fel
v
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J "';. f i tiwM -tit t 1
MaMtiMMMaM
re J4 Service fbr
Philadelphia
BANKS and
BROKERS
TV7E HAVE developed
W and maintain a highly
gpecialired daily service in
United States Government
' Bends and Treasury Certifi
c&tesatprevailingmarUet prices.
As Specialists in
. Government Securities
We make it possible for Phila
delphia Banks and Brokers te
clear each day's transactions at a
minimum of trouble and expense;
saving them one day's interest,
transportation charges and the re
sponsibility of handling. the secu
rities for out-of-town shipment.
We shall be b14 advise you
regarding large or small transactions.
Our telephone is. Spruce 3881.
ISAAC STARR, JR., & CO.
16th Siniem Sta Philadelphia
Public Utility
Bends for Investment
A judicious selection of
bends and notes of our
strong public utility cor
porations will provide at
present market prices as
liberal an income as can
' be obtained from any
type of conservative en
terprises. Public "utility annual re
ports for 1921 showed
that the industry as a
whole is much stronger
than at any time since
1915.
Write for our
Recommendations
(Hemphill, Noyes &, Ce.
, Mttnbt Nmr Yerk Stock Bxehfmi
franklin Bk. Bldg., Philadelphia
New Yerk
Boitea
Bcrutea
Balunsm
Spruce 8200
UNITED STATES
VICTORY
NOTES
ffiCUKITIES DEPARTMENT
COMMERCIAL
TRUST COMPANY
Mrmbrr Federal Rrsrrre System
City Hall Square West
Hew Much Meney
mis there In your bate last night?
l.neugh te make an interesting
pnrty for Berne prowling parasite t
Drn't take chances. We are open
till 10 P. M. rivflpv wpftkrtnv.
IJven If you have ether banking
eonneciler.s, open a small account
here-
-ter protection,
REPUBLIC
TRUST COMPANY
1029 Cnestnut Street
HOURS Qam-IQpm
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 stem. Our
weekly catalogues and postal
card service reach every mar
ket. We take pleasure la
jurnishini: auotntuire.
Barnes & Lefland
lock Drnkcra and AuctloeMra
147 S. 4th St.
NEWBURGER,
HENDERSON &.L0EB
Members New Yerk and
Philadelphia Stock Exchangtt
1410 Chestnut St
automebYle
insurance
UBERTY MUTUAL INHVRANOR TO.
?' et 6019. 20-25 Be. 15th Bt.
I WIEQNER.ROCKEY&CO.
wned fublic Accountant
isBUfTSP -
I
W&
urrfli,.... v'iw.Bfl:'i'siTr vct
PT
' n tmmtmmmmmmmmmmm(mm)mwmmT-Mn r
TO HIM LEVELS
Simms and International Make
Substantial Uptiirn Stand
ard Issues Firm
Vuw Yerk, April 7. Renewed ac
tivity was in evidence en the Curb In
the early dealings today with nn ex
cello nt demand for many of the oil
stocks.
There was a geed inquiry for Slmms
Petroleum, resulting In n substantial
upturn, and International Petroleum
received geed support at higher levels.
Htnndnnl Oils ruled firm. Sterling
Products, after a slight setback nt the
start, again turned firm. Van Raalte
was steadier and moved up a sharp
fraction. Swift International and
lilbby. McNeill & Llbby were easier
and declined fractionally.
In the bend section Interboreugh 8
of 1022 were the feature, selling up 7
points ever last night's clone, followed
later by a reaction of a little mere than
two points.
INDUSTRIAL
High Lew A.M.
lBOOAeme, Packlnr .... 7B 72., 72 ,
400 Am- Leather ....18 Mtt Ufl
,400 Am Lath pfd .. 89 89 , 8,H
1000 Buddy Bud 1H rV itf
lOOCelum Emerald .. RS., 88 08
'Mt Dur Mtre of Ind . . 14H UK 1H
400 Durant Mir aa 82 8?
400Eaetman Kodak .. 74H 7., 74
1300 Elee 8ter Bat .. 41 41 4l!i
lOOOardner Mtra .... IS 10 10
euuiuette Bar rtai ..ids .
300 Goodyear Tire .... 12'i
800UeIdwn Met .... Vj
200 Hud ft Man .... 8U
100 Ien a Cent pfd .. 10
400 Inter Rubber 8 .
1300 Julius Kayaer ... 2014
2400 IJbby McNeil .... 4
800 Mercer Mtrs 2
MOO Ner Am Paper .. 24
1 OOPeatum Cereal .. 83H
12U
03
103J
ieu reat cereal prd . .lusj
aoeo jtadie 8
200 Radie cfd 8
son Run Tim null . . se
200 Ree Moter 32'4 22 U
800 Seuth C Iren .. I 1.,
400 Sterling Pred .... 44 48'4
. 300 Swift Int 20 20
IWOTennRwy 3,, 3
lie Teb Pred Exp .... 8J4 5V4
Tedd Ship 78H 73 'i
300 U 8 L ft II 1A l
20O Un Ret Cardy . . . . 0, .8
1400 Wayne Ceal H4 1'4
100 Van Raalte 58 SS
STANDARD OILS
100 Anirle-Am Oil 18H 18H
10 Indiana PL 103 103
."00 S OH of Ind 88i 8H',i
20HOIlefNT 370 S70
71?
18
108.
88'1
370
INDEPENDENT OILS
2000 Allied Oil
1000 Amer Fuel, Oil .... 35
1100 Bosten Wyoming-.. 72.,
100 C't Sarv "8" ctfe. 20i
1 00 Columbia Pet .... l'i
700 Creele fiynd 2
2000 Knars Petrel 50
r,00 Fennland ." 10'i
200 ailllland Oil 8
400 aienreclc Oil 1
1000 Hudnen Oil 20
000 Int Petrel 1.1
1700 Klrby Pet 221
flOO Magma Oil 1 '
200 Maracalbe Oil .... 28
7500 Merldan ret '. 11.
5400 Mexico Oil 4 A
200 Mexico Hf lb 30J
300 Mutual Oil 'i
100 New Yerk Oil 14
1000 Neb 22,
1.100 Omar OH li"
100 Bait Creek Pred ..US
100 Seaboard Oil t flmi 14
1100 Blmma Pet ...:... Ill
200 Sinclair Cent
100 Hkelly Oil ....... Mi
18700 Texon 0.1
100 Woodburn . ... . . . .j !
2000 T Oil 19
MINING
700 Alaska Br Celum. 3M
1000 Alpha .. 2
20O An Am Cp S Af.. J2U
5000 IllK Ida-e '2
rOOO Jlet ft Ment 2.
2800 Hest ft Ment Cens. 1U
1000 Canada Cep 22
1(10 Cens Cep M 1J
.1110 Cresten Geld 2"i
3
R
S3
71
20i
50
10J4
1
20
LIT
22
1U
23
"8It
14
"2
1
14i
$
Mi
01
01
18
01
71
20
14
2
40
lO'.i
20
15'
22
V,i
23
3l
0i
14
e
"l
14JJ
1V
11H
n
Mi
CO
n.i
IB
3'i
20
22?i
17
27
ltt
22
l'i
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1(1
24
."
i?i
s
7
.18
37
4
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4"
l'i
20
22'i
in
22
, l'i
2!
in
s4
22
no
20
8
100(1 Divide Ext 1"
7O0O Eureka Croesus
2.1
1000 oeirtnein nor ....
2000 Hard Shell . .
2000 Independent Lead . .
lenn McNamara
R00 Mether Led Clt.,
film, Vntlnnnl Tin ....
30
s
R
fi.l
I1O00 Nevada Ophlr
Inh r .... 3"
3T
4
n
JI
no"
in
106
101
2iin(i N.vad.i Kllv Hern, n
100 NlplKinint ........
inoe S fi'lHi'i- Lead 1J
10O Tone Mlnln ..... J
Sen United Eaafn ex d 1 1 1
line Velcann Mln.a SO
noe West nnd Cen ... . 1
BONDS
r.OOO Am Cotten 0 . .108
MOO Am Tl, 9 of '24.101
nut t.nm.r.ln rVln list llll li
ion
101..
''
imj
innft Atmciur 7n 102 102. 102
anoeftemmi'fsoY'sa.ioJj; imj. xwjt
B000 Can Nnt ltwy Bs . f H 04
1000 (Vnt Steel 8 100"4 lOOi'i 100H
toeoronaoi, 1 mltVTa.leji'i iev lel y,
liien ions iv';u,.7 Xii
?B000 Del & Hud r.Vds.. OJi.
4000 Interlier 7h s ;
U1000 liiterbore 8 A M
1000 Kutnecett C T 103
seen l.a;lKl3 Oas 7s.... "i
;r.000 Me I'ac 09 ...!, SS'
4000 North Ohie I.lnht 0 1
inoeo I'ub Herv N,J ,.;',.
en en
(ISH OJVh
82 8S ,
81 i 82'i
103t 10S'
IlS'i t)H?,
00 nn
mi 911
me 100
ioeu enr mica i .-;"v,-lOOOSearM
Heeb "2.1.100
100'i 100 s
inn.
I00i
,.:;;; e:..,.t,i',ii 1. ....iimi iciiiv. ln'j'i
-?8oeS"ft cTj . mi 18& w;jf
lOOIITel Kdlflen T lOS'i l?SVi 10.V
MOO Un Oil Tred 8a N
10000 Warner Su " "Jlr
4000 AV.at niee7a ln8'4
r.T.000 AYentln 7s . ;f
11100 Cltv Solssena fla. . . 8BH
nnnoe NYNH & H 7 Fr. (17
oneno Iiusalan 04 a ctfa. 2Ii
lnnefiwlst SHs letjf
30000 U S Mexico i 40'i
in
08
07
108
ni
80'4
07
074
1084
09.
80'i
07
21
21
101i 101S
46 404
LONDON STOCK MARKET
Breader Demand for Industrials,
With Feeling Confident
Londen. April 7. Although trading
In Hcctiritles en the stock exchange was
Kemewhnt 1eh active today, because of
the customary week-end absentlBm, the
undertone of the markets continued ro
bust. Sentiment throughout the city
lemained cheerful. There was n brender
demanding for Industrial issues, with
the feeling confident. Hudsen's Ilav
was O1. Further improvement In the
crude article impnrtcd ndditlennl tlrm
jiess te rubber shntes.
The oil group was ttreng, with busi
ness brisk, llejal Duteli touched 40Vj,
Slicll Transport nnd Trading wns ri,
and Mexican Kagle 3 11-10. Confi
dence prevailed In the gllt-cdged. which
wax steadied. French leans were slug
gish, but well maintained. Operations
In kefflrs were confined te profession
als, but prices were sustained.
Changes in home rails were narrow
and mixed, owing te adjustments. Dol Del
lar description, wcie unlet and un
changed. .Argentine rails wcie haul,
with the, tendency uiwr,il,
LAW HEADS PENN MUTUAL
Resigns Presidency of First National
Bank
William A. Law will become presi
dent of the 1'enn Mutual Life Insurance
Company July 1. when Geerge K.
Jehnsen will retire from office. He. hns
resigned the presidency of the First Na
tional Hnnk of Philadelphia, effectie
June .'50. Mr. Law was chosen unnnl
iiuiuslv at a meeting of the Ilenrd of
Trustees, of whlih lie was a member.
Sir, Law is nationally Known because
of his activity in the American Hanketn'
Association, of which h was one -time
picsldent. He Is president of the Penn
sylvania State Hankers1 Association.
The Penu Mutual Life Insurance
Company W the biggest life Insurance
company in Pennsylvania, and the third
largest corueratlon in the State,
Fall Proves Fatal te Weman. 104
Merlden, Conn., April 7. Mrs. Julia
t'eppcrthite, Kit eais old, the eldest
resident of this cltv. died jesierday
afternoon from injuries sustained in n
fall last week, rihe was bera in Knglund
and came, te Mcrldeu elfhty-ueven
)sr sje. j
CURB Ofi S MOVE
fUrtnrs rV,
''fEjcrfLE'TRfate ; spotty;
Weel Dealera Have Adopted Waiting
Policy, Pending Tariff Adjustment
While there Is n general lack of
orders in the tcxtlle trade, a better feel
ing is reported by manufacturers of
carpets, hosiery and upholsterers' trim
mings, according te the weekly review
of business conditions In the Philadel
phia district by'U. R. a. Dun & Ce.
Ijecal woof dealera report business
quiet as a waiting policy appears te
prevail, pending tariff adjustment.
Jobbers mid wholesalers of dry goods
say trade continues fairly active.
Orders are principally for immediate do de
livery, dealer net being inclined te
place any advanced business. Alany
orders have been taken, especially In
the coal region, 'awaiting confirmation
owing te coal strike.
The review, continuing, gees en te
say:
"Seme improvement 1 noted in the
iron and steel market and it is expected
that the opening spring will show still
further advance. Tonnage, however,
remains small and chiefly for Immediate
needs. Industrial plants are Indlcatlns
an Increase In operating capacity and
large manufacturers of railroad equip
ment neta an increase in orders In
hand, but are still running at far be
low normal. Shipyards arc quiet and
the general situation shows no niatcrlal
change.
"The hardware line shows a moderate
amount of activity, which It Is believed
has improved slightly en the advance
of the season. Prices remain about the
Mime and collections slew.
"Wholesale greceri are dull. Canned
goods are quiet nftcr n nerled of ac
tivity. Stocks held by jobbers arc net
large and net greatly In execs of con
suming demand, since there is no re
serve. Stock conditions In canned
goods are favorable from n holder's
viewpoint. Demand for fruits is Arm.
Apricots arc strengas are pineapples.
"Coffee, particularly jobbing btisl
ncss, is unchanged, although green
coffees have advanced. Milds nre un
changed. Demand Is fair. The tea
market shows an upward tendency.
Juvas, in particular, have advanced 2c
11 ivitiml. due te scarcity. Stiear Is
firm, although toward the latter part of
the week the raw market eased, due te
unsettled reports from Europe. Re
fined is unchanged, all refiners being en
bais of 55X)0 for granulated. Demand
U fair. , ,
"The tobacco trade has been com
paratively quiet during the week und
Miles are light, although moderate in
quiries have been muilc for geed grades
of Pennsylvania and Connecticut. Perte
Rlces are in fair request, but pricei
generally rule high. Sumatra and
Havana arc being sold In small lets for
immediate ute.
"The large cigar manufacturers are
doing a fairly actUe trade, but the
volume Is net up te former standard
and the report from the Internal Rev
enue Department shows 11 decrease of
about 4 per cent in 1021 ever previous
j ear. The Mnall manufacturers are net
making much. If anything, above ex
penses, being unable te meet competition
en account of lack of capital. The local
retail tradu is in fair condition, but
The
Provident
Life and Trust Company of Philadelphia
i "
Statement at dote of business Fourth Menth 4th,
1922 1 en basis of book values, net including
accrued interest.
ASSETS
CasWen Hand or in Bank $3,403,646.03
Collateral Lenns 7,089,086.38
Bends and Stocks 7,096,315:50
Mortgages 1,463,191.00
Real Estate 100.00
Miscellaneous Assets . . . ". 38,976.51
Ledger Assets of the Insurance Depart
ment of the Company 115,655,626.30
$134,746,941.72
LIABILITIES
Capital Stock $2,000,000.00
Surplus Fund 5,000,000.00
Undivided Profits 107.019 03
Unpaid Dividends 11,950.00
Deposits 11,666,953.22
Miscellaneous Liabilities 5,391.17
Ledger Liabilities, including Contingent
Reserve of the Insurance Department
of the Company 115,655,626.30
$134,746,941.72
y OWI.iiflli trunffrrfil slm lul reimrt trem Undltldrd 1'rnflla for
Milmrrlptlen te Cupltul of I'reTldrnt TruBt, Company of Thlledtlphlii.
undrr plun fur the Comrrslen et I lie I'revldtnt I.lfe & Trust Ce., of
l'hlliiilcliililiulntu u .Mutual Life Insurance Cempuny.
' TRUST ACCOUNTS
Trust Funds $90,146,501.43
Collateral te Corporation Trust 18,959,893.32
All Trusts art kept entirely separate from Company's assets.
ASA S. WING, SAMUEL H. TROTH,
President Treasurer
DIRECTORS
ASA h. W1NU
MAniUOTT C MOIUIIS
JObKl'H II TUWNSENO. Jr.
rm:Di:uic w. .stiiawhuiixje
JOHN THOMPSON IIjrLUN
MOIUIIS Jl. I10CKIUS
I.KVt I.. Ht-'K
OEOHUU WOOD
JIEMUKR rnDERAI.
STATEMENT
or
FIDELITY TRUST COMPANY
PHILADELPHIA
323-331 Chestnut Street 43-53 S. Fourth Street
1131 Chestnut Street 6321 Woodland Avenue
At the close of business April 4, 1922
RESOURCES
Cash in Office $432,413.37
Cash in Banks 5,252,911.57
Time and Call Leans 21,664,071.81
Mortgages 3,917,360.12
Bends and Stocks 24,407,709.12
Real Estate 2,696,324.14
Accrued Interest 283,179.30
Customers' Liability a c Acceptances . 75,000.00
Customers' Liubllity a c Letters of Credit 123,797.00
Miscellaneous 7316.98
"$58,860,08641
LIABILITIES
Capital Stock $5,200,000.00
Surplus i una
Undivided Profits
Reserve for Depreciation of Investments
Letters of Credit Issued
Certified Checks
Accrued Taxes
Accrued Interest
Ground Rents
Mortgages
Acceptances Executed for Customers
Miscellaneous
Deposits
Trust Funds
Corporate Trusts
Collateral te Corporation Trusts
WM. P GEST,
President
cutting of prices continues. ' Collections
are slew. . , . A.
"Leather dealers say sales for the
findings trade injUrgcr and some sub
stantial orders from manufacturers have
been received. Prices .are steady.
Glazed kid is selling well and manu
facturers are rapidly, reaching capacity
production. Rs,w materials and skins
continue high in price. Shee dealers
report sales in moderate amounts, while
manufacturers nre receiving larger
order for late delivery.
"Millinery houses state the tendency
is te buy in small amounts. Collections
are slew. ...
"Paint manufacturers, dealers in
paints and painters' supplies report
little increase. Purchases are In small
quantities and for present needs and
the volume of business, it is believed, is
les than for the same period of 1021.
There is little change in prices and col
lections ar.e reported lev.
"Wallpaper manufacturers, jobbers
arid dealers report business quiet In this
line. It is believed, however, there will
be n moderate improvement during the
spring."
POLICEMAN FIRES PISTOL,
TERRORIZING ASSAILANTS
Shet at Feet Brings 8ubmlttlen of
Twe Men te Arrest
Firing his revolver at the feet of two
men who aimed a gun nt him shortly
after midnight. Patrolman Hey, of the
Nineteenth and Oxford streets station,
terrorized his assailants Inte submission
and took them te the station house.
The men gave their names as Charles
Ress, of 1834 Poplar street, and Wil
liam Byrd, n Negro, of 133. Cambria
Btrcet. When accectcd by Hey In front
of the Lankenau Hospital en Glrard
nemte, Ress suddenly drew 11 revolver
and pointed it at the policeman. As
the latter reached for his own weapon
R08.S passed the gun te the Negro, who,
in turn, get the drop en Hey. The lat
ler suddenly turned and fired at Byrd e
feet. The men then surrendered. They
hum held under 8500 ball for a further
hearing next Friday.
LEE, HIGCIINSON & CO
Established llll
HOSTON NEW TOBK CHICAdO
1306 Finance Bldg., Philadelphia
In Continuous Business
80 Years
MOYBR & CO.
Bankers & Brokers
301 Chestnut Street
C7
-r pstten-
CO.
3D CIIF.STNI'T f)TS.
BANKERS
HUCrMr te
SAII.KR BTEVKN80N
Bend nnd atefks bought and Beld.
ai.mn.rs rnua. morn r.irnnnn.
i 1
!(
J. WHITAI.I. NICHOLSON
PAHKKR 8. WII.MAM3
ilKOHUH H. KRAS5IKII
SAMUUI, HICA
niAnu:s J. rheads
OKOKOi: R. I'AOKAUU
JOSEPH WAYNE. Jr.
RGSCRVK SYSTEM
iu,uuu,uuu.uu
r73,651.50
1,250,000.00
123,797.00
724,687.66
132,894.99
219,555.34
380,000.00
400,000.00
75,000.00
8,562.39
33,771,937.53
$58,860,086.41
$264,122,836.76
770,798,237.23
86.347,348.56
GEO. H. KYD,
Treasurer
-'. -a
jtyftu tf'ffffwt; -
tv ' " , 1
r.'SYBB
$300,000
Eastern Wisconsin Electric Company
First and Refunding Mortgage 5 Geld Bends
Denominations
BOSTON
Are you following
the upward
trend
of NEW YORK CURB
EXCHANOB STOCKS!
"Traders Handbook"
(tent enitqntit
can be a great help in your
market tranMcdetu.
It gives you at a glance i
what you should expect of
your broker
hew te give orders nd In
structions market terms and their defi
nitions and many ether points that
you should thoroughly un
derstand. AlkfarcapjoflhilusifulbeoU
Ceil, ultfhent or unu
Tenes &. Baker
Members NewYerk Curb Market
Dlrrct Private Wires
New Yerk Cblcire notion rhlUdclpnU
Pmiburth Detroit Baltimore ClevelinJ
PHILADELPHIA OFFICE
Widener Building
Telephone 5cU "
Bell . Lectiit 4730
one Race 5861
i
BALTIMORE OFFICE
433 Equitable Building
Telephone PUuS451
Special Service
in
Ohie Securities
Members
New Yerk Bosten
Cleveland
Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
rhieage Beard of twv
Extensive Private Wire
System
OTIS & CO.
Cleveland
New Yeik, Bosten, Detroit,
Cincinnati. Columbus, Teledo,
Akren, Youngstown. Dayton,
Denver, Colerado Springs
GEO. A. HUHN & SONS
STOntS ANT BONUS
Mrmbera of the hllarWIphla. Nerw
Vrk and rblran Nteck Ktrhanirs
fw terli (iotten Ktrhnncr
Commission Orders Executed In
All the Principal Markets
Uesrty Bands Bought and Sold
Mellmree Ceiirl Blilr., UIS Walau( St.
n. 111 Broadway
i rffi "''''" """ ' "' f1'0,
$1,000 and $500
Redeemable as a whole or 'In part at 105 and accrued interest. Interest payable without
deduction for Federal Income Tax new or hereafter deductible at the source, net in excels of 2
A legal investment for Savings Banks in the
States of Rhede Island and New Hampshire
The Eastern Wisconsin Electric 'Company
does a general public utility business, serv
ing a population in excess of 110,000 in
fifteen communities in Wiscensin: Sheboy
gan, Fend-du-Lac and Oshkosh, the three
principal cities served, are respectively the
county seats of the three adjoining counties
of Sheboygan, Fend-du-Lac and Winne
bago, which embrace one of the richest agri
cultural sections of Eastern Wisconsin.
These bends, in the opinion of counsel,
are secured by a first mortgage en all the
property of the Company new owned or
hereafter acquired, subject only te $2,957,
500 underlying (closed mortgage) bends.
The Trust Deed provides for a Special
Improvement Fund of 1 from 1922 te
1931 inclusive; VA from 1932 te 1941
inclusive; and 2 of bends outstanding
from 1942 te 1945 inclusive.
The Company's properties are in excel
lent physical condition. Within the past
year the Company has constructed a high-
Price 85 and accrued interest, te yield about 6.20
'
Descriptive circular will be furnished en request.
pin Wtbbtt & (Hxmtpanij
Members New Yerk Stock Exchange '
Established 18BO
1422 Seuth Perm Square, Philadelphia
NEW YORK ALBANY HARTFORD
The above statements, while net guaranteed, are based upon
NEW ISSUE
Luzerne County Gas and Electric Ce.
Twenty-Year 7 Sinking Fundi Bends
(Nen-Callable)
Dated Ap.il 1. 1922 Due April 1, 1942
Authorized, $1,000,000
Interest payable April 1 and October 1. Principal and interest payable at the office of
United States Mortgage and Trust Company of New Yerk. Coupon Bends in interchangeable de
nominations of $500 and $1,000; registerable as te principal only.
Tax free in Pennsylvania. The Company agrees te pay Nermal Federal Income Tax net
in excess of 2c'c.
UNITED STATES MORTGAGE AND TRUST COMPANY, New Yerk, Trustee
GUARANTEED PRINCIPAL AND INTEREST BY ENDORSEMENT BY
AMERICAN GAS COMPANY
Tet further particulars concerning this is-u c rtfer you te the accempanjuifC letter of
Mr M. W. Stroud, Si, which lie summarise as follews:
The Luzerne County Gas and Electric Company, incorporated under the laws of the Stat'
of Pennsylvania, serves without competition jias and electricity in twenty-two cities and town,
electiicity in six cities and gas only in one, in and about Luzerne Ceuntv, Pennsylvania, having a
population of ever 190,000.
The territory served has piewn continuously in both population and wealth and is one of
the Rieatest coal mining and silk manufacturing centers in the United State. Its etlvr industries
are varied and pro.pereus.
These Bends will be the direct obligations of the Cempanv and will be issue.! under an
Agreement te be dated as of April 1, 1922. The Agreement will preide that uh'le the Cempnny
may issue Bends under the existing mortgages, or te refund the same, no further im rtgage lien"
or debentures or notes, except bank leans and notes for merchandise, may be crtated without niak-
iis uii-su Duims a prier lieu
As a Sinking Fund the Company will pny te the Trustee
.3, a sum equal te 3r'r of the Bends outstanding te b" used in
rchase in the open market, if obtainable, up te 10t and accrued
1 IWi nnnnnllnfl
The operating properties nre in excellent physical condition and their reproduction value,
as estimated by competent engineers, is in excess of the total funded indebtedness, including
these Bends.
Gress Earnings for the year ended February 28. 1022, amounted te 1,J.V2,11R. and Net
Earnings nmeunted te $022,112, as compared with annua interest requirements en the total
bended debt outstanding with the public, including the present issue, of $3l.",000, r equal te
about twice the required amount.
Franchises under which the Company operates are perpetual, while these applaable te gai
are both perpetual nnd exclusive.
All legal matters pertaining te this issue will be approved by Messrs. Tewnscnd, Elliett &
Munson of Philadelphia, Pa. The properties have been reported upon by Messrs. J. G. White &
Company.
PRICE 95 AND ACCRUED INTEREST TO YIELD ABOUT 7.50
These Bends are offered for delivery when, as and if issued nnd received !) us and subject
te approval of our Counsel. Interim receipts, later ex-changeable for permanent Bends, will be
ready for delivery en or about April 12.
STROUD & COMPANY
120 Broadway
New Yerk
These liemls halnK
This Mormiilfen, tvhilc net
' ' f ''? .' ".' "
Due
voltage transmission line of 43 miles in
length connecting the plants at Sheboy
gan and Fend-du-Lac, passing through
Plymouth and ether communities served.
The Company owns valuable hydro-electric
power sites en the Wisconsin and Welfb
Rivers.
The Preferred and Common Stocks repre
sent a substantial investment junior te the
funded indebtedness. 7 annual dividends
have been paid en the Preferred Issue since
incorporation in 1917.
Gress Earnings have increased from
$958,633 for twelve months ended January
31, 1917, te $1,455,315 for twelve months
ended February 28, 1922. Fer the latter
period Net Earnings were $507,094, equal
te mere than 22 times the annual interest
requirement en the total mortgage debt out
standing with the public. Seventy-five per
cent, of Net Earnings or ever 1 time3
bend interest requirements was derived
from electric light.-power and gas business.
information and advice which we believe
inereie,
Incorporated
all liei-n sold, tills mhrrilMimnt nppinrs a-) a mntttr of rocer.l only
guaranteed, has been obtained from aeuices whhh xec regard us rullubl...
.' ' $wA ' j',k
h'j
March 1, 1947
CHICAGO
accurate and reliable.
THE
(
annually, beginning October 1,
acquiring Bends 1 terder or ly
interest All Bends be iiuuhiisi'il
1429 Walnut Street
Philadelphia
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