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EVENING PUBLIC LEDGERr-PHILADELPHIA, FKtDAY, DEOEMBEE 8, 1922
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NEW ISSUE
$3,100,000
Printing Crafts Building
NEW YORK CITY
First Mortgage 6 Serial Coupon Bends
SAFEGUARDED UNDER THE STRAUS PLAN
SERIAL MATURITIES, 1 TO IS YEARS. x
Denominations, $1,000; $500 and $100
t Wesummariie'asfollbwsfremaletterfromMr,RaymondE.Baylis,Presi'
dentofthePrtntingCraftsqealtyCetporation,mortgagorin4hisbondissuc:
MORTGAGED PROPERTY: Land and the Printing Crafts Building,
covering the entire block front of 197 feet 6 inches en the west side of
Eighth Avenue, from 33rd te 34th Streets, and with a depth of 120 feet
en 33rd Street and 1 19 feet en 34th Street. The building is 22 stories in
height, of steel frame, full fire-proof construction, with the unusual fleer
bearing capacity of .240 lbs. per square feet, and 14 elevators. The build
ing was erected seven years age for the purpose of housing some of the
largest and best known quality printing concerns and allied trades in
New Yerk City, and has been maintained in excellent condition.
LOCATIONS The location is directly north of the large new Federal
Pest Office, and diagonally across the street from the Pennsylvania
Railroad Station. Within two blocks are the Pennsylvania Hetel,
McAlpin Hetel, Martinique Hetel, the Equitable Life Assurance Build
ing (in course of construction), and such department stores as Gimbel
Brethers, Saks & Company, and Macys.
EARNINGS: The building is new rented under leases and shows a net
return of $333,349.60 per annum. Due te changing rental conditions,
some available space is new being rented at a higher figure, and the
annual future net rental earnings of the property have been conserva
tively estimated at $401,539.60, a sum mere than twice the greatest an
nual interest charge and greatly in excess of the annual principal and inter
est requirements. The property is valued at much in excess of $4,000,000.
BORROWING CORPORATION: The bends are the direct obligation
of the Printing Crafts Realty Corporation, composed of well known
" companies from the printing trades which occupy space in the building.
PRICE: Par and accrued interest te net 6
Call, write or 'phone for circular 685-Q
S. W STRAUS Sc CO.
ESTABLISHED 1 88a
OPPICE3 IN THIRTY CITIES
INCORPORATED
1617 WALNUT STREET, PHILADELPHIA
Telephone, Spruce 6387
FORTY YEARS WITHOUT LOSS TO ANY INVESTOR
tt 1933 S. W. S. ft Ce.
x
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NEW OFFERINGS
United States Treasury
announces the following issues te be dated December 15, 1922
U. S. Treasury 3'2 Certificates due March 15, 1923
U. S. Treasury 4 Certificates due December 15, 1923
U. S. Treasury 4'2 Notes due June 15, 1925
We will be pleased te receive your
subscription subject te allotment.
PRICE 100 AND ACCRUED INTEREST
Commercial Trust Company
Member Federal Reserve System
CITY HALL SQUARE
A Brief Review of
Business Conditions
Ib contained in our
monthly bulletin
"The Situation."
In addition this bul
letin summarizes the
mere important
phases of .the bend
and 6teck markets.
We shall be glad te
send a complimen
tary copy te these
interested.
jHemphilLNeyes , Ce.
,. n6 Ntw Yerk Stock Btehmfr
kJjrankHn Bk. Bldg., Philadelphia
ttli..? r'eh .Boiten 8cfntoe
u!,, "y Bvracme Baltimore
WUmiagtM Bridgeport
We Will Buy
St. Leuis & Springfield Railway Company
First Mortgage 5s, Due Dec. 1, 1933
Subject te supply, we will pay 97 Vfe for a reasonable
amount of the above bends
ISAAC STARR, JR., & CO.
16th and Sansom Sis., Philadelphia
Tel. Spruce 3881-3882.3883
Members Philadelphia Stock Esahange, New YerU Cotten Exchange
C. S. F5TTON & CO,
8D ti ciiimtnut bxa.
BANKERS
hmrfiier te
SAII.Klt & HTKVKNHON
Henda and tecke beuRht nnd (oil.
Mmtr PMIf. UterW Kxrhancr.
IMi:
flwwu Lt. & Pr. 61, 1945
Jw OrleaB, Rwyi. & Lt Si, 1949
r7w nrei.. All Issues
JJww Steel, 1st Pfd.
' ' fUmTrw m. rn
W IMMU aUIUHNOt rMlLADtlTHIA
gig fteuNuJTT.'Li
Saving Department H
First National Bank m
Of PHILADELPHIA H
vr r ui
ut eutTaUT T
LEE, HIGGINSOH & CO.
Eatabltabtd IMS
BOSTON NEW YORK CHICAOO
1306 Finance Bldg., Philadelphia
Supervised
Securities
Yielding
Seven Per Cent.
The R. L. Deilings Ce.
"Builder of Businete"
Philadelphia Celnmbm Indiantpeli
1421 Walnut Street
RtcimeeAL.AuTOHOKi.t Injkwaiw
Men. 2OyO S,v,n
Piiylviia Idenity Eickiagc
We finance and
construct build
ings involving
one million dol
lars and ever.
Conferences
solicited.
rT U0NGACRS
(ENGINEERING
1!SS
M
mm
Main Office:
545 MadUen Ave New Yerk City
CUeage Boeten Washington, D. C
i jaP
BOUGHT SOLD QUOTE n
Northern hi. G. & E. 5'i & 6'
Caiihr Packing SW 1937
Crew Lerick Ce. 6't 1931
Public Seme. Ne. III. 5't 1962
E. C. Bndd Mf. Pfd.
Empire Refining 6't 1927
Tidewater Pr. 6't 1942
Empire Tank Line Eq. 8's 1931
Mil. Electric Ry. & Lt. S't 1961
Wheelinf Electric 5V 1941
Interitate Window Gla 8' 1926
Canadian Lt & Pr. 5' 1949
Portland Ry. lit 5'i 1930
American G. & E. Deb 6'i 2014
Newark Pau. Ry. S't 1930
HgCewma
LAND TITLE BUILDING.
PHILADELPHIA, PA.
Uembera Philadelphia Stock Exchaw?
aggg.1
I SnimCf1?
We Own and Offer
n coal bend uhcre curnlnRt
are far In excess of all In
terest, depreciation and glutt
ing land requirement)!. The
bend la alto guaranteed by
another company of great
trengtb. .
Friee te yield 7
F. P. Ristine & Ce.
Widtner Building, Philadelphia
Haw Yerk ElUabntn. U. J
Member Nne Yerk aim finmtmtlHa
BtecM ccheaM
Consolidated Traction
of New Jersey
1st 5s, 1933
Bought Sold Quoted
Elkins, Merris & Ce.
Land Title Bldg., Phila.
Member!
New Yerk & Phils, Stecfc Exchangee
N.Y.Canners,!nc.
(Common Stock)
Special Chaxlar
sent upon request
Stone,Presser&Doty
52 William Street
New Yerk
Ttlthse Ueaercr 7723
Philadelphia Repretentative
WANTUD 11V
N, Y. Advertising Agency
One who la familiar with financial
edvertlsliiK jirefiTreil. Will inake
ftttractlve piopesltlon te eaimblu
man. Olvn full details. Replies
centldcntlal,
Addrese llex II net, Lrricrr Olllt u
Safe Bends for Investment
Halsey, Stuart
& Ce. Inc.
14 Tide Bldg. TiUphfu Leaut 7416
!
Stockwell
Wilsen &
JLinvill tiTiuiie,.,fkjh
CERTIFIED PUBLIC
ACCOUNTANTS
NEW ISSUE
$1,000,000
Richardson and Boynton Company
Fifteen-Year 6V2 Sinking Fund Geld Bends
Dated December 1. 1922
Due December 1, 1937
Interest earatle aemt-annnallr. 'one
iuna me jreuniji
nt. . Ul
option
Company agreea te refund the Fei
within ilxtydaye after payment,
principal. Bedeemahle at the epl
ana aecruea ibhwii
1 and December 1. without .dednctlen for nermal rdrallBoema Ta, up i te 8. The
SSK DP.mlnet. TaidP
iSUeVt PJ.T.fn0&.w37yi?kera!tV. A-thcruSd "and te "irenUy Tmu: iToOeTW;
Prlnelpal and
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, Truetee
Salient features as summarized by Mr. D. Rait Richardson, President of
Richardson and Boynton Company
Business: Richardson and Boynton Company, established
in 1837 and incorporated in 1882, is engaged in the busi
ness of manufacturing and selling ranges, stoves, warm
air furnaces, steam and het water heaters and ether
heating apparatus. The main plant is located at Dever,
New Jersey, and branch offices are maintained at Chi
cago, Bosten, Philadelphia and ether important cities
throughout the United States. The range business is
widely distributed, especially in New Yerk and the sur
rounding territory, while the ether business is national.
In the eighty-five years of its existence, the Company
has built up an excellnt reputation and has long been
recegniied as a leader in its line. The trade names
"Richardson," applying te steam and water boilers and
laundry and tank heaters, and "Perfect," used in connec
tion with furnaces, combination ranges, gas ranges and
coal ranges, are of very great value and widely known.
The management is conservative and se constituted that
. it should assure the continued successful operation of
the business.
Earnings: In the five years ended December 31, 1921,
the average annual earnings available for interest and
sinking fund charges, after depreciation and inventory
adjustments but before Federal income taxes, were equal
te FOUR AND ONE-HALF TIMES the annual inter
est requirements of the $1,000,000 Fifteen-Year 6$4
Sinking Fund Geld Bends and TWO AND ONE-HALF
TIMES the maximum combined interest and sinking
fund requirements.
The earnings, en the same basis, for the first ten
months of 1922, were equal te practically THREE AND
THREE-QUARTERS TIMES the annual interest re
quirements of this issue of bends.
In each of the last twenty-five years the earnings of
the Company that would have been available for inter
est and sinking fund requirements have been in excess
of a full year's interest and sinking fund requirements
of this issue of bends.
Assets: The audited accounts of the Company as of
October 31, 1922, after giving effect te this financing,
show net quick assets of $2,204,056.38, or $2,204 for each
J 1,000 par value of bends, and total net assets of
2,760,984.40, or $2,760 for each $1,000 par value of bends.
Purposes of Issue: The proceeds of the sale of this
issue of bends will be used for the expansion and im
provement of the Company's plants and for ether cor
porate purposes.
Sinking Fund: A sinking fund is provided, payable
semi-annually beginning June 1, 1923, sufficient te retire
each year $50,000 face amount of the bends. This sink
ing fund is sufficient te retire 72 $4 of the entire issue
of bends before maturity.
Security: These bends will be the direct obligations of
the Company and, with the exception of purchase money
obligations for $310,000 principal amount secured by
mortgage upon certain of its property, will constitute
its only funded debt. Among ether things, the indenture
will provide in effect that the Company will net create
any mortgage or lien upon its fixed or permanent assets
(ether than purchase money mortgages or mortgages
upon after acquired property at the time of acquisition)
unless the bends of this issue shall be equally and
ratably secured and unless the total net assets of the
Company, shall be equal te at least 200 of the face
amount of the bends of this issue then outstanding and
of the bends or obligations proposed te be issued under
such mortgage or lien; and that the Company will net
create or assume or guarantee any ether indebtedness
or obligations maturing mere than one year from their
date.
Maintenance of Assets: The indenture will provide
that the Company will at all times have and maintain
net quick assets (as defined in the indenture) equal te
at least 100 of the face amount of the bends then out
standing and in no event less than $500,000, and will net
pay any dividends (ether than dividends payable in
shares of stocky en its capital stock, common or pre-
' ferred, while the net quick assets of the Company are
below an amount equal te 150 of the face amount of
the bends then outstanding or the payment of which
dividends would reduce such net quick assets below said
amount.
All legal proceedings in connection with this issue of bends will be passed upon for the Bankers by Messrs. Rushmers, ' ' -Bisbce
& Stern, New Yerk. The books and accounts have been examined by Messrs. Price, Waterhouse & Ge,, Certified Pub- -.
lie Accountants. These bends are offered if, as, and when issued and received by us and subject te the approval of counsel
Price 100 and accrued interest, te yield 6
Descriptive Circular Furnished en Application
Spencer Trask & Ce,
25 Bread Street, New Yerk
Redmond & Ce.
1427 Walnut Street, Philadelphia
AU Information riven herein Is from official eurcei, or from eeureee which ire reran! ae reliable;
but In De ertnt ere the statements herein contained te be regarded ae representatlene of the Bankere.
All bends having been sold, this advertisement appears as a matter of record only.
(Closed Mortgage)
$750,000
McNab & Harlin Manufacturing Ce.
First Mortgage 7 Sinking Fund Geld Bends
Dated November 1, 1922
Due November 1, 1942
Redeemable at any time in whole or in part, a,t the option of the Company, en 30 days' notice, at
107 Vz and interest.
COAL & IRON NATIONAL BANK, NEW YORK, TRUSTEE.
Interest payable without deduction for normal Federal Income Tax, net te exceed 2fe. The Company agrees te
ma;
reimburse holders, upon proper application, for the Pennsylvania Four Mill Tax and for the
cnusetts income tax en tne interest, net te exceed 67e per annum.
lassa-
The President of the Company has summarized his letter te us concerning the Company and its bends as follews:
BUSINESS The McNab & Harlin Mfg. Ce. is one of the eldest companies of its kind in the country
and the only one in the metropolitan district manufacturing a full line of iron, semi-steel and brass
valves and fittings constituting a well diversified line of staple products in constant and general
demand. Since 1859 its plant has been located in Paterson, N. J., from which it can serve the New
Yerk markets most advantageously. The management of the company remains unchanged.
EARNINGS -Average annual earnings, available for Interest, taxes and depreciation, for the 5 years
ended December 31, 1921, amounted te $226,141 or mere than 4.30 times present interest requirements.
Fer the last 10 years, earnings averaged $186,112 or mere than 3.S4 times these requirements.
ASSETS The Company's balance sheet as of July 31, 1922, readjusted te give effect te this financ
ing, as certified te by Messrs. Leslie, Banks & Company, shows a ratio between current assets and cur
rent liabilities of ever 3 te 1, net quick assets amounting te $970,993.07 or approximated $1300 per $1000
bend outstanding and net tangible assets te $2,255,431.79, or mere than $3000 per $1000 bend. Messrs,
Ferd, Bacen & Davis have appraised the fixed assets of the Company, exclusive of patterns, dies, good
will, patents, etc., at in excess of $1,500,000, or ever $250,000 mere than the amount, included in the
above net tangible assets, at which the property is carried in the Company's certified balance sheet.
SECURITY These bends will be secured by a direct closed first mortgage upon all the fixed assets
of the Company new owned or te be hereafter acquired.
SINKING FUND A sinking fund of $25,000 per annum, payable monthly, or 20 of net earnings
after depreciation, whichever is larger, will be used te purchase bends of this issue up te 1071' and
interest, or if net se obtainable, te redeem bends at that price.
PURPOSE OF FINANCING The money derived from the sale of these bends is te be devoted te
working capital, enabling the company te take advantage of its increasing trade opportunities and
placing it in a position te mere efficiently handle its rapidly growing business.
Legal details in connection with this issue ivtll be passed upon by Messrs. Beekman, Menken bf Griscom, New
Yerk, and Messrs. Tawnsend, Elliett (J Mttnsen, Philadelphia, for the Bankers, and by Messrs. Griggs, Baldwin
W Baldwin, New Yerk, for the Company. The books of the Company have been audited by Messrs. Leslie,
Banks W Company, Chartered Accountants. Appraisals and engineering reports have been made by Messrs. Ferd
Bacen fcf Davis.
Price en Application
STROUD & COMPANY
PHILADELPHIA INCOnPOIlATED NEW TORK
We de net guarantee the above atatements,but have obtained them from official source which we bilteve te be reliable.
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