Maryland, and "when, caaadlf frwwd"endrcccHftdbyta.
Price 78 and interest Yielding 7.10
Rebert Garrett & Sens
Baltimore
Ttrtker, Antheny & Company
New Yeik
Goedrich & Company
BftKhnere
Stene & -Webster, Ine.
New Yerk
Fidelity Securities Corporation
Baltfmer
TXi-utntriirrrtln1larti "frrirrn n Metw guarantee.;!, arcefrtaintfl fttaa tmt eti gfcith we Wcllif t W riTIASa.
E
We offer
$65,000
READING COMPANY
Wilmington & Northern Railroad
Stock Truat 4 Certificates
The certificate have no maturity date, but are
redeemable at the option of the Reading Company
en JO day' notice at 10S and interest.
The Wilmington & Northern Railroad is leased te
the Philadelphia & Rending Railway for 999 years
at a rental equal te interest en funded debt and
dividend of 3i en the company's stock.
Thsse certificates, of which $1,295,000 are out
standing, are a direct obligation of the Reading
Company and are secured by deposit with the
Gtrard Trust Company, Trustee, of $1,496,000
out of a total of $1,500,000 of Wilmington &.
Nftrthcm R. R. stock.
The Wilmington & Northern owns ever 90 miles
of read extending from Wilmington, Del., te Birds Birds Birds
bofe, Pa., near Reading. The total debt of the
Company is at the rate of only about $2,000 per
mile.
THESE CERTIFICATES ARE GIVEN A RATING
IN MOODY'S ANALYSES OF RAILROAD
INVESTMENTS OF
Aaa
Price 76V2 & Interest, Yielding 5.23 L'c
FREE OF PENNSYLVANIA STATE TAX.
BkRsrr Bres. &. Ce.
1421 CHESTNUT BTR5ET
PHILADELPHIA
Member Philadelphia Stock Exchange
A "Step Order"
en Credit Lesses
Why net issue a "Step Order" en your credit losses?
Surely, if there is any one part of your business that
should be fully protected right new, it's your crcdh
accounts.
Yeu can safeguard them absolutely with the American's
Unlimited Policy of Credit Insurance. "The wonder
is," says a typical business man, "thata Policy and Ser
vice of such marked benefits can be secured at such a
low cost." It's net a question of "can you afford it;"
the question is, "can you afford te be without it?"
Limited Policies also written at even lower costs.
There is a policy for any credit need you may have.
Manufacturers and Wholesalers, wc ask an opportunity
of laying the whole story before you. It will be te your
decided advantage te hear it.
Pa merits te Policy alders ever $10,000,000.00
7 AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E.M. TREAT, pieeidbnt
ISSUES BTANDAtlD UHLIUITCD rOLICIBO
W. J. Merphy, Manager
J. F. MacFadden, General Agent
1011 Chestnut Street
Phene Fi7fcerf SS03 Philadelphia, Pa.
in demand without change. UrltUh .
American Tobacco peld at 12 nnd
l'hllip Merris was traded In nt OVi te
0'j.
Moter Issues were in better demand
than for Berne days. Durant Meters
mode n gain of , te 20, nil the
Durant Moter of Indiana sold t 12
te 12ai. Goodyear Tire was unchanged
at 12. Then? were some large transl
ations in AJax Rubber rights which
ranged from 1 te 1, losing nbeut
1 point from tlie high prlc of yester
day morning. Seme of the low-priced
meters were traded in at further con cen con
ceslens. The coal issues were tone. Burns
Bretliern moved up from 3.1 te CUIni.
1.. . n 1 .mint Vnrrftll ITnill
sold at 20 te 20&, and Glen Allien
Ceal rose nbeve 44. Southern Ceal nnd i
Iren sold at lTs te 2.
Petroleum ntecks were Irregular.
Cities Service common continued In
supply. Imperial Oil of Canada moved
up 1 point, but lest half of this gain
later. Standard Oil of Indiana was
lower nt 80. In the Independent oil
stocks, Mcrrltt Oil was slightly lower
nt 9 ; Maracalbe sold up te 25, and
Sims Petroleum ranged from 11 te 12.
1NDU8TMAW
nigh
Acme Ceal ift
Arnre r.icKlnir "f.,
AJnx Rubber rights 1J
Amer Leather .5
Iltnferd Aute J.,
IWt Amer Teb coup lEvi
IlurnH Jlres XI 334
California Crushed Krult. OS
Snrllsle Tire 2
ChlciiKe Nlpple ri
Columbia Emerald ""
Durant Meters 20
Durant JIuters of Indiana 1211
Knrrell Ceal 20)4
Geerges Clethes lnj
(Jlbserf Hewell 10i
(lien Aldcn Ceat j',i
Cloecli car Tire 12
(laldwyn Pictures
Heyden Chem Jtt
Inter Itubber 7
locemobile "
ii & it a prcr co
Inter Tren 1,,
Mercer Meters 34
National Leather 2Si
N Y Tranunn 20
l'nimp .Merris
lladle Cem
nadln Cam nref
Hepubllc Tire nub 18
snuiri'Tn c & I
Standard Moter
Kwects Ce
II S .steam
I'nlted Profit .Sharing
United Il't Candy ...
W'llya Cerp 1st iref .
10
Ixw P. M.
li l
R2
K
13
l't
I8
72n
20
12T4
2Ht
H2
ft
ir
lift
3V1
70
2B
172
20
13ft
10
43H
12
i
7
sn
nn
H H
24
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se
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3Vi
in
ija
2V,
2.
20
IH1
2H
2
IB 1
10
1
10
1H
RH
7
STANUAItn OILS
Anptln-Amer Oil 21H
Atlnntlc Lobes UH
Onlena Oil 40Si
Ohie Oil 270
Iniperl.il Oil Can 112
Ktirerta 1 I. Ml
KtarM Oil of Ind no
btundard Oil of N V ....37
21
0
40
270
111
&n
R0K
21
40
270
IHH
80
R3S
374
INDKIKM)KNT OII-S
Amer I"uel
Amer pr(
Allied Oil
Atlantic Pet
limine Oil
I In. Inn Ws pining
C'lt'ec Service Irild)
t'itleii Hcrvke "II" ctfs..
tMllea riiTlce jiret
t'UHhlnc IM
IMmendi Oil
K.I. llnsln Pet
KnKlfK'iTH l't trel
M'lernl t-iil
CtlllUrtcI oil
Olenreek O I
Imperial Oil
lnt l.Vtrel
I.inre Cr.eli
Liens Pet
Manhattan Oil ....
.Maracnlbii Oil ....
Merrltt OH
Murine Oil
Megltvin laffle
Meuirtaln 1'ruducti
N'erth Amer Oil ..
Nebis
Omar Oil
I1h:i Cuna
Salt Creel: lrud ..
S- nueyah Oil
Slirrms Pet
Hkc-lly O'l
T.'inn
ivih-n-c Oil
Y Oil
Southern P ft n
40
24
4
ft
27
NO
21)0
22 S
rui;
7
r.7
eh
se
kv $
l't l lH
10
17
21
76
1
17
104
J hi
in
73
13'i
7
12
72
MININO
40
2S
s
s
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NO
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37
10
74
12
2H
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mil
2'i
13
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131
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r.
no
32
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48
2
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ft
20
SO
203
1$
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9
en
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17H
10
74
12
2n ft s5
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17
IF
lis
h
00
34
3i
Arr.er TftT 8
Klx Indite 29
liestnn &- Mentana vn
Cortex Hllvr S4
rreKSen Celd L't I
i:i SaHader 0
Held Cens 4
Hnnnlll Dlvlde 1ft
llelllnner 714
Knux Dllde 0
It rome Verde :i
Maxen Valley IT,
Miitlu r Lede Clt ftH
National Tin 37
Nevada Oplilr 4!)
N'lplng 7
Nw Dominion jj
Pitts .Mt Shasta 27
Silver King of Arl .... 4
Se Am P O 8
Tunepuli Dlvlde 00
Tueiumr-j 01
US font 4R
est End Cen 71)
IIONDS
A Hid P.ier 0s K5
Allied Pauiter ctfs Ca .... 40V4
Aluminum 7n '33 H'i'H
Am Til l '22 100H
Armour 7s .,..102(4
I.eth Steel 7n '33 llll;H
I'm I'xe Us 100'i
I'harcnal Iren 8s siSi
tens j.-.k 73 101
1 i't Kpirt Ss 'S8.
epir HMwjrt J '25 101
UeMlrMi Tire 7a 01
Oulf Oil 7s 103H
lleid Ilnbber 7s 07i4
li terbore 8h 78
Kennecett 7s 101VI
l.u'lede C1 1.1 7h PS
I. bliy MeNelll 7n 0! 4,
iiinitnua i'ewer in vu
2d
01
84
211
0
4
13
I
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1ft
80
40
7
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27
4
611
Oil
01
48
79
0
28
050
84
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IP
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100H
11.211
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101
. 100li 100'i
104
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103V,
07H 0
73 7
101 U
l.li
0 0
103V4 10JH
Mr.rrli 7W n
N.t Acme 7Vj DSVi OBH
. 1 .. 11 (i 11 n r.K CiTH
I'lfBeii S I. ft ti7Vt 07VI
I I IdU C 0s 01 1V4 ft'4 0
Ihlla nie- fs ICM'A lOOH
' Phillip Pet 7V4 102 IOIV4
I S. 1. r Ileel.u. It 7s '23 till. liU
8.1
M34
100S
1024
HOW
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WIS
lfKI4
"Safety Firat"
R. L.BOSTON & CO.
IniMtAint Hunker
Hit WAUii At.. i-iiti-A.
z3i ana eiti
Spruce
1.T.T.1.T:m.'SLVTI
WANtED
BmUinKnter. '" tt vftllrf'tabllsried
Swdia.qporvnH.ler th. Uht ilin
Tjtuat hi thef.irth t,ixiii(Sii of the
Siv prevleg. iuMrtf by Ullii
e pi, MuidK erricK
:tfw, '" f ' ' 'i ' '-. '"
Wld kVllltM(
ana. Miiatrs.
uiltr te
A tfaewe Gffi SasAe
of Fruit
Het Heuse areprsr)tm OHttiurn
Afi rdfdl Gift ter the Builnpji frifiid
'"iVftry t.frowe6Sen
SthecSfrre- CMsrnur-
WE OWN AND OFFER
u lxilid Kiiaruiilird l. the V
V Central 11. It. wlilcli l
rseinpt In I'flina. unci free
from the normal JVder il In
come tui vililih will t''. Il
current yield of ever ni for
Uty cnr.
Ken-eallahle. Iltnl for Suv
lncs IlimUi. In 13 tiite. Igul
fur N. J. Tnit lundH.
WlDUIR BtM, PrlllABSLPrltA
AtolfrjaetniW i,
nmram unuim.HJ.
"
m
n
is the voicing of kindly
feelings which have ac
cumulated through the
years.
We would like te appro
priate this occasion te
express te all eUr geed
will and sirtceru personal
regards.
North Philadelphia Trust Ce.
Bread St ami Germantown Ava.
Abere Erie Am, PhlrrWk.
iKuuthvve.t llell 7a l)i
I 1 1'X.IH c -e 7 100't
Tub PredH 7s JiO'i W Ud'4
Vacuum 7a 107 Hli lert4
Wirner Sucar 7s OBH H0'4 POU
VVKlern V.W-i 7s 103S 1034 101't I
IWilrnn 7H U0 00V. 1104
V'lnrhetr.- 7'4 100 1P0 let
Mit'-ntlnu 7a P0'4 WX 1184
1'irlln Is 4 4 4
1 ciI.Ipiiz 4s ftV4 ft Mi r,
I.ie 'Jran.le 8s 10il4 IO0V1, lunv
ll'i.M.in CH-s atl lll-i ll4 1IM
I.ueman r.H 1 114 1IH US
s;ls 3ViS 03 UftH UA't
LESS COTTON QINNEO
Season's Total 7,799,438 Dale,
Against 10,076,203 Last Year
Witsliliifjlen, Urc. 20. Cotten ulnnril
te Ilncrmber 13 amounted te 7,701), 458
runnlns bales, counting 122,8-10 rbiimj
Imles as half bales and Including 2H,MS
Imles of Amerlcnn-Kryptlftn and S001
Imles of Sea Islanil, the Census Iitireau
nnneiiiieetl teilft.
Te tlie same date Iftst year 10,B70f
2(13 runnliiK bnlfK were uliiiifil. rount reunt
liiK 107,(Vfr round tmles an half bales,
and including (14,587 boles of Amorlrnn Amerlrnn
KB.vptliin Htlil Ifllfl bales of 8ea Islnni).
(linnlngs bv Htntes thin ytnr were:
Vlnbama. rH1.0W): Arizona. n0.2fift!
Arkansas, 771.W7; California, 10,024 1
Klerlda, 12.037: Oeer(tla, 818,023
Louisiana, 270.CDI j Mlsilmlppi, Hed,.
031 i Missouri. 07.415 j North Qirellnrt,
707,072; Oklnhemn, -174,(178 j Seuth
Carolina, 708,000; Tennessee, 201,005:
Texns, 2,007,8,10; Vlrtlnln, 15,082; nl
ether States, 8303. j '
EASTERN STEEL COMPANY
First (Closed) Mortgage Geld 5
Dated Au. 1, 1906 Due Au' 1931
Tax Exempt in the State of Pcnnylvania
Company Pays Nermal Federal Income Tax of 4.
Authorized Issue $32o2'eS2
Retired by Sinking Fund and Cancelled 988.QWJ
Outstanding at Present Time $2,002,000
1. Fifteen years of uninterrupted interest payments, during which
time this country passed through three f nanclal and business
depressions. Interest earned averaged 14 times ever period
of five years and mere than 10 times during the past decade.
2. Unquestioned Security: These Bends are secured by an abso
lute first mortgage covering all the property and assets owned
at the date of the mortgage or acquired thereafter, being
valued as of June 30, 1921, 'at $15,128,668, or seven and one
half times the mortgage debt.
3. The Property of the Company has been maintained in a highly
efficient state. The Main Plant at Pottsville, Pa., covers 50
acres and haB an annual capacity of 195,000 tens m finished
material, including a Bridge Shep for the fabrication of struc
tural steel used in office buildings, railroad bridges, etc. The
Warwick Plant, at Pottstown (leased in 1912) operates two
blast furnaces, equipped with all modern appliances, for the
manufacture of pig irencapacity 250,000 tens. In addition
the Company acquired (1909) iron ere lands in Cuba estimated .
te contain ever 50,000,000 tens of iron ere, and in 1920 pur
chased 460 acres of coal lands near Brownsville, Pa., in order
te supply coke for the Company's blast furnaces.
4. Twe classes of preferred stock and the common stock,
aggregating a Par Value of $5,611,112, fellow these Bends.
5. Ne additional Bends can be issued under this Mortgage our
purchase of the remaining Treasury Bends ($218,000) having
closed the issue.
G. The Sinking Fund, which has extinguished nearly one-third
of the mortgage debt, will continue te retire bends te the
amount of $60,000 pe"T annum. Purchases are made in the open
market or by call at 110 and interest.
7. The financial policy of the Company is most conservative. The
accumulated reserve for manufacturing purposes and depre
ciation amounts te $2,433,321, and Current Assets exceed
Current Liabilities by $3,033,030.
8. The offering price of these Bends compares most favorably
with similar Iren and Steel securities as shown by the follow
ing table:
Meedy'
Natnt of Bend 1921 Ratios PHca Yield
EASTERN STEEL CO. 1st 5s, Aug., 1931 "A" .88 6.70
Bethlehem Steel Ce. Prier Lien 5s, Jan., 1936 "AA" 87 6.35
Colerado Fuel & Iren Gen. 5s, Feb., 1943 "A" 84 6.35
Lackawanna Steel Ce. Cens. 5s, Mar., 1950 "A" 84 6.22
Midvale Steel Ce. Cenv. 5s, Sept, 1936 "A" 84 6.60
Virginia Iren, C. & C. lit 5s, Mar., 1949 "Baa" 87 5.90
Phoenix Iren Ce. 1st 6s, Sept, 1930 "A" 97 6.45
We unreservedly recommend these Bends as a Seasoned and
5k Conservative Investment.
f (, j 88 and Interest, te Yield 6.70
GARRISON & CO.
WIDENER BUILDING, PHILADELPHIA
MEMBERS
Philadelphia Stock Exchange
New Yerk Stock Exchange
TELEPHONES
Philadelphia Spruce 8370
New Yerk Recter 3672
All Information and statistics Imvn been obtained from ceurcen which
tte bellavs te b reliable nnd accurate, but they art net guaranteed.
I.
REAL ESTATE MORTGAGE
MAN WANTED
S. W. Straus & Ce. have an opportunity in their
Lean Department for representation in the Philadel
phia field by an energetic, intelligent man, with
knowledge of the city.
Qualificatiens: Knowledge of real estate, geed edu
cation, absolutely clean business record, age between
25 and 35. Fermer experience with a bank, trust
company or real estate firm would be helpful, but is
net absolutely essential.
This position affords a genuine opportunity and the
right scope for future development.
Write a letter, giving age, qualifications and record
in full detail, which will be treated in strict confi
dence. Address Lean Department, New Yerk Office.
S. W STRAUS &. CO.
INCORPORATED GSTABLISHEDjCsi
STRAUS BUILDING
565 Fifth Avenueat Forty-sixth Street
Offices in fifteen Principal Cities
Thirty-nine Years without Less te Any Invester
First Mortgage Bend
I?ue in less
than 3 months
Kansas Gas & Elec. Ce.
1st Mortgage 5s
Due March 1, 1922
te yield 6M
Sand for Details
Bonbright & Company
437 Che.tnut Street
Philadelphia
Nw Yerk ChlcH
Deaten Detroit
IIIIIIIIMItllltlllllllllllllllltllllllllllllllllllllltlllllllillllllllUlllllllliiiiiiiiiiniu
We take pleasure in announcing
the removal of our offices from
52 Broadway te
36 Wall Street I
New Yerk j
I Telephone, Jehn 0050
West & Ce
S 1311 Vrwloet fltrtet
S Philadelphia
Mrrtbera
Vttt Yerk Hteek Kichanie
Philadelphia flUck lUckanie
SO Wall Mtrrtt
Mew Yerk Cltj- 5
B
TNCLUDED in the prep
I- erties which securt
Keystone Telephone Coin
pany First Mortgage 5
Bends, due 1935, are th
seven parcels of PhiladeN
phia real estate in which
its executive and mechenj
ical departments a nj
automatic switchboard,
fire housed.
At present Stock Ex
change quotations thew
bends yield about 8.207"
Free of Pennslyvanie
mills tax.
We invlle inquiry en a1
current investment subject.
HARPER &TURNER
Wembera of TMIarfelpMe BtecU 5
Rtnnk Rxchancre Building
Tui1n,i,.l.t.'i hm
pwinniuu jr i XtlUwAlJll
Off rim the Htnltt ( q
Assistant Sales Manager
i ...Lln( 8l
rnuaafipfun inraiimcnt "".M, ,
renlrnrt l K.ll'i3f0lM'l
January 1, IBM. O WJ'M'JZA
L ..
n it 1 1 1 1 1 1 1 1 1 Mi 1 1 n 1 1 1 1 1 1 1 1 1 f i j 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 f 1 1 1 1 1 1 1 m t ii 1 1 m 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r
I
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