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$1,200,000
Alaska Anthracite Rail Read Ce.
First (Cloud) Mertfige 6 Twenty-Year Sinking Fend Geld Bends
(Authorial 4 OuUt.p4lfl S),SOO,6eO) '
Dated January 1, 1921 ' ' w Due January 1, 1941
Inttrett payabla Mml-anntully, January 1 and July 1, without deduction for present Nermal Federal Income Tax, at
. the National Park Bank of New Yerk. Coupon Bends in denomination of 11,000 with' privilege of registra
tion as te principal. Redeemable as a whole or in part, by let, en' any interest date after1
January 1, 1926, en at least sixty days' notice, at 105 and accrued interest , ,
, THE NATIONAL PARK VBANK OF NEW YORK, TRUSTEE
Follewint summary of the salient features of this Bend issue taken from the application for authority te issue the Bends made
te and approved by the Interstate Commerce Commission;' y
PROPERTY: The Company has obtained from the United States Government right-of-way rights, terminal, junc
tion, wye and station tracts from tidewater en Controller Bay te various parts of the Bering River Ceal Field. On
the twenty-two miles of railroad new completed and operating,, the Company has locomotives, flat and coal cars,
miscellaneous construction equipment and supplies, warehouses, saw-mills, togging equipment and telegraph and
telephone lines., rr
SECURITY,: These Bends are a direct obligation, secured by a $1,W,000 first (closed) mortgage of the Alaska
Anthracite Rail Read Ce., .due January 1, 1941. The First Mortgage Bends cover the entire present properties,
and all extensions and betterments new owned or hereafter acquireder constructed out of the proceeds from this
issue, valued; upon completion of present financing, at $2,604,269.84 ever one million dollars in excess of the
Bend issue which is the only funded debt of the Company.
EARNINGS' GUARANTEES: Three coal preperties: Alaska Petroleum & Ceal Ce., Alaska Coke and Ceal. Ce.,
and Alaska Pacific Ceal Ce., en whose properties an aggregate of $2,000,000 has been expended, have contracted
with the Rail Read Company te ship a minimwa of -90,000 tens of coal each per year; for twenty years, at the freight
rate of $2.00 per ten. This tonnage will provide minimum gross revenue te the Rail Read Company of $540,000
annually, and net earnings of $405,000, or four and one-half times the annual Bend interest. These Ceal Com
panies lease from the Government, which has definitely determined their financial responsibility te develop and
operate the properties, exacting deposit of bend te meet the requirements of their leases.
SINKING FUND: Tb&Company covenants thai it will-create a sinking fund into which it shall put a minimum
of 25 of its netveamtngs annually, en. and after January 1, 1926, which shall be deposited with the Trustee,
for the purpose ef'redecming the Bends, by let, at 105 and accrued interest, en any interest date after January 1,
1926, en at least 60-days' notice.
" '
PURPOSE OF ISSUE: These Bends have beentissued te-provide funds te complete the construction of the read,
including the branch lines, trestle approach, deck and bankers, procure mere locomotives and cars, and provide
additional working capital.
BUDGET: Constructien.plans and a budget for the disbursement of Bend proceeds have been submitted te, and
approved by, the Interstate Commerce 'Commission. The Commission requires that statements of proceeds from
sale of the Bends, and expenditures of these proceeds, be reported te it semi-annually.
CLIMATEtAND TOPOGRAPHY: The climate of Southern. Alaska is very equable en account of the Japanese cur
rent. Temperatures below zero and above 80? being rare. This is less extreme than New Yerk City. The right
of way granted by the United States Government te the Company is mostly at water level, showing less than
xz of 1 gradient in favor of the lead en twenty mfks from tidewater, and net exceeding 2 gradient te the
mines. The maximum haul will be twenty-dgfl miles, of which twenty-two miles are completed and in limited
operation". Ne expensive construction or high maintenance costs.
NO PROPERTY TAX: Ne taxes are assessable against the Company's properties as the mileage tax against Alaska
railroads has been 'repealed by the Government'. ''
LEGALITY: The legal proceedings in connection with the issue of these Bends, which are under the supervision
of Rebert M. Jenes, Attemey-at-Law, of Seattle,' Washington, and Henry R. Harriman, Atteraey-at-Law, of
Washington, D. C, have. been examined and approved by the United States Interstate Commerce Commission.'
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Price: -87 and 'accrued interest) te yield about 7Va -
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$2,500,000
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i The Autecar Company
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Firt Mortgage Sinking Fund 7 Convertible Geld Bends
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1937
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CONVERTIBLE INTO 8 CUMULATIVE PREFERRED STOCK PAR FOR' PAR
Douglas Fenwick & Ce.
Investment Securities
34 Walt Streetr-ttew Yerk
Secer, Weil & Ce.
Members N. Y. Stock Exchange
111 Broadway, New Yerk
'Interest payable May 1st and November 1st without defluctien of the normal Federal Income T net vxceedins 2J4.
Couiieii,bonds of 1,000, rcgisterable as te principal. Redeemable as a whole or for the sinking fund at 107V, and interest.
', ' THE EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE
FREE OF PENNSYLVANIA PERSONAL PROPERTY TAX OF FOUR MILLS
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Members PhSa. Stock Exchange
Land TWa Bailsllng
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The information contained in this advertisement, while tt guaranteed, has been obtained principally 'from the files of the Interstate
Commerce Commission, and from ether sources we beliere te be accurate and upon which we relied in the purchase of these bends.
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STRAUS BUILDING
The Heuse Which
Has Never Sold
An Unsafe Investment
JL HE shrewdest way te judge any investment offered te you
is te investigate he record and reputation of the Investment
Heuse which offers it. Ask these questions
Has the Heuse offering the investment ever recom
mended and sold a security which has suffered default?
If net, has its business been large enough in volume,
long enough in time, te afford a real test of the safety
of its various offerings?
The Heuse of S. W. STRAUS & CO. urges you te ask these ques
tions of every investment house which offers securities te you.
Our own answer is clear and unequivecal: we have sold secur
ities for 40 years without less te any investor, and our business
is nation-wide in scope, involving the sale of hundreds of
millions of dollars in safe securities. Let us tell you the reasons
for our record. Write today for our booklet which describesv
the safe bends we offer, in $100, $500 and $1000 amounts.
Ask for
BOOKLET 767-L
S. "VVC STRAUS & CO.
INCORPORATED OFFICES IN FIFTEEN PRINCIPAL CITIES ESTABLISHED t88a
STOCK EXCHANGE BUILDING, PHILADELPHIA
'Telephone, Spruce 5628
FORTY YEARS WITHOUT LOSS TO ANY INVESTOR
Auiimii i ill ii 1 1 :i'i ii ill ii.i nullum mi i 'iiiiiiii n.tii.m'iiiiiiiiii n.uun iffi
p CONFIDENCE
1 is created by the ability
I te serve efficiently and
resourcefully. With an
I expertly trained staff in
each department and an
earned surplus of TWO
AND A QUARTER
MILLIONS OE DOL
LARS, this bank of SI
years of service has the
facilities and financial
protection te give you
genuine confidence when
you BANK HERE.
Vc summarize as fellows from a letter of David S. Ludlum, President of The Autecar Cempany: - 4
CAPITALIZATION upon completion of the the present financing :
Authorized Outstanding
' F!r.t MertK.K. Bend., Thh ft.ue $3,500,000 $2,500,000
v 8 Cumulative Preferred Stock 5(000,000
Common Stock 10,000,000 5,072,600
THE COMPANY was incorporated in Pennsylvania in 1899 and is engaged in the manufacture
and sale of commercial automobile trucks. Over 90 of the Company's output is sold direct te
customers through its branch sales and service stations which are located in 31 cities. Over
27,000 Autecar trucks are in use by mere than 9,000 owners.
The annual net factory sales have grown steadily from $1,017,052 in 1909 te $11,266,690 in
1920; sales in 1921 were $9,373,480.
SECURITY: These Bends will be the direct obligation of the Company, and will be secured
by first mortgage en the main plant of the Company, at Ardmerc, fa. uay lmmermann,
Inc., under date of April 19, 1922, appraised thS reproduction cost of this plant, less deprecia
tion, at $3,499,275.
NET EARNINGS for the three calendar years ended December 31st, 1920, averaged ever
$896,000 per annum, after allowance for depreciation, but before interest and Federal taxes,
or mere than five times annual interest requirements en these bends. In 1921, the Company
lest $635,562.80 after all taxes, interest and inventory readjustments.
The business is new en a satisfactory basis, and there is every indication that the Company
will show a substantial profit during 1922. (
NET QUICK ASSETS: As of December 31st, 1921, quick assets aggregated $6,316,827.18, as
against current liabilities of $3,043,131.94.
SINKING FUND: The mortgage will provide for a semi-annual sinking fund equal te 5
per annum of the maximum amount of bends issued.
COVENANTS: The mortgage will provide that the Company shall at all times maintain net
quick'assets in an amount net less than 80 of the par value of Bends of this issue outstanding,
and that the Company shall pay no cash dividends en its Common Stock unless, after providing
for the payment of dividends, quick assets shall be equal te at least 200 of current liabilities.
ADDITIONAL BONDS may be issued only under conservative restrictions.
The hoeka of the Company have been regularly audited by Messrs. Lybrand, Ress Bre3. & Montgomery since 1911.
Legalities in connection with this issue of Bends are subject te 'the approval of Messrs. Henry, Pepper, Bedine &
Stokes, and J. Heward Rebcr, Esq., Counsel for the Company, and of Messrs. Roberts, Montgomery & McKeehan,
Counsel for the Bankers.
We Offer These Bends, When, As and If Issued and Received by Us
Price 100 and Interest, te Yjeld 7
Janney & Ce. Brown Brethers & Ce. Redmond & Ce.
All Information and statistics lrnve been ebtnlned from sources which we believe te be reliable and accurate, but they are net guaranteed
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Refund of Penna. State Tax
Collecting the Pennsylvania StMe Tax. from corpora
tions who have agreed te refund it -te their Pennsylvania
Bondholders is a troublesome process te many, and the
benefit of this agreement is often lest through failure te
make claim within the time required by the corporation.
We shall be glad te relieve you of as many of the
necessary details as possible.
If, when paying your personal property tax, you will
send us a list of all bends en which you have paid said
tax, the amount of tax paid in each case and the numbers
of the bends, we will fill in and mail te you for signature
the blanks required in order that you may obtain the
refund. Yeu may return the blanks te us and we will
forward them te the respective corporations.
We shall also be glad te keep a record of the numbers
of your bends which in future years will enable us te
prepare the blanks en advice from you of the amount
of refund claimed.
Harrison, Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH STH STREET
PHILADELPHIA
LOMBARD 6100
Te Yield About
- 4V4 te 7V2 .
Municipal Industrial
Railroad Public Utility
Foreign Government
BONDS
The offerings should appeal particularly te
investors desiring a variety of conservative
issues from which te make selections.
Send for Bend Circular 1126
IRedmend &Ce.
Bread and Saniem Sts., Philadelphia
New Yerk Baltimore Pittsburgh Wathinttea
llemliH New Yerk. I'hllauelphle and
Pittsburgh stock KxcIimi .-;
0 tha&Zm&
1 jjggg nBjggjT'iiiiinMi1iiiiiiiiiiifiiiiii'
i if SURPLUSIEARNED) 11 I
111 $2,250,000.00 n I
fi wfiiwiiMnniyii Arswum s a
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jaxn. rauununu irirmi 11 ur m i nuii mn.ti sunt miiiiii 1 1 ma hi: &
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MuCepjriibllWS.brS, W.blruiCe,
City of Seattle
Washington
Municipal Lt. & Pr. 6s
Dub Mar., 1937, 1938, 1941
Alie Nev., 1940
Under opinion of Cennbtl tlifta hends urs
a UlreU obligation of t'.ie city.
Price te Yield 6
Townsend Whelen & Ce.
505 Chestnut St.
McmVtra .V. V, d I'liila. Stetfc Etchangt
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Telephone
Lembard 6S21
We own and offer
$100,000
NEW ORLEANS & NORTHEASTERN R. R. CO.
Refunding & Improvement Mtg. Series ."A" 4V28
Due January 1, 1952
Free of Nermal Tax te 2?I
. Listed en N. Y. Stock Exchange
MOODY RATING Aa
PRICE AT MARKET, TO YIELD ABOUT r.60
We recommend these bends for investment
BATTLES & CO.
Established f90
Independence Square (F t), Philadelphi
MlllliMMUIIlffl MM' llllll .nnillKiH MMinU'i
"If you should analyze
my resources today,
separating the money 1 havts
made from the money that
my money lias made, you'd
be greatly surprised."
This is but another little ex
tract from the story "The
Heuse That Jack Built," ap
pearing in the next issue of
the "North Philadelphian"
te be off the press within
the month. Send your name
unJ addiess for a free copy.
North Philadelphia Trust Ce.
Bread St and German town Ave.
Above Erie Ave., Philadelphia
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HIGH-GRADE BONDS
Helraan, Watsen & Rapp
Land Tltlt Did
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MONEY
Ker .Mnrtcairn.Anr Amount. Clly Trepei-ty
ABE K0LSKY
& COMPANY,
N. Y, COR. TH , WALNUT bTH.
Phil. & Willow Greve 4 '2, 19341
Darby & Yeaden 4'2i, 1934
Northern N. Y. Utilities 5s, 1963
Penn Seaboard Steel 7i iq? '
Alteena & Legan Vy. 42s, 1933
GARRISON & CO.
WIOINER BUItDlNO. riuiAeitmu
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BALDWIN OIL-BURNING
LOCOMOTIVES ARE ECONOMICAL
fVL-BURMNG locomotives offer many economies in sections
-, where coal is expensive. Tlure is lesj waste of fuel, an
important factor in itself: 'renter Mmmmv in h,.n.iu.. i., '
fuel; entire absence of ashes and cinders, and the elimination t
of all danger from sparks. K
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We are also well equipped te design, supply, and Install ateratf;
and oil handling equipment of every fypc, . '"
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THE BALDWIN LOCOMOTIVE WORKS
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