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' ETijNING PUBLIC LBBTTBRr-jPtillDELPHIA, WEDNESDAY, NOVEMBER 23, 1921
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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
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