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KVBIXO PUBLIC LEDGER PHILADELPHIA, WEDNESDAY, .JANUARY 26, 1021
21
fimr't
$
i
$30,000,000
The American ' Agricultural Chemical Company
7V First Refunding Mortgage Sinking Fund Gold Bonds
Dated February 1, 1921 Due February 1, 1941
Principal, intereit nnd sinking fund payable at office of Lee, Higginton & Co. in New York, Boiton and Chicago.
Callable, at n whole or In part, nt 105 prior to February 1, 192G, during nest 5 year at 103'i, during
next S years at 1022, during next 4 years nt 101, nnd during Inst year at lOO'i.
Interest payable without deduction for normal Federal Income Tax up to 2
OLD COLONY TRUST COMPANY, BOSTON, TRUSTEE
Capitalization
(Upon completion of present financing)
Funded Debt:
First Mortgage 5 Bonds,
due 1928 (closed mortgage) $ 6,959,000
7xh First Refunding Mortgage
Bonds, due 194; (this issue) 30,000,000 $36,959,000
Capital Stock:
Preferred, 6 Cumulative $28,455,200
Common 32,618,900 $61,074,100
t
I'rom a letter of the Chairmai, Mr. Robert S. Bradley, we further summarize a follows:
BUSINESS: The Company was organized in 1899 under- the laws of Connecticut. Its
business is the manufacture and sale of chemical fertilizer and allied products. It owns
and operates 50 plants well distributed to serve agricultural districts in the United
States. It also owns lands containing phosphate deposits estimated sufficient to meet
the Com; any's requirements of this basic raw material for more than 100 years.
ASSETS: Total net assets, based on June 30, 1920 balance sheet but including proceeds
of present financing, arc valued at $113,254,547 or more than 3 times total funded
debt of $36,959,000. Value of the mortgaged property alone is more than $53,000,000
or 144 of the total funded debt. In addition net current assets (working capital)
are more than $55,000,000.
EARNINGS: Net profits applicable to interest charges for fiscal year ended June 30,
1920 (after deducting $2,308,351 for depreciation and depletion) were $7,164,733,
or 2.75 times the present interest charges of $2,597,950 on the total $36,959,000
funded' debt, including this issue. Average annual net profits for last 5 years were
$7,630,778, or nearly 3 times these charges.
SINKING FUND: 3 annually of total First Refunding, Mortgage Bonds issued, first pay
ment February 1, 1923, to be used for purchase or call and retirement of Bonds;
sufficient to retire before maturity more than 50 of the amount of the present issue.
In addition, a sinking fund of $375,000 per year is operating to retire the First Mortgage
5 Bonds.
SECURITY: These Bonds will be secured by a mortgage on all real estate, plants and
equipment, now owned or hereafter acquired by the Company, subject only to the
$6,959,000 First (closed) mortgage 5s, to retire which, First Refunding Mortgage
Bonds are reserved. Total mortgage debt at any time outstanding is limited to 75
of the value of mortgaged properties. In addition, the Company covenants to maintain
net assets at least 250 of total funded debt and to maintain current assets at least
140 of current liabilities.
nflti roai r a Kami nAtr
Wt J WCU UUTb wvibii puiu vi i wtw vuiiuauu Mtwwa wai vmsimsas j j it ls VVIUUCI J. t76Ui
(9.L durinc each of the last two venm). In Januarv. 1921 the 2c.'n ounrtprlv rnmmnn
dividend was paid in Common Stock at par.
We Recommend these Bonds for Investment
PRICE 972 AND ACCRUED INTEREST YIELDING ABOUT 7
It is expected that interim receipts will be ready for delivery on or about February 1, 1921
NEW YORK BOND SALES
Summary of Individual Transactions on New York Exchange
A OM M rft It
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Unit v (Mil Li 1 . . . , !Mi
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BOSTON
LEE, HIGGINSON & CO.
NEW YORK
HIGGINSON & CO., London
1306 FINANCE BUILDING, PHILADELPHIA
n a o.v 1. u
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LOCAL MINING STOCKS
TONOI'AH BTOCKH
Hid
Cafh llov (I8"j
Jim llutlcr 10
MncNatnar.i n" r'i
MacMara Crrstent in
Mldua 12
MlrpBh Ilxt ox
Montana in!
North Star no
IteHCUe Hula 20
Tonoonh Kxt 1". 1
Went i:ml ill
W'.t TnnoiMli 10
UIVIDi: STOCKS
Allied l)IMd 01
Alto Dlvldo ill
llelrher 02
neither Kxt HI
lien llur i'i'
llrotmli Divide in
DMile Kxt 27
DIMde Hvnd mi's
Divide I'on i2
Dividend 0 1
Hart Divide ... .112
Karmlll 1ft
llnihrnuek Divide l
Itevert Divide n.'
ll"iio Divide nni,
Itonetto 0-'
Mlvnr Klmr 01
Tonopnh Ilivlde ill ,'.
Tonopah Hacliroui-k til
victory Dlvldo nl
Verde Dlvldn nl
one 22
OOU-iriKM) STOCKS
Atlanta ., H
Mlue Hull
Iiooth ni
r.nib Kr.irtlon 0.'
'rarkerlnck O'l
DiHinniidllelU nine Hull ... .on' 1
Daly iiii'n
rinreme 23
(loldtlnld Con . . . .117
11 ildrielil Mereer
i.oldilolil DflVeo,tntf. nl j
fire it ilemi ni
Juinlni Kxt on
Keuuna, 02
Ivirm htor 01
(in
It I Hill. I..-.11
Silver l'lck In
Spearhead . nl
MISUKI.I.ANKOrs
Ampiro 1 to 1
Arizona United In
liden ... 10
Moth"r I.ort" 3', ft
Nevada 1 rills ill
Vivade Wonder 13
Teeopa Minim; o
White Cnp 0
Wllbert ... . . . iniij
GOVERNMENT BONDS
n'.i
riiillnplneM Ui'll 81'. s;
I'hUJpnlne In 10.15 si',
f s Oovt cimncn 2s lino i",'j 10
1' s (lovt r.'cltcred 2k lolo sis', Ino
P S (lovt riterei 3n 1141I in.'S 1111
V H Govt coupon In 10'n mj' j.,j
LONDON STOCK MARKET
Industrial Depression Had Unfavor
able Effect on Sentiment
London, .Inn 2C IniltlHtrlal depress
8lon and f(Vprlnli inoveineiitn In tlio for
elKii M.liuliKO luul nil Ulifiivornljlo effect
on Bentlmenl on the Rtock rxchnnKo lo
tiny, nnil the umlcrtone of tlio markets,
In the ninl", Inckpil Hti-adlncHH. fluinKM
In lirlcen wtii mirruw nnil tr.ullnff ro
rnaftictl smnll Willi tli( niitironch of
the end of tin1 month, nitrx for money
etlffpned uciilti, ciiiHlng Kllt-cdgeU ln
eMttnpitn to weaken ,
Korclini loaim wore unRCttleil Krench
dtr-eiliitloiiH stiffen d lOHHen, owing to tlio
uiiHtnlilene8s of thn frno nnd tlio alow
proRruHH with (iennany'H reparation nt
tlw conferenco In I'urlH
(Ml BhuroH were Hteadler Shell Trans
port and Trading wan S 7-1C nnd Mcxl
an KiikIc ft 1R-I0
IleavlneBH charnrterlzed the ilcnllnRB
In Industrial" Hudson b Hay wan 6H
Tliern wan little Interest In knfflrn.
TH
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nni,
no
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10
10
ni
Wc Oiler
New York, Brooklyn and
Manhattan Beach Rwy. Co.
Now First Mtge. 5s, due 1935
Property in City of Greater
New York forms integral part
of the Pennsylvania Rnllrond'a
freight route to New England. .
Cost of improvement alone '
smfoly in excess of five times
amount of Bond Issue.
Price lo return over Grr '
Weijsh Brothers
328 Chestnut S-rnrarr
Philadelphia
Lombard 1513
2 . . to ,Kn P Pt S i.
I) 1 A. Hill M M"ini In
.hi 1 l... . (',0
It ' ' 1 . 0i;,
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. iiit i r.iPi
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ill's 1 71'j
siji.. lien Moliun . K Ili'litlum On
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rie It II
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7 8 . TS4i
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1. ... ni. 1 . . 1011.
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1 ... 83 I 2 US',
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3S ... 10O
I.ilierl.v !!' j . . .
l-iliorlv "il Is. . .
I.illlTt.V lt PS.
Liberty LMI'.s. .
Liberty I!il I'is.
I.ilicrt.v ltli I1,-.
Vie Notes il'l.. .
Vic Notes -l-'is..
llleli
li'J.KI
s7.!ir
KS.M
S7.HS
JHI.1HI
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ion
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linn,
inn
BAR SILVER
llur ilor vv.is tin 'jd In Imilun to
day at 40d.
Drop in Corning Crude Oil
rltlsbiircli. Jan 20 Thn price of
f'mnlnff crude oil tod.iv was n duo d -i
I'ents 11 barrel the in 'v quotation InlnK
3 r.o
There Is Time for Everything
The purchase of real estate before the recent boom
resulted in large profits, as did the purchase of securi
ties of selected industries that were permanently
benefited by the recent growth in business activities.
v
The Cause and Effect of Present
Developments
will be so truly reflected in future results that a
strict adherence to the "First Principles of Safe,
Profitable Investments" will afford to many the
most advantageous opportunities of a lifetime.
Send for booklet outlining these principles, or for
selected investments yielding from 4.70 to 7
for long periods and up to 10 for a short term.
Frazeer & G.
Broad and Sansom Sts.
Philadelphia
Washington, D. C. Hnrriiburg, Pa.
Baltimore, Md.
CHICAGO
icinii'ta contained In this inlvurtlnement while not uuarantced, aio based unon information and ndvieo wlilUi we believe accurate and rell
This statement appears as a matter of record only, all the above bonds having been sold.
Combines
Safety
and
High Return
Cities Service Company
Preferred Stock
It.trkeii by larue nnd urovvlns
rniiltlrH. lllvldrnd riirned 4'j
times over. 24,000 holders of
rrioril Inillcn'eii wide distri
bution, lirnud market and
(onlldriu'c of Investors.
Returns, at present price more than
Price nf market
( Ireulnr "l'"'on reiiueM
Henry L. Doherly
& Company
tiOl Morris HiiildinR
Philadelphia, Pa.
'lelrplionet I.ocllt.1 1410
Helping
Investors
to select Mutable securites is
the primary duty of n reliable
inviliiKnt banker Obviously
such a service can be rendered
to the best ndvnntairo by
bankers who own and oll'er u
dhcrsified list of
Government, Municipal,
l.ailroiiil, Public Utility
and Industrial
bonds and notes and a selected
list of preferred stocks
Write for our Investment
Suggestions h. No. 10
A. B. Leach & Co., Inc.
vest in en t Seat rit ics
115 Soulh Fourth St.
Bell Telephone, Lombard J-'oY
Anirrlrnn KaltnN To. Coll Tr. ,,."'n 1027
I ciin I'lihlli. rrvlre Compun) 5' IDO'J
(eorela Kulltvn) A I'owrr Co. .1'h 1US4
I niinnl. Triii'llon of Nrvv .Ictm-j . .V IU'13
l.nililre i ih rne Conniuny . . (IS 108(1
l.innlre lleiliilnir Coinimiiy 0'it 19I7
I revv lvlik Coinninv (I'h 10.11
J lilted (in liitiiroit-mcnt Cnar'.uny. ,8'h llt'j.1
'iiillle I'ndt I'.viiri-fcs Kiuli"j . . .Serial
rlilln, Itunlil Irniwlt Compun. . H'n 10.17
Samuel K. Phillips & Company
.MriubiTN riillHilelnliln stork l.xrliance
.Ki7 ( iirsiM r snti:i:r
Bond Salesman
Wanted, by established brok
criiRe house with prhutc
wires and branch odices in
principal cities, experienced
nun of highest caliber desired
tn handle high-grade bunds.
Salary nnd commission. State
full particulars.
V 721, LKIKJKU OFFICK
GEO. A. HUHN & SONS
, STOCKS AND IIONIIS
;riiilirri ii f (lie I'hllnilrliililii. V...
lurk and Cldrimo Sink l'.rhati
Comml.olon Orden Cxccutod (a
All the Principal Markets
lil.l.l.l. LI. COI 111 HL.IIU,
1118 Wulllllt St.
M'.W 1IIIIK III'l'IfK
111 llroudnur. New York
LIBERTY BONDS
EDWARD L0WBER STOKES
20 S. 15th Street
. I.ocu.t 314
Frederick Peirce
UONDH rt jl 1NVKKT
-OK Ct L0. ?tKN1
St. Louis Bridge Co.
2(1 Preferred Stock
fJuiirai.teed by Terminal
It. It. Assn. of St. Louis
Price to yield
6.66
Free of Normal Federal
Income Tax
Moore, Leonard
& Lynch
CUSHMAN N'LUVIIAI.L.. Mgr
lloml Department
1429 Wulnut Street
lioanl Itoom
Ritz-Curlton Hotel
Mrmbi'i i
New York Philadelphia 4 Pltt
litirgh Stock lixolinngog
Delaware & Bound Brook
87o Guaranteed Stock
I CHARGES EARON & CO,
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JONES & BAKER
Specialists in New York
Curb Market Securities
PHILADELPHIA OFFICE
WIDliNliR BUILDING
Telephones Doll, Locust 4730
Keyutonc, Race 2290
BALTIMORE OFFICE
433 EQUITABLE BUILDING
Telephone St Paul 8431
Offices in S Principal Cities
'Direct Prlrete Wlrea
rfr
Some Facts Regarding
Liberty Bonds
United States is by far the
richest nation in the world;
in comparison with other
countries our national debt
is ridiculously small. More
nearly normal money rates
and industrial conditions
will mean that United
States' obligations will re
turn to a basis where the
yield will approach that of
pre-war days. In the mean
time Liberty Bonds arc
selling to yield more than
certain standard issues of
railroad and municipal obli
gations. If some of the tax features
of Liberty Bonds are not
clearly understood, wc in
vite requests for information.
Hemphill, Noyes C& Co.
Members Nw York Stock Eichanfa
Franklin Bk. Bldg., Philadelphia
New York DoHon Scranton
Buffalo Albany Syracuie Baltimore
GRAIN
PROVISIONS COTTON
Our Dnitv Letter Bent on Request
Hughes & Dier
llrrober
(prare Mt
143S Walnut Street
Philadelphia
Uace IBM
Bank
The
First National
of Boston
Capital, Surplus and Profits
$37,500,000
Safe Bonds for Investment
HAL5EY, STUART
&. CO. Inc.
.aoaaaa
I. U, HA1LEB
C. B. PATTOM
bailer & Stevenson
d . BONDS)
iView issue
$5,000,000
City of Philadelphia
30 -Year 5 Bonds
Dated January l, 1 921 Due January 1, 1951
Denominations: Coupon Bonds, $1000; Registered Bonds, $100 or multiples thereof.
Principal and semi-annual interest (January and July 1st) payable at office of the City's fiscal agent.
Coupon bonds may be registered as to principal. Coupon and Registered bonds may be inter
changed in amounts of $1000 at any time at the option of the holder.
Free of Pennsylvania State Tax and Federal Income Tax
Legal Investment for Savings Banks and Trust Funds in Pennsylvania, New York,
New Jersey, and all the New England States
FINANCIAL STATEMENT
(Furnished to us by City Controller)
Total Assessed Valuation 1920 $2,635,097,960
Total Funded Debt Outstanding including this issue, 189.392,550
Net Water Debt andJVlunicipal Wharves
Debt ! $24,822,858
City Loans held in Sinking Fund 39,858,500 64,681,358
Net Funded Debt $124,711,192
Net Debt 4.7 "o of Total Assessed Valuation
Vnulation 1920 Census 1,823,158
Population 1910 Census 1,549,008
PRICE
To yield approximately 4.75
Legal opinion of Messrs. Morgan, Lewis and Bockius, Philadelphia
Elkins, Morris & Co. Biddle & Henry
Philadelphia Philadelphia
Edward B. Smith & Co.
Philadelphia and New York
Commercial Trust Co. Franklin Securities Corn.
Philadelphia
Philadelphia
Th abqvt Information whilt obulntd lorn aourcaj btlitvcd to bo reliable, ft aot guaranteed
V
K
J
It
J,-lChe.nMl.,reft,il'ilUJllililn
333 .Chestnut Street.
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