SiW mmmmmmmFmmmm 1 .J?J,ll?,jf!SlSrwllP "'" ' 'TTtr-rl 1 nrmrnfTniiMi ; : r : CURB OILS CTDflMP. r i - -rsp -. i",! smmsMsmmsmmssmtmsmsmmsm -A ..-.t--!''' .cw-'-'"'i,,Si:wl MrMW"""1,!!F'' TV, i Int."1";' "'S ' Ntih-l-fi-li""'"' IhWWW FOURTH NIGHT nffiBAILROM THAT ENDURES n.nn4 c IuhiM MW t,lit. l krwJ Alt WWTT kill MM WitkinlMemUt Hit (fettiM el l Bar. rWnlymiAi !". Danallei An lift""" Kit Math nM " Alfi. W1A ' J" v Tl,. Mln e ' "! rf,,fc U, p,u.t menwnt u fc ! Inte lla y ,,Sl , , Tkin In. iiirnt ''"'"' WM At en" bin Mf ipwA. "Mr l" """" w" .""" Whn en Ae m1 "'''' I ItW 10 ipnl". M' Chim (" DtnW M nn Ai "A'- ' vu II Ik. I III wsn 111 One Boek About Bends You'll Enjoy Return Coupon Belew and a copy of this 64-page brochure will be mailed te you free of obli gation or expense. TALES FROM A BANK VAULT is an interesting and original story that is unique in the annals of financial literature. Engaging in its style, yet technically correct in its treatment, it intrigues the attention and instructs while it entertains. "Grandfather Municipal," "Mazy Miningsteck the Vampire," "The Sfrnple-Minded Mortgage," "The Temperamental Indus trial," "Stocks Alias Dr. Jekyll and Mr. Hyde," and ether clever little "Gnomes of the Vault," symbolize various investments and portray their virtues mm wieir vices in a most quaint and compelling fashion. Twenty thousand "Tales," already dis tributed te Bend Owners throughout the United States, have brought us countless letters of appreciation. A copy of this remarkable volume will be mailed free te you if you will merely mention your bus iness or occupation en the accompanying coupon. Frederick Peirce & Ce. Please send, without obligation or ex pense te me, your "Tales Frem a Bank Vault." Name . Address Business Frederick Peirce & Ce. 1421 CHESTNUT STREET, PHILADELPHIA Safe investing is mainly a matter of knowing where te buy your bends Legal Investment for Trust Funds in Pennsylvania $450,000 Clearfield County, Pennsylvania 4!2 Read Bends Te be dated May 1, 1922 Maturing Serially Interest Payable May 1st and November 1st Coupon Bends of $1,000; May Be Registered as te Principal FREE OF PENNSYLVANIA PERSONAL PROPERTY TAX AND FREE OF ALL FEDERAL INCOME TAXES UNDER PRESENT LAWS FINANCIAL STATEMENT Assessed Valuation of Taxable Property $23,483,921 Total Debt Including This Issue 777,91 1 Population, 1910 136,152 Population, 1920 153,116 Subject te prier tale or advance in price and te approval at te legality by Messrs. Townsend, Elliett & Munson, Philadelphia, we offer these bends as follews: & Int. $60,000 May I, 1927 (T 102.13 10.000 May I, 1928 102.51 20.000 May I. 1929 102.87 10.000 May I. 1930 103.22 20.000 May I, 1931 103.56 20,000 May I, 1932 . 103.88 20,000 May I, 1933 104.19 20,000 May I, 1934 104.49 20,000 May I. 1935 104.77 20,000 May I, 1936 105.05 $20,000 May I, 1937 105.31 c 1m 20,000 May I, 1938 105.56 " " 20,000 May I, 1939 105.81 " " 20,000 May I, 1940 106.04 " " 20,000 May 1. 1941 106.27 " " 20,000 May I, 1942 106.48 " " 20.000 May I, 1943 106.69 " " 20,000 May I, 1944 106.89 " " 20,000 May I, 1945 107.08 " " 20,000 May I, 1946 107.27 " " $30,000 May I, 1947 107.44 & 'int. YIELDING AT THE ABOVE PRICES ABOUT 4.025 Brown Brethers & Ce. Newburger, Hendersen & Leeb Fourth and Chestnut Streets ' 1410 Chestnut Street Philadelphia Philadelphia The Hlalemeiits In this advuitlfccincnt are based upon liifunu.itlen ebtuincd from eflldal beurccs or fiem tliose uhlch we regard a tellable. The First National Bank of Bosten The leading financial institution of New England Foreign and domestic commercial banking of every nature Correspondence solicited IS WHOLESALERS Bankers and investment houses are invited te use our service when desiring te buy or sell any Govern ment Leans. "A Natien -Wide Market" COMMERCIAL TRUST COMPANY Member Fedcril Reserve Syitcm City Hall Square TOMOBILE 'SMRAKOR WIEGHER.ROCREYiCO, CiKtifitd PubUc Accountant t-rfj IKMEKINE Standard of Indiana Makes Sharp Advance te 105. Meters Irregular New Yerk, May 10. A generally strong undcrtone wns evident In tlie enrly deallnga en the Curb tedny. Standard Oil of Imlliuin waK one of tlie strongest features mill inevrd lip (sharp ly te 10.". Imperial Oil of Catmd.1 was again in geed demand and advanced about 2 pelntH, te 110,i. Oiln gen erally showed an lini)revcment of from fractions te ever n full point. In the miscellaneous group, a fair denuind vm shown for Tedd Slilpvnnls and Olllette Safety Itnzer. Philip Mor Mer ris was ngnin uiuler geed support, hell ing up te Its previous high mark of 10. Moter stocks wcic irregular with un important price changes. Mining Is sues were active and moved within nur row limits. INDUSTRIALS HlKh SOOAIIInl Packlnir 13', KM) Allied Pnclt prier lit 3J'i 100 Heechnut Pkir .,,. 3S 11(111 Iluddy Hurts 11 100 Chlcain Ninnln . . 2 100 ciednd Aute .. llie Continental .Moter. 101)00 Cuban Dem Sugnr. 100 Dnrnnt Met Ind.. 100 Durnnt Meters .. 100 Ilnslnmn Kodak .. 100 Dublller .100 Hudsen Moter ... lOOOIcn Alden Ceal. oe uuirttp Saf Ilnz..20R r.oe C-oedyrar Tire . . . lti K00 Meldwyn Pictures . S 100 Grant Moter HI! .'100 Illinois Cent rtft.. T2 .'100 Inter Rubber M4 300f,ehlKh Power .... 17 L'OO Lincoln Molera A. L' 1.100 Mercer Meters V t. ! 100 1'lirknrd Moter ... 13 '.MOO Philip Merris .... Ill J00 Pjrene Mftf 13 1200 Radie T, r.OO Radie pr 3, BOO Ree Meters IM lOOO Sutti Ceal & Iren IT. 100 Tel) Pred Kxp.... t lOTe.ld Ship 73 SOU UH I, & II 1H 200 V S IlefTmnn .... 22 200 Wa no Ceal ,. . 1 STANDARD OILS 30 UK 33'i 20 H DO Lew 13 32i 3S Si 30 H M 1i4 31' 7.VA I 20S no 207 13'i H1. h2 "2 H' i 13 13"t 3'i 2 I'd ii :. n 73 12 Noen 1.1'i 32,i 3H 'i' 2 30 s4 8 u$ 33'A "3 su 20', 00 208 82 174 t1; 13 134 r, 3'i 2li OR r.OO AnBle-Am Oil .... 21 1100 AtlintlR lA)b0H ... 10 r.e Imp Oil Cunada ..114',j 10 Ohie Oil 328 1100 Htund Oil Ind 10,1 300 Stand Oil Ky w I. 82, loe Stand Oil Ky Dlalr 824 10 .Stand Oil or X Y..413 21 10 114'a 328 ie4; 821-j 8."4 413 INDEPKNDKNT OILS 100 Arkansas Nat Gas. 11 300 Renten Wjemlim . 83 IP00 Carlb Pn 7'i 10O Cities Kcrv 11 pf, . H oe Columbia' Pet ... U 100 Creele M'n .1 line Engineers Petrel . . 33 11700 Federal Oil HI 700 Oletireck Oil . . . 1 A 2300 Int Tetrel 22 22O0 Keystena Ranser . (W COOOI.ince Creek .... H 200Mln(tsten Pet .. l'i r.OO Marlnnd Oil Mex l r.OO Mex Scubril ex dlv 43'? 200 Mountain Pred ... lB'J 2300 Mutual Oil 8'a 200 New Yerk Oil 31 H 0000 Neble 27 4000 Omar Oil 2't 2O0O Red Hunks 211 40O Salt Crtek Pred.. 18N 100 Halt Creek Cen It's 3200 Slmms. Pet 10 H0I1 Skelly Oil 8 .'100 Seuth Tet 4. Ref.. IS 11100 Texon P3 SOOTurman l'i MININO 200 Alaska U Columbia 4'i .'.Oe Am.'r Uxploratlen. '.' 100 Ante-Am t'i S At SOU 1000 Rig; I.edce. 2.". 100O Hest & Ment 20 10(1 Hest tc Ment Cens. 8.1 1 100 Canada Cep re 11 82 7'. (I 13 3 G3 1U tt BO O l'a il 4i ;ut KIN 8'i 30 21 10J U4W 328 in.-,', S2J4 82 413 11 8J 7'i 0 l'i 3 r..i in -.'.A oe it i'j r, u'i 10 4 8'4 31V I8S it's II', S's 1 no 1'4 400 Cens Copper Mln. 2100 Cortex Sllei .... 10O Cresnen Geld . . illOil Doleres lperanz , 3(1011 Divide K.vt 1000 Kureka Croesus . lOH Gadsen Copper . . . liiOOCIeliinelil Ilurence. loe IIewk Sound 7en0 Indept 1,ead . . Soen MuKIn Dir . 200 Mflema Cep . 2rte Mether I.ertn Clt . 200H National Tin . . 2000 Nev Ophlr loneNev Slher Hern . r.OO Se Am V & O .... 7000 Steward Mln 200 U S Cent . . . 700 L'n Kastern 1O00 Volcano Mines . . . I". P2 VI 17 2.1 IrV 21 3i, 3(1 3(1 20', ll'i .1(1 3.1 8 4". 12 .11 1t 1.1 4', 20'i 2.1 20 81 48 ls 02 2H .i "i. 23 .T 3.1 2S 20 '4 'i 8 l, II "l' 1000 3000 1000 moo 12000 1000 1000 3000 43000 1000 10(10 2000 1000 1(10011 1 .1(11111 1 0011 201)11 l(ffll) 1O0II 20011 211(10 I (100 101100 2.1000 00111) 1UII0 IIOMIS Allied rad.er Os 82 Am t.lzht Oh . 10(11, Armour Ce 7s ..Kll'-j Heth steel T. 'K.i. . in:i Can Nat Ilv V.n Cens Tetll 8s Deere Ce 7'jn. Kreepert Texas 7s interoern s , . K'Iiiks Ce I .lit I''1, n I.iKlele t;-s 7s l.ll.hy McNeill 7s .Mantteb.i Power "s. Philip I'et H, Phlps Pi 7Mis uw S O N V 7s '2S S I) N Y O'-jH Slf Cu 7s '31 Tul IMIsen 7s Vacuum Oil 7s . . Warner Siik 7s Western lllec 7s IVInchestei 74 s . Ci M SI P ts I'r NY Nil A II 7s I'r U h llrjill 7s ns Ml 11 112 li.'l'j , us wOi 'lh4 OS 113 IOH'4 Hid'-j 10ll, 10.", le.iS 107 O'l'. Ins lel'i 71 77 4 lis '-a li.ilJ, 101'j 13 US', j 10 let 111 0.", os 111 0S 08 113 10(1', Kill'-, Kill5. 102 KIllS 107 llll4 les 10t, 71 77 08 Is't, II', 10 8 1 02 l'i 20'i 2.t 20 81 r.e IS 0J 17 3'l 30 30 2!l'? 0 r.e 31 8 4 11 01 I". 1.1 1011 101'v 103 list; 10 101 112 02 OS 00 os IIS 113 loe'i 10(14 ions 10.' , 10(1 107 Oil ins 101 77 0S LONDON STOCK MARKET Changes In Oils Narrow and Check ered Heme Rails Buoyant Londen, May i0. Polities continued te 1m' uppermost in tin' mliiils of opcia epcia opcia ters en the stock cm liauge today nud tlie mnrkcts lcmiiliied Irirguhir. The gilt-edrfi'd Il.t ii mUcd, Imt eawlcr 'ii the niii In. Cuutinn again mis iim'i i iinninUiiig -iiiinl Imcnts in French leans, pending further developments nt (Jeiieit. Changes In the oil depart ment uere narieu and checkered, ow ing te adiustinenis. Kojel Dutch as i-H. MK'ii 'I rmiKperi and Trailing anil .Mexican r.agie .l"s ere noted Hull- with r, Dealings in tint Industrial INt net irl"K, Imt cheei fulness wns in spots. IIikImiu's Hay as (l:l. hits were uaen.v in sympathy lie siiiiir. Heme rails were buoyant en a de mand fro mlutfsters. Dellar dc-rip-linns were steady hut inactive. Ar gentine rails v. ere neglected. ul(h n tendency te n lower. Kntlirs were firm. Ihil tradins: was cenlincil in nr... I fcssienal. U, S. Certificates and Treasury Notes i it Ham t4' tM4 .11-, t4'v tM Maturinc l).ite .Tunc. 102 June. iUB. Sept,, Sept, R'D Oct , t4V4 Dec, t4'J .Mnr . IH.".'.. 1022 . 1022 . 102.'.. 102.'. 1022.. 102.1 . 024 111.1 .100 I.H2 100 n-32 100 13-32 ,.100 1 1 -- ..100 10-31 .nn Asked Yield mea.sa a, i n 10(1 7-32 3 10 100V4 3,24 10(1 7-10 H 24 100 II. 10 3 vs mil 1-11 3.2.1 .100 17-32 100 21-32 3311 ,1... u-u inn 'ji-:cj ;t -i i 103 10.13-10 in .' ..... ,.. e-i.i 1021 ..102 15-10 10.1 1.J0 (111 u... ... nil '4 I01N .1 June tM4 Sept tla, -Mar 1112.1 lOI'i InlK j ..s it--4 .Mar , iii.-ii . .iui-4 101', I". i:xempt riien reiieral normal Income taxT tAiieptiiblc for pawncilt et Inioiue tux due en dale of maturity. Reierve Banks' Discount Rates Official rrdlsinunt rates at thn tele 4d. l-IUI ..rert.B .u..n. niV US IUIJOWS; l l n if PATTftN A m I W ' -tt mvrE3Q831n' EtXAtWstttXtWsWmWstmiUMM 9mKsT3iimJsJB?Bl m WSSBBBMJSSBBJSBBMSBBBWSSWSt liens. I.lb. ctfs. bends. Ilnslen IH 4H New Yerk 4 V, 4 U Philadelphia 4W 4 Cleveland 4S 4VJ Hlcbmend 4'4 4U Atlanta 4' 4S Chlcavn l 4 4 St. Jhiuis, 4', 4t .Minneapolis A n Kantas City , , , f n DiIIhs .... .'. a San Krunclsiu . l'i 41, Cem'l Illirs. paper, accept. 4 14 ft ft v ft .1 4'i 4'i ft r .1 ft 4 Liverpool Cotten Liverpool. May 10. There, was Beed it msnd for spot cotton today and an ctle k7: . L.Ti.,."V:Wi'.!" ''' n wis jitrj., 11 ni L. "','uur renns ter mia dlltur st Il.fl4d. The sales wers IB, 000 bales. Tn receipts wera 1Q00 bales. Including sne rican. . Futurss wsra urn, it. h vr,p wr: American. vt RHvs.iniiia reca imarl-tMi OMlljun. . U MiS ITV IIUTirat. .- :i 'TliSS!,,JaBDII&aP ti HA . A.PI M&t:!i:W t w,m rvt& ( ia.,xmn f.r;-.iTO t;.tf,.M-.. ::' "" ' m If ff -n '(' "'f- V tttffMJMfflrTi - iM:a . $4,000,000 Witherbee, Sherman & Company First Mortgage 6 Sinking Fund Geld Bends Dated May 1, 1922 Due May 1, 1944 Coupon bends in denominations of $1,000 and $500. Interest payable May 1 and November I. Callable as whole en any interest date at: 107! and interest. Total authorized $7,500,000 Outstanding $4,000,000. , . Pennsylvania four-mill tax refunded. The Farmers' Xean and Trust Company. New Yerk, Trustee. A Sinking Fund is provided, available semi-annually, te retire the entire issue by maturity by redemption of $200,000 bbnds annually, commencing 1924, by pur chase at or below 105 and interest or, if net obtainable, by call at that price The following information has been summarized by Mr. Lewi W, Francis, President of the Company, from his letter: Security These bends are the direct obligation of the company, secured by first mortgage lien upon the entire fixed property of the company new owned and hereafter acquired. Business -Witherbee, Sherman fit Company, with predecessors, has owned and successfully operated for ever 70 years large iron ere deposits, comprising the largest iron ere development in the East and one of the largest in the United States. Because of location, the company has a substantial advantage in freight rates in serving the important Eastern markets. The principal properties of the company are located near Pert Henry, New Yerk, and include ever 104,000 acres of mineral land3. The proven ere contents of this acreage are conservatively figured as 38,000,000 tens, with a large volume of undeveloped ere in reserve, which statement of ere contents is confirmed by the opinion of independent engineers. With apportion of the proceeds from sale of tl ese bends, the company will construct at Pert Henry a mod ern blast furnace with a normal capacity of 150,000 tens of pig iron annually, which will be operated in con junction with a furnace new owned having a normal capacity of approximately 80,000 tens per annum. i4ssefsThe company's Consolidated Balance Sher.t, as of December 31, 1921, without giving effect te this financing, shows proven ere bodies carried at ever $12,500,000, and total value of mineral lands and real estate, less prevision for Mines Extinguishment, of ever $14,500,000, which value is confirmed by the opinion of independent engineers. Total tangible assets amounted te $20,410,685, while net tangible assets, after deduction of all liabilities including reserves, amounted te $18,526,534, as of December 31, 1921. Current assets, which tetalled $2,803,671, included inventories written down te $1 ,893,602, which is approximately $500,000 below present value based en markets. Earnings Following is a statement of net earnings available for interest, depreciation and depletion for the past twelve years te December 31,1921. Production of ere in concentrated form (the shipping product) has averaged ever 525,000 tens per annum for this period. 1910 $956,451 1911 651,360 1912 612,214 1913 472,703 1914 $189,801 1915 440,490 1916 1,169,435 1917 1,649,932 1918 .;:... $929,127 1919 474,055 1920 989,630 1921. Less .... 235,373 The above figures are at the average annual rate of $691 ,650 and are derived from sales of ere, the company's blast furnace having been leased during practically this entire period and rentals received expended in fur nace improvements. The conversion into pig iron of one-half the ere sold in the period shown would have resulted in average earnings in excess of $1,250,000. The company has made liberal prevision for depreciation and depletion, which in the 12 years shown above aggregated1$4,82 7,699. Equity The net equity in the company's assets, amounting te ever $18,500,000. as shown in the balance sheet as of December 31, 1921, is represented by $3,000,000 capital stock, upon which dividends at the average rate of 8.69 have been paid for past twenty-one years. The Lackawanna Steel Company owns one-third of this stock, acquired approximately twenty years age at par.fer cash. ' We offer these bends for delivery when, as and if issued and received by us, and subject te approval of legal proceedings by our counsel. Price 982 and Interest. Te yield about 6Vs Dillen, Read & Ce. Kean, Tayler & Ce. The information contained in this advertisement has been obtained from sources which we consider reliable. While net guaranteed, it is accepted by us as accurate. New Issue $5,000,000 First Joint Stock Land Bank of Chicago 5 Farm Lean Bends (ILLINOIS AND IOWA; EXEMPT FROM ALL FEDERAL. STATE. MUNICIPAL AND LOCAL TAXATION Lh',S er"Ptien va confirmed by the United States Supreme Court in its decision of February 28. 1921. Thus these bends are as completely tax-exempt as the First Liberty Lean 3'27r Bends. Dated May 1. 1922 Issued Under the Federal Farm Lean Act Due May 1,1952 redeemable at the option of the Ban at pat ind accrued interest en May t. :032. or se any interest date thereafter Counen oends ,f$, 000 and SlO.OOOdenommafen. fuayre.ter.e .adteh-nBeabIe Pnncp.1 and semannuaVmUrest Maylan" Nef Ye,' Otv r 11 LT" T' " " "" Cnlinental Commerce Ban, Chlca6e. or at the Chase Natiena, Ban, ir. Me Yer v-ity, at the holder option TD Y Act of Congress these bends, prepared and engraved by the Treasury -' Department, art declared instrumentalities of the United States Government, legal investments for all fiduciary and trust funds under the jurisdiction of the Federal Government, and acceptable at par as security for Postal Savings and ether deposits of Government funds. We de net s'iarantee the above statements and ftCures. but they are taken I.-etn eurces wh;cn we beheve te be rel.abtt. Price 103V4 and interest Te yield about 4.60 te 1932 and 5 thereafter When, and if issued and recesved by us. Delivery en et about May 17, 192 J. ( - PTSa-sttf-W 14 Wall Street New Yerk V'M V Kissel, Kinnicutt & Ce. i The Rookery Chicago ..ui . . ...,sfc ; . . .J!.j,v. . JL-rf-.Sii 'UfcUSa ,lt .i'iimWUA1tf3LMr'KtaS. Li . . .J---V -rm- y. j, , ?. H mfmm !MM 1 3K. "rfvii m m t'.ri m mm J WW Hi v , f(i BafltIUu&jl&tuAALaCl)sijsEaaHSB
Significant historical Pennsylvania newspapers