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8....
6....
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48 S8
Hud A Man M
107
107
107
107
107
107
107
107
107
107
107
107
.107
107
107
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48
1
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10
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20
6
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113
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78
77
78
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77
78
77
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3 68
6 58
1 68
6 68
IB
1
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18
18
18
18
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63
63
634
63
63
03
08
63
63
63
60
60
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no
60
50
60
68
63
63
63
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08
63
63
63
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63
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74
1.
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93
87
93
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93
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93
93
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1 88
9 88
10..C. 88
Invincible Oil
Cerp 8
n
a
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1
2
3
3
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1 38
Iowa Cent' I Ba
1 71
Kan C Ft S A
Memp 4 s
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L A, Nash Bs
88
88
88
88
88
88
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80
88
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4.... 106
2.. 100
B 107
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1 62
18 64
a 01
1 03
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1 64
Kan c A 8 Ba
81
84
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103
101
101
103
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103
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ins 14
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Kings County
Kieva 4s
3 94
Lack Steel '30
1 81
1 83"
Lake Shere M
H'n 4s '28
10 02
Lehigh Val 6
1.... 101
1.... 101
L A Myers 5
1 08
L lid R Bs '07
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1 93
Lerlllard C 7
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102
101
101
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101
102
101
102
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101
101
101
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101
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3 66
11 67
2 07
1 (18
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3 61
8 61
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13 70
2.1 80
3.1 80
6 80
9 60
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93
93
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3.... 105
4.... 106
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Cent' I 8
4 70
N T Edisen Ce
6e rets
63
63
62
62
62
62
82
62
63
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62
02
62
03
62
62
62
62
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B 90
4 90
10 90
Ment'a Pwr 5s
2 94
6 91
3 94
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way Ba
1 84
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pany 4s
1 8.1
1 83
New Or Tex A
Mexico Bs
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80
106
106
106
106
100
106
100
106
100
100
100
108
106
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1 78
N Tk Light II
A Pwr Bs
1 87
1 87
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It 4s '55
S 61
1 61
New T N II A
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1 60
N Yk Rly 4
1 30
1 80
6 31
N N Rlya ct 4s
1 30
N Ylc Rlya f.s
K 5
New Y ft n'n
lleach 6a
3 . 62
N Yerk State
libs 4n
3 05
N Y Tele 4s
90
N Yk Cent' I 6s
1 99
... 90
... 00
... 09
... 00
... 00
... 90
... 00
... 00
... 09
... 90
... 09
Cent'l 7s
.. 103
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1.... 102
2,.i. 103
a.... 102
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1.... 101
1.... 103
a.... 108,
a.... 103
1.... 103
B.... 103
N Yk W C A
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a 41
a 41
7 41
1 41
1 41
7 4114
Nla r Pwr Bs
1 07
3,.... 97
Nfk 8'n It Bs
J 69
Nfk A W'n 4s
1 87
Nfk A "W cv Os
Oregon fl L 4
1..... .70
B 89
Oregon B L Bs
4 97
Orsgen S Line
guard Ba
4..
18..
25..
B .
20..
North Western
Bell Tel 7s
105
106
106
100
100
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107
107
107
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107
107
107
107
107
107
107
107
107
107
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1.... 100
1.... 106
Peoria 1 K 1"'
1.... 106
Per Marat &
3
98
97
98
07
88,
88
88
98
98
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27
1
84
18
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Navl Ce 4
20 77
6.,... 78
3..... 78
1..... 18
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2 87
1 87
- H7
2 87
87
87
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87
87
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. . . 90;
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80
80
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102
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1 89
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1 91
A T Ce 7s
2 97
13 97
1 07
Pa n n 4s 'en
2 87
1 87
Pa R gm 4s
1 87
10 87
IB 87
2 87
2 87
Penna R R 5s
4 90
10 90
1 90
2 90
Penna R 0"
103
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B...
1...
1...
Phlla Rwys 4'
10 44
Pierce Oil 8s
0 8
4 98
t 98
Pitts C Chl A
81 L A lil
6 93
1 93
Predu's A Re
finers 8
2 04
Pertl'd Rwy A
Light 7a
1.... 103
1 104
Pub Serv Cerp
N Jsy B
1 88
Reading Ce 4
10 82
1 82
0 62
Rie O A W 4s
12 81
1 81
Reck Il'd A A
Leul'a 4s
4 77
B 78
1 78
Bt L I Mt A S
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1.
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69
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63
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61
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81
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100
100
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12..
13...
33...
23...
6...
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1
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18
18
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35
33
30
85
30
37
84
84
64
84
84
84
84
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4 88
fin Pae Term'l
1 81
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0
a
a,.i..
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tand'd OH of
Calif Ta
a.... 106
1.... 108
a.... ions
2.... 105
steal Tub co
of A 7
2 98
Third Av aj
10 B6
B 86
B 65 U
(Tidewater Oil
Ce ct 6s
1.... 101
Union Pae cv
10 01
Cnlen Pae 4s
1 01
2 01
Union Pae 6
I.... 103
3.... 103
18.... 103
Unt'd Drug 9s
a.... 107
1.... 106
3.... 100
1.... 107
Cl'd Rly I Ce
3 Fran 6
3 80
1 80
3 83
U S Rubb'r Rs
8 96
1 87
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1....
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1....
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106
100
lMU
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Va-O Ch fU
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1
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1..
1..
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W'n Pas lit
1 64
W Union 4
1 01
W Union 6a
a.... let
Weatlngha'e E
A Mfg T
8.... 106
3.... 106
1.... 106
1 108
Wleka'a Spncr
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1 08
Wilsen Ce rv
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2 87
4 87
R 87
Wilsen Ce lata
3 93
1 95
Wilsen C 7s
96
96
96
1..
1..
Total. $20,787,000.
OOO Saturday.
compared with $0,128,.
High
Liberty 33s.... 07.02
Liberty JM 4s ... 00.00
Liberty 1st 4'4s.. 07.28
Liberty 2J 4Un... 07.00
Liberty .Id 4M n.
Liberty 4th 414 b
Victory N ay.s.,
Victory N 4-?is..
I,ew Cln
00.04 07.00
00.70 Ofl.OO
07.14 07.2 1
00.80 00.04
07.50 07.80
07.14 07.20
100.00 100.00 100.00
.100.28 100.20 100.20
07.84
07.150
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a...
n
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1 83
4 83
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Chicago Mil A
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04
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63
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1.
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1.
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59
39
88
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58
69
08
41
44
44
44
44
41
44
44
44
Hud 7r
107
Den A R Q M
12 44
3 44
10 44
Den A R O 4s
3 74
D A R G 4s
3 77
3 74
Den A R O Bs
2 70
Det Edl 8s '41
1 02
Det Edl Ce 6s
2.... 100
1.... 101
Det Tunl 4s
10 83
Det U R 4s
3 67
D Match 7s
3.... 107
Distil Security
Cerp 0
2 35
2 SO
D de Nemours
Pwdr 7s
Chicago Mil A
StP gm 4s
1 81
1 81
1 81
Chicago Mil A
St P cv Bs
1.
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2..
8..
2..
1..
2..
2..
103
101
103
103
103
103
103
103 .
aaPPECSasswDlTn JatW71iattttttttttttttttttt8J
Immediate Executions
Our direct private wires enable us
te meet the increasing needs of our
customers for the execution 'of
orders for the purchase and sale of
government, municipal railroad,
industrial and ether securities
THIS SERVICE IS AT YOUR COMMAND
COMMERCIAL
TRUST COMPANY
Trlval Telephone MEMBER FEDERAL RESERVE SYSTEM rr,TaU Phen.
CF-,t&Ce- City Hall Square Bankr Ce-
. ( 150,000,000 Guilders
Kingdom of the Netherlands
1
LVW
(HOLLAND)
Fifty-Year 6 Sinking Fund Bends
(75,000,000 Guilders offered in the United States; 75,000,000 Guilders offered in Helland)
Dated March 1, 1922 Nen-Callable for Ten Years Due March 1, 1972
Coupon bends in denomination of 2,500 Guilders (At par of exchange $1,005)
Principal and interest payable at the head office of Nederlandsche Bank in Amsterdam in Guilders
and in New Yerk through the office of Dillen, Read & Ce., as fiscal agents for the lean in the
' United States, in dollars at the current rate of exchange prevailing at the time of payment
A Sinking Fund is provided beginning March 1, 1933 te retire the entire issue by call by let of one-fortieth annually at par
and interest, but no bends can be called during the first ten years. Issue callable after ten years at par as a whole only, except
for sinking fund. Interest payable March 1 and September 1. Free of all present and future taxes of the Kingdom of the
Netherlands. Text of Bend in both English and Dutch. Application will be made in due course te list en the New Yerk
Stock Exchange.
The following statements have been approved by L, J. A. Trip, Esq., the Treasurer General of the Kingdom of thm
Netherlands:
These bends are the direct obligation of the Kingdom of the Netherlands authorized by Act of Parliament
approved February 17, 1922. Helland has been for centuries one of the foremost financial and commercial
powers of the world, and for generations one of the most important markets for United States and ether
foreign securities. Amsterdam, the leading city, today occupies a position of the greatest international
importance as a banking and commercial center.
The total funded debt of Helland at the close of the year 1921 was 2,435,600,000 guilders, all issued and
sold in Helland. This is at the rate of less than $140 per capita, at par of exchange, compared with approxi
mately $195 per capita in the United States and approximately $650 per capita in Great Britain. Helland's
funded debt issued before the War carries coupons at rates of 24 3 and 3 per annum. Prier te
the present issue, all funded debt issued since 1914 has carried coupons at rates of 5 or under.
The monetary unit of Helland is the guilder (florin) with a value at par of exchange of 40 . 2 cents in the
United States.
Before the War the currencies of all nations en a "Geld Basis" remained practically at par and any material
variations which occurred were automatically rectified by the shipment of geld. During the War, and im
mediately subsequent thereto, ether factors incident te the War restricting such shipments of geld con
trolled the course of Exchange and, in the case of Helland, caused the guilder te fluctuate between a premi
um of approximately 30 te a discount relatively as great. As conditions are becoming mere normal the
guilder is gradually approaching its parity of 40 . 2 cents te the dollar, and is at present selling at a discount
ofenlyabout4.
The Bank of the Netherlands (Helland's only bank of issue) had a geld reserve against its circulation of
approximately 60 as of January 23, 1922, compared with a reserve of 52 in July 1914. Te-day the
guilder commands a premium of approximately 4 in Londen.
A syndicate of bankers in Helland headed by The Nederlandsche Harfdel-Maatschappij and including the
Retterdamsche Bankvereeniging, the Amsterdamsche Bank, the Amsterdam Branch of the Banque de
Paris et desPaysBas, DeTwentscheBank, Lippmann, Rosenthal & Ce., R. Mees & Zoenen, Nederlandsch
Indische Handelsbank and Pierson & Ce., representing the issue in Helland, and the Dillen, Read & Ce.
syndicate, representing the issue in the United States, have purchased these bends from the Netherlands
Government and this Helland syndicate will make the offering of the 75,000,000 guilders in Helland.
We offer these bends for delivery when, as and if issued and received by us, subject te approval of all legal
matters by counsel. Interim receipts of Dillen, Read f Ce. will be delivered pending issue of definitive bends.
Price $940 per Bend of 2500 Guilders
(Interest nt the rate of 6 will be charged en this price from March 1 te date of delivery)
Te yield about 6.15 te maturity, and 6.30 if called in 1932
(These yields are based upon ehanBe at 38 U cents per Guilder. With exchange retuminB te par of 40.2 cents within 6 months
and remaining at that figure, the yield te earliest date of redemption (1932) will be about 6.90, and te maturity, ever 6.40).
Dillen, Read & Ce.
Lee, Higginson & Ce. Blair & Ce., Inc. White, .Weld & Ce.
Central Union Trust Company of New Yerk The American Exchange National Bank
Brown Brethers & Ce. Halsey, Stuart & Ce., Inc.
The First National Bank of Bosten Old Colony Trust Company, Bosten
The Girard National Bank, Philadelphia Cassatt & Ce., Philadelphia
Commercial Trust Company, Philadelphia
Mellen National Bank of Pittsburgh The Union Trust Company, Cleveland
Continental & Commercial Trust & Savings Bank
First Trust & Savings Bank, Chicago Illinois Trust & Savings Bank, Chicago
The Angle & Londen P,aris National Bank of San Francisce
Bank of Italy, San Francisce
Edward B. Smith & Ce., Philadelphia
The information contained in this advertisement hai been obtained from source, which wc consider reliable. While net tuaranteed, it b accepted by us a, accwata.
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