t p V.ii '. EVENING PUBLIC LEDGER PHILADELPHIA', TUESDAY, JULY 1, 1910 19 i ih ' r lr LIBERTY BONDS BOUGHT and SOLD Anr Denominations Samuel K. Phillins & Co. B07 CHESTNUT PTIIEKT Mmbrm Flillndelnlilit Slack Kithmrt financial. To the Stockholdcm of Aetna Explosives Company, Inc. Notice Ib hereby Riven that a Hpcctal meet tnt" of stockholder! of Aetna Eiploslves Company Inc. will be held nt tho office of the corporation, Itoom No. 2701. 105 Ilroad tray, Boroimh of Mnnhattan. City. County ami State of New York, on the 10th day of July, 1010, at twelve o'clock noon, to trans act tho following buplness. to wit: 1. To take such notion aa tho stockholders may determine with reference to the ap proval of certain Term! of .Settlement, dated May 23, 1MB. formulated by a committee appointed by Hon. Jultin M Ms)er. Judge of tho United Htatea Dlntrlct Court for the Southern District of New fork, to pre pare a plan to carry out the settlement sue rested by him of the differences between the arlous classes of security holders and to terminate the receivership of tho cor poration, which Terms of Settlement were approved by Judge Mayer on Mav 24, Iflln. copy of which 1 on file In the office of the corporation Said Terms of Settlement rrovlde, am on it other things. In effect, that he holders of the present bonds shall be entitled to receive mereror, nt their option, either a 85 thereof In cash or tbl inn" thereof In a (1 Series A bond of the cor 1 poratlon maturing In twelve years, that the preferred stockholders shall bo entitled to receive for each shsre of preferred stock I20.7H In cash and 175 In a 0 Series D Dona or me corporation matur nc In tnentr. two years: that tho common stockholders shall retain their enlstlnir holdings: thnt Messrs. J. & Jv. Sellgman & Compnny. rep. rcsenunK uuntmnuers Run prererred stock holders, shall enter Into an agreement with Messrs. Holt and Odell, the receivers of the corporation. In form approved by tho Court, under which the preferred stock represented by them shall be voted bv Messrs. Holt nnd Odell nnd or their nominees for the pur pose of enrrslmr out the Terms of Settle ment, and under which the bonds nnd pre ferred stock represented bv snld Arm shall, at a time or times riesltrnnted by the Court be delivered to Messrs Holt and Odell or some bank or trust company designated bv them! that Messrs. P. H. Prince & Com pany, as large owners of common stock and representing, other common stockholders, shall enter Into an agreement with Meters. Holt and Odell, In form approed by the Court, under which the common rtock owned nnd represented hy said firm shall, for the purpose of carrvlnc out the Terms of settlement nt n time or times designated hv the Court, either be dellxered to Messrs Holt and Odell or to somo bank or trust company designated by them, or be oted bv medium of proxies running to Messrs Holt and Odell nnd nr their nominees as the latter may deem advisable; and that" the stated capital and or the certificate of In corporation of the corporation might be changed or amended as approved by the Court and the Committee. "l"u,cu Dy ,ne 2 To take such action as the stock holders may determine with respect to the ratification and approval of a contract dated June 2.1010 between Aetna Eiplosh-e, Company. Inc.. J. & W Sellgman & Com pjny as Readjustment Managers undr a ptan of readjustment of Aetna Hxploslve" Company. Inc.. dntfd March IK, loifi and Messrs. George C. Holt nnd Tlenjamln B Odell. as receivers of Aetna ntplosles Com pany, Inc.. which contract has for Its oh 1ect the carrying out of said Terms of .iCi.nu... .- ........ ,..Ajit,aii-9 company. Inc., referred to nbov. copy of which la on file In the office of the corporation 8 To take such action as th stockholders may determine with reference to authorii Ing an amendment to the certificate of in corporation of Aetna Explosives Company Inc.. so as to reduce the amount of the stated capital of the corporation from tin lon.onn to s n:,n,ono. '"" "m 18.- To takeiroch ectloii as the stockholders mav determine with reference to consent m o the making, execution and delhery bv th corporation of n mortgage. In such amount as may be necessary, securing the Series a and Series It bonds required to bo Issued bv the corporation to curry out the Terms nt Settlement. 'erms or K To take such action as the stnckholdr may determine with reference to nny other action by the corporation as may b neces. ary or convenient to carry out the Term, of Settlement serins n. To elect directors of the corporation 7 To transact euc'i other business as may properly come before the meeting V r,. FENTON, Secretary Dated June 14. 10111 -reiar. t Annual Meetings t35- TIIK AXM'AI, MRKTINO (IF T1IK ibf Stockholders of Z'cg'er Brothers Co will be held Tuesday, .lulv 8th. at 10 a. m , at the ofttce of the Company, 110 North Fifth St. CHAS. K. SIOORK. June HO. 1010. Secretary Ready to Absorb United Cigar Stores New York, July 1. Arrangements have been completed for the absorption of the Unlteil Cignr Stores Compnny of America by the United Itctnll Stores Corporation which wns recently or ganized by a group of financiers bended by tieorgc J. Whalen nnd Jnmei 11, Duke, to establish n clinin of retail stores nround the world. Scrap Iron and Steel High Pittsburgh, July 1. Scrap Iron nnd steel dealers report sales of heavy melt ing steel to mills as high as $18,150. Brokers ore paying ns high as $4.40 for spot tonnuges of standard furnace, coke. The American. Sheet nnd Tin l'lnto l reported to have closed with the Stand ard Oil Compnny for n large tonnage of tty plnte. Investment Opportunities for the Intelligent Buyer JULY CIRCULAR t The highest grade bonds are selling today at almost record low prices, not because of any impairment in the intrinsic value of the property mortgaged, but because of world con ditions that make for tremendous financial requirements. Long term issues of the most conservative character almost surely will reward buyers at this level by very considerable price advances later on. We will be glad to send our circular describing a carefully selected and comprehensive list of such investments to all interested, who may either have funds in hand or short term securities suitable for conversion. ROBT. GLENDINNING & CO. 400 Chestnut St., Philadelphia CORN PRICES SOAR TO NEW HIGH LEVEL Record Hog Quotations and Light Offerings Among Influences OllAIN 11K1.T wfiATiir.n KOnnCAST Chicago. Julv 1 Illinois. Missouri. Wis consin Mlnnesnla Iowa, bouth Dikola nnd Kansis Oenerallv fair and continued warm tonight and Wednesday North TlllmtA lla.lt, .ln,itl 1 till tinSCttlcd tO- nlght. sllghtlv cooler northeast Vcilna rtn, fair and warm Montane. -Tartly cloudy and unsettled tonight and Weilnes day continued warm. WyomlnB I nlr and continued warm tonight an 1 Wednesday Chicago, July 1. There wns n con tiinintlnii i.f tlio liinitisr movement in ,,.....". ' ---. .- BUSINESS NOTES There were 10,300 hales offered nt the Inst wool sales It wns a good se lection and tho best grades wcie steady, while coarse nnd faulty were ensy. New South Wales greay old nt 4s Id. Trade In raw slllis Is in fair oltime. It was Intimated that most of the American inantifiietiirerM hn about satisfied their immedintp pressing needs, nnd thnt buying wns likely to be leis active until the mntmfnrturers decide to take orders for deliver) during the finnl uunrlcr of the ,cnr. Substitutes for Hudson seal are re ceiving more thnn cuscunl attention be cntfio of the extremely high price of inutskrnt skins. Among the most ttrom- Rumanlan Company Passes Dividend Iyondon, .till) 1. The Consolidated Holland Petroleum Company nt a meet ing In Amsterdam decided not to mnkc any distribution for 1!HS. The Ilntnnfsche Petroleum Compnny, in which Koynl Dutch Petroleum Com pnn owns ,'! 1,0(10.110(1 guilders, is In- . ? terested In the Consolidated Compnny in i New England Railroad Director QuUyj. thnt it owns 'J..I17,()0L guilders of It I Washington, duly 1. J. H. IIusUaMit lH.lSU.OOO guilder capital stock. The Consolidated Company wns formed In 1000 to take chnrge of the cumpnnyis properties In Iutmitiln. Heretofore it bns been distributing 10 per cent nn-nualb 'f.J L. district director of railroads for Now ' A . Tnglnnd, resigned today to rcsumo lli ''H t, i , ., - .i -v worK ns receiver lur inc iusiun iiuti - Maine Ilnilrontl llines appointed U. Todd( now nsslstant director, Director General as his successor l' ,.-.- -- - i in uriiii ill, iiissi-a lllliil Mil 1111' ..i.... i .i. ...nlnt u'iih strnni?. '. . ...... . . . corn itniuy nun n- .... - " )slnK Rtliistituies nroiigiit out is n vnri September nnd December selling at new ))f ,)lbj nn) skil ,,roppi (, ,,ns(,v higli records for tie season. nn(l (lv(,(1 (MI ,.0or. Among the influences were the e tablishmeht of fresh top marks '' J nuym a, coiUm ,, Ilro v, ,,. which reached SJ1 ... ''K''V "1' , merous nnd goods so sear.e thnt the from the country and 'BW "r , leading converters stated otdem had to utnoifu. .iniv (lemeiies i-iuuui,. tl.l,OUO hut " ! i is? A Dividend u MTTI.K NClinYI.KII.T, NAAIOATION UAILKOAI) AMI COM, COMPANY S33 Wnlntit Street. Philadelphia, Juno H. 1!)19 A dhldend of one dollnr nnd tnenty.nve cents ($1.3,1) per share has heerr declared puable Tuesday, Julr Iff, 1919. Checks will be mailed. Transfer hooks will be closed Monday. June 10. 1010. at 2 p. m and reopened Wednesday, July 10. 1010. at 10 a. m I-RESTON- imEARLEY, Jr , Treasurer TIIK 11.1.1 )l I'ltAMI' . MS slllf X KNtiINK lll'II.DINCI COMPANY riilladclphlH, rcnnshanU Juno L'tlth, 1010. dividhnd notici; The Hoard of Directors has this day de clared a dividend of 3. payable August 1st. 1019. to stockholders of record at 3 p. m on July 21st. llJJR. Tho transfer books of the Company will bo closed for the purpose of this dMdend from 3 pm. July 21st until 10 a. m. August 2d. 1919. CHARLES T. TAYLOR. Treasurer TKE MANAYUNK NATIONAL HANK Philadelphia. June 24. 1919. Tho Doard of Directors has this day de clared a regular semi-annual dividend of 1 and an extra dividend of 1 on ths capital stock payable on or after July 1st. next, until which data the transfer bocks vrltl remain closed. Dividend checks win b mailed. E. J. MORRI9. Cuhlsr. Sneclnl Notice TO TIIE HOLDERS OF, J iROANOKR TRACTION AND LIGHT COM- PANY FIRST MOUTOAOE AND COLLATERAL TRUST ." PER CENT SINKING FUND , C10UD IIONDS ' Notice Is hereby given that. In conformity r with tho Sinking Fund provision of Deed of Trust from Roanoke Traction and Light , Company to Tho Jtaltlmoro Trust nnd (luar. ( - antes Company. Trustee, dated August 1. 190S. there have been drawn by lot for redemption on August 1. win, at Ill's and accrued Interest to that date, the follow 'lnc Roanoke Traction and Light Company First .Mortgage and Collateral Trust 3 Per Cent Sinking Fund Gold Honda: Noa, SS0 1474 1680 210T 2000 8S7 1475 18KB 2244 2720 1253 1517 1022 2341 2775 1453 1740 2005 23S0 The above bonds will 4e paid upon presen tation at tho office of The Baltimore Truat Company, Successor. Trustee, In the City of Baltimore. Md.. on and after August 1. 1919, upon which date Interest thereon will cease. ' Baltimore. Md . July 1. 1010. THE BALTIMORE TRUST COMPANY. Successor, Trustee. ! SPKC1AL MKIST1NU. A SPKUIAL ll" meeting of the shareholders of the Tradesmen's National Bank will be held at Its banking house. 431 Chestnut street. Philadelphia, Pa., on Friday, July 18, 1910. at 1 p. n.. for tnr Purpose of voting on the Question of Increasing the capital stock of the Bank front Five Hundred Thousand Dol lar! (1500.000) to One Million Dollars (11,000.000), the additional shares to be offered to the shareholders of record at Two Hundred Dollars (1200) per share, one half .the proceeds of which shall be added to surplus. M EDMUND WILLIAMS. Cashier. rARTNEitsiiira PARTNERSHIP NOTICE Notice Is hereby given that the partner ship heretofore existing between ,1. Hunter Kwlng, William B. Widen. Thomas I.. Klwyn and Thomas Duncan Whelen, under the firm name of Townsend. Whelen and Company, hrr been dissolved by mutual con eent and by the withdrawal of J, Hunter Ewlng from aald firm. Said business will be continued by the undersigned, who have formed a copartnership this day under the same firm name. WILLIAM B. WHELEN, THOMAS L. EIAVYN. THOMAS DUNCAN WHELEN, J K. COPE MORTON. JOHN STBAWBRlDaE. July lat. 1919. We wlah to announce that MR. RADCLIFTK CIIKSTON, Jr. has been admitted to membership in our firm. EDWARD U. 8A1ITII & CO,. 1421 Chestnut at. . July st. ism, PPOPOSALB THE DANKVILLE f!AS F.LECTRIO COM. PANY FIRST RKKUMHNH MORTGAGE FIVE PF.R CKNT THIRTY YEAR C.OI.IJ BONDS The undersigned Invites tenders of above Bonds for sale and delivery ns of August 1. 1010. at" a price not exceeding 103 and accrued Interest, to exhaust, 11500, a sum now available In Sinking Fund. Sealed tenders, stating inimbers of non(l offered, addressed to "The Colonial Truat Company, Trustee Dansvllle Gas and Elec tric 5 Refunding. Mortgage Bonds," will be received until July 5. 1910. THE COLONIAL TRUST COMPANY. Trus tee, Market and Thirteenth sts , Phlla,. fnAiiA v. x co, treasurer. June 30. 1C1II. VrTKHT JKRSKY ANTI .1 I.IS.S aal .will ROAD COMPAQ Vhllaaslnlila, Jun. June 4. 1U1B, 10th. lBltl. Sua arf nrnl be received, 'at this 'offlce until How to Trade A booklet giving- general rules of trading, free to investors "It's no use waiting for your ship to come in unless you have sent one out!" There is no mystery about buying securi ties outright or on account. This booklet tells deposit requirements, commission charges and how your broker opens an account the door of opportunity for you. Call, 'phone or write for No. T. U.-493 JONES & BAKER SECURITIES Widener Bldg., Philadelphia 'PAcrnet BtU, Walnut 1690 revfone, flare 2290 DETROIT Dlrtct Privatt Wirtt NBW YORK CHICAGO riTTSBUROH B03TOM hncliplq. I w.,t!.nf fiimlitlntm worn fin0 ,prp nflset h the liifi foo'liuK MililP of I corn, bnsr-tl upon iirocnt titiotatlnns for live Iiors. Onlv 1n onts nf forn jiro fxportoil I hcri' tomorrow, mitl Hip -'' nrtirlo j nNo win firmer TIipip wimi fpf tlmt lliotp will not I l.p oiiOHRli old rot n to title oer tmtil tho iipw uiniii liOKins to mrtM- M. A . Snow .puts Hip nrt-n lit lOO.IKM.OOO it.MPt, the fonilltion nt !Ci.2. nnd Hip imlicntPd lji.d.1 nt 2,73.".on(l,000 buslipls. I The reprieve Riven to the Rnle nf beer. tipprclipntion nlmut the prop nnd the ,ieln.tie ehenpness of the Krnin its com ,pnred with torn, ttimulnted the demand for onts. SliortM weie the best pnn'linerx, tint there nKo wa new itiM'stnient bnjitiK thtotiRli eotnmission lioti.ex. (irfpnnc wpre lisht. The weather wns looked upon ns ton hot. Mr. Snow pstitnntpo the condition nt fifl.ii nnd the indirntpd yield nt l,ll'.0.- ! i,oml OOn.OOO bushels. July tlcllverles were 3."i.lltin.000 buslipls. Air. Snow puts the eontlition of win ter wheat nt 00.4 and tho indirntpd jleld nt RS0.O00.OnO bushels, and Hip eontli tion of silting whpnt nt R7.0 and thp in- I dieated crop nt .VI0.000.n0() luisliels. lie etit down to permit of a fair dlstri tmtion to their customer. (irenter ncthlt and fltmrr prices are reported in rlitiiiifiilx. Consiimeis of lienvj cheniienls are in the mnrkct for Kood-sized lots. Paper mills me saitl to bine taken larse supplies of bleach This is the fit f-t business of the kind in ntij nlume whith has Ik en lepoit.d f.u n long time, and it w bailed as u favor 'able sicu by produtets tif the mnterlnl. who snj the now vpp prospects ot nor ir.nl business. Big Tour Asks to Sell Bonds Columbus, Jul) 1. The liiR Pour Hnilrnnd has applied to the State Public Vtilitics Commission for nutlioiity to issue S!1,!Klt,7iri II pel tent refunding mnrlRnKP bonds to be sohl at II.".1" These Imnds are a pait of a proposed issue nf 20,000.000 to be issuptl to pn for lmptmenients ninde tlurliiR the lnt lie jenrs nntl to pnv off .S2,00I,0(U1 instip of oiip of its constittiPiit eompauies The commission will bcai tho npplicntion Wednesday. CONNER STEEL COMPANY, Inc. 8 CUMULATIVE FIRST PREFERRED STOCK PREFEKRED AS TO ASSETS AND 8"n CUMULATIVE DIVIDENDS PAR VALUE $100 Total authorized $3,000,000 all outstanding Redeemable in whole or in part on any dividend period at 10." and accrued dividend, upon thirty dnys' notico. Dividends payable semi-annually, June 30 and December 31. BUSINESS The Donner Steel Company, Inc., located at Buffalo, N. Y., is cnijapcd in the manufacture of Basic, Foundry and Malleable Iron, Ferro AlanRnncsc and Standard Steel Products, including Blooms, Billets and Slabs, Sheared Plates and Alcrchont Uar Products, including Small Structural Shapes, Railway, Automobilo antl Carriage Spring Steel and Specinl Automobile Section'. ASSETS The total assets of the Company, reported for the year ended December 31st, 1018, wero over $24, 000,000, against which the only outstanding mortgage indebtedness ahead of this Sre Cumulative First Pre ferred Stock is ?2,803,0S0. EARNINGS 'JM The not income reported for the year ended December ."1st, 1018, available for dividends on First Preferred Stock, was $1,12.1,181.01, against dnidend requirements on said stock of $240,000. SINKING FUND this- l.ndlnr futures nnpivl ns follows Corn (new dller 1 Ye iltt i Orm. Hleh lyu rlow elect Srpt 1 .7ti 1 TR 1 77' t Ts'v I 7M-, I)fc 1 .l-i 1 .-7 1 riS 1 r.llS 1 711'. Ont Si't't as., itfiv list, mils r.7 ,'), 71 IlM I.Hnl .lub II J-. f-ept .11 .Ml Itllis I Jul L'7 flj Si .I i!S in Tnrk Jul .-I S-, :,1 S-, Sfiit m mi niii tskti a l .n ti ."ii 2 s .'J 2S s.-i ti'i't S4 17 34 17 ' 1i7' Chemical Engineer wnntH trclinlcnl nr sflllntr position! 211 jenrs olili urlfil eviierlpncei ilrinou ntrntrtl lilillltt. ( MAM'. SMtl.l, IWr.sTMHNT Aililress Ifilll N; r.'.M St.. rlilln., I'll., or l'hone Dltklnson .2.17 During the years 1910, 1920 and 1921 the Company agrees to expend not less than $1,250,000 for bet terment and improvement of its property or the acquisition of additional property for its corporate pur poses, and that, beginning in the year 1022, there shall lie set up annually, for tho retirement of the out standing First Preferred Stock, a Sinking Fund icsorve of 5.100,000 (or more at the option of the Com pany) . COVENANT AS TO CURRENT ASSETS In addition, the Company covenants thnt it will ma.intain net current assets in excess of current liabilities of not lcs3 than $1,000,000, or 100' c of the par value of this issue of stock. We recommend this stock for investment and offer, strictly subject to prior sale and change in prica without notice, 750 SHARES AT 101 FLAT and will confirm sale.s in the older applications ate lcccivctl. WEST & CO., Philadelphia 1417 Chestnut Street Thl lTifc.rinn.frm mil thw MttNtl nr not cu irnnterd but ln- boon nhtnlnci from inurrq w tllnv to ht irrurate. a i -I) 31 "in .h hi :n no .-1 -in II. 7.-i i-s Tn tjT .-.1 7." t III 10 HO til' '.'" NEW YORK METAL MARKET Now ork. Julv 1 Tho follow loir prlifB Birr ntiotpil in th Vo York MpIbI l'x i hitnirp totl . t'oppt'r s'pot. Iftc. hid. Jul 1S', WIIV. Aumisl, 1sp Mil Septeiillini IS l.OTl IP .IOC Ortnlirr IS n-iS ll 0". , N.i-M-mlHT 19ft 'J0o M.trlct firm l.pail Spot A 17 ft 3"n . .tub B 'JOSi .". 40c. .uuut SSHMVir .Mnrkrt nulct Sptltfr. V.r. su .olll spot, nffprii, n o'p ,tni of frttd 7c AukusI 7fr7 0.k Scptomlipr, 751 7 llip t'rtober. 7117 lTic Markrt nrni OTHER FINANCIAL NEWS ON PAGE 20 I, ESTABLISHED 1837 TOWNSEND WHELEN & CO. Memberi Philadelphia and New York Stock Exchanges 505 CHESTNUT STREET i July 1st, 1919. We regret to announce that after thirty-five years' active business our senior partner, Mr. J. HUNTER EW1NG has this day retired from our firm. Our business will be con ducted as heretofore by the remaining partners, who have admitted to partnership as of this date Mr. J .E. COPE MORTON and Mr. JOHN STRAWBRIDGE The capital of the firm remains unchanged. WILLIAM B. WHELEN. T. DUNCAN WHELEN. THOMAS L. ELWYN. J. E. COPE MORTON. JOHN STRAWBRIDGE. The following coupons arc payable on and after July 1, 1919, at this office: Philadelphia & Western fly. Co. 1st Mtg. 5s, 19G0. Easton & South Bethlehem Transit Co. 1st Mtg. 5s, 198G. At our New York Office, 30 Pine Street: Buffalo & Susquehanna R. R. Corp. 1st Mtg. -Is, 19G3. Edward B.Smith & Co bankers Established 1893 Jcmbrra Sew York and Philadelphia Stock Exchanges lill CnisTMT &inir 80 Pine Htbiit Pim.ADn.rBit Nitr VoaK Messrs. Cassatt & Co. Philadelphia take pleasure in announcing that Mr. R. Penn Smithy Jr. has this day been admitted as a general partner in their firm r July 1st, 1919 Mr. Frank Spencer Byram Has Today Been Admitted , i to Membership in This Firm De Haven & Townsend 40 Wall Street 1415 Walnut Street Stock Salesman Wanted To rHI Highest Oratle Oil Securities, suitable for most conserv.itlNe In vestors antl paying more than the nvcrago dl Idends. Clean-cut man having experience In Milling Bonds and ronnected with good houpo can make an excep tionally good connection Please state past records . piles held confidential. nil re- C. II. I care of Ledger Oftlc J George S. Capelle, Jr. INVESTMENT SECURITIES 1027 Land Title Bldg. Bell Phone, Locust 4SU J. & W. Sbrawbridge .STOCK miOKKHH 114 Cutom House Place July 1, 1910. Owing lo the retirement of Mr. AVelnli Htranlirldue from active business our partnership has this day heen dissolved. Sir. John Mriutbrlil has be come a partner In the arm of Townnem! Wlirltii '.. Which takes oer the business of i, W. Strnnbrldse. JOHN SIHAWnniHOK, WKI.NII HTIIAWllIlinfiK. $50 $100 UBERTY BONDS BOCOnXANDBOU $3,500,000 Godchaux SugarSj, Inc. (Established 1868) Producers and Refiners Domestic and Foreign Sugars oeven Per Cent First Preferred Stock Preferred as to both assets and dividends. Par value of shares ,100 t umulativc quarterly divi dends payable January 1, April 1, July 1, and October 1. Redeemable at 110 and accrued dividend. Regliitmr Illinois Trust & Savings Bank, Chicago Guaranty Trust Co. of New York Transfer Atjents Harris Trust & Savings Bank, Chicago New York Trust Co., New York Application will be made to list the preferred and common shares on the New York Stock Exchange. EXEMPT FROM NORMAL FEDERAL INCOME TAX Capitalization First Preferred Stock . . Second Preferred Slock . . Common Stock (no par value) Authorlred nnd Ined $3,500,000 3,500,000 70,000 shares For information regarding the stock of the Company, tcr refer to a letter of Mr. Cliarles Godchaux, President of the Company, copies of which may be had on request, and which states that We are the latest producers of sugar cane in the United States and. in addition, -are refiners of domestic and foreign sugar on an extensive scale. The business was established by Leon Godchaux more than fifty years ago. The property, based on the report of experts, has a replacement value of $10,196,895, excluding good-will, trade names, etc. This represents a value of more than $291 per share on the First Preferred Stock, and more than $45 per share on the Common Stock. In no year since 1890 has the business failed to make a profit from operations. According to the books the average annual net profits by periods were as follows: Past 15 Years Past 10 Years Past 5 Years $490,837.00 $538,027.00 $852,054.00 Auditor's figures for the past three years show an average annual net profit, after deducting deprecia tion and renewal charges, of $977,799.00. which, without considering Federal Taxes, is practically four times the First Preferred dividend requirements, and equal to $6,95 per share on the Common Stock, With increased manufacturing facilities recently added, the estimated sale3 this year will aggregate $18,000,000 to $20,000,000, from which profits should not be less than $1,250,000. An annual Sinking Fund of $175,000 for the purchase of the First Preferred Stock will be set aside from net earnings after payment of First Preferred Stock dividends. A further sum will be set aside equal to ten per cent of the surplus profits after allowing for dividends on both Preferred Stocks and the fore going fixed Sinking Fund. The Company will have no mortgage or funded indebtedness and no floating debt. The articles of the Company provide that no mortgage shall be placed on any of its property nor the amount of the outstanding Preferred Stock increased without the consent of three-fourths in amount each of the total of the First Preferred and Second Preferred Stock outstanding. It is also provided that no dividends shall be paid on the Common Stock until there has been set aside a reserve equal to a full year's dividend requirements on the First Preferred and Second Preferred Stock outstanding, together with the annual five per cent sinking fund. Price 96 and Accrued Dividend We recommend this Preferred Stock for investment and offer it " subject to prior sale, when, if and as issued and delivered to us. r Book of views of principal properties and special descriptive circular on request. P. y. Chapman & Co. New York Chicago Ames, Emerich & Co. Chicago " Milwaukee A. B. Leach & Co., Inc. New York , Chicago Tlie above Information, while not euaranttod, Is from sources we believe reliable. W 5. V-i- JXs 'sj-v; Vi l i? tf V , w 4 J -1 X. 1 al V4 j n Sfl 'use i . J1 as Ol Biddle & Hem . v-tf - . . 1 , PJ ii9aaT at not exoetain! V .' 'lI o w -,r uMuipui fcSJteAft?.. -'& ' '.V! i jii .-?: IH- FIFTH, mnJ-M P i ? -,.., CYl .' .t1 y of July, 1910. for the
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