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"'" ffiVltaiirt vnfiEhiri TnaiQR-PHlLiADBLPHrA. WEDNESDAY. DECEMBER 2T. 122 3
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Exempt from all Federal, State, Municipal and Lecal Taxation
excepting only Inheritance Taxes
$1,000,000
The First Joint Stock Land Bank
of Cleveland
(OPERATING IN OHIO AND MICHIGAN)
Five Per Cent Farm Lean Bends
Issued under the Federal Farm Lean Act.
Dated November I, 1922. Due November I, 1952. Net redeemable before November Ij 1932.
CoVe?!Lbell?8. . J"', tred bend interchangeable, in denominations of 15,000. $1,000
and $500. Principal and semi-annual interest (May I and November I) payable at The First
Joint Stock Land Bank of Cleveland, Cleveland. Ohie. Redeemable at par and accrued Interest
en November I, 1932, or any interest data thereafter.
Legal investment for all fiduciary and trust funds under the juris juris
dictien of the Federal Government and acceptable as security
for Postal Savings and deposits of certain Government funds.
We summarize from a iMtt from Mr. Jehn H. Krafft, Vice-President end
Managlnt Director ej the Bank, as follews:
Security Ihe? k8 are direct obligations of The First Joint Stock Land
Bank of Cleveland, Cleveland, Ohie, and are collaterally secured
by first mortgages en farm lands or U. S. Government bends or Certificates of
Indebtedness. Mortgages are protected by at least 100 of additional land
value. The Capital Stock of the bank with double liability gives further security.
TdX Exemption ne8e bends are prepared and engraved by the Treasury
i Department. The act under which they are issued pre
vides that: "Farm Lean Bends issued under the prevision of this act shall be
deemed and held te be instrumentalities of the Government of the United States
and as such, they and the income derived therefrem shall be exempt from Federal,
State, Municipal and Lecal Taxation."
By a decision of the Supreme Court of the United States, rendered February 28,
1921. the constitutionality of this Act and the tax exemption features of these
bends were fully sustained.
We offer these bends, when, as, and if issued and received by us
Price 103 and accrued interest
Te yield 4 te 1932, and 5 thereafter
A. B. Leach & Ce., Inc.
1 15 Seuth Fourth St., Philadelphia
The inform. Man .nd Gran eard In Ihti utTertiMrnent r tkn from "' wtileh w. cenildar trustworthy, nj
while net guaranteed, they hve been relied upon, by ue in the purchase of theee aeeuritiee (of our own account.
Our Offices
ere connected by
Direct
Private Wire
with important
Banks and Bankers
in the Cities of
Atlanta, Ga,
Baltimore, Md.
Iiosten, Mass.
Buffalo, N.Y.
Chicago, Illinois '
Cincinnati, Ohie
Cleveland, Ohie
Columbus, Ohie
Canten, Ohie
Dayton, Ohie
Denver, Cole.
Detroit, Mich,
Eric, Pa.
Indianapolis, Ind.
Kansas City, Me.
Louisville, Ky.
Milwaukee, Wis.
Minneapolis, Minn.
New Orleans, La.
Pittsburgh, Pa.
Providence, R.I.
St. Leuis, Me.
Sharen, Pa.
Springfield, Mass.
Springfield, Ohie
Teledo, Ohie
Terente, Ontario
Washington, D. C.
Worcester, Mass.
Youngstown, Ohie
Investments for
the New Year
Conservative bends possessing the qualifications of a
high degree of safety and adequate yield arc usually
regarded as among the best forms of investment for
business men. Under this classification we offer at all
times a diversified list of
Railroad Henda
Public Utility Bend
Municipal and Canadian Bends
Industrial Bends
Railroad Equipment Notes
Other Short Term Issues
Issues may be selected from this list which will fulfill
individual requirements as te yield and maturity.
We invite correspondence and consultation.
W. A. HARRIMAN & CO.
INCORPORATED
751 Drexel Building, Philndelpfcin
NEW YORK CHICAGO
BUFFALO STBACUSK
LOUIS T. KLAUDER
CONSULTING ENGINEER
PENNSYLVANIA PUILDINQ, PHILADELPHIA
POWER & INDUSTRIAL PLANTS
DESIGN A,EP.5A.l8AL
I CONSTRUCTION REPORT
r " " iir i
Our List of
PENNSYLVANIA
TAX-FREE SECURITIES
Mailed en Request
NEWHALL, GROSS
& DIFFENDERFER
UemUrs .Vete Yerk if Philadelphia
fltoefc Exchanges
HEAL ESTATE TRUST DLDO,,
PHILADELPHIA
1
Bend Salesmen
Wc hnve openings for three
salesmen in Philadelphia. Men
of experience, energy nnd am
bition only desired. Te men
of these qualifications we can
offer a very nttractive ar
rangement. SAMUEL McCREERY & CO.
Members 1'hila. Bteck Hxohange
Franklin Bank Building
Bprue 6970
h Continuous Businesi
SOttutP
Mever cr ccx
" mmmmm mm
BANKUnS & Brekbri
Ml Cnwtaut ltrt
Ind. Cel. & Elite Tract 5 19Z0
Se. Jener Gn, Eltc. & Trsc.Si 19S3
Like Eris & Weiltrn R. R.. .2d Si 1941
P.nn.. k N. T. Cual.........fc J
Buffalo & SaiqnshssM R. R IfffJ
Chittinoeis Rsilffsr Ce Si 1956
SAMUEL K. PHILLIPS & CO.
A Fixed Income
Over 6V2
It is a well-known fact that
bends of equal security and
with the same coupon rate
frequently sell at prices
that vary materially.
Fer these whose primary
consideration is safety of
principal and Income, it is
possible te select mortgage
bends protected by estab
lished earning power at
prices te yield from 6
te Vi7e.
We will en request ee glad
te submit suggestions
Hemphill, Ney es C& Ce.
Ummbtt Nmw Yatk Otaet JEasAanJs
Franklin Bk. Bldg., Philadelphia
New Yerk Iloaten Baltimore
Albany Hrlosfpert Bcnaten
I'ltUburib
nmcuse
Alan A. Alexander & Ce.
Stocks and Bends
Colonial Trust Dldg., Philcu
Stud for Ow. of Our Weakly Kerket
letter, "Vn end Dewse"
We Recommend
Fer Investment-
netting
about
Great Northern Railway Company
General Mortgage 7 Geld Bends, A, due 1936
Chicago & Western Indiana Railroad Company
Consolidated Mortgage 4 Geld Bends, due 1952
Cincinnati Gas and Electric Company
Prier Lien and Rcf. Mtgc. Sy2 Bends, B, due 1961
Louisville Gas and Electric Company
First and Ref. Mtge. 5 Bends, A, due 1952
Northern States Power Company (Minnesota)
First and Ref. Mtge. S Bends, due 1941
Jenes & Laughlin Steel Corporation
Cumulative 7 Preferred Stock ,
The Brier Hill Steel Company
First Mortgage 5J4 Bends, due 1942
Gulf Oil Corporation of Pennsylvania
15-Year 5 Debenture Geld Bends, due 1937
City of Terente, Harber Commission
4 Bends, due 1953
"Federal Land Bank
Ayi and 5 Bends of all Issues
'Merest Exempt from til Feierai Income Tttxet
We offer these bends subject te prier sale and change in
price. Detailed information will be furnished en request.
Guaranty Company of New Yerk
e
Main Offle)t
Guaranty Trust Company
Building
14 Broadway, New Ysjrk
421 Chestnut Street
Philadelphia
Nsrtr Iaane
$1,500,000
Commonwealth Water Company
(NEW JERSEY)
First Mortgage Twenty-five Year Fire and One-half Per Cent.
Geld Bends Series MA"
Principal ad interest tfaoraateed by the written
unconditional endorsement en each bend by the
American Water Works & Electric Ce., Inc.
DsM
U 1922
DscasaW 1. 1947
In,tat aayabtejaixl ana1 Daeemb.fl, at TheFaaaaara U aed Tiaat Cens i, Haw Tars. Omsk Bend
In denomination of ll an4 tMrostelcraWe as a trriaatpaL KaaaaaaaMa sa s ara.W arts part as aajr
Intcreat dale, te and le!adtn Deaerabar t, IMS. at aed lalasaal, aa oaecaaaBaj lis nasi dates t and
tneladlac DceMObcr 1, 1M), at n aad Imwcat. and ttwaafter at par as. Satcrast. Ttw Ciias i arill par
thoearmot Pedant IneoeMTac net la caecaseflX. Tfcapniet "a ailisaU at CaaaiLawal fcar aJtataa
suuudad apes apptlaatlea
The Fabbtks's Lean and Txusr CneiUfT, New Terk, Trmtmt
luuemes f the bends As bmm tppnnt by Ubs
Beard of PbUc Vliity CimmUihmwi Mmt Mmy
Mr. H. HaiaH Pmkr. PtaiitHt of the
lamasfwOmm:
AmmMmx Wmv WmhEhemeC., Im.4
Locatienr The, Commewwcsthh Water
- Cenwny, wbfch was incor
porated ia 1915 as a cotaMnatiea of sev
eral racceaafal cctnpMiics k operation for
muT years in New Jersey, h atm a
subsidiary of the American Water Works
h Electric Ce- Inc. It eppliea water
te the Township of Searth Orance,
West Omngx, Summit, New Providceoa,
Sprin&neM, Millburn acsd Irviaresi, resi
dential cemsnmkies) in New craw, all
within apprexiantejr twenty nsilcs of
New Yerk Cky. The total petdasuri
icraed is about 65,00a
Mmnmgemtntt The Aaneriaa Water
Works & Electric Ce.,
Inc., controls and operates in thirteen
states the largest grenp of privately
owned waterworks in the United States
and also controls several targe aad pros
perous electric light and power companies.
Security t Taas isswe is ssusms. by a
dsrsa 4rt sasrttfajs upon
the entire property of the CoauBeowealtk
Water Cetnpany. whfch consists of ap
pnnhiiatuly 1,200 acres of land, ever 190
miles of water mains, pnrapbg stations,
equipment, rescrrefa-s. etc The valaatien
paced en this property hy the Beard of
PsMk Utility CotunMencrs of New
Jersey plus cash coat of
pimesausts is ia exosaaef $20X0900.
Nat rwrtskai f Ae Com Cem
tnssssvsairii Waser Our.
pany, afsjlicalrte te taHsaat chsrsjas, k
rae eTmW caienesr yam BUte tU
irrcsaapae, were equal te snore tftasi twice
the interest rctaskaamsta of Bw total
scoured sleet of such yeas. PartWtwevae
months ended NevesBber M, 1922, Utes.
earnisMzs were fia6v4S9.7i, sr wr VA
tmm Urn tesai ssasrest caanaM mi tHt sua.
The consolidated net iftceane of the Amer
ican Water Works & Electric Qx, Ittc
and subsidiaries, after all cnamea, for the
twelve meatha ended October il, 1922, waa
$1,552,57976. sw sltfjaten taaas. aWkro aWkre aWkro
set asWgaaesiaaa isaa, i flis MOs
VV VawV TwkmGNJemkt aafsatsMMrC essBTeMv OOflsaalsaU
Gemmwlt The proceeds Ireat the sate
te finance extension and te retire exisS
tnoseteaacas et tbe UMnaseswesJth
ins;
Wat
rater Cemdm. i ditkinml ujtm - "
enlv hf. laaaail Lt ' J
additions veder cenamadre reatrktkms.
Adeeamte provisiea has been made for
proper masaUuauce of the property.
Oxresel advise that the francbises of the
Coesaaoy are wkbeet lnasiaatea as te
time.
Tbaaaboeda arc affsrad aab)ec te tin
aacttre with tMa laaae art eiWr ttn
Cnaanaa, Catler ft Paran, Chteaaa.
atafl Wsat aiaHaie ar iar atlaiam a. Lacal faaMarln co
f MeMrs. BaBfrmn ft CnunwaO af Kaw Yerk, aad ttcaara.
a? property ap aaaaara. THeajsajaa ft wrartrr, Htw Tors.
Price 9550 and interest te yield about 5.85 per oeet.
P. Wa Chapman & Ce., Inc.
New Yerk Chicago
Hoagland, Allum & Ce. Goodwillie & Ce.
nvw Ier unmie Chioatfe Mifwaakw
TktmfermUkm cfinsd htrtm, eitmmmlshb4m0bUkudfT$cmwtmimrnmm4rmml4.
Concrete
Read
Building
Again
Breaks
All
Records
75,000,000
square yards of
Concrete pave
ment have been
placed under
contract this
year a gain of
mere than 30 per
cent ever last
year, the largest
previous year.
The construction thus
provided for, and te a
large extent completed,
is equivalent te mere
than 7,000 miles of 18 18
feet pavement.
That is a larger amount
of Concrete highway
than there was in the
country altogether up
te 1917.
These facts witness the
determination of this
country te have reads
equal te the traffic they
bear.
Yet even with this great
record, the output of
meter vehicles contin
ues te outstrip by far
the construction of
meter reads.
The revolution in read
traffic due te the auto
mobile has called for
hole-proof, skid-proof,
really enduring pave
ment; and Concrete
fills the need.
That is the explana
tion of the steady, rapid
gain in Cc rete read
construction during
the last decade the
largest development in
basic transportation
facilities in this country
in many years.
PORTLAND CEMENT ASSOCIATION
eA National Organization
te Improve and Extend the Uses of Concrete
PuMebut
CMcaje Heiaaa
una
Daarar
lxi Anrelct
MUwuke
ilia MluuipelU
(New Yerk
PukcriburR
Philadelphia
PertUi
StllUIt.Oiy
Sn Francuce
SutiU
St. Leub
Pitttburah
nd, Orcg. Vuiceuvr, B. C.
Wshlna-un, D. C
INVESTMENT
SECURITIES
Corrmtpendtne Invited
Chester R Cook &Ca
42 Broadway Newark
NEWBURGER,
HENDERSON & LOEB
M ember a New Yerk and
Philadilphia Stock Exchange
1512 Walnut St.
H
111
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