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iVeitf Issue
$4,000,000
(Entire Issue)
The Crown Cerk and Seal Company
of Baltimore Cify
First Mortgage 6 20-Year Sinking Fund Geld Bends
Te be dated August 1, 1922 Nen-callable until August 1, 1927 Due August 1, 1942
Interest payable February 1 and August 1 without deduction for Nermal Federal Income Tax up te 2ec,
Coupon Bends in denominations of $500 and $1,000, with privilege of registration as te principal only.
Callable as a whole or in part en August 1, 1927, or any interest date thereafter up te and including
February 1, 193.1, at 105 and accrued interest, and thereafter at face value plus a premium of J47e
for each year en portion of a year between the date of redemption and maturity.
Pennsylvania Four Mills Tax refunded
THE NATIONAL CITY BANK OF NEW YORK, Trustee
Mr. J. M. Heed, Jr., "President of the Company, has summarized his letter regarding this issue as follews:
The Crown Cerk and Seal Company has been in
successful operation for ever thirty years. Its
principal product is the Crown cork, which is the
most economical bottle stepping device produced
and for which there is no comparable substitute.
The Company also manufactures bottle filling
and crowning machines, cork specialties and
lithographed metal signs.
the purpose of liquidating inventory, a further
less has been incurred in the current year, but
applying the contingency reserve which the Com
pany has set up en its balance sheet it is ex
pected that the operations for the balance of the
year will show a profit.
The Company occupies a' commanding position
in the trade, being the largest manufacturer of
Crown corks and supplying considerably ever
half of the total business done in this line. The
Company's operations are world-wide, with
plants in Baltimore, Terente, Mexico City, Lon Len Lon
eon, Paris, Yokohama, Rie de Janeiro, Lisben
(Portugal) and Seville (Spain).
The Company's net profits for the past thirty
years, after deducting interest, taxes and all ether
charges, have averaged $788,377. During the ten
years ended December 31, 1921, the average
annual net income available for interest and
Federal taxes was $1,322,164, or 5'2 times the
annual interest charges en this issue, its only
outstanding funded debt.
In, 1920, the Company showed net income of
$1,504,828, but in 1921, the decline in sales, to
gether with substantial inventory adjustments,
resulted in a net less for that year of $1,577,144
before interest. Due te curtailed operations for
TheFirst Mortgage Bends will be secured, in
the opinion of counsel, by a direct closed first
mortgage en all the real estate and fixed assets of
The Crown Cerk and Seal Company (as defined
in the Mortgage) and further by the pledge of
all of the capital stocks and ether securities of
subsidiaries, owned by the Company.
The Mortgage will provide for a Minimum Sink
ing Fund sufficient te retire $2,000,000 face value
of Bends by maturity, and will also provide an
Additional Sinking Fund based en dividend pay
ments. The Company will covenant net te declare or
pay any cash dividends en its capital stock except
out of income subsequent te August 1, 1922, and
then only if upon completion of such dividend
payment net current assets shall equal at least
125 of the Bends outstanding.
After giving effect te the financing and also de
ducting all liabilities ether than funded debt, the
net tangible assets amount te $15,139,660 or mere
than'ft times the amount of the issue. The net
current assets- alone are $6,974,475.
Application rvill be made te list these Bends en the Acn Yerk Stock Exchange
Price 96 and interest, te yield ever 6.35
Bends are offered when, as and if issued and received by ms, subject te the approval of our counsel as te legal
proceedings.
Complete circular upon request
m
lOHAi crrvnu
qquiLOIH?
The National City Company
National City Bank Building
Philadelphia 1417 Chestnut St.
Atlantic City Chalfonte Bleck, 1225 Boardwalk
Officcb in mere than 50 cities in the United States and Canada
The above information Is based upon official statcn-enlH and statistics en which we have
relied In the purchase of these Bends. We de net guarantee, but believe It te be correct.
Increase Your Knowledge of Bends
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36 Pages of Bend Information
IN compiling this booklet we have tried te confine it te useful
information. The points covered concern questions which
are most frequently asked by bend investors, as determined
from long observation. Nen-technical definitions of commonly
used bend terms are included.
A Useful
Reference Boek
Experienced as well as occasional bend
buyers will find this book worth keep
ing for reference. We shall be glad te
send you a copy.
Write for Booklet PA-GO
HALSEY, STUART O COn PA . 6 0
Land Title Building Philadelphia
Please send ne, withe'it obligation, your booklet,
"Bends Questions Answered Terms Defined."
HPINVESTMENT
niTPernmAtTn
UUULllUlN
I
1
1
Bends and notes
selling at prices
that are low in
comparison with
1914 quotations,
and low in com
parison with
ether securities
of the same type.
Write or IloeUct
AB.Leach&G?Inc
NVE5TMENT SECURITIES,
U5&feurrhSr.Philav
wnennu ea37
tfiffftWi.
Strict.,
City....
HALSEY, STUART & CO,
INCORPORATOR
Land Title Building Philadelphia Telephone, Locust 7410
CHICAGO NCW yeRK PHILADELPHIA BOSTON DETROIT MILWAUKEE ST. LOUIS t MINNEAPOLIS
J
WHOLESALERS
Bankers and investment
houses are invited te use
our service when desiring
te buy or sell any Govern Gevern
ment Leans.
"A Natien-Wide Market"
COMMERCIAL
TRUST COMPANY
Member Federal Reserve St stem
City Hall Square
Penna. Ce. Series "A" 3y2s, 1937
Newport & Cin. Bridge 42s, 1945
Portland Rwy. 1st & Ref. 5. 1Q3D
Phila. & R'd'g Terminal Ss, 1941
Eisenlohr Common & Preferred
Isaac Starr, Jr., & Ce.
leth & bansera Sts., Philadelphia
Jlciulrr IMilli tltlitlil i Nml, i:rlinnse l
e urk iiitiun i;luiiKf
"prui SMHl
ic Ce.
$1,200,000
American Water Works &
Incorporated
7 Cumulative First Preferred Stock, Par Value $100
(Voting Trust Certificates)
Present dividend dates: February 15th, May lath, August 15th, November 15th. Redeemable as a whole
or in part, after three years from date of issuance, at $110 per share and accrued dividends.
Exempt from present Nermal Federal Income Tax
Application has been made te list these additional Certificates en the New Yerk Stock Exchange, where
the balance of the Issue of Voting Trust Certificates Is already listed
December 31, 1921
Autherised
Outstanding
$5,450,000
10,000,000
9,200,000
CAPITALIZATION
C CAPITA!.!
7 Cumulative First Preferred Stock (par value $100) $10,000,000
Participating Preferred 6 ( ' ) 10,000,000
Common Stock (" " ") 10,000,000
FUNDED DKnTi
Collateral Trust 5 ends due April, 1934 $15,999,800
After Klxlnsr effect te th ndrlltlnnnl Stock, Vetlnc Trim CcrtinviiteB for which htb new tflnn effcrcl.
rtiere will te eutntftndlrur 10.030.000 par nlu.
The following is summarized from a letter of H. Hobart Perter, president of the American Water V0rk3
and Electric Ce., Inc.
The Company is a holding corporation controlling through stock ownership 26 water com cem
panies in large and prosperous communities in the Middle West and Seuth the largest
group of privately owned water works plants in the United States.
It also controls The West Penn Company, the parent company of the West Penn System
controlling electric power, light and traction utilities in the thickly settled manufacturing
district about Pittsburgh, including a large part of western Pennsylvania, northern West
Virginia and eastern Ohie.
The proceeds of the present offering will be used chiefly in acquiring control of the Potomac
Public Service Company, owning and operating, directly or through subsidiaries, electric
light, power, traction and gas properties in adjacent parts of western Maryland, Virginia,
West Virginia and Pennsylvania.
Average net income for two years ending May 31, 1922, as reported in Company's Consoli
dated Income Statement (including amounts actually received as well as equity in undivided
profits of subsidiaries), after deduction for all taxes, depreciation and ether charges, was
nearly 23A times yearly dividend requirements en the total First Preferred Stock, in
cluding the present issue. Such statement does net include any earnings of the Potomac or
Monongahela companies.
We offer Voting Trust Certificates for this Preferred Stock when, as and if issued and received
butts and. subject te approval of counsel.
Price 87 te yield about 8.05
Dcminick & Deminick
115 Broadway
New Yerk
W. A. Harriman & Ce.
Incorporated
751 Drexel Building, Philadelphia
Ti hm Information und tmltlc are net tunmnied hutar takn (rem urc which ., h-Hi. te h,
" accurat
$250,000
New Yerk Central System
Detroit River Tunnel Ce.
Detroit Terminal and Tunnel
4V2 Per Cent First Mortgage
Geld Bends
Due May 1, 1961
Free of 2 Per Cent, of the Nermal Federal Income Tax
Guaranteed Principal and Interest by Endorsement
en Each Bend by the Michigan Gentral
Railroad Company
This isuc is secured by a first lien en the double
tube tunnel, under the Detroit River from Detroit,
Michigan, te Windser, in the Province of Ontario,
Canada, which tunnel forms part of the through main
line of the Michigan Ccntial S.istcm from Buffalo te
Chicago. These bends ,arc also secured b a first lien
en 21' j acres of land in the City of Detroit and en the
Union Passscnger Station and Terminal Office Build
ing erected thereon. The tunnel under the Detroit
River was put into sen ice in 1910 and its operation has
been a complete success in every way, accomplishing a
great saving of time and expense in the through traffic
of the New Yerk Central Lines.
The Detroit River Tunnel Company, a corporation
of the State of Michigan and the Dominion of Canada,
has outstanding $3,000,000 capital stock all of which is
owned by the Michigan Central Railroad Company,
which company has leased the property of the Detroit
River Tunnel Company for 990 ears at a rental suffi
cient te pav maintenance and operating expense, inter
est en all bends, and net less than 4 per cent, "dividends
en the capital stock.
This issue is legal for Savings Banks in New Hamp
shire, Rhede Island and New Jeisev. Meedy's Anal)
ses of Railroad Investments tates these bends Aaa.
This i-siie was originally offered in May, 1911, at 102
and interest.
Price: 91.50 and Interest
Te Net 5 Per Cent
Municipal Bends
Exempt from all Federal and Personal
Property Tqjces in Pennsylvania
The extensive variety of our offerings of Municipal
Bends should enable private investors, savings banks,
executers and trustees te make satisfactory selec
tions, either for the investment of funds new avail
able or for the replacement of their present holdings
of tax-exempt bends nearing maturity or called for
redemption.
Bend Circular 1131 furnished en request
Vtedmond&Ce.
Bread and Sansom Sts., Philadelphia
New Yerk Baltimore Pittiburgh Waihiniten
.Members New Tork I'UIUdelphU. and I'.it.bursh Hteu, iixchanies
Biddle & Henry
104 Seuth Fifth Street
Philadelphia
The Information and statistics contained herein hae ben
obtained frum sources wliltli e belles te be rclUble
7 REFUND 0F Penna. State Tax
r srtAv'
Collecting the Pennsylvania State Tax from corpora
tions who have ajrreed te refund It te their Pennsylvania
Bondholders is, a troublesome process te many, and the
benefit of this aRrecnicnt 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 painp your personal piepeity tax, veu will
send us. a list of all bends en which you have paid said
tax. the amount of tax paid in each ease and the numbers
of the bends, we will nil in and mail te veu for siijnutuiu
the blanks required in order that you mav rbtnin ihe
refund, ou ma vetuin the blanks te us'and ve will
let ward them te the respective coiperations.
We bhall also be glad te keep a 1 ecerd of the numbei
et your bends, which in futuie years will enable u te
prepaie the blanks en advice from you of the amount
of refund claimed.
Harrison. Smith & Ce.
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PHILADELPHIA
LOMBARD 6100
We Offer
Chesapeake & Ohie Equip. Tr 6's 1933
New Chester (Chester.Pa.) Water Ce. 1st 5's 1943
Texas Power & Light Ce 6's 2022
r Utah Power & Light Ce 6's 2022
Denner Steel Ce. 1st Ref 7'5 1942
Beaver Products Ce. 1st Ref 7Vs 1942
Standard Gas & Elec. Ce 6's 1935
Vermont & Quebec Pr. Ce. 1st Sink. Fd .8's 1942
Public Service Cor. of N. J. 8' Cum. Pfd. Sleck
l)i.tciijittfi fitcuuirs furnished en application
F. E. WARNER & CO.
Lembard 1598 421 Chestnut $L, Phila.
Yielding
5.75' r
5.50f
6.60 f.
6.60 r'r
7.20' e
7.50'r
7.30''
8.00 r'c
7.50' r
Main U36
Southwestern Power & Light Ce.
6 Geld Debentures, Series A
Nen-Callable for 25 Years
Company owns end controls companies furnishing
diversified public utility service te 113 communi cemmuni
ties, including many of the most important cities '
et Texas.
1921 earmngs applicable te interest charges en total
funded debt were ever 3.2 times requirements.
Operation of the properties of the Southwestern
Power & Light Ce. is under the direction of Elec
trie Bend & Share Ce.
Price te yield about 6.65
Circular en Request
Bonbright & Company
437 Chestnut Street, Philadelphia
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