-T'a tiWTM V Z V V tjv. ' :,L''. " --'a T,jT, ' t "' "' WW.T'TBPT1 ? f" TStlBVPVllW71T 'K' fv ,r-v , , -etwL'. , ' V " " '"'' ' ETijNING PUBLIC LBBTTBRr-jPtillDELPHIA, WEDNESDAY, NOVEMBER 23, 1921 v I; ,. SDM Exempt frcm All Federal Income Taxes $3,750,000 Wichita County, Texas Water Improvement District Number One (Including City of Wichita Falls) Serial 6 Bends Da"1 rt---r 1, 1fl?0 Due April 1, 19? te 1P?0 fnrfmiYe J-iiiiwyui tuid semi-annual interest, April1 and October 1, payable at the Hanover National Bank, New VerK City.,. Coupon Bends, $1,000 denomination. - ' FINANCIAL STATEMENT Estimated actual value of taxable property ,.,. . .$68,000,000 Aeseued valuation of taxable property, 1921 34,110,791 Total outstanding bended debt, these bend only , 3,750,000 Present estimated population. . . .42,000 The City of Wichita Fall and about 8,000 acres of adjacent agricultural -lands comprise this District. Wichita Falls, the county scat of Wichita County, is one of the most progressive and rapidly growing cities in the state, having had a population in 1920 of 40,079, and being the railroad, financial and distributing center for a wealthy and productive territory. Its six banks have combined resources of ever $43,000,000, and its thirtv-thrce wholesale establishments represent an investment of $10,0(A),000 with an annual turn over of $35,000,000. It is the center of the flour milling industry of Texas. The City enjoys all modern improvements, and the presence of natural gas as a cheap fuel has made W Jnta Falls one of the chief industrial communities of the Southwest. The municipal debt is less than 5 of the assessed valuation. THESE 'BONDS are direct obligations of the entire District and are payable by unlimited ad valerem taxes en all taxable property therein. They were authorized by the qualified voters of Wichita Falls and the territory adjacent thereto included in the District. Their purpose is te provide funds te insure an adequate water supply for the City, made necessary by its continued growth, and te permit of mere efficient cultivation of the agricultural lands irf the District. MATURITIES $42,000 due 1924 $ 83,000 due 1933 $190,000 due 1942 44,000 " 1925 ' 91,000 " 1934 202,003 " 1943 47,000 " 1926 100,000 " 1935 212,000 " 1944 50,000 " 1927 112,000 " 1936 222,000 " 1945 52,000 " 1928 133,000 " 1937 235,000 " 1946 54,000 " 1929 136,000 " 1938 248,000 " 1947 60;000 " 1930 149,000 " 1939 260,000 " 1348 67,000 " 1931 163,000 " 1940 268,000 " 1949 7i,eJ0 " 1932 178,000 " 1941 278,000 " 1950 Price 100 and Interest te Yield 6 Legal opinion of Jehn C Thomsen, Esq,, Attorney, New Yerk City., William R. Compten Company Kauffman, Smith, Emert & Ce. New Yerk St. Leuis The above statements, while net guaranteed, are obtained from official reports and Vther source which ue consider reliable and upea which wc based our purchase of these Bends. ,i, i mtntMtt ......... Valtcr J. Schmidt fe? Ce. Investments New Yerlc Philadelphia W W M ai STRAUS BUILDINO j IJPJlijj: $$Jwt Y0RK . 111 ) comTerl-a-bKe, eumVw-W. J J.n ""- I M 'I tlen of peaceful enjoyment free from Si:comfort j 1 HI well crrcumjuncedj ewyj contented. I I Nfll 1ns Dictienir pa I 1 1 .DWAJtD B.5MITN&Ce 1411 Cnettniu Street Members New. Yerk and l'nlladclpbia bleclc Exchanges , Investment Securities Philadelphia New Yerk We wish te buy Nulmlle Cm & Heitinr. . ..5i 1937 Soetk Snore Gn & Elcc 5' 1933 Cktrleiten Cen. Rj. G. & E. S't 1999 Northern Central Gti 5't 1962 Allentevm'Betlilehen Gn...5' 1943 Offerings Wanted lecd A, Morgan & Ce. West End Trust Bldg., Phlla. Iembera of the I'hlla. Stock Exch GEO. A. HUHN & SONS STOCKS AND IIONHS Member of the t'hll irirlplilu. J Yerk nnii Chloiee Sterk Kxrliansr ' Yerk Cotten Kxrhuiire Commla.len Orders Executed In All the Principal Markets Liberty Bends Beunht and Sold Itr.iHui ('uurt Hide.. U18 Walnut St. N. ll llraidmir. Atlantic City. Arabasnuder Hetel A "Comfortable" Investment ONE of our old clients describes Straus First Mortgage Bends as "a comfortable investment." His reasons are: ''They free me from worry, care, and management. I de net have te watch the market reports in fear of depreciation in value." Pointed and true. But our client, in our judgment, has net laid enough emphasis en the most important feature of Straus Bends. This feature is their rock-ribbed safety safety assured by ample real estate security and earning power, and backed by our record of 39 years without less te any investor. They yield 6 and 7 and are in convenient denominations $1000, $500, and $100. Call or write for CIRCULAR 736-Q S. W STRAUS &, CO. INCORPORATED OFFICES IN FIFTEEN PRINCIPAL CITIES ESTABLISHED l83s STOCK EXCHANGE BUILDING, PHILADELPHIA Telephone, Spruce 5628 THIRTY-NINE YEARS WITHOUT LOSS TO ANY INVESTOR fr'-ii E fvi1Iyjge"gijggsjajfjAjraajrgiE3jgH!Jtiauitf mj ri ir-iynrmigini tal''lrt'-?tf"1JIiy-w-:B:MJA'vg,1' "'wi" dJI Cepjrlshtlt'21 W .Mr.iu. A. Ck Alt these bends having been sold, this advertisement appears as a matter of record only. $10,000,000 Pacific Gas & Electric Company First and Refunding Mortgage Geld Bends Twenty Year 6 Series "B" Nen-Callable Dated December 1, 1921 Due December 1, 1941 Interest payable June 1 and December 1 in New Yerk or San Francisce without deduction of the Nermal Federal Income Tax up te 2r,'e. Coupon bends in denominations of $500 and $1000 each, regiMcrahle as te principal only, and interchangeable with fully registered bends in denominations of $1000, $5000 and $10,000 each. The National City Bank of New Yerk Mercantile Truit Company of San Franciice Issuance Approved by the Railroad Commission e f the State of California Applicatie. as been filed with Superintendent of Banks te certify these bends as a legal investment for California savings banks, and bends are offered subject te issuance of his certificate. The Pacific Gas & Electric Company is recognized as one of the largest public service corporations in the United States. Its properties extend into thirty-six counties in California and serve an estimated population of 1,850,000, including the cities of San Francisce, Oakland and Sacramento. The first and refunding mortgage, in the opinion of counsel, is a direct mortgage en one of the most important hydro-electric projects en the Pacific Coast. It is also a direct mortgage en the entire prop erty of the Pacific Gas & Electric Company, subject te the prier liens of underlying mortgages. Net earnings in each of the past four years have been mere than double all interest charges. Fer the twelve months ended October 31, 1921, gross earnings were ever $37,600,000 and net earnings mere than twice annual interest charges, including this issue. We Recommend These Bends for Investment Price 98 and Accrued Interest Yielding 6 riendb are offered if, as, and when issued and received by us, subject te all necessary legal proceedings as te authorization and approval. Circular giving details of this issue will be sent upon request. E. H. Rollins & Sens The National City Company Mercantile Trust Company San Fra nciice The above Information Is derived from official oeurcfn or thone which w regard as reliable. We, de net guarantee but befleve It te be correct. &RSETBROS.&CO. Investment Securities ll Cheitnut St. Philadelphia I'KltHONAI. ATTKNTION TO Your Foreign Affairs riilluilelplila budlnmj mini, bread experience, uliniit te snll for Kurepe, will accept a few control. Blenn requiring- expert personal uttentlen. U 108, LKDdHlt OKFIOB UiiiiuiiiiiiLiiiiiiuiiiiiiiiiiuiiiiiiiuiiiiiiuin it wuii iiiiiiiiimuM .... . bin Penna. R. R. Equip. 6s, 1935 Penna. R. R. &, 1936 Phila. & Rdg. Ext. 5s, 1933 Tenn. Power 5s, 1962 Arthur C. Richards & Ce. Drcxel Building rtell, lAim, 7050 KcrMenr, Main 0711 tferfc Mm & Davis An organisatien of experienced En. ",n.e"'n nd M.nagement S. clallit. (n Public Utility and Industrial Bmlnee.. r na M2I CHESTNUT STREET PHILADELPHIA ., BeL'. Telephenei Sprues 6081 New Issue Exempt from all Federal Income Taxes Tax Free in Pennsylvania $11,200,000 Commonwealth of Pennsylvania Series "D" 4 Registered or Coupon Bends Dated December 1, 1921 Due December 1, 1951 Redeemable as a whole at 100 and accrued interest, en December 1, 1936, or any interest period thereafter, upon sixty days' published notice. Principal and semi-annual interest, June 1 and December 1. payable in Philadelphia. Coupon Bends, $1,000 denomination, or registered bends in denomination of $1,000, $5,000, $10,000, $25,000, $50,000 and $100,000, interchangeable. This issue, Series "D," is the last of a total issue of $50,000,000 Commonwealth of Penn sylvania Bends, issued for Highway Improvement, and which is the only outstanding debt efi the Commonwealth. The Commonwealth of Pennsylvania under its Constitution cannot issue any additional bends except by Constitutional amendment, the adoption of which would require several years, with the exception of net exceed ing $1,000,000 for deficiency in revenue or bends for the purpose of repelling invasion or insurrection. Since the adoption of Constitutional Amendment en November 5, 1918, authorizing these bends, the Commonwealth has repurchased $1,500,000 par value for sinking fund purposes. Legal Invec'ment for Savings Banks and Trust Funds in New Yerk, Pennsylvania, New Jersey, Massachusetts and all ether Eastern States These Bends constitute a direct obligation of the Commonwealth of Pennsylvania, and are issued for the purpose of constructing highways. Price 106 and Interest, Yielding mere than 4.20 Legal opinion of Messrs. Tewnscnd, Elliett & Munson, Attorneys, Philadelphia, Pa. Negotiable Interim Certificates will be ready for delivery about December 2, 1 92 1 . First National Bank New Yerk Harrison, Smith & Ce. Biddle & Henry William R. Compten Ce. Estabrook & Ce. Townsend Whelen & Ce. West & Ce. Remick, Hedges & Ce. Redmond & Ce. Robt. Glendinning & Ce. IN " T San Fr.nci.ce imnriitiitifflSPfflirilinf"llml'l,l''rn"V'''i''''iit Lu