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Show THE MARKET Ij! TREND f I Aft a phmamliwl rlM tut- ln ttm months kota tfe aioak market j4. U a hmh th bond awxkt ara utlarlafl a raartloOi Tha cWtt bin-tar ! a rvuilnn prlo cwih aa Uia prMnt ta In vast kia (unda. Wi itcmuMl tha followtag blgh-ra4a aaeurtUaas Vlah Powar Light T aet, fa. at . Uuh-ldaha Iniu II lilt' at tlVt. Wrl.ht TH 111 at 1M. ropnhaa at T. Grand Trunk Fu, la lttt at II. Our HlatUtlnal DapvtmMIt will fumlah complata Inform lloa on ih anov or athar aa-curltlaa aa-curltlaa oa Inquiry. J.A. HOGLE & CO. H Uk CKy At a quarry in the Imperial b Valley, California, where i aggregates were being ob- H E tained for another addi- 9 1 I tion to the State's system fl fj of . Concrete roads, the S I methods used in screening B K the stone caused a waste I E of 35 per cent. E s ' 1 One of the Portland Cc- t S ment Association field en- g I gineers interested in the 1 progress of this work called I B attention to studies made S by our Structural Mate- I rials Research Laboratory I on th. selection and pro- I portioning of materials for I Concrete. He suggested that j i proper application of these 6 R might considerably reduce 9 B the waste. A change in the 1 I method of screening ma- j 1 terials was therefore adopt- B ed, reducing the waste to S only 15 per cent, without B lowering the strength of the Concrete. 4 BNow the stone is costing 42 cents instead oi $1 a ton, as estimated fl when the contract was let this j )tar, as against $1.45 actual cost I I last year. On the mileage to be f, built, this means a saving oi more I than $30,000, which will be used to build laore Concrete road at k no cost to the taxpayers. I This is but one example oi the i value oi our laboratory studies to I users oi Concrete. The Labora- f tory's work is to develop com in- i ually, without cost to the public, ! better and more economical method? oi making and using Con- g Crete under all conditions. S The Laboratory is one oi the B numerous services maintained by B the Pordand Cement Association 9 the joint research and educa- R tional ioundation oi 85 inde- R pendent manuiacturers in the R United States, Canada, Mexico, 3 and Cuba.condueted for the bene- P fit of those who want. dependable jy information on how to use 5 Concrete. Suggestions as to how our work may be made more useful to you j are invited. j PORTLAND CEMENT ASSOCIATION I j o4 National Ortaniiatioa j to Improve and Extend th Usei of Concrete H I Alton. DalUa P.rtmlNa !U. Fnache U Drott laAnla Phii.d.llm S-.nl. U Chk. H.I.M Myw,IM Priur(h Si. Lui. H TMIm I. Il ipill. MiaHMb PortWiJ. CW. VUIn,I C U IMmm r Cr Nn t . la Lmkm Cttr h.mmm, D.C 71 ' ' N CdaUaaaaujPJgaUaUaaUla IffT ' Iff gatMa? i , . . Iaaaaaauaawauawuaaw $27,645,000 (ToUl l.iufc) New York Qentral Lines Equipment Trust of 1922 Five Per Cent. Equipment Trust Gold Certificate .;: GUARANTY TRU8T COMPANY OF NEW YORK, TRUSTEE. (Philadalphla Plan.) To b. is.u.d by th. truata unitr an aqulpm.nl Iru.t Mrwm.nl dated Juna 1, 1122. Payable to Bearer, With Optional Regiatratioa aj to Principal. I Denomination. $1000 and $500. Dated Jund 1, 1122. San.l maturitiM af 11,143,000 par annum, Juna 1, 1123, ta Juna 1, 1137, bath ln.lu.lva. Warrant for tha Semiannual Dividend at th rata of S per cent par annum. Mature Juna 1 and December 1. Certificate, and divid.nd warrant, p.yabl. at tha .fflce af tha truetaa. Iaaue subject to authori ration by the Interstate Commerce Commisaion. The certificate are for 75 per cent of the cost of standard new equipment, the remainder of the coat to be paid by the railroad companies. We are adviaed by A. D. Smith, Eaq.f preaident of tha Naw York Central Railroad Company, that the equipment will coat approximately $36,860,000 and will cofutet of approximately 18,500 freight-train car and 75 locomotive. The title to the equipment i to be veated in the truttee, and the equipment U to be leased by the truatee to the following railroad companies, which are jointly and aeverally to covenant to pay rental aufftcient to pay the certificate and dividend warrant, a they mature: The New York Central Railroad Company, The Michigan Central Railroad Company, The Cleveland, Cincinnati, Chicago & St. Loui Railway Company, The Pittsburgh A Lake Erie Railroad Company, The PitUburg, McKeesport & Youghiogheny Railroad Company, The Cincinnati Northern Railroad Company. . . THE ABOVE CERTIFICATES ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO ISSUE AS PLANNED AND TO APPROVAL OF COUNSEL, AT THE FOLLOWING PRICES, PLUS ACCRUED DIVIDEND t $1,843,000 due June 1, 1923, at 100 per cent. $1,843,000 due June 1, 1924, at 99.62 per cent to yield 5.20 per cent i $1,843,000 due June 1, 1925, at 99.45 per cent to yield 5.20 per cent I I The Following Maturities to Yield 5.30 Per Cent: i $1,843,000 due June 1, 1926, at 98.93 Per Cent. $1,843,000 due June 1, 1932, at 97.69 Per Cant $1,843,000 due June 1, 1927, at 98.70 Per Cent. $1,843,000 due June 1, 1933, at 97.52 Per Cent $1,843,000 due June 1, 1928, at 98.48 Per Cent. $1,843,000 due June 1, 1934, at 97.38 Per Cent j $1,843,000 due June 1, 1929, at 98.26 Per Cent $1,843,000 due June 1, 1935, at 97.21 Per Cent. ! $1,843,000 due June 1, 1930, at 98.06 Per Cent. $1,843,000 due June 1, 1936, at 97.06 Per Cent. $1,843,000 due June 1, 1931, at 97.87 Per Cent $1,843,000 due June 1, 1937, at 96.92 Per Cant I Subscription book will be opened at the office of J. P. Morgan & Co. at 10 o'clock a. m., Wednesday, June 21, 1922. The right i reserved to reject any and all applications, and also, in any case, to award a smaller amount than applied for. The amount due on allotment will be payable at the office of J. P. Morgan St Co., in New York fund, the date of payment to be specified in the notice of allotment, against delivery of temporary certificate or trust receipts, exchangeable for definitive certificates when prepared. J. P. MORGAN & CO. FIRST NATIONAL BANK, New York. THE NATIONAL CITY COMPANY, New York. GUARANTY COMPANY OF NEW YORK HARRIS TRUST & SAVINGS BANK New York, June 21, 1922. . I |