Wimm japs; ..- .c ' EVENING-FDBErb mmirttmEfjmra SEPTEMBER M, BBS? , nw,:, K'i . il " 'i :m S.JV ft'feL; -,J) $50,000,000 Swift & Company 5 Ten-Year Sinking Fund Geld Notes & Dated October 16, 1922 Due October 15, 1932 Total Authorized Issue, $50,000,000 ':; Interest Payable April IS and October IS, at Illinois Trust & Savings Bank. Chicago, or at the American Exchange National Bank, New Yerk. Intereit payable, 6e far as may be lawful, without deduction for Federal Income Taxes net n excess of 2, as provided In the Trust Indenture. Coupon Notes in interchangeable denominations of 51,000, $eOO and $100, with privilege of registration as te principal only. Redeemable as a whole or in part at the option of the Company en thirty days' previous notice, en any Interest payment date before maturity, en' payment of a premium of 2yi'7e it redeemed during the year 1923, suph premium decreasing V of 1 each succeeding year thereafter. A Sinking Fund of $500,000, annually will be applied te the purchase and retirement of these notes, if available in the market, at net te exceed par and interest ILLINOIS TRUST & SAVINGS BANK, CHICAGO, TRUSTEE Frem information in regard te this issue of Notes received from the Company, tve summarize as follews: These notes will be the direct obligation of Swift & Company, one of the largest and most successful companies in the world engaged in the production and sale of meats and their by-products. The authorized issued Capital Stock of the Company amounts te $150,000,000, upon which dividends at the rate of 8 per annum are new being paid. The Company has paid cash dividends without interruption for the past thirty-six years. During the twelve years ending November 5, 1921, net earnings of Swift & Company amounted te $141,725,549, of which amount $52,287,089 or ever 36 has been retained in the business. Annual net earnings available for interest and after providing for Federal and foreign taxes, for the 5 years ending November 5, 1921, averaged $25,041,544 per year. Interest charges en the entire funded debt of the Company, including this issue, will be $3,946,175 per year. Total sales of the Company's products have increased from $250,000,000, in 1909 te ever $800,000,000 in 1921. The Trust Indenture requires the maintenance of current assets te an aggregate amount equal te at least one and one-half times current liabilities, plus the outstanding Notes of this issue, and provides that no new mortgage may be created against present assets and property. The financial statement of the Company as of November 5, 1921, and after giving effect te this financing, shows net tangible assets of $301,659,163, applicable te the total funded debt of $78,923,500, including this issue. Since November 5, 1921, a substantial reduction has been made in liabilities. The proceeds of this Nete issue will be used in retiring $40,000,000 7 Geld Notes, due October 15, 1925, and $25,000,000 7 Geld Notes due August 15, 1931. The Company's funded debt, therefore, is reduced $15,000,000 by this refinancing. m Price 97 and Interest, Yielding about 5.40 is expected that Notes of Swift & Company in definitive form will be ready for delivery j;.. en or about October 16, 1922 Illinois Trust & Savings Bank CHICAGO The Merchants Lean and Trust Company CHICAGO First Trust & Savings Bank CHICAGO Harris, Ferbes & Ce. NEW YORK Continental and Commercial Trust and Savings Bank CHICAGO Wi de net ruarantee th istatrnvnts and ficurn rrffnt'rt herln, hut thy ar takn from aeurcs which we beller tr he rallabla. $2,638,000 Province of Saskatchewan, Canada 5 Geld Bends (Nen-callable) Dated September 15, 1922 Due September 15, 1942 Principal and interest payable in Geld in New Yerk; also payable in Canada. Interest payable March 15 and September IS. Coupon Bends of $1,000, with privilege of registration aa te principal. Subject te approval of legel matters by E. G, Lene. K. C, Terente These bends are the direct obligation of the Province of Saskatchewan and are payable, principal and interest, from its general revenue. FINANCIAL STATEMENT (OFFICIALLY RBFORTED AS OF BEPTKMBBR 8, Mil) Ettimated assemble value of all property within the Province ...... $1,300,000,000 TeUl funded debt including present Uaue 52,868,504 LBSSi Debts created for utilities, etc., which carry public debt charges $25,769,113 Sinking Fund created for the redemption of debt Incurred for purposes ether than utilltle 1,429,836 a7,186,941 Netdebt $35,669,563 In addition te the Sinking Fund iliewn above, there It an amount of $1,758,794 held aialnit the dtbti created for etlf-eu.ulnlnc enterprise.. Railway and Agricultural Guarantees , , $31,416,367 (Of this amount $JB,58J,013 vrai tSttn In reipeet te readt no owned or controlled by the Oevernniant of the Dominion of Canada) 1 Area 251,700 square miles. Population (1921 census) 757,510 Agriculture is the predominating industry of the Province of Saskatchewan. The total value of its field croes in 1921 $297,414,000, exceeded that of every ether province in the Dominion, Ontario ranking next with$236 907 000, and Quebec following with $192,773,000. The finances of the Province are in excellent coo ceo coe dltlon, the grew funded debt of $70 per capita being the lowest of any of the Western Canadian Provinces. Ve offer the above bends far delivery when, as and if issued and received by us, subject te the approval of legal proceedings by counsel. Price 99 and Intereit. Te Yield 5.05 Dillen. Read & Ce. fk. informs contained hia we confer rellabla. NEW ISSUE $5,000,000 ConselidatedGasElectricLight and PowerCempany of Baltimore Firtt Refunding Mortgage 5V2 Sinking Fund Geld Bends, Series E Dated September 1, 1W2 Due Sn- 1952 Redeemable as a whole or in part, at any time en 60 days' notice at 107V2 during the fir ' tm yean, at 105 dur rSTnrt ?eVS aad at X02VS durine the last 10 years before maturity; plu. accrued interest m each case. Interaat payable without deduction for Federal Income Taa up U 2 Frem m Utter (Mr. Herbert A. Wmgner, President, he farther summarises as tellevnt BUSINESS i The Company does the entire gaselectric light and power business in the City of Baltimore and surrounding counties and also supplies all the power for the operation of the entire street railway system in this area. T he total population served is about 775,000. SECURITY: These $5,000,000 $Vi Series E Bends (equally with $11,263,000 6 Series A Bends and $9,000,000 7 Series C Bends) are secured by mortgage en all property new owned or hereafter acquired. k Bends are reserved te refund all underlying issues. Fer a full statement of underlying securities and description of the First Refunding Mortgage, refer ence is made te the President's letter. EARNINGS: Net Baminaa CreM HetBambei FUed TtoveaFaod Tr Boded Baratnfa after Taxes Charfe Clre Balaaef Jane 30, 1915 W.789,401 $3,212,818 $1,640,361 1.96 $1,572,457 11 7,431,768 3,583,692 1,580,058 2.27 2,003,634 lfl7 8,498,809 4,018,644 1,672,223 2.40 2,346,421 IMS 10.619.588 4,203,904 2,071,339 2.03 2,132,565 Dee. 31, 1919 12,813,617 4,800,711 2,283,622 2.10 2,517,089 1920 15,433,458 4,981,667 2,428,285 2.05 2,553,382 1931 16,612,388 6,027,808 2,826,184 2.13 3,201,622 July,t 18,573,653 7.936,839 3,087,296 2.57 4,849,541 Net Earnings of $7,936,839 for the 12 months ended July 31, 1922, were approxi mately 2Yt times the total fixed charges upon completion of the present financ ing, including interest en this issue. The Company's gas and electric rates are considerably lower than these in any ether large city en the Atlantic seaboard. SINKING FUND: An annual Sinking Fund of 1 of all First Refunding Mortgage Bends from time te time outstanding, first payment net later than August 1, 1923, is te be used for purchase or call and retirement of First Refunding Mortgage Bends. DIVIDENDS: The Company has $5,000,000 8 Preferred, $1,410,000 (part of $2,000,000 recently subscribed for) 7 Preferred and $14,610,200 Common capital stock outstanding. Continuous cash dividends en the Common stock have been paid since 1909, at rates averaging ever 7 per annum for the last 11 years. The present rate, 8, has been paid since April 1, 1917. We Recommend these Bends for Investment PRICE 99Y2 AND ACCRUED INTEREST, TO YIELD OVER 5!2 a These bcedi are offered when, as and if issued and received by m, aad abject te the approval of the Public Service Commiaaien of Marylaed. Alex. Brown & Sens Brown Brethers & Ce. Lee, Higginson & Ce. Jacksen & Curtis Spencer Trask & Ce. The etatementa contained abere, while net tuaranteed, are baaed upon information and advice which we be&rre accurate aad reliahlfl New Offering Exempt from Federal, State', Municipal and Lecal Taxation htued under the Federal Farm Lean Act $1,000,000 San Antonie Joint Stock Land Bank San Antonie, Texas 1 (Operating: in Oklahoma and Texas)' 5 Bends Dated May 1, 1922 Optional May T, 1932 . ' Dae May T, 1952 Coupon bends, fully regiaterable and Interchangeable. Denomination 11,000. Interest payable- semi annually, May 1st and November 1st Principal and interent payable at the Sari Antonie Joint Stock Land Bank, or at The National Park Bank, New Yerk City Authority t By Act of Congress these bends are declared instrumentalities of the Government of the United States and are prepared and engraved by the Treasury Department. Security: Obligations of the issuing Bank, shareholders' liability being double the amount of their stock, and collaterally secured by either first farm mortgages or United States Govern ment bends or certificates of indebtedness. Government Supervision 1 These Banks operate under Federal charter and Government supervi sion. Their bends and the collateral pledged aa security have been approved by the Federal Farm Lean Beard, a bureau of the Treasury Department of the United States Government, A legal Investment for all Fiduciary and Trust Funds under the jurisdiction of the Federal Government and acceptable as security far Postal Savings and ether deposits of Governmental funds. The Banks may be designated by the Secretary of the Treasury me financial agents of the Government and depositaries of public funds Price 102.50 and accrued interest Yielding ever 4.65 te optional maturity and 5 thereafter William R. Compten Ce New Verk Halsey, Stuart & Ce. tBcrpert4 New Yerk Philadelphia Kelley, Drayten & Company New Yerk The above aUtements are official, or based en information which we regard u reliable, and are the data upon which we have acfed In the purchase of theae bend. , jv:l .;.' e'tx wi 1 M 3 M 1 IS3 iff 'I II I i si tig! 1 r ,?-.,-.,, "J"! TT ?222e; as f .'$. I T . 'J .i' W
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