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Ne'. S A StrUi Mewing
ih. Vila. Back of
iv;
K
l:
i
iVietv Issue
.
$3500,000
ka & (Eemjmmt
s : ,
20 Year Sinking Fund Mortgage 7 Geld Bends
Dated March 1, 1922 (Closed Mortgage) Duc March 1, 1943
R3ibu!i-!l?e.?p,t2n. of &, Cei?Pan in whole or in P" of 'or the sinking fund at the following prices and '
SS im.!5?!; JJ? an? i1In September 1, 1930; at 1074 te and Including September 1, 1934; at 105 te
M.Sh'fti l25SS5er i1' F! 4 decreasing 1 each year te maturity. ' Interest payable
SSL JSS?nP?,b,rf1 hj?eut deduction for Federal Taxes net exceeding 2 per annum. Pennsyl
vania four mills tax refunded te resident holders in Pennsylvania upon application te the Company. ., ,
Coupon Bends in denominations of $1,000, $500 and $100 registrable as te principal.
CENTRAL UNION TRUST COMPANY OF NEW YORK, Trustee
Isadore Saks, Esq., President of the Company, has briefly summarised his letter of March 11, 1922, as fellows
Business: Saks & Company, a New Yerk corporation, has for twenty years conducted a constantly
growing and uniformly successful apparel and specialty business located at 34th Street and Broad
way, New Yerk City. The business is characterized by rapid' turnover of stock, the average rate
of turnover being less than ninety days. The risk of serious shrinkages of inventory is thus elim-'
mated, as proved by the profits during the last two years of falling prices. The store has always
handled standamed high grade goods and the bulk of the business comes net from transient
visitors te the store but from regular customers of years' standing te whom the new location will
be much mere convenient. It is because of this that it has been deemed wise te move the business
te Fifth Avenue, where this type of patronage is new concentrated.
Building, and Leaseheld: The Company has secured upon unusually favorable terms a lease for
a total period including renewals of 105 years, covering 36,700 square feet of ground en the East
piue ex rum Avenue Detween win ana sutti streets, including both of these corners, en which it
intends te erect a modern store building estimated te cost with equipment approximately $4,250,000
and with apprelirnately double the fleer space of its present store. Cruikshank Company in an
appraisal made March 1, 1922. state as follews: "In our emniein a fair and riainnarili vain r( th
leasehold,' exclusive of the building, is $1,250,000
Security: Thes bends in addition te bcujg the direct obligations of the Company, are specifically
secured by a closed mortgage en the leasehold of the premises within,-descnbed and of the new
store building te be erected thereon. Concurrently with the issue of the bends a fund of $3,500,000
is te be deposited in trust for the purposes of the construction as fully explained in the President's
. letter.
The balance sheet of the Company as of January 31, 1922, after giving effect te the present financ
ing shows current assets of $8,363,863 of which ever $5,300,000 are in cash or in United States
Government securities. Current liabilities are $1,100,544. Out of these funds, the segregated
deposit te insure the construction of the building will be set aside in trust.
The Company has no bank leans and has net for seven years been a borrower, except during the
war, for the purchase of Liberty Bends. The Company agrees net te pay arjy cash dividends out
of the present surplus of the Company nor out of profits made prier te July 1, 1924, nor any cash
dividends that will reduce the net quick assets below the face amount of the bends of this issue
from time te time outstanding. The result will be that during the period of construction of the
new building the entire ne.t earnings of the Company will be added te its present surplus.
Earnings: Net sales of the Company have grown from $5,192,000 in 1912 te $14,922,000 in 1921.
Fer the last five years net earnings (before income or profit taxes) available for interest have aver
aged $995,322 and in 1921 were $1,082,604, in both cases mere than four times the $245,000 max
imum interest charges en this issue as fellows :
1917 .M.i.wM.,.1. $645,544 1919 ....'. $1,615,341
1918 . 709,585 1920 923,538
1921 '. $1,082,604
KOTE Eainins for 1920 re afttr deduction cf SMO.OOO paid in connection with tLe acquintien et the Hfth Avenue Leue.
Sinking Fund: A Cumulative Sinking Fund calculated as sufficient te redeem the entire issue by
maturity through semi-annual retirements, will begin te operate net later than 1927.
These bends are offered for delivery when, aa and if issued and received by us and subject te the approval of ttur
counsel. Interim receipts or temporary bends will be delivered in the first instance. All legal matters in connection
with this issue arc subject te the approval of Messrs.' Cravath, Hendersen, Leffingwell and de Gcrsderff for the bankers
and Messrs. Feiner and Maass for the company.
Price 99 and-iriterest yielding about 7.10
J. & W, Seligman & Ce.
Hallgarten & Ce.
Kissel, Kinnicutt & Ce.
Tucker, Antheny & Ce.
T. fUteaents pretectal in thi .drertisement, ii!e net rursntetd, re obtained from .eurcei which we believe te be reliable.
$2,500,000
Minneapolis, St. Paul &
Sault Ste. Marie Railway Ce.
First Refunding Mortgage 6 Sinking Fund Geld Bends
SERIES "A"
Dated July 1, 1921 ' Due July 1, 1946
The Bends are net callable as a whole or in part
Coupon Bends of $1,000 and $500 denomination with prevision for registration of principal. Interest payable January 1 and
July 1. Principal and interest payable in geld in New Yerk. Total Series "A" bends authorized and issued $15,000,000.
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
These Series "A" First Refunding Mortgage Bends are secured by direct mortgage lien en all the com
pany's railways and appurtenant property new owned, subject te the Company's prier bended debt,
outstanding at the rate of about $22,583 per mile, and en all property hereafter acquired with the
proceeds of bends issued under the mortgage.
The Canadian Pacific Railway controls the Minneapolis, St. Paul and Sault Ste. Marie Railway
through ownership of a majority of each class of theutstanding stock.
The company's lines directly owned and mortgaged under the First Refunding Mortgage comprise ever
3,305 miles of railway, extending East and West from Minneapolis and St. Paul, giving these cities outlets
te the Pacific and Atlantic coasts in connection with the Canadian Pacific Railway. The "Soe" Railway
Company in addition controls the Wisconsin Central Railway of 1,023 miles, as a division into Chicago.
The Company has outstanding $12,603,400 preferred stock and $25,206,800 common stock, and has
paid cashsdividends en each class of stock each year since 1903. ,
We offer these bends for delivery when, as and if issued and received by us, and subject te approval of the issue by
the Interstate Commerce Commission and by our counsel. It isexpected that definitive bends or interim receipts)
of Dillen, Read V Ce,, exchangeable for definitive bends when received will be deliverable about March 28, 1922,
Price 103 'A and Interest. Te yield about 5.75
Dillen, Read & Ce.
The information contained in this advertisement has been obtained from sources which we consider reliable,
While net guaranteed, it is accepted by us aa accurate.
1
Pennsylvania Edisin
Company
Cumulative Preferred Steek
Dividend $8 per Share
per annum
AN IMPROVEMENT
The decline in wages and
reduction in commodity prices
have benefited the Pennsyl
vania Edisen Company. It
has no .inventory te mark
down anil sells without com
petition. In fact, the business
has been benefited rather tlian
harmed by the recent depression.
This is an important rea
son for our recommendation
of the Preferred Stock of
the Pennsylvania Edisen
Company, te yield 8.
Shall we send you information?
Jehn Nickerson, Jr.
61 Broadway 314 Ne. B'wajr
New Yerk City St. Leuis, Me.
Income Tax
Returns
Until March 15th
a. representative of
the Internal Revenue
Bureau will be at
this office te assist in
making out your re
turn, accept your af
fidavit without charge
and receive payment
of your tax.
COMMERCIAL
TRUST COMPANY
Member Federal Reicrve Syittm
City Hall Square
E. H. Rollins & Sens
Founded 1870
Investment Bends
1421 Chestnut St., Philadelphia
rhene. I-ecmt 7300
New Yerk Wilkes-Barrc
Bosten
Baltimore
Chicago Han Francisce
City of Les Angeles
5 Bends
Dee serially 1929 te 1961, Incl.
Prices en Application
Free from all Federal Income
Taxes
Send for Dcscupthc Circular
STOP KNOCKING
PHILADELPHIA!
Tell the truth about the City
of Brotherly Leve. If it's
Reed enough for you te live
in and make your living, it
deserves your whole-hearted
support. Yeu don't need te
apologize for Philadelphia
se see te it that Philadelphia
docs, net need te apologize
for you!
Write for HoeM.t I, ilec rip rip
tlve or it ri Imesuniftit oppor
tune thnt will li.-lp ixiest
I'lillailelplil.i. atf' I'Killt
uliln' llmlerhcd by Railing
bankers !
GENERAL MORTGAGE
FINANCING CORP.
Ridge & Girard Ave).
TO THE HOLDERS OF
Bethlehem Steel Company
'.,. v t w. im r it t r..:f:.. " Hi
ruteen I eir aeven rer vu manic equipment i rui v iuiw
Due October 1, 1935 H
Netice is hereby given as provided in Article V of the Agreement dated October
1, 1920, between Ore Steamship Corporation, Guaranty Trust Company of New Yerk
as Trustee, and Bethlehem Steel Company, that Six Hundred Forty Twe Thousand
Dollars ($642,000), par value Bethlehem Steel Company Fifteen Year Seven Per Cent.
Marine Equipment Trust Certificates due October 1, 1935, issued under satd Agree
ment, bearing the following numbers, have been drawn for redemption and will be
paid en .April 1, 1922, at 102 per cent, of their par value and unpaid dividends
accrued 'thereon te that date:
CERTIFICATES AT $1,000 PAR VALUE EACH
71 2410 3637 5334 66S3 7699 9542 11158 12480 14107 15918 16871 18189
151 2433 3666 6337 6670 7700 9577 11161 12487 14224 15919 16872 18191
571 2434 3681 5338 6671 7708 9657 11226 12562 14263 15920 16873 18341
645 2482 3682 5339 6672 7709 9704 11227 12564 14264 15926 16874 18346
648 2487 3683 5383 6673 7737 9801 11228 12578 14308 15954 16876 18352
647 2488 3720 5384 6675 7837 9831 11229 12614 14341 15966 16877 18400
648. 2489 3721 5385 6684 7838 9832 11230 12615 14342 16030 16905 18572
660 2491 3828 5442 6735 8017 9914 11231 12616 14344 16082 16972 18573
661 2509 3B29 5502 6738 8029 9938 11232 12715 14374 16096 16973 18603
697 2510 3830 5510 6776 8119 9941 11233 12729 14375 16114 16974 18605
701 2534 3850 5541 6777 8123 9946 11234 12739 14412 16133 16975 18640
702 2574 3915 5559 6778 8154 9947 11235 12740 14442 16134 16976 18749
740 257C 4021 5680 6779 8197 9964 11340 12741 14521 16140 16977 18777
741 2579 4095 5685 6789 8201 10067 11349 12742 14576 16216 17046 18791
742 2589 4114 5757 6790 8239 10071 11350 1851 14626 16272 17056 18792
809 2596 4286 5980 S791 8342 10072 11364 12871 14682 16274 17101 18814
823 2604 4375 6076 6796 8343 10073 11365 13127 14720 16275 17163 18820
844 2606 4462 6077 6818 8374 10095 11382 13131 14864 16295 17404 18842
853 2632 4480 6078 6839 8375 10139 11447 13132 14865 16411 17423 18844
854 2633 4526 6080 6842 8394 10179 11519 13178 14897 16426 17506 18852
995 2751 4543 6081 6853 8396 10185 11525 13193 14929 16431 17511 18853
1466 2810 4573 6082 6872 8397 10197" 11526 13213 14931 16432 17513 18876
1522 2814 4574 6083 6906 8416 10251 11527 13254 14963 16548 17523 18882
1527 2815 4576 6120 6939 8515 10253 11528 13255 14970 16563 17529 18896
1528 2816 4608 6175 6940 8625 10265 11529 13302 15068 16594 17612 18909
1617 2851 4634 6250 6941 8789 10267 11540 13309 15069 16676 17619 19016
1618 2854 4738 6251 6947 8790 10283 11557 13355 15126 16677 17622 19017
1619 2855 4820 6263 6976 8791 10284 11616 13365 15246 16678 17646 19032
1687 2856 4883 6289 6977 8823 10326 11619 13366 15247 16710 17686 19068
1807 2922 4891 6294 6986 8908 10403 11620 13367 15402 16719 17775 19072
1886 2929 4904 6350 7047 8939 10420 11625 '13368 15403 16732 17964 19073
1899 3057 4905 6351 7083 9103 10480 11636 13369 15404 16733 17965 19109
1909 3058 4908 6365 7103 9113 10529 11663 13370 15440 16734 17966 19202
1997 3214 4913 6366 7304 9121 10531 11937 13395 15454 16735 17971 19208
2033 3215 4914 6367 7445 9123 10561 11938 13452 15455 16736 17976 19216
2079 3216 4916 6368 7450 9240 10590 11939 13453 15482 16738 17977 19220
2174 3217 4983 6369 7470 9263 10619 11940 13512 15602 16769 17984 19233
2180 3218 4992 6388 7471 9310 10620 11955 13608 15607 16770 18031 19236
2196 3219 5051 6390 7472 9311 10628 12084 13609 15636 16796 13032 19249
2241 3236 S129 6391 7473 9327 10659 12087 13663 15678 16799 18038 19251
2242 3237 5131 6521 7507 9356 10695 12092 13664 15730 16826 18105 19756
2245 3246 5132 6537 7519 9357 10699 12093 13665 15731 16827 18106 19803
2297 3265 5133 6545 7520 9358 10973 12094 13804 15807 166-28 18107
2304 3266 5170 6601 7586 9458 11030 12136 13820 15808 16829 18108
2320 3267 5171 6604 7660 9459 11031 12237 13821 15809 16852 18109
2321 3439 5172 6606 7661 9468 11043 12317 13822 15810 16861 18146
2322 3463 5177 6640 7680 9509 11060 12351 13993 15813 16867 18147
2323 3500 5178 6641 7681 9510 11077 12381 13994 15814 16868 18162
2336 3523 5305 6642 7682 9512 11092 12386 13995 15882 16869 18181
2376 3636 5306 6643 7692 9541 11156 12433 14106 15890 16870 18188
Helders of the above certificates should present them for payment en or after
April 1, 1922, at the TRUST DEPARTMENT of the Guaranty Trust Company of
New Yerk, 140 Broadway, New Yerk City.
After April 1, 1922, dividends en the above certificates will cease and the war
rants maturing after said date will become null and void. Dividend warrants payable
April 1, 1922, should be detached and presented for payment in the usual manner.
GUARANTY TRUST COMPANY OF NEW YORK
Dated March 11. 1922.
D;: WILLIAM C POTTER, President.
$1
,050,000
City of Philadelphia 4lA Lean
Dated March 16, 1922 Interest Payable January 1 and July 1
20-50 Year Registered and Coupon Bends, Due March 16, 1972, with the option te
the City te redeem at par and accrued interest at the expiration of twenty (20) years
from the date cf issue of this lean, or at any interest period thereafter, upon
sixty (60) days' notice by public advertisement
Free of AH Taxes in Pennsylvania
Free from Tax Under Income Tax Acts of Congress
Legal Investment for Trust Funds
Bends of the City of Philadelphia enjoy a high investment standing. They are
owned largely by savings funds, trust estates and conservative institutions.
Negotiable Interim Certificates will be issued if desired, pending engraving of
permanent certificates.
Lean certificates interchangeable as te form from registered te coupon, or from
coupon te registered, and re-exchangeable from one te the ether from time te time at
option of holder, and coupon form may be registered as te principal.
May be bought in denominations of $ 100 and its multiples, in registered form; and
in the sum of $1000 in coupon form. Sealed proposals will be received at Mayer's Office
until Monday, March 27, 1922, at 12 o'clock neon. Bids must be en form which
may be had en application te Mayer's Office, and must be accompanied by certified check
for 5cc of par value of the amount of lean bid for. The right is reserved by ihe under
signed te reject any or all bids, or te award any portion of the lean for which bids shall be
received, as they may deem best for the interests of the City.
Full descriptive circular furnished en application te the Mayer's Office.
J. HVMI'TO.V MOORE, Max.r
ILL1J. IIADLEY, City Controller
D WID J. SMY'I II, Citv Solicitor
FOR the purposes of
these who wish te
make temporary invest
ments we have a selec
tion of geed securities
maturing at various
times between J u u p,
1922, and March, 1925.
for sale at prices te yield
from o.le'o te 7'"Jue.
Seme are tax free in
Pennsylvania.
Ceiifrrticd Li invited in
irspect te the n&ei'fl and anv
ether Investment subject.
HARPER &TURNER
Investment Bankers
ilemlers Philadelphia Stock nxchange
Stock Exchange Building
8i!rn!en Philadelnhia iw
n
SKB
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GREAT NORTHERN '
POWER CO.
First Mortgage 5's
Due 1935
1. Hyilre-eUvtric property
serving Dulutli. Minn ,
and Superior, VK
2. 'Large annual '-inking
fund.
3. Fimt niurigiii.. -n en
tile prepei t
4. Ample earning power.
Yielding About 5.80
Coffin & Burr
Inrnrpnrutril
Drexel Building
Philadelphia
- I f : -. . iTV .
rzAi i
Darby, Media & Chester
Street Rwy. Ce.
1st Mtge. 4Va Geld Bends
Guaranteed principal and
interest by indersement
by the Phila. Rapid
Transit Company
Free of I'enna. Tax
Price 81 V4 and Int.
Te Yield 6Yz',
(i
C (ttlvei'tltf iliaritinui r,f
fCfmfiitfeii bn ii'm 'i i mi
dealer hi x.rurltii n u,ii.i h
filared unde mperoiiten n the
Mnti' iKinhlnii iiriiattment and
be Ailbu.ft In CTilmtnnHii.i ..a
required of Banks and Trust
ernjianu'S.
)
Mackie,CrouseCe.
nu.i. K&Tvri: tki st in.nr..
WiWniit O.'Stl tl(r (m7(1
Hydro-Electro
Bends
Safety With
Geed Yield
Vritt- for (loMiiptien and prices
f .some atrai-tie Hjure-Elcctric
sues.
nenry L. Oeherty & Ce.
'"M Merris BiiilrTn" Phia., Pa,
SIERRA & SAN FRINCISCC
POWER COMPANY
2n ' Ss, Scries B
Due January, 1949 V.-
Arthur C. Richards & Ce.
I'm at r Telephone tn Vrm Yerk
Drexel H'l'Mini?
Hell. 1.(111. 1.511. ICr Mime. M.ih. am
. w
UE0.A.HUHN & SUMS
STOCKS AM IIONns
Irmbrrk nf Jlit riilKiilniilila. f,tt
lerk uiul Ihlcucn Sterk i:uti.inte
NfT Yerk t'ntien Vuhuntj
CtmmUtten OH.rt Execut.d la
All Ih. Prlnrln.l Mark.li
Ubtrly Bend Bought and S.ld
Ullru Court llldi:., 118 Wnluui et.
M. ., Ill llreudwar
3iuvrprat9
fkfft IbtaLliifcld 1I94
An orueuliatuiii u; eniMiviut-J Kniiiier-
i'ublle l iiuty and . Induitrlm Ituslntu.
Idl CHUbTNUT h'lHUUT
l'HIIDEI.l'HlA
Hll Tli'heii! fprur. (MM
MORRIS J. ROOT
Lertitied Public Accountant
I nfrk.iAtl. D..M-1 " m a a.
...ajrCiic uuuamg, rnuadelDMa 1
iSK"" j
WIEGHER, ROCKEOtf
P.IC.J D..L.I A . . -rlT,
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