t'Sv - '
rU
""V'
,r i " - . ,, '
ui
KHWHiMMMaMt
'4 '! '
J . -J,
' Li ' . . , , I rim -1 M "'- ' ' j .(,, I .M
t"1 ' ' '-- - - ' .'.'... . .- ?....j. -. : r- ' ' '
as;
$4000,000
ROBERT GAIR COMPANY
Dated January 1, 1922
NEWYORK
First Mortgage 7 Geld Bends
Due January 1, 1937
Interest payable January 1 and July 1. Iihled In denomination! or $1,000 and $100. RegUterable as te principal only
and taterchanteable. Redeemable at 110 up te January 1, 1923, and at 4 leWfeach year thereafter. Federal Incenrt
Taa up te 2 te be paid by the Corporation. Pennsylvania four mills tax refunded.
CENTRAL UNION TRUST COMPANY Of NHWYORK, TRUDTEB
CAPITALIZATION
Flrat Mortgage 15-Year 7 Geld Benda. Authorized $6,000(000.
Flrat Preferred 1 Stock
Second Preferred 7 Stock '
Common Stock, 476,000 Share, Ne Par Value. Boek Value, Oct. 31, 1021
Issued $4,000,000
833,200
4,000,000
9,712,697
SUMMARY
Mr. Geerge W. Gair, President of the Company, summarizes as fellows his letter,.cepy of which
can be obtained from the bankers en applicatien:
1. The Rebert Gair Company, incorporated in New Yerk in 1903, is the successor te the firm of the same
name founded by Rebert Qair in 1864.
2. The Company is the largest manufacturer in the world of paper containers, such as folding boxes, cor
rugated cartons, fibre shipping cases and display containers. It also manufactures paper, box beard and
ether package materials and lithographs and prints many forms of advertising material.
3. The Company operates six large plants at strategic points for the manufacture and distribution of its
product. Locations are at Haverhill, Mass., Piermont, N. Y., Chicago, 111., Quincy, 111., New Londen,
Cerin., and Brooklyn, N. Y. Four of these plants are owned by it, two of which are located en leased lands.
The Company also owns ether valuable property and real estate.
4. The lands, buildings and equipment en which these bends are te be a first mortgage have been appraised
as of November 1st, 1921, by the Standard Appraisal Company at a sound value of $11,126,000 or ever
$2,780 fef each $1,000 Bend.
5. The Net Tangible Assets, exclusive of. goodwill, were en Oct. 31, 1921, in excess of $3,760 for each $1,000 ,
bend of this issue, after giving effect te the new financing.
6. Combined net earnings of the six plants, after depreciation and interest charges and before Federal taxes,
for the five years ended December 31, 1920, have averaged $2,275,000 per annum or mere than 8 times
the interest charge of $280,000 en these Bends. In each of these years net earnings have been in excess of
$1500,000. While operations for the year 1921 will result in a less, current operations are again en a profit
able basis.
7. The mortgage indenture will provide for a sinking fund commencing May 1, 1923, of an amount equal te
1S of the annual net earnings pf the preceding calendar year, but net less than $150,000 annually.
8. Additional bends can only be issued te the extent of 50 of the cost of new property and subject te ether
rigid restrictions.
P. The stability of this business Is demonstrated by almost 60 years of successful operation and by the diver
sity of the products which are distributed te leading consumers throughout the world.
NEW YORK BONDS
jw-jl. ,,:c - , .
"" ' ' '
' Financial Briefs
tSAt.EH I.V 11000
I Orrpm 8 I. it.
Cahadl'n Nthn
0V,t rata
1,... 100H
1.... 100
4.... ION
,1.... 10H
4.... 10V
1 .', . . 10S
Chile Cep'r 0
0....: Mitt
23 HCH
B 80S
1 M
1 BK
1 H5,
A ((Hi) ASH
1 (aat R5U
Chile Cep'r Ta
1 IWV4
ChlneiA Oeve't
ILK Illr 0a
i....- 4(1 i
City llrrne 8
2.,.. 10S
.... 107
n.... ion
a.... 10RH
1.... 108K
citr iiurd'x e
11 RAH
ctr Chri
1.... 10TI,
City e Cnpen
haren 5M
J 7U
n 87H
8 R7H
0 R7H
City t.rena On
21 B0V4
Cllr Mart's Sa
14 HUH
Ctr me lit in in
nerle 8
1.... 100
U. .. mew,
a.... meu
a.... me vi
Cllr Teklo fta
2 neu
City Zurich Ha
2.... 107H
7.... 10,
1.... tt)BV4
l. .. lnsn
Cubar A H fit
1,... 102U
CJ'n C B ev ct
4 H0H
Dtnmark Cen
ct U 8t
II.... J044
bem np'c Si
1 R7
U CAnndn '20
2 00
b Omnia '29
HI fltt 4'1
1 R7
Indl'a Btrel fti
4 00
Int M ct 4',4
07 S
07 H
00 14
05H
07
07
07,
t he legal proceedings in connection with this Isdue are being passed upon by Messn. Chodbeume, Babbitt &s Wallace for the
Bankers, and Messrs. Larktn, Rathbc.le Perry for the Company.
We offer these bends when, as and if Issued and received and subject te authorization of the issue by the stockholders, and te
approval of proceedings by counsel.
Price 96Vz and interest, yielding 739
Hayden, Stene A, Company
E. H. Rollins & Sens The Equitable Trust Company
OP NEW YORK
Edward B.Smith & Ce.
2.
1.
10.
1.
3.
10.
1.
b rnfiAdn '31
1 0.14
3 0SH
Oev' French
n JHi rcta
1...
1...
4...
0. ..
1...
1...
2...
7...
2...
1...
1...
3...
1
03 W
03 W
03 4
03U
03 4
05
034
enu
1024
1134
04
034
034
2 8A
A T 4 H Te al
1 70 4
0 704
A V A H r. 4a
3 834
1 834
Atch Topeka it
H K. ev 4a
1 .... 704
Atch T H Kr
cv 4a '05
1 . .. 704
Atl'e Krult 7a
7.,... 244
A 1'ewrt'r 74a
1.... 1034
Halt & Osle c
3 734
4 734
1 734
J 734
3 734
0 .... 734
Unit A Ohie 31
3 7ft
lUftlt & Ohie 01
1 ... 034
Halt A Ohie M
W'n 34
3 ... R04
Bell Telephenr
of rn 7
1.... 1084
1.... 1084
1.... 1084
U meal 3a '34
4 87
II Kdlauti ! 7i
1.... 1074
1.... 1074
1.... 1074
Hrkyn n T 4a
i.. . a.
II Itapld T 7a
3. . . 334
11 Ilap T ct 7a
30 304
II lUpld Trim
ct 7a ata
7... . 524
Cee' I of On 0a
4 00
Ctl Leather 8a
1. ... 0ft4
1 . .. 034
Ctl Pnclflc Ut
0 824
0 H'l
Cerre de l'ae'e
Cep'r 8a
1.... 113
2. .. 113
Chea A O 4 4
10 A3
C A O cv 4 4'
3 84 4
10 ... 844
2 RtS
3 844
1. ... HIM
C A O cv Be
2 83
8 HB4
1 . . . AHi
1 834
Chi A Alten 3a
3 .... 32
3.. . (124
Chi A Alt 84'
1 38
1 384
Chi II t Q cm
fll Cent'l SUa r 2 4
4.. . i . Vi urrcen n i Da
i e7in 1..... 0S
III fenfl flV4 Ore-W 11 J Cel
1.... 107H t te a
111 C Ht U A N 3. ...... 774
Of Jt n 6a racaa Moter
10 804 Car Ce t
10 804 0.... 100
10
A
2
Inlb'e II
4
1
3
1
3....
S
3
3
14
3
23
20
1
23
1
4
I i( Marine 0a
7 00
1 804
1 004
1 00
tewa Cent I 4a
1 3.
1 3S
74
74
74
T M
324
324
614
334
324
824
A3
63
A3
634
38
83
334
63
624
624
100
17.... 100
Fan A retr'm
A T Ce 7a
1 004
1 00
1 00
Pa n 4a of '48
10 83
Penna It It Aa
4.
3...
20...
Penna
8...
3.
1 3SVi i
Kan C Ft S A
Mmr 4a
8 74U
Kan C A fl
1 044
1 014
Rah C A H Sa
1.. .. 844
1 .... 814
. 04 4
. 04 i
.. 044,
II 04-
. 1014
. 1044
Prnna It It 7a
2.... 1044
B.... 1004
Peoria A H In
10 23
10.. 314
rilta C Chi A
Ht I. a 6a
3 01
1 01
tltVC I A fl ,1a
1 034
hi i, m k j
724
8... . 724
St L A S r In
1.. .. 34 4
1.
0.
Bt I.
Seflee A
1 08',
344
314
A S Frail
Ut J. A H FfAn
Herlea I)
1 824
HI . Hew'n en
1 714
Heab'd A I. J
10 134
Heali'd A 1. fJ
3. ... 33
Reab'd A I. 0
1 42
3 . .. 43
4. ... 42
8.. . '43
Sinclair O Utl
Cerp 7 4
1 V04
1 004
2. 004
1. 094
S'n 1'aclAe fd
8... . 844
8 844
Se Pac Term'l
3... . R1H
fln Hallway 4a
1 .... 01.
e itaiiway fl
4 R04
10 . . 80 4
Stan O A K 0
1 . 02
Hteel Tube C.
of A 7a
1 . .. 034
Term'l It It A
t lit 1. 4a
2.. .. 70
Term'l It It A
Ht I. 44a
2 904
Tidewater till
Ce ct 04
2 ... 1004
1. .. 100 4
2. .. 1004
Union Pae fd
6 834
t
A M
1 84
Union Pac 4
1 .... . ft
10 874
V Tank C 7a
2.... new r
United Drue
Cempr 8
1.... 194
1.... 104 4
10.... 104
V B IluWr 3a
1 80'i
1 804
U fl Hub 74a
1... 1014
t; 8 limit II A
Mln'ff da
4 074
UM fl 8tel Aa
8 004
Va-O Ch 74
3 044
1 044
1 .. 944
Va Mid 6a '31
1 ... 004
IVeat Klec 6
1 ..00
AVeat'n Mil 4a
S ... 304
3 . 034
A. ... M
Wet Par let
4.. .. 844
W fnlen 04
1 1074
1 ..107
Weallnth'iw K
A Mfff 7
3.. . 1054
1.... 1464
1.. . 1B4
3.... 1034
Wltaen Ce cr
fl. ... 884
U'llMin Ce let
t.. . 004
blreciera
Tentreal Tramway
the 'e
wlalMl ta JV EWr FtiTIL (1ITI
dend en bach areeunt. learlna- J,IiSr" .J?'
24 per cent. Since January. 1020, th.
company ha paid off 16 per cent of arj
renre, bealdea maklnc regular payment of
24 ir cent quarterly.
T'rA.Url,l lalrr.ai Jt I'n am dlalT lll'ltllll
nn, At ttt hn.1iflt nnuvenlra that hue conic
te our Attention frt the uae of tnreateni,
jmrfli ularly IhiihI ewnera It combine a
ralendar for III2S. an Intereat tabl Inclial'
Inif thirteen dirferent ratca of ltreat. fnrn
34 te 8 tKi enl inctualre. en I10OO friin
it. day tir alx month, nrnl an ewnereblp
crrtincatr irulde for Individual. ahuwDiK
i-li'rh form uf ewnerehlp certificate alierld
tm uaed by irleu Indlvldtinl with different
inretnea when corperaliona de and "nerr
thev Ir, net pay the normal ta. Till
rnuvrnlr I printed un rardbe-ird etiick With
.t Hnih foundation, and la of eurh amnll
r i. that It will conveniently Ot In eiv'w
pvcMet or wallet. (
TJw. avernxn Dried of the twenty nellve In
duattrlnl atecka Advanced 0.33 rr ent yea-
terday te HI 04, while the twenty ralireI
declined 0.13 per cent, te 74 08.
Th Hank of l'mtlnnd'a minimum discount
rate rmaln unchanged at 5 per rent.
imie n hr en Slo.l70.eo n
:7i.'...,."7 VT-..I1.I .took eutatandlna
the above rwrled. In. theaame lrl
iimir arplua wa l3lt.IAH.Tai, p1
H4R1TH.00U atecil IJien fuiiuira....
Trie annual repnrt of ,i.ri.c,";'
.... ... t.M..iii. .hmaH rnftnufaeturinat
111 un r.iiH.ic.i ."'..--.:----,.- .U-
eern, for the year emieu June uu, "
. an.t ,ri,p n i imvl nr f or eatlmaitti raciap
matlen of earcaa prenflduty.
A
been
mfsv
mm -i
Londen dlanatctt rnrit thn India
euberlbe,l'and JJili.am Cleaet,
.aed
otveaed uaue. en
United Clarar Hlr
. tirer
In cnnnectlen with lb
srioee.ni-j ptererrrti ny mm, '-"Tf.'.'i'iS
Company, a apeclal n.e.itin. or ""ff.fZ
n ueen.caiira. ir, ' """r- .- ..afc,
heldera will lie akeil e
,ws
e-a rt. iuia AA11 nrafrarriVI. nrinilllaT
i".i?' .'Y,:",':""i'. -."',. M.' uauemi'
"."""i"".."'' ". r.vii -i";r." .-.. ninM
"1X1,00 11 will DO nein in, n.irivj "V:;"?' .Villi
itqulrementa. New pieferrtd will l ,I'VJ
"laaue of 121." It will be a 7 !r cant
cumulative laaue. th eame In al I ew
whh nr-'eent r-Werr, encept that It will U
cull.il.le at 123 a afcara Inatead uf 1143.
Htatment nf tha Certaln-Teed Predueli
Corporation, aa aubntltted te the New Terji
rtnek Kxchanie. fee thu ten memha enii
Oember 31. attewa atirplua after char ana
taxea of 1368,832. m
Aa aubmltte.l te the New Yerk Stank Eg
crranite, Weymnn'Hruten Company, rer tny
nlny month ended Heelemlier 30. report nH
enrnlnra after charafa, depreciation ata
taxi- of 11.371. 18K.
Th.
rleit
N-He Yerk Htoett Kaehamrit ra n
pa rrem uie uroeiii'ii k.m.-
DfOTteaed Increaae Irr capital
An Amsterdam dlepatch eaya a Mil jwllt
.. .. . ...,. lw ! Ha.ll.nMl ..fttnv
ne uuriumtc" ph-hiii ,1. . .....-... "- , ..
'W h.- "i"1".1,". ."'""n.ll : 1 ; -ffW'M6 f.2aste 130.000.000,
mera that about 1100.000.000 l liln lero lere
ttated for In behalf nf Dutch Kaat Indlea.
the Haaue Colonial Office announce tha4 an
American l"n la under conalderatlen, but
no dnclalen haa been rearhed as te nnimint,
Intereat. time vt laaue. and lenxth of term
I'enn Hnabeard Hteel conaelldnfed Inoeme
neeeunt for nine mnntha ended S MeiiilHir
30. follewa: clreea -.ale. ll.3IHi.dni. .
lenaea, etc.. Sl.ftSl.OOH net l. 1131! 3d:.,
ether Incemi SO.lil Ir.aa. S132.21I. Inter
rat alnklng fund Inventory ndjutmnla, tie.
1430. SS di fie' 1371.817 otetlt un I un
Mirniti. . H13.
HtaHment ut the Amrlrnn Telephone and
Teleirraph Company for nine mnnlh nnded
Heptember 30, aubmllted te the New Yerk
Ntwk Kxehanaj". ahev. nurplii". after iharitee
nld Federal taaea, of $10,830 087, .iul te
P n.... nUMt. nt 91irtmV A ntiaeD.
"envy '-" " 1 XlE. 7 imiai '.
vi nm iienrv ir.runp. i tim. .
..n.i wliiinn ll,nrv lirrieKB.
n.'.i ........ ------- U-..- ,M
NfiirnhV wmi mii"iir i.t'- T7""
l T.
elected
ti. tfi" lamnl of the United Security Mfeln.
aurnnce nrrl Truat Company t fill vacamcle.
Rteck Dividend
Sew Yerk. Dec.
ni-tr1c Company
by Paclftc Qaa i
16. The- Parlflc Oaa arM
haa dertareeT a ateetc
dividend yt2 .P..p . tSTEX
7.mt of II 25 m the common ateek. beti.
nvible January 10 te eteck of recard Oo Oe
NdSf 31. Thla additional dividend ra II. fef
ii..rii.titinn of IDOiUiOO rnmmen ateck and
li payment la ma.l- cendltUmal upon authr
Ixatlnir of California Uallread Commlealeit
,.. iwrm't tne reurpany mi .-i..iiw ,
Hmeunt of Ita undletrlbuted aurpliie.
I ,.4AI
'Lllwrtr 3 Via .... "& !-V .VJi . r '-" """Hi
K c t niy 4a uixrty m k. . 7. i.a in.-j 1 1
1 804 Mbrrty 'M 4iH.. T.(m fMUKl OT.OO I I
Kelly flprlnir'd Ubvrly .lit -I'in.. !IS.'() UH.VJ W.'i
T.lf8",e.. Mbcrty 4th 4Vi. !7.-tS !7..11 H7.4S
"" InilllVlp Notes -y, a... 100.04 HMI.00 KKJ.04
1 " 1044 I Vic N'eU-h 44iH... 100.(8 lfMMM) 100.04
1 C!ee't F n 8a
1..
n..
7..
3..
..
1..
7..
3..
3.,
fl..
3..
Ur'd
.. 1004
.. 1004
.. 1004
.. 1004
.. 1004
.. 1004
.. 100 V,
.. 1004
.. 1004
.. 1004
.. 100U
Trunk of
3.
C H
10.
5
J.
2
3
0.
10.
C A
4
10
The above etatemrnta are net guaranteed trat are baaed u
te be accurate ana reliable and upon wnicn wc nave act.
Information which we belfeva
in tha purcbate of tbcw bend.
Can Oa rcta
1 1110
' 3 00
10 ... 100
lap (leye't lal
3. ...7 88
Jup Oeve't 2nd
3... . 874
Jap lieve't 4a
lfl 744
In 744
n 744
2 .... 744
K rielulum 0a
3 0BT4
K Jlelrm 7 4
4.... 1044
K Ilele'm ret
1
1..
1..
20..
3..
2..
1..
Kthrriem
1034
103 4
100
1034
100
1004
1004
Den
mark ct 8a
HOW TO ACCUMULATE
50,000
'in SAFE BONDS and an income of about 3000 per year at age 65
Or, Set "Your Own Geal
"QOND BUYERS are investing from fcs little
J3 as $10 per month te as much as $1000
per month under the Halscy, Stuart & Ce. In
vestment Plan, It can be used by people of all
levels of income as an effective means of sav
ing regularly and building up a surplus in safe
bend. The chart te the right shows the sur
prising accumulation which results from syr
Umatic investment of various amounts monthly.
' Use the Plan Sheet
An Important part of our booklet, "A Sure Read te
FlruncliJ Independence," is the MPlan Sheet" which
deirly outlines new te taiUrze your expenses and budget
your Income te provide for carry! rj out a systematic
investment plan.
"-i" I I ftqoeo
- . , ZI . . M '45,000
' i fifflZ Uqoeo
- . I Vfj . 5000
rMcw.u,n,'t,al f ' r y? r- :9 ' a.e(
1 KSvamili " ' aorta Nina nt una km iiiw aerai UM
I taaaftrVKaV K Pf I I I M. I I
1 iam-" h ytffh zzy yay yiam mmJ m
t J mMf-fia1 ,
t TK'
4" Ameunu l,Mtl?smilhlr In
mir J tMiiliri'hifef aprtit"lui
m I 1 haUnnd.1 rMfnl Uidmi.
m.J (ltlrr,la,,tdttrrrDt,
l'A..S5
Haisiy.
Stuakt ci Ce.
Land Title Hid., Thlla.
n mJ ldiaiO mt d ruf oell. "A 8ar
Wh; .- ,
Strut .. ,
O i ,
HALSHY.STUAAT & CO. bends are the kind
which banks and insurance companies Invest
in sound, conservative issues of Government,
MunicipatPubllcUtility and Industrial Bends
yielding up te7 M at the present market, A
list of our bends, withdeKriptiens, will be sent
Upen request without obligation.
HALSEY, STUART A, CO
Land Title Bldg., Philadelphia : : Phene, Locust 4820
CHICAOO NBW VOaK . IIILAOBLrMlA BOSTON DBTaOIT . MILWAUKBB . ST. LOUIS MINNBAPOLU
....'. i ' . i i ' . . . . ' i r
Our
"Blue Boek"
of Independent
Oil Stock
Jmtt if the Prat
It dlacuaata upwarda of
80 companies! their hla.
tery, earning!, divldcnda,
location; up-to-the-mlnute.
Std for a copy frmw.
V A,h for tlS-K
DUNHAM & (a
43 Exehance Place, Nam Yerk
1.
1.
il.
4.
1.
1.
4.
Kingdom
Iehh
ION
10SW
10H
10ft
insu
le4
Ner
fla
ini
CHs
0'i
02 H
HI
PS
02 S
war ct
4
K Italy
1
1
I .. .
II
10
It Chile ct
1 ... lOnti
1.... 100
le .. lenv,
il. .. 100
It Chlla ct '41
3.... lOilH
2.. . 102H
II Chlla ct '4d
2 ... 101 4
1 . MIX
II Cuba (a '04
1 .... M
Ilcpub of Uru
Huy 8a
1.. 102t,
flultt'd Cen 8
a lias
i:
. Tieja
Q OHa
100H
107
100 H
10fli
107H
10TH
107
I Ba wl
. 71 H
. 71 U
Chlcane Mil A
tit l'aul 4a
0 71
Chlcaire Mil
St P'l d 4a
24 sr
OhlcaKe Mil &
St 1' 4a '2
ie ne4
l fiti'i
ti.. .. ens
11 (aalc) nev;
ChlcnBe Mil A
Stl- cv 4 Ha
1 50 4;
1... . f0H
1 BOM
' 1 BOW
1. . . 504
.1 (aalt) no
Chlcaice Mil I
flll' fd 4 Ha
4 Bl
.1 &4U
1 .... B4
1 83 V,
1.,.. S3'4
Chlcaae Mil 4
HIP m 4Sa
1 .... 70
Chlcacn Mil t
Ht P ev Oa
2 no
1 B0 'i
S 00
1. ... en
Chi & Nw'n 7a
2.. . 10(1
Chi Ilnllw'a 3a
1... 104 i
I.iicK Htrrl '81)
1.. . MtJ
4 3'i
I. Vl en 4 4b
1. ... Hf.
2 Hi
Lh'lh Val 0a
1 102
L A Myara Sa
10 02
2 02
I.eula A. Narfi
Mone 4a
B 70
t.e & Kaah 7a
e ion '.
Market at Itly
S Fran lat
0 A3
1 A3
1... a
Mr Pntr'm Ra
lniii.
Mid H '& Or Ba
11 H4
Mln b St I. 4a
J no
M A RIL. en Ba
1 74
M Stl' & fl Hie
Marie 4a
fl HO
1. .. 80H
fl S3
11.. . M
M fltr A fl Hie
M 04c tela
10.... let
M IC A T aj wl
20 4B4
1 4BH
20 4B4 I
2 404 .
3 48H
0 40
Me K A T 2nd
fl 01)
Me Knn & Tex
2nd ct
2 40V,
B BO
1.1. .. BOH
B SOU
le K T 4a
10 .. . 78i
e 7au
M K A T 44
10 824 i
- .!
Int.
Ilaln
t'BH
i'5
3
B1
VA
H Ftt.. 1VJ1
t'BU Sept.. 1022
t .-, Jerr. 1024
i .nu a.m.. tnu4
Hxt
llld
100 .1-1 II
100 .1-111
1IW 7-32
,ll
1110
101)
Axd Vlald
KiO 11.32 3.7S
1 fur ..' il 83
HID B10 3 PC
100 1B-32 3 fS
I 1-10 4. mi
UM)
inni
3.1)3
U. 3. Certificates and Treasury Notes
Maturity
uati
rob.. 11)22 . .
March. 1022.
March. 1022..
March. 1922.
April. 1022...
JUn. 1U4 , lJ"7 imi"i .1.U3
Auauat, ltij. inn ii-in iihi l.t.in 4,14
luu ).gi innw A, an
. 10(14 100 4.21
, 102 7-ld in.-ii-in 4,01
101 Ifl.lil Kr.' l.in 4.nx
int from rMi"l normal lncem tax.
Arrretftbli. for uayrni-nt of tnmmi. tiiv
due en date of maturity.
Bank of England Statement
Iendan, Dec. 18. Th weekly atatement
nf the Hank of Knit I and ahewa the following
rhansea: Total reaerve Increaavd 1211,000.
c'rcuiatlen decrenavd f227.(KIU. bullion In
creaaed. 13005; ether aecurltlea Increuaeil,
I40.OOO; ether deftealta di-creaseil, ll.X73.OO0:
public depealta Increaaed, fl.Hfl'J.OOO; nthea
reardv Increaatd. fi'2N.noe, Government ae
curltlea dccreaied, 205.000. The preper'
tlen of the bank'a re-ne te llabllltr thla
week la 14.32 per cent, laat week It wti
14 17 per cent.
Ne
Change In Raw Sugar
New lerk, Dec. 15. Tn raw au(nr mar
ket, la nulet and Unchanged with new crop
CuIjhh for January-February shipment nunted
at 2 centa, coat and freight, niunl tn 3 ill
tnta, duty paid. The Cuban Himar I'lnance
Committee iiuetea 24 cenlk, coat and frelnht.
for prompt ahlpment. There were no antra
reperiea yenieruay. Tne local renned mar
ket l.i unchanged
K .
10.,
20.,
5.
C It
10,.
10 ,
a..
B.,
0,.
C N
fl.
C N
I A
H4
0ft
OH
OR
P fd
... 701
... 70
... 704
... 704
... 704
T IU'03
. ie.n.
Y 4 4'07
1034
Old Cln Chi A
St 1. 4 4a
1... . Ht
Cl'd Cln Chi A
fit Leu la na
3 004
Columbia (I A
K la ata
2.. , 80
.1 80 ,
C Tab A II Oa
1. ... 01
1 .... 01
Cena'iT (laa 7a
2. 103T4
In A II tl 4a
. . 72
Liverpool Cotten
I.lrrrtMMl, Dec. 15 Th.-re warn a fair de.
tnand for apet cotton today with prlrea
ateady en the baala of a decline of 12 unlnta
J''r. mlddllna at lO.Otd The aalea were
(lene balea. The recrlpta were lll.Oun halea.
Inrludlnc 9000 lialea American. Puturpa
were eaay In the early denllnxa. flpet prlcea
w'rl: Amarlcan. mlddllnir fair. la.lOd:
reed middling 11.44d: fully mlddllnir. li.04d:
mlddllnr. le,04d: low middling, e.ntd: geed
ordinary. 7.d, and ordinary. 7 Jad
$100,000
Commonwealth of Pennsylvania
s
4 Per Cent Bends
Due December 1, 1951 .
Subject te Redemption December 1, 1936
' Coupon and Registered Bends Interchangeable
Tnx Free in Pennsylvania
Free of All Income Taxes
Legal Investment for Trust Funds
Price: 107.23 and Interest
Te Net 4.10 Per cent
Biddle & Henry
1 04 Seuth Fifth Street
The Information and amtlatlca contained herein have ljei
obtained from aeurcea which we believe te be rellabK
11 K & T Ba wl
78
10. .. 7B
1 ... 78
784
2(aale) 78
B. ... 78
M IC A T netea
20 00
fl.. . an;
N Paclflc It 3a
1 ..01
2 lit
Me Pacific 4a
10 ... ill
1 01
1 .. . ne'i
l . oe ;
IS dl
Ment' a Pwr Sa
1... . 08S
2. 113 't
N Y Air II tla
3... . On
N Y ndlaefi Cc
04a rcta
fl
3..
fl..
1
1
1..
1.
I
0 .
fl
4 ,
1..
1
4 .
fl
1
fi .
O
1..
1
0
10B4
108 4
1UN '
105H
108 . '
10.14 ,
1054 I
10J4
10.1 s
108 4
1054
10J4
103',
1154
leflfc.
msH
10fl
105 S,
108 4
104
1054
105
it tins 11,, I.,,, p., .! - test,
2 1134 a ?nnl N " n,l "
1 "" Del V It 44a ! ("'"', 0N'
1.. . 1134 " " J, ! l'H
U K Urt llrli ! , " ..' 1. Itsai
lll!lllllllllllllllllllllllllllllllllllll
A I'd 1U22
te en 1.1
2. 00 11
U IC flrt nrlt
A I'd 1020
GARRISON ACQ
WIOENErXOLOa
MEMBERS-NEW YORK AND
PHILADELPHIA STOCK EXCHANGE
1 V
STOCK EXCHANGE SERVICE
IllllllllllllHllllllllllllllllilllllllllllllll
10
t8
1 .
I
1
i.,
1
:-k
Ort
ft I'd 1K37
1)4 4
DOS
ens
1111
tH)l
Oil 4
lllit
1 . 01
20 . 1114
20 ni u
IJ .Match 74a
ION
D de Nemmira
I'wdr 74a
g- McGLINN & CO. J-;
iWemfiera N. Y. Stock Exchange
Wldener' Dldg., Philadelphia
United Gai ImpreTamtnt, 8rr Netti 1923
Phlla. Sub. G11 & El.
Lehifh Pewar Sec. ..
PhiU. Electric
.5'.
...e'.
Netti
1960
1927
1922
28
2.1
10
15
24
10
3
V S
:i
1
1.
1
u
8
fl
IlU'l
1
BROOKE, STOKES & CO.
Investment
Securities
I'hllndelphia
Washington ' nnltlmore
. . 1)3 4
... 054
. 1)5 4
. .Of.4
054
O84
. . 05 4
llratll Na
,0l'i.r".
1AIII 1
.' 104H
1014
Mexico 5
54 4
84 4
Xdama Kp 4
I 7H;
Arn'n Ar'c A
Chem Tin
1 . 100H
3. I00i
2 . 1011a.
Am cut en Si
2 . . H2
A H A n-n ,1a
1.,
1
3
1
I
1.
1
.1
n(aale)
IHH,
103
1 13 4
103 V.
1034
nn
let
let
11)1
ens
IIN
IIS.
i.iant 11,: j
llil ft y
10D4
Hrle Oenl l.lah
I . 424
l:rle Itn cv A
30 4
A Jear fla
2 H7
2 87 4
Klerlda fenfl
I'en fla
2 11 n
(lene'l Klec 5,
4. 1104
Ooedyear T A
lluh'r -81
10
N Yk Cent'l 7a
3 105 4
N Yk l.ltht It
A lwr 4a
H 77 ,
N Y lira ct 41
IS . 2(14
N Yk Itlya si
2 .1 I
N Yerk Htate
Itlya 4ta
3 ... 01 s
i 1 Tele 44a
HKI,
Tele'e '41
1014
T A
A Vc?ewe Gin Basket
of Fruit
yo'Heiisp Grppfsfrem Belgium,
AnltUul Offi iiei'lfi.Dutlrir3ffirnti
Henry r7.Jaowec$en
JredS(rref brfew CArifiur
C. S. ATl'ON He CO.
Ill A LllllaTNUT RIM.
BANKERS
Mt,Xf"VWl ..
I nguiiii linu pun.
KTehenae,
' nAii.rt k
nemla nnd lacaa
'mi
Memhera Pli
Conservative Investments
MaoMsekin & Williamson
.IIIIOM) AMI riANHOM Hr.
Member I'hllu, Hleck liichang
Safe Bends for InvestmenT
HALSEY, STUART
&l CO. Inci
I.aiul Title llldir.
1'lienai Leeuat 4820
"-
20
7
2.
in.
Am
0
1 ..
Am n Tel
or 44a
8 08 4
Amn T A T Ba
11. ... 1114
10. . 01
I .. 014
Ami) T A T fla
87 4
87
H74
fit 4
T ell
87
ti7
A T
1
I
I 10(1
2
2..
1..
3,
m'n W
1004
100
100
10a
100
101)
lee'
P fla
Ml
20
1 .
1
flood J en r
00 4
00
Oil 4
un 4
en 4
no 4
T A
41
1104
1104
11(1
110 11
O Nthn nd 7a
1118
Kit
A linn fd
78
llulr
7
3
4.
2
1
Hud
11.
4 ,
10..
1,
Hud
N.
28 .
1
7
10.
88..
23.
. 744
78
. 75 4
Man In
. . 40.
. . 40
. . 404
. 40S
404
40
.. 40
III Central fd
0 US 4
1ell,
Ml 4
1014
1014
101
1014
1014
1014
101
I1114
1014
101
1014
1014
KM
tei
101 4
1014
N r Telae '40
1 . 1024
1 ie'vu
N Yk W C A
Hnat 4 4a
0 30 tl
Nufk H'n n Ba
1 Si
N A IV rv fla
2 . . 105
North Weale'n
Hell T 7
8 Wfl
1 . 1004,
1.... 100
1 . 100V
N I'aciric II 3a
1 aale) ni .
N Pacific II 4a '
11 S4
N Pacific It na
2 .. lniu i
Nth fl Pwr Aa 1
I R,l
1...., 88S
New Issue
$2,000,000
WARREN BROTHERS COMPANY
Fifteen-Year 7Vj. Convertible Sinking Fund Debenture Geld Bends
Dated January 2. 1922 Due January 1, 1937
Authorized $3,000,000 Outstanding $2,000,000
Redaemable in whole or in part at the option of the Company en 60 daya' notice en any
intereat date up te and including January 1, 1927, at 107 56 and interest; thereafter
at 107' and interest lest hirr for each 12 months or part thereof elapsed
after January 1, 1927.
Coupon Bends in denominations of $1,000 and $500, .registerable as te principal.
Interest payable in New Yerk or Bosten without deduction for any Federal Income taxes
te the extent of 27r per annum which the Company or Trustee may be
required te withheld.
The Company agrees te refund when paid and claimed by holders, the Massachusetts
State Income Tax, net te exceed 6H'r.
STATE STREET TRUST COMPANY, Bosten, Trustee
These bends are fully described ina letter by Mr. I dm Dearborn. Pr..ident ei thi
Cempaii), which is printed herewith. The following s.inctit points should hi- neted:
HISTORY Warren l'.rethcrs Company was incorporated in 1900 by ,even of the
sons of Hurbcrt Marshall Warren, who were actiel chk ified '" tn'c asphalt reftn
itiK industry and the laying of sheet asphalt pavmuius for many vcai
Warren Hrethers Company constitute by far the larnct r ad-huildinK organization
in the world, and its pavements hae K-en used in ever "ie hundred cities of the
United States and Canada and vanei'.s foreign countries
SERVICK The Company maintains laboratories and a corps of competent engineers
for the inspection of all work done under its license The Company is continually
making original research through its laboratories and experts fnte "ether forms of
paving construction which have prospect of extensive uie
rUKl'OSK OF ISSUE Te reduce current indebtedness and provide working capital
made necessary by the steady growth of the Company It k estimated that the
proceeds of this issue, together with collection of accounts due and te become due
will, by March 1, 1922, liquidate the entire lleating debt of the Cempaii
EARNINGS The net earnings of the Compain available for bend interest after
Federal taxes and depreciation averaged for the two years and ten months ending
October 31, 1921, $80S,000 or about 4'i times the interest charges en all outstand
ing bends, including this issue, and for the nine rears and ten months te October
31. 1921. $477,000 or ever 2V, times the intercbt charges en all outstanding bends
including this issue. '
CONVERTIBILITY. These bends are convertible Inte no par value common stock
et tne company en tne D.isis el seu per share for the lirst hve years; $35 ner ihnre
j ears; and $40 per share for the last five years of the term of
for the next
the bends.
live
D: Fer the lirst five ears the Sinking Fund will amount te 2J of
sued, and for the neM ten years Stf of the bends issued, or 10 of
SINKING FUND: Fer
the bends is
tne net earnings, wine never is the trater.
Application will be made te list these bends en the
When, as and if issued and received b us
Legal matters relating te the authorization and
te the approval of Messrs Ropes, Gray, Heyden &
Restc
issue of
I'erkips.
Stock Exchange.
the bends will be subject
PRICE 97, TO YIELD 7
$aine. Wtffevc & Compart?
ESTABLISHED 1880
1422 Seuth Penn Square
PHILADELPHIA
BOSTON
Members of New Yerk Stock Exchange
NEW YORK
CHICAGO
m
r ,ii
JhK ' K
. s
m
w
1
1
.
Ji
' '.