renvnwvtTCT u::s tmummwibi' I'lin.nr'a' wsnr in 11 i mi i 1 1 i i imii nn . ii e
p
Mi Hft.w'Trwv
VEiDKBWDXx ' Ju5Gr 19, '1922 ' " A '''.jffi'ffwP
I, i - i ii 1 1 Ij -
r " " . -
njVMrviivi4' kijwijWJ .umuuMiin jrxxxui
vjmjs&Emam&
lis
Vi
CURB TRADING ON
SMALLER SCALE
Tobacco Shares, Especially
British American, Were Most
Prominent Features
New Yerk, July 10. Trailing In
tteclfi en IIip rurli cxr-hnnjsp tnilny vnn
ilen n ien!i1crally enmller wnle. Tlicre
.. i-nri' tow niilHliuiflltiff features'.
f J5ritl"1i'AinerIenn ToIwite mih one of
the most preiiiiiicni I'mirx. jmiu w
recMcrnl mill coupon nlinrri nilvnnrcd
, iiibslnntlnlly fe new high figures from
the prexent movement. The turnover
tns en n fnlrly geed ! zed fcnle. Ilro Ilre
Jtrrs rninplnllied of the lnek of cotnmls-ilen-houvc
lnislni'H.
The trnderH lenflnnl their opcrntlenH
Inrgelv te the nileellnneeus lKxtir-R.
There xuim no news te neeeunt for the
Fpcri.'il iietlvity mid MrciiRth of the
HrltNh Anierleiin Tobneee Hlinrei ex
cept the ileclnratlen of nn interim div
idend, hut it w net nt nn unusual
rnte. The strength In tlinc Issues ex
tended te the Tobneee TieduetH Ux-pert1-,
but tli" mtlWty lesulted In only
frnctlnniil ndvemes. I.ltnii Ijoeemotlve
xui n trllle loweren .moderate denl
nR. Amerlenn Metal ninile a cor cer cor
respending nihuncc Slmllnr gains
wcie Hindi' by I'lilted Retail Candy and
(inltlwMi Pictures.
ti eentrnst with the netlvlly for some
time In the Standard Oil Issues there
wns netnble dullness in most members
of tlir.t Rieiii. Shelly Oil furnished an
(xrrptien. as It was traded In en un
nnnllv large scale and ticdvlnpeil con
siderable strength. On a small turn
our Standard Oil of New Yerk eased
off .'! points, while Standard Oil of
Indinna made a small gain. Fluctua
tions In Cities Service Issues were nar
row, while New Kngland Piiel ruled
finii but quiet. '
Then was about the usual degree of
Bitllt In some sections of the mining
croup. Independence Lead was piom piem
lnent with heavy tiaillng and a slmrp
ddinnie. I.ene Star held pievieus
rains and theic wns lenewed uitlvlly
jn Coite. Silver.
Neilhein l'acillc new "s wlien Ksued
weie dealt In for the llrst time, prices
rniiglng fiem HTTi te IIS. The bend list
is ii whole was moderately actUe, hut
with only slight changes.
IMH.HTIUALS
91111 Acmn I'enl
40(1 Allied Pack new . .
ou A mill Leather ....
Mi) Am Metnls . . . .
Inn Am Metal tifil .
r.en Am Writ Piper .
ion Atlantic I'rult ....
1(111 DUlMl i'll Jt ..
llirn nrlt Am Tell res
;co llrit Am Tub coup
270Q Chl Nipple
20(10 rime Nipple II ..
.'no I'nm Solvent A . .
ten I'enlev Tin Pell.. .
Him font .Meters . . . .
1IMMI ruliim Dnm Hue . ,
41 ii llnnlels Met . ...
loon Duhller r & II ..
ami liurnnt Met
4(0 liiirc.nl M of Ind ..
ion (llliNnn HehpII ....
iliilll. tte S 11 ....
llOOCeIdHjn Pic ....
mi II mil) ni r pfd ....
200 flrnnt Met
me Hiimk Wheel ....
Toelli'xlcn Clum ....
tl'A
2.10
r.eiv P. M.
fine llie
II 11
11'4 10H
in in'4
lt7 1071.
3 3
-' -'
IS', 1S
lsu km,
: .-i4
111 -U',4
t
' id H's
-IV 3'l V
14 14i
is m
!J 1 JJ1
7'-j 74
!'. nm
I'le H"e
.ii'i :n'i
1 'f
800
200
700
4011
200
1110
400
10
200
10(1
400
.1HDI1
1100
1011
win
100
Soen
200
.100
tee
1100
200
100
2.1S0
111)0
Hudiien Ce pfd ,, in
iiiiaen Man 12JI
l.lmn lice nsH
l.ehlKh JJewer .... 1UU
Mercer Mtr 'i
AWrccr Mirn V T C 2'
Nntlennl liitheE, . H'4
SJlT. Jerwy. Zinc. lis
Phllln Mnr . 11.1
J'uli Her N J fd.".'lll.l
Dr'ne MfK iijj
llBdle Cem 4
llRille pfil :j.
jvi-u .nir irucK.,,, :i
ltcp Tire Hub .... eic
tiBirueiiiiy j'np ,, . , ti4
Houth C & Iren.... 4Je
TAnn V. lint - ta
Tolwcce Pred ..,'.'. 7
Tedd Ship etHt
U 8 I, .l .... in
In Prof 8br new n.
llnlln.l flAt r .it.
Wnne Caul ..'.'.'.'.
Wlll)a Cerp 1st pfd 3(1
1R
H
143
19'4
103
11
3'J
27
r"ie
m
31e
13'i
7i
in
B3i
Ulti
8
14.1
111 14
II i
a'
27
use
lVt
.IV
11H
7(
inw ns 011U
n ii ni
fTANI)RI OILS
100 Ansle-Am Oil .... Hi
100 Atlantic Ixibes .... 11
lOOOnlenH Slitnnl .... R3
100 Imperial oil Cfln..lin
10 Indlnnn Pipe ha
20 Seuth P 1, .A... til
000 Keuth Penn Oil ...20H
,.-100 stun till of Kv w I. IllH
1301'OHtnn oil of lrd..1en
HI Htnn ')ll of .V y . . pj
10 Northern P 1. .... US
n
I'i
2S
in
ni
110
Sll
III
200 .
113
107
120
S
IMlfCI'FAIIKNT OILS
tnn i.iHl.
lllOOAImn
100 Arknnnin Nut Can,
1000 lloene Oil
3S00 lle-lim W)emln.
loe llrlt-Am Oil Ltd.,
30O Carlb S)nd
273 CltlcH Serlee ...
400 Cltlen Herv II clfn,
.100 Cittern Herv pref.,
ion Colemtlun Hyn . . . .
100 Creele H)n
0000 Kntjlneers Pet . . ,
.JL'2 Hlul,y '"le nref.,
4000 Federal Oil
200 IVnclnml
.200 (IlllUund Oil
SHOO (llenreck OK
1(1000 lluileen Oil
r100 Inter Petrel
1700 Kewenc Hnnurr .
tee Klrliy Pete .....
lonei.ino
.100 r.lVlnunten Pet ....
700 I.en Pete
.100 Murium! Mex ....
fillOO Merfdlnn Pete
f'OOMerrltt Oil . ".
2100 Meiicn en .. ;;.
30ft Mobile Oil pref ..
line Meimtnln Pred
1700 Mutual Ilef ... '.
.-en n y en ....:: ...
1 000 New Knit Fuel ..
1100 Ne Am OH
3300 Omar Oil
700 Pennerlc Oli
1IO00 lied llnnlm ......
nne Hnlt Creek Pred . .
f.ne Siipulpn nef
100 Shell Union pfd ..
nneHlmms Pet .... I
Wioe Hkelly Oil
onen Southern V H n
000 Southern Suites. . .
1 1(10 Spencer Tet
21700 Texnn O & I. ....
IsneTiirmnn
SHOO W!cn Oil
2000 Y Oil
1i
1S4
10
, I2e
, Ntc
.11
7
20n
20'i
07
2JJ
211
II
IM
inw
4
Hi
13
10
12e
Sic
31
7
201
20l4
(IT
2.
2 '4
211
II
1.
!
4i
1
Me
2J 22l
'I'fT
itH
.1e
1'4
1 7c
MINIMI
1000
2110
100
000(1
700(1
700
200
2000
2000
1100
111(10
200
moo
700
1000
2100(1
1HIIOO
2IHI0
71100
211000
1II0II
(,11000
10110
1000
"inn
Kie
tee
' inn
20.100
1 nne
71000
11100
200
snoe
200OI)
1 000
Am Cem ....
Al rll nn . .
Ilelcher llxten
"IK- J.eilKK . , .
Hern t. Ment .
H M Cens ....
Cnnnrle
Candel M
(Vinw Arl
Cens Cen M . .
i ones! HiUer .
Creimen (Jold .
Divide llxt ...
Doleres Iper .
11 hnlvuder . .
llmmi Hllier
Hurekn Crep .
l"lnr MIK
Held Conn '. . ..
Held Dei el ..
Held Slntex ..
Oeld Zene , . .
Hnnl Shell
llnrmlll D
Hill Tep Nev .
HnlllnKcr ...,
lleue Sound , .
Hull Cep
Inilepend I.end
Iren IllnMem .
I.ene Slur ....
Miirsh Mln ..
MnHen Vallev ,
Methi node C . .
Nat Tin
Ncv Ophlr ...
le
'
!'
01
S
2S
tlll'l
2
(IS
l.V
ir.u
31J
en
R't
IS
Pi
2
3c
11c
17c
RO-
2',
31c
3c
Mlc
1
21,
lie
I
le
31c
2Uc
7c
s
42e
Hi
13c
Sr
11 ,
2
3lle
.'7c
31
111c
Me
2 A
lilt,
Kle
. s"
1 3e
I'd
70e
7
4 c
H
20
ns
1.1c
i.m
3U
en
RU
li'4
inc
lft
70c
'
1.1c
se
10
II
110
91
203
11 m
leV
420
IIS
l;
1
12c
Sic
31
7
20S
2014
07
24
214
2S
14
1U
lll'i
I
1'
22c
2.'S
00c
BS
.1c
V4,
70c
4c
n'4
111
01
14V4
t
211
ft'Hi
Vi
l.V
MH
3'4
no
si;
10
lie
124
T.?
l'i
-4
1.1c
0e6 New.Demln 2U
tee NIplMlntr n
10(10 Ohie Copper Me
100 Park Utah S'Si
lien Hay Ilerculea .... 2
12H0O lied Illlla K lc
200 Shelden r. IN
111(1(1 Slher Pick He
100 S Am P 4k O 4(
2000 Slew Mln 7c
300110 success Mln 2llc
lOOTone Ilel IU
1(1011 Tenn Cash Hey ... 7c
1200 Tone Dlvlde 1 7c
mill Tone llxt 1'n
fiOO 'I'unlumne 0.1c
100 Unity Uelil 34
400 Unit i:nnt IrV
200 Wert Knd C 1 iV
r.oei) Wllbert 13c
IIOND1 "
1000 Allied Pkra fla ctfa 04
4000 Allied Pnrker Ha.. HS'l
.1000 Ainer I.lRht T On. .11)11
IIOOII Am Tel 0a '22....100S
(12H00 Anaconda Cep 0..101
4I00O Atmcendii 7a '2II..10.1?4
UieeAnRlnAm Oil 74a.l04
7000 Armour & Ce 7a..lO"V
Kine IU aver llrd Ha ctfa 7ft,,
2000 lleth Steel 7 '28.104V4
30011 Deth Steel 7a M.V.IIW
3000 llklyn Cn Oca Oat. 104
23000 Ilkl)n Un U-.s 7a,.10li
7000 Can Nat Ily He 7a,10S
mono can Nut Il En Its. IH4
7O0O Cena Ons Hall fla.,101
400(1 Cena lex Sa 00
1.1000 Deere ft Ce 7H..lni
1300(1 Kmp U ft II 0a..l01
r.nen Preep Tex 7l4a.,..13(l
2H(iO (liileni H O 7a..,.ini"4
2000 Ooedrlch Tire 7a..le.1S
riOOiiaulf Oil 7a 104
11000 Heed Hulilier 7a... IIRJ4
1 10011 Humble Oil 7...inetd
7000 Inler 11 T Sa .... I10V4
12IIH0 Knnana (laa It... OH
.-'000 Kennecett C 7a.. 1111,
110110 I.nclrde Una 7a...lOlH;
1000 I.lbby MeN I. 7a im'4
200(1 l.lxirett W W n..iep4
soeo Mnnrnii Copper 7a.10S'4
liiiiii.Nnt Acme (an., nii'm
10IIO Cem Power lis...
20110 Cudnhv 7a
3000 Nat leather Ha .
noeo N Y N II & It 7a
"OHO I'hlln 1'lcc r.Sn.
1400(1 Pub Serv N J 7a. 102V
noeonnht flnlr 7a... . IIH
4000 Senra lllilc 7a. '22.1001',
20110 Senra Klik 7a '23.101
3000 Shnnaheen 7a ..104
1000 HeImiv et Cle Hs..lO"S
2000 Seuthweat Hell 78.10'.,llii
loons O N Y 7a '20. .10I1U
1000 S O N Y " 31 ...100
2000 H O N Y Oija .. .10!H4
iinne swirt ("0 7a 2.1 . .iuj
3000 Su If t Ce 7a 31
2000 Un oil Pr Ha . .
211OO 1'n 11 Hnv 7'4a
10000 Vacuum Oil fa
20(10 Weat lllec 7a . .
38S0I1O Ner Pnc 3a w I
20110 l;mp () & II na
. Sll
.102
. en
. HH
.inim
.101
.103
.mm
.107
. 10s 14
, IIS
.10Hi
11000 Vlr (lire Ch 74a IIH'n
l'OREION IIONIIS
l.inoe Arcentlne 7a ....lern,
40imliaruRm Sub 7Hs.10'l
OOIIO City Mentn 7a ... IMI'j
KIOO I'rench Oevt la .. .11
1HO0II KlnK Serb 2s .... IIS '4
1OOO0 r S Urnz 7'4a .. HI
34IIOO C S Mex la 4llia
210OH Fr nch .la 11
fiOOO nuialan .1'4 ... HI
2H
nn
lne
ltd
lc
lie
"4
lie
22c
7e
77c
IS
flic
3'4
1ft
12e"
01
11 V4
ion'.
1004
let
mm
104
101
7.1
104
102t
lOlS
10H
10S
new
1004
0H4
101 '4
101
130
10.-.';
103
104
0H
1004
11(1' 4
HIS
101
100
IHI'i
101
10HV
mi?
HII
102
0H4
87J4
II10U
102'4
08
10im
101
101
1014
102 H
1 nilU
in-ni
mil's
102
102',
HH1.
104
1074
U
10P4
OH ',4
10(1
100
mil',
M
01 '4
84 'A
3ti k
03
111
10a
H
2
lc
14
lie
l4
Oc
23c
7c
77c
l'ii
OSc
34
lft
iL
hi
01'4
ien1,
10114
101
101i
1(11
10.1
73
104i
101
104H
1110
10H
en'4
loe'
08
1014
101
1.111
101V,
101
101
0S,
10(14
OOU
01
10.1
mew
nii'4
10P4
108H
0'1',
80
10J
00
874
1oe4
10 ,
08
1111114
101
101
111-1
102
mni
inen
1001,
m-'
101
1IHN
104
107
108 4
117 U
1014
IIH'4
100
100
IMP,
.11
0114
8.1
111",
03
111
BUILDING PRICES
are still far below recent peak
prices.
Building Investments never
paid as well; build new while
the conditions prevail.
JOHN N. GILL
CONSTRUCTION CO.
Commercial Batliint, fatUtitti
liutitutietu end SmalUr Werk
Olla lltiiltlliif
l'lllLAUKLl'HIA faU.
I nilLAUKLl'HIA f?"-1-
The Institution
That Gave Philadelphia
Day & Night
Banking Service
FRANKLIN TRVST COMPANY
15th St. Belew Market
fiermnntnirn At. Above Chtllen At.
82d und Market St.
Drlnunre Ave. and Market St.
3c
lne
irte
77e
24
34c
3c
I He
1
2,V
1.1c
1
4n
lc
3 J
2lle
He
He
12c
He
12c
He
1
0
24
3(l(!
4 He
31
He
ir.e
I(i
31c
Tie
3c
11c lfl.
8ne
3e4
3n
rie3
1
2,',
lie
lc
lc
:i.ic
2Hc
(lc
He
42c
Oe '
12c
HC
u
siS
30e
IIIC
31
Oe
1.1c
10'i
.Tic
MONEY-LENDING RATES
NEW OKH- Meney en mil. both claaea
of eellnteral, opened tndn) nt 4 per cent
for IcndltiK anil renewlnB.
A moderate Increnae In the demend for
call money took plaie ted.iy and I per rent
wna bid. Time funds were net pirtlcularly
rhnniteit, nnd alxtv and ninety ila)a memy
wna offered nt 4 per cent Pour per rent
una Md for four neniha -ind I'i per nt
una iiueleil for alx mentha Cnll leina en
prime bunk atieptnncca Mere raised 14 per
icnt te 8 '4 Per cent. Quotation for accept
amea were nlae iidiamed U er cent te 3
Pi icnt Mil for thlrlv te 120 di)a. 3 per
cent ual.d for 110 du)a, the lUotatlen wna
3' 1 per cent bid, Vn per t out arked. Prime
miruintlle paper waa nominal at 4 nnd I1
per tint, illh fenn builneai nt n fraction
nbiiM. and b'leiv these IlKurca
BUILDERS OF
Special Machinery
General Machine Werk
J. &G. RICH COMPANY
122 N. Sixth Street
Telephene: Market 2001
GUARANTEE
Trust and Safe Deposit Ce.
316, 318 and 320 Chettnut Street
UI1 Mif'nnt St. 0 B2i1 ST.'
NEW ISSUE
, , vrt
1 i ' '
$3,600,000
Consolidated Machine Teel Corporation of America
First Mortgage 20-Year 7 Sinking Fund Geld Bends
(closed mortgage)
Dated June 1, 1922 Duc June 1, 1942
Interest payable June lat nnd December list nt Tim First National Uank of Bosten, or at
y of the Company In New Yerk, without ileductteri for normal Federal Income. Tax up te
S
iiBency
or at the ofllre or
r,r. coupon
liends of $1000, JBOO nnd $100 denominations with nrlvllcBe of rcRlHtratlen ae te prlnc pal only. -n "
nny Interest date en thlrtv itaya' netlre, up te nnd Including June 1, 1932, at 110"e, nnd accrued Interest, nna
thereafter nt n premium dccriaslnft 1 each year until maturity. '
Penntylvanta Four Mill Tax Refunded
THE FIRST NATIONAL BANK OF BOSTON,
AND CHARLES B. BREED, OF NEWTON. MASS
.
Tnuteet
CAt'ITAMZATION
(nfter a-hlnir effeit te this llnuncliiR)
Flrt MertBiiRe 20-Year T Sinking 1-Mnd Oeld Donds . .
Preferred Stock. 7
Common Stock (no par nlue), authorized 200.000 slinre-i
outstanding 128.000 shares
Authorized
J3.fi00.0il0
10,000.000
Outttandins
$3,600,000
6,137,000
WIEGMER.ROCREV&CO
Certified Public Accountants
Drexel Building, Philadelphia
rilll.AItlU.I'UIA
thrre te lx
Call, 4H rer rent:
time 4' te 44 per cnt remmerclnl Piper.
Ix menthB, 4i te 4'a per cent.
I.OM10N Meney. 1 per cent. 1)1
rntci. Hhiirl lillln, 1'h per lent,
rrenthi' Mils. l'l l.'.-lO
inunt
three
Refined Sugar Price Advanced
Anierl;in HuKnr nelmlnc Cemp.inv nn
nnuni.'il uJinnie nf in pelntn In nMlntil te
0 ill) icnti, lt'sj '.' per tint for c.mh.
TAX RF.TUBN9 ACDITS SYSTEMS
' I. Franklin Heward & Ce.
Certified Public Accountants
Ijinil Title Illils..
riilUdclnlilii. 1'n.
Muney nidc.
Wnthlnctun, U. O.
Conservative Investments
MacMeekin & Williamson
IIHOAD AND SANSO.M HT3.
Mcmberit I'bllu. Stock Exchange
N
V
e
R I
N
j 7,500,000
Central Indiana Power Company
(Operating through subsidiaries in Indianapolis and Western Indiana)
First Mortgage Collateral and Refunding 6 Geld Bends, Series "A"
Nen-callable for Ten Years
PRICE
95 and Interest
Yielding
about 6.35
Due July 1, 1947
Denominations
1,000 500, 100
The t'einpimy iikh'ps te
ii'liubtirse the linltlein e
Seric "A" KniiiW, If re
lUi'steil, wltlilu wlxty ilajH
lifter iiii.Miiunt ter tlie
I'cniisjlMiuiu Four Mill
Tn, mill fur the Ceiiuci'-
tlcut lVisiinnl I'leiintv
Tax, net I'M'i't'dlnc four
mills per ilellur per un-
niiui, mill fei tin' Mtis"ii-
ihusettN Iiiceiiip Tux en
the iutvii'ht net uxcecil
iiiK six pel' i out of hllL'll
intcii'st per miiiiiin.
Iiitriest pinnule .liuiuiiry
ami July 1, nt the
elllie of HuUey, Stlllllt
Ce., Jm-.. In ChltiiKO
or New Ymk. Jiiteii"t
pft.Mihle w itheiit ilciliR' ilciliR'
ileu for nei mill IVileuil
liiioine Tn net In pic-s
of irt , HimIi'viiiiiIiI( iw a
wheli' or in pint ut nny
tliiie nfii'i- .(line ,'KI. l!i.V-
en thlily iIiun' puhllii'il
with i at the lollewiiiB
Xw es mul ui'irui'il InliT
't: On mul from .Julv
J. IIWL'. te July 1. IUI7,
at 107 VO: en mul from
Inly J, 1i:t7. te July 1,
11)11!, nt 105; en anil
finiu July 1, llll'J, in
Jnniinrj 1, 11117, at
Id-1 j, nnd en ami from
Januari i, 1017, tit 1U0.
Fer detailed information regarding these Bends, attention is directed te a letter of
Mr. Jes. H. Brewer, President of the Company, from which the
following is summarized:
The Central Indiana Power Company (formerly Merchants
Public Utilities Company) was incorporated September 17, 1912,
in Indiana. The Company will acquire and will own all the out
standing bends and the present outstanding capital stocks, except
Directors' qualifying shares of the Merchants Heat and Light
Company, the Wabash Valley Electric Company, the Putnam
Electric Company, and the Cayuga Electric Company, all Indi
ana corporations (or will deposit cash with the Trustee under
the Mortgage te the par value of bends and stocks net acquired).
These Bends, in the opinion of counsel, will be a direct obliga
tion of the Company and Will be secured by a first lien en all Nthe
outstanding bends, or cash deposited in lieu of such bends net ac
quired, and en net less than 75 of the issued voting stock of the
present subsidiary companies, which will be deposited and
pledged with the Trustee under the Mortgage.
The aggregate par value of First Mortgage Bends of subsidiary
companies (or cash in lieu thereof) te be immediately pledged
under the Mortgage as security for these Bends is $7,782,300. Ne
additional mortgage bends may be issued by the subsidiary com
panies unless deposited under the Mortgage.
The combined value placed en the properties of the subsidiary
companies by the Public Service Commission of Indiana is
largely in excess of the First Mortgage Collateral and Refunding
Geld Bends te be outstanding upon completion of the present
financing.
Consolidated gross earnings for the year ended May 31, 1922,
were $3,210,518.63. During the same period, consolidated net
earnings amounted te $1,0 19,271. It? as compared with annual
interest requirements en these First Mortgage Collateral and
Refunding Geld Bends of $450,000..
The subsidiary companies operate under Indeterminate
Permits pursuant te the laws of the State of Indiana.
Thfie bendi ire ertertd (or dehve ry wh'n, l nd i( iiiutJ an I reenvej by ui, and nibjcet tn approval of ceanicl It
ii fip'dfd thit temperar) binJi or Interim rcipli i-tchamtahle ler dfinmve benji will be rtajy ler delivery en or
ab-wt July 38, 1922, All Italfmrnti herein aie elicul or are bue I en mlvnialien which we rettarj ai reliable and
while we ue net guarantee them, we eurtelvei have relied upon them in the purchaie of Ibn lecunty. '
Frent a letter of Mr. C. K. Lnssitcr, President nf the Corporation, copy of which will be sent
upon request, wc summarize as follews:
BUSINESS. The Consolidated Machine Teel Corporation of America is te lie :i consolidation of the
Hctts Machine Company, Rochester, N. Y Founded 1861
IiirIc Machine Company, Rochester, N. Y " 1904
1 lilies Si Jenes Company, Wilmington, Del " 1854
Modern Teel Company. Eric, I'a " 1889
The Newton Machine Teel Works, Inc., Philadelphia. I'a... " 1881
The Cellnirn Machine Teel Company, Cleveland, Ohie " 1901
These companies arc among the eldest and most successful matnifac'urcrs of
heavy machine tools in America. The products arc well and favorably known and
distributed through representatives or selling agencies in practically every country
in the world.
MORTGAGE SECURITY. The bends will he secured, in the opinion of counsel, by an absolute
closed first mortgage en all of the land, buildings and equipment te be acquired from the above
companies (upon the retirement of $600,000 of bends new en the Cellnirn plant, definite pro pre
vision having been made te call and cancel these bends October 1, 1922). The plants hac an
appraised value of $7,455,000, arc in tine physical condition, completely equipped and of high
ctlicicncy and are amply insured.
ASSETS. Total tict assets after deducting all liabilities ether than funded debt arc $10,269,5S9,
equal te $2852 for each $1000 bend. Current assets arc mere than 6 times current liabilities Ne
valuation has been placed en the geed-will, contracts or business connections of the company.
EARNINGS. Average net annual earnings available for bend interest for 6'j years from Jan. 1,
1916, te April 30, 1922 (after deducting less of 763,394 in 1921, duc largely te inventory adjust
ments), were $1,023,014, or mere than 4 times interest requirements en this issue of $3,600,000 bends.
SINKING FUND. A sinking fund of 15 of net earnings, after payment of operating expenses,
taxes and bend interest, with a minimum of $120,000 a year beginning June 1, 1921, provides for
redemption of mere than 50 per cent, of the issue before maturity.
OPERATION AND MANAGEMENT. This consolidation places the company in a position te com
pete for contracts for an entire line of machine tools for shipyards, railway shops or industrial
plants in any part of the world. Operating as one company will result in large economies both
j of operation and cost of sales and places each representative or agent throughout the world in
"a position te offer an entire line of tools, which will enable the company te secure a large volume
of business otherwise unobtainable. The active management will be in the hands of the execu
tives of the six plants under the personal direction of the President, Mr. C. K. Lassitcr, for
many j ears 'Vice-President in charge of operations of the American Locomotive Ce, with Mr.
W. II. Marshall, formerly President of the American Locomotive Ce , as Chairman of the Beard.
The plants and equipment have been appraised by the American Appraisal Company and Coats and
Burchard Company. The audit of the accounts has been certified by Messrs. Ernst & Ernst and
Marwich, Mitchell & Ce. Legal matters will be passed upon by Messrs. Ropes, Gray, Boyden and
Perkins of Bosten for the Trustee, by Messrs. Powell, Lewric and Ruch of New Yerk for the Cor
poration, and by Jehn W. McAnarney, Esq., of Bosten, for the Bankers. Temporary negotiable
receipts of the First National Bayik of Bosten tvill be delivered pending the preparation of the
definitive bends.
Wp offer thtsu bends when, as and If Issued and received by us and subject te the approval of counsel
PRICE 99 AND ACCRUED INTEREST YIELDING ABOUT 7.10
B. J. BAKER & COMPANY, Inc.
(ESTABLISHED 1912)
209 WASHINGTON STREET BOSTON, MASS.
The above ptattments nnd statistics arc net guaranteed, but we believe them te be accurate.
!
V1
J'l
iPhat's veur stock
' . . ' ' A
doing nwwc
Late information Is es
sential te successful
trading.
Keep abreast of the
latest developments in
New Yerk Curb Ex
change stocks through
our
Telephone Information
'Department
one of the most appre
ciated features of our
complete brokerage ,
service.
Ail or toeUa
"A Great Organisatien
Built en Service"
Jenes &. Baker
Members New Yerk Curb Exchange
tie
rittib
Direct Private Wires
Yolk Chlcite llo.Ien I'hilidtlphla
itiburgh Detroit tliltlmeie Cleveland
PHILADELPHIA OFFICE
Widcncr Building
t.i.i,... n" Lecuit 4730
Telephenea Kevene . Hace586l
BALTIMORE OFFICE
Emersen Hetel
Telephone Plata 8451
t
yi
PUBLIC SERVICE COMPANY
of Northern Illinois
First Lien 5V2s 1962
HarnlnRs for year ending De
cember 31, 101
(ireKH Net
$12,679,467 $1,395,292
Annual Intctest en outstanding
funded debt, Including this Issue,
$2,183,310
These bends urcccde J21.000.000
Preferred and Common Stock,
both of which are naylng divi
dends. Price 92 te Yield 6
Fairman & Company
Drexel NuUcling. 1'liila.
KMnMUlif.l 1U02
Correspondents
A. H. Bickmore & Ce.
Ill Broadway, New Yerk
rnnnnmummmmmim
In Continuous Business
BOtfeaAd
DlilllllllllUI!!
A Cycle of Achievement
(AN OBSERVATION)
TWENTY years age the Senior Member of this Heuse
entered the bend business, and, during the two decades that since
then have come and gene, many startling changes have occurred in
political, social and economic conditions throughout the world. Mar
velous improvements have been made in the means of communica
tion and transportation.
MOVER & CO.
Bankeus & Brokers
301 Chestnut Street
HORACE P. GRIFFITH & C0.t
Certified Public Accountants
FINANCE BUILDING, Philadelphia
Ilnraca V Griffith. C. V. A.
WllUrd 11 Qlnder, C. 1'. A.
Wm. Lents McQee. C. P. a.
FINANCIAL
KKNMOKK I'l'l.l- AND P.AI'KIt TOMPANT
I'lrst MurtEiicr (1 Mnklnc In nil (.old lieni
Mnklnk- Fund Nntlrr
KIDHLITV TItl'ST fOMJ'Avy Truti
under thp mertKice of I'm Kentnen, t'utr
and Piirwr I'empnn d.iled AiikuiI 1, 11107.
hi'fpbi iflve nntl(H that in pursuance of th
nrnitnlnns of said merlKiLP tumm-flve (:tt)
bendd for unn theuanrl dullarx IJ1000) each.
-i rurrd b a ild iiierfriue numbered as fol fel
low H
II. II .is 41 8.1 107 1L'2. 177. 2SII.
I'is. 3ns 3L'd. .141 .T.1 401 441. 4.11. BIS.
.111 KR3 1,21. fl-.H 1171 nUCI and (I'M).
h.ie lKen this day draun for redemption
at par The said bends ulll be mid nt the
otllre of tie '1 runtee. I'ldellty Trut Cem
pan. 32V Cheitnut .ilreel. Philadelphia..
Pmnsilvanla, upon prencntatlen with all
rnupena due. after Aucunt 1. 11122 Coupens ,
ilu Atiuuxt I 1022. arn payable nt th
otllre of nrexet t. Ce . Philadelphia.
TIUBLITY THl'bT COMPANY. TruMw.
Wm P (lit. President
Phlladelph 1, July 11 1021.
Halsey, Stuart 8C Ce.
' Incorporated
New Yerk Philadelphia
A. B. Leach 8C Ce., Inc. Paine, Webber 8C Ce.
Philadelphia New Yerk , Philadelphia New Yerk
IB
Inventive genius has outdone itself. Power
has been developed en n scale scarcely
dreamed of before. Medical science
has made tremendous strides in amelior
ating suffering and pnin. Industry has
flourished and the standards of living
have steadily climbed upward. Finally,
the most gigantic war in history has al
tered the map of the glebe and the cur
rent of our lives se deeply that the impress
will last for generations. It is impossible
te conceive of a mere far-reaching meta
morphosis in a similar twenty-year period
since the beginning of the Christian era.
Throughout it all the business cycles
have continued te revolve inexorably in
their economic orbits. The close of the
previous century saw the apex of indus
trial expansion with the formation, in
1901, of the United States Steel Corpora Cerpora Corpera
tion as its crowning achievement. Then
came years of deflation nnd ether years
of expansion en account of the war, and
new again another period of deflation and
dechnirg interest rates.
During all these far-reaching transfor
mations and the resultant alignment and
re-alignment of economic forces, even
mere rapid changes have taken place in
the panorama of financial institutions.
Seme banks have grown great and ethers
have passed ever the horizon, while invest
ment houses have come and gene without
number. Many that were en investors'
tongues a short while age ere new but a
memory. Few, indeed,, are the Bend
Houses still existent that had seen the
light of day twenty years age, and the lay
man, who steps te ponder, well may won
der why I
The answer harks back te the inherent
human desire te make money tee rapidly.
The Bend Business is essentially one of
patience and a reasonable living profit,
whenever avarice "comes in at the deer,"
conservatism "flies out at the window."
It is a natural trait te want te accumulate
a fortune in a brief space of time in order
te gratify the ambition te live in ease and
comfort. In hustling America gradual
commercial growth from one , generation
te another is tee slew. Hothouse methods
are mere popular. Alse, like avarice, the
urge of business extravagance or large
administrate e overhead is frequently tee
compelling. The necessity te make money
leads te taking chances en the soundness
of the securities handled, for the greater
the risk, the greater the potential profit.
A firm, te last, must keep its operating
expenses down te the point where it can
afford te deal only in these issues which
possess no element of doubt as te their
quality.
Lasting success, for both a Bend Heuse
and its customers, requires the mainte
nance of a consistent policy year in and
year out consistent as te the character
of securities it deals in, consistent as te
its internal management and personnel
consistent as te its ideals and consistent
as te its treatment of its clientele. Pri
vate bankers and bend dealers de net
have or require large fixed investments
in plants as de manufacturers and pro pre
ducers of raw materials, but, far mere
than their tangible funds, their best capi
tal is their character and geed will. Te
cherish nnd protect that geed will the
greatest asset any one can hope te have
the Bend Heuse must remain steadfast
year by year like the rock which calmly
withstands the pounding of the surf from
generation te generation.
FredericE Peirce d, Ce,
1421 CHESTNUT STREET, PHILADELPHIA
Safe investing is mainly a matter of knowing where te buy your bends
AMrniCXN nAIIAVAV S CO. Extended 7405.
Geld N ( NOTICi: Is hereby Een that
In arcnrd-inie lti an Agreement dated Dec,
2.1 l!i2t. supplemental tu Deed of Trust,
cauu i en i. iwiw, iNeiei .e
HIS 211 701 Kill 117.1 l.".H 20111 23!ll 2!t83
1IVI 2Vi 7JI 1IIJ2 1J4I1 17.'.il 2012 2111 H 2089
211 423 74.", 111(1 1247 1M7 2101 211111
22(1 OO'J 704 1113 neil 1M0 2103 2711
2T, OUI) 773 1111 1400 lfi4 2173 2S54
240 073 (5 1151 1431 1S0 238!) 2S(W
I ae ern drawn for redemption out nt
I mene i held m the Slnklnir Tund. The
pilncreal or slid notes uw be. paid en Aurust
1. ll22. at the efflre of the Trustee. BIT
Chestnut Rtreet. Philadelphia. Pjl. no
and Intereit. after u'llch date Interest en the
IwindH an drawn sh-ill cease,
inn PENNSYLVANIA COMPANY FOR
1NSUKANCES O.N UVnSA.N'D QUANTUM)
Trustee.
I Tin: i Tecxit rcnipwv
MMtlM. M 1'I.K Ci:.T MILD NOTES
1 Net!'" Ii lierelij hlven that the Autecar
. Company has enlud.d tn ex rrlse the right
iie red In Its indenture ditid ."-epiemticr 1,
11121. te rei eem all t"f mh uutsi Hiding un
tniitured nnti s en AiiKiist Jl. WSi, nt
KllVjrf ami urrriiril Intirext le unld data
of redemption, after winch dilu Interna will
it use
Said notes with all unmitured coupons
attached huuld u prem nte.l ut the offlce
nf tlie Trueiei nn or after iieu.l 31. 1021.
for piMnent nut of funds te be preildud ler
thai purpis"
l'lIH ALTOCMt CilMPXNT
B Clll Villi I It I T COMPANY,
THOMX.ss HtiPkl" Tie.ii.urer.
Plillid. Iphu Pn ,lui is l'P22.
In Helder of All IK Ml ((IMI'VM I'lHST
Mllim.M.i; II- Mill VI, I. III. I) 1IOMIH.
I tlder the prn tm UK nf Si it inn H Article
1 nf Its inurtBiM" ditcrl April 1 mill, the.
Auincir i1! mitn lien h kImh nntlce of Its
Intention te cxirilne Hie riKht reseneil there
under and will ri.ilnem all of Ihe lienils
(ecurcrl in mil innrti.ai;e fin Auuuat 21at,
IU.' J mi 102'i and 11 iiu"l InteieHt en Pre
eetitnilnn of ald imnds at thi ntllie of The
l'eiinlinnl 1 nnipum for InHiiranres en
I.Uih and lirantlni.- Vniiillllf, Trimlee, HIT
( lieetnut etrret! I'hll 1. lift, r uhlih ilma
II J Interest en unlit hnn Is w I) leane
I niililende
j' AI.DIM: Tltlsl tOMI'X.SV
I I0i ( liehtiiut street
I Juh Id, IftU
i M n meetlnK nf the Illreel ih helil this
; dav un two in vlded in the eurplus ae
! count luaklinr th.i tntnl eurplus $"0t) Oi)tl, and
i a r. mil ir dlMdend of 114', wis ileilareit.
yaiahle Anpiiht Int. tn hi 'ikhulders of record
uh 22 1922
j Cheques will Iw milled
t IHOMXS H IVCrtAJI,
I Treasurer.
1IIK 111 NriM.IMIN 1MI HltOAl) TOP,
.MOINTA1.N It.MlllllM) AM) COAL '
I OMPANV
1 30 Niutli lenlli Mreet
July 11 102J
I The neard of Oiirrlnr lias this ilay d-
riareu a uiiineiiu in one III tier feilt tee
e ntM per Nliure) en the preferred stock of
inn ienirnn iuHiie un and art
1. Ivii, In stniUhelders of reee
ctofe or niifiii tis jui
will le mulled
nd after Aiicuat
ru
I UmI le un
11)22
A J fi.MII ley Trea.urer
ut tha
Checks
Tin: mniiiMi i:i.tii tiii.i: inhijr.
AMI: M IKI.st tOMPANV
. July 13th, 11122.
The directors hale this das declared a
qu irtrrl) dUldeiid of lime per rent (3), free
of .State 'lax iminlile Ausiiat lOtli, In atoch atech
hnldi rH of leenrd at tlin cleeg uf builnaaa
Jul! 11 lilt IUJ2 uaiiiMS)
Cheiks will I m tualled
JAlfKH V K I.IHON Treaaurer.
1 l'lllll'OSAI.S
l'reiwiii;
I OK MADIIAN.
1VIIITK
EDWARD L0WBER STOKES & 00
Investments
20 Seuth 15th St.
PHILADELPHIA
Saving Dtiartmtnt
First National Bank
e Philadelphia
IMIIh U t lntern dlate Dennt. 'Jim u,
and (Iri'Kim An Phlladelnhla Pa,- Healail
WBBIIimilllll'i .r..K,Mi: in .rlpll.'a.,',' tAiU'K receli'.rt her'.'
'""""""iv until III A. M. (Hun lard time), July i.
- ,,., .... i,..i.i.ii,.. ..n :. ", . !
i"i mi Mimniiiim ,n, i,r unr pan 01
, Hi I fitm inrda miutraa. white, liifornialleri
LOCUST 7270
Plreet telephone connection mil. ..
TBADINO DKTT. IN NEW VOBB
AA. Heusman 4k Cm,
v reiiueat
I'. H. KMilt. III'FICK. VI LMlNlTl ON.' UK t
bealtid froveaala .will b recaivvd bars
until 11 A M.. atsfidurd time. AugMk,
wi ni mii W4vy ! ivi TslinM iif - w
a
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