ww ttr- .' OILS AGAIN TURN CURB FAVORITES Geed Demand for Skelly Roe Meters Fractionally Better New Yerk, .lune 15. The innrlict en (lie curb continued firm nfter (lie opening tills tnarnlns, with mnre activ ity in the oil Mecks. There wni n fur ther soetl demand for Skelly Oil around 10. Ansle- American hIiiicIi'i! oil hllghtly. while Internntletml Petroleum moved up n frnctlen. Impeilnl Oil of Cnnntln opened up I'd te 11 1. Hlnndnid Oil of Indlitnn moved up ever II iielnH te HI.. Itee Meters wns fructleuiill.v better. International Cnrlwii, "w. I.." moved up ' . ever Ihe subscription price, sell ins t ll'i. IXIM'HTRI.M.S 1 in) , Sl(" lllKll jiv P M ' lOOAcnip foul I1 !A l'k WO Atrial l.c.ithcr ll'a ll'j ll'-a I 1 neil lint Am 'lob reup 17 17 17 i 3S0H Hwidy Until I1. 14 l, ' jne Cut I.lnht . . Sic Hip sit. I 4000 t'hl Nipple . tW !1 IS inc'lrn Aute pri'f lll4 ll)i4 ln4 1(10 Ciibiin Dem Sugar, 1(i ln4 nn. 4(i0 Wert Mel L'liln i-e HOW flOO Hubller C t. II Ht s'n su 700 Durnnt Moter . 3Pi .l'i' 3'i linn Durarit Met nf In-I 1 !' 1 1 111. HOD (lelilwjn Picture . W4 hi, hi, .'no llaytlen Chem . fi(l imp DOe I nei) Huden M in . II I.", 14 Jim Am Mdnli . 47H 17 17 1(H) Am Melius lira 10.V, MV, mv, ilim Atlantic rrult . 11 i"4 .. Iiiim) Kmernen l'hone HUe an, ikm 17400 Inter Cnrbtii 1114 ip4 1 iu 1100 Moen .... 11 ie4 10'i 2H0 Inter Hub . 73 71, 71: 2110 I.'bby. McN A 1, m, yil "i .Vie l.lnoe.n Meters A '' : :iv Id Packard Moter pief 87 h7 87 inn Philip Marrl . Iit s4 in. 200 Pub Serv N J praf.107 107 107 lsoe Itatlte Cem w 41. 11 ' I700KadIe rjref .... R'i ;i ml , 700 Itee Met Tk ex aiv 24'? LM' 24 100 Itep aire Hub. . h(le 7Bn hl!n ' WOO Seuth C & I . 01c. 04c (14 n I noe Tenn ny I, a V .1 a 1 ' TOO Teb Pred "A" . 7Mj 7S'4 7si. moor a 1- & 11 . is ia 1 a 1 KM) I'n Prof Shar new 7', 7'J 7?: ' 1500 1'n Ret Candy . ', m. ti" tne Willi i Cerp 2d j.f I'J 1 t' 100 Teb Pred w I . Ml ,i fill HOO Tenn Elee I'm M) 1fl'a le'j STAND 1U OII f90 Ansln-Am Oil .. 2.'S 2e'4 "(V, I 400 Atlantic: IOIjek . HI, tp. fit. ID". Imperlal Oil Can. 114 mm ll''l 2'. Seuth Penn Oil... 222 222 .'' 900 8 Oil of Kv w 1.. H7N 0H'4 !i7. ' 9000S OH of In.l... Ill's lKi'i llii4 10 H Oil et NT 41) 4-1 in I INDia'JBNDKN'T OILS 200 Alcun .. . 4 4 4 , 10D Arltannas Nat Gas in, ii4 111 40OO Iloenn Oil 13e 17e J7e 4700 nosten Wjernlnu... vr s.'- s"c lZO'irarlb Snd . 7!j 7', 7s SOU ritles fnrv eic dlv 22S'. 2 ''. il 1110 Columbia Pete i. p, ""p. 70.) Censldln.i . 2 2 .1111 lenity Pet ptef 131, i;i. 1T1, 1M) federal oil 14 4 p SO) IVnilaml li i4 1(,i, I ilim (item eck Oil 1A tA lA lOfn Iluilsen Oil 21. Mi ' OJOO Int Pctret lOlKlrhy Pole .. nue Mvlimnti 11 pet 1IMIII l.t.m P.- .211.1 M K 1 () 1 low) Miiii,0 Ke M 11 1, 11, .1 x 2(11) .Mrrrl t l .1 SO) Mm Pan 211111 McnIcj oil "JO.) Mixkan Healnniril filin Mi Hi'ibenril Ufa .2110 M iiininln Prid 23(0 Muliuil Itef 2011 N V nil 2(KI New i:ni!lnnd Pin I fK)0 NeliU (III 2110 Nd Am Oil 21 en uniiir oil 200 t'miinik Oil a-'im llnu Chiih loe Silt Cr.Lk nn I'OO 'aptllpl Itef 2(10 .sin I'nlnn pn r (1700 Hh ll Oil ji, 13(1.) Minimi Pit 2Mi0HIilK oil Minn riniitlierii I' a Ii 2IHIII Mtiniti 11 42IMI Texnn O K I, Kl'i ridil (tiiirf 1 00 'r.iriiuifi Kine WiiiivIi an Km Mtinrle oil iiu 211.) Wuralh (.no Wlk . fill loe Wixidburn MIMMI .100 Alas llr ("nl 1"0 Am llxpleril 2O0D Pest f, Muni I.'IHI Hest Ment I iimh a 100 Cen 1 en M 2iH0 I'nrtiz Hl,.p ilOOO DUlde I.xtii'lnn ine Ii, .1 1. , ., 1000 I)ur.lii Croesus 2IIII0 liel.lnn Nlul.u 10110 Mirmlll I) . I") Hr.Mp '.nimd l.'no lndepm.l lrf.ni) .300 h(rr 1 il(. IDOO Miiuinn Coe tlt Kinen Mnrs'i Mit, IH111 M.isiui nii.i 1001 Mether IrfiJe ( "Him N iluli 20(10 Null .ml Tin 2000 NMridi Opliii 3(i(iii Nil Ml Hern ion New Cernelia 300 Nlnl'alni? K101 Niton Ni .DOO Itr lleicutes Kine llt Coin 1000 II theater Slher 7000 nilier Hern Km sihir Hal, 201 s,, Am p 11 200 r 11 Helment 400 Ten UK Id.. 10.1 'Ien i:tt I11110 'loneinh Mle f.oeo Ten North Hlar 12O0 Tunluninn .me l'nlt Held 100 1'nlted i:asiern li.O Cnltrd Venl. loe West Htid ( IIOSDI 2000 Allied Park (Is 2l'0e AIII.-.1 Park ctf 10110 Alum "h 'J', lene Alum 7i '.13 2000 Am Lt T (Is V 21. . 1 Am Til Oh '22 K1.1.1 Am Teb 7s IOOO An icon. 1 1 7n 20 3000 At O A W I r.s jeii.i Ii. th si ;s 'ji 2000 ran N It Ke 7 liOOOCens (1ns Unit llv )') MMIO Cens Ti hi. 100 31(1011 Kre.-i. Tev 7'JS 142 hiioe 4len. Tin- 7s 1110 2U00 lliimbln Oil 7 10P4 2(100 Inter It T h nVj IO11O I. insiH (i is Hi till f.f DO Kt-uncieti C 7 10". MMIO I iirlil tins 7s Kni'i "(loe Miinlti.bi Pu 7s IMIV 1000 Null A.tne 7'm 07 l(m Milt il Pkrs Ss ..2'j 8(100 CI, ,. I'm Hti riv lljlll, 100 11 S V II 4. 1 4s (is lliiflii.N Y V II 4 II 7s hOH, f.oeo Phlll m r 1 7 1, s l.' r.e .11 Phil p. t 7's 1 101 i4 l.'O.ie 1 uh M ., S' j 7 ini. lene i,h,i ig ;, oe 'IIIOII s 1(,.1 7, 1 it 1000 n 11 y 1- II KM 2lU nii oetl : -M "C -fc Us lH Hj 07, life tl7t die (lie Uh l'l I'j 1 U st '. IIS II'. lis l" I' I'. '.',', 14 2, tUi IP. 4 1 !.! I.1-4 I I'd um ki'i in' 10 te1, 10U 34'4 3I'4 3J fil M ,-.t ilic 2c 2"0 ll 14 1. 1J. Pj 1'H, llt II ll'i , 7'j s 1.1 II 1.1 1'n 4 I'ii llil HI I'll "ic Tic f.c OS n !i'4 10'j 111 ft lll'ft 2.'i 2 If 22c III 31. . I. 07. (II. llli ll'j ll'-j IP IrV I A 1r l.l4 (ll4 lp4 ".0 '.'.. file 11 ir. 1.-. r.'i Vj -.', 7ec 70- 70t 1 l.i 17t 17( 7lit 71.1 7H( IV 14 P4 !.". 7c 07c P. 17. lh. i4 2's 21s 2 20i 20c l.'i 10' 12c in 111 i. Ti V, 3', .ill I'l III t .l't 3si I 00 i or iv "';. '-'.V -,V ii h' s', 1 1' l'i loe 4K 111 llr 28. 27i 27c I Hi He I l)i I!. 1 IP 10c O'ft II', II V, lie .!, ,r 1 IS 1 S Hi Hi lie l.li' 111, I fir 12c In. Mr ."it. .v., r.iic I 'l IS 4S .n. .r. ,i 70e TO" 7Hi 1". IS IS 1 1 II, Kn Id. 10c 70 70i 7i. I'j 'I'. S'4 It; IS III 27'i 27'n 27'i 1' P. P, i.Tft 83 i.34 (.1 II I (II 103's let', KIT, EVENING PUBLIC .LEDGER PHILADELPHIA, THURSDAY, JUNE 15, 1922 , nnd In-1 he mM (lint "the outlook for 1022 Is ter de I e. fur from ciueiiriiKliiR." He nlae htnted lROOO Western B!ee 7..1071 107J I07i 20000 MiiKinn Cen 7s 107i4 107 107 1000 Proctcr-dnmble 7.101' 101 lel'i fiii:i:i(in iiemii i-'.oeocitv iiiis-rf-ui r. is i' KlOeii .Mix Oot .Is ,.11 II loeoo Mex (levt "is in', in), 1000(10 NY Nil f, 11 7 l'r 7lKj 7IA 000(1 Swiss Mas .. 102 l(i, 4000 11 H llrnzll 7'4b hilS HU 730OO U H .Mex Is . 4.li 41U IP's 1 1 1 J 8114 Kl'i DIVIDENDS DECLARED I'nlxersal Leaf Tobacco Oiinpitij ounr eunr terlv 3 per cent en common and 2 per sent en preferred, both 'iiabl.' Jult I u stock of reterd June 21. Pend Creek Ceil Cenipnn) iniarteilv 37S rents pnjable July 1 te steik of record June 23 Islnnd Creek C'enl Cempnnv iimrtcilv $2 1 tended from Mnrch 1 te June 1 tervu Till ill 1)11 I HJ mi; 111! PIMAUrtAt BMPFQ i JL UZ- 'The (oipeintlon holds riH cellnteriil S'i,-' Hint the pic-cut eiinilugs el t no coin- e i u"i i "i, i,.m M.iret for- '"K.000 Chines.' (ievernmeiit note-. pimj nre miiiIi flint If It I" iinshlble te S ii cm of Seliulte Iletnil itere -'" iientliiui' niiviiient of leKii Hr pieferied porntlen for Mnj nmeiintul te $1.700. llip Ann Arber Itiillrend for the jenrl I ' i , 'M1Ilt nl fcci All!, compared with i?l,r,l)l, .-!).- In Mny. ended IJcccmbcr 31 , ropertH )enitl.i , "Vii MtNllMl' """mui,u,t HUM, mi incrense of npprexlnmtely 12Vj ri-wnucH of Je.iaa.lll. ngnlnt SJl.ilK.- 'r. ,xsn'sU "v P,inr will -hertlv nn- nee eenf (i(H. for ten iiientliH ii the pre lolls year. . . '.,. ,. t.Vi.iut 1 Tl"nmaBP price of the twenty Net Income totaled 8711.01,. W.er ";; 'V' ''7 Ue..l iiftlie Iniliistrliiln udvniiced .01 per chnrKei nml tnxe, eiiunl te .?t.H7 n'"" ' ' 1111 .7n,l i..V.,.,i ' , I'ent nrr " le "ibIes. white .he WZun " " nn, ATn?nn VZ" twe.it r.ilh n.Unnp.l .!M lr cent te t ... ling. I. IU. I ir u i.u ,3 1 .... n)m i(i, n ,.,,, slIellK inels .rentra. repeU. for four 8hnre en Hie preferred Mede. la..l;l X?l n.rA nWW iii.iiilliu eniled Amil .'10. Brc-i". S 15.Ii.J5, OILS: net nfter tnxei. $7,.l04,t)l.ri; to tal income. $S,")2.,i,051 ; bi.rplus nfter chnrsen, R,VJ!).087. and ixtrii 12. both tnjnhle Ju 1 te slot it I ,l.h ' ' '' Vue1 ' At . ,, ,t,f ,, of 1. cord June 23. The repei t from Mentrenl tnnt tne ll.ililwln Locomotive Werus . neRou neReu ntliiR for conliel of the f nnndlnn Loco motive Cempunv vvn denied nt the of ef llic'j of the Iliildvvln fempnny tedii.v. Interest en nil .'I', per cent Victory notes will eeiihi tedny nnd nil thche -ecuritlei hheiild be picheiited for ia -iitent, Heerelntj Mellen Htnted lust IllKllt. -Teledo KdKen fempnny profit nnd less htiitement for the jenr ended I)i" ecmher .'II. 11s mibmltted te the New Ymk Stedj Kxclianur shows net in come of $tiril,..'IO nfter charites nnd IM'nun.ts . tones Corporation nriv tents en common and nuarlcrly of per rent en preferred, both p.inble July 1 tu steik of rnerd June 20. t'nltetl Shoe Mnchlnerv Corporation, ouar euar terly 1'4 per tent nn preferred and ."() cents 011 lominen. both paynblu Jul n te stock of record June 20. Midwest OH Cel. lp in), .piirtirli le rents nn both common ,iml preferreil, pi)ablu July 15 te stick of record June 30 Wilsen U Ce per rent en n-,,ferri. pnN.ihle July 1 te stock of r. cord Juni 2(1 .ten 1 11 an epe 1'eunners uempmj .uir t. rly 1 per cent en common 1111 1 of I p..r cent en preferred, pajMble Jul 15 te sle.k of record July 10 North' rn .Securities t'nmn inv Mimi-nnnu il ivu .4, paynble July 10 te steik of nmnl lunu I1" , .u Atlantic Cott IJnn Ilallrenl ., ml itintnl l'i) ibli Julv le Income 'lceeiinl of Hudsen Jloter fur fempnny for the ix mentliH ended .Mm III. ns submitted te the New Yerk 1 Sleck I.xrl.nnzc, sIievvh net Income of S.'S.OlM.liL":!. nfte. clmrKc aticin, bill before Inxcs. - The nu. mill icpert of the Pierce Oil C01 potation, m. submitted te the New eik St(k nxclniuge, hhewh n net less of Sri,"):!,", !.!) for the .venr ufter I'h.trKM, Iiiikc Inventei.v losses, etc, vvliuli ceinpnri's with n surplus in the 3'i per c. nt en common, te stock of record June 21 Raw Sug.tr Market Steady New Jorli. Jtin.- 1." The law iirfni r.1.11 1 r-l opened HteT.li this inernlnn 1 'iiI.hu liclint 'noted nt !',! for June mil 2 I." llli fo fe Julf, cost and freluht At a laie hour l.ist nlbht, n InrKe nmeunt of surf:,ir Mat ve'd en account of 11 refiner who hail im et,.,. supply ut H10 moment. This cnuje. 11 fi.t tlnnnl declln". brltiKlnif the tlsiif 10 th ,.'r.?!!u,.t.q",'.,.,l,!2..?t w,l,i'i.i".,il,t. "" ""';'' Mucdliiir vear of s;.4'JH.S18. nun n. ,i,j ii, i ,j .iiiftnj. 1 ji iiiiii i.n.r,., I 1, ., . rt. ,. f, 1 weie M.70O Ihkb te Kultral ,'ln 100 bu- 10 I f inities from Ihe office of the Col Cel JVniner 21500 bids te. Amerli in 7H00 ' I. olei' of Iliteninl HeVCIllie Will Bit nt "Nn n . hi,, 111,1 ,111 ui.tiw 1111,1 I11ft.ll I't.rle Itltes tu thn Niitlellll n riicn wire jn 1100 i.i4m (.'iibas In ten mi J'c out and friMfchl te 11 New Yerk ie !) .".(I A M ..ml .'I'lll 1 M. f.ir tin. liner, 400.1 bnns Cubas, Juli rleiinnre, nl 1 , i 1 V . , 2',i ces, nnd frelKht te 11 N. w url, 1 ' Pl pose of 11'celvillK biekcrh tnx and Oner, 2ft C-eii baas C ubin J11I1 I ii.llin, ,1 tej!lslv lords. 2 S(K fob in mi npeint..! '.neil t it, .p. . .,,, , ,.t (.,,i, .. ,,,., Cubas June te lul, slilpm it nt f, 11 I Unisinei of ( uli.'l t line Miliar let c I t I'nli.d KliiKdem. t'joe tout s mi . piirntien sliiles luiidii iciptlred fm puj it-i minsq- junii snimeill If.sj Mil 1 IT' liient nf .111 riiininiiu if elililliiini s The number of cms Idle en the mil- rends of the ceuntrj, becniine of busi ness conditions, totaled -lStlJtiff en Mnj Rl. nccerdlng te the Amcrlcnu Hiiilwav AMoelntien. This compares wlili a (etnl of fiO 1,702 en Mny '.'.'I. Of the total, ;iO,,10S were Mlrpliii fi eight cms while the remaining 17",0(1S weie freight ears In need of repairs in exeesH of the normal number unfit for service, Fer timrter ended April .'1(1, rederal MiniiiK nnd Smelting fempanv re ports nn cxccfs of receipts of S17." -."" ever expcndltureH In operations. Tills Is before deducting 50100 construe Hen nnd c(iilpmcnt and $rj,7IMI deferred development. In iiumter ended .Inn unrv ,'!!, excehs of iccelpth was $lii(), 201 and nunrter ended Ap.II .'!(), 1021 wen $00,811."), Ne n(feutit Is tnketi of either ere depletion or depreciation A plan has been nppreved bv the ma jority of the htocklielders of the (5en Mrnl finit nml Iteefrie (Vimtiiitii . tun. and dcprecl- Ivbllng for the sale of nil the n'sseis of the (eiupniiy te 11 new cempniiv te be ergnnlzcsl under tiic Inwh of Maine, te he known as the (Senernl (las nnd I'lic r 1 It (Virpoiatleii The new corporation s te assume nil oeligntions of the old quiet, but showed Htnblllty. Ollt-edged ' scrlptleni we tiivehttnent Issues milled after evincing cnnlitted te u tendency te sag. Orcitler confidence) , rails wcre firm wiih noted in French leans in Hjinpiitlifc with I'nrls. Sentiment In home mils vvns optimis tic und they moved upward. Dellar tic- re quiet nnd trndlncfii;" professionals. AtgeBtpf mly maintained. iVi, BAR 8ILVER, Knr silver was U (1 lower In lrfl ,'dny at fld .ii ,.iuu ' iii-iei' 111 iiiieruai iievcnue win mi in ""H.,ieV","'.'i b" ""1"' f tin M'cietiiry of the I'hll.i in put at 1 de'pliiu Sleck I'M'hnnge tednv between notes w w It mill leave enlv cniiitnl slei k eutstnnd Ing. S'etes represent bnlance of $.'.", 000,000 issued Miiuh I 1020, anil mntiiring Maicli I. 1112.J Hends of the Kingilein of the Kerbs, j Croats nml Slew lie i.l.ige-Slnvin) me offered te the liineuni of .2.",000,000 They are fort J our pr 1 em ehllgu- I lien's pii''((l at !.")'.. te vield alieiit h 10 ' per cent. The offering sjiidliute in - ( eludes Itlnlr As Ce, Inc. the f base , Situritles (V)ip(ii'.i.ien Redmond A Ce., Vj- H. Itelllns A. Sins. Klsnd 1 Klnniciitt iV Ce . .1 ."t. V. Seligman A. f 0 , Heubrlglit A. Ce . Cii'Mi't iV fii . West A: fe. and the I nlen 'I nisi Cempaiiv of f levelnnd. LONDON STOCK MARKET Oils Lacked Leadership Indus-. trials Irregular Kaffirs Quiet I Ivonden, .June 1,"J --. strnngei tone wits lueiighl about in uiuiiins en the stock pxcliange lednv tnllnvvliig the low eclng bv the Hank nl nngland of lis miulmii.n ..Hi of disiniini The im- prevement was pin ded l.v ir.iEulmitv Give This te Your Private Branch Exchange Operator Every private telephone operator in Philadelphia should have before her the condensed Baltimore & Ohie timetable and the telephone number of the "Travel Bu reau" at 1337 Walnut Street. (eiupanv, including the pnjinent of theie.irly in tin di Oil shines wi e itcjdv. vaileus outstanding issues of bends ut but lacked li.idi .ship Keval Iiiilil. ma'iirit.v was -10.. Shell Tuiuspeit and Tr.id- I' A. S. Krnnkli.i in hi- address nt l ing I l!J-ltl. nml Mexii no Kngle .'I 7-10 the annual meeting efthe Intiriintie.iiil I The Indiistt a lli wa irngular, Inn Mercantile Mnilne Cempnnv 's sierk- I the feeling vva- In ' rfel I liid-im's Iim holders jesterdav hiared traders ns well wns (J l."i-ll! 'I lie nibbe. gunip was as shaiehelderh of the (empau.v vvlien inactive mid Ii.huh 1 - K illirs were a8iimere" Ohie Telephone us Walnut 3602 or drop a note and we'll send the convenient card. AMERICA'S FIRST RAIL ROAD; ESTABLISHED 182? I nlttd hlhirdelii the mmi".! sii'm kltn Hen rentlnuiH sirnin; ire.t mar.urm tu-ei . qiietlnir (1c, with the exception of th r, d etnl when, the fi SOc fleure Is mtlntalntd Most reilners ifpert tte dimnnd m ixi .1 of Hindu tlun and that ninth ixpeit b.isi Hess could be liken en for piem.it lit ui'tnt If this wre possible K)t in'. 10'. ll..l4 llll.4 lull', loev, leni.,, ma 1, I02' inj' Kj-ji, IIM'lt let's )(l I'j (II (.21, CI Sii" its" !( Oftlclm rcdlsrnunt rates at the twe.ii. Cil nn: !... '" ' .......j .... ., .ii",.i ' 1 ,',' Reserve Banks' Discount Rates Inn Its', 10 111 r. t. V Ills Killll M, if ,C (. 7s .',100(1 T xii. Ce 7-. JKKiO t u I' I ( ul 1)1 Inn I Ill14 inn Um li.Hs 10ii4 00 mil. Oil fill Ii l'i, 10-. ne'i Km', inl'ft u 07 07 llj'j !IJ1, 100 Inn US 114 sil sil I.' IJ-i IOl1i lnl II". Ien', lis', list ; "1 it j 111 I ( I Ireas l.ib Cem I llkrs ctfs Hends PutsT Accept Ilnslen -l'i I'j 4 '4 l' New Yerk l' 4Si 4'3 i. Philadelphia 4Va 4', 4'j i.1 Clete!nttl .4", I'n 4'.J i, htlchmend l'-i I', ,ij Ailiintu 4', i.j 4V-j ii Chliiwu 4'j I', n, pi Hi Leuis I'j 4'n 4'a 1 1- Mlnnenpel s 5 r '. r. Knnsis Cltv .'. , , -, Dallas 5 ,-, -, n .san Plant isce 4'5 4'a ij 414 surxiii: ii:.i, m:i:dkk new .r 107'. te;.. 102'. 10.', ii.-, I0 K)l, in. I 101 IlMi Kid nrie thin ner nmid tfir.tt nuw et oiiein furies in id bi tin w.tr uim of the bt"t if the mj!i es lusn, nrlnlis of ihe tem- Inn vv k is iii in tin in incident of eii-ji',ir 1 per cent nnd per ten ilibenuire bunds have been deposited In special account with Gunrant Trust ('einpany, nt whose office coupons ure pavable - The Sniil't I'e and Lin Angeles Unr Unr hei llailiead made application le the Interstate Commerce (Commission ter permission te Issue 500 hlinres of new html, and 10 sell the issue at $100 per share The funds will be used te con cen strud a line fnun Id Segundo te Wll Wll mlngien 111 Ies Angeles Ceuntv. fall fall teinla, a distance of twelve miles. - The 11121 pamphlet icpeit of the Mielngin fniirnl Itnilieiid futnpnnv shows net income of S".72."),!W(I after taxes .'i ml ehaiges, istiiil te $11.22 a shine mi its Sls7.'!S.O0O capital hteck (entiastul witii final net income of S.'!.0-,0,.TJ0, or $20.:il n share en its Moils. 1 limed Willi the aid of federal 011111i1et1s1tlt.il and guaimitv in 1020. Nothing has vet been done regmding 11 fun ling et r.uilic Di'veleDinent Ce.. th. Clitmtir of ( in-ner, i.r dm I'.i.ted pc'llilli'll s lean or . 1,0(10,000 te 'he Stall's ..Heid II In in .Mmaztip St. 1I1.11 f hi. nse Jeve1111111.nl 011 iie.inuii i,. XI..I - T. . , .... . " " " "" " 1 1 nuns 1. t nin.i of th s;utui, a Ilublt --.lid. 1'lllL l.i 11, The lean wns ex- Aeie Issue $1,800,000 The Chippewa Power Company First Mortgage 6 Sinking Fund Geld Bends, Series "A" Da:cd June 1, 1922 Due June 1, 1947 7V.v Refund hi Pennsylrania, MnssacltuseUs and Cennerli(;:t Interest payable June 1 and Deccmbc :ier 1 virrrm 11, ,.n fn- M i ?? ., , . . lirr.Tf,.r ri.rirKi. - .i v...v,ft.w.ft ! uuiindi rcucrai income taxes, new or Hereafter deductible at the iearce. net in excess of 2. Redeemable as a whole or in part en thirty aays published r.etite en any interest date en and after June 1. 1932. at 107, less ?'r, "l0"dar y"r t0 maturity. Coupon bends in denominations of 51,000 and :,500, with pnvile.ie of registration as te principal. NATIONAL SHAWMUT BANK. BOSTON, MASS, Trustee The Chippewa Power Company will complete the construction of a hydre-elcctnc generating plant en the Chippewa River, eleven miles north of the Wissota Dam of the Wisconsin Minnesota Light & Power Company. This plant will be of most modern construction and will have an ultimate capacity of ever 20,000 h.p of which 15,000 h.p. will be installed at once. Company will also con struct a 110,000-volt transmission line about eleven miles in length which will connect the new generating plant with the Wissota hydro electric plant. These bends, in the opinion of counsel, will be secured by a direct first mortgage lien en all the property of the Company, new owned or hereafter acquired, and will be followed by Si, 200,000 7 Preferred Stock and 5,000 shares (no par value) Common Stock. The property will have a value of approximately $3,500,000 after the completion of the hydro electric development, giving an equity of about $1,700,000 ever and above all the bends outstanding. The Sinking Tund provides that the Com pany will deposit with the Trustee annually a sum equal te 1 of agrcgate principal amount of Series "A" Bends during the years 1927 te 1932 inclusive; .;.. from 1933 te 1939 inclusive; and 2 annually during the last eight years of life of bends. Sinking Fund will be sufficient te retire by maturity about one-third of issue, in the event that bends are purchased at par. The Wisconsin-Minnesota Light & Power Company will operate the new plant undr a thirty-year lease, paying a rental in equal monthly installments which will average ever 5250,000 per annum or nearly 22 times the Annual Interest Charge of $108,000 en bends te be presently outstanding. Under the terms of this lease, these rentals will constitute an operating expense of the Wisconsin-?Iinne-seta Light & Power Company and must be provided for before its own fixed charges. The Wisconsin -Minnesota Light & Power Company owns and operates without compe tition modern electric light, power and gas properties, serving forty-nine communities in Western Wisconsin and Eastern Minnesota. It furnishes in addition a large amount of elec tricity te the Northern States Power Com pany for distribution in the cities of Minne apolis and St. Paul and surrounding territory. The Company's plants have a total capacity of ever 70,000 h.p. Approximately 92 of total current is generated by its hydro-electric plant3. There is an immediate market for the power vhich will be generated by the new Chippewa Power Company plant. Gress Earnings of the Wisconsin-Minnesota Light & Power Company for twelve months ended April 30th, 1922, were $2,895,803 an increase of nearly 100 in six years. Net Earnings showed an increase from $763 162 in 1917 te $1,308,234 for the 1922 period.' BOSTON All legal matters utll ie passed upon by Messrs. Ropes, Gray, Beydcn & Pcikins. Price 98!2 and interest, yielding about 6.12 MliIk -j .Wttv Yerk Stuek Exchange Entiiblisheil 1880 1422 Seuth Penn Square, Philadelphia NEW YORK ALBANY HARTFORD CHICAGO This information, while net guaranteed, is taken from eitiual or oilier reliable teurces, and Is accepted by us a New Issue $25,000,000 KINGDOM OF THE SERBS, CROATS & SLOVENES (YUGOSLAVIA) Forty-Year 8 Secured External Geld Bends Dated May 1, 1922 Due May ,f lg62 Interest payable May 1 and November 1. Coupon Bends in denominations of Si, 000, S500andS100 NON-CALLABLE FOR 15 YEARS Redeemable as a whole en and HtVr May 1 1937. at 110 and accn i mteris.1 less ler each twelve months t aps-d thereafter te 101 en May 1, 1955. and thereafter at 100 and acciued interest. Cumulative Sinking Fund te retire entire issue b nt jrity cemmencinr May 1. 1932, te b- applied te purchase of bends up te par and accrue-! interest until 1942 and thereafter te :eti-e beruis annually by purchase up te par and cccrued interest or by drawings at par and accrued interest (Authorized iss jc 6100,000,000. rf which this usuc z first instalment) Pnncipal, interest and rHemptten premium payable in U S. old coin, free or all .axes imposed bv th- Kmcdem or all, tuiuii uuthenty therein, at the office of Blair & Ce , Fiscal Agents of the lean in the United States CENTRAL UNIOV TKLST COMPANY O? NEW YORK REGISTRAR SECURITY: The bends will be a direct obi gallon of the Kingdom which grants as special security for the service of the authorized lean (1) a first charge upon all of the net receipts of the Stale Monopolies lebacce, cigarette papers, kerosene, s?lt, stamp duties and matches) and Customs of the Kingdom, subject, as te the receipts serving as security for the debt of the pre-war Kingdoms of Serbia and Montenegro, te the service of such debt. The Autonomous Administration of Monopolies is te pay in monthly instalments, the sums necessary for the annual interest and amortiza tion of the Bends, directly te the fiscal agents of the lean in New Yerk; and (2) a first charge upon the total gross receipts ei all the State railroads of the K-.tig-iem in existence, which the Government declares are free from any mertgare, encum brance or charge whatsoever, as well as of the railroad from Bclgtade te the Adriatic Sea and its terminal pert, te be constructed. The revenues from the above security are: 1020 Dinars 348,000,000 1921 Dinais 769,000.000 19J2t Diiw rs SOO.OUO.OOO 372 000.000 ::e oeo.ooo 718.000,000 l,'t370"00,0"00 1. 569.000. 0C0 1 361),U0U,U(J0 S1S,000,000 526,000,000 $33,885,000 Gress Receipts of Government Railroads 'Net Revenues of Beard of Administration of Monopolies, after paying prier charges from old Serbia . . Totals Equivalent at a-.crege rate of exchange for each year te I hese prier charR n . nt te 45,000,000 Frerch Franc rer anium cnuivalmt tr, !U innnnnn, dlbtMnnt " h" ' ll'arf f 1aPPrex,mate,-v 14-0 an""y rrprentinE the service of the pre"-" detjt of Montenegro above mentioned ' 'Figures for 1922 are esti nated The above revenue for 1921 covers approximately 13 times the annual interest en the present issue. Interest and Sinkinij Fund Payments en the Pre-War External Debts of Serbia have been fully and punctually paid during and since the War. PURofsfeuO ennC;dS ' MO?QOra!? for ;"lread reh.b'.l tatien end Government bu.Id.ng., strucuen " K,nBdem' and of $10,000,000 for ra.lread and pert con- REVU?.AND.Eir:PILUE- .Fer 1921' enue "as returned at 4.236,900.000 drs wft...i, I,, i,e,iUU ww iirs snowing a dehctt ei only 615.500,000 drs or $8 793 oe , at present rate of exchange The estimated budget for 1922 balances at 6.257 500 000 irs. FOREIGN TRADE: Value of experts has consistently -ncreased in 1919, te2.460.737.00D dinars in 1921, a growth of ever 250 Value of imports in the same period remained practicallv st v imately 3,200,000,000 dinars. J GENERAL- The State is a constitutional Monarchy governed by a National Asscmb a-.d , King acting through Ministers Deputies are elected directly by the eft ' UrVr M.r existing democratic recime an excentmnnliv u. ...-?,. . )S t-I'a'T '- Ireir tiS6S45.040 iiii,r iiii,r enar , averaging apprcw Kingdom being the target producer of corn in Europe The Sute own I m " . r , , out of IS 500,000 acres of t.mber lands m the Kmcdem ' H U '" ,Cs lgdem 1U(. btate-OVl.neil nrnnpm. ,? . ,1 ,.j .. . - r , taxable property at ever $2,:6e,000.000 r wuu.wuu uoe and At present rates of exchan SOlllllf Wtl Ynrl 5t-w-b- T?- n - . ""' uvj i-Mim 11T Mil nilf.nn. .,1 !,. P,-.l inssueannil received bv us." nnd s1,Ii,m ini,ni .i,., 'V.: .""'" l"r -"" -'rr n ,ae u en js und orternperar Bendii Application is te be made te list the Bend ...- ...j.n iv. u..u. uuinorizatien el the Parliament and approval el . ..unse: Price 95V2 and interest, te yield about 8.40 Pend,n6 the preparation und delu ery of pe, unrm Bends, delivery may be made ,n the ten., of interim reee.pt- BLAIR 5- CO., Inc. E. H. ROLLINS & SONS CASSATT & CO J. & W. SELIGMAN & CO. KISSEL. KINNICUTT & CO. REDMOND & CO. BONBRIGHT & COMPANY, Inc. wirr u r-n REILLY. BROCK tv. CD THE UNION TRUST COMPANY, CLEVELAND HARRISON, SMITH & CO. The ttetcmenu prr jentrd above lievf br Tnty ere batni earili nn nil-1 bel eve them te be rel i'V" J.'5'"ffl.'nd fren; '" f''" e Mm .ter cf Kinance of ,he I ahle tie tie ne't VaIVe'x0? VllZ'i ?S X """ K'nsilcn. we 1 Mr. m f hit i 1 i m V. ) ,mm,,lmKmiuun rrtmyr
Significant historical Pennsylvania newspapers