TOisn
T.'V
WjH
jl IUN1, J
tev
M
f ww; t . v
,rt( -',V,-7j
iur nnriiiMP
N CURB SHARES
Philip Merris in Urgent Demand.
Meters Easier and Frac
j tienally Lewer
i . "
s Yerk, May U2. Tradinn en the
.1 . .! .irnillllTH Illllliv w.in
n 1IIC viiiij " e
rAOflO ArMmilns f. at.'sij. SftiZ
innen mtv Rib.rfnM as., k
mum ciiy unusnns en . . b.vs an
10000 llimbura 4H k .... 3i 3
jnneriilN Y N II it Vr Is. 74f T-rJ
JTUWI nues iiva CUR
nnefiHulM TiHr ..
70011 U H Ormll V,in
11000 It H Me -In .
r.oeo mx aevt ris .
r.000 tex Uet 3s .
Is. 74 74l(4
...101ft 101',
.. 07 t7
37H
41
Jl'i
144
MU
n
74
18
10174
074
4S'I
-'!
14 U
GOSSIP OF
THE STREET
Curb
Price movements were
. P ,ir hlit n "emp Infttanct-K new
ififn nr'k '"ere established. A furlier
W Icnnnil was netrcl In Philip
-.llliiM mi In Sl'i. ITO-
Sed rtrrnuth wen shown In Tieecli.
Jut lVklnit t nn Improvement of n
IFlter' Iwich' were easier and frnc frnc
ttenilk lower. Glen Al.len Cenl. after
fbr? Plel of steadiness, sold off
! profit-taking. Klrby Petroleum
ig easier nn.l Inclined te rag. while
Fensland ruled steedy nt n small frac
tional gain-
tviilitTttlATJI
Hlrh Lew. 1 l'.M
.AAA Am. CJnal . .
4000 Acme Packing; ...
lOOAcmn Paekln ...
teOAmer Drug;
-nOAtner leather ....
10 Amer lsM 4 1r,
son nefchnut rkij ....
400 Ilroeklyn t'lty Ky.
lioe Hmidy nud
20 Celluloid Ce ....
innChlcnEe Mpule .
fiOO Columbia Emeratd .
,nnrv.ilv TlnfO I ...
1700 Continental Moter
istieiuDsn Imi.
10O .' uriiiu"
1.
ftrie
10
1MT
II
141!
37 .
SS
11
as
Sugar 114
i;
40c
10
I.
40e
in
7fc
i'
20
m"i
4ei,
41m
124
2
i
4;
4S
B
144
iai
no-i
214
11's
21
2'.
n'i
77",
IV.
2i.
7-i
7U
1
ae
13 ia!i
41
142 142
37 37
l'4j 1
an as
12't 12'4
8 HH
114 ItVi
4 4
18 1.1
1Ri 1!i'l
3n an
Hi RS
nn n
ia ?4
m r.4
200 2104
i2; 12.
R!i OH
7Rc 7Ar
.. ..
Ti 14
1H'4 20
15S 1ftS
40 40
48'i 4r4
R4 U
12 12
24 24
2 2
4i i
4S 4
8S R4
144 144
ias 14
en no
204 21'4
a?cV .3?
ae4 04
Sc ie
20 21
s; 04
774 774
m 14
2S 2S
74 74
74 74
14 14
7H" 7Re
10 10
4
K5S"ii,fi.;::,i,;j 22
JOO Durant Metera . . . SO,
en eubiiler as
0O Hudsen Moter . . . 22S
700 Frontenae .. JJ,,
POO Olf n Alan e1 . . J5 '4
140Olllettp Saf IlM,..2p4
lODOoedjoar Tire .... 12H
Honenldui-n Plcturw. 04
SOOOrant Moter ....
100 Havana Teb pf . .
20OHedn Chcm ...
I40011ui1en Ce pf . .
00 Hudsen ti Mnn.. .
;(I0 Hudsen i. Man Pf
1100 Inter Clg-ar Mfg.
500 Inter Rubber . . .
!0 Kten O 1 . . .
IJOOLIbby McNeill ..
J00 I.lnreln Metera A
200 Mercer Metera .
400 Mercer Meters V t
inn National leather
10 N J Zlne
1800 Packard Moter . .
80 Tacks rt Moter pf
1400 Philip Merrla . . .
1AAPvr.ni. Mfa ....
!100 nadle n
TOD Radie pf as
00 Illinois Central rts Rfle
lOOPchulta Stores ... l4
inoeaouihern u A 1... t"c
BOOSnlft Inter
100 Tenn Rvy
MOO Teb Prwl Exp . . .
20 Tedd fchlp
loon it s I, if
(no 17 8 Heffman . .
50ft l'n 1'ref Shar new
Hen l'n Ret Candy . . .
100 Wavne Ceal . .
nn Weal End Chem
1000 Wlllya Cerp 10
STANDARD OILS
lOOAnale-Am Oil .... 20i 20 20.
' 0O Atlantic Ixbea ... ION 10S 104
1ft Imperial O Canada.1124 H24 1,'4
100 Nat Transit 80 30 30
lljoes oil of Ind . ...1004 107V4 loe
II0O8OII of Ky R34 R24 R.14
10 3 Oil of NT.. ..407 407 407
INDEPENDENT OIT.S
100 Aetna 1.
ft Pestnn Wyom .... Sir
leiiftCarlb Sn 7S
2.1 Cities Rerv old... 23"
200 C'HIee ReiT R rtfa. 234
IftO Cities Service pf . . tl'i4
200 Creele Sjn SS
I0O0 Knalneera Tctrel . 43c
1300 Federal Oil Ill
1100 Fennland nS
IIOOOIIMlanU Oil OS
4I00Olenreck Oil tj.
11000 Hudsen Oil 20c
4100 Int Tetrel 224
BOO Keystone Ranger . . flOc
400 Klrby Pet Ift'i
1100 t.ance Creek R
200 Livingston Fet ... 1 H
000 I.vens Pet 1.0ft
lOOMarlnnd Oil Mex .. 54
8400 Marine Oil 2
DOOMerrltt Oil 13
ITOOO Merldan Pet ... . Re
1200 Mexico Oil 3,',
1100 Meilce .Seaboard . 40
1O0 Mid Columbia .... 3;
1C00 Mountain Gulf 1
. 200 Mountain 1'rcductn. 104
1U0O Mutual Oil 114
SOO Ne Am Oil 2
1000 Neble 2c
200 New Eng Fuel 48 4
1000 Ohie Ranger Re
SOO Omar Oil 1 A
200 Pennek Oil KM,
100 New Mex Land ... 2'J
1000 Red Ranks EBc
100 Rjan Cens n(
100 Salt Creek Pred .. 1R4
400 Fait Creek Cen ... 13
MO Sapiilpa R.f . . . 44
iuu prunearn inj & uas 1 i
Probably no statement linn'evcr been
lwied by the chief executive of the lntiii
which hed n mere Htlintilntlng Influenrc
tlinn did the announcement of Presi
dent Harding, relative te the purpose
of the gntlieilng of Iren nntl nteel rep
rescntntlveR In Washington en Thurh
dny evening. The President Intimated
thnt we are en the eve of Important
trade revival and activity, nntl tliern
was Immediate ropetiRC in the KtecU
market te these optimistic vlewH. Iiln
statement was Interpreted at one of the
most important announcements that
hari been made in recent years It being
felt br reason of his general observa
tion of business conditions, he Is in n
poiltlen te make a fairly accurate sur
vey as te the outlook. .
I'OO Hnimi Pet 11
judo Skelly till . N4
1000 Seuth Pet S. Rpf . 4.V
lopnseuttern States .. 31c
400 Spencer Pet 1 ',
'00 Rtai.tnn Oil . .34
.JUS11'11 L'nen pref tin
MOOTexen ... , ntc
100 VlrierlH Oil new . . 00c
K.feTSR:... :. S.':
JK,; "J
' '00 Turman ,. .'".' "l A
74
230
2tV
or. '.
as
42.'
1
10
04
IA
24c
22S
JV0c
104
ft
1,
0.1c
a 4
14
13
7c
3S
4.'. 4
3S
1
104
ft,
.
2Sc
1
24
2Sc
ft 4
IR4
184
4',
14
104
SI,
I.V
:iic
1
30
en
no
one
n4
ft
61
2!
IA
IS
S4c
74
230
234
"as'
m
04
x
24c
22H
ftOe
104
ft
IS
er.c
4
i'
13
"e
as
4f.4
as
1
104
fV
I
4
'
24
2V
ft 4
1RI,
1.14
''I
10 Tj
Hi,
Iftu
31c
14
30
no
11(1
IOc
2''
01
21
J A
MINING
innAtaslc.n Columbia
000 Am Commander ..
sem !"", ''Plratlen.
t??J2 9.anl,a Copier ..
"1SS t.;nde.larla Mln ..
,15" fopper Canyon ...
.1"" f".reen Geld ....
tne2pmm,a Sllei-
ifflHard Shell
1000 te"1"1 '-'"rt
H ne Mining
8JSK ana. .
,?gsS,&iuT?n,w
pftftNfen"1
!"0O Re Cen.'"
000 Sllief cnu
nnv ti
loon ,.'i 1nik"- tf.
Kaaa V'".'i I'ilCKer Nil
Easy Meney Till Summer
General business conditions have
shown considerable Improvement In re
cent weeks and It Is felt as time gees
en, commercial activities will assume
broader proportions and this in turn
no doubt will call for the supply of
substantial amounts of money which are
new utilised In ether channels, lie
opinion of well-Informed bankers is.
However, ir prenuuij i .-.-....
months before nny general borrowing
demand for business purposes In ex
cess of present normal requirements Is
In evidence. ..!,,
The moving of the crops te market
mnv result in some stiffening In money
rates, but In view of the large unnlj
of funds throughout the Interior, there
Is net likely te be nny material drain en
the reserves nt this center for this
purpose. The Improvement In business
!i.. 1. libni.. , fnllnw the movement or
the crops will be the Important factor
in the establishment of higher mene
rates. This phase or me mum.".,
however. Is net exerting much of an in
fluence ever the general stock market.
Municipal Bends
One of the striking features of the
bend market during the past we wet
the comparative, dullness and Inactivity
In the municipal group. One of the
leading bend men of the street stated
the market for tax exempt munlcipn
Issues had simply "gene stn e. and
until such time ns something happened
te promote n revival of activity, he be
lieved, there would be comparative
quietude in this partl-ular group of
securities.
Dealers, he said, are buying moderate
amounts of municipal issues and are
placing them, but it has required real
effort te interest the public. Perhaps
the offering of Farm Land Hank tax
exempt bends may have hnd something
te de with the creation of stagnation
in the municipal market, but the man
ner in which this offering was Mib
scrlbed was the subject of, considerable
favorable criticism, the demand having
been greater than for nny similar issue
that has been put out in recent weeks.
It is stated In the trade, the group
which was awarded the New Yerk City
benJs has found some difficulty in suc
cessfully placing them with Investors,
but this is net surprising particularly
as the price paid was semewhnt above
the prevailing market level for this
class of securities. Heme of the ether
New Yerk City maturities are new bell
ing en a mere attractive basis.
Big Gliange in Copper Situation
The copper market was sensational
Inst week. Advances in jirices started
at the beginning of tin.' period and loti leti
ti nued right tip te the end. It is doubt
ful if there hns been 11 week of se many
developments in the market since the
end of the war, and the Indications uie
that quotations will go still higher.
Seme of the dealers- who have been
shading the market for some time paht
apparently sold mere copper than they
had available and nt the end of the wee!;
they were bald te be making efforts te
purchiiKU a substantial round block te
cover their commitments. However,
the producers are net inclined te din din
pec of the metal te these who are .short
and arc only giving the copper te actual
itistemers.
In view of this circumstance, It !
easily possible tlfnt the metal will be
established at fourteen cents per pound
before the end of another week, ns thf
tendency new appears te be definitely
upward and there are mere buyers than
sellers In the market for the first time In
many months.
net go eh indefinitely, a if many stocks
have doubled In price In '4the last'elght
months of bullish mnrkets, and care
should he taken net te buy iniuscrim
lnntely en bulges, llesldes the rails and
coppers, there Is one stock that stands
out conspicuously ns being n safe pur
chase, and that one is l'nlted Stntes
.Steel. It has been censtnntl' decreas
ing Its capitalization and Is in a strong
position, owing te Its low mnniifnctur
ltic costs when front! .limes nrrlve. Knsy
1 money, however, will favorably affect
I citMwiiilrt.lriM am, I d1...1.I 1... n fnrtrV. Ill
n.t i...i,...i. nil. riiwi,.,i ,- I. .,.. --
sustaining stocks nt these leveli.
THi: TRADER.
LONDON STOCK MARKET
Operations In Oils Mere Brisk In
dustrial List Steady
Londen, May 1!2. Notwithstanding
a het wave, there was a cautious
broadening of dealings In speculative Is
sues en the stock exchange today, fol
lowing the resumption of account busi
ness. (fPiiernlly. the markets were firm,
and the feeling throughout the city was
confident. Opeintlens In the oil group
were mere brisk, and the undertone
was one of health. Royal Dutch was
H!9i. Shell Transport and Trading t
and Mexican Kngle !l.
In the gllt-ctlgcd department geed
support was In evidence, nntl firmness
prevailed. French lenns were dull, fol
lowing Pails. Heme rails moved up
ward, with sentiment cheerful. Dol Del
lar descriptions displayed stublllty, but
were quid. There was moderate profit
taking In Argentine rails.
The Industrial llt was stendy. with
sentiment optimistic. Hudsen's liny
was 0!ji. lvaltirs were regarded wit 11
favor and were firm. The rubber sec
tion was Inactive and unchanged.
. TENNESSEE
POWER
5s, 1962
EAST ST. LOUIS
AND
SUBURBAN
5s, 1932
These two issues, new
selling at about 77, In our
opinion sfteuld and will
sell at higher prices.
Orders executed at
the market ,
LILLEY, BLIZZARD & CO.
COMMERCIAL TRUST BLDtl.
Philadelphia
Locust 7880 Race 8S80
Ne Change In Raw Sugar
New Verk. May 22. The raw sugar mac
ket Is ateadv and unchanged with Cubak
ter Mnv shipment quoted at 2 7-lfl cents,
cost and freight, and for June shipment at
2 4 cents, cost and freight. There were nn
snles reported Hatunlnv. Importations en
that day Included 31.4110 baca Cubas, con.
sinned te the American Huebt Heflnlnit Com
pany. The local refined market Is unchanged
with list prices ranging from 5,30 te ft. 30
cents, lesi 2 per cent for cash.
ft- A. M. & Ce.
Seasoned Issues
Yields ranging from 5.15r,'c te
5.85
Mamlaciartrt Wafer 5re 1939
Gtergia fly. & Elect. Cti..S 1932
Syracuse Lighting lit 5 1951
Merlen & Radner C. & E..5ce 1954
Harwood Electric 6 1942
Lehigh Navigation Elec. ,.6cc 1943
We eirn and offer limited
amounts of these issues sub
ject te prier sale.
Reed A. Morgan & Ce,
Writ Knrl Trust Iildn.. PMla.
Members of the Phlla. Stock Each
Telephone .Spruce 2131
piwraw
ESTABLISHED 1865
BIOREN & CO.
ANKERS
410 Chestnut St., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
Members Jfew Yerk nntl
I'hitadelphia Bteck Exchanges
Zrnmmmmmmmwm&mmmmmmmm
We take pleasure in
announcing that
William J. Tayler, Jr.
has become associated with us
W. A. Harriman & Ce., Inc.
DREXEL BLDG.
Philadelphia, Pa.
TRAVELERS
Our Foreign Department
iiiues Travelers Cheque for
use abroad and in America.
Wherever money is used they
are readily accepted.
COMMERCIAL
TRUST COMPANY
Member Federal Reserve System
City Hall Square
44
tin
t
23c
23c
1
411c
3'lc
I
14
2H
3c
2.",g
33
I
flic
01c
Re
124
Sc
Be
3$
OH l
40
5'
fie
10c
m0
17c
21c
l(,c
nc
f,2e
!'
02c
50c
14
3IIU
4K,
10c
bn
S3
lift
4".
Sc
l'j
22c
21c
04c
4Rc
82e
IV
2(1
3c
24c
32
20
10c
Me
r.c
li'4
30c
tic
31 '4
1
2S
"
ntc
37
?'
fie
lllc
1'a
10c
17c
21c
10c
ftc
,YJc
1.
00c
311c
,''
.111
47c
10c
IIS
S3
Oft
4',
fcc
14
I 00 Am I I.V .c r "" " "
"OAm Tni1,t.ifl,.n, -.tnaS lii's
Jn"! Armei,: n .7'- "3 103.
0Xl AnAVf .Ce7."-. .101'i 1H4'
02
H .We n; si'. ". iT l." .03.
-zm J0O cin vL7V.'-?. iPSIs
'Mecks; ? ' - ie
I... V.nsr Iren IS. ...
.!B8H2!niiie-
BaSE'&Vp'
inne p
le:
OS's
101l
104
nit
10ft
II h
102'.
21c
ll.'.C
4.',c
32c
1
1'i
Si
2.',c
33
22
1c
01c
ftc
124
3,1c
flc
3...
2,
1lljs
Mc
It)
0'i
ric
10c
14
tee
17c
21c
inc
1,
lite
fiOc
10c
IA
ft,)
S3
0.
US
1011 1,
ion,
inn;
. '12
10'.,
esH
1014
1114
till
1,1ft
OH
1II2.
i K I II
;r "
i I Pennsylvania
i Tabc Refund
p .-j Public Utility
1 1 " jj' Bends
Beles s-Westwood
Member's Phila. Sieck Exchande I
I a- 1 Baker, Yeung & Company
I INVESTMENT, I ' """""-'IT MDW'
SECURITIES Land T.tle Bid,.
I V"" I Boiten Philadelphia I
LandTitleBld Philadelphia -
V -rg- First Mortgage 20 Yr. Bend
...
IS . 10ft
III OS
"l. .,.111.
H.l... - ' " .,.... 1 ..' II.
!0 Dwr. ,'n " I '" ,ft,, ,n,,
loeo t-Z!e ,'. . 4 s . .102 inn. in"
-50"flKreM. t5tP BS..IO0", iiMUl ioet
imaZy-lfcVy ..i2ft t2.nJ i24.4
."en cjuir en i. '.v.':. "" mi's .
1U4-4 1II4"4 1044
IJOOO In ,?hr- ar ft.
tISKnJKSft :
ieSS"na; ... :: sss
OH
iia,
704
11114
!!oeRK'"TO".9Ji ..
?oe Ls;T...r''V . m
Tint. ...-."
OH
ll!l,
70'i
n.i
0ft"t
1104
10ft
OH),
ilj
nreken' Opinions
N'ewburcer, Hendersen & Ib
"Performances such as witnessed in n
number of selected Issues recently de
mere than Reed te the general market
whatever the cause may be. 'Months
ero, it was predicted a great era of
mergers would mnrk the current jear.
Undoubtedly, many contemplated amal
gamations will be realized, but there Is
lurking danger with promiscuous merger
talk prevailing that ninny, unless they
keep their wits about them, will be
drifting into treacherous wnters. The
prospective consolidations, while net
being a cuie-ell, will untiestiennbly
have fnr-reaching le.sults en line of
economy in production and marketing
of the output by many of the Industrial
concerns. The interesting question,
however, is hew much of this mere
favorable side nf Ihe industrial and
business situation hns been discounted.
The constant shifting of speculative
activity from one group te another, sug
gests a precencerted cnmpnlgn of ills
ti Haitian rather than iiccumuliitien. As
we expressetl before, the market will
tintiiiestiennblv afford many triidinir en-
iii 1 Derttinities within the next few weeks.
4c Atlvniitnifp should be taken of all bulges
for profit-taking te n-elil the possibility
of being landed high nnd dry en the
Iciest of Ihe wine of the new familiar
bullish demonstrations ns the sensa-
itiiiiuil movements are no doubt cngln-
' pored te cover semu very geed selling
In ether departments. We feel thnt rails
still can be picked up en all recessions,
as It Ih almost certain this long neg
lected group will conic in for u Hare-tip
much the same as the oil", steel ami
copper shares."
II. V, Ilacliman & Co.--"Ve have
tlurliig the hist seveinl weeks freely ex
pressed our confident belief in much
higher levels before new cren cotton is
marketed in any iuuutlt, . The recent
rapid rise, however, has fulled te fefce
such 11 convict lun in the minds nf niuny
iuterests allied te the cotton industry,
and for thnt reason we suggest that
the cotton situation be calmly reviewed:
"It is conceded that in elder te as
sure an ndequate supply nf row miite-
rial during tlie coming spinning sea
Serteli IBrea. & 01a.
f uhllr atUlty rrurtrba
tsrk Exrbennt BuilHinn, fblU.
National Pr. & Lt.
Common & Pfd. ,;
l'lieneii Locust 0320-1-5-3-4
rrhnte 'I'henes te New Yerk It Bosten
GE0.A.HUliN&S0NS
Members of the PhllaAelnhln, N"ew
lerk and Chicago Sterk Ktcliangn
v.... v..-'- ref-.ii 'xrlmnce
STOCKS & BONDS
beuptht and sold for cash or
carried en conservative margin.
Uellevue Court lllilg.. 1418 Walnut SL
N. V., Ill llreiidwny.
Closed
First Mortgage 20 Yr. Bend
Earnings for 1921
54 Times
Interest Charges
Price te net 7
Free of Nermal Federal Tax of
2. Penna. Tax Refunded
Mackie.C ROUSE Ce.
HEAI. KfcTATK
Walnut 2.",li
tri'ht nuu.niNO
Race 0870
II
il
MEWBURGER,
HENDERSON & LOEb
Members New Yerk and
Philadelphia Stock Exchanges
1410 Chestnut St.
C. S. PATTON & CO.
Sl A CIII.STM T HTH.
BANKERS
Sueetsw.f it.
NAILER & STi:VP,NSnN
Bends nnd storks bought nnd s14V
Memberi rtilli. Stock Exetiangr.
CAPITAL
An established manufacturing
corporation lequires .?30,000
additional capital te provide
for necessary expansion. C. I.
A. statement and thorough de
tail open te prospective in
vestor. Whole or any part
considered.
U 218, Ledger Office
Before Investing
eecum ths ndvlce of these experlencsd
In tre election of sound securities.
We offer our serlces te Indlvlduili and
Institutions with fundf te Inveit,
CetuervaHue marfltnel
accounts invited.
McGLINN & CO.
Members New Yerk Stock Exchange
Widcner Bids.. Philadelphia
OH
113',
704
034
11.1 a,
04
111ft
UN"
huh n .. . -- wis i m iiiiii. iiini.. ti.ni
jeoe v'D,by. McNeill 7s . fitii? nsT, n 2 "" an American crop of ut least
SUmm rV4" ftT "'? "'S 12,500.000 te 13.000,000 bales Is neces-
Jonen?.1" Kdisnn'ii. A3 "ij .'.? O ' Iciu means an uiciense
lfSSSrhllln V, 7u. ,'ir.fl .'.'r.r? JirVl nv,.i. Isst imr's nre. iiellen of from ,ri.ri
USSR ''"'' niirV '" 1l!l.v: -i". ""J "' ,ln P'-rVrnt.
??0 Sab. tf'r . . OK' 0HN IMtJ ,,, ' ....,. .. ..,, 1.1,1,. !,,,
nnn L.7'- . ,s neli
4.;' 'ura, InAl. f ... ...v..
15"" HkilK ti '" -' ""4
, Jjnns ' . 7i. -20 .iciftC
lnSS"ur
. . nenS.. !' ." 7,
Ins
mm
mi ,
IMS'
III)
ii. n,
101,
in.",
i (.
i nil',
less
1014
1014
)
IMI'-a . H ., .1 .1 .1 . t
1 nn; realms ei pessimiiiie.s; in ine ugiu n
present -day inforiiiatieu en (lie sunjeci,
we must emphatically say mil"
less
102.
10,
. " 1 n
3000 ''':'.' 7.:
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WIEGNER,R0CKE.&CQ.
Certified Public Accountants
Orexel Building, Philadelphia
MCewttfcC.q
Land Title Bldg.
Memlers I'lilla. HtecU Kiclmnc.
Ileclter Ce. "The slefk maiket
Is acting in its usual menuci- of ills
counting favorable repertH of future
conditions, as indicated by the opti
mistic views expressetl by President
Herding nnd the different business
agencies, This tendency, hew ever, can-
Bend and Stock Issues Underwritten
WILSON PRICHETT & CO.
INCOIU'OUATEL)
(Formerly Husineaa Capital Corporation)
NORTH AMERICAN BLDG., PHILADELPHIA
$12,471,000
(Entire Outstanding Issue)
Utah Light and Traction Company
(Utah Power & Light System)
First and Refunding Mortgage 5 Geld Bends, Series A
Dt.d September 18. 1914. Due October I. 1944. Principal, and .emi-annual Interest April I and Oetebtr I. P--J!JJj
New Yerk City. Redeemable en any intere.t payment date en four week.' notice at 105 and accrued ntere.t. Pen
and fully regi.tered bend, in denomination of $1,000, interchangeable. Banker. Trust Company, New Yerk, I ru.U..
Unconditionally Guaranteed as te Principal and Interest by Endorsement by the
Utah Power & Light Company
Application will be made te list these Bends en the New Yerk Stock Exchange
The information herein has been furnished by Mr. D. F. McGee, Vice President of thti Utah Power & Light Cempany:
The Utah Light and Traction Company owns electric light and power properties in Salt Lake City
and Ogden. the street railway properties in Salt Lake City and vicinity and the gas properties in
Ogden, which together with certain properties owned by the Utah Power fie Light Company serve with
out competition under long-term franchises about 1 50,000. or one-third of the population of Utah, com
prising the heart of the business field of the Utah Power 6c Light System.
The electric light, power and gas properties of the Company, which are capable of successful inde
pendent operation, are leased for a period of 99 years from 1915 te the Utah Power fie Light Company
for a rental which must at all times be sufficient te provide for the payment of interest en all bends
issued under existing mortgages. The properties se leased serve ever 44,000 electric light and power
customers in Salt Lake City and Ogden.
The Utah Power fit Light Company, which owns the entire capital stock of the Utah Light and Trac
tion Company, constitutes with its subsidiaries one of the largest light and power systems in the United
States, having an installed generating capacity of ever 208,000 horsepower, of which 88ce is hydro
electric. The System serves ever 77,000 electric light and power customers and operates without com
petition in a business field of an estimated population of 335,000.
The system la under the supervision of the Electric Bend and Share Company which in turn is con
trolled by the General Electric Company.
EARNINGS
Consolidated Earnings of Utah Power &. Light System, Inter-cempa'ny Charges Eliminated
Ai officially reported for the 12 months ended March 31, 1922
Gress Income $8,519,227
Operating Expenses, Maintenance and Taxes 4,355,284
Net Income $4,163,943
Annual Interest en all outstanding Mortgage Bends, including this issue 2,227,220
Balance $1,936,723
Net Income 1&7 times the above Interest Charges
The average net income of the System for the past five years has been ever one and three-quarters
times the annual interest en all mortgage bends new outstanding, including this issue.
The First and Refunding Mortgage Bends (this issue) are secured, in the opinion of counsel, by direct
mortgage en all properties of the Utah Light and Traction Company subject only te $3,746,000 divi
sional bends of closed mortgages, whirh mature in 1 930 and 1934, in the liens of which this issue shares
through deposit with the Trustee of $1,005,000 additional of these divisional bends. The properties
of the Company are valued by independent engineers at an amount substantially in excess of its total
funded debt, and have been maintained in a high state of operating efficiency.
The Mortgage provides for a strong sinking or improvement fund.
Of the Bends herewith offered, $1 2, 1 36,000 were acquired in 1914 and 1 9 1 5 in part payment for these
properties by the Oregon Short Line Railroad Company (Union Pacific System) and have in the interim
been in the treasury of that company.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 91 and Interest, yielding ever 5.70
These Bends are offered for delivery in definitive form when
received by us, which it it expected will be about June 1
E. H. Rollins & Sens
Harris, Ferbes & Ce. The National City Company
The abQe Information and statistics h n-n obtained from .eurce. that we deem reliable and sltheu net ruirintsed, ire icetptsil
by us as accural- .l bends offered eubjct te rrler sale and chines in price without notice
All of this stock having been sold, this advertisement appears as a matter of record.
$2,000,000
E. I. duPent deNemeurs & Ce.
Common Stock (Par Value $100)
(being part of the outstanding $63,378,300 Common Stock in the hands of the public)
Application has been made te list this stock en the Xew Yerk Stock Exchange
Business: The Company and its predecessors have been engaged in the manufacture of explosives
for both commercial and military purposes since 1802. Company also manufactures chemicals,
paints, varnishes, dyes, artificial leather, pyralin and artificial silk.
General Meters Heldings: The duPent Company owns 36.95"0 or 7,628,137 shares of the com
mon stock of General Meters Corporation, representing an asset value, at present market
quotations, of ever $110,000,000. The duPent holdings of General Meters stock are equivalent
te 12 shares of General Meters (with a market value of about $175) for each share of duPent
Common outstanding.
Inceme: Fer the past 11 years the Company's average annual income applied te the average com
mon stock outstanding has amounted te 54.33. Net receipts from commercial business as
distinguished from military business, for these 11 years, have averaged ever $7,500,000
annually, or nearly 12 en the present outstanding Common Stock. It should be noted that
a large portion "of the profits realized from war business has been re-invested in income-pre-ducing
industries.
Dividends: Since incorporation in 1915 the Company has paid dividends en the Common Stock
without interruption, averaging 35.86 c per share annually, in cash or securities. Present
dividend rate is 8rr.
AW Assets: According te the balance sheet of December 31. 1921. net assets (including good
will, etc.) applicable te Common Stock, amounted te $204 per share. Reckoning securities
owned at market value instead of cost, these assets would be $243 per share. Company's
surplus, Dec. 31, 1921, was $66,080,659. Cash in bank. March 31, 1922. was $18,500,000.
Price $112.50 per share
Deminick & Deminick
New Yerk
Laird & Company
Wilmington
Gillespie, Meeds & Ce.
New Yerk Wilmington
The above information and statistic ie net guarantee,), but we believe them te br, accurate.
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