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EVENING PUBLIC LEDGER PHILADELPHIA, THURSDAY, NOVEMBER 10, D921 ,
. 23
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$700,000 ,
FIRST JOINT STOCK LAND BANK
FORT WAYNE, INDIANA
5 Farm Lean Bends
Dated November 1, 1021
Due November 1, J9S1
e
in
., .. , iue novemeer i, fai
Interet payable May and November 1st, at Fir.t Joint Stock Land Bank,
1-ort Wayne, Indiana. Callable at par en November 1, .
1031. or any Snterett date thereafter. Donemi.
natien: $1,000, $600 and $100
The Bend by an Act of Cengrett were created "Inttrumentalitiei of the
United State Government," nnd Exempt from all Federal,
State, Municipal and Lecal Taxation '
The United State Supreme Court confirmed the constitutionality of
the Act and that the Bend are free of tax.
. J. knnk are under the supervision of the Federal Farm Lean Beard,
which is a part of the United State Treaury Department. The collateral
security of the bend is deposited with the Registrar of the Farm Lean
Bureau of the United State Treasury Department. Ne bends issued under
the Federal Farm Lean Act, either Federal Farm Lean Bend or Joint
stock Land Benk Bends, nre an obligation of the United States Government.
They are secured by deposit of Farm Mortgages with the Registrar,
and are the obligation of the Joint Stock Land Bank that has issued them.
The Farm Mortgages or collateral security nre First Mortgage en improved
farm net exceeding 509c of the appraised value of farm land and 20
of the appraised permanent insured improvement thereon. The value
of the land and permanent improvement ia appraised by the Federal
Appraiser, which means Government inspection. Beside, en executive
commission or Beard of Director of the bank reviews and passes upon
all applications made for farm leans.
The banks charge the farmers 6 interest en leans, beside which th
larmers also pay a Sinking hund en their leans that will pay it off
jiui icj man nve or mere man lerty years.
fjcn'n'An' Stock Land Banks must have a paid-up capital of net less than
$250,000, and the stockholders are liable for double this nmeunt. Bends
may net be issued in excess of fifteen times the amount of the capital stock.
These bends ere issued by the First Joint Stock Land Bank, of Fert
Wayne Indiana, which is in n very excellent condition, having shown
steady earnings since incorporation. -
The stock of this bank is owned by the Tri-State Lean fit Trust
Company, which latter has deposits of nearly $10,000,000, and is the
second largest bank in Fert Wayne. This assures wise management te
the First Joint Stock Land Bank of Fert Wayne. In addition, the financial
ability of the stockholders of the First Joint Stock Land Bank (i. e., The
In-State Lean fie Trust Company) te pay necessary assessments is assured.
The farms en which the mortgages are placed are within a radius of
JO te 75 miles of Fert Wayne, in Indiana and Western Ohie. This section
is in one of the richest agricultural territories in the United States, where
farm lands have a high and very stable value.
The bends are engraved by the Treasury Department, and it is stated
en the face that they "shall be deemed and held te be instrumentalities of
tta Government of the United States, and as such they and the income
derived therefrem shall be exempt from Federal, State, municipal and
local taxation."
They are legal investments for nil (iducinrv nnd trimr ftm,I. ,int.- V.
jurisdiction of the Federal Government, and nre acceptable at par for
ucpesus ei vjevernmenc tunas.
We recommend these bends as high-grade, marketable, attractive
investments, which because of tax exemption features nre unusually
attractive te investors paying any but the very lowest income tax.
PRICE: 101 Y2 AND INTEREST
Yielding 5.30cc te the Callable Date; or 5.40'
if they run te maturity
BROOKE, STOKES & 0.
Members Philadelphia Stock Exchange
140 Seuth Fifteenth Street
Philadelphia
734 Fifteenth Street, N. W. 102 St. Paul Street
Washington, D. C. Baltimore
Flrt Heme of this Company
it (hit time Ne. "I!, new 112 Seuth Stcend Street
At the meeting of this company's stockholders held en
March 17th, 1812, Mr. Jeseph Mall, who had heen acting
as President of the Society since December 2.3, 1809, was
formally elected te that office in the newly chartered
Company.
Mr. Ball was born in 1732, Berks County, Pennsylvania.
Beginning his business career as manager of the iron
works at Batsto, Burlington County, New Jersey, he
became a Director of the Bank of the United States in
1791, and was an original member of the beard of the
Insurance Company of North America, of which he was
elected President in 1798.
Mr. Ball served as President of the Pennsylvania Company
for only a brief period, retiring June 17, 1812, but the
work which he began has been continued by his successors
in office, and the Company today, as in the days of
Jeseph Ball, offers its service, knowledge, and financial
experience te suchPhiladelphians as may wish te use them.
EVERY TRUST COMPANY AND BANKING SERVICE
The Pennsylvania Company
Fer Insurances en Lives and Granting Annuities
Trust and Safe Deposit Company
r.HARTF.RRD 517 Chestnut Street
13 12 Philadelphia
I
NEW YORK BONDS
t SALES IN $1000
Canadl'n Nttan
0'4n rets
1.... 10IS
1.... 10IT4
Chlla Cep'r 0s
110 42
ft..'... 6'J
2 83
1 B.
ft 81 '4
ft sm
fhlneae Oeve't
IMC nly ft
2 42U.
3 42
I.. .. 42
2 42U
City of llargan
6.1 rets
1.... 103H
'Illy Meme i
1.... 100 M
Ct" chris'n 8s
1.... 105
City of Copen
hagen DMs
1 844
1 84H
1 83
8 85
"iy Ilie de Jv
nerte 8a
0.,.
4..
1..
ft..
n
1.'.
2..
ft..
100 H
10(1 V.
10Oi
100H
10OH
lern
mes
10014
2.... tee
4.... ioei
City Zurich 81
I.... 103j
Cuban A 8 b
3.... 101 1;
C C 8 ev 'et
2 02
Denmark Cen
ct A 8a
1.... lOftt,
1.... 10ft
Dem ncp'c ft'
l 81 14
1 81 !4
D Canada '2(1
2 04.
1 114
X (H'4
10 0114
8 I'll
O Canada '29
1.
1..
4..
ft..
4..
1..
ft..
ne1,
nns
ne4
MS,
en
00
1ee't Trench
It T'js rcta
25 en
ft
ft
10
1
n
12
1.
10.
ft.
l ?:::::
leie't'l1
1
23
1 ;::::
14 ...
' ft . . .
I 1:1....
1 3....
1. ..
1
EJ
J
I M
Tills information and these statistics, while net Ku.-irr.nteed, are obtained from sources H I
I e belleve te lie icllablc. tj '
j All the bends of this Bank new available for delivery having fl'
been sold, this advertisement aj)pcars as a matter of record only. 1 1
If 1
w F W m mm
$ll; 111 al lii iffiflljifc :i
Sft'dS'J' I.- LiftTiisfcawr .nHUfflctl r.
nwm ! h .tti2hn
nmm m m urnm-v
I ?mmm 1 ;
1 '
I i
I lii
I
ft 60 1 00"i
2 MM 0 OOtt
B B04 1 0I,W
10 BOH 1 OOTi
Adnma llxn 4r 2.... 100
2 08 '1 OOTi
a ou r.... 100
Am'n Ar'e ft fort Werth &
Ch 7V4 n G'de lt
1.... 100 S 80
0.... 100 Gene niec ft)
A 8 ( IVJ J 1 03
1 ris Genel Hlee 0s
1 8ft 2.... 103
1 83 4.... 10314
.ttn T it T clt Ooedyear Tire
1 SOU Rub Ei
0 80, 11.... 100
2 81M 1.... 100
1 80 B.... 10014
Amn T & T fts O Nthn R 7a
2 01 4.... 100
2 0t B.... lOO'i
1 01 10.... 100
2 01 2..., 100
Amn TtTOJ 1.... 10(1
1.... 104 10.... lOOVt
B.... 104W 2.... 100
1.... 104 23.... 10OV4
10.... 104 Hud & Man fd
d.... 104 4 74
1.... 104W 12 744
8.... 104 Hud ft Man In
AT & S K nl ' 0 14
4 7B B 44
SO 70 30 44 Si
ATi B T 4s 2ft 44
4 824 B 44
1 82 III Central M
! 82H 2 80
1 82 Illi Cen'l ft'4
Atch T& 3 Ke 1 PSTi
cv 49 1 00
b 87 ills ccn'i am
Atl KiCli B.... lOmj
1 70 Info Met 4H
A Ceait L clt 4 ll'b
3 74 Int M ct 44s
1 747 1 10
A Coast li 7 Intb'e R T M
2.... 108 1 ft4
Dalt & Ohie cv 10 B4
2 7314 10 B414
2 73W 10..'... 61H
t 78 I M Marine Os
10 734 80
1 73 B S0'4
1 731; Iowa Cent' I 4s
1 73 1 33
Halt & Ohln 4s 2 33
B 73 Kn c Ft S ft
Halt ft Ohie (Is Mfmp 4s
2 0ft 2 .... 72
2 PB4 K C T Illy 4h
1 0.1 i, 3 7.1',i
1 05 Kelly Rprlrx'd
n ft O P I, K Tire 8s
4 W Va 4s 0.... 103
B 70Vs 4 102
1 70 Kceliuk i. Uus
llell Telephone Moines Bs
of Pa 7s 2 07
1.... 100T4 1 07T4
fl.... 107 I-nck Steel '2.1
Deth Steel fd 43 i0
1 80 10 07
DlTn Kdl Cj 0s B 00
ft 02 Leli Vnlley fii
Urlm Kdl D 7s 1 80
1. . .. 101) L. ft Myers ."s
B Rapid T Is 2 80
4 fift 2 f,0
Hup T ct 7f Lerlllard C fti
2 B5 1 80
D U'n Gas lit Leuis ft Nash
1 83 Mone 41
Dush "Hide Bi B 72
2 82 Le & Nnh 7s
1 82 2.... 108
1 82 1 10SH
BROAD STREET OFFICE
Chestnut and Juniper Streets
r
7 101
Trand Trunk
Can 0s rcta
1 OS
4 08
10 08
Trand Trunk
of Can "n
1 100
1 100
K DelBlum 0s
1 e:t
ft 00
B 03
0 US
KlleU'm 7'4s
7.... 103
2 103
3 ... 10314
1 10314
1 103
1C Beis'm rets
IS.... 104
0 104
S. ... 104
1 104
I 104
lft. .. 103
Clnedem Den
mark ct 8s
1 .. 100
2 . . 100
1 . . 100
7 . 100!-i
KIr.Cdem Ner
way ct 8s
1 101
1... 107
Iv Sweden 0s
1 .... 05
1 . . n.ni
0 Dfttj
l. ... 05
4 . . 031,
(Jucens'.'d Uxt
Lean ct 7s
1.... 104
10.... J04
1.... 101
11,... 104
1 ... 103
n. ... ie
n Chile ct -in
.. 00
.. 00
!'
. I'D
.. 00
. 01)
. . 'j(i
11 Ch.la ct '41
3 . 101
t 10'
... 100 T4
II t'lll'.l u -.11
. . 101
. 101
101
101
. 101
. . ion,
. . 101
. . 101
.. 101
Itepub of Uru
guay 8s
1 . 103
1.. 10J
00
Oil
00 '4
00
0(1
00
00
0ft
00
0(1
00
00
0(1
00
00
00
0(1
R 8 Calif Oil! fti'Munhat U'd 4s
""' 4 01 1 rws
'"i Ctl of Qa lstn B r.7U
101l ; 04 iMex Petr'm Hi
101 Cen'l ee G.i flsl ft 08
101 ' 1 04! 20i.ile) 08
100 Ctt I.eather Ba'MM S & Or Bs
JJJIJf 1 03 I 2 81
1" Cent'l Pac 1st 2 80
"" 1 70 1 81V
" Cen I Pac 3Ur 1 80
3 83
Cerre de Pab'e
Cep'r 8s
1.
1 80
Mln St P ft a
Fte M 4s
111I 2 03
111 l "' ft S ste
111 M OVjs rets
111I 10 100
110 I Me K ft T fe
111 1 03
111 I 4 OJU
111 M It ft T 2nd
C ft Ohie 4i4; II 42
10 7fli(.i3Ie Kan ft Tex
0.
1.
4 .
B..
C ft e cv 4s
3 81
C'k ft Ohie Its
1 02
1 03
C ft O cv fts
2 84
1H 84
20 84
ft 84
10 81
10 64
Chi & Alt 3f
1 8S4
C U ft Q 0s
1.
3.
2nd ct
10
7
Mj K ft
I
3.
41
42
'1 4e
OR
03
Me Puclflc 4s
0 BS
.18'
BS
ft8
r.s
r.s
ns
58
BS
1.
33.
12.
0.
10.
1.
103 20.
105 He Pae Bs ".'3
2 30.1V.I 1 0CTI
I.... 10f. Mer's Ce 4's
2. .. 105 3 83
J ... 103 2 83.
15. . 105 N'w Or Tex 3,
1 . . 105 'e Bs
1 . . . . 105 ft ... . 04
5 103 10 .... 04
Chi ft Urle 1st 3d 04
I... . 82 I 10 01'4
Chi ft a V liiNew Or Ten
4 Bl Mexico Ci
Chi Mil ft Piit 4 03
Sound 4s N V Cent'l iu
1 03l 2 73
ChlcaKO Mil ft N v Ct'l 4s
StP 4s '23 3 82
1 70' 1 62
Chicago Mil a N V cent'l (t
StPcv4s 1 07
B 03 2 07
B 03 1 08
ChletiBe Mil ft 1 ... 08
StP em 4s 2 117
1 801,1 4... . 07'4
."hlcane Mil ft N' Y Cenl'l "a
St P cv 5s ! 1 . . . 10.1
10 n.1 .New YU l)k u
3. ... 04 1. .. 73
Chi ft Mh V Nw Y .V II ft
Bs of '87 4s -37
1 40 I 2 33
J ft X V 0 ' Yerk O ft
1.. .. 10.1' West'n 4s
"hi HhIIwn 5i'i 1 05
1
1.
1
C It
1.
1.
1.
C It
1.
Cole ft S
I ft
I ft
Statu of Sae 1
Paule ct 8s I
1 .. 100'
Swlu'd Cen Hs'
2 . . 100
U K art Brtti
ft I'd 1U22
2 00
ft,. .. !)
h
8
0(1 2 . . . . 05
00 1 2 ... 04
C0, 'N Y Tele 4' 40
! f d , 2 67
74 4 b7
74! 1 67
74 1 67
P 4s. N Y Tele'n fls
70 ' 3 08
4h 2 08
81, 4 OS
61NfU H'lt R 3d
5 57
;Nfk ft W d 4s
.. . 8S 2 7HIJ
"ens U U.m 7s N" ft W11 10 0s
0 103l I" 103ii
K . . 103 I 10 IO314
2 .. 103N"erih AWst'n
1 ... 103 It'll Tel 7s
Bel ft Huci cv
Penna n (lUi
2.... 103
-'.... 103
8.... 103
0.... 103
1.... 103
11.... ie.i;
Penna 11 It 7s
4.... 100
Pcerta ft 1; In
1 10
1 10
Peoria ft 13 1M
10 01 V.
rem Marat Bs
1 87
1 BOW
Pub Berv. Cerp
N Jsy Bs
1 71
Rln O & IV 4.
0 71
Reck Il'd A ft
Leul'a ss
1 7B
St Le Rky Mt
ft Pae Sa
1 73
St I. 1'n Mt ft
B Rly Ba
1 02
H li S K I'
B4 00
20 00
1 00
ft 00
Bt L ft S f 1,
2..
1..
4..
3..
1..
ft..
F
1'.'.
ft..
10j Id. .1 811
1111 i'elumb!a O
10L.i i::co lit
1 1 .... r 63
Del ft Hud fd
63
00! 1...
O'l Den ft
2 03 I"
U K Ort irlil 1 .
ft I'd 1020 I 0 .
II 03i 1
2 10(1
1 100
3 . .. 100
2 lOOli
R O frtiN Pacific R 3s
. 45l 10 (18L,
. 43 IN Pacifle R Is
. 45 I 10 80
45 I .1 80
05l". ft It O tf 2
05 1 71 10
0,11, Det Udi Bs '33! ft.
03' 1 -01 Nth
05 Oct Tun'l 4141 1
.. 6(1
.. 60
. 80
Pwr 3s
8.1
I K llrt llrlt' 1 80 Jr-uen s I. r
ft I d 1037 1 . 8(1 1.. . . K7
PCI u 11 4 4 . . 87
l. 6S 4.. .. 87
D Mauh 7s Orsen s 1, ,11
1 ... 100 2 04
1 100 Or-W It II Ce
D de Nemours ft N Ce 4s
Pdr 7s 1 74
0 101 17 7iit
1 101 17 74
1 . . . . 10.1 Pack'd Moter
I 103 Car Ce 8s
1. .. 102 2 00
Dun I.lsrht 0s Pan A Petrel
1 08 I ft T Ve 7h
1 08 I ft 04
B Tenn Va ft! 1 04
Oa en 12 03
1. . . . llfll. P It II rn J II...
102!l'rlj It R c A1 8 no
102 I.. .. 38 P 1111 im 4s
Erie Rly Ce 4s 7 83
4.... B5 1 83
1 . .. B3 2 83
1 00 1 83
NIK IIUST t0
8a rcta
1 ... 04
B 0 4
2 . . . 04
1 01
ft. ... 04
1 03
2. . 04
U S Brazil 8a
2.... 103
1.... 102
1 . . 102
l(eale) 103
10..,. 102
Ha!e) 102
2 ... 102
13.... 102
12.... 103
1 ... 102
2 . 102
4.... 102
4.... 102
2.... 102
U a Mexico 4a
1 83
1
4 rm:
B2
ft2
R2
B2
B2
ft2
52
1
B2
!flt L ft 0 Fran
Series A
0 00
1 00 U
St I, ft B Kran
Series' 11
1 70
1 70
23 79V4
SI U H -11
1 CSU
St L Swn 3 11
1 70
3t P'l ft K C
8 t, 4s
6 72
St P'l Minn ft
Manlt'a 4s
1 02
St P'l A Sioux
City 7a
73
83
00
I. a;
18
18
18
I. fil
35
S Air I. 4s stu
1 B3
1 S3
Seab'd A 1. Or
1 44
1 "48
B 44
2 44
1 43
Eharen Steel
Heep 8a
2 00
1 00
Sinclair C Oil
Cerp 7!4k
4 001.4
2....
0
Seab'd A
1....
30....
B....
Seab'd A
00
00
00
00
00
00
00
00
S'n Bell T fts
2 88
S'n Pacific fd
20..
25..
6..
1..
4..
1..
1..
4.
2..
10..
11)..
10..
1..
1.
80
SO
70
711
80
80
80
S'n Pacific 4s
0 72
Sn Pae Term' I
1 7S
Sn Railway 44
B 00
2 00
2 00
Sn Rallwa fts
2 80
1 80
ft 80
3 80
Stnnd'd Oil of
Calif 7n
2 105U
Tex ft p lata
2 83H
Third Ave n)
6.
1.
1.
1.
.
10.
ft.
4.
ft
.. 41
.. 41
.. 41
.. 41W
.. 41
. 41
.. 41
4 1
J
Tidewater Oil
Ce ct 0s
1.... 100
Teledo St ti ft
Wn 4 s
B 20
Union Pae ev
2 00
2 001.4
11 80
Union Pae 4a
1 83
2 84
V Tank C 7s
1.... 102
U Rlys Impv't
Ce Ba
B 71
U H RubbT fts
2 83
1 83
3 83
1 83
U 8 Rub 7
1.... 103
1.... 103
1.... 103
1...
1...
tTM H
7...
7...
1...
1...
1...
0...
b!!!
4...
1...
Va-C
1,
. 103
. 103 V
Steel ftf
.. 07
. . 117
. . 07
. . 07
. . 07
. . 07
.. 07
. . 07
.. 07
.. 07
7
05 j
Ch
Va Rwy Ce ft
3 60
E0 80
1 80
Wnbash R 2d
1 80
West'n Md 4 s
1 57
We'll Pae 1st
1 82
W'n Union 5s
1. ... 01
W Union 0V4
2..,. 100
2.... 100
2.... 105
2.... 100
1.... 105
Weatliighouae
a ft MfR 7a
2 ... 104
1.... 105
Wlcks'e bpner
Steel 7s
1 05
Wilsen Ce cv
4 89
12 80
0 80
ft 80
1 80
Wilsen Ce 1st
1 03
Wis Cent'l 4s
3 73
II 80
Today's Range in Liberty Bends
Well T.ew
T,ibert.v r.Vjn .... fKi.20 05.1 1
Liberty 1st -lUs. . !)4.7 IM.00
Liberty 'M 4Vs.. H4.t"S 1)4.48
Liberty Kil 4tn.. 110.40 1)0.40
Liberty 4th 4i.. IU.7H l)J.(W)
Vic Notes 4-8 .. m).7U 00.00
1 10
P. .M
nr.2n
!I4.()
04. 08
00.40
1)4.78
09.70
Bank of England Statement
Txinden. Nev. 10.-Thn weldv nlHtrrncnt
of the Hank of Krclnnd .shows the fnl'nwini?
chants: Total reservn Inert ased 741.001.
clrculHtlnn deerenseil 738.000 bullion In
creased 20011; ether securities decreased 1,-
etw.imiu; eintT uepesirn decreased ti.U30.UQ0,'
pulillr dopesltH lnrenFrfl 1042.000; netfp
rsirve increned 741.000: fJevernment m.
rurllles decreased 10.042 000. The preper
tien 01 me name s renerve 10 liability this
week is 18.27 psr cm; last week it uns 13.31
per cent.
Financial Briefs
The avcrne-n price of the twenty active
Industrial stocks advnnced 1.55 per cent
yealerdav, te 75.7ft. while the twenty rail
rcaAa advanced 0.88pm- cent, te 73.08.
Henr) D. Tuder, nf Vew Yerk. Iins re.
s!xncd from the heard of directors of lh
United Securities Life Insurenee nnd Trust
Company and his plnce filled by thi election
nf rtancls It, Tayler, an attorney of this
rlty, of the law firm of Tayler, Rebey ft
Hear.
As submitted te the w Tork Stock TCx TCx
chanee Virginia Iren. Ceal and Ceke Com
pany, for the twelve months ended Septem
ber 30 reports net Income, after charges,
depreciation and taxes, of tl. 048.053
The Rank of Iceland', minimum discount
rata was unchanged nt ft per cent
ne New Yerk Hieek i-ixcnsnen
Detroit United Rallwav Cem-
1
Action of
In rullnir thnt
nany sleck shall net be quoted "ex, dlvldeml
'lta tiee rent ntnek Vnvemher IB. In nttrib
utcd te the failure of the Michigan Public
lit lltlea CommlsBien te appree th pavment
In stock. It Is explained thnt thin Is merelv
n technical matter whlrh ulll probably be
adjusted within a few days.
Ai submitted te thn New Yerk Stock Hx
ehange. Qulf Stntea Htrel Cempanv. for the
nine months ended September 30, reports
net less, after charges, depreciation and
Federal taxes, of J2H7.800.
As submitted te the New Tork Exchange
for the nine months end'd September 80.
Invlnelble Oil Corporation reports net In
come after Interest and adjustment of crude
and refined oil Inventories, hut before de
pletion and depreciation, of 155,015.
Allle-Chalmern Manufacturing Cempinv
r ports for thrce months ended September 30
net prom niter 1 chtpi nwpn m -.!.. viu,
igaltut 025,325 In
same period of
output
1020.
totaled
Cerre rie Pasco's October
3.330.000 pounds of copper.
Alll Chalmers Manufacturing Compnn Cempnn Compnn
renerts for P:plember Se quarter. ti"t profit
after Pederal taxes M21.flflfl, equal after
preferred dividends Ia ftl centn A ahare
i2ft.77il,7B0 outstanding common agalg
10.S.1.NN(I. or II. ill ihe tireceillna; nuaru
and 41023.325 or K2.II) the same period I
III2U. Ter nine mentlta. net profit total
$1,831,435, or 13.74 A share 01 common,
after preferred dividends, again1! I2,n2tj,
en ui fuuv, 111 1110 BHii.e ,vr vu u, ,f
20.fi
It ia off totally dnled International Tlar.
yesler Company cenlemplntes any new flnshtj
Ing. It atates It has all the money It ne44a
nnd hanks are wllllr.'j te lean any amount
that may be needed.
Raw Sugar Market Unchanged!
New Yerk. Nev 10. The raw sugar mi
ket i quiet and unchanged today at 2
cents, cost and freight, for Cubas. equal
4 11 renin, duty puld. There wer no li
poriatiens rrporiee. sales reperlel by In
t ubnn Sugar !' nance Commute were 110
bags r'ubas, November shipment, at 21.4 rem
basis, 110 degrees, cost ami freight, te Nfi.w
lerk. sold te refiners. The refined siiitar
market remain unchanged nt ft 20 le .1 80
cents, less 2 rer cent for rash for flne gn h
ulated. There was a flurry of rnmpelll in1
In the Nev Orleans market. The Amcrldan
Huar Refining Cempanv was reported te lx
offering granulated nt ft.30 cents, nnd gl rir
buyers privilege of the four-payment plah.
that Is. buyers have Ilie privilege nf forty
days te make pavments one-quarter of tfn
Invoice be'ne. due each ten dHM and each
quarter subject In the eenernt 2 per rent lr.
count. This competition was m. t by Hen.
uermm Mini iu-puilll cul X.O U.U CCntB.
uiar lernin.
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U. S. Certificates and Treasury Notes
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Neva Issue
$4,000,000
Charcoal Iren Company of America
8 Ten-Year (Closed) First Mortgage Geld Bends
Dated November 1, 1921
Dae November 1, 1931
Semi-annual interest (May 1 and November 1) payable in geld at the Bankers Trust Company, New Yerk City.
Coupon bends registerable as te principal only. Denominations $500 and $1,000. Interest payable with
out deduction for any normal income tax deductable at the source, in 30 far as it is lawful, net
in excess of two per cent. The Company will remit the Pennsylvania four mills tax.
Exempt from all taxation in the State of Michigan.
BANKERS TRUST COMPANY, NEW YORK, Trustee
Fer information ngariin thztt benii, we rcftr te a letter of Mr. Frank, W. Blair, President of the Cempint. from tehich he tummarizei at follewi:
BUSINESS: Charcoal Iren Company of America
is the largest producer of charcoal iron in the
United States, which product is required in the
manufacture of automobile cylinders, and all
kinds of superior castings and machinery.
The Company is the largest producer of weed
alcohol in the United States. It ia a by-product,
resulting from operations, and is therefore
produced at minimum costs.
The Company is the largest producer of acetate
of lime in the United States. This is the base
from which acetic acid is derived, and is used
in the textile industry and the manufacture of
drugs, dyes, white lead, etc.
An enviable trade position has been established
by the distribution, through selling agencies, of
its trade-marked products te hundreds of satisfied
customers ever a period of years. The iron prod
ucts are distributed through the firm of Rogers.
Brown & Ce.; the entire output of weed alcohol
is taken by the United States Industrial Alcohol
Company andtys subsidiaries; and the production
of acetate of lime is taken by Wm. S. Gray &
Company. The lumber produced is sold direct
te the trade.
PROPERTY: The Company owns in fee hardwood-
timberlands particularly suitable for the
purpose of its business, tetalling ever 190,000
acres in northern Michigan, also a 2 I -year lease
en a large ere body in Gogebic County, Michi
gan, being with regard te raw materials in a
stronger position than any similar concern in the
country, and making the Company entirely inde
pendent of outside influences in the manufactur
ing end of the business. The waste of the forests
is used in the production of charcoal, which is
used in the manufacture of iron, and it is in the
conversion of weed into charcoal that alcohol
and acetate of limetre produced. Other prop
erty of the Company consists of standard gauge
railroads, beats, decks, etc.
EARNINGS: The net earnings of the Company
which are available for the purposes of this first
mortgage issue prier te Federal Taxes and re
serves for depletion of forests and depreciation of
properties for the five fiscal years ending Decem
ber 31. 1920. have averaged $1,321,475.13 or
ever FOUR TIMES THE MAXIMUM INTER
EST REQUIREMENTS ON THESE FIRST
MORTGAGE BONDS. Likewise the net earn
ings available for the fiscal year ending Decem
ber 31, 1920, were $882,703.38. Present busi
ness conditions, which are steadily improving,
with contracts en the books, excluding current
orders, amounting te ever $3, 1 75,000, at pres
ent manufacturing costs, should show a profit
from operation of ever $780,000.
ASSETS: The Company's hardwood timberlands
and ere lease could net be duplicated, and in any
event net for $4,651,000, the value placed upon
them by expert appraisers. In addition, the value
of the chemical plants and furnaces ha3 been
placed at $7,600,000, which, along with cun-ent
assets, makes a total of $14,544,349.35, or mere
than 3 times total issue of these first mortgage
bends.
The total cuirent assets, after this financing,
as certified by Price, Waterhouse & Ce., are
$3,059,831.03, of which amount $483,076.85
is in cash, while the total current liabilities are
only $172,727.65, thus showing a ratio of 17
te 1, after having charged off all losses resulting
from inventory at cost or market, whichever was
the lower, expenses en account of shut-downs,
etc., which shows the financial condition of the
Company te be most excellent.
MANAGEMENT: Management of the Company
is in the hands of experienced and efficient men
of highest standing and credit in the industry.
The close connection between the Company and
the United States Industrial Alcohol Ce., Rogers,
Brown & Ce., and Wm. S. Gray & Ce., brings te
it the added benefit of their knowledge of the
proper distribution of the Company's products.
PURPOSE: The purpose of this issue is te retire
all outstanding indebtedness, current and fixed,
and te provide additional working capital.
SINKING FUND
Prevision is made that $ 1 00,000 par value of these bends MUST BE CALLED
for sinking fund purposes, upon each interest payment date, upon thirty days'
published notice in a Detroit, a New Yerk City and a Chicago newspaper of
general circulation, ON A 6';, INTEREST BASIS for the unexpired life
of bends, which is equivalent te ever ONE HUNDRED AND FOURTEEN
for the year 1922, graduating le ONE HUNDRED AND ONE for the
year i?ji. me numbers et the bends te be se redeemed shall be di
by the trustee.
irawn
All legal matter, will be approved by Mcrz. Campbell. Dulkley & Ltdyari. Detroit, and Mcssn. Chapman. Cutler & Parker. Zhlcag
Price 98M and interest, te yield about 8.25
Offered uhtn, a, and if tuned and receiud by us and subject te approval of counsel. It i, expected that dtf.nitwe bend,
u'll be ready for delivery en or about December I, 1921
P. W. Chapman & Ce.
Incorporated
1 1 5 Broadway 1 1 2 Se. La Salle St.
New Yerk Chicago
Harvey Fisk &. Sens
Incorporated
32 Nassau St.
New Yerk
Land Title Bldg.
Philadelphia
Union Trust Company
Detroit
The statements contained herein are net guaranteed, but are obtained from sources which
we believe te be reliable and upon
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