jl''ll1'
EVENING PtTBLld JLED&ER-PgAPELPHtA, jWEDNESbAY, JANUARY 2
x-liVKfe . i.v-r..lxKg . -
New Yerk Curb
JZ.
WOlTA'AA'r 'r"V '. 'r.
5, 1922 S1 ,., V
- - I issssrMMMssTB"TMasssssTlsssssssiTtr",W'M,l,IMIIIWIIM,M HH
fi f i-"tf --
llggj
INDCSTHIAIJ
High
i
00i,
MrHtmJ n!tK
&rb&
1! ' , ,1
t$.r
1.1
!S.
'.) .i. ...
Dated Januty 16, 1920
$5,946,200
Southern Railway Company
Equipment 6 Geld Notes
H't'
Series 67 v
Due $467,400 each January 15, 1923 te 1935'
Authorized and issued
Matured and retired
f'M.i-Hcld by Director GctK 1 of Railroads and te be stamped as subordinate te
remaining Notes
$10,293,000
1,372,400
2,974,400
$5,946,200
Interest payable January IS and July IS. Principal and intercut payable in New Yerk City. Coupon
Nptej' in .denomination of $1,000, registerable as te principal only. Redeemable as a whole, but net
.in part, en any interest date en 60 days' notice at 103 and accrued interest. .
Unstamped balance new offered
Guaranty Trui Company of NciV Yerlc, Trustee.
Ml-
,; .'Tc.'.etis.atc issued under an Equipment Trust Agreement between the Director
General of Railroads, Southern Railway Company and the Trustee. Through a supplc-
' ' mental agreement, 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 suberdi-
yuat'ien, the unstamped Notes arc te be outstanding te the extent of but 58 of the orig
inal cost of the equipment en which they arc secured.
The unstamped' Notes are secured by a prier lien en the following standard tailread
". equipment:
? ,1:5. 'Light Mikade Locomotives 50 Light Santa Fe Locomotives
17- Light Mountain Locomotives 14 Heavy Switching Locomotives
- -' " " 2000 50-teri Coriipesite Gondela Cars
W.I..'J2L. '
f.iir'r'
PRICES
Maturity
January 15, 1923
"" 15,1924
" - 15, 1925
" 15,1926
" 15, 1927
" 15, 1928
" 15, 1929
Apprez.
.Price Yield
100.47 5.50
100.75 5.60
100.95 5.65
101.06 5.70
101.07 5.75
101.25 5.75
101.42 5.75
Apprex
Maturity Price Yield
January 15, 1930 101.59 5.75
41 15,1931 101.74 5.75
" 15,1932' 101.88 5.75
" 15,1933 102.02 5.75
" 15,1934 102.15 5.75
" 15,1935 102.27 5.75
Accrued interest te be added in each case
These N'etes arc offered for sale when, as and If received by us and wlien prier lien ha3bcen established aa planned. Trust r.cccipia,
exchangeable) for definitive Notce when received by ua, will be delivered upon payment en data te be announced later..
i t "
.MJ
fvxJ.Wi
Guaranty Company of New Yerk
The Union Trust Company of Pittsburgh Petter & Company
We de net piarantce the statements and flsures contained herein, but they are taken from ceurcca which we believe te be reliable.
'.' 'rr tr ' f'v Nw,-
$
r-i-r
14.:. ' s
JAi-
"Vt l 4
t
t
$1,930,000
Wisconsin-Minnesota Light and Power Ce.
.'.,".' jGeneral and Refunding Mortgage 7 Geld Bends Series "A"
NON-CALLABLE FOR TEN YEARS
Tax Refund in Pennsylvania, Massachusetts and Connecticut
V Issuance authorized by the Railroad Commiisien of Wisconsin
..Denominations $1,000, $500, $100 'Due January 1, 1947
H' Price 99 and interest, yielding about 7.10
.-- .?:' if.--
. (v ,:)! ' i-j ti- Interest payable January 1 and July 1, without deduction for the Nermal Federal Income
Tax net in 'excess of 27e. Redeemable On and after January 1, 1932, at 110 during that
'' '''; ,.' ' year and at 1 less per calendar year durinjr each year te and including 1937 and at
" v ' 104J4 en January 1, 1938, and ltce less per calendar year during each year thereafter.
and en July 1, 19-KJ, at. 100, plus accrued interest in each case.
The Wisconsin-Minnesota Light and Power Company owns and operates, without competition, a
system of electric light and power properties, serving 49 communities located in Western Wisconsin
and Eastern Minnesota, including the Cities'ef La Cresse, Eau Claire and Chippewa Falls, Wisconsin,
and Red Wing, Minnesota. It also operates the gas plants in these cities and Winona, Minnesota. The
population served is estimated at 185,000.
In addition, the Company furnishes a large amount of electricity te the Northern States Power Com
pany for distribution in the Cities of Minneapolis and St. Paul and surrounding territory, the pepula
" tieh served directly and indirectly being estimated at mere than 800,000.
large and intangible values represented by un
developed water powers and flowage rights.
The Company's electrical output is produced by
modern plants having a total capacity in excess
of 70,000 h. p., approximately 92 of which is
generated by hydro-electric plants. The Wissota
Dam en the Chippewa River, the site of the prin
cipal power, plant, is the third largest dam in the
United States.
Since the inception of the Company in 1914 the
grets and net earnings have increased from
$771,925 and $379,046 respectively te $2,908,
196 and $1,254,167 for the calendar year 1921,
as compared with annual interest requirements en
the total mortgage indebtedness, including this
issue, of $728,140.
These bends will be secured, in the opinion of
counsel, by a direct mortgage lien en all of the
property of the Company new owned or hereafter
acquired subject te prier liens which may net be
increasnd with the public. The Company cove
nants' that as and when it shall become entitled
te the issuance of additional underlying bends,
such bends shall be issued and pledged under
the General and Refunding Mortgage, the Gen
eral and Refunding Bends thus sharing ratably in
the lien of the underlying bends se pledged.
On ,the basis of the actual cash investment in the
property by the present owners the equity ever
and above all bends outstanding with the public,
'including the present issue, amounts te approxi
mately $8,000,000. This figure does net include
Wc recommend these bends for investment
Halsey, Stuart & Ce., inc.
v. i v; ; . . f:i t..:ij:
(V mv. - ' Lana imcuuuuuiy;
Paine, Webber & Company
B38i h fifl
Philadelphia
1422 S. Penn Square,
Philadelphia
m & m;iit n w
'' ' '" ' " ' n.h. ..bow itttmnU r ofnelal.' or are band en Information which we reard ai rllubU. nj whll. w
!JrAvtV "-.' Jrtfctf"net tirt lbtn. they ara th data upon whicU w uave acted In the purehaee ei thla 4cur.tr.
I r "i ,
L 3 i?ngiHi fij,xr-
T
e!tiij Ceat, J 5
Acmn I'aeKlns ........... ff
.mr ..miner t, nrt
Itradlry KlreDfoef ........ 77
Car t.fslit ."
eimieia no prer ivi
Cleveland ute . . ni
ceiumMa umeraia ...... ,,
Comb ft En '-',
CftntI Moter' ............ 'i
Burent Motem of Ind.,.. )nH
uratit Meters Sf.,
Keari ti t'i
Sariiner niuiore ........ "
oercea Clethee IJ 1?.,
Olen Alden Ceal ini
liuaaen te rrr ........
Mer unrnii & jitiB ij,,
ntrr Itlltihr '.
Llbby. McNeill ;
I.lnreln Moter A V.i
Mercer. Meters SJ'.t
. . . v;
... any.
i1 U AilIlR .........
North Airier rvr
I'eerleea Moter . . .
pnrrctien nre new
Philip Merris ... .
Radie Cem
Kaniter Itubber tH
I J Hevvielda ne- D 3S
Rewthem Ceal k Iren.... ''
HiTeete te e,,
0 8 Llaht A Hat Jtt
United net Candy ?.
Wayne Ceal ' i
Lew
4
or,
J00
2t4
oil
2
l!l4
in
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7
tlnfi
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39
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STANDAnD OIKS
Anle-Amr Oil 17ft
Atlantle Iobea SH
ll,i-'v 1 T. 02
impsrlal Oil Canada 10ni,4 10'i
Ohe oil -71 . -m
11 K
A''
Vi
oil
R Oil of Ind
8 Oil of N T
seu
303
303
HSDErnKDKNT OIIl
Allied Oil J.,
Atlantle Tet t
ArlianeKR Nat Qas 10 u
HAMtia ml
Danton Wyemlnic 7J
Carlh nm ,2'
Cities Bervlce (old) 1JH
Cltlelee Uervlce 1) ctfs ... 18Te
Cltlea Bervlce nref 0W
Columbia Hyndlcata
continental iiei i";j
Creele fni 't
Denny Oil ..
Duquesne !
Kumenaa uii "'
Kntln.crn l'rtrel 00
ailllland Oil ;'
FVMernk UII i'
Teneland lOti
Olenreck OH i
lludeen UII
Imperlel Oil Del
Int Tctrel
Klrby Tet
14
10 ,
1M
ieJ
ii
ii
80
!
L.anrA Creek ,
Ltvlnrsteu Pet . . . .
Lyens Fet ,
Maenra Oil
Maraealbe Oil Yt
Merrill Oil 10(4
Menaan ret 10 .
Mexico en IK
Mountain Products 11H
.IVlilO ......... AI .
Ne Ce Oil 2H
Ne Am OH 1!i
Northwest Oil 20
Omar Oil 82
Fonnel( OH 0i
Premier rtep 4:f
lied Ifcuik ?lt
Halt Creek Pred 13T4
Pxpulpa Itef U
Skelly Oil r
eimms Pet 10H
Houth Pet & lief 3H
Texon C3
Wilcox Oil 2?i
Woodburn 70
Y Oil 34
MININO
Alaska Dr Celum 2'i
Die IaAkh 27
Dest & Ment )!
Canada Cep "H
Candelarla Mlnlne 24
Cen Cep M 1A
Certes Silver 87
Crearen Geld 'Hi
Eureke. Croesus 27
Flret National Mlrrlna; ... 0
Hard Shell 20
Hecla Mlnlni -14
Hetllnitf r 7i
Howe Sound 2S
Independent Lend 7
Jereme Verds Dlv 3 '
Lene Star 1
McNurrara 7
Mtctna Copper CO
Slother Lode Clt US'
National Tin CI
Nevada Ophlr 3H
Nlplsslnc; U'l
Ray Hereulss 3
Rejc Cens e
San Tey 2
Tcnepah Mlnlnir lj
jonepan v.ann tiey t
Toneoah Dlvlde 07
Tuolumne 07
unitea ...asieri. .,
Veet End Cen 7S
Yuken Geld 1
21
73,i
167,
18'i
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211
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102
"Ik
305
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B3
k
1H
10!,
80.
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m h 1
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smviil vUjtmttmtm ie. 11
The Trust Idea
231
in
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10
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The tribal chieftain, holding leadership by vir
tue of his auperier strength, saw no necessity for
law. His claims were undisputed.
Later periods witnessed a change in the ethics
of men. the beginnings of democratic power,
and finally the effort te grant the desires of a
property holder with regard te the distribution
of his wealth. Ultimately a modern civilization,
creating devices for every need, conceived the
trust idea, and property is cared for or distrib
uted according te the owner's wishes in his
absence or after his deathwith every consider
ation for the faithful execution of his desires.
Our booklet entitled "Origins" covers the suc-
cessive stages of property disposition since the
early ages.
We shall gladly mail it te you upon request.
West Fbila. Office:
52nd & Market Streets
Gcrmantewn Office:
Germantown Aye. ab. Chelten Are.
Delaware Avenue Office:
Delaware Avenue & Market Street
Frank
lmllpUst Ce.
mm T
Tial T'lTTiii -1
Main Office, 15th St below Market
Reaeurcet ever $14,000,000.00
The Institution that Savc Philadelphia Day and Night Service
l 9am
s
leH
l0,.
t'l'i
101 '
1e:n,
102.
70.
100 '4
lOI'i
101'.
Iii-J'i
101
lOt'i
07 It
13..
ioe'i
ua.
neNns
A!iled raelcara 0a TO', 4
Allied Packer On ctfs.... Bs
Aluminum 7s 19'J5 101'i
Aluminum 7s 1933 10 ';
Amer Llcht t) W
Amer Tel n 1022 len?i
Ainer Tel iit 1024 101
Anaconda As in)
Anaconda 7a 1020 102
Anule-Amer 7Hn 103S
Armour 7a 102i
lleaver Deard 8s 70
Uetli Stenl 7 102a lOO-'i
Ueth I Bteel 7s 1936 10 1
Can 1'ae On 101 'i
0el Graph 8s 2M' j
Copper Expert 8s 1023. . . .In2'
Copper Expert bn 1020.. I'M1
Cens ftaa ns 10H.
Ceils Toxtlle 8 P7S
Goedrich Tlrs 7s 7l
OuTf Oil 7s 103U
Gulf Oil tin 101
Heed Rubber 7a lid
Humble Oil 7a loes lnnH
inieroero is ei; bj
Interbore 8s 1022 81 80
Kcnnocett 7 1J '4 lie"..
Manitoba 7s OlVj 9Hi
Jterrli 7'4u let 10.1L3
Nat Cleak S OH' nn
N Y N II ft II 4h 11 ia
Otis Steel 8s U't Ott't
rhlla Ce 0s 1014 IHTh 00.
rtilU i:iee fis , 101 lul
Plillllpa Pet 7V.3. 11)31.... 'J7. 5TU
Public Serv N J 7s !i7 07!.
k-arsJioeeucx is i!....iu"
Searj-Ileebuck " 11'23.... l'"i
Shavrshran 7 lu."
Hchay 8s ln:i'k
Peuthwirtt Hell 7s 1'lUi
fttand OH N Y 7f 11(23... IK
Stand Oil N Y 7s 11)20.. 105
Stund Oil N Y 7s 102S...100
Stand Oil N Y Oas 100'i
Sun Oil 7a 00i
Swift 7e 1023 10li
HAlft 7s 1031 ltC'i
Texas Ce 7s inU.
Tel lUdtsen 7h m.'W
Tidal Osaae 7s lOOtj
Uti Oil Pred 0s 03
Un Ity Havana 7Vis ....lea4
Vticuura Oil 7s 107'.
Warner Suear 7s tmwS
Western Blectrlc 7s 104
Wilsen 74 s IW
Winchester 7',4s eh'a
Arsenttne 7s OS
City Perte Alcjrre 8s .... lin's
Uept of Helne 7s H''j
Ille Orande 8s i'!i'a
HumUn U'ie is
Ilueelan 6tia ctfs 17
Uttlss SHia !i'k
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101 101'4
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100
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102, ,
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07',.
LIVESTOCK QUOTATIONS
rhlcoae. Jan. 23, CATTLE--r.firts,
la.OOJ hedd. Very slev. Jlejt beef Bte-rs.
iv ,0 Jis P lewer: i'ca- early sales best
13e te 26e Tewsri top. beet necr-, $0.25;
bulk. 18.7B07.7B: fat ehe sleck eal ojii ejii
I. en, eutters and bulls steady' veal caivea
steady te lewer: Blockers and feelers mew,
lBo.JL5.Be lower.
IIOC18 nerelpts. 2S.000 held. .'airly
active, loe te 35 lower than yesterday's av.
erage: lighter welchts ort ineM. Tep, 18.00.
practical llnitt en 180-oeund averaxcx. SH.75.
OUlk. .IH.t!AfSA.I10! nlra. "K t,i 40. Inw.r!
bulk. UeMrnblc, 8.7AV80. few. Ji.50
IIHEKP llecelnts. 10.000 had. l.'arly !
Isales imnerally steady. Kat lambs te pack
ers, fltl.eettia.7S- mero bid, hiiiey 100-puund
'yearllnss, flt.nO) shorn Texjs earlli,,-;.'. and1
twos, 110; early; fat awes, tee, 17.30.
, Kant St, I.etils. III.. J.in. !'S C'.V'rrt.i: - .
ItecelptN, .1000 head. lWf M-rn, erltiics
land fat isedi alew: rarlv nAlej lie tti 2..
'lower; rtuallty medium: bull, etu-.kcra i !
'runners steady: veal calvej Hharplv lilnlier.
ibulli. roetl and choice vmlem. II 1 . .' u i- 12.
tclxctrd Mial-irs want at 1120.
HO(1S Itecelpts. 18.000 head. 1-Vlrlv a-i
'live. 50c, te AbQ lower. Trip. 50.10 paid (or
lllslit shlpplnir i-lasies! bulk llul.tr. and in--1
I ilium wclshti Relnc fs.73 te f0; no lieaM.sl
sold- packer sews weak te le--.r, ifittfiVi.
I'Iku unevenly stiady te 30c Imtt-r. t'.2.(iie,
'uualHv mostly Keed.
fllZCV H'celpte, 12.0ia linat!. lalrlv,
active with few early nalcn e. la'u'is 2.'-c '
leitar: ewes steady. I.arnb, tmi. 1.l.2. .-a -1
for Bed buity Iambi- bent 1-nib-t uiiijUI;
le.ter crade larnbs steady: ft.lrly :ed tioiu tieiu tioiu
uer weihvra breuaht fi. '
NEW ISSUE
MISSISSIPPI ARKANSAS
JOINT STOCK LAND BANK JOINT STOCK LAND BANK
5 Farm Lean Bends
Dated November I. 1921 (MEMPHIS, TENN.) Due November 1. 1951
Interest payable May and November 1, at Equitable Trust Ce., New Yerk City
Callable at par en November 1, 1931. or any interest date thereafter.
Denominatiens: $1,000 and $500
The bend, by an Act of Congre,,, Were created "Instrumcntalitie, of
the United States Government.'; and Exempt Frem all Federal, btate
and Municipal and Lecal Taxation.
SECURITY: These bends ere a direct obligation of the nbeve Banks,
"and are secured by deposit of nn equal amount of mortgages made by
them. The leans are all made en farms in Tennessee and Arkansas.
All bends of the bnnk Hre protected net only by an equity repreiented
bv nt least 100 e. additional land vnlue, out aise Dy me paia-.r. upum
stock of the bank carryinR double liability and the accumulated surplu-i
and reserves-
funds
n-i i.J. ,. 1.T..1 I'nve.imenti Fer all liducinrv and trust tuncls
(1CaC UUIIU. k..v- ana.. ....-.... . ,
under the jurisdiction of the Federal Government and are acceptable at
par as security for postal savings and ether deposits of Government funds.
We recommend these bends as high-Rrade, marketable investment,
which, because of tax exemption features, are unusually attractive te
investors payins any but the very lowest income tax.
Price 100 and Interest, Yielding 5rt
BROOKE, STOKES & CO.
Members Philadelphia Stock Exchange
140 Seuth Fifteenth Street
Philadelphia
704 Fifteenth St.. N. W.
Washington, D. C.
ststlstlcs
102 St. Paul St.
Baltimore
.n.o.mat.eu end tness
T,-hile r.et rusrsntseu
te bi reliable.
ait obtained frura sources w
r ZZr.
nttnuumh, III.. Jan. SS.-IIOG.'- 11.,
teu. 2000 head, me.xdy. lleavlci,. II) V
'2Bi heav5- jerliers. fn.TA'an.ui): llclit vur...
en, f.ne BlIO: nt. tlOOlH.SA.
bHKEr AND L.VMHH- Ilecelpls. 000 beat, i
Stesur, lep.sneep, o.eo; loe uiiibj. m.i i.
CALVCl--llecclpls, 100 l.cid. Uleuay. ,
Tew, $111.60.
M2ff.," lAIk 2t. CATT1.I1 lis. !
celpts, 200 head, mew; lower Calves, re re
telets, 160 head. Steady; 31J M. i
1IOC1H Ilecelpts, 3200 head. Slew ;jn
60e lewer: heavy. I8.78i'0: mlied. IO'tfn.75;
ivrii gvuu tfiU Dim y
ii.nt.
t PIIKKP ANll LAMllH Ilerelpt. 1000 '
heiia.tUnsra.ly. Jl30e hinder: iambs, fi! I
ft It. 00: j-sarlliiBS. ftTeia.Mli weiherS, fHtj
R.B0: eweu. 12517.00: mlinl !,- 7 ...w.
17.75 ' "'
yerkera and plan.
ft; slusj, LI.30
E. H. Rollins & Sens
founded 1870
Investment Bends
M21 Chestnut St., Philadelphia
rheneSprucc BI60
Te.i.011 Vft" VeWj Wilkes-Unrre
UnlUmnre Chicago fian FranrUre
Pacific Gas and
Electric Ce.
First and Refunding 69e Bends
Nen-callable
Due December 1. 1941
Price 99 V nnd Interest
yielding about
6.05
This company is recognized as
ene of the largest public service
eorperationn in the United Stntcs.
Its properties extend in 3t coun
ties in California anil serve an
estimated population of 1,860,000,
including the cities of San Fran Fran
ciseo, Oakland and Sacramento.
kS'end for Circular L-300, de
scriptive of thtf offering.
Investments
Baker, Yeung & Company
JOSr.ril IT. SWAIN. Jr.. SUnaser
Land Title Bide
Bosten
Philadelphia
Paris Bourse Quiet
Paris. Jan. 23. Trad lu 3 wn.s tiilct
en thn Hours today. Three per coat
rentes. R0 francs Ti5 rent linen; oxrIiuni?e
en Londen, 51 franca 77 centliiiea; C
per cent lean, 80 franca 20 centime.
Tli dollar was quoted ut: 12 francs 21 y.
c-nHmcit
iwiinuiMii.tHHiiON iaw" 1 misi".ai.iii.'f ibijiIijitiw. ..i-i
Amer. Light & Traction. . . ,6, 1925
New Yerk, Penna. & Ohie 4 Vi b, 1935
Grand Trunk Equip GVz, 1936
Detroit United 7i, 1923
Arthur C. Richards & Ce.
Private Tclrphee te Kte Yerk
Drexl Hslldlng
Hell. Ixini. 1038 Krysleus. Main e.ll
' vumiiiiinaiujMiiiiiiii
PenntyUniila llallreud Equiu. If 1029 te 1B3.1
Ne S'erl. I'hlla. A Norfolk Stli, Tr. 4's I9U
I nited TrHrtleti of rittehurah .. B's IBOJ
I Southern Trartlen or l'llttbursh .....' 1050
Strawbrldsei t Dethlrr Company. , , 6's 1941 '
Vllt... Clnn.. Chic. i. Hi. I.. ' w dm, -
t rlillsdell'hl'l Huburhan Oa t Kle. . ,S' IMe I
lieertls Uulhvni & Tower Company .5'. 06
I'ennsylrnnla staler L Power Ce. . B' N4n
I Central llllnnl. l.isht Company ... 8'a 1043
l'enn heahntrd hlrvl Company. ... VWl
Atlantic. t'lls Kleelrlr Company n' I03H
, Jrrey City. HoheWen St I'uterwin n, 4's 104D
Indian. Celninhns ti lCaalrrn Trset. i!r5(
, VlrsinU Usllway ti Tevri-r Cawnanr IPS
riiiinueipma nunnrean una & i;irc. n', iefj
SAMUEL K. PHILUPS & CO.
Your Commitments
Should Be
Based en Facts
When vey buy the .litres of i eorr-er.
stioti-ye'i .ttuiiir beieme pimer
thereof ind n.tunllr. bcleie mailing
the commit mint, you will want te
snow temctnmi spout the cenv
r.ny. Iti fintncUl irrcntih. etmlni
power ind tunire peulhllltles as
icsccttcj PTPt pcrlerrasnce.
The "Invester's
Pocket Manual"
It a peclet-il.-e, 272-reae cc
which gives the caritsrimlpt.,
price unit of .hitci, rsrnlnc
record, dividend tttee and
ether Important ttatUtlcsl
mtorm.tien revrdng prae
Ik-tlU eirr American rail,
lead. Indiutrlal and mining
cotpeistlon.
CO)
Ca.l. phone or err.'.e
tot a frea rnps u(
liueklet IMIV
WM.H.MCKENNA fit Ce.
Wldcner Btdg.
linLADnLPIllA, VA
ChVri
rhii
Kaaa
huidphls
rttUtmnS
GEO.KENDRICK 3rd & CO.
,.un. MMamu
Uembsrs N. T. & W Il.lli Spnie CU
Phlla. Bleck Hlclu.
Kejl Baca btSt
Safe Bends fer1 Investment
HALSEY, STUART
Ii. CO Inc.
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