f "j ' IIVC ". 1 . ' i 9Wf9wwmHBSHn "7 ,&li'llffW3J mmw'mm $' '' . jaVJSJMlJKU- r? " i ' .,,..,, f , i n i I,, Financial Briefs "& WWA lhr Itntik of htiRlntid r minimum ells, mninl rnle icmnliis iinclintiKcil tit 4'.. I per cent. I-.TI'O trnnufcr book of the Tonetmli New Issue NEW LOAN . &x Eastern Shere Gas & Electric Company Consolidated Mortgage 7 Sinking Fund Geld Bends . Series "A" Te be dated February 1, 1922 Due june i, 1955 Authorized $6,000,000 Serics ..A.. limited te $i,4S0,000 Coupon Bends of $1 000 and $500; principal may be registered. Callable af the option of the Company until Febru- and Ant.,!?a,?d:iLnteeit,Jan! at !?5 and ,ntere8t thereafter. Interest payable February 1st and August 1st without deduction of the Nermal Federal Income Tax, net exceeding 2 PENNSYLVANIA PERSONAL PROPERTY TAX OF FOUR MILLS REFUNDED Pennsylvania Company for Insurances en Lives and Granting Annuities, Trustee A letter af Mr. Jehn E. Zimmerman,,. Secretary and Treasurer of the' Company, is summarized as follews: PURPOSE: Of ilic Series "A" Bends. S3 14.000 have been exchanged for a like amount of First Mort gage and Collateral "rut 6re Bends, due June 1. 1955; $433,000 arc reserved te be exchanged ier or te refund a like amount of the 6 Bend's and the remaining $703,000 arc te be issued te provide ,unds ler the retirement of ."5350,000 One-Year 8 Debentures. clue February 1. 1922. te install a sOO k. w. turbo-generator and accessories in the Laurel power plant and for ether cor porate purposes. CAPITALIZATION (As of February 21, 1922): Outstanding pj . Authorized (In hands of public) rir.? V??. and Cell-?.teral Trust 6 Bends, due June 1, 1955 $1,250,000 $433,000 (a) Consolidated Mortgage Sinking Fund Geld Bends . . . 6 000000 1 1 ,01 7 000 ' CemSnTte ?referre,d S& Par value $25) '750 000 308 025 (b) Common Stock (par value $25) 40000 373,500 Ihl 2nite, Hi$!? b.?,nd ,I,ave '.'ce" '!s"cd' of w,,ich $2em ,ltlvc l,ec" "tired hv the sinking fund. Of ,Sm '?,wl' b?, ''fPej'ted with the Trustee as security for the Consolidated Mortgage and the ffi Of &c lien Pi-- i . aiml?ry deposited when improvements new under way have been completed, tuj ut tins, ?199,l0 lias been fully paid for and the balance has been sold en the installment plan. SECURITY: These Series "A" 7 T?nnrl ivili Un Aimnt rM;..,:.,, c i. r i ...mi t. i ... . ..-.. uuiibiiuuiie ui nit uiuwcuiv uuu win uc (inclusive of improvements 5 by Day & Zimmcrmann, r- n in rXi , u:,u uc acturcu uy uic picugc or j?ub,uuu 1'irst Mortgage and Collateral Trust 6 Bends, together with $89,000 additional bends te be pledged upon comple tion of improvements new under way. The mortgage will provide that if in the future a central iucrauen is constructed, tnc mortgage shall be a first lien en such station, or en all the securities of the company constructing and owning such station. Additional bends may enlv be issued under carefully guarded restrictions. SINKING FUND: Beginning February 1, 1927. Te of all outstanding Consolidated Mortgage Bends arc te be retired annually until February 1, 1942, at net te exceed 110 and accrued interest, and thereafter at net te exceed 105 and accrued interest. BUSINESS: The Company serves electric current for light and power without competition in 22 towns in Maryland and Delaware and supplies current at wholesale te companies serving 8 towns. ! he territory served is one of the richest agricultural section in the Eastern States. EARNINGS: The-c are reported as fellows; Operating CaAendar Gress Expenses, Net Total Interest ycar Earnings Taxes, etc. Earnings Charges ' Balance JjjJS $i?3213 $143,193 $50,020 $36,416 $13,604 ll 294,859 226,615 68,244' 45,681 22 563 98 355.422 272,551 82,871 51260 31611 99 414.959 317.971 96 988 57 428 39 560 9? ' 506.1S0 391.610 114 540 70 45? SleK 1" 524,025 380.611 143.414 79 702 63 712 !J92f 565.000 374.800 190.200 97 170 93 030 1923 617.500 400,000 217,500 aO 120,330 Estimated by Day & Zimmermann, Inc. . legal proerdings are subject te approval by James Cellins June. Eq i annul fe, the Cempam. by our counsel, Messrs. Dicksen, Heitlcr i? McCeuch, Philadelphia. We offer the above bends when, as and if issued and received by us Price, 97 and Interest, te Yield About 7.25 BROWN BROTHERS & CO. W. H. NEWBOLD'S SON & CO. Philadelphia Philadelphia ROBT. GLEND1NN1NG & CO. Philadelphia Tin ftnininls In thin a.heit emii' i bsfpil upnn infujiiiailen obuinel from enicla, -nurees or from il.n whiir we irja,e .,, ,tu.tt- MltiJni: Luintinny elew rVbrmirv '1H, open Mnrrh 22. for uiintml muetiiiK te w held March 21. The Roxberoiigli Trust Ceinpnuv Ims fcet fiKldn out of fiiriiltiRs .$."0,000 te Hurnhm ncreiint. The cempniiy iceentlvj centred nn iiiltlnl sciiii-nnminl divi dend of .1 per tent. the American l.n Irniire l-'lie Kn glnc ('empnny report for Hie vein ended December .'II Mirlu, nfu-r 1-Vd-erel tuxes mid clmrseji, S."(T8,0."1. iiRnlnst .$507,07.'I In IJI20. The Syracuse nnd Siilinrtmn ltnlt..n.i empnn.r. operating nineteen miles of I trolley line, will )0 sold in mertRnfie i foreclepuro proceedings. The $-100,000 i first mortgage heudH are owned In 1'hll I ndvlphln. I Public Service of Northern Illinois rcpeits for the jenr ended Deci-mbci- Id , surplus nfter taxes imd i-lmrees Sl.."" ..Li. imiuiiI after prcfciicd illvldenils, te '.?.." s""re '"' "ie coiiinien, iiKnlnst M,.l0.,ii(i. or .7.'i7. in JJI20. ..,''1', underwriting Is preceeduiR of t.i.000.000 (! per cent bend Nhic of ll''rls",r,i5'ensMr'llt',rrnl"''" Knilwnv at ,Mj. J-irst couiien is piiyablc Jnlv I. i J he company has no sterling obllga ebllga obllga tJens. Iskue of 1.000.000 lean bv M.lty of Uclfast i exutcted next week. I Il.v tiie most conservative estimate I.ehlRli Valley earned .?,'!. SO a slmm en 1.210.031 shares of common stock out nanuiiiR last jear. Tills is without nl nl lewiiiK iiiiything for income from it it te chief coal properties in the jS qunrter of 11121. i'lesent dhldcinl N H'-i.ei) a share. The formation of a new and tudc pendent biindhelilers' inminlum nf ii... I Denver and Rie Rrnndc Hailread Cem- pany win De undertaken en March .'!. according te a notice sent out by the Stockholders' Protective. Committee of ' the Denver and Itln tirande Italliuml C-empany. Ameilcnn l.n France Fire Knginc , Company reports for year ended 1- ' ember !il net income after charges nnd Federal taxes .?.",7,S.t).Tl, equal after pic ferred dividends te Sl.-t," n sliare iiia SUM en S2.S20.000 cotntneti. iignln-t S.it)i.fl7.' or $2.1.", a share en S2,''e.. 000 .stock outstanding in 1020. Henry C. Thayer, of West & Ce.. chairmnn of the committee of New York Yerk Stock Kxchnnge members in Phlladel phln. will address the HusincPs Science nie ei i-niiaueipiiiu en "J'lie 1 Tiiiniu lent Stock Hrekcr and Hew He Ope rates' 'at their weeklv luncheon tomor row at the Hetel Adclphia. Lackawanna Stcl Company pie liminary lepert for the ,eur ended l)c cemher .11 sheus net less nfttr Fed nil tn.es, cliargas and adjustment of inventories, etc., of s:i,.",S4.S77. This ceninnres with smnltie of fil ni riT-. equivalent te $12.2.'! a share earned oil the .?.'(.". 1 OS. i"00 common stock In the previous jenr. The S2S00 Southern Cambria Rail way first fis, dun 10.'!!). which were re ported as having been sold nt public sale en February 15 at 48 per cent, were incorrectly advertised, and conse quently the sale was canceled. Thej should have been lltcd as income ",.'. ilue 1020 ; these bends sold this day m 15 pep cent. $1,000,000 734 Fifteenth St.. N. Washington, D. C. Members Philadelphia Stock Exchange 140 Seuth Fifteenth Street Philadelphia W. 102 St. Paul Street, Baltimore, Md. Thin InfrrmMMn and thf.n snt1st,.n while no! uarant- i are eb'a tied from fenrcea vr bliv te l rellati, V NEW ISSUE Exempt Frem All Federal Income Taxes $500,000 CITY OF CHARLOTTE, N. C. Scheel 5s Dated February 1, 1022 . )ue February 1, Serially Coupon Bends, denomination $1000. Principal and Interest, February 1 and August 1, in New Yerk City. ' Amount Maturity Price te Yitld Amount Maturity Pri'c Ie Yitli $8,000 1923 S.OOTe $16,000 1940 4 eWr 8,000 1924 5.00 16,000 1941 4 80 8,000 . 1925 5.00 16,000 1942 4 75 . 8,000 1926 5.00 16,000 1943' 4.75 8,000 1927 5.00 16,000 1944 4 75 12,000 1928 4.90 16,000 1945 4.75 12,000 1929 4.90 16,000 1946 475 12,000 1930 4.90 1 16,000 1947 475 12,000 1931 4.90 H 20,000 1948 475 12.000 1932 4.85 -1 20,000 1949 475 12,000 1933 4.85 "J 20,000 1960 475 12,000 1934 4.85 " 20,000 1951 4.75 12,000 1935 4.85 ' 20,000 1952 475 12,000 1936 4.85' 20,000 1953 475 12,000 1937 4.85 20,000 1954 475 16,000 1938 4.80 20,000 1955 475 16,000 1939 4.80 20.000 1956 4.75 FINANCIAL STATEMENT Atetied Valuation $84,578,030 'I Bended Debt (Including This hue) 4,667,000 Water Debt $1,086,000 1 .'et Debt 3,581,000 Population, 46,318 The Net Debt it 4.2 T'c of Aliened Valuation Ltyul Opinion of Cheater 11. Matslich, Esq., of .Vcic Yerk Blodget & Ce. Curtis & Sanger Real Estate Trust Bldg. 49 Wall Street Philadelphia, Pa. New Yerk City Telephone Walnut 1608 Telephone JUnever OMi Vje InformaMen contained herein has bttn obtained from source nhlch w consider rellabu h,,. ... accuracy i net tfuaranteed, ' "" ' , .tl .. J. . ' . Ct l-j, . i , .Tir -Irf a 4& YMVt ti 'V . . ... ...-,.,. . s..,...- .im. . . ' "--'ir, .-.,.. J iii3rwiu'i , fmtm HnMrM'--A - ---" -ltmmmp.iM', .-. mhu.;..iagiya-aww.. . I ! and C r - -- - -ZTIz New Issue , I I i j ) PARTNERSHIPS PARTNERSHIPS and CORPORATIONS A Age 41 $100,000 Insurance for 15 Years at an annual cost of $1308 Sigourney Meller & Ce. Life Insurance 1421 Chestnut Street Philadelphia Sigourney Meller fleer. Meade Smith, Jr. i I' " - "J Exempt jrem Federal, State, Municipal and Lecal Taxation. $3,000,000 Lincoln Joint Stock Land Bank (Operating in Iowa and Nebraska; 5 Bends Iucd under the Federal Farm Lean Act High-Grade Railroad Bend Tax free in Penna. Te Yield 6'i Baker, Yeung & Company JOShl'll w. SWAIN. .Ir,. Ilanerr Land Title Bldg. Bo.ten Philadelphia Price IOIV2 and Interest Te Yield About 4.80 te Optional Maturity and 5 Thereafter Due November 1, 1951. Redeemable at p.ir and interest en November 1. 19H or any interest date thereafter. Coupon bends in $1,000 denomination fully reenterable and interchangeable. Interest payable May 1st and November 1st. C. S. PATTON & CO. aw iiii;ktm'T SIS. BANKERS ... .,.'irrr In Munbcr I'lilln. Mnrb Kirlianip. These bends are obligations of the Lincoln Joint Stock Land Bank and are secured by either first mortgages en farm lands or United States Government Bends or Certificates of In debtedness deposited as collateral. The liability of the Bank's shareholders is double the amount of their stock. The Lincoln Joint Stock Land Bank is new the second in si:c of the Joint Stock Banks xt l i en farm ,ands enlY in Ieua ancl Nebraska, one of the richest agricultural sec tions of the country. The officers and the directors are experienced, successful and repre sentative business men who have accumulated their wealth chiefly through operations in farm ands and are thoroughly familiar with the prob lems of safely leaning money en agricultural property. The President of the Bank and several directors have beefn actively engaged in the farm lean business for mere than a quarter of a century. The Bank operates under Federal charter and Government supervision. The issuance of its bends and the collateral pledged as security have been approved by the Federal Farm Lean Beard, a bureau of the Treasury Department of the United States Government. The bends arc prepared and engrived by the Treasury Department. The Act under which they are issued provides that: "Farm Lean Bends issued under the prevision of the Act shall be deemed and held te be instrumental ities of the Government of the United States, and as such they and the income derived there there feom shall be exempt from Federal, State, Municipal and Lecal Taxation." This exemp tion clause covers all forms of taxation, exclu sive of Inheritance taxes. By a decision of the Supreme Court of the United States, rendered February 28, 1921, the constitutionality of this Act and the tax exemption features of these bends were fully sustained. ' hex roNPei.in.vrKu mixinci reupwY 36 Hroed sired, Xr Yerk i STfiru-Hnr nifne ... . RL,?r,!ncte. ,0 thelr ew" na,n ie that H'y .T.1in.J?cSUe ne,lc important man" "J UvS)- netllU x ' f w1"th ll"y w, " JHHKIIM.VN, 3creur i . .. A . VL tt t'H'M1 L We Recommend These Bends for Investment Halsey Stt & Ce William Compten Ce Chicago-Philadelphia Chicago-New Yerk ' Harris, Ferbes & Ce New Yerk Philadelphia All the above lutemcnti ate ciftclal, or baird en Intormitlen .. ,....j ,. able, and are th. data upon hlch e h.e acted teifiuVetarXM bend: FREMONT JOINT STOCK LAND BANK 5 Farm Lean Bends FREMONT, NEBRASKA Dated November 1, 1921 Due Nerember 1, 1951 Intereat payable May and November lit, at Fremont Joint Stock Land Bank, Fremont, Nebraska Callable at par en November 1, 1931, or any intereat date thereafter Denominatien: $1000, $500 and $100 EXEMPT FROM FEDERAL, STATE, MUNICIPAL AND LOCAL TAXATION Thete bends are iitued under the Federal Farm Lean Act. Under decitlen of the Supreme Court of the United States, handed down February 28, 1921, the constitu tionality of the Act and the tax exemption feature of these bends were fully sustained. The forms en which the mertHiiRei ere plnced ere lecnted in the States of Iowa nnd Nebraska, the heart of the com belt. Of the total value of usricultural product! in the United States, these two States produce I 8. 9CJ of the corn, 8r'e of the wheat and 22.lr'r of the eats. Alae produce 25rc of nil the swine. The mortgages are distributed in 284 leans, located in thirty-two counties in Iowa nnd ferty.eight counties in Nebraska. The policy of this bank in purchasing mortgages is very conservative. The average sale price for the best farms was about $500 per acre, and for ordinary farms about $150 per acre, while the average of leans actually made was $47.30 per acre. About 88' of the mortgages purchased by this bank is in this area of high farm land values. Trie average percentage of leans te appraised value of lands underlying these bend, ii only 40 c. Present Njt Earnings en Capital Stock ar about 15. Present dmdend en the Capital .Meck, or. t All bends of the Bank are protected by deport with the Farm Lean Registrar (repre entitle the U S. 1 reasury Department, through the Farm Lean Beard) of farm lean mortgages or U. S Government secunt.es. nt least equaling the amount of bend, out standing, tach of the deposited farm lean mortgages must be for less than one-half the appraised value of land and' improvements en which it is secured. Fer this Bank the appraised value of lands and improvements is en the average of 150 in excess of the mortgage lean. The bends are also protected by the equ.ty of the paid-in capital stock of the Bank, carrying double liability and the accumulated surplus and reserve,. The value of the lnnd and permanent improvement, is appraised by the Federal appraiser, which mean. Government inspection, beside, an executive commission or lean's dlrec,er8 of ,he bank rev'w nd passe, upon all application, made for "arm The bends nre engraved by the Treasury Department, and it is stated en the face that they "Shall be deemed and held te be instrumentalities of the Government of the United State,, and as such they and the income derived therefrem .hall be exempt from Federal, State. Municipal and local taxation." They are legal investments for all fiduciary and trust funds under the jurisdiction of the Federal Government, and are acceptable at par for deposits of Government funds. ' We recommend these bends as high-grade, marketable, attractive investments which because of tax exemption features are unusually attractive te investors payinc anv but the very lowest income tax. , ' PRICE 1014 AND INTEREST Yielding 4.80 te Callable Date and 5 Thereafter BROOKE, STOKES & CO. 'ill " ' , ? , ,HBMMHMaHHHMpMBsiBsj fcv-uM.Vi'-ijVra. lW mfi i? i I vj r M ffc- -V:
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