' i,'i ' . f'j-r' ( ' i , ? ' ' ' -.'.V. (.. i , , - 5i i V il ir t ' '. - in' t en 4 AIM' . i 'Ijv' HiVJliNIJNU FUBIilU IiBDGBB PHILADELPHIA, TUESDAY, IfilSJUAJ&x ze, x g-, bbbbbbb a HMH BafBsjBjBjBasBBaaB K I W and interest part, NEW ISSUE mmewmmmmmtmmtmemtme $5,000,000 Oxford Paper Company Firtt and Refunding Mortgage 6 Geld Bends, Seriet A Dated February 1,1922 Dua February 1, 1S47 lvtme SSIm' SfS? '.f A3u!t ! "wut deduction for Nermal Federal Income tax up te 8. Principal piyiwe VL "? f f Lee, Hlgginten & Ce., in Botten, New Yerk and Chicago. Callable, m a whole or in t -- j U..UWIWK, hi ma curing tne nrtt 5 yean, mh dunng.tneyaezt 3 years, 103 aurtng the next S yean, 103 during the next 3 yean and 101 thereafter. BUSINESS: The Company has been a successful manufacturer of paper for mere than 20 years. It owns and operates large plants at Rumford, Maine, manufacturing book-paper, coated-paper, soda pulp, sulphite pulp and electrolytic bleach. Upen completion of this financing it will also own all x the capital stock of Rumford Falls Power Ce., which owns and operates the entire electric and hydraulic development at Rumford, Including a modern hydro-electric plant with a present installed capacity of 31,000 horse power. An ample supply of electric power and water for the Com pany's present and future needs is thus assured. It also controls a large acreage of spruce and fir timber at various places in Canada, sufficient for 100 years' supply at the Company's present rate of consumption. SECURITY: First Mortgage en all fixed assets, (real estate, manufacturing plants and equipment) new owned or hereafter acquired by the Company. First lien en the entire capital stock of Rumford Falls Power Ce.,. and en stocks of two ether subsidiaries. Second mortgage en large timber hold ings in Cape Breton, subject only te $777,000 Bends which are being re tired, $50,000 per year, through sinking fund. ASSETS: Total combined net assets of Company and its subsidiaries (after 1 deducting all liabilities ether than funded debt) are conservatively valued J at ever $21 ,000,000 or mere than 2 times the $8,334,000 total funded debt, V, including this issue. Fixed assets alone (of Company and its subsidiaries) are conservatively valued at nearly $15,000,000, or 1.79 times this total funded debt. EARNINGS: Average annual net profits available for interest during 5 years ending December 31, 1921, were mere than 5 times the $458,900 present annual interest charges, which include interest en these $5,000,000 Bends. Fer the year 1921, a period of business depression, net profits were mere than twice these charges. 0 EQUITY: These Bends will be followed by $3,000,000 new T Preferred Stock and $8,560,000 Common Stock. Cash dividends have been paid en the Com pany's Common Stock continuously during the last 11 years. FINANCIAL CONDITION: Company is in strong financial condition and has ample working capital. Current assets of $6,882,000, equal 8 times total current and accrued liabilities of $835,000. j We Recommend these Bends for Investment PRICE 98V2 AND ACCRUED INTEREST YIELDING OVER 6.10 THE ONE GREAT INVESTMENT FACTOR THE recent history ef the aecurlrie market has proved a never before that safety, first and foremost, U the one great Investment factor. The record of 8traua Benda b a record of aafety-40 yean without Iem te any investor. Investigate. Write today for BOOKLET L-761 S.W. STRAUS sScCQ lttccmrenATiD . bstasusiisd iSSt Stock Exchange Dldg.,Phlltt. Tt'ifhini Sritvct 5628 40 years without less r mv Intrifnr MMM IMpMS Copyright 1032, by S. W. Stout ft Ce. BOSTON LEE, HIGGINSON & CO. NEW YORK HIGGINSON & CO Londen CHICAGO Tfce above statements, while net guaranteed, are baicd upon information and advice which sre believe accurate and reliable. lufcf Kltlt RrptibNc Ven t Stl Ce -femtflnvta mat tjitt Mm tmtne a awm m0uAn ce During a period of nearly 22 years we liavc furnished mere than 15,000 steel struc tures of all types and sizes. This accomplishment is the result of quality workman, ship and dependable construc tion. McClintic-Marshall Company (Jen.rnl Offlrtm rittehurch, I'a. riillndflvlilu: Merrl Utdc. S'ew Turk CUIcasu fan franclace McClintic-Marshall SteelBridges ft Buildings bbbbbHbWj1At7a1bW CsLIJibU Are Yeu Building for "Sixty"? WHILE working and earning for today, every indi vidual should also see te it that there is a surplus building up for the years of declining earning power which are sure te come. The Halsey, Stuart & Ce. Investment Plan fits per fectly into such a scheme. It establishes a means of obliging the investor te save and invest regularly a deter minedpart of his income then makes his savings grew remarkably through the process of compound interest. An Accumulation of 50,000 in Safe Bends at age 60 or before is within the reach of men of even moderate income. Business men, professional men and high-salaried executives can ecf, a much higher mark and build toward it with assurance. Our boekleCA Sure Read te Financial Independence "tells hew the Halsey, Stuart Ce. Investment Plan fits all ranges of incomesshews hew te apply it en incomes from $2500 te $50,000 aycar. Let us send you a copy, without obligation. Ask for booklet'" 1 A-40. A Docter writes : "Yeu rplan leeks like the best inrcttment program for a professional man" HALSEY, STUART &CO. x Spruce 8200 United States Government Securities Canadian Bends Their Heme Market Progressive construction in Cunada has new been suf ficiently advanced te enable Canadians te invent tbeir profits from development enterprises in their own Government and Municipal bends, thereby creating for these bends an extent ive home market in addition te their bread international market. American investors may purchase such bends at this time at prices te yield 5V4 te 6 Principal and interest payable in U. S. funds Tull rartlculaia r S2i cm K?ufJ( Weed, Gundy & Ce. Incorporate! 11 Wall Street, New Yerk 'liirnntu Montreal Londen. Ilnj;. Wlntllun SECURITIES DETABTMENT COMMERCIAL TRUST COMPANY Urmber Federal HrMi-ie Mrattm City Hall Square West I Atlantic & Danville 1st 4i, 1948 Philadelphia Electric 6s, 1941 Southweitere Bell Tel. 7., 1925 I WlOERiaBlM.PMIUDUrmA II i55 wtw row luwrw, w.j. P IT IS hardly conceivable that a busy manufactur ing district of ever 800,000 population could either dis continue the use of electric current for power nml light or that the growth of the electrical business might step. We efffr and recommend securities of the Power Company whose business position is expressed above at a price te yield ever lcc en the investment. TIV invite cenfcrcyicc cm nil current investment subjects. HARPER &TURNER Investment Bankers Slemhera I'hiUideliihta Stock t'xehangi ! Stock Exchange Building ' Kb.JIiu Philadelphia GARRISON & CO. WIDENERDLOG MEMBERS-NEW YORK AND PHILADELPHIA STOCK EXCHANGE STOCK EXCHANGE SERVICE t(2MU Und Title Bld&., Philadelphia, Pa. - Telephone Locust 7410 CinCAGO NEWTOBX niOADI!.rHI BOSTON DFTROtr MILWAUXSE MlNKEArOLlS ST. IOU1S Fill in below for tppy of "A Sum RejH te Tirum-ial Independence" booklet Nv l' A- IG acw '. Str-i Ctttf i ASUMMAD MI niVtOUWDCRKOOKI &M Wn Centrvatim tnentment W aCr Mrclwlr Uta Hat Mwilcl, UIItm4, rards 0; mmmm mmI liidMSrlal BONDS Bo1manaten&Rpp nv lam inw ets I T4J- Unlimited Funds for First, Second, Third or Building Mortgages. Abe Kelsky & Ce., Inc. N.W. Cor. 9th & Walnut Sts. $35,000,000 REPUBUC OF CUBA fi Oelil lletid of 1004. Coupens due Murch 1. 131'-, en thu nbeva Dendn will be paid en preaenta preaenta tlen at our efTlce en and after tliat Uutu. SPEYER Jb Ca 24.11 Ptna St . Knr Terk,.)Thrunr 31, 05 New Issue $250,000 FLETCHER JOINT STOCK LAND BANK 5 Farm Lean Bends (INDIANAPOLIS, INDIANA) Dated Nevembar 1, 1921 Dua Neambar 1, 19B1 CaJUbla at par on.Nerambar 1, 1931, or any interest data tharaaiter Denominations t $1,000, $500 and $100 EXEMPT FROM FEDERAL, STATE, MUNICIPAL AND LOCAL TAXATION Tht bend are iutftl under th Federal Farm Lean Act. Under decision of the Supreme Court of the United State; handed down February 28, 1921, the conetitu cenetitu conetitu tlenality of the Act and the tax exemption feature of thete bende were fully euttained. The farms en which the mortgages are placed ere located in Indiana and Illinois, two of the richest agricultural States in the Union. Of the total value of agricultural product in the United" States these two States produce 17.4 of the eats, I7r'e of the corn end I2.2tf of the wheat. All bends of the Bank are protected by deposit with the Ferm Lean Registrar (repre aenting the U. S. Treasury Department, through the Fnrm Lean Beard) of farm lean mortgages or U. S. Government securities, at least equaling thi amount of bends out standing. Each 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. The bends are also protected by the equity of the priid-in capital stock of the Bunk, carrying double liability and the accumulated surplus and reserves. The value of the land and permanent improvements is appraised by the Federal tippraiser. which means Government inspection, besides an executive commission or beard of directors of the bank reviews and passes upon all applications made for farm leans. The entire stock of the Fletcher Joint Stock Land Bank, excepting directors' qualifying shares, is owned by the Fletcher Savings 6c Trust Company of Indiunapelis. We have a statement of this bank showing their capital stock, surplus, profits und reserves amount ing te $2,323,362.95, and their total deposits us being $13,931,564.97. This assures wise management. In addditien, the financial ability of the stockholders of the Fletcher Joint Stock Land Bunk (i. e., The Fletcher Savings 6t Trust Company) te pay any necessary assessments is assured. The bends are engraved by the Treasury Department, and it is stated en the face that tbey "Shall be deemed and held te be instrumentalities of the Government of the United States, and as such they and the income derived therefrem shall be exempt from Federal, State, Municipal and local taxation." They are legal investments for oil fiduciary nnd 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 arc unusually attractive te investors paying any but the very lowest income tax. PRICE 101 z AND INTEREST Yielding 4.80 te Callable Date and 5 Thereafter BROOKE, STOKES & CO. Members Philadelphia Stock Exchange 140 Seuth Fifteenth Street Philadelphia 734 Fifteenth St.. N. W. Washington. D. C. :"& 102 St. Paul Street, Baltimore, MsL Till Information ni t!iee eta)!, cs while r.et susrsatryl. ii'c obtained from sources vr l-i: te te relUblt. New Issum $1,000,000 The Tri City Railway and Light Company First and Refunding Mortgage 5 Geld Bends Outstanding, including this issue, 511,750,000 Dated July 1,1910 Due July 1,1930 Redeemable as a whole, but net in part, at the option of the Company en any interest issjami1. date, upon net less than 90 days' published notice at 105 and accrued interest. Trustee: Central Union Trust Company of New Yerk The Company pays the normal Federal Income Tax deductible at the aaurca, at praaent 2 and will refund te holders of the present issua of $1,000,000 the Stat Tax in Pennsylvania te the extent of the present rate of four mills. Mr. Frank T. Hulswit, Vice President el the Company, summarizes Ilia letter te uaaafollewa: Business The Company controls and operates the entire electric power and light, gas and street railway business in Daven port and Muscatine, Iowa and Reck Island and Meline, Illinois, and the gas, electric or railway service in twenty nearby cities and towns. The Company is controlled by and is part of the system of the United Light St Railways Company. Security These Bends arc secured by a direct or collateral lien en the entire gas, electric and street railway property of the Company, subject te $6,908,500 of underlying liens. Upen retirement of the Collateral Trust First Lien 5 Bends in 1923 these Bends will be a first lien either directly or through collateral en the entire gas, electric and street railway properties in the se-called Tri-City group. Based en conservative appraisal the fair value of the physical property is nearly twice the face value of the total Funded Debt of the Company. Earnings Consolidated Earnings for the 12 months ended January 31, 1922, available for interest charges exceed TWO TIMES the annual requirements of the total Funded Debt of the Company, including Bends te be issued. Approximately 85 of the net earnings were derived from the electric and gas business Equity These bends are followed by $3,000,000 face value of 6 Cumulative Preferred Stock and by $9,000,000 face value of Common Stock. The Preferred Stock lias paid 695 per annum regularly since 1906 and the common stock has paid average annual dividends during the last 10 years in excess of 4. Price 92 and accrued interest, yielding about 6.25 Bonbright & Company Chestnut Street Philadelphia The information contained in this advertisement has been obtained" from sources which we consider reliable. While net guaranteed, it b accepted by us as accurate. i. an si i rii -' sa '! in it, irii. t m iiibiii C.iMsli VnllM TruuMt Ki-fiindluc , . !' lUAO . Sprlnclltlit I'm in. Wilier I'vinpniu . ..." iu.'.h ' itruHlirlUce & Clelhlrr Hml II' 104'i i seuiurrn imciiuii 01 iiinursn ...,e-h moo Indlunu, Columbu Kuslern Trae..5'n !9f6 jliftlT" Service Kef. M "nd Art Inst. '-' SAMUEL K. PHILLIPS ft CO. M,Tfe,8mSk?MW PENNA. TAX-FREE BONDS PAUL CO. Straw Falls, atatli Ksehaacs 1421 CHESTNUT STMET Wa Da Xtt Otnr Msratasl Asssasss A. D. CONVERSE & CO. Commercial Trust Bids;. Phila. H Tet BaMa Lawreaca E. irmwm CERTIFIED rUftlC ACCOtW . " "& vsnssSie . 437 STEELE IDEA -l' S5&i.. -80J vscl ceMSrs- i ( it . v nni i ir i:-.a i. an si - .... "i t ta in- si i. vir'ii s m ii'i i -. I 1.1. 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Significant historical Pennsylvania newspapers