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The New York herald. [volume] (New York, N.Y.) 1920-1924, March 09, 1922, Image 17

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-09/ed-1/seq-17/

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For the convenience of
individual investors who
wish to keep a current
memorandum of all the r
income derived from sala
ries, -various types of se
curities and other property
subject to Federal income
taxes, we have prepared a
concise form of account
book based on the latest
tax schedules.
Copies may be had free
of charge by asking for
"Income Tax Rccord."
Empire Tank Line
Equipment 8s
ComVth Pr. Ry. & Lt.
Liggetts Internat'l A
National Sugar Ref.
Penn-Mex. Fuel
STOCKS
MacQuoid C& Coady
Members New York Stock Sxchangt
14 Wall St.. N. Y. "Rector 9970"
We beg to announce opening of
branch office March 1st at WALDORF
ASTORIA HOTEL. Our office ii under
management of Mr. Peter Rosenstrom,
formerly with J. 1'. Renkurd C Co.
JNO. F. CLARK & CO.
New York. New Orleans, La.
MEMBERS:
New York Slock Exchange
New York Cotton Exchange
New York Produce Exchange
New York Coffee and Sugar Exchange
Associate?New York Curb Association
New- Orleans Cotton Exchange
Chicago Board of Trade
New Orleans Board of Trade
Private wire between New York. Chicago.
Hew Orleans and other principal points
Safety Car Ht. & Lt.
Singer Manufacturing
Celluloid Com. & Pfd.
Carbon Steel Com. & 2nd Pfd.
Lehigh Valley Coal Sales
Eastman Kodak
(new & old common)
E. W. Bliss Com. & Pfd.
Stone,Prosser&Doty
- 52 William St., N. Y. Hanover 7728-37
| WE HAVE
! ORDERS IN
1 Bangor Ry. & Elec. Com. & Pfd.
Cumberland Co. Pr. & Lt. Pfd.
Commonwealth Pr., Ry. & Lt.
Huntington Development & Gas
East St. L. Suburban Pfd.
Northern Ohio Elec. Com. & Pfd.'
Portland Ry., Lt. & Pr.
KIELY & HORTON
40 Wtoll at. Mew York
pxoirzs Oomw
Another I'owtr Flotation.
Harris, Forbes & Co. and Coffin &
Burr., Inc.. are offprint $310,000 of the
Central .Maine Tower Company's first
and general mortgage series B 6 per cent,
cold bonds, due In 1942, at 08 \<t and
Interest and yielding about ?',& per cent.
The issue la puttioriaed by the Maine
Public Utilities Commission. The com
pany's system of hydro-cleclrlc plants,
transmission and distribution lines serves
ninety-two cities and towns and more
than 300 Industrial establishments In
twelve of the State's sixteen counties.
The cnanpany'a net earnings are niore
t?ian 1.83 times Its annual Interest
charges.
Kent ("omit?', Ucl., Ilond* Sold.
Harris, Forbes k Co. has purchased
an Issue of $.'>00,000 of gold coupon 4\'t
i>er cent, highway bonds of Kent county,
Delaware, maturing serially .on April
1. 1326. to April 1, 1941, Inclusive.
They will prohably be offered soo.i and
nt prices to yield 4.73 to 4."J per rent
An unusual feature of the bonds is (hat
they ara callable after April 1, 192",
at 5 per cent, premium.
U. S. CERTIFICATES AND NOTES.
Month. Per Tue# Appro*.
ISWS. Cent. ntd. Asltail Itid. Yield.
April. .. 4', 100 1001-111 100 .1.20
Mune... 4% 100 1-83 U*?'t 100 1-33 S.7(1
?Iiina... r.i-i 1110% loot, loo?, :i ro
A>ir? BH too#-)* loo li-is 100 p.in 7
*?>l>t... 4'i 100T-.J2 100 11-33 100 7-33
?Wept... &U 100H 100% 1004, JI.73
?Dec... 4'.j 100 11-32 100 100 5.18 3.85
1 trj.l.
\lav..,. 4% 100.40 I00.4S 100.34 4 34
1024.
Mime.. .*??, 102 11 10 105 13-14 102 || m 4 4,1
?Wept... 5!- 108 3-10 102 7-10 102 5-IH 4.40
102.1.
?Milfell, 4". 100 , lOOti 100 11-1(1 4,44
?Adaptable In payment of Federal taxes
on the dates of maturity.
FOREIGN INTERNAL RONDS.
? not la.?ti>>il In Omerlcan dollar rallies.
Argentina mnllaO Fopt.. 1#4."? 77'.? 7R
Jdflan (rtator'a). 3 Option IP.)I 7.1 7*
British Vlstory ^ Issued 1010 .It Id 370
"nnirlB IV ? Nov... 1021 PV, 00'?
?aiiaits March 1PH7 P7",
("si.adii r,i, Nov.. 10;; 1 mif
Colombia laaii'd 1P1<;h 71
' ONia Rica ?"> Option Ifwm r.o on
1-Vnch Vleton ... '< Option inrn wt, ?7'i
T*r?neh I.oan 4 Option 19(3 r.?'i 57'.
I'rencit Premium.. <"> *0
Frewh I .OH n Ii Option 1!?*1 *0 *Ji4
Italy Win I.oan... r> .. JIS',
V.lotnn I Hi aril). . 5 I??i|p.l IPII r."
l'tnRiial "? 1" "itrd 1!*l*> 71', 72',
!(<?? It IMS I' i A. 3't Feb... I02H It, ,V
MANITOBA BONDS
SELL ABOVE PAR
Bid of 104.53 Top Price for
Provincials Since Canadian
Conditions Improved.
l'ur the first time since the improve
ment in Canadian exchange and the
i Canadian bond market began, an Issue
' of provincial government 6V?s com
manded more than par yesterday, when j
a new issue of $2,250,000 of the Province ;
of Manitoba's 6?/$ per cent, twenty year |
gold bonds, due on March 1, 1942, j
brought 1W.53 in Canadian funds when i
the bids were opened. The successful i
bidders were Kissel. Kinnlcutt & Co..
Blair & Co., Inc.. and Aemiiius Jai'Vts
& Co., who offer the bonds to-day at
102 in New York funds to yield about
5.30 per cent. Their principal and semi
annual interest, the latter due on March
1 and September 1, are payable in gold
coin in this city or at the option of
the holder in Canadian funds In Toronto,
Montreal or Winnipeg. The bonds are
direct primary obligations of the Prov
ince and payable from its consolidated
revenue. The bonds are legal invest
ments for savings banks in Connecticut
and other States.
f ? >
Average Bond Prices
.. March 8, 10?$.
Wednrs- Net Week Year
tiny. Change. \k"- A|n.
10 Rail* .... 81."8 +.S3 8l.g:t M.O.'J
10 Ind'rialH . ?.V.~>8 ?.0.1 W.O.I HK.01
5 I'uli. I til 80.4.1 ?.13 .80.63 64.U
! 5 Foreign . 10*.83 ?.OH lOg.M 9I.S5
30 Bond* .... 8H.67 -f.O'J 8!l.8!l i9.?0
V y
BOND NEWS AND NOTES.
*2.300,000 Walworth Inane.
A new Issue of $2,500,000 of the Wal
worth Manufacturing Company'^ first
nwtgage 7 per cent, gold bonds of
Eeries A, due in 1912, is being offered
by E. H. Rollins & Sons, llalsey Stuart
& Co. and Parkinson & Burr at 96 Vi
and interest to yield about 7.33 per cent.
They are redeemable as a whole or in
part for sinking fun* on any of their
interest dates at 100 and interest plus
a premium of Vj per cent, for every year
of their unexpired life. The bonds are
secured by a direct first mortgage on
the company's fixed property and by
pledge of its holdings in stock of cer
; tain of its subsidiaries. The company
I began business in 1842 and introduced
i the steam heating industry in the
! United States. The proceeds of the
[issue are to be applied to retire a pre
I vlous bond issue of the company and
j reduce its floating debt.
PrriiTlxn Loan In Statn Qnn.
The Peruvian loan of between $10,
000,000 and $15,000,000 is still in nego
tiation between local bankers and the
Peruvian Government, but the adjourn
ment of the Peruvian Congress without
completing the bond legislation which it
had considered from time to time has
postponed the offering of such new
securities in this market, until mid
summer. The Peruvian Congress will
i go into session again not later than
! July 1, and possibly earlier, and at that
time enabling legislation is expected to
( permit the loan flotation in the United
States.
.Incksouvllle Bontla Anariird,
A new issue of $2,000,000 of the city
1 of Jacksonville's 5 per cent, bonds, due
j on April 1, 1931, was awarded to the
t Atlantic National Bank of Jacksonville,
! acting for the National City Company
! of New York. Kountze Brothers and th?
! Mercantile Trust Company of Baltimore.
; An offering of the bonds is expected to
| be made to-day.
M luslsslppl Offering;.
William It. Compton Company is of
fering $700,000 of the State of Mis
sissippi's direct obligation 4"t per cent,
serial bond*, due on January 1, 1924.
to January 1, 1913, inclusive. They
are exempt from Federal income taxes,
tax exempt in Mississippi and legal in
vestments for savings banks and trust
funds in New York and other States.
The State's net debt Is less than IVi per
cent, of Its valuation. The bonds are
direct obligations of the State, payable
from unlimited ad valorem taxes on all
of the taxables therein and are being
offered to yield 4.40 per cent, to 4.60
per cent., according to maturity.
Xrw Municipal Roads.
| A new Issue of $300,000 of twenty
year 6 per cent, waterworks extension
1 bonds of the city of Ardtnore, Okla., is
being offered by a syndicate composed
of Clark Williams A Co. and C. W.
Whltls * Co. They are dated February
1. 1922, are due. without option, on
February 1. 1942, and constitute a direct
general obligation of the city, which Is
the principal munlclpalty of soutli and
central Oklahoma and the county seat of
Carter county. The bonds are being of
fered at a price to yield 5.25 per cent.
H. J. Van Ingen & Co. are offering
1 $200,000 of 4 1 j per cent, registered bonds
I of the city of Newark, N. J., Issued for
stable and dock purposes and exempt
from Federal Income taxes and letral In
' vestments for savings banks and trust
? funds In New York. New Jersey and
Mew JCnsland. They yield 4.30 per cent,
nnd mature on September 1, 1954, and
j June 1, 19*0.
Out of Town Issues.
i A large number of Hon.1 i?j?uer. under
j written by Investment bankers in other
cities, rarely are mentioned In 3nan
[ cfal pages. Vnder the shove caption
This Nkw Yor.K Hrrai.o will print de
scriptions of out of town issues of
merit, brought to its attention from
time to time. The following descrip
tions were received yesterday: $250,000
of the Keillor Flour Mills Company's
Hrst mortgage serial 7 per cent, gold;
bonds. d*te<i February 1, 192.'. and
due serially on February 1, 192$, to
February 1. 1932. i'ulusive They are
being offered at 100 and Interest to
yield 7 per cent, by WhltaUer & Co. of
I St. I^ouls: $230,000 of KnowMon
I Brothers' first and refunding mortgage
81,a per cent, gold bonds, dated Janu
ary I, 1922. and due serially in 1 #251
t<> 194#, Inclusive. They are non-call-1
able for ten years, and are lxing offered
at 100 and interest by the Jefferson
Securities Corporation of Wate.-'own. |
N. Y.: $250,000 of I per ee.:t. highway ;
bonds of < TiBntHiiquai county, N Y . '
dated April 1, 1K22, and due in 1927 to
1I2S, Inclusive, arc be.ng offered at
i prlepa to yield more than 4.10 per rent.,
by the Western Keserve Securltle> Cor
poration of Jamestown, N. V.: $^2,100 1
of 6 per cent, water p.nd stree' Im
provement bonds of Methane, N'. ('..
dated April 1. 1921, and April 1, 1922, i
and due In 1024 to 19fll. ln-luslve, are j
being offered at prices to yield 6 per
cent, by Mlanehet, Thornhurph & Van
j rlersall of Toledo; $100,000 of <h.
I Mountain Horpe Teleph *ne '*ompsny'? 1
generai mortgage sinking fund 5 per
<^ent. gold bonds, due In Janu?r>. !?$?. j
are being offered at >7'.. I.i yleU Hp- !
proximately #.25 per cent, by Howell t
i Mac-Arthur ? Hltclile, Alba.iy.
BONDS IN STOCK EXCHANGE
WEDNESDAY, MARCH 8. 192-'
1922. 1921.
Day's sales ' I1S.451.000 $9,432,000
Year to date S27.770.000 582,080.000
RANGE OF LIBERTY BONDS.
?Closing?k Sales
Bid. AsKed.Yield, in $1,000. Open.
96.84 96.90 3.69 279 3Vjs ( 1932-47) 96.84
97.20 97.40 4.19 .. 1st cv. 4s
97.22 97.34 4.19 8 2d 4s < 1927-4-') 97.24
97.30 97.40 4.42 43 1st cv. 4^8 (1932-4
4 1st cv. 4 Vis rep...
97.30 97.36 4.43 670 2d cv. 4V;S (1927-4
20 2d cv. 4'/is r??g....
98.20 98.24 4.55 813 3d 4V4s (1928)
3 3d 4 Vi s reg
98.50 99.00 .. .. 1st-2d 4<?s <1927-12)
97.46 97.50 4.46 S84 4th 4l*s <1933-38)
1 4th 4Vis re?
100.4S 100.50 4.3S 1,164 Vic. 4^s ( 1922-23)
22 Vic. i^is re*
. 3.71 337 Vic. >>4s (1922-23)
100.08
) 97 22
. 97.06
) 97 28
. 97.18
. 98.20
. 98.10
High.
96.94
97.24
97.42
97.06
97.40
97.18
98.26
98.10
Low.
96.82
97.24
97.22
97.06
97.28
97.18
98.20
98.06
1920.
$11,631,050 I
776,367,500 |
Net
Last. Ch*e.!
96.82 ?.04 |
97.50
97.40
97.46
97.40
97.80
97.40
.100.36 100.54 100.38
. 100.32 100.36 100.30
.100 06 100.10 100.06
97.24
97.32
97.06
97.36
97.18
98.24
98.06
97.50
97.40
100.50
100.36
100.10
?.08|
+ .08 .
+ .0* I
+ .04 |
+ .04 |
?.04
+ .14
+ .14
+ .J2
+ .08
Argentine ?* 2"
when Issued .
2 90)8
40 80
10 991 ft
30 00
2 9918
10 00
OOlR
Belgium la 1941
receipts
1 10?
6 107%
1 10734
Belgium JWs 45
10 10SU
10 10778
1 10K
6 108%
Belgium Cs IMS
20 1041a
2 104U
40 104
15 10334
I'trne ts l?4 ?
2 1101a
1 110%
7 110U
Bcrdeaus ta 34
2 851 g
2 85%
;i 8334
4 85 Ig
6 85%
' 1 851 a
4 85%
Brasll is 1MI
7 104lg
4 IO4I4
10 1041a
1 1 104%
1 10414
f hlnene U KKy
fr 1981
5.. ? ? *.56
CWIe ti 194ti
receipts
1 1025*
3 10213
2 10278
2 103
4.....1031g
12 IOSI4
25 1033g
3 1031a
Canada Ujm ???
3 9978
2 99%
0 0934
4 100
8 0978
10 100
Chrlstlania
c f is mtf
1 10014
2 109
f cpcnliacn'i
kllMi 114)
1 S934
1 a?7g
"5 90
1 901B
1...C..01
Cuba is 1904-44
3 89
Cuba 4 Mii 1049
2 78 1
Denmark ft* 4.)
10 109la
2 100(4
ti lOOlgl
1 110 1
1 109%
Denmark 63 4:!
certificate <
2 9734:
Fom
I lit oh I ,v' I'll 1
.'lyr est K ?>
receipts
2 9514
2 05lH
3 0514
3 951 y
2 05
2..
20..
.98
0 05
1 6434
Onai.'a 6* 19?
SO 9914
2 9934
Canada Is H'-'i
1 983(|
9 981a
Chile Is IV'.'fi
receipts
21 lOUa
3 10138
2 ion?
Chile t<? 1941
7 1031a
3 1037g
1 10334
Y 1 104
2 10334
2 1031a
fi 104
1 10414
New Y?rlt fit*
4K'S Nov 1957
7 10334
New York City
4Hi 1967
Id 1041a
4s 19.19
2 9434
10 95
Adams Exp Co
clt 4s 194S
1 75
Ajax Rubber
8s 1936
receipt*
2 99
?
10 99U
2 991.
Allegheny Val
4t 1942
8...
a.
981.11
.98%
.981^1
.983^
.98
.9814
? 98'h
4 98%
1 97~g
13 97%
2 98
Deumark Mud
ter A 1940
2 10834
1 lOHla
1 ias34
8 1081a
1 1003?
Denmark Mun
ter II 194*
2 108%
1 1081a
5 108%
5 lcoig
Toklo Is 195.'
10 75
5, 951H
20 f 95
1 95U
5 951ft
4 9514
2 95%
1 95U
9 95l(|
7 9514
.95%
9514
.95%
. 9514
5 95%
' 2 9". la
i'rencii t* 194)
14 104U
4 104l(|
23 104U
34 IO4I3
1 KHI4
6 104
4 104%
1 104U
10 1041a
1 104%
Kronen iH* 1941
8 100%
3 100%
6 100%
2 1007g
f 2 100%
f 3 101
ti 100%
5 10o7g
'47 101
1 10078
2 101
2 1 0()7g
8 101
Japan lst4H* SI
2 S9%
2 8913
6 89%
5 89U
Japan Id 4H? 3-1
2 887g
14 88%
3 88*8
2 89
3 88%
Japan 2d4j 11)1
1 75ia
2 75%
1 751a
' 7514
10 75%
2 ?3
Lyons Cs 11311 Norway Is IIIOlSwIss Is H41
1 8534 ft 110U, 5 11,V%
1 851a 1 no : ic lift's
12 85% 1 lioift* 8 1151a
3 85% 8 llOU U Uft,4
50 85% 7 109% San Paulo City
1 851, 1 110 Is 1912
25 85% ueeuiland when Issued
15 8*1 * f r 7s 1911 2 IOH4
Vsrsellies ?* "4 rertlflcatee 2 lOllg
1 85% 3 107% 27 IOU4
4 851w 2 108 5 101%
3 85% 1 107% Sweden 6* IM?
1 85% 2 107% 1 WO
2 851a 1 107% a 100%
1 4 85% 33 108 16 100
79 85% 5 108'a 09%
5 857* 6 108 23 99%
1 5 80 yueensland 11 901;,
1 8578 (s 1947 2? 00%
certiorates 1 j 99%
18 997ft DominicanCA
> 9934 {s USS
8 697S l 88%
Mexico Is 1934
10 58
5 5814
1 4 98
29 571a
12 5031
large
1 5 54 I
Mexico 4s lwE4 Rio Grande do
6 46 bul Is 1941
7 997gi
5 100
4 U97g
99%: t.nlted Klnsd
2 4flU
17..*... ,401a
18 40
5 4534
1 4 .I4
i 1 45
25 431a
" 4 43% ?lo di Janeiro
\ 25 44 ? f H Is 1946
IOO34
100%
100%
100%
101%
1P(>%
10034
??41a
? 3 44
Netherlands
Cs 1972
receipts
10 04 U
19
37
15 94%
27 94U
5 94%
2 9-H 4
3.
30..
7. .
3..
1..
3..
33..
1..
X..
35..
*...
0.
15.
. .94%
. .9414
. .94%
. .941a
..94W
. .9414
. .941k
. 9414
. 94i<8
. .9414
94%
.0414
.94%;
Ilia 19 H
28 llHIg
3# 10438
25 KVtift
5 104%
25 10478
>a. ? .104
6 104%
2 0 10414
1?. . .10414
2 1 1041a
25 KM.%
25 1041a
CnlteJ Xlngd
r? (Ha 117*
10 105
1 104%
1 10414
fl 104%
1 1041a
27 1047a
10 10434
1 0 105
United KlngU
IHs 1837
1 1 0934
10 997g
25 99%
1 99%
* 99%
13 99'H
9 99%
2 997*
5 99%
2t> 997ft
0 04 Zurich la 1M1
52 937g 1 11 iia
.. .1011a
101."* I
lOHa
10114!
I;. . .IOH4
IOII4
94-% Seine ; 1?4 I
9tl4l 8 9378
21.
4..
18..
3..
2o .
1..
1..
..94
. .937g
..94
. ? 937g
, . .93%
? 937ft
. .93%
. . 937g
, . .9:1.14
..937g
, . 93%
. .94
. 93 78
10.
? 9378
llruBuay f?'ft SanPaulo State |
1 105% Ss 1938
2 ..1051a 5 102
2 IOCI4 1 101%
.111
.11H8
.112
Baltimore A O Chic Jt
.er A Cs li)95
Dom:STir
Alton
1..
Baltimore & O
cv 4H 1931 i
2 77 1
2 7714 <
2 77
1 77U
1 77
Baltimore Jt "
|> I J.tj., 1931
5 921ft
3 92%
11 921 s
1 921 >
Baltimore k O
s 195 J
! 40U
401a
40
> 40U
.7934 chl lior g
"978i 1971
.797ft
? 7934
.80
18.
Cora p- Tab- Ke
e? 41
3 9311 1 98
4 931) C!nl Elec c o
CornProd J* 34 ts db 1041 *
Gnl F.lec Co Ksn C Southn
deb 3s 1951 3s 1930
1
10 971 g
2 97
Chl Burl * Q
cen 4s 195'
1 87
("hi & has. 31
Ik 1951
7 741?
4 74%
23 74
2 741,
2 74%
3 741a
Chic 'if. v.o?t .
4s u?) ia
lr. 00
597ft
1 8AI4 | I'l.K&WV
Amer Ap t'hem irf 4s 1941
I*t rf 7K? 41 2 751a
1 0 100U 2 747g
2 1001a Baltimore At <1 Chl Mil 3c PSd
2 100% * W 3Jis I92,'l 4s 1941
1 100% 5 87% ft 6f>%
5 100% 4 87?g i 601a
11 100%. 12 87-V rtil Mil * Ht I'
1 4 101 Baltimore 4 o ctSs :oh
15 101U Tol*C?s 1M9 15 65
30 101 5 647? chl Mil & 8t P
2 IOII4 2 6434 pfn 4?I9?t
2 101 I 2 4541a. 1 801a
'5 1011a, T?1 or l'a .5 801g
1 101 ' 7W? 1I4J fhlcMII*8tf
? : 5 101 i 15 108 c? 4H- l#.li
rf2 10134 3 107% 1 04U
1 1017(i; 3 1077b j 041ft
4 1011a! B'th Jltp?l Chic MII * ?4t r
Amer Cotton O 1st est 5s 1951 ref A ? ' a '.ult
deb Sa 31 2. 945i8 I......58I4
1 (>41a i H*tb 8toel 22 58
4m ft A. 1.Ik I" IMi | 3 57%
1st A is 194; 2 88 chl Mil A St I
1 H9 Braden Cop M deb 4s 1934
1 ftftla! ro" ?* 31 12 5912
5 88% _ 3.^. .^.9014 ( hi Mil A 8t I*
1 977*
Cuban Am Mu
l?t coll Is 31
15 105
12 1041a
Cuba Cane rfi.
4 v deb 7s .11
4 SOU
1 S03g
.80
2 SOljl
? tamped *%
20 807g
5 81
3 .8118
1 81%
2 8Ha
1 SII4
. .841 g
r. 4
?4ig
10 641g
1 104U
1 10414 Lackawanna 81
GdyrT A It 1st Is 1933
1st Is 1941 105 99
1 114 6 99U
0 113% Lackawanna 8t
2 114 j 1st Is A 1950
1 U4la, 5 831a
4 114U Lacled tia? Lt
3 114% lef Is 34
3 80% O rnd Trunk Ky 3 Sfi
31 8OI4 7? 1941 L Kria A \Vt?l
? 109 1st, 5s 37
1 108 ig j 91
Grod Trunk Ky I, Erie A West
1* 1?1> Id 5s 1941
3 102 1 78i4
5 101'ft I, ? A M ^
5 101% <1eb 4s 1931
1 102 11 921a
2 101% Lake 8 A M 80
81 1 102 deb 4s 1MI
SII4 Great North rty 17 90%
81 is A 193*
8034 3 108
a..
15..
s.
.. .90ia
. .91
,. .9014
.91
19 89 Bkln Ed Oo
Am Sugar Co l? A 194J
<* 1917 1 93
08% I W4
? ... .98%' Brook Edlswu
6 08% ?* B 1330
fi 9834! 2 102
3 98% Ukln Ed Co
6 98% I D 1M9
,1001ft
Itap 'i 1
7a 1931
certificates
4 73 :
certificates
stamped
10 74
,981g
2 9>%; 1
98%I
II 9s%
74 98%
6 987g
1 98%
8 .98%
Am Tel A lei
rv 6s 1911
3 1121ft Bkln llap
10(1 II2I4 Is 1945
4 113 1 3 381a
Am 'lei *l Tel ccrtlflcatee
clt, 6s f?41 2 3fl
7 90* Bkln Kap
3 9ft7i| 14* 2003
14 96 II 3.
lold 4< 1925
1 73%
Chi Mil A St P
gen B JS-vs X9
1 63
Chicago A N W
10-yr 7s 1931
1 IOOI4
1 looia
1 1001a Chicago A N\v
ll-yr 4i<# 34
3 1061 j
Chicagoi. N W
gen 5s >tpd 17
10 101
Chicago A N VV
gen 4s 19SJ
1 83
Cuba It It Co 2 107%
?? str A II s 1077ft
rertlocates 1 107% Lake ah A M S
3 102 4 108 J'is 1997
3 10214 6 10734 0 7714
1 1021a CltNorth tltt ??? Leblgb Valley
Cuba K K Co I 9f.% clt Ss 1921
1st Is 1911 19 9tiia 1 101%
3 80 5 96% lehlghVal KH
1 T.)lj II i% con 4' ? 7003
Dei A Hudson Green BayAW ;i 88l?
7s 193) deb B a .... . 87%
5 1071a 1 ? s,% liggett Oi Si'l
D?ti A l<lo (? 1 9 7? 1944
IMArefial'S llocWInir Vslle* 2 1151a
6 47 | cotl 4i> 1999 j.un^ |s|an(l
3 47lg 1 831a ref 4s 1949
4 4" | Hudson A Man 1 73%
Is' lirfASs 57 f.nrillard I'
2 7818 deb 5s 1951
9 78I4 2 9334
12 . . 78% Louis A Nasb
1 78ia I4a tool
2. 78% 96 102
1 78l4
5 78%
1 40'ft
0 4?34
Deu .v Itio o
coil 4H' '?*?
3 7814
1 78
Datrolt Edison
1* 1949
2 100%
1..
2 10034
Datrolt Kdison
1st A ref Is 40
6 93
4 92%
Det River Tun
1st 4H" 1961
4 S4U
Tet t'nltedlty
24
1021g
102
2
Nasb
10 7oi as Chicago Ky
Tr| 1st Is 113'
1 77
2 761,
1 76%
2 7614
Tr Chic II I A P
ren 4s 19M
23 8II3
...95% Bk'n fn Kles'iChic it 1 ft
4......90 1st Is 19M rrf 4s 11*34
Am Tel A Tel 4 8OI4
clt 4s 192) stamped
1 8*% ' ?I3"
Am Writg I'ap Bk|vn Wl? Gar
1st 7-?i 39 cn Ss 1945
2 >11 3 92
'J ??% Buf Koch A I'
i 7 SO con I95J
1 SO'a1 6 89
1 80 Bush Tan 1 nig
Armour A Oo i?t 3. so
1sMMe?J> 1 s<>
2 871a' C?l Gas'a El
1 86Ja' rf 5s 1237
Alch Ti 5 I'e
ren 4< I9?4
2 87%
9 871ft
6 87
9 87!b
16 87U
1 S7%
' 21 871a
Alch T U H Ke
cr 4s. 1953
1 7914
Alch T A St Ke
adj 4s 1991
stamped
X 80ia
Atl A Char A I.
1st II &?. 1944
3 96
All A Char A L
1st A ?H?.
5 77'g
3 77%
4 7814
5 78
15 7814
1 7 83g
Chi Cn station
1st t?!-4s I94t
1 11314
I. 114
Chk: * W lnd
ll-yr TH? 19"
3 100%
A 101
7 100%
10 1007*
6 101
3 IOU4
3 101%
7 lOllg
Canada Nortn thlc .v w li t
CHa 1911
.100% IIudsoAn Uan Louis A
r.dl inc irs 57 (m U43
19......581a 1 90
1...... 5811 Lou A N ash
1 58%! 3tL 2d 3sl9ft)
3 A81a 2 60
fl 58% Man Hy of N Y
1 58la 4s 1990
111 Cent Slsti 36 stamped
. . 4 Ift8 ft 61 Ig
latent 4Ha 3t! in ?>nt iism m 1 6Ha
a 741a 1 9914 Market 8t Ky
11 74% 9 991, Cm 1924
4 741a ill Cent 4s 1?H 13 93ia
1 74 4 79 2 9434
35 741i 9 791* Market St Hy
5 75 | Illinois Central cn 6s 1934
Dlanid Hatch ref 4s 1955 | 11 871 a
sf 7Ks 1931 13 847ft Msriand Oil
3 108lft Illinois Steel 10-yr 8ar A 31
1..... 108 deb 4l^a 1940 wlthwarranti
? 2 108% 2 88
T|s t rcitrltlw Intort> Ileti 1
lit cv I* V7 1st A rf Is HI
4 44 ? 63%
5 45 A 6314
tilt I-out KldeN R A3la
9 Ml 4
3 031a
7 0314
9 631 g
1 83%
Met
r. 95
Canada North
iC-yr 7s 1941
2 100%
4 110
1 1091a
2 1081a
7 108%
2 108%
5 108%
Csn Paclflc
4s perpetual
29 77%
1 771ft
2 78
10 77%
Carthage A Ad
4* 'MM
5 . 821 a
Cent 1 eathai
1st U 1933
10 95%
I 95%
1 9.-.I4
10 OA
1911
2 70tj
14 7rt%
Chile Copper
CT 7s 1921
3 100
18 10014
Chile Cojiper
f 1913
82 85
C C 4) A St I.
1 rf Ca ter A 99
4
K-yr7 yi% 19:11
15 104U
21 10414
DiHiueene 1,1
tI*t Is 194s
1 ?? ? ? .IO2I4, Interbor
1 1017g r
1 102
Krle 1st cn 4< 9?
1 58
4 '.814
10 ....? 38
k ri t ctr 4t A si,
1 37%
Trie rv 4s lt * ?
10 . . 37 %
7 37%
trie cv ?s D Si
3 41
a 40
? 41
trie con 4s I9<" Interna I'aper
1 441ft jMArfR 5? 47
991 g
6 9t)
Mei I'at of Del
cn 1931
1 101'g
1 1021g
S 10214
5 1021a
Mien Cent
deb 4s 1929
5 88lg
Mica State Tet
4S* 54 ' 1st Is 1924
3; I&I4 1 97
10 15 j Mldv St| it Or
certifli-atm <olSs!9JI
17 121; 37 8618
2 1214' Minn t bi L
4 131a ?*i94)
.12:14
5 12!.(
Interna M M
1st Act (1 194I
4 94
Intenat Paper
Is A 1947
6.
1....
437gl
.44
? 441ft
'.43%
7 M
....39
M > I'AMa M
ll'.s 1911
11 101%
5 101%
10 ...101%
1 102
1 10134
M St PASS M
4s 1939
2 87la
98i a
1 87% I "",l, Ctci St I.
Atlantic Coast 1st {s 1924 4, cr A 199.1
1st Is 19} > 10 *"r,? .8
1 87 J 95% , 771a
Atl Coast Line ' WU | 791a
LAN 4s. 10 Colorado Indus
1 187(1 Out Nov Engi 1st, Ss 1934
3......78%, Is I9SI 4 73
Atlantic Ktuit 1 591, Colorado A Ho
Ta 1711 ? 5 . 59 1st 4if 192*
7 341111 C entral Pacific 12 9CW^
Atlantic Kefng ref 4s I941) l.,....9t)%
' 1 S3'a Col Gaa A WK
Cet da Paa t.op l?t It 1927
tr tf h Jl S 91
1 113% Cumber TAT
1 1127ft 1st A gn 5s Jl
2 II %! 3 90
C'bea A Ohio Consolidstioii
7 8.334 Mo Ksn % Tea
ku4
81
10
8414
83'1|
Inst for Kn of
Agli 4'ie 1943
5 34ia
iv la 1949
6.
.86
?ls 1921
3 1(V4
2 104lg |
1 104
2... 1041?
Alias pjwder
cv 7Ha 34
2 1021ai
4 10134 [
27 103 [
Baltimore & O
4s 1999
1 9A7g
.4 96%
1 ftflia
3 9(1%
14 96lj
6 9634| Ches A tlhloj
?V , 9AI-}' pen 41 '.s isoi 1
I'altlmore WO 5 S'l%
ist 4s 1944 Chic A Alton
10 78 I ref Is. 1944
I 77i?| ? M |
> 78 I i C5ig|
' liesa .V ?<h!o
1 v |)ia 1S30 !
4 SJISgl
10 83%'
30 ...83%
coal as 1931
I sillft
coil ties .N ?>
|.?r cv v 7s n
5 insia
8 108U
108
. IOHI4
.10ft
16
1 10734
2... 107%
:? 108
2 107%
! . 107,"
It> ION
a Kr<%
981, I Fri.. A ,l?r-?v
9ft% ' 1st Is 1955
3 ?'<
5 8M4
Erie Pent)
clt 4s 1^51
6 .8lig Invincible Oil
Kieft Ittihher ' Is 1911
1st mg M isl2 3 921a
1.... . 102% Iowa Central
4 10.3 j ?s ittl
10 KCTIr 5 37
1 103lj h C Kt Si A M
1 104 a 6ft 21
3 1041, 2 10134
f5 10 11., K C KlSC & M
7 1041a
2 104%
3 104
Ft WorA IH\v
let r>Hs lost
certl Urates
1 101
Gal II A Mend
5s 1913
1 83
CJ(I> r I ^ I!
It 1921
3 9"t?
2 90%
4 WI4
5 99%
50 9914
13 90% Kan
10 9911 in SO
2. . . . 99%' 4..
4s 1931
4 7 61 ft
It C Southern
ref :* 1930
6 85' 4
1 8'. %
1 S5I a|
it eli/ st?r ir :
s f ?s I. II
4 104 I
1 103% |
.10
10...
2.. .
A... .
5. .
.1041ft
. 1041 j.
.104 :
1041a
'term
fs .er A I9?!
alien issued
5 M)%
a ti?a
7 80%
Mohan A Tei
4 Her l< 1912
wnen laened
10 677g
1 67lg
Mo Kan A let
id 4s I99J
4 581 a
certlflcates
a 57%
45 58
1 57%
Mo Kan A 'lei
r.d) "1 199?
when tas't?<i
13 50%
88 Vila
H 50%
45 50"ft
5 501,
27 50%
6 50%
1 . . 50%
Mo Kan A l??
1st 4s 1992
5 76%
Mo Paclflc Is 23
12 9914
5 99%
|5 991m
Mo Ksn A 1c*
1st est Ss 1941
cert Iflrslps
H .47
ronlinurd on t'ollvnlng r?ifc.
NEW ISSUE
$2,500,000
Walworth Manufacturing Company
(A Massachusetts Corporation)
First Mortgage 1% Sinking Fund Gold Bonds
Series "A"
Dated January I, 1922 Due January I, 1942
Redeemable as a whole or in par' for sinking fund on any interest date on thirty days' notice at 100 and interest
plus a premium of JV'r for each year of unexpired life. Semi-annual interest. January I and July I, payable
in Boston and New York. $100. $500 and $1,000 coupon bonds with privilege of registration as to principal.
Old Colony Trust Company, Boston, Trustee. >
TAX PROVISIONS: The Company agrees to pay interest without deduction for any normal
Federal Income Tax, not exceeding 4%, which it may lawfully pay at the source. Under the pres
ent law the Company pays 2%. Pennsylvania State Four Mill Tax refunded upon application.
From a letter of Mr. Howard Coonley, President of the Company, ire summarize as follows:
CAPITALIZATION
(After giving effect to present financing)
Authorized Outstanding
First Mortgage Sinking Fund Gold Bonds - $7,500,000
Series "A" (This issue) .... $2,500,000
Series "B" * 1,000,000
Preferred Stock ...... 1,000,000 1,000,000
Common Stock 4,000,000 4,000,000
?This entire issue of Series "B" bonds equally secured with the 7% bonds of Scries "A."
bearing interest at the rate of 5% per annum, and maturing $100,000 annually 1922-1911.
inclusive, will be owned by the United States Steel Corporation through its subsidiary, the
National Tube Company.
The Walworth Manufacturing Company had its beginning in 1842, in the firm of Walworth & Nason,
which introduced the steam heating industry into America, and established the first factory in the United
States for manufacture of fittings and valves. This business was incorporated in Massachusetts in 1872
as the Walworth Manufacturing Company. It is the originator of the famous Stillson wrench and for
many years was the exclusive manufacturer of this type of wrench.
Factories of the Company are located at South Boston, Massachusetts, and Kewanee, Illinois. These
plants cover a total area of 54 acres of ground and have an aggregate floor space of about 1,300,000 square
feet. They employ at capacity some 4,200 men.
SECURITY
In the opinion of counsel, these bonds will be secured by direct first mortgage on the entire fixed property
of the Company and by pledge of the Company's holdings in stock of certain subsidiaries.
The proceeds of the present issue of bonds are to be applied to retire a previous issue of bonds and to reduce
the floating debt. Additional bonds may be issued only to retire the remaining bonds of Series "B" or
for not exceeding 50% of the cost of additions or improvements to fixed property, provided net quick
assets after such issue will be at least 100% of all bonds outstanding.
SINKING FUND
The Indenture provides an annual sinking fund, to be applied to the purchase or retirement of bonds of
Series "A" and Series "B" (including payment of the annual serial maturities of Scries "B"), beginning
May I, 1923, with a payment of $100,000 and gradually increasing each year to $1 =>0,000. To the amount
of this sinking fund will also be added the amount if any, by which 15% of the net earnings for the pre
ceding calendar year exceeded $100,000.
ASSETS
The value of the land, buildings, machinery, tools and equipment of the Company, on the basis
of the appraisal made in December, 1921, by Day & Zimmermann, Inc., is more than $8,800,000
or over $2,510 for each $1,000 bond. According to the consolidated balance sheet prepared by
Messrs. Lybrand, Ross Brothers and Montgomery, as of December 31, 1921, after giving effect
to the present financing, the net quick assets amounted to $5,044,759.00 or over $1,440 for each
$1,000 bond. The total net assets exclusive of patent values, good will or going concern value,
in accordance with the above figures, are $13,844,759 or more than $3,955 for each $1,000 bond.
EARNINGS
The consolidated earnings statement shows average annual net profits for the period of six years
from December 31, 1915, to December 31, 1921, after deducting depreciation and before Federal
taxes, to have been $814,093.05 per annum or over 3< > times the annual interest requirements of
$225,000 on all of the first mortgage bonds. This statement of average earnings, however, is after de
ducting heavy annual depreciation, and losses and inventory write-downs during the year 1921.
WE RECOMMEND THESE BONDS FOR INVESTMENT
Ho nth arc offered when, as and if issued and received by us arid subject In the approval of counsel.
Price 9654 and accrued interest, yielding over 7.30%
E. H. Rollins & Sons
Halsey, Stuart & Co., inc. Parkinson & Burr
The Information and statistic* contains In this advertisement have been obtained from sour re* that we deem reliable althotifli no
fuarantwt, ?re accepted by u? as accurate. All bonds offered subject to prior sale anil change In price without notice.
Huntington Jackson & Co.
Railroad Bonds
43 Exchange Place New York
$125,000 Loan Wanted
An option ha* been taken for to day* on a valuable, desitablr and
easily salable tract of land containing 75 acre*, or 300 to 400 lot*, in
a famous resort town.
The location of the tract i* wit hin seven minutes of business section.
Eight prominent hotels and the High School are located within two blocks
The motor highway from Philadelphia to all North Jersey seashore
resorts bounds one side, and main auto route from New York to Atlantic
City bounds another side. A continuation of the main business street
passes through the property. During the motoring season over 2,000
cars pass the tiact daily.
The option call* for cash payment of #125.090 Retail value of
*225.000. Immediate sales segregating #75,000 if option is taken up.
Quick profits of ?50,000 are possible.
Our client offers #125,000, one, two and three year f>'? notes se
cured by
Assets Si 00.900
1st Mortgage Bonds 250,000
Other Real Estate ro.ooo
#400.000
Business, Banking and Social references Principals only.
DOR LAND ADVERTISING AGENCY,
Atlantic City, X. J.
ffEW YORK AIR BRAKE SHORT.
Comiisn; Itepnrt* Drfli'lt
In 1021.
The New York Air Hrake Company'*
gross sales In 1921 were about a third
of their amount in 1920 and about half
their average of the preceding nine
yearn. After the first quarter of 1921,
.?ahl C. A. Starbuch. it* president, In
Its annual statement yc-fcterday, a col
iipw ut tliu market Cm- ruilwmt' brake*
and other products prevented manufac- ,
turing them with proflt.
The company'* net Income for 1921,
nfter paying operating expenses, was
$ 4 A against $1,749,244 for 19JU
Administration expenso* and iinorent re
quired in 1921 more than $910,000, caus- j
injt a net loss of $458,699. and when
dividend* were paid the d<-flcit amounted
to $133.AM. As. there had been doHcii"
In each of the two preceding v. .ir<? it*
profit and loss account v.-us carried
from Jt;.:.90.bti7 at Uu' cnu of 191 i to,
, $1,417,4*7 on Po.cmOei SI, 1921.
Mortgage Bonds
Netting 6% for 10 Years
These Bonds are secured by carefully placed First Mort
gages on income producing property in Southern and West
ern Cities, which arc deposited with a Trustee.
Besides being secured by first mortgage*, they arc the direct
obligation of The Mortgage-Bond Company of New York,
with Capital, Surplus and Profits of /j,850,000.
Send for Circular.
THE MORTGAGE-BOND COMPANY Of NEW YORK
55 Liberty Street
New York
SARTORIUS, SMITH & LOEWI
i New York Stork Exchange
Members I New York Cotton Exchange
I Chicago Board of Trade
MAIN OFFICE, 20 BROAD STREET
Phone, Rector 2430
MMSC HKg:
DEI-MOMCO'S 412 Bedford Ave.
44th St. ?nd Fifth Ave. BROOKLYN, N. Y.
?'hone. VaiMlrrtillt Ml" Plion*, *<**? ?,M"
Rood I'hon* Hrotur
-
Help Wanted Advertisements in The New York
Herald arc productive of the best kind of com
mercial and domestic help. Telephone Worth 10000.

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