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EVENING PUBLIC LEDGER-PHIIiABELPHIA, THURSDAY, NOVEMBER 10, 1921
i
NEW ISSUE
$2,500,000
First Joint Stock Land Bank of Chicago
5V2 Farm Lean Bends
(ILLINOIS AND IOWA)
Exempt from all Federal, State, Municipal and Lecal Taxatien:
This exemption was confirmed by the United States Supreme Court in iU decision of February 28,
Thus these bends are as completely tax-exempt as the First Liberty Lean dyae Bends
Due November 1,
1921
Dated November 1, 1921
Issued under the Federal Farm Lean Act
1951
Redeemable at the option of the obligor at par and accrued interest en November 1, 1931, or en any interest
date thereafter. Coupon bends of $1,000 and $10,000 denomination, fully registerable and interchangeable. Prin
cipal and semi-annual interest, May 1 and November 1, payable at the bank of issue or at the Continental &
Commercial Bank in Chicago, or at the Equitable Trust Company in New Yerk City, at the holders option
The following salient facts arc summarized from the Federal Farm Lean Act, and a letter from Presi
dent Guy Husten, copies of which may be obtained en applicatien:
SECURITY These bends are direct obligations of the First Joint Stock Land Bank of Chicago and secured
by deposit with the Registrar of the Farm Lean Bureau of the United States Treasury Department, of United
States Government bends or first mortgages upon improved farms, net exceeding 50 of appraised value of
farm lands and 20 of the appraised permanent insured improvements thereon, in the states of Illinois and
Iowa, admittedly the finest agricultural section of the country.
All of the mertages have been approved by the Fedc-al Farm Lean Beard based upon the appraisals of their
own agents operating in their respective territories. In addition te government inspection of the properties,
the bank has had independent appraisals made by their own experts.
All bends of the Bank are protected net only by an equity represented by at least 100 of additional land
value, but also by the paid-in capital stock of the bank carrying double liabiity, and the accumulated surplus
and reserves.
The Bank's statement of Aug. 31, 1921, shows a paid-in capital stock of $1,200,000 and surplus and reserves
of $120,145.73. Stock increased recently by $200,000 which is being paid in at 150.
TAX EXEMPT FEATURES We quote hereunder from the actual bends certified te by the Registrar of the
Federal Farm Lean Bureau of the United States Treasury Department as follews: "This bend is issued under
authority of the act of Congress approved July 17, 1916, which provides that Farm Lean Bends issued
under previsions of this act ' and the income derived therefrem, shall be exempt from Federal, State,
Municipal and Lecal Taxation."
We quote from the decision rendered by the United States Supreme Court February 28th, 1921, as follews:
"These banks are constitutionally organized and the securities here involved are legally exempt from
taxation."
GOVERNMENT SUPERVISION AND OPERATION This Bank was chartered en July 25th, 1917, whereby
it was "granted authority and power te lean money, issue its bends, and te de all ether things provided for,
and in accordance with the previsions in the, act of Congress, approved July 17, 1916, known as the 'Federal
Farm Lean Act and te de all ether things implied or incidental thereto within the State of Illinois and the
contiguous State of Iowa." This charter was granted by the Federal Farm Lean Beard which exercises
supervisory powers ever the Land Banks, similar te the Federal Reserve Beard ever the twelve Federal
Reserve District Banks.
The Federal Farm Lean Beard must approve all leans and they shall appoint land bank examiners "said
examiners shall be subject te the same requirements, responsibilities and penalties as are applicable te national
bank examiners under the National Bank Act, the Federal Reserve Act and ether previsions of law. They
shall examine and report the condition of every Federal Land Bank and Joint Stock Land Bank at least twice
each year."
In addition thereto the beard is furnished with a complete record of bends issued and mortgages deposited
and also monthly detailed statements of all payments of principal and interest.
The Secretary of the Treasury is ex-officio chairman of the Federal Farm Lean Beard.
Although the operations of the Bank are thus carefully restricted and supervised by the Government, it is
under private ownership and management.
Its officers and directors have had many years successful experience in similar operations in the same
states (Illinois and Iowa) and the Bank has paid regular dividends at the rate of 8.
By Act of Congress these bends, prepared and engraved by the Treasury Department, are
declared instrumentalities of the United States Government, legal investments for all
fiduciary and trust funds under the jurisdiction of the Federal Government, and accept
able at par as security for Postal Savings and all ether deposits of Government funds.
Price 102 and interest, te yield about 5.18 te 1931 and 5 thereafter
GOSSIP OF
THE STREET
14 WALL STREET
NEW YORK
KISSEL, KINNICUTT & CO.
THE ROOKERY
CHICAGO
W. de net cuaxante the statements and flsures pre'entM fcere'n, but they are ta'.ien from sources wbtei we belleve te be reliable.
nSNCIT.
IATBOBE-CONNKI.I.MMI.I.K COAL AhD
COKK COMPANY,
, Oet'J Ilends . .
rjettee la hereby given that pursuant te
tia BlnklnB Fund Prevision of the i Mertjai.
dated June 1. 1011. twenti-fl (25) of the
abeJ bends, each for UOOO. have b-en
drawn for redemption en IlerembeT 1, 1B41,
it 103 and accrued Interest te that date
The bends drawn and numbered a Djlew,
with oil unmatured cojpens attached, should
b presented for payment at the office of
the Commercial Trust Company. Trustee
City Hall Square I'hlladelnhla, en or after
December 1, 1021. when all Interest thereon
will cssse. Nes
81 219 030 72H bes inn isvi
121 Si'2 304 7S8 dOO 12i8 11185
171 349 4U. w vut idev ioei
1047
COMMEnCIAI.. TTtUST COMPANY. Trusts.
" HENnT C. QinSON Treasurer.
11
28
bO
POCAHONTAS CONHUUUATKD COL-
glTV-YKAH HI5 TEIl CKNT GOLD
ONDSDOB JULY 1. 1057.
Untie. Is hereby Riven, pursuant te the
Uimi of the mert.ag. dated July I. 1907
that-the underslcned as Truitje will recelr.
uZled propose, s up te 3 F. M.. en ths Sin
SaV of Beinber. 1M1, for tb.ss.ls te It of
,.., above described, sufficient te use
?? sum of $40 d05 1)7. Ths understate!
rsIerVss thi right te rslect any or all tend.
Sb,nN2w TOni? TRUST COMPANY.
itu Trusts.
Br A. C. DOWNINO. Jr..
Assistant Secretary.
NW TTk. October 27 1051
We offer
$20,000
Pennsylvania Company
Collateral Lean is
Due April 1, 1031
PRICE 86 AND INTEREST
$20,000
Ches. & Ohie Ry. Ce.
General Mtg. IMis
Due March 1, IDOi
PRICE 80'2 AND INTEREST
P., C., C. & St. L.
Gen. Si, 1970
Elkins, Merris & Ce.
Land Title nidtr., Phila.
Member,
Vew Yerk A I'hlln, Stock Exchanges
Spruce 8200
8
1 !
IHilriVmU
..kirrirn HfXlUHi '"' l.ii Mail, i
i-ilH Chestnut Btreet. Philadelphia. Pnin i
0S-WO Kwsm November Dth. 10.il
.l&S WmPanrSftdend Wt? &
Sffif 5a"r of t? ,,. THLK,UAV
Dscamber lvlun JUNOKURTH JH .
' ,, Treasurer
'..yp nUUUUH A Tllti: CORPORATION
3?TS nv"k ,w Yerk. Oct 20. 11U1
1 i-na nt the I.e. Hul ber & Hrs
IRU- rnTnoratlen have this day declurd n. qimr-
ir frtrWWend of fifty tent. (S0e a share
?!r J.n the T capital mock of iMs company, pay
) ?Cirn.reraber 1. 10-il. te stockholders of
m
&
Tr. .. -.!.... of liuilneas Neiimbnr 11.
nj av in. .-- -- - --
HENRY HOPKINS. Jr . Secretary
rcoe
IViii
I
"ZnWTUW KSTERN TK1ST COMPAN1
OIl"" ect.ber 24. 1J1
el ItlH Heard of
Htnl annual ilivi
C(.nt was derlnidl
!?' vrTi..ml.r lath Check, ulll I-
nayaule ""
IBM.
41! 4 m. regular in- n"
ftl miSian held this daj a
IF PWnf twelve I1J1) I'er (
111 i.?: November 13th
$20,000
N. Y. Connecting R. R. Ce.
First Mtff. Pas
Tine AilR. 1, 105
PRICE 80 AND INTEREST
i
Eajset Bres. &. Ce.
BANKERS
1421 CHESTNUT STRECT
Philadelphia
M KMIir.lt S Villi.!. STUCK J:CIIANdl.
Established
Manufacturing Ce.
With orKnnlratien cunijileted, i
rufterv working siml n .in . In-
(julrKs en h.inil tics. rout of
r.iiMtitf ndilitien 1 c.ujlt.il te f.i
i ll i iii tinmllmK ( i Ijusiiiphs
I.i S" irellth 1' ni- epi irtunlty
for cxi i iitienal iintsin nt
Bux H OIC, IcUKti Ulflce
A Natien -Wide
Market
for
Liberty Bends
Victory Notes
tad
Treasury Certificates
SECURITIES DEPARTMENT
Commercial Trust
Company
Member Federal Reiene Syittra
City Hall Square Weit
mat
i
ALUX D.
ROHINSOS
Treanurer
A iiiiiml Meetlnsa
lKlic'ANTlI.n UUNhriCIAI. A,s().
. JiiaTlON The Annual MeLtlns of tila
t Ltiitnn ylll be held en Tueilu. .Neirni.
v"?i lUtl. Hi 12 o'clerU neon, nt nil Heulh
r 18. '""'tfoem I'i0 at which time an
ii.oUen will e
litwil for the tei
held for five manugirs
rm or lour jnars.
,L.IAf 1 CUM.. Peireury
Hprel il Meetliiss
n
. M '
i k. oeelal
NOTICU Ol' ST()( IilIIILDKIth'
rneetlnit of the stockholders of
sninK c;niiifiiny win lie imhi
ei . tne i uinimm in i
t?u7fl.,I-uir...h.nf
Mi
r V(iiia'vj's--.ii, i. i fnr 1 1,. ..;.;.-
J- retAliln action for or against the apprewil
i Vt i. ceitaln areement for ths .consolidation '
I I ' 2 mar" V "t Ths Curtis Publlshlnn Cem- I
I , , ffrty Wi TThe independencequare Company j
If' . Hecre'lary.
w
j i.e.
y Sa&
; mm
p .
NOIICH OF KTnrMlOI.DKrth'
.wl rflertltiR ei llif slocuhelilers of
ndeeendence HiUiire Cnmpsuy will l8
nuc7" ,,,.. . Ih ..,,,,,,,,,.
iiZiivlnhla pn the 8lh day of .Ne.
" .... S nl. n.1. I. M .... .1..
V. O. w w .v.n . , tHT II1W
or i
i. i
aklne action for or ujtalnst the
certain aitreeinent rer the
d mener ct. The Curtis Pub-
ny and The Independence
r
"la.tiPINOTON.
cticreiary,
Yeu can
judge market
possibilities better if
you knew the price
history of stocks.
"PRICE RANGE,"
November issue (given
en request) covers 800
securities :
the " high" and " low"
prices for 1920 and 1921
dividend rates, "par"
capitalization, etc.
Call, phone, write for copy
(link for TU-513) and men
tion Htucks which interest
I you.
Jenes &. Baker
Member New Verk Curb Market
""""Direct Private Wires" " "
SeO erk t hiemre IJoiten Philadelphia
l'uuburgb Detroit Biltitnure Clrvclinu
PHILADELPHIA OFFICE
Widcner UulMinu
T-1. !,. Hell - - - Locust 4730
Telephones Kcy,tene . Race 586,
BALTIMORE OFFICE
433 Equitable Buitding
Telephone) St. PautSl
--- J I
. -i; Bi
nkVnrniTI(nf Rmirlc ImsmiisissssBESssMasaBSSss sssesssessk asm
Investment Securities Fi
1 ' EDWARD LOWBER STOKES tl U
20 Seuth 15th St. fll
i Philadelphia l
Locust 0313 Rare 3e39 I WE WISH TO BUY
i MjiiiisisssM iis ill Milium saisa 11 inssaii II I nlun Trrmlniil nt Dnllus
I 1 1st Bs liHi I
usiesi service m rniinatipnin m en Terminal
ODD LOTS lBt 3H ,u,n
1 Terente, II utiillten i IliilT.
KARDOS & BURKE "
14!4 Walnut Slrttt Phlladtlphla
I) Phent Spruce IU0 j J WlDIIH BlDC. PHII0IPH1A II
ssssBsasaassssassBsasaBBBsaxusBaDsauisBBaaiiGssusssJ fifualnt PUhdiMh tud
.N. Mhv Yerk Seck Extfiani
if i f ith i
I ' ' '
WANTED
RELIABLE BROKER
i rv rif r. emitW tNhinr haln '
fit ret firiM unltB u fTTial n n
HlirM sr1( imp i' Put
ji it It -iBHijis 1 1 n en H( k
-U!, I I IK. I H Ol I ICIs
ilMrSMkiyii
'(Redmond a Ca
New Yerk
Philadelphia
.TtKlKine; from the tennr of the ntlvlccs
sent out by the nctivc wire houses,
much is expected lit the wny of market
influence from results nt the dlRnrmn
ment conference. Among the ether nc
eempllslimcnts anticipated will be the
adoption of n financial plan which
would provide for n resumption of com
mercial activity in something like the
volume that prevailed up te within n
year age. u
Some of these who have studied the
situation In this respect were positive
in the opinion that there will be ample
piovlsiens made for the reconstruction
of devastated Europe. That Mupcndeui
work alone, it is pointed out. will call
for huge tonnage of steel products nnd
ulse of copper.
Once Mere the Uiievpetceil
Undoubtedly the mnjerlty of the
talent came down te the Street fully
prcpnred te witness n moderate backset.
The market, however, ns It often docs,
just went contrary te the majority
opinieu.
Western Meney IlatCH Easier
Seme further evidence of caking in
money rates in the West is discernible
with the Indication from new en toward
the end of the year meicy will he nvnil
able en mere ndantageetis terms. The
action of the lder.il lletrvp hankb in
a further reduction of the rcdir-reunt
rate in the majority of districts has
resulted in a belter feeling in lluauclnl
circles in westcin sections of the coun
try. The success, of the Treasury Depart
ment in lleating its new Issue of 4',i
and -Hi per cent certificates evidently
1ml some influential tffect upon wl.nt
should be the proper level of rediscount
iatcs. The reserve ratio having reached
n point well iibme the percentage nee
ctsnry te be Carried against notes in
circulation, the opinion among mem
bers of the l'edernl Hescrvc was such
that n Hiihtaiitinl reduction in discount
rates was in order.
The contraction of leans nnd dis
counts among bnnks nt the larger cen
ters have been going nleng steadily, and
lining te the ferwardings of grain fiem
interior points at an cnrlier period than
ordinarily the usunl btr.iin in theciedit
.situation in the crop-moving, period bus
practically been tllminntcd.
The result has been that balances
carried by Interior banks in the laiuest
centers lime incrcnsul quite mnturmii)
and bujing of cemuieiciul paper re
ported te en .1 breuder basis.
Hard te Understand
The bulge In some of tlic meter shares
is somewhat difficult te reconcile in view
of the undeniable slewing down of the
aulomebiiu business.
New llallread Issues rending
During the next few dajs there will
be a few new offerings of rail issues, in
cluding a 5,500.000 ettering of South
ern Hallway bends nnd 512.000.000 of
Louisville nnd Nashville Ilallrend Com
pany 0 per cent bends.
There nrc certain detnils yet te be
ironed out in connection with the effnlrn
of these two undertakings, which it is
hoped will be succcHsfullv consummated
se that it will ee possieie te leriuany
present the issues te the public before
the end of the week. Little doubt ob
tains in well informed circles as te the
success that will attend these offerings,
because thev nre high grade standard
Issues, which unnuctlennbly prove pep
ular with tlic public.
The rail market bears evidence of n
healthier tone than at any time since
the upward movement throughout the
general bend llbt wus begun a few
months age.
IJIgger Things Expected" Next Tear
Ever man nnd inteicst in position
te knew forecasts bigger business for
102'J. Many signs confirm this opti
mistic attitude, and in all directions
elilcncc Is te be had of returning con
fidence. Breader Demand for Notes
Net only is there n lgoreus demnnd
for high -class bends, but there Is also
a conspicuous absorption of short-term
notes. This demnnd hns net been ron ren ron
tinedteanj Individual issues or groups,
but has virtually extended throughout
the entire list of nearby maturing obli
gations. There has been a healthier
tune te the note market within the lust
few days than at any time within n
j ear. Dealers profess te believe that
comparatively high Interest jlelds btill
obtainable will net long continue.
American Telephone
I One of ycstcrday'H individual move
ments which came in for considerable
attention wus the nctive demand for
i American Telephone and Telegraph,
rarrjing that stock te the highest pi ice
I touched since 1017. The movement was
icgnrdid as in line with general Im
provement in business, conditions.
Improved Iliillreml Inquiry
The Iren Age in its weekly review
of the steel situation snjs:
"Hnlliead Inquiry for rails for IOL'2
ami what nia.v be the beginning uf bel
li i bujing of curs have appeared in the
pji-t wevk. Otherwise the chief devel
opments In the stt-el market have been
In tin plate contracts for the first half
of next j ear and some geed business in
wrought pipe.
re
1 te
pet (mix ami wns In volume Mil
Ik lent te liiMire a huge operation of
tin plate mills thieugh the winter. Can
makei-i bought ter the first half of 1022
ami jobbers for the first quarter.
"Hail inquiries for the next ear in in
clude 100,000 tens for New Yerk Cen-
trnl, with a pes-thli. 200,000; also -10,-000
tens for Noifelk and Western.
IVnnsjIvnnlu Itallread Is considering a
1022 iiiietn of 150,000 tens. Thus fur
leading interest has booked 120,000 tens
of rails 'luce the price wns mimed.
"Conspicuous Itenih in new fnbi icati'il
strel projects totaling 18,000 tens are
0200 for Ktinigthenliig a Husten and
Maine bridge and u inlliead bridge at
Kiiiihiis Cit.i. Aw aids of the vvetU
amount te about 150,000 tens in size
able projects.
"Weakness has developed in the pig
iron market, paitii'ul.irly in I'.uftule,
Clivehind nnd Birmingham, and conces
sions of 50c in SI a ten uie reported
"Though the upward turn in produc
tion cami' in .rub, further price defla
tion en the present move is letenled for
this week. The Iren Age composite for
finished steel new stands at 2.i:ilc a
pound, or les then 27 per cent above
the average for ten yenis before the
w.ir" TIIETHADEU.
SEES UNIVERSAL
USE OFFUEL GAS
Heating Needs te Be Filled, as
Ceal Coekstovo Has
Vanished
IN HOMES AND INDUSTRY
By fhe AseclnJel Tress
Chicago, Nev. 10. Artificial gas for
full heating requirements of the Nn Nn
tien, both In homes and industry, is nn
impending reality and' n revolutionary
chnnge In heating as sweeping ns that
which abolished tlic cenl cook stove from
tlie cltj kitchen Is under way nnd will
come just ns seen ns the gns industry
enn overcome existing problems, nccord nccerd
ing te the Industrial Fuel Committee of
tile American Has Association, in Its
repert te the annual convention of that
bedj here today.
The report predicted that the gns In
dustry will become the biggest public
service institution and coupled this with
the statement that the companies serv
ing the Nntlen must prepure them
selves for n gigantic building program
such ns will pvrmlt it te take en n bil
lion dollars of new business resulting
from the great task of providing heat
for American homes and for industry,
Complete disuse of solid fuel In cities,
doing away with smoke nnd grime nnd
the nnnunl fuel problems were dcelnrcd
by the committee te be In oiling.
"We can new with nil certninty leek
upon the time when gas business will
be the biggest of our public service In
stitutions and tnke enre of the fuel re
quirements In every city, town nnd mu
nicipality," snid the report submitted
by II. O. Eeebell, of New Yerk, choir
man of tlic Industrial Fuel Committee.
Improper into schedules, net con
ducive te the best interests of nil gas
users nnd obsolete restrictions plaecd
through regulation upon the Industry,
nre the big hampering influences nt
present, the report nys, charging that
America is net taking advantage of lcs lcs
heiis learned during the wnr. Invcrr
tlve genius is doing its full share in
solving the fuel problems, the report
adds, iccltlng vast lecent progress made
in producing gnseeus fuel.
"With success in the development of
proper industrial rates and mere effi
cient nppllanoes, we shall be able te
lower the cost of gas te the consumers
te such nn extent that we shall be able
te provide n tremendous Incicase In gns
service for the Natien," says the re
port. "The potentialities of gas have
hcen realized te only n very small extent."
DETROIT GETS CAR LINES
Trelley Company Agrees te Surren
der Part of System After Vete
Detroit, Mich.. Nev. 10. Conforming
te nn ouster emittance ndepted by the
voters here Tuesday tne Detroit United
Hnllway will discontinue operating en
two of the principal thorough fnreu by
November 25, te make wny for munici
pal street car lines, it was announced
Inst night by A. F. Edwards, vice presi
dent of the company.
Submission of the ordinance te n
vote followed refusal of the company te
nreent the cltv's offer of $388,000 for
the lines en Fert street nnd lower.
Woodward nvemie, where the ceinpany'6
franchise had expired.
Mr. Edwards stated that the com
pany will continue te operate Its ether
Detroit lines. The Fert nnd Wood Weod Woed
wnrd lines nggrcgnte about ten miles,
crossing In the center of the business
district, nnd provide trnnsportntien fa
cilities for thousands of workers In In
dustrial plants.
CLIMBS BLINDS, SAVES TWO
Shere Milkman Rescues Children '
Prem Burning Heuse
Atlantic City. Nev. 10. Scnllhg tw
teries by climbing the shutters, lttl5
Dc Kecher, a. mllkmnn, early ycsterdsV
morning rescued Margaret nnd Themas
"i "" (uii.-ii, trapped In a
bedroom of their home en Michlgnn an.
nuc, north, when flames, starting in h
kitchen, swept through the house.
Dc Rechcr dropped the yeunentcn
Inte the waiting arms of three rntlread
empleyes, who nrrived before the fire,
men. The children were seinl-cen
scleus from the smoke, but lecercrtd
under first-aid treatment.
K. of C. te Initiate Tonight
Mere than 100 candidates will rcccivs
the major degree of the KnlghtB of
Columbus In the K. of C. Hnll, Thirty,
eighth nnd Mnrkct streets, tonight. Dig.
trlct Deputy Jnmes J. Freeman, of ths
Second l'cnnsylvnnla District, will .
cmpllfy the degree.
BROWN BROTHERS & CO.
New Yerk
VstalUshcd ISIS
rOUllTII CHKHTNUT 8TIIEET8
FIIILAIIKI.F1IIA
llosten
COMMERCIAL LETTERS OF CREDIT
Issued in Pounds Sterling, Dollars and ether
currencies.
A Century of Service
BROWN, SHIPLEY & COMPANY
founders Court, I.ethbury
LONDON, i:. C.
Oflflce for Trnveler.
1S.1 Tall Mali, LONDON, 8. W.
DIAZ HAS BUSY DAY
Newport Italians Present General
With Gifts Troops Reviewed
Newport. It. I.. Nev. 10. General
Vitterio DhiJ!, Italy's war chleftnln.
put In n busy day esterda making nnd
lccelvlng eflleinl culls.
Lecal Itnliaus maue lilm n gift of n
silver punch bowl and two sliver can
delabra nt informal ecreiscs nt the
home of Dr. Geerge Ccrie, where he is
a guest. Three Newport iiejs who
served in the Itnllan Army during the
wnr were in the dclcgntlen.
At Fert Adams the general nnd his
party were received with ren-menics of
honor by the commander. Colonel W. It.
Deeres, and his stnff. The genernl re
viewed the const artillerymen nt the
fort.
m kit Li B
' v
'U Ml V i
" si t p
ffi
KSjjjj
Investments
OF
1 Proven Merit
3 BATTLES & CO.
I Vi'ablished 1890
ja Indftwndtnce Square (Knit)
jiMOTKIMM
Investment Securities
MACKIE, CR0USE CO.
HEAL ESTATE TO. JJLDO., rillLA.
Insurance is a sacred trust
and should be se regarded.
THE PROVIDENT
Lirs ani Tiurt (JnMiMNV or Fiin.tDii.rim
Teuith nnd Chestnut Sts.
Stembtr of hctleral llcecnc System
Tiega Steel
& Iren Company
Heavy Commercial Mnchinirtfr.
Experimental and Teel Werk.
52d and Gray's Avenue
riillndelphln, Fn.
INVESTMENT
SECURITIES
Samuel McCreery & Ce.
Members Phila. Stock Exchange
Franklin Bank Building
lnnvlvnnlii Knllreiil Equipment 0's 1028.33
I.i'Meh Anllfjr Ceal Cempnny ..,. 'n 1533
Kastnn A Ainhex Kallranil Campnnr It's 1023
Ceneal. Tnirllen of New Jrrr) . . . ,Vn 1031
I nltH Traction Ce. uf Flttsbiirgh. R's 1091
t'n'trtl i & Ktrrtrlc Cerp. . 0'h IU1J
Mllmlncten (Ins Cenumiv Cnmmvn stk
SAMUEL K. PHILLIPS & CO.
Mrmbfrs riillmlrlphla Merk Kxcluin.'e
607 CIIK.VTMT HI It I'.KT
C. S. PATTON & CO.
31 A ClIRKTNt'T STH.
I BANKERS
I SucfCMfters te
SAII.KR A hTISVF.SbON
Menti mil sterki betiKht and sold
I Mpnihrrs I'lillu. Stock Kxchunte
$500
$1000
$500
$1000
J "Tin id.ite tmjitig came nfter n
diictlnn In price en Nevemlier I
SI 7." poi he and wns In volume
Rare Investment Opportunity
Firit Offering of Limited Amount ier Subscription
$2,500,000
TOTAL. ISSUI
7
Five -Year
First Mortgage Chicago Real Estate Geld Bends
The Albert Dickinsen Ce.
Largest Seed Merchants in the World, Established 1855
First Mortgage en Land, Buildings and Equipment
In Chicago's Great Central Manufacturing District, near Plants of International Harvester
Ce., Crane Ce., Peeples Gas Ce., U. S. Army Supply Depots and Union Stock Yards
EXPERT APPRAISAL OF SECURITY NEARLY TIIREE TIMES TOTAL BOND ISSUE
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Denominations $500 and $1,000 Interest Payable May 1 and November 1
The Entire Bend Issue a Due and Payable November 1, 1926
Interest Coupens may be collected promptly when due at Fidelity Truit Company, Philadelphia, or
Principal and Interest payable at Greenebanra Sens Bank and Trust Company, Chicago, Trnstee
BANK SAFEGUARDED BONDS
Honorable business dealings.
Cern Exchange Nat. Bank
Unite! te mil for (Irrmmir In the nrar
fulurr te purchase nitre liawlKt 'or Amtr
Icun llrms ami weulil Ilk. te litar from
ii frw msrs llrms, who would be Inter
ttltd In snme litfore salllm.
it ez8, i.udekh etricn
Wvv2m
IBOWSJ
T
Te Yield
7.20
A first-lien bend en Penn
sylvania Electric Light and
Power Companies.
Circular and llarninun
en Request
Baker, Ayling & Yoeng
JOSKl'lt . ,l. -lr Miinm.tr
Land Title Dldg.
Doiten Philadelphia
GRANDMA RAISED CAIN, TOO
Professer Denies Bare Knees Are
Worse Than Heep Skirts
Detinlt, Nev 10. (Jmiulirin'H enrs
would burn if hIie knew wlmt HurBi'n-s
.Iiilinsen, prefpitnr of KmbIIkIi t VoKner
t'ellcgi', snlil nbeut her jcNtcnlay after
noon. "(irnndmu litis no lislit te rrlticlre
tlic modern college fc'lrl," tlcrlnrcil I'uif.
.rehnhmi "Slid preliniilv liiiH n few
Cnln-rulhlnj; Hiiich tuclted nwiiy In lur
nieinery. I don't tlilnk bnre knees nre
anj mere Immodest tlmn the htntclj
lioep nklrts of lialf a century age.
"The worldly wlmlem which the mod
ern college Klrl attalnw ii mere of an
ndvantage tlmn a llKad'intnge, and
docs net crane the blush ijeuth and
Innocence
LAND 60.18 acres, owned in fee; con
sidered one of most remarkable individual
holdingsef industrial real estate in Chicago,
Appraised value of land alone con
siderably mere than total Bend Issue.
IMPROVEMENTS New reinforced con
crete and steel structures, forming square
of 420 feet; steel tanks with capacity of
750,000 bushels of grain, railroad yard
with ever four miles of trackage. Expert
appraisal of improvements $3,856,788.51.
VALUATION Bends are secured by
land, buildings and equipment with expert
appraised value of $7,046,288.20, nearly
three times total Bend Issue.
ADDITIONAL SECURITY All assets
of The Albert Dickinsen Company aggre
gating ever five times amount of Bend
Issue, comprise additional guarantee for
prompt payment 'of principal and interest.
The company was established 66 years age,
and does a world-wide business in seed and
grain products.
BANK SAFEGUARDS Fire Insurance
and Mortgage Title Guarantee Policy for
amount of lean held as collateral by
Trustee, for benefi of Bondholders. Every
protection i3 afforded by the definite
Grcenebaum system of Bank; Safeguards.
rf. n j n .. ......
,c uuttuujct zigrccB te ray the united Slatet Nermal Income Tax up te 4.
Approved and Recommended by the Oldeut Banking Heuse m Chicago
PRICE PAR, TO NET TO INVESTORS
Ash for Circular Ne. PA-S50
RESERVATIONS MADE NOW FOR FUTURE DELIVERY IF DESIRED
USE THIS COUPON
GreeiieMiiii Sens
InvestmentCensNE
CHICACO
j Greensbsun Sent Inreitment Company
; "5. E Cerner U Stile & Madisen Sli., Chicije ;
.
5 ?as,? 8entI.'nformatien en the Dickinsen Company 5
j 7 Dentl Issue te j
i :
mui juiwiun ; Nam. :
Stockholder e) 'fits Company ar identtcai wth stock- I
10ikr.s el Grcenebaum Sen Dank and Trust Ce.-Oldesi . , , 1
eanm "oust w Uitcap, Founded 1855. Aurttalt 1 "aerMS
apUal, wpUts and undivided profit exceed $4 sfa0W,r .
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