'V-
$
7)
' ', 't.
i .
Ef EKPTG PUtiKTcf SbgBgaiLADKliPEftA, WBpfeMiPkYi NOTMBBft 9, .19gt
3 vf?-j'
TT
.
Nctv Yerk Bends I .
ii
for
. $27,500,000
The Goodyear Tire & Rubber Company
Ten-Year 8 Sinking Fund Geld Debenture Bends
Dated May 1,1921
Due May 1,1931
Total nuthenzed $30,600,000. Interest payable February 1 and 'Aueu 1. Coupon bends of $1,000, $500 nd $100; register-
nblc as te Principal. Principal and interest payable In New Yerk et the office or agency of the Company. Redeemable as a whole,
or in part for the Sinking Fund, at any time after May 1, 1922, en 30 days' notice at 110 and interest. The Company agrees te
refund the present Pennsylvania feur-mlll tax te holders resident in Pennsylvania who have paid such tax.
Application will be mode in due course te list en the New Yerk Stock Exchange
CENTRAL UNION TRUST COMPANY OF NEW YORK. TRUSTEE
The Trust Indenture provides for the retirement of the entire issue either through
operation of a Cumulative Sinking Fund te purchase up te 110 and interest
or te call at that price, or by payment at maturity at 110 and interest
The following information is summarized by Mr. E. G. Wilmer, President of the Cempany:
The Debenture; Bends are the direct obligation of the company and constitute its sole funded debt apart
from a closed First Mortgage of $30,000,000 due May 1, 1941, five per cent of the face amount of which
Ghall be retired each year at 120 and interest by the operation of a Sinking Fund. These Debenture Bends
were sold by the company in May, 1921, and the proceeds applied te payment of current obligations.
ASSETS
The balance sheet of The Goodyear Tire 8c Rubber Company as at September 30, 1921, as prepared by
Messrs Price, Waterhouse & Ce shows cash.XJnitcd States Treasury Certificates and Bankers Acceptances
of $23,722,485, and total liabilities, ether than capital and reserves, of only $6,762,737. The net figures
include:
Net Tangible Assets, less all Reserves .
Net Current Assets
Net Property Account, less Depreciation
$136,999,044
60,442,533
53,166,517
EARNINGS
Net sales and net income of the company for the five fiscal years ended October 31, 1920, as certified by
Messrs. Price, Waterhouse 6c Ce. have been as follews:
1920
Net Sales, after Allowances,
Returns, etc $188,866,024
Net Incr-ne available for
Interest, Taxes and In
ventory Adjustments . 10,384,908
1919 1918 1917 1916
$158,258,892 $122,675,726 $103,558,669 $59,122,281
-23,759.989 16,176,808 15,067,765 7,456,877
Fer the seven months from February 28, 1921, te September 30, 1921, Net Sales were $62,421,179, and bal
ance available for interest was $6,838,486.
Frem net income shown above for 1920, inventory adjustments were made amounting te $9,970,000. As of
February 28, 1921, a further inventory adjustment was made of $32,850,000. The balance sheet referred te
above is based upon the changes in assets and liabilities resulting from these adjustments.
MANAGEMENT
During the life of these Debentures control of the management of the company, through the right te elect a
majority of the Beard of Directors, will be vested in Messrs. Clarence Dillen, of Dillen, Read & Ce., Jehn
Sherwin, Chairman of,the Beard of The Union Trust Company, Cleveland, and Owen D. Yeung, Vice-President
of the General Electric Company or their successors, through Management Stock.
A
We offer the above Debentures for delivery when, as and if issued and
received by us, subject te the approval of legal proceedings by counsel.
Price 99V2 and Interest
Dillen, Read & Ce.
The National City Company Lee.Higginsen & Ce.
Blair & Ce., Inc. White, Weld & Ce.
Redmond & Ce. Kissel, Kinnicutt & Ce.
A. G. Becker & Ce. Hallgarten & Ce.
Continental and Commercial Trust and Savings Bank
The Union 1 rust Company, Cleveland
The Information contained In th!i advertliement hat been obtained from eurce which we consider reliable. While net guaranteed, It Ii accepted by as ai accurals.
Orders have been received in excess of the amount of debentures offered. This advertisement appears as a matter of record
Outlook
Winter
usiness
j
Eprnm
Will sales pick up?
Hew about prices up or
down?
When will business? turn
the corner?
Nhsnft
1 " s
Special narnmdtrT ntt- I.iei ff I
Uieprcss,answersthcse questions
juid shew3 you what's ahead in
the business world this winter.
is a matter of vita! impor imper
knee. With this information
you can see what's coining and
govern yeuruelf ncceidincly.
REPORT ON REQUEST
iiW " Jeur 5jn' we lelte rhend
"T- id " wpy of ll,la special letter
-; W "" OWiw" ami n ccpy of
Tear out the Mtmo-new - rti'i lisnd
uV. mur V5Sretilr w,ltn yju dictate
" morning's mail.
Atirely Aih tat Bulletin SITU
Reger W. Babson's
Statistical Organisatien
Wcllcicy Hills, 82, Muss.
Suburb et huifntit
IkXflVM Jratntxtt-e eflu OuiraiUr
-:-::-
hi fu Kitrtd
Best Buys
among the
Oil Stocks
We have just prepared a
bulletin en the outlook for
the beyter class of low
priced listed oil stocks
such as
General Asphalt
Middlt Stales Oil
Sinclair
White Oil
Texas Company
and
Pacific Oil
that cheuld be of inesti
mable value te the alert
investor or trader.
Write for copy of Bullet
PL-77. Copy sent Gra
CflflRlfittCinRKSONfil
ORK
:e-26
m-m J
66 BROADWAY NEW YORK
TEL'UOWUNO OKttH 'tutJ-cu
$77,052,570
New Issues
of Railroad Public Utility and Industrial
obligations were offered during the past
month, as compared with $340,519,390 in
October, 1920.
Decreased demand for money by corpora
tions, and lowering interest rates, should
prompt investors te consider securities of
the best type at present prices.
We have selected several examples and
invite request for -our List Ne. 7345.
Bonbright & Company
437 Chestnut -Street, Philadelphia
Bosten Chicago
New Yerk
Detroit
Meme
" l Philadelphia Kcw eru
A JAAa I .
ilrrL 1 I ' - - - - - ""
. riMHiA ihfitaiw rr :; . . . . - - -
uumu.iL7 ttauiHut T!ITr - ll I
ii - liiii urr iirj i-i
"Ml f Jf llll.li,ml(. l.
Fer Your
Jrtt Rewr W iukn t,.,i.i... ,.iti,. :
I ffin.jC'l)&l?.t'-lcalt)ri:ini:..tieii,VellcslcV I
f Ii. ', .,' nLV follews: Please tend i
. ua ,i n 11VT
ml Wt.... "" fL V.ijmVKwi
"gfilteP,!.-
""""''"imiiinii.wij
iffiHEMecKw ee
Certified Public Accountants
U'cxel BuilduiB, Philadelphia
Edward B.Smith &Ce
1411 Chestnut Street
llnnb.r. Na i nm I'mudmphl
Investment Securities
Sp7r3u97 McGLINN & CO. siae"
Members. A'. V. Stock Exihi.nge
Widener Bide-. Philadelphia
Lukens Steel 8 "40
United Gas & El. Ci 194S
Georgia Rwy. & P- 5i 19S4
Hershey Chocolate 7Vj'i 1930
Indianapclis Union Rwy. Gi, 1923
Lehigh & New England Gen'l 5s, 195-1
PRATT, BREHM
BOURSE BLDG., Phila
&C0.
Equit. 111. Ga ght
5s, 1928
MORLEY, WOOD & CO.
333 Chestnut Street
Mrmliyra N. V. i l'lill.i. Blink KcJi .
We HfiiiiiHiiriiil fr lineainieni
Consel. G. fc'. L. & P. Ce. of Balte.
iKt Itrf. Mice, ''r
!., I . Imlil llumN 1U.II
JesepKW.Gi03s a,C6.
1421 Chestnut Street
Correspondent AldreJ fi Ce.
E. H. Rollins & Sens
rmnulrit 1H70
Investment Bends
1421 Chestnut St., Philadelphia
rimiie Ipruce B4II0
llnsten yew Yerk Wllkrs-llnrrr
Italtdnare Chicago Ran Francisce
Investors
lire buying bends new becauae
they feel bend prices will con
tinue te rise nnd becauae they
wish te enjoy the advantages of
making an investment which,
although net as much a bargain
as it was it month or a year ihje,
will lit; II show them decided
profit before pre-war conditions
are nguin reached.
We will be glad te submit for
your consideration a list of
our investment recommendations,
lenu or short term, at prices te
yield
6 te 8
Canadl'n Ntbn
0H rcta
1.... 104T4
17.... 105
Canadian N 7a
1.... 107H
1.... 1074
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(1 80
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3 81'4
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1 mii
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H-K nty Sa
1 43
1 411
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Sb rets
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City Berne Ss
i.... ion
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10.... 100'i
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lmKcn 6i
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13 85'i
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3 83
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1024
102
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2 ... 71
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4 75
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1 44
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0 70
Ind'a Steel Ba
1 03 I
Info Met 4
1 12
ntb'e'h t"m I
B B4 1
17 nr.
B B4'4
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B B4
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1 80
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mark ct 8a
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10 ion
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way ct 8s
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I-e-in ct Tb
2.... 104
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of Pa 7 I I .. . 80 1
I.... 107 Iowa Cent" 1 ,
Ukn Edl Cj Ui 2 . ... 35 '
1 00 inw. 1 Cent I 5.
74
1.
105 Kan c Kt 8 A
10(1 Mfrap 4a
105 1 71
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ct 7a ata 2 61
1 Bl 11 01
Cenfl Tac 1b' Kan C A S fi
12 70 1 80 Vj
3 70 IC C T Rlv I
2 70 B 75
2 70 1 78
1 70 Kelly Sprint.-d
1. ... 70l Tire 8s
CU lilt A Rk- 14 102
Ce of da Sb 1.... 102
13 8(1 11 102
Cerre de Pas'i ! 1 . 102
Cep'r 8s I Keokuk A !.
1.. . 111 Moines Ba
1 111 1 OS
5.... Ill I 1 . . 70
B ... lllir.ack Steel '21
1 ... Ill I a 00
fl.... 111 1 0(1
C'k A Ohl.i fill Lake Shere M
2 87l 8 4s '31
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1 SJ 1 1. A Mjerx -.
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8 85 ll.ene lid R.l :
1 8 1. I 1 .... 71
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1.
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B.... 10.'. B .... 00
HI.... 105 'M HtP A H Ste
2 . . . in.".', M fl rctB
'hi A O W 4b '-' ... 100
1 34i 10 .. 100
1 B4 M" IC A E in
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Mj K A T In
3 ... ns
3 US
4
Chi Mil A I
Sound 4a
0. . . (15
Chicago Mil I
StP 4b '25
B 70 '4
Chlcate Mil &
StP cv 4b
1.. .. 01
R Chile ct '40 Chicago Mil A
1 ... 101 ll' ru 4i
101 1 37
101 1 57
Kit 2 fil
101 1 37
101 ChtcBKe Mil A
101 pt V cv Bn
101 1 113
101 B 05
101 Chi A .NMh W
1111 5 of 'S7
Hit 4. Oil,
Kit Chi I(u,M , ;..
101 5 . . ilil .Mnr h Ce 4 '
1IH C It I A P Ml 5 .... 83
101 B .... 7l,Vew Or Tex A
Hi Cpba 4. 1 74 V M ISn
in 71 4 .1 il' ... 0.1
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I 1... 74 3
ItPliUti ut I'm 2 . . 75 1 32
uiiny 8b C II I A P l, 2
102, 2 . .. 70 N Y
1 . . 102 ''hlcapj I nle.il 5
1 102 8 it 0a ! n.
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08
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1 08
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2 .18
. . B8
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.. 38
. . 58 ,
1 ill '
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1.
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M" "p
$500,000
FLETCHER JOINT STOCK LAND BANK
5 Farm Lean Bends
(INPIANAPOL1S, INDIANA)
Dated Ne'vember 1, 1921 Due November 1, 1051
Callable at par en November 1, 1931, or any interest date thereafter
Denominations : $1000, $500 and $100
The Bends by an Act of Congress were created "Instrumentalities of the
United States Government," and Exempt from all Federal,
State, Municipal and Lecal Taxation
The United States Supreme Court confirmed the constitutionality of the
Act and that the bends are free of tax
The banks are under the supervision of the Federal Fnrm Lean Beard
which is a part of the United States Treasury Department. The collateral
security of the bends is deposited with the Resistrar of the r-nrm Lean
Bureau of the United States Treasury Department. Ne Farm Loen Uends
nre an obligation of the Government.
They are secured by deposit of Farm MertgaRes with the Registrar, and are
the obligation of the Joint Stock Land Bank that has issued them. The
Farm Mortgages or collateral security are First Mortgage en improved farms
net exceeding 50 of the appraised value of farm land and 209e of the
appraised permanent insured improvements thereon. The value of the land
and permanent improvements is appraised by the Federal Appraiser, wh ch
means Government inspection. Besides, nn executive commission or Beard
of Directors of the bank reviews and passes upon all applications made
for farm leans.
The banks charge the farmers mere interest than they pay en leans,
besides which the farmers also pey n Sinking Fund en their leans that will
pny it off in net less than five or mere than forty years.
The obligation of the bank which appears en the bend is backed up by
a paid-in capital stock of net leas than $250,000, and there ia n double
liability en the part of the stockholder. Bends may net be issued in
excess of fifteen times the amount of the capital oteck.
Indiana is a very desirable agricultural state.
The entire stock of the Fletcher Joint Stock Land Bank, excepting directors'
qualifying snares, is owned by the Fletcher Savings 6c Trust Company of
Indianapolis. We have a statement of this bank showing their capital stock,
surplus, profits and reserves amounting te $2,323,362.95, and their total
deposits as being $13,931,564.97.
The bends are engraved by the Treasury Department, and it is stated en
the face that they are free of all State and Federal Tax.
They are legal investment for nil fiduciary und trust funds under the juris
diction of the Federal Government nnd acceptable at par as security for
postal savings and all ether deposits of Government funds. The bends
are marketable and are unusual, being free net only of the Federal Tax,
but also of the local tax in any state.
We recommend these bends as high-grade, marketable, attractive investments.
PRICE 101 14 AND INTEREST
Yielding ever 5.30 te the Callable date, or 5.40
if they run te maturity.
BROOKE, STOKES & CO.
Members Philadelphia Stock Exchange
140 Seuth Fifteenth Street
Philadelphia
734 Fifteenth St., N. W.
Washington, D. C.
102 St. Paul St
Baltimore
This Information and these atatlatlcs.
while net RuaranteeJ.
tu ba reliable.
are obtained from sources we believe
Substantially all of these bends having been sold, this
advertisement appears as a matter of record only.
In view of the tendency of time money tewarr1
lower levels we recommend for investment:
Government of the Argentine Natien
Twe-Year 7 Treasury Geld Notes
Total Issue $50,000,000
Dated October 1, 1921 Due October 1, 1923
Ir.lcrcst payable April 1 and Uctuber 1
Principal and interest payable in United States geld dollars in New Yerk at the offices of
THE CHASE NATIONAL BANK AND BLAIR & CO.. INC.
Coupon Notes in the denomination of $1,000
Exempt from all present or future Argentine taxes
DIRECT OBLIGATION : These Notes are te be the direct obligation of the
Argentine Government, whose credit ranks as high as that of any ether
country of Seuth America.
NATIONAL FUNDED DEBT: We are advised thet the national funded
debt, both external and internal, en December 31, 1920, was approximately
$533,000,000, equal te about $63 per capita.
PURPOSE OF ISSUE: We are advised that the present issue will be
utilized te pay the Bank of the Argentine Natien for advances made te
the Government.
GOLD RESERVE: Recent published figures show a total of approximately
$463,000,000 geld held against notes in circulation, representing a ratio
of about 80 and indicating that Argentine currency is one of the sound
est in the world.
Price 99 and Interest te Yield ever 7.20
Delivery may be made either in the form of temporary notes or interim receipts.
Bend & Goodwin
104 Seuth Fourth Street
The statements uMtalned In this udertlaemci.t nrc Im-eil nn infermaMiin ebtnlneil partis by cible from
einclul and ether seurim. Shlie net buji. intend, tilce them le be reUblu.
BONDS
Real Eitate Trust Bldg., Phila.
Continued en 'eit l'uic
AUTOMOBILE
INSURANCE
iuu-.kti mi'tiai. isri;.MK re.
Pherei l.ecmt 00111 V'ji n l,1lh S.
Business Ce-operation
Cem Exchange Nat.' Bank
Parsly Bres. & Ce.
investment
:cur itics
M21 Chestnut St.
4
Philadelphia
lforJ.:f8acen& Davis
An orunUatlen ai experienced En.
Klneerinu and Mnneyemmt Sp.
clall.t. In F'ubltc Utility uPa
Industrial Hualnraa
1421 Clir.JilNUT STREET
PHILADELPHIA bT
k, Ue,i Telephone. Spruce 6082
New Yerk San rrancl.ce
aWMESi
HENDERSON & LOEB
MeuibciR Netv i erk and
PUiladelph ia Stock xchanget
1410 Chest it St.
rri I
Foreign Exchange Explained
Aih for Free lienhlet F-2
Wm. H McKenna&Ce.
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..I'll I'lienal l.utut 17H
I New Yerk
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