v'n- PTJ-
pjfcVW?.
- j" W. 'i,fl
' I ,'
J . "1
!jrf,H - .
23 '
I
iliVJLNU PUBillU JbiliDiiiiiKr-jeHlJLAJDiflXvFJtIXA,
- - .'-... , . , i , i i. ,.
MONDAY, DEOEMJbJJtiK 19, 19tfl
$5,000,000
Twin City Rapid Transit System
Minneapolis Street Railway Company and
The Minneapolis, Lyndale and Minnetonka Railway Company
7 First Mortgage Extended Geld Bends Due January 15, 1925
Teut autheriitd $5,000,000. Inlerett payable In New Yerk January 15 and July 15. Coupon bends in denomination of $1,000. The
ittulng companies agree te pay the United States Nermal Federal Income-Tax up te 2 If exemption Is net claimed by the bondholder.
THE FARMERS' LOAN AMD TRUST COMPANYNEWJYORK. TRUSTKB
Th Twin City Rapid Transit Company Guarantees Payment of Principal and Interest
The following information is summarized by Mr. Herace Lewry, President of the Twin City
Rapid Transit Company, from a letter te Ue:
SECURITY
The bends are the joint and several obligation of the Minneapolis Street Railway Company and The Minne
polls, Lyndale and Minnetonka Railway Company secured by closed first mortgage underlying lien en the
entire property of the companies in the City of Minneapolis, new owned or hereafter acquired, covering
in all 221 miles of track with power houses, equipment and ether electric railway property.
PROPERTY VALUE FIVE TIMES BOND ISSUE
An appraisal of the property covered by the first mortgage lien of these bends, made for the City of Minne
apolis as of January 1, 1916, placed its fair value at approximately $26,000,000, or ever five times the amount
of this first mortgage lien.
AVERAGE NET INCOME AV2 TIMES INTEREST
Net income of the Minneapolis Street Railway, available for interest charges en this issue was $1,729,780 for.
the year ending December 31, 1920, and averaged ever $1,584,000 for the three years te December 31, 1920.
Interest en this issue is only $350,000 per annum.
CASH DIVIDENDS FOR 22 YEARS
The Twin City Rapid Transit Company which guarantees principal and interest of these bends controls the
electric railways located in the cities of Minneapolis and St. Paul, together with the interurban linc3 between
the two cities and suburban lines, aggregating in all 470 miles of electric railway track.
The Twin City Rapid Transit Company has regularly paid cash dividends en its preferred stock since issue.
Cash dividends have been paid en its common stock, $22,000,000 newutstanding, for ever twenty-two years.
Price 100. Te Yield 7
(DUceanUd at 7Jte January.lS, 1922)
Interim Receipts of The Farmers' Lean and Trust Company exchangeable
for Extended Bends when received
Dillen, Read & Ce.
The Information contained in this advertisement has been obtained from source
which we consider reliable. While net guaranteed, It is accepted by us as accurate.
New Issue
$4,500,000
Maricopa County, Arizona
(City of Phoenix)
Highway 6 Bends
.Dated January 1$. 1921
Due benally January 15, 1931 te 1951
Principal and semi-annual intercut, January 15 and July IS, payable at the office of Harris, Ferbes
& Company, New Yerk City, or at the Harris Trust & Savings Bank, Chicago.
Coupon Bends in denomination of $1,000.
Exempt from all Federal Incem Taxea
Eligible te socure Postal Saving Deposits
Maricopa County, with a population, according te the 1920 Census, of 89,576, is located in the touth teuth
central part of the State and is the most populous county in Arizona. The assessed valuation of the
County i3 officially reported te be $128,648,727 and the total bended debt, including this issue.
58,771,636.
Pheeriix, the county beat of Maricopa County and the capital of the State, is the. largest and most
important city between Les Angeles, California, and El Pase, Texas. It is the commercial center et
a wide area in the Southwest, and its growth has been steady
We recommend thaae bands for investment
- Maturities
ftlea.eOO due annually January IB, 1031 te 1933 3300,000 due annually January IS, 104C te 1930
200,000 due annually January 19, 1036 te 1945 900,000 due January SO, 1081
Prices te yield 5.20
Complete circular en request
Harris. Ferbes & Ce
New Yerk Philadelphia
William R. Compfen Ce
New Yerk
The Northern Trust Ce
Chicago
MECewniCft
AUTOMOBILE
INSURANCE f
GE0.A.HUHN & SONS
stocks Avn nnxna
Mrmbfr i the rhlladelnhln. fw
yrt eSd ChlMje Sterk KieheniM
New Yerk CAttnn Ktrhnnte
CemmlnUn OriUre Exutd la
AH lli Prlnclpil Market
Liberty Dondi Deuihl and add
Llrlltrur Ce'Tt IHjti.i Hilt Walnut St.
N. ., llMUteaunvr
ite i
MTATIHTIOI.VN, NAM! AND
ADVKIITIMNO MAN
Prominent brokerage heuie, dls dls
peimlnK with aeveruT department,
te entries In wire buslnms exclu
lively, would like te place thlr
sale And advertising manager.
HlKh-sTadn mnn, eriiuilur, mall
a ales expert ; Unuwa type, paper
and medium. Address llex Will),
Metropolitan Adv, Ce., 130 I.tberty
Ht., New Yerk.
C. S. PATTON & CO.
It) A CIIKH
knjBTV
iher. Ptitta, Hteeli
ltd.
HO
M .U
iHSSJOL.
A Mewf G BasAef
of Fruit
Het Heuse Oreprs from Qrlejurn
An Ideal Ql for the Biitlnfrlkr,,l
'&etylyRifaAwreSeff
I areacrjf ?f- prfew snttniur
i
$6,000,000
(Total Issue)
Heed Rubber Company
Fifteen-Year 1 Sinking Fund Geld Notes
Dated December 1, 1921
Due December 1, 1936
Interest payable Juns 1st and December 1st in Bosten, New Yerk and Chicago.
Coupon notes in denomination of 91,000 each-
Net subject te redemption before December 1st, 1926
Redeemable as a whole or in part en December lr.t, 1926, at 105 and accrued Interest and en any interest date
thereafter, up te and including December 1st, 1935, at par and a premium of 2 for each full
year by which the date of maturity is anticipated, plus accrued interest.
Sinking Fund. The Company, will retire at leant $200,000 par amount of notes by purchase en or before December 1st,
192C, or by redemption en said date; and will similarly retire at least $200,000 additional par amount of
notes en or before each succeeding December 1st up te and including December 1st, 1935.
THli FIRST NATIONAL BANK OF BOSTON, TRUSTEE
B-e sumtnantc as IoUeioSk from a letter of Frederic C Heed, Esq., Treasurer of the. Heed Rubber Company.
BUSINESS The Heed Rubber Company owns and operates at Ea.it Watertown, iwass the larfjeM:
single plant in the world for the manufacture of rubber footwear. It also produces automobile
tires and various ether rubber goods. Its products are distributed by the Heed Rubber Products
Company, Inc., a subsidiary which has a larrjc sales organization with 24 branches throughout
the United States.
SECURITY The notes constitute tlic seie niiulcd debt of :lie Lempany. The indenture provides
that no mortgage (except purchase money mortgages) shall be placed en any substantial part
of the Company's property unless the notes arc retired by the proceeds thereof or are equally
secured under such mortgage. The Indenture further provides that the notes may be immediately
matured if the Company's quick assets, as defined, after deducting all indebtedness ether than
the notes, are less than 150'b of the par amount of the notes outstanding.
ASSETS The net quid: assets of the Company are estimated at $11,300,000 after giving effect te the
proceeds of these notes and of an issue of 10,000 shares of common stock about te be made
Total net assets, after issuing the common stock, but before deducting the notes, will be in
excess of $16,000,000. The proceeds of these notes and of the stock will be used te reduce current
bank leans. '
EARNINGS During the hc-year period cmieu December 31. 1920. annual net earnings, before inter
est en current bank leans and Federal taxes, averaged $1,603,083. which is equivalent te ever
3$ times the interest requirements et these notes. This amount has been arrived at after deduct
ing liberal depreciation and maintenance charges averaging ever $1,000,000 for the five years.
Owing te the depression Jn business during the first few months of 1921, the net earnings were
necessarily affected. Business, however, for the last six months of the year will be substantial
the same as last year, and the net earnings are new at a rate equal te the average of the past
five years.
Price 97!2 and interest, te yield ever 7.25
Tl e ejer tue abe.c r.eta uitet., a- ui.d tl .uuta and received bj u c.d ...beel
te t!:e approval of our counsel, Mtitn. McAdoo, Cotten & franklin, A:? Yerk
City, and Messrs. Warner, Slackpele & Bradtec, Bosten, counsel for the Company
Hayden, Stene & Ce. Brown Brethers & Ce.
While no rtepenaibility it turned, iniornutien is uken irem sources whicn we believe te be reliable
wSf"
i.
Principal and Years of Interest
As a Christmas Gift
A $1000, 20-year 6 Bend earns a cecai et 1.200 in
interest if held until the 1000 principal becomes due.
Should the interest be re-invested semi-annually at
6, the $1000 Bend will grew te 3262 by maturity.
A well secured, income-producing Bend is a gift that
brings its bounty en every interest date, renewing
thoughts of the giver as each coupon is clipped. Te
the growing child it becomes an object lessen in thrift
that cannot be found in school books. The princi
pal, payable at maturity, remains a valuable asset.
Surely a substantial remembrance !
vA Itit of Bcr.ds ideal for tins purpose
?' be sent upon request.
The National City Company
National City Bank Building, New Yerk
Philadelphia, 1121 Chestnut St.
'Bends Short Term cN$tcs eAcceptancts
3
...-J1..1, '--.. -" w. t A , . . , .-..,. ..1 ' . ii
inimn mnimii i i ' -' -.,..;.. ...j u
Stocks and Bends
Reputation and Character
Tht reputation of a, security
is what the public think or
pay about It, h-nee market
valur.4 Thp cha.metr of a,
"curlty In what It actually Is.
This Ia breUKht out by care
ful analysli.
It Is well te be fully In
formed with rit.pect te these
neeurltles row owned or th039
about te be purchased
We tnlte Inquiries of our
i.utemri nd ethern. It In R
part of our aervlcn which we
are plenstd te render with
out obligation
FRANK F. BELL & CO.
1416-18 S. Penn Sq.
Philadelphia
Kstabli.ihrii IB04
Memhera
sew Yerk Stock Kicrl urn
1'hlUrtflpMlv atnuli KxehnK
Chk-.e Hervn! of Trail
I'hents. Spruce S3S0 llace Hit
1 iiuin nmrnmannminirnnirrrn mm 1 im mm
ESTABLISHED 1865
BIOREN & CO.
BANKERS
410 Chestnut St., Phlltdelphia
(nvKrnmitnl
at r.- ."::
Municipal, llallvead
and Corporation
Securities
JJemberi .Vete urd and
I'hilndelphia Stock Kzchangei
WMMWMWZa'WJWUMm
Edward B.Smith ft G
1411 Chetteut Street
Urratxr Ntn fork and l'DUglta
Utectt Ujgbamt.
Investment Securities
PhllaittpM MLY4i
-. , ,.1.
. l
. n
-n. i
ti
N i
!1
m