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Wiikt Will Happen During
'l; '....'' ,1922?
Fer litany PCarS wc have been issuing in the first fceck of January, an
annual Review and Forecast of financial and investment conditions. These annual
issues have undertaken te broadly analyze fundamental economic and financial
'causes arid cflccts'and in the main have correctly interpreted the trends of the
fiftanciaraarkcts every year since 1014. Condensed excerpts from our issues at
thc'epcnih'g of 1020 and 1021 are presented belew:
r
' January 8, 1920: "The recent spectacular rise in the average price
levels of commodities should shortly step, if it has net already done se. Before
late spring vik should see very clear evidences of a lower price level In many
directions. . . . -While business in manv lines will net immediately fall
pff in volume, because of deferred demand, yet the rapid expansion, of the last
six months at advancing prices, should, net be evident, . . . With little
possibility of continued Inflation, wastefulness and extravagance will tend te
cease. . . . This will further reduce consumntlen. . . . Manv in
dustries are reporting a doubling in their earnings as a direct result of a doub
ling of the prices of their products. When these prices drop and demand falls
off, the prices of the stocks will drop also. Helders of Industrial Issues will
make no mistake in switching into mere seasoned investments this year."
January 6, 1921 : "Prices have gene down se rapidly and se far for
some commodities, that many peeple are inclined te feel that very shortly
there will-be a halt and upturn. Insofar as prlc.es are concerned, deflation has
probably .run Its course in certain basic commodities. . . . But this does
net mean that these industries will net continue te be depressed for some time
te come. Fer until deflation has been pretty uniformly completed . . .
there can be no extended revival of business activity. . ' . . The effect en
investment' securities is obvious. As interest rates relax the prices of high
grade 'bends' and well protected preferred and ether high grade stocks will
' advance." . . . One of the important factors which will tend te carry
high grade fixed Income securities te much higher levels, is the Increase In the
purchasing power of investment incomes. . . . Consequently, a 5 per
cceat. yielda year hence may leek mere attractive te the Invester than a 712
per cent, yield does today."
We have nOW issued under date of January C, 1922, our Review and
Forecast for the current year. We are following the same plan of careful interpre
tation 01 fundamental influences and have every reason te believe that the develop
ments of the coming twelve months will, in the main, confirm our views afe fully as
lias been the case during the past two years. Copies of the review arc available
for these w"hbapply while the limited-supply lasts. These annual issues are regu
larly supplied te our many thousand clients in this country and abroad as a part
of the service we render.
J MS institution, founded fourteen years age, occupies a unique position in
the financial and investment world. Wc arc net in the business of buying or selling
securities; wc have no interest in or alliances with these who buy or sell securities.
The scrvide we. render is supplied te many thousand banks, bankers, insurance
companies, and ether financial institutions, trustees of estates and individual in
vestors. There is no organization in this country of similar character; no concern
which performs a similar type of independent service. Full details will be furnished
Upen request.
Moedvs Investors Service
. JOHN MOODYr Pridcnt
35 Nassau Street, New Yerk City
BOSTON
101 Milk Street
PHILADELPHIA
Real Eitate Truit Building
CHICAGO
Fi'rit National Bank Buildiatf
Fourteen Years of Investment Protection
STRAUS. BUODINO
NEW YORK
Philadelphia Straus Bends
te Yield 6V2
A NEW issue of Straus bends, secured by u new apartment house
property in one of the best residence districts of Philadelphia, te
yield 6y2, affords an attractive opportunity for Pennsylvania
investors.
Pennsylvania four mills tax refunded en
' application;
first mortgage en ten-story, steel-frame, Grc Grc Grc
proef apartment house property of highest
class; '
large margins of safely and 'earnings;
exceptional location;
1 Federal income tax paid.
The amount of these attractive bends we have en hand is limited
and the. January demand is active. Wc therefore suggest irenic
diale action. Call, telephone or telegraph at our expense, or write
today for
' v BOOKLET 753-L
S. W STRAUS & CO.
iNconreiiATED i omens in nrTEEN principal cities estadluued i88j
Stock exchange building, Philadelphia
Telephone, Spruce 3628
FORTY YEARS WITHOUT LOSS TO ANY INVESTOR
'L-
NEW YORK BONDS
CaWn JMin
flVia ret
1.... 108H
1.... 100
1.... J08H
Canadian N It
1.... lOflVi
taad'n Paeirie
Cel m
1 7U
10 13
City Barn 8a
0.... 10TH
City e( Bertei,
reta
a.... les
1.... 100ft
City BertV'x S
e 83
3....'. 83
CttX of Copan.
baren BW
4 S4
1 8 4
1
3 8S
l(ula) 88
l.. 83K
City Lyena ea
0 SB
1 .... . 83
8 .... 88
3. . f
3. ..
1
City Mara" a 8a
1 88
3 83 'i
Cty nle da Ji
carle 8a wi
tSAIiBS IN 81000
a ima
1 0H
30...... 08
1..... 01U
klnidem Dan-
mark et Ba
83 V
83
88
83
lTtt
10 J U
107H
107 U
10TM
107 H
107 Vi
107
107H
107H
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101
101
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101H
101
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8
3....
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1 a
City Zurich 8a
3.... 108
1.... 108
4.... 108
0.... 108
. 1.... 10811
1.... 108V1
Chile Cep'r 8a
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I3""
8
3....
T
1
B....
C....
Kingdom
tv Aft Ha
1.... 1S8H
a.... 108 W
1.... 108K
1.... 100
1.... 108K
1.... 108
K. Sweden 8a
8..... 04H
1 4 H
0 MU
l...w 04H
4 DH
Qneenal'd Cxi
Lean lat w
8.... 107U
1.... 107H
3.... 107U
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a.... ienu
2 101
Cuba naltread
Ce 7Vj wl
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Cuban A d 8a
1.... 103
Cuba Am 8 0a
1.... 101 U
B 101K
Cuban C 3 cv
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3 C
0 81
20 fll
1 83
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Dam Rep'c 8i
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te 00H
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25 OS
4 68
T Canada '20
3 00
fl 07
1 87
1 07tj
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r Canada Ml
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leve't French
n 7We rcta
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18
107
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... 107
Chile -28
.... SO
.... 00
.... 00
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,... 00
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Chill '41
77
78
77
78
78
78
78
78
Or'd Trunk et
Can 8a ret
B.... 100
2.... 100
:. .. ioe
1 . . 100
I . . 100
10 . 100U
10 .,. 100
(.'i-'d Trunk of
Canada, 7a
8.... ion
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Jap Ceva'l ?n.
2 SO
3 8'4
1 80
Jap Oeve't ti
1 . . 7S
K Belgium d
10 0.1
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Kingdom Den
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1 04
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101
101
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Chile '48
.. 100
.. 180
.. 100
.. 100
100
100
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3 78
1 78
R Cuba Be '14
8 84
1 83
Itepub of Uru
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10
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104
104
104
104
104
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105
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8.
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114
114
114
115
114
114
114
US
U K Ort Orli
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8..... H
1 88
3 87
7 87
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B..... 88
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1 78
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of Pa 7a
8.... 108
a.... 108
4.... 108
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It.... 00
1 01
1 80
1 00
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13.... B8
B Rapid T 7a
3 B8
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1 87
3 87
1 87
3 87
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1 01
Cen'l of Oa fle
1 OB
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Cere da Paa'e
Copper 8a
1.... 113
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B 84
10 84
Chea'e A O 81
1 83
1 83
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8.... 104
Ctl Leather Bi
1 03
1 03i
0 03
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10 83
C'k A O cv Bs
2 83
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1 SB
Chi A Alten 8a
IB BS
Chi A Alt 3a
1 38
1 38
4 88
1..'. .. 38
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8 00
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0 78
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8.... 103
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8.,.. 100
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8 80
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lll(aale)
'I:::::
1
B
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8 84
Erie R n cv B
4(aale) 84
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Lack Shere M,
B'n 4a '81
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L Vat en 4a
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108
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IT 9 Mexlcn 4a
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1 64
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St P 4a '33
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B 87
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Chicago Union
b et si
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Chloftge Union
Sta 4i
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3 S3V
Chi . WHi
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Werka Ba
3 70
7 70
Am'n V P 8a
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B R3
1 30
A T A 3 Te J
1 . . 70
A T 3 Te ta
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87
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87
87
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1
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fltP fd 4e
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StP rm 4a
1 72
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C R t A P fd
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4e
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war 8a
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4.... 102
3.... 103
10.... 103
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1.... 102
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N T W O A
Belt 41
1 84
0 as
4 34
3 84
3 88
Nla F Pwr 8i
8.... 101
Nfk B'n R Be
1 BOX
1... . BO
1 B0
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1 88
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... 104
North Weatern
Bell T 7a
.... .82
PAH Ste
4.
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1...
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100
100
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100
100
100
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1 08
1 00
Oene'l Elec 8a!
2.... 101
3.... 104
Goodyear T A
Rub'r '31
Mex Petr'm 8
3.... 100
8.... 100
8.... 100
Mid B A Or Be
3 84
3 84 U
Mln A St L 4a
1 83
6 83
1
M SIP
Marie 4 a
3 86
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1.... 101
1.... 101
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M IC A T ej wl
2 44
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107
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1.
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Goodyear T A
Rub'r '41
110
110
110
110
111
111
111
111
111
111
111
111
111
111
lien.
111
110
44
44
44
44
44
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44
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40
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2 77
1 77
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24.
108
108
108
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2 70
Hud A Man In
2 .... 48
1 48
8 48
10 48
III Cfl 4a '83
2 70
S 70
III Cent'! Ba
00 08
0 08
10 98
III Cent'I St L
DIV 3a
1 03
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2 87
20 87
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1 11
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Int M ct 4e
fi .... 0
Intb'e R t M
01
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lle Pacific 4a
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Cerp 8a
1 83
Kan'a A M 2d
2 01
Kan crta
Mtmp 0a
-' 102
10..,. 101
Ivan CASS,
04
1 04
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1 .... 84
2 81
B SB
7 83
K C T Rly 4a
80
8 81
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2 ... 103
1... 101
1... 103
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P 0a '7
. 1.... 100
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1 .... 08
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en 41 '28
10 02
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B... . 01
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I, 92
N Pacific- R 33
1 81
N PaclOe R 4x
SB 88
0 83
IB 80
B 63
N Pacific R Oa
1.... 107
1.... 107
0.... 107 V
Nth S Pwr Ss
1 88
3 80
Kaale) 88
3 80
3...... 88
Ore A Calif 8
1 96
B 98
B 98
Oregon 8 L 4a
0 HH
10 88
Ore-W R R Ce
Navl Ce 4 s
4 78
B 78
Pae O A E Si
1 88
1 88
1 88
Packard Moter
Car Ce 8e
1 08
3 98
1 98
1 88
1 98
Pa R R 4a '48
1 87
34 87
Pa R en 4e
13 08
Pa R gm 4b
2...... 87
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renna R R Re
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New Issue
A Nen-Callable Preferred StpckPaying 7lz
and Participating in Addition
Te the Extent of 23 of All Profits
GANG, MOORE COAL MINING CO., Inc.
lVire Cumulative Participatin
common stock (far value
CAPITALIZATION
Authorized
Preferred Stock (Par Value $10) $6,500,000
10) 3,000,000
(Ne bended indeDteaness;
Offered
for Sale
$3,500,000
A consolidation of two Prominent and Successful Ceal
Handling Companies combining the facilities and business
connections of both organizations, which will result in
substantial economies and increased earning power. The
new corporation will acquire a group of large coal properties
(appraised at $5,928,431) producing well known and
extensively used coals, thus malting a complete produc
ing and marketing unit.
Gress earnings of Gane, Moere Company, the principal
member in the consolidation, for 1920 - $1,621,784.11
(Deductions estimated) ......... 245,607.40
Estimated earnings, before taxes v .....,...
Gress earnings of Courtright. Dimmick & Cunningham, Inc.,
from beginning of its career May 1, 1920, te December
31, 1920 period of eight (8) months
(Deductions estimated) ...... . .
$1,376,176.!
$363,222.76
66,395.46
$296,827.30
Estimated earnings before taxes, eight (8) months . .
Net earnings of the seven mines it is proposed te acquire, for
1920 after taxes, depreciation and depletion .... $485,000.00
(This figure will be increased proportionately with increased production te
be effected)
Dividend Requirements en 7 Vi Preferred Stock offered
for sale $262,500.00
The several groups entering the consolidation have acquired
a block of the preferred stock of this issue te net the cor
poration $1,300,000. Nene of the obligations of the elder
companies will be assumed by the new. It starts with an
absolutely clean slate, with no handicap of pending claims
or embarrassing commitments. The selling branches e(
the Company are established, with experienced working
forces, the principal offices being in:
New Yerk Philadelphia Norfolk
Londen Buenes Aires Rie de Janeiro
Legal QUcatiORS haie been jiaesrd upon by Mestra. Otcett, Venvnge, McUenua & limit
A block of the 7 'z Cumulative Participating Preferred Stock has been
reserved for the employees of the company. Subject te prier sale, we offer
the unsold portion of the issue of $3,500,000.
At $10 Per Share
rien Will Be Made te List This Issue en the
Yerk Stock Exchange.
who carefully investigate this offering will
ty te secure a non-callable preferred stock
f a bend. We believe the participating feature
ve. Complete particulars may be obtained by
circular will be mailed upon request.
' R. T. GARFEIN
115 Broadway, New Yerk. Telephone Recter 8569-8570
Fiscal Agint, Gane, Moere Ceal Mining Ce., Inc.
After Distribution Appli
N
In our opinion, inves'
appreciate the oppe;
possessing the qualit
is exceptionally attn
calling at our efliccs,
The tlalemrntn mode herein are rem official neurcea.
which tee regard a-i reliable, or arc the exgrtetien
or from these
of our belief.
Mi cipal Bends
Exempt Frem All Federal Income Tax
MATURITIES
$440,000 City of Ailentewn, Pa., Scheel 5s
Dated October 1, 1921. Denomination, Sl.000.
Coupon form. Assessed Valuation, $67,217,750.
Net Debt, $1,821,910. Population, 73,502.
201.000 County of But'er, Pa., Read Imp. 5y2s
Dated December 1, 1921. Denomination, $1,000.
Coupon form. Assessed Valuation, $36,252,891.
Net Debt, $1,073,185. Population, 77,270.
55,000 City of Carbondale, Lacka. Ce., Pa., Imp. 5s
Dated July 1, 1921. Denomination, $1000.
Coupon form. Assessed Valuation, $10,757,455.
Net Debt, $143,212.43. Population, 19,000.
1926 te 1946
Optional 1941
1925 te 1930
YIELD
4.25
4.30
4.50
r
1926-1931
& 1936
1923 te 1929
1931 te 1939
1940 te 1943
1926 te 1946
162,000 Blakely Twp., Peer District, Lacka. Ce., Pa., 5s
Dated Aucust 1, 1921. Denomination. $1,000.
Coupon form. Assessed Valuation, $31,280,270.
Net Debt, $328,000. Population, 60,000.
41,000 Middlesex County, N. J., Bridge 5s
Dated December 1, 1921. Denomination, $1,009.
Coupon form. Assessed Valuation, 5129,118,916.
Net Debt, $3,355,000. Population, 162,334.
97,000 Town of Harrison, Hudsen Ce., N. J., Scheel 4vs
Dated September 1, 1919. Denomination, $1,000 1922 te 1928
Coupon form. Assessed Valuation, $18,432,779. 1930 te 1939
Net Debt, $276,000. Population, 18,000. 1940 te 1955
81,000 Twp. of Overpeck, Bergen Ce., N. J., Scheel 4s
Dated October 1, 1916. Denomination, $1,000.
Coupon form. Assessed Valuation, $5,057,154.
Net Debt. $212,000. Population, 7,000. 1931 te 1945
35,000 Ventner City, N. J., Beach Protection and Water Frent Gs
Dated May 1, 1920. Denomination, $1,000.
Coupon form. Assessed Valuation, $9,192,253. 1922 te 1931
Net Debt, $492,237. Population Winter, 2203; Summer, 25,000. 1932 te 1955
20,000 Gloucester City, N. J., Sewer and Water 5s
Dated December 1, 1921. Denomination, $1,000.
Coupon form. Assessed Valuation, $7,963,901.
Net Debt, $595,313. Population, 12,162. Dec. 1, 1927
49,000 Twp. of North Bergen, N. J., Imp. 6s
Dated May 1, 1921. Denomination, $1,000.
Coupon form. Assessed Valuation, $22,181,58
Net Debt, $1,405,696. Population, 23,344 1924 te 1927 5.20
4.75
4.50
4.40
4.30
4.60
4.50
4.40
4.50
5.00
4.80
5.00
421 Chestnut Street
FREEMAN & CO,
Telephone Lembard 0710-0711 0712
Philadelphia
MUNICIPAL BONDS
YIELDING 7
MaturliiE Frem 1 te 10 tear
V. W. MILLS & CO.
Stock Exchange) Building
rumuuai'Mu,
'Si? McGLINN & CO. SS
Members V. V. Fterh Errhnnge
Widencr Bid,;., 1'hlladelphU
Gtei-fia Rwr- & Power ...5'a 1954
Nat. Plate l!an . . . .6', 1527
Lukcm Steel 3', 1940
Americas let f, 1942
rasssasaaas
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Lawrence b. Brown & C:
CERTIFIED PUBLIC ACCOUNTANTS
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