&&1&? ft.;..- l. h u.t wikwwwt'W'T' - m ;.RR4ffift?hiVffi.' ;i ;-. .:; w...M Hymt iJi W . 'V. -T. . .k. '.J. I .!....:. -. .- I.. ' ' i JLii 5 v USKK SW3W?T SHARES U .flOlls in Especially Geed Demand. Independent Lead at New High AROUND THE BEST WA ifc.L . ... lit BOO iJnceliT .Muturs X.. fne Merctr Mtrs yM ,I00N Y Trntn.ii ...... I liiO I'ecknnl Moter .. , 10i l'nrknnl Mtr pref. ;'"' rflie .luff taiwinHiiie vtr Yerk. M.iy 18. The curb mnr- ktt continue) active nfter opening, eml, bile profit-taking developed in ninny .1 the mere impertniu Hues, the rcii .m! undertone lentlniicd firm, with '"'. lotion holding nrntind the best. Angle-American Oil iiiepd up n geed tactien te -U'' I'uniiu hi iiiiiinnn ":. f-nM ennliv nigncr. men VI. """ mnr t.- .ll IIP In riinde lower, Allien Kirby Petroleum Mexican Henbeard wnreved nenrly n point, while 11 Reed ffirr was "''own for Standard Oil of fflns nt .. geed upturn te HI7',h. Viand ruled within n fraction of the $ Tndfpen'lent Lend moved tip te n new dlth for 1I1P nwvi'iiiriii. 111 .nil-. , iiimii nJmlnlcnn Sugnr shnded off kIIrIiiIv. rnltfd Trefit Sharing moved up '. Inttrboreiigh voting trut certificate.!, Int, a coei nrivnnee, turned uruvy lering nearly n point from the best INIH'STRIAI.S. tee Acm foal 1 1 S Acme Iclln 1 MAtn H"J5S Xn n-irhnut PkK 00 Brit Am Jeb rtR. S) nrlt Am Tel coup j Xn nuddv Hut nnrriii Tire nnrhlcsite Nipple ... liXoruben Dem Sunar. 12V ioenM"i ".',. High :::: 1A .... '2 8S.. 81 S4 17J. ITS : ?8 JS purant Mtm of lnrt 15') inn nnrant Mtrs 3.V! ifonDuWIIer tee Hudsen Moterj . innent StatPi hiee.. ifloCentl -anilv TOO Fronlenae Mlrs . . . 0(n Alden Ceal... i(K)OMdfar Try .... jOOJIecUInK Vmiey ... Su.tn Chpm . ?wt!H'!.0" V ,?"!. ,n nu"i; .....".. W)I B T V t nn tntKr nubhpr 10O Uhleh Tower n' 11 "i m l'JTi n 3 tnii 13U 32; R1t 1OW 1'4 34 1TU ' i; 12V 3 i,r s.. ia r.i 12 '4 n ?' in". 31 17 I en Is. At. elA 34 17'i 17, 8t IS 1'4 314 'i 12 2f)' ins nH 3 n in', n 13. M ?4 HIT; 131, 31 , Si, I7, rla S 4n in inn Nil 12'i : 7.? 11 1 n. 24S ... .IH, Iren Nil .... 20V4 inoeiirtailln pref IWMf Illinois (.'em inn inintin Hliel . 200 t'ub Kerv in of 3'MI lleiielll fniulv SOiiItepulit'f. Tire Hull. 3011 lien Metnri linn Sllllllli Hlnrra . . . 2!nn iJ.ini'i t'enl . 10O Swift tiller .. 1"' Tenn luvv nf "11 I'Nmi'ieh I'red llxp .... n4 27.-iTn.M Hhlp 77 lf.00 It ft 1. & It .. ,. 1, inm) V H Hhlp Cerp .... N00 IT H Heffman . . 23'i 7Nfi(i 'n front Hhir nw n vnne fnltd Itet Camly. R 3mm wnnc Ceal ... 40H Weal llnil fhem . . 71 100 Tnrlinen Axle . L'rtS 2." West t'euer ,. 31K. a 20 13 Nil 1.' r.n, l."4 iii n. 24 'i 37, N1 2014 21'i ti 7 r4 2'4 s 7 1 1 7S 214 33' 4 8T.NT,ni OIKS 700 Am'e-Am Oil . . . 20' 20'4 200 Atlantic ,otei ... I0'4 1ft', IOOhIciiii till (13 r.n 13 Inttlatn 1' t, nn p tinepiind fil IpiI ..,.10:14 ieti; 300 Htand nil Ky .... R2 R2 lestnml Oil N V ...tn 404 lOVaiuum Oil . ..410 4i! imkpkm)i:nt oils 4000 Hoeno Oil 12 fiOO llnstnn Wjemlnil .. NT l.lvtl Cnrlli Hn 7 Hill t'llleit Herv (el'll .231 200 Tltlea Pcrv II itf. 2.N .'tee C'eliimbld SMi .... 2', 200 t'niflen A O. pf . . 4 , 1300 Creele SH'n : 4OO0 Cuhlnpt l'ete .... n NOiie t'.iistneern l'ctrel . 4! 3400 Kerleral Oil 1'4 re Kenitnml 1fll4 7100 Olenrnrk e.l 1 J, ."Oil (Irnnada 5, lfinoe IluilcnVi Oil 2H 700 Int Tet'el 21 ' 700 Klrln I'et m'4 ."00 t.lvlnBrten Pet . . I '4 NOO l.xena Pet 04 lenjMrlaml Oil Mex . r.Vj 200 Marae.tlbn Oil .... 22', neil Marine Oil t A ll'O Merrltt Oil 13 7O0O Merliltn Pet N f.00 Mexico oil 3V, 200 Mexico Heabnarcl . IT. .'.no Mountain Pred ... HI', NRne Mutual Oil n' 100 N Y Oil 2N inoe Neble an 14100 Omar Oil t 20O1 ne.l rinnki, 24 nne livan dm n, 2O0 hXU Creek Pred f. 1, nun Halt Creel! Cen .. 13', noe Bnpulpa Fief ... I. 300 Senbeird O & O . . 1 r.00 Slmms Pet In', ir.nnskeiiy oil N'J nne Southern P A II . 7tv 2O0O Heuthern Htntea ..21 1OO0 Stanten Oil 34 loneTexi Itnneer .... 1 0200 Texon 0.' NOO Turman U laid Venezuelan ifVn 200 Ventut a 3R'4 100 Woeilley la'fc 700 Wlltex Oil .'. 200 Woerlhurn 00 2(100 Y Oil 17 It .' If 231 "?' i 3', (1 4H in" 1 2'4 21 21S 10U, 1'4 HI .-.1, 22 . 1A 13. R 3'i n; 28 20 1 24 r.'4 IR'J 13', 4 1 te H 70 21 34 1 no i, 11 . 3R4 13', .-.. mi 17 ?H 44 2n 13'4 Nil 12 r.14 3. 7. R0i 1024 fir. n 24 4 m Rn 2014 21;, 23'4 II 7S 2rt'4 33'4 20H 10'4 r,.-i OR loon R5 401 4111 12 N.' 7 231 23 I 3S II 411 1t in 2, 2.'. 2I4 104 t'4 tit .-'4 22.4 I.V4 R 31, 4-i', in', n'i 2S 2(1 1. 24 10 N 70 24 34 1 in M4 (l4 3SK, 13', "' f 1 y V 4 t,n 17 MTN.NO 1300 Alaka ttr Celiim. 11(10 Am Commander . . en Am Exploration ,, 4ftl00 Hlu Led .' .'iieiin llet A Ment 3(100 Itent A Ment Cens 400 lluttf.N Y .. .. tOOil Canada Cep KMiecandelarla ,M . . . ri'iOO Cern Cep M 1(100 Corte? SlUer .. .. 200 Doleres i:peranx . EneiiO Kmma Sller loon I'.urtka ( lue'.iii . , . lien tin iln.Mi Ceppir . . lennetlallna 201)11 Hard Shell 200 llecla Mining .... 21IO0 Howe Sound 23N0O lndepend Lead . . tee Jereme Verde 400 Kerr Lake 1000 Macma Copper .. Iitnn M.iumii Cep rla.... 7000 Mamh Mlnlnn 3300 Jfrnen Valley .... 13N00 Mether I.ede Clt . . 21000 National Tin .. . 1OO0 Nevada Ophlr .... 1PO0 Nevada Hit Hern .. 1(10 Nlpldlnt 2000 Ohie Copper 100 Itnv llPtcllI"' 2000 San Tev . . lOOO SlUer nek . inoe Sll llllln of Nev.. 10(1 He Alii P A 11 .. 4000 Slew Mill 700 Tonopah Dlv . . . . nne Tnnepah Kxten .. 100 Tonopah Mln .... MO Tuolumne lmie tr s Cent 200 Knlled Van .... r.00 United Verda . . . . 2000 Volcano Mine, ... 70(1 Went Knd Cen . . 10O Yuken (leld (101) Yuken Held AIn. 20(V) SuperMIUim uem)s 1000 Allied Patker Oi. "iQiiO Allied Paiker Na. . RRiioe Am Cot OH (1, . . 1.1(1110 Amer Tel (In ,2.'. . 3(100 Amer Tel Tin, '21.. 11000 AmiienilH (1 2000 An-uenda 7a '20 EO'ill Ann-Am Oil 7'aa.. lOOO Armour 11 N0O0 Ueth Stesl 7a. '23.. aoneiieth St-el 7a '31. . 1000 Can Nat Itv Kt 7b. r.nne Can Nat Itv Ke n 1O0O Can Pec Hi nomfel Oraph P .. r.one Cep Kxp R,. '23 . 13110(1 Cen llxti N, '21 neon Cnppr Kxp R,. ".'.1. litiiiiiii Kreep xex 7 a . . . 1000 Kmp O A II 11, 30000 Ked I.-.nd nk 4'4a. inoe Oeti Aphalt ga... 20(100 flood Tire 7,. . . . 3000 Heed Huh 7e ... sone Humble Oil 7 . . 32O0O Inter Ot Nir Ha.. 40000 Intel bere 0, 0000 Kanaaa Oaa II, . . 2000 KIiikh Ce I.t 0'4 a . 27000 Kennecet C 7a . . 2NO0O l.nclnle (tan . 20(10 I.lbbv McNeill 7a . . 2000 Nut Liiith 0, ,. neon Ver Am r.d 11, . . nene PhllllpaPet 7'ia . . .10(10 Phil Tet 7't ww. (10(1(1 1'uli S r N I 7h . 1000 neht Onlr 7 . . . . 2000 Hnk, Ce 7j n Mil 24 I', 411 i ni 2'4 3 'I', 20 1R 0 , .a' 3', 3, "". 1'i 20 2'4 lu'k r,H 3 n'i ln. t'i .- in 3 4'. 10 70 1U 73 nj '? 2(1 W 4n HID in 20 n 8 IN "f'i M 411 2H 14 - t :t j IN i; 3'i r.n. 3'4 31, 304 in 2'4 Ill's f.0 31 r. 10 l2 in 3 4, (I 7.' 73 .12 r, 211 11 IIS ni 20 3 fC Oi NT 100, 101'n 100, 103',, 103i, liMVn ier.5. 10.'. ION '4 nss ten, 47 102'i 103 103", 12 Kit'', 100 10.1 1001, UN 101 nt 711', nnH IINW mil 10015 nn tee', - UN 10l, 10.' iin nil'. r: IIN II N 10(l4 111! t, mn'f m.m iin, mm 101', 102 4 10NV4 IIN, 101s 17 1021; 1 02 , 10T4 120 mm ion 103 1110 n7' 101N in', 7SV. nn'S ns iem, 1001. ns'4 100H n2H 1171 101, 101W ON ll'.l'. t?4 20 23 fl 1 1 4ll 2N Ml 2. 3 27 1'i 20 IN nj. a '4 r.i 3-4 3'4 30 1'i 20 24 104 r.n 31 r-i 10 .V4 HI 3 t'i I 7.1 1A 7.V nj i. 2II4 411 IIS ni 20 3 N2 IIN II N'i 1O0?J 101 14 IWl 103', 103;; 101V4 10.1', 1 ".'-, or;. 101 j 17 1021; 105'4 iea, 121 inn. me 101 I (HI I, IIN 10t m', 7N". timj ns 10-.U 100', O'l 100 5, nj4 iin tnt, 101'j iin ne'i l' j r j j', urtiiatM mm i n " i ;. ' i' ' n". -iMm jlta f t m-i . wj tiiTiiHii ww -ww.j- rra vw rnwwTTiriTvia tmcr i'HM m m i m -mt u s-u mm !' j m-ww nipjiWnurnLA WWWW&WZ"-, ftwy - mwM um ' j M.HMA j?a" 1 i'ii ' lVi 'r,: i7.- :. I He J of '22.10OJ4 fte 7 of '23,100 Hell 7a ,...1024 2000 fleara noeo nearr IIIIOO H O !t f tl III '31.1011 r.nnn a. .ill 7, 101 7000 Swift Ce 7a of '2.-..101H 700(1 Hwlft Ce 7a or '31 Minn Tet ndlnn i a , 21100(1 L'n Oil Pred N, . 14000 Un Oil Cat He .. fiSOOO Va-C'ar Chem. i., f.OOO Vacuum Oil ib... 3O0O Western lllee 7 2O0O Winchester 7's . MiOO Arsentlne is .. 3S0O Argertlne f S. It 22O0 City Klberfeld fiB seen city soiasens n. Innnn r'qti MM.., 1S0OOO NY N 11 A It Kr 7a Tn'i leniLIU'alan O'ta .... 4000(1 ItUBalan ri'4a ... 40POO Huealan ftMa ctfn 10(10 SWISB ftliB 2000 t' S llraxll .... 10(100 H S Mexico 4a. . 20000 Mex ttre.t 3, 20000 Mex Oel Aa. .. 100 m lOH'i 1(U, 10114 ION' 101 'III', H'7 108,, 10H4 100 R1'4 un . 20 in 10Jt, . iin 474 . 14V4 21i 100J4 SOPH 1024 10 8 4 ?l lei.H .?.& ION ION. 101', IDl'.t mi unU 107 107 ION. 10S 101S 10IS 100 100,. 70 70V4 r.Vi f'4 Nll'i Rl'a nn nn 711 70'4 23 2.1 111 20 in in 10J' HI2'4 f)N PN 17'i 474 14 14'4 2t 2t FINANCIAL BRIEFS The Ilnnk of Knglnnd'H tnlnlmiiiii dlRceunt rntc reninliis tinchnnged nt -1 per cent. A lenn of 4.',00.000 nt Hi per cent te Htrnlts Settlements Ih being under written In Londen nt 0.", redeemable 1ltt.-i.45. (Jreen liny nnd Weitern Itnilrnad for the enr ended Dereiuher 31 reports surplus of $232,048 nfter tntes and chnrges. ngnlnst SJ21S.402 ln 11)20. New Yerk Centntl for the quarter ended Mnreh 31 reports surplus of ?3.-03S.0.-" nfter taxes nnd chnrges. iignltNt n defirlt of $0,020,100 In the first itinr ter of 1021. The average price of the twenty ac tive Industrial storks ndvnnccd 1.0S per cent ptrtlii.v te 03.71. while the twenty railroads ndvanced .00 per cent te 84. PnrMv Hrethers v Ce. have Issued n clinrt relative te mined isintcs uov uev emment Liberty Lean isues designed te show their present etatus in n con cise way. KniiFns City Southern teperls April operating Income of S?2I0.200 nfter ex penses nnd tnx, tisniiiNt S114.S.-.- a yenr age. Fer four months ?1.iriS,840. iigalnt .$1 ,1107,070 In the Name period of 1021. The Southern Itnllway was granted permission today te guainntee pigment of the Interest and principal of .0..'l()0. 000 In equipment trust certlticnkw. The f-eciullies will be sold by u IMiiludel- ..t.tn Citnnnlnl Itlflt Itllt trill IIS teilstoe but the funds will go te the ralliead for tliu puicliusp et new roiling mock. I'm million of Common", cilth Power Corporation te take ever nil power ami light properties of Commonwealth $3,350,000 Penn Central Power Company First Mortgage Sinking Fund Geld Bends Series "A" Forty-Yean Principal, Interest and Sinking Fund Guaranteed by Endorsement by Penn Central Light & Power Ce. . . Series "A" Limited te $3,950,000 Te be Dated June 1, 1922 Maturing June 1, 1962 Coupon bends of $1,000 Ind $500; principal may be registered. Callable en any interest date at 1024 an.l interest. Interest payable en June 1st and December 1st without deduction of the Nermal Federal Income Tax net exceeding 2 FREE OF PENNSYLVANIA PERSONAL PROPERTY TAX Provident Trust Company of Philadelphia, Trustee A lettcf- from Mr. Jehn E. Zimmermann, Secretary and Treasurer of Penn Central Light & Power Company, ts summarised by him as follews: ' BUSINESS: The demand for electric light and power in the territory served by Penn Cen tral Light & Power Company has increased the sales of that Company during the last ten years from 21,874,501 k. w. h. in 1911 te 88,380,490 k. w. h. in 1921. In order te help sup ply this increasing demand, the Penn Central Power Company is being organized under the laws of the Commonwealth of Pennsylvania and will construct a modern power plant near Saxton, Bedford County, Pennsylvania. This plant will be constructed en the unit plan, the first units te have an initial capacity of 20,000 k. w. It will be con nected with the transmission system of Penn Central Light & Power Company by means of a transmission line of steel tower construction about 25 miles in length. The entire output of the new plant will be controlled by Penn Central Light & Power Company, which will own all of the capital stock of the new company. It is anticipated that substantial economies will be effected through this unified operation and that a mate rial increase in earnings will result from supplying the increasing demand. PURPOSE: The proceeds of the sale of this issue will provide funds for the construction of the new power plant and transmission line. The remaining $600,000 of the Series "A" Bends may only be issued for the construction of an additional transmission line if found desirable. SECURITY AND GUARANTEE: These bends will be direct obligations of Penn Central Power Company and will be secured by a first mortgage en the above property. They will also be secured by an agreement of Penn Central Light & Power Company under which that company will guarantee by indersement payment of both the principal and interest of all bends te be issued under this mortgage and fulfillment of all covenants of the mortgage, including the sinking fund and maintenance previsions. EQUITY : The funded debt of Penn Central Light & Power Company is followed by 42,934 Preference Shares having a present market "value of about $2,350,000. The 61,140 Common Shares represent paid in capital of $1,528,500 and the Unapprepriated Sur plus is $525,375. SINKING FUND: The mortgage will provide a sinking fund whereby at least 1 of the par amount of bends issued and outstanding shall be paid te the Trustee annually for the retirement of bends. In the case of Scries "A" Bends this sinking fund will begin te operate June 1, 1927, and such bends may be retired at net te exceed 102J and interest. EARNINGS: The Penn Central Light & Power Company has shown a steady increase in both gross and net earnings for the last ten years, the increase in gross being from $637,880 in 1912 te $2,351,398 in 1921 and the increase in net from $277,794 in 1912 te $891,306 in 1921. Earnings as reported by that Company for the twelve months ended March 31, 1922, and the estimate of Day & Zimmermann, Inc., for the calendar year 1922 are as follews: 12 Months Ended Calendar Year March 31, 1922 1922 Greis Earning! $2,400,238 $2,565,000 Operating Expenses and Taxes 1,449,342 1,405,000 Net Earnings $ 950,890 $1,080,000 Interest Charges 357.892 357,892 Balance $ 593,001 $ 722,108 Interest Charges en $3,350,000 Penn Central Power Ce. 6r'e Bends (this issue) 201,000 These earnings de net reflect the economies te be obtained from the operation of the new station nor de they reflect the increase in earnings from the additional business te be obtained, all of which Day & Zimmermann, Inc., estimate will increase the net earnings of the Penn Central Light & Power Company $300,000, for the first full year of operation of the new station. All legal proceedings arc subject te approval by James Cellins Jenes, Et,q counsel for the Company, and by our counsel, Messrs. Dicksen, lieitlcr mud McCeuch, Philadelphia. Delivery will be made en or about June J, JVU, in the form of Tntst Company Receipts or Interim Certificates, Application will be made te list these bends en the Philadelphia Stock Exchange. We offer the above bends when, as and if issued and received by us Price, 994 and Interest u BROWN BROTHERS & CO. ROBT. GLENDINNING & CO. WM. H. NEWBOLD'S SON & CO. EDWARD B. SMITH & CO. Tlte kUtemtnti in tell advcrtliemcnt ar baaed upon Information ebtalnetj from official neurcea or from these which we regard a rtllabU. Power, Itnllway find Light Company, wn Announced. The latter cempnny nnd Union illnllwnv (Ins nnd r.Ieetrle Ceiniinny, ltn subNldlnry. will be owner of nil common and preferred hIiiiics of new corporation. Jehn I). 11 nn, Cornelius P. Kcl1e. nnd Henjnmln II. Thnjer were re elected te the directorate of the Ann" cendn Copper Mlnlnj Cempnny, each for n term of three yearn. The report of the cempnny revlcwft the demoraliza tion of the copper industr.i In 1021 nnd lcperts a less of $10,000,5.-5. Sales ln 1105 store of Y. V. Wool Weel worth Company during the llret four months of 1022 showed a net gain of $1,010,430, or 11.40 per tent exer cor cer cor respending jrerled of Inst a car. It was tinneiinccd nt the annual meeting of the cempnny. April, 1022. showed a net gain of $2,417,400 ever torreespeiidlng ment het 1021. Repert of Amciican Ship nnd Com Cem mene Corporation for the car ended December 31 shown consolidated net less of $l,04ri,0S4 after Interest, de de prcclntlen, taxes, etc. Thin compares with net prellt of $1,010,855, equhn- leni In S' .1:1 n sluire nn the 04S.101 shares of capital stock of no pnr Millie1 in the proileiiH jear. . At the meeting of the Governing Committee of the Philadelphia Stock , Kxehnngc .xesterdny iifteinoen Itebert I L. Iloiten was elected te membership. ' Amendment te by-laws le prevent stock speculation by bank emplejes without (ensent of their employer, ntid amend ment te constitution forbidding mem ber! from Inking pnitners without ap ap pietal of Committee 'en Admission", which have been posted for two weeks, weie adopted. Statement showing earnings of sub- , sldlary companies of Public Service Corporation of New Jersey for four I months ended April last, was submitted te directors nt the beard meeting Tues. I dav. It showed operating revenue of S2h,003,00H. nsnlnst S25,2S0.03ll for the corresponding period of 1021, u gain se far of $023,800. Amount avail able for dividends and surplus after operating expenses, Including amertiza tien, taxes and fixed cbnrgesi was $-',-020.170, ngulust $1,038,108, n gain of $082,001 ever Inst yenr. One of thlR .leaf's largest lefunil ng operations by nn Industrial coipeiulloii Is represented in ledn.'N eftcilng of it new Issue nf ..22.000.O00 of the lr-glnln-Cnrellim Chemical Ceniimni s twnntv-i ve-.vcar i i'i iniu. . u... Comedy ln Lu Lu Temple Tonight The newly formed women'" ergnnl- zntlen of tin I'liltcd States Veterans' Iliireiiu, In Its lirst nppearaiiie, will . present a entct Mhicity, JllTlw 'jB;- $ er." In Lu Lu Temnle. tenllM. TtJl play wnn prepared by members of th VL1 IJI it IIIUllU IIUU IFl 1 111 "I HUH""" . L n perfermniiec will be followed by a danct). fund geld bends nt OSiJ te jleltl up- irnrlmntelv 7 12 DCf cent. A M 11(11- I'll te composed of Illnlr & Ce.. Inc. Hnllgiirteii Ce.. the Kqu table It ust Company of New Yetk nnd the Chne Securities Corporation Is Heming the lsiie. Thnt gieup bus tinderwiltten nil Issue of $12,500,000 of tie cnnipan.v's fifteen -v en r 7'," per tent Kinking fund geld bends, te "be offered te Its stock holders seen. Further Gain In Bar Sliver Demestic bar sllv.r wm unehim'l In New Yerk tfiftny m Wir r fine uuncti fnreian TS'jr nn mlvtince of r, ntvl nnnther nw IiIbIi mnrl for the venr In Ixindefi. the prlre win 371. nn mlvunci) ever ctrrila s lili.ii prlren of '4d. I .1 Full-Fashioned Hosiery Plant Widely known manufac turer offer business for sale. B 701. Ledger Office m overheard en the Baltimore Ohie A Philadelphia Engineer told us that he had found the most efficient way of planning a travel schedule for two cities or two hundred was te put it up te the Travel 1337'Walnut Street. Telephone Walnut Bureau, VAH 3602 J fi1"'' '-''''i '' A.D. CONVERSE & CO. a Cemmereitl Trust Bltfg., PhlU. n New Yerk tminnccc Bsltlmar 1111111,11! Baltimore S Ohie There are thousands of business men in Phila delphia who knew that at the Travel Bureau or at the stations, 24th and Chestnut Streets and Wayne Junction, the agent will gladly make up an itinerary, arrange for Pullman reservations and save you money. AMERICA'S FIRST RAILROAD; ESTABLISHED 1627 Tawlssua $12,500,000 Commonwealth Power Corporation Twenty-Five Year 6 Secured Sinking Fund Geld Bends (CLOSED ISSUE) Dated May 15, 1922 Due May 15, 1947 A Sinking Fund is provided starting August 15, 1922, payable quarterly, equal te $250,000 per year for fifteen years and $312,500 per year thereafter, retiring by purchase or call, ever 50 of tl- total of these Bends by maturity. . Callable upon thirty days' notice as a whole or in part by let at 105 and interest en or before May 15, 1927, withthecall price reduced VA of 1 for each year thereafter. Principal payable in New Yerk and interest payable in New Yerk and Chicago May 15 and November 15. Coupon bends in denominations of $1000, $500 and $100, interchangeable, with prevision for registration of principal. Fully registered bends of $1,000 and $5,000. Fully regist T -H. ' 1000 coupon bends interchangeable. The present Pennsylvania and Connecticut annual four mill tax and present Massachusetts income tax refunded upon application. Interest payable without deduction for any normal Federal Income ''"ax up te 2C'C. BANKERS TRUST COMPANY, NEW YORK, TRUSTEE Frem a letter te us, Mr. Gee. summarized as follews: E. Hardy, President of the Commonwealth Power Corporation, has Capitalizatien: (Upen Completion of Present Financing) Twenty-five Year 6 Secured Sinking Fund Geld Bends, --. du 1947 (This Issue) '. $12,500,000 5 Geld Notes, due 1939 . 4,000,000 6 Cumulative Preferred Stock 24,000,000 Common Stock (Ne P -VIm' 160,000shares Company and Commonwealth Power Corporation will constitute one of the great public Territery: utility organizations of the United States. Through complete ownership of the common stocks it will operate and control Consumers Power Com pany, Central Illinois Light Company, Illinois Power Company, Southern Indiana Gas and Electric Company and The Springfield Light, Heat and Power Company. Commonwealth Power Corporation will serve 175 cities and towns having a population of ever 1,150,000 people in the States of Michigan, Ohie, Indiana, and Illinois four of the most impor tant industrial and agricultural states. Over 92 . 5 per cent of the gross revenues of these properties .3 derived from the electricity and gas .de partments. Security: These Bends will be the'dircct obligation of Commonwealth Power Cor poration and will constitute the senior funded debt of the Corporation. Pledged as security for these Bends will be all of the Common Stocks of the operated companies ith a par value of $27,325,900 and $5,318,500 Preferred Stocks of the operate companies or a total par value of $32,644,400 in stocks, representing CONTROL OF FIVE IMPORTANT AND SUCCESSFUL UTILITY CORPORATIONS. These stocks will be pledged at less than 39 of their par value of $32,644,400, which value is substantiated by valuations of the operated properties made by inde pendent engineers with subsev additions at cost. Equity: These $12,500,000 Six Per Cent. Secured Sinking Fund Geld Bends will be senior te $4,000,000 of 5 Geld Notes due 1939, $24,000,000 of 6 Cumulative Preferred Stock and 180,000 shares of no par value Common Stock. As a result of this financing, the Corporation and the operated companies will be entirely without floating debt except current accounts net due. Earnings: The combined net earnings available for depreciation and dividends en the securities pledged under this issue of Bends for the twelve months ended March 31, 1922, amounted te $4,451,812 or 5.93 times annual interest charges en these Bends. The same earnings averaged ever a period of three years amounted te $3,308, 766 or 4 . 4 times annual interest charges en these Bends. The net revenue derived from dividends actually paid en the securities pledged under this issue of Bends for the year 1921 equaled $3,039 800 or ever 4.05 times annual interest charges en these Bends. The same in come averaged ever a three year period equaled $2,235,100 or 2 .98 times annual interest charges en these Bends. Management: The marp geme it of Commonwealth Power Corporation will be under the direct si rerynbn of Hodenpyl, Hardy & Ce., Incorporated, who have supervised ths management of aH the operated properties for the past ten yeais and s me of them for mere than twenty.years. Application will be made te list these Bends en he New Yerk and Bosten Stock Exchanges. All legal matters pertaining te this issue will be subject te the approval of Messts Winthrer, fiv ?rim.,, r w . . for the Banker, and J C. Weadock. Esquire, of New Yerk, fcth 'corjeratio, The accost, of the elSZ??' Att.erney regularly audited by Messrs. Arthur Andersen & Ce., Cerufied Public Accountants. accun of the operated companies are Th. above Bend, are offered when, a. and if issued and received by u. and subject te approval of counsel at Price 90 and accrued interest, te yield about 6.85 BONBRIGHT & COMPANY INCORPORATED H. M. BYLLESBY & CO. INCORPORATED FEDERAL SECURITIES CORPORATION THE UNION TRUST COMPANY CLEVELAND HAYDEN, STONE & CO. E. W. CLARK & CO. wnicKSder'Telia'bl wtt adycrtisement h?s.been obtained from sources wnicn we consider reliable. While net guaranteed, it is accepted by us as accurate. t. ill , -i V ., ,&:," Wi e tv I V t--i ' -11 Vf I , .'ST, ' i" y ") t I . ?,&y. ir ) r)ffifr ! w"''.r.; i ass i.Li t.8Lwll?&AiA A ,t. ', VHWv.JI 1-V.!v - .
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