iwm&mmHrMA.rmm&t-
IfeORGANlZATiONj
of JV?
".' :'. ." Vrrtft. "
, i-'
1
' ""J&HJSTRIALSB
LAlt
It
bit
mr
Arm rMsl ............ .vl
r j
Amer Leather ...... .871
Aetna racking "
American Wrltlns Facer 4
Ilradley Firecroef 78
Lew
SO
jk
7
10
24
nrlt Amer .fob coup
coup ijj?
- $6,567,600
Chesapeake & Ohie Railway Company
- Equipment 6 Geld Notes
Scries 13 and Series 13 A
' Dated January 16, 1920 due $431,000 Series 13, $74,200 Series 1.3 A each. January IB, 1923 te 1935
Series 13 Series 13 A Total
' . Authorized and. issued . . . $9,697,500 $1,669,500 $11,367,000
Matured and retired 1 ,293,000 222,600 1 ,5 1 5;600
Held by Director General of Railroads and te be "
i. stamped as subordinate te remaining Notes. . . 2,801,500 482,300 3,283,800
Unstamped balance new offered $5,603,000 $964,600 $6,567,600
Interest payable January IS and July IS. Principal arid Interest payable In New Yerk City. Coupon
notes in denominations of $1,000 registcrablc as te principal only. Redeemable as whole,
but net in part en any interest date "en 60 days' notice at 103 and accrued interest jii
Guaranty Trust Company of New Yerk, Trustee.
These. Notes arc. issued under Equipment Trust Agreements between the Director General
of Railroads, Chesapeake & Ohie Railway Company and the Trustee. Through supple
mental agreements, 33 1-3 of the Notes of each maturity, held by the Director General,
arc te be stamped as subordinate in lien te the Notes new offered. Upen this subordina
tion the Unstamped Notes arc te be outstanding te the extent of but 58 of the original cost
of the equipment en which they arc secured.
The two series of unstamped Notes are secured, respectively, by a prier lien en the follow
ing standard railroad equipment:
' Series 13
20 Light .Mallet Locomotives
5 Heavy Mountain Locomotives
l5Light Mallet Locomotives
1000 50-ten Single Sheathed Bex Cars
2000 55-ten Hepper Bettem Steel Ceal Cars
Series 13 A '
'.Maturity .
'.January, 15, 1923
. . . " ie iaeA
15. 1925
15. 1926
45. 1927
15. 1928
15. 1929
it
it-
it.
10 Light Switching, Locomotives-. .
PRICES
Appre. ' . Appre:
Yield Maturity Price Yield
5.50 January 15, 1930 101.59 5.75
5-60 15,1931 101.74 5.75
" 15,1932 101.88 5.75
2 75 " 15, 1933 102.02 5.75
575 " 15,1934 102.15 5.75
5.75 " 15,1935 102.27 5.75
. Price
100.47
100.75
100.95
101.06
101.07
101.25
101.42
Accrued interest te be added in each case
These Notes are offered for sale when, as and if received by us and. when prier lien hate been established as
S tanned. It is expected that Trust Receipts, exchangeable for definitjvc Notes when received by us, will be
elivered upon payment en or about February 10, 1922.
Guaranty Company of New Yerk
The Union Trust Company of Pittsburgh Petter & Company
We de net guarantee the statements and figures contained herein, but they are taken from sources which we
we believe reliable.
The Pennsylvania Railroad
Equipment Trust 6 Geld Certificates
Issued under the Philadelphia Plan
Due January 15, 1924
We own and offer the above Equip
ment Trust Certificates, subject te
prier sale or change in price, at
100 and interest, te yield 5.53
The National City Company
National City Bank Building, New Yerk
Philadelphia 1417 Chestnut Street
Telephone 5400 Locust
Ofjieia in mere than SO Cities it the United Statu and Canada
I I IM I
BROWN BROTHERS & CO.
NewTerti
Eitabliehed Ittt
rOCBTlI & CIIE8TNET BTBKET8
Hosten
MEMBERS OF STOCK EXCHANGES
PHILADELPHIA, NEW YORK and BOSTON
Order Carefully Executed
A Century of Service
BROWN, SHIPLEY & COMPANY
Vsaaa'tra Cwirt. Lettiuury
Mwuuni x v.
nfllrr for Traveler
113 fall Mall, LONDON, 8. W.
150,000
Pennsylvania R. R.
Equip. 6s
Dm Jan. IS, 1828-34
frit., te Yi.ld 5.75
Circular en Kequett
Tewruend Whelen & Ce.
i.K .B08 ChMlnut St.
irr r. y, 4 rMa sietk Exchange
We Want Offerings
Commercial Trust Ce. Stock
Philada. Nat. Bank Stock
BARNES & LOFLAND
147 8. 4TII HT I'lULA., TA.
Tel. Lembard till
fmrnmrnammmmmmmmmam
STUDEBAKER
MIDDLE STATES
KENNECOTT
TOB. PROD.
SINCLAIR
PENN. R. R.
A. I. C.
The Currant letue or our
FINANCIAL INDICATOR
contain! an interetting die die
euetien of the market potenti petenti
ative of thete and ether lilted
aecuritie.
Bend for "L-ti"
CULVER & COMPANY
STOCKS AND HONDS
Members
Philadelphia Stock Exchange
Consolidated Stock Exchange
e New Yerk
CulTrr llulldlnir, iset Walnut HI..
NI1L.IDUM'IIIA
Hleubrnvlll. O. Ituca 70011
THERE IS
only one sure way te
make certain of security
for the years te come.
Save regularly and have
the satisfaction and free
dom from anxiety which
comes from having
money in the Bank and
from being out of the
"hand - te - mouth" class.
Start with a small
amount and plant the
seed of a larger harvest
by opening a Savings Ac
count with
NORTHERN
TRUST COMPANY
Fer your convenience
we keep open Mondays
until 7 o'clock, and you
may withdraw up te
$100 WITHOUT NOTICE
unicarn niddis
Pl.v.lamt Aitfn
n w ariirtu .
ntiraht at Indiana ...... 11
Durnnt Moter 24
Geerge. Clethe D ....... 10
cilen Aldan Ceal .........
Goodyear Tire 1U
fleldwrn Pleturea ....... BVs
leyden Chem ... 1 .,
IIu7lten Ce pref .,..... OH
Imperial Tobacco ....... 11 .
Inland (Iteel M'A
Cpmb Enr 23 Vt
Inter Comb Envr ........ V8H
Inter Ilubtwr JH
I.lbby.McNclll rH
Ltncelyn Metera A .3Ji
ior-emnblle ' ."'J
McAndrewi & Ferbei ....lOJ
Mercer Metera "
Natlanrfl Leather un eta.. .
N J Zinc 18?,.
Tareena Aute 1
rni d Merria .
Ilartle Cem
nadie Cem pref
Itanaer Itubber ......
II J neynetd new D
heuth Cnar A Irne...
Teb Pre'.i Sxp
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U S Hhlp Cerp
U S Hteam
lTnliAri ltrn Hharlnr.
United net Cnnuy e
Union Carblde 4
Wayne Ceal ,. .In
Weit l!n.l Chem 7R
Wm Davlei 20
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Ohie Oil 27.1
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All'ed Oil S
Ark Nat Ons left
lloene Oil 23
eimn Wyumlnff V-'
Carlb Syn 3
Cltlea Horv. old 170
Cities feerv "H" ctfa .... 10 VI
Columbia Hyndlcate li
Continental ret 10
Crenl Myml "
Cunhlng; Pete B
1'enny Oil 0
IMmend Oil 94
Ilnxli eera' Petrel 00
Federal Oil 14
Feneland 10H
Cranada ,.u 2,
uillliami Oil &
H'rnreck Oil IH
HudJen OI 13
lini.e' al Oil ii si
Int Petrel 14
Kiruy l'ct lav.
Uvlncatnn Pet 1
I.ena lVt' 84
Marhcalbe Oil 2JJ4
Murine OU a ft
Merrltt Oil OVi
.Mcrldna Pet 10
Mrxlcin Kftcle IAi
M.-dce Oil IH
-Mex Pan 2 .
Mountain Products lift
.i.utual oil .,.... (I
National Oil !!
Keblo . - II
Omar Oil ,.. M
lennerk en r,
l'rcmrer Uc( 4
lied llanK 32
.nlt Creek Pred 14-
S.ipulpa Itef 3
Klinms ...- 10 U
HMly Oil fl
Southern Pet A lief 3Vi
Mouthern .Stated -all
Texon 03
Ti-ck HuRhea 28
Un TexRa GU 8
White Kaila 2.1'i
Wilcox Oil 2H
Y Oil 33
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-!- $3,894,000 CAPITAL i 5 en nnnnr
11 $2,250,000.00 II
MININO
Alnnka-D"1 Columbia 2i 21 21
Alvardq. M (IH lift IV
IIlK Leuxe 28 27 27
Ileit b. Ment (1(1 04 C3
Canada-Cep-. i 28 27 28
Cupper Canyon .'.... 08 03 88
Lena Cep .M IK l'i I'.i
Cortex Silver 80 60 88
Creaaen Geld .1 2?, 3
Divide Kxt 10 10 10
Eureka Creeima 27 20 27
Geld Kewanaa 4 4 4
Ueld Zene 11 11 11
Lard Shell 31 22 27
Marmtll Divide 12 12 12
Hccla MlnlnK 41 41 41
Howe Hound 2)1 24 2
Iren Irioimem 20 20 20
Jereme Verde Dlv 3i a, 3
Jumbo Intension 3 3 3
La Reen Mlnlntr 30 30 30
Lene Star 2 2 2
Mairma Copper 30 2u!t 20
Mether Lede clt 81 M
National Tin 52 no no
Nt'vadn Ophlr 37 38 3D
New Cernelia 18H 18W 18 i
Nlplialmc UH 1U US
lluy Hercule 1 3 4
be Amer P & Q Ci n C'i
lonepah llelnent 1 V4 li'r lVi
Tonopah Divide 70 rts OS
Tuelumna 03 03 U.I
Unlted Unatern 2Vi -V. -'
'N tat End Cen 77 77 77
, White Capa 4 4 4
xukoe ueia m m in
BONDS
Allied Packer 0a ......
1 All'ed Pucker On ctfa
Al.leil Packer 8
Aluminum 7a of '25 .,
Aluminum 7a of '33 .,
Amur l.lalit La
Amer Tel (Is of '22 .,
Amer Tel Oa of '24 .,
Anaconda Ga
Anaconda 7s of '20
Ancle-Ainr 7H
ill Ts, ,
Allneu
Ilurnsdull 8a
lleacr lleard H
lleth Steei 7s of '33 ...
Can Nat Pwya 7a
Can Pac Ss
Cel Graph 8i
Cep Kxp 8a of '23 ....
Cen I'.XD 8s of '24 ...
Cep Kxr 8a of '2S . . .
Ci I a Uas 8s
Cu'jun Tel 7 Vis
(loedrli'h Tire 7i
tlult Oil 7s
llied nub 7s
InterlKire 8s of "22 ...
Kennocett 7s
I.arlede Oa, 7s
I.lbby McNeill 7a
Manitoba 7 . . .
Nat Acire 7a
Nat Cleak 8
N Y N II & II 4s
Pnlla Eluc Gs
I'lilla Ce 8s. 1044
Phillips Pet 7Mie. 1031.
Pub Hervlca N J 7s...
Procter & Qamble 7s, '22
ikar,-lleebuck 7s, 11122.
Srars-Ileebuck 7s, 1023.
Hhawbheen 7a
Holvay 6s
Southwest Hell 7s
Stand Oil N Y 7s, 10211.
Stand Oil Ml Y 7a, lnae.
Stand Oil N Y 7s. 1031.
Stand Oil N Y 0Va ....
Sun Oil 7s
Swift 7s, 1023
Swift 7a. 1031
Texan Ce 7a
Teledo Kdlsen 7a
Tidal Outg 7a
Vacuum 7s
Warner Su jar 7a
Western Elee 7s
Wilsen 7Wa ....I!....
Argentine 7a
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LIVE8T0CK QUOTATIONS
Chicago, Jan. 24,
CATTLE neeelpts.
I 11,000 head. Few early tales drs'rable beef
steera steady: ethers slew, weak te l.v
, lower; Beed heavy steers. 18 73. hulk beef
'steers. $707.85: she stock and bulls tendy;
cahes. 23c te 50c higher; ateckers and feed.
ers slew, weak.
HOOS Hecelpts, 37.000 head. Slew.
mostly 10c te 13c higher than yesterday's
neraice. some early 23c higher; top, 10.30.
I one lead, 100 te 170 pound uveraae; virtual
i uiniici mui usaiuiuiVi U.illJ li .e,
We offer a Selected Hit of
Municipal, Railroad and
Corporation Bendt
We are prepared te purchate
eeund itiuet of Corporation
Sonde which have an
ettabliehed record of
earning
STROUD & CO.
MIe Walnut St.. PhiUdalphU
43 Exchange Place, New YerJ
HIIRl?P- llr(nt it ntn i...
yearllnita, 2Be hlsher; ether cliei atfj.ii
Lawrence E. Brnwn & r
CERTIFIED PUBLIC ACCOUNTANTS
, 1030 UKAL K8TATK TIltlHT ni no
Investlsat. and adjust corpora! en anrt
TVx,nn.!irDn.,:W0U,,,, nd ""i fteciS.
ptlm'ui lunf-'ivy
A.D. CONVERSE & CO.
Commercial Trust BIdir.. Phlla.
.. ... nnltlm.na
iiii...U-.11TTgX:
LlBht
Irt .Irnnv Ife l.n.i . ui ' .;ijf
113.85; packers. $18.73: choice lliht ytr'.
lings. $12.75; choice 123 pound ewes $7,30.
I Kast St. Leuis. Ill,, Jan. 24. CATTLE
receipts. 4000 head. Oeneially steady; spots
stronger en steers and beef cows, geed light
mixed y".rllns. 8; ie.1 cites. 25c te BOe
higher: bulk. $11011.30.
HRs.r" jl'e?IPts. O00O head Active,
mostly SOe higher; top $0.73 p.i'd for 170
Vnurul shipping averages; lrtual hutcher ten
0,110; bulk. $110 te 180 Vn.l aVerages'
$0,il00.75i bulk. 100 te 231) pound welKM.'
$0.2500.110; bulk heavies. $0 W 11.J5 ; packer
sews strong te 23c up. $il.30f7. pigs. "3c te
30c higher; $7.7500.73. quality geed.
SHEEP Hecelpts, 2500 head Active
Jnibs. top. K13.H0: bulk best "," L, $18 ?26
13.110 niedlums. tlSCf 12 30- cilia aiVl rnn.
I men. $0O11.5(l"Vkn, 1L7J f'iV geed
heavy jcarl'ng.. we. scarce, selling SP
' Pittsburgh. Pa.. Jan. 24. HCK'.s lie.
StrtilKV0''"- !'" yerker. and
SIIKKP AND L
SECURITY SALESMAN
me7,r cmVa'Tf ;"e2dfS.-J.-UKT.
perlenced men of high reDiite an,i JJ.V
ability te furnish th Tbe.tef' r.?edr.wiLh
Ooed commls.len. Abaelutslv no bem" s?ecU"
c,o..pr3eona.,Srod"fe00,1 pur Y
Tep, $13.30.
lAMIlS Hecelpts, 800 head.
Steady.
m.. i." .; i ""c'T'1'c"pi. BO" head
H,J."i,?rV.i?nOPi'.iS;P'.8's0.' J'Uibs. $13.73
ou neau
Knst Huffnle, ?', Y,. Jsn 24 rATri ie
Hecelpts. 100 head. Stead;, Calves rV
culpts. 125 h.ad. Steady. $36l4.' T
HOOS Hecele'.s. 2800 heaili "!ia til.h..
moVe SSJ'hAV vm,l,r' ? 11 erk.'..
f J.?l0'Jft: J,h.,-er,",r" anil Pigs. $10.2Mr
1Vii"n,?ifti , a.ae 34.30:
ntlUr.i1 A.ND IAMMN -llct)nt fifth hrti
Lambs. 25c up. Berlnc llmb,.P l'C 14 2J?1
The Cleveland, Southwestern and
Columbus Railway Company
Te the Helders of Bends
and Stocks as follews:
The Cleveland and Elyria Electric Railroad Company 6 bends,
extended te February 1, 1923.
The Elyria and Oberlin Electric Railway Company 6 bends,
extended te August 1. 1922.
The Cleveland, Berea, Elyria and Oberlin Railway Company 5
bends, extended te February 1, 1923.
The Cleveland, Elyria and Western Railway Company S bends,
matured August 1, 1920, extended at 7 te February 1, 1923.
The Elyria, Grafton and Southern Railway Company 5 bends,
matured January 1, 1922.
The Cleveland and Southwestern Traction Company 5 bends,
maturing February 1, 1923.
The Ohie Central Traction Company 5 bends, matured June 1,
1919, extended at 7 te February 1, 1923.
The Ohie Central Traction Company 5 bends, maturing March
1, 1923.
The Norwalk Gas and Electric Company 6 bends, extended te
February 1, 1923.
The Cleveland, Southwestern and Columbus Railway Company 5
bends, maturing April 1, 1927.
The preferred and common stock of The Cleveland, Southwestern
and Columbus Railway Company.
On January 20, 1922, the Judge of the United States District Court, Northern District of
Ohie, Eastern Division, in a suit brought by a creditor against The Cleveland, Southwestern
and Columbus Railway Company, appointed F. H. Wilsen Receiver of the property of the Rail
way Company.
The undersigned have been requested by the holders of mere than a majority in amount of
the $3,628,000 par amount of the Railway Company's first consolidated mortgage geld bends,
maturing April 1, 1927, te undertakej as Reorganization Managers, the formation and accom
plishment of a plan of reorganization which will give due and proper regard te the established
liens against the consolidated property of the Railway Company, and also te the interest of
the stockholders, and have consented te act as such Reorganization Managers.
The holders of the consolidated bends of the Railway Company in the Spring of 1921,
realizing the unfavorable financial condition of the Railway Company, became interested in
its management, and the Railway Company, upon recommendation of such bondholders, secured
the services of F. H. Wilsen, an experluncjed and highly trained railroad man, under whose
direction as President important cconemipg -.and betterments were made during the balance of
1921 in the operation of the Company's property. The extreme less in gross operating reve
nues, due te the unfavorable economic -and industrial conditions, se decreased the net revenues
that the Company has been unable te provide funds for the payment of bend interest maturing
January 1 nnd February 1, 1922, and taxes, and the receivership was necessary in order te
preserve the integrity of the railroad as an operating unit. Although needed as a strict
measure of preservation of the property of the railroad, it is believed that the receivership
will offer an opportunity for a reorganization advantageous te all security holders.
Based en careful studies which have been made for some time of the railroad properties,
its earnings and future opportunities, a plan of reorganization is new fn course et prepara
tion which it is hoped can be submitted te the security holders within the next thirty days.
Upen submission of such plan, all security holders will be given the opportunity of depositing
their securities with trust company depositaries in Cleveland and in several ether financial
centers. Ne deposits of securities will be asked except upon final formation of the plan.
The terms under which the undersigned have undertaken the reorganization stipulate that
no reorganization cash charge or expense of any kind is te be charged against any depositing
bondholder of an issue made prier te The Cleveland, Southwestern and Columbus Railway
Company consolidated bends.
Upen formation of the reorganization plan due notice thereof will be given by mail te
all known bondholders and by publication.
Hayden, Miller and Company
Reorganization Managers
Cleveland, Ohie, January 23rd, 1922.
VspTcstntatire
Public Utility Companies
jet which bend or note tunes hart
been underwritten by
Halsey, Stuart & Ce.
either alone or jointly with tuieciata
'A
t
2
)
4
3
6
7
8
9
10
11
12
11
1'4
13
16
AflMfV't Liirfa Ar TnhIa. - - -
American Public Serricm Ceauwnr
A - - V7 i. .
Ashlsad Ugbt,Pew flCStrccC SUHwet Company
Central Illinois Pubfe Serrks Coeipnf
Cencrsl Power Company
Chicago, North Shere BC Mitsmukrc Railroad
Commonwealth Bdisen Company
Detroit Ory Gas Company
ll.Sc Leuis &t Interurban Company
Empire District Electric Company
FortDedee.Dcs Moines ct Soetham rUOread
Housten Lighting ft Power Company
Illinois NerCbcrn UriUrie Gmmn
Tiimi.i.m4 Af W ... I .1 I w PII A. ff Il
17 Kansas City Power ft Light Company
IS Kterucky utilities Company
19 Ladecie Gas Light Company
20 Metropolitan Edisen Company
21 Middle States Watar Works Company
22 Middle West Unities Company
23 Mebue Gas Company
24 New Jersey Power ft light Company
23 Northwestern BUraeed Railroad
26 Pacific Gas ft Electric Company
27 Pennsylvania Power ft Light I".-.. -r
28 Portland Riulwar, Light ft Power Cempaay
29 PubGc Serrica Comeanv of NtHrn ni;J.
San Antoeio Public Serrica Company
San Joaquin Light ft Power CorperaaVm
Seattle Lighting Company
34 Seuth Side Elevated Railroad Coaepany
33 Seathwestzrn Bell Telephone Company
36 Southwestern Power ft Light Company
37 St. Paul Gas Light Company '
38 The Ohie Public Service Company
39 The Springfield Railway Company
40 ThB Tri-City Railway ft Light Company
Vermont Hrdre-Elecmc Corporation
Western United Gat ft Electric Company
West Peen Power Company
Wisconsin Power, Light ft Heat Company
XT?.... ...:.. D..1.I.. c : r
47 Wisconsin Railway, Light ft Power Cempanr
- wr m,.aiin stiver rower iempany
30
31
11
rA
I dwtmit -t '"TssssP
I Xt&J3- r- I . HilU r daV
- ft' ' ' ' ' .saw
1........L S 1N. gf
.JETi i V igT.'
42
43
43
'46
1 rn '
TESTS 1
1 tf a Scan
pSdicWfity I
HALSEV. STUART CO.
Pl8TOdrMTcnuairrentIiadPubucUrilit7 '
donesajjdpainphlet,,-TenTeMeiPub-
IwUtflityBerid" PA.43. :
&Came
Street
Cits
A Natien-Wide
List of
Public Utility Bends
THE above map shows hew extav
sively Halsey, Stuart 63 Ce. have
been identified with the underwriting
and distributing of bends of important,
well-managed, public utility companies
throughout the country.
In times of prosperity or depressions
there is always a deprndable market for
transportation, gas, light, power and
water essential services which public
utilities sell both te cities and rural
communities, usually without compe
tition and en practically a cash basis.
Earnings are safeguarded by the very
necessity of the service rendered.
We shall be glad te send you descrip
tions of the available bends of any of the
companies listed in the column at the
left, or ether public utility bend offer effer
ingswith our pamphlet, "Ten Tests
of a Public Utility Bend."
INCORPORATED
HALSEY, STUART & CO.
Land Title Building, Philadelphia. Telephone Locust 4820
CHICAGO NDWYOBJC . PmiAnnnui a . e-
. .. MUJiu . UUTROrr . MILWAUKEn 5T. LOUIS MINNEAPOLIS'
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