Hfe
5f
nV V.
'"-$
DUEONfflB
ft
;'.i!i n.u. Marl rtw Prnductnsr
WWBIlia j -, vs.
,. M .. I J... v
Company isu inuu
trials Actiye
k
'
i Kr Yerk. .Ti"e 20. lJelwIiim
IV.aV. came Inlo the, greatest preml-
' icen the Curb from the begitnniis
rfbwlMM thl morning and strength
1-.I nrttvltv in n number, of thcf.6 U-
"" ' .. ilni. ntnlninril DV uie. Mr
On
noe Fennock en
linn sijaia r,&.i ,
J AUIF EIUIL L..CK '. ....
100 Rait Creek Cbns ! ,lsU
, ion Bhell Union pfd , oil
mesimms Pet ...",,.
' SIHK) Hkelly Oil Hi ... , 4e
0025eulh r. it .. le
L'OOO Stanten . . aa
SAOO Texan O L .. 08c
74;
10
l!i
40
IBe
860
V
in'
12
D0
t8e
Ade
&Oe
553 Turn""" 1A 1 1A
M. ns, t
BOO Wilcox. Oil
20OO Woodburn
: un
1000 Y
100 Mexican lnvast
A8c
lOe
U7
lOBe
18a
it
Se
100
J7
MINIXa
2(KAl.t1r Cel flk
1100 Am Kxplerat .... Ba
22005 put tdire ...,,.; in?
.'w beh at .Ment...i. i(ie ,
100 Hest Ment Cens.. "(le
' SJiwrncnt of advance of price., of
fffflM rnml krre.cne by wme of the
fanf'tiC. 'f. "iii were made bT lmner
l.i nretlufliis companies, Mexican".
Eabnnrtl. being the atrengen feature
S the i itlepondent group, (hat fleck
Siting P rem 47 te the new high
JSfS of W. .Standard OH of In
K which werHn brisk demand Mn
"". l) l..lin. rnnied from 108i te
I' intfS being Blip piled by some Interests
v USn fldentfiled with the management.
, tlieiie it bv femc tnat tnin re re
JUen wai cenn eete.l with the death
William Jteckefe lcr.
Hint lard Oil of New Yerk was steady.
SSS from 4L'I) te 428. and Ohie OH
'eM nt 2I)5te 200. Standard Oil of
2 .na Inter rallied from lit. low level.
I. r ties Service wbh cQinrmrntlVcly quiet
I' tl".c ... ..t hh m 'Jen. Oinnr OH
Si YenvnV traded ltf.et 2 te 2.
W lmlii-trinl group was fairly ae-
but without fecial change in
prices.
1XUIR1HMW
We, IIIH
, lOOAtnal t.'ather .... ip'i
jnii li'ccli Nut aij.
100 Columbia Emerald. SBc
-no font Meters ......
inn Cuban Deni aurrar. 10
fiOOarlnn.l M 8 21;
no Aluminum ;'
40nAmer Metala SSc
KKIA-mcr Metala pref..lOBVi
13(10 t'hl MppIe II...... ,-'T
.30
8.c
7a
10
U
SIR
21
40
1:S0
P. M.
10'i
30
fi'a
8l
'H,
111 ,
8tt
215
21
4(1
4.1
II
1!H
inn f'nm Hnlvent A
lOflii federal .74 T...
100lla(S he1
tOOMbb). McN ft fc..
tne Lincoln Moter A
0( Mercer Met V t e
wtiitthllln MnrrlN ...
"vi ...... . . v t nMf ini
Kin run J1V1 V .1 I'.v..---
UOORiulle com
ISnOHadleluref ....... rt
nnnRee Moter Truclc. 2fVa
jne Seuth C b I....
inn Swift Int
400 Tobacco Pred . . .
IO0UB 14 II
aa TTn nt Cnnrlv...
0nOWane Ceal ...'... l'i
14fW in; unriHii .-?
lMO Moen .Moter i . .-. . . 11 ,,
inn Nat Moter "v
8(10 Tenn nice Pwr.... 14
jfldTcnn K Pwr Ud pf. I0'
lNUSbalt pref.. 1 14
STANDARD OIKS
lO.'.H 105U
Hl ft
i
Si;
0
07c
1A
7V
in
11
28
2S
1
20
104
2
(10c
in;
7i
1i
1254
10
14
4en
1"4
n
28
2H
n
8U
20
104
44
H
25
one
ini
7'1
1
:i0Annlt Am Oil
in Galena .Slitmil , ,
'10 Imp Oil ("nil . .
J7S Indiana Pipe . .
snohle Oil
10 Seuth Perm OH
nones Oil vt Ind . ,
10 B Oil of N V
. . 20i
.. r8
..114
.. 01
. .20.'.
..sin
,.108'i lOr.Ti 10AK
..--! 4XS 4.3
IftTi
68
114
20S
:in
in',
r.A
11
no
2BO
sin
INDEPENDENT OII.8
109 Aetna 1'4
100 Alcun "5
100Arl Net Qv.i .1 lllH
seen Tlnone Oil 18c
sunn nosien winmins . u.
innncann Hni ....
7r. Cltlea Service .
200 CI 1 lea Her U ctta
'JOO Columbia Pete
line Federal Oil . ..
.-nenilllland Oil ....
800 Olenreck Oil ....
VO'ien llueunn un
WOO lnt Petrel .
jtne Keystone Ilangr:
lOOCIllea Ser nfd B
L'OO Keultv Tet dM . . 14
liMOMcx Seal ctfa .. 4AU
son l,hliiBten 1'et .. Ui
r,00 I.jens Pete 8iic
1(10 Maxma Oil 80c
inn Maracalbe OH . . tfl
7,m nrine
;enn Mnrland Max
MM MfTTllf. Mil
JOO Mexico Oil
"9.
7'i
281
08U
l'i
J"
. ic
S2J4
anger . Hi
fd B .1 nu
T?
inVa
lfle
880
V.i
22
08U
1U
29e'
J-.1J
,!!
48
l'i
88n
80c
si
a
10V4
18e
88c
714
220
291,
'ft
4?5
88c
AOe
:i
:::::: 'ij
2000 Canada Can
1000 Cens Arliena . , ,
2400 Cena Cep M , . .
800 Cortex Silver ! , .
800 Crraaen Geld . .
1O0O Divide Kxtemlen
f 4O0O Aureka Creeaua .
2000 Geld Htstea ....
lODOOeld Zene ......
4000 Hill Tep nw ,.
. 800 Howe Sound . . .
11(100 Independ Lid .
lOOKerr like .
1O0O Knox plld ...
aar
IDOO IJine KYar '
iieu Maaen Val . . . 1
1200 Mether Idi C
2000 Nv Sll Hern .
2800 Klplaalnr
1000 nay Hercule . ,
20OO Ilex Cena ......
inn flhelden .......
1000 Silver Hern . .
iuu neutnvreat Metal ,
2000 Stewart Mln
1000 Tonopah Caah He"
OBOO Tonopah Dlvlde . .
2UD Tonopah nxt , . .
880
30'
84e
Bflc
24
170
., 880
:. 44e
il. 10a
.. 7Re
... ,8
... 82c
... 8
, i. 4e
. .. 2
... OK
. . . no
1.. A
,..!;
, . .- 8c
... 1H
..k He
H
N
Be
87c
M
"ft
120
lAe
70e
880
80
Ala
D8e
"Mi
Ife ,
84 0
44e
10c
7Re
3 '
Oec
8i
4e
4c
i
8c
J
11a
8
r.c
84a
lt
no
08c
8i
l'i
u
IS.
120)
inn '
7Ac
88a
0 1
20
;&
84c
440
lOe
7BO
8
02c
'ff
4c.
i
Oe
J8
80
14
Ha
8
lite
88c
.
no
eec
1 0(10 Tennhfth Ner SHr. (Ic
10(H) Tuolumne Of.n
100 Unity Held 3Ji
11 00 United Kaatcrn .. 1H
S00 West Knd U li
neNDS
$3000 Allied Packera (la... 83., 83, 88
100(1 Amer Tel As '22... 10014 100J4 1004
1(100 Anaconda Cep (U..100', lOOU 100U
8000 Anaconda 7s ,29...10S4 134 10SH
14(100 Armour Ce 7n...l04H 104U 104H
1000 Atl U W I3.... A2U 6'.''i (12 U
lOOOIIeth Steel 7a '23.. 104. 1044 104H
BOdOCan Pae-Oa 101, 101U 101H
4000 Char Iren 8a n.vi nnV4 BH
4000 Cena Qai Bait Oa. DD?4 80 0BT4
1000 Cena Textile 8.... 100 100 100
BOOOCep Kxp 8a '24. ...102 1024 102J4
10OO Cep Exp 8a 2B....104H 104H 4H
200O Freenert Ter 7W.B.. 143 188 144
12000 Empire a ft R Aa.. 101 4 101U 101U
7...inz im, 1014
BOOO Goedrich Tire '
BOOOHoed Rubber 7a.
1000 Inter R T 7.
aen
nH ns
07 AT
900 Inter P. T 8a no sni:
.inni uansax uas us.... (".('i vnVt
10000 Kennecett Cen 7a.. 104i 104
4000 Natl Acama 7(4 a.. 0AM OflUj
BOOORklyn Un Qaa 7a.,10A inn
4000 Cudahv 7s I01U 101U
47000 N T N II II 7. 87 8A1
10000 Phlla Elec B'a .. nn D
OR
HO,
e.1'4
104 i
nni4
inn
10m
80 i
new
.l.M.U f-UD DCrV .1 l8.il(Ut 1UI4 JOIH
4009 Bnka A Ce 7a .... 081t BS'i I18U
1000 Sliawahcen 7a ...,108(4 10.1U ln.iu
lOOOReHay et Pie Sa..l0n4 10BV4 103U
700n Southwest 'Hell 7a. 1021 in2. 102:
;n00 B O N T In '28. . . . KlflTi tnnT. lftn
Bone Stewart Warn 81.. 108 108 108
.1000 Swift A Ce 7a "2B. 101 10ti 01
2(1000 Texas Ce 7 101'J 101 14 101H
12000 Un Oil Pred 8s ,.10B 10.1 10R
1000 Vnlrerlne 7 .... 00 00 nn
BOOO West Elec -7a ....1084 108S 108S
w'.uu .viiicucainr V3K ..1.114 "'1 101
.UJJ item Arms "Je as. 1)4
04
04
FOREION BONDS
10000 Argentina 7s 00?4
nn4
en
02
07
eni
i"U
O0T4
nn
na
n7
OS'i
2u
8000 Can-B 8 7 in
ROOn rllv Praaue 711a. ll'J
1B0OO City Montevideo 7a 07
11000 Klne of Serbs 8a. 0.1H
1000 Russian IIUi SO
8000'Swlss BHs ...!.,.102U 102J 102U
100000 U H Mcx 4a 42& 41 41 Tt
FLOOD COVERS TEXAS TOWN
Rie, Grande Waters Overflow Leveet.
Ne Uvea Reported Leat
Brownsville, Tex., June 20. (.Uy A.
P.) Rie Grande flood water, from two
te three feet deep, last night, covered
most of the town of Mercedes, fifty
miles up Htrcam from here in Hidalge
County. Xe less of life has been re
ported. ,
Twe thousand men, working in relays
for seventy-two hours, fought a losing
battle when water poured ever the levee
protecting towns en the netith bank and
covered a large residential section of
Mercedes. Other levees seen overflowed
and the flood area was extended te the
buRlncs..ecctfen.1 3 -Merchandise, how
ever, had 'previously' been, moved. Ne
serious property damage is expected.
thht Jmenh A. 'Heftier. iK.neW ame
elated with them .In their beml'depart-
man ' f . "V
menr.
About te Cart Off Safe'
Hhetn fired by Chief of Police Hahner,
at ttklfSMjuil hsiJu ia.ti,ai.fHaf m taa.t sOlilW.
JVhtk iivAtnA nt'lA tt )tn 4trArtit An. anon WatilMtl. wfllthv liAiilprv mill
tlVd lndufttrial etecltti advanced 0.00 owner, lean of theunamlfl of dellnrn
npr rnttf in 113.111. ul.lU tlm twrtntv whet, hnitf1rtrf4 weie discovered at lilfr
rallrendti advanced 0.73 ner cent te. home. , The Taubelfl were1 In Atlantic
. . . - , ... . . . -' i 1 -.- tff.Ute
cH.IU, Uliyier mewreaena unci uniei iiannvr
American locomotive Company has wns, giving tue neuse extra aiieniien
recently closed orders for "a total of
fifteen engine. Targe8t sintlc order
involves 'six' Pacific v type locomotives
ter Chesen Railway of Korea.
Atchison, Topeka and Santa Fe Rail
way Company applied te Interstate
Commerce, Commission for authority te
acquire control 'of Santa Fe nndXes
Angeles Harber Rallwar by lease and
by purchase of all Its capital stock.
Although Themas 'Iren Company
stockholders hare until July 10 te ac
cept the offer tot salc-ef their stdck at
f30 a share, already Over two-thirds of
tne total numeer 01 snares, nas wen de
posited in nssent.i thus assuring the
sale Will be made effective,
The protective committees represent
ing holders of Mew Orleans Railway
And Light Company refunding and gen
eral Hen 5 per "cent geld bends and
the one-year 7 per cent geld notes arc
notifying holders who have deposited
with the committees that a plan and
agreement for reorganisatien of the
company has been prepared; approved
and adopted.
The Hayes Wheel Company hns Ih
sued a statement of its financial con
dition en May 31, showing cash, en
hand 8530,421, tetnl current assetH .$:.,
082,227. current liabilities $1,272,124.
net current assets $2,410,103 and tetnl
net assets after predlving for all liabili
ties and reserves $4,9?6.30G. Trade
names, patents, geed will., 'etc., arc
carried at a valuation of $1.
Coca-Cela Company's net earnings
for May are understood te have been
nearly. $1,000,000. Earnings for June,
it is estimated, will slightly esceed
the May figures. These earning did
net Include" the profits of any subsidiary
companies, and were after all deprecia
tion and taxes. The company 'recently
had in the neighborhood of $2,000,000
cesh in bank, far exceeding all current
borrowings.
In face of n reduction of the redis
count rate of the New Yerk Federal Re
serve Hank and world-wide decline of
intercut rates, the bend market last
week was unusually quiet. Rarely has
a week passed with se few features in
price movement. Renewal of call money
en bcvcral days at 2 per cent failed te
stimulatu trading. The 4 per cent
Liberty leans reached new high pricey
but the Increase was insignificant.
PLAN RAIL SERVICE BUREAU
Effert te Bring Together Buyer and
Vender of Equipment
Preliminary plans were announced
today for the establishment of offices
here by the Railroad Buyers' and
Sellers' Service ltureau. hendquarters
Chicago, for the co-ordination of the
efforts of purchasers and venders of
railway equipment In general. W. II.
Ilessctt is general manager, und J. L.
Newman, formerly n news writer of
this city, is editor-in-chief of the Rail
way Trade Digest (weekly), one of
four functions of the bureau.
The ether three phases of the or
ganization are the publication of a
telephone directory and buyers' guide
of buyers nnd suppliers of railway
equipment in Philadelphia nnd tribu
tary territory, an ntixljiury department
of scientific research, including chemi
cal and ether analyses and economic
surveys; and a personal emergency de
partment by means of which technical
information may he obtained immedi
ately. Offices have hcen established In New
Yerk City and are in process of or
ganization in St. Leuis, Denver,
Seattle. Snn Francisce, Memphis, At
lnntn, Baltimore, El Puf-e und ether
traffic centers.
because of the frequency of robberies
recently. On one trip he saw two men
acting suspiciously nnd as he went
toward them they darted for nn auto
mobile and sped away. He fired, but
failed te bit tncm. , .
Investigation showed' that the house
had been entered and 200 worth of
allverwarcSt 9000 watch, rifle and some
clothing stolen. The thieves had cut n
safe from a stone wall and were ready
te remove it when thcefficcr' bullets
changed their plans.
RADICALS CO-OPERATE
N.
Y.- Socialist and Farmer-Laber
Partlea te Meet Saturday
New Yerk, June 20. (By A. 1M
A Joint committee representing the So
cialist and Farmer-Laber Parties last
night Issued a call for a Slate conven
tion here July 1 te nomlnnte State and
congressional tickets for the fall elec
tion. The announcement marks the
first Instance or co-operation between
the two groups' in this State.
James P. Helland, president of the
New Yerk State Federation of Laber,
today issued the call for thefifty-nlnth
annual convention of the organization
in Peughkcepsle. N. Y., August 22.
Mr. Helland said labor's platform in
the nen-pnrtlsnn political campaign,
which it will wage this fall; would be
the principal subject of dlscusajpn. .
MEN'S LEAGUE AF1ER FISH
Big Automobile Party Gees Frem
Haddenfleld Church te Tuckerton
HaddenfleJd, N. ,1., June 20. A
parade of 'automobiles left the First
Presbyterian Church at daylight this
morning 'Ter Tuckerton where fifty
members of the Men's League of the
church will pnss the day trying their
lurk for pergles, weak-fish, crabs and
ether sen feed. ,
The party will 'se out en rim hnv
six in n bent and will fish until night
and hope te get back home with great
leads of fish at 0 o'clock tonight.
The pat-ter of the church, the
Rev. Rebert S. Merris, chaperoned
the crowd nnd Stanley W. Rusk was
admiral of the fleet.
FAREWELL FORj VfCAR
Services Are Held at Compliment te
the Rev., J, A. Richardson
Farewell services for the Rev. J. A.
Rlch.irdsen, vica of St. Mary's Church,
Bread and Seuth streets, the Episco-'
pnllan Pre-Cathedral, were held in the
church yesterday..
Dr. Richardson hn'j resigned te take
effect September 1. but he virtually
severed his connection yesterday, for
he leaves today for Wellesley, Mass.. te
attend as clmpliiin the "Wellesley con
ference of church workers, and after
that he will spend July and August In
New Hampshire. On September 1, he
will assume the rectership of St. Paul's
Church, Burlington, Vt.
"BEFORE YOU INVEST
Investigate." said C. B. Ferbes recently In
an article In the Business Section, There are
complete data as te price changes and In
come yields of hundred!, of leadlntr stocks
and bends published every day In the Busi
ness and Financial Section of the Public
I.bdebr. "Make It a Habit." Adv.
WIEGREMOCKEYCO
Certified Public Accountant
Drexd Buildm. PhOadeiphk
New Issue
$500,000
Georgia Railway & Power Company
7 First Cumulative 8 Preferred Stock, Series of 1922
, Par Value $ 1 00 per share
Dividends payable January, quarterly '
Preferred as te dividends, and in case of liquidation or dissolution entitled te par and
, accrued dividends, before any payment i. made upon any ether class of stock
-, ( of the Company.
Net redeemable before January I, 1938, redeemable thereafter at the option of the
Company at 115 and accrued dividends.
CAPITALIZATION
, FUNDED DEBT x V
Underlying bends $1,367,000
First and Refunding Mortgage St, outstanding ' 12,167,000
20-year General Mortgage 7; 1941 4,000,000
25-year General Mortgage 6s, 1947 3,800,000
CAPITAL STOCK
8 Cumulative First Preferred $2,500,000
Second Preferred T 10,000,000
Common . . 15,000,000
The second Preferred and Common Stocks of the Company, based upon present quotations,
have a market value of approximately $8,000,000.
PROPERTY: The Geeagia Railway and Power Company owns and operates a modern hydro
electric pewerplant with 72,000 K. W. installed capacity, and, in conjunction therewith, two storage
reservoirs with of combined capacity of 6,649,000,000 cubic feet of water, or the equivalent of
70,000,000 K. W. H. at the power plant. The Company also owns and operates ether modern
hydro-electric power plants with an aggregate installed capacity of J 3,600 K. W making the Com
pany's total present capacity 85,600 K. W. Transmission and distribution lines aggregating 685
miles are owned by the Company.
In addition, the Company owns the lands and water rights for a number cd; undeveloped
water powers located in the territory it serves, having an ultimate capacity of approximately 252,000
K. W. Of this amount, 180,000 K. W. will be served successively by the Company's present
storage reservoirs.'!)
VALUATION: The value of the property of the Georgia Railway and Power Company has been
placed at $40,571,1 74 by Messrs. Parsons, Klapp, Brinckerhoff & Douglas, Engineers, as of January
I, 1922.
EARNINGS: Fer twelve months ending February 28.
1921 1922
Gress Revenue $f 3,464,991 $14,459,943
Operating Expense., Taxes, Maintenance and Rental... 11,041,826 11,351,387
Net Income $2,423,465 $3,108,886
Annual Interest en Funded Debt 1,168,380 1,168,360
Balance $1,255,115 $1,940,206
Balance available for dividends for the pust ten years ever four times, for the past three years ever seven times, and
for. the year ended February 28, 1922, ever nine times annual dividend requirement, en the first preferred stock.
We offer this stock, when, as and if issued, and received by us
PRICE 102,2 AND ACCRUED DIVIDEND, TO NET 7.80
HARRISON & CO.
BANKERS
106 SOUTH FOURTH STREET
PHILADELPHIA
L
f
New Issue
? ?
'.
i.
$5,000,000
New Yerk Steam Corporation
. First Mortgage Geld Bends, Series A; 6, due 1947
t .
tf
y
it? ",r&
'.
A vty
t:
'ffii
(Nen-redeemable for Ten Years)
Dated May 1, 1922
Due May 1, 1947
'Interest payable May 1 and November 1 at The' National City Dank of New Yerk, without deduction of the
Nermal Federal Income Tax up te 29'c. Four Mills Tax in Pennsylvania refunded. Coupon Bends in
denominations of $500 and $1,000, rcgisterable a te principal only and interchangeable with fully
registered Bends in denominations of $1,000, $5,000 and $10,000. Net redeemable prier te May
1, 1932; redeemable at the option of the Corporation en any interest payment date,
' upon sixty days' prier notice, at 107 from May 1. 1932, te November 1, 1936,
inclusive; at 105 from May 1, 1937, te November 1, 1941, inclusive, and at 102J4
. . . . . . thereafter but prier te maturity.
. THE NATIONAL CITY BANK OF NEW YORK, Trustee
Application will be made te list these Bends en the New Yerk Stock Exchange
Issuance ha been approved by the Public Service Commission of the State of New Yerk
Mr. James D. Hurd, President of the Corporation, has summarized his letter te us regarding this issue
as fellows '
The New Yerk Steam Corporation supplies steam for power and heating purposes in the down
town financial district and in an extensive uptown commercial and residential section, serving
ever 1,400 buildings, including some of the largest in New Yerk City.
These Bends, constituting the sole funded debt of the Corporation, will be secured, in the opinion
of counsel, by a direct First Mortgage en its entire property.
An appraisal just completed by independent engineers shows a value of the properties, based en
average prices, in excess of twice the present issue of $5,000,000 First Mortgage Bends.
Against future construction expenditures, additional Bends may be issued for net exceeding 75,
provided net earnings are at least twice bend interest charges.
A Sinking Fund of at least 2 each year will be applied toward the purchase of Bends or the
acquisition of additional property, and prevision will also be made in the Mortgage for the main
tenance and replacement of the property through the operation of a strong General Reserve Fund.
Fer the twelve months ended May 31, 1922, gross earnings were $3,246,088, and net, earnings
$753,765, or ever 2J times annual Bend interest charges.
The franchise under whichthe Corporation operates is entirely satisfactory and, in the opinion of
counsel, grants the right, without limit as te time, te lay mains and pipes in any of the streets
en the Island of Manhattan and te supply steam for power, heating and cooking.
Bends arc offered -when, as and if issued and received by us, subject te flic approval of our counsel.
I
Price 94 and Interest, Yielding about 6Vz-
Illustrated Circular showing location of the plants and the buildings ,
served, and giving interesting information regarding the business of this
Corporation, will be sent upon request.
The National City Company
National City Bank Building
Philadelphia 1417 Chestnut St.
Atlantic City Chalfonte Bleck, 1225 Boardwalk
Offices in mere than HO cities in the United States and Canada
Tne abee Information has been obtained from official statements and stat'itlcs We de net iiuarantce, but bclieie It te be correct.
"TaWB ra
5 li Wntfgn Is!
Exempt from Federal, State, Municipal and Lecal Taxation
1,000,000
Kentucky Joint Stock Land Bank
(LEXINGTON, KENTUCKY)
5 Bends
Issued Under the Federal Farm Lean Act
Dated May 1, 1922. Due May 1, 1952. Redeemable after May 1, 1932, at par and accrued interest. Coupon bends fully registrable and
interchangeable. Denominations, $1,000 and $500. Interest payable May 1 and November 1.
Legal Investment for All Fiduciary and Trust Fund. Under the Jurisdiction of the Federal Government and Acceptable as Security for
Postal Saving, and Other Deposits of Government Fund.
These bends are obligations of the Kentucky
Joint Stock Land Bank and arc collaterally secured
by either first mortgages en farm lands or United
States Government Bends or Certificates of
Indebtedness. The liability of the Bank's share
holders is double the amount of their stock.
The Kentucky Joint Stock Land Bank is
restricted by its charter te leans en farm land only
in Kentucky and Ohie. Up te the present time
all of the Bank's leans have been made in the
famous "Blue Grass" section of Kentucky. The
Bank has a vej-y strong management, consisting
of men who have had long, successful experience
in the banking and mortgage business in this ter
ritory, by reason of their connection as directing
heads of the Security Trust Company of Lex
ington, Kentucky.
The Bank operates under Federal charter and
Government supervision. The issuance of its
bends and the collateral pledged as security have
been approved by the Federal barm Lean Beard,
a bureau of the Treasury Department of the United
States Government.
These bends are prepared and engraved by the
Treasury Department. The Act under which" they
are issued provides that : "Farm Lean Bend issued
under the prevision of the Act shall be deemed and
held te be liwrumentalities of the Government of
the United State-., and as Mich they and the income
derived therefrem shall be exempt from Federal.
State, Municipal ami Lecal Taxation." Tlii-s ex
emption clauic covers all forms uf taxation, exclu
sive of Inheritance Taxes.
By a decision of the Supreme Court of the
United States, rendered February 2S, 1921. the
constitutionality of this Act and the tax exemption
features of these bends were fully sustained.
Price 103 and Interest
Te Yield Over 4.60 te Optional Maturity and 5 Thereafter
Halsey, Stuart 8C Ce.
1 ncuiporstce
NEW YORK PHILADELPHIA
William R. Compten Ce.
NEW YORK
CHICAGO
Harris, Ferbes 8C Ce.
NEW YORK
The atwa statements are official, or taiel en Information utilch we retard ns rcll able, anj are the data upon which we hae acicd in the purthaae of these bends,
NEWBURGER,
HENDERSON & LOEB
Members New Yerk and
Philadelphia Stock Exchange i
1512 Walnut St.
H'l! lime turancles for several high
caliber experienced Meck Salesmen
with clientele If you can quullfy It
will pay te Imestlft-ate our iropea.
tlen. Don't reply unless you run fur
iilsh lil.h-rlaas references anil arc
capable of liamlllnar a bit" preposition,
, 330, i.Knnr.n ekiick
c
Tn Information and statistics contained In this advsrtlsement havs been obtained from sources we deem reliable snd are accepted by us as accurate
COMMEHC1.M. VAI'KK
endorser or inuker ruled, usual
banldusr channels used te limit,
i an obtain accommodation, limit
(our months. OsT.rlng .heaut be
tyllcit end written, and addrsMed
OS lleed Belldln.
WE WANT OFFERINGS
Hcrnnlen Klcc. Pfd.
Penn Seaboard Steel 7h, 192J
BAUER, STARR ft CO.
I.and .Title llnlldlns;, Philadelphia
, New Yerk OfBce. I lUctsr eltrest
Direct Private Telephone bet. OJIce.
I
TAX EXEMPT BONDS
YIELDING 64
Security $1000.00
Amount of Lean .... 8S.71
Equity $914.29
V. W. MILLS CO.
Stock Excitants tilde, Vk udelphli
'R.A.M.&Ce,'
Reasoned Bends
v. Prier Lien well-secured
Vnds may still be bought te
yield an attractive return.
List -upon requvet
Reed A, Morgan A Ce.
Jlembers of the Thlla. Bleck Kxch,
West End Trutt BUle., i'hlle.
Telephone bpruee Hilt
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