mm
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iRKfDINCeSE
; W TRADE ON CURB
t
i -------
Petroleum Issues Especially
i Prominent Mexico wn ax new
Tep Meters Unchanged
New Tork, April 6. There was a
I ffl Increase fn the volume of bus
"". 1 the curb nil through the early
?oneonnthandUmany .tecka aeld at
new blli record.
Petroleum lme came Inte special
1 i.nM nartlT because t state -
' pr,!?i made Wle mernln' papers
XCnt the mere satisfactory attitude of
t Mian Government In connection
with oil development.
The trading In Mexico Oil wm larger
tfaan lh mt ether Issue In the oil group.
!. .?. niters cemng from Important
KnUef IntewS? and, forcing the price
. . .We 4. the highest level at which
?& rtwk has ever sold. Cities Service
m. another strong feature, advancing
201 Klrby Petroleum failed te
IharVln the improvement and reacted
frThe8Bote? s?ecks were traded In en
fairly large scale, but without show-
ne mucn cubiir-- i- i-"--
IM .tmiranflfA
! U l3 .
Ytt
0 Aem Cel .'A
i'OOAmer IJ'h,r .,..-
MiO Brit Amjr 'tee cw '"7.
?s2KS?-"s,.;u- . i
100 Ch'.cice .nippj;
MOO Cleveland Aute i ..
100 Columbia Emerald
800 Pert Mtrs !.
2400 Pur Mtryef Ind.
aoenurant Mri ...
OCO Ksstmsn Kodali
f,nO Krontenae Mtrii .
jiwOarlnncl ti B
1800 (Inrilncr Meters
SSntJf.".. .VAi'iSS
.tftWre PlctureV. :-3
liuO aoedear Tire .... iz
u;
at
6(t ,
KOJi
Utt
.11
74V
1
67
1(1
41
12U0 Ooedieftr i irs .... j
000 Ooedyear Tlra pref 87
700 Ileydfn Chem .... 01
SUV 1 I'll' w"'i
3!Uii Int Buk Cubaa
Jllll IIH nui'uci
juu im iw""
SHOOJullua Kjrr ....
SOOO Lleuy-McNe'II ....
101) Lincoln Meters A.,
100 Nat Jath unsta..
100 Nat Leather
100 Packard Moter . . .
13..
ls
27T4
ieW
8H
low
.18
im
80.,
ih
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74
40S
104
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14
30
SI
60
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et
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as 4
..11
103
i8
70
. 22
100 rl.t Moter . .
BOO Philip Merris . i .
VCHf I'estum cr pref
21)00 nadle
Sen Hadln pref
S0O nep Tire Hub . . .
ROO Ree Meters ....
IRIX) Southern C ft I... 1A
2700 merlin Prad ..... 44ti
200 Hwift Internat ... 20,i
eoeTann Rwy a
.SO Tedd 8Hlp 74
700 IT HI, lt ...:.: 1U
200fiU fl steam 11
278Tenn Ry nfd ITU
ROO United Ret C
10O Un Metal Gap!
2t00 Wayne Ceal ...
200 Waat Knrl C.him
VOO Van Itnalte BB
STANDARD 01IJ
nc
t
11.
B
18000 Inder
la
euinnr ii.n...
BrtUftA
,.A iZ.
19.9 ' Verde Dlv
ad
SUOMaama cei
400 Mether LaA
100 Mether Lede old.
.11 iS
'h
Mether Lei
MethAt Ia
aoeo National Tl
d(CI
Clt
oeuo national Tin
iteu Nevada Ophlr . , . .
umi ev Biiver Mern
u
2000 An1e Am Oil
2ft lluckeye P U
10 ttnn Oil flan
100 Nat Tranalt 28
RO Northern P V ....107
2800 a en of ind .... ss
100 8 Oil of Kv T7
lOVaeuum Oil 251 282
INDEPENDENT 01X8
4000 Amer Fuel Oil ..85 89
in
72
4
200
3!..
2112
1000 Ilenn Oil
1B0O rtosten Wyom
100 Car lb Byn ..i.... 4
248Cltlea Eer (old) ..201
inoeitlea Per 'II' etfa 21
100 Cltlea Bt pfd .. OOH
oeocolum ret ...... lji
100 Continental Ref .. 8H
ROO Cosden Ce pfd . . i
ROO Creele iflyn S
lOOOCuahlnir Pete .... 1
oneo Enslneera Pet .... Sit
400 Federal Oil 1U
lOOFenaland 0'
400 nitllland Oil Bli
1200 (lienreck Oil ....100
10000 Hudaen Oil 20
1400 Int Potrel 1(1
1000 Keystone Ranger . OS
OOOKlfrbv Pet 22U
100 Llvlntalen Pet ... l4e
Cftoe I.j-ena Pet en
lOOMaracalbe Oil .... 24
Eneo Merldnn Pet 11
4020O Mexico Oil 4S
400 Mexico Beab 80U
COO Mount Product . 12ft
IflOO Mutual Oil RH
ROO Nat Oil N J.... 1
20ONw Tork Oil .. 13T4
.tOOO Neble 23
Rne New Mex Land .. 1;
4Tiie emar Oil 00
L-nuu i'rnnnK oil . . . .
200 Halt Creek Pred
200 Seabrd O ft O . .
11)00 Hlmma Pet . .'. .
700Hkelly Oil
lOOHeutli P A 11 .
1000 Ttx Ranxcr ....
10700 Texon
401) Victeria O new
lOOVulcnn Oil
2000 West Plates . . .
400 Wilcox Oil
7000 Y Oil
r,'i
'tft
l'j
4
MIN1NO
SOOAIna Ur Cel
1000 Alpha
R00O AnKT Cem
2000 Heaver Cens I
IROOOlllK Ledt-n
47000 Beat Mnnt
27201) nest A Ment Cem
11)0 Cens Cep M
1000 Cortex Silver .... I
100 Crpssnn O.iM ...
200 Dvla D.ily Cep ...
1000 Rl Hulvudur
ROOD Kurnka Croesus . . !
2000 Qeldlleld Fler .... !
IH
100 Nlnl1n. nil
1S'2 ynl pepper .....
1000 Ban Tey
8000 Silver Pick ......
BOO Be Am P A O ....
2000 Bteward Mln
lOOTeck Hiuhea
2100Tonepah Divide ...
100 Tuolumne
8700 United Eastern . . .
8800 Volcano Mlnea ...
BONDS
$2060 Allied Pack d Tltt
9000 Aluminum 7s '83..10a(i
siuue Amer i.'ani os ...joe
awoe Amer Tet 7s '23..iea
22000 Anaconda Si BB
1B000 Anaconda 7 46...1US
euuv Aniie-Ain uu thi.ies
10000 Armour 7a 102
2S0OO Rarnsdall 8a IDS
ioue Heaver ueara Bi .. 00
12000 Reth -Bteel 7a.,28..102H
0000 Reth Hteel 7a '83..102H
8000 Cent Steel Rs lOOU
2000 Char Iren. 8s ..... BOH
2000 Cel Qrapll 8 48
2000 Cens Clas Balte 7a.lOSVi
TOOO rnna Taxtll 7a ... 07
20OOCens Ceal Ce Bs... 87K
eiiuu ;op kxp na -ki...iu
ioeoo Del ft Hua ev
lOOOUalena 7a
14000 Ooedrlch Tire 7s
2000 Oldf Oil 7s ...
1000 Keln Ce 7a ...
40000 Heed nub 7 . .
7000 Humble O't 7 .
BDOOrt Interb 8a
(1000 Kan Q ft S 8a.
leytiv jvfnns uep m. . . . .met
nemi i.ic west cnes mi huh
17000 Marland 7Ha .... 93Ta
2000 Manitoba Pwr 7 ., . 04
1OO0O Me Pae (Is fidtt
BOOONat Cleak 8 108
SOOONat Leather S ... 09
7O0ONY NH ft H 4s ... SS
100O Ne Am Kdl Rs 02
S40nePhtla Ce 6a SB1
lOOOPhlla Elee Os ....let'
10000 PhllllDB Pet 7U..10fl
14000 Pub Serv N J 7.. P0
mono naks Ce 7a ien1
100O Bears Reeb 7. '23.100
2000 Beuthwest Dell 7a.. 12
1000 Stewart War 8a. ..108
loon b e N T ehi
lOOORun Oil 7s ...
8000 Swift 7s. '23.
0000 Bwlft 7a, '31.
1000 Texas Ce 7s 101
12000 Tidal Osaaa 7a.... 100
7000 Teledo Edisen 7a.l0B
loeoo Wn.rner Suaar 7. . 08
boeh western Elee 7S..10
ROOO Arcentlne 7a 00
lSOOnnrity Elberfeld Rs.. 4T4
20000 City Botsaens 8a.. 80 fc,
aeuu jiuesian ssi ze
roeo Russian 'Sfta ctfs, 22
enminussian Otta 24
20000 Bwlst RU K 101
2SO0OU B Mexico 4s... 40V5
. SH JH 8H
,. SSK 28 28Vi
.. 8 7 8
.. 1214 12tt 1214
.. 02 68 80
88 85 07
ana
U tl',4
b u n
8 5 5
17 18 17
4 4H
10 10 10
BS BS R3
es ei 03
ti ea es
irt iH Ml
81 80 60
FINANCIAL BRIEFS
02
. .lOftfl
..100
..101
101"
102. 1024
10l4
100
IOB'4
07V4
481;
101V4
1004
10M4
07H
in
oeu
4
w,
Bank at Alexandria, Minn., Closed
Alexandria, Minn.. April 8. The Park
Lten Btnte Rank, of this city, tmx been
closed. It had al capital of $50,000 and
deposits of $230,000.
The Bank of England's minimum
discount rata remains unchanged at 4ft
per cent. - .
The name of W. H. H. DaTenpert,
broker, of Buffalo, N. Y has ilieen
posted for membership en the Phlla
delphla Stock Bxchanie.
The New Yerk Stock Exchange has
admitted te list Czechoslovak ltepub
He 114,000,000 8 per cent secured ex
ternal sinking fund geld lean of 1022,
ina Anrll 1. 1051. when Issued.
Inspiration Consolidated Copper
Company produced 7,400.000 pounds of
copper In six weeks ended March 81,
last. Cemnanr la operating thirteen
of Its twenty units.
National xrsnsit uempany reports
for year ended December 81 net profit
91,883,469 after depreciation and tax,
nual te S3.04 a share, acalnat net
profit of $2,703,424. or $5.81, In 1020.
II. M. Byllesby A Ce. and the Fed
eral Securities corporation plan te syn
dicate shortly an Issue of $2,760,000
Oklahoma General Power Company first
mortgage 0 per cent geld Denas.
Th Averaae nrlce of the twenty ne
ttve Industrial stocks advanced 1.37 per
cent yesterday te 00.07, and the twen
ty railroads advanced 0.09 per cent te
81. GB.
The net profits of the Cern Products
Refining Company for the first quarter
of this year were equal te 6 per cent
en the $49,784,000 common stock after
allowing for 7 per cent en the $27,
800,000 preferred.
Sales of copper in March, foreign
and domestic, totaled 185.000.000
pounds, against 101,000.000 in Feb
ruary and 05.000.000 In January. This
makes 800,000,000 pounds of copper
actua'ly sold in the Inst six months.
The aevcrnlnc committee of the
Philadelphia Stock Exchange rules that
nil contracts in euu iota or tne rniia-.
delphla Electric Company common and
preferred stocks, falling due en Thurs
day, April 13, shall be cleared through
the clearing house.
March revenues of Southern Rail
way Company maintained the steady ad
Vance Indicated In the first two months
of 1022. Freight traffic In particular
reflects the gradual Improvement In the
Seuth In diversification of (feeds hauled.
Chicago, Aurera and Elgin Railroad
Uempany nas asxea tne Illinois Uora Uera Uora
merce Commission for permission te Is
sue $11,000,000 common stock with
which te purchase third-rail properties
ei Aurera, uigin ana unicage Kail Kail
read, worth $13,630,000.
Missouri Pacific showed an Improve
ment of 35 per. cent in deficit for the
$14,000,000
CZECHOSLOVAK REPUBLIC
8 SECURED EXTERNAL SINKING FUND GOLD LOAN OF 1922
Due April 1,1951.
Part of An Authorized Issue of $50,000,000 or 10,000,000
Coupon Bearer Bends in Denominations of $1000, $500, and $100
Theeresent issue will consist of $14,000,000 Dellar Bends in New Yerk, 2,800.000 Sterling Bend
jn Londen, te be issued by Metsrt. Baring Brethers & Ce., Ltd., N. M. Rothschild & Sens, and J.
Henry Schroder & Ce., and 500,000 Sterling Bends te be issued in Amsterdam by Messrs. Hup ft Ce.
Interest payable April 1 end October 1. Net subject te redemption before May 1, 1932, except for the Sinking Fund as stated below.
The entire issue outstanding, but net any part, will be redeemable at 108 and accrued interest, at the option of the Government
ft . Jie ' ,932' en B'vin2 three months' notice Principal, interest and premium payable in New Yerk City in geld coin of the
United States, of the' present standard of weight and fineness, without deduction for any Czechoslovak taxes or duties, present or
future, and payable in time or war as well as in time of peace, and whether the holders of the bends be subjects of a friendly or
hostile state.
The Czechoslovak Republic is one of the succession states of the former Austre-Hungarian
Monarchy and was officially recognized by the Treaties of Versailles, St. Germain and Trianon
which it signed as one of the Allied and Associated Powers.
The bends are te be redeemable by means of a cumulative annual sinking fund of te be applied semi
annually te the purchase of bends under par, or te drawings at par should the bends be unobtainable under
par, the first redemption by let taking place October 1, 1923.
The authorized issue is secured by a first specific charge en the receipts from the Customs Duties
and en the net profits of the Tobacco Monopoly, which together in 1921 yielded Kr. 1 ,815,500,000,
cot Qt4 iSrl2 r itimated te yie,d Kr 1.246,000,000, which at the rate of VA cents is equivalent te
$21,812,000.
The Czechoslovak Republic has undertaken te pay weekly, for remittance te Messrs. Baring Brethers & Ce..
Ltd., Londen, at least l52nd part of the total annual requirements for the service of interest and sinking
fund of the lean. Messrs Baring Brethers & Ce., Ltd., arc te remit te New Yerk a proportionate part of these
weekly payments applicable te the Dellar Bends.
All drawn bends and matured coupons shall be accepted by the Czechoslovak Government at their full face
value at the then current rate of exchange in payment of customs duties.
It is te be provided in a "General Bend." which is te be deposited with Messrs. Baring Brethers & Ce., Ltd
that if at any time it may be necessary or expedient te obtain the sanction of the bondholders in respect te
any matter in connection with the rights of the holders of the bends of this lean, they may, by publication in
two Londen, two New Yerk and two Amsterdam newspapers, convene a general meeting of the bondholders
te be held in the City of Londen, upon thirty days' notice, and the decision of the holders of a majority in
nominal value of bends present at the meeting, either in person or represented by proxy, shall be binding
upon all bondholders, but such majority must be comprised of net less than 50 of the Sterling Bends and
net less than 50 of the Dellar Bends outstanding.
Until the liability for the debts of the former Austre-Hungarian Empire shall have been settled by the Repara
ttens Commission, it is net possible te state the exact amount of the outstanding National debt, but in no case
will the debt including the present lean exceed $53. per head of population, calculating the exchange at 1V
cents. As seen as the liability for the debts of the former Austre-Hungarian Empire shall have been settled
by the Reparations Commission, the Czechoslovak Government will immediately make necessary arrange
ments te take ever definitive service of such proportion of these debts as may be assigned te them.
By the various Peace Treaties, the State has acquired territory of ever 140,000 square kilometers
In area it is, therefore, nearly as large as England and Wales, with a population of ever 13,500,000.'
and in this area are included about 75 of the principal industrial centers of the late Auatro Auatre
Hungarian Empire.
The Government of the Czechoslovak Republic has the unqualified sovereign right te pledge its abov abev
receipts for the service of this Lean. Having been recognized as one of the Allied and Associated Powers it
is net subject te the control which the Reparations Commission has the power te exercise ever the state
revenues or assets of ex-enemy countries.
The above has been taken from the lean contract and from a letter from Prime Minister Edouard
Benes, te which letter reference is made ter further information, and copies of which may be
obtained from the undersigned. As all documents have been received by cable the within is sub
ject te correction.
The Undersigned Will Receive Subscriptions for the Above Bends, Subject te
Allotment at 96Vz and Accrued Interest te Date of Delivery.
At the offering price, the bendt will yield ever 8.30 te maturity
Application will be made te list these Bends an the New Yerk Stock Exchange
The undersigned reserve the right te close the subscription at any time without notice, te reject any application te allot a rn.il,-,
amount than applied for and te make allotments in their uncontrolled discretion. The above bends are offered If. when and , , i..,Vh
at$ Iecfd by the undlsned and subject te the completion of their purchase and approval of their counsel Interim Receint.
will be delivered against payment in New Yerk funds for bends allotted pending the receipt of the engraved bends "eceipis
KUHN, LOEB&CO.
The National City Company
Kidder, Peabody & Ce.
first two raentha cesBeared with tks
same period a, year aie. Deficit after
cnargea tnia year was 800,802, against
M.roe.i u a year age, or a eecrease or
$469,977;
Business failures in tne United
States during the first quarter of the
current year numbered 7S17, against
4872 In the same period last year, ac
cording te compilation by Dun's He
view. Liabilities totaled 210,000,710,
against $180,897,099.
Louisville and Nashville Railroad
Company has. issued Its annual report
for the year ended December 81, show
ing" net less of 336,002, after taxes
and charges. This compares with net
Income of $7,803,660, equivalent te
.110.02 a snore earned en the $72,000,
000 capital stock in the preceding year.
Interesting and significant develop
ments are Impending regarding New
Haven's stock Interest In DoRlen and
Maine. The Issue Is whether New Ha
ven shall vote its stock at the annual
meeting of Bosten and Maine April 12
and elect representatives te the beard
of directors.
Savage Arms Corporation stockhold
ers at annual meeting authorized issu
nnce of $3,000,000 bends at discretion
of directors. Change in the corpora
tion's name te Savage Corporation was
also authorized, but It is unllkt-lv the
change will fce made immedlnt1v.
Reduction from 5 per cent te 4', per
cent In rediscount rate of St. Leuis
Federal Reserve Bank was announced
for all classes of paprr and maturi
ties, effective today. The 5 per cent
rate has been In effect since December
2. This bank Is the Eighth Reserve
came te estauusn tne 4ft per cent rate.
Rumors of a forthcoming $0,000,000
Punta Alegre Sugar Company bend Is
sue are at least premature. While
some time In the future Punta Alegre
will doubtless fol'ew the exnmple of
the Manati and Seuth Perte Rice Com
panies und convert lti floating debt
Inte permanent form, such n develop
ment Is net new under conplderatlen.
The annual report of North Butte
Mining Company shows deficit from
1021 operations of $320.57(1, compared
with deficit of $570,213 In 11120 and
profit of $503,408. equal te $1.30 per
share in 1019, 04 cents per share In
1918, $1.40 per share In 1017 and $5.77
per share in 1910.
Bosten and Malno Railroad reports for
year ending Dccemher 31 total operat
ing revenue of $78,289,750. ngainst
$80,052,745 in 1020, a decrease of
$8,302,995. Operating expenses were
$73,833,472. compared with .SOO.OSO.
432 in 1020, n decrease of $17,155,900.
There was a deficit after all charges,
including Interest, rentals, etc., of
$7,348,080. contrasting with a deficit
of $17,182,481 In 1920, excluding
standard return and guaranty In that
year.
French Bank Statement
. April fl. The weekly utatemTit of
tha Bank of France RhewH th following
change-.: dele in huml Increased 170.000
francs, silver In hand Increased "33.OO0,
notes In circulation Increased 625.n80.one,
Treasury deposits decreased Q.AKfl.oeo, gen
eral deposits decreased 11N.S75.00O, bills dis
counted decreased U59.O7S.OO0. advances In
creased 101,308,000. fresh advances te the
slate amounted te 70O.O00.UOO francs.
- - - v .
Bk- r:
-stai 3bbk
JJbUIJm Hk NEW YORK
'-. ' SgggfBBBBBPfl' ' SfSSSSSMII -AI
TOAU8 BUTLDrKO
NEW ISSUE
6v2 with Straus Safety
A NEW issue of 6XA first mortgage serial real estate bends
safeguarded under the Straus Plan and conforming te all the
Straus standards of safety, affords an exceptional opportunity
te investors
The property securing the bends is
located one block from Central Park, in one
of New Yerk City's best residential districts.
The interest yield, 6Vz, is in excess of
the ruling rate en the highest grade of New
Yerk City realty mortgages, such as this.
Denominations, $1,000, $500 and $100.
We invite inquiries and suggest prompt action, as these bends
are being rapidly disposed of. Call and discuss this issue, or
write today for
BOOKLET 750-L
S. W STRAUS Sc CO.
INCORPORATED OFPICE3 IN FIFTEEN PRINCIPAL CITIES ESTABLISHED l88l
STOCK EXCHANGE BUILDING, PHILADELPHIA
Telephone, Spruce 5626
FORTY YEARS WITHOUT LOSS TO ANY INVESTOR
USbsW
topyriiTrB5vyrVrStruTCeT
New Issue
$1,950,000
The Pennsylvania-Ohie Electric Company
First Mortgage and Collateral Trust elA Sinking Fund Geld Bends
Series "A"
Dated March 1, 1922 Due September 1, 1933
Interest payable March 1, and September 1, in Chicago at the office of the Illinois Trust and Savings Bank, or in
New Yerk at the office of the Banker Trust Company, Trustee, without deduction of the Nermal
Federal Income Tax up te 2. Coupon bends in denominations of $1,000, $500, and $100 each.
Registerable as te principal and interchangeable. Redeemable in whole or in part at
the option of the Company en any interest payment date en four weeks' prier
notice- at 110 and accrued interest en or before March 1, 1932,
and thereafter at 110 and accrued interest less Vi
for each full year elapacd after March 1, 1932.
PAYABLE WITHOUT DEDUCTION OF THE PENNSYLVANIA FOUR MILL TAX
BANKERS TRUST COMPANY, NEW YORK, TRUSTEE
The following has been summarized jrem a letter of Mr. R. P. Stevens, President of the Company, topics ei which
way be obtained from the undersigned.
BUSINESS. The Pennsylvania-Ohie Electric Company owns and controls directly or through its subsidiary com cem
rjanies the entire electric lisnt and newer and lnrl anA im.n.rUn -l...:.- :i.... i : i i . '..
r j 7 .,,.".' ,. ;; r r . . . 5itv.un. i"kej uu-micss m inc important
industrial district lying midway between Pittsburgh and Cleveland and centering at Youngstown, Ohie, and
Sharen and New Castle. Pennsylvania. The territory served cemnHus ahnut finn :niir mil.. ,;u , ..,;,, i
r ---j..... vv .ww wvv uMKUtta IT1V4I Uti VDtslliaiVU
population of ever 300,000
SECURITY: These bends are te be issuable in series (Series "A" limited te $3,000,000 principal amount) and are te
1. A first mortgage en the Youngstown City Lines (net including the "Park and Falls Line"), except that
two outlying divisions have a total of $237,000 Closed First Mortgage 5 Bends outstanding, which are refund
able under the mortgage securing this bend issue.
2. Pledge with the Trustee of all the bends and all of the capital stock of The New Castle Electric Com
pany (excepting only $200000 First Mortgage 5 Geld Bends due in 1927). Any additional bends or cap.ul
stock which may be ..sued by the i last named Company at any time during the life of this bend issue must be
immediately deposited and pledged as additional security.
3. Pledge of the entire outstanding $6,000,000 Common Stock of The Pennsylvania-Ohie Power i Lirlu
Company, new paying dividends at the rate of 6 per annum and earning considerably in excess of sulh div
dend rate. I is provided that if any additional Common Stock of The Pennsylvania-Ohie Power & Light
Company be issued in future, such additional stock shall likewise be pledged with the Trustee for this bend issu".
VALUATIC-N.-Based upon an examination by Stene A Webster, Inc.. as of March 1, 1922, the reproduction value
of the physical properties of The New Castle Electric Company and of the Younirstewn Citv I iV- rw iIu
ing the "Park and Falls Line") is $6 000.000 and the CaaJu'eStetWmXllS the phyS
S,r0nPLrCu8ent?d buy the plcd.ged stock ?f The Pennsylvania-Ohie Power & Light Company is in excess e
$3,000,000. There is, then, ever $9,000,000 of reproduction value presently applicable te the teta e? i? 7 nn
bends, being $1,950,000 of Scries "A" bends and the underlying divisional 5 rfcH mnrtl, L l -3"'00
$200,000 The New Castle Electric Company nderWng"XnV
forming part of the security under this mortgage, is subject te purchase by the City of Youngrtewn "dSrin! theWe
of he franchise at a price fixed and agreed upon between the City and the Company as provided in surt francwi?
This issue is followed by $4,200,200 of Preferred Stock and by $10,628,300 of Common Stock trancruse.
EARNINGS. Fer the twelve months ended February 28, 1922 the combined net inmrr,.. f,,, ., . c ,
Youngstown City Lines (net including the "Park and Falls Line"). anTe The New CaTtle EnSmn '
$27?,l4e-DidendVC,CfiV.edby The Pnsylvania.Ohie Electric Company en th Common S e k of TheP Pein'sVl6
incK,
SSS -im&duir 5
SINKING FUND: The mortgage securing these bends will provide for an annual Sinking Fun.i r-,,ki
annually in cash (and or in Series "A" bends lakcn in lieu of cash at net in ci nfJnVW a paya.b c semi'
equal te 2 of the total amount of bends of Series " A" therefore issued'such iJh "d aCVred in,erest
chase of bends of Series "A" if obtainable at net ever 105 and interest uPe March l 1936 H I? thf pUf"
net ever the respective current call prices. """em up te march i, 1936, and thereafter at
FRANCHISES: The principal franchise in Youncstewn extends fiv v.-,.-. k.-- .u , .
while the franchise in New Castle is without lffi of time y 7 "d thC matUnty e SerI" A bend.
Bends art effrrtd if, as and if issued and received bx us. subieel ta the (,,,; , ,
te the approval of the Public Utilities Commission of Oic Z n Vn0rmfv u' A ' ;.?r'' " 'T'f
Public Service Company Law of Pennsylvania It is antitHit,d tu, t. ' with the previsions of the
chanScab,e for lenitive Voids ,h7ai Sf'tlVJg fclSZft,;; 'Cif ?&
Price 97 and accrued interest, yielding about 6.80
rrf
e
A. C. Allyn & Company
Hambleton & Company
Although these statements are net guaranteed, they have been obtained from source, we believe te be reliable
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