' vvus
PW57T3E&3OTMw$
iBBBHBBBimHivinn'T. 'k 'iaamnBinaBnKvrTiv , . jr .1 ..r-n Hanavanit. - vnt'-a. c hj wrr .incnr ft
EHraaBr
fPWf
f
."$' wwiMCTTjasjiBrar.Y ftsra
i mmmTvvr:?:' . y , ;: vr;w gw v yrfmmw-1
'IS
r i-rfv'.; ' - - v'v B ' V1 f,w v 7 y'w - ' . ' , .
EVENING PUBLIC LEDGERPHIEADELPHIA, VEDNESDAY, MAY 24
1922
23
A ' 1
Vntiiiiiatllll,llllliaifIIIliaillll'ltfltll1tlllllllfllilllllllltlf,laitllflllltllfflflIIIllllll,,iailtlltifflllBllltlRailll111
I J
VA
M
3
5
Are you getting
a well-rounded
banking service?
Occasionally one of our customers advises us that his account
has been solicited en the basts' of a particular freak banking
service.
The Cern Exchange has no freak service te offer you, but it
has a well-rounded banking service that is the result of an
organization striving many years for perfection In the up
building of its business.
Modern business men and women need a bank that is mere
than a place te deposit and pay out money. "
Yeu should have a bank
1 that can be depended upon In tight or easy money marketa.
2 that welcomes email as well as large bniin&w and is In position t
handle either class.
8 that promptly collects checks, drafts or ether items payable any
where.
i that can fire lite credit information.
6 that can give worth-while and unbiased advice en investments.
6 with the best safe deposit system known.
7 that has a geed Foreign Exchange Department with its ewa direct
correspondents in all parts of the world.
8 with a foreign service for the development of commercial business
abroad, including translations and interpretations of languages.
6 that knows about improved methods of conducting business else
where. 10 that has a library for the study of foreign trade and business sys
tems and management
11 that has a Trust Department te care for estates, personal and cor cer cor
perate trusts.
Teu are assured of this complete service at both our centre
city office, 1517 Chestnut street, and main office, Chestnut
street at Second.
CORN EXCHANGE NATIONAL BANK I
. CHESTNUT ST AT SECOND 1512 CHESTNUT ST.
PHILADELPHIA
?t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i ( 1 1 1 J 1 1 1 1 1 1 ! , 1 1 1 , 1 1 tl 1 1 1 Illllllllllliiiiiinii, IIIIHIIIIIIII IHMlllllii
New Issue
$400,000
Salem County New Jersey
5 Per Cent. Temporary Lean, Highway Construction Bends
Dated March IS, 1922. Interest payable March and September 15.
Maturities: $200,000 March 15, 1924; $200,000 March 15, 1925.
Exempt from all Federal Income Taxes. Free from all Per
sonal Property Tax Imposed by the State of New Jersey
FINANCIAL STATEMENT
(as officially furnished)
Total Assessed Valuation (1022) $33,074,973
Total Bended Indebtedness (including this issue) .... 852,758
Ratie of Total Bended Indebtedness te Assessed
Valuation (1022) .. 2.57
Population (census 1020) 36,572
We offer this issue, when, aa and if issued, and subject te
approval of legality by Jehn Hampton Barnes, Esq., E. B. Merris,
Jr., Esq., and Charles Myers, Esq., of Philadelphia, Pennsylvania.
, $200,000 due March 15, 1924, at 101.14
200,000 due March IS, 1925, at 101.67
Te yield about 4.40. Circular upon request.
Edward B. Smith & Ce
, 1411 Chestnut St, Philadelphia, Pa.
Md&M :m , .,- w Vi
0'
" A
'tM
!
mmlmmaammt-
iSAMISsSffiSra
v PRICES
Toe Late?
Hm tbe recent ziw akin
Dsedtbe cream from the
bend muxet?
. bsttoelatetDbayboodi?
Babson's
REPORTS
fast off the
b sact it esttfaaa ekart wfakh
itne proesoss trsea ct Dena
prices eviry year for tee next
Seyatnl
Repert m Reqmtt
A sairtsl rspriat li being ran of. n
yee7erSmm,cpvr-Utv out theMeae
ew aadhane k toyecf secieuiy
VkmymSkiMtm the mernWs mail
MEMO-
for Tear Secrstsry
Bafasea. president et
urbanisatien.
Maes aa feOews:
BESETS1
flaaee aend ra-
latin MIZihew
tag bend prices
ter 20 years.
B9
BasssBBaanaVBsHaw
E. H. Rollins & Sens
Founded 1810
Investment Bends
1421 Chestnut St., Philadelphia
Pheno Txnst 7300
Bosten New Yerk Wllkes-Batre
Baltimore Chicago Ban Franciice
Free of all Federal Income Taxes
Cleveland. Ohie
5 Bends
due
March 1, 1020-68 incl.
Maj 1, 1030-44 incl.
Prices te yield'
4.25
Descriptive circular en request
Investors
Pocket Manual
A handbook of ready refer
ence and Information, giv
ing statistics, dividend
rates and records; high
and low prices for the
pest ten years; capitaliza
tion and much ether val
uable data. Indispensable
te the discerning Invester.
Send for Free Copy
MORRIS & SMITH
Members New Yerk Stock Exchange
115 BIIOADWAY, NEW YORK
14 Ne. 5th Street, Reading, Pa.
Phenes: Dell S3Ui Cens. 1454.
American
Beet Sugar
A cerapUte
ANALYSIS
and
CHART
Showing history, present
status and outlook ei the com
pany, together vjlth a graphic
presentation el the move
ment el Its stock.
Ask for PL-47S
Free en request
H ARVEY A. WILLIS &C0.
ESTABLISHED 1901
Members Consolidated Stock
Exchange of .Vete Yerk
20 S. 15th St., Philadelphia
Phene Bpruca 784 1
MAIN OFFICE ' BRANCH OFFICE
32 Broadway 1 60 Market St.
New Yerk Newark, N.J.
rOILC
La7,
PREPAREDNESS
te a business meant being
ready for the emergency.
Trade demands never give
long notice; be ready, build
new; the demand It here.
JOHN N. GILL
CONSTRUCTION CO.
Commercial BeiUinfi, Facteritt,
ruli'lolleni and Smaller Werk
Otis Uulldlnr
FUILAOEU'UIA
ranV
,.y vW 1 , Vi. . fcJtt . -'. Mti.
M
O
O
D
Y
R
A
T
.1
N
G
B
O
O
K
S
E
R
V
I
C
E
P
R
O
T
E
C
T
S
$2,750,000
Merchants & Manufacturers Exchange of New Yerk
(GRAND CENTRAL PALACE AND PARK AVENUE ANNEX)
20-Year Sinking Fund Mortgage 7 Geld Bends
(Closed Mortgage)
Te be dated June 1, 1922 Te mature June 1, 1942
Interest payable June land December 1. Coupon Bends In denominations of $1,000, $500 and $100, registerable
t te principal. Redeemable at the option of the Company in whole or in part for the Sinking Fund at the follow fellow
ins; price and accrued interest; at 10S te and Including June 1, 1932; at 104 te and including June 1, 1937; and at
Company agrswa te tsar ths W ermal Federal lnmmTax up te 2 end te refund en application
tfce stnnayrmnl 4-MilI Tax te bolder retidant In Pennsylvania.
lOJW YOJtK TBUST COMPAHY. WWTreWC THUSTMB
THESE bends will be secured, in the opinion of
counsel, by a closed mortgage en the leasehold cov
ering the block extending from Park Avenue te
Lexington Avenue between 46th and 47th Streets,
New Yerk City, and the present building thereon,
known as Grand Central Palace, together with an
adjoining twentttrttery office building te be known
as the Park Avenue Annex, facing en Park Avenue,
te be constructed immediately. This mortgage will
be the first and only lien en the leasehold covering
the land and buildings, and no lien, except taxes,
can be created ranking prier te or equally with it
during the life of any of these bends. The lease,
which contains very favorable terms, extends, with
renewal privileges, until 1985.
THE leasehold and buildings, including the Annex
at less than the contract cost, have been appraised
by Messrs. Douglas L. Elliman & Ce. as having
sound values in excess of $9,000,000, as of April 21,
1922.
THE present net income from existing contracts in
the Grand Central Palace alone, for the year ending
December 31, 1922, as certified by Messrs. Marwick,
Mitchell Ai Ce., Accountants and Auditors, is in
excess of total interest and sinking fund require
ments of $257,500. Estimated net income from the
total property after completion of the Park Avenue
Annex, available for interest and sinking fund
charges is $946,330, or 3V2 times such charges. This
estimate is based en existing contracts, renting
available space in Grand Central Palace at prevail
ing rates and rentals at $2 a square feet for the
entire Annex. The average rate for office space in
this locality is from $3.00 te $3.50 a square feet.
THE buildings will have their main entrance en
Park Avenue within 400 feet of the Grand Central
Terminal. The Grand Central Zene, with its rail
way terminal facilities and its ease of access by sub
way, elevated and surface lines, is assured of its
permanence as a business and shopping center of
New Yerk City.
FROM the proceeds of this issue a twenty-story
office building will be constructed at an estimated
cost of $2,000,000 and certain alterations will be
made in the Grand Central Palace.
DURING construction, the funds will be trusteed
with the New Yerk Trust Company, te be drawn
as construction progresses against architects' cer
tificates. The building will be constructed under a
maximum cost contract, with a satisfactory bend
for completion deposited with the Trustee.
THE mortgage will provide that one-twelfth of an
nual interest and sinking fund charges of this issue
and one-twelfth of local taxes shall be paid monthly
in advance te the Trustee. Prevision will also be
made for the maintenance of a contingency fund
with the Trustee equal te 10 of the greatest
amount of bends then outstanding with the public.
A Cumulative Sinking Fund, sufficient te redeem
the entire issue by maturity through semi-annual
purchase or redemption of bends, will begin te
operate immediately.
These bends are offered for delivery when, as, and if issued and received by us, subject te the approval of legal
details by Messrs. Simpsen, Thacher As Bartlett for the Bankers and Messrs. Beekman, Menken es Qriscem
and Messrs. Davis, Wagner, Heater 8s Holten for the Company. Interim receipts or temporary bends will ba
delivered in the first instance.
Price 99 and Interest Te Yield Over 7
Tucker, Antheny & Ce. Otis & Ce. Wm. Henry Barnum & Ce.
The information contained in this advertisement is net guaranteed by us but has been obtained from sources we believe te be accurate
Twe Per Cent or
Six Per Cent ?
A "successful" stock speculator recently
admitted te us that after ten years
trading for profit, the net return en his
capital averaged only 2 per annum.
He had always been trying te "make a
killing," but his occasional profits were in
variably offset by occasional losses, and in
the long run he did net make even normal
interest en his money.
Hew much wiser he would have been had
he continuously invested his capitul in high
class securities, which would have given
him an average yield of at least 6 per
annum.
If he had used Meedy's Rating Service his
success would have been greater than this,
as he would have occasionally changed his
holdings within the high grade field, te
take advantage of changing economic and
money market conditions.
We have thousands of clients who have
followed the latter policy and reaped a large
measure of success.
Moodys Investors Service
35 Nassau Street, New Yerk City
BOSTON
101 Milk Str.rt
PHILADELPHIA
Rul Eitit, Tru.t BU
CHICAGO
Pint NtUentl Dnk BIJ4.
We own and offer
$200,000
Philadelphia Suburban Gas & Electric Ce.
General Mortgage 6 Bends
Due December 1, 1969
Price 95 and interest te net about 6.35
FREE OF 2 NORMAL FEDERAL INCOME TAX
TAX EXEMPT IN PENNSYLVANIA
Descriptive circular upon request
HARRISON & CO.
BANKERS
106 SOUTH FOURTH ST.
PHILADELPHIA
Members New Yerk ift Philadelphia Stock Exchanges
v. Jv'MSn'.-vA
STATEMENT OF
Hamilton Trust Company
at Clese of Business May 4th, 1922
ASSETS
Leans and Investments e 7er, c . . en
Bank Building '. 'Kh2
Accrued Interest Received "4 91 9e
Cash en Hand und in Bank .' .' .' I 58776ole2
i a .. . We "$3,572, 199TSS
Capital, Surplus
Undivided Profits ....
Reserve for Depreciation
rtiwiiiMii. ii..u
j '""Ti yi.. ...,.....,. ,., 71000
niE&tt??9!' n - 6$8.
&Li?it .' ' ' ' ' ' '''l''r M ' ? '? 8.082.489.85
L.'.. .,' i .It. .T . n,i ..-! ,,.,.. .,..u , uTST'j FTTTTmesretmmmmsmmi
LIABILITIES
$ 452,071.09
30.000.00
Income
Taxes
should be considered in determin
ing the relative desirability of
taxable and tax-free securities.
We have had prepared a small chart which
will enable you te determine at a glance,
without any calculation, hew mceme from
a taxable security, after deducting income
taxes at any given rate, compares with
the income from a tax-free security.
One or mere of these cards sent en request
Bajrseit Bres. & Ce.
QAJTKERS
1421 CHESTNUT STREET
PHILADELPHIA
Members Philadllphia Stock Exciunsi
Guaranteed
Stocks
MORLEY, WOOD & Cj
333 Ckaateut Street
ummttn st. v. raft, is
-fit
4
,
btU.A.hUhN&M)N&
llrmhrrs ef h rUlaJMnhlii. Mm
lark find Chltajre Hlek TttiamesTt
STUL'KS
, . .-!
& BONDS
--Deugnt and aeld ler Msk'
MMtyMrvtftf
sjj
Ui
4
M
i ft
.ira-rti
" JH
Mi
"jpQirMt
.v''1
..
n
Wi-tiAv-:
It, v j-ji
L,Y:v.ux2i!kE!sl