mrngmmmmmm .jr-- t BVHNING LEDaER-PmLADBLPHIA; THURSDAY, 'JANUARY IS, 1917 ntm i ' NE of the big problems of the investor in stocks, is to keep his money at the mafcimumof earn ing power This subject is treated .from the common sense standpoint in our booklet 44 The Working Value of Securities." Write for 822-T. U. JONES & BAKER STOCK imoicrcus Widcncr Bldg., Philadelphia Itdl. Walnut 1010 1. Kr.tntonc, Unco 1'200. Nrr York Hon ton CMcnco I'lllnlmrRh Direct rrlmtt nirtt FINANCIAL' NEWS PHILADELPHIA BANKING INSTITUTIONS LOWER CALL MONEY TO 3u PER CENT Reduction Is Second in Little More Than Week Bank of England Cuts Minimum Discount Small Busi ness in Local Stocks Bonds Active Permanent Investments Some investors like to have most of their securities consist of long-term bonds on prop- erty that has a staple value. We are prepared to make helpful suggestions regarding standard long-term bonds. Yielding from 4.10 to 5.90 .OfcIarR$go. lUNKi'.ns XiUbllah"! 1837) 321 Chestnut St., Philadelphia Plttiburgh Dostoa Chicago Wllkei.nrM Iteaillnx a s?me INVESTMENT Money In Philadelphia, bath call nml time, has shown a much easier tendency In the last few days, and therefore) It uns riot surprlslnR today when It wna learned that a number of largo national hanks and trust companies would send out notices to night reducing the rale on call loans to 314 per cent from I per cent. This was to ho expected In view of the piling up of surplus by tho local Institutions, ns shown III tho weekly hank statements. This Item in the last week Increased SI 1.872.000. bringing tho total up tn $3G,3 13,000. Tho last week was tho fourth consecutive week to show n gain, and the result was to bring tho sur plus up from Ml, 884,000 from tho week i-muriB neccmnor is. on ,iannnrj 9, or n lltllo more than it week ago, the rato was lowered from fi per cent to 4 per cent, the S per cent rate hating gone Into effect oh December 7. In Now Vork both tlmn and call funds havo been ensy for virtually the whole period from the first or the year. In line with the reduction In the rate In Philadelphia it Is Interesting to noto that similar action was taken by the Hank of England today, when the minimum discount rato was cut down to fiVa per cent from fi .per cent, this tending to show that money Is easier an over tho world. With the ex ception of the period from August 8, 1014, until July 13, 1910.' when the rate wna B per cent, the rato for tho KiirIIhIi bank In tho lowest slneo tho beginning, of tho wnr. The action of the Hank of Kngland Is taken as an Indication that the gold situation and the question of foreign exchange nro well In hand This Is borne out, ns fnr ns the gold Is concerned, In the weekly state ment of condition, Issued todny, which showed n gain In bullion, In round numbers, of 050,000. or 13,250,000. Tho chief pur pose of the reduction, in the minds of some, was to bring tho olllclal minimum more In line with tho Interest on the new loan and benefit tho banks which were lending on tho new loan at 1 per cent under tho bank rate, with a charge of & per cent. As far ns operations were concerned on the Philadelphia Stock IC.tchange today thero was very little to discuss. Trading was on a reduced scalo In all Issues which appeared 011 tho tape during the session, rioth tho changes In prices, as a general rule, and tho number of stocks which ap peared during tho day wcro narrow, of tho local Issues Philadelphia Itapld Transit trust certificates continued the most active. They held closo to tho level of the InBt figure yesterday. 31, and except for a brief period early In tho day a loss was shown. Sales which were consummated were mostly In the shapo of profit-taking by holders who had gotten In lower down, and . was pointed out today In houses which handlo a considerable- volume of tho trad ing In tho certificates from day to day that quite a largo amount of the certificates is for salo on n scale up from 31 and to 35. It stands to reason that this must ie cieaneu up ueroro nny substantial up ward move can get under way. Union Traction acted Just tho reverse of Transit, iccovcrlng a half point of the loss sus tained yesterday, but thl3 was on only 21 shares, and could not, of course, bo taken as an Indicator of tho market for tho stock, as It represented odd lots. I.nko Superior f'orporatlon got up a fraction. Tho bond division was In striking con trast to stocks. Ponds wcro qulto active, business. In fact, being the largest of nny day of the week ; that Is, more Issues com ing out, and tho prices wcro firm. Over- the-counter business Is good, and It was said today that not only first-grade but second-grade bonds are In demand. Pond men took occasion to point out Hint tho present should be a very propitious lime for tho Philadelphia Kiectrlc Company to float Komo of Its $35,000,000 B per cent 60-ycar bonds which nro provided for In tho refinancing plan. The private salo of this Issue Is reported to be qulto large. Sales in Philadelphia lllsh. .- Alliance In 3014 40 II &St upf fi.l an Cam Iron. 4ft li toil Col F & Ir mi .11 lClcc Stor. 07 0 Ins Co N A 27 li 431 I,k Sup C 20 SR.t.eli Nov 11 1 14 li! I.eh Nov. . 7H'!i 20 I.lt Proth. 2111 in Nov Cons. SPJi M3 Pfiiua It It SfliJi 20 Phlla Co cum pf.. 42 I22 Phil Mice. 31 2203 PUT tr cfs 3tU 31 Phila Trac HS14 loo Pittsburgh Coal ct. 31 nil Heading .. in So Pacific. IB Ton Ilel .. J 30 Ton Mln.. 21 Union Trnc III', 233 U (i I . . . . (Ill Nt l,mv. C'loe. ehse. 2014 2014 -I- A3 A3 mi 455 47', 1 ooii no5i 2li 271i 111 2(1 -(- 14 11 14 14 14 7Sl)i 781 21-r, 2PJ! 35i 2 Hi 2 Hi -I- IS. f.llijf, f.0 if. 42 3.H1 33 14 82H DIM! U S Steel 21 Welsbneli., OS If. I on";, I !I-I0 11 n in', HlOi 11.1 41 42 33 8214 .11 IMW, IIS 1ft 1141 II-I0 0 1014 no 1 1 1 , II 31 "214 OKiSi M Hft )! CONSUMERS' ELECTRIC LIGHT AND POWER COMPANY 1st MORTGAGE S's TO YIELD ABOUT S'j. THIS COMPANY SERVES THE DENSELY POPULATED PORTION OF NEW ORLtiANS, ONE OF THE FORE MOST CITIES IN THE SOUTH. IT HAS AN EXCELLENT RECORD FOR EARNINGS, PAYING 7 ON PRE FERRED SINCE ISSUANCE AND IN CREASING DIVIDENDS ON THE COM MON SINCE 1912. THE BONDS (DENOMINATIONS J1000 AND $500) ARE FREE FROM FEDERAL INCOME TAX AND REFUND IS PRO VIDED FOR PENNA. ? WE OWN AND RECOMMEND THIS SE CURITY. DETAILED INFORMATION ON REQUEST. BAKER, AYLIFJG & YOUNG LAND TITLE BUILDING doston PHILADELPHIA Chicago GOVERNMENT I50NDS lllil. Asked. 2 reulaliTciI 1930 Ilil'i Is coupon 1113(1 iiii :ia reKlstrrnI 1918 100? 3.1 coupon HUH Ilillli 4s resfstereil lti2 110 111 4fl coupon 1923 11(11, 3a rcKiatrrcl 19 III 1111 3a coupon 11)111 101 Panama -'a reelatererl 1(13(1 09 Panama 13 leglatered 1938 991? $3100 Am fins ft Ulec B.i. 117 li 13000 Paid J.oco 1st 5s..l0Pi fiOOO City 4s 1912 , fi 103 300(1 do 1D4.1.IH.1U 1000 do 1915. I(I3Vi 1(100 Kloc & Pen Tr 18 . . 83 14 3000 Ky Sec Bs 83 H 3000 Key Tel 1st 5s 07 8000 I.ch .Nat rons l'is. 103 2000 Lehigh Val gen Is.. 91 17000 do cons His 2003.101', KKIII do Coal 5s. 100 loo'i do ami 6s. 1 3(1 14 40(1 I, T rets P i: In .. 81 mono Market St HI Is .. 8ii 2000 Pa .1 .' T-i ItoiJ, 1200(1 Ponna Co gen 414s.I011f, 2000 Pub Serv N .1 5s. . 0214 2000 Pco P to -Is 8914 100(1 Phlla On cons 5s. on snoo Heading gn Is 0014 1000 Stand Gas & Kloe Cs.10114 3000 I'll Hwys t c 4a 72 1000 do Inv 5s 71 1000 Weigh 5s. 98!!, 1000 W X Y & Pa gen 4s 8714 II IIIIS'DS Hlffll. t.ov. Close. -( 14 W li IK, N'ct chge. II0U 0011 I lOtli 10IH -f li 10314 I0.1H 103', 8314 83', 07-71 t02lf, 91 1 0 HA 10(1 13(114 81 071i I HI if. 103U 103', 103', 8314 831', 07!i 103 If, r' -i-i 01 , 100 13014 84 9814 II (lift Vh 1 Vj 3 liilif, 10I1A 4. ! 14 8914 9214 89 14 9(1 00 If, 9014 9014 I A 10114 10114 14 v 72 72 71 71 98 T 98T If, 8714 8714 IIIIIKPTOKY til' At't'tir.NTANTS CrrtlOnl I'ul.l UWItK.Nl'1! K. r Acrniintunta limiWN & i'(i. 1013 ltCAI, KSTATK TltUST IIUILDINO WII.I.IAM K. JIONTKIJua VM CIIKSTNUT ST. liUUNH & HPRAKJIAN THIS 110UUSU FOUNDED 1865 The We own and offer City of iladelphia 4s MATURING ' July 1, 1940 July 1. 1942 July 1, 1946 Jan. 1, 1946 A. B. Leach & Co, 115 South Fourth Street DU Phone Lombard 237 Ntw Torn Chlcaro RutTilt Boaton LonJon. En;, Baltlmor 7F roviaei Life and Trust Company of Philadelphia Pays interest on deposits and safeguards them scrupulously. FOURTH AND CHESTNUT STREETS You Iit often befctt caught In an menrsney. after banklnc hour. wllh. sot njr earrency, liayeu't yon? Pro vide far future contingencies by open Ing nn account at THE 13-HOUR BANK tEPUBLIQ TRUST SOMjpAlF Open t b. m, to 10 p. m. J (129 Che.tnut Street AVKVAI4 mVBOTION'8 3Wi0IVlTliJEaSl WATIOXAr. HANK. a PbiUdeIi,bl, Pa.. January la. 1IT .t't.BnJ,t,n".2 tna Diractors. hl4 tola dar ta 8llowtn offlcara war electWj " K. SCmilDT. Prealdant. snwiRn i-f?PAVK;3St; m&TlCWXtJB SoUeTtSi. """" iltAHit M. JlASaBY, Notary, LINFOJID C. NI0R Caatlir. - ir.OM. ATVKBTlMK31EN-ra 3B K3TATB Or OTTO BCIIAETTUE, DE f" aed lucre tiaunuuuary a the Stove iU to taaYlnt; been sranted la lb uadlr Jjtntd, all FeKwa luO-blaJ to tne ud iaUla an i rttowsted lnuate fnf. aa4 ilea uarK- KB Cor Braaa asd Artb ata,. PbJU. W KNiI..I.- P iH-IV, WAN B.. To the Holder of UNITED RAILROADS OF SAH FRAH01SG0 Four Per Cent. Sinking Fund Gold Bonds, Duo 1927 At the request of a large number of the holders of the above Bonds who have declined to assent to the provisions of the reorganization plan, dated September 22, 1916, the undersigned have agreed to act as a Committee for the protection oflhe interests of the Bondholders. Under this plan the 4 Bondholders receive 25 in Bonds and 469o in Preferred Stock, from which it appears that they are asked to relinquish 75 of their lien and to consent to a reduction of 29 in their principal. In view of the fact that the Company earned during the past year not only the amount required to pay the interest on the underlying and the 4 Bonds in full but also about $737,000 for the payment of sinking funds depreciation, other charges and dividends, the sacrifices which the Bondholders are asked to make are, in our judgment, greater than either the cpndition of the Company or the position of the 4 Bonds justifies, particularly as the sacrifice is largely for me ucitcui ui iuc juiuui actunwca. Notwithstanding the earnings and condition of the Company as above out lined, the situation has become chaotic; foreclosure proceedings have been instituted on one of the underlying issues amounting to $1,800,000, another underlying issue, amounting to $400,000, has matured, and the market price of the 4 Bonds has fallen to less than 40. The junior securities are in the hands of a single interest, and control the operationind policy of the Company, which gives them a greater" advantage over the scattered 4 Bonds, unless the Bond holders unite for their own protection. We. therefore, request that deposits of the 4 Bonds be made immediately with the Depositary, or one of the Sub Depositaries, named below. AH bonds so deposited must be in negotiable form and must bear the October 1, 1916, and subsenucnt coupons. Certificates of deposit ivill be issued and application will be made to liat them on the New York Stock Exchange, A Deposit Agreement and a Circular setting forth the situation hal'e been Erepared, and copies thereof majr be obtained from the Depositary and the ub-Depositaries named below, or from. the Secretary of the Committee. Pro. visum, n.s vw. .... ,u. .w. ,.,.., ,..v (unn.ic vouiiiiiiiee ot deposit Certificates of the Reorganization Committee. New York, Jan. 18, 1917, JOHN HENRY HAMMOND, Chairman. Brown Jrothr & Co. DONALD C. GEDDES, CTarlc. Dadsa & Co.. New York. D. HOWELL CR1SWOLD, JR, AtuiRder Urown & Sow, Baltimore, A. H. S. POST, I FraaUeat. UucantUe Truit t Depoall jQomnanir ol Ultloor, "5 ' EDWARD B. SMITH, aiward B. Smith Co., Philadelphia, Counaeli i E. C. BAETJER. Eaq. CHARLES K. BEEKMAN, Eaq. Sacra Uryl MORREU. W, GAINES, 89 Wall Street, New York. N. Y. Depositary; UNION TRUST COMPANY OF NEW YORK, 80 Broadway, New York. Sub-Depositaries: C1RARD TRUST COMPANY, Broad and Cheataut Streets, Philadelphia. MERCANTILE TRUST 4 DEPOSIT COMPANY OF BALTIMORE, Baltimore. EROWW SHIPLEY AND COMPANY, F8nd Court. Lstkhuty. London. E. C London stock market Business Continues Lights-War Lonn in Good Demand LONDON. Jim. 18. Subscriptions to tho now wnr loan multiplied today following a decision by llio Treasury to allow extra Interest of 3s, 4ri per cent on fully paid applications and 2 per cent on Installment obligations lodged before the end of Jan uary. The tone of the Stock Kxcliansts markets generally was llrm but business remained light. The gllt-cdgcd section was harder on the reduction In the Ttanlc of Kngland's rate. Allied bonds wcro quiet. The ap proach of dividends and n cessation of rcaimnR sustained homo rails. Americans were weaker. After declining, Canadian Pacifies became steady on favor able earnings. Mouth American lines Wcro dull. LOCAL MINING STOCKS TO.S'Ol'AH STOCKS M.ir.Vanmf.t Midway Mlzp.ih Kxtenslnn Montana North Slnr , Ilesruo Kul.i , , , OOI.DI'IHUI BTOCKU I1lu- Hull Itooth ,' (.omlln;ttlo 1-rartlon ,.,., lll;H!inllclfl,M n II.... tmliy nro , fund K'on Mllver I'lck Mt80KI,t,AN!JOUS Arlann.t tlhlteit NVvnilA Hill , Tccotxi Mining , IIM. .07 .20 ,1 1 .IT .HI .1'.! .ni .ll'l .III .III .III ,111 .2.1 .rsi ,211 ,1(1 Asked, .(ill S.1 .1(1 .I'll .11.1 ,11 .(HI .(in .11.1 .111 .nil ,C(1 NEW Y0HK COPFEE MARKET NMW YOrtK. Jan. 18. The market for coffee futures opened a little easier In lono this morning, first prices being unchanged to a decline of 3 points. Trading on tho call was quiet, sales being estimated at 4000 bags. After the opening the market continued quiet and business Wfts only moderate, ttoom sentiment wns moro or less nervous, with traders awaiting further developments. Tho sinking of a number of vessels In ,h(S South Atlantic would. It was thought, cause the ocarcltj- of tonnage to become more of n market factor than ever, and this, coupled with higher freight rales and an ndvanoV" In Insurance risks, caused the general sit" uatlon to become unsettled. Ilrnzll cables wcro steady and the re ceipts continued light. The local spot mar ket was unchanged with Itlo No. 7 quoted at 10c nnd Santos and No. 4 nt l(l8o. Today's yeslnrday's Lfl'eninff. .fnnunry IVhrunry '.t-.-.'. .:::::::::::::::: fc8?..M Mny jutf .7.7. ::.:. :..: ::'.''. Mims. A UK tUt I, a E,. wTtcmlrr 21! " SSVr!SW-:::::::::::::.g.giieit.M llerp mbr -i' - "Ulll. Mnrlnc Rates Remain High ' NIJW VOttK. Jan. IS. .Marine Insurance rates to South America, owing to tho fact that the flerman comnieico raider Is stilt reported at large, were nt tho high levels nf yesterday, risks being taken nt from 8 to 10 per cent. Union to the .Mediterranean aro 10 per cent anil to the t'nlled Kingdom S to 7 per cent. Ilevlsed estimates) place the loss of the sinking of twenty ship? during the Inst month til about fl2,noo,0(io. In. s.i!is.:,n ..-, Iras .",. H.",!08.(W H.fl'.Jf'lS HH 8.n.-ff,.nn ?K.7 8 11' R.7I1 .SM' S. ' H.MWR.811 .tlft, .H s.niws.DO NO PITTSBURGH COAL MERGER Officials Say They Aro Unaware of Any Plan , t'lTTSUUttGH, Jan. t8. Officials of the rittshuigh Coal Company declared today that they were not aware of any deal under wny or plan looking to tho merging of the company with the Consolidation Coal Com imnv. v Another story thai tho ofTIclals denied wns that the Pennsylvania or tho New York Central Hallroad Company would buy tho Montour Railroad, owned by the Pittsburgh Coal Company. ".Many would llko to buy It. but It Is not for sale." said ono olllclal. A decision Is expected In tho near future In the litigation growing out of the plan of the readjustment of tho capital, which wna placed In effect recently. Financial Briefs RAILROAD EARNINGS ST. I.OU18 SOUTHWESTERN 1(117. Inrrne. Second week January. . 1312,000 I100.00Q CANADIAN PACII'll! Seennd week January.. S5.4l7.nnn JSM.noo From July 1 711,724,000 12,126,000 liDNVtlll AND ItIO GRAND! Second wr-k January.. J'2'iii! J2'2 from July 1 3.13,058 24.807 DeCrrnse. CHICAGO. INDIANAPOLIS AND LOUIS- VII. IjK Second week January.. Mn7."2 .19,nn7 From July 1 I. (inn, 381 088,241 i rom .iuijt j,AN, TIltINK Second week Jnnu.iry. . tl, 072,010 4100,011 Yarns Easy in Manchester MANCUKSTIJIl, Kngland, Jams 18. Yarns nro dull nnd easier. Cloths nro Ir' regular. The New York Stock Etchan. . ectved applications to list faiuif " r( ll9, ('!,, mi,i n.2.1. '""owing ,-.; J13.48S.B00 first mo iZ. i1 Corim, bonds (Calumet nnd Arizona Mi!i esSi puny SCSO0.OOO capital ,?nVMl.n'n 6w iiurgii. cinclnnat, Chicago r.i S "tit ltallroad Company IIMswoT Twenty-two rallmnd. .,...,. week of January report m, . lh, fll '.. " ncreiS of VuffiSj" 3 the C(irrCr.nn,ll ,. V. '10.5J1 n.!fl ,......,,,, nc,H PI Atl ..... '!' At the annual iimi. .. .. holders ot the Northern Plno t ,, ' 'lt City today tho retlrm rti,lS?."n "i 0l3 elected. No chango was made In.i ' ' Ine nrtlroo naaB "I thl mi. Ing unices. ,,s ,t. 'TM "w reua Albert N. Oraycv lias been ecct,d . ,' I ant cashier of the People's Bank ""'"a Hanks seined from the New York vl treasury yesterday J19.000, and ln . Vl Friday gained 4,0G5,O00. Inc ,lffl A. H. Oeutlng has been elected a ai,M of the Franklin Trust Company In Bi.f!Hl Charles H. Clark, resigned. '" p,cl Extra for National Rcfinlnif CLHVKL-AND. O., Jan. 18, Th. w.. ltennlne Company lias declared an .!rSi dividend of 2V, per cent on th r.J2Sl Rtock, In addition to tho usual nurt,J dividend oi j is per cent, payable FebmVil 15 to holders of record February 1 J?fl the last three quarters extra dlvM.'.jcH 1 U per cent havo been paid. " Jy States b,cJ Rubber Company First and Refunding Mortgage Five ?6r Cent. Gold Bonds, Series "A" Dug January 1, 1947 INTEREST PAYABLE JANUARY 1st AND JULY 1st Coupon Bonds in denominations of $1,000, $500 and $100 each, with privilege of registration as to principal and exchangeable for bonds (in denominations of $500 and larger) registered as to both principal and interest. Fully registered bonds re-exchangeable for coupon bonds. All but not part of the Series A Bonds outstanding may be redeemed on any interest date, on and after January 1, 1920, upon 90 days' notice, at 105 and interest. For information as to this issue of bonds, reference is made to a letter, dated January 15, 1017, from Samuel P. Colt, Esq., President of the United States Rubber Company, copies of which may be obtained at the offices of the undcrsiyncd, which states in part as follows:' -PA,YMENTF MATURING BONDS "All existing bonds, and liens upon the properties, of United States Rubber Com-P-Jiiy or subsidiaries, will lie provided for nt once anil will be paid on or before December 1, 1918, except $2,600,000 6 Gold Bonds of the Canadian Consolidated Rubber Company, Limited (heriin after called the Canadian Company), which arc not due until October I, 19-16, and except $0,000,0i)0 debentures of General Rubber Company, due December 1, 1918. . . . The debentures of the . Ucncral Rubber Company are to !c left undisturbed for the present, as tile Company has under consideration other plans for dealing n with its important crude rubber interests. ..." LIMIT OF ISSUE "The Bonds arc to be of an issue limited to the. par amount of the Company's full paid preferred stocks an" common stock now outstanding, plus any additional stock issued at not less than par for cash actually paid in; and further limited so that no bonds in addition to $60,000,000 presently to be issued (1) shall be sold or pledged -prior to January 1, 1918, except with your consent; (2) shall be issued, except for refunding . . . unless the unencumbered quick assets (as defined in the Mort gage; of the Company and subsidiaries exceed their aggregate debt (as defined in the Mortgage), including the outstanding Bonds aim any increased indebtedness resulting from such issue; (3) shall be issued, except. for said refunding, unless the annual net in come (as defined in the Mortgage) of the Company 'and subsidiaries for three fiscal years next prior to such issue has been at least tw.ee. the annual interest upon the entire debt of the Company and subsidiaries, including interest on any increased indebted ness resulting from such issue; and (4) limited also to the amount of the present capital stock (about $97,250,000) except to the extent ol any increase consented to-by the preferred and common stocks." "Of the balance of the authorized issue $10,000,000 Bonds may be issucd-for additional working capital, and for develop ment and for other corporate purposes, subject to the restrictions above stated, and out of the remaining bonds now authorized reservation is to be made to provide for the $9,000,000 General Rubber Company 5 Debentures, due December 1. 1918, guaranteed liy United Mates Rubber Company and Rubber Goods Company, until otherwise provided for, and the $2,600,000 Canadian Company iiontls. due October 1 1946. Any additional Bonds and any Bonds not used for such refunding shall be reserved for capital expenditures made after January 1, 1917, for additions, betterments and improvements or for new properties (including subsidiary com panies against the pledge of their mortgage bonds), at 75 per cent, of cost; or not more than one-third of such additional Bond may be issued for other securities and stocks at 60 per cent, of cost; all as shall be defined and provided in the Mortgage." i SINKING FUND "On January 1, 1919, and annually on January 1 thereafter, the Company is to pay to the Trustee as a sinking fund I7e.iii.cash upon the face value of the Bonds then outstanding, plus the amount retired by the sinking fund. Bond holders shall be invited to tender Series. A Bonds for the sinking fund, and tile Trustee shall accept the Bonds tendered at the owest prices, not exceeding lOaSe and interest, to the extent ot the moneys in the sinking fund available for Bonds of Series A, hut to the extent not orociirnblc at or below 103fo and interest upon such tenders (or thereafter during the year in the market), the Company sball.be relieved of its obligation for that year in respect to the sinking fund applicable to Scries A Bonds and any balance remaining in the sinking fund for such bonds at the end of the year shall be credited upon the sinking fund for such bonds for the following year or years. i NET.,E?N"GT7"T,,e n;t ettrn!nB f tho Company and its subaidiary companies available- for interest . . . ai found by Meiiri. Haskini & Sells, have been: , For the' fiscal year ending December 31, 1914 $10,690,988.48 December 31, 1915 11,539,313.10 December 31, 191G, (partly eitimated) 12,500,000.00" . INTEREST CHARGES "Interest charges of the Company nnd sub.idiariei, 'including the present issue of $60,000,000 Bonds and interest pn the undisturbed bonds pf Canadian Consolidated Rubber Company. Ltd., and General Rubber Companybut excluding !wrf,,p" obIaVon.s ,,1Vi!irill8,0i!,nrnfefor?.D?inbfV U V-S.- ""S1 "ow Pvided for, and on unfunded indebtedness to be pa 1 by b" this issnc" $3,610,000. Considcrabls additional earnings should result from the use of additional capital provided i nV n?,ASSf7S,7TrApplyi"K ,lh? I""0"01!? ,0..s.a'c f the $60,000,000 Bonds, the Company and its subsidiary companies would fi.lf 9eJol,er -1' 19 0;vcr an1 aov- n" liabilities other than the new bonds and the undisturbed bonds, net quick .., ,-XK2m,S nierchand,se and readily marketable securities (excluding securities issued by f if in-,,iNAN,AL POSITION "The consolidated financial position of the Company and its subsidiary companies as of October s atcd be low" TM.0. ?irB ' ", PrCeC V" Salc th'C 56P'0 .?,w "s " found by Messr T. IlLkn"P& Seils?would be aJ Stated below. Th u itatement does not include any valuation of Eood-w II, re.urting from the old e.tabliahed butines. of the com" Sl"thou.hnn themoDieornVafUrhl0 a??""?' propeTty '?" , d ".luipment i. given at tho amount a. c.rr" d a the book!, although in the opinion of the officers of the companie., an appraiial at this time would result in a very much larger valuation: Property, Plant and Equipment e4 on oU Manufactured Goods and Material , .' iR70i?w'f Securities Owned . io,yi,ja.ol Net Current Assets, consisting oVcasli'and'recciVabl'cV.'ieVs pa'yabies.'.' .','.'.'.'.'.'.'.'.' .'.'.V.V.'.'.'.' 30840i29;U8 Undisturbed Bonds: $136,213,606.61 Canadian Consolidated Rubber Company, Ltd $2.600000 General Rubber Company 9000000 ' ' ' 11,600,000.00 S. Leaving assets of S124 6nfif)fifii or more than twice the $60,000,000 Bonds now to be issued." t.oio.ouo.ot "I li infArrmtir e 1 funiaii nf ttia fin!1 !! P it. it .... ,.-.";."?""' "-""" ;" '" I'.uaiiiqn oi ine company and stibsid aries does not neurit n , ir,i,iii i iaew amount nose $426,500 500 of States companies. -...j.,..v ,. uu, rcuarucu as 'suosioiary THE UNDERSIGNED WILL RECEIVE SUBSCRIPTIONS FOR THE ABOVE BONDS AT QC3 PER CENT AND 7 ACCRUED INTEREST TO DATE OF DELIVERY, AT WHICH PRICE THE loNDS -!! ifs Tiinn n-yi ri imnntu mtrcriiniitirti t ctnL- nr i, 1..1. vi tn . w' Mstewfctaaa, UUldlHIIUIlik I UI PiUVH, ill IIIC IVIIIlllrT linni C -InillflKtlirinn I nln.. ..J (17UC 1 tf outstanding) of stock of the Canadian Comnannn nwn,i I..7 Tir.,i' c.U'."V tt.y-'f"" ",V JOJ.'u" Ucss tian '(, ot "The foregoing statements leave out of account the Canadian Consolidated Felt pLn'mv t !,;,-,i s common stock s owned l.v tb TTnnndlnn romn-,,,,, ...i . 7- .....'"" S?.s?.l.luale,0..' eIA Company, Limited, a majority of v. bonds of said co.npany. On November 3a 1i,' FmV'V"3' .VV1? i. .""a,ahP'"Pa'. " B.uarantor of. &t .,-., ;.r-.v . -.- Ma.u.u.-.s- .w.wMfi..4 i uaj mail ouvp. arc exciuueu. ?ai(i tnr rnmnnnc ifa. , i-j a YIELD OVER 5.20 PER CENT. ON THE INVESTMENT. ANY OF THE BONDS NOW TO BE REFUNDED BY THIS ISSUE WILL BE ACCEPTEDN PAYMENT FOR NEW. BONDS UPON A 4 PER CENT. INTEREST BASIS TO MATORiTY. , V The subscription will be closed at three o'clock P. M. on Tuesday, January 23, 1917 or earlier th rlahr ,,.! reserved to reject any application and to award a smaller amount than applied for TWt,SL right to close the subscription at anytime without notice. fs"" ". ine unaersigned reserve the A first payment of $50 per $1,000 bond subscribed for-.must accomnanv all suhserintlrm th, u i ,. amount due on bonds allotted upon subscriptions wilUe 1x1 balance of tho the offices of the undersigned, against interim recSfc-ELeiblefo; ' t All allotment will be subject, to the stockholders' authorization necessarv in ,m.na,i- tft !t y' . the issue and to the approval of proceedings by counsel. amnonzauon nssary m connection with the creation of !netlll.llowrt.onch.finit144nt.t;fffi aDnlied inW t .. K1 - . . . i-uiuiH y iu, I'Jii. nu to payjHe second installment, when due, will naTr&t bc rePaid- Failure Ney York, January 17, 1917. KUHN, LOEB & CO. m ''. .Vr.'S'S;.'
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