RAD
ERS ON CURB
Motertruck at New High.
Heavy Purchases of
'
Radie Issues
BH
L,WJ
Kva
I-. '..,
WJ '1 if
Sua
wk
..
.7m
Yerk, April 11. A Inrce inrt
e ppccitiathc mitcict i Hie t tnt
,jr, was I'MUTiuiaitfn lit hip vigorous
Ing of tlic imniir croup Rriiruiil.
Ftoeks iieiiii: in inuriMiMMi uriminn
itn linpertitnl sources, miiiie of tlicm
ills up te new iiirii prices ler nui
ivWuent
iTvaiotertrtu'K refp te iiimivp .i. n
1.I..I. ivwhiihI tlnllnl-tnllt lllti.-.if M
lllllll .. ' ............... -..... ...
'81 hCflVJ iw.wrv "i I'liiniu .unui-,
Ateck, mm turn i-.mii iiimi wit
iblfSbed nt n new lilsli word.
lncr3letnrs a tu'tiu'i inuteii 111
I VI.
i-tittBO flex dena
smm Keehefter Mlna ..
1009 NiibKb Conn ......
nne Se Amer 1' A a . .
7IIO0 steward Mln . . .
niHlTnnntMh lllil
imiTnnepnh Mln
"no lnlted Knatern
leiin Volcano Mlnen .
(Mini Weil End Conn
lOili) White I'uiw
HUM'S
100 Allied ttck ctfs .
2'JOdil Am Cot O 0i . .
meuj Am I. n.
MOOO Am Tel (li of Ti .
JOOO Am Tel rt. of 'Jl ,
aoeo Anacon II. . . .
SOOH Anacon . of !!'J .
tmoe An Am oil "', .
I'.'oeil Armour "a
SiiniinUrna.tall 8 . .
WOiM Ileth S 7 of S3
"Olie Heth S " of 35
.win Cem st
loon i'h-ir Iren la
inoe fit Ser 7. I)
Mone Cel (Irnnh Ha .
1000 Cens (Inn 11 ?
aoiie t'en Te
HOfle i'en Cel !h
fmtie Heerc S. Ce T'ik.
3000 i. A Hud .Vi
aui tloedrlch Tire 7
.'.nne lloe.l Huldier 7n
Iiloe Im tit Ner ."-..
P7000 Interbore
(loon .lullu K.ivmt 7
7000 Kiin. linn A 11 0
I'lOe Kennecett C 7 .
r.uoe I.IM McNeill 7k
liuiw Marln.n.1 7't .
I.OI Mnnlt i P 7
n.MiOe .Me Pn. it
i-iiu'i ,me ai me .'i i.
in n e
an 2n se
one
44 4H 4H
12 11 11
70 70 711
1 14 1.
1H 1A 1A
In h 4m
1A 1A 1A
t 4 I
Mil, ftdi. Ml,-
en", inn, wiu
107'j 107', 107U
uieti loei, 101114
101 mi 101
" t'l'-S l'S
101, 10.11, 10.1'
iea 10JH ions
lea. 10'.' iea
le.ti. I os i, le;i,
Jeaji iej lea,
102, 102 iejh
102 int'j tei 'j
1IH IH IS
Mll'i Ml' j Ml I ,
42', 10 40
101', 10.11, 103',
llll u,t- till
. s'( NOi n',
.100', loe', 1l)'
lis', li".-4, I',!S
. P'lS ', IIDS
. HI" 1'0'j !
. .17 .".7' .'.7,
. S2 Sl!) 2
len'4 IU0-, lim
li.V, M '"
10.1J, lua, lMVi
ll'l', 9I' I'l'1,
. IU1'a IMP, ll 4
e.'i or. or.
im', no nii'i
mi', nn'j int
FOREIGN BXCHANQE
New Yerk, April 11. Marks were
virtually um-linngetl at the opening of
tlic foreign exehnngc market today, be
ing, quoted nt .Ile against ..'ItVJi nt
the elote jeMerdny, but alt through the
list of (he ether exchnngen decline!) were
shown from last nlght'd e1elng figures
as follews: Sterling. , frnncs 1,u,
IelgliiiiM 1, lire .'Ha, 8w1ks and peetne
', DiiiiIhIi. Swedlxh and guilders fi, and
Norway 7. The market appeared te be
governed almost entirely by expecta
tions of some practical constructive un
derstanding, eventually, nt the tScnea
conference. I
Shortly before mid-day, the mart.pt
was stemi). sterling cables -I.IIU
(Icmiiuil 4.40' ; franc cables D.UJ
I'lieckn 11. HI : lire i utiles r.!!7, cliecks
.i.."u',.j : inniKs .:i.e4.
Central Ktirepenn exchniiRcx were:
lltilgHrlnii .7(1: Hiimnnlnn .".": Serbin n
t.'.'S: Cxechn-Slevaklnii U.0."Vi: (irepk
4. .iii: rinnMi i.!i'2; I'eiish .irjTe;
.iisiriait .tiii.i'.j; iningnrinn .la-Ji.
The premium en New Yerk fiittiK In
Montreal today wni 'J ,"-ltl iur cent.
The discount en I'ltmullnn fuiKis In New
Yerk waN L''4 per cent. '
M:3Ti:nu,vv s cit.N'a quetatidns
R;tL"' te ''" .. i . i I : loeoo Nat Cleak Ic3a 101', 1e:0 S(rllnK l"rnci I.lrp UulMpm
IfWiiaUdte 1iucm centllitieil traded hi en .i,ioe n y N II A H u 27 N24 & Ocmund MP, .2I .',.42 37 s
5l''i'irJVreiiiiIv larce scale, the conimen i7oeo. v x 11 11 7 . m n,ii, ni U.'nbie ... . 1.42', '.i.24'4 r..42'i 37'iin
K?iRl?r 11 . ,1 1. I., li (lillettp' N Am IMIrnn it. H2', 02', H2'j TJOAY'S OPIIVIVU ui'OTVTtnva
J'a-Wwk ieldli: nt '2 " ',,, ' um '" finm co n . 117 mi". nui ' 4-'a hi i.xi.mi ulotatfenh
"h'if 'fttXtv HazeY advanced te 'J01' mid 1 lenu Phlla Klce ii ..lel 10, lets' . Mitllnit Jrnne Lire UulMers
llffi 'S?!1' V !j . "(II Swift Interim-1 "'"" Philip, IVI 7'i lesi, Ids', unu neman.I . 4 in', n 21 f.,374 .17 M.
" fMh. 18i , W. 'trn.ti, hnr, , Sif.y-J.,, - Raw Sugar Quiet and Steady
SV, Llbby, which eri. nt i l" - a C!m , .'i.. 3 13 n,3 l,01 PenllnurvnulPt .ind Mcn.ly Willi Cum
K 'SaaltP was trill flf."!l'- , , ' e ' n ,K li 3i ! 3i ?. ' f"r Al,r" hinnent Uet.-.l nt 2Sc. leki nn,l
ll . plfrnlVem erkft "Pre rrcglllnr. S " s lv pii -. n- ' Jli.1.! i Telshi. and for !e , shipment t 2Sc In
i Petroleum '" .. . m,j,i lu J 3 ; i y '-" -i .: ' 1 j 1m7 - 7-'"c- co" al1'1 f"iBh. in iiditien te
ffm ruin rui iiiutn- .-i."-- ... ... i is n "s: ii-
WllIHKil
HKZTTIrCS
I Factory Building. Ingerselt-Rand Ca
wcctrr;c-wwti ca
Safety both in con
struction and de
signis paramount
in building. Specify
McClintic-Marshall :
It is the hall-mark
of safe building.
McCiintic-Marshall
Company
Ctnrrnl Oftlrfst I'ltUburali, Pa.
rhltnilPlplilitt -Merrl, llulldlnr
New Yerk ChlenBO San Franclce
McCiintic-Marshall
Steel Bridges Buildings
w.. wmmm.w
While the general
change
iir
3-, - i.nHi..i
W JKiruiiiuu
i
&. .f.. .
'fi e KOOAcm IMcHlnir
100 Atner i""i ,.
1 00 Amer Jath prcr
100 Armour l.uni
feo ltrlt Am Tell teup
1MI0 ftuddy HitUi .
200 Car I.luht
10 Lnl Aqulrr .
SOO Celuinb Kiner
MOO CenliY Tlnroll Tlnrell
100 Dort loter
100 Uur .H't "' I"'1
400 Durnnt .Mi;"'r
400 i:.stmti Umiak
O0 Klec Ster Hal
600 Federal TrV
200 Krentenae Vt.
1700 Gardner .Mer
300 Glen Aldeii Cm
SIR Ulllette Snf l!Z
400 Ooedjor Tlrv
IlOOUeldujn Pli
1400 Urnnt .Mm .
SO Hale Ktllmni
100 Hudnen Ce rf
1S00 Inter Sub
200JullU4 Kawr .
1100 I.ibby .MrXelll .
. 30O Lincoln .iet A . .
100 X Y Tr.inup .
-00 Tackard Met
00(1 Philip M'tiik ,
Hen Tetum t'ereil
SOO rentiim C r pf
StOOO Radln ...
1310 lladln pf
300 Ilepuh Xlr Hub-
1200 Ree Met
2 Rotterdam l'k
400 SterHnc Tred
000 Southern i'I i Ir.
POO Helcrti Mftf
200 Snlft Internal .
800 Tenn H
100 Tenn l: Pref . . .
JOOTeb Pred Kp
S7rt Tedd Ship
100 I' S I, & It
"1(I0 V H I A H pref
20D lTn Prof Shar new
100 I'n Ret Car.dv
200 Wayne Cc il
1000 Veit Knd Chni
200 Weit Klec jref
, 100 Van Raalte
greuf w"
IMIISTBIAI.''
HlKli
Km
i:t
III
12'.
li'
!.,.
Trt
7"
'J
2" ',
I'i'i
37
7N
41
in,
1C
17
Jill's
. l.T,
. !.
till
pf tSVi
. 14W
. !''
2Vj
te
i:
mi
'
V
..w
ll I'-M-
v:i
40 I"
12'. ia'
in ln'
.!'4 -!"
70 70
S7 '
J2' 12'.
21''. 20',
'' ii
::.4 37
7t "i
4 2 'a r.
I'r 1'
10 S
IS'. I'J
HI 47
201 2"l
13 n,
e.i, 0',
.iieiiii fi ;. $
..(inn swift 7. nut
toeo Texa, Ce 7.
neon Tl.li e.ni,. ;,
20011 Cn (in pre, ,
HOen I'll fl Ha' 7', .
.'.(me Vntuum oil 7. .
I norm U'.irner S-snr 7.
2iinn M'e-t HUc 7
JOTili WlnellPHier 7'jH'
27000 Aritemlne 7k
itsmiiiciti l.'Merfeld .. '
1' no i 1 1 nt.nnn it
1000(1 V Y N II & ir fr 7'
loeoil Vn (lr I.lm.l jl,
. 20OO Ruimi4n il'i vtlt
123' ' s jrn i,
'i'Oimi t e ;
im in, i jtx ,),
in..
101',
1(12',
KM',
let',
nil
03',
10.V. 10."
1"1', 101",
102', 102',
ll'l'-l KM'.
101 llll'i
ion loe
lll'l 103
imp. lint', 10(1
en list, nit
1e' mn ie(,
loe ion loe
111;, 111', IM!',
(1
07'.
0
23',
I-'.
Ill
13',
111
07'.
(I
23',
17
Pi
13',
.v;
Ml
07 ,
0
23',
4S
111
13',
Prices Firm en Paris Bourse
I I'nrlv Apr'l II - Price. nre nrm cn the
Hnurae tn Three p.-r l. lit i.iiea S7f
Sue Kxrhanse en Londen I7f M'r. ' Kle
Pa- wnt .e,in 77f '.iSc Th dollar nan quoted
Ml 1 1 ' f M
acquired a rHrtfe of Cubas for May clearance
nt 2"c. cei.t mid freight. ArrUala of rawe
rurday Imluded 22.S00 baa Cubra te
the National Mik'ar llcflnltiir Company, nnd
."000 b.iK te Arbuikle llrethera. The local
rjfln-il market I. unchntmed lth ll-t pi Ice,
raimlnit from ." 2.i te 3. 90c. les-i 2 per lent
ter cesh.
MONEY-LENDING RATES
NF.W OKK Neney en call, both clones
of collateral, opened today at 4H per cent
for lending and renewing.
I'HIUMIKI.rillA Call. .. prfr cent tlm'.
S p-r cent. 'ninmerUal paper, thnw te lx
mentlm. ." te .. 'i per rent
!,OMO.V--Mene 2', per cent Di.ceunt
rate., ehert Id'la and three, month.' bills,
2", fi 2 13-1(1 per cent.
BAR SILVER
, liar iher was unchnnrl In Londen today
lit .13', d.
i
2",
il'i
41',
1 .
12
73',
1'.
la
it4
V',
(2
ll
23', 23',
." in
II 13
lll rtS
n 4', 10.
3', 3
,1 3.',
! 7M
'-
2 N
:. :."
73 73',
1', 1'.
I A I .
0', C.',
gj!.:i' 'i
r?
-r-5ffuniJeejwvj-
"B ttti l Li Telephone
'illl'll IJP Ml ' temfcarc 652.' 1
' w . i
A.D. CONVERSED CO.
Commercial Trust Bid--., Phlla.
New Yerk Ilalllmere
L-L--.-L-L-tLLtL-L-L-L-L-L-t-L-.tH
Lawrence E. Brown & Ce.
CERTIFIED PUBLIC ACCOUNTANTS
1SS0 M"AI. ESTATK TRUST Itl.DG.
tnve.tlirate and adjust corporation and
partnership accounts and prepare Income
Tax Returns.
fc. ,
NHmW
T
raiiai
,." W,.-T.
MTViWi-iy.
i'r
) la ' j '',lf-t
WM
y it p1
MkM
50.000 Shares
United States Heffman Machinery Corporation
Voting Truit Certificatet for Common Stock
i
We offer for subscription when, as and if issued and received by
us, and subject te approval of Counsel, Voting Trust Certificates
for 50,000 shares of Common Stock. We reserve the right te reject , .
any subscription and te allot less than the amount applied for.
Subscription books will close en Wednesday, April 12, 1922, at
3.00 P.M.
We believe the Common Stock of this Company is an attractive
speculation and recommend its purchase as such.
Price $20.00 per share
Delivery will be made of Vetlnf Truat Certificates In temporary form
Application will be made te list the Voting Trust Certificates for Common Stock
en the New Yerk Stock Exchange -
Descriptive circular will be furnished upon application
F. B. Keech & Company Hayden, Stene & Company
New Yerk New Yerk Bosten
B
IN
2
111
1 i.
P.'
yr.Nn.Ki en.-.
100 AnEln Am Oil . . Is',
4S Huci.ce PI.... 07
SO Imp 1)11 Can . . liUMj
13 S Tenn 01ls . . IM.
tSOO 8 Oil of Ind c'
100 S Oil of Ky W I 7i'.'j
IdflOSr 373
130 Vacuum Oil . . 374
1NIEI'EMBT 1II
1-
en1,
i
pn i,
loe', lull',
IM IM
ftM, .',
7ll, 7.14
371 373
370 373
IflOO Roen- Oil .
80(1 Iiosten llieinlin
100 t'hrll- Sn
BOCItle, Serv leldi
TOO Cities Ser II (tf"
100 Cltle. Service nf
flOO Celumhl , Pel
300 f'rtele Sn
3011 Peiiilninn I'll
$T:il Kr.cliirer-i Pet
700 Federal Oil
400 Glenrock
fOOO Hudsen ii I
400 Int Petrel
flHIl'libt IV I
Mill I.yirt, JVt
SOO Maracalbe nil . .
100 Merrill nil
1000 .Merrlt Pel
81100 rex!co nil
J110O Mexico peHbenrd
1200 Mountain. Pred
000 Mutual Oil
200 New Yerk mi .
000 Nelle
SOO Omar Oil
HOD Salt Creek Pred
Soe.SMt Creek i im
80O Slmms Pet
,200 Kkelly Oil
100 Seuth Pet P.ef
ISlOO.Texen
SOO Vlrleru llll
800 Vulcan Oil
1000 West State .
400 Wllrex l"'.l
1000 Y Oil
MINIM.
1.
'
20.
21',
ill
1 li
2
IN
1.'.
23
1IN
IN
UN
ir.
de
.'ii
3i
4'.
11
71
3N
2nn
21 N
011
I.
2
"',
;.n
t A
1A
T-v,
23
im
UN
II
3",
32
12
ll
11
24
IN
UN
In
lii
(
tin
SO
30
IN
1
71
(
2'is
21',
ill
1)1
2
in,
S
1
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13
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!"
22N
UN
11
I
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12
ON
14',
2S
H
1N
te
li'
s
04
(10
Si I
35
4
1
5
'P
Fjini!ill'"ilTIIIIII!ll!l!
We own and offer
$100,000
NEW ORLEANS & NORTHEASTERN R. R. CO.
Refunding & Improvement Mtg. Series "A" 4lz
Due January 1, 1952
Free of Xermal Tax te 2rr
Listed en A. '. Stock Exchange
MOODY RATING Aa
PRICE ON APPLICATION
We recommend these bends for investment
BATTLES & CO.
EtUihlishtd 1S0O
Independence Square (East), Philadelphia
MiiiiiiiiwiiiiMiiiiiiivniuiM
800 Ala. Hr Ci.um 1
6100 Aliiha 31
800 An Am ( or of S Af 22
6000 HI Idge. 1-
ISOOO Hest .- Ment 23
10700 Hest Ir Ment Cen, 'i
1000 Cens Arizona
800 Cens Cep M . .
SOO Certes Sllr
100 Delerea Kspernnz
1000 Divide Kxt . . .
2000 Cens Nev Vtah .
MOO Eureka f'ree.us .
00 First. Nat Mln .
WOO 40 Mlnlnac
MO Oailn-n ('erpcr . .
100 Oelilfleld Kler .
1 MOHarmlll Dlid
100 lte.e Sound
SOO Independ Lead
! 100 Lene star
K)0 McKIn I Mr
00 Magma Copper .
I 00 .Mether Led .It
00 Mether l.i.d (old
'J 100 National Tin
! K.'i Nevada Ophlr .
K10 New Itav
0 Nlplsflnc
3
IN
in
i
24
(I'I
13
73
2'
17
3'.
30
3
2 4
3 s
20
P.
3
.11
..'
2t
Ml
3
IrV
n
IN
in
t
21
US
IS
'i
13
3",
20
3
24
2"',
s
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3s
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N
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31
17
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3
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ft
IN
11
4
21
US
IS
7.
je
HI
3
2U
I
2)
2s',
s I
12
.is
Selecting Bends of the
Better Grade
In times like these, when bends of the better
grade are in geed demand, selections should
be based upon practical knowledge of secur
ity values and close contact with market
conditions.
OuY recommendations of bends of the better
grade include several issues listed en the
New Yeik Stock Exchange.
Send for Bend Circular 1124
IRcdmand &Ce.
Bread and Sansom Sis., Philadelphia
New Yerk Baltimore Pittsburgh Washington
,Minh"rs "ev Yerk Philadelplim and
Put-burgh Stei k i:iianKe.
r-i.
Our Offices
are connected by
Direct
Private Wire
wtth important
Banks and Bankers
im the Cities of
Chicace, Illinois
Cincinnati, Ohie
Cleveland, Ohie
Columbus, Ohie
Canten, Ohie
Dayton, Ohie
Denver, Cole.
Erie, Vn.
Indianapolis, Ind.
Kansas City, Me.
Louisville, Ky.
Milwaukee, Wis.
Minneapolis, Minn.
New Orleans, La.
Pittsbursh, Pa.
St. Leuis, Me.
St. Paul. Minn.
Sharen, Pa.
Springfield, Ohie
Youngstown, Ohie
"
Our extensive wire connections provide a
National Investment Service
for individual investors. Insurance Companies,
Banks and ether Financial Institutions
Investment Lists Prepared
containing selected issues of
Rallrnnd Henrln
Public, I'tility IlnndH
Foreign & Cnnnilinn Hen (In
Municipal Heniln
nnilreail Erjnipmeut Nefrit
Industrial Hnndn
Short Term Ini-ura
Tax Free Ileiida
W. A. HARRIMAN & CO.
INCORPOP,TKD
751 Drcxel Buildinti, Philadelphia
NKW YORK CniCAGO
IH'FFALO SYHACUSE
'51 w'.'JJ 'BV.."" AJ
$6,000,000 "T
The United Railways & Electric Company of Baltimore
Dated March 6, 1899
First Consolidated Mortgage Fifty-Year Geld Bends
Bearing 6 Interest
NOT SUBJECT TO REDEMPTION PRIOR TO MATURITY
Due March 1, 1949
f
$
Interest payable March 1 and September 1. Principal and interest payable at the banking house of Alex. Brown & Sen, Baltimore, without
deduction for any tax or taxes which are or may be imposed by the United States, which the Company may be required by law
te retain or deduct therefrem. Coupon bends in denominations of $1,000, registerable as te principal only.
THE CONTINENTAL TRUST COMPANY, BALTIMORE, TRUSTEE
C. D. Emmens, Esq., President of the Company, has summarized as fellows a letter describing these Bends:
BUSINESS The United Railways & Electric Company of Baltimore was formed in 1899 by
consolidation of all the street railway companies in Baltimore and vicinity, their tracks
totaling about 339 miles. At the present time it operates mere than 418 miles of track and a
total of about 1100 cars, and serves a population of approximately 800,000.
c PURPOSE OF ISSUE The proceeds of the sale of these Bends are te be used te retire the
$3,000,000 City and Suburban Railway Company First Mortgage 5 Bends due June 1, 1922,
te redeem the $1,500,000 The United Railways & Electric Company of Baltimore Ten Year
7-2 Secured Geld Notes maturing January 15, 1931, and for the retirement in part of ether
corporate obligations maturing in 1922.
t
DESCRIPTION OF ISSUE The Bends are issued under the First Consolidated Mortgage, dated
March 6, 1899, and the principal, as well as interest at the rate of 4 per annum, is secured by
the lien of that mortgage. Pursuant te a Supplemental Indenture, the Company is te affix te the
Bends its obligations te pay additional interest at the rate of 2 per annum, thus making the
total interest rate 6 per annum. The 2r'c additional interest will net be secured by the First
Consolidated Mortgage, but in the Supplemental Indenture the Company will covenant that it
will net create any new mortgage upon any part of its property subject te the First Consolidated
Mortgage unless such new mortgage expressly shall secure the payment of said additional inter
est obligations equally and ratably with any indebtedness secured by such new mortgage.
SECURITY Upen the retirement of the $3,000,000 City and Suburban Railway Company Bends
(prevision for which is made in the financing) the First Consolidated Mortgage becomes a first
lien en all of the property new owned or hereafter acquired by the Company subject te only
$5,550,000 underlying bends for which an equal principal amount of First Consolidated Mort
gage Bends is retained by the Trustee. The mortgage, except for the prevision for underlying
bends, is a closed mortgage. The underlying bends cover less than 40 of the trackage oper
ated by the Company and none mature before 1929.
The bends secured under this mortgage have been, for many years, legal investments
for trust funds under the jurisdiction of the Supreme Bench of Baltimore City. -
EARNINGS Earnings of The United Railways & Electric Company of Baltimore during the past
five years have been as follews:
Balance
$2,460,395
2,159,499
2,344,148
3,190,412
2,682,590
Thi item include net only the interest en First Consolidated Mortgage
4 Bends, but also rentals, interest en underlying bends, secured notes
(new te be retired) and equipment bends.
As may be seen from the above table, net earnings during this five-year period, avail
able for rentals and interest items set forth, have averaged $4,489,304 per annum or about
2.34 times such average annual requirements. Since the proceeds of the present financing
are for refunding purposes, increase in interest charges resulting therefrem will alter this r.rt
very slightly. "ue
FRANCHISES Practically all of the Company's franchises in the streets of Baltimore am n,mh..i
as mere fully explained in a letter, dated April 8, 1922, describing these Bends? PerpetuaJ
Net Earnings
Gress after Taxes but
Year Earnings before depreciation
1917 $10,656,938 $4,309,820
1918 13,012,763 4,012,489
1919 14,834,350 4,232,851
1920 17,434,339 5,129,757
1921 16,437,045 4,761,604
Interest en First
Consolidated Mortgage Times
4 Bends, etc. Earned
$1,849,425 2.33
1,852,990 2.17
1,888,703 2.24
1,939,345 2.65
2,079,014 2.29
THE ABOVE BONDS ARE OFFERED
FOR SUBSCRIPTION
ABOUT 6i
AT 97 AND INTEREST, YIELDING
Subscription books mil be opened at the banking house of Alex. Breun ii S
In making allotments, priority as set forth in
tain maturing obligations of the Company
("except as te priorities mentioned), and te close subscription books without notice,
Public Service Commission of Maryland,
lie banking house of A lex .Brown ii Sens. Baltimore, at 0 o'clock A 1 A 11 ie--
ma circular, dated April 10, 1922 (available en application) Ji I be given'JheL ' f"
he right is reserved te reject any application and te allot smaller aZZ L l"? 'Jj'"
J his issue is dependent upon the approval of the
' Bends, is expected about Atril U ie-- '
Pec ted about April 24, 1922.
Delivery of Definitive Bends, or Temporary
Alex. Brown & Sens
The Oldest Banking Heuse in the United States
Baltimore, Maryland
the sbeve latement. wer. obtained from .eurces we consider reliable, and while net ruwanteed . h.n.v .u
1 " Deiiee inein te b correct.
This advertisement appear, a. . matter of record, all of ,h. above bend, having been applied for.
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