X "' .V t J-l. ) ' V. ViV ' CENTRAL TRUST AND SAVINGS COMPANY ASSETS ebon h.nd MMJ V.mn.nU.r ...... MHM10.31 a..rmeni and Manic lJ Bona 014.osi.oi n.m.nl Coll.ternl Loan.. 1,888.124.40 Hm.relM Tp.f ....U.808.874.00 SE. ColLlw.1 Loan... 1.480.8.07 "?nut Co. Stock ltB.10.17 .HroBd nd Other Bond. Moitr" "I."".;" JU1 Eitt. FnrnJtnro end Vlxtatt't ' Ooitomer.' liability on a ntaneea ......... jUeUneou. A.t S07.7Bt.i 040,888.00 877,212.74 2,218.00 18,019.42 $12,172,909.00 LIABILITIES Capital Stock I 780,000.00 Surplu' , 800,000.00 Undivided l'roflt. 68,180.40 Reierve for Depreciation 20,000.00 Depo.lt. 10,258,474.00 Dividend. Unpaid 18,140.50 Accrued Inlere.t Tuj- able ,......, 88,888.00 Dill. Fayable ........ 200,000.00 Acceptance, for Cm- tomers t 2,210.00 Ml.cellaneoa. X.labll Hie. 1B.078.12 r, S ?y NEryafORKiBOND TRAfl$AgnOftft '-g- "A -l $12,172,909.00 TRUST FUNDS $3,657,076.74 .DIVIDEND NO. G6 .. . m.tlnr of t.ie Hoard of Director., held July 21. 1021, a quarterly .t4,, aft wa declared, payable AturuK 1. 1021. to MoekholJerii of record olrldd of . will te milled. At the same time $00,000 wa. added to ibe Surplu.. . OFFICERS ' T. COMLY HUNTKIt. rre.ldent ANSON It. KVANS, Title A Trunt OtOcer Free. C 1. CRAFT. Vic rrn. Jn if. MeXBKLY. Vice TirEO. r. SlIUXll. Vice Tree. niKD'K O. HKluMllOLD, Trenmirrr CIIABU10 '" " - GEO. J. MAMIAUSEH. At. Title and Trunt omcer MSTVIS VAN COUItT. Ant. Trcniiurer 1VM. r. HITTUR. Asst. Treasurer T. COMLV nCNTEtt 0E0. H. McNKELV TiiBO. t. am-uin jAS. T. IIA1.LOWBI.L GEO. W. nODYHOCBK DIRECTORS FltANK NCHOIILE HENRY F. MICIIELI. FHANCIH X. OlIINN J. 110WAH1) HIIOAD8 1IKNRV nEI.I. ISAAC 31. HI.MOMN CIIA8. S. WALTON. Jr. JAMKH J. MeAIlUI.IS V. J. CRA1T 1'. (I. 1IEI.MI10I.D Hcrshcy Chocolate 7 'is, 1930 American Gas 7s, 1922 Metropolltnn Edison 5s, 1922 Portland Railway 5q, 1930 HENRY D. B0ENNINQ & GO. STOCK KXC1IANC1K nUIf.piNO Direct Prrrat Telephony to New Yora Jlrraliera Thlln. Stork Kxthnnit GE0.A.HUHN & SONS STOrHB AND IIONI1S Member . of the rtilluilrlphln. New lork mill Chlcnfo block Kriiau.ri tew York Collon Ktrlinnxe Comml.don Orders Executod in All the Principal Market. Liberty Dondt Bought and Sold It'llcTae Court lllilsr., 14IH Wnlnnl St. N. v.. lit llromlwoy. Atlintlr Oily Amnnimndor Hotel' Am Aer ta Cli TH.rct. 2 flflH . 1 07 A B k n't- 8a 2..,.. 77 4 77 Am Bug n cv 1 84 Mi Amn T A T clt 2 78H 2..... 78H Amn T A T 0. 2 00 VI 2 119 H 1 .... 00V 8 0K Armour 4U 1 70 1 70 A T & S Fo 4. tHAt.ES IN 11000) B 3 77 V, 77 V, 77 W 77 4 77 1.. 6.. Atch T 1 II Ft E O dv 4s 1 80 A C Line H 2 74U 1 7.1 Atlantlo Rot'E ct OH. 1.... 100 1.... 101U Halt 6 Ohlj cv 8 flOVi 1 cn'i 1 GO'.i Unit & O 3"; B 84 Unit & Ohio 01 n 72 21 72 Halt k Ohio 09 0 R0U mopiB A W Va 4 2 0: II & O Tol 4a 2 M 2 Bl II A OSwn B '... ., 82V4 Hell Tclephcne of ra 7 4,.... 07U .1...... 07K 1 07 H Canadian N 7 l.i. . 101 1.... 101U 1.... 101 Cen'l of Oa 0 1 80 Cll Leather Si 8 80 Cll PacMo lat 23 72 Cen'l Fao 8e 12 78 Ccrro de Faaco .Copper fl. 1.... 107 12.... 107 C A Ohio 4e B 74 C A O cv 4. 1..... 70 25 70 2 70 :'k a o cv n. 2 81 2 81 Ch'k A- O Itch A A dv 2ds 1 03 Chi A Alt 3'i 1..,.. .14 1 84 C A O Itlet A A dlv 3. 5 73 C 11 A Q 0e 104 104 104 Be '80 77 1.... 1.... 1.... Deth S 1.... Hhn Edl Co a: 1 80 llkn U Onn 1st 1 82 Hush Bid's Aa 1. ... 7B Cnnaalan Nt'n (la wl 10 07 4 .... 07 1 07 B... ... 2... 1... B... 1.1... 3... 1 .. 8... B... H... B... I... 4.. 00 100 100 00 100 100 100 100 ho 00 00 100 100 100 Chi A Erie let 1 70 Chlcaro Mil A m r cv 4. 2 03 1 03 2.... 03 Chlcnsro Mil A atr fd 4. 1 .... .-10 1 .. . no; Chlcaso Mil A Btl' irm 4"' 1 73 Chicago 3111 A Bt Tuul cv Ba 2 00 1 0 1 07 C A N'wn ns 1. .100 Chi n 1 a p fd I.i.m 07 1..... 07 1,.... 07 1 07 C U Sta 4. . 80 Chlcaro Union Stact 0. 1.... lot 0.,., 104 3.... 104 Chile Cop-r 0. 1 72 0..,.. 72 0.. .. 72 City of Dcrecn 8a ret. 1 07 1 07 Clly Deme- 8. 4 08 1 -08 Cty Chri.'a 8. 1 00 City of Copen hagen 0 B 78 1 78 City Lyon. 0 1 81 8 82 2 82 City I'arl. 0. 1 ...... 00 1 00 City Zurich fl. 3 00 B 00 1 00 Cl'd Cln qhl A Bt Loula oa Denmark Con ct D 8. 1.... 100 Dan A IV O fd 4 (. 00) 48 De. Molne. A Ft Pod re 4a 4..... 48 Det Edl Co 0. 4 Do Canada '20 1 01 .1 02 Do Canada '81 2 80 D De Nemoura l'wd'r 7a 1...., 08 2 08 B 08 2 08 Dun Llitht 0a 1 00 2 01 Erie Ocnl Men 3 48 1 43 2 48 1 43 Erie lly Co 4a 1 83 1 B.1 Oene'l Elm Bs B R0 Goodyear Tire A Itub'r Ha 0.... 100 Cove't French 11 7a rcta A S 1 Colo 1 1 Cuban A 1 1 S::j:: 2..... Cuban C 2 B 7 S fi 1 1 14 B 1 1 1 n . l 88 4. 7B 78 B fla 00 on on eo on B cv 08 07 07 Q7 07 07 00 07 07 07 07 07 B. 01 Denmark Con ct A 8' 2.... 101 1 . . . . 100 A W 1. Bl.... 1.... 1.... 3.... 1.... 1.... 6.... 1.... 18.... 1.... 3.... fl..,. 1.... Oove't 1.... 8.... 1.... 03 03 or. 03 0.1 0.1 OS J13 00 0.1 0.1 03 or, ns It Ha 00 00 00 00 l oo Oil Trunk rcta 1.. B.. B.. fl.. 1.. 100 ) 00 100 100 101 O't Falla I' Ba 3 80 O Nthn niy 7a B 8 B 0 4 45.... 00 00 90 00 00 00 , lt... nlK 1..,.. 00 1..... 00 1,.... 00 1 70 0 00 1,..,. 00 3 09 4,f.. 100 11 00 B 00 1 00 B,.,,, 00 10 011 1 00 1 00 2 00 0 00 Hu.l A Man fd 1 00 IB 00 1 00 Hull A Man In 38 42 B 42 fl 42 1..... 42 2 42 III Ce'ntM Ba 1 01 tndl'a Steel .la 2 B0 Intborn R T fd 0 B3 0 B0 1 BO 2 B0 1 B0 6 80 1 00 l r.ou Iowa Cenl'l '4t 1 38 K Uelt'm 7. 100 100 100 100 100 1 4... . 8.... 1.,,. 1.... K Ilala'm ret. 1.,.. 100 8.... 10 1.... 100 3.... 100 B.... 100 2.... 100 2....M0O Kingdom Dcn mark ct 8a Jnp Oove't lat 1 84 1 84 Kan C Fl B A Memp 4. ICan C 2.... 3..., 0..., 2. Kan 1, C A 01 b n B7 B7 87 B7 8 Ba 70 Kcely Hprlng'd Tire Co fla 2 03 1 no 2 on 1 00 K IlelKlum 0a .... 03 .... 03 .... 04 .... 04 . ... 04 .... 04 .... 04 4 (a 0) 04 3 04 B 01 18. 10. 7. 0. 2. 1. 101 101 101 101 101 101" 102 101 2 1... 2... 1... 1... 2... 1... 2... Klmrdom Nor way ct Ba 1.... 103 B.... 103 4.... 103 8.... 103 K Sw.eden fla 1 B3 2 3 2 85 4 SB t, E A Wn lit 4 81 1 82 Lako H'.mre M B'n 4a '28 1 84 L ValleyyMa 2 . .. 83 18 A4 Mkt St Ry lat 0 Mox Tetr'm 8a 1 0B 0 OB 8.... 03 Mln A BtJr-4a 1.... 1.... Mo It 1.... 1.... 1...-. 1.... 2. 80 30 T 4. Ot 1 01 01 01 Mo Faclflc 4a 10 BS 1 83 1 B3 2 B3 1 B3 20 .13 Mo Poc Ba '23 4. ... 02 Mont' a Pwr fie 1 88 N Y Cntl 3. 1 00 New Yk Ctl 09 8 01 , $4,000,000 Detroit United Railway First Mortgage Collateral 8 Sinking Fund Gold Bonds Maturities August 1, 1922 and August 1, 1941 20 -Year Boncfe are payable at maturity at 107'2 and interest Total authorized Issue $5,000,000. Present Issue $4,000,000. Dated August 1,1921. Interest payable February 1 and August 1. Coupon bonds in denomination of $1,000 with provision for registration of principal. Principal and interest payable in gold at the office of the Central Union Trust Company of New York. Pennsylvania four-mill tax refunded. Interest payable with out deduction for any Federal Normal Income tax up to 2. Callable as a whole only at 107 and interest on 30 days' notice. CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE A Sinking Fund of 5 per annum of the 20-Year Bonds issued will purchaso bonds of that maturity up to 107'a and interest; and a Sinking Fund of 1 per month of the One-Year Bonds issued will purchase One-Year Bonds up to 100 and interest The following information is summarized by Mr. A. F. Edwards, Vice President of the Company, from a letter to us; The Company The Detroit United Railway is the largest interurban electric railway property in the United States, owning and operating over 902 miles of track. Nearly 600 miles of this total are interurban lines radiating from the City of Detroit to Toledo (Ohio) and to Flint, Port Huron, Ann Arbor, Pontiac and other important cities in Eastern and Southern Michigan. During the last ten years the total outstanding bonded debt of the Detroit United Railway has been increased only $1,215,000, while over $11,000,000 from earnings has been invested in new property, betterments, etc. During this period the gross earnings have increased from $10,253,133 in 1911 to $28,986,228 in 1920. Security These bonds will be secured by pledge of $4,155,000, the entire amount outstanding, of under lying closed first mortgage bonds covering 202 miles of interurban track outside the City of Detroit, com prising some of the most important and valuable interurban properties of the system. This mileage is largely on valuable private right of way operating under the jurisdiction of the Michigan Public Utilities Commission with the franchise situation entirely satisfactory. The value of the property, after depreciation, upon which these bonds will have a first lien through pledge of collateral, as appraised for the Michigan Public Utilities Commission, is $11,304,485. Sinking Fundsr-A sinking fund of 5 per annum of the total amount of 20-Year Bonds issued, payable quarterly, and a Sinking Fund of 1 per month of the total amount of One-Year Bonds issued, payable monthly, will be provided, beginning to accrue at once, to purchase bonds if obtainable at not exceeding 107H and interest for the 20-Year Bonds and at not exceeding 100 and interest for the One-Year Bonds. If bonds are not obtainable at these prices, the Sinking Fund will be applied to the retirement of other indebtedness of the Company. Earnings Net earnings, from the property covered by the lien of the pledged bonds, after taxes, avail able for interest and depreciation reserves, for the last fiscal year, amounted to $964,146, or over three times annual interest requirements of $320,000 on these $4,000,000 bonds. The Company reports earnings for the entire system as follows: Year to Cross Net Total Bulnnce) icember 31 Earnings Income Interest 1915 $13,235,551 $3728,446 $1,748,485 $1,979,961 1916 16,036,669 4,684,129 1,784,137 2,899,992 1917 17,427,940 3,993,973 1,799,242 2,194,731 1918 19,014,018 4,702,106 1,978,321 2,723,785 1919 24,683,038 5,325,760 1,939,894 3,385,866 1920 28,986,228 3,994,200 1,941,424 2,052,776 Net income, after taxes, available for interest charges and depreciation reserves, wa3 $3,994,200 for tho fiscal year ended December 31, 1920, or over twice total interest charges; and averaged foi the six years to December 31, 1920, $4,404,768, or over 2.3 times average annual interest charges. Dividend Record Cash dividends of not less than- 5 per annum have been paid on the capital stott of the company ($15,375,000 now outstanding) continuously since 1911. The rate was 8 per annum from June, 1917 to April, 1921, when, although earnings were ample for dividend requirements, the quarterly dividend was declared at the rate of 10 per annum in stock in order to invest surplus earnings in the property. We offer thete bondswhon, as and if issued, and received by us, subject to approval of the Public Utilities Commission of Michigan and of legality by counsel. Interim Receipts of Dillon, ReadSt' Co. or Temp orary Bonds exchangeable for definitive bonds will bo deliverable when received about July 27 The amounts of One-Year and 20-Year Bonds to be issued will be determined by-the respective sales thereof PRICES One-year bonds 992 and interest to yield over 82 Twenty -year bonds 99 and interest to yield 8.10 exclusive of premium Dillon. Read & Co. Ttietnformittoa contained In this idrertlKmrnt bat been obtained from tourcea which we conjlder reliable. While not guar anteed.lt U accepted by o a accurate. 1..... 0i 8,.i., nitt 1 DIM B,,... 01H New Yk Cll It 1.... 101U 1.... 101U New Y N K Hardf'd da S 00 N Y Tlev4'4 Z 81 N Yk Tela T 1.... 101S NIK A W'n 2 7TW North tt'e'ti II T.le'n Ta a... 3... '2. . B... 2., 1 BBtt St l A fl I'ran Serlea A 4 OITi 2 am 1..... 03 1 02 St t It fl I'rf Serlea U 1 73i Ht Ij & fl Kran Brrlaa C 2 K 1 URN 1 8I St I. Sow'n en 101 101 i lOltt 101 V4 1D1N 10H4 N raolflc till 77 H . . . . 77 .... 77VI 77 S Pfcr (Is . . . . 80 . . . . 70 rnckar.l Motor Cftr Co Ha 2 15',4 l'a It nm 4H 1 77 rvnna lid 0U 2.. 2. a., l. Nth ' 4. 1 4. 10. 2, 1. 2. 2 1. 1. on ,.oo no oo not; 00i no u Fenna II n 7a 1... 10 1.... 103 i ioau rtcndlng Ry 4a 1 76 Rep Chile rctf R 004 2 07 8 07 i (a o) nay. 1 07 St I. I MU U R A O dv 4a 8 71 St U & 3 V n 21.. 1.. 1.. 1.. 1.. a.. o.. 17.. St I. 20.. ft.. 1.. 1.. 1.. & s 00 (10 ', 00 07 07 co ; 07 07 Y In B S.I OR '4 M4 BBV4 0B '4 0B4 BS 2... oai fih nii 04 V4 05 fl at fl.'.... S1H B 81ft Tidewater Oil Co ct OH" an..... 03 H Union Po cv 7..... 84 Union Pao 4k 8 81 '4 U K of O llrit A I'd 1022 1 08 I 08 II K of O Ilrlt A I'd 1020 1... 1.. 2... 8t Ij Sw'n lt 8 07 22 07 Vi St I'M St Bloux City 7a 7 02 Sao Paulo of llrazll ct 8a 07 U aj 20 20 U 28 V. 20U I. M 40 I, 0 BO 60 4 fl.. S'nb'd 20.... 1.... 7.... 0 ... Bonb'd 3.... Seab'd 1.... 2.... Slnclnlr C Oil Corp'n 7W" 23 Ol'.i i om 2 .... 01W 1 IU S'n raclflo fd 2 7B'4 IS 7B'4 B 75 1 70 . 1.. .. 70 6o'n, Pac cv 4s 70 1.. 1.. ft.. 1.. 1.. 1.. 1. 70 70 U 70 'i 70 70 U 70 70 li 70 70 South'n Rly 4a 7 .... B7 2 B7 2.. .. 07 0 87 0..... B7 South'n Rly B 3 83 Gtand'd Oil of Callt'a 7a 2.... 103 Swltl'il Con 8s 1.... 103 2.... 103 1.... 108 Third Ave nj B.. . 31 1 4 8;,... 1 i UKolO Writ tt I'd 1037 88 KH 8R 88 88 88 88 80 i 80 80 80 80 80 00 U S rtraztl 8i 1. 08 08 08 08 08 08 08 00 08 08 08 08 1. 1. 1. 8. 2. 1. 1. 3. 3. a. I'd S II A I 3a 1 87 1 871.4 U S Rub'r 0a a 78 U S Rub 7a 1 100 Utah P A l. Bs 1 77U U'd S 8teel Ba 1 04 1 08 1 0B B (a 30) 01 1 04 a f)R Weet'n Md 4 a fl.... 4..., 3..., n n. B3 BS B3 B2 ns on V Union 4a a 8i V & E Mfc 7s 1.... 101 1 iom Wilson Co 1st 1 84 t 84 Wis Ccnt'l 4a 2 00 I.ibort.v l.lborty Liberty l.lborty Liberty T.lbrrlv Vic Notrs 4 3 ... 2d 4s .. ft 4is. 1.M 4lS. .Id 4 'A s Mil 4VJs. Illzh S7.10 S7.:?o 87.0S R7.fi0 m.r4' 87.t'0 0S.44 Low 87.0(1 87..10 87.00 87.42 1)1.44 87.50 08.40 1 P. M. S7.10 87.:t0 87.0S 47.48 10.48 87.00 0S.42 LONDON STOCK MARKET Oils React French Loans Dull Dollar Issues Strong Kaffirs Idle London, July 2J5. Oil phnrcs on tbe stock exchange reacted from the top today and tho undertone was soft at ing was 51-10 nnd Mexican Kngle fi 7-32. Easiness in the monetary sit uation caused firmness in tin- gilt-edged section, t'rcneli loans were dull and lncked steadiness because of the Silcslan situation. Some dollar Issues were strong on improved advices from New York. Home rails were quiet, but the feeling was cheerful, aided by further announce ments of dividends. Argentine mils were inactive, but they were hard on rebuying. Sentiment in the industrial department was good, but dealings were not brisk. Hudson's Hay was O'i. There was little demand for rubber-t owing to the poorer petition of the raw article, but values showed little change. The kaVr section was idle, but well maintained. The attendance in the house was below the average and alter ations in prices were narrow. Gener ally, the markets displayed stability. Reserve Banks' Discount Rates orflcinl rediscount rntes nt tho twolie Fed. oral Heaervo linnlis nre ns follows. Tre.-is. I.lh. Tom' I ctrs. uonus Iloaton n4 Now York fl'4 Philadelphia 3 I'loveinnu ii Richmond Atlanta ChlcriKo Ht. Louis Minneapolis ... Knn.is City . .. Ilnilas Sim Francisco. . II . (1 . 0 . n . BV4 .II . 0 . r.'- Paper . F it it ii 8H nkM. ,cri.t. B BU n d ii ii ii il'5 5'4 8 Discount rata rn-rcpomU with interest iato 1'orno by certtflr.it.-s iili)s.d as tollat erul, with minimum of .1 per lent. U. S. Certificates and Treasury Notes Int. Rate li ilaturlnu uatr. Aus., 1021 Pent., Oct, Oct. Dec, Hid Aaki-d Ylnld inn i.3' inn fi.T. a a.. tB sept., liiai ion,, inna-a'.1 I..I3 1UJ1. .. inn'. inn 7-32 4.41) lw-'i . .io.i,v inn r..:i2 4.70 1021... 1WI1 1110 7-32 4.70 -JII21... 100A lllOA 4,84 1022 . ()()t, ),mii' n;03 , 1022. .100, 1P0.V s.m 11122.. ..100 A ion s.ia 1921 .. 100,', 1U0A ft.rtj I.xempt from normal Fc.brnl Incmp ta. TAccixitaule for pnment of income tax duo on date of maturltj. t'O. V B tU ft'' 'n't leo.. fJ Mrrh t'SW June. tS June. Raw Sugar Continues Steady New York, July 23 Tho raw susar mar ket continues stcaily on the ImsIs of ,1c. com atsl freleht for CuIms. Sales on Frlilnv. Just reported. Included Boon tons Cuban for prompt shipment nt 3c. cost and freleht. whlls local rertners ton! 3'i.Ono hni-s for prompt shipment anil 10,1100 baca for prompt shipment, both lot nt 3c. coit aril frelshl. ArmnlN on Friday and Saturday last nnrounted to 22,800 tins Culms, conslBned to P. II Howell .. Son Co. The loeal rflned market remains unchniiKrd with list prices rnnirliM from fl 20c to 3.00- less 2 per cent for cash, for tlo jrranula'.cd A PHILADELPHIA CORPORATION manti facturing electric nnd past portable lamps and shades offers big returns on an in vestment of $7500 without services. This is an unusual opportunity for a private investor to become finan cially interested in an estab lished business, well worth investigating. A 803, LEDGER OFFICE at?,' m Vi. it i ft V' ..a: r,.!" r"."!-' : . , ffra v' nr Notes for Banks Three Well-Secured Issues Maturing in 6 months yield 730 I " " I ytar " 9.00 " " IVl Jtan " 8.50 ' Tnl! or scml for particulars I Reed A. Morgan & Co. I Wtst find Tm.it ntda.. I'hil.i Members of the Phlla. Stock Kxch flttWltSUK $993,000 City of Norfolk, Virginia Municipal 6 Bonds , 5 $530,000 July 1 S, 1 039 Dae I $463,000 July IB, 14 Dated July 15, 1921 Principal and semi-annual Interest payable January IS and July 15 In New York City, Coupon Donas in aenominauon oi i,wu. Exempt from Federal Inosms Tax Edrtlbla tn Security for Postal Saving Daaoilta "The City pf Norfolk is one of the most important seaports on the Atlantlo Coast and, in addition, is served by eight trunk-line railroads. The industries of the City are very large and diversified. With its excellent harbor and rail road facilities it enjoys a favorable position as a manufacturing, commercial and Shipping center. Financial Statement (As officially reported) Actual Talus of all taxable property -.. .. . .$104,800,107 Assessed Taluation for taxation 1 54, 08 1, 600 Total indebtodn.ss, including this iasua $18,854,000 l Loaa Water Dabt $6,369,704 Lata Sinking Fund 2,193,808 8,563,872 Net Debt 10,290,428 Population (1020 Cenaua) .. .115,777 In addition to the above, there is a Sinking Fund lor water purposes amounting to $.364,488.60. The debt of the City of Norfolk includes bonds issued for schools, as there is no separate School District. Due to the peculiar Virginia law, which provides that the larger cities in the State arc not part of the counties, the city is not liable for any county indebtedness; therefore the debt shown above includes obligations which would normally be issued for county purposes by tho and Prices 9530,000 duo July 15, 1939 at 104H and Interest $463,000 dua July 15, 1949 at 103 and Intaraat Yielding 5.60 Complete circular upon request , Harris, Forbes & Company Pine Street, Corner William, New York Widener Building, Philadelphia Harris, Forbea & Company Incorporated Boston Harris Trust and Savings Bank Bond Department Chicago NEW ISSUE $1,000,000 The Welch Grape Juice Company Closed First Mortgage 10-Year 8 Convertible Gold Bonds DATED AUGUST 1. 1921 Pennsylvania Four-Mill Tax refundable. DUE AUGUST 1, 1931 Massachusetts State Income Tax refundable. Principal and interest payable either at The Fidelity Trust Company of Buffalo, uuiiaio, .ncw i orK. lrustcc, or at the bankers 1 rust Company. iew York City. Interest payable without deduction of normal Federal Income Tax up to 2 THE FIDELITY TRUST COMPANY OP BUFFALO. BUFFALO, NEW YORK, TIIUSTEE Doctor C. Ii Welch, I'restdcnt of the Company, summarizes the business, as tecI as Important features of this bond fastic. as follows: BUSINESS. The business of the Company was established in 1S69. The Company is the largest manufacturer of Grape Juice in the United States. The valuable trade-marks, trade-name and good-will of the Company arc not capitalized. ASSETS. The total net assets as of May 31, 1921. after deducting all liabilities except funded debt, and after giving effect to proceeds of this issue, were $3,814,642.06, or nearly four times the first mortgage bonds. The net current assets were $1,840,458.79. or nearly twice the total bond issue. Net quick assets will be maintained at 125'c of outstanding bonds during the life of the issue. EARNINGS. Net profits after all taxes and depreciation for five years ended August 31, 1920, averaged $250,152.71, or over three times fixed charges. Net profits, 1920, $479,S07.66. or nearly six times total first mort gage interest charges. Net-profits for 1921 will be small, but sales are satisfactory and imentorics should be normal by the spring of 1922. CONVERSION PRIVILEGE. The first mortgage bonds will be con vertible, at the option of the holder at any time, into Common Stock, no par value, at the rate of $1,000 face value of bonds plus $50 in cash for each 30 shares of stock, such stock being valued for conversion purposes at $35 per share. The Common Stock has sold as high as $60 per share. Subject to the authorization of the issue by the stockholder! The Welch drapr Juice Company and their riphts of purchase: also subject lo the approval of all lenal iiiHttrrs by our attorneys, we offer the unsubsn-lbrd balance of these first mortaaor bonds for subscription when, as and If issued and re, nvcd by us subject to allotment at 98'2 and Accrued Interest, to yield over 8.20 ro Harvey Fisk & Sons Inrorpnriitril Land Title Buildinr, Phil.. New York, Chicago, Boiton, Buflilo P. W. Chapman & Co. New York lnrurporutrd Ch cago The statements contained herein are. not Bunrnnteed, hut nre obtained from sources which we believe to be rellnblo nnil upon which our underwriting of this issue has beer! based iWJm rammmmmmamumn WIEGNER.ROCKEY&CiO. Certified Public Accountants Drexel Bunding, Philadelphia JIIIIIIIIII1IIMIIIMIIMIIII1IHIIIUMIIIIIIIIIIIIIIIIIIIII1MIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJ: We take pleasure in announcing that Mr. Charles Carter Walbridge became a general partner in our firm, as of July 1st West & Co. 1311 Wiilmit Mrect M.nlir I'hlluilelpliU ,.,,. , .w Aorli HtocU Kxclinnire IMilluilripmii muck lixrlimiKr R'l nroiMhvuy Nrw York uuiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiniiu a ESTABLISHED 1865 American (laj Compuiur . HriKUe IJht l'ower rnnnrciicui t7. .7' 1022-4S ,.,.! 10(U iv-'h iu.li . . .(V. mil . 6W 1010 Vh 1USI 'llnl. tflliiuAV lfllll). Him l.lne Co. Kqulnmrnt Illinois Central KqiiIp. . . Samuel K. Phillips & Co. Mtmbem rhlIndrlphU Work Kxrliuni-o m HOT C1UCKTNUT BXllKllT -SiSk ii i '4 HEWBURGER. HENDERSON & LOEB Mombcra New York and Philadelphia Stoclc Exehangct 1410 Chestnut St. BIOREN & CO. Hi BANKERS I ij hxu bnosmui at., rniiarjolnhla Government, Municipal, Railroad and Corporation Securities Members Kcw York ana I'hiladclphia Block h'xchanuci 0 I'M is '"Wbk- ,'A,i ,,fcfc J-.5t-r-
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