TJTIfnPP
',-'' -'.-wjiB; a
-wmw
iSK
i j
Stare; 'i
;
"JIJ!T.-r- ' LiJ.t j
tt' 'i'l-t. rw trf-e-
!'ft If',
58 flL
.XM'Ah
mwn:i
' W. .-;
,i, ,"".
mjx
wzsBsmsmmmmn4
' it...UilP.,i Kff.W.!VTf '-' f0..1iibAJ IT " ' " " .
-iv' ' L ' '"" ' ' '"
t&tfi-
, K f
6RB LIST STEADY
$ IN QUIET MARKET
factional Oaina Scored In Oil
W,p--8rnali' prlc C""
in wioier
riiMr fork, M7 M.-Tradleg en th
ifh In we enru -
tptrttifeir '. --a-""V"3S:
i..it -. inf. Dianuaru wii
t.jut.H wa whin In demand and
.red up "1P fraction. 8tandd
Ml of Kenlucky, en the ttwiue,
tii slightly c,,sier' """ "" w"
. 'lfen' Jr2!J2 -V.,"7
W . ? 2 V"A.rSSea Inanlry for
SSKin SraVarf, forcing the priee UP
febaVeUct Expert, and Philip
afrirrlS .llOVfea iractiena iui--roveuie.iv.
flA Aldcn Ceal was fairly active and
P.l.B. ..... !( pham-ee were re-
Sled' In the moler group. ,
mrinlne nares were . -i
Hrith another new high Ming estaeiisuea
I indepenaeuCT n.
iNDUSTftlAIA
Hlh
.. . nil 1U
100 Acme COM ? A1"
i 12? ."A'.;' i isk
mi Am j-'v , ia ltt
MBvaar sj
m cnicu
Jt Cemml
i Lnnii
Kuaten Mewti
"lOOOewlycar '"JliJ
'!Huan Ce Wat
ia Uh Valley c
TI i.
Lew 1 P.t.
U
V Hsu
i,K loeDaniiu
100 Hi
bn Cem 8jM. U 1
tK; v. ns m
:: 1
ill
192
10 JA Valley
ION J ?'," J.,,'
'friwi'"" "
IMP Murrin
Off f
Ifefe
Eh J00?"
M AnA
WTO!
ffl
0i
&
... 20
8,'.
dt' ...
me pre .i,,.j.
ib Strvie P""I''SVti
a Moteri tJ!
iu c a i Tu
10c
K;)
a8e:tf':Su
s?r r'wpcei aya0';" &.-
' : ft
::::::: ?TA
pt ... t
ob Pred Exp
yn Ceal .
8TASDABD 01Tu
j tt mi can ?.
.11 L x .. .-
s e of Ky w I
LNDKPENDENT OILS
6c
Itt.
50 20
204 80S
10' t
S4W' 24
ine Tee
8
10c,
2Vi
'SHI
ita
iiQU new
USH
111.
ea
!C&iWlii:
Brlt cintrai
m
rel ..... .
lYinttnreekOU .1
T"I .. All
J
'iSaoeitokri Petrel
2190O svallanu
IHudien Oil
lint
Vi'i.jAi Vlrhv Pit
jU.Jjjeuvlwttten r
V'fi W weni
iiwiMkrlind Oil
1WIMl.ffcet.lbe Oil ..
040
23-3
SO
f'MVZSS!?.
J oeo Mxlce sberd . 4)
M ium nrniual nit i
n Tnniw Entland Fuel 4j
5 1000 Red Ban. ,-ffi
;i .100 8r.lt Crk Pred.. 1H
t ltne9.lt Creek COtl .. i
en
t
mm
mi im
hs
00 8eulpa. Ref
nesimma m
100 Skslly en
1?H,
kfrltOOflttntea OU
i;
0 Seuth Pet A net . 'je
atmnten Oil 880
ion ...1 ?
Turmin . .
Venetulan
'"f IMA Whelm Oil
j'-'SlloeT 011 .:...
V.TlH . MlSTNO
lj
ion
a'i
SRs
15H
22
1 i loe
Mm
&
w
Bit Xdf ....
Bait Ment .
canUda Copper
Ben Alaika . . .
Cem Arliena .
Cem Cep Mln .,
8O0
10U
vm
Ivl
A0 Creaton Geld
-HDt anunn . .
Independent Lad
i star
a ceppar ..
iftsrtSSnf:
etner uaa uu.
lienai Tin ev
lia n
Htreeiei
Conr 11
I Mr Dale 29
i mil Nev ji
lllrar Lead ... 31 1
teward Mln 9
ucctn Mln -?
"uelbn na ...'..... 80
Tnited vrd ; . . . . se
Al(..triA Mln ROi
Weit End Cen ... 1
BONDS
Am Light 6 107
Am TetAi '22 100
Am Tel Of '24 .r... 101
Antle.A Oil TV4..108
eaii e ft w 1 Be... ns
ican Pa 01 101
I Cent Steel 8s
"-jS!
' JJW?
i tHII!l
1915111
n, YlMiJK
m
' MM I
kY&
?iiUB
T
23.
24.
101
.104
.'101H
.lean
I Ced Kid 8a
rCoe KID 81
irreepert Tex 7' 1.1
1 Kmcira u a k aa..iui
lOuli Oil 7. 104U
Oft Interb ne w 1 78
1 intetb 7a '3 w 1 . . wi
I Inttrbore 8a nK
OWUclede O 7 .lOOVs 100
1000 Ph Pet 7Vii W W.104
neDi uair ti . ,
jOOORtew Wnr 83 ..
BWlll en TI S3
ITn OH PmaA fiB .
MO Vae Oil 7
IOtO Araentlne 7i ...
H
Max 4a
8 Elrai 7H
. !
1 j
rv
"
y 8
.100
.10HK
,.1014
.IMV
.1081
, .100
..102
. 474
H 107, 107U
H 100$ 1 100H
h ion 1 101U
H JOi 1 103
ft at 1 eau
ft 101ft 101 vi
104 104
leiu 101s
102ft 102ft
121 12J
101, 101
104 ieiu
78 78
PI s
A2 ns
H 100H
I 3 1 s
104 104
100 1O01
108 108H
101-4 101&
ieRH 12
H 100 luuva
102 in a
47T4 47tt
9TH 07
Phlla. Federal Reterve Bank
r The itatftman nP rMtiltlnn nf f h Phlln.
Hlpla Federal Reaarva Bank at the cteaa
M eullnl May 24 follewi:
RESOURCES
0 anil ivm rf
flfUlAk A1J AAA
B Id attUtment
ww. reaerai k
erye Beard
ft
May IT
(8,227.800
BT.S20.619 48.181.etS
M TJal v a-old held
i W bank 160,570.709 ISl.408.O58
a', with Federal
ynnrra ntent ... 104,30,S03 107,488,003
reaemptlen
S,18S,811 7,507.711
I tneterv
IS Total
r."
Tal a-old
.nrvas (218.5tT.07S (215.500,134
tender notes,
P. MP .. 9 414 liK "ft'tlM
I ....- ""
IT.1.1
MR
iPW
rewnes. .,$223,770,121 $223,b, i757
dltceunUd.
hmi"t obligations. $88,972,580 (30,567.700
Ifiln fnnrUAt
II, 1
,pai
' . ei
18.78S.4S0 19,838.847
JTSaJ "" n
Wied ttates bendi
M notes ..,,,
... """tea cer
Jtjl or I n-
ivuncai-
iff,ir,S-f":
te ..."
iuier ;...:::::
etal earning asT
(68.860,778
23,882,600
7,000,000
1 788,001)
168,515,057
38,652,800
8,000,000
783,000
sets
Rj"f. Ptemliea (In
aSttfln, aultl . .
iTiZ.JI'J cent
"-HH
.(100,106,878 (100,851,557
ra
f u n A
Federal
!!UMtcd''lternV'
1 etk -1
jaearcea ....':"
ataiBiihn
JMilnit
"ft.1! e r v 0
(600,118
700,000
43.718,813
051,408
(000,118
700.000
50,098,508
647,882
jTeUl resources .(371,683.928 877.860,S9
.-l... . W
KiTffli '.V -I ".04M4tl
'!, ter o'evV
Bpeit'a': '
imtxr "n.i. 1
taarA 4rM. v"7
il - nirwuni, .
LIABILITIES
B.V1,UL
17.04&.U
2S0.000
17.'94S;i46
277,000
105,881,268 107,088,294
766,706 1,189,170
, heservel
.....,." VIUHI
.Hitiinn '
derai nVi."l
Bank ,.. .".""V8
n;;,,'n.a:
PUT Item VI"la
r iiabiii.
80,809,310 (183.121,645
16,693,000
2,995,556
1,030,980
7,538,000
48,852,470
049,351
Yft.W M
i.laaa. :.:.-
SE, IS
0RAfj
Mil
)t,'
nim.
nt iu km ...
m.m1- ""iijr 1
lift i,.XS?,,BU
u -, ..,WUa wl
.683.028 (877.360.81b
a te dapealt and Fed
i'tla combined, week
cent! pravleua wtek.
i,'
bllll Durehaata for
u'TjteiV..
GOSSIP OF
THE STREET
Speelftltlef are cewlni in for a' large
tnare of attention, and In the last few
days the wider mevementa have beea
confined very largely 'te these selected
itsuea. Curiously, meat of them are
miking new high prlcee for the current
movement, aa well as for the year. In
f6rmer days, when these obscure Issues
began te show eigne of an awakening
speculative Intereet. It was generally
looked upon aa a reliable signal of an
early, culmination of the bull move
ment. In these daya they were desig
nated in the category of "cats and
de-is." .
This application could net hardly be
made te many of the laaucs which came
Inte the limelight the last few daya.
Many of them represent solid prop
ertied, and lit some Instances the move
ment la the reflection of Important de
velopments. There are. of ceurae, some
tiei'Ulatlve pups Included in the bunch,
but the majority thus far represented a
wholly rcepedtable class.
tiinclalr'a DlvMeBd Policy
According te Street reperta certain
members of the Beard of Directors of
tha Sinclair Consolidated Oil Corpora Cerpora Corpera
tWh appear te be In favet of estab
lishing a $4 annual rate, but a number
of the most Influential eemfcere believe
greater satisfaction can bf given the
ntockheldera by paying a regular rote,
nrtd at the end of each year making a
liberal eatra dividend If earnlnga war
rant such action. , . .. .
These directors, It la said, argue that
a quarterly dUbureement of fifty centa a
ahare aheuld be autherised at once, and
that In December, or aa toen as .the
tUll year'a business is approximately
known, a $2 or $3 extra dividend could
probably be paid without making very
deep Inreada en aurpluj.
They feel the peHcy of extra pay'
merits should be definitely established,
btjt that each ear'i extra should I vary
in amount in accord with net profits of
the j ear's business, se that stockholders
could fed they would receive P'eP"
proportion ' of , earnings Wgardlesa Of
what these might be. instead of waiting
indefinitely for a dlatrlbutlen of sur
plu. i .
i Healthy Growth in Basinet
rxtiMi.iI a all iatlMs banks In this
city report an Inireaslng " lT
funda from betbburfiness and cdmmer
cial garters. This is accepted ai i N-
iieeie proei 01 vu " i ;j"y
improvement In liualnesa condition
Heretofore", the quIcMhlng of trade was
very spotty and ofaiperadlc! character.
Within the last three or four weeks,
there has been uniform ga n in most
all lines, and these appear te be of a
nreareslvc trbe. WfeLtnest casss dupll-
fatlena renresent a doubling or tne
erlelnal order. MAa m . .
The Dreaaer apanu ier iunu mw
come eomrmhet earlier than expected,
as it he been generally believed that no
real extension of demand for money
from business or commercial circles
would appear much before the crop sea
son. (
Underlying Conditions Improved
"A study et national conditions to te
dav." says the Franklin National Bank
in' its monthly Digest of Trade Condi
tions, "ahewa a gradual but persistent
ihmmm in tha tlamane for labor Snrl
a steady betterment In underlying con
ditions. Such basic factors as iron
nnd steel and. In fact, all the metal
nre ahewlng steadv improvement and
building' operations continue te set
new records. The greatest unemploy
ment recorded Ik due te the coal strike
nrtd the strikes arttl lockouts in the
Eastern textile mine."
Kingdom of Netherlands e
TCln(nm of Netherlands fiftwear
6 per cent slnkint fund bendi. of which
.-1 l.ij -J 4tt At -7K.AAA AAA
t-uildera was offered by bankers here
last February, have revived little at
tentien, although the offering was un
usually attractive, xnese nenat ma
ture In 1072 and are non -callable for
tn ranra. Currentlv setline around
00, thev yield about fl.4R per cent te
the callable date, March 1, 1038, and
about 0.21 per cent te maturity.
Kethtrlnnda' 6s nre Issued in the
monetary unit of Helland, the guilder,
which. has a value , at par of 40.2e.
Principal and interest are payable in
Amsterdam in guilders and In New Yerk
through the office or union, Head ft
Ce., in dollar-rat the rate of exchange
prevailing at the time of payment. A
Kinking fund provides that beginning
March 1, 1033. 1-40 of the entire issue
will be called by let annually at par
and interest. The coupon bends are in
denomination of 2500 guilders or $1003
at par of exchange.
Brought Many Smile
When American Ship nnd Commerce
touched 20 In yesterday 'a market
nleasint- smiles appeared en many faces
in the various beard rooms. There were
geed reasons for It, for quite a number
of Phlladelphiana who had bought the
i any-reark,
inter
ruptien te 4Ji . The low for the cur
rent year wrvs 5.
The company is in position te bene
fit largely from the proposed Subsidy
Bill, but, it is understood, It is alue in
position te greatly enlarge the Income
account by reason of several very fav fav
erhble contracts closed several years
age which will give the ships a large
percentage of the German trade. Yes
terday'B demonstration, however, was
attributed te the election of Wllliaiu
H. Weedin te the beard.
Baldwin Official Family
Changes in personnel of the Baldwin
Locomotive Works which Involved cre
ation of several additional vice presi
dencies was done te round out and
strengthen the organization. Jehn P.
Sykefl, who has held position of vice
president In charge of manufacture,
was promoted te senior vice president
and given two assistants, both with
titles of vice president, one in charge
of manufacture and the ether In charge
of plant and equipment. The vacancy
caubcd some months nge in vice presi
dent in charge of engineering by death
of Kenneth Rushton, who lmu long been
Identified with plant, was filled by pro
motion of Mr. Qleencer, who had been
assistant te Mr. Rushton. William A.
Russell, who had been geneial pur
chasing agent, was given title of vice
president In fharge of purchases. These
officers will cover all Baldwin plants,
including Standard Steel Wetks ns well
as Baldwin Locomotive Works.
TUB TRADER.
NEW PLANT FOR BETHLEHEM
Carey Printing Company ee.lnt
Erection of One-Story Building
Bethlehem, Pa., MJ 26. TheCaiey
Printing Company, of New Yerk, ha3
decided te locate in Bethlehem and yes
terday n contract for the erection of a
one-story building about 800 feet long
In East Bethlehem was n warded te F.
B. aiassmlrt for nearly $230,000.
Werk will start today. The plant
will employ upward of 1000 men and
women. The weekly pairell will be
between S30.000 and f40,000.
T5'
'I!
t'41
or rnuaueipnians wue nna oeugnt
stock-shortly after ita organization a
where from 25 te 471A. the high nil
had seen it drop with little or no lnl
ild i
nln turnovers a ear.
aaa Bpiuanaa column
rafl Hnll
in tha Yvatie. Lscesa even day.
a moiwrrvaev.
It will Day you te
-. ..... . . .
uusuMssr '
UKO It
'Man and i
STEEL TRADE IMPROVES
,m ii
Aetlv Damantt for tiruethral Ma
terial tonte Mills, en Dvl Time
Sale of rtettftaple hare' iet -ala-talned
the level of the pterl-nw week,
but general condition ahew, an Im
provement, say Dun' JUvl-w ia a
summary of bueinees la the Phlledel
ulila district. The iron aad atel a
ket ahewa an improvement, aad Indus
trial plants are operating at greater ca
pacity. Demand I mere active for "true
tural material and me mill are work
leg en double time.
The review mekes the, following com cem
ments , ' v
- "Pig Iren melt l lnereaslaf aatle aatle
facterlty. Foundries throaghent the
country nre getting Inte better pro
duction, many of them being exceed
ingly busy. Seme report they are se
curing better price for their caatiaf.
Ne single industry It reeetlble for
the improvement, bat apparently the
entire -iettatry I moving e te a mere
active, nerfnal basis. Even the machine
toelmaafr feel the revival and it la
pected thltt Improvement will seen be
reflected In the local foundries, which,
up te the prenent, hare Had little te de
"Paint manufacturers, deller In
paints and painters' supplies rfert a
slight Increase. Purchase angeir te
be in large- quantities, but the), -elunw
of burliness is. lees then anticipated, and
no decline I looked for In the near fu
ture. There I little change In prices
and collection are report 10W.
"Wallpaper manufacturers, Jobbers
and dealers report, While there Is a
moderate Increaee In tnistnese, .pur
chase are in email quantities aad lea
than generally expected during tbl p.
ried of the year. It 1 believed there
is a moderate increase a compared
with the same period of 1031.
"The hardware llneehdw teadt,
but slight, increase. There teem te
be a steady demand for. almost all line
of builders1 arid shelf hardware, s well
a- heuft furnishing goods and atitotne
bile aceeeerie; which la sold very
largely in connection with the hardware
business. This Is probably due te the
fact that meat retail merchant hate
net replaced their stocks of merchan
dise In a big way, and new, that the
demand is made by the cerisuralng pub
lic, the retail dealer Is obliged te go'
out and replenish many items which, In
turn, bring Incteased order te the
wholesaler. Owing te the reduction in
prices, as compared with 1021, It I
believed the profits would net ehpw
much increase ever the same period
the year previous.
"The condition of the cement market
remain unchanged, owing te building
activities. There is a geed demand,
and prices are fluctuating.
"The chemical, market show some
improvement. There 1 a fair demand
for some lines. Price continue a little
low.
"The naeer market continues te show
-Deme improvement.. There is a. fair in
crease in eaiea, aitneugu euying princi
pally is in small lets for immediate
necde. Price are fluctuating, but in
clined te advance. '
Yin the oil market present indica
tions point te better business. Mer
and larger Inquiries are received, ana
the Increase in price of crude oil It
an Indication toward better business.
"The electrical trade reperta an in
creasing volume of business. Jobber
and retailer are busy en demand fef
household specialties and ltber-sivlnt
devices. Bullding'operatieaSr.abOw a
Increase which is CAuilHg mere ActM
demand for wiring; and'Insteilatiett
work, manufacturers are,-, active ana
the general situation is" reported ,te
show an Improvement. r - ,
"The leather market I' quleV and
prices art steady. Belting butts are
in bettet demand and aubitantl) tale
of medium-grade sole Maihir I noted.
Shee manufacturers report a fair in
crease in demand for kid shoes. Black
glazed kid la in Only moderate fle?
mand, while colored leather la selling
Well. Prices remain firm and raw. ma
terials are high."
Federal Meaerve Ratie
Waahlnaian, Ma:
arvea je .
net llablll
oral Raaarva
aa of May 24. 1SJJ, compared, with tha pre pre
vleui week and k year ate follew:
Bosten
New Tork . .
Philadelphia
yieveiami .
Richmond .
Atlanta ...
Uhlcaae ...
St. Leull .
Mlnr.earells
Kanaka city
Sanaa .......
en Francisce
Total 77.5
May 24
. fne
: m
era n
89.4
a
e
May 17
78.B
;;;;;; t
73.0
41.0
M.7
m
.
4
75.2
m
8?:
71.8
77.0
ItSI
May 28
71.4
58.1
!
m
St.
U, 8. Certificate and Traaaury Net
I.C. Menth Tear Bid. . Akd Yltl
,.w ioe a is
BV
tn5
8V
TMV
Ti4j
Aur.
Sept.,
Sept..
Oct..
Dec.
Mar..
June.
Sept..
Mar..
All
mm.
ma
Tear
lnii.
1022... 100 J4
p.-.-.-p M ?':
iii.,.,.i ri, ill -.in a
i., iei la-is iea i.i 4,
1926
Viil
7 juar.. A
fcxerapt from Federal normal
TAceapraeia ier paymtni el
due en data of maturi
.yen
Ity.
Inemt
neeftii
eta
ti
"
irr
'
rtMAnCtALBIUEfS
-Jehn.W. Metrl ha beresu asecl
ated with the bend department of Par
tly Brdt. ft Ce. '
The average price of th twenty ac
tive indttstrtalt declined 0.84 ,ar c-m
yttterday te MM, while th twenty
railroad declined 0.28 per cent te
85.W. . '
---The repirt of the Arkanaa Natural
ClatCeii-Mny show grot ear-ahas of
2,aMJl In 1021, atflatt $7,UM60
in 1930. Asatt for 1921, totaledllO, tetaledllO,
070,482. ceaipared with $18,787,480,
the preceding year.
The Southern California Kdlen Cata
piny is efefing 110,000 ra of com
mon stock te holder at 8101 a ihtre,
payable In mMt. or, at $lftt,payaU $5
per month i per share until the full pur
chase prtc It paid. '
The lUygl Typewriter Company ha
called a ayieial meetlna of stockholder
for JtMf 0 t tote en a onmeaal te
chang tkf preaent stock of flOtf a r
Kr varM.li sMclr of no par rata.
ddirfeti tha tohhel4rti,,wm fee
aeked ta iiuthertxe 02,338 " of
common stock witneut par vatM te be
used in m!datlng the back dividend
due en the preferred stock.
Timeni Piajrs-Lasky, Cerpera tlerl
renertt COftWiditted net operating
mreflu for three mehtlH ended April 1.J
including drily mMtilntlf owned 001
per cent or mere, of iJla,25. This
U after de-Jacflng all char-fee, and" -(
nerve for federal ut. At'tr allow
lag for dividend en 8 per cent pre
f erred balance remaining wai equivalent
te aaaeal jrate M 110.82 it share en
308.884 state of cammen -Heek.
The, Leetard Oil I)mi-fttat-in. Cem
pany a,nnvune inns me miic arrmgat in
imt J. w. TjmuM.
Mea-arel aV Ce. Man1
Luciane Kestrepe, Jehn H. Dennas and
syflnet irennaicna wep aetutn and
die4tiiu-M. NetJCe of the settlement
df the litlgatldit 14 given In vft of
tumor that tBl gait aftecteJ the prop prep
brtiet of the Leenard Exploration Com
pany nid the IXSnard Oil Development
Company. y
The Secretary hi the TrittUry, dndef
the authority. Of the act appretf 1Hi
tember 24, 1917, , a amended, offers
for aubcrptl6rt, dt -Mr and -tccfued In
terest, tfifedgh the' Federal Reeert-e
bank, treasury CertlflcatR of In
debtednen. HetlM.TD 2 1022, d.ted
and beitflfif lnfrt from June 1, 1022,
payable uecemeer ip, -iwh, with in
terest at is
Annum.. A
at thh fnAt
tm will be for $309,000,000 or thereabouts.
wcemeer je, irca, with la
the. Hit. ei 8Vi. per cent per
AMliCJttef. wilt be rejelvid
derai harye Sank, fte in-
LOCAL MlNtNOI STOCKS
TO.'CnAM fOCfc4
Caih Bey.
irA sutler ...............
laeNlmara
piMent
l'34h .tUUnsUri ' '. '. '. '. ' '. ', I .
fenun j..:.
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Copper-Brass -Lead-Zinc
STEEL SCRAP
Yeu can flffUre the recovery value almost
te the penny en this let of aurplti
SHELLS & SHELL
- FORGINGS
War Department Sale Sealed Bid
Philaitlphia, fa., June 14, 1922
This
sufficient
urn
I nre
i the Government can iriv. vi
ormatlen te enable you te tell, almost
ZZlfJU Z "" ' eibj ana inn peundatl
"'feP-per, braaa and lead you are blddtag upon.
Here la a sample descriptien: m
lOT NO. ektloiMer-jaieneral Ordnance
Dupet, Seuth Arrtbey, N. J.
Appez. 148,986 pra. 4.7" H, K C. 8.
biivii cinpiy; wun copper reiatinar
Sf.1 etEa,ia5
. wlhl'vy .AXSZSK
apprexirnatfiy 3t.it jbt. Appre .
Bte te ai weight. 3,888 trea JeHB.
The shells are loose In warehouse
Sjmllir descriptions ceverina-
, ,!
a reheuse.
the 16 lets
r-il" V5.K.r.TVf ..', ". "" nn dbcii fort
i.JFJ.kil l"!.""'"" U0 Peces or snrapnel
offered, will be sent en. request. Descriptions
irem i no nasi mrormatien aval hi.
available.
also
nlA
but are net
Th GetrMn( r-'
icrpei (At rigfti
rcl anf or all M.
guarariteed.
Fer Ceaaaltf Mmi,n mi FrajMJi, mtUtt-
PHILADELPHIA DISTRICT
ORDNANCE SALVAGE BOARD
' ' FruifribrtJ AratnaJ
PHILADELPHIA, PA. -
jVe-rap h$ue
ki'la-v.. - . 1 r ! '
'if
i
$5,000,000
The United Steamship Company, Ltd.
)
of Copenhagen
Owner and Operator of The Scandinavian-American Line
and Other Important Steamship Lines
Fifteen -Year 6 Sinking Fund Bends
Dated Kay let 1823
Due May lit 1937
Interest payable Mar 1st and November lit
Cottpett band $500 and $1,000 each; may be registered at te principal
':.
A
Tial-al and LriteteK payable at the effka of Brown Brether ft Ce., New Yerk, fiscal agents of the lean, In
United States Dollars, exempt from all Danish taxes.
Annual -rianrnf fimd tMSimmff May 1st 1925 equal te ene-twelith of the par amount of- bendi issued te be applied
fe itrchas of bend, if obtainable, at net exceeding par and Interest; any unexpended balance
cf tttch ftrtd en December 31st of ach year shall revert te the company,
Redeemable at any time, as a whole only, at 105 and accrued interest,
COLUMBIA TRUST COMPANY, NEW YORK, TRUSTEE
. -$
THs feflewtaf Lqfermstiea bu been furalihed us in a letter signed by Kay Reinhard, Esq., President of the United Steamftlp
Ce., Ltd'Cepenliaien:
Business The United Steamship Ce., Ltd., organized in 1866, is by far the largest of the Danish
1 """' steamship lines and cme of the leading shipping companies in Continental Europe. It owns
and etttrates tha dtandmavian-Arrierican Line which has regular passenger and freight services from
New Vfk and ether American ports te Copenhagen. It also maintains important routes from Copen
hagen te most of the leading ports of Europe, Argentina and North Africa. The company has a
fleet of IIS vessels including two large Diesel meter ships in addition te 100 barges and lighters.
This fleet aggregates 208,000 gross tens (British measurement) and the total funded debt, if calcu.
lated igainst tha fleet alone without reference te decks, real estate and ether assets, would figure at
only $25 per gross teri. The conspicuous strength of the United Steamship Ce. at the present time
is duel in considerable degree te the excellent adaptation of its fleet te the local services between
ports in and adjacent te the Baltic and between the Baltic and the Mediterranean; services requir
ing small bbits of special types and largely non-competitive with the excess tonnage launched dur
ing the wr period.
t)Sbt These bends together with a small issue of debentures maturing in 1926 and certain real estate
mettgages constitute the sole funded debt of the company. All the vessels owned by the com
pany are entirely free from mortgage lien, and the company agrees that no mortgage shall be created
as long as any df the present issue of bends are outstanding.
Earning The United Steamship Ce., Ltd., Copenhagen, has had a long and unusually consistent
' ' "' earnings record. In no year, since its organization ih 1866 has it failed te shqw a profit.
During tni five-year period ended December 31st 1913, average net earnings were equivalent te five
and ene-qtiarter times the interest charges en the present issue of bends. In the thirteen years from
DecemberJtist 1908 te December 31st 1921 net earnings were equivalent te nearly twenty times
such interest charges and in 192l, a year which was generally unfavorable in the shipping industry,
net earnings were equivalent t6 mere than eleven times these interest charges. These earnings ia
derail are aaioiiews:
."
I
llll
itit
ms
-AMI.!!
.. 1
Net Earnlnga
U2T,ffi
l4ej,vjej
244f,4
1114
llll
1118
117
1818
.-. - .--,
... -i
.. . ..1
Nat Earning
. $2,311,004
1,241,10$
l$,724,e)0
4,34,aaa
18,834,800
llll
1120
1121
mivjL -at-.
svtAMMrau
?"-
Nat Earnlnga
$18,118,800
$,88f,8O0
' 3,32S,8W
. WYer Atttaie $1,571,000 5-Year Average-17,548,880 3-Year Areraft J,830,000
Nete: Xrerier are cenverted into dollar at par of exchgnge 80.MI, the present rate being about $0.21.
jejiiefe Aer giving, effect of the present financing te the balance sheet as of December 31st 1921 the
T etmtiny hag net assets of mere than $20,000,000 at the par of exchange, which is equivalent
te ever fetir time the amdunt of this issue of bends.
PwfjMia sfliius The proceed! of the present issue of bends are te be used te provide for the require
T . ' ' menta of the company's program of ship construction in the current year and in
in wis .connection it sneuia ee netea that the company's building program, requiring only
$3,000,000 'te complete, Is in no wise burdensome. '
1923.
about
"4k.
Jhe Abtive letter and information having been received by cable are subject te correction,
Application will be made te list the bends en the New Yerk Stock Exchange.
Ws offer the abdve bendi when, as and if issued and rectived by us and subject te the approval
of out ceunitl in Denmark and our counsel in New Yerk, Messrs. Cravcth, Hendersen, Lcjhni.
will aria de GfriderJ. Interim certificates of the undersigned will be delivered exchangeable for
definitive bends token engraved and prepared.
Price 95 and interest te yield 650
Brown. Brethers &. Ce. Lee, Higginson & Ce.
s.
'Rw Wjn,l!!ty h -' Wormstlen !i tsken from sources which we believe te be reliable
All cerivmidhi of krener in the body of this advertisement have been rn.de at par of eaVbtnge
Itsi, ipts '
Empire Gas &
Fuel Company
8 Cumulative
Preferred Stock
Writ for tpecial Lettter B
HENRY L DOHERTY ft CO.
804 Merrle Bdg Philadelphia
BOUGHT-SOLD-QUOTEb I
Geaeral Oat ft Electrie ti, 112$
Lekiffk Power SNarides , 182T
Teantiite Fewer Ss, 1882 ,
Esspire QatftPaeJ 8s, 1124 ft 1128
C4mmweaHkPew.,Rjf.ft Lt.Cem.
BAUfcft, STARR CO.
New Yerk MM7sf 'Recter fltrrai
Direct Private TIrpiette btt. Officio
In Continueui Busineit
'BOiftaM
MOYBR r Ct.
''a si iMflii near tietuait
fUNtcims & DROHEftS
11 Chestnut Street
"a-aifca-Mn 1 1 1 1 ,KfcJtJ
HIEflMMOCREYtfO,
CeetiflasJ ftjbUt Awij4nle
Dfjii limldiai. nidlaa
j
ti
'.tfaamie-rL ...
,
DIRECTORS
Ore.BunhHAu.Ja.
U'iiuam Weed
CMAailiWHtlitk
Chai.E.Iuoisseii
A. A. jAcanjN
SAMfnM.CuswcN
ClAMKceM.BaeuN
SrivtMl HtCKtCHla
AvsarD.AiepMwi
). Basten TewnitHO
C. Fun's C. Stew
Binjamw Ruia
Wiuiam Feit
CituiNT B. Krwseis
Chaum E. MATHta
Hash F. Baku
H
Mr Francis A. Lewis, President of the Real Estate
Title Insurance & Trust Ce., said te us:
Credit is as sensitive as the most delicate
watchspring. It has been compared te "A
broken piece of beautiful porcelain; you
may put it together again and it may seem
as geed as of old, but the cracks are there
0 and we cannot forget that it was broken."
Central National Bank
of Philadelphia
Chestnut Street at Fifth
Cafrfml $1,000,00 Surplus and Undivided Pretj- Eemed $4,eoe,oco
rfc?U Bres. & Ce.
publl MrUtty rrurtttr
gHnth gxrttanaa tluUbtn-j. 9MU.
Diamond Ice 6c Ceal
6s, 1939
Lehigh Power Security
6s, 1927
Phenes t I eruat 0tt0-lt-S-t
Private 1'tienas in New Tork A Beatem
tlMt'. has tt 'aier v4r lest 4e.
sJi r tr,M,l,l,J L ieraa en any
8Hl Miht f 8. W. Strtea C.f
Writ tr ear teekW S-Q aad leant tha
weeee way.
S. W. RRAU8 ft CO.
if
BUILdERS OF
Special Machinery
General Machine Werk
J. &G. RICH COMPANY
122 N. Sixth Street
Telephone! Market SStl
Penn Seaboard Steel
78, 1923
GARRISON A CO.
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NEWIUROEI.
ANDERSON LOEI
Mnbm New Yerk sn4
Philadelphia Stock rscAattgM
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