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EVENING PUBLIC LEDGER PHILADELPHIA, MONDAY. OCTOBER 30, 1922
U
77 04LF NOVELETTE
FIRST ANNIVERSARY STATEMENT OF THE
Metropolitan Trust Ce.
Of Philadelphia
N. W. Cor. 18th and Market Sts.
Stattment at the Clese of Business October 24, 1922
RESOURCES
Leans and Investments $1,944,856.19
Real Estate 76,949.25
Vault 29,206.00
Furniture and Fixtures 32,637.16
Cash en Hand and in Banks . 410,992.78
Accrued Interest 1,192.84
$2,495,834.22
LIABILITIES
Capital $500,000.00
Surplus 50,000.00
Undivided Profit 32,100.27
Deposits 1.730,130.81
Bills Rediscounted 183,603.14
$2,495,834.22
OFFICERS
FRANK H. TUFT. Pre.ident
ALBERT M. GREENFIELD. Vice President
JOHN WALTON. Vice President ALEX. L. SKILTON. Secretary
FRED A. WERNER. Title Ofrccr
junn w tiijL, i ice resxaeni
FRED F. TURNER. Vice President
WILMER S. BAUM, Treasurer
WILLIAM S. PEACE, Solicitor
WILLIAM T. BRYAN
STUART W. BUCK
WILLIAM R CHAPMAN. Jr.
S. R. CONREY
EDWARD H. CURK
NORMAN H. HANNAH
DIRECTORS
JAMES E. MORONEY
.! FRANH MeCALL
CHARLES McDERMOTT
JOHN J M,Gl IRK
Much c. moere
eucenc e. mcc
WM S. PEACE. E.q.
HENRY REEVES
WILLIAM REINHARDT
II T REYNOLDS
SAMUEL S. THORNTON
GEOROE F. UBER
M
H
We Invite Your Account
Check accounts, savings accounts, safe deposit boxes, title Insurance.
Acts as executer, trustee, administrator, guardian, etc.
m
iaW ' ! IIMW1II1M1IIBIP tl SJ fH--f. . ...--., ,
Faith Clarkes Career
By Jant Otbern
TT WAS the first rim In Faith
uinrsu n currer ns menwRrnyiier in
tlm Onge Manufacturing Company that
he tint! been Inte. Her umall purse
hud slipped from hrr numbed fingers
en her way from the Hlalr Street
Heme te tlxs corner where she cub cub
teuuirlly took th bin. She bad retrneed
hvr step, but the rapidly falling miew
bad hidden the plaee where it bad
fallen. Se Faith Clarke went her way
en feet, punching the time clock in
the entrance te indicate a half hour's
tardiness.
As seen as she had taken her seat
In the room where nine ether stenog steneg
rnplicrn worked nnd hnd opened her
typewriter de-k te begin transcribing
notes from the dictation taken from
mm of the falemen latvi the previous
nfternoen, Faith was aware of the
fact that something of unusual Interest
wan in the air.
"Hetter powder your nose and leek
alive," said the girl at the next dvnk.
"He's coming in this morning te leek
us ever."
"Just my luck," sighed the girl at
the deik en the ether side, looking into
the tiny mirror en the cover of her
vanity case. "The snow get en my hair
ami took out all the wave, and I've
(jet en my eldet dreFB. I should worry 1"
Kvcntually Faith Clarke picked to te to
ircther the information that Themas
tiHRe, Jr.. son of "the big besx," had
nrrived. lle had previously had charge
of the western plant of the concern, but
had new come te assume control of the
main ntlice nnd would need a prlvnte
secretary, and had announced that he
would' choese ene from the stenograph stenegraph
era already employed.
"He's coming te leek ns ever. Jim
my overheard him telling Mr. Mills.
Then he will pick out the one that he
thinks leeks the best. It will mean
thirty dollars a week te the girl that
suit "
1'nith kent en with her work and
rurcfully rolled a tdnet of letterhead
paper Inte her typewriter. Apparently
she was net especially interested. "It
isn' likely he'il pick me," she said.
"Oh. I don't knew," consoled the
neiehber at the left. "You've cot a
fine record. You've get mere speed than
any of the ret of us and you're ter
ribly nccurate. Thoe things count,
though, of course, he's young and tine
looking and will probably pick out a
jrenil looker."
Faith Clarke dghnd again and opened
her notebook te begin the monotonous
duj 'b work.
Fur an hour little work was done.
Tin' buzzing of voices was inreMnt,
end there were frequent pauses In work
ler powdering of iw-es and readjust
ment of haimvis. Then a hus-h Mid-
letilv fell en the room, for the deer had
opened and Mr. Mills, office mantftt,
with n tall keen-eyed stranger, en
tered the room.
Never hud the Stenographer's room
of the Uage Manufacturing Company
hummed with such Incessant clicking of
the typewriters, nnd never before were
ten heads bent in such keen attention
te wetk, Mr, Mills and the stranger
steed talking in subdued renes, but ob
viously the btranscr was maklna nbser.
vatiens. Then they left the room and
the deer closed. Fer four or fi-a mln- k"jtled nr n V16 ,,r-1 wns concerned.
utcs mere the typewriter keys buzzed
lurteusiy aim then came a lull.
"Gesh i" said the girl at Faith's left,
S'Gce whhs!" said the ene at her
right.
"Isn't the suspense something aw
ful?" said n girl across the room. "Hew
seen de you think he'll let us knew?"
After the neon lunch hour the girls
took their places promptly. And then
Melly Day, who has found the suspense
se trying, was called te Mr. Gage's
office. Hhe stepped in the dressing room
for a careful reapplleatien of rouge
nnd lipstick and went into the sanc
tum with confidence gained thereby.
"Honest, I wasn't a bit scared," she
announced when she came back. I had
my hair waved Instead of getting lunch
when I was out nnd that kind of braced
me up. Gesh, hut I'm hungdy new.
though. Well, I'll treat you all when I
get my thirty a week, girls."
ihit presently a surprise came.
Jimmy, the office boy came In with
a messjige te Faith Clarke. She whb
wanted in Mr. Gage's office, and she
departed at once, without even looking
in a mirror. Her threat-.was dry and
her knees wre trembling.
"Peer kid," said eue of the girls,
"I sunnese he's looked un her reran!.
but what geed does a record de when
n girl doesn't keen up appearances?
In spite of dry threat nnd trembling
knees Faith Clark took a trial letter
from Mr. uage with lightning rapidity
nnii transcribed It in nit mdjeiuing
ollice without a fault.
She wultt'd while Mr. Gage read it
ever. He was consulting her record for
promptness and accuracy en a large
pink card from the filing room. ,
"I think, Miss Clarke' he said that
yen may consider yourself advanced
te the position as my private secretary.
It Is an advancement because it will
mean thirty-fire dollars a week, and you
are new, I bcllove, .getting eighteen.
Of course this is te be confidential for
a day or se." He paused te leek keenly
Inte the delicately featured face of the
girl who eat at the ether side of his
desk.
"I am sorry," Faith said slowly,
"but I If you don't very much mind
I'd rather net. I may have taken that
letter quickly, but really I knew I
wouldn't de nt nil. I'm very careless
and I'd much rather stay in the ether
room with eighteen n week."
Mr. Uage saw that tlie matter was
After all, she had a right te refuse the
offer If she chose, and perhaps a girl
se unambitieus as te wish te refuse such
nn advancement would net make a
geed secretary. Still, he had been at
tracted te her the moment he entered
the stenographers' room. It was only
en the recommendation of Mr. Mills
that he had tried the ether girl out
first and had found her lacking in speed
nnd accuracy, as well as in what Mr.
Gage considered a suitable personality.
80 that was the end of that and Mr.
Gage decided te put off for another
day the cheesing of a prlvnte secretory.
That crcnlng after close of the office
he felt the need of exercise, and In spite
of the dreary weather, with thawing
snow of the morning underfoot and gray
sky above he walked for several miles
in the direction of the hotel that was his
temporary abode. As he walked he could
think of nothing but the case of Faith
Plarttn Wlir luiil i.li Herllnpit lila offer?
Why would any girl decline thirty-five
dollars instead 01 eigntccn? .Mr. uage
made up his mind te solve the problem.
His meditations were suddenly in
terrupted when his downcast eyes fell
upon a small purse lying en the side
walk, before, him. It was half covered
with snow; apparently it had recently
been exposed. Mr. Gage picked it up
nnd opened it. I.t contained ?2.4." and
a key attached te a wooden tag marked
"lloem ninety-nine, Itlair Street
neme." Mr. Gage asked the policeman
at the next corner where the Hlalr
Street Heme might be, and was directed
te a benrding house for girls a few
blocks nway.
It was a dingy place inside nnd out,
and the high unshaded gas lights In the
hall did Tittle te dispel the outside
5 loom. Me asked the attendant at the
eak whether she would take the purse,
te which the attendant mechanically
reached eat te a cumbersome electric
press button and rang nine times and
then nine times mere. "I're sent for
ninety-nine," said the attendant wear
ily, "I'd rather hare you glre it te her
yourself."
Mr. Uage sat waiting en a narrow
uncomfortable black bench In the
hall and presently, te his surprise
appeared In the gloom Faith Clarke
the girl about whom he had been think
ing for the past half hour.
. 'Are you nlncty-ulne?" he asked
rising, and then, "I didn't expect te
find you here, Miss Clarke, still I am
very glad that I did."
Explanation concerning the less ana
finding of the purse were seen ever.
Mr. Gage lingered, sitting there be be
eide Miss Clarke in the dingy hall. He
told her that he felt this n geed op
portunity te try te persuade her te
accept his offer. "I am quite sure you
can de the work satisfactorily and I
should think that the lncrense from
eighteen te thtrty-five dollars n week
would make up for the additional
responsibility. That must be an induce
ment." Faith Clark looked about .her and
then .back at Mr. Gage.
"Yeu see." she said, "this Is home te
me. It's the only home I're known
since I left my uncle In the country
and that wasn't at all happy. It's a
working girls' home the rule is that no
girl earning mere than twenty dollars
a week can live here. I left ene place
becaused they raised my wages slat
was when I went te Gage's 1 and SS
don't you see what it means, te tut
If I accept your preposition 1 would
hare te leave this home. It would bmw
my heart." ""
Themas Oagt, Jr., felt eemitfcru
very much like a lump tn his threaiLrf
the thought of this dingy plsei! wtH
Its odors of sanctity and peer coekS?
could mean se much te any one. lli
own home Ufa had been se hse-nsZ
perhaps he, had never quite apprecitul
'"Stilt, I'd like te de your work"
Fnlth admitted. "It would be 10 SSi
mere interesting. Would you let As
de the work for the same salary?"
Themas Gage looked perplexed, sni
then suddenly he laughed a little and
held nut bis hand. It's a go. MitZ
Clarke. We'll make It twenty a wee?
and they'll still let you stay here.'' '
It was there In that dingy hall that
Thomes Gage made up his mind that
be would probably wee Faith Clark
as his wife. "A girl who loves home
se much ns that," he assured himself!
"ought te make a wonderful wife."
Twe months later he asked her te
marry him, and, of course, Faith aeT
ccpted. It was then that she feuni
that there was a little bank account
te her credit, showing a weekly savin,
of fifteen dollars a week. "It's yeni
te de what you want with it," Mr
Gage told her.
"I'm going te alve It te the herae-.
raeybe they could tuy a pleesantsr light
for the front hall and get a comfetUift
settee instead of that old black wit.
nut bench."
. SBBBBBB
4j
LOUIS T. KLAUDER
CONSULTING ENGINEER
PENNSYLVANIA BUILDING. PH!LADLPH
POWER PLANTS
DESIGN
CONSTRUCTION
AMKtAISAk
RUPvftT
$35,000,000
GULF OIL CORPORATION
OF PENNSYLVANIA
Fifteen-Year 5 Debenture Geld Bends
Te be dated December 1, 1922 Te mature December 1, 1937
Authorized and te be iaeaed $35,0OO.0C0. Coupon Bends in Si. 000 denomination Principal and interest payable at the office of The
Union Trust Cempaay of Pittsburgh cr at Banters Trust Ce, New Yerk. Interest payable June 1 sad December 1, without
deduction for normal Federal Income Tax up te 2.
Subject te rcdrmptien. m m whole only, en any interest date upen four weeks' notice at 103 H and accrued interest.
PURCHASE TOND
Purchase Fend of $2,000,000 per annum, commencing November 1, 1924, te be used te purchase Bends
upon tender during each November at net exceeding par and interest. If in November of any year a
sufficient number of Bends shall net have been tendered at a price of par or less and accrued interest te
exhaust the Purchase Fund of that year, the Trustee shall en December 1 next thereafter repay the balance
in said Fund te the Company.
Free of Pennsylvania Four Mill Tax
The Union Trust Company of Pittsburgh, Trustee
A litter treax Mr. W. L. Mellen. Preiidant e the Company, is aummnrized as fel'cwi:
BUSINESS
The business conducted by the Company and by
Company is meant Gulf Oil Corporation of Pennsyl
vania, together with subsidiaries, all or practically
all of whose stock It owns includes the producing,
refining, transporting, distributing and marketing of
petroleum and ha products. It is one of the largest
efl producers in the United States, its production from
its mere than 3,700 wells in the United States exceed
ing 80,000 barrels per day. A large portion of this is
thoroughly settled.
Practically all of the Company's oil fields in Oklahoma,
Kansas, Texas and Louisiana are served by its own
pipe line system, which, exclusive of field gathering
lines, exceeds 2,200 miles.
The Company's Pert Arthur refinery is one of the
largest in the world- In 1921, it refined ever 28,000,
000 barrels of crude.
The Company's own ocean-going vessels are u:ed te
transport the refined oil te its own distributing stations
en the Gulf of Mexico and the Atlantic Seaboard, in
cluding the stations at Galveston, New Orleans,
Mobile, Tampa, Jacksonville, Savannah, Philadelphia,
New Yerk Harber, Providence and Beverly 'Bosten,
Mass. Frem these points the oil is marketed threup.h
some seven hundred and sixty sales stations of the
Company.
PURPOSE OF ISSUE
The proceeds of these Bends will be used te provide
funds for the retirement of the Gulf Oil Corpei atien
(New Jersey Twelve-Year 7 Sinking Fund Deben
ture Geld Bends which will be called for redemption
en February 1, 1923, at 103) and accrued interest.
p!5
PROVISIONS OF ISSUE
These Bends are te be direct obligations of the Gulf
Oil Corporation of Pennsylvania and will be issued
under a Trust Indenture te The Union Trust Company
of Pittsburgh, Trustee, which will provide, among
ether things, substantially, that se long as any of the
Bends are outstanding and unpaid, the Gulf Oil
Corporation of Pennsylvania wi" net create or permit
te exist any secured indebtedness upon or against its
properties, including the properties of subsidiary
companies, excepting purchase-money obligations en
hereafter acquired property; also 'hat the quick assets
of the Company, and it subsidiaries shall at all times be
at least equal te the aggregate amount of their in
debtedness, including the amount of these Bends then
outstanding.
EARNINGS
Net earnings, after interest, taxes, depletion, de
preciation, etc., have net been less than $9,000,000
in any one year during the past five and one-half
years te June 30, 1922, and the average net earnings
for this period have been in excess of $16,000,000 per
annum. The net earnings for the first six months of
the current year ere in excess of the net earnings for
the entire year 1921.
The maximum annual interest requirements of the
remaining 6 Serial Geld N-.tes, due July 1, 1923,
end the present issue of Bends, aggregate $2,110,000.
The Company has pracMca'.y no ether debt ex
cepting current accounts payable.
During the past five and one-half years ever $84,500,
000 eurplus earnings, after dividends, have been re
tained in the business.
The $103,546,100, par value, of capital stock of Gulf
Oil Corporation of Pennsylvania, at its present quoted
price, indicates a value exceeding $200,000,000.
New Issue
$5,000,000
Republic of Colombia
EXTERNAL LOAN
Dated October 1,1922
Five Year 6!2 Geld Notes of 1922
Interest payable April 1 and October 1
Due October 1, 1927
I
97 and Interest, te yield about 5.30
When, tn and if iwued and received by ua nd subject te approval of counsel It is expected thnt definitive Dond will be ready
for delivery bout December 1, 12. AH legal details pertamins te thu .sur will be paeed upon by Mews. Reed, Smith, Sbavr U
McCluy, of Pitttburgh.
Gulf OH Corporation Twlv-Ymr 7 Sinking Fund Debenture Geld Bendt will be accepted by th undesigned in
payment at thair radaraptlen prlea, 103 , and accrued interest.
The Union Trust Company of Pittsburgh
Guaranty Company of New Yerk Bankers Trust Company, New Yerk
The National City Company Mellen National Bank, Pittsburgh
Brown Brethers & Ce., Philadelphia
Wttaarti
I tenia, but they are takW from Murcea whichwe eMre te be reliable,
Principal and Interest payable in United States Geld Coin of the present standard of
weight and fineness at the office of Blair fit Ce., New Yerk, Fiscal Agents of the Lean.
Exempt from all Taxes, present or future, imposed by the Republic of Colombia
Coupon Notes in the denomination of $1,C00 with the privilege of registration as te principal. Redeemable at the option of the
Government in whole or in part en any interest date, en net less than thirty days notice at 100 and accrued interest.
The following summary has been approved by His Excellency, Enrique Olaya Herrera, Colombian
Minister te the United States:
SECURITY: These Notes are te be the direct external obligation of the Republic of Colombia.
Fer the benefit of the holders of the Notes the Lean Contract further provides for the deposit
with the Fiscal Agents of drafts en the Customs Heuse at Barranquilla, each for the sum of
$83,000 and drafts en the Customs Heuse at Cartagena, each for the sum of $42,000,
one draft en each of said Customs Houses being payable te the order of the Fiscal Agents each
month from October 1 , 1923 te September 1,1927, inclusive, or a total of $6,000,000 U. S. Geld.
The moneys thus paid te the Fiscal Agents are te be available for interest en the Notes and at
the option of the Government for their purchase or redemption at net exceeding 100 and
interest.
By the Lean Contract it is declared that this Lean shall be a lien en all customs receipts
. from Barranquilla and Cartagena, except tHe pledge of 25,000 Sterling per month in favor
of the Republic's existing external leans.
CUSTOMS REVENUES: The total receipts (Colombian Dollars) at the Customs Houses at
Cartagena and Barranquilla are reported as follews:
Year ended Dec. 31, 1917 1918 1919 1920 1921
$6,800,000 $4,550,000 $7,250,000 $13,300,000 $5,900,000
The above receipts, which constitute about 80 of the national customs receipts for said '
years average $7,560,000 per annum. After deducting the 25,000 Sterling monthly charge
en existing leans they overage about $6,000,000 per year. The annual interest en these
Notes amounts te $325,000 U. S. Geld.
The national customs receipts at all customs houses for 1922 are officially estimated at
$11,000,000 of which about 80 or $8,800,000 are estimated for the customs houses at
Cartagena and Barranquilla. '
PURPOSE: We arc advised that the proceeds of these Notes are te be used te retire floating
indebtedness held principally in the United States and in Colombia and for ether governmen
tal purposes.
NATIONAL DEBT: The aggregate national funded indebtedness, as of December 31, 1921,
together with the present floating indebtedness, is officially reported at $35,617,935, or about
$6.00 per capita. Of this amount, slightly mere than Tialf, or about $3.00 per capita, repre
sents external funded debt figured at approximately the current exchange rate. These figures
are exclusive of the national currency issued according te the Constitution and limited te
$10,000,000.
FOREIGN TRADE: The foreign trade of the Republic ever a long 'period, shows a favorable
excess of experts above imports. During the past fifteen years imports exceeded experts in
only one year. The published statistics shew:
Five Year Average Year 1921
1916-1920 inclusive
Experts (Colombian Dollars) . . . $50,135,000 $63,042,000
Imports " ... 45,267,000 33,068,000
Total $95,402,000 $96,110,000
The experts' for the year 1922 are estimated at $80,000,000.
TREATY PAYMENT: The treaty between the Government of the United States and the
Republic of Colombia provides for total payments of $25,000,000 (U. S.) te the Republic
of Colombia, the initial payment of $5,000,000 bein?, due in 1922 and the balance in annual
instalments of $5,000,000 each.
GENERAL: Colombia occupies an area of about 440,000 square miles, or mere than that
of all the States en the Atlantic Seaboard from Maine te Flerida. It has a population of
approximately 6,000,000, ranking in third place in population among the Seuth American
Republics. It is noted for its wealth and variety of natural resources, being the second
largest producer of coffee in the world. Chief among the ether agricultural products are
bananas, sugar cane, tobacco, medicinal herbs, etc. The Republic is stated te be the largest
producer of platinum in the world. Geld, silver and emeralds are mined, and deposits of
coal, iron and copper are found. An active development is under way in the Colombian oil -fields,
and American and ether foreign interests have made large investments in these fields..
Cattle raising is an important industry The National income for the present year Is offi
cially estimated at $23,903,000, vith expenses estimated at the same figure. A noteworthy
feature is the relative stability of its exchange; the current quoted rate is about 96 of par,
which is the most favorable of the principal Seuth American Republics.
Application will be made te list the Notes en the New Yerk Stock Exchange
We offer the nbove Notes subject te the approval e ceumciat
98 and interest, te yield about 7
Blair & Ce., Inc.
The Equitable Trust Ce.
OF NEW YORK
Redmond & Ce.
Ttw MMmcatt """! vt. whll mr purantff d. re btird en Information cibtntmrl pirtly by tib1 from cnVlil tad etaar mirca.
All t.tlstic. routing te menty iinlcu etlif rwi.j in.lic.teU cipreiml in ttrmi Tef the ColeaAlsn SOUfcafc
Uellir or Pew, whlili, at pu of richanse ii equal te W. J J centt U. S. Qeld.
il