Kfl. li . - , . a ,rt'j? V s i ) .) V .,-. .f-"' .K J .r WJsAilO iujbue' 1 t i v j!W ; i, JL - MMaNiaaM iVcte Yerk Curb Wrf 1 i i h X & $3,000,000 The Western Pacific Railroad Company j First Mortgage Series "B" 6 Geld Bends Dated June 26, 1916. Due March 1, 1946. Interest payable March 1 and September 1 in New Yerk City without deduction for any tax or taxes except the Federal income tax. Coupon bends in denominations of $1,000, $500 and $100. Fully registered. Bends in denominations of $1,000 and authorized multiples thereof. Redeemable at the option of the company en any interest date as a whole or in part at 102J4 and interest en sixty days ' n.etice. The issuance of these bends lias been autherised bu tlte Interstate Commerce Commission and the Railroad Commission" of California. First Federal Trust Company, San Francisce, Cal., and HENRY E. COOPBR, Esq., Trustees. Frem reports of the company and ether sources we summarize as follews: ' The First Mortgage, executed in 1916, is authorized te the amount of $50,000,000, of which amount there are new outstanding $24,062,700 series "A" 5 bends and $3,000,000 scries "B" 6 ..bends, this issue. These mortgage bends constitute the sole funded debt of the company and are a first lien en the main line of railroad extending from Salt Lake City, Utah, te San Francisce, California, and Branches, aggregating 1,011 miles. Including this issue, the bends issued under the first mortgage will be outstanding at the low rate of $26,700 per mile of main line. In addition, the bends are secured upon the company's extensive and valuable terminal and ether railroad facilities in the cities of San Francisce, Oakland and else where, together with certain rolling stock, equipment and securities, and all property hereafter acquired with the proceeds of this issue. The net earnings of the company after expenses and charges, except interest, average for the four years ending December 31, 1920, nearly three times interest charges. The net earnings for 1921 arc estimated at 1.4 times interest charges. The valuation of the company's properties as tentatively set forth by the Jntcr-Statc Commerce Cem mission as of 1914, together with capital expenditures since then, is stated te be at least three times the total funded debt. Tiie first mortgage bends arc followed by $47,500,000 6 non-cumulative preferred stock and $27,500,- 000 common stock, both classes of which arc owned in their entirety by the Western Pacific Railroad Corporation. Legal investments for savings banks in Maine, New Hampshire, Ohie, Oregon and Rhede Island Application will be made in due course te list these bends en the New Yerk Stock Exchange. Price 100 and interest, yielding 6 The above bends arc offered when, as and if issued and received by us. A TAT" The Equitable Trust Company of New Yerk v 37 Wall Street, New Yerk Alan W. Pease, Philadelphia Representative 1429 Land Title Building, Philadelphia The information contained in this advertisement is based upon official statements and statistics en wir I we have relied in the purchase of these bends. We de net guarantee, but believe it te be cerr't Acms CeM i Acma Paektn INDUSTRIALS Hltfi 1A ......... DV ill riuKh.. ntrf .... a Amer Foreign Trafl 45 Jlrlt Am Teb fit J?,J Brit Am Teb coup 18 Ekiddy Bud ......" 00 Carllale Tire ...........' 7t Ofclcace Nlirt ,5' Columbia Emerald " Continental Moter Uun.nt Meters J(7 OeentM ciethM JjMi Mlbnen Hewell .iS? ouietto h n 135,, Qlen Alien Ceal Uoedyear Tire "',, Oeldwyn Picture z Oiant Moter ' Heyden Uhntn .'.,, Imperial Tobaceo '." Inter Rubber ........... gi Ltbby McNell $ Lincoln Meters A Locemobile JJJ Meurtaln Products ..... 00 North Amer I'aper ; racaarii Aioier I'arni't n Aute ... rtaille Cem !' H J Reynolds (new) ''II" Heiilhern c & I Hwlft Irtcmntlenal .... Tenn Hwy Teb Pred Kip U a I. A II 1 II H BhN Cerp Ilnll.'il Prnniahirlnr ... ITnllArl Tn. rnn.li . . f. Wayne Ceal' 1A West Knd Chem 83 BTANDAnn eir.s Anrie-Amer Oil 17H Atlantic li)bei fl',4 l!uchae V U "B., dalrti.i Oil 40 Ottletm Oil pre! old 107 Illinois i- 1. "'., Imperial Oil 102 Kureka r U 711 lililu Oil 2RR Seuth Perm Oil 11 htand Oil of Ind R.'Vj Hlnnd Oil nf N V 3r.fi Vucuum Oil 300 Zst re 60 a ou 71i i'A a rm 60 70 , 28 25 lfi IBM, lli 10 "A M 10 10. .4 iu 10 10s SB 8. 4 4 4U , 40 00 00., i!'i aH 7 7 bi 01 p. j 1 4 :: 2 37 ii art 37 li J l" 22 22 22 ljl 1". 1'i aU a 3 fin 7fi Rn 10 10 10 1 Hi l'i I". r. 1 1 1 iV 80 80 17 M S4'A 40 107 111) lets 7tl 2.-7 181 RIVj ar.i aoe 17l 8 Si 10" j 1 07 lill 102'. 7I ;.-.h IXl .111 300 INDKPKNDKNT OILS en. Ainrr ruel Olt 411 Allied Oil 8 Allied Oil new 1U Arkansas Nat Gas 0 1 Atlantic l'et 4 Ilonne Oil 22 I'onlen lVjetnlnit 74 I'arll) Hn 3 Cities Hrtc (old) 172,, Cltlei Servlte "11" ctfs... IR'i Cltlei Servlie prcf 03 Ceeden & Ce 4' CiishlnK I'ctn 0 TrilrnnndM Oil . . (V4 Ilnvlneers I'etrel Ofl I eueral (711 fi inland rllllllunil oil , Ulcnretk Oil tfi Hudsen OH Imperlal Oil !)! J Int Petrel 1!) K"nten Hanuer 84 I.lvliiBsten Pel .. !' I.jens Pnt 01 Mamnn Oil 1U Murcalbe (III 2014 Merrltt Oil S Mnrldan I't 11., Mcxlcn oil l'i Klrley Tet 15 North AtiKr OH 2'J Nebli HI Omnr Oil 78 Predtirer & netlners O'i Iuro O'l rrpf 100 Itrd Heck Oil 4.1 Hnlt Creek t'red 1.1 SapulD.i. II" f , .. -I'd Snpulp.1 H't . . 3n Hlmms Pet 11H Hkrlly Oil 0 , Southern I' A It . 4U Texas nancr 2 Tcxen 73 Tldul Osaee U'5 Vtctorie Oil new no, Whlte UnKle 2Iti IVIIi-ex Oil 2 T Oil 3S , Mutual OU Tidal usase UVi MINING Columbia l'i Alaska Bt Alerde AmcrlcHii Tin & Tuwr lllir Idte Beeth Fluxtnu k Mentana . . CaudeUria Mlnlnc II 27 3 S8 :i New Issue $3,000,000 Chicago, Indianapolis & Louisville Railway Company "Menen" Reute First and General Mortgage 6 Geld Bends Scries "B" Dated January 2, 1922 Due May 1, 1966 Interest payable January land July 1. Coupon Bends, principal of which may be registered, in denominations of $500 and $1,000. Fully registered bends of $1,000 and convenient multiples. Coupon and registered bends interchangeable. Redeemable as a whole, but net in part, at 105 and accrued interest en any interest date en and after January 1 , 1937. Guaranty Trust Company of New Yerk, Corporate Trustee. Application Will -Be Made te List These Bends en the New Yerk Stock Exchange Fer complete information in regard te these bends we call attention (e a letter of Mr. H. R. Kurrie, President of the Company, which wm summarize as follews: TERRITORY The Chicago, In dianapolis 86 Louisville (.the "Mo "Me "Me eon" Reute) operates a direct main short line from Chicago te Indianapolis and te Louisville with another mainlineteMichiganCity. The' Louisville 8s Nashville Rail road and Southern Railway joint ly control the "Menen" which furnishes these reads with a di rect connection te Chicago and the Northwest. SECURITY The First and Gen eral Mortgage Bends are secured en the entire property of the Com pany, an equal amount of these bends being reserved te retire all underlying liens. The physical condition of the property has been maintained at a high standard. Since the last public financing, in 1917, $6,313, 7 18 has been expended en additions and improvements te the property. EARNINGS Fer the 9'z years ended December 31, 1919, the Company earned, en an average, 1.70 times interest requirements en its funded debt. Earnings in 1921 have been satisfactory and dividend payments en the Com mon Stock were resumed in De cember, 1921. TRAFFIC In the past 10 years freight tonnage carried per mile of read has increased 122 and the average tonnage of revenue freight per train has increased ever 92. In the same period bended debt per mile of read has increased only . 31.5. The "Menen" is unusually strong in the amount of freight traffic originated in its own territory. Fer several years ever 50 of the total tonnage carried represented freight leaded en its own lines. Price 94V2 atad Interest, yielding about 6 per cent When, as and if Issued, and subject te approval by counsel It is expected thut temporary bends will be ready for delivery en or about January 15th. Circular en request Petter & Company New Yerk Harris, Ferbes & Ce. New Yerk The forete'm lUtcmenH and figure are bsf upon informtt'en obtained from "IibU leurcci, tnd while in no wy guaranteed, art ceVrect te thj bett of our knewledf e and belief. -i -- 1 1 II ii 1 NORTH AMERICAN "Rights" Particulars in our Circular P L 146. Walter J. Schmidt &Ce. 1323 Walnut St. Philadelphia, Pa. Conn Arizona 1 cenn 1 eppr jnns i f Certcr. M'(r hT CrcHneii Cield .. . UW (ni"iit MHcNamura .... A Oelnrci Ipernnz 1 Eureku CrepHm 24 UeMtlcM l'lorcnce 27 Hard HhWl '.'(I Hiirmlll irwae it llowe Ke'inil 'J .Iirnme Vrde DiWde .... L" MiicNumnrit n MHcrna Copper IIS-H llelntyrn -ji JUrnh Mlnlnc r. Mimon Valley 1 4 Meli lean 45 Mether Lode Clt il?i National Tlr B3 Nevada Ophlr 40 Nlplaslne il4 Hey Herculea R Ilex ('gnu r 7 Se Am P L Q M4 SucrenH Mlnlnc Timenali II linnnt l'i Tonepili DHIde M I'eimpiiti Mlnlnc 1 ,(, I'n t (ielil r, I uited 1'jntern 2"j 4fl .1 II) 4 21 7B .1 170 1R M 4H r. n2 4i !1 n in'i 711 1U 01.. IV 10H H 77 ion tr, in n Vi 11 .' Vi ns US 8.'. 211 n'i ll'fl 1 H. II n- "h sr. "0 I'd 65 '-Vt 1 no. us Mlliwl I'ncUef IU Aluminu 11 7i of Am 'M (In of '2: Am lei IN of "J Am 'luh 7s of '2, i,i)H . . 1 0 J -!! .l'MI4 . . 1 '"I .H'l 1.1 1.1 ;i 11 28 2'; n i. 45 ns no 4 AS f.'-i T; .i A, : 2S ne'j 10J1, Kniit 1DU 101 IOD' 102' 4 :i in us 4 21 74 : iU (1:1 4H n r.2 r.e ' 44 D'i n ir.s 7,1 . i' 01 i' 20 SH 11 l A 14 2' 111 77 r.w lne 4n in .1 ,1 4 .1 7.1 lt4 85 24 2H 3d nil US r 7 It 211 .1 8 21 .1 1'A 8.-. 2S 4 1 2.1 27 20 13 '-'S .1 rt 2s 2S r. IS 45 l'i no 40 S R 7 5 c ia Anup rdA 7h nf 'i!!! inn'. AiikIe Am 7'! 10.1 Am, our 7a Iin 1'H nrher iinura fis 70 1a i0 Ik'lll HIPCl 7s of ".'3 ....inn I, Heth ir 7 of '83 ... 100V Cim Nat Hwy 7a 10i.i4 loin Slcel tin (ill t'el CiiHiili t Bil i mis (Inrt 7i 101 1 11 IV .uli Si ... 'nj'j I .1 1 i:p bM of '22 I HI 1' .i I Ml "s (if '2:1 1 11 1 I 111 I.M "i f '21 IU'J'4 l.ul 1111 Til 7'a in l'i Hi !. Jt I'll 7 Ijfl in, Out -Ii Ii Indies 03 'ill (i.iktia 7a 10ef. Ocii Aurtmlt 8n lu-Mi liiMidi icli 1'ire 7i 11114 (Irand Trun.e 04 10.1 O'.lf Oil 7a Ida Hind Ilubber 7 li'tj nun urn uii tt ii'is U'i ZZ7Li January Investments Send for our Book let Ne. 7301, which contains brief de scriptions of sev eral representative bends vieldine from 4.25 7.08. el te ISenbright & Company 437 Cheatnut Street Philadelphia ew Yerk Ilosteu t lileucu Detroit Intorlero 81 Keniuceit 7a . . . l.aclede hGs 7s . U'jliy .McNeill 7i MmrlH ft 1 11 7'jh Nat Cleak te . . Nat ictna 7 4 . N V N 11 4. 11 4a Uli'uull 8 1. 5a . . ntlH bleel 8 .. PI11I11 Ce 0i .. I'hlhL l'len 11. I I'lilllpim Pet 7ijt 1 1111 rer . j 1 -M-urn-noebuek MiaiiM'ieen im I Otia Sleel ,s I iiilhern lit Oi iiilhttrst 11, II 7. u nd (ill N Y 7, ' Mtt ml Oil N V 7. , Miiiid nil N V 7b. Swift i L'e 7n. 1(12.'. Mtirt A Ce 7n. lll.ll , lixun C'i 7h I Tel HdlMen 7t I I'n lly llmeiu 7'ja I neuuin Oil 7a . . Warner Suirar a Wiiatern niBclrle 7a . Wilsen 7'ti I Wliii'liPbler 7's 9 of '23 ln'J'i lHJil IH2U 10ni 1UII Hl5 3-, i, I ml I'll III.', '"- nu I'l'j loe t le.' Oll'j 103 103 III', 731. 10 L, 11,1 l8 . l"l-l l"lt In", . is . iSV ! ', . IIMj . Ml ' j - 1I)0 .1(1.' t'K . H7 t mi j, . cij im1, Inn s I114 .Hil'i I"..', liiiiHi tup. inii. 1 "I, i"i' ll'IH, 1 J'i 'I" IM. !", , 111', 1", s l', l ?-'' 1 '' M IM, ll'l'H tl.ll , in i. V, I . Inn', ll"l 101 1" ' Inn 1 mi' 1 Ifil (in 4 Inli-j . imij ln.T-j in n"v4 nil. ni.. Vni'iiuiu UII 7a 1ni!4 i".i rui.nllne 7n P7'4 11; Krunlifert "n 11 n llnniburs 4'in ', l nin Oraml'i 8a !inv.ji p'ii; HuHal.iu im h 15 )-, nimel.111 llijactfn Hi, 134 Sit lea 5Sa iiii4 ji,-, (!0' 10.' 4 10" h 100 101 10 j 7, 102', 70 1O0H I "OS mill, uii' 311 ll'U'i IMl'i I'll) mi 102 1'i.p, mi till, 1 1I If 10J'4 1 mis 103 10.1 UT'j no', 7.V, mi 'i 11116, n'i in'." 1 n.-iij I't'i . ti, WT'. Ii. 1. 'H'j , mu im 1, mil, 7', mis IIM, I ii'i'i Hill . I'M l"V, lll'.'l I lniii4 nl, liil'n in J'j lllll'l 111,1 m:;:: i IMS Ull'j 15 II'., BOUGHTSOLD QUOTED Southwestern Pr. & Lt. 5s, !943 I Central Vermont 5s, 1930 ' Indiana Serv. Cerp. 3 6s & 5s i Raritan Ref. 7s. 1929 Welch Grape Juice 8s, 1931 Dutch East Indies 6s, 1947 Amer. Sugar Ref. 6s. 1937 International Paper 5s, 1946 Stev'villc, N. & S. Tex. 5s, 1940 Inquiries Invited en All Foreign Issues AtfCewit&Ca I Jfcmbera of PhUOdtlphUi Sloefc Etvhang Land Title Uldg., Phllu., l'a. Icuit ?IBl Ituca 411 Moderate Trade In Weel llehUin Jan. 6 Tli ("iiinmej.- ii hm tin in nnrr ti.l h.i'i. 'Tn. In- n. - ttoel prltatnlt 1ms bel of ii.iili'r.i i. , linn til u tti" k the dlaixifltl.Mi I n tlie utc Mi. of tile Uevfrnnient nn tl n r Thurad.it ttil.h aheited un ,i ,. tanc of Jl te 25 per rent In rl ., pared ttltl1 .t intuitu awu, e..rtiltiirf t , llll'l ttltll (Ollipelltlun Ti k. n i ai i eltuallntl at the nillN I, tt ttmut itrale'i, iliHiise, et.rMlilix attullliiK ih. n . i r tlient of tin upeuliiE nf iroeil, l.r il -m eapnn The atiiieunr.'nieiit t'lat loiter tn i anniit l exieuted in ihe m i h in tl a future will Merle, le InilKatn ui i ,,' a iIiiuiii.' nf prraent pr i- in um in i lulhliiK U I 'ink' aeld at Iho ri rut r.-1 j In retail price " Charters Filed Hater, IM.. Jin tl. I'harter, niei i l. Aetna CullMlllilntliili Oil 1'nriHiratli n I I neil OOO. uniuiru mid cant un n l.ns i . .Mjrnn lluldanll lliemin I' I'ruttl li lletUT Kii'i'll, New ..rl. Hi. I'nrl i . n I lube I'uini'.iiit inanufi' un fnner iuU)i $1125.000. C.HuiK I. tl .,.,, , , k Jitlliea II I nittull a titiit. II Mjlh n Mnr lUtnttii N .1 I'lilliilian Miitiim p nir" (.,ii. liuiiitlun. H.imiii llili) iim.ln. i ithlintH of mill II l.LllireH I'll 1" II Unwell J vr- neti Pimm II Mil irinn.l riulad, InhLi Incriaae In riplttl htm k if tl i ile,M of Mixkii t'emp.iiis from 1I neil (ten m till 000.0)0. Internuiltinul I iinibuatlen 1 nulneer "IK (Corporation, New Yerlt, HOOOO.uOe te 1 25. 000. OOO. Clese St. Leuis Night and Day Bank Nt. I.eiil. .l.in il The N aht and llnv Hank, tvitli dtpeallM of $3 OHO, Odd ,11,1 ,t open fur Inmlnesa ieda Htate llauk Com Cem Com mlaalener lluuliea aald Ida auditera had been examlnliiR the beulia of llie Insllullnn for neteial data and found uu apparent dla. rreuaney of mera ttian $100,000. A. O. Main, Inter, caahler. haa net appeared at the batik lm y?dneday. II Xa aeld v Building for a Greater Philadelphia Today physical construction, begins en the Delaware River Bridge a step toward better business and mere of it. We Loek for a Busy as Well as a Happy New year Commercial Trust Company 1 Member Federal Reserve System CITY HALL SQUARE A Railroad Bend Boek Fourth Edition Our Railroad Department has just prepared for free distribution te investors interested in the purchase or sale of railroad bends the fourth edition of our Railroad Bend Boek. This book contains in concise form much information necessary for a proper consideration of railroad bend investments. The principal railroad systems in the country are covered and the information includes mileage, property valuation, the average net earnings for the five years preceding Federal Control, classification of traffic, ten years' dividend iccerd, outstanding capital stock, comparative statistics of funded debt and guaranteed bends, with brief descriptions of individual issues,f explanatory notes and ether similar matter. This Railroad Bend Boek is intended both for experienced investors and for these planning te make railroad bend investments for the first time. We shall be glad te send a copy of this book te investors who ask for Railroad Bend Boek F-22. Harris, Ferbes. & Company Pine Strcet, Cerner William. New Yerk Widcncr Building, Philadelphia W Guarantee TRUST AND SAFE DEPOSIT COMPANY .'.16-31S-320 Chestnut St. M15 Chestnut St. J) Seuth 52nd Street TTI.MIM T U.OM: OP IIISIM'.SS ItrCKMIlI It -il!. 1021 I.I UMUTIES ASSETS Cash en Hand and Deposited vwth Hanks and Hunkfr.i . .. 51.381.91 1.78 U. S. & Municipal Ilond 200,000.00 Call Leans upon Collateral ... . 1.370,905.47 Time Leans upon Collateral . 9U3.1 13.GI Commercial Paper and , Acceptances, etc 223,278.03 Stocks and Bends . ... 2,802,028.8t MertKaKi-s and .Mandamuses :t.1,S95.55 Heal Estate 316-318-320 Chestnut St. and !) S. 52nd St 373.000.00 Vaults and Equipment 1001000.00 Other Real Estate 26,80 1.43 Miscellaneous Assets 10.1,303.31 Accrued Interest 70,2 18.53 $10,9(5S,G72.57 Capital Stock ?1,000,000.0() Surplus 100,000.00 I'udM ided Profits 288.399.6.'i Keserw te Coer Depreciation in Securities, etc 71,133.60 llends Borrowed from Customer 225.000.00 DEPOSITS 8..TJ1.7 M.86 Interest I'aal)le le Depositors 08,102.13 Lihert Leans lledisceunted .... 500.000.00 Miscellaneous Liabilities 21,291.91 $10,9()S,()72.57 TRUST FUNDS AND INVESTMENTS WHICH ARE KEPT ENTIRELY SEPA RATE AND APART FROM THE ASSETS OF THE COMPANY. .. .$21, .15.V45.31 S.Ml'i:i, V. IIOl'STON I'rrtldrnt lirRlll.It 1 H. (.OODAI.I. Ire I'rf nldf nl iinwAiii) j: jet mj 'Irruaiirrr IlllllllllllllllllllllllllllHlllllllllllllllllllllllllllllllllllllH C!nlnml-iia Avpnnp C't I vner t nmnanir . vixzjiiy CO.ltair Rrarl an A rl..,k: A .u..v. uiiu vuiuuiuia nvcuuc NlV!WV Condensed Statement &h mrrrttfbKd "l Clese of Business December 31 at, 1921 ASSETS .,,,,. ' LIABILITIES Securities $2,202,670.35 tl Leans 2,041,045.14 Capital $400,000.00 Banking Heuse, Furni- Surplus 500,000.00 ture and Fixtures.... 180,000.00 Undivided Profits 88 057 66 Other Real Estate 4'000'00 Dividends pn'nrwVnn Cash and Due Frem ,. , 20,000.00 Reserve Banks 832,829.31 Miscellaneous 8,703.83 Bend Reserve 237,628.50 DEPOSITS 4,483,169.61 Miscellaneous 1,757.80 ' $5,499,931.10 $5,499,931.10 TRUST FUNpS $1,667,367.62 SVL. A. LEITH, President WM. A. CARL1LE. Treaeurer 4 ' f I i s If There la a Market We Can Find It We held hales of stocks and bend.s every Wednes day, charging $1.50 en-, trance fee for each item. Our weekly cutyleKiii's and postal' nud hervicc reach every mar ket. We take plensuru In runilshinir (juotatiens. Barnes & Lefland Stnrli llrnl,r ninl Aurllnnaara " 117 S. 4tll St. C. S. PATTON & CO. .Ill A ( IIKslM i hTK. BANKERS I Niicrrannra In I H"nJ anil alni-ka IhiiikIiI nncf 1J 1 MrHihjraJ'hlU Murk r'rh.,nr- LEE, HlGGIHSOH & CO. Eatubllalied 1813 FIKiYf IIJKU 1S(1B Kinanrn IIM.r lll.ll. 7.1. T ' ' '" ,1". " '".' Jl.M.lli ll: 1 i f i flJfi Mtm -vi ijt M r.'j lsL -tr,i r Wit M 4 I'.-.ftr .v. .- . ' l 'SsAkM - - ' " ' l ...-.. .
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