ft'
t, $'
f'Cl.
.
' 19
s.
t
EVENIKO J?UBUO LEDGERPHILADELPHIA, TUESDAY, JULY 8, 1910
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SELF-CLEANING
Rocking Grate
VALLEY IRON WORKS
COMMERCIAL TRUST BLDG.
THE BALDWIN
Locomotive Works
Steam and Gasoline
LOCOMOTIVES
Philadelphia, Pa.
NEW YORK
SHIPBUILDING
CORPORATION
r, stoBdy work, itond wages ' nj
meellrnt working conditions "
r. oprnlnRi In nearly ull branches
for skilled mechanics
. Apply Employment
Department at the Yard
Camden, N. J.
COAL $3.50 per TON
for Mfnm nun.oi.rR In ." l'lnnt. 80
to 1000 h. p. l'frffet rr.ulto euarantred
In connection wltli boiler equipment or
NICE-BARTLETT CO.
r.ionr-Sprne. 894 3 N. 21.t SL
1
PSZ
fij
XCCSr
Bl'ower Equipment.,
Hettinc, VemiiUtion aod
Exhtnit Systems,
Sleet-Metal Work,
Safety Gturdi.
C. H. RAUB
Wayne Are. & Berkley
$t , Philadelphia, Pa.
Build of Concrete
VuKANITEpORTlANDfiMEHT
Phiude!.phu Jew&rr Joston
HIGH QUALITY QUCK SERVICE
Motor Truck Delivery
Lansdale Foundry Co.
LntVtdale, Phone Lansdale 430
O. W. KETCHAM
Mnnufnrturrr of
Architectural Terra Cotta,
Bricks
Hollow Tile, Etc.
Chas..J. Webb & Co.
. Wool
and Cotton Yarns
I1C Chestnut St., Philadelphia, Pa.
NAGLE
STEEL COMPANY
fl STEEL PLATES AND SHEETS
Pottstown, Pa.
Phila, Office, 1411 Morris Bldg.
N. Z. GRAVES
Incorporated
22 and 24 South Third Street
l-lillndclplla
The Holme of Scirrlnlttrs In I'olnts and
Anrnlilies
IMPACO
' CEMENT AND BRICK
COATING
'FOR STUCCO-CEMENT OR BRICK
" ALSO CEMENT FLOORS
Will Resist Water, Oils and Great
IMPERIAL PAINT CO.
1518 Sansom Street. Philadelphia,.
A'" ' -
GOSSIP OF THE STREET
REPORT ON STEEL TONNAGE
IS A WAITED WITH INTEREST
Largo Contracts by Automobile Manufactur ers to Be Included
' in Thursday's Statement Qossip of the Street
THH performance of lTnltrl States Steel common on the .Stock nxclinnuc
yesterday called attention ter tlie tense Interest with winch the publi
cation of the unfilled-tonnage report N being looked forward to n Tlmrsilnv.
Customers nnd brokers alike etjiect It to be a bull card. One broker
said that the report is certain to fiiow to what extent the irk'ustry has
rceocrcd from the monthl falling off during the early months o? .'bis year.
Tli at it will make a decldcdlj better allowing than the figures for lnt. month,
he said, is patent, hs the figures for Slay iueluded the last of the cancellations
of government contracts. The two big automobile contracts will be JniTi'iitletl,
lie Bald, nnd as ctery one interested knows, how mutt fons thej rcpi)fccnt
the, remainder, nfter their deduction, will show to what extent prii'Ote
enterprise is in the market for steel.
While the unfilled tonnnge, he remarked, published each month does not
impart any information per se, so long ns the shipments or deliveries nre
unpublished, they enable through comparison nn opportunity to make a broad
guess.
Floating the New Canadian Loan
The floating of the new Canadian loan of .$75,000,000. it is snld bv
financiers hete, will in all probability be the final large piece of financing
to be undertaken by bankers in the T'nited States till next fall. This loan
will bo brought out this week, according to the loal representuthe of one
of the big concerns of the underwriting syndicate The proiccds of the sale
of tlKsc securities, he said, will be used to refund n similar amount of
Canadian two-year notes held in this count. The full particulars of the
offering nre not jet at hand, but these xecuiitles of the Cnnadiau government
will be sold to net ft 00 they m "tVj per rent bonds.
There seems to be nn nrrangement made to submit two optional Issues
to the public, the amount of ench of these two issues to be detcrjnincd by
the popular demand. Thnt is, there are to be ten vinr 15 per cent bonds
issued to be sold at 07 and two-enr 5M; per tent bonds to be sold at 1)0.
According to present information the amount of each kind to be issued is
not now stated, but will be announced as soon as the lesults of the sale
show which issue is likely to bo tho more popular. It is also said investors
will have the option of purchasing each kind in whatever pioportlon they
desire.
In refunding the outstanding S100, 000,000 notes due August 1 par will
be paid or allowed in cate of trade for the new issues. Temporary receipts
will be issued till flie new bonds are readv , about .lul 21. i There is an
eagerness by the houses that will handle these Canadian government securi
ties to dispose of them as quicklj ns possible befoie the usual midsummer
dullness setj in, although manj of the progressive houses say there seems
to be no let-up ns yet.
The remaining S25.000.000 of the Issue will be marketed in Canada,
to obviate as far as possible the high exchange rate between the two
countries.
Reconstruction Program of French Government
"I see," said a banker, "that the French Chamber of Deputies pro
poses that the French ftovcrnment should emlmik on a reconstruction pro
grnm involving an outlay of about SS,000,000,000 for the building of rnil
' wavs, highways, eannls anil the development of ports, harbors and other pub
lic woiks. It is iucUtahlc tlmt a great manv orders for material will come to
this country . nnd it is imperative that some definite plan be, decided upon very
soon in the United States for the financing of these orders. When Sir. Van
deflip said a few clnjs ago that tlr.'s Is the first time in the world's historj that
one nation should be the nservolr ,of the world's credit and at the saimc time
the storehouse of the world's law in.ir.tcrin.ls he said something which has set
thinking men to thinking some more.
It is true, he said, we arc facing nn economic condition which is not
only entlrelv new but is world-wide in ii.s rrnch For thnt reason new plans
must be thought out to meet these conditions. He said it seemed to him that
for the present such n thing as profits mifi't be relegated to the background
at least they must occupy a very small place and safety rather than
philanthropy should govern at least the carl) bteps to be taken to solve the
problem.
Not All Stocks Have Advanced in Prica
A well-known broker remarked that a mistaXen idea had got abroad
that all stocks on the Stock I'xchange had recently advanced in price. This
is not quite true, lie snld. Anv one who will study .'he sltuntion will find
that the recent rise did not affect more than fifty stocks altogether nnd,
further, these have not yet gone hejond their book values. The present bull
campaign, he said, had far from exhausted Itn Visibilities. There are many
well-k;iown Industrials selling nt far below vnlnc, nnd ns for railroads, their
present quotations are ridiculous when actual values arc taken into con
sideration. Wonderful Activity in Manufacturing Industry
"There is n peculiar condition today," remarked a hanker, "In the
manufacturing Industries of this country. Kverv one sees nn era of won
derful aetlvit), nnd one reason Is the shortage of stocks ji hand In almost
ever) line. For the last four vcars," lie continued, "we have been manu
facturing for our home uses nnd exporting ever thing available till our
shelves are bare. Before the war not quite 1(1 per lent of our mnnufuturing
energv was given over to foreign business. Now we hnve verv little ready
to export and nrty orders which mil) come to us will have to bo manufactured
from, the bottom up. It would take at least n couple of jears to replace
what we have sold in manufactured materials from our reserve stocks.
"With such n condition," he said, 'tthe market for Imliif-trlnl stocks
on the exchange must continue to be exceptlonnllv good. It is true that It
mnv take some time for profits earned to show themselves in the form of
dividend," he remarked, "but tliev must ionic.
"Outside the netilnl mnnufai turlng industries," he said, "n boom In
building has begun." He snUl he had been told b)' ome contractors that
thev hntl perhaps waited too long for prices to come down, nnd now they
looked forward not mil to pnvlng higher prices still for materials but were
In danger of fining n shortage.
TRADING IS ERRATIC
IN THE-CORN MARKET
GOOD-ADVANCE MADE
IN PRICE OF COTTON
MONEY-LENDING RATED
NKW YORK Money on call, mixed
collateral, opened today at 1) per rent
for lending and renewing. On all Indus
trial collateral the opening rate was 10
per lent.
Time money was firm today with 0
per tent bid for all industrial loans
nnd a trading rate of It pt r cent for
nil maturities Renewals were made on
lulled collateral at 0 per cent It was
stntcel In money market ilnles that
verj little time money lame out iluilng
the early Hcsinnn.
Aiceptnnce bills were unihnuged nt
l(?il5 1(1 per cent, with verj little
doing in this ilepnitliient
.
PHILADELPHIA Cull, fii, per
tent, time, ri)(?i(l pi i nut iiunmii
ml paper, three to six months, 5 'iff?
51 pi r cent, nnd slv months, (i per
icnt
10.55; guilder checks .17 lB-lO", cables
38 , Stockholm checks 25, cables
25.20; Christians checks 24.30, cable
24.50; Copenhagen checks 23, cables
23.20; Belgian i hecks 0.04, cables 0.02.
Sterling todn lilt the lowest mark
on record In the nfternoon trading, de
mand selling nt 4 l"0i, which is
lower than the previous low nt 4 4S,
on September 1 1015. The unsettled
market at that time mnilo It Imperative
for the British government to nrrnngc
Its stnhilMug program bj which sterling
e ahles were maintained at 4 7(1 7-1(1 un
til February of this venr, when the
government support wns withdrawn
Othei quotations were Stirling ca
bles I 4!,. frnnis ilieiks (102, enblis
(1IM) Lire i links s 3(1, cables 8 34.
Pesetas checks 10 4(1, tables 10 53.
SsVtember Hits Now High Rec-1 Trade and Liverpool Buying
ord, Whilo December Is
Inclined to Lag
J. J. FITZGERALD & CO
MANUFACTURERS.
r
Sewer nips Flue Linings
V'nll Coplnir
ravine and Fire Brick
ALL CLAY PRODUCTS -
Main Officei and Warehouses
SECOND & BUTLER SIS., PHILA.,
PA.
Contractor & Builder,
ALBERT ZELLFELDER
151 South Broad St.
TKLKI'IIONES
IfovHtonf
Rare 2S5
Uell
llnlnut 801
BUSINESS' NOTES
f Machine Shop Textile Mn chine Works.
Heading. la.
Structural Steel
For All Building Purposes
Bethlehem Construction Co.
Engineer Fabricator Erector
BETHLEHEM, PA.
lp.SM CfjJ
PHILADELPHIA SHAM IWING COMPANY
ENGINEERS- &CONTRACTORS
- FORTHECftMPLETEGWEJvAvLHECHAroCAL'EQUIPMEriTOF BUILOINOJ.
JUNIPERW cherry streets
Heating Plumbing'1 Ventilating
General Piping Work Steanf Power Plants
Sheet Metal WorrC .fleDairs
fllwoya at your SeVvico Day or Night
-ESTABLISHED 1879.
-MERCHANTS:
.
If you ara a grocer, druggist, hardware dealer, tobacconist, clothier,
furnisher, jeweler any hind of a Mtorekeeper you shouldn't wait
another day before subscribing to the Retail Public Ledger the new
twice-a-month periodical for, merchant only. Subscriber say tht.y
havo been waiting for it for year. Not a trade-paper, but an inspir
ing news-magazine that interestingly tells all sort of thing that
merchant want to know. Busines prpblem's salesmanship, buy
ing, accounting, the handling and training of help, credits, delivering,
advertising, collections - the Retail Public Ledger telis how they
are all being solved iriuccesful stores. Entertaining fiction dealing
with the isntiment and drama of ttorekeeping, anecdote, verse, pho
tograph, new of big movements for merchant' benefit , three
pleasant hour of entertaining, helpful reading in every issue. Sub.
(cription price, 10 cent a cony, ONE DOLLAR a year (24 issues)
Just slip a dollar Into an envelope, with vour letterhead or nam and
l-S . f ...!.... J & -..lit 1 & .t - . .....
nuuieftMiiuj miiun, ,uu n nui no icni on wio lirsi ana Ultra
luesday Of eyry month for a year,' Address Retail , Public I
Steps have been taken by the Na
fional .Towelers' Hoard of Trilo to make
possible the more general shipment of
jevvelrj to foreign countries b- parcel
post. '
Refusal by the government to fsne
passports to visit Germany until te
peace treaty Is ratified by the Oermana
nnd the United States Senate, it is said,
has led members of the raw fur trade to
obtain passports to nnglnnd, France,
Helgmm or Switzerland, from which
points thej will mnke a hurried entrance
into Germany as soon ns conditions
permit.
Commission houses handling the out
put of textile mills have recentlj
placed good-rfzed orders with djestuff
Importers for fast or vnt colors needed
in the printing of shirtings gingham
and certain classes of silks. About
the only supplies of these colors avail
able in this country arc those imported
from Switzerland.
Strenuous efforts are being made by
the woolen mills, saj their selling
agents, to bring out their Hces for
next spring as earlj ns possible.
Watch manufacturers are far behind
in filling orders on their books, but
with labor conditions nt the factories
showing a gradual improvement it is
expected that dellverj Mhedules will
before long approach normul.
Retailers of leather suitcases, trav
eling bags and trunks, are now In one
of their busiest seasons. Department
stores and large retail leather goods
concerns report that business surpasses
that of an) other summer season. Prices
for nearly nil grades of leather goods
hnve been sharpl) advanced, but retail
ers nssert that most of their sales ore
of tho higher-priced articles.
Hundreds of bujers are arriving In
eastern markets from all sictions of the
country. Most of them nre here to
order the women's wearing apparel Vhat
will be sold by retail stons during the
fall months. They jite the inuguiirtl
of a large army of bujers expected to
invade the market in the next two
or three weeks and fnlrlv bombard the
apparel manufacturers with orders.
A Ruenos Aires cable reports the sur
plus stocks of produce in Argentine,
available for export!, as follows: 100,-
000,000 bushels of "wheat, 140,000,000
bushels of corn, 17,000,000 bushels of
oats, 4,000,000 bushels of linseed nnd
230,000 bdles of wool. The value of
these stocks in Argentine totals $400.
000,000 in American currency.
LOCAL MINING STOCK8
TONOPAH STOCKS
ma
Jim Ilutler .,.,,
MnrNamara ....
Midway .... I',
Mlipnh Extension
Montana
North Star .....
Itcwue Kula ...
West End , , , , ,
1J
Mi
.DO
07
IS
.118
.IS
OOLDFIKLD STOCKS
CIS
OJ
,(IS
ui
01
n
, tr-'
,. nn
,, ., ,0S
MISCELLANEOUS
Arlsonat rK-ilteit t ,SJ
,09
Atlanta ,
in. t..ii
MU fJUII . , ,,.,,,,,,.,
loom
r 'amondneld u II
Du.'sy .v,....,,..
Krvt.snaa ., ,
S.Tver "rick ..::::
tjpearhe.su
Arlsonal rymeo j
Nevada Wlx"Ier .
Teoopa lllnn.s
Art
.84
.01
.41
.2d
in
in
2H
.01
.us
,10
02
,01
.04
.01 '
.OS
,10
.33
.B1
.IS
Offset Moro Favorable
Weather in Belt
FOREIGN EXCHANGE
New "lorlc. Julv The imuket for
foreign esrhnnge this mniniiig clisphiveil
nn easier tone, while guikleis remained
i
IKimli (notations were Demand
stilling I 4S, tables I -1ST, , frnnc
clinks (i S,1, cables ft S.I , lire checks i
, '!-' enblis S ,",0 ; Swiss checks ."."14.,
cnbli
pesctu clinks 111 H5, cables
8S8SSSREMIRS
Wo are equipped to do the
ork at your plant and save
ou the expense of long tie-up.
I'lione IV nl. 1814 unit Vlnln 3444
I (I li andierMahlnisIt Eni
I JS- 6IO CHESTNUT STREET V
"iMHMBnaaaneyHHMaHBMHiM
-,
Hog Price Still Soartntj """
Chicago, July 8. The" hpg market. O
opened 10 to 20 cents higher. Ear4,V,iw
cop price wns $.uu. a new nign ree-m,
ord. - r ,,J
BANK CLEAP.INGSr
Bank clearlnes toda ompretl alth cer
responding day last two yearai
1010 HUN tmT
rhtta . iniiiitiann ir,T huh iu ik nm .hi
Iloaton 114 HUH 1H7 CIO 401 Mil 44 414 Ktf
N Yorlt 021) IS7 815 048 000 fi!M 010 023 238
WE CAN'T SELL ALLJ,
JlllKJ JAIINT
That's Why We Sell the Besl
"Superior," $4.30 per ijallon
"C. A. G.," $3.G0 per gallon
.Made With Mneeil Oil
rtrndr for Use.
"C. A. C." Opalltc White Enamel
" 00 per cnllon run. ilnnrt 1.S3. I
Wc Make nnd Sell the Celebrated" I
KocK-uister Varnish
VIoiIr for Iimlile nml Oulnlclo I'aes.
C. A. GILLINGHAM
12th and Morris Sts.
21st nnd Wharton Sts.
230 S. GOth St.
i
Chicago, ,liilv S riuctations in the
corn market tnclni were eriatic. Julv
nnd Septi mbe. showed buorancv, the
lnttei position innrliing n new high
icconl, while DeccViber wns inclined to
lag, owing to n .Vvor'ible ciop nml
weather news. The iVlipIv and ilrninnil
sltuntion wns os stioisV ns IUI
ltujers of corn fill th" Corn I'lotlucts
Iteliuiug Cnnipnnv vvlthi'. ew from the
market bemuse of n stit'!e. but tljN
failed to hnve much effect. v llenrs were
aggressive selleis and resting oulers to
tnko pinfits weie enciuintiiisl cM bulges,
but ever) thing Unit was put cVit was
absorbed.
Local mteiests bulled the tiuuktt in
the lntter half of the session and xan
prices up until stop-loss milns to biv
were cniountered. This enuseel n bi,i I
bulge. 1ight stocks nml predictions of!
sinnller receipts checked selling.
The government report on grain will
be issued at the close of business to
morrow .
Ont irnnernlK k pro firm, with ffnoil
buving on nil reactions. Mnuv trndiit- hiptPmiH
took profits Sliprts were more in- . iX.Vbt r
dined to cover mm tlieie wns a inir Januirj
sprinkling of outside buving. Com
mission houses had selling orders on
improved weather c oinlltlons. Good
showers were leported in the North
west and temperatures were lower.
V.. ,..-l. T..l- Tin. fnttmi innr I
ket opened firm todnv nt n net advance
of 1," to .11 points, rcllecting trnde ami
Ilverpol buving on the firm cables I
which acted ns nil offset to the more
fa vol able weather in the belt j
Inter, spot house buving added to
the st length of the market and prii es
advanced still further, meeting con
sidenble icnliring on the lise.
Scattered selling, on the unproved
neither and expectations of n i.ivoi
able vveeklv report fiom the Weather
Hut cm tomorrow, was will absnilml on
nn corlv setback of 10 to 1." points
()etolier( iidvnnceil to .!.", S hefnie the
end of the first hour, with active months
geuernllv spiling 4.1 to fiS nouits nit
higher
Hie scattered selling continued, how
t,ver. nml there wns a felling that tin
nu rket might be more icspoiisivc to
1,1 ei nop advices nftei the close
nbri'a'l. '
Icslerriay a
Indlns futuren ranged as follown
Corn Incw dellverj) Teit
tln-ll HlBh t.nw Closp ClOHO
Sept ISO 1 H2 1 SSH lMtMllllS
Dec 1 HIS 1 W 1 00H 1 HIS 1 SS
Data . .
Sent 71U 72U 71 ..' 70'
Die 73
I.nrd
f.ept 15 10
Oct 34 00
Rlba -Jule
hept
i'orK
July . .
bept 10 71 M 40
Hld tAnkiMl
11 10
31 00
2S 77
LK 80
72
11 00
14 00
2R.CI0
s 05
73f,
31 10
31 15
'71'k
11
28 71 t2S 17
.8 75 t.S 70
il on
.11 3D
,n no
51 30
Financial Briefs
National bank note circulation de
creased for the week of July 4 SG02.332 ,
Federal Reserve bank note circulation
iucrensed 50,000.
The New York Subtreasury gained
$7,117,000 from the banks yesterelny,
making a cash net gain since Tnday of
$0,450,000.
Mnnev in circulation Julv 1 was S.I.-
rV.vl ,020,528 against $5184,7l)7,l)()'l for
Juv, 1018. Per capita circulation on
July 1 was ?54 2S.
The Membership of James Stewart on
the New .York Coffee Exchange has been
sold to J. Aron for SS000, an increase
of $500 over the previous sale.
The Steel aVd Tube Compuny of
America is prepiring to take over the
Northwestern Iron Companj , the New -port
Mining ComprtCi) nnd other prop
erties. The enlarged companj will be
called the Steel and T,ibe Compnnv of
America, Inc., and will hale a capitali
zation of approximately f 100,000,000.
BAR SILVER
Commercial bai silver was quoted In
New York todav at $1.07 an oia-ce, n
decline of r. In Loudon the price was
53 ll-10d, off l-10d.
Minn
Jlav
Hid
close
SI III
II 17
1 1 HO
H 411
1J ss
. SJ 71
.'3 J III!
h 111
n ii
,IJ ss
it on
tl 70
II ij
ST 11
31 1S
111
11 I.I I
11.1
Midwest Refining
,S". The Midwest Hi tin
ile!nrid the ciunitcrlv
dividend of SI per v hnre nnd un extra
dividend of 50 cents vpr "chare, p liable
August 1, to stock of ice ore! Julv 15.
Extra by
Itostou, .Inly
mg compnnv
RTKAMSHIP
MIVCES
K
OsSbTw
iVrjRL d!!
$m
.12
9
BaaaaVaeaVKaflBeVaeVHaSBaBalBBIaaBBalSKCBB
I -7THE WHITE 1
I J ENAMEL f m. I
FOR W00D-METAL0RPLASTER
4T4II Stores
or
Thorn sonWood Rnishln
Co.
BTKAMSHIP OTirr,S
w&mfflsrmm
n T Mr T m.rrJ.F
l'uaaeniter nnd Freleht Smlro
NEW YORK to LIVERPOO?.
Caronia July
Cai mania July
Orduna August
caruniu AUJJUSt 9
Cnrmanla August 16
Royal George Aujrust 30
NEW YORK to SOUTHAMPTON
Mauretania July iitl
iquiinniu July 2S
Aquitania Auist 23
NEW YORK to PLYMOUTH,
HAVRE AND LONDON
Saxonia July n
NEW YORK to PLYMOUTH.
HAVRE and SOUTHAMPTON
Royal George July 26
NEW YORK to GLASGOW
Columbia Aug. 23
PHILADELPHIA to LONDON
Vcnnoniri juiy 15
Philadelphia-Bristol (A,uZ.l(u,h).
Direct Service Pier 16 South
men ivatvut st . iiiivnv-i piiia
Java-pacific im
Direct HP SeRvice
SAN FRANCISCO TO
NETHERLANDS EAST INDIES
Datavla. Samarnnc. Soerabalit. 1Incaaar.
balltns elates and rates on appllcatloa
B S -BILIJTON S S SOi:RAIARTA
K S BIN'TANO S S T.nSALAK S S .NIA3
1. D. SpreclcU ft Ilriw. Co.. lifii Acts.
Passencer Offlca C01 MsrKct Street
Givnenl OfTlce. 2 Pine 6t. Snn IVinclaeo
"Queen of Sea Routes"
.TO
BOSTON
SAVANNAH
JACKSONVILLE
8tenrrera aa.'l riilbstlalplilu for llo.ton,
IVedn'Bdny. Saturday 1 K. vi tor bavannah
nnd Jacksonville, Krldiy. n T M A itiml
deflrahle way to travel In comfort and ehlp
with dlnpatch
Merchants and FlIners Trans. Co.
pikii ia s de;.awahi; am:
Talcrjiona Zxinvbard IdlA
a&Bbm&
SOUTH AMERICA
L F. C. LINE
REGULAR SERVICE
Philadelphia
to
Brazil and the Argentine
A-l STEEL STEAMERS SAILINGS:
TO BUENOS AIRES AND RIVER
PLATE PORTS
S. S. NEDMAC '. July 25
S,S.SHANNOCK August ,30
TO BRAZIL PORTS
S. S. WOODNANSIE August 30
Loading Berth, Pier 48 South
Direct Track Connection
International Freighting Corporation
Lafayette 'Building.
Philadelphia. Pa.
Telephoner-Lombard 4134 v
170 Broadway,
New York City . m
Telephone Cortmnat 7720
A Bond for Every Buyer
Safety of principal is a universal
requirement of conservative invest
ors though their preferences in
other respects differ widely.
Your preference may be for
short term issues while ancther
buyer, wishing to be relieved of
frequent reinvestment, may prefer
long term issues.
To you, re?dy salability and tax
exemption mry be items of im
portance th jugh to another invest
or, these qualities may be of little
consequence and less active o 1 tax
able bonds, 'because of their more
liberal yields, are a better choice.
Whether your preference is for
short or long term issues, taxable
or tax free, those of 'extreme sala
bility or qf more restricted market,
whether for Government, Muni
cipal, Industrial, Railroad or Pub
lic Seivice Corporation bonds; for
issues available in $100, $500 or
$1,000 denomination; those whose
inter-st is payable in certain
months, or which conform to the.
trust fund or savings b?nk require
ments of a partKul"' state among
our offerings, any of which will
meett'ie requirem ts of the most
discriminating as ti srfety, you
will find iisues wnici will exactly
conform to your neeas.
Our current list will be sent
upon request for Circular PA-13.
If you will advise us of the nature
of your investment preferences, we
shall be pleased to indicate which
of the issues described in this cir
cular are best adapted to your
individual needs.
Representative of our bonds,
ue offer Laclede Gas Light
Co. (St Louis Missouri)
First Mortgage Collateral
and Refunding 7 Bonds,
due J29 Denominations
$1000, $500 $100 Price, at
market, to yield about 6. 9Sfc
HALSEY, STUART &, CO.
INCOapORATCD SUCCC3SORS TO
N W HALSEY &. CO , CHICAGO
LAND TITLE BLDG., PHILADELPHIA
TCLCPHONC: LOCUST 4820
CHICAGO NEW YORK
DETROIT
BOSTON
ST. LOUIS
MILWAUKEE
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t-ui
TAX EXEMPT IN ILLINOIS
i j i
i ,
$1,400,000
Interstate Iron & Steel Company
(An Illinois Corporation)
Cumulative Sinking Fund Preferred Stock
EXEMPT FROM NORMAL FEDERAL INCOME TAX
Par Value $100 per share. Preferred as to assets and dividends. Redeemable on
sixty days' notice at 115 and accrued dividend on any dividend paying date.
Dividends payable March 1st, June 1st, September 1st and December 1st
Continental & Commercial Trust & Savings
Bank, Chicago
REGISTRAR
The Merchants Loan & Trust Company,
Chicago
TRANSFER AGENT'
Fiom a letter of Mr. Silas J. Llewellyn, President of the Company, u,c summaiizc as follows:
The Interstate Iron & Steel Company has been in successful operation since
1905.
The plants of the Company now consist of an open hearth steel plant, also a
wire plant, located in Chicago; a plant for the production of merchant bar iron
and steel at East Chicago, and a hard steel rolling mill at Marion, Ohio.
The proceeds of the sale of this additional block of $1,400,000 of Preferred
Stock will be used to build an additional open hearth furnace and continuous roll
ing mill, to install additional trackage, and to provide improved facilities for han
dling rav materials at the South Chicago plant, which will result in largely in
creasing our manufacturing capacity an d rendering possible more economical
operation.
The statement of the Interstate Iron & Steel Company for the year ending
December 31, 1918, audited by Messrs. Price, Waterhouse & Co., Certified Public
Accountants, shows net earnings applicable to preferred stock were $600,929.28.
The annual dividend on the $2,260,200 preferred stock (including this issue)
amounts to $158,214.00.
1918 Net Earnings Applicable to Preferred Stock Dividends Equal
to 3.8 Times Annual Dividend Requirements
Total Net Assets $7,995,737, or $353 for each share of Preferred.
Net Quick Assets, $2,572,287, or $113 for each share of Preferred.
Net Earnings, 1918, applicable, equaled 3.8 times annual Preferred dividend.
For SEVEN YEARS, the net earnings applicable to Preferred Stock dividends have
averaged J. times me annual dividend on me $,ou,uu rrererrea.
Annual Sinking Fund of 5 of maximum Preferred outstanding.
In the past two years, the Company has purchased $139,800 Preferred, which is con
siderably in excess of the Sinking Fund requirements.
In the opinion of counsel, this stock is exempt from Personal Property Taxes in Illinois
and the income received therefrom is exempt from the payment of the Normal
Federal Income Tax.
All legal details pertaining to this issue are subject to approval of Messrs,
NeTsinaTi, Poppenhusen, Stern & Johnston, Attorneys-at-law, Chicago. Books
and accounts of the Company have been audited by Messrs. Price, Waterhouse
& Co., Certified Public Accountants, Chicago.
Ofercd for delivery, when, as and if isiued and received by us and subject
to final approving legal opinion by our attorneys. ' " J
s Price 99 and Accrued Dividend
Counsextoan & Co.
112 W. AdamS St. x First Nat'l Bk. Bldg.
Chicago Milwaukee
$
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A. G. Becker & Co.
137 S. La Salle St.
Chicago
New York St Louis San FrancUeo
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The statements contained lie'i' arA "? pvarantctd, out are board vpon Information and advice wAtaV1' .$"
ewe believe to be taccurafe anfl relteoI, and upon which we have acted in purehating thea eteujitie! i
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