M'W Trifrf7y V Ifi-'l'S. h Wv tefi. ,t fi- a-. V ;,. fi .'y. Ar$ t Vete ue -:.. -.. $3,000,000 Marland Oil Company (A Delaware Corporation) 'ft . Due April 1,1931., 'V2 Sinking Fund Geld Bends Sariea"B"j l Te be dated February 1,1922 ' OutstandingSeries ''A'' $3,785,000 This, issuer-Series "B" $3,000,000 PeStflSu W" f Nermal Federal Inebltanotlnetee.ieM. S He te whole or in e.rt?t lOSlK0?,, L$i,0? dtnomlntJen rejiiterable a te principal only. Oerlca "A" and "" hefereAnril 1 iea etliftL.tf., 1 5nd Interest enfiOdaya" notice by the Company en or before April 1, 19 16: thereafter en or tc I maturity it 10l!' 4 ' hereaftef en or " April 1, 192B,.t 103; thereafter m or before April 1. 19J9.' teirdStc CAPITALIZATION Upen completion of the present financing the capitalisatien of Marland Oil Company will be as follews: . . , Outitandini r'.U.I Ca 1. -,--.. Authoring lahandr Public Sr !i ST"' :., -."."...:: ' 2,000,000 .har. ' 817,894 ahare. J5Jld,?Sld,!S,M,,A- KOQO.OOO $3,785,000 ' 7gS.F. Geld Bend, (this iaiue) Seri.a "B ., ., ,. . . . 3,000,000 3,000,000 '15,000 have been retired by Sinking Fund GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE - h ft' i .V. S?,fca,ifi?en','n ' Jettfff'" W. Marland, Esq., Preaidentlef the Corporation, which has briefly summarized as follews: . ha BUSINESS: The Marland Oil Company owns substantially all of the Capital Stock of Marland Refining Company and Kay County Gan Com pany, both incorporated in Oklahoma, and through the latter company, a large majority of the Capital Stock of the Marland Oil Company of Mexico. The operating companies in Oklahoma constitute a complete unit in the oil industry. PROPERTY: The Marland Oil Company, through its subsidiaries, owns in whole or in part, 207,500 acres of active and undeveloped oil leases, chiefly in Oklahema.il owns two refineries having a combined daily capacity of 15,000 barrels of oil. The Kay County Gas Company owns 271 milesef oil pipe lines serving the Marland refinery and also owns 345,937 acres of gas leases. The Com panies' properties yielded 2,371,0Q0 barrels in 1921, of which their net interest, after deducting royalties and partnership interests, was in excess, of 1,150,000 barrels. Average production of prop erties in which Cempany1 is interested for the last quarter of 1921 was in excess of 9,400 barrels per day. ASSETS: Based upon an independent appraisal, combined net assets are in excess of$51,000,000. Consolidated Balance Sheet as at October 31, 1921 , before giving effect te the present financing, shewsnet current assets of $4,574,140 which must be maintained at net less than 70 of bends out standing. EARNINGS: Net earnings of the Company and its subsidiaries for the three years ended December 31, 1920, available for interest charges and reserves, arid after prevision for Federal Taxes averaged $3,124,430.71 a year. Earnings for the twelve? months ended October 31st, 1921, amounted te $2,135,747.35. Annual interest charges en the bends outstanding and these pro posed te be issued amount te only $527,800'. SINKING FUND : A'sinking Fund of $300,000 a year, operating quarterly, until and including November 1 , 1923 (first payment August 1,1922), and of $340,000 a year thereafter, should retire practically all Series "B" bends before maturity. SUBSCRIPTION RIGHTS: Each Series "B" Bend will carry a detachable warrant entitling the holder thereof te subscribe en or before April 1, 1931, te 25 shares of stock of Marland Oil Com pany at $40 per share. All legal details concerning the validity of theae benda wilt be pasted upon by Messrs. Cettintfiam, Hayes, Green 8 Mclnnii, AttorrwyafertheCompany.ondby 'MeMr.. Crocker, J6hnien & Sheres. Attorneys for the Bankers. The accounts of theCempany have been audited by W.O.LIgen Company, Certified Public Accountants, for the Company, and have been checked by mS Arthur Yeung & Company. Certified Public Accountants, for the Bankers. If. as and when issued and received by us, temporary bends, exchangeable for definitive bends will be delivered. . " ""'""'i""" Price 96 and accrued interest, te yield ever 8V4 Petter & Company F. S. Smithers & Ce. Hemphill, Noyes & Ce. Merrill, Lyheh & Ce. Tbl, Itforattlen and Uieia .ut'iik, . a.i nu.ntttd. but bate bttn ebulncd from ieutcci e bfllert te bccuf u. il GOSSIP.0F THE STREET - J 2'Bend; men found lets of comfort In the brief addrese 'given en "Wednesday afterrioen by Jehn Meedy en the Invest ment, altua'tlen, ' , Mr. Meedy painted a ntshly pleasing picture, insofar as the investment1' buslnMB Is concerned, and pointed out that the young men starting out In the' bend business were exceptionally fortunate In being con fronted with such farorable conditions. In lils opinion, the trend of Investment Values would he a riHtnir one for n. geed many years, although, of course, there was a newlbillty of seme tempo rary drawbacks." Thrbuah the vennresHr of' Harrison. Smith fc Ce,, ,. virtually all the local mum mrp were given an opperinniij w hear Mr. Meedy. Net only was his 'ad - drops Illuminating, -but also in the many questions answered, Mr. Meedy cleared up a great many existing doubts, Mr. Meedy's deductions, la brief, dovetall nicely with the expressed opinions of all investment authorities. While the outlook for general busina is anything but premising, prospects for the Invest ments werv npver brighter, nor has there been u time In a generation when such a golden opportunity offered for laying away what will later prove high ly profltnble investments. Trouble 'Rumors Multiply T.ike all diseases, rumors of financial difficulties are spreading with alarming rapidity. It Is about the only topic et discussion en the Street these days and nlmest a ramlem use of names is mode concerning the nlleged financial straits of different concerns. Many of the re ports are baseless, or greatly exagger ated. It would net be surprising that ether bucket-shop concerns will threw up the sponge, for It Is known In better Informed circled many of these con cerns have been working en dangerously thin margins. It was whispered nreuud yesterday that one of these handsomely furnished, but totally unrespensible, eQccs was about ready te shut up shut ters. There Is no crisis in the real broker age sltiintlen. With rising prices and a broader market, the reputable brokers are looking forward te a mero profit able business. If there is the slightest reason for suspecting any of the houses is net executing orders, the customers should cither close the account or hare It transferred te a house of unquestion able character. Many, who were fool ish enough te be caught in the meshes of these pseudo brokers, have already take'n this advice, but are experiencing no end of trouble te get what Is their own. The bucket-shop evil possibly cannot be completely eliminated, but there are no reasons why the recent mushroom growth should have been per mitted te have proceeded se far with out mere' police or legal "opposition. Putting the Screws en the Shorts Many of these who lmvebccn In the moving forces that helped create the pronounced strength In tCe security trading situation agreed in the view that the highest prices in many move ments were due te the forced settle ment of. short accounts. They insisted covering of shorts is simply nn inci dent te. a sustaining bull movement and the bullish position has- a strong foundation in an excessive supply of mono)-, the direct result of the liquida tion of leans and the closing out of frozen credits In progress from Novem ber. 1010. until the middle of lust summer. Included in ' the diwussien of the market situation' after the closing yes terday were references te premises of f rr'"" '. I Beveral irrfperianV developments, In -1 flhee dealers aretdelhg a miMewts iiwif fSM t JVC,, j-( , clurllnC en ndltistmcnt of 'the railway .labor situation whch many expected te result irem me conierence 10 ee mn in Chicago en Saturday, Alse of con summation of the plans for steel mer gers which have been under considera tion for se long a time. Oulf Btatet) Steel naturally demanded a geed deal of attention because of its further ad vance of 10 points In yesterday's trad ing and It was thought that the move ment te higher levels will wake sub utantinl progress, during' the remaining two days of thwcek. The npprovalief the St. Paul lean by the Government Is, expected, te find 11 rcsponse seen Iri an improved market position of allJ the securities of that system. It was thought that Benv announcement of the 'same character will seen be made Jn.'regard te the Erie company. ' Canadian Decetnbtr VTrade 3- .)J,' !," k ' i.;wmmim THE INDUSTRIAL TRUST Title and Savings Ce. 1944-52 North Frent Street CAPITAL $500,000.00 SURPLUS & PROFITS (Earned) . 1.428,007.60 DEPOSITS ..- 8,026,525.65 TRUST FUNDS 4,296,616.41 JOHN G. CARRUTH, President Jehn S. Bowker, Vico-Pres. and Treas. Harry W. Hand, Vice-Pres. We Own and Offer: $25,000 Terente, Hamilton & Buffalo Railway Ce. lit Mortgage 4i 1946 These benda nre u Mrst mertgage en 80 miles of railroad In Ontario, Canada. The toad Is owned by the Xew Yerk O.ntrat Michigan Central Canada Henthern and Canadian Paelfle RallreKla who agree te set nslds a guaranty fund te met the Interest en these bends. I , THICK 81 TO YIELD B.40 I PMICE 81 TO YIELD B.40 -g Schibener, Boenning & Ce. 191 Invuttmtnt Benda II ll.lln 4014 Iimburd 715U 12.1 4 Walnut Qn-Mt nirect Frltale Uttnbtra i'MfaiielyftCa Stock Uichana """ 9 ,,,,' YerI Onnntllg lniln-ndfne Squar Income Tax Returns Ferms for incomes of $5000 and under mailed upon request. Commercial Trust Company Member of Federal Reiervt Syitem City Hall Square SERVICE True service lies in per per ferminjr the greatest geed te the greatest number. That's the idea back of The It. L. Dollings Company. On the one hand, we offer te sound, .dividend - earning manufac turers the necessary capital for legitimate expansion. On the ether, we offer thrifty investera securities representing the maximum of income and the maximum of snfetj-. ISy preliminary surveys, conservative capitalization and constant supervision, we have kept faith with our fifty theusnnd investors and our numerous industries. The R. L. Dollings Ce. 1421 Wajxiut Street rhiUdelphla "A Ten-Year Price Range en Listed Stocks" A newly published book which contains a ten-year record of high and low firlces coveting every stock ied en the New Yerk Stock Exchange, together with the par value et" the shares. Tlili boeV ilie rfvei (he date ml amount of the mett recent dividend payment and the dates tirim nlilch dividcndi ate resit ixf pild A limited tupptr of theie boel-i lu lust been received from the ptintcr and It available for' ftra dlitilbutlen te theae Interested. (.'all. teltihtne or trrltc fur a free cepu e booklet y-e:i WM.H.MCKENNA &. Ce. Widener DIdg. PHILADELPHIA, PA. cace adelphla Chlca Phil I'aterfen Pitttburih Newark Consolidated Gas Ce. Consolidated Sa, 1948 r A mortgage) en the gas properties in and around Newark.N.J., serving a population estimated at ever 575,000. Price te yield 5.90 further particular! en request Bonbright & Company 437 Chestnut Street Philadelphia ' Naw Yerk Chieaje Boateu D.'trelt AUTOMOBILE INSURANCE avsis-H,. 1ie6her9r6gkev&ge wed Public Accountant uuxt TUdIf Mm If There Is a Market We Can Find It We held sales of stocks and bends every Wednes-, day, charging $1.50 en trance fee for each item. Our weekly catalogues und postal card scrvice reach every mar- I kct. We take plcasure in furnishings quotations. Barnes & Lefland GE0.A.HUHN & SONS StOt'KS AND IIOND.S Member nt the l'lilladelphlu, Natr Yerk und Chlcuict Mteck Kxrnuiiiea New Verlt Cotten Ktrhanze Conimltelen Order Executed In All the Principal Markets Liberty Dende neught and Beld IWIIniie Cenrt Itldic.. Mia Vtnlnut Ht. N. V,, 111 Ilrvndiray Ml ll ' il! Stock Ilrnliera and Anrtlenaart 147 S. 4th St. ilk Inta uu lutealur er lull dellttt i.f iiilnclual ur Inte-real tin anr uttu. i rltr beugiil uf n, iv, ntrau a i,7 tila (or our booklet t-Q and learn (ha rtatsa "'' S. W. STRAU8 A CO. Bleck Excbanipldt,. rklladtlpbja w MUNICIPAL BONDS YIELDING 7 Maturing Frem 1 te 10 Yeara V. W. MILLS & CO. Stock Exchange, Buildlrif 1'IllL.iUKLl'IUA Safe Bends j$r Investment HALSEY, STUART CO. Inc. Land Tltl Uldv, 1'hena. Locust SS0 C.i. PAH ON & CO. I UU i C'IIIT.X'T BTtJ. ! BANKKKS liansAn.rftNS0N nil tiMm' nnd nub(itatitlaif orders are belnif placed tot sptlMtT delivery, , "Tti btnvn trniln In" nillAP'nti Mlnnll (toeds, ewitlif te continued mild weather arid large stocks carried by jobber. ,nml retallcrH. Foundries are eneratlntf at alnutv- 8." per cent capacity. Prices are firm and collections show' an improve; rnent. "Tomatoes have advanced. Cern ts dull and unchanged. Fancy (trades are firm and fairly active. Chean P"" "'' wanted, but appear te lie scarce. "I'effce is unchanRfd. Prices of all grades of Itles and Santes remain the same, with possibly a shade decline. Tea is fairly active nnd firm, the whole line .bcinj: steady, particularly' For Fer For meies,. due te expected short erem. Consumptive, demand Is poed, "The sugar market is demorellzedt The wholesale refined market has dropped te 4. HO cents for granulated but chain stores are scllinc at 4 rents and mail order houses at 4 cents Beth raws "The trade in Jeati tobacco has been . ., . . . . . . .. .. .. very ciiiipi nnu no fhics ei any ' rAMMM.nM' nf flfiatiTna rfinerfft tntnl iciiuiiiujiiv """, 1 ' i , "--: erucr iieuws ai - ccnis jji trade of Dominion for Ucccmber at .i .-n,t i. u,nui. iliHll5l -..l -.1.1. 9nn - iiUiiil'liMirwn,..,.i 83,184 for December, 1020. Fer nine months .'ended December trade was Sl, 101,547,571. a decrease of $834,409,188. Imports for consumption in Decern bur fell from 8K882.i03 te S00.040.- 100, experts of domestic merchandise eense-. tpienre are reported. There continue wnall intiuirles for old trades of I'enn sylvnnia and Oonncetitiuts, but hlKh prices are maintained and purchases Miimatrn ami 10U, expena ei tiemenw niercnunii. irp .,.. f(.p rpn.llr,.menf(. Hn from S141.iM4.;SZO te SMU.(H.1U.I. and ' tr I I...i.-...- ... i. u i ..,-11 te 881,0rjl. h or nine mentliB decline , , , , SIIla nmt,,llltH. n .impetw waa irem i,utM,.w,-ii wi T, , r niHiiufaeturcra air n AVtmntu n... VII , .1 . -- t ' rv - -n .....,-, VMM i "PU -tm.wgmtmm Special Service Ohie Securities Mcmbcre New Yerk Bosten Cleveland Detroit Chicago Stock Exchanges N. Y. Cotten Exchange Chicago Beard of Trade Extensive Private Wire System OTIS & CO. Cleveland Ncvr Yerk, Bosten, Detroit, Cincinnati, Columbus, Teledo, Akren, YounKHtewn, Dayton, Denver, Colerado Springs Sri02.670.2in and oxjierty from 07i, VXUtiXu lu voeriuu, oe little qtiirt nfer tht holiday trnde. ...T. IL a.. I f l7 -,t !..- Duties collected in De.ctmr.pr totaled .W"K". .T?: ""S."";. T !0,ttll,008, 'compared with $11,B21,lmii7 '" '. " "" " " ' In December, 1020, nnd for nine months ,len'' Bre VJr 188,850,403 against ?nr),M'.',H4, THE TUADElt, , Liverpool Cotten t 1 .1 1 ia.irwtl COTTON YARNS UNSETTLED Liverpool, Jan i!0. Thrr w e)r : a 1 mlted ilTnand for apet. cotton te'luy vyith prl''c biirnlj Ktrml' en li hal r an ml vancn uf 7 tieliitn for m'ddllrtir at tn.ts.l Th nl6 weri fiOOO bala. Th rtclDti wr 7000 bain, Includlne 3500 baleii An.vi . Iran. ruturea ware taO' In the early denllnKK. Spot prlccir were: AraTlfan. mlddllnir, fu'r, tZ.Rd. Keed mlddllnc;. lO.H.'l.l, fully mlddllr.v. 10.83d; ml.Mlltur M.l.i: Industry in general has brought about. land ordinary. 7.03d. Present Dullnees Attributed te Pre-1 vailing Conditions In Textiles I The prevailing dullncas In the textile , .1. an unsettled condition in the cotton yarn trade, according te tiic weekly re view of business conditions in the Phila delphia district by H. G. Dun &. Ce Dealers said prices show a tendency te become unsettled, and that there is n lack of demand. I Weel dealers report business con tinues te Improve, trading Is active and prices nre firm. Continued improve- ment is expected, ! The review, continuing, says in part. : I "Uleak anu b,uu manuiariurers are , doing little. There is a feelini; among I uuj em iiii-rtj win uv fvuutiiuj, m iiiii:n later. I 'Manufacturers of dresses say the I trade is buying sparingly for immediate j needs only, endeavoring te obtain goods : at their own prices. ! "Manufacturers of shirtwaists rrpert ' trade, continues quiet, there being little demand for the better class of merclian- : (Use. Iluyers generally arr net disposed te place advance business. Collections ; are slew. "Wholesalers and jobbers of cotteus apd woellens report little trading. Cel- lectiens arc slew. Manufacturers of shirts say a slight I falling off in business is evident. I'res- i poets for late spring business is favor- j able. I "Manufacturers of men's nnd boys' j clothing state there is a slight falllturi off, few buyers nre placing small orders i for immediate needs and prospects aris ' fair ter n late spring tmsincss. I "The leather market Is only fairly active, but prices continue steady. Glazed kid dealers continue te Increase their production nnd prices held firm, with seme advances en better grades. Strawbridge & Clothier lit Mortgage 6s, 1942 MORLEY, WOOD & CO. 333 Chestnut Street Member N. Y. 4 Phlla. Slix-k Kxrlr. January 1923 Investors Pocket Manual contain Utett atatlatlcal In formation, alae hleh and low prices for the entire year et 19il,en alt luiiuea Kited en th New Yerk, Chleafe. Phlladel- , phis, nosten and Pltbnriti Steclc Echanc, New Yerk Curb and ether leading ex- ' chancai throughout the United State. Cmpy i.nt I'REEen r.etit AU for V A S3S "AUcayt JTithetit Obligation" S-SRuskayGCe. ESTABLISHED 1077 W.T.beta Cendaltd MrEiavefRY 1103 WALNUT ST. PlULADtLPlllAJA. Phene LeUtt 7 TOO StxVWM PlTl BOMOW BWW" OtMO Dtnel fmiai Wirt Syitm NEWBURGER, HENDERSON & L0EB Member New Yerk and Philadelphia Stock Excliangct 1410 Chestnut St. WANT OFFERINGS Miller Train Control Stock BAUER. STARR & CO. Land Title Dnlldtn-. PhlladIphla New Yerk Offlce. 2 Recter Htret Direct PHvata Telephone 6ef. 0lcf STATE OF SAN PAULO 5cc External Lean of 1907 We arc in possession of a list of numbers of bends called for payment at par en January a, 1922. STROUD & CO. 1429 Walnut St., Philadelphia 43 Exchance Place, New Yerk m Docs Your Corporation Need Financing? Our perfected flnanclnif avatrm. tetiulrd with a lars". hluh-claes (islet nrKanlr.jtlen anil clientele. nabls ue te ralii funds ery diilckl for corporations of merit. Our aerv Icea ur htghlr f atl!facterv end cummlaaleti baala very reasenahl. 1'er appointments write . A 716, Ledger Office rrnnvlTnnln Kallread IajuId. , . B'a 102&3.t( retrrn Afir ierv . I'i'tinn. II. B.4' 043( Seiilhrrn Indlamt llnlltvar Int 4'e 1U.MI Nw Yerk. I'hlln. X Norfolk 11. It. 4' lUlAi Strnnhrldt-e 1 Clethlrr te. (t'm mi'J' Mohawk & Mnlene ICtllrand Ce. HIV Sueij camiici if puii i ipc s. rr i Ufutiwuu tk. a a aa i .1 ,ia tj jl Jt .Member rhllaUelnhla Sterk Kichanie r.07 niESTMT HTKKKT NEW ISSUE $1,700,000 Galveston-Housten Electric Company 7 Secured Geld Notes, Series A Dated February 1, 1922 Due August 1, 1925 Redeemable, as a whole, at any time en 30 days' notice, at 101 and accrued interest puei te August 1, 192J; at 100' , and interest 0:1 August 1, 1923, and prier te February 1, 1925. and at 100 andintertist en or after February 1. 1925. Interest payabla August 1 and February 1, without deduction for the. Federal Nermal Income Tax up te 2 BUSINESS: The Galveston-Housten Electric Company owns all the capital stock of theGalvestenElectric Company, the Housten Electric Cempanyand the Galveston-Houseon Electric Railway Company, which companies de the entire electric railway and a portion of the electric lighting and power business in . Galvpsten, Texas, the electric railway business in Housten, Texas, and operate an interurban. electric railway between the cities of Galveston and Housten. Population served about 220,000. PURPOSE OF ISSUE: The proceeds of these $1,700,000 Notes will provide for the retirement of the Company's $1,500,000 Three-Year 7 Secured Geld Notes maturing March 1, 1922, and leave sufficient working capital for present needs. The Company has no floating debt. . SECURITY: These Notes will be the direct obligation of Galveston-Housten Elec tric Company and will be secured by deposit of $2,040,000 General Mortgage 7 Bends of the three operating companies. EARNINGS: Yrra EncUri Dicimber SI 1916 1917 1918 1919 1920 1921 Nat Earninfa Creia ftT Oparatlnr lntrtt Earning! tip, and Tatai Chart" $1,944,839 $708,732 $321,757 2,088,121 703,250 331,203 2,691,331 S41.082 350,185 3,095,151 819.01G 414,722 3,808,952 1,126,504 422,036 3,679,867 918,980 426,636 Rnlence for Sinking Fund Requirement a, Hciervee, Replacemente tnl Olvldenda $386,975 372,047 490,897 404,294 704,448 492,343 - Prevent annual interest charges including interest en these Netec $409,767. Net Earnings in 1921 were 2Vt times these interest charges. SINKING FUNDS of the operating companies have acquired $1,48S,500 of the underlying bends and are acquiring bends at the rate of about $135,000 per year. We Recommend these Notes for Investment PRICE 99V2 AND INTEREST TO YIELD ABOUT 7.15 LEE, HIGGINSON & CO. PARKINSON & BURR ESTABROOK & CO, Notes are offered subject te approval of our counsel. The above statements, while net tuaranteed, are based upon information and advice which We believe accurate and reliable JL - '. i.,t-W;,!i.A.a..,. .,,.,,.-i,w:M V v .,ww,,, .A. v....,.niUfe.Jt,.A , fS ft ' 1 . u f 11 3tl . . IBBH if? '$
Significant historical Pennsylvania newspapers