!'iWMiwwW$: aumxm mANCMBmEFS i'-Lwiit K. Stewart has beeome asap. 'tWJui. nillen. Read & Ce.. In the llTtrcTAmteh say. the Ontario Zil Product Oempnny, Ltd., has d tin t per. cwit dividend for the B)riravrra) prire of the twenty nc 7?, indurtrfil stocks declined ,.00 per E?t e .tt while the twenty rail SdiWiiMd .42 per cent te 84.74. "in addition te declaring the regular -ml.nnmml dividend of 0 per cent, the SwdSn "f VAX Vwt Company fwnVferrcd ?50,000 te the surplus ac- Srherc hflft been admitted te regular Sit of the local exchange 01,011! shares, ZJntr value, cumulative preference J. .1 . i,'l T.lfflitlnv remnnnv full '.M and nen-apiespablc. "vilHnms Teel Corporation report for ItPi eieWl. preiU3 ei f,,uui niuai hi inprexlmntcly $8 a share en $300,000 Ifcrrcl Meck. Current assets, $167, ?50i wrrent liabilities, $34,757 The New Yerk Hteck Uxchaugc has Timltted te the trading lint Sinclair JfflJ Oil I'urcheMnK Company .fUO. MO 000 three-year eVi per cent geld E series A. due April IB. 1U23. Tbey wlH 1 tr,uIc' '" en a when-issued A 'net le.m of $1,142,803 Is reported ' U the Humble Oil nnd Itelinlng Com Cem Snr, controlled by Standard Oil of v.w Jcricy, for the year ended' Do De 'timber 31. TIiIh compared with a net femnc of $7,473,430, equal te $28.80 i shire, in 1020. .-The minimi report-of the Leng Island Railroad for the year ended December l shows sress earnings of $28,820,010 ind operating income, nfter allowing for prnes and taxes, of $3,000,280. Krt inrenic was $500,010, compared ith a deficit of $510,221 in 1020. -At a special meeting of the Pacific Telephone and Telegraph Company, in Ban Francisce, the stockholders ratified the proposed increase of capital stock from $.-.0,(HK).000 te $100,000,000. The entire amount of the Increase is pre- 'rfM.l5tefk J "ri.ow.eixr ii expected te be Issued shortly. The shareholders nlse ratified the creation of a new $25,000,000 bend issue. American Writing Paper Company reports for the year ended December 31 last gross sales of 918,033,435, com pared with $33,700,758 In 1020, and a.lIlSft."i$p 11 cxPcn and Interest, of $1,044,775, compared wltha surplus of $1,087,073 In 1020. The total stir- Slits en December 31 last was $5,800, 30, compared with $8,082,255 Decem ber 31, 1020. The balance of the autherised Issue of Dutch 1'last Indies forty-year 0 per cent geld beiuh, amounting te about $20,000,000, was offered for subscrip tion tedny by a syndicate headed by the Guaranty Trust Company of New Yerk. These bends complete the Is suance of the $100,000,000 authorize- t ; typ tlen made' under the, law of December 30, 1031) by the Netherlands Parlia ment and approved by the Crown. The bends were offered at OOW nnd interest. The Brooklyn Edisen Company Is of fering its stockholders of record April 28 the right te subscribe, at par te the extent of five-ninths of their holdings te the new issue of $10,000,000 stock recently authorized by the Public Hcrv ice Commission. Subscription rights expire en May 20 and subscriptions may be paid In full en May 20 or in three Installments, 80 per cent en May 20, 30 per cent en September 1 and 40 per cent en December 1, 1022. The Cities Service Company In Its March report shows gross earnings of $1,318,070, compared with gross of $1,440,750 for March, 1021, and net earnings, after expenses, of $1,270, 743, compared with $1,300,448 for the same weatk A yeer me. The report In-, dlcatea that expenses were reduced from $41,802 in Mfttfcfi, 1021. te $30,035 in March, this year. Fer the twelve months ended March 31, 1022, net earnings .totaled $12,274,080, compared with $22,818,422 for the corresponding period of 1021. Reserve links' Discount Rates Official redleoeunt rates it the twelve Fid. Treae, Lib. Cetn'l Dkrs. ctfe. Bosten ... J.t TerV nklla.lnhla Cleveland 4ft Richmond ....... 44 Atlanta vi..vv lit fjmla Minneapolis ,,... 5 Kansas City n Ban Francisce.... 4U cue. m j& ......... 74 ll 4Vi i4iD. worn i jiktb. bends, paper, accept. IS I 1 n AU. 44 J? 4H a n 41 J 4 I r n n 4 A CHEAP BUILDING is like all things cheap. Geed building is net cheap, but is always economical. JOHN N. GILL CONSTRUCTION CO. CeiMitrcial Btildingi, Factories, hiUMient and Smalltr Werk mis nodding rUILADELFUIA WILL BUY Penn National Bank Stock 354 WILL SELL Bank of North America Stock 271 GEORGE N. FLEMING 221 LAFAYETTE BLDC. Phene! Iemh'rd 9114 I M i Km ll u 1 1 ii in 'I ll 1 ii , im eiuT in im STRAUS BUODrNO mmm eJeUk NEW YORK Jk "fVeBBrBEYBBBsail eiiiiwii ISPIWPyMJTOpSi Scientifically Safeguarded 6 Investments Xhe long and successful record of S. W. Straus & Ce. 40 years without less te any investor 'has definitely proved the efficiency of the scientific safeguards which make up the Straus Plan, These safeguards afford the maximum of safety te the in vester. and insure Prompt payment of both principal and interest in cash en the days due; Protection against depreciation and economic changes; Constant expert supervision in the interest of bond holders; and Freedom from management) care or anxiety. The bends safeguarded under the Straus Plan are available in $1000, $500 and $100 amounts, te net Vz Call at our office or write today for BOOKLET 770-L S. W STRAUS Sc CO. INCORPORATED OFFICES IN FIFTEEN PRINCIPAL CITIES ESTABLISHED 1882 STOCK EXCHANGE BUILDING, PHILADELPHIA Telephone! Spruce 5628 FORTY YEARS WITHOUT LOSS TO ANY INVESTOR J7jj7-- I ToMng5wZ7siikuemmmmm'''mm'm'amaaaaaaa' New Issue $20,000,000 Dutch East Indies Forty-year External Sinking Fund 6 Geld Bends Authorized by Law of December 30, 1921, passed by the Kingdom of the Netherlands Parliament and approved by the Crown Te be dated March 1, 1922 Net Redeemable During First Ten Years Te mature March 1, 1962 interest payable March 1 and September 1. Principal and interest payable in United States geld coin of the present standard of weight and fineness or its equivalent at the main office of Guaranty Trust Company of New Yerk, without deduction for any taxes, present or future, of the Netherlands or the Uutch East Indies. Coupon Bends in denominations of $500 and $1,000, registerable as te principal only. Redeemable at the option of the Government en March 1, 1932, and en any interest date thereafter, as a whole or in part, at par and accrued interest. Sinking Fund te retire entire issue by maturity through annual payments sufficient te redeem each year, commencing 1933, l30th of the amount of Bends outstanding en March 1, 1932. These funds te be appjied te retirement of Bends through purchase at net exceeding par and accrued interest or through call by let at par and accrued interest. Guaranty Trust Company of New Yerk, Fiscal Agent of the Lean These Bends are te be direct external obligations of the Government of the Dutch East Indies and will net be redeemable during the first ten years. The Dutch East Indies is an integral part of the Kingdom of the Netherlands, the executive and much of the legis lative power of the Colony being vested in a Governer-General and a Council appointed by the Heme Government. The Colony originates budget and ether fiscal matters sub ject te the control and approval of the Government of the Netherlands. This issue of $20,000,000 completes the $100,000,000 Lean which the Dutch East Indies was authorized te borrow by the law of December 30, 1921, passed by the Par liament of the Kingdom of the Netherlands and approved by the Crown. Price 96 and interest Te yield about 6.48 te earliest redemption date, March 1, 1932 Te yield about 6.24 if held te maturity When, . and If Iwued and received by u and wj SJV, iBtt.U ',pecl'd ,h"' Int,rlm "eetl, " be read, for Guaranty Company of New Yerk Harris, Ferbes & Ce. Lee, Higginson & Ce. Bankers Trust Company, New Yerk Kidder, Peabody & Ce. The Union Trust Company of Pittsburgh Continental and Commercial Trust and Savings Bank Chicago Illinois Trust & Savings Bank The Union Trust Company Chicago Cleveland We de net durante, the italemend and flrare presented herein, but they are taken (rem eoerce whlck we heUere te be reliable MP m'tx ... m .: ... aLdliWj. NEW OFFERING Tax Refund in Pennsylvania i New England Oil Refining Company First (closed) Mortgage 8 Sinking Fund Geld Bends Dated March I, 1921. Due March 1, 1931. Redeemable in whole or in part by let en any interett elate at par and interett plus a premium of for each year or portion thereof of unexpired life. Semi-annual internet, March '"" September I, payable at The Firet National Bank of Bosten or The Chase National Bank of the City of New Yerk, without deduction for any normal Federal Income Tax net exceeding 1 which the Company may be required or permitted te pay at the source. $1,000, $500 and $100 coupon bend., with privilege of registration a. te principal. The First National Bank of Bosten. Trustee. Frem a letter of Mr. F. Douglas Cochrane, Chairman of the Beard of Directors, we awmmarize as follews: CAPITALIZATION Autlierlcd Outstanding; First Mortgage Bends (closed mortgage) $5,000,000 $5,000,000 Serial Geld Notes, 7 520,000 520,000 Capital Stock, Par Value $100 7,500,000 7,500,000 The New England Oil Refining Company owns atid operates a modern tidewater refinery of the highest type of construction, covering- about fifty acres of land at Fall River, with a capacity of ever 20,000 barrels of crude oil a day; steel tank storage facilities in Fall River and New Bedford, with a capacity of ever 1,000,000 barrels, and decks with simultaneous facilities for four 12,500-ten tankers. The properties are constructed almost entirely of steel, brick and concrete. SECURITY In the opinion of counsel, these bends are secured by a closed first mortgage en all property of the Company new owned or hereafter acquired, which is taxable as real estate in Massachusetts. ASSETS According te the balance sheet of the Company as of February 28, 1922, the cash cost of the fixed assets of the Company, plus net quick assets of $1,046,886, amounts te $10,896,126, or ever twice the par value of outstanding bends. SINKING FUND The Deed of Trust provides a semi-annual Sinking Fund, commencing September I, 1922, which shall retire the bends by purchase or call, at the rate of 10 per annum. TRANSPORTATION The New England Oil Refining Company has recently acquired a fleet of seven oil tank steamers by purchase agreement, with payments extending ever a period of years. These ships are of about 12,500 dead-weight tens each and are of the highest type of construction, having been completed and put into service in 1921 and 1922. The Company, as a result of the acquisition of these ships, is placed in a position whereby it is assured of transportation for crude oil te the refinery at low rates without being dependent en the market for charter hire. OPERATIONS AND EARNINGS The net profits of the Company for the year ended December 31, 1921, before allowing for deprecia tion and Federal Taxes, amounted te $3,508,806. The annual interest en all first mortgage bends new outstanding is $400,000. Current operations are being conducted at a substantial profit and unfilled contracts for future de livery with the Standard Oil Company of New Yerk and with consumers of fuel oil, amount te ever 80 of the capacity of the refinery for a full-year period. The Company holds contracts with pro ducing companies in Mexico and the United States for a supply of crude oil sufficient te cover the current requirements of the refinery. We recommend these bends for investment Price 102 and Interest. Yielding ever 7.65 E. H. ROLLINS & SONS 1421 Chestnut Street, Philadelphia Telephone Locust 7300 Bosten New Yerk Chicago Denver San Francisce ai 1 Mi. statements contained In th abnvc arc net nii.rnntd, but arc based upon information which w b: Les Angeles e te b. nuurj's and i.!ab' ' " ii.ur.i:e and re.r As all of the above bends have been sold, this advertisement appears as a matter of record only Increase Your Knowledge of Bends e2 1 Content W fe t .Vj .,,.,, -Wl.lk) fte. , , nu u wb a ami Cm U. .. (IMS hmm mi M What IMM O Unq V r tkm t -Wr "I. It NtMfi M Hfttf -4 HC MeXVlV te t-t)b-faCAtUeM4iiT-r.H t -lbw Art 4 YMdi preV- f ti!lMr-tUgtrBi(r' 1 Mm Cm I Afeft ad AOV jiailll UnffMMReaf U I. T am Adwwmst ta te Wok Uml-ithtjtM4 4 if mi ym ft- An a., wt Da tmt XUii ienT i Hwr Cm I jj tU w ur , . tr llev . s.anu t-ri OulfTm lMue "WWW A4fttf tlel MI CmjiI I 11 I Mer ..... ...., II 1 U I Tr-FW fllg X Tm Who. H-Jl I Ik Uf JUr."'f SPfflr 1 jtm - I WlrJI I I " Arwrt TIim J ' QVMtlMU m &ffett,,v i-! "pVEN though a consistent bend desire mere complete information. If and "& ei .t?eUet & be sent an investor in ether lines or a beein- promptly without obligation. If : U it. 3 . rt eegin mere cenvcnient,call at our office rung bend buyer, you ewe it te your- or phone-askferbooklet PA-50. sell te becemefully informed en the merits of bends as investments. ; U6Bends Questions Halsey, Stuart ecs pa.;,ej vinswered Terms Defined" In the twenty-sbc pages of this booklet are I pleMe send mf ""'W obligation, your booklet, discussed thequestionswhicheurextendcxl i "Bendi-"Qui-Answered Term DeHneA" experience has shown are these most frc- ' quendy asked by bend buyers. Its contents ! t'Vame also include non-technical deBnitiens of ! e, , the most commonly used bend terms. j ---i j City HALSEY, STUART & CO INCOHPQRATKD Und Title Building, Philadelphia. Telephone Lecu.1 7410 CHICAGO . NBW VORK . PHnHHIA BOSTON . DgTROrr . MH.WAUKHB . ST. LOC . ur la.l . ' .'. fc w I ' .WIS.. 'i. .I', v .. ,L v ... , ',' rfl 'rfc ".CAWP. ... .s..". HtP. ...Jr . Tl F f IWi .JiMSkm..,Ymh.l .-,,. Aa.HWi Special Service in Ohie Securities Members New Yerk Bosten Cleveland Detroit Chicago Stock Exchanges N. Y. Cotten Exchange Chicago Beard of Trade EAensice Private Wire System OTIS & CO. Cleveland :ew rk, Bosten. Detroit, lincmnati. Columbus, Teledo, wen, YounRstewn, Denter, Colerado Springs (ml' r- Spruce 8200 A Natieti'Wide Market Liberty Bends Victory Notes Treasury Certificates kc i mi ir.s ii:i'.inTMi.N r COMMERCIAL TRUST COMPANY Mrmlirr Irclrrul llrxr. Nhrm City Hall Square West ( mliln ( rntr-! Oil & Kef HiintlnKtlen Km. 1' (iu llrrkhr) t hoc. Cern. I.uknie Iffl Hhretepnrt l.lilnrml riiir drerirU It), A I'eiver l' IB30 O'l WHO '!.' 1980 ' HerUI LILLEY, BLIZZAF10 & CO. CemmerrlHl Tnul llri, l.m-uM IHIIQ It in r MHB -V I , Clil,, Mllituukre 1 Ht. I'uul ' i'.,ui u,ri.. ICmimlllr, IniltiU. t Terre llunte ?! n,'i liitrriiittternal I fireiit Northern II. til'l tilt llnnllf lllni.ln!.ani BAllwSr te.li't oil MMULL k, FHlLUfS r CO. ? vf I iY i' lX- & , tJn m -&, 1 , V,s, fv m m tevi h It 4M m -! in i 3 r. 'ii U-rfc J . it "Tg ii . r. " J.M, mnm i Mm . , , .. ...,.., .. - aaaaaauV1tmj.?lL i. :a
Significant historical Pennsylvania newspapers