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EVENING PUBLIO LEDGER PHILADELPHXA,, FBIDAT, DECEMBER 30, 1921
23
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Foreign Bends
Payable in Dollars
The external lean of a
government is consid
ered a better security
than an internal lean.
Furthermore, if an ex
ternal lean is payable in
dollars, American inves
tors are assured of free
dom from any changes
in prices due te fluctua
tion in exchange rates.
We invite special con.
sidcratlen of certain
Canadian Government
and provincial external
leans and also the dollar
bends of some of the
strongest Seuth Amer
ican nations.
Hemphill, Noyes CBi Ce.
Membert New Yerk Sleck Eiclimnm
Franklin Bk. Bldj., Philadelphia
New Yetlc Bosten Scranton
Buffalo Albany SyracUM Baltimore
Ybiir January Investments
may be mere difficult te decide upon this year. Which
bends are comparatively high or low in price, according
te competent judgment? What selections are available
te most uniformly meet your requirements? Hew can
you provide te benefit from present interest rates for
the longest period? What is the outlook for bend
prices and interest yields?
Through our long experience and- bread facilities
we can be of service te you in deciding these prob
lems from the standpoint of conservative investment.
Ask Fer Our January
Bend Catalog
Above illustrated
It will prove helpful in the solution of
present problems of investment and re
investment. Information of current in
terest te bend buyers is included with
lists and descriptions of attractive
Municipal,Industrial and Public Utilities
offerings.
......... Fer Convenience ..........
SMail This Coupon
Haisey. Stuart & Ce.
Land Title Bldg., Philadelphia
Please send me a copy of veur Jan
uary Bend Catalog, PA-38.
"ittrne.
Street..
City.
Teu can buy bends and handle all investment
details with us BY MAIL
HALS
,JZS
Special Service
in
Ohie Securities
Bosten
Members
New Yerk
Cleveland
Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
Chicago Beard of Trade
Extensive Private Wire
System
OTIS & CO.
Cleveland
New Yerk, Bosten, Detroit,
Cincinnati, Columbus, Teledo,
Akren, Youngstown, Dayton,
Drnvcr, Colerado Springs
Ml Spruce 8200 J
INCORPORATED
Land Title Bid?., Philadelphia, Pa. Telephone Locust 4820
CHICAGO NHWYORK 1'MIU.UL . v...e. i ul OIT MILWAUKEE ST. LOUIS MINNEAPOLIS
smsntmimEmvaBsmssxii
NEW ISSUE
Legal Investment for Savings Banks in Maine
$450,000
Iowa Light, Heat & Power Company
First Mortgage Five Per Cent Thirty-Year Sinking Fund Geld Bends
Carrying Te Consolidated Coupens
Dated October 2, 1916 Due October 1, 1946
Interest payable April 1 and October 1 in Bosten Coupon bends in denominations of
$500 and $1,000 registrable as te principal only. Callable en any interest date at 110
and accrued interest te and including Oct. 1, 1936, and at Yi less for each year,
thereafter te maturity.
Pennsylvania 4 Mill Tnx Refunded
Nermal Federal Income Tax paid up te 2
Business The Iowa Light, Heat & Power Company does without com
petition the entire electric light and power business in Grinnell, Carrell, Storm
Lake, Shelden, Sac Citv, Audubon, Rockwell City, and ether municipalities,
all of which are located' in the Iowa corn belt one of the richest agricultural
sections of the country.
Security In the opinion of counsel, the First Mortgage Bends, together
with 5 interest, will be .secured by a direct first mortgage en all the prop
erty, rights and franchises of the Company new owned or hereafter acquired.
The'additienal 2 interest carried by the bends new offered will be secured,
in the opinion of counsel, by a general mortgage en all pteperty new owned
by the Company or hereafter acquired.
Earnings The total bended debt of the company is less than twice the
gross earnings, which were $855,763.84 for the twelve months ending October
31, 1921. Fer the same period net earnings were ever twice interest charges
en all bends outstanding, including this issue.
Price: 9.75 and Intereet, yielding ever 7.10
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United State'
Government
Securities
SKCTRrrnss department
Commercial Taust
Company
Member Frdml RcMrv Hrttem
City Hnll Square Weit
-i... , niiiMrfinwrnM
Mohawk & Malene
1st 4s 1991
Carthage & Adirondack
1st 4s 1981
lri of I'cnnnyhnnli Ml i(e
till uiii! NurmiU l'eilcrul
liifuinp t'lt.
Kit'd A by Moeily.
Wiechid Buxi. Philadelphia
tfvritan'aAilpUaMd
- Atalti?xkxrmt
WWIttH tUaUKTH MJ.
$12,500,000
International Paper Company
SERIES "B'
First and Refunding 5 Sinking Fund Mortgage Bends
Dated January 1, 191?
(Closed Issue)
Maturing January 1, 1947
Coupon bends in denomination or $1,000 registerable as te principal only. Interest payable January 1 and July 1 without deduction
ler normal Federal Income Tax up te 2. Interest payable at the office of Bankers Trust Company, New Yerk. Redeemable at
the option of the Company, in whole or in pnrt, upon fifteen days' published notice, en any interest date at 102U and accrued
interest. An annual sinking fund of one percent of. the total amount -or bends issued under the mortgage, payable May 1 and
November,!, buys bends at net exceeding 1021 and accrued interest or draws bends by let for redemption at that price.
Authorized and Issued .
Retired by Sinking Fund
Series "A
$7,500,000
604,000
Seriee "B"
$12,500,000
Total
$20,000,000
604,000
Outstanding $6,896,000 $12,500,000 $19,396,000
i
Series A and B bends are identical, except that Series A bends are
convertible into 6 preferred stock at par prier te July 1, 1022.
BANKERS TRUST COMPANY, NEW YORK, TRUSTEE
A letter from Philip T. Dedge, President of the Company, is summarized as follews:
BUSINESS AND PROPERTIES The International Paper Company, organized in 1898, ia the largest
manufacturer of paper in the world, its production during 1920 exceeding 500,000 tens. Fixed assets arc
carried in the consolidated accounts of the Company at the very conservative valuation of approximately
$61,000,000, after depreciation charges during the la3t ten years of mere than $14,500,000.
SECURITY Subject te two small mortgages of subsidiary companies aggregating only $275,000, the First
and Refunding Mortgage bends are secured, in effect, by about $60,000,000 book value of fixed assets, either
through direct first mortgage or by pledge under the mortgage of all of the capital stock, except directors'
qualifying shares, of certain of the subsidiary companies. With the issuance of these bends, the First and
Refunding Mortgage is closed, and the mortgage provides in effect that no prier lien or charge shall be created
against the properties of the Company; or against the properties of its subsidiaries, the stocks of which are
pledged, unless such lien or charge shall be pledged under the mortgage.
PURPOSE OF ISSUE Proceeds from sale of these bends will be applied te reduce current indebtedness.
FINANCIAL The average annual earnings applicable te interest for the ten years ending December 31,
1921, (1921 partly estimated) were $4,895,000 or about five times the annual interest requirements en all
bends new outstanding, including the bends te be presently issued. These earnings were before Federal taxes
but after depreciation charges averaging $1,459,000 per annum.
After giving effect te the proceeds of this financing, the net current assets of the Company as of November
30, 1921, amounting te ever $28,500,000, are alone largely in excess of the Company's total bended indebted
ness of $19,671,000.
EQUITY On November 30, 1921, the Company had outstanding $24,883,058 par value of Preferred stock
and $19,899,764 par value of Common stock, which at current prices show a market equity junior te these
bends of ever $27,000,000.
All lejal details are subject te approval of Rushmere, Bisbee & Stern, of New Yerk, for the Bankers, and Stetson, Jennings and
Russell, of New Yerk, for the Company. The bends are offered for delivery when, as and if issued and received and subject te approval
of counsel. Application will be made te list these bends en the New Yerk Stock Exchange. It s expected that interim receipts, or
temporary or definitive bends, will be ready for delivery en or about January 10, 192 2.
Price 87 and interest, te yield ever 6
We are receiving subscriptions for these bends subject te allotment
Bankers Trust Company
New Yerk
Blair & Ce., Inc.
Union Trust Company
of Pittsburgh
Halsey, Stuart & Ce., inc.
L
Statements, while based upon best obtainable information, are net guaranteed.
3
f1pH !
HOW TO
SELECT
GOOD
STOCKS
General Meters
fubllc Internt In our peclil te-
uiu en tnu lorperatlon hat
ten 10 grtt, we have found It
necenar te prepare an entirely
new edition. Llabetatei en the
lr-coeleil meter, neuj of which
we were the firit te leue In the
brokerage field.
-k for tlrpert it It,
Kardes &. Burke
1424 Walnut St.,PIitladelphia
Phene: Spruce 86e
New Yetlc riroe'.ln Pltttlursh
Chlcate Bosten Baltlmum
Dirci fruateWuei Cenutetlni AllOtfitti
Call.
telephone or
wrtte for a
free copy of
our bqahltt
r-JLU
ONE cannot always
pick a wlnnet, but
it is quite possible te
select stocks ecicntlfie
ally; stocks that are
issued by corporations
operating along lines
that spell success.
"Scientific
Investing
&. Trading"
tells hew te determine
which stocks are best
for either investing or
trading purposes. Tills
book shows why earn'
ing, dividend and price
records should be care
fully considered before
making a commitment.
-fc3l
X
ARTHUR PERRY & CO.
PARSLY BROS. & CO.
798 Drexel DldeS
PHILADELPHIA
1421 Chestnut St.,
PHILADELPHIA
in is'xffi rrihi' .bTOfiss
Proven
Public Utility
Bends
Baker, Ayling & eung
JOMKl'I! W. HWAI.N. Jr.. Munarrv
Lund Title- Dldg.
Bosten Philadelphia)
WM. H. McKenna &. CO.
221 S. 15th St.
PHILADELPHIA, PA.
New Yerk
Pjtcrien
Chicago
Pittsburgh
If There Is a Market
We Can Find It
We held sales of stocks
and bends every Wednes
day, charging $1.50 en
trunce fee fei each item. Our
weekly catalogues and pebtal
card service u-nch every mar
ket We tnke pleasure In
furnishing quotations.
Barnes & Lefland
Stock Ilrnkern nnil Auctioneer
147 S. 4th St.
I C. S. PATTON & CO."
Sl a CIILSIM1T STt).
! BANKERS
I Hiirrnmnrii te
,.1I UK A, NTF.VKNr.OV
Iliin(l mill atnrka Imuntit nml mid
I Mri!" '"'IJii-Sterk I'TfhnSj
Lee, Higginson & Ge.
KkULlLlitil lHJg
BOSTON NKW lullK CHICAGO
1306 Finance Dldg., PhUadelphln
GE0.A.HUHN & SONS
stocks Avn nevns
Membrri of Iho rhllndrlnhln. N.w
WU and rtileiKe Stock Kiihanera
New nrk fnttnn Ktrhinne
Commission Orders Executed la
All the Prlnclptl Markets
Liberty Dende Beufht and Sold
llclH-tuv C01 rt Wile, 1 1 IK Walnut .
Ill llreudH nr
J. V.
HEWBUIiGER,
HENDERSON & L0EB
Members New Yerk ard
Philadelphia Stock Exchangee
.1410 Chestnut St.
straus BUODrNO jiil45V new TOHX
ml
I'll
62 with Straus Safety
A NEW issue of 6Vz first mortgage serial real estate bends,
safeguarded under the Straus Plan and conforming te all the
Straus standards of safety, affords an exceptional opportunity
te investors.
The property securing the bends is
located en one of the best uptown corners
of Broadway, New Yerk City.
The interest yield, 6Vi, is in excess of
the ruling rate en the highest grade of New
Yerk City realty mortgages, such as this.
Denominations, $1,000, $500 and $100.
We invite inquiries and suggest prompt action, as these bends
arc being rapidly disposed of. Call and discuss this issue with
one of our officers, or write today for
BOOKLET 750-L
S. W. STRAUS &, CO.
INCORPORATED OH-ICES IN riFTEBN PRINCIPAL CITIES ESTABLISHED l88
STOCK EXCHANGE BUILDING, PHILADELPHIA
Telephone, Spruce 5628
THIRTY-NINE YEARS WITHOUT LOSS TO ANY INVESTOR
Tert'PTn-TfJJ'"t,1lr i T ifcTI -"J"Mil
ll7('8t)t lUJli 6 a. Vi. biraet teCe.
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