S'-'vn
iSSl
'V KT ir.mV.TOWl(MS,i ". ; "mM
;TO??1,T,:,J z:iui.i;k
9fr9
V
"M
u
r
m
1
"
i Tt J a . . . Jt A . vl t I Will1. .. w
, i ' ;" iftt Jfcaf; JttLiiWJ
EVENING FUiiiu:aflJLHHy
wsBfiiL?
EADEEFHI
Londen stock market
liar Descriptions Idle and Fea-
i tureiess Dealings Net Large
, Lionueii, Jump 8. A brlliter feel
Iftar Wah neti'd In come dcpartmcntx nn
the stock exchange tmlnv, but deal
In ifs were net large T'.ip oil group
'was mixed, with operations profes
sional. He.Mil Dutch wit- 42A. Shell
Transport nnd Trading .-I 15-10 nnd
Atixlcnn Knirln lUii. ('Iinntfrs In the
-S jllt-edgcd Hwtlun w'cre narrow, nnd the
rVf.'- tone was unsteady, r rencn lennH nnra
ifA nd en Improved advices from Paris.
r?' Heme ralli, were utremrer en renur-
fr-vj4 1 1-V..1I... .1...!(Iaa ...- 1.11a
ITtS:. lCDUCNi iiiiihi- iii'pi-i iumni- ikic hiiu
iVSJT villi icamri;H .iifcviiniiu Hitif h'-h-
qqiet, with a temieiiey down, t;onn t;enn
denrc prevailed in the Industrial sec
tion, nltlieiicli the group wn Irregulur.
NEW YORK BONDS I
tSALES IN 11000
i tteWfe
ttr - t
Hudsen's Hn was 7'1
Ante Hep'c Ti
7. .. 100
'J . (ID
7ia (10
A. . 100S
IS. .. 100V
2... 100
1 ... lOOti
3 100S
ft . 10O
Chlneie Oeve'l
H-K Itty (la
3 ... M
City UurJ'x 6
0 SO
Cty Chrls'R S
1. . 110H
City of cppn
haceti ft Si
l . PIS
a . t2
V 12
2 f)S'
0 . .. 484
2 4S
2 48S
U 8 Mexico Si
se rs
n... . T
4. ... MS
2. . . M
3 ... ftT
7 M
23 Ml
ft.. .. ftfl
ft.. . eft1.
I ftfts
10 ftftS
in ... ftfts
3.. .. 8114
lfi ... Ml
1(1
I
n
! 1
. 14... t . .. il.
VilT I 1 11 4. I i 1 -.. t ' !UilW "1
XflC niDlinr NM will iirKiiTiru mm 5 pfl
ll t . .. .. i..n..tl., l.i i ,.
rn nr r. ivuiiir ut'it' i niii'i i r. liul i ji nit
well maintained ' CHy -MarnS l , J
il. . OSS1 jj
French Bank Statement !Civ perta aip'1 ,0
ri Sn
ft7
MIS
ft7
fiO'i
37
ftSi,
r.M,
Ml
Ml
Ml
l'urlii, Jun Th klv mafinent of
tlie Hank uf KrHiicf HlieHd th follewln
chncn In frai.rn Held In hiinil liirr'ercl
1 .".3.000; llfr In hanrl lncr nm-il 135,000
netPR In rlrcul.itlen lncrrafl 333 7lil,00,
trfHWiry dppelli il(Ta(l 'J.403,iiimi. mn
rl dcpealt decreiunl S3, 314, IIOO bllln dli dli
ceunted rleerMMn' 311 431.00(1, dMince n
craid 'It. 307 0c0. AdMinc-rn te the Stale
rumalned un. hnn!i'l at 23 100 000 uoe france
Paris Bourse Unsettled
rrU. .Iunn Price wer
tV. riAtir-., i. ulm Threi. tier cent rentri
ft frame, nxihamre nn Londen. 411 frnre
SB centime" 3 PT tent lean. 77 franc S3
(Mimed. The dell.ir wi iiueted at 1(1 fr.inu
97 cntlme
1
ia
te
102
10.1
2.. . 10Si
Rft, . 10fti
r2. . less
n. toss
12.... 103S
2 .. ions
1.... less
t . . tORS
1... 103S
i. .. ions
i. . . 103S
7..,. lOR's
C K I '81
1.. .. se
1.. .. SOS
1 . . SOS
a . se
i . . se
Chl O W 4s
1.... (11
Chlcase Mil
Bt r 41 '23
n . .. 7ns
It .. 71) 'i
a . 7d s
10. 7S
3 . 7(1
I S . 71) I
iChlcnue Mil A
e,t A I -
L-.1 S Mexico ?" '7.
0r,88Ml ' a ' M'"
i r.A i i 1 hI
" .r,4S .in It
Chicago MIS
8tr fa s
3 . .. (14
1 . . (14
it.. .. ess
1 . .. (1SS
1. ... ASS
Intb'e Hap T
On l
4 .... 77
i 7ns
a .. . 77
3. ..77
Inn a Nlhn
aj t
r. is
ms ftt
34
M
ft4
ft4
R3S
34
It.
30.
10.
10
1.
4.
New Or Tex Alllillft lllys 4
Mexico 3i II. ... 33
I . 71S 2.. .. 63
N Y l'ent'1 l Plerca Oil 8
2 (flat) no
e . no
l .... no
3 no
101
1 ... 100
freduc H 8
1.... 102?;
.V V Cent'l ftsTre A Kcflner
2 ..Ml wnrM 8s
n. . . 1)4 1 . . 115
2. . . PIS P"10 s,!rv Uerp
2. . . 04 S -N' 1(y S'
ft MS 2 8IS
8 . . I)4'i 1. . SIS
10. . 'MSJneiidlnB Ce 4i
1... Ml... 83,
P .. M'l'nie O (: V 4s
2 . . MSI "8'i
.. ..... I . . r.
I - . U1 '4 i '
101
101
C'ti Itle de .la
nerle Sa v I 0 . . . . 84
2. . 103 i te 3.1'
8. 102S AJat Itub'r del.
102 ft 103
10SS t
I OSS
III & O Nn 7.N Y Cent'l On neck ll'l A t
2. ... 100 3 103 I l.eul'n 4M,
t M Marine 0 3 . . 103'i 1 1 S0i
1 .... P7', 1ft . 1031, St I. I'll lit A
lnl'1 rnp b Ss'N Y Cenfl 7l s" Hly 4s
I.. .. S3S (1 103S I 2.. S7
fl(iale) ftftS1 2 . )03S ft . .. 87
1 .... S.M'jl I . t03SSt I, I .Mt A S
n(tale) S3ii . 103 II A U dlv 4a
a... . 84 s! r. left 2 se'i
I.... SO).1 lO(flat) m.V ft I. A H K aj
2 ... SOS, 1 . . 10ftS S 70
Iowa Cent'l 4a ) .. lOftS -I "SS
3 ... 17 N Y Chl A HI St I. A S T In
1 .... 47 ' I.eula 4s I 1 (11S
I L. I.ltcli 3 ft . . 70 ' 1 COS
1 .. nns'N Y Kdlsen Ce Ksale) r,S
Julius Kaer I 04 rcta ' ' OS
A Ce 7a rrtn ' t. . mrtl. 10. ilfil.
f J J '4 101 4. 100 S 3 liHS
Cty Sae F.UU Am n Anr . .ch.(, ,,,, , , """ - - ' ' - ' '"n
un"'"'..n" I Wl ,n,. s "?n.i Xtl'BnU'i IKel.y SprlnrS' 10.. 32 I 't . 71 1,
103 . 1 102S,.'- ' .!: I T.lre ... ,-N:"v V.V II A 2 71H
.eeho-rtlevak 2 !(i2'-i'.'.r ..." " ' ' .'"' ' imrt-U 0h , 1 ... 71 1
rr
(";
Hec Ss
13
10
l
H
103
l-IN'ANC'I.U.
1)1 pt
ft
1. . S4
7 it'lilcaKC. Jill A
st r cv b
.- . ..... . . .! I ' 4
i..'i.mii -"fc ,i' ,'.r j vHfl in
! 07 S i1 nes
hi -. unn .- 4 i. t",
H 7 'i tneilian Sua 3 ,
feme i- lief B 0s , . . ,
tins a ions A n,l
1 An I.. ' ' '
4..
l.... SOU
Stan Mil's- fta
2 00H
Stand'd Oil of
Calif 7f
ft.... 100
1.... 100
Steel Tube. Ce
of Am'a 7
1.... 101
2.... I00S
1.... 101
Third Ave aj
ft 00 S
ft 00U
8 00 S
1. .. 00 S
8 nes
2 O0U
Third Ave 4a
1 05 S
Tidewater OH
Ce ct OH
1.... 102S
D.... 102S
Teledo ft I. A
Wn 3is
10 01
Teledo St l
West'n 4 s
1ft 71
4 .... 71
n 7i
7 .. 71
Union line &
Pep Ce fls
1 MS
Union 1'ac 4s
3 MS
2 .... PIS
L' Tank-Car 7s
1.... 1031
V S lleff Jfch
Cemp'y 8
a . KKii
OBU.UBKttbVr'es
2 SOS,
1 80 H
1 (sale) 80S
1 SOS
U S nubbr 7a
2.... 101W
U S Hub 7 '41
1.... 108
1.... 108
1.... 107
V B fttnlt It A
Mn'ff Ci
1.... 103 S
U fl Steam S
Ce cop 0a wt
ft...,. 0B
U'd S Steel ftr
a.... 101 s
ft.... teis
2.... 101 m
l(sale) 101 S
1 ... 101 S
4. . 102
in(ahle) 101S
1.. . 101S
uttUi r & i. :.
10 01V,
1. ... DOS
Vn-c Chm 1st
2. ... nnT
0,. .. HOT!
Ya-C Ch 7" W
P8S
HI
.1
1
1
1
1
10
Vn-U Ch
P8T4
P8S
P8V.
P8'4
P8
P8S
08 S
P8S
7'4
103S
Sli.t,- 10SH
1.... 10SI4
V Rr r Be
1 70 '4
Warner Suar
net's- 7s
1.... 100
1 OPS
West'n Mil 4s
10...., 04
0 03 S
VYe'n Tae lata
10 S7S
7(stite) 87
1 (flat) 87 S
1 87S
7 87S
tVcat Bhore 4 s
2. . . 80
tVestlngha'c n
& MfK 7s
a.... ions
i.... ioes
Wlckw'a Spne
Steel 7s
1 OSS
1 .... P8S
0(sal) OSS
Wilsen Ce cv
1 02S
ft .... P2S
4 02 '4
(Vllsen Ca 1st
1 B7H
1 07S
1 P7
7(sale) 07
A'llsen C 7Hs
1.... 103S
ft ... 103S
4.... 103S
7.... 103S
1.... 103S
Wis Centr'l 4
1 . .. 80S
k'..i .t4,'.tL'li,vi,iif .7i .i. 4 t tiirtvvrt(HTAyAj(ii .,ilc., . rf.. irjs .;m r i rii.F ..4 . .. t.v-'? vn.jhr ;j .-
mimMimmMmmmmsMmisimMmsmmm
ii -T-' - - , - .. . -, . . .,, , (J . .i j.:. i ... isi
-r' ' 'ilUadttiirlr.atiwedtJeit)rtairi thUclty. 'ilffilflt sf'liriinrn "fflWilM.
Uwmi $ m un KM h Khl-K , m&SEWS
i i HfTtriiriTT mnrKPTH wern irnuuunj iTw Hni - hsb mm
GOSSIP OF
THE STREET
NOT1CB WKI.stlXCII riMtPANY THIRTY.
kah kimumi it mi nvi: pkk cknt
lOIXATKIt.M. T lit M MtWTflACIK
oeij iiemi". nvTi.ii .ir.K 1, ipoe.
1'nder thu proilens of the mertaK
Mlir1 nrfinrmaN I1 V receled tnr ih.
count of the Slnkimr bund until li o'clock l
neon. June 8. lllii. it the office of tha ft
undeislsned Trustee fcr th,. sale te It. at i
the Innct price net exi.rdiiiu par and ae-' iTi
bends is M2 45.74v;ii- p'urehs.r "'" I fl- USS.Amn T T clt,
Offering or Denus mini suecir the serial , Hum llepc rn "),
mimbera of lenils. n iOS Ii(s,i!i ie
Propernls should bainderaed "I'rope.ali l) Canada ills ' S lieS
for the sali of the V .. Isi.a h Company l'iVP ' , )00S a (M
l'er Cent Cellier.il Tiuit lelu Uendj- and, '.2.2. .. . ' ,..
sddresssd te .. I i i"S A Tci a rd
ASA S WING Presld.nt. . I . IOOS 4 . P7S
THB rnnvinKNJ 'i.l i: ASD THU3T I n Cnnada '31 1. P
3 .
113 S
3S
1)3 S
I
10 OS
10(1',
loe's
1.30
High I.nv P. M.
tack steel .mi s mi 3 - i. . hertv .V"- . . . . UnMH hki.ini i'i.
4 . ses'n Yk" niss i." ft .:. i 'Liberty 1st M',s. .100.0(1 KMl.O'J 100.0(1
3 .m. t ec a, i . u .... .;. i :i..,. . .i .il'. e inn no nil in till. 1)4
.-. -.. - , , , in ri iii .- I mil i j ui'i i i Bit jaja'"s-"' ...-.-- ....
C U 1 V fd I . 4,1,1, e ,,., c.
I.nke shen, J a 03 S St I, S Kran
S'n 4s 'as 30 (sale) II3S .', l
I MS N Y luieV '4t, 1(1 lift
.1 IM-4 .
Lehlcli Val As' 1
102S a
102'
Llherly "hi -Ts.. 100.0(5 100.00 100.0(!
Liberty th 4"P
Vletery N 4n4S,
"The market for securities In the
present era," said n broker yesterday,
"Is be entirely different from nnytblw?
hitherto experienced that paralella nnd
rompnrlsens nrc (radunUy but cer
tainly keIhr out of fashion. On; of the
strongest subjects, te our way of think
ItiB nnd one which has been scarcely
considered, Is the diversion of ft widely
scattered buylntf power, which has
always been 'large in the aggregnte, of
small leta which have for years found
their way into the hnnds of Illicit con
cerns, se that the demand created
thereby failed of its proper effect.
"This buyinc itewcr Is new going
where it belongs into channels for the
proper execution and every order se
filled lifts that much from the lead car
ried by the speculative ceutlngcnt."
Ceal Costs Sending Steel Price Up
Steel prices continue te gain strength
ns producers arc forced te use larger
percentage of high-cost coal from Ken
tucky nnd West Vlrglnln," says the
Iren Age, In Its weekly review of the
steel industry.
"At the tntne time, the steel cor
poration's policy In adhering te present
sheet nnd tin-plate prices en third
Utinrler business serves te held market
In check. However, in the ense of
sheets the corporation limits this action
te .inly shipments In view of possible
shift in the situation In the meanwhile.
"Pig-iron output in May continued
the gain phewn in each month since
January. At ',.IUU,(I7IJ tens last month
Chl A W I 4s i
enUMSV OK lllll.ADin.I'IIIA
W. W. ter. 4th and Cheiinut sta,.
Philadelphia.
Propesnls
3 . PSSj
I De Can 'fta l
10 100
10 100
Dutch B Ind's.Amer'n Water ,
73',
MS
Chile Cep'r (is
ft . P0S
I (US
.'.is.ili PIS
3(i.e) PIS
ft PIS
II . S7S
. DOS
1 MS
01l,i
A llulf lilt 3s
1 03S
C N Y 4Ss '(14
1..
TEACHER ALLOWS DANCE
IN SCHOOL AND LOSES JOB
Trifled With Dignity of Kansas,
Superintendent Says
Eminence, Kan., June 8, (By
,'..' Choctaw
P7
117
tcta
I
3
I
4
47 Weiks Bs ,,, . S4I4.I ' ,0" I ' IOOS 1
. P4S 1 S!'.1,00 1O0'i! - "OS S ,
. P4'4 A T A 3 r al'Vlumhlft O A ' Ml,n aVtl 4s N Ohie TrC Al .1
.. 04S, 10 . 81 r,',', 1 2- 07SUshtfls i8
.. dh J. ec lsi f.ri., , nil , ii . .
I'lIII.IC XIKKII. lUll.DINd AT
(ONxIIOIKIC'KKN
MontKemcry County, 1'ennsilranln
Sealed propesaU vt 11 be receled by the
Bchoel nisrrli't of th lloreush of Cone- I i nn.i s . mi. '." "' ... Jlarkst St Itl 1.. . iibi
heckan. for the coiistrucllen of, alie for the . " mi a qju - V , S Fran (it ' 3 . P1U4
heatlnr and xentllatltiK. plumblnir, and elec- 1 V ,, J. ,' ,..(. T A q r .! Cen it coal u 2 . ,.. ., .
.-I... I ,. .L , .. ..I.tlllnn n Aa.lnn. I Dutch K lhd I A T ft 3 I H , A K. ' " JCJUa K 49
lllkal "Kin w. n. ntu,.,w,, w, u,,.. r,nvl,. ' ,,,, , Cft I " mk w ""
104'i' a Isi'c i n
1UIS St t. iiew'n ci
a . 104S 5 . 7SS
4 . 101 U St I. Seiv't. fl4
L Ynl Term' I1 ft . 10IS1 1 ... 80S
ft.. . 101 S Nik A W'n 4si 1 . f,0V.
I. A Myers 3x1 14 .... N7S St V I A K f
1 PO'i'N A W cv lis a , !i
7 (sale) PflS' l 108',' l sj
r.Arlllunl I1 .-(V A 11. i C. m
l nes fls rets s-ifeu a i. aj 1. i Net counting prairip dogs and
Liii'; ftV'l , SSIjI '? ' 1 jack rabbits, this Wesiern Kansas vil-
3 toss p nan! A" ".an , lnce bml 1)21 inhabitants at last count,
ieWrth wB,:iiL?;..;.--. K..'mn of whom de net consider dancing
3 ... 103s; Hell Tel 7s ' j.. 'nu I ainfu!. Hut because she uermltted n
Mmii uwr. i . loesj ,.... 42S.,nm.c ,e be held in the school house
1 . tee I i ions I i je i the scnoeininrni. .urs. tiara nue,
ft.. . loe'i a ion', r j , ,- has lind her teuciiing certincnie revekcu
3 . a-i. , liv .Mlfs l.erraine ie"iit, iiiiiic mr
perintendcnc et r.aut.uiun. j.iiiiiiciHf
n
ini.nu ubi.iiii .... . :..n .... ,..... en-nm l..
I:lberty4tl,4..s.. 100.00 W.IIS 1OJJ.0O -; - , - ..-.-.-..-,..
,WM" ""'"- J,"""u ignln of nearly per cent. Over .lanu-
in- .Mny i-iiiiws nn increase et -10 per
cent.
"There was n net gain of -thirteen
In active furtinres last month, 175
furnaces with dally capacity of 77,520
tens being in blast en .lune 1 agnlnst
10'J furnaces with dnily capacity of
7i!,S7,r tens en May 1. Production Is
new nt the rate of 28.S00.000 tens n
year, ngalnst 10,700,000 in 1021. Steel
ingot ligures for .May will snow con
siderably larger increase than that in
pig iron owing te heavy percentage of
uni'iin unit' linlH. lai.1 ''
Wl...,' ... ut...
8eab'd A L lis I
'1)2
P4S
P4S
MS
MS
I
of. lh preent HlKh Hchoel Hulldlne. at1 id'
ConshehocKen. JloniKerner (.'eunl. pennsyl- 1"
anla. All of said ierK te be , nmpletd en a
or before the time or time ft forth In the 4
form and pcdule of preixisal- t
Plans and apecincntlun ma be obtained
from Henry I, lleinheld Jr rcliltect
IMS Walnut Street, rhiladelphu. Ia . upon
deposit of jaft liO by bidders for the con
struction work and lift OO by bidders for
the ether work v hlch deposit lem ih mini
of SS.0O will be refunded tipen return of'flee't Trench
eaiu pmnw iiii'i Bn;iiKaimnii wnii in pre, 71,9 rets
1..
a
ft
3
.1
se
SI)
se
SOS
SO',
, 4s
73,
1 SI Oil rets 7'4
f,0
f,P
f.ss
MS All Const I.
2 PIS 1 s
r.inalei P4S Atl'c Krult
10 (flat) MSI 1 . . 43SI
t MS 1 3 '
2 . 43'
I 43'
'Cens'd On- 7s
I 10 1'J'JS
1 121 'j
, P 121
2 121 S
I II 1 22
. a 121',
' 10 120'j
I 12"S
I 1 .. 120 1 j
1 121
10
ft
7.11 . , .
114VNPac.ne .Irtish Steel l'i V
J 1 - ,1 I'ill -4 , 1
ft
ft
a ii4s ft nil'.'
1 . 114S 7 1001,
Alex lrtls 4Ss'OreBen S Line
8 . 38 S iruar'd Is
pesais. (" nrrn.ieci win iiirmsli lerm for 1 10l A Pander -U.L- V . .. e
blddlnr Ne bid will 1- .nn-i,lr,l .ml... ' ' "a". V Cuba Am S Si
109
lOSi,
10
100',
1
submitted noenlm te t4w. form and s'hednl :..
of proposals nttarhed t,j Hie pe, Iflcatlen,. 1 1 ' ' - ln J Cuba C's Sur
A certified check or satlsficterv hlri hnnrt Cine i !' n Mali A Ohie cv , . .,..h
...! i - . ... :.:-..: . .t . e. , ' u" -.--
inr 110 'i vrt v-iii in tii anieuni Oln, , I . ii'O ,
must accompany ejeh bid Cl.ecle will be 1 103S
rsturned after awarding; of contract. 1 lO'l'.l
A Surety Ilond. subject te the approval of ', " tn'i7
the Scheel Heard, for the full amount ef1 ' ,
ths contract price, conditioned fir the faith- ll'i.'
ful performance of waul contract in , , nr,i. 1 1034
nc with Ihe plans and speclfb-atlnni. will. Or d Trunk of
ne requireu 10 no niea ny eai-i contrnctet
and also an additional bend with njfflclen!
aurety or suretl- condltlen-d for the pay-
Jllrh S Tel ft
(1.. PRS
Slid I! N J !y
1 'US
JI'.lw e Cam 4"
1 :2S
1 Jtln A St I. 4-
10
10
10
PD'i
1 iitn,
1 . DPS
Sinclair C Oil
1 Cerp 7, rets
110
used.
ftlU,
"i '4 1 n 4.x
Sl' 1 N4S
8!rjICtiba R ltd s
' "'"S3 8IS
1 81 S 1 s.-i
' M a S3
7(sslei SI Cub p.allread
Canada 7s 11.111 & unie e c -,.
1 .. 113 I 1 . se I 2.. 101
Jan Gee't 1st 3 SO 'rjei & Hud fd
1 . PI Bait A Ohie ft, 4 M,u
1 ... PI 2 Ml 2 spi4
Jap G.e't 2d 1 MIS it
r, net. tin It A Ohie O, n mi
Jap Oeen't 4-1 S 100 5 (ale) 80S SI K A T 4a wll
10 77', a pnx, n . tin,! m-. ia OS 1 .i
"O's 34. ... WIS , I n's. 2.
lnl) Det i:dl 5s '40 . SI K (. T ft, w a
"ns, 5 pr, I h.v. 0.
I'"S Det Edl Ce fi I 15 Kt'jIPan-A
pos 1 4 man ! st k i t n wi a t Ce ;
10 77',
K llelirlum 0s
i 102S
K Dele ml1)!
1 . . ions
1 . ion
3
n
1
ft
11
1
I'W'a n. U n 4'-js
82 S
p i n 3',s nijtll Security
P8S ' P" rerp S,
P'S 2 00 V e 4(1
III,.'. II A O Tel 4-id de Nemours
PS 1, 0 . (17 S Pi-dr 7S.
:ikt j,-, n,-i5 j in;
ment of all labor and material enteilnn Inte
the said bulldlne.
All proposals must S seald ard marked.
"Bid for Scheel llulldlne at Conshohocken,"
and shall be sent te and reci(j bv Henry
1 Relnheld. Jr., Architect at the 'addrens
above a-len. net later than twelve o'clock
neon en the IPth iUv of June inaa N0 bid
presented later or it aw ether place win
be eenslde-ed
Bids will b opened at the Hig", Scheel
RulldlnK. at ith Aenu and Pasette Street
Conshohocken. Srontgemery County Pa 01
eight o'clock P SI. of the eame dav. "
n.Iffl,Vr.r..0,,h.DlEeh,.,,r: L:ai1..f!f.h0?! U Wum 8, D 4 e P 1. B
bids " ur a" 2 . 107 Si w va 4s ...
, My erde- of th Pnard ' s i"i's " ' 25 S3
RALPH N CASIPIIK1.I, Secretary. Kingdom Den '2 7S 1 si',
uonsnenocken. Pa ' mark ct , " unie s e f.
rKIII'ONAI.S rtR AN KI.KMKTR
SCIKIIH. FUR ITPKK IIKnilFIKI.il
TOH.VMIIP. ClIIIKRI..Vj
C4-MNTY. N. 4.
Sealed proposals win b received at ih
office et the architect, until 12 o'clock neon
en June 10. 1022, for the erection and mm '
plellen of n- w elementary school for th-'
above township
Proposal, ,ha ' be submitted paratei
for the but dine the hp.11 1 11 k nd xentllat
Irr. the Dlumblnc and 'hn .leitrli-nl work ,
A urei liend cr a , ertifled check, ce.ua!
te ft per cent of th uititr-i:te nrnnun' of
each bid, inu' accompany enrh propes.il te '
SUsrante. acceptance of contract if awarded
A suretv company bend niuel te r,n per
cent of the asKreuate amount will be re
quired of ihe Buceessful bidders I
Plans may b obtained at the office of
the architect Dreher. Churchman and
Paul 61ft Oils TiulMlnir Philadelphia upon
application aicempanled by check for J15
as a deposit which will b returned upon
teturn of plans and epcclflcatluns te sild
cfflce.
The Beard of Kdutailen of I'ppt Deer
field TewnxlilP re,rve, the rlKht te i-Ject
pv or all proposals
DREHEIl CIU'IUIISIAN AST PAFI.
Aienltec'-
""iiaIe ami kii.ih'rn rnitroiiATieN "
Mnklnic Fund Netliv
Sealed propei.il, for the sale te K'dMIn
Trust Compani Trutee at a price net te
exceed 102'n P-T centum of pt md ,iTrud
Interest, of a HUdlcienl amount of the Tlr,t
Mertsac Tw-ntj-Year i,c. Sinking Fund
Geld Rends of the Hale -ind Kllburn Cor
poration te cli.ius( the nuni .f l2i)'p (10 will
he received at th. ettlr.. of n.u.J ridellty
Tiuit Cempanj r usie- 323-3,'H Chestnut
Street, Phllidelpl 1 mill, l'rldin . .lime Id,
Ml. at V- e'i luck M.
FIDF.I.ITY TKF'.T IIIMI'l.M, Triulee
Wm V lle Pre, , en,
Philadelphia lune Ij 10. '2
e,KALi:i I'Klll'OnAI.', Wll.l. 111; ".,7;.
Veued by the Chairman of tre lluard of
sards. Repartm-nt of Agriculture. Wash-
lnirten, u "'"i ,-"" 1 11.. June
1
1
10
I
0 .
Me K A
1ft.
10
1 03 .
1-031,1
103S,
1 ft t l
ft 103'..
3 103 SI
2(sale) 101
1
I
3
HI
.1
Sinclair c ijn
31 Cirp 7i,h
'S .1 ,.,
-,,1 1 l "i j
!' 4 .Clnnlal,- i'. ,.
US Pae (J A 11 3,1 n ..,;
nn'
1 . 17 , Ore-W P. Il c-
SI A S I. en ft. A- N Ce ft,
1 si a 8i
St A Stl' fd fts 1 .SOS
2 . Ill', (Otis Steel lsts
M K A T sj i 1 101.
:,ni, 3 kid'
BUS P Ceai-t C
B'lS 1 1
PSI.
nss
in
!IS1,
ns,
nm
1)8 "
InS
nsS
IIM.
Rank Stocks Advancing
Further evidence of the growing vol
ume of Idle money nwaltlug investment
is net only retlected in the remarkably
rapid nbcurptieti of the recent multi
plying new bend issues, but is also In
dicated in the active demand for such
high-grade investments as stocks of the
banks and trust companies. The Boat Beat
ing supply of these issues is never very
large, nut tne bieauny advancing quo que quo
tatieiiH iniiile at tiic recent auction sale
would Indicate the supply is becoming
mere s-eunt nil the time.
There wni a sharp advance in the 1
quotation for these issues nt the auction 1
fales tesierdiiy. .lenKintewn .Mitlenul
c(iivan;u 441c 4rei4c j-.v. --
spciirltv tnnrketa were cradually
Ing into a dull period. Although money
marKct conditions are imciy j -main
easy during the next three, or
four months, or until crop moving sea
son, all signs, he asserted, point te a
dull summer in the stock market.
He was likewise of the opinion there
had been a wlde distribution of stocks
within the last thirty days, and leans
indicate there was a large number of
securities In the hands of the public
than for seme years. This Included
liberal market ventures of nuslness
men seeking te find temporary employ
ment of otherwlse Idle funds.
He did net believe there would be
nnr Brent reaction from the current
level of quotations, but mere was mere
of a likelihood et n narrow "-'"""
within what would be called n teas
ing range. In ether words, these who
have taken their paper profits are likely
te be hung up during the deg days of
midsummer. .ij.- .
Unless some unforeseen accident oc
curs. It was his belief that the con cen
structlvc movement would be resumed
en a Ylgoteus scale In the fall.
Replogle Steel
ncplegle Steel was ene the Issues
selected by the peels nnd cliques te
buck the reactionary current of the
general list In the early dealings 111
yesterday's market. The company re
cently began production at its Wnar Wnar
ten furnaces and, while It Is yet tee
early te judge costs, indications se far
are they ere fully ns low as hoped
The company's most valuable asset
! the fact that its ere nnd limestone
arc located within practically walk
lne distance of its furnaces, which
should enable it te produce Iren at
n considerably lower figure than any
ether furnace In the I'.nst.
TUB TUADEll
Temple Prlrea Given Four
Four students of Temple University
last night wen the prize of 5100 in
geld for the best string quartet com-
n.nl nf nmatcur players under twenty-
five years of age, which was offered by
a member of the Musical Art Club.
That was the first time the prize had
been awarded. Manuel Esterson, first
violin : Miss Margarita Parkinson, sec
end violin; i-eier i-uiycr, vieia, anu
Miss Creda Glenn, cello, were the four
players.
PLANS ANNOUNCED
$284,000,000. Boek Value of
Three Companies' Net Assets,
Doesn't Include Nioetewn
rilGH AVERAGE EARNINGS
mm
w
vuu tu eiu.uuij.uini. ni;i
T la ii.llnkl.,! C-.J .4 "-?'
'J4.".""r"v-u"r cnartet ., c
iiertn American company : wltl WiJ"'
te $8,0ia,085lvearlr' ef'sewnfe"
cenur n ion et rated Inget1 rie..:XLr
and prefen-ed dividends will Z3
13,523,203 per annum, or ,h?S!&
2ii2M isriu ." Pi?.1 Miiasa
24b;o6eayear: ." w"W'Vj
'Earnings of the three enmn'ii
excluslTe..ef .the Nlcetewn S .'"'
pllcable te dividends en" thePp?il
nnd common stocks, after all chiiES
etc., averaged $20,462,248 per.T?
num ier idb ten years ended TimIZ
ber 81. 1021. ultheWh iB !. i"'
there was a less of 911,852.44(1
Although detaIN of organisatien have
net been definitely settled terms of the
proposed merger of Mldvale Steel and
Ordnance Company, Inland Steel Cem
pany and Republic Iren and Htcci
Company, with Issued capital of $132.
814,587, wcre made public last night
In a letter te stockholders.
It was signed by Vf. E. Cerey, h. E.
Bleck and Jehn A. Topping, chairman
of the beards of the three companies.
The detailed plan is subject te changM
te meet conditions and the opinion of
counsel, It was said.
Boek value of total net assets of
these three companies, which will con
solidate under the name of the North
American Steel Corporation, total about
$284,000,000, according tO( announce
ment. ... ..
Tiln vniimtinn ders net include the
Nlcetewn plant of the Mldvale or the
$20,000,000 'cash working capita
planned. Total working capital will
be mere than $100,000,000.
Capitalization of the company will
be bends and ether fixed charge obli
gations tetnllng $70,173,500; new pre
ferred stock of $100 par value, $50,
331,475. nnd 3,300,612 shares of com
mon stock without par value. The total
bend nnd fixed charges Include $60,
500,500 bends nnd guaranteed obliga
tions of the Mldvale Company.
The stntement says it, is proposed
that Mldvale and Inland will consoli
date nnd the new company will acquire,
subject te its liabilities, the assets of
Republic.
Before unification of the properties
Mldvale will place its Nlcetewn plnnt
and certain assets and liabilities con
nected with the operation of it In a
separate corporation. Ne mention is
4k... ... . sr.. 'i'm.v""' m jet
via nan f, IWIB Ul S'llll..44n
Since mm rh i.nmn.i "'V"'
pended mere than $120,000,000 fer'Sl
prevements nnd additional fneilituV"
Advantages of the nlnn. .. L'5fv.
out te the shareholders, are "inSSS.
economy resulting from mining,,.
larger tonnage or. ere, etc., under sV.
control,' together with the roneSI
advantage of better dlstributlonfertt.
use of Mien nrntliictn .I.....-" V
agement, through the combined abuitt
of the principal officers of th .
panles te direct operations, and X.
better position te nerve the coeiubS
trade through the excellent location J
the plants. vu''1
The present chairmen of the MldVals
Inland nnd Republic Companies win v!
Identified with the management of ifi
new company. ,im
Kuhn. Lecb & Ce., who are set.M
as bankers for tlie merger, will Vs!
celve 50.500 sjiares of the ceramJi
stock at $10 per slinre, nnd ThemiiL
Chadbourne. the attorney who his Un
Instrumental In bringing about the con"
fsolldatien, will receive 25.500 aw-,!.
$10 per share. The market valut'ef
North American Hteel Corperathi
stock is approximately $,"() n ihirt
Phlladelphlans Sail for Euretii
Among the Phlladclphlnns Billin
from New lerk today en the etcamer
Lncenlu for European ports are'iis
follewing: Mr. nnd Mrs. Jehn Cndtnl.
nder, Jr.. Jehn Cndwalader, 3d, Utm
Cadwalader, Miss Anne CndwtladlV,
Mr. and Mrs. W. Albert Smith, V
Albert Smith, Jr.. Miss Marguniu
Smith. Miss Anne Smith. Mr. andMn.
R. Marshal Truitt. Mrs. Meet iS"
Campbell. Miss Katherlnc Median, Mlsj
.iciinin .uiirniiiiii, .urn. iiurrv llaiBH,
Miss Isabel Hughes, Miss T.euls A.Mj!
uracKen anu tee uev. .ienn Sinclair.
Is thlrtv miles from a railroad nnd
amusements nrc net plentiful.
Mrs. White says, however, that since
she allowed a dance te be held in the
school house nnd attended, she has been
informed by the Stnte Superintendent
I nf Kilucnlien that she hns broken Kan-
1 s;w laws and trifled with the dignity of
(lie Commonwealth.
Mr. "White hns wrltlrn snying there
tns net n tiling objectionable nbeiit the
ilnnee and it wan n perfectly proper use
fur a school house eutidc of teaching
hour. MN- WoeMcr, the State Super
iiitnmlpni. known as an inveternte fee
,if inhilfl'll. tnkCS il ditterenl View. LlanC- ilnn1 S.l nt .'7.1 Unnlr nf Vnell, Amur.
i ing, she says, is pnrticulnrly heinous In inii .r,e at 281 Vi and Integrity Trust, i
a f-choel teacher, anil when the offense J 2 at 234.
takeN place within the very portals of Other striking advances included SHI'
the school the offense comes pretty near in ('tilted New Jersey ItallreiiilM anil
beln" lesc mnjeMe. (V.nal ut IDS; Centluentnl Passenger
jviiiiwu.Y wa.s up . in ci uiiii i iiuiHiri- i
iNorristewn '
Te the Stockholders of
Mldvale Steer and Ordnance Company
Inland Steel Company
Republic Iren and Steel Company
nes'
FREE ITALIAN TEACHER
ROSlPac TAT ns'BeVi.ell T '
sVlpaciv.'ATL c'i I Philadelphia Attorney Win. In
se ft, ,ct, 1" Si"1 a Fight for Her Entry Inte Country
has oh eh
lsliind of
se
PI
PI
PI
PIS
114
P4
20
4
1
fl
2(nlel
3 PS I S Dut I.lsht H
Kingdom Uen-nrnsd .1 Cerp, 3 ine,
mark ct Ss , a s, rj,, UeM 75s
j 110'j 1 100 ' 4 ier,'.
Is of Nether- Bell Te'ephn- nmp Ca A I
lind, ct 0, of Pa 7, , 7'j, ret,
22 P" 1 107'. S. 'is',
PS 3 107'j 111 . psu
PS Fleth Sterl fl I) . . pS'-j
PSS 1 I'2SCrle Gen I.ien
PS Ceth Steel il' r , . r.i.
20
10
10
40
POS
nes
pi
01
10 H3S 3 . 102
10 llftS IPn Rd en 4S' oft iR0 CLV
, 20 PftS1 1 .POS
SIe 1'iUfic 4 i Pa It Bin 4'
' 1 03",' 1 PIS
1ft H3S i I PI
1 03 S ' 3 PIS
i"IS P nm I! It ft
1 03 S 4 PI'i
1 C3S I IMS
Me I'.ic ft, '23 1 ,lt.
22 10') I nn'1,
Sle Pac ft, '65 3 PPS
il SS il". nna R O'-iS
st- Puiiftp ii a ions
7 n?S A I'hlladelphin ntterney
. ! i'"S tninefi the release from
se n I'aclfl- fd .... .. j.--,i'.n l-'nilprinl. nn Itnlinn
4 c!3 Scheel teacher, who clnjms that she
,n.V,.i i,' ...imn ! this country ns a visitor ntiil
Petr'rr. j. ,,,,,.' ' , ,, imniii-rniii . The attorney ulin
, v,t 1, ' U, .1 " - -----
87 , Wen the light against deportation is
se1, i Viirinii llenne y
After careful negotiations and consideration, the respective Beards of Directors of the three abort
named Companies iiavc approved the outline of a nlan for the unification of the Properties of the thrts
led with a rise of $2." te 215; Cenuner- Companies and have authorized the undersigned te fermultUe a. final plan te be submitted te the respectiri
Sin oVlre-orti'ierii u llenal wi!" tm Bea.rds of Directors and, when approved by them, te be submitted te the stockholders of the different Ce
V'""'"-"
Se much erroneous interpretation of the proposed plan has been given publicity during the last fewl
days that, pending preparation of the final plan, the undersigned make the following statement, whichtiil
based upon the reports of Messrs. Price, Waterhouse & Ce. and Messrs. Arthur Yeung & Ce., Public I
Accountants, and upon ether documents and data which we believe te be reliable and correct. ;
All steps that will be taken in formulating the plan and in consummating the same will be subject te I
tuc advice et the respective counsel et the tlitterent Companies.
It is pconesed that tlie Midvalc and Inland Companies will consolidate and mcrec and take the nun
NORTH AMERICAN STEEL CORPORATION. This Corporation, hereinafter 'called the Company, will
acquire, subject te its liabilities, the assets et the Kepubiic Company, ueterc the unification et the proper,
tics. Midvalc will nlacc its Nicetown plant and certain assets and liabilities connected with the oeerat en el
it in a separate Corporation, stock of which will be distributed pre rata among the stockholders of the Mid
vale Company, as hereinafter stated. Tin's separate Corporation will thereafter continue asa separate enlif
prise for the manufacture of the ordnance, armor plate and special steel products te which it is ada'pfci
$(i.75 nt 1K7 : Stat Bunk of Philadel
phia. l.n at de; I'hlliKlelplilii Ml-
plilii. (iermnntewn and
Iiiiilr
ead $1 at 122U.
Crep Conditions are Excellent
W. B. Storey, president of the Atchi
son, Topeka nnd Rnntn Fc Railway
Company Mi.ts that crop conditions
along tlie lines of the Atchison are
excellent. AVhlle net as geed as last
year, which was a most extraordinary
one, the crops nrc very much better
thnu was expected earlier in the jiflr.
SnwikliiE of the recent reiluctle in
freight rates, Mr. Storey "ild thr.f this i
Cl,aiel pns
3 . PI
no pi
I ft PI
1 30 fealfl m
Sn Hall
1
r.
i
3
s
1
10.
ns
ns
ns
P7
Klmrdem Nor
way ct Ss
I 111
1 110 S
10
1
3
jt than mi iii 14-s i v nniiiiiii rus- r,..i
! nx and Instal'inc ft 30O.J!nre Power .Uriins
Water Tu.e i'mlr i. th Dip4i(nent of
.iii i rn ru'i i iik niTciiHuiiniis m
As
P'S 7(sai) .14 '4,
l"S, 1 .-.IS
'. 1 MS
f"S Krle Jt It r. a
f'SS1 J .VI',
PSS Erie II P. r I)
Ps'i 1 .VtS
(s.ilel psi, j-ri n 1,' i n
lies 2D pst, i ,-,
Kflnu U0S t Ml is ','li-irjriH nn ,-Q ,,
7(P.-ile)110S 1 PISi i.... 01S
Parl-Lena SII PIS Fk Itub'r Ce
C, wl .nruad'y 4 7thi s, rcis
10 . ?2 i Ae en I . . 100 4
2 .SIS 1 OftS Francisce fu.-
10 SIS Bul' uld'' '! 7'4s wl
Quen'd ns w 1 PI . lftin,
1 . 1011. t!u"h T,'r I, .j ,001j
1 .. 101S' 1 , f1 Visnle) 100S
Queensl'd llxt """h let'l ft, Ks.ile) PS
Lean 7s 1 POS j (IS
; 110 Calf G i. K 5s Knr, worth f.
Ilrpulilic le- i .'.'-4 , , n it,
12 103
OoedNear T u
Hub r 31
1 mi- ,
1 102 '4
I .. 102',
I 102
na1, 1 . 10PSI
P)4 I'enn.i n 11 7s j
PP , , I 11'D",
P'lS 1 10US
P'H. Peoria A li ir,
37 S
37S
SS
37
1 pi'. :n
P'". 2il
in . l"rS 7
PP1 4 10
Ment a l'r ft" 2 . 37 S
1 . . POS 12 ..37
Sfei.tr 1 Tram 2 . 37
wa's Bs I 20. . . 37S
1 ... SsS Pere Slarqt ft,
New i:n 'Je!i 1 80 V.
Ce ss wl Itilla Cnty fd
1 P7S1 1. 07S
1
11
ft
Aliss Fedcrlci has been held at Ellis decrease would ha e a very bad elrect
Island for upward of two months, net only upon the Atchfen, but upon'
Twice die was placed upon shipt for all ihe reads of the country. He eti '
deportation, tin last time her attorney ' mated that the wage reductions, iu"'le
stepped the proceedings when he se-! anil te be made by the T.uher ItVinrd,
cured 11 writ of habeas inrpus. The ' would only amount. In the case of the
writ, however, was dimi-fd when I Atchison, te nbeul ene-qunrter of the
,.p,l ' jess in levenue due te the mt cut. Of I
- , The nppeal was token te ihe I'nitnl course these wage reductions will help1
"", States Circuit Court of AppniN, whice ' the reads, lie nnld, hut net enough te
ii(i'! ordered the woman released en bend , offset the rate reduction.
mi. iir. thn trinl nf her ensc. She left I Discussinc the threat!, of Ihe mainte- '
rin fur Reading, where she will stay with I nance of way and shop -craft emplejes
''"s' the fainiU of n friend. I te strike. Mr. Storey said tluit. .while
""'i he hud no opinion te express as te the
tCI- I .nil!... -I- .. .. ..!!. I. l...ll. ...1 .l..l
pessniiuiy 111 11 Mi-inr, lie iiciii'ii-u uiiii t
a strike by maintenance et way em em
plews would net seriously harm the
railroads as they were mostly In btich
condition as te be nble te continue oper
ation anyway. A strike by the shop
craft empleyes would be mere serious.
Ieklng for a Dull Summer
An official of one of the larger down
town banks, recognized ns one of tlie
CAPITALIZATION
Upen the consummation of the plan, the issued capital will be as fellows;
Bends and ether Fixed Charge Obligations ........
New Preferred Stock of $100 par value
Shares of New Common Stock without par value ,
l!S
MS
Sir Georae Bury Weds Again
Rene, Nev., June 8. (By A. !.
Sir Geerge Bury, former vice president
of the Canadian Pacific Rnilway. and
m nnrls Blumenthnl. formerly of
?n Hallway :w
1 PAS
4 p.V,
1 PftS
4 pv, i Sno' Paule, Brazil, were married here
etsaiei Pi'i'lntp vesterday afternoon. Sir (Jeorge
4 PI"
. ". .. ' 1 ...... ...nl ...nl u nn,.
tun, I Inr livercc Ilcri- ftciriui in-i h"
l"r",a i Lack Bury received a decree yesterday
' ';'.;!, i mernins from Alde Blumcnthal, ten of
PPS the noted Viennese banker.
information may be ehtalneil by upplir-atien
te tha Chairman of the Iljard cf Awirds.
WepartmeM of Auriculture Was'ilngten.
Ivln s wl ''Kiidiiiti Mlit
:, 101 s l'4s rets
7 I01S 1 112
3 101', I 112
, 101 ' Cnntdlen N 7
I-, im 3 ll'l
II 101 I 113
3 101 Csna n Pa In
1 101 S 1ft 7s
r n.
x.
fiKPAlB T I'.I.KrTllIC l.KillTlNfl SVS- 2 K
Trial. Kenr Mvr.n. va. s,i,.i pP1,-, nep cniin
4",.. .l..l.. .. ..II l,a r.,.l,,J .. ... . ,,
1 1 0 1 ' 4
Men i-niie -'i -
iu- 4 i
Ml 3
nesals I" eirlxste lll '" rermeij Bt tee 4 10ft i
emra of die r-enstructinK ..Quartermaster, hcd ChI.e 40 1
Washington D ' uenni ..I'jm .Munitinns . mi'. ft 77'-
Bulldlnr IPth Il ftreeta until 2 P. M., I : .,' Carel.a Cl nch
Jum IS. ier;. and Mien opined for the re- ', '.V l J SJuVl s.
Mir te the electric llstiltnc J step, at Fert R'P'c of L'ru- & Ohie Bs
Stjsr. Va. IM.iti nrtd apectRratlena may ha Ruay Sa ' P-
nh,.lned upon appl canon tu ihe ,ibin emce ft lert I PIS
-"" -.-... ... ., ,,, i i i i 'i
1 Se I'orie It' S mi Hranch" V GHr"b;, CM-
I'.iritl 4, ""
lisal-i 102
Jifla'i in.".
7 li,2i,
i m:s
102'.
1 102S
' Coediear T i
" Rub r '41
2 lifts
1 .110
1 HftS
i lift'.
i iii1.
Iv
R"
mm
iB J-'"4
nhlilrilil.
"ifilE Pill I- I'.I.I'II IA KI.I.CTKIU tU.
T 10OO riir.HTM'T MTKKKT
Vimaueipnia
Pa .May 13 19J2
IMS. te atocUhelders of record May 23, 1922.
II. I. . l.i i as ireniiurer
Aniiuul MitIIiiks
4K3JTIIK llr.iiii.AK i,m. Mi;i;riMi
WJf 0f ihe nttirers and conlrilmters nf the
Northern Heme for Friendless ( hllilrrn. 23 1
and Ilrewn streets, will he. held at tl Heme
June 13th. nt four P. M.
.4. II. VUOOSIAN Jit . Secretary.
7s rets
1 POS 2ft 71',
1 POS cen'l uf U.i ij.
Slate of a U e 1 n8S
I)u ,S.l Rs t-'f' of Ga en
i lej i . nss
State of Sae Cent'l Kd 0
Paule ct si '.' R7'j
I 10 1 ctl Leather ft,
1 . 103 3 P7S
Sivin d Cen Ss Ctl Pacific let
ft IIS 1 SOS
117 S Cfl P 3 I, 4
I I17S 1 SI'
P ion
'J Willi P. ft1.
I 10H
I 1001
2 ions i
I UK)
I 1001,
Gt Mi nn 7s
i ions
i j en v,
li . le'is
3 100,
i 1 . 109-,,
ii7s'c it n jsy ft, n "ay & w t
lis fl 107.l 10 10
I
1
Dlrlilends
THE EI.KCTRII' HTORAC.i: OATTKBY
AllesheDy At, i 10th Street
Phlla June 7. 1P22.
The Dlretters hne declared a dividend of
Seventy-five tnt (S.7S) per share from the
ceumulatdl Surplus of tlie company en the
new Common Stock without nominal or par
,alu. 'Pl lhH """' I'ferred .Stock of
I"e 00 par value pawible Jul , 1022, m
.rocUheiders of record of leth of these
lasses of sleck at the cle,e at business en
lun 14i 1P22 and te these who subseijuently
become stockholders of record of these
.classes of stock, by conversion of old stuck
of 1100.00 par alu Inte the newr ateck
.-.ti will l mailed.
WAUTKR O. HKNDUnSON. Treasurer.
ftaerlein Telephone & Telegraph Ce.
ISlit Dividend
Th regular quarterly dividend of Ina del.
lara ani isrntr-fle cents per share will be
JSd en ItnturAir. July IB. IBM. te stock.
Kilters of record at the close of business ea
TV.- ,..n. en 1(1''.
":i5 i tbs, -:- v.: "..
fAi-ii" H. miit-miuu. treasurer.
i :Vi 7HIK l'HIUsIIKI.PIII.. K1.KCTUIU tU.
'iftfLh' CHESTNUT STREET
HU. PhlUdeluW. Pa.. May 13, ip:;.
J'OTV lb ateurd of Dlrectere have Ihla day i.
iu tlvrU 4vquarterly dividend of t (belDX an
' i -SI VjSBSVjl -lv' "ill in, ii,tni,BU b.4,.l
E,x taie company, payapie anne in
:tUhelil4re of record May 21. 1B22.
ET.'v. v M C. I.T'r-AH Trea.urar.
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7(sale) IIS
Subject te approval of legality, prier sale and change in price, we offer
Borough of Ebensburg
Cambria County, Pennsylvania
4V2 Improvement Bends, Series 1922
Total issue $80,000. Dated May 1, 1922. Denomination $1,000.
Coupon form; principal may be registered. Interest payable May I.
and November 1 at the office of the Borough Treasurer, Ebensburg, Pa.
Free of Pennsylyania State Tax and all Federal Income Taxes.
Assessed Valuation, equalized 1921 $2,626,340.00
Net Funded Debt, including this issue 109,500.00
Population, census 1920, 2179 Percentage of Debt, 4.16
MATURITIES OFFERED
Amount
Due
Mayl
1927
1932
1937
1942
1947
1951
8,000
10,000
12,000
14,000
16,000
20,000
Price
101.68
103.05
104.16
105.07
105.82
106.31
i
f
Intb'e li
1
US
il t
T fd
R'.i
08 Vi
Te Yield About 4VS
Ebensburg, the county sent of Cambria County, is situate in the Alle
gheny Mountains, about 100 miles east of Pittsburgh, and i3 served by the
Pennsylvania Railroad and the Southern Cambria (Electric) Railway. The
surrounding country is a valuable agricultural region and iB rich in bituminous
coal. The town is a well-known summer resort.
Mellen National Bank
Pittsburgh
S79.173.S00
50,331,475
3,309,612
Tlie $79,173,500 Bends and Fixed Charge Obligations will consist of $60,599,500 Bends and guarifr
tccd oblistiens of the Midvalc Company er.its subsidiaries; $13,357,000 Bends and ether obligations of ty
Republic Company or its subsidiaries; and $5,217,000 Bends and .ether obligations of the Inland Company,
all of which, in addition te the ether liabilities of the three corporations, arc te be assumed by the Ce
p.my.
The $50,331,475 Preferred Stock is te be 7fc cumulative and is te lie convertible until July 1. 19J4,
into Common Stock nt the late of four shares of Preferred for live shares of Common. It is te be redter
able at tiic option et llic Company at 115 and accrued dividends. Of the amount te be presently issued
$25,000,000 par value is te be issued te provide in part for the acquisition of the properties of the Repubtjt
Company, and $25,331,475 par value is te be issued and the proceeds thereof, amounting te $24,064,901,)!
tu lie paid by tne tempany 10 inc siocKiieiucrs ei inc inianci company.
The 3,309,612 shares of no par value Common Stock are te be issued as fellows'
Te Midvale shareholders 1,500,000 shares
Te provide in part for the acquisition of the properties of Republic
Iren & Steel Company 510,000
Te Inland shareholders 709,281 "
Te be sold for cash 590,331 "
DISTRIBUTION OF SECURITIES
On completion of the Plan, each holder of one share of stock of Midvale Company will be entitled M
receive: ' I
(1) Three-fourths of a share of the New Common Stock; and'
(2) One-fourth of a share of stock of the corporation which is te take ever the Nicetown Plant,
Each holder of one share of stock of the Inland Company will be entitled te receive:
(1) $23.75 in cash and
(2) Seven-tenths of a share of the New Common Stock.
Each holder of one share of stock of the Republic Company will be entitled te receive:
(1) with respect tp each share of Preferred Stock, one share of new Preferred Stock and an amount
of cash necessary te provide for the then unpaid dividends en such Preferred Stock of the RepubUt
Company;
(2) with respect te each share of Common Stock, one and seven-tenths shares of new Common Stock.
It is intended that a syndicate will be formed te provide for the cash requirements of the plan, includ
ing the prevision of $20,000,000 additional cash working capital, which will make the total working capital
of the Company ever luu.uuu.uuu.
Messrs. Kuhn, Lecb & Ce. hac agreed te act as bankers for the plan.
Tlie nlan contemplates that the Company will sell te Mr. Themas L. Chadbourne for services retl'
dcred 25,500 Common Shares at $10 per share, and te Messrs. Kuhn, Leeb & Ce., 59,500 Common Share
at $iu per snare.
FIXED CHARGES AND EARNINGS
It i estimated that upon the consummation of the nlan. the fixed cliartres of the Ominanv nil
amount te $3,913,085 per'annum (which is about 74c per ten of rated ingot Rapacity) and the Preferred Slpck
Dividends te $3,523,203 per annum (which is about 67c per ten of rated inset capacity). The total rated
ingot capacity of the Company will be 5,249.000 tens per annum.
The book value as of December 31, 1921 (which is far below the present replacement figures) of tetil
net assets of the Midvale, Republic and Inland Companies, including the $20,000,000 new cash verkin
!.-, !...,. I...IIh.. 4l.n XTlz-alM..,,. 111n..4 4.4-.1- !... 4 fflO.I AlVllVin
cupiiai vf" ujktiuuiiiB nisi niinumi i mm luieia uuuui s"-et,wvu,uuu, .
The earnings of these three Companies (exclusive of the Nicetown Plant earnings) applicable te divl;
ucntih en inc j icitiitu urn, wuhiiiisiii .jisisis, uiuv is, uuer ucuuciiuii ei ueiui ana oilier interval, reucru "
ether taxes and adequate depreciation, as compiled from the annual accounts for the ten years ending Decem
ber 31, 1921, averaged $20,462,248 per annum and were as follews:
1912 $7,435,421 1917 $60,257,399
1913 10,164,892 1918 34,598,221
1914 3,379,545 1919 11,612,487
1915 13,702,110 1920 22,429,534
1916 52,595,325 1Q21 (Less) 11,552,446
Since the year 1916 the three Companies have expended mere than $120,000,000 for improvements aj
additional facilities, greatly increasing capacity and reducing operating costs' se that the earnings repettM
ier me past len years ue nut iuny lmcti tuc earning power ei tuc tnrce Companies as new situatca. j.
ADVANTAGES OF THE PLAN J
Seme of the essential reasons for the proposed unification of the properties of the Companies mi)
tic stated as ioiiews:
(1) Increased economy, resulting from the mining of a larger tonnage of ere, coal and limestone undff
one control, together with the economic advantage of better distribution for the use of such products.'
(2) Stronger management through the combined ability of the principal officers' of the respective Ce
nanics te direct the operations.
(3) With plants located at Johnstown, Pa.; Ceatcsville, Pa.; Youngstown, Ohie; Niles, Ohie, 'J1
Chicago, 111,, and with facilities for steel production in the Southern field of Birmingham, Ala., the CJ
pany will be in better position te serve the consuming trade with a larger diversity of products and te eBW
a substantial saving in the selling and administrative costs. j
The foregoing plan is subject te changes te meet conditions and circumstances and the opinion 4
counsel. . , j J
While the details of the organization of the Company have net been definitely settled, the undertow
'nnt, nil tn K irlntlfiprl tiltll its innnnrviimiinti '
wilt continue te be identified with its management:
CHADBOURNE, BABBITT & WALLACE,
and A. H. WINTERSTEEN,
Count!, Mldval Steel, and Ordnance Company,
MAYER, MEYER, AU6TRIAN & PLATT,
Ceunael for Inland Steel Company.
SIMPSON THACHER & BARTLETT,
Counsel for Republic Iren and Steel Company.
.cw Yerk, June 7, 192H,,,, .,
r.h.ii.n... 4k. n.,,,i Miiimii Rtee and uren,,,--
Company. ' , ,V
L. E. BLOCK, ' 1BVl i
Chairman of the Beard, Inland Steel CempW ;
JNU. A. TOPPING, . m.t
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