WtS. ..1 WW f IN EARLY SESSION 4 i. i 1 Lew P.M. 14 14 Hl ' Dealing Comparatively Quiet. ' ' 'standard of .Indiana Yields 'Point Under Pressure Kw Yerk, May 8.4Trading en the f ?7n the early dealings today was .rntlvely quiet with Interest again SSeed in tWell stocks. After a brief period of 'steadiness at ... start, the list, generally developed c. h reactionary pendency, International Xre&m selling off nearly a point, te CS?i nnJ Mexican Seaboard declln- ?nom a pefnt 43. Standard Oil -.f innimnit " ...- iv-; , Jidded a full point, te luuyj. inilUDlftlviaie Klch AiCnrit Am Teb coup if l?E Buddy JPud . . ,! 1B Cleveland AW .. . W&B.flne . 14 ItW Dur Met of ina . . tMPur Met gj Msesyat .::::.. 2?: SnOOUn Aldn Ceal.. 00 'AOOIIttle Dx "" " '.Je Hudsen Ce Pl ! .... "li EoOllMneli Cnt rt .. & 1000 MDDjr ;' J,' tjoe MrcrMet V T 400 Packard Met . . iJoe Philip Merris .. lflOOPyrsn Mte 00 Radie IMW Radie Pf ; 100 Tub frv jpf ... T00 BP T.lr? "ub ' ' . (URee Meters .... MOO Seuth O ft I 180(1 Tnn nwy . , IJOO Teb Pred J.xp . 0O IT 8 I. H .... 40OU S Heffman .. 100 Un Bet Candy... 300 Un Carblda .... lOeVan Baalte OOOWayne Ceal .... "00 Torbtnsen Axis. . ineWest Knltt STANDARD OILS w?m n 1A 1A setf setf 01 01 oe lie L Silk 3V (4 20S 20H 9k HIT, JUT, 4 neu nn4 2JL 2UBH 71 77 K nTA . 34 H'i 4 . 124 12 12 18 174 174 . 12W 104 11" ; 64 64 6U Iienft jef.ft n& , 04 83 no . 24i 244 244 . en se en . 24 2 2 J, i ,P Jy -!l! . 22 21i 22 , i) n n . r.s4 r.R4 64 . en.S 604 60(4 . 14 i 14 26V :i4 snv .84 84 8 300Atlantle Lobea COO imp ui .an 10 Ohie Oil 10 North PL . tOOO H O of Ind . JJ0D 8 e of Krw !J 8 O of NY It) Vacuum Oil I 11 .1174 .830 .10 .1074 . 2 .411 .440 104 10t 1U"H IK 1 ase 108 411 440 8W0 Carle fynd INDEPENDENT OILS 14 14 An rii 8., 2i . 114 11 . 84 8.1 . 74 74 .230 238 00 Aetna 14 1600 Alien uit jlOO Alcan 600 Ark NatQM . . . 4100Boiten Wiemlna tllU. fisO aIiII. 100 Cities Ben Ice pref 064 tee i fAliimtila Pt iaa PrAl flvnd COOOCuahlns Pet MOO Knslneen Pet . . . . 2000 Kemeralda. Oil . . . 1500 Federal Oil ligei'ensland .200 Olenroelc O'l soe Granada JOOO Huden Oil UHOlnt Petrel 000 Keystone Ranger . . lODKIrby Pet noe Livingston Pet . . ISM Lyens Pet ........ 3400 Marland OH Mex . . Ha CO a a 2I oetj: 00 al4 4 ift '4 66J. 1 3 H cr a 13 27 44 830 108 1064 4?? 440 14 68 24 111. 83 31" 21 00 1 n cn 3 MS. 624 Lii fc " "7H" K.e?v.;6';:j::j wuniRin iTea . . riftit rli (sort W. V..."rt.! . iK K" " - -X1.." " ' iivw uiur tll ........ ..80O Premier Bef . 100 Ryan Cens ...... 0 MIS 2! J rk ed' 104 800 Bait Creek, Cen ... 144 ZOOgapulpft Ref .... 44 AOORImms Pet 104 lOOOHkelly oil ,..,... 84 3JO0 Beuth Pet ft Bef JJ 28700 Texon B7 2ja Tidal Osage N V .. 12 60 Ventura , Bl4 200 Vulcan Oil 80 8000 West States ,., 40 lOOWIlrex OH 44 I 1000 T Oil I..!! IT 600 Purman 14 MINING 1600 Al Br Celum 44 200O Am Commander .. .100 An Am C S At .. 224 11000 Dlr Ledce 24 2000 Hest ft Ment 10 1100 Be ft M Cens ... 84 1O0 Can Cep 60 2000 C'andelarla M 14 SOOAmn Ppx 24 1700 Certes Silver 04 200 Cretsen eOld 2 2000 Eureka Cree 27. 100 Oadsen Copper ... l.A 1000 Oeld Zene ........ U IlOOHecIa Mining ... 4 8000 Independent Lead.. 80 100 Kerr Lake 4 1000 McKIn Dar 28 1000 McNamara 0 18000 Marah Mlnlnr .... 20 0400 Mether Lede. Clt .. 10 600 Mtether Lede old . 164 2100 National Tin .... 61 8000 Nev Ophlr 37 1000 .-Mida Sltv Hern. 8 40O Nlplmlne 0 13000 Rex Cens 0 1600 Be Am P ft U ... 44 10OOB Sliver (Lead .... 22 1O0O Bteward Jdln 11 loceTonopah Divide ... 80 20OTonepah Ext 1V 2nOTonepah Mln . .... 14 lflOO V 8 Cent SI 300 United EaMern ... If. 1000 Volcano Mines ... 47 6000 Yerrln.Tten 2 1000 Superstition 3 wmmmmzzzzmzMm 4ltt 'M 1 1 -V svrs,. ,,, V( , 4 4 hi nn ? X " ti .54 M a BONDS .. 01 ..1024 ..101 ..1004 ..103 ..1044 2000 All Pack 8s 1001) Alum 7a 23 .. 16000 Am Llcht 0 . 10000 Am Tel 6s 24 3000 Anacon fls .... 1000 An Am Oil 74s 6000 Armour Ce 7s 48oeoAt e & w I 0s .. en 8000 Beth fl 7a 23 106 16000 Can Nat B Ea 0s . 084 auuu ueni n ns 6000 Crrar Iren 8s . . . leOOCIt Berv 7s C , 2000 Cel Graph 8s . . . f.OOU Cep Kxp 8 24 . . 10000 Fed Land Ilk 6s lnnone Ked lxl Bk 44 s, 17000 Ileern Ce 7U . r.one Kmpire e ft n Os.iei'i 2000 Kreepert Tex 7s... 100 1000 Oen Asphalt 8s ...Kill 0000 Goedrich Tire 7s.. 1004 jiiuu uuir Oil 7S ....... HH'J) KS 4 1004 ioe4 4 1014 1014 4 ioe 4 loeu m 1'I34 1O0J4 1034 JIM 04 104 08 104 1)7 4 08 4ni; 103 103 004 101 1014 108 Kill 1004 01 1014 800O Interbore Ot Ne fci 0L iiiuuu interoero i 6000 Kan Ou (m lOOOKIncs Ce Lt 04 s loneo Kennecett C 7s . . 12000 Laclede On 7s .. 21000 Llbby McNeill 7s 1HO0O Manitoba Pr 7s . 8000 Nat Cleak 8s .... nnoe N T N H ft H 7s 1SO00ON Y N II ft H 7a.. iiuuii iver Am Km us 4(iOOPhll Pet ".n .. 1000 Pub 8crv N J 7s. 1000 B J Rey 0s ... 10O00 Robt Oalr 7 . . . loeo Hears Ree 7s loue Hnawsneen 7s , 6000 Keuth Bell 7s 10(10 SONY 7s 2d 11000 8 O N Y 04s noeo Texas Ce 7s 2000 Tel Edisen 7s .... nnnn TTn nil nt Pal iia ..-;xr. r." -:;:.-v.-.' v,.v.. ivutr un un .-you en..ivn?4 4000 Un By Hnv 74s ..1064 26O0OVacum Oil 7s ..1004 0000 War 8uk 7s .... 00 6000 Wrst Eire 7s ....108H 10OO Winchester 74 s ..101i, 1O0O Argentine 7s .,..100 3000 City Belssens 0s . . 834 26001) Ch it 8t P Vr 4V.s 71 450000 N Y N H If 7s l'r. . 7fl4 8000 Russian (l4 ctfs.. 20 6000 8wls- 64s , 1024 17000 U 8 Brazil 74a ... 084 67000 U 1) Mex 4a .... 474 1034 1.4 U4V. 103 084 104 08 T 08 434 leS loe i en 4 101 ieiu 108 106 10OH 104U 08; c. 04 004 l)8's 106 00'a Cadbtiry, Ellis & Haines announce that Arthur Haines has become asso ciated with them. . Left, Inc., reports earnings for the month of April of $055,303, against SOU, 085 In the same period last year, an Increase of 28 per cent. T-Beard of Directors of Burns Brethers, at special meeting refused te (accept resignations of Michael Burns, as presi dent, and F. L. Burns, ns treasurer, of that firm. The United States District Court in' Wyoming has refused the application of the Ortiar Oil and Oas Company, for n receiver nnd an Injunction against the Bair Oil Company. Bend offerings last week exceeded $120,000,000, or approximately one half of the record made the week be fore. All the principal Issues were oversubscribed. Tidewater Oil Company reports for three months ended March .11 surplus $88,182 after charges and tnxes, against deficit ?1, 880,491 in first quar ter 1021. The average price of the twenty active Industrial stocks advanced 0.41 per cent en Saturday te $3. CO, while the twenty railroads declined 0.03 per cent te 84.85. Hcpert of Butte & Superior Mining Company for quarter ended Mnrch 31, shows deficit of $184,550, after ex penses nnd depreciation, as compared with detlcit of $245,824 in first quar ter of 1021. EdwerH B. Smith & Ce.. members of the New Yerk and Philadelphia Stock Exchanges, announce the removal of their New Yerk offices te the third fleer of the Hanover National Bank Build ing. The Mether Ixle Coalition Mines Company is producing 2,000,000 peumln of copper per month at an approximate cost of 0.70 cents per pound, delivered. This compares with 7.60 cents in 1021 and 8.(1(1 cents In 1020. The Relchsbank's statement as of April 20, sbewlng Increase of 8,000, 000,000 for the week In paper cur rency, surpasses all weekly records. The former high record, the Increase In the last week of March, was 7,700.000.000. after expenses, " depreciation- and , de pletion equal te 17 cents a ihare en $40,671,500 outstanding capital Hteck, against deficit $1,880,401 in first quar ter of 1021. The report of the Missouri Pacific Railroad for the year ended December 31 shows net corporate income of $3, 537,010 after taxes and charges, equiva lent te $4.02 n share earned On the $71,810,000 outstanding preferred stock. This compares with net income of $3, 033,075, or $4.22 a share en the pre ferred In 1020. American Beet Sugar Company has UMied Us report for the year ended Mnrch 31, showing net less of $3,134, 040 nftcr taxes and inventory adjust ments. This compares with net income of $133,500, equivalent te "$2.07 a share earned en the $5,0001000 preferred stock lh the previous )enr, Northern Pacific Railway Company has been granted authority by the In terstate Commerce Commission te Issue $115,534,300 refunding nnd improve ment mortgage bends 5 per cent series C which are te be bold nt net less than 00 per cent of par and proceeds used te redeem nt 103 per cent of par out standing Joint QV& per. cent bends of iNertnern rnciue ana ureat ixertncru Railway. International Cement Corporation for year ended December 31 shows net In come of $1,520,000, after taxes, de preciation nnd ether charges, equiva lent after preferred dividends te $4.55 n share earned en the outstanding 323, 078 shares of common stock of no ear hnluc. In 1020, net income was $1, '7(i rrn - en fti .. ..i... n. nea 111'U.nr, Ul prtJf 11 numv vu (lie .OO)' 130 shares of common stock then euti standing. American railroads had one of the best month's earnings in recent years during March, according te compila tions by Association of Hallway execu tives, nnd obtained operating income of $83,510,000. This wns composite return of 201 "class one" reads which operate 235,000 miles of mnln !lne track out of approximately 260,000 in coun try, nnd represented enrnlngH at the rote of .83 per cent en the tentative valua 10i PS 4 08 40 103 IU.I-4 lOOh HO'i 01IJ4 1111 1111 till SBSBBBSSSBSaSi rri sW-ssss assss i alll'll' fMHPJFJPJFJBPJPjaMHsm 08'i 08'i mr- l w ir. s-MMSssjaasHSSsssBsaasasaisk n i: kWM m k .m mm I -S1W -. -Bn tT 'VIDJK '....'. eeift neu, neu WWWWdf ttmmmmmmm pa '"CIMI; II The Investment l 100 08 004 jll-kll-. H ion; 103 ie3 fhn Ttihli te 12iivmn 07T 07 07' nai M. uuuv lO WUJ11IK H 04? 034 04tf . M 1)2', 024 02 1 in in in 102 102 102 . loei, ioeu 1004 j erf 074 07 il 07 1! rty Grtfrti-Emtal re 3 ..10m iei, 101 1, pa x xv .w.j, -. -- p 10IH 104 1044 iV ,lS?t JSS? i??'i I r. . j v'u Government Bends ieri4 1034 in.i, H Guaranteed Yteld H ioetJ ioeh 100', u" ' "'" 1014 1014 1014 107 , 107 107 mill imiz iiuL BJJJ BJJI "i. '"'vi tm ... . . . .. . 103U ZX UE.WE.KAL. MUKIUAUL 3 I FINANCING CORPORATION I ieii iei'4 I ..... H W.. :"9 M Ridge &. GIrard Avs. 7r,i 704 Bpv e 1S2 G- M- F- C. sM ie'( BlaX yasV 102 I 102U r 084 084 mUsssMSSMsMMMMiiaMMMMM,MMjy Vs luttv Extmpt fnm Ftdtrat, State, Municipal and Lecal Taxation $75,000,000 Tn-Twrrty Year Federal Land Bank 4k Bends Oattf May 1, 1t2C Net redmable befer May 1, 1932 Ou May 1, 1t4t Interest payable May 1 and November 1 at any Federal Land Bank or Federll Reserve Bank. Principal payable at the Bank of Issue. Coupon and registered bends (interchangeable) in denominations of $10,000, $5,000, $1,000, $500, $100 and $40. Redeemable at par and interest at any time after ten years from date of issue. The Supreme Court of the United States has held, (a) that these Banks were legally created as part of the banking system of the United States, and (b) that the Bends issued by the Banks are instru mentalities of the United States Government and are exempt from Federal, State, municipal and local taxation. Issues of outstanding bends dated prier te May, 1921 are redeemable five years from the date of ' issue. In order te meet the demand for longer term securities, Congress enacted a statute authorizing the redemption period en new issues te begin in the eleventh year from date of issue instead of in the sixth as heretofore. The Bends new offered are issued under this authority. Sptcial attention is directed te the following statement of Secretary of the Treasury Mellen: "In view of the very satisfactory financial condition of the Banks themselves, of the exemp tion of the bends issued by these Banks from Federal, State, municipal and local taxation 'everywhere in the United States, and of the very adequate security back of these bends, they should prove an attractive security te investors large and small throughout the country!" Operatien: In four years of active operation the 12 Federal Land Banks have been built up until en March 31, 1922, their Capital was $30,599,765; Reserve, $1,943,000; Undivided Profits, $3,590,549; and Total Assets, $555,157,345. All twelve Banks are en a dividend paying. basis and every Bank shows a surplus earned from its operations. Acceptable by Treasury: These Bends are acceptable by the United States Treasury as security for Government deposits, including Postal Savings Funds. Legal for Trust Funds: The Federal Farm Lean Act provides that the Bends shall be lawfA.. investments for all fiduciary and trust funds under the jurisdiction of the United States Govern ment. They are eligible under the laws of many of the States for investment of all public and private funds, and have been officially held eligible for investment by savings banks in the follow ing States: Alabama Idaho Massachusetts Arkansas Indiana Minnesota Colerado Kentucky Mississippi Delaware) Louisiana Missouri Flerida Main Nebraska Georgia Maryland New Hampihir New Jersey North Carolina Ohie Oklahoma Oregon Pennsylvania Rhede Island Seuth Carolina Seuth Dakota Tennessee Tax-as Utah Vermont Virginia Washington Wast Virginia Wisconsin Wyoming The United States Government owns ever $5,500,000 of the capital stock of the Banks and the United States Treasury has purchased ever $183,000,000 Federal Land Bank Bends. The Banks themselves are under the direction and control of the Federal Farm Lean Beard, a Bureau of the Treasury Department of the United States Government. At the request el the Federal Farm Lean Beard In corporation with and en behall el (he Foderal Land Banks, we offer these bends all Prlct 100 and Interest, te yltld 4'2 Alex. Brown & Sens Harris, Ferbes A Ce. Brown Brethers & Ce. Lee, Hlgglnsen & Ce. The National City Company Guaranty Company off New Yerk the sUtsjetatt cMtalaas ssreln, white set guvaatsed, vt Itssd upon Infermatite aa4 asvict which we Mine n be accunta ant nlUbl. 5'iV' '; A a ,., .V&JJl,WLBWM -? r v vwsm4&e! ' 4 kK ' -. WW ISSUE ;$ M w $20,000,000 Shell Union Oil Corporation 6 Cumulative Preferred Stock Series A Dividends payable quarterly beginning August IS, 1922 Callable, at Company's option, aa a whole or in part for the Sinking Fund, at $110 per share and accrued dividends. Free of existing Federal Nerma! Income Tax. THE MECHANICS AND METALS NATIONAL BANK OF THE CITY OP NEW YORK, TRANSFER AGENT GUARANTY TRUST COMPANY OF NEW YORK, REGISTRAR Capitalization (Upen completion of present financing) ' Preferred Stock, 6 Cumulative, Series A (this issue) $20,000,000 Common Stock, ( autherixed 10,000,000 shares) outstanding 8,000,000 shares, of no par value, representing net assets, after deducting the Preferred Stock, of 181,912,822 The Company has no bended indebtedness nor is there any mortgage en any of its properties or en the properties of any of its subsidiaries. Application will be made te list this Preferred Stock en the New Yerk Stock Exchange Frem hit letter, William H. Allen, Esq., Pretident, further nummaritet at follews: BUSINESS: The Shell Union Oil Corporation constitutes a consolidation of substantially the entire Royal Dutch-Shell and Union Oil Company of Dela ware intereats in the Mid-Continent and California fields. It is new one of the jargest operations in the oil industry of the United States. Through its subsid iary companies, it owns and operates oil properties in the California and Mid Continent fields, having a total production en this date in excess of 48,000 barrels, exclusive of 3,000 barrels settled production temporarily shut in pend ing development of further marketing facilities. Its total refining capacity is 48,000 barrels per day which is being substantially increased; it has 752 miles of pipe lines. It also has complete facilities of the Pacific coast for distribution of its Products te the ultimate consumer. The Shell Union Oil Corporation owns the entire outstanding Capital Stocks of the following Corporations t Shell Company of California, Rexana Petroleum Corporation, Ozark Pipe Line Corporation, Matador Petroleum Company and an option te purchase two-thirds of the Common Stock of the Central Petro leum Company the equity and earnings applicable te which two-thirds interest have been included in the following statements of earnings and financial con dition. The Shell Union Oil Corporation also owns 26.17 of the capital stock of the Union Oil Company of California, which had an average production during 1921 in excess of 27,000 barrels per day; 5 refineries with total daily refining capacity of mere than 62,000 barrels; and 740 miles of pipe lines; and extensive distribution system throughout the Pacific coast territory. PRIORITY: Ne mortgage (ether than a purchase money mortgage) or leans for periods in excess of one year or stock superior te the Preferred Stock (Series A) can be created without consent of holders of 75 of the Preferred Stock (Series A). Neither the Company nor any of its subsidiaries has any present mortgage or funded debt. ASSETS: Total combined net assets (after deducting all liabilities ether than capital stock), conservatively valued at ever $201,912,822, are equal te $1,010 per share of the Preferred Stock. Net current assets alone of $23,081,753, are equal te $115 per share. EARNINGS: Net profits for the 4 years ended December 31, 1921, (for the years 1918 and 1919 representing earnings of the Royal Dutch-Shell properties, and for the years 1920 and 1921 representing earnings of the Royal Dutch-Shell properties, the combined properties of the Union Oil Company of Delaware, equity in earn ings of the Central Petroleum Company and dividends from the Union Oil Com Cem , pany of California) after deducting Federal taxes and $41,837,658 for deprecia tion, depletion and drilling charges, averaged $6,188,020 or mere than 5 times the $1,200,000 annual dividend requirements of the Preferred Stock. Net profits for the year ended December 31, 1921, were $4,840,468 or mere than 4 times this annual requirement. SINKING FUND: An annual cash sinking fund for the benefit of Series A Preferred Stock, first payment May 1,1924, equal te 10 of net income after payment of preferred dividends (but net in any year mere than $800,000) is te be applied te purchase or call and retirement of Preferred Stock (Series A). We Recommend this Stock for Investment PRICE 96 AND ACCRUED DIVIDEND, YIELDING ABOUT QY4 LEE, HIGGINSON & CO. v A BOSTON 1306 FINANCE BUILDING, PHILADELPHIA NEW YORK HIGGINSON & CO., Londen CHICAGO The above statements, while net guaranteed, are based upon information and advice which c believe accurate d r ii, Tew'ter) ; Earning i Valuatien: Participating Feature: Metropolitan Edisen Company Cumulative Participating Preferred Stock Annual Dhidend $7.00 Per Share Application will be made te list en the New Yerk, Philadelphia and Bosten SteckExchunies The company operates electric light and power properties in Read ing, Pa., and 64 ether communities directly, and 30 ether com munities indirectly. Net earnings for 12 months ended March'31, 1922, available for pre ferred dividends were $580,952. Preferred stock dividend require ments are $191,240. The above net earnings de net include $294,000 surplus earnings of the Pennsylvania Edisen Company, the com mon stock of which is owned by the Metropolitan Edisen. The value of the equity in the property, based en the average of reproduction cost, during the years 1917 te 1921, is equal te $415 per share of this preferred stock. The preferred stock participates with the common stock in all divi dends which may be declared above the present rate. The above d "d h ou"-"- eaiancc in excess et the common stock W. recommend this stock at the market te yield abeuY7.30. A complete description will be tent you en request. Eastman. Dillen & Ce, Members New Yerk Stock Exchange U Broadway New Yerk rfpnen Bowling Green 7470 Bradford Electric 6s, 1929 Cadde Cen. Oil K, D.f . IBM nil ...." ."'" v vaoe UM & Kef. 6s, Empire Kef. 6i, Internalienal Salt 5, A. 0. Smith 6, Rosita Ceal & Coke 6, J. H. Willimas 7s, " i., fa. & Ohie 4ii, 19ij nUNHAMefe "" iii'ejfmeiit Securities 43 Exchange Place, New Yerk Jclcpheue bJOO'ie llanevtr 1927 1927 1951 1924 1924 1925 """" ' " ' r vf. Ilk I In.. . n - I .. 11 9 ?.". i " ,ry'i. variant n jrt I jr. I u. Kaule. ll'u Ik. e2Hb <i ! ('(imuiinv . ?rj IS2BT., ZZ lllumlnittlna la. & iKSI"! IVnim Tn Munil. Tiink .miTlran I ilnmmwid InilUnuimll Itlfllrtttnf.nlt . '" '"" '"in'ii ifrra,. fl'a IB I mull it iff nn f . r ..., ... :itt JprlnKllHrt Muter, reinimm 3m3 llflenic loot. A i:r emimnj . 'J iiSS Inil. llarlMir A H-M. .li'i . UiV ..V, lbl (.tericlii list, A l'r. t ii. font lA A"' Ohie Trullmi ... fiiiii. A ?fd H,ii5S TTr'.;. "z1"1 ,,",,",, A cSKrs Ainrrlran Hin, A en.t. Hjeur. Pfd. SMt, Samuel K. Phillips & CeMMa lfliilxri riillailrlphla Werk K.rfckZTr . - i..r.-. Beles cs West wnnri LWenibcrs Phila.leek, ExchanAi' t , ,.Ta iTfcr INVESTMENT! 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