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Bf BMNG PUBIiltJ iPEDGERPAiliEIjPHiA; HOND JAffUAfeY 23, 1922
21
$7,330,000
Pacific States Lumber Company
First Mortgage 8 Geld Bends
Denomination! $1,000, $S00, $100 Due serially as set forth below
Maturities and Prices:
Amount
$ 500,000
1,000,000
1,500,000
4,330,000
Maturity
January 1, 1927
January 1, 1932
'January 1, 1937
January 1, 1942
Payable and
Callable at Price
102 100
105 100
107H 100
110 100
Interest payable semi-annually January 1 end July 1 at the office ef Ilalsey,
ic-.u i or:. Kcatemaetcas a vne'.e er t fan en any interest dele upon ev cays puensr.cj. nam
cesi'snated for the MmijmI ef eaih respective series. Interest fiavable without deduction for the N
Income Tax net in excess ef 2c.
Yield te
Maturity About
8.40
8.35
8.25
8.20
Stuart cf C6., Inc., in Ckicate or
I ,- -.,.'-- 1 . L J. ...as
'ermal Federal
PENNSYLVANIA FOUR MILL TAX REFUNDABLE
The Pacific States Lumber Company is the successor by change of name te the Cees
Bay Lumber Company, which Company and its predecessors have owned and operated
large tracts of timber en the Pacific Coast for the past fourteen years.
Through excellent legging and railroad facilities, medcrnly equipped manufacturing
plants adjacent te its main timber tracts; through cheap water transportation en the
Company's own ships te its finishing and distributing plant ideally located en an arm of
San Francisce Bay as a shipping point for world-wide markets, and with timber resources
sufficient te last for many years, every condition is favorable te the Company for com
plete and profitable lumber operations.
Frem a letter of Mr. William. Denman, Chairman of the Beard of Directors, uke has been in
acthe control of the optalien of the properties for the last three years, tve summarize as fellmvs:
SECURITY : These First Mortgage Bends will be
secured, in the opinion of ceunscl.by an absolute first
mortgage en approximately 150,000 acres of real es
tate in Cees, Douglas and Curry Counties in South
western Oregon, en which is standing ever eight
billion feet of Douglas Fir, Pert Orford Cedar
and miner weeds valued in the aggregate by
timber experts at approximately $19,000,000. In
addition, these Bends will be secured by a first
mortgage en the Company's mills, railroads, 6tcam
iships and certain ether physical property appraised
at the depreciated value of ever $5,500,000, the
total value of the property thus mortgaged being in
excess of $24,000,000. Upen completion of this
financing the Company, in addition te the property
under the Mortgage, will have net working capital
of net less than $2,000,000.
SINKING FUND: The Mortgage provides for""H
binking Fund (effective January 1, 1925), obligat
ing the Company te pay te the Trustee, in advance
of cutting, the sum e'f $1,875 per 1,000 feet of
timber cut, and as and when additional bends may
be issued, the Sinking Fund shall be ratably in
creased up te $2.00 per 1,000 feet cut when and if
the entire $8,000,000 Bends authorized have been
issucd.Timbcr may be sold and released from the lien
of the Mortgage upon payment te the Sinking Fund
of net less than $1.75 per 1,000 feet of operating
timber sold and $1.00 per 1,000 feet of non-eperat
ing timber sold. All Sinking Fund payments shall
.be used only for the retirement of First Mortgage
Bends cither by purchase in the market at net
mere than the redemption price for each respective
scries or by call at such redemption price.
EARNINGS: The net earnings of the Company
for the five-year period ending December 31, 1921,
after deducting all taxes (including Federal In
come Taxes and taxes en non-operating property)
and available for depreciation and bend principal
and interest payment have aggregated $5,028,
519.13. Taxes and ether carrying charges en non
operating property which might properly have
been capitalized amounted during this period te
$589,860.76. Net earnings adjusted in respect of
such carrying charges have thus aggregated
$5. 61 8,370.89 or an annual average of $1,123,
675.9S. The maximum annual interest charge en
the First Mortgage Bends amounts te $586,400.
MANAGEMENT: The operating management of
the Company is in the hands of practical timber
men and lumber manufacturers with long experi
ence Through a voting trust, the right te elect
a majority of the Beard of Directors of the Com
pany se long as the First Mortgage Bends remain
outstanding is vested in the nominees of Halscy,
Stuart & Ce., Inc., and Second Ward Securities
Company.
i offered for dehiery uhen, as, and if issued and rectheH by us, and subject te apbreial of counsel.
ds, or interim lecetpts later exchangeable fe'definttne bends, will be ready for tieliierv en or about
These bends ere i
Temporary bends, or i
January j0, If 22. All statements herein are official or are based en information which tie retard as reliable, and,
ukile tie de net guarantee them, they are the data upon which v.e have acted in the punhase of this security.
CHICAGO
MILWAUKEE
Halsey, Stuart & Ce., Inc.
PHILADELPHIA NEW YORK.
Second Ward Securities Ce.
CHICAGO
Wells-Dickey Company
MINNEAPOLIS CHICAGO
Cyrus Peirce & Ce.
SAN FRANCISCO LOS ANGELES
SEATTLE
With associates we have purchased from the United States Railroad Administration
$3,894,000
The Pennsylvania Railroad Company
Equipment Trust 6 Geld Certificates
Maturing January 15, 1927
Iitued under the Philadelphia Plan
Dividends Payable January 15 and July 15
Entire issue but net any part) redeemable en any interest dale
at 103 percent and accrued interest. Certificates in denomina
tion of 1,000 each,:vith privilege of registration as te principal.
The certificates new offered are part of a total issue of 58,412,000
maturing in annual installments of approximately y$3, 894,000 from Janu
ary 15, 1921 te January 15, 1935. of which the certificates maturing
January 15, 192 1 and 1922 have been paid.
The certificates arc issued against standard railroad equipment
under an Equipment Trust Agreement between the Director General
of Railroads, the Railroad Company, and the Guaranty Trust Company
of Hew Yerk, Trustee.
Wc arc informed that these are the only certificates which have been
issued under such agreements under the Philadelphia Plan.
Subject te prier sale and change in price we offer
the above certificates at 101.07 and accrued dividend,
te yield 5 if held te maturity.
Temporary receipts, exchangeable for Definitive Certificates when issued and received
by us, will be delivered.
Continental and Commercial
Trust and Savings Bank
Illinois Trust and The Merchants' Lean and
Savings Bank Trust Company
CHICAGO
'Hir c tdtcnieiitsarc net guaranteed, but aielu-edupen information which webcliec te Le accurate and reliable.
Philadelphia Ce.
. First & Collateral
Trust 5s, 1949
Philadelphia Ce.
5s, 1951
DUNHAM le
r Investment Securities
i1 F.Trkmn. Pl.. 1.'. Vl.
I - fav (..., I1CIT jurfe
leleiihenca 6.10V. n, Haneve,
Beles s-Westwood
Members Phila.ieck.Exchande
INVESTMENT
SECURITIES
Lan&Title JMdk Philadelphia
PHONE- LOCUST 4721
Wc Want Offerings
Commercial Trust Ce. Stock
Philada. Nnt. Bank Stock
BARNES & LOFLAND
H7 S. 4 HI NT.. Villi l.
Itl. I.emburd 4I7'J
I'
Philadelphia Markets
WIIRAT Itecslpti, 237.107 b'Jshels. tr
let firm. Car lets, In expert .levater Ne.
a red winter. I.18M.28: Ne. a red winter,
a-arllcle-. 11.1201.17. Other , aradea Quoted
t tlie follewlnr aehedule of tllsceunts! Mixed
wheat, fls under red winter! Ne. S wheat. 5?
under Ne. a; Se. 4 wheat. 7c Miller Jje. -
Ne. B wheat, lle under Ne, a. Bampie ac
cording te quality, ,
COIIN necelpts, 3I.8C1 buehels. , rirm
und he higher. Car leta. In pert elexatiir
Se. 2, (lawenei ,Vc, 3, 00lei Ne. 4, 08
BOe. far let ter local trad -Ne. 2 el
low, (120 me: Ne. fl yellow. Cfl061e.
OATH Ne receipt and market firm
theuch nuetably unchangrd. Car letn an te
location Ne. a vrfilte, 45',4 IMOe: he. 0
nhltn. 444H4'4c.
I'LOUn Kece'pU, MOO bbla. and J.tlO.
04.0 Iba. In nacks. Firm but QUlet. ..Quotn ..Quetn ..Quotn
tlens. per 100 lba., packed In 140-lb, late
aacltn Seft winter, Wcatern, I5.730e.KjS
de, de, nearby, tft.253n.G0: hard winter,
atraltht. I0.40C? A.tlSt de. abort, patent, td.ni)
M7,10i spring- Oral clear. ir.3.40: de, li.lO
W7,0i de., clert patent. $7.0007. flO: fancy
aprfnir and city mill ptent, family brana,
r.7n. Ile flour. 5.00eC73.
I'UOVlfllONa rteadlly hMd. Quotatien:
Uf, In aetn, pmsked and air dried. 4ei
teef, knuckle and tender. meud and air
dried, tOu: perk, family. 34: ham, S. P.
cured, loon, 20022c: de, aklnned. loose,
IHWVJc: de, de. amekfd. 20W23C: ham",
liellea, bcnelcn. 30c: plcnle aneuldir. B. P.
rltrri. Inns. Ifln! An. amfltf1. 17c! btllte.
in piCKi. loose, l.ci preajuaai paeen, an
lard. Jl4c. . . .
HUTTKii nrm ana iwse iiien-r. itjjh
pelld-packed creamery, ffni"'. hlich-seerliu
Soed. 3840c; eitra, 383c: extra Oral.
3S34CS lira!, 28J80es rccends. 23027CI
.meet creamery, choice te fat'.y. 8Dw40c;
fair te aoed. tiuilXHa: aueclal fanrv brands
of print were Jobbing m tilth a COc- citra.
4'W4rK:: rnir te uoe.i, 3MPic.
Kri(iHverhv mrvm ir lrm-er. Western
advanced lc. The quotation were as fol fel fol
eow: Nearby extra first. 43c: nrl. 42c;
cend. 34ST3flc: Weetern. eitra first. 42r:
Orata. ": cecendi. ani&S.'ie: (Southern. 3SC?
30c. fancy candled era Jobbing at 3G37c,
anil rair te reed at nevn.ic.
CltUERK Quiet and unchanged. X. T..
n lieltvmlllt. n.t. fancy hr'.d. 23c: de, de.
freili. 21)2llic: de. fair tn aoed. 20
'JO'-ic: IxMiclierns, 22023c; .Ingle Daisies,
held. 21'4 023c: de, freih. 2l21',jci Job Jeb
blnr sales of fancy geed.. 2&V2CC
l.lu I'Dl IrilY for is. net ljmnm.
fanry. fst, jellew-slilnned. 20'82K,
medium quality. 2432.': Inferior. 229
23c; fowl.. ivhlle rxhern. 220'27e:
spring chickens, farcy. yellow-skinned.
Mymeuth Ileck. weighing 5 lbs. each
or eer. 20 it 28c: exceptional let higher;
spring chicken, net lxgherne. medium qual
ity, 24 ft 23c: spring chickens, net leghorn.
Inferior, 2272:ic: spring chicken. Tshern,
20024c; stnggy young roosters, 20ff22e: old
rooster. 17wlRcs turkey. B3fl'40e: duck,
vhiie r.kln. 30Qi32u: de. mlxel color. 24 9
2Rc: de. .MuHcm-y. 18020c: rulneaa, yeunji,
nor plr. velghlng li Wa lb, apiece. J1.1B
it. 2B. weighing lOl'i lbs. aplete. fscW
tl: sulns.in. old. rrr pair, 430 nec: pigeons,
p.r pair, old ."Or: 'eung. 43W30c.
nr.nssRD peurrnT Kewi. rr.sh-un.d.
iln'-plcked In boxes, welsrhlnr B lb. mpI.c.
3.ei w.lahlnt 4 lb., 3f332c: welghlne 3H
lbs.. 20ft28c: weighing 3 lbs.. 22025c.
fowl, freih-Mllcd. In bbl.. dry-picked.
eclglurg 4'iWO no. aplec, Sl'c: wemnina;
lbs.. 3031c: weighing 3'J lb.. 2S927ci
uelghlnrr .1 lb and under, 2fd'24c: roast
ing chlc!.ri. Veitrn, dry-picked. In box.
weighing Vi WB lb, and evor aplec 2.1c,
weighing 4 lb, aplec". 32c: weighing 3'4 lb
bjiIci, 20CT28ci weighing 3 lb, aplec, 21
V23c: roasting chicken. 'Western, fancy.
1 1 rt-matfd. In bbl.. welshlnir 4 47 A lb and
or apiece. B0W32e: rnatlrg ehlrhen. Weit
rn. rears, and stnggs. In b.rr.l. weighing
tOT." lb. nd ever aplec 20l28c: reatlnt
pMekin. W"tern, weighing 34 lbs. nettci.
2'02ile: broiling chicken". Western, weigh
ing iiw; ir. ppi.r. ..-amc: ciiickcp".
V'nsl.rn, weighing SM tl il lb, apiece. 22"
JSc: roasting chicken, nearby -r-clghlng Aft
.-. ih. and evr anlece. S2r3e: reastlrz
chicken, nearby, w.lghlnr 3"j lbs. aplcc,
27028c: broiling chickens, nearby, weighing
IS V2 Ids. apiece, a.mraxc: cnichen". nearn".
melghlng 2'W:i lbs. aplec. 24T20c; old
rooster, dry-nicked, Western. 22c; de. de.
Southern. 2021c: spring turke. nearby,
fencj B2T3c: Western, fancy. r2ffr33e fwlr
in geed, tOBc' rt'ielj, fancv, SOWnSc "e.
fair te geed. 2S27c- rceje, fancy, 23023C'
de, fair te geed 2022c
TOTATOES White potatoes, per cr-t.. M
02 63: s'.ect potatoes, .le-sey, per S-bushel
basket Ne. 1. IIBUM; Ne. 2. 23003c.
LIVESTOCK QUOTATIONS
Chicago, Jan 23. CATTLE Receipt
13,000 head. Early sale tef steer meatlj
23e higher: spot up mers. Chlc heavy
steers. t! B'. bulk beef steers. 5768; she
stock and bulls, 1.1? te iSc higher: bs'
'eii"- boleros. S4 73: calves. Blockers And
feeder strong te higher.
HOj.'t U .elut. Ili.eOO head Meet!;
33c te 4(c higher then Saturday' aeraj.
some 100 te 223 pound he Bflc hlghr.
shipper b'i5 rg IILernl.y: mat hogs sold
out of firM hand but h'i packer doing
nothing. Tep. tS.03; practical top. t0: b'-lk
tH.H51rhW rtlut most:- r.Oc l.ishe.-. 'jjiI.
desirable areind 80, f-v $P 10.
.SIim:P r.ecelpt. 13.lli) head. General.-
atrenc te 36c higher, rat Iambs te dtr
butcher.. 113.00; i-cker t -artr. ',(l;u
strong weight learllngr. aTll.BO; ft "
lop early, t7.00l h'avr. $0.20
i-u.t n..rrie. n. v.. Jan. sa.'-cArrr.n
necelpt.. 27B0 lieiul. Hteady. nnipp n
leer. t7.2BOS.23i butcher. $i,25t8.J0i
vlSrlTngs T t9t 6: helfer. tSCt.BO: cow.
$2.23 Cfl!r0. bulls; $8.0005.28! ?lk;re nd
JwdSfi. tBOOl fresl. cow and ''"'"
$40 4ft 12.1, Calve. receipt. '3B0 neau.
Steady t t3U4.A ,,... ..... . . n0a
$10010.20! rough. $7f..2BI etats. ew
Lead. Lamb. 60e liUlier. Sprlnit lmb.
$H141 jearnnBS, ! nnnn.i St'Jiil
n"2B! eei, $207.00) mixed .lie p, $7.30
7.73,
CATTt.K- -Ileclpt
Hti-er. $7,73481
cows, $1.2303.23.
head. Hteady. Tep,
4.30....... ... . ...na rtwelntn.
hiii.i.i v.t .,..... -
10,0001
I'ltlabiirgli, Jan. 23
20DO bead. Ixjwer,
heifer. $HSBtZ7.86i
n.ue. receipt. 000
$1lie(is necelpts, 6000 head. Higher.
HeaMes, $ur0.25: htnvy yerkera, 1 tlit, fork-
er"BI?fll?"A-li'L -necelpts. 2200
heil, Hlghsr. Tep ahe.p, $8.B0; top lambs,
10.7C.
Ilaat fit. I.enl. III.. Jan. 23 CATTLR-
r.eteipt, r.oeo Jid. Ef 4r ytarHntJi
and fat ai IO"H strong te ilia hlihsri bul!if'
bef ter. ttll?7l enl rnhe. bull and
etecter steady) eal calve. SlO.r.Oltll,
IJOOH rtccclplsi 18,000 brad, Active, Eftel
te BOe higher. Tep. $0.2B or 170-rmuml
averages. $0.10 for 210-pound kind: Hull.
110 le ISO pound weights. $f, XX'S-sJUi"."
IPO te 2B0 pound averages, t8.73O0.10i
packer seiva anil jdg, SBe te 50e up) sew.
IO.20Bn.78: Pigs, 7.B0O0,23.
HIIUEP Il!elpts. 1B.0OO head. Active.
Fat lambs and yearlings, 23e te 4(e lilgherj
iliep. 23e te Bda higher: limb; top. $I.TfJ5
for choice SO-pound local fed .Westerns! few
b.avr native brought 112.70. end light
weight evrsa. $
The National City Company
Announces the removal
of its office te the
GROUND FLOORMerris Building
1417 Chestnut Street
increased facilities and mere
ranvenient location of the new
quarters, added te connections
with, the leading financial cen
ters of the United States and Canada
through a system of about 10,000 miles
of private wires, offer an exceptional in
vestment service te Banks, Bankers, Cor-'
poratiens, and Individuals.
Yeu arc cordially invited te'
inspeS these new quarters
TELEPHONES
BELL LOCUST 5400
KEYSTONE RACE 5211
A'cw Issue
$10,000,000
Pacific Gas and Electric Company
First and Refunding Mortgage Geld Bends
Twenty-Year 6c Series "B"
Nen-Callable
Dated December 1, 1921 Uuc Dcccmbcr u 9Al
ficemTnv Iranci'te nhuut deduction of the Nermal Federal
iiitemc ia. up te Je. Coupon Bends m denominations of S.OO nnrt si nun ejei, rri.e..i,i n. . ..:.,,.:-..,i i,.
changeable with fully registered Bends in denominations et S1.00O, $5,000 and 5--;"Ore cjicii "'
i tc
THE NATIONAL CITY BANK OF NEW YORK. )
MERCANTILE TRUST COMPANY, SAN FRANCISCO Trule"
Isuance authorized by the Railroad Commission of the State of California
AH First and Refunding Mortgage Geld Bends heretofore issued are legal investments for
Savings Banks in California, and application has been made te the Superintendent
of Banks te se certify these additional Bends
GE0.A.HUHN & SONS
fiTOCKH AMI nO.Mts
Member of jbe I'lilladelphU, ..n
erk iind Chliuge Nterk ICichanie.
Xew lerk Cotten ieliane
Ccmmlstlen Orders Executed In
All the Principal Markets
Liberty Bends Beurjlit ,-inu Sela
lltllMU. Court Hide,. 141M Wulnut HI.
N. V i UreiJuar
-Pm 5,nanC11 nd""ns have made it advantageous te the Company te retire $10,000,000 secured
i.Thnl JSZfl thc-,SSUfiancf ?f a Hhc f'l ara0Unt of bends bearing 6 interest, thereby effecting a
f S?0 SS WrS? iVl v Vn,tCreSt Ch,argUS' Accordingly. the proceeds of the present issued
$10,000 000 First and Refunding Mortgage 6 Bends will be used towards the retirement by call at
i?r nnnJnVr 3n ,mg 00t0' Fie-Year 7 Collateral Trust Geld Notes, which are secured by
$16,000,000 General and Refunding Mortgage 5 Bends.
The First and Refunding Mortgage, in the opinion of counsel, is a direct first mortgage en the entire
property of the Mt. Shasta Power Corporation, which owns one of the most important h?dre"electric
prejee s en the Pacific Coast. It is also a direct mortgage en the entire property of the Pacific Gas
and Electric Company subject te the prier liens of underlying mortgages. The $16 000 000 General
and Refunding Mortgage 5 Bends released by the retirement of the $10 000 JSe Five-Yea? 7V 5
idtdTttnTalUsSecShdyNOtCS dCPSUcd TrUSt"S f the Fi and 8.XB.
The Pacific Gas and Electric Company is recognized as one of the largest public service corporations
in the United States. Its properties extend into thirty-sis counties in California and serve an Mtimated
population of 1,850.000, including the cities of San Francisce. Oakland and Sacramento cst,mated
Net earnings in each of the past five years have been mere than double all interest charges Fer the
year ended November 30, 1921. gross earnings were ever $37,500,000 and net earnings i exceed 2 2 timet
the annual interest charges en all bends outstanding with public, after giving effect te thYs financing
We recommend these Bend, for investment and will accept Pacific Gas & Electric Company 7
Collateral Geld Nete,, due May 1, 1925, at 101 and interest in payment for the above Bend..
Price 991-. and accrued interest, yielding about 6.05f 0
Bends arc offered, at.bject te prier sale and change in price u. a, and hen ..sued and recced by us, subjeet te the
appreal of our counsel. J tlle
Circular giciny details of this issue will be sent vpeu request.
E. H: Rollins & Sens The National City Company
Mercantile Trust Company
I I sbn , irf i
rtct-d as i 'a'.
San Francisce
il .a ilsi veO frum efllcls' ,0J-r,, nr these ntlLh
NN 60 nu: sua-ante, lut be '. It te be ceu set
(4
? tv pVn,
t-N
ltfscr.
' 'Xu&iliSi-'i-Slj'i .jj.ii- .