IM wamm IIAWl ,BRB EIE25BW1 p-Mfl t'riKfciJ "efWrmier Investment9' Commonwealth Edisen Company Mortgage TF you wtw te ask any group of experienced iiivtttert te f tugfNt a ftw bendt which steed first In their eetima tfen, it fa aafa te say that the majority would include the First Mertgut Bends of the. COMMONWEALTH EDISON COMPANY because of the following facts: tt Cmpnymm& essential The Qfends-ttaiTtd by & BMttfSfs saWflaValMilieukKV for Hem mnA en flu. atticf nmnarttn J 1iApiMMiMiM - mmaaaIaaIIm m4Lm& . a a at ... U... !....&. . yww 'BaamisHiy wiugw coupe drJea se tha ascend lanjttx city In ; ttMUslMdtaMi -te pemdat plants art btlitved ie bt bech die tap and bem Mam te tin weeldi mlguhtt with te principal prs prs dtttMer has paid entnttmiptsd divldwdt for thlrty-threa yxt aarelap for 1981 wan aeJBPant r winters en ever 2)1 times tha total amount of Fir Morejase Benda new outatandlef. Writ for fktty deteripHvt ckeuUtr Price 99 and accrued interest HALSEY, STUART & CO. w INOORPORATID Land Title Building, Philadelphia Phene Locust 7410 CHICAOO MIW YORK PHttADEtriUA BOSTON DETROIT MILWAUKEE ST.IOVIS MINNEAPOLIS tank ahead of aMJQOOJMO cemftal stock having a present market valna of evar $81,000,000, and paying 8 dlvidandat Value of pteptrtyraxcludlng any allewanca for franehlaa or geed wiB, ia in excess, of tha total capitalisatien ae iipraaantad by both ateck and bends; ptavioea lames listed en tha Chicago Stock Exchange where they have been among tha meat active benda ee'listed. Application will be made te list this issue also v r. - y r , f f " t ' V' laEaBaBaBaBaaB 9 ffaaaaaeawasaWaeaea' B li il P'J'jfy' lv lfl&- I i' 11 . The Commonwealth Edisen Ce 585,000 customers with electricity for light and power On tftht gtntHHlng photo eftht Ctmmtwwtalth EdUtn C:-tttkl tftht Matrix Mindthhhm ..rauuam.. ..iwiuJItffc .tm'ir tSWUlki. """k HI MP ' JHVHffiHWIHhWi.ailN V f(MH.,,,, i. n ynn it aim v i'" i i ' 'ikviim " imiiiirib 1 11 aai iifti;fiHff iiia SEBEaEaBEaaEfSSBnh. AHEBHjaQyMiMBVATATAYAWBvATAYAEBBJHjfl a39fYaf?a N i ,M,M'v',aF51faaBfiaiaaBBagatXaBa itoraJaanefllclslerars Rctil ar r bfH a fnftnattha wMdi nnri h rUtbt. Md mWi w d nt W MtMlTM MT Nlttd OpOO ONin UM lUfllHil l IMl WOVltr. CMnntMtka I Unlimited Meney te Lean at Six per cent CONSTRUCTION LOANS 8. W Straus & Ce Incorporated, have unlimited funds te lend en first mortgage te aid in the financing of office buildings,apartment buildings, apartment hotels and similar structures in the larger cities of the country. The current interest rate for sound and meri torleus projects of this character does net exceed 6. We are pre pared te negotiate long term construction leans at this rate in the form of first mortgage bend issues, te be repaid through serial maturities running from two te fifteen or twenty years. COMPLETED BUILDINGS We are also in the market for leans secured by completed build ings of the same character. Modern properties already financed at high rates of interest and which meet our requirements for safety, offer attractive prepositions for refinancing. MERCANTILE AND INDUSTRIAL PROPERTIES Mercantile and Industrial Corporations with real estate assets and having a consistent record of past earnings can profitably borrow funds under our industrialplanef financing atthesefaverablerates, the earnings of the business repaying the lean out of future profits. We prefer leans of $200,000 and up. Prompt action en allap plicatiens. Special literature has been prepared explaining hew borrowers can save money by borrowing under the Straus Plan. Write te our Lean Department and ask for BOOKLET L S. "W. STRAUS Se CO. s88 epficss m THH.TT cmss mOOfVORATED 1617 WALNUT STREET, PHILADELPHIA, PA. Telephone Sprue 6317 FORTY YEARS WITHOUT LOSS TO ANY INVESTOR QH-g.W.8.Cfc enibUum Ce. Fourth St. Naff Saab irar rut I Bank leter Talking Machiaa Ce. 'idtltly Truit Ce. ' 10th Nut'l Bank Warrant! M0RLEY, WOOD ft CO., 1 333 Ckeitnut Street ' j:wiem If, r, a nil. SUek Eiek'fc HIGH GRADE SECURITIES YleMlaf treat 5Va te 6 WIT. QLENDINNINQ & CO. SMabUMWd im 400 Cheatnut St -sa-saai BaaHaBBaaaaaaaMMMfiaBBBBaaBii "CS.PATTON.VCO. a.vjnfi2iST.sxe. 0AIXlU.rU .Sfc e ks1 UwreKe E. Brewa ifMtii(Gru aaV; CEITIPltD PUBLIC ACCOUNTANTS etBalUL Jcewati KBTATE TBUIT M adjiwt curpeiat 4r $g $450,000 CITY OF JOHNSTOWN Cambria County, Panna. 30-Year 454 Sewer BeneW Due July 1, 195t Interest Jan. and July let Estimated Val. $100,000,000.00 Assessed Val. 1922 08,013,675.00 Net Debt (3.214,) 2,185,997.65 Population 67,327 Price 1M.M and Interest Te net 4.1$y0 Tax Free in Pennsylvania Exempt Frem All Federal Income Taxes Harrison Smith Ce. INVESTMENT SECURITIES 121 Seuth Sth Street PHILADELPHIA LOMBARD SIM REILLY, MOCK A CO. 43,000 HARPtlBBURQ LIGHT, HEAT A POWER CO. FIRST MORTOAQE Be JULY 1, 1924 PRICE. TO NET 6.60 3M CHESTNUT STREET PHILADELPHIA CearalVemeat5slt30 Eastera Steal 8s, 10S1 Hale ft KUbara Is, lf3t New Orltaas Rwy. k Lt. 5s, INI QAKRIlOrtACO. VtMMta aUllMHO. rHIUDSUMUi A5TJ aiT.nfm ei aarsie .-zru- JTist- nil BbH BBHBBUmBaB aa Bl . " "TTZ r. "W :. TT ' IB II ': PftWlMttS "fit,j ' f ' . I nyH.''Svr V" fif " , f WJ3' $1,500,000 England, Walten & Ce., First Mortgage 20-Year Sinking Fund 6 Geld Bends 1 . J'lajffi --m f , I ji.-'va m m T i brunts jrteWiirjt sa.sU'S sbsu hsr SSff1 f !sarMbu - BWi J i05s dLttifflSaaSn Truie,Wellty Trust Cempeay, PhOadelphia. 37t 101 thereafter. FREE 6 PENNSYLVANIA 4 MILL! nnSSSS? JA? -, - INTEREST PAYABLE WITHOUT DEDUCTION OF FEDERAL INCOME TAX UP TO 2 Frem' a letter of Mr. Spencer K. Mulford, President, we summarise aa fellows I BUSINESS: The business was established in 1852 and incorporated in 1904 under the present name. Mr. Spencer K. Mulford, President of the Company, has been actively associated with the business for fifty years. In 1917. he and hia associates acquired the entire capital ateck and in the same year aeld 50 of their heldinga te Swift ft Company. In 1919, the Swift holdings were transferred with the ether leather assets of Swift & Company, te the National Leather Company of which the Swifts individually are the principal stockholders. England, Walten ft Ce., Inc., are the largeat tanners in the world of oak belting butts for the manufacture of power transmission belting and the largest producers in the United States of high-grade oak tanned aele leather. PROPERTY: The plant consists of six modern tanneries, an extract plant and sufficient timber acreage te furnish a reserve of bark supply, constituting one of the largest and best balanced unite in the industry. Tanning capacity 2000 hldea per day. Average annual output zo.eog.uuu peunas ei learner. The extract plant at Newport, Tenn., has operated for a period of years, 24 hours daily. ASSETS : Fixed Tangible Assets en which these bends are a direct first mortgage Net Current Assets, after deducting all Current Liabilities $2,437,847 3,489,458 Total Net Assets , , $5,927,305 First Mortgage 6 Bends (This Issue) $1,500,000 Total net assets amount te $3,951 for each $1,000 Bend and net quick assets amount te $2,326 for each $1,000 Bend. EARNINGS : In 70 years of- operation the Company has never failed te earn a profit except in the two fiscal yeara 1920 and 1921, when substantial operating profits were earned but net losses resulted from declines in Inventory values. After deducting all taxes, Interest charges, depreciation and the losses of 1920 and 1921, average net earnings annlicahla te Bend Interest have been as follews: folfejoeo or mere man s umes sena mteresr. $515214 or-mere than 5Vi times Bend Interest $633 J50 or mere than 7 times Bend Interest. inclusive, inclusive, inclusive, 7. Pre-War Period, 1910-1914 2. Seventeen years, 1905-1921 3. Ten yeara 1912-1921 Current operations are profitable. SECURITY AND SINKING FUND : This issue will be the only funded debt of the Company and a first mort gage en all fixed assets new owned or hereafter acquired. Additional bends may be issued only for 60 of cost of new property te come under the mortgage.' A sinking Fund beginning 5 years after date of mortgage will retire by purchase or call 50 of the greatest amount of bends at any time outstanding. The above benda are offered when, as and if issued and received by us and subject te approval of legal proceed ings by Messrs. Morgan, Lewis & Beckius, Philadelphia, Pa. Price. 98 te Yield Mere Than 6.15 Edward B. Smith & Ce. Philadelphia and New Yerk Tucker, Bartholemew & Ce. Bosten The information herein tc Tills net guaranteed, ia obtained from source vee believe reliable. EQUIPMENT TRUST CERTIFICATES We Offer Subject te Prier Sale and Chang, in Price Company Rate Maturity Yield Chicago it Northwestern Railway . . 6Te April 1, 1925 S.lO'e Chicago, Milwaukee c St. Paul Railway 6 Jan. IS, 1029-34 5.45 Ci Delaware & Hudsen Company . . 6 Jan. 15, 1926-27 5.05 Ve Illinois Central Railroad .... 6T Jan. 15, 1931 5.25re IllineU Central Railroad .... 7ri Oct. 1, 1927 S.OOTc Kanawha A Michigan Railway . . 6Cc Jan. 15, 1933.35 5.40 Leuitriile & Nashville Railroad . . 6'iCi March 1, 1934 5.30 New Yerk Central Railroad . . . 7 April 15, 1924 5.00 New Yerk Central Railroad . . . 7 April 15, 1926.28 5.05 New Yerk Central Lines . . . . 5 June 1, 193033 5.00 Pacific Fruit Express ...... Te June 1, 1927-26 5.05 Pacific Fruit Express 7 June 1, 1932-35 5.15 Pennsylvania Railroad 6 Jan. 15, ,1933-34 5.35 St. Leuis-San Francisce Railway . . 5 Sept. 1, 1923 5.00 St. Leuis-San Francisce Railway . . 5 Sept. 1, 1925 5.05 St. Paul Railway S7 July 15, 1926-35 5.20 Seaboard Air Line Railway . . . 52 Apt. 15-Oct. 15, 1924 5.30 Seaboard Air Line Railway v . . 5?& Apl. 15-Oct. 15, 1925 5.50 Seaboard Air Line Railway , . . 5s April 15, 1926-31 5.70 Seaboard Air Line Railway . , . 6 Feb. 1-Aug. 1, 1927 5.75 Southern Pacific Company . . , .7 June 1, 1926-27 5.00 Union Pacific Railroad 7 June 1, 1927 5.00 Issued under the Philadelphia Plan JANNEY & CO. 133-135 SOUTH FOURTH STREET PHILADELPHIA Telephone, Lembard 4320 ELEVEN YEARS in business in the dewav town financial district In trading or Invaatlnr, the tactien el your Breker fa an laa laa pertant (actor. Tha house .1 SUTTON DERBYSHIRE. INC, haa baan in buaineaa in Philadal hla'a downtown financial diatrfet for the pait elevan yaara. Ne Investment house can stay In busi ness from year te year unless ft) renders a satisfactory service te the Investing public. sttttfett & Birrir Jjlrf, JW STOCKS & BONDS 3d & Walnut Sis., PaiUdelpaia, Pa. 509 Federal St., Camden. N. J. Fastest Wire Service te X. Y. Inquiries and Accounts Invited I BONDS for SALE We have prepared and will mail you en request our list of offerings. Cadbury, Bllis & Haines Franklin Bank BIdg. Member Philadtlphi Slexk Extkente BALDWIN NLNETY-ONE YEARS' EXPERIENCE VALUABLE TO RAILROADS While persons qtand. in awa and admiration before a monster locomotive, few realize that the builder makes every clTert te avoid superfluous weight in the detail parts. On general principles, the greater power developed by the locomotive in proportion te its weight and te fuel and water consumption, the greater the efficiency of the machine. Baldwin experience attained in the building of our 55.C0O locomotives is of untold value te the railroads THE BALDWIN LOCOMOTIVE WORKS Philadelphia A wsll'knawn band haute has Kaaanlng far salesman who can in best quality utility an rail iNh, A liberal arrangement wMI bt madf wWi wad aradtiatr. WANTED te borrow SjlO.OOO. Will nay benne beyond rrsnlar rate of Interest, real fer"i:.e,rl!y?,"C!,,,,,,,r " N rlajffBBaBaVaMWBBaBaBaHAl I I !HaflannM"BBaBaBaBHzl IH We Own and Offer A first mortgage Railroad Bend of very high grade. Bend sold high at 114',. Our asking price is 96 te yield 5.30. F. P. Rii tine & Ce. Widsatr IslMisff, PalUitlaala Mew Yerk ElUabatb. N. i Members New Yerk and WileUslyala hH aesaaa High-Grade INDUSTRIAL BOND Yielding 7.20 First mortgage en all the Company's fixed assets being 3 times the amount of the issue. Earning 8 times the in terest requirements. Write for Descriptive Circular A-S Chester B.Coek&Ca 42 Broadway NewTfcrfc UepheMa Bread 3095 The East St. Leuis & Suburban Ce. Stockholders who have net received notice ei the offer recently nude te purchase the stocks I this company should Immediately cemmuas. ate with ua, &W. Claris AC Masen City at Ft. Dedge 4s, 1955 Kirby Lumber Ce. Wm.C.OrteiiC Mi, V94 iV't. ' rtk'i , K?SH .MKrt JMfrM w. i.S v. 'A P.l 1 l XI : il y'-rr" " ...Ull, ASrees Hex r SIS. 1 v aikdMMs- uius. .- .. . MWaNSt,N.T..TsLI !-.,. i ' - ' ' a e it. . i. j". (V&k Mr v.ra.'. ' y .. ! frmjjwi&i ii VAr '''V? .' k ft'i ' ' ..tj vitiii IAaaa Skssw. II BW 1 T - '-r""Tr""""JSB' f ha
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