mwwT WWWR liltl w & k ix j 1 .!' WmHtetnA-WMIk '"lAHKi'KfSli JS" & ntair.T5. :& 'j?..::. . - iBWr. Tr v.- fuire kkii ftlft,. ..' MS." J ' ' A.XKM?T'' WrVi& .TVI fi Wt'-, 1 fijuS&V .Jf'H wsMmtiffiww-i wmjim ".MiJ "1.T EVENING. PUBLIC LEDGtEp-PHILADELraiA, TgPBSDAygpUNE 1, ,1922, v.twi'w;cvsr te i fi L -S- '"' -t- flOOO SONY 7 '31.. Wi te lOOji bony im,..in' ijjH ion?. iHt.vart Wa'r H..II3 US lt ITtxm Ce 7.. . 10l- IM'i 101't .'een liwnn I mm J .(lIO Ifinn Telfdn Vrll.nn 7a. IIIIIV 100 fioeo Union en cel ti,,ini' 101 J.MiQtiUn Oil rrml .... 10Ti U)' fiixie Vnruum oil 7. .107 107., wen Wf.tcrn KIt 7 ln lOT'i neon Wlnrhpir i . mi 101 1IUV4 1074 107 , U17.' mi STOCKS LEAD CURB I Issues Under Merger Plan Make Appearance Standard fey f r ' t w MY srft Vsinsn 'Msi I BA PRODUCTS $8,000,000 Sutter Basin Company Land Mortgage Fifteen -Year Sinking Fund 6 Geld Bendf Dated June 1, 1922 Due Aufu.t 1, 1937 First Int.rwt coupon due February 1, 1923; thereafter 8etn!-nnul Interest peyable Februery 1 nd Aupuiit 1. Prindpal and Interett parabU in Chlcafe, New Yerk and 8an Frandsce. Coupon benda In denomlnatieni i of $1,000, JS00 and $100. Reftetrable aa te prindpal only. Redeemable as a whole or In part en any interest date at 107 V and Interest, te and Includ In August li 1923, the redemption premium decreasing h of 1 annually thereafter. Total autherised issue $8,000,000, rjliHirtlnl (It Ner ll mlJ ."i4li S4 Al inoe Mauma Cerner 7 10S lt' 10S KOKKION IKt.ND.S I.'.ede city Klborfehl .i SS S SS inenni'lly Snlaien fl s.1 Rf Mnnen.W N 7 Kr 74 7.1i 7.1'4 nnnii uuimlan H'js clf -.'l '.'O '-'I K.niNi swim nH .. iet. ieti iei noeo v a lirmii 74 . ft"1 fJ'i n1 I3IIIM) U S Mex 4 .. 4l'i 43 4l'i Oils Are Firmer LONDON STOCK MARKET f llr lr I m Mfl I il" m m m rv vJiV L iif Tfas In Venice some time during; the last half of tlip l'Jth century that the first public bank was establishei1 in modem Europe. It mine about through the financial difficul ties of the country, just as te the same cause may be ascribed the foinintien of the I,ink of Knpland and the creation of the National Hanking System in thi country. In the foundation of this bank the people were assessed for its establishment, an 1 thi forced lean was the first instance of a permanent national debt en the funding plan. It is from thi Venetian lean that our modern word "bank" was applied original'.. The lean vn called "mente" mount or bank because all the debts were massed or banked together and the office where the commissioners met was known as the "mente" 01 bank. This bank was created in the early days of the Civil War, and it stands in The Center of Things Opposite Bread Street Station Take a Step in the Right Direction TlnidL Organized 1863 M O O D Y R A T I N G S E R V I C E P R O T E C T S B A N K S "The Bank Acress the Street' rKHTUN eastern town of i.OOO people has two banks, one arrows Hie street from the ether. One bank ues Meedy's Hating Heek fcrviee; the ether does net. Hetii banks arc prosperous, but neither invests in many bends for its own account. But the bank which uses our Service has doubled in size during the past five years, while the ether bank has increased only -2' 'c. Why i this? The answer i that this town con tains a large number of investors and people of ineaijs and a few years age was a happy hunting ground for "get rich quick " promoters. K very body began te make inquiries of their bank regarding the merit of the securities offered te them. O.vk bank met this new demand of its eastern ers by installing Meedy's Rating Service; the ether did net. Result: in a little while business k'gan te drift in volume te the bank with the rating service, for geed, authoritative advice could always be given at a moment's notice. Consequently, very few of the progressive bank's customers became peer through risky speculations. But "the bank across the street " did net have the facilities te help its depositors. Meedy's Investors Service 35 Nassau Street, New Yerk City BOSTON PHILADELPHIA CHICAGO LOS ANGELES 101 Milk St Real Emu Truit BU; F,,,, jti3til 11, n. n'dj Picnic M itui! BMj ? fi.W'VllfitfaW nESTTTllB try-! J illl I h li! imhi mrti&sEs&sem mm Ml MS i New Ym-I, June 1. The fr.iltire of 1 1 he market en tlie url Indny wn In itial Iniillns In tlie tnek ixxiled iwiiler tlie 'Pnliiii'cii I'redncts' nierppr plnn. wlilcli oie ilcnlt In te be dellvcrrd wlien fssueil. 'I'lie common stock sold nt II- titiil ilic "A" sleck slnrled at SJ nud .Melded In ,v'. (MIht lobncce blocks woie iiiiel nnd wltlietit ComIiiie. 'I'iiImcce Products V, t purl void nt Si, te X nnd I'liitllp Mur i rls mis ir.iilcil In nt L'd. "-litiw Iiijj fniclleiinl os. PirltMi Amrrlenn Te- iiiccn void nt 171.. 'I'lierc w.ls Miltli'l rmllliE iiNii In tlie new stm k of I be n'eriiiiil.cd liitpnialletial and (treat Northern ('emimii.i. sales lieinn 111111I0 at -1 te '-''!. Mnliif stocks weve fairly urll lirld, Iianicl Meior i-iiiibIiik from 1-t te M'(. I'uniii! was iradnd in at "r:1,. Pack ard Meters held its recpiit cnln. scllliiK at Klis. Tlii' Staiiilniil (ill stock showed "i 1 linncr leni'. rocevcrliis 11 geed part of tc-ti'iday's losses. I.arfe trnnsaclleii' rn made in Standard Oil of Indiana, winch rmiKed from ll'.M.j te PJH-1,. The Kentucky slmre sold nt 100 te lOJU. , Imperial Oil of Canada was traded ii. at 11M in UP., and Intonmtlenal Pc triili'iiin Mld at "-."i'i te -."i',. ( , IMIl"TKI.l.s (il Heme Ralls Rally Dellar Descrip tions Steadier Kaffirs Narrow 1 Londen, June 1 Stock exchange se riirltlp today, while In the main Mendy, 1 failed te show any decree nf lrlktiC"i.-. Iilsliur.-enieiit of JJ.V.'.OflO.nflfl en war leans nnd divdleniN caused n firimir poeiiimi In Kilt-rdgpr InvcMihciilw. Heme rails dlvlixed n rallying ten dency en investment pnrclinse. New Yerk infliiptipp caused Btendlnr.is in dollar descriptions. Argentine roils, nl nl theugh only moderately nctive, were hardening. French leans reflected n peer sentiment en the reparation newH. The trading in knffirs was within narrow limits and consisted chiefly of professional operation. Ollh were ipileMv repurchased. Shell Trnnspett and Trading. J 1.V10: Mexican Engle. .1 ir.-IO: Heynl Dutch. 4L"4. nubber.i were steadier, incidental te the mar ket for the staple There was only a light support evident In industrials. Reserve Banks' Discount Rates officio! rillreunt raid nt th twflve Fe1-i ernl n'crip Hans nri nr fellows 1 Tre-IS Mb. Tem't nVr benli. papfr. nrcfrt. I HiKh r.3c 1" ' .' me C"J i'.lii" A. Ill 1'atkllK e e Am lliiuutlati -T lO'i Anml Irfitftfr . 13S Jen Am DniK . leu tint Am Tub ii; l'S I'e 1 lint Am T cf -x-div ITS 1 .te ! 1 V M. 1 3.1110 HuU'lv UuJs H .lli'iu 1 ht Nlppic 4. ') (.'Iceland Aui 1 31' " 3eu I'ulumbln EmTa.J. H IU0 Oenlfy Tin hetl . . 13 i'nn (. jtil Moteri! SS Nui'i'ulMn Hern Sub 114 31'" htnkli .Meler . . 14 14ii" lullUcr run.. S " Hur.int Mut 3fl'i liiMiirJrifi Met ... 13 '.'" Ulllxte 9 K 21'J .'."' (lel(lnn I'lc .... s 31111 iieuileHr '"re ... 13 .Ien i! ujifiir lit . , , . 10 Mini ilrunt M'Jt 1' .en He) len 1 hem . . 1 1 mi luluii ( u lit 1 l u lluusii Man . 13 Him tUilx'ii Met '.'lv ' II' i tin litem Ner 3 Til Mxnufai I. & H II' Ii i .l.Mi Mat Hi' nun Iebiii.i.u 1're.l w I t'l' ." "' TiiIj. hi Prml A S4 l"U lnur llnf I'mn Ml 3"' lint lmpf rnl I'obntce . 13S 1 '1 l.ibbj .Mi N A 1. 27 1'iiin l.l'iiuln 1"ters A "J ion Mf.ru r !.-ier 3 4IHI Mn vr Met t e 34 ilu N. J. r 7.ini- 144 We 1.3S 3l"-4 1 134 S4 11' 14 s 8fiH. 13 13' I'l'k 1 1 1S4 13 J je', L'l 411 10' rtit", s; 30s. 13S ii'i l' 3'. 3'n 113 1H's L'O t.3r 13H I lis ITS 4. 3l'4 1 13 bS I . Ilrtpten .W Yerk , , rnind'lrhln .. I'lcvflund ..... rtlchmenrt ... Atmnt.i Chlcign . I HI. Leuis . . , .Mlnnpnlln ... 'Ksnuis Cltv , , rinllnr. Ban franclire ctf . 4 '4 4', 4! 4 4 l1 . 4 1, . R .1 . 4H 44 4 44 '? ! 14 41, .1 44 4 44 44 4 4 44 4 4 44 r, 3 44 ' 4 4 J4 I n 3 3 44 U. S. Certificates and Treasury Notes In' Maturlnir lfiO'i 100 3.21) inei ion 11-3; a.sn ion 113.32 100A 3.2fl tc ine azu 1004 ines sal 1004 110', 3.41 103J. ma 411 K2U 108.V 4.0S !2.ii ,21 1!Z Kxi-mpt from F-Irnl rermel rr.renn t! 'ArCOOtHMlO fnr naimanl nf 1nnM.A .u tu en .1atf of mnturlty rial Dal 34 Auir . 1022, t4L Sinf. lflM-i 14H I tsi. Pert 1R2J IS 31, Oct 1D22 8.'i t4 4 IiT 1022 13 4U Mrh 1P23 212 I t3 ,lun in2l ,S. I !"r'' !"p, JU! 134 Mis, Men. ip;s 40 Mi, Mrh 11120 1 1, 13. 214 224 4U 10', H04 (2 30 I no IMrKjnl Moter 104 inn I'h lip MmilK . 2n J.iiiu R.4 I 1 1 m .' ."'. .' :ii.n iti.ini iif :i,', 34 34 I Hi" II...1 Mi Ir Trnek 2Ha 2H4 204 I .hi IM11 M . IV.. Ilul. s.- s- s.- .'Tun s,,un, 1 , . turn se, 7 ;;,r :ii"i I. nn li I. f. 1' 2 2 2 1 r'ba. 0 l'r'l si, L-rii 'I, irK iif.n vl 20'v .'"i I e.l I ship 'x f 7."' 7"" 1 no I'ruf .sli nw s Toe I 11 i'i Itei i'ini1 74 .in. ,f i:n.l t '-.-m Tec sTMHI Oll.s. 1 1"" ncle Anii O'l 224 Hi" Mlanilc l.l" 114 .1' 'i ilna S nn.il fi'l II." Imp e i'an - li 121 4 in Ohie oil 312 22H I'ratrl" pipe 23s .11 euth l'nn en . 2.13 1 'mi s 11 ..f In 1 102 iu;ini S n ,f In.l .121 I1H4 120', te .- i.i f S V . 121 121 424 IMir.PKMir.NT llll.s .11" . n t .... 1 1 1 '."" . all . . I ."!. i ".mi Mli'.l 1.1 I . 3 3j .in 1 Alk .Sal I'm" 114 II 114 7si 1 Mui.tun UMiniini. v4u 3 s;j,. inn Urn An el. 1.1 '1 33 344 ."I" 7i II" 1 ,ir Ii Sl i s, l, si, .'.Ml I'll rt Snrii '.334 2324 '-3 1 Liverpool Cotten UiMT'Kil. June 1 -Thr n'm n geed d. ir.and for spot cotton today with prlcra firm bin only a. mtdirat bualn'fs wai den, r.n the baris of nn BiHance of 13 tmtnta 1 ... i IJJI.. -4 .O ,J M"W .- ' " - 'VI i;in i iniuuiiiiK in .ii 1 11- fhii Wfr9 10,001) 24 I balti The m-etcta were 8000 balea, Includ- j Irg 7101 bale? Amrncan Futurea wrre 31, atrady In the early dcallnfrs. Spot prien 34 I re American, middling ff.lr. 13.03d: iioed 1434 I mlddllnr. 12 fiOd. fully mlddllnj, 12.30d! HI 1, mlddllnc. 12.1f.d. low mlddllnK, ll.TOdj 1001I '11 erdlnan. 10 s3d. ami erdlnnrv, 10 33d. 312 231 Inn 114 311 1214 312 23 s 233 HI.", fmf99J&f9f99fHHftFFfF"PII?f ' .'WM".1.1" 'f"J'.' MJMM III! W 1 ( - . - ' i - 1 r - - I fl fl 1 - 1907 This Is Our 1 1922 I vX' Fifteenth Anniversary Tile I'liila'lclpliia ("ninpam for f'linrr.ntcfin Mortgages' t.'irvPv tins occasion te express us heartiest appreciation, aiul t" thank r. ilinusaiifls of friends, for their many i:iilciicis of trust and poed will. That our past pleasant ao.-intien. may lie the best as-nraiice for future mutual re-pect and con fidence, is our sincere wi-h. Philadelphia Company for Guaranteeing I!ertgages u1TjiSiiF Wm. H. fttehnlsnn President ianiu C. Edmund Sre. and reas. Land Title HuiltlinR. IMiiluilelphin The Oldett Martgaze Guarantee Company in Philadelphia 'M m m 4. m SS' Kvv f- P Li tSJ ' rsis-i twv kvX 'm::7A'w,,:vyMWWyjyWMWM:vv,.vjvz. y;yii-,. AN OPPORTUNITY TO GET A FINANCIAL TRAINING A' Bend SHlrdlllHtltihln uf Intlnt U u.1m. 'II.. 1.... -..i. ... ... .. .. ebUlitril b tlier ulm Inn.' n llmreucli Inilnlnc In Hit r n tidu iti-nf iiIh nf W H lit llllfprlnl.i In tMlii ft fiv i..i,..n ...... .. i ...i.. ;, , ; - ii .-' nt mii-m ii I. ""il I'll II I H I I it 1 it nil dine, mill ulll elnrr tliem In ,i nn.lil,,,, t ,i,,i., ...i.i.ii ..." '.. piu ' " """- iitThh,,Ti,IllKi"!r.'i,.,L "ir,x7"""",1l eiMM'rluiillJ lii I'lim (lie . i Tim llilll.ll mliiry Hill Id. inimiiiiil. Inn Hi. iilil,,.i. ,1... l.l.l nnli. I.. ..I. III,.. . ... " ..-II, ll.ll m, w,..f wwt lulling pi iriniuir. IC'AM replies will be lirld In iili.ulule runflilrnrr. tH.ilflta.wi II fl 103. Mm rilllra. tfiVfl- ai" U Iil-i ."'nti Mini i 't iel s nit Ii mi hrlM I1, irelpum . ..oil KHiier.il oil 1 1 lVll'lllll'l ii"ii liiilllar I e I Tiitni illenii" k oil .who llmlsen uil n.'iMi Int rtru .no K.aieni K.iriK' r Hum h I'.'l Inn i l.ani 32"" llr.i h i 'en' 01. Hi"" .iun .ih ." in no hr.i 2i " I. in!',"n ''ft "."Il I. ..ii- 1' .' " l.ii ." ml .ii" Mn n I l .'mill M. i Mi. 1 1, I', i. .'"" II n ii ii .mi . , I l 7 M. 'i nn S'Ml- anl 13'ni Me inimn I'ri.il I.-..-IHI Mumai I', .It." v e.l ."hi V. Hnci ind ruil Tiiihi Nebv oil MnilOinir oil Hum .. nn:i ten -ait i'r"K Pre'l loe Suit i'h ok i i ns 3-en Srtp.i j.h tt.f 1 1"" .smm f'"i Trtim ,skllt e lOfil .siiuthen V . R.. lliiiil siantnn , . . 'ion 'I "il e ji , . . sni Tut man 1 i W n'n s ,, 2'"i Wl . ix e.l MIMNfl 1 1 no M. i I 1" " lu Ki ..rnl ."II" Hiu I . 1. Ii "" II. - , Mm vls .f. it,,.. r I I m Inn" I , I'J!ilt I nm, 'HI II it le ,' , M lull" I 111 f, .' 'IK' I tilnr, P, ,, 4" I i H(S , I',, i, "ii" ri iv iniis 'i in ii.iinr. Kpiranr.rf -no t'un.l Arl ."mi Cl ,i m(ef ;'' " llmniH Sr .i'it" I'iii'iki I'triMiy .. 'IJ' it I " in n . !. ii i "."'" i,,, l, y. n(. .'i ti Hh'.I s,. ,i I'd " Mm m II li mn H.. rt Mm n-dlv . 2 " II . . sound 272" ' 1','Uii. i,. .ra,I "'"" II"'. Il.,fr,ni .".' " I ii I .. Mln '" ' M .eni.i i nn -." V'.iirtiiH l 'hi l li T""" Mann Mill 1" i M in n il'. I"" ' ie.ih 11" M..thi I....I l' 1 I''.''" Nai'ei ,il Tin 2' " ' S.,d'i i nihil "n " s'. s Hei n i.i'ii ipiimlti.- , , , llllMI I llU, I til 1 ""'' I til s Ht. uli HiiKii n i . n inn h dun .. .. 2IMHI Sih'T !.., l"l st rt Mln IT"" TrinniiHli Hl liniii'i T n i sh i;n 37"'i T nuiiah DUIdi. ' n I' in.Mi..h i:xi 2''0 rtl"lijliln 1"" I n i ii 1,1 ii" I iiite.i I'aMirn 2"" I mini Zlpr liiiiii i s I'nntlti'.ntal 'Mil I nni.,1 ml,, HI" ' 'I' aif. .... ' ii . i I nn ."ii U.-i i:n.) i" IKIMIs ii"" v i.i r'mu Oi 7""ii All.-.l I'dn i lf I nn Am. i l.lKht T 'U .i'mn in-T T lis 22 llieiiu An icenda Tep i I'i'hi Anacnndii 7h '20 1' i"i i mur & I'n 7i I'lOHO All llulf (. W I ."in .".fiiiO llth Sli"l 7. 33 -"'ii ''.in Nat lt i tin .". L'iiiim 1'hnr hnn fcn 2HOH ri TfxtllH . . iiiiiii i iipi.fr l;xi s '21 rk- II . if 23'a 23'j prn (l.'i'-i 33c IT. ;.iv 1" Si. I'j l' 23'. :. 12'. 13 IS (134 .' 3.V' 1 17, tl li'n In 1'j 1 2.'t 12 II". I7 1"' ,1' 113 1. 3 3.V' lJ. 17 3', li' I'j 1 23', 12'. 3. T.'i 17'. Il ft'."-i 32 .V2ls US'- 34." 34r 1". ll Hi 22f 22'' 22r lt' III'. Ill', 14'-j 14. Il, I'i C, l' in ..', ..I, ln' im lll'j 40- in. in, 3'.V 2S. I'.,! S3.' sf,, K.t,. 1'. I' i.v ri.- ri.- r. Cotten 'Change Suspends Members Nr nrk. June 1 Thrr membfra if ih' Vw Vnrk Ceimn Kxrhanu tedav I fr u.p"n'leil fnr Fix month. ach fn'r Imnduri il"irlm'ntal tn thf Ix-st Int'reat nf I the i-xchanee Thi- arc Anhur H. Ijim I burn J.ike Mark and Jehn F. Clark. j BAR SILVER D.jm.ti- liar j!ir wan unrhanrd In I J im- lerk inlay at fi9Sr p.r fine nunc: , fnrflan. 71c. a drlln nf ,r n Londen me I'litt ivB '. ri lour- at 3'J'4fl PARAGUAY FACES SviL WAR Resignation of President Ayala De manded In Ultimatum Uiif-tirs Aire.s. .lunc 1. -(By A. P. I A twenty-four-hour ultlinatiim. ilo ile mamliiix tlie linnrllne evor of tlie Gov Gev I'rnmcnt. Ims been ilrllvercd te Proi Prei ili'iit Ajnln. of rnragtiny, hy Tolenol t'lilrlfi1. Irniler of the forces of former l'resiilnnt Sclinerer. Should the ulti iiiatuin net lie remplled with, Colonel ('liirlfe threatens te tnke the i-npltnl iiml declari' hlmrlf illrtater. Hesulter.v fiKhtiiiR between the rlrnl factions has oeeiiiTed nt Enrnrnacinn. en tin. l'ara Itiver. 10 miles soutb seutb soutb eiisi of Asuncion. A ili-pnlch fiem Buenes Aires 'Wed-nesd.-n nislii announced that I'renident Ajnln liail requested nf reiiRrehs n dr i roe nf m.i i-r inl lnu for thiiiy dajs thieiiKhiiui the reiulie en niveunt of ih" ill-iuilii'il imlltleiil conditions. A enccntratiiiii of .everal thousand li'oeii-. i lie ferees of fenner President I Scheel or, mis reported at T'flr.icuarl, i tliirtj -three miles southeast of Arun- cleu. BULGARIAN 'SOVIET' DEFIANT! Stir s'. 2. Clip 17. S2i 11. is, 3'. 7''. .'.! av ii'j 1 HO 31' J'. il. in', .".. .'llr II. I'i 1" l II P. l n. 1 W I". :"ii. 21. 33. '.'il. I.V 3H 11. Is. !l. I'. 3'. '.v. 32. U'l !'!' 3H. .". r, 1"'. 31 1 3li 13. il". III. I'. I... I. 31. II W Mi an 32 .i' . 1 m 30 3lr-13'- i.i, 111. I'. !l- P. 3'i. 'i P. Peasants' Congress Threatens Agrarian Dictatorship Sofia. June 1 -(By A. P.) The Peasants' Censresc, which has been in session hern several days, ndjeurned after approving the course of Premier Slniuhniili-Kj apnen'iinc te the I.eaKUe of Nations in (jive Bulcnrla an etiilet Me the si. nnd wimiini; the bourgeois I adversaries ,,1 t. pcasnuts that an , iiKrnrlmi ilieiiitershlp would he estnb- "sheil if nn atlenipt were made te seize the fievernment. The i-encri asMimeil the aspect of it species nf soviet, giving orders in tin- acnulaii parliamentary group te i-i'lei i the leparatinns project and pre vent the Allied Reparations fnnimltlun fniiii inierfering with Bulgiirian vever-eignlj Sin 7',i. 1.11. I'i Pi '", V mi i, V. 3 3', 11. 1", l, r,3. -'i'. n. in. I'n si l'iT'5 I 111-, lllll't I'H', mi 04l In2'i, 111'. Illl'j II-'. 1)2' .".i 211', II" in. I.'. s3 113 l"7 ".3r 2H' j I'I a, 1 A H.I I 'HI', till. , inn ion in.l pi Hit "4 HI ill i;2, Hi2. is. nn', nil' i phi. Hi'.", lti7V .IUIi'1 I Ulilll 'Ifl 7' a 107 1 ."iiiimn 1'ieepiirt 'IVx 7'j. 130 lien lii.u.jiiiii Tin- I. loe limn liraml Trunk ii'j Ifi3' .'Ulilll ... 1 1 . 1I ,.- Th Ilk l 'loin. i i jn V, r ,"i ll(i, ..iniiln Inl. i ( T '-J; -''in Kpnn.'i n't i 7q n-, 3'i'in l.llili, M. ,S .1 I, 7, !ii , 2"im nui u i n iinx r in:, Ifill'lll lilt III p. 1.1 (In 1 30011 N" V N II i II -.. i lkoen 1'iiiia Kin. ,-i', mil, mi ,,;,. (1100 Unlit Unlr 7a . W t,sK , (, "''' Hp i ra.niik 7., '23 HrV, lull' )nlii 1000 HhawahMn 7a , . . n3 ni lni ' seen Seuihwem I1p 7 102'v lie", ie:'i, 100H8 O N V 7. '23 ,.if ,,vj ';, 10UOO O f V Ja, 'aVi.lOJi; efi, ",, I'll ", in-, i, in. '12 . I' 2 . In.-. till', I '.". lis Hi.' I, I "7', 12!' '.III', I'l.Vi IS 113', li-", 103 IIH' I 'IS (Is ParslyBres. & Ce. BANKERS MEMBERS rHILADILPHIA STOCK IXCHAN0E Investment' Securities 1421 CHESTNUT STREET PHILADELPHIA PRIVATE WIRES TO Nrw YORK PRINCIPAL, INTEREST AND SINKING FUND GUARANTEED BY J. OGDEN ARMOUR An annual sinking fund Is prodded, beginning August 1, W, suffident te redre approx imately one-half of this issue by maturity, either through purchase of these bends at net te exceed the prevailing redemption price, or if net obtainable, by call at that price. INTEREST PAYABLE WITHOUT DEDUCTION FOR NORMAL FEDERAL INCOME TAX NOT IN EXCESS OF 2 EXEMPT FROM PERSONAL PROPERTY TAX IN CALIFORNIA Application will be made te list these Bends en the Chicaie Stock Exchange and en the San Francisce Stock and Bend Exchange. CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK, CHICAGO; TRUSTEE. THE BANK OF CALIFORNIA, NATIONAL ASSOCIATION, SAN FRANCISCO, CO-TRUSTEE. Frem a letter of Mr. Geerge B. Rebbms, President of Sutter Basin Company, we summarize as follews: LOCATION: Sutter Basin Company, a corporation organized under the laws of California, owns 54,208 acres of land in Sutter County, California, at the confluence of the Sacramento and Feather Rivers, approximately 22 miles above the City of Sacramento. Of the above acreage 44,872 acres lie within the boundaries of Reclamation District Ne. 1500 and the remaining 9,336 acres lie within Sutter By-Pass. Reclamation District Ne. 1500 was created by Special Act of Legislature and contains within its boundaries 66,200 acres of land which has been completely reclaimed in accordance with the general flood control plan adopted by the United States Government and by the State of California. SECURITY: These bends will be secured by a closed mortgage (subject only te assessments Cor reclama tion referred te below) covering the Company's holdings of 54,208 acres. All land has been carefully appraised and classified for releasing purposes under the Trust Deed, in six groups, according te its value. During the Fall of 1920, Sutter Basin Company adopted a land selling program and has been selling land in small tracts. Using the sales contracts already entered into as a basis and valuing ether lands at corresponding prices, the total value of all lands covered by the Mortgage is in excess of $15,000,000 ever and above assessments for reclamation. There will also be deposited with the Trustee all of the stock of Sutter Basin Improvement Company, which owns ap proximately 7,068 acres of land lying outside District Ne. 1500 but adjacent thereto. ASSESSMENTS: At present there are two assessments for reclamation purposes, which constitute prier liens en the lands. One of these, of which Sutter Basin Company's share amounts te approximately $3,850,000, has been funded into an issue of District Ne. 1500 Bends maturing serially from 1930 te 1940 inclusive, and the ether assessment, which only became a lien en the land en April 25, 1922 and of which Sutter Basin Company's share is about $2,400,000,111 in all probability within the next few months be funded into a long term bend issue. Other assessments may be levied from time te time, but only after proceedings and hearings as provided in the California statutes. There are no assessments against the By-Pass acreage owned by the Company. PURPOSE OF ISSUE: These bends are being issued te provide funds te redeem an issue of Sutter Basin Company Land Mortgage 8 Serial Geld Bends new outstanding and te pay ether indebtedness of the Company. SINKING FUND: Among ether things, the mortgage will provide for the release of lands based upon a scale of payments te the Trustee sufficient te provide a fund in excess of 150 of the bended debt. Sutter Basin Company plans te retire this bend issue by maturity out of the proceeds of land sold, and agrees in any event te make minimum sinking fund payments at the rate of $400,000 per annum begin ning August 1, 1927. Any payments made te the Trustee te retire bends out of proceeds of land sales are te be credited te the amounts required te be paid into the sinking fund. Payments te the sinking fund may be made, at the option of the Company, in cash or in bends at par. PRICE 97 AND INTEREST, YIELDING OVER 6.30 Pending delleery of Definitive Bends, Interim Receipt, of the Trustee Willie issued exchangeable for the permanent bends ef the Cempawi if hen. as and if Issued and subject te the appneal of counsel. Legal matters will be passed upon by Messrs. Mayer. Meier. Austrian & Plait Chicago, and Messrs. Devlin & Deolin, Sacramento. . ' Continental and Commercial Trust and Savings Bank Halsey, Stuart & Ce. Ucorpenud Chicago Philadelphia Blyth, Witter & Ce. New Yerk Chicago San Francisce a The lUtementt eenUlned In thli .drertlsement lire net tru.r.nteed. bet tre bued anon Information which we believe te be accurate and reliable? bji t Spruce 8200 United States Government Securities XE4TKITIF.N HKPARTMEXT COMMERCIAL TRUST COMPANY Member rVikral Renerre Fjntrm City Hall Square West BOUGHT SOLDQUOTED General Gai & Elec. 6i, 1929 Lehigh Power Securities 6i, 1927 Tennessee Power 5i;-1962 Penna. Power & Lt. 7s, 1951 Luzerne County Gas & El. 5s, 1948 Commonwealth Pew.,Ry.& Lt. Cem. United Lt. & Ry. Common BAUER, STARR & CO. Land Title llulldlnr, rhlladrlphln , , N".' )erk "t. Recter Ntreet Hit rrt Private Teleiihenc bet. OMces tr :n Before Investing eeure the advice of thma experienced In the selection of eeund acurltlai. We offer our aervtcea te Individual! med initltutlene wiih fund, te lnv.t. Conservative marginal acceunfa TnvUtd. McGLINN & CO. Uimeera .Vete Verli ntnek Kxrhanam Widcner Bldg., Philadelphia We Want Offerings of Commercial Trust Ce. Stock BARNES ,& L0FLAND 147 S. 4TH ST., PHILA., PA. Tel. Umbard till I FAIRMOUNT PARK TRANS. 5, 1937 Fabian F. Levy fl-..! n. .!IJ win VI OUUUUIg Ball ir..t.iiw.-affi.-iR; NEW ISSUE $850,000 The Themas Furnace Company First (Closed) Mortgage 7 Sinking Fund Geld Bends Nen-Callable Dated April 1,1922 Due April 1, 1937 Interest payable April 1st and October lt. without aah r m t-j . . up te 2. Principal and interest payable either at First Wiicoerin Z Zn VV? i" Wisconsin. Trustee, or at BanlcersTrest Company. New Yort 'N Y ColenS!'MWaM' & Z .$.'-000' 500 " 5100, reBisterablePa.e pSenl Refundable. r!ntinn'LF,l,n.,d '""'"H January I, 1924. amounting te 75 . in of 'S" Prduccd- or minimum of $50,000 per annum. Will nrnviHn ntr.m..t .. .. -" yyi annum, will provide retirement of at least 75 of i'sWhv nidtuwy. aiming tund payments te Trustee seml-annu-aliS rcrulnKSt!0 PUrehl bend' ,n rket " FIRST WISCONSIN TRUST COMPANY AND FRED C. DEST. MILWAUKEE. WISCONSIN. TRUSTEES The company was established in 1901 by the eresent mflnnn,.nt th, manufactures high-grade malleable and foundry Ten spedaS In9 low DhosDherus ni. he;n,, tv,. i j.. ".... en' sP?cahzmg in non-copper svlvania. the "TriJ'Ji"?1 inat. ?rad.e of n west of Penn- .-T .,. -.ith umvhijiwu iiuni iiiiiit"- nnretrt i-i,-. ia. the ere being obtained from mines enemt I "Tu-"1 " "" .B.SJ? renn- pany's plant (valued by independent appraisals at If au nnn T H y' J , Ssr "v ' ' srirsrssssz ??: --,-,, ...... v,. fct, u, y 200-ten per day eutDut. char" Carnings for thc past 6 ycars averaged $258,1 16.31 Subject te the approval of attorney or ever 4.3 times interest we offer these benda fnr ri.i;., . as and if ,ssued and received by us at 99 AND INTEREST, TO YIELD ABOUT 7.10 McLaughlin, MacAfee & Company Garraway, Hetheringten & Ce. Chicago Harvey Fisk & Sens, Inc. New Yerk-Chlcagc-Philadelphla mw aawcta wucb wt believe te be reliabla. , .'i t r'j SKJf.' vf i ? xrf um ? m Pta tfi"u JA' 1 ' rmml J I I !! (""aiMB bi ' . ; '(
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