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EVEimfG- PUBLIC ' liEDGHfiR-'PHIIiATELPHrA, MONDAY , DEOEMEjEB 5, 1921
J
28
$6,000,000
Seuth Perte Rice Sugar Company
. (OF NEW JERSEY) . '
Twenty-Year Hrst Collateral Mortgage 7 Sinking Fund Geld Bends
Te be dated December 1, V321 ' Te mature December 1, 1941
Te be authorized and outstanding $6,000,000
(closed issue) t
Coupon bends in denominAtlensof $1,000 and $500, registerable as te principal only. Interest payable June 1 and December 1
without cVedtvctien for nermnl Federal Income Tax up te 1. Principal and interest payable at the office
of Bankers Trust Company, New Yerk, Trustee 4
Nen-Callable until December 1, 1930
Redeemable at the fptien of the Company as a whole only (except by operation of the Sinking Fund) en thirty days published
tieLce en December 1, 1930, or en any interest date thereafter, at 105 and accrued interest.
BANKERS TRUST COMPANY, NEW YORK, TRUSTEE
SINKINCFUND: The tcrm3 of the Sinking Fund are te provide funds for the retirement of the entire
issueby maturity ns follews: x
$250,000 principal nmeunt per annum each December 1 ) 1923 te 1926, inclusive j
300,000 principal amount per annum each December 1 ) 1927 te 1931, Inclusive;
350,000 principal amount per annum each December 1 1 1932 te 1941, Inclusive.
FexMhc first eight years of the issue the Sinking Fund is te operate te retire bends up te 107 and accrued
interest either by purchase in the open market or by tender; te the extent that funds arc net exhausted
flireugh this operation they are te accumulate in the Sinking Fund.
Beginning en December 1, 1930, and each year thereafter until December 1, 1940, inclusive, all nieneys in
the Sinking Fund are te be used te retire bends cither through purchase of bends up te 105 and accrued
interest or by call at 105 and accrued interest.
A letter from F. A. Dillingham, Esq., President of the Company, is summarized as follews:
BUSINESS Through its ownership of the Seuth Perte Rice Sugar Company, of Perte Rice and The Cen
tral Romana, Incorporated, of Sante Dominge, the Company owns and operates two modern sugar fac
tories, having an annual productive capacity of 125,000 tens of sugar. The Company, through its ownership
of The Central Romana, Incorporated, also has valuable holdings of cane lands in Sante Dominge,
aggregating 75,000 acres, of which 25,000 are new in cane cultivation.
PURPOSE OF ISSUE The proceeds of this issue will be used te provide for the retirement of current
indebtedness heretofore incurred for capital expenditures and te supply additional working capital.
SECURITY This issue of bends will be the direct obligation of the Seuth Perte Rice Sugar Company of
New Jersey and will be secured by assignment te the Trustee as collateral, as set forth in the Trust Agree
ment, of first mortgages aggregating $6,000,000, constituting the only funded debt and covering the
plants and real estate of its subsidiary companies in Perte Rice and Sante Dominge, and of all the out
standing stock of said companies except Directors' qualifying shares. The value of the mortgaged property,
after depreciation, is conservatively estimated as in excess of $15,000,000.
As additional collateral a mortgage of $1,777,330.81, covering cane Ian in Perte Rice, with improvements
thereon, of an actual and assessed value of upwards of $2,000,000, will also be assigned te the Trustee.
The Trust Agreement will further provide a covenant restricting the payment of dividends en common
stock, and will provide that any further shares of capital stock or any funded debt (excepting purchase money
mortgages) issued hereafter of any of the subsidiary companies will be forthwith pledged with the Trustee.
FINANCIAL During the period in which the Cerqpany has operated, there have been several years of
extremely low prices for raw sugar but in no year since 1903, including the fiscal year just ended, has the
Company failed te earn the interest en all of its eutstandi ng indebtedness and the dividends en its out
standing preferred stock. Even in the fiscal year ended September 30, 1921, the Company's earnings
applicable te interest, depreciation and Federal taxes were approximately $750,000.
Frem September 30, 1903, te September 30, 1921, inclusive, the Company earned, before allowances for
depreciation and Federal taxes, butafter all interest, $31,748,736.83, being at the average rate of approxi
mately $1,750,000 per year, or ever four times the annual interest charge en this issue. Of these total earn
ings, ever $16,900,000 has been retained in the business.
The Company's balance sheet, as of September 30, 1921, after giving effect te this financing, shows net
current assets in excess of the entire principal amount of this issue.
It is worthy of note that prier te September 30 the Company had marketed practically its entire 1921 crop.
Application will be made by the Company te list these Bends en she New Yerk Stock Exchange.
We offer these bends when, as and if issued and received by us and subject te approval of counsel. It ia expected
that Bankers Trust Company Interim Receipts will be ready (or delivery en or about December 13, 1921.
Price 95 te yield ever 7.40
Bankers Trust Company Guaranty Company
New Yerk of New Yerk-,
The Equitable Trust Company
of New Yerk
Statements, while based upon the belt obtainable information, art net guarantees!.
Railroad Equipments
We offer, subject te sale and change in price
N. Y. Central Railroad
N. Y. Central Railroad
N. Y. Central Railroad
N. Y. Central Railroad
N. Y. Central Railroad
N. Y. Central Railroad ....
Chic, St. Paul, Minn. & Omaha
Missouri Pacific Railroad ...
Nashville, Chattanooga & St. Leuis .
Pacific Fruit Express Ce
Pacific Fruit Express Ce. . . a .
Pacific Fruit Express Ce. . . .
Pacific Fruit Express Ce. . . .
Southern Pacific Ce
Southern Pacific Ce
Chicago & Northwestern .....
Cincinnati, New Orleans & Texas Pac.
Illinois Certtral
Michigan Central
New Yerlc Central
Pittsburgh, McKeesport & Youghiegheny
Issued under the Philadelphia Plan
Rate Maturity Yield
7 Apr. 15, 1926 5.70
7 Apr. 15, 1928 5.70
7 Apr. 15, 1929 5.70
7 Apr. 15, 1931 5.70
7 Apr. 15, 1932 5.70
7 Apr. 15, 1934 5.70
7 Jan. 1,1926-30 5.75
6 Feb. 1,1930 5.75
6 Jan. 15, 1930-32 5.75
7 June 1,1926-30 5.75
7 June 1,1932 5.75
7 June 1,1933 5.75
7 June 1,1935 5.75
7 June 1,1932 5.75
7 . June 1,1935 5.75
6 ' Jan. 15, 1928-32 5.80
6 Jan. 15, 1928-35 5.80
6 Jan. 15, 1928-30 5.80
6 Jan. 15, 1928-29 5.80
6 Jan. 15, 1928-31 5.80
6 Jan. 15, 198-30 5.80
MONTGOMERY & CO.
INCORPORATED
133 SOUTH FOURTH STREET ,
PHILADELPHIA
FREE-'4 96-Page Boek en
the Stock Markat
Scientific Methods of
Investing & Trading
in Stocks
includes meat interesting and
valuable chapters en
The Pu0c and the Security Mar
Uets Hew te Visualize Investment
and Market Condition! Recording
Prlcea In Diagram or Chart Ferm
Hew te Invest for Income When and
Hew te Buy (or Profits Metheda of
Averaging Hew te Use Stpp-erdsrs
Scientifically
This book sells for $1, but will
be sent FREE te nny one inter
stetl in trading and investing.
Thi$ Qtttr it Geed Whilt Supply laid.
Act Hew Cell or Write or Year Copy
TODAY. A,k ler Boek 240 F.
Smlten & fl.irbeflliinr.&r.
3d & Walnut Sit., Philadelphia, Pa.
509 Federal St., Camden, N. J.
rastcit H'fre Service Serth of .V. r.
tBerfcell IBrne. & de.
lubtlr Utility tfrruritUa
ftterk Exrljeynr BuUatng, Wl.
We Want Offering! of
Columbia and Menteur Elec. Ce.
lit 5i, 1943, and 2d 5i, 1943
Vhencsl Locust OMO-1-2-3-4
l'r!nte Phenes te New Yerlt & llestun
C. S. PATTON & CO.
3D CIIKHTM'T HTH.
BANKERS
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77ie Best Christmas Remembrance
te your relative or friend in Europe
is a Cern Exchange draft en a bank
in the city nearest the old home. n
Let us send your money te foreign
countries in either small or large
amounts. Rates for this service are
low at the
Cern Exchange National Bank
Chestnut St. at Second Philadelphia
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N' Yk Hlya 4a
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Cl'd Cln Chl A'N Yk Tele '41
PN
PN
PN
PN
lunScipal Bends
Exempt from all Government Income Taxes
$1,000,000 Commonwealth of Pennsylvania 4s
Due December ly 1951 v Optional 193G
Price 106 te return 4.20
800,000 Allegheny County, Pa., Tunnel 4'2s
Due serially from December 1. 1926 te 1949, inclusive
Prices te return 4.25
500,000 City of Allcntewn, Pa., Scheel 5s
Due October I. 1926. 1931. 1936, 1941. 1946 Optional 1941
Prices te return 4.30
203,000 City of Allentown, Pa., Improvement 5s
Due October I. 1926. 1931. 1936, 1941. 1946, 1951
Prices te return 4.30
250,000 Blakely Twp., Lackawanna Ce., Pa.,
Peer District 5V2S
Due August 1. 1926. 1931. 1936. 1941
Prices te return 4.90
125,000 Borough of Sugar Notch, Luzerne Ce.,
Pa., Imp. 5V2S
Due December 1, 1923 te 1927. inclusive, and 1928 te 1951, inclusive
Prices te return 5.00
27,000 Borough of Ferest Mills, Allegheny Ce.,
Pa., Scheel 5s
Due April 1. 1926. 1931, 1936. 1941
Prices te return
69,000 Twp. of Ne. Bergen, Hudsen Ce., N. J.,
Imp. 6s
Due May I, 1924. 1926. 1927. 1928
Prices te return
60,000 Ocean City N. J., Boardwalk and Coast
Protection 6s
Due September 1. 1922 te 1933, inclusive
Prices te return
120,000 Belhaven, N. C, Water and Sewer 6s
Due September 1, 1923 te 1946. inclusive, and 1947 te 1950, inclusive
Prices te return 5.60
75,000 Seattle, Wash., Lt. and Pew. Geld 6s
Due November 1, 1927 te 1941, inclusive
Prices te return
5.00
5.25
5.20
5.40
5.25
5.75
5.65
J Legal In New Jersey
P Legal in Pennsylvania
N Legal in New Yerk
1 KVL SVa. FREEEVaAF & CO. I
I 421 Chestnut Street Telephone tembed orie.o7ii.vTi: Philadelphia 1
. i ii- - "-"Msmiu 1 1 li 1 1 iii LMssj3Ps..Mni(TMan.lMMsMM
Continued en Next X'age
GEO. A. HUHN & SONS
MOCKH AM) lUI.NUs
Mrnibtr. uf the I'hll ulriiililn, New
Yerk Hnd Clilr.ne Meck Ktrh.tngrs
Nfiv Yerk I'pttnn I.xrhitnge
Commission Orders Executed in
All the Principal Markets
Liberty Henda neught and
uali
tlcllpu Court Hide. 1418 Walnut M.
. liniiTuniij, nil nif
N.
Amiiasander Ilettl
Sold
t'lljr,
Chicago, St. Leuis &
Pittsburgh 5s, 1932
MORLEY, WOOD & CO.
333 Chestnut Streot
Mll..Mr. V. . ll.ll.t ci A. I, tf.tu
............. ... ., H . (.ik( tiiuvae aAi m . n
T-J
HEWBURQER,
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock ExchangtM
1410 Chestnut St.
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