EVENING PUBLIC inEDGERr-PHIUAfiELPHlA, THUKSDAY, NOVEMBER 3, 1021
21
New Issue
$3,000,000
Manitoba Power Company, Limited
First Mortgage 7 Sinking Fund Geld Bends
Series "A"
Guaranteed as te Principal and Interest by endorsement by the
Winnipeg Electric Railway Company
Dated November 1, 1921 Due November i, 1941
J,m5 &?& MV'i1F',pa,!!!?d 'tiF"? P'yb,e !? New Yetk et the Bnk of Montreal in geld coin of U.S.; or, at the
!uS2rtttillVf! ' ?fT "Winnipeg, Canada. Principal and interest held by resident, of U. 3. are payable without
trJZZiZlfZ !3v" "iS " Wch "il?' or ?. " be Jri te pay or retain therefrem under any present or future Uw
$JZ5!Z?2 '" Canada and without deduction for Federal Taxes lawfully deductible at the source, net exceedlng 8.
rJfB m ?T'y,Ivon!lfeurm,1.,tM-,CouPon bendl of $100, $300 end $1,000, with privilege of registration as te
SCX1"1 f C0,nplny at 105 nd aCCTUed lnterert en V latere dBte "I 90 i
Amount outstanding at any time limited te $35,000,000. Presently outstanding, $7,500,000
Frem a letter signed by Mr. A. W. McLiment, Vice President, we summarize the follewing:
BUSINESS AND PROPERTY: The Manitoba Power Company, Ltd., incorporated
under the Companies Act of Canada, wa formed for the purpose of developing and
Furnishing additional hydro-electric power for the Winnipeg Electric Railway Com
pany and its subsidiaries, which own and operate an extensive electric railway, light
and power system, serving Greater Winnipeg and the surrounding territory having
a population estimated te exceed 275,000. The location of Winnipeg in Canada, both
geographically and from the point of view of trade control is similar te that of
Chicago in the United States.
SECURITY: These bends will be secured in the opinion of counsel, by a first mort
gage en the company's hydro-electric plant and transmiesien line new under con cen
eV'Jiiir?in,Vlt jV ulUmat8 capacity of 168,000 H. P. and an initial installation of
56,000 H.P., and by collateral lien through pledge of stock of the Winnipeg River
Railway Ce. en 13 miles of standard gauge steam railroad. Additional bends may
only be issued at net te exceed 80 of the coat of additions and betterments te the
property and provided net earnings, after sinking fund, are net less than Vh times
interest charges en all bends issued and these proposed te be issued.
EARNINGS OF GUARANTOR : The net earnings of the Winnipeg Electric Railway
Company, the guarantor, have increased about 36 during the past five years and
m ? jvemon,th8ended AuffU5t31' lfl21' the net divisible income, after payment
of all bend and ether interest charges amounted te $957,674, equal te ever 1 times
the annual Interest requirements of these bends.
SINKING FUND: The mortgage provides for a sinking fund which will require the
payment annually from November 1, 1926 te November 1, 1930, inclusive, of a sum
equal te 1 of all Series "A" bends outstanding, and thereafter until maturity of a
sum equal te 2 of all Series "A" bends outstanding for the purchase if possible of
Series "A bends at net te oxceed 105 and accrued interest. If net se purchasable
bends are te be called by let at 105 and accrued interest; such bends te be held alive
in the sinking fund and the interest accruing thereon te be added.te the sinking fund.
COMMON STOCK WARRANTS: Accompanying the present bends are warrants entitling the
holder te purchase two shares 0 common stock of the company for each $1,000 bend held, at
$10 per share after May 1, 1922 but en or before January 1, 1923, or at $20 per share after January
1, 1923 but en or before January 1, 1924. These warrants are net negotiable prier te Mav 1, 1922
unless accompanied by bends.
The Manitoba Power Company, Ltd., development has been favorably reported upon by Messrs. J. Q. White &s Company of New
Yerk; Charles O. Len of New Yerk; Parseni, Klapp, Brinclcerheff 8b Douglas of New Yerk; Pearson Engineering Corporation of
New Yerk, Montreal and Londen; and The Fraer, Brace Ce., Ltd. All legal details in connection with this issue will be approved
by Messrs. Simpsen, Thacher & Bartlett, New Yerk; E. R. Parkins, K. C, and Brown, Montgomery & McMichael, Montreal.
We offer these bends when, as and if issued and received by us and subject te
the approval of our attorneys.
Price 90 and interest, te yield about 8.00
AU Information given heron ! from official aeurcet, or from theie hich we retard aa reliable; but in
ae rvent axe the itatementa herein contained te be regarded at repreientatieni of the uaderaigned.
Kissel. Kinnicutt & Ce, Spencer Trask & Ce.
New Yerk Chicago New Yerk Albany Bosten Chicago
E. H. Rollins & Sens Aldred & Company
1421 Chestnut St., Philadelphia
New Yerk
Is A Will Werth While?
Today you spend your money or invest it according te
your own personal desire. Yeu dispense largesses accord
ing te your own inclination and choice. Yeu have in
mind whom you wish te share in your money, valuables,
investments and real property.
Over all such life-time distribution you have absolute
control. Have you provided ler their disposal when your
control ceases? It is supremely important that you should.
This Company eilers you its service as your executer in
the management and distribution of your estate.
EVERY TRUST COMPANY AND BANKING SERVICE
The Pennsylvania Company
Fer Insurances en Lives and Granting Annuities
Trust and Safe Deposit Company
Chartered
1 O X aari
rriist Funds out 3275,000,0U0
V!
BROAD STREET OFFICE
Chestnut and Juniper Streets
517 Chestnut Street
Philadelphia
E- n.NAMXV L.
i5l,l5S COMl'ANV, I.NCUIUMIHATKD
SiVr,J:YRAU "VC I'KH CENT (IOLU
5WDS HUB JULY i. 1057;
h. . ' ll,rebv slen. puraunnt te tilt
gji of tb roerttme dated July 1, 1007.
kiU . un')blBned na Trustee 'III leielve
JM propeaalB up te 3 I'. M en tlie Bill
Jgl Tlccrmber. I0S1 . fi,: the aula te It of
fit .?" S'0V.B. .dMe'lheuT nufilclant te una
n In Jh", rl,,,t t0 reJect ' r all tend-
ItVk-SI'.?1" or la .
WD MJW YOIIK TRU.ST COMPANY.
liustaa.
Hy A. C DOWNING, .fr .
New v-i, ... A"J;l't becretary.
-! VJiniJQr mi WJl
nvMiUi
rituAi rniTincTi:n. hi.itif. "." i
Netice Ib liiretu bImmi Ih it tin Cemi'uny
nlll rt-Ucem nil of tlw euttnnllnir Ljuip
meni Truai -7riiirctiu.. ;;" ." ,",.;,,
Him ttCCmrU U1VIU5UU uil wr.rniiM, .v;
iiflei Willi h 'll "'I 'Hi I'l' nd "Pa" H'l'l
terllfleBlifl will cease. ratmenl "III I 1 mihcI
umm nrccuiitatieii anil aurmmler r tlie ier
tlrlcateii Ht tin. efTlce of-llie iinilpmlBiie'l ...
Jlli: I'll --NI VIA AWIV lt)MI'NY loll IV-
Hl'llA.NlMJB UV 1.1VKS AND UHAN I'l.NU
a njmiii riPH
IMtlJenUa
im-i-vnia , ,reAi. s, tern:
A P..Un".ct ,hB "e"'! of Dlreotere of
h.1,1 ?JLn,.y,.'!' t'eal t Ceka Coreoritlon
""'Mini ,,r at iinr"'"'1.i":lareJ "19 regular
ilnVlVj.,,au,i.eii Neiember leth. ID-I. t
" N.,klSreO7ll,.',10,Si: Cl-'S f """-
sitzj. ,M, T- WAXU!g,
"'' tV'!SrS1,iTl,N rVTIONAI. lAMf
i"fra una Jrankfnril Aenuc
Th. r.i November a. 10'JI.
R'!). pJjahlUH'1 S' 6f'".3 Tll-a per
ANWUllll.r
01 i I W9UIIJI illi
riilla., I'a
'0IUN t-4
bKAI.r." I,ll't)SAI. "'' B Hl
c.lvea nt noem II. (Mty Hull, until
Neiein!er It, 1021. lit H n'llnek l. M unit
then lUid there pulilli ly eprneil 'or
One 11) Tiiree tun lnuelln. locemotho type
leilile crane
Twe (") Onii-'liuni iiortableelectrlowlncliea
two htade.
One (I) I nui-.ii;el ilMirl': Iraitur ultli
KlKlit 'liuller Trucln
apeeincatlinn en file at elll.e of IlarLer
Uliflneei. Ituetu 11. Clt Hall, Caimlcn
tru'ifi proposal must he nicempitnuM pj
r i Mi or crtinel 'h'il t tlie amimiit of
lido iinilltume'l thit the nuny inakliia thB
bill will exetute a tenttact en beinn
,1'""'"','!ii"'..h re..- .1 nuht tereje-t
n r all Ulili iiml I ' il, ". ilo'eet or
nfnrinallty In any hlrl alwulil It h Ocein.d
Ui the beat lutertal of the city re te de.
Addreea ireiumls tnitikeil 'Troneaala for
KlActrfe aaift'ariiW.iisbaiv.1 w,r
Chairman Ceinmlttj;.
City Hall. Camden, N. J,
e.JU.!fflge.
1 I
Get this
hand-book for traders.
It tells :
The Hew and Why
of many things you
should knew about
stock market trans
actions, Market Terms and
their definitions,
Trading Fractions,
Commission Rates,
Deposit Require
ments, etc
Ask for TU-511. Mention
htecks which interest jeu.
Jenes & Baker
Menibers NfiwYerh Curb KiarUt
"""DiecTprtaTeWTrei "
New Yerk tlilcire notion PhitHtlpMi
rittiburcb Detroit niltlmerc Clereftne
PHILADELPHIA ."effTce" "
' Widcner Duilding
Telephones 5'" " " " Lu,t ?
Kcytteuie - nce CStel
BALTIMORE OFFICE
433 Equitable Building
Telephone! it. Paul 8151
llANKUIa
i Dealers in
Investment Secunties
I Ueiiiticra iu ivrk und III ludt'p'ua
IS lock ItfChUitlH.3
I
321 Chcitnut St., Philadelphia j
PENNA. TAX FREE
SECURITIES
PAUL & CO.
i''b'llVNWsEET
Conservative Investments
MacMcekin & Williamson
IIKOAII M t'ANSOM HT8.
Membera I'lilla. ffteck Kiclioiue
Spruce
7391
McGLINN&C0.5R
Members N. Y. Stock Exchange
Widener Bldff., Philadelphia
United Cat Imp i Notes 1923
Penus.-Onie. P. A L 7l.'t 1930
Metropelilan Ediien Ce 59 1922
Henhejr Chocolate 7ij' 1930
I.ukens Steel 8s, 1940
Hcrshcj Chocolate 7i'zs. 1931
Tenn. Power Ce. 5s, 19G2
Middle West Utll. 8s, 1935-40.41
Cleveland Elect. 111. 7s, 1941
Luzeriu) Ce. Gau & Elcc. 5s, 1948
Samuel McCrceiy & Ce.
Haulers I'liila. Stock Exchange
Franklin Dank IJuildinrj
NEW YORK INDIVIDUAL BOND TRANSACTIONS
(BALR9 IN tlOOOl
Canadl'n Nthn
0W ret a
1.... HMU
1.... 10tH
l.... 104 ;
Canadian B Ba
ti SOU
CMIa Cep'r 6a
t 80
10 fcO
A..... RO
(1
33
1U
0 ....
10
10
0
10
11
10. ....
10
8.
80
seu
K0'4
80
80
80 W
80 "i
81
80U
81
81
81
Clilneaa Oeve't
u-k nir os
1 tt
r 4.
8 43
City of Jl ergen
8 rcta
S....
1....
a....
p....
s....
City Uerna 89
I.... 10BU
1.... 108U
1.... 100 V4
1.... 10314
Cty Chrla'a 8a
0.... 10
I.... 10i;
1.... 1M4
City of Copen.
nairen 6Vi
10314
103
102
1034
103
1..
S..
J..
1..
:i...
8
81
E4
83 T,
83
83 U
88 ,
Cty Rie ds Ja.
nerle 8s
08
(18
08
08
08
08
08 M
08
08
88
0..
10..
r-..
ii..
i..
3..
ib'i;
City Zurich S
8.... 103
1.... 103
Cehan C 3 cv
B 03
1 .... 01
Denmark Cen
ct A 8s
0 104
1.... 10Ai
Denmark Cen
ct D Sa
1.... 103
D Canada '9
S PT,S
8 OOtt
2,.... 08 H
0 05H
D Canada '81
3 03U
2 OU'l
1..... 08U
Oeva't Krene
n 7i rets
03
es
05
03
en
OAK
03 fa
08 U
D0H
0SU
OBU
en
03U
Geve't 1' It 8a
7.
CO
14... .
20
3
n
se
17
1
4
0...,.
1
20
a.
17.
l.
R...
2...
3...
8...
10...
7...
100 fi
lOOtt
100"i
100H
100 fi
lOOfi
100'i
100J
100 7.
100W
Irnd Trunk et
Can 0s rets
.(
00 fi
son
00H
DON
00H
00U
00 S
1.
6.
11.
B.
3.
8.
10.
Ornd Trunk et
Can 7
IB(sale) 100 VI
JD Oeva't 4s
3 CO 4
K Belgium 0
2 04T.
0
34
8.
1.
C.
K neli'm
0(fi
04
00
03
03
03 fi
tin
11.
1.
1.
3.
.
4.
10
101
103
101
103f4
102
103
ion;
101
win
K Belu'm rctsi
4.... ieis;
.... ieivi
7.... mm
4.... 101i
1.... 101 i
IClnadem Den
mark ct Rs
1..
1..
3..
3..
1.,
104 '4
104'
104 .
104 i
108
103
104 i
104f
i.... 104;
rcinniem lin
vkt ct 8s
1.... 103 U
2.... 103fi
1.... 108 Vj
2.... 104W
4.... 103f4
1.... 103f4
3.... 10Sf4
1.... 103
It Sweden 0s
2 08f4
3..... 08 14
Queensl'd Ext
Lean 7s wl
8.... 103
20.... 103U
8.... lOSli
10.... 100 fi
0.... 103 U
1.... 108
2.... lOlfi
1 ... 103U
B.... 103fl
R Chile ct '20
7 00
10 P0U
0 OOVi
r 00 u
2 pnu
10 OOfi
B 09U
0 oevi
n Chlls ct '41
1.... 100U
23.... 100
n.... ioeu
10.... lOOfi
33.... lOOfi
10.... 100H
10.... 100't
2.... 100 fi
2.... 100H
4.... 100 H
0.... 1004
2.... 1004
4.... 100 Vi
B.... 100 U
10.... loot;
1.... 10014
Itepub of Uru-
ruy 8s
1.... 1001
2.... 100?,
1.... 100
10.... 100 ;
1.... 100
1.... lOOfi
1 ... lOOfi
6.... 100f4
1.... 10014
State et Sae
Paule ct 8s
B.... 100
8.... 100
1 (sale) 00 '4
1 004
1 00'i
1.... 100
Swltzd Cen 8s
1.... 100
1.... 108fi
1.... lOSli
1.... 108T4
U K Grt flrlt
& I'd 1022
100 09.7
SO OOfi
IS OOVi
U K Qrt Ilrlt
A I'd 1920
ia... DSU
O(aale) 03 fi
0
10...
CO...
00...
00...
0...
U IC art Ur!t
& va 1037
03
03
B3U
03 Vi
enn
03fi
03 fi
03 H
08 f 4
08f4
03 Vi
034
03 fi
03 fi
03 H
04
04
Ot
04
V B Drajll 61
14.
0..
7. .
1..
17..
1..
4..
B..
2..
8.
10.
14.
0.
1
I....
8....
10....
a....
0....
1....
1....
e!.'.'.'
8....
1....
4....
r,....
1....
se....
1....
1....
103
00T4
100
100
100
100
100
inevi
100 f4
lOOfJ
100
100V4
100 M
100 fi
100
100
lOOfi
100 V4
100 w
2.... loey,
2.... 100V4
U fl Mexico 8s
10 B0
B 40fi
7 BO
2 BO
W1 B Mexico
Lane Es
B 47
Am'n Aa-r'e &
Ch 7!is
IS 07V,
4... . 07T,
0 00
2 07fi
Am 8 lie Ss
38 .... 8.1
17 (sale) 83
B 83 U
B 83i
Amn T I T Se
2 00
1 00H
1 POM
Amn T T 0s
B.
6.
4..
8..
16..
1.
102i
102T4
102V4
102 V.
103
103V4
Armour H
2 G3"i
2 RSfi
A T X. B Te 4s
1 fiOfi
10 61 fi
A Tran-cenfll 1.... 110 fi
Short It 4s a A Ohie 4s
10 77fi B 79
A Coast It 4s 10..... 0Vi
4 80H 10 70
A Cecst Ij 7 10 70 fi
2.... 104U CaOcV 4i4s
IB.... 104fi B 81'4
3.... 10IV4 B 81fi
Att'e l'fult 7 li.... 8m
SB 83 B 811;
B 83fi 17 81
Atlantic lief '8 4 81 fi
ct 0V4s 0 81ii
1.... 103 C t O cv Bs
tlalt Onte cv B 83
00 70fi 8 63f4
BO 7tfi 2 84
1 7m 1 84
8 714 8 84V4
B 71 10 8t
20 71fi 2..... 84ti
Bait & O 3fis Chi & Alten 8
IS 80 8 4014
B 80fi Cht B A Q em
1 80 10..... 74fi
Oalt h Ohie li C 3 1 Q O'r"
B 73 B.... 104V4
Oalt ft Ohie Be 8.... 104 fi
0 74fl 1.... 104fl
B 74fi 2. .. 104fi
80 74fl 20.... 104'i
Bait k Ohie l 4.... 101
1 04f4 2.." 104".
IB 94 fl B.... If4
4 04V1 2.... 104S
2 04i 1.... 10tf
E 04f. 2.... 104
3 0i ".... 103
8 03 29.... 105
n ft e p r. n Chi e w 4s
ft WVHi 1 03
1 CO Vi 1 63 Vi
Bait ft Ohie S 1 BSfi
Wn 8.4s chlcaee Mil ft
2B 83 Ot Iul 4s
1 83W 1 71i
0 83fi Chlcajte 3111
12 8BV4 fltP 4 '23
Ilell Telephone 3 7BV4
of Pa 7s 8 73V)
1.... 100 Onlcaa-e Mil ft
1.... 100T4 BtP CV Ws
Beth Stee! fd 1 02 '
8 80 1 02fi
B Steel Ba '36 2 02
2 83 1 02U
8 83 Ctilcoa-e Mil ft
BKn ndl C 7a EtP fd 4 Vis
1.... 103Vi B 87
Blm Cdl D ? Chlcace 3111 ft
1.... 104 8tPcm4f4s
2.... 103V1 2 78fi
Calif O ft i: 3s Chi & Sffii 7s
2 00 2.... 104
8 00 C XI I ft P fd
3 00 B 73".
Carel'a Clinch 2 74fi
Ohie Ss 1 74V
0 78 7 74
Cen'l of Oa fls 1 74fi
10 0414 1 74
CH Leather 3 1 T4!i
1... . 03 G 74V4
Cent'! Tae 1st C n I ft P 4a
10 70V4 4 70
2 79V4 1 77
10 70Vi Chi ft-W I 4
C It N Jay Bi 2 63
B OS C ft W I 7Vi
Cerre ds Pas'e 3..... 07,
Ces'r 8s
1 111
CI'd Cln CM ft
8t L cm 4s
8 73
CI'd Cln Chi
Bt Tj 4i
1 81
CI'd Cln Chi ft
Ht I-e Cs
4...
0....
1...,
6. , , t
Otfi
en
04 fi
04
OS
I Bs
70
Cel F'l A
n.
Cole ft B 4V4
1 ROVi
14 81
Cens'd Qa 7
2.... 103 Vi
3,... 103V4
1.... lOSfi
2.... 108
C ft 0th Av 3a
10 IS
Cum T ft T Bp
1 84
CmI ft Hud CT
B 87
Del ft Hud fd
3 82fi
Den ft n O 4
4
3
13
B
11
60 K
OOfi
70
9fi
70
Dat Tun'l 4V4e
1 80U
B 80
D da Nemours
Fifd'r 7 4s,
4.... 101J4
7.... 101H
14.... 10m
n.-.. 10m
1.... KH Vi
Duq Llsht 1s
1 OOfi
1 00
ErlaOenl Men
3 42'-i
Crls nit cv D
4 42fi
0 42U
1 42fi
riik nub'r Ce
8s rcta
1 09
2 00
0 0014
Gene! Rlee Bs
1 01
Oene'l Iilec es
4.... 108V4
Oranby C M'c
B ft P Ss
8 79
Goedjcar Tire
ft Bub Bs
1.... 108K
4.... 10T
B.... 107
7. .. 107
2 em 20.,,. 108'4
8,... 10T Hud ft Man (4
1.... 107 1..... IV.
a M'nnir 1st 4,,.. ;a
10 sts 1..... n
a Nthn nil 1 73
SB,,.. 108 Hud A Man In
BO,.,. 1004 R 43U
23,.,. lOflfa 2,,,., 43
EO..., 100 17 42 4
1.... 10AU 1 42
1.... 10(H B 42H
1.... 100 III Cen 4a '63
8..., 10(1 0 70
1.... 100V4 Int M et 4ia
1.... 10(1 0 0
6.... 100 .... ....
10,... 100 ..,
Continued an Next Fag
TO TIIE HOLDERS OF
$5,000,000
First Consolidated (New First) Mortgage Bends
of the
Minneapolis Street Railway Company
Issued jointly with
The Minneapolis, Lyndale and Minnetonka
Railway Company
Due January 15, 1922
The above bends are being extended te January 15. 1925, with in
terest at the rate of 7 per annum from January 15, 1922 and will
be secured, in the opinion of counsel, by the original mortgage
dated January 15, 1889 as the first Hen en the entire Street Rail
way System In the City of Minneapolis.
Bondholders arc offered the privilege of extending their bends te
January 15, 1925, bend for bend, with the payment te them of
$10.00 for each bend extended. This privilege will be continued for
a short period, subject te cancellation without notice. The cash
payment of $10.00 per bend due te bondholders accepting this
offer will be paid at the time of the delivery of the extended bends
with the new coupon:.
Bondholders accepting this offer are requested te forward their
bends te Dillen, Read ftsCe., 28 Nassau Street, New Yerk City,
for extension, detaching the coupon 'due January 15, 1922, which
should be collected in the regular manner.
Dillen, Read & Ce.
New Issue
$10,500,000
REPUBLIC OF CHILE
EXTERNAL LOAN
Twenty-Five Year 8 Sinking Fund Geld Bends
Dated November 1, 1921
Interest payable May 1 and November 1
Due November 1, 1946
Principal, premium and interest payable in United States geld coin of the present standard of
weight arid fineness, in New Yerk City, at the office of Blair & Ce., Fiscal Agents of the Lean
Exempt from all Chilean taxes, present and future
Redeemable as a whole en any interest date at 110 and interest if called en or before November 1, 1931, and at 105 and inter es. if
called en any interest date thereafter. Alse callable for the sinking fund as noted below.
Coupon Bends in the denominations of $1,000, $500 and $100, with privilege of registration as te principal.
THE CHASE NATIONAL BANK OF NEW YORK, REGISTRAR
DIRECT OBLIGATION: These Bends are te be the direct external obligation of the Republic
of Chile.
The lean contract will provide that if the Government shall create or issue any lean secured
by a lien en any specific revenues or assets, these Bends shall be secured equally and ratably
with such lean.
PURPOSE: We are advised that the present issue is for the purpose of making improvements
te the Chilean State Railways including electrification work and the purchase of rolling stock.
SINKING FUND : The Government i3 te covenant te deposit funds with Blair & Ce. in quarterly
installments commencing February 1, 1922, sufficient te retire annually 4 of the total issue
at 1 10 and interest up te and including November 1, 1931, and at 105 and interest thereafter.
Said funds arc te be applied te the purchase of Bends in the open market at net exceeding
the then current redemption price. Moneys net se applied en November 15 of each year are
te be U3ed te redeem Bends by let en the succeeding December 15 at the redemption price
for the year in which the Sinking Fund accrued.
All Bends net previously retired are te be paid at maturity at 105 and interest.
GENERAL DATA: Chile is engaged largely in mining, agriculture and stock raising. Mining
products include nitrate of soda, copper, iron ere, coal, and ether raw materials. In addition,
it has extensive timber area3. The total wealth has been estimated at $3,200,000,000, or
almost $800 per capita.
The published statistics of foreign trade for 1920 show experts of approximately $284,300,000
and imports of about $166,100,000, a total of about $450,400,000.
The direct national debt reported as of December 31, 1920, together with subsequent external
issues, including thi3 lean, totals about $205,300,000, or about $50 per capita. This is exclusive
of guaranteed obligations for railways, etc., aggregating approximately $38,000,000 en Decem
ber 31, 1920.
The government-owned railways and ether national properties were valued en December 31,
1919 at about $256,700,000, a sum exceeding the above total interest bearing debt.
Chilean credit has ranked high, the first external lean having been placed in Londen nearly
100 yeara age and we are advised that from the first days of the Republic the interest and
sinking fund en the External Leans have been met promptly.
TVe are eBerini the above bends 'when, as and il issued and receded bj us" and subject te approval of counsel, at
99V2 AND ACCRUED INTEREST
Yielding Approximately 8.11 if Held Until Maturity
Delivery nwy be made either in the form of temporary bends or interim receipts.
BLAIR fc CO., Inc.
WHITE, WELD & CO. HALSEY, STUART & CO., inc
GRAHAM, PARSONS & CO. WEST & CO. CASSATT & CO
W. H. NEWBOLD'S SON & CO. EDWARD B. SMITH & CO.
and 25 ccnU per D.pcr pc.e, approximately the average for the period HWC19J0 inclutive.
I
m
M
'
I
in
w. w. raiCB, cblir.
.iW'frA r
tytjjaf-Ctawlii.