j
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j anBB v-v v WBr3aaaaaY"
f BS. .ajsBsflajK SnH
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vvjMHSXaaaaa
k KflV NATIONALANK
f fiflBKKiJinB "Always Commercial" fg!
JPflBR9j3f9,jrit!K:pt Market at Seventh -'
Sptla
Mjrr . ' 'iBlin7nfcMBffjiyk J
iBBBBHHHkaMelaBiBUM
185th
DIVIDEND
Frem lhn Aftrnfnem Af ths rmt
' six months, the Directors have
declared dividend of Eight
Dollars per share, payable
May 2nd te' stockholders of
record May 1st.
ALSO
An extra dividend of Twe 'Dot 'Det
lars ner share te stockholders
of record as of the same date
The, Surplus Account has been
increased $100,000, making that
fund $2,600,000.
Capital .$1,000,000
Surplus : 2,500,000
Undivided Profits...'. 250,000
Reserves . . .' 200,000
Resources 20,000,000
PENN
We have pleasure in announcing that
MR. JOHN T. COLLINS, JR.
has been admitted te an interest in our business.
Samuel MCreery & Ce.
Members Philadelphia Stock Exchange
Franklin Bank Building
rilil.ADKLrill.V
May i, less
W J. Wellman & Company
Members New Yerk Stock Exchange
120 Broadway - New Yerk
Take pleasure in announcing that
BENJAMIN N. FREEMAN
CARL T. NAUMBURG
WILLIAM B. JACKSON
formerly Manager and Assistant Managers of the
Bend Department of Henry Lv Doherty & Company,
have become associated as .Manager and Associate
Managers el their1 "Bend Department.
May 1, 1922
While Traveling,
What is the Best
Way ,te Care for
Securities?
This question, with ethers, is
answered in a booklet, "The Trust
Company and The Individual",
which will be sent en request.
Fidelity
Trust Company
325 Chestnut Street
143 1 Chestnut Street
6324 Woodland Avenue,
West Philadelphia
Proven
Public Utility
Bends
Baker, Yeung & Company
JOSEPH W. SWAIN', Jr., Munaier
Und Title Bid,-.
Bosten
Philadelphia
YOUR NEW
BUILPING
may be either an asset or a
liability.
de sure it is planned and built
In your best interests.
JOHN N. GILL
CONSTRUCTION CO.
Commercial Builimgi, Factories,
nstitatieM and Smalltr Werk
OtU Building
I'lULADEU'IllA
Capital SS, 300,000
Surplus $16,000,000
Fundi held in trutt
mere than $260,000,000
Wanted Offering
Atlantic City R. R. 1st Consoli
dated 4s, July, 1951 -Hollidaysburg,
Bedford and
Cumberland lit 4i, July, 1951
Edward V. Kane & Ce.
1 Merris Building
fcnti'lilUlml 18 War
Hathaway, Stene, Wallace
& Williams, Inc.
ENGINEERS
(M
MANAGERS
1713 Saiuemjt., Philaitlphia
SPRUCE 7887
Operating Management of
Industrial Enterprises.
Industrial und Technical Inves
tigations and Reports. Consult
ing Engineers te Manufacture! b
HIS
Bends for. Investment
Suftttlimu Upen Rtfutst
The National City Company
flf riCES IN MORI THAN fllTY CITIKS
la-J. 11
itnut&WCU ' CEMJIFIED r UtUC
I Wilten & ewrAim
a.itiw ii sasssw
EDWARD L0WBER STOKES & CO.
Investments
20 Seuth 15th St.
PHILADELPHIA
LEAD ON M MB
Standard of Indian'a Estab
lishes Naw HighCities
v Service at 228
New Yerki-Mnr 1. After a steady
opening, the mafeket en the Curb turned
firm, with interest largely centered In
the petroleum group. Standard Oil of
Indiana established n new nish mark
at 1044, nnd Cities Service moved up
a point, te 228. International Pctrelcqm
new firm around i, wiuie Mexican
Seabeaid dinnliiycd tendency te ease off.
Standard Oil of Kentucky advanced u
sharp fraction te 82.
In the indiiHtrlal ireun Hudsen Me
ters became prominent In the trading
and after selling at 22, a new high,
yielded te 21 A. Dnbtllcr was again In
moderate demand nnd advanced te ,
the previous high. Independence Lead
moved up fractionally.
1 High Lew
BOO Arm rvni 1,1 !!
isuu Acme Fnckinc . no
,10 Am Lt A Tr pfd.. D0i
Oee Meechnut Pkg . . . 89'
100 Jlklyn City My .... 8
.100 Buddy Bud 1 A
100 Car Lliht l'i
1200Che Nipple Si's
OOO Ohie Nlpple H . . 2
l'Jtxi Columbia Emer . . SO .
lOOConley Tinfoil .. 18
1000 Cent'l Mtr ok
200 Denv A 11 O pfd. . 70
loe a w urirritli .. 'i
uoe eurant Me of Ind. 1H
SOOPurant Mtra .... 37
000 Eastman Kodak .. 77
i ieu Kiee Hter Mat .
.2000 Dublller
27000 Hudsen Mtra wl .
loe Gardner Mtra ...
100 Goodyear Tire ...
100 Ooedy Tire pfd.
H0O (lelda-yn Plct ...
uOOHeydin ffhem ...
100 Hudsen Ce pfd .. IS
100 Inter Rubber .... HV
200 t.ihhv my.Vi.ii n
0000 Morcer Mtra V T.. 3
100 National Iath .. fTi
.KdO 1'nrkitrd Moter .. 12
HHOO Philip Merrla .... 17i
inoue Kndle 6
1200 Itadle pfd 8'i
200 Iteo Metera 24 '
!I92 S.euh Ce"! and Ir. 1A
4at
.
-22
iau
37 i
.100 Tcnn llwy 3
-ue Meriimt vreil
100 Tenn llwy pref
lix
ff.ft nv,h itmA
70 Tedd 8hlp ....;'.; 70 i
1100 U H I, t It 2',
iuu ii n nnip tprp ... u
1000 II B Hteam 11
BOO United llet Candy. 0
100 Wa ne Ceal l H
500 Wen End Chem . SO
300 Terbcnten Axle . . 20
STANDARD OILS
200 Anele-Am Oil '20 i
r00 Atlantic Lobea ... 10 ?
20 Kureka 1 U ....'. .103
00 Galena Oil ns
20 Indiana P 1, ....101
10 Ohie Oil 317
AOI'ralrlaO O ....632
20 Meuth Peiin Oil ...220
20HJO Htnnd OH of Ind. .100
2000 S Oil of Ky W I. . iVlK
100 8 Oil of Ky Dlalr.. 81 j
00 a OH of N V ....400
no
se
.-
se
is'4
"..
184
37t
709
43
lit
4
3;
in.
17
a
3 A
21
2"
4rfT
in
70
2i
II
11
0
J'
Si I
23 Vj
20'i
lnii
mn
nt
let
317
H2N
217
1:00
P. M.
BO
30
t)
W
Kn
13t4
0
70
;
37J4
7l
HI
13'
IS'
37
II'
1
18'
a
2i'5i
&
43 'A
10
7
70
2i
II
11
0
J'
Se
S5H
20
10
10.1
0"'
101
317
1132
220
108 ions;
nitt 82
SI 14
400
INDEPENDIM OUA
1000 Aetna Cer.H lji
300 Arl. Nat (lac Il4t
7000 Heene Oil ...... . 13
13100 Bn-ton-Wjemlne . . 00
4100 Carlb S-n na
110 Cities Serv (old). . . .22S
10'-. City Srv '' ctfs 234i
MiO Columbia Pet .... 1(1
000 Continental Kef . . 4
SHOO Cosden it Cn prcf . . S
2000 Creele l.yn 31 1
1100 Dominion Oil .... In'i
2100 FiiBlneers' l'etiel. St
1 OOO Federal Cll li
200 F-nl.ind 13
HOO Glllilund Oil 7a
n.llie Olf nreck Oil 1
a200 Hudsen Oil ...... 33
12200 Int retrel 21
100 Keyatone Ranver . . 00
HOOKIrby Pet 12'i
2100 Mvlnssten Pet .... I'd
1300 Lyens Pet 01 ,
420O Marland OH Mex . . 4i
500 Maracalbe OH .... 2Ba
1)00 Merrltt Oil 12
400 Mexico OH 3j
02OO Mexico Heab .... 40
0700 Mount Pred 15'i
1O100 Mutual OH 8
300 National Oil N J . . 1
100 Ne Am OH .... 1
18000 Omar Oil 2t
40OPennek OH Vl
100 Pred & Itellnera.. 74
200 Marland Ref .... 3
1000 Red Banka 21
2000 Halt Creek Pred . . 17ft
1300 Halt Creek Cen .. 14U
ROO Sapulpa Ref 4
100U Klmms Pet 11
UOOO IJkelly Oil S,
2000 Btantten OH .... IS
37SOOTex6n 87
200'lldal Oaarer .... 14
300 Woewley 1214
100 White Dagle .... 24
S0O Wilcox Oil 41i
200 Woodburn 73
1(100 Y Oil IS
200 Pfemle Ilvf .... 811
000 Furman l'i
MININO
100 An Am C of Se Af 224
1000 nitr I.edK 21
S0O0 Beat & Ment .... 21
7100 Beet & Mniit Cena.100
1600 Canada Cep (iS
S0OO Amn Commander . 10
200 Amn Kxuloratlen . 21
2000 Cem, Arizona .... 3
1700 Cens Cep M ...... l'i
1000 Cortex Silver . . . 03
iuu uresKen uem .
2000 Kureka Cretsua
lOOOUeldHeld Kler .
1000 Hard hnell
l'i
ll'.s
in
87
r.?i
220
234
l'-n
3
l'i.
3'i
.!
1
IH'j
OKj
lt"
29
20'4
GO i
12ti
01..
311
2.1
12i
.T-i
4IJ?
ir.'
8
1
1.
20
171i
14
4
ion
H
18
80
lr
70
JK
Sli
1'
221-i
21
21
l
47
U
UH
a
2k
25
12
12
ll'i
r.
9
3D
10
1000 Harm'll Dlvldu
BOO Hecla Mlnlne .
400 Howe Sound ...
(I OOO Indept Lad . . .
1000 Knox DUIde ..
1000 JMac.N'ain.ira . . ,
300 Mat mu Copper
8000 Marsh Mlnlns .
2000 Merlnatun 11
0800 Mether Lode Clt. . ne,
200O Nat Tin 10
8000 Nev Ophli 40
28000 Nev Silver Hem .. S
2O0Nlpliln 4
2.100 Be Am 1 . U r.'
8000 Btewanl Mln 11
230O Teck Huxliea 62
H 1200 Terupah DUIde .. 77
lOOTonepiih Kxten ... li
100 Tonopah M!n 17
1000 Irlbullleu 20
ioe v a com se
400 Unity Ueli! 34,
1400Un'ted Eastern ... I)
3000 Volcano Mines .... 47
BONUS
lOOOAIumlnun 7h '23.,102'i
1SO0O Aluminum 7s '33, ,1001a
1200OAm Tel 0s 22 . , . .100,
400OAm Teb fa '28... 102'.
41'uuv Aiiacunuu
2OO0 Anaconda.
12
12
0
21
II
10
si,
411
at
n
e
ii
iij
7B
1
20T
00
102
100
100i
81 It
400
Ai
.aU
8H
n;
228
23
I'll
34
au
10
S3
lA
33A
21
SO
lh
2.i
40
i.-.;
814
1
1T4
2,
B4
7
3
21
H
4
11
si;
IS
8l,.
134'
1314
24
4';
73
IS
a'i
14
224
21
21
00
00
0
27
B",
12
12
OH
f4
r,
e
2U
10
10
40
40
S
hi;
,?'
02
77
ft
20
BK
3H
40
lOilN
100 4
Etfgerre'ic.Oarlln, fertnerty efBebre,
iVegel A Carlln, ban become ameclated
with Aicuilnn & Ce.
New Jeney Zinc Ce. reports for
guarter ended March 31, net Income
$1,080,080, ugalnst $204,345 first quar
ter 102t.
Bosten hankw arc uniformly marking,
brokers' call lean down te lh per tent
from the 5 per cent basis that has pre
vailed for severnl months.
California Fucking Corporation re
ports, for year cned February 2ft profit
$2,240,501, against $4,203,015 pre
vious year. ,
St. Leuis- Southwestern March sur
plus after charges $40,R12, against
$38,808 and three months $1J3,008,
against $01:852 in corresponding period
of 1021.
The average- price of twenty actlic
industrial stocks advanced 0.81 per. cent
en Saturday te 02.74, while twenty
railroads were 0.23 per cent higher at
84.43.
California (Packing Corporation re
ports for year ended February 28 profit
$2,240,501, nfter charges and tax equal
te $4.75 a share en outstanding 171.
708 shares common no par, against $4,
233.015. or $0.01. nrcvleus vcar.
Hupp Moter Company' reports for
thrccTnenths ended March 31. net nreflts
$383,050 before Federal taxes, equal!
niter prcrcrrcu uiviucmis te niiproxi niiprexi
inately 75 cents a slinrc n 510,210
shares, $10 par, common outstanding.
Financing en heiinif of foreign 'mv
crnments and corporation!! during April
amounted te mere ihnn $200,000,000,
ncrerding li r. compilation by the New
Yerk Federal Reserve Hank. The total
ilncc the Leginntng of the year exceeds
500,000.000.
Preliminary rcperls filed by 123
Class 1 railroads representln total
mileage of 1WK000 gave their net oper
ating income ill March as $01,078,000.
as compared with $18,503,800 during
same month lust year, according te
Ai!oclatJen of Hallway Kxccutlves.
According te reports received from
the Car Servlce Division of the Amer
ican Itnllwny Association, 401,513
freight curs were Idle en April 15 be
cause of business conditions, compared
with 420.540 en April 8, an increase
of 70,007.
Cern Products Refining Ce. after
charges and taxes earned $3.47 a share
en Us $40,781,000 common i-tock In the
first quarter of 1022, compared with
$1.70 in the first uuiirter of 1021. Dlvi-
dend for the period. $1.50, was thus
earned mere than twice ever.
The Detroit United Railway has
called for redemption en June 1, nt the
office of the Central Union Trutt Com
pany, of New Yerk, $2,000,000 face
value el the company s live-j ear 7 per
cut collateral trust geld notes. The
notes nre being redeemed at a price
of lOOVj. .
United Verde Extension Mining
Cempnuy hnd $1,050,700 cash en hand
as of April 1 In comparison with
WfU-IO nt the beginning of tl.e car
Liberty bends steed at $3,325,015 as
the same time. The cempnuy also
had Copper Expert Association notes
te the extent of $727,000.
Rand geld output In the first quar
ter of 1022 was only 030,728 fine
ounces, against 1,880,853 for the (-nine
period of 1021. Output In February
was only 77.000 fine ounces and In
Jnnunry 335,000, according te weekly
bullion letter of Samuel Montagu &
Ce.. Londen.
The Studcbaker Corporation repeits
for three months ended March 31 net
profits after all charges and reserve for
Federal taxes, were $4,000,848, cquivn -lent,
after preferred dividends, te $0.40
a shore en the $00,000,000 common
stock outstanding. In the correspond
ing quarter of 1021, net profits were
$2,110,577, or $3.22 n share.
-TIm' committee en securitit'e of i'i
cw Yerk Stock Exchange gives notice
het the vnlue in United States mom'
of the dividend of 1 per cent, pay
tblc May 1, 1022. te stockholders of
cord April 15. 1022. of British Em
plrc Steel Corporation Limited first
preferred berics B stock is $1,7094 per
share.
Seymour Cromwell, president of New
Yerk Stock Exchange, announced ap ap
relntmcnt ct cemmltcc of three te act
iu advisory capacity en all questions
lia vmi: te ;e with dealing in odd lets,
end te formulate rules fe regulation
t such dealings. Me nlnrs of ruin
mitten, none of whom deal extensively
.'i ndil lets, nre E. II. II. SIiiiiiidiih,
l?:ibert (lib-son nnd Arthur Timibii'l.
St. Leuis and San Francisce Railway
has been granted authority te Ih.sue
1110,032,000 prier lien mortgage ."ji per
cent geld bends neries I) in substitution
for cqunl nmeunt of prier Hen mortgage
0 per cent geld bends Series C new In
carrier's treasury; $0,032,000 of bends
nre te be sold at net lew than 80 per
cent of par und remainder te be pledged
as collateral for any netrs which car
rier may hereafter Issue.
Yielding Over 7.25
American Gas Ce.
lgO-Year 6re Bends
Due Jan., 2016
He believe these bends at
preeent prices will prove a
profitable investment.
Reed A. Morgan & Ce.
West Und Trust Bldg., I'hita.
.Members of the 1'hlla, Stock Etch.
a '28,.,102Ti 1024 102
Cep lls,.100'i lOlliJ tOI)i,
7a '2n..ieaii in.il1, uku
8000 Angle-Am OH 7W.1034 103H 103I
2001) Armour Ce 7a ...,1041s 1044 1041?
0000 Atl Clulf A W 3n 08 08 071
8000 lAith Kteel 7t '"n.lOtl'i inula lenm
3000 He th Hteel 7s '35.1031a 1031a 103U
.'IIKIOCan Nat Ry Ei 7s.l004 lOOVj lOUM
21100 Char Iren 8a 01) !i HUH lillt,
16000 Cens Textile 8s.. , 00 till III)
toeocubitn Tel 74e...lO.Vi IeMt len'i
2000 Peere Ce 714 s ...,100i 10O 1005
14000 I)l A Hud AHb. U0 0I)34 lill'i
B00O Empire U h R lis. .101 101 101
38000 lepert Texas 7a. 1111 li 101; lulls
4000 Fed I.nnd Hank 3s. 104 104 let
lOOOOcn Asphnlt 8s ..10.111 1001'j lOllj
1400Otloedrlch Tire. 7.100ll 100i 10U4
uonneuir en 7s iei1! 1044 m.
1000 Hflr-.-. Ce Th 104& 1041, 10114
401)0 Heed Rubber 7s... IIHR, vHi', iisVi
loeo Humble OH 7s ...let', 10II 101
120000 Imer Ut Ner Os.. 07 ill'j ll.l's
4inoe Interbore Hn sol, S4V, S.I
7000 Knns U A 10 IIh... 00 fifl'i lint,
nilOO I.aclede. U.ta 7b ,, lll) imt- DOS
101)0 Nat Acme 74 a ., (I7' ti""4 U7?i
4000 Nat dual; Ss .,,,1113 103 111)
20110 .Vat Tenth Si , . !M tll)i nui;
Mill) N V N H t: II 7s., Dill Mi (Kl'i
lsiillO Ner Am l.d Hi . . Ii2's l2. 02s'
.1000 Villi i:Ka Us ..lO.'lt, lO-l'i 1ll'l;
OiinO I'hllliiplncH 3'h ..107 107 107
200) Tub per ,- J 7s,,102H 10'Jtj 02
.uuu r.K '.u it, ....inn iuu iuu
uiiii iiuui iiair i .... , 'i Hi'.
National
Bank of Commerce
713 Chestnut St
Vithan T. relwsU. Praitdjai
WIEGNEMOCKEV&CQ.
Certified Public Accountants
Drexel Building, PhUadelphia
C. S. PATl'UN & CO.
Hucrcssera te,
. 8AII.EB HTKVWlHON
Bend JiM'fjrfKjMHlit nnd MM,
Memherii I'hlla. HtufU Klflianit.
111(10 Siiuth Hell 7s
1(10011 be N V ! of
3000 t-eum Its 7s of '2J. 100' 1001, llle'i
L'llllO HhawshcMl la ,.,,1041i 104U 1044
10110 Solvay Si invj iiinvt 10.V4
.103 103
of '"il.in.".i ine. innu
7one s e n v of 'L'7.ioei ie.i: m.-..
n...AA u r x V nlA ,. t.i.iiT ...,i7 .....
211)00 H O N Y fle . ,1(M1S 10Uli JOHS
1A1A Jrvi- Wi- Hit ifiyli iiiwlf intifT
noiie sun oil 7s... ,.ieiii 101 miC
..I..1II1", i(u mil.
I ,A41 f..tr .An.r
iv.i;i
200 hirt
IS U(
iiuti, uui .'A 1. ew 1
J1MI1. .,,... . . Wk U.i ,"..74 IUOTI
iuuu iui j-ui"ii ,n ,,itw lunw 1117
I nun mi uii creu Ms . .ies, t, lesv
HOOO lln DaK p (is,. P81j 084 )8K
1000 Western Klec 7s,,lllHS 10SS 1084
lmiiiii Winchester 7Ih . .I01U innu innl
--..wr zzr
iui ', no :
SO MI
Sftli ttlllj
nm 8.1s
S3 4 S34
leiii lniH
UK 48
AUTOMOBILE
INSURANCE
0000 Argentine 7a lintf
10(10 City Bolssena lis,. Si)
220OOII CIiIke M St Paul . 7011
100O0O NY N It & II fr 7a Sail
L'lMiO I'htIs Lyens Os... S8ll
hioeohhIsh nHs huh
2000O U H Mcx 4a 48
Prices Firm en Paris Bourse
I'arU, May 1. Prices ware firm orrnhe
Bourse today. Threo Pr cnt rentes, 07
franca 07 centimes; exchange en Londen, 4S
tranca ie wbii,uiwi y vr vm lean, in
J1
i,'jys!W''t
.-'
n fy rt
'M?-f"
:m
f'a,
Yii
1 ;
Te the Helders et
Athens Railway & Electric Company
neutral MertEiiae iintl (ellaterul Trust
Nlnklne Fund (-old Henda, F.lxht Per
Cent. Hwles " " UaleU June I, IBJt.
I'rotiesals nre Invited te he mad te The
Colonial Tiust Company of Philadelphia,
13th and Market Streets, Philadelphia, Pa,.
hi Trustee under the Indcntute et Atlwu
Hallway and Hlectrle Company and said
Trustee, vccurlntr Ibe above bends, fur the
sale en June 1, 1022, te said Trustte, for the
account of Mm alliums- Fund prevldeil for in
s ild Indenture, of bends of said Utiii ut 1
prices net te cic-d par and accrutd Intiresl
thereon te Junn I, 1022, On June 1, lli.'J,
the Company will deposit the sunt of Twe
Thousand Six Hundred . HlnhtyKIi Uellam
H.'ilHO) te be uatd for the retirement of said
bends at pi Ices net te exieed par and
accrued Interest te said d.ite; and It Is
the Intention of the Trustee, pursuant te '
the proWslenn of Sdld Indenture, te apply 1
tha money se te be receliud te the purchase
or itdemptlen of bends of said Issue ut 1
prices net te exceed par and accrued 5
All proposals should be necurely Healed
and marked "Proposal for the sale of Gen
eral MerUace and Collateral Trust Hlnklne
Fund Geld Donds of Athens Hallway and
Hlectrlc Company, tUted June 1, 1021"
must be for all or any part of the bends
offered and must state the mtgrcHate, fnie
value and the denomination of tha nartlcu
lar bends ae orfered for sale, nnd must
be received by tha Trustee at Its Corporate
NEW ISSUE
Exempt from all Federal Income Tax '
$6,000,000
State of North Carolina
4Vz Highway Bends
f-
sy
3
.MB
' ''J
af!
Dated January 1, 1922
Due as shown below
Principal and" semi-annual interest (January 1 and July 1) payable at the National Park Bank,
of the ,City of New 'Yerk. Coupon bends, of $1,000 denomination, registrable
as te principal, or both principal and interest.
Legal Investment for Savings Banks and Trust Funds in'
New Yerk and ether States
FINANCIAL STATEMENT
Assessed Valuation, 1921 $2,679,075,600
Total Debt (including this issue) 33,733,100
Population (1920 Census) - 2,559,123
MATURITIES AND PRICES
$200,000 annually July 1, 1932 te 1946 inclusive te yield 4.35
200,000 annually July 1, 1947 te 1961 inclusive te yield 4.30
Legal Opinion ej Chester B. Masslich, Esq., New Yerk City
First Natidhal Bank
New Yetm
Bankers Trust Company
New Yerk
Kissel, Kinnicntt & Ce. B. J. Van Ingen & Ce. E. H. Rollins & Sens
Eldredge & Ce. Hornblower & Weeks Redmond & Ce. Blodget & Ce.
$3,252,900
(Par Value $100)
Cosden and Company
7 Cumulative Cebvertible Preferred Stock
(Total preferred stock authorized and te be outstanding $6,998,000 par value)
Preferred as te assets and dividends. Redeemable at a whole or in part en any dividend date en 30 days' notice at
120 and accrued dividend. Dividends quarterly March, JuneSepternber and December 1.
Convertible into common stock of the company at the rate of $75 par'value of preferred for each no par valut
common share.
Sinking Fund sufficient te retire Preferred Stock at the rate of $140,000 par Talue annually y
purchase up te or call at 120 and accrued dividend.
,H
Tlie company hat agreed te Make application te liit these shares en the Xtw Yerk Sleck Exchange.
Fer information regarding this ii.-ue we rcter t the letter of Mr. J. S. Orlen, Prudent of the Company, which he h sum sum
rearued briefly as follews:
Preperty: The company ertns, through subsidiaries, interests in about 200,000 acres of oil and gas
leases in Oklahoma, Texas and Kansas; one of the largest, most complete and modern
refineries in the mid-continent field, with a daily capacity of ever 35,000 barrels ; ever 2,000 steel
tank cars; and ever 1,000 miles of trunk and gathering pipe lines.
Earnings: Consolidated net earnings of the company and subsidiaries, after interest depreciation
depletion and taxes, ter the five years ended December 31, 1921 (depreciation and dcelc
tien based en terms of mortgage indentures, with 1921 figures estimated) have avcraecd S5 432 593
or ever 11 times preferred dividend requirements. ' '
Assets:
Net tangible assets applicable te preferred stock, after giving effect te this financing, amei
as of December 31, 1921, te nearly $50,000,000. Net current assets are well in excess e
total issue of preferred stock-
amounted
f the
Eguitg Since organization m 1917, ever $2?,000.000 ha, been put into the property, through carn
. . .,ns and .! issue of common stock. Ne securities senior te the preferred stock have been
issued since organization. The common stock of the company is Ifsted en the New Yerk StecT
skvU!oKSeS. ff PnCM thC markCt ValUe tUC Cq"ity Which is jUnir te the P"d
This eiermz is mde "when, as and if issued and received by us" and subject 10 action by stockholders.
Interim Receipts or Temporary Certificates utll be deliverable in ,'he first instance,
Price 97 V2 and accrued dividend'
Hallgarten & Ce. Cassatt & Ce.
W. H.'Newbold's Sen & Ce.
The above statements jic net guaranteed, bin uie believed te be
cunect
Trust Department nt or prier te S.OO o'clock
I, M. en SUy 23rd, 1022,
Adtrcs us te bend accepted niu bA
mallwl en or before May 25, 1022, Ly Athens
Hallway nnd Klectrle Company. "
I'nleral Incemu Tux ownership certlllcates
reverlnac accrued Interest, should accompany
..II aiwinntail runHii r .rf
Wl avvvftix wssv(
WABIIEN A. TYSON, HOWARD O. MITCHELL, C. JIOSS MOHHKLL
Announce That they Have Associated Themselves
Under the Name of
Warren A. Tvsen & Company
FOR THE N8ACTION OF A '
GENERAL BOND NO INVE8TMENT BUSINESS
AT 1427 WA.NUT STREET, PHILADELPHIA
PHILADELPHIA, MAY lit, '1833
TELEPHONE IsOCUST 7M0.1-3
Atsesi Railway k Electric Csswasy
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W!4 i"" 'wiLia2sss "'szx'sriiK' trwMmr, d.m.ji.tiI '"""- iiu-s nfmtftMissi ' ' W
FFECTIVE MAY Ut, 1922, we
wish te announce that Mr. V. R.
Hets retires as a member of our
firm.
New Yerk
April 28th, 1838
LAMBORN ft COMPANY,
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