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1UVE.NJLNG PUBLIC LEDGER- PHILADELPHIA, MONDAY. 00TOBEK 30, 1922
'
1
'
JVw Mue
New OffTing
Tax Refund in Pennsylvania
II
?i
I
i.
New Issue
$5,000,000
The Power Corporation of New Yerk
First Mortgage Sinking Fund 6,2 Geld Bends (SeritsW)
?dT n.1?l,-.5!i!,,r,,n?,r V& " sy l and Nevtmbcr I. XtdcsMiMsis whels en sixty
accrued Interest. 1500 and 11,000 coupon bends with privilsa of rttlstratlen as t principal, or fully registered bends.
The Equitable Trust Company of New Yerk, Trustee.
1?.C.emF?"r ' . refund en rUMt tb praeent antylnl, Maryland, Cenaectieut and Dittrict
f Columbia penenel ureperty Uxai net te KMd four mUU te holders rotldent la tkoee States who hava
aid such tai and te pay Intereit without dodueUea for any normal Padiral Income Taa net exceeding 2.
Frem official sources we summarise as follews:
CAPITALIZATION
(After giving effect te present financing)
Authartiee
First Mortgage Sinking Fund Geld Bends. . Indeterminate
Profaned Stock, 7 Cumulative $10,000,000
Common Stock 300.000 ahs.
OnUUiUInf
$5t0f0,000 (thu ()
1,000,000
300,000 shi.
The Deed of Trust provides for a sinking fund tst'mated te retire approximately one-third of these
Series "A" bends before maturity.
Property The properties of the Company will consist of water pewera en the Black River and the
Raquette River in northern New Yerk estimated at ever 100,000 horsepower. Of these water powers,
37,500 h.p., en which these bends will be a direct first mortgage, are at present developed and income
producing, and have been appraised by the J. O. White Engineering Corporation at $10,358,400, or
mere than double the amount of this issue. These powers are for the most part mechanically oper
ated but are susceptible of economic electrification. The undeveloped powers en the Raquette
River, estimated at ever 62,500 h.p., represent great potential earning power, constituting one of the
most important prospective high head power developments in New Yerk State.
Earnings The Company has sold the entire output of its developed water powers, under a joint and
several contract extending beyond the life of these bends, te the St. Regis Paper Company and the
Hanna Paper Corporation. Under the terms of this contract, these companies, which are planning te
merge, contract te pay te The Power Corporation of New Yerk the sum of $800,000 annually, or such
Sreater sum as may be necessary te pay all operating expenses, assessments, taxes, maintenance,
epreciatien, and the interest charges en these Series ,TA" bends and te leave net less than $270,000
available for sinking fund and for dividends. Net earnings of the Company from this contract alone
are computed te exceed double the maximum interest charge en these bends without regard te earn
ings that may in the future accrue te the Company from its at present undeveloped water powers.
The St. Regis Paper Company, which after giving effect te its proposed merger with the Hanna
Paper Corporation will be the third largest manufacturer of newsprint in the United States, will show
fixed assets appraised at $11,467,789, and net cursnt assets of $3,388,044, net including its investment
of about $1,700,000 in the Northern New Yerk Utilities. Inc., and will have no funded debt. Fer the
534 years ended September 30, 1922, combined net sale; have averaged $9,587,860 annually, and com
bined net profits before deducting depreciation and Federal taxes, or the obligation of this power
contract, $1,803,552 annually. In no year of this period have such profits failed te exceed $1,000,000.
The obligation of this power contract is a primary and essential element in the operating expenses
of the paper companies, without the satisfaction of which the conduct of their business would cease.
Management The ownership of The Power Corporation of New Yerk will be vested in these same
interests who have been signally successful in the management of the Northern New Yerk Utilities,
Inc., and the St. Regis Paper Company. The Power Corporation of New Yerk was organized in
order mere effectually te coordinate the development of these enterprises and further assure an ade
quate supply of power te them and te the important territory which they occupy.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Price 100 and interest, yielding 6
Bends art offered when, as and if issued and received by ut. All legalities incident te this issue are te be afifreted by our
attorneys, Messrs. Sullivan & Cromwell of New Yerk.
E. H. Rollins & Sens
Philadelphia
F. L. Carlisle & Ce., inc.
New Yerk
Tlit aoeet Information fcai been ebtainrd (rem isureei thtt we deem reliable and altseuiti aet guaranteed, U accepted !r accurate.
Exempt from Federml, State', Municipal and Lecal Taxation
leeued under the Federal Farm Lean Aet
nH'w.j!l
i.
' V:
$1,500,000
Atlantic Joint Stock Land Bank
Raleig h, North Carolina
Operating in North Carolina and Seuth Carolina
5 Bends
Dated SepteaW 1, JI22
Opticas! September 1, 1132
Dae September 1, 1952
II
$2,600,000
Hetel Syracuse
First Mortgage 6J2 Serial Bends
SAFEGUARDED UNDER THE STRAUS PLAN
Date of Issue, October 23, 1922. Serial Maturities 2 te 18 Years
The bends constitute a direct closed first mortgage en the land, fronting
25 1 feet en Seuth Warren Street, 186 feet en East Onandaga Street, and
144 feet en Harrison Street, Syracuse, N.Y., and the new Hetel Syracuse.
This is planned te be the leading hotel of Syracuse, exceptional in design,
finish, equipment and location. It will be 13 stories In height, of the best
fireproof eteel frame construction. It will contain 610 rooms, each with
bath, served by 7 elevators, with 26 stores en the ground fleer. The build
ing is new in course of construction, and its completion, free and clear of
all prier liens, is unconditionally guaranteed te the bondholders by S. W.
Straus & Ce., Incorporated.
The hotel Is being erected by leading Syracuse citizens, backed by ether
strong local interests, as a result of great local concern ever the prevent
shortage of high grade hotel accommedations.The stock is widely held In
Syracuse, $2,000,000 having been subscribed by citizens in the pur.
chase of the preferred and common stock.
Net annual earnings of the Hetel are conservatively estimated at
$351,200, mere than enough te meet the greatest yearly principal and
interest requirements.
The bends are protected by all the customary safeguards of the Straus
Plan and are offered with our full recommendation. Denominations,
$1,000, $500 and $100.
PRICE: Par and accrued interest te net 6lA
This entire issue having been sold at retail, te our own
clients, this advertisement appears as a matter of record only.
S.W STRAUS ScCO.
MTABUSMDl88 . OrTlCtS IN TWENTY riUNCIPAl CITIES . INCORPORATED
1617 WALNUT STREET
Telephone Spruce 6387
FORTY YEARS WITHOUT LOSS TO ANY INVESTOR
(.'.. - '
aUtss a,Wiavicmr" .
, i
San Paule (City of) 6s. 1943
Allegheny Valley 4s. 1942
Equitable Illuminat'g 5s, 1928
Cadde Oil & Refg. 6s. 1927
Southern Indiana 4s, 1951
Federal LandBank 4'2. 1942
West Va. & Pitts. 4s, 1990
Clearfl'd Bitum. 1st 4s, 1940
Consolidated Trac. of N. J. Stk
ISAAC STARR, Jr., & CO.
16th and Sansom Sts.
Philadelphia
Member Philadelphia Stock Exchange
.Vete Yerk Cotten Exchange
GE0.AHUHN&S0NS
Members of the hlUdelphla. New Yerk
and Chlean Bteek kiehanrei.
Mew Yerk Cotten fsehante.
STOCKS & BONDS
bought ami aeld (or rain ur canted
en eeneereatlra margin.
Bill.ru. reiirt rtldg .. MIS Walnut St.
N. T , til Ttrn.dw.r
BAYUK BROS.
lit ft 2nd Pfd. Stteks
BouahtSeld Quoted
Stene Presser & Doty
12 WUttus St, If. T. Miatftr Hit
North Htdwn County Rjr.. . Ce. S, 128
ScriBtea Railway, Ce. Raf. ...Si, 1147
Indianapolis Water Werk, Stc.fji, 1148
Jeka Wuuukar fa, 1832
Norfolk A Ferttauatk Trwtiea Si, 18M
St. Clair Ceaitr Cm Elic Ce. Si, 1898
Faille Sanies Cerp. of N. J.. .All Inm.
SAMUEL K. PHILLIPS ft CO.
ewifiTinnnBiinnnnnnTinnnnnnnnn1
MAIN and COMPANY
Cortlfted PublieAcceuntants
n Finance Building - Philadelphia
uuuuwiuuugcuiiui
mum
JY
"te 1
HIA 1
aiml
WIEQIEI.ROCKEYeOO.
Cemearrukik
Coupon bends, fully rcgisterable and interchangeable. Denomination 91,000. Interest payable semi-annually,
March 1st and September 1st. Principal and interest payable at the Atlantic Joint Stock Land
Bank, or at the principal office of The New Yerk Trust Company, New Yerk City.
Authority By Act of Congress these bends are declared instrumentalities of the Gov-
" ernment of the United States and are prepared and engraved by the Treas
ury Department.
Security Obligations of the issuing Bank-, and collaterally secured by cither first farm
mmmmmmmm mortgages or United States Government bends or certificates of indebtedness.
The liability of the Bank's shareholders is double the amount of their stock.
Government Supervision These Banks operate under Federal charter and Government
supervision. Their bends and the collateral pledged as .security
have been approved by the Federal Farm Lean Beard, a bureau of the Treasury Depart
ment of the United States Government.
A Ugal invettment ter mil Fiduciary and Truit Fund under the juritdietien of the
Ftdaral Government and acceptable a tecurity for Peital Saving and ether depeiit
of Governmental Fundi. The Bank may be detignated by the Secretary of the
Treeturya financial agent of the Government and depetitarie of public fund.
Price 102.50 and accrued interest
Te yield ever 4.65 te optional maturity and 5 thereafter
William R. Compten Ce.
New Yerk
Halsey, Stuart & Ce.
IneerperaUd
New Yerk Philadelphia
Harris. Ferbes & Ce.
New Yerk
Philadelphia
The above statements are official, or based en information which we regard as reliable, and are the
data upon which we have acted in the purchase of these bends.
New Lean
Exempt from all Federal Income Taxes
$1,000,000
CITY OF KNOXVILLE, TENN.
Tax Anticipation Notes
Dated November 7, 1922
Due September 29, 1923
Denominations $1,000 or multiples thereof
Payable at the Chase National Bank, New Yerk, N. Y.
FINANCIAL STATEMENT
Assessed Valuation (1922) $94,062,856.80
Total Bended Debt (including this issue) . 8,686,886.06
Uee Water Debt .... $1,473,000
Net Debt 7,213,886.06
POPULATION (1920 Census) 77,818
" (estimated new) 90,000
These notes issued for current expenses of the City, are a DIRECT OBLI
GATION of the City of Knoxville, for the payment of which the entire income
and collections for the present fiscal year are specifically pledged.
IN ADDITION TO SUCH SPECIFIC PLEDGE THE FULL FAITH,
CREDIT AND TAXING POWER OF THE CITY ARE IRREVOCABLY
PLEDGED.
The authorization andUtuance are under the supervision of Mr. Cheater
B. Maulich, New Yerk City, whose opinion will be furnished
Price te yield 4.75, true discount
A.C ALLYN COMPANY
ESTABLISHED IIU
1 Wall Street NEW YORK Phene Whitehall 2438
CHICAGO MILWAUKEE MINNEAPOLIS BOSTON
FINANCIAL.
DMjfBAa
Ki
SCOTT PAPEk COMFAJTT
CHKSTEB. PA.
CAPITALIZATION A OT
T Cumulative Preferred Stock
inthnrlH 1700.000.00
OuUUudlnf $ 8ST,
common oie-cic
IntheriMd teoe.ooo.M
Qptatandlng .t.. JSOai
Surplus ..:.. i ...a. Tts
net wertn i,40.i
Tn Bowa ex uireciers tneir )
h.14 October SBth. 1033. declared the t
ecnnd C24) recular SemNAnnual DMi
if SU. three Mid ene-half dollars let
rr .hare en tlm 7 Cumulates Pr.reiTM
muck ex in. i.orpnrnuen( p)ipi. PfOT li
lfZ 10 .11 mecKiiuiuer. ei rerera ll
clore of bunln.te October Suth. 1D22.
All dUId-nii en the., eharea hav I
c.nie.l te date and paid when due ltbM
any eireptlen
Check, utll be mailed from Cheater, Te.!
Nev. 1st, li'i:
! KDW. S. WAGNER. Treaeurer.
THE REAt ATETOrCOMPANT 00
llread and theatnul ate,
i October in. JtS2
The Beard of plr;ctpre ha. thla day 4e
the preferred Bleck of the company, puaaia
in Neeembyr 1. 10M, te .tockhelfira iI
record at the cleee of bu.ln.M October IS;
1922. Check, will be mailed.
TTtemref.
CENXBAL JJgaJ" TUtlS i
W,r,rr SW.r 1MB.
m W" 1TT- ? '. .
The Beard of Director, thla day deelaradl
the retular Quarterly dividend of i per eaal
and an extra dividend of 1 per cent, Variela
Wrrember 1. ISM. te atockhe'dere afrSer
October 28. 102.'. Check, wjli h. malledT "
CHARLES K. LUKENS. SecreUrr.'
Bpxlal MftUnte
tSETUE QIARTEKI.V BU9JNEMH MJCKT.
37 mg of the M.mbera of the 1'Maa
Uemen'e i nnetinn i.noriatien of 'l
nh . li n nit a sienur ...nin..
. ?0;.lB.;v.,ta.!i!? r' M" ' c',ntr' mc5.
I 1DUV t. u.v.i
I All elector, are Invited te be preeent
Th. m.atlna will b. follew.d br ibrm a4
turn, of Conference Del.fatee from Silver
Bay. Camp Nepahwln. and ether renfereneaa.
KATE T MILES.
Recording Secretary.
Proneiala
WE TAKE PLEASURE IN ANNOUNCING
THK OPENING OF AN OFFICE AT
120 BROADWAY, NEW YORK CITY
UNDER THE MANAGEMENT OF
MR. A. MITCHELL HALL, 2nd
MR. F. B. CLARK
WILSON PRICHETT & CO.
-. INCOllPORATED
Hend and Stock Issues Underwritten
North American Building, Philadelphia
October 30. Iftt
C. S. PATTON & CO.
l rilKHTVlIT 8TS.
BANKERS
... Nucreer. te
. riAII.UK MTK KNH11N
Bend, n ml .lerka beuabt and Mid.
M.mbfr. Phil.. Merk Pifhena..
riXANflAI.
xeTicn
Netice I. hereby flvrn that the Ilondheld'
er.' Committee of the I'nlled Teleithene and
Trlrcraph Cemuany ha. rmpared and
.dnpted a plan for tn. reorganization of laltl
Company undr the llonlheldrr.1 Agreement.
it.t.J Octnher 11th. mil. unrl h.. fli. n.
cepv of the ame with th I. and Title and
Truat Cemrany ut I'lilladnlphln, Va , mid
MACUE, IWMtaMl
CROUSBCOX
crnmrmtcl
SteckweD
yfifam ft MemAm
nne copy thereof with the Preple. Hana 1
liu.t Company of I'ltt.biircli, fermerh il.
hAfe Deposit and Truat f-nnm.irii r nu.
liurKli Va. the Depo.llerlee of the llendn of
nald I'nlled leli.phen. and lelegrnnh Cem.
pany under mid llnndheliler.' reeniHiit
rd one iiip nlth 'Hie llnuitable 'Irwil rm
pany of rhil"idlphu Pa . th Tru.ie. undir
the ninrtsate alten h al.) I'nlted Tele
phone and lelesrnph Company te enire ih
layment nf the Imml. of anld L'nlteJ Tele.
Dl'iinn iiwl TeleTHtih Ceinpitiy,
CHAItl.CH I.. .MII.I.IIH, ecrlan,
7 8euth Uuk .treat. '
Lancaater, I'a
JA.MKH AnCHIIAhD.
W.VTVrSK .
i.i.TivWi
14TS.0OO
GLOrCQrJTEK TOL'NTV. NEW JEBAVT
KOM IIOND.H
Sealed propeeitl. ulll la received by the
rinama Lonmllfe kf the lle.id of Cheaen
PYeeheldera of the u.eunty of QleU'-.eter.
N J . en Tueadii). November 14. 19t. at
the hour of !u e clock A. M . at the Kree.
holder"' room, In the Courtheu.e. at Weed
bury. N J for the purrhuie of County Bead
Henda of the Dearil uf Chueen Kreelieldera ef
the County of Uleuceiter, In an afgrecate
amount of l7r..oeti.
i An laiue of I47S 000 of 'benda baa been
duly auiherli'd by the County of QleuOMUr
for the con.tructlen of county read..
The bend, no crfered for .ale are ef tat
denomination of 11000 each, wilt be dateA
December in 1U22, and will bear lntereet at
tlm rate of four (4) per centum per annum.
payable ..nil.iinnually en the 13th daye at
, June and December ef eaeh year. The In-
tereet and prlnc pal mil be payable at the
' Farmer, and M.cbanlca' National Haak.
' Wuedburi. N J 1
I The .aid bend, are coupon benda. ami
I lhlrt-ene of aatd bend, will mature en the
1 Iftih day. et Uecernb.r. In the yeare 1S23
te 1PJT. IncluiUe, and thlrtwne et aald
Leiuli nh.ll mature en the leth day. of De
cember, In the ere 191:4 la 1BS7, ln
Uu.Ue,
The amount n.c.t.ary te be raleed la
Ji;r. 000 t'nleaa all bid. are rJected, eal
bundi "ill be eeld te the bidder or blddera
complying with Hi term, of Mile and offer ,
Ing te pay net loin than the amount neeeei
.no te be ral.rd and tu take th leaeC
amount of benda offered for aale, oemrnaae
1 Ing with the Drat maturity and that It two
or mere Diaa.re ener te tag me eaaw
amount of euch benda, then te the bidder em
b dilere offering te pay therefer the blaheM
additional price. Ne mere benda win Se
eeld than will produce the amount neeeaaatf
te be ralid, $4To.euo, and an addltktsM
aum of Ue than $1000. -
a he right la reserved te reject any Mi
all bid. '
rrope.al. hall be addreea.d te the Clerk
nf tlm Heard et Che.ui Freeheldera. WeeS
bur, N J , and lucleied In u .ealed envg-
lope, rmrked en tr eut.lde, "I'ropeeal far
I llciHtt HeniJi "
ll.dder. muit nt the tlm of niaklna their
' hld ikpe.lt a certified iherk for 3 ftr
I'Hituei uf Jtin 1ii Milue ut their bid Tef
bend ilnaTtajtu tle order of the County et
' Uleuieeter Vtlpen an Iticorpeiated bank or.
truet iuiupa, tu .eiur. e.ild beard from
IIih r.ulure of the blddri tu iiimply with th
tern n uf hi bid. Chech, uf uneuceeaaful
'hidden ttlll !" relumed upon the award ef'
thu bone.. .-e iiiien.i win d anewea mm
th. utneunt uf the theek uf a auceeieftlf
Diaecr, . . .. .,. . . 4,
liy eruer w " nu J5y" II . K
WW. M.1 Ml .' ', U
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jjsm . ..!.?
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mill