24,
EVENING PUBLIC LEDGER PHILADELPHIA, .WEDNESDAY, DECEMBER 21, 1921
iMwwrrwiiSfcrTin4
I
NEW YORK BONDS
1
Governments and Municipals
Foreign A merican
IxeiD 1 OTIC is rapidly becoming a gre.it market for the flotation of
foreign bend issues. Several hundred external and internal leans of foreign
governments and municipalities are actively dealt in in this market, and
the list is steadily increasing. American investors arc becoming inter
national investors far mere rapidly than many realize. This fact makes
the new edition of
Meedy's Rating Boek of Government
and Municipal Securities
far mere indispensable than ever. This new edition (just coming oft' the
press), contains a greatly improved and expanded section en all foreign
governments and their bended debts. Full descriptive details of every
foreign lean of any importance arc furnished, en the same general plan
that we fellow in our ether Rating Beeks. Every bend issue is rated,
regardless of its quality or desirability. The financial and debt statements
of the following countries are unusually complete (all information being
secured from original sources i :
Argentina, Austria. Belgium, Brazil. British Lmpirc. Belivia,
Chile. China. Cubu. Czccho-slemkia, Dominican Republic, France,
flrrmany, Italy, Japan. Jugeslavia, Mexico, Netherlands, Nor Ner
vay, Peru, Poland, Rumania, Sweden, Switzerland, Uruguay,
Among the foreign cities which arc completely covered by the latest,
first hand facts and figures, the following arc included:
Londen, Pari. Berlin. " ienna. Antwerp, Brussels, Amsterdam,
Rotterdam, The Ilapue. Copenhagen, Bergen. Stockholm. Chrits
tiania, Cologne, Hamburg, Ltrecht, Munich, Dresden, Zurich,'
Berne, Reme, Milan. Flercnre. Marseilles, Berdeaux. Lyens,
Buenes .Vires, Rie de Janeiro. Sae Paule, Valparaiso. Tokie, etc.
J hlS IS the only volume printed in the English language which contains
full, uniform and accurate tacts and figures regarding foreign government
and municipal debts.
The book also 'CO"CerS in remnlete and exhaustive form, the entire
American and Canadian government and municipal field. Over 25,000
American municipal issues arc classified and rated in this volume. With
the present popularity of tax exempt investments, a volume of this
character should be indispensable te any banker or investor. It is the
only publii'uliun iMied in the I'nited States which covers municipal
obligations in this way. Ecry bend issue listed is rated en the same
principle that we rate railroad and corporation securities in ether volumes
of our Rating Boek series.
J tlC price of this new edition is 820 per volume, delivered. Orders
should be filed at once te insure prompt delivery, as there is an extra
ordinary advance demand, and the edition will probably be exhausted
in sixty days.
Moodys Investors Service
35 Nawau Street. New Yerk City
BOSTON
101 Mill Sitica
PHILADELPHIA
Ret Lstite Trutt Bmldin
CHICAGO
Firrt Nttieatl Bk Bmldiaf
"Menrly'.i Rating Beel's" are ths only annual statistical publications villi vkich Jehn Moei-j
has ami connection. .Ye ether concern has the right te make u-ie of Jehn Aloedy'e name.
Nzw Issue
Exempt from all Federal Income Taxca
$800,000
Gasten County, North Carolina
Direct Obligation
Serial 69e Bends
Dated January 1, 1922 Ne opt.en Due serially, January 1, 1923-1946
Coupon bends, denomination $1,000, rcxisterable as te principal only.
Principal and semi-annual interest, January 1 and
July 1, payable in New Yerk City.
FINANCIAL STATEMENT
Assessed Valuation, 1921 ., $62,67S,510
Net Bended Debt (including thi-, issur; 1,967,000
Population (19J0 Census) - 52,242
GASTON COL" N'T Y, located in the southwestern part et the State, is in one
of the richest agricultural sections f North Carolina. Gastonia, the county
teal, is the largest cotton manuiac turn.f city in the Seuth.
TIIh.SE BONDS, autherised at an election, arc the direct obligation of the
County an' are pavablf both ptmcipal and interest, by an unlimited
ad wlercm tax !ciccl against all taxable property in the County. The pro
ceeds, et this issue are te be us,ed for the construction of hard surface reads.
MATURITIES AND YIELDS
1923 te 192G te yield 5.40 1932 te 1934 te yield 5.30
1927 te 1931 te yield 5.35 1935 te 1939 te yield 5.20
1940 te 1946 te yield 5.10
Legal opinion ej Chester Ii. Masshcs, Esq., .Xew Yerk City.
Kissel, Kinnicutt & Ce.
14 Wall Street
New Yerk
Graham, Parsons & Ce.
435 Chestnut Street
Philadelphia
William R. Compten Ce.
14 Wall Street
New Yerk
All statements contained herein are taken from ..curces bel.ed te be Huble, but are net guaranteed.
tSALCS IN $1000
Canadian N 7s
1.... 110
Chlls Cep'r 0
tl BS4
11 8.14
4 .... 84W
I 2 .... 85
Chile. Cep'r 7 s
i imi
City Herns 8
8.... 108
City Ilerd'x 0i
a Pf.4
2 80V4
2" . .. 80
40.
4.
1..
1..
7..
0..
H.1U
85 V.
OS
ti.M,
0Jt
P3K
V S Brazil Hs
1.... 104UI
1..
1
0
1.
1..
104
104
10l'4
104
104
1044
Ment'a Twr 6s
City New Terlt .. 03 .
4l4s '71 wl ' " -snri 4s
8S.... 104U I !. "H
CI'd cm CM ANT ctl 4"
81 I.euls Ga '..' ou"i
0... . P3N. " Ctnt ' a"
Cel InduVI 3.1 ; .... BO
n i 1 0841
1 psii 1 . 98
Cole & S 4Ht . J 08H
ie mu i ..I; .::. os,i
1 (.si, , i.aien co
lens'a ee "i '
s.... 104 :
1 10.11.
...-----
0 P5 ' 11 & Hud cv
2 US 1 SO. .
1 S3 ID1 Hud 7s
4... 3ft , 1.... 107 '
Un'd 0 Mexico Den & 11 e fd i
I.arcs S3 S 4SL,
1 .... BmlDen L r. O 4
m
8Gm 2 .... 7SM 3 72. ,
SOU Am'n Acr"e & 10 7D4 j
SOU, i Chern 7 4" ,l: Cdl 3 '40 ,
1,1V,, 1.... 1C0 4 PI
SOH1 2.... 100 I 1 PI
g5S 1! ... 100 Det Edi Ce C
lSCAi.4Hl! J( 7.... 100i ,
hrtl " 88 -i 1 P9t,
hfti 1 88U Dt V R 4St
fiOl,1 16 .... S74 1 034 '
SUKj 3 8S I 4 .... 04
SilWlAni Til c!l 1 C4
SOS 1 ST ' 4 .. . C3S
(,ni,l 2 ... MH D d( NTnur
C-v nie de Ja- en T t T r. r-rdr 7 Ha '
nole 89 ' 6 PIS 2... lOOi
0H ret.
0 .... 80S u Ji!co at
Cty Chrli'n 8
1 3.... 107
City of Copen Cepen
h.uren 6VjS
1 .... 87
. 1 .... 80S
r. . . sem,
eity Lyen. CuAlby & S 34l 2..
.a An., "II I n
1'f ....
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3
1 ....
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11 ....
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1
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103
100
inss
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10.1S
ies ;
1C3S
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103H
103 H
103
103
101H
10314
103
lO.'.Vi
&
1.... 107
1.... lOA'i
1.... 108
n racine n x
i con
i no
ie en
c w
u raciiic n 4
2 84"j
3 8S
1 84H
0 B4W
1 04
N Pacine n 0
2.... 100U
3.... IOC.
Nth 3 Pwr St
0 80
Ore ft Calif 3d
4 00
Ortcen S L 4.
1 87.
Orffea S I S
6
l'10i'. 1 PI Si 3 1044
. i0Himn t t i' n uut Light flj
.. 100'. i " 108V,. i.... iei
.. 10f4 1.... IO8V4 l ... iii
... 100H ' 10 I 6 100
. inn"-, An.-.our 4Vj! Erl. Gnl I.ltn
... loom 1. . . 874 10 42,
... 500 A T i. 3 Ye n'1 1 42H,
... llOH 2 . .. 70HI 1 424
. inei. 30 . ... 70 1 424
2ur!i 8s -' 70 0 431,
... lr'T 4 A , b 1 e 4 Erl. R R ci A
3 07V.
Oregon BLEi
4.... 100
Ore-W R R Ce
A U Ce 4s
2 .... 774
P Ceaat Ce 5s
1 73
Pac T & T
0 924
Paclta'd Moter
Car Ce 81
1.... 1004
1.... 100U
5.... 1004
2 ... 1004
2 ... 1O0H
N Ts N It
It cv 8 Vis
12 ..38
Nfw Y .V II t
Hart'd C.
0 . .. SO
N.w Teri: O &
Wfs'.'n 4
3 . . 07
N Y Hv ct 4t
is ... cevii 1.... mi
0 . 20S Pan A Te'.r'in
. . w. f. T Cn 7.
?: Y Ryuct 3s1 j .... nCy
3. . . 04lpa R ra 44"
:: Y Tl 4l 0 fO
1 SRVi p-nni R r,4
4 8S4 1 ins
1 884 1 103
Bt I, ft 8 Fran
Series B
1 82U
8t L ft S Fran
Series C
2 03S
St h Bew'n en
1 704
San Antonie A
A Paa n 4(
B "71
1 71
Seab'd A L, ni
18 134
8 13 4
1 1BH
S A L 4b U
0 (11
ieab'd AI.61
2 43
1 45
0 44
10 43
G 44i
1 43
1 43
Eh Steel II 8s
B.... 100
1.... 1004
3.... 100
Sinclair C Oil
Cerp 74.
S ODii
B 00
1 PI
1 00
Pe'n Paclfle M
2 84-,t
7 84 4
J 844
10 84
1004'B'n Pae cv 4i
100', i 81 't
K V Te.'e'a Ml
S'n Pacin: t,
1 024
Se Pac TermM I
1 804,
Sn Hallway 4.
2 614 I
1 cis :
1.. .. 614
dn Railway A. 1
1;'
Cuba R Ce 33
1 "7
"uba Railroad
Ce 74a v.
3.
3
1...
0...
4 ..
1...
1 ..
100
K04
101)
1")
100
1004
1'iOS
2 .. 1"1
Per.marls Cen
ct A 83
10.... lee-
10 ... 834. 7 30
4 .... Bi,l 3. .. 30
j ... 83v,inne n n c n
3 83V4I 1 38
2 34Erle RR Ce 1.
C .... frB ! 1 5fl4 I
B .... S3 4lVlsS Rub'r C
1 83 ig, rets
Atch T ft 3 IV I 1.... jreij 1
' 4s I 1.... 1001.,
E .. T0, I S.... I1.04
A Coast I, B.... l'XiS
2.... 1034 3 1004 .
11.... 103 .O Middle V 3
Atl'e Trult 7s 1 . , .. ti'i
3 r44Goelyea- 1 b
10J
10i'
103
103
1
r
1.
10
10141 1 M?.
1044! 2.. .. 88Vi
104V!llStand,cl Oil of
101 4 1 Calf 7b
10l 3.... 103
De-mrlc Cen
'' ... ler.i.'nait i. Ohie c
'c 1 3 744
Pnni P.ep'c 1
iO .... fc'l
3. ... 80
R (.er.ada '20
1 .... 034
IJ t'anada -2!i
1 .... or, ,
1 .... 064 j
le.i! Trench
II 743 rcis
1." .... 04-4'
13 ... C4V
I' ... 04 V,
.... 044
1 . . . 04 4
a"!". 044,
2 .. 04'
5 .... 014
37 044
Jl .... 044
1 044
1 .... V4.
1 "4 4
" ... 04 4
1. ... 0!4
1; ctri. 1
' . . 1 U)
1 .. 'll'l
. 1 ... !00
I .. !"'
: .... e)
1 r ... 004
as .... urn.
14 .... 00',
II .. . 0'l
1 . . 00-.
r I runK e(
A l'e-7de.- 7 4", ItubT 'SI
1 . . 1034, 33 0"U
3 094
10 irev.
IW 15 . .. (I'M.
101 ", pema R R 7 Tern Ceal I
it' 1 ... ie",4 nn Ce lsti
lft2 IPenrm & V lii 1 8D4
lftJ,4 4... . 07 I Third Ae .1
103 I 4 CS 2 40
lftt'll 13. . 67 1 10 4t!4
101iPertlM Rwy A Third A"e 4r
l" I.leht 74 ' 2 37
101''4 1.... 103"4 Tldcat-r Oil
161 Hi 2. .. 102 Ce ct CVi
101 Vneadlnc C" 4s1 1.... 100?i
J R 1 ms union t'ac rv
:..
1
1 ....
10
3 ....
Halt L O
i.
n
"14 Geclvea
74 I Rub'r '41
74 4
74
73S
71
73 K
Vjs
C....
0....
20
2104
1J04
1104
1104
llf 1
110 4'
na.t i. Ohie 4f
1 .... 774
1 774
10 77
Halt ft Ohie i,f
0 .... 064
J .... 014
3 P."4
B 034
17 .... 03
b ... 03
b0 4lO Nthn P.d 7e
804. 4 107'4
1 .
107 4
H74
107 4
ie;
107 4
20
12
10.
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t
1.
1.
:"i
1
s
10
1
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k r v:
Rest 4 43 Rie O ft W '. 10 8014
2 30 I 1 754! 10 . . S0 ,
N'ti S'n n Bi1 1. ... 734 Union P.10 03 I
1 .11 St I. ft 2 Y ! 1 103
N." ft '.V'n 4s 1 724 1. 103
0 . . 80 11 7 j If Tan'rf c 7"
-' . . 83'i'0t I. ft 3 Y tnl 2. .. 1034
I.T ft v ? n n . .. t"4 V B Rubh'r 3-
1 1034. 4 .... S34i 2 Sfl-4
r . Hi'. J B . ... 33 1 B 864
Nerth Wenle'n.Et 7. ft S Fran, 2. . . 804
II'll T 7n gerlsa A US Rub 7 4s
1 .. 107 1 084, 1.... 1034
: . . JO04 ,10.. .. (184 1 1,... 103
1 t004 1 6i4 2 1034
1 .. W0, I 1 6SVU S famlt R ft
1 . MOV 10 .... 684 Mln'e 03
: 10T 1 1 ... 07
li7 .... I
Equipment Trust 6 Geld Notes
it.
Dated January 15, 1920
Dne January 15, arrially, as ahewn bdnf
We offer subject te prier sale and change in price,
$1,750,000, purchased from the
United States Railroad Administration
Issuing Cempanies:
Delaware & Hudsen Company
Amount $230,000
New Yerk Central Railroad
Company
Amount $640,000
Michigan Central Railroad
Company
Amount $223,000
Chicago & Northwestern Railway
Company
Amount $483,000
Chicago, St. Paul, Minneapolis &
Omaha Railway Company
Arnennt $130,000
These notes constitute
the direct obligations of
the issuing companies and
are secured by standard
railroad equipment, under
Equipment Trust Agree
ments dated January 15,
1920, between Walker D.
Hines, Director General
of Railroads, the respec
tive railroad companies
and the Trustee. Under
said agreements no rail
road company secures tide
te equipment until die
Notes of that particular
cempanyhave been paid
in full. The Notes issued
by each company are due
in fifteen approximately
equal annual installments,
the first efwhich matured
andwaspaidjan.ij, 1921.
Maturities and Prices:
Maturity Price
1924 100.50
1925 100.70
Price Approximate Yield
Approximate Yield Maturity
573 1926 100.90 5.75
5.75 1927 101.10 5.75
pAccnied Interest te be edded)
These ttitementt ire ne: guartntetd, but an butd upon (nferattien tMch vn beiirre te b tctunu tri telitble.
CONTINENTALwCOMMERCIAL
Trust and Savings Bank
CHICAGO, ILLINOIS
uLjwiiiwaA'il-iiUl-''Ti!l ii,jiufc'Wj::f'jir''y um
. lf)74 I - -
H.'an.i I 1 I. j
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8 . 71 ' I I
rr , 1.-1 j , .. 1
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1 s:. !
na.t C. Olile iiui i IU11 fd I
n 3'i8 s 7J, 1
1. SO',1 3 75Vi'
n e. O Tel eiiui t Man In '
1 .... 03 I 13 4S4, I
.. . (..'41 2.. . 4BV '
lit .1 Tlehen. in central fd !
1 of l'a 7a
n. . s'"-.
f ... I""'-. 1,1 Cen 43 '33
1.... IO-'-. 1 . .. 7(t
C 101', HI Cent'l 6SiSi
II btcl Be 'Si 1 1 ..07 I
7 .... 1-04 111 (Jcnt'l fat 1. 1
2 .... bl-j, Ulv 3'4H I
1 in ij rctn B I.Ji'n O. ".' j ... r,(i I
1' . 100UI ! M'A Ills bled 4V4
j ,, 1. n It 4 P 4V h . . (,0V, I
IS ... 110U 10- I'lVi'infe Mel H
" lull's 1" ,'1'. U ... lt'4 '
11 .. ine, ' 10 lit iinite it T f 1 '
. mm, Uusii Uld'e -, 0 ., ji,,
. meHi 1 .... B4 10 331,
2 ... :oe. . i"'1' 1 10 r.3 I
.. lOrt'.lCtl Le.tttir 6 t0... . 331. I
tleve t lnt . .1 . Ul'4 i m Mutlnc c,n
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in "".i e . . . in i ie . 7,i i,
1014 n ... tn Kan , ,.. 3 A
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)i.c.ucv m n -1
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Kan c A h ."i
1 .. i,l i
1 . i.4",
4 . I '
e .. r.ii,
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iehh 2 . .. m- i.;-:; Hl
101 2!'. ... h. I , K4T, I
1""4 '' hni' l,y iiDrl..ii'd
C II 4 Q i.i," i
NEW ISSUE
TAX REFUND IN PENNSYLVANIA
iniii,
U I
IOS
K lul CSi
1 . .. OH,
I 'i . 044
i Kl! rirm .".or-
wuy ct Hi
1 1 ... I'll
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1 1 ... l0i, i 1
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llt3 chile '4 'I " . ' I -.
4. . .. iii rutcHrfu ?' .
0.... inn. S'. I d ii
i ... 300', i-1
1 ... ll '. f rltce M i
f..... 101H i" P 4j i.
2.... 101 1, 6 .... "ii'.
1.... 1 '.' 0 '"
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let, v.
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r K flrt iirii f" ii t 4
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f.ftUl 10 . .. 70 4
8 . . POV, C It I 4 P 4
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l
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in 4
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no i-.ii.ine 4i
$2,250,000
The Shelton Looms
First Mortgage 15-Year 7 Sinking Fund Geld Bends
of
Sidney Blum en thai & Ce., Inc.
Datrl December 1, 1921. Due December I, 1936. Interest payable June 1 unci December I, in New Yerk or Bosten.
Redeemable in ivhelc or in part by let en uny interest pHyment dutc en 60 days' notice, at 107 mid accrued interest, up
te nd including December I, lC22, and thereafter at 100 and iici.rued interest plus a premium of x2ri for each full year by
vthicli die date of maturity is anticipated. Coupon bends in denominations $500 and $1,000 with privilege of registrntieu
as te principal. The Company airee3 te pay interest without deducien for any normal Federul income tax te an amount net
rr.ceediriR 2cr. Pennsylvania tax net exceeding four nulls, and Connecticut tat net exceeding four mills, refunded upon
application. Central Union Trust Company, Ne'V Yerl:, Trustee.
Mr. Sidney lilumcnthal, President, summarizes us follewj his letter, a cejnj of which ivill be sent upon request:
This Company, incorporated under the laws of New Yerk in 1899, in continuation of a business estab
lished 1854, is engaged in the manufacture of the largest variety of pile fabrics made by any one single
manufacturer in the world. Its products include velvets, plushes, and ether materials for use by uphol
sterers, drapers, furniture manufacturers, automobile and carriage makers, manufacturers of ladies' coats,
dresses and suits, milliners and various ether industries. A large part of the output consists of high quality
standard merchandise, which constitutes raw material te ether manufacturers. The Company numbers
among its customers practically every large department store in the country. Its trade-mark, "The Shel Shel
'en Looms," i3 well and favorably known throughout this and foreign countries. Its sales have increased
'ixfeld in the past decade. The diversified nature of the Company's products and the flexibility of its
'uipment permit of an unusually high rate of operation throughout the year.
CAPITALIZATION
(Upen completion of present financing)
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First Mortgage 15-Year lf Sinking Fund Geld Bends
(Closed Mortgage) $2,250,000
Preferred Stock 8 Cumulative (Authorized $1,500,000) 1,128,900
Common Stock (no par value) 55,000 shares
SINKING FUND The Mortgage will provide for payment te the Trustee of Vz of this total issue in
each year, payable semi-annually en the first days of June and December, the balance
remaining after the payment of the interest en these bends te be devoted te the retirement of these bends
by purchase or call, bends se acquired te be cancelled. It is estimated that this sinking fund will retire
ever 80 of the entire issue before maturity.
SECURITY These bends will be secured, in the opinion of counsel, by a closed first mortgage upon all
the fixed assets of the Company, as defined in the mortgage, new owned or hereafter acquired,
including a complete modern plant with 430,000 square feet of fleer space occupying 12 acres of ground
at Shelton, Connecticut, and by pledge of the entiie capital stock of the Seuth River Spinning Ce.. Inc.,
which owns a modern spinning mill with 1 30,000 square feet of fleer space at Seuth River, New Jersey.
These plant3 are modern in design and equipment , advantageously located and efficiently operated.
ASSETS The fixed assets of the Company, and the Seuth River Spinning Ce., Inc., as defined in the
Mortgage, have been appraised at a sound value of $4,897,028, or ever $2,000 for each
$1,000 bend. The net quick assets, as defined in the Mortgage, according te the annexed balance sheet
prepared by Messrs. Haskins & Sells, after giving effect te this financing, amount te $4,222,816, or ever
$1,875 for each $1,000 bend, and the net tangible assets thus amount te $9,1 19,844, or ever four times
the par value of this closed first mortgage issue.
The Company will covenant in the Mortgage net te pai any dividends, except en the authorized issue of
Preferred Stock, or take any ether voluntary action which will operate te reduce net quick assets, as
defined in the Mortgage, beluiv 150"r of the par value of all outstanding first mortgage bends.
EARNINGS The average net profits of the Company, for the five years ended December 31, 1920,
according te the audit of Messrs. Haskins & Sells, before depreciation and Federal taxes',
amounted te $934,212, or about six times the inte re3t charges and about four times the interest and
sinking fund requirements en these bends. During this period the smallest net profits in any one year
amounted te $614,398. The Company's earnings similarly computed for the year 1921, December esti
mated, will show a small profit. There is every indication of an increased volume of business at a normal
rate of profit in the coming year.
We Recommend These Bends for Investment
Price: 96 Vz and interest, yielding about 7.40
Dend3 arc offered when, us and if issued and received by us and subject te the approval of counsel.
E. H. Rollins & Sens
Hambleton & Ce.
The Information and statistics contained nlieve have been obtained from sources
we deem reliable and although net uuuranteed are accepted by us as accurate.
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