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Exempt from all Federal Income Taxes
Exempt from all Taxes in Ohie
$20,000,000 -
State of Ohie
4 Adjusted Compensation Bends
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Bends for January Investment
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Dated January 1, 1922
Due serially 1923-1932, iricl.
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BOSTON
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We own and offer at all times an extensive list of investment bends. The bends men
tioned below are selected from our January Investment Circular which contains ever
. ISO of about 300 issues which we new have en hand. Our 'unusually wide assort assert
tnqnt assures any purchaser of a selection, with our help if desired, .suited te his own
particular. requirements. )
Included in our January Circular is a brief discussion of the conditions affecting the
bend market, and the considerations we believe investors should have in mind in mak
ing investments during 1922. . -r-
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United States Government and Municipal Bends
Price ami Yielding
Rate natality Interest Abeat
United State Government Liberty & Victory 3Vz-i3A Varieu Market
Federal Land Bank fy Nev. 1, 113823 Market 4.55
Wettcketter Ce., N. Y., Hospital Ref. Tax Ex. in N.Y. 5 Jib. 1,1931-42 ,..-. 429-4.15
NewYerkCity Tax Ex. in N. Y 4 Dec 15, If 71 14 4-27
Waterbary, Conn. Tax Ex. in Conn 5 July 1,1950-72 ... 4J5S
Philadelpkia, Pa. Tax Free In Pa v SVi Oct 2, 197141 112.88 ' 4-30
Albany, N. Y., Reg. Tax Ex. in N. Y. , 4Vi Jnae lr 1923-24 ... 429
Jeriey City, N. J. Tax Ex. In N. J 5y2 Sept. 1, 1947-0 .... 4.35
State of Michigan Seldiera' Beaui 5 Oct 15, 1941 114.44 ' 4.40
Cook County, IU., Read s 4V2 AprU 1, 1927-32 , . . 4.70-4.50
Detroit, Mich 5 Dec. 1,1942-45 ... 4-50
Let AxtgtUi City Schebl Diitrict, Cal i 5V2 Net. 1, 1947-58 ,. . 4.60
Akren, Ohie 6 . Nev. 1,1931 110.59 4.S5
Warren, Ohie, Sewer 5 Nev. 1,1932-44 .. 4.70
Miami Cemervancy Diitrict, Ohie 5 Dec. 1,1927-45 ... 5.15-4.85
Briitel, Virtinin y Oct 31,1951 115 5.00
Maricopa County ', (Phoenix), Ariz., Highway 6 Jan. 15, 1931-51 . . . ' 520
Recky Mennt,N. C 6 Nev.15,1922 100.48 , 5.50
High Point, N. C, Bend Antic Nete 6 Dec 10, 1922 t 100.47 5.50
'
Short Term Bends and Notes
Merchants Heat & Light Ce. Fint 5 Oct 1, 1922 Market 6.00
LeuUtUIc Gii & Electric Ce. First k Ref. ......,.WI 7 Jane 1,1923 100 . 7.00
MUwaukee Electric Ry. & Light Ce 7 ' May 1, 1923 100 7.00
Dayton Power & Light Ce. Firit & Gen. 7 Mar. 1, 1923 108 7.00
Utica Gas & Electric Ce. ......... tAt., . ...... ...... K.A.M 7 Jier. 1,1924 100 7.00
Railroad Bends
Oregon Short Line Ry. Cem. First Guaranteed. ...J.J..... 5 July 1,1948 97s 5.17
Illinois Central R.R. CelL Trust . 4 NeV. 1, 1953 79 5.32
Canada Southern Railway Cens. .... .,... 5 Oct 1,1962 94 5.38
Terminal R.R. Assn. of St Leuis Ref. .,......,,..,. .,......, 4 Jan. 1,1953 79 5.40
Southern Railway First Cens. " 5 Jnly 1, 1994 Market 5.62
Pere Marquette Ry. First 5 July 1,1956 Market 5.70
Chicago, Reck Island & Pacific Ry. Ref. 4 . AprU 1,1934 Market 6.75
Chicago Western Indiana R.R. Cell. Trust..........'.., 7 Sept 1,1935 Market 7.40
Canadian, Foreign Government and Municipal Bends
Kingdom of Denmark ... g jai 1 1M2 9450 550
Province of Alberta, Canada ,.... 5 j. 1,1939 99 ssg
Province ef Manitoba, Canada -..,........., 6 bet 1,1946 105.33 5.60
Province of Neva Scotia, Canada..... 6 Nev. 1,1936 104 5.60
Province of Saskatchewan, Canada 5 Nev. 15, 1946 98.50 SM
. City of Terente, Canada 0 July 1,1941-51 .... 5.62
City of Winnipeg, Canada 6 Oct. 1,1946 104.64 5.65
Province .of New Brunswick, Canada 6 July 1,1931 , 100.72 5 90
City of Westmount (Montreal), Canada 4 May 1, 1928 92.11 6 00
Kingdom of Belgium..... JJ,...JJ..,......A........i.j g . j. 1,1925 Mket y'A9
Leng Term Bends
Nebraska Power Ce. Fint Tax Ref. in Pa 5 jUHe 1,1949 go 573
Idaho Power Ce. First.... . , 5 Jan. l', 1947 90 5 76
Alabama Power Ce. First m 5 Mar. 1, 1946 90 577
Texas Power & Light Ce. First 5 jnM 1,1937 92 579
Utah Power & Light Ce. First Lien ft Gen .. 6 Feb. 1, 1944 99 g'93
t Alabama Power Ce. First Mert Lien & Ref. . . . v ..v. . ..., 6 June 1, 1951 99 g07
San Diege Cens. Gas ft Electric Ce. First .,, 6 Mar. 1, 1939 99 g'09
Adirondack Power & Light Ce. Fust & Ref f. . 6 Mar. 1, 1950 98 't K
Seattle Lighbng Ce. First ft Ref. , . ." 5 Oct 1, 1949 82 6 39
Teledo Edisen Ce. First Tax Ref. in Pa. ... 7 Sept 1,1941 Market 155
Central Maine Power Ce. Fast ft Gen. , 7 June 1, 1941 104 663
Penn Public Serv. Cerp. First ft Ref. Tax Free in Pa. ... 6 Dec 1,1929 96 6 70
Tl .H? C0' CDV- TaX Fr" ln Pa 71 Jn,y J lf 36 Market 640
Penn Public Serv. Cerp. First ft Ref. Tax Free in Pa... 7 July 1,1935 105 704
B. B. ft R. Knight, Inc, First Tax Ref. in Pa. , Sept 1,1930 99 " f.ig
We invite correspondence. A copy of our January Investment Bend
Circular will be aent to.invpsterB upon request. Aek for Circular F-lll.
Harris, Ferbes & Company
Pine Street, Cerner William, New Yerk
Wldener Building, Philadelphia
Harris, Ferbes A Company
IneorpettuS
Deiian
Harris Trust and Savlnpi Bank
Bend Department
Cblcig
W'luiiuitniiniignimniiuiiniiiiininiitiiiiiiiiiiinnttiiiiniinciiiniiimiiniiiiiiiiniinniininiiiniiiiiiniiiKintinniiiiniuniM
1422' SOUTH PENN SQUARE
PHILADELPHIA
JANUARY 1st, 1922
WC TAKE PLEASURE IN ANNOUNCING THAT
MR. HOWARD R. MOYER, FORMERLY STATE DANK
EXAMINER IN PENNSYLVANIA, HAS DECOME ASSO
CIATED WITH US IN THE DOND DEPARTMENT OF OUR
PHILADELPHIA OFFICE.
PAINE, WEBBER & CO.
NEW YORK
CHICAGO
GEO.A.HUHN & SONS
fTerK1 .vn nnvni
Mrmbrrn, nf the rhllmtrlnhlit. firm
Verk and CMrue hlerk Kichenie
Nriv Yerk Cotten KxehnnM
Commlttlen Order Executed i
All th Principal Market
Liberty Oenda Oeught and Sold
Uel.eue tunrt "'..Um aaiul at.
H. v.. Ill Uneitawrajr
UlfshenV SSluJ Ku inar npny 8'. 19
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NEWBURGER
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Members New Yerk n.
Philadelphia Stock Exchang.J
iiiL" """.". renrr Ce
CT.VKJ2.k1G,'.,., PUtabarih... B'i io&e
Jeuth J.JH7 (I.e. feri, & W-t !. J"
SAMUEL K. PHIUIPS & CO.
Membara Pbllailalphla mock Bxchinc j
mi aaaxsiiji hxiuucs
Principal and semi-annual interest (April 1st and October 1st) payable at the office of the Treasurer of the
State, Columbus, Ohie. Coupon bends In the denomination of $1,000. First coupon payable October 1, 1922.
FINANCIAL STATEMENT
Assessed valuation of taxable property $10,672,277,462
Total bended debt (this issue only) $20,000,000
'. Population (1920 census) S,7S9,394
' Total bended debt less than 1-5 of 1
A Legal Investment for Savings Banks and Trust Funds in Ohie, New Yerk,
Massachusetts, Connecticut, New Jersey and elsewhere
These bends are part of a total issue of $25,000,000, authorized by an amendment te the constitution of the
State, ratified by an overwhelming majority of the people. They constitute a direct obligation of the State.
The amendment requires the Commissioners of the Sinking Fund te levy a tax sufficient in amount for the
retirement of the bends and payment of the interest thereon. It further recites that said bends and interest
as income are exempt from all taxes levied by the State of Ohie or any taxing division thereof.
These are the only bends issued by the State of Ohie in mere than fifty years and censtitue the only debt
of the State. Under the State Constitution all bends of the political subdivisions of the State issued subse
quent te January 1st, 1913, are taxable. It is estimated that this offering of $20,000,000 will be sufficient te
meet all the requirements of the Amendment, in which event there can be no mere tax-free bends issued
by the State except by Constitutional Amendment.
AMOUNTS, MATURITIES, PRICES AND YIELDS
$1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
April
Oct.
AprU
Oct
April
Oct.
April
Oct.
April
Oct
1st, 1923,
1st, 1923,
1st, 1924,
lat, 1924,
1st, 1925,
1st, 1925,
1st, 1926,
1st, 1926,
1st, 1927,
1st, 1927,
100.421,
100.583,
100.848,
101.026,
101.351,
101.543,
101.925,
1Q2.129,
102.566,
102.783,
yield 4.40 r,
yield 4.40 '
yield 4.35'
yield 4.35',
yield 4.30
yield 4.30 '
yield 4.25'.
yield 4.25',
yield 4.20 rt
yield 4.20 'c
$1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
April
Oct
April
Oct.
April
Oct.
April
Oct.
April
Oct.
1st, 1928,
1st, 1928,
1st, 1929,
1st, 1929,
1st, 1930,
1st, 1930,
1st, 1931,
1st, 1931,
1st, 1932,
1st, 1932,
103.273,
103.500,
104.040,
104.277,
104.867,
105.114,
105.750,
106.005,
106.255,
106.500,
yield
yield
yield
yield
yield
yield
yield
yield
yield
yield
4.15
4.15
4.10
4.10
4.05
4.05
4.00
4.00
4.00
4.00
Accrued interest te be oew se above pricea.
Legality approved by. Hen. Jehn G. Price, Attorney General of the State of Ohie, and
Messrs. Squire, Sanders & Dcmpsey, Cleveland, Ohie
First National Bank
New Yerk
Stacy & Braun - Brown Brethers & Ce. .
New Yerk Philadelphia
Lee, Higginson & Ce. Blair & Ce., Inc.
Philadelphia . Phi'adelphia
Cleveland Tmst Ce. Richards, Parish & Lamson
Cleveland Cleveland
Illinois Trust & Savings Bank Merchants Lean & Trust Ce.
Chicago Chicago
All statements atee are baaea upon InfermaMcn -vhlch r recarJ as reliable and are correct te the hit r,f our JnewleJife and tellcf
Maw lasua
$7,725,000
CITY OF CHICAGO
Illinois
5 GOLD GENERAL CORPORATE BONDS
Due serially as shown below
Dated July 1, 1921 0
Principal and semi-annual interest, January 1st and July 1st, payable in geld at the office of the
City Treasurer in Chicago. Bends issued in coupon form with privilege of
registration n tn nnnnnal n.nnmmtiin CI ftnn
EXEMPT FROM ALL FEDERAL INCOME TAXES
Eligible te socure Postal Savings Deposits
Legal investment for Savings Banks and Trust Funds In New Yerk,
Massachusetts, Connecticut and ether States
CHICAGO if the second largest city, with the second smallest per capita debt, of the ten largest cities in the
United States.
THESE BONDS WERE AUTHORIZED BY A MAJORITY VOTE OF THE QUALIFIED ELECTORS
AND CONSTITUTE A DIRECT GENERAL OBLIGATION OF THE ENTIRE CITY OF CHICAGO PAY
ABLE FROM UNLIMITED TAXES LEVIED UPON ALL OF THE TAXABLE PROPERTY THEREIN.
Legality and regularity of the issue have been approved by
MESSRS. CHAPMAN. CUTLER & PARKER, Chicago. CHESTER B. MASSLICH. ESQ, New Yerk City
and MESSRS. STOREY, THORNDIKE, PALMER & DODGE, Bosten.
YIELDING ABOUT 4 50e
$ 75,000 due January 1, 1923
MATURITIES AND PRICES
(Accrued interest te be added;
450.000
450,000
450,000
450,000
450,000
450,000
450,000
1.
1,
1.
1,
X.
1.
1.
1924
1925
1926
1927
192S
1929
1930
100 50
101.00
101.375
101.875
102.25
102.625
103 00
103.375
YIELDING ABOUT 4.40
$450,000 due January 1, 1931 104.375
450.000 " " i, 1932 " 104,875
450,000 " " i, 1933 l05i2s
450,000 " " 1, 1934 105iS0
450.000 " " 1, 1935 i05.875
450,000 " - i, 1936 i06.25
450,000 " " i, 1937 i06 50
50,000 " 1, i918 i06 875
450,000 " " i, 1&J9 " i07 ,2S
450,000 " i 1940 " 107.375
Chicago
R- M. GRANT & CO.
31 Nassau St., New Yerk
Bosten
Tk, iteUrnent, herein uere obtained horn official report, or are our opinion, based upon Informs
Ue which u rrrard a, reliable, and u,l,ue they are net guaranteed. , beluve themTblcZZ.
St. Leuis
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