YORK' HERALD,
TUESDAY, MAY 11J02O.
17
THE 'SUN AND NEW
An Incentive
to Save
As the prices of good? aiul
materials advanced 1 bond
prices declined. It is be
lieved that the cost of liv
ing has reached its peak
and consequently it vould
teem wise to buy high yield
ing bonds, as both principal
and income should increase
in vahie with the gradual re
turn of wore normal living
coats.
For investment suewtionij
write for Circular No. BX-Dl.
A.B.Leach&Co.Jnc.
itvMtmewl 8uri!
62 Cedar Street, New Yolk
Boston Chlcasa nlo Cl.veland
IMliMpMi lllonespoll. Baltlmor.
.S. LOST IN ST. PAUL
ROAD $20,000,000,
Bond Without Federal Rental
Would Have Earned But 41
P. 0. of Fixed Charges.
SET INCOME $7,03,015
Fittshnrg and West Virginia
Slakes Preferred Dividends
Without TJ. S. Aid. j
CONTINENTAL
MOTORS
CORPORATION
Seven Per Cent. Serial Note.
Du: April I. 1922 to 1925
l.-yst end iriost successful
3-s-'iin-e r.iotor building organ
itiu1 in the United States.
I :,ote5. a direct obliga
t or of the Corporation, con-s-i.t-ti
ifc only funded debt.
l'.jrab; nearir tea times tnterett
r'.iarjev
Prices of various maturities
to Yield 712.
BDODGETT
HART & CO.
i2 Broadtrar, New York
1:4 0 La Sa'Je au IS Derwuhlre Su
Chlciso. Ikrton
; F.Iilcott q 24U Gene St.
Uu3o Utlea
Olrert 'rlrt Wire.
Thrift
Savings
Investment
JTREATISE on the
consistent applica
tion of monthly- sav
ings to the purchase of
Standard Securities.
Copy Jcnf frtt on ref-ttl
Chas. H.CIarkson & Co..lnc.
66 Broadway New York
Tt.Mw Ruhr 466S-f
You May Profit
By Investment
AT PRESENT LOW
EXCHANGE RATES
'in the
CITY OF
COPENHAGEN
Loan of 1902
which actually yields
about 9 interest, and
may offer a possible ad
ditional profit of over
50 in the Exchange.
Asfa Circular SIl
BOTH S COMPANY
30 Pine Street, New York
Telephone John 8314
The Government lost approximately
i 10,000,000 frofli Its opsratlon of the
Chlcaro, Milwaukee and St. Paul RaP
war, according to figures compiled from
the annual Veporl Issued yeatrrdiy.
which showed that the road without ttw
benefit of Federal compensation would
have earned only 11 per cent, of Us fixed
chaises. Based on the Federal rentsL,
the company earned net Income, after 1
cnareea. of S7.643.04S. equivalent to
IS.G9 a share on 11,15.845,809 of Its out
standing preferred stock. In 1918 Itil
net Income, alter charges, was J6,I41.50J. j
or IS.3S a share. Its Income account!
showed a net debit balanco of J3.G3J.S37l
In 1919 and S4.440.S90 In 1918. both
lap over Items. Eliminating them the
road's corporate net Income would be
equivalent to 33.70 a share In 1913 and
$9.17 In 191$.
Without recelvlnr a dollir In rental
from the Federal Administration, the
Plttsburir and West Virginia Itallwar
Company earned Us preferred dlUdends
In 1919. Owing to surplus appropria
tions for Investment In physical prop
erty, the profit and loss surplus balance
was reduced from SGSS.TCO nt th be
ginning of the year to 85S7.U1 at its
close. The balance sheet discloses a
working capital of approximately
32.000.000, of which $650,000 Is In Lib
erty bonds and 5CS1.000 locash.
H. E. Ryram. president of the St. Paul,
say In ita annual report that the com
pany is negMUtlnt; with the Baldwtn
Locomotive Company a contract to cover
the construction of 100 additional
mlksdo locomotives the delivery of
which Is to commence In Jun?. 1920.
He adds: "During the period of Fed
eral contro! a total of 3.000 box cars
and 100 locomotives were allocated the
company. An equipment trust agree
ment was entered Into to finance tht
purchase of 4,004 of these- cars end 100
locomotives, the cot of which Is placed
at a maximum of $18. 142.700 and a mini
mum of $14,445,000." He also raid:
"Up to December 31. 1919. slightly
more than t-ne-half of the compensation
due the company from the United States
Railroad Administration had been paid
by the Director-General, all of. which
has been used in paying fixed charges,
maturities and corporate expenses, the
balance being held to offset amounts due
for advances made by the Administra
tion for additions and bettermentsand
open accounts. The addition and better
ment account includes the cost of 1.000
bos cars built at Milwaukee shop, but
riots not Include the cost of the remain
ing 4,000 box cars and the 100 locomo
tives allocated to the company.
Tim withholding of the compensation
due the company against balances due,
the United States Railroad Administra
tion for additions and betterments and
other accounts his made it necessary
for -the company to borrow funds with
which to meet Interest maturities and
other requirements, as follows:
War Finance Corporation lll..ViO,(VV
New Tort tanUs -. 4.000.000
Executor ' Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos." 16, 18, 20 & 22 William Street
. Branch Office, 475 Fifth Avenue
. At Forty-Grot Street
New York
London
Administrator
Foroign Ex.chango,
Paris
Guardian
Member Pederalilasene System and Now York Clearing Houm
ir' t.
Total II500.00rt
"Since the close of the year the DIr.-tor-Oeneral
has advanced to the com
pany out of Its compensation an addi
tional $8,ll.s50. of which $$.750,000
was for nrorklns caDltal and $561. SoO tor
Jlnteiest and other requirements. The
net amount due the company as the
result of Federal control cannot bo
definitely determined until the negotia
tions which are now In progress .for a
nnal Fettlenwnt with the United Stales
Railroad Administration have been con
cluded." Corporate income accounts of the Chi
cago, Milwaukee and St. Paul Railway
Company of 1919 and 191$ Compare as
follows .
Which Kind of Vision
Do You Possess?
It is curious but true, that Ihc only
money that most people arc interested
in is the money they cannot see. Dis-j
tance lends enchantment to the new.
They have a long distance vision which
is forever looking over the world for op
portunities and forever overlooking a
world of opportunities at their feet!
The greatest vision of all is the ability
to recognize the investment opportuni
. tics at your own back door, and foremost
-J ofallthoscopportunities is PRUDENCE
BONDS, paying G guaranteed as to
interest and principal and backed by the
most conservative mortgages on the
u'nest type of income-producing , real
Cilate, in the greatest city in the world.
PRUDENCE-BONDS ABE ISSUED IN DENOMINA
TIONS Of 1100, $500 and. 31000. WE PAY THE
4fe NORM A LFEDERAL I N G O M E T A X.
GUARANTY TRUST COMPANY OF NEW YORK, Trustee
Send for Booklet J-23
Realty Associates
Investment Corporation
31 Nassau St., New York rhom Rector 51SI
Gi Rerascn St., Brooklyn Phont Main G$0
BONDS IN STOCK EXCHANGE
MONDAY. MAY 10, 1920.
193c. 1J1S.
-,.,. sales $5.999.000 lll.473.0tfC
Year to date ...V 1.5S1.J38.000 1.21O.3JS.00O
RANGE OF LIBERTY BONDS.
Clottaj. Pales (In ... , .
Bid. Asked. Yield. tl.OOOs). mmm Open. High. Low.
11 70 91 SO 3.99 "0 3i.s tl3i;-l.) Pi.tt
, J ...... .... rfi.tiv ri,nv
$5.70 4.90 i5 1st CV. (1932-47).. 35.40 85.70 $5.40
85 i 5.U 174 2d 4s (1927-42) 85.0 S5.J0 35.04
84.70 5.17 104 1ft cv. 4Hs (1932-47) SS.2S S.S0 8C2S
S5J0 5.33 1.073 2d cv. 4,s (1927-42) 35.20 S5.I0 $5.15
.. ..'lt-!d cv. 4Us (32-47) '
70$ 3d 4;s H928) 89.10 $9.10 S9.00
2 4 -is rrg $5.5$ S5.SS 85.58
1 3d 4is res $8.70 $8.70 $5.70
1.9C) 4th iU (1933-38)... 85.7 SS.7fi 85. 5
1,370 VI.-. 44s (19223)... 9.08 9S.10 98.00
501 Vic 3is (liR-23)... 55.91 9S.02 9J.S1
191$.
$9,032,000
499.84C.000
$5.50
85.14
S5.60
55.23
9.00 89.02 S.S1
1010.
1M.7S-3 lcc.
1,750.593 Inc.
1S0.3H Ic.
I.113.CW Dc.
.'07.MS Inc.
ClitMte.
4.333
10.IU
30.0S0
SEW ISSUE
BROOKS STEAMSHIP
CORPORJtTIOHSTOCX
Subscriptions received,
subject to allotment
at $25.00 per share .
Circular on request
Rartshoroe & Battdle
Morten JVfiD York Sbc Ezdaaft
W Broad St. New Ymlt
Ted'I corap'ns'tnir.WJ.SlO IVc.
int. on.oona? u.
DIv. on stock....
Interest accrued..
Rents received ..
nerer.cn prior to
Jan. 1. WIS....
Mlsceltaneoas ...
Gross income... $31 .733,532 Isc. $2,309,75'
In a nrr-i H nr.
funded CeM .... 10,G?O.S3"
I.lterwt on note.. 1,3S8.5H
Hxpmsea prior to
Jan. 1, 1918....
Corp'n orfanlia
tlon ipna ..
Taxes accrued ...
lUnit paid
MUcellaaeoua ...
Utt Income
S3.3S S5.0 5...0
6C.0O i.04 .15
S5.S6 95.00 5.07
Last.
91.T0
91.S0
85.70
$5.14
88.52
$5.39
89.80
85.33
$8.70
35.84
98.00
93.98
Net
CliCS.
M
.30
o-.OS
-V.02
.14
.06
.02
X.04
United States, Foreif tkCoTernment, Railroad, Industrial and Other Bonds?
Asslorrewh HiNY Clty4)iJlJ,ChAAltcu UodkUta kdl J YWestchettr 8tL,&SanFria
3 3:( i .-ui a ixna
2 S2II 31 0 I 10
J 32ljf 1 1IV 1
4 33.2 3 20l, Norfollt B
Dee.
Inc.
75.331
703.430
4,713.427 Dec. STO.iCO
373.4C9
4i0.000
K.6W
Inc.
Inc.
Inc.
Dec.
CI0.254
103.313
65,0SJ
SS.034
$7,643,043 Inc. $1.401,JW
PRICHITT & CD
Members NYStocfc Exdwnge
SIXTY BROADWAY
N'EW YORK CITY
To Offer Livingston Petrolena.
Announcement has been made that
Ilayden. Stone & Co. have underwritten
at $10 a share 190,000 fharea of Urlnjr
ston Petroleum Corporation of Dela
ware, which are to be offered for sub
scription to It stockholders. The cor
poration plans to absorb throush the ex
change of shares the present Livingston
Oil Corporation of Delaware and the
Livingston Refiner Corporation. De
taUs of the plan are being mailed to
stockholders of the latter companies.
FINANCIAL NOTES.
N'w Torlc CoHe and Bugar IU chaos
M not tn on Mar or em Saturdays
In June, Juty and Auput aad SepumSer
r-erro de Pasco Copper Company produced
l itril J.943.0CO pounds of copper, against
5Ca(S tech and 4,7tO,OW In
April'. 119.
United 8tates Jlortgage and Trust Com
paS Sub of tho United States Mortgage
ind Trurt Company gw an Informal danco
" th. Aldloe Club last night, which was
attended by about 200 members and their
guests.
a DecUl raeetln? of stockholders of th.
Sf the cbmpinj In Portland. Me. The pur
Si.rot meeting Is to Tot. on an In-
1 1 which tS.000.000 illAll b? pwffired mnd
v .. . , - ,Vt.ij.jii- wlIB n
liftl?! oo chanfLnff th hum of Uw
aiKtro iu "v" .. rilMfiti Panor Ariel
K 'TbreonTpan?., prent .tod:
Htrrti and common tfiarta.
r.Vr of tlWi .P-I o'r impltments
w w blppef f Sa the Case Plough Works
tartorr.
. n i L rvi K,r nreoared a
tJJet "on railroad Investments and sliow
ilren raUroads under the
M-E.clf. but., tMjt contala.
brl.l oeacup"""
Cable .We. .JSJSSSSt
S'ftJlWlfsT rZitlM la tiit city" on
of tn rly B nni., ,.i i.arfn.
dWdd profits during the last year.
The ttm. for tho depcll of Motk of On
Horn. Oil Htflnlng Coopanr of T.iaj, under
fi. naflt agreement of Anrll 19. IKO.
has bl "xt?ndid to Star !
SJiultarles r. th Ensplr. Trust Comnany,
S?Yort7 ayraeu Trust Company, ayra
ie. and Central TrusOcoopany of IlUnoU.
Chicago. . i
MlUer k r"o. fcav l-vrt a cl-euiar en
tlUtd 'Th. Coptr Situation i a Coper.
rtveTAr-alysis of Copper Securities."
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A
NEW ISSUE ;
' .Exempt from Normal Federal Income Tx
' , $2,500,000 . ; ; ;
Great Eastern . Paper Company, Limited
)
8 Cumulative Preferrad Stock
Preferred as to assets and 8 cumulative dividends payable quarterly, the first day of January, April. July
and Uctober to 3tocKnoiaers'oi J5i- ".VJ?,.V' V" " :r..;"rr.y"" h-' " ''SI ZL iuu
deemiule in whole or in prt at n ana accrueu umucnu w unit uj niwu.. ..... w. v.. ," -
assets and to secure indebtedness running less than a year may be civen or allowd; no other than ordinary cttrren
indebtedness runnintr less than a year be incurred without approval by two-thirds vote of the Preferred Stockholders:
l"r e5?i. "iV.Ba i 1 ..-ti-i a mAmnt',nn f,m,l U ornvided: for deta U see the Pres dent's letter. In the
worse of its tZ nfinr yda pay an income tax to the United States Government, thereby, in the
nninion ot counsel, maaing uum im. . .. . ., - ... . ----- . .
slockholders resident in the United States! As reRards shareholders who nave reguterea ineir aaaresscs as in uic
United States of America the dividencs snail be payaoie, ana me siocic reaeemapie, in new ioik waB.
Par value $100
EQUITABLE TRUST COMPANY OF NEW YORK BANKERS TRUST COMPANY OF MONTREAL
New York Transfer Wnt Montreal Traaaer Atml
MERCANTILE TRUST COMPANY OF NEW YORK NATIONAL TRUST COMPANY
New York Registrar Moatml Registrar -
Capitalization
Anthorixad
8 Ctimtilative Preferred Stock J $3,000,000. $2,500,000
' eniuiiuu
Common Stock .
5,000,000
4,000,000
No bonds and none may be authorized except with the consent of two-thirds of the Preferred Stock.
We summarize the folio-ding from the Utter of the President : .
Properties
The Great Eastern Paper Company holds 460 square miles (approximately 300,000 acres) of
timber limits under license from the Crown and 1,400 acres of freehold timber in Gaspe County,
Province of Quebec, on the St. Lawrence River. The limits cover almost the entire drainage area of
the Madeleine River, and practically all the timber is-withiri three miles of drivcable streams to carry
the loes to the plant at the water power on the Madeleine River,. art4miles from the St. Lawrence.
The plant comprises a barking mill, a saw mill with capacity of 10,000,000 board feet a year, . aground
wood pulp mill with a capacitv of 20,000 tons a year, and a water power development with 5,000 H. F.
unit installed, and a total capacity of 27.000 H.P. The Company owns also a railway of 7J. miles
from the plant to the St. Lawrence, with the necessary rolling stock and equipment, and the' dock,
shipping facilities, lighters, etc, at this terminal. ) VATTnr ?
The tangible assets accord ng to appraisal are $9,198,000 net worth. THIS IS A VALUE OF
$35161 A: SHARE FOR THE PREFERRED STOCK AND $157.25 A SHARE FOR THE COM-
MON STOCK. , .
Business
The -manufacture of materials for newsprint, paper, particularly ground wood pulp, is a bask
industry, with a steady and growing demand which appears likely to exceed the supply for a number
of year's to come; for the consumption of newsprint paper is in direct ratio to the population, but in
crease in productive capacity was halted by the world war. The present normal demand is perhaps
25 in excess of the supply. It is no longer possible to obtain adequate cheap power and large forest
reserves in the Eastern United States, and opportunities in Canada, accessible to transportation, are
becoming scarce. To meet this situation the United States, Government eight years ago removed all
duty on the lower grades-of paper and ground wood pulp coming from Canada.
Earnings
On the basis of the present current prices for lumber and ground wood pulp, which price should
steadily increase, the net earnings of the Company after taxes and sinking funds should greatly exceed a
million dollars a vear, without computing any gain from Canadian Exchange. On verv conservative
Stimates of selling prices'for a pericJd of years the EARNINGPOWER OF THE COMPANY AS
AT PRESENT DEVELOPED SHOULD BE OVER SOOflOO OR $11.97 A SHARE ON THE
COMMON STOCK.
Leiral matters pertainins; to this issue have been In the hands of Messrs. Lyon and
Lilly of New York and Messrs. Fleet, Falconer, Phelan and Bovey of Montreal for the
bankers, and Messrs. Cook and Magee of Mbntreal for the Company. Timber Cruise
...ah, , (mm Mr T. F Gravel of Quebec .The plant has been appraised by the
"Canadian Appraisal Company. Limited, and the limits and plant have been examined for
0, t-onsulttnf; E-nnineer. Messrs. rnce, rvaicraousc snu wir
I
u bv Mr. E. Maltbv Shieo.
pany are the auditors of the Company.
AVer
When, ms nsf if ittuti mnd'rttioed
Price 100 and accrued divirJn3
With 20 in Common Stock
Application will be made in due course to list both classes of stock on the New York,
Boston, .rilliaucipai, tcu nuuuui jiuli. jt.uiigc3.
. Lawrence Chamberlain & Company t t
ClncorporatecT) "
115 Broadway New York
e m fiWMiiiJ Imt f Wiw si m hfnrntiti'frri Tlifrh irt VtKfrTT rrrfrlrr fim? trt iSTtTb t Htt tMtt, fn an in n rtlain Ah km
Mt
We Make a Specialty of
United States Liberty and Victory Bonds
W kttp a supply of these securities
en hand for Immediate delivery. '
4 r
Nothing is safer, and, in the case of persons subject to heavy
surtax, nothing is more attractive considering safety and
yield, than the tax-exempt issues.
Persons however, having moderate sums for investment, and
who are not subject to any considerable surtax, can afford to
buy other safe securities yielding a better income than United
States Governments.
United States lends, at present market prices yittd the
Invester frem 3.50 te 6.
Other safe securities yield frem 5 to 7 and in seme
cases even mere. .
We are prepared to advite -loth dnsse of investors and to
explain where their advantage lies in making their investments.
Kidder. Peabody & Co.
17 Wall Street 115 Devonshire" Street
New York - ' , Boston
Fourtdtd 1737
Seasoned
Investmenti
30 Pine Street
New York
i
a.
ft
BaaUsc RotiM ef
HENRY CLEWS GO.
Member at N. Y. Stock Excaaa;,
11.13,15, Hand 19BroadSt.,N.Y.
Iatatwt aMmsed on dtp aecoaat.
aabjert la cbraa. Stock. Bond and
Not. Issues of Hallroad and Industrial
Companies Boiifht and Sold and con
trratlr. adeance. mad. th.reon.
FWrlrn Letter, et (YroMt luoed.
Dealer. In
LIBERTY IQNDS
Branch Office. ISO Fifth Are.
08 Calm Square. 88 Warren 81.
IIS E. COtb St. 18 Court St, Bnektra.
I
Hart Parr Tit
Gee. W. Heine Com.
y lUiaeii Traction On.
NatiaaJ Bank ef Cuba
E. & C. Randolph
Members NawTerkStedtKictiasis
Unlisted Securities Department
111 Broadsrmtr New York
LIBERTY BONDS
i
All orcornlnatlons bousht for cash.
S4S44 on we ciesiac ve pa;
8K.M fer See-JHa Bead. SS ?.,
StUl fee at S-4 4r, Head. 1 Ceopon
SI401 for st SS8-M t'i Stead.eCeeeMA
S.t7 fer SM-lth 4i Bea. I l eapen
$18.18 fer si 4u Baa. i Leapen
PURDY & CO.
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