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EVENING PUBLIC LEDGER-PHILADELPHIA, WEDNESDAY, DECEMBER 21, 192L
3
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$25,000,000
Canadian Pacific Railway Company
4'c Coupon Consolidated Debenture Stock
Perpetual Nen-Callable
Secured by a first charge en the entire undertaking, subject te certain priorities stated below.
Interest pnyable January 1 and July 1 in New Yerk City in U. S. geld com. Issuable in coupon form
in denominations of $100, $500. $1,000 and multiples of $1,000. Exchangeable for fully
registered certificates.
$3,949,000
Buffalo, Rochester & Pittsburgh Railway Ce.
Consolidated Mortgage 4V2 Geld Bends
Dated May 1,1907
Due May 1, 1957
La i a
M?hZ. ." S I'000,.1r,e'5,,,terablsa' principal, end exchangeable for fully registered ber.dj
tnennnS ne.V5fl,ble,lntsr.s,tpi,yab,e,nNew Yerlt MV l and November 1. Autherised
in T,:?,,.,TiL dlna '" h!;TJ, e puU,c' deluding thU issur, $18,078,000. Iwutd and held
in Treasury of the Company, $4,081,000. Central Union Trust Company, New Yerk, Trustee.
A legal invcatment for Savings Banks in New Yerk, Connecticut, Rhede Island
and ether States
Bends previously issued listed en the New Yerk Stock Eschar;.
Application will be mnde in due course te list the present issue
Free of present Pennsylvania State Tax
The following information has been furnished us by officiate of ths cempany:
The bends are a first mortgage lien en approximately 104 miles of read, and in 1922,
through payment at maturity of $3,920,000 prier lien bends, will be a second mortgage
hen en the remainder of the mileage owned, aggregating 264 miles, subject te prier lien
bends totaling $4,777,000 which cannot be increased in amount or extended beyond
maturity and for the refunding of which reservation is made under this Consolidated
Mortgage.
Fer the seven years 191 1 te 1917, inclusive, net income available for interest charges aver
aged $2,985,971 per annum, with annual average interest en funded debt of $1,325,562.
Fer the three years 1918 te 1920, inclusive, which covers the period of Federal Control,
the Federal Guaranty Period of six months from March 1, 1920, and four months of
corporate control te December 31, 1920, the average net income of the company avail
able for interest was $3,369,403 per annum, with interest en funded debt averaging
$1,594,340.
Dividends have been paid en the Company's Preferred Stock at the rate of 6 per annum
since 1902, and at net less than 4 per annum since that date en its common stock.
Fe offer theie bends ler delivery ir hen, as and tf recened bi us subect te epprei.il of teytl mutters by ceumel
Price 91 and Interest. Te Yield About 5
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The iife-maticn contained jn tins Bdvertif-nent hai been ebtfi.ned from se-trcti which we ceniirirr reliable
While i.et gurraiiLeed, it ti accepted by us as accurate.
THE Canadian Pacific Railway Com
pany 4 consolidated debenture stock
is authorized by Act of Parliament of the
Dominion of Canada passed in 1889 and
subsequent acts.
Upen the completion of this financing
there will be outstanding in the hands of
the public $232,644,882 of the consolidated
debenture stock, which is the premier
security of the Canadian Pacific Railway
Company.
By the terms of the Act the stock is a
first charge upon and ever the whole un
dertaking, railways, works, rolling stock,
plant, property and effects of the company,
excepting lands received by way of sub
sidy, subject, however, te the payment of
working expenses, and te certain priorities
in respect te charges which new consist
of securities aggregating approximately
$38,651,724, issued in respect te only 1,642
miles of railroad, while the lines embraced
in the Canadian Pacific Railways traffic
returns aggregate 13,402.2 miles.
The interest en the consolidated deben
ture stock is, therefore, a first charge, sub
ject te the above - mentioned priorities,
upon the net eanings of the company
derived from the operation of its railway
lines.
The debenture stock has priority ever
$80,681,921.12 preference stock and
$260,000,000 common stock. The prefer
ence stock has received dividends without
interruption since its issuance in 1895 at
the rate of 4 per annum. The common
stock has paid dividends continuously
since 1882, with the exception of the year
1895. The rate since 1912 has been 10ce
per annum.
At present quotations the preference
and common stocks represent an equity of
ever $357,000,000.
Application mi be nmdi te but en tkc New Yerk Stock Exchange the co.welidated deb"ntn" -,tc; ,, offered
Price 78 and Interest, Yielding 5.13'C
Guaranty Ce. of New Yerk
The National City Company
The Union Trust Company of Pittsburgh
Brown Brethers & Ce. Bankers Trust Company
He ut.e inform -Men rui uji . ,u- . v i we rsri . re.li .,, 0 Buru " U' ush",- t te e . u.-
'$50,000
'25,000
50,000
"25,000
'15,000
'50,000
"10,000
150,000
50,000
15,000
'150,000
'24,000
12,500
25,000
112,000
50,000
30,000
50,000
11,000
25,000
60,000
90,000
75,000
Municipal Bends
Exempt Frem All federal Income Taxes
Security Rate Maturity
N. Y. City, N. Y., Corporate Stock. . .4V2s Dec. 1971
City of Yonkers, N. Y., Assessment. . SV-.s Jan. 1926
New Yerk City Coupon 4V4s IWnr. 1962
City of Philadelphia, Pa., Sch. Dist. . . 5s Jan. 1942-46
City of Portsmouth, N. H 5s Aug. 1 928-30
Essex County, N. J., Hospital 63 Oct. 1925
City of Jersey City, N. J., Water 5Vjs Aug. 1929
City of Detroit, Mich., Gen. Pub. Imp 5s Dec. 1935
City of Omaha, Nebr., Gas Plant. ... 53 July 1930
City of Youngstown, O., Strect Imp. . Cs Oct. 1923-25
City of San Francisce, Cel., Water. . .41'ej July 1933
Bergen County, N. J 5i23 Dec. 1929
City of Tepcka, Kan., Water 5 Vis Sept. 1941
Cuyahoga County, O., Read Ss April 1927-29
Lerain, O., Scheel District Gi Feb. 1935-39
City of Everett, Wash or, June 1936
City of Durham, N. C, Scheel C3 Jan. 1932-36
City of Greensboro, H. C, Bend Antic. 63 Dec. 1922
City of Birmingham, Ala., Sch. & B!dg. 5s July 1924
Wichita Ce., Te:;., Water Imp. DiiL.Gs April 1946-49
Cumberland County, N. C 6s Dec. 1922
Chowan County, N. C, Read 6s Nev. 1925
Jenes County, N. C, Read Gj Nev. 1923
I'M-rnpt tieni Tu m h-'Uie where i.-Micd.
Dtecriptu 1 circulai en uuj Leu', mil he fuinwhid 0,1 reyu .1
PRICES ARC SUBJECT TO MARKET CHANGE
Yield re
4.25
4.25
4.25
4.40
4.40
4.50
4.50
4.60
4.60
4.75
4.75
4.60
4.80
4.85
4.90
4.90
5.00
5.50
5.50
5.76
5.75
6.00
6.00
A. B. Leacli & Ce., Inc.
Investment Securities
115 Seuth Fourth Street, Phila.
City of
Winnipeg
Canada
6 Bends
Due 1946
Interest and principal
payable in New Yerk.
Price te yield
5.65
Complete circular en request
for F-4
Harris, Ferbes & Ce
Pine St., Cor. WJIIIntn
NEW YORK
PHILADELPHIA OFFICE
Widener Bldg.
Telephone Spruce 7040
First Mortgage Bend
Due in less
than 3 months
Kansas Gas & Eiec. Ce.
1st Mortgage 5s
Due March 1. 1922
te yield 6
Bonbright & Company
437 Chestnut Street, Philadelphia
New Yerk Bosten Chicago
Detroit
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FREE
OLX COMBlfsATlONreCKEr JOOBMR
1922 Calendar
Bend Interet Table, and
Ownerslw'p Certificate Guide
is new rjady for distribution Copy will be
mailed free te any one uhe franMv mentieni
lit buinesi or occupation 7hi device u phr
ticulerly .luable te bend ewiun I he -up.
ply it limited piemptneij it there'ere
ad liable
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rnEDERick
Frederick Peirce & Ce.
1421 CHESTNUT STREET
PHILADELPHIA
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We Offer
.$100,000
Harrisburg, Light & Power Ce.
6V Notes, Due March 1st, 1924
Free of Pcnnnlvnnia State Tax
Price te Yield 7V'
SuAinK Fund Operate- Monthly
Hi. UfirrlFhur l,k t nl l'-' -'
IKinlr-lmix and i U ' '" ' ' "k"
i.m nHtt il fraf nii'-tnm
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Schibener, Boenning & Ce'.M
BB Investment Dond SfisSP
Kanawha Vul. True. 5n, 1946
r-jHtcrn Pmn.t. Kj. St.. 19:t(i
I'n. I'en. & Lt. 7b, 1951
Olile F'ewi-r 7s, 19,-1
Stand urd Gns & Elcc. 6s J92G
i United Lt. & Kj. ,")s. 1932
WM rn Pe'tci- C'onunen
Lthisli Power Securities
BAUER, STARR & CO.
UiikI Title Hullillne. I'hllinlclplilii
r Aurk liniu- ItpUnr htivet
(?n 1' li Mr I r', ), , ttt efif.H,
AJanuary
Rise?
The possibilities of an ad
vance in the market after
the fir3t of the year ia one
of the hubjects ducussed
in our current Weekly Re
view. Other important
subjects are also covered.
Te acquaint investors with
the Letter feature of our
Service, we offer Weekly
Review Ne. 242 free of
charge upon request ac
companied by 2c for
postage.
MOODY'S INVESTORS SERVICE
inllN MOODY. I'rulJmt
101 Milk St., rioiten, Mass.
I'hlln Jelphln. (.hi'-iiiru
New T.erk
The
First National Bank
of Bosten
Transacts Commercial
Banking Business
of Every Nature
( 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 j 1 1 1 1 1 1 j 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 : i ri 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r 1 1 1 1 1 1 r 1 1 1 m 1 1 ) 1 1 1 1 1 1 1 1 1 -
Make it your New England Bank
Capital, Surplus and Profits, $37,500,000
We take plua.-nu jn ctiinuuncms; that
Mr. Sidney W. Keith
lia.s beu.tmi-' iia.-eciated with us
in our Stuck Department
West & Ge.
1 j' I t ilnul Street
I'lillndelplilu "lemher
en lierU pterk KxrhnngK
I'lilliidelDhU Mwk huhmii
i Hre u i,i t
Ne iirk lie
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1 ixnli ir I mil
M ill! 4l)4
512-14 Walnut Street "I ft sr n
" "W
11. . I
Uitn.p'lc IuiUi- in I Niuuiu
It iiii j at i . i 1 1 ii . .... . . .7. . . .
j - Ml 41 Mil I I II I I Ii '
Pr Sheals Pr. 5s 1952
Public Service 7s 1941
nlti., Y. & Ash. 4s 194?.
Arthur C. Richards & Ce.
'r(ia( itfrjihenv 10 im If.'.
Drexal liuildinu'
1.1.1 i ntJiienfi innin etii
( in.iiwmiiriiitniiiiiTiipniTniiniiiiiiiiinniiiiiwiiii(iHiiiiiiriii mint mm '
jfort.:Bacen,5avl9
An cri,r unllen il experleni eJ Lii
klnenrlnn nnil Mansgeiient p
tnl. In Public Utility nd
Ii dulrlnl Tl "(Inimi
Mil CUtSTNL I fTKHKf
I'llll ADCLI'lllA
fell Telepliuim iliruca COS!
fv erl Snu T rnnclri-e
GE0.A.HUHN&S0NS
STOCKS AND I10NH1
Memliem uf (lie rhlliilelnMn New
)eiV mid t hlcrmci stnrk Kxrlmnirea
Se urk Petion Kxrlmnge
Coinmlstlen Ordei Usrcuted In
All the I'HnUpil M.rketl
Liberty Uendi Duucht and Sold
III I. ui 1.1 ( ui u lllik 1 1 M Wnlnutsi.
N 111 llrnidnnr
HEiiDERSON & LOEB
Member Vew Yerli and
Philadelphia Stock Hxchnnytt
1410 Chestnut St.
BSedget St, Ce.
Kcal httate irust Uldg., i'hila.
ail
A Mewe Gift Bask?
of Fruit
Het Heuse Grape:, from Deleium
An.; Ideal Gift for the Business friend
"fienry ?.oewecSon
6rtMfStref befew CAriHtvf
Stocks and Bends
Reputation and Character
The reputation of i n'iir
Ih h.it the v l1 li-' think or
s.i ftheut It, hi-r 1 rninli.t
MilupJ. Tlie Hur K "f a
mciiill 'e lnt It iictu.x'I" U
Thlw Is brought out ty u'i.
ful .inrlels
It Ik well tn Va f'Jli
formed v. It U renpi-ct te tin."
sicui ltl'j no eMiicuiii these
about te ha puruhnaed
W e lniti linj il'lih of .r
cubtemerii iiurt othei h 1 1 I . h
part of our M I wie w nlrh ut
,ire pleased te i.rinVr with
out olillKatlen
FRANK F. BELL & CO.
1416-18 S. Pcnn Sij.
Plilladclphln
l sttlb'.uihctt IS.' J
Mi ml. it
"evr TerU an. f , ,.
PtillRilnliihlii StiiwU Kxchitue
Chic in llnnirt f l'Aitn
Pherw: Spruce SSSOIiace Hal
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a wr
U.S.
IKJLVAUKX
Saving
Certificates
hi 1 1 UITILS DLPAU ITvlI N t
Commercial Trust
Company
Member tederal Ueitrve byittm
j . (- . . .
-ny nan aqunrn, Wml fl
ssimatasiJl
We Have ter Sale
1
100 Cutauisaa It. K. Preferred I
100 Dehnwire Railroad
100 Little Schuylkill K. K. & NU. Ce. !
30 Minehill & Schuylkill Haen U. I.
100 Lehigh Valley Ceal Sales !
30 Thirteenth & Fifteenth St. la.s. Kj. Ce.
'23 Frankford & Seuthwark Pass. Rj. Ce.
10U United Ne Jerbt-j R. R. Canal Ce! '
MORLEY, WOOD & CO.
333 Chestnut St. I
Philadelphia, Pa '
K jstune, Main 48d$ I '
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v t "i -1 f. ) .1 (i
l'i 1 u !) 1 .1 Mc k I.- ) 11 i
Walter J. Schmidt
& Ce.
Investments
New Yerk . . Philadelphia
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Safe Bends for Investment
HALSEY, STUART
&. CO. Inc.
Land Tltla Bid. Hiem. Lawn 48:6
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