,v iji tiVmtim PTJBiUIG LlDDaER-PHlUADBLPHrA, TUESDAY, AUGUST -26, 1019 if Ja. CI r Are You Puzzled ? Do you wonder how others know which se curities are about to be come active? Do you with some one would tell you what shares tq study with a view of investing or trading? Get this week's 'Investor &.Trader" , Just out! thesdominant weekly of he New York Curb Exchange. Its news, quotations and investors reports on the investi gated Industrials, Oils and Mines arc gathered and in many cases wired by specialists. Sample copy free. Ask for No. T. U.-800. At Hotels and News stands 5c By the year in U. S. $2 JONES & BAKER ' SECURITIES Widcner BIdg., Philadelphia iViotiM Bell, Walnut 6063 Ktiitonet Race 2290 Nsw Tork DetVolt rittsbursh CMcibo Direct Private Wires lloaton SUPPORTING ORDERS ' STRENGTHEN COTTON Report of Charlotte Riots Ex- ortod Littlo Effect on Early Trading COTTON IIELT WEXTHEn CONIHTION8 New York. Aur. !. Th fnllowlnc tun- rrstures wre recorded tn the cotton belt his mornlnirt Abilene. Chsttsnooss.. Knox vllle and Nmhvllle, 4t Memphli. Macon .nil Atlanta, 81 Oklahoma, Aususts. and B! Phreveorrt. Port Smith. Itoek. Meridian and MonUrumer 'wilmlnrton. T.lftli hivlf fpMUn snrt Mmitironienr. 70! San Antonio, Vlcksburs. Thnmaevllle rrt ing After A Reaction I The recent decline greatly reduced the market valuation of standard securities, and the opinion is quite gen eral in financial circles that the technical posi tion of the market has been considerably Strengthened. At present, many issues in view of the increas ing prosperity of the industries they repre sent at prevailing quo tations would seem to merit consideration from discriminating in: vestors. Rpeetal Letter on the enteral Investment ettuatlon fret on iraueat. Ask for I'K. DUNHAM gffi P Investment tfccKrillee 43 Exchange Plaea Now York 11 and Charleston. 72: Tenaecola, Savannah ana jacKftonvuie, I! uorpua inruii anu Timra, 7"; Oslreston and New Orleans. 7R. The following preelpllatlnna were re rrrded: Teniarola, .03: Oklahoma, ,071 8hreeport. ,0l Abilene and Oalveeton, ,08: Tampa. .30; Jacksonville, .60: Little hock, ,2. New York, Auj. 20. In view of poor cables and better weather in tho belt, the cotton market opened easier today at ten to eighteen points net decline, but met good supporting orders, which held the market steady after the opening. The belt weather was generally clear, with light showers in Texas and Arkan sas. t IleportB from Charlotte, N. C, told of riots among cotton mill operatives, but, while this unsettled sentiment somewhat. It failed to Impart much weakness to the mnrket, which at the end of the first fifteen minutes was about even with the opening levels. The market remained quiet during the middle of the morning. The early selling on labor troubles In southern mills, the ensler cables ond better weather mop. nppeorcd to havclieen pretty well run Its course on the decline of about 20 to 20 points, i Later fluctuations were comparatively narrow and irregular, suggesting little more than a continued disposition to even up commitments for over tnc Labor Day adjournment and pending n clearer line on the approaching gov ernment report. The receipts at the ports for the day are estimated nt 8000 bales, against 10,053 bales a week ago, 18,014 bales a year ago and 24,538 balca two years ago, BUSINESS NOTES Diplomatic Commissioner ThornwrM Haynes, flt Helslngfors, Finland, has transmitted a list of Finnish firms that are interested in trading with the United States, together with the "let ters received by him from Finnish firms in response to inquiries made by the consulate in the Finnish press. French dealers who have gone to Leipzig for purpose of renewing busi ness relations with the German fur merchants have in many Instances brought back furs of American origin procured by tho German manufacturers and dyers through neutral countries. "nitre months hence new shipping regulations requiring heavier contain ers thnn arc now in use by apparel manufacturers will go into effect. Manufacturers of housefurntthlnga arc planning for a heavy export trade in the near future, and many of them nre increasing their capital in antici pation of this. October . , December. January March .. Mar ma. Test, close . M. (1.106(1 . at.BIIil2. . S1.U3W07 . .12.14019 .82.15 Open 11 sum, SI. 40 31. SO 31.8.1 31. SO 31.82 32.00 31.00 32.02 1:30 p. m. NEW YORK COFFEE MARKET New York, Aug 20. Selling of enf fe( futures was ngain active at the start this morning, due to caster Itrnzll rabies, ond call prices showed declines of -38 to 53 points. Business wos prin cipally confined tn trnde houses, who were on both sides of the market. It Is pointed out that the local mar ket Is comparatively free from outside speculative Interests, which Is sup posed to account for the comparatively moderate response here to the violent fluctuations reported In the primnry markets. VARIED NEWS SENDS CORN PRICES LOWER Offers of New Crop. Rains In Southwest and Administra tion's Altitude FaotoVs Aua-ust . . . September October ... November December . .Tinuary .. February March . . . . April ..., May June . . . , Julv nid. Yesterday'a close Open 19.40 ..... IB. AS 10.5.1 IP.t.l 10.03 IR.n.1 10.00 1S.70 IS. 1)9 IR.SIt 1S.40 ..... 1H.BT ....i 1 S.P.I MS.4A 1 K.S.I . .,. IS. 90 MS. .10 11 a.m. is. so Financial Briefs Get This Circular Describes device) that shows Liberty Tax Kiemptlona at n dance. Heat tree wlthsnt obligation. YVclta today. Liberty Calculator Co. SO Ilroadnray, Netr York City Charles Trultt Darrow, 'formerly of A. D. Converse & Co., has associated himself with the bond department of Mackie & Co. A membership tn the Chicago Stock Exchange has been sold for $3800. A net Income of ?1.2C5.2SC was shown In the report of the! Central of ficorgla Railway for 1018. This was equivalent after the preferred divi dends to $0.10 a share on the $5,000, 000 common stock, after a deduction df" a net debit balance of $340,732 nccrued in the period prior to Jan tmry, 1010. Kxciuding this item the earnings on the common stock amount ed to $12.02 a share. "This year has been exempt from the traditional mid-summer dullness," says the Ninth National Hank in its monthly letter. "Business in nearly every line Is exceptionally active building, for example, being unprecedented in volume. There has been of late a slight decline in bank clearings and some increase in business failures. The New York subtreasury gained $2,200,000 from the banks yesterday, making n cash net gain since Friday of $2,084,000. Liverpool Cotton Lrrrpool, Aug. 20. Business in spot cotton today1 continued dull, but prices ruled steady on the basis of 10.44d for mtddjing, or nn advance of four points. The sales were 3000 bales. The receipts 81.74 aggregated 27,000 bales, of which 20,- 01.1)3 " !., ft . m. . . ,iv unirs were American. XIic itutlires were quiet in the early dealings. Spot prices were: American middling fair, 21.07d; good middling, 20.54:1; fully middling, 20.04d; middling, I0.44d; low middling, 17.00d; good ordinary. 10.54d; ordinary, lB.r.ld. LIBERTY BONDS BOUGHT and SOLD Any Denomination Samuel K. Phillips & Co. , S07 rmtNTNDT 8TRE1CT mWs Philadelphia "tack Kittson U, S. LIBERTY BONDS $50, $100, $1000 BOUGUT. BOLD AND RECOMMENDED FOB INTENTMENT Newburger, Henderson & Loeb 14t0 CIUCSTNtlT BTBEET Memhera N. Y. and fhlla. Stock Kxchanna Contractor & Builder ALBERT ZELLFELDER ISrSouth Broad St. TELKrilONKS it- Hell Kejatom Ilare 182 Walnut SOI J. J. FITZGERALD & CO. MANUFACTURERS : Sewer ripe Klue Llnlnga I Walt Covins' I Paving and Fire Tlrlck I -ALL CLAY PRODUCTS ' Main Offices and Wsrtaomts SECOND & BUTLER STS- PHILA,, PA. I can raise working; capital for anv well established industrial Concern whose pros pects for the futuro are brifhtJ Address B 212, Ledger Office. niBKCTORV OF ACCOUNTANTH rublle Accountants BTSTKMS INSTALLED. AUDITS. INVE8. . TIOATIONS. FINANCIAt, AND COST BBPOHT8. SAMUEL, I.U1IM. I1M-15 I'ENN SQUAHE nLDQ. LONDON 8T0CK MARKET Price Movements Irregular, With Business Light Eondon, Aug. 20. A denial by Hir Auckland Geddes, president of the Brit ieh Hoard of Trade, of associations that the United States was likely to sweep the markets of the world brought .about an Improved tone in some indus trials! on 'the stock exchange today. The oil group was heavy. Shell Transport & Trading was 8, Cana dian and South American rails wavered. Steadiness was noted In mines. The gilt-edged section was mixed. Gnerajly price movements were irreg ular, with 'business light. CHICAGO BUTTER AND EQQ8 riileara. Alls'. 20, HUTTEn Reeelnta. 14 201 tuba. Steady, Extra, tiZUe; flrata. 4Rtt0S3He; seconds 4H&4!c. V. Tfaqu IlerelpU, 1S.707 casus. Steady, yim. 41H04Z1 ordinary, flrsts, SOOSic; tsitttoalltnsous, ?94l0, 3 u - . . 'TZ . MONEY-LENDING RATE8 NEW YORK Money on colj, both mixed collateral and industrials, opened today at 0 per cent for lending and reneu ing. Tlmo money on collateral continues very quiet with occasional loons for thirty to ninety days at G per cent, Irrespective of the class of collateral. Prime bank acceptances nre fairly active nt unchanged rates. Call loans on this business are unchanged at 4 per cent, as quoted by J. P. Morgan & Co. It is explained that the calling of loans by interior banks recently was on account of the 3(34 per cent figures quoted here on the stock exchange. PHILADELPHIA Call, 5 per cent; time,(r(g)li per cent; commer cial paper, three to six months. 5WC!! Tt'Yx per cent, and six months, G per cent. LONDON Money is -quoted at 3s ner cent. Discount ratce, short bills, 3 7-10813VG per cent. . Three-month bills, 3 0-103 per cent. Reserve Banks' Discount Rates Official discount rates at the twelve Federal Reserve banks were as fol lows ; (The first column gives rates for all periods up to and including a fifteen day maturity; the second for a period of sixteen to ninety days. The third and fourth columns give the rates for rediscounts of collateral loans secured by government bonds or notes.) Com'! paper Gov't papr IS tn0 16 to DO 15 days duvs l&das days l 4H Tloston 4 New Tork 4 Philadelphia ... 4 Richmond 4 Cleveland Atlanta . Chicago 4 St. Loula 4 Minneapolis .... 4 Kanaaa City ... 4- Dallsa 41 San Francisco .. 41 8 i3 4 4Z 4S03 4XS n 4 4 4 4 4 4 4 4 4 4Vi u 4U RAILROAD EARNINGS .CANADIAN PACIFIC 1010 Thlnl week Auausl.. tS.a74.000 from January 1 00,189,000 Increeee I4S2.000 S.4S0.OO0 OrtAlN nELT WKATIIErt FORECAST rhlcaso. Auir. 2. llllnnle Fair to nlrht and Wednesday! slljrhtlv warmer. Mleeourl Fair tnnlsht and Wednesday: probably showers northwest: warmer. Wis consin Fair tonlsht and Wednesday: warmer. Minnesota Fair tonlalft and Wednesday. Iowa Fair east, unsettled: prnbsbly showers west tnnlaht and Wed nesday. North Dakota Unsettled tonlsht and Wednesday: probably ehowe-e. South Dakota and Nebraska Unsettled tonlsht add Wednesday: probably with showers east and central. Kansas Partly cloudy tonlsht and Wednesday: wanner east to nlsht. Montana and Wyomlnir Fair te- nlitht and Wedncd'v, Chlrago, Aug. 20. Renewed offer ings of thp new crop from Texas, bene ficial rains' In parts of the southwea( and fresh fears nbn,ut the nttltude of the administration deprrssed the corn mar ket here today. Thrre was a tempo rary show of steailiness following lower price earlier, whlrh were caused by selling on further loss in hogs. The initinl salert were absorbed by commission houses and covering orders. Later sentiment became more bearish, aud the undertone weakened. Trade '.vnt rather mixed andean not heavy. Conservative operators were of the opinion that the government would see to it that cars were provided to move corn out of the I.rtne Star state, thus ttrting over the gap between scant old supplies with the availability of new maize In the northern states. Oats displayed firmness on good local buying nnd some demand from out siders. Offerings were' small early, but there wns some liquidation later, In quiry from the Kant being reported bet ter. Tenders from the country were not large, and there were numerous complaints about the poor quality of the new crop. An eastern exporter said that there wns no chance for business with the T'nlted Kingdom or Antwerp because the price was about 10 cents out of line. Argentina, It wns said, was try ing hard, to sell oats below American shippers..' The visible supply in the T'nited States is- IS.nari.OOO bushels, against iri.n2S.000 bushels last year, the bushels, agalnt 42,175,000 bushels last year. Lending futures rnnncd as follows: Corn (new delUervV Test Open Hleh T.nw Close rn. Sept. ... 1.7P.li 1.31-4 1.7SH 1.70 l.RdU, Dec. ... 1.42-4 l.taVi 1.43H 1.41-4 1.43H Nepta" 71H 72S 71V, 71'. 7V, De ... 74i 7RH 744 74H 74-4 Sent .43.no 4a.8X 44.00 t.rt.' ...30.2S 30.50 3K.7S 38.73 .. . Sep'r.TT2R.7i 2S.RR 2S.70 2R.RS 20 8.1 Oct. ...29.00 20.03 2S.02 28.S0 27.17 Sept ...24.00 24 OS 23 00 24.00 24.73 tllrt CHARTERS GRANTED Dover, Pel., Au. 26. Charters file to- . Jtur. ti- .-UTiwrn iiiwi Hat. vr Tula. T.., Oil Cnmnilir. S20. 000.000, to buy, sell and produce, refine and market for.pelroleum. etc.: W F. O'Keefe, aecra-o o. Stelchler, F. t. Jluehler. Wllmtnn-. tdn. Del.. Incorporators. Chsrles J. Webb Corporation of America. 13.000 ooo. to do a f seneral commission and brokerssre business: F. It. Hansen. ll. I.. SDuraeon. Theodore A. Thomaaon. Philadelphia. Inorporatore. i i'anAmericnn feea liuinr company. .- -000,000, to manufacture food products ror livestock: M. L. ltosers. L, A. Irwin, w. a. Pliser. Wllmlnslon. Del., Incorporators. The H. A Stahl Properties Company. II. 600.000, to purchase, acquire, own and rnnrt sage rest estate! E. II. Krurer. II. M. Heck-. stead. Cleveland. O,: W. C. O. Slnser. Wllmlnirton, Pel.. Incorporators. DIVIDENDS DECLARED flalrna Slsnal OH Company, quarterly of 2 per cent on old and new preferred, both payable September 30 to stockholders of rec ord Ausust 80. Dominion Olsss Company. Ltd., quarterly of 14 per cent on preferred and 1 per cent on common, payable October 1 to stock of record September 13 American Can. quarterly of 14 per cent on preferred, payable October 1 to" stock of record September Ifl. Central Leather quarter! 14 per cent on preferred, payable October 10 to stock of record September 10. Mackay Company, quarterly of 1U per cent on common, and quarterly of I per cent on preferred, payable October 1 to stock of record September rt. The visible supplv tif wheat in T'p'trd States Is 4S.020.OOO bush BUTTER, EGGS AND CHEE8E .. New York. Auir 2(1. IlUTTEn. Irreiular. Itecelpts. P3S1 tubs. lllsh-ecorlnr. nyJ Mr: extras line. Inside: firsts PlHOMftd secrnds 500320; stale dairy. .ISOROc. KGOB Stead). Itecelpts. 0S42 cases. Fresh-ltathered extras. niWSSc: storaue packed etlrn firsts. fitfiTiSc: storaae-packed flrsta. 47tJ.1ftc; gathered extra firsts. RIO .ISC' dirties. No, 1. 3W40c. dirties. N'o. 2. 3473(lc. checks 14ft.1o: underersdes. 23 t.l.lc: fire's. 47BfiOc: seconds, anflnv: slate anil nearbv henn-rv whiles. flRT70c: sath ered whiles 33r07c: Taclflc coast. 07c oulslde; western and southern gathered whites, 4.16ftnc; etsle and nenrby hennerv brouns. 3fif(12c; gathered browns and mlxeil, Mtrnnc: fair (o prime, 43BS2C: refrigerat ing' Nn 1. 4nT47c. No. 2. 4443c. CIIKKSK Steidy nnd firm. necclpte. 3203 boxes. Flat, cg-rrent make, ooloreil 1 average run. 29St30c: flat. current make, whites, average run, 204 W30e; col. i o-rrt specials. 30HO31c: hltes. special, 30 ?3Ic I New York Metal Market New York, Aug. 2(1. Copper Spot and j Augusts offered. 22c: September, offerrrt. i 22'ic. October, offered. 224 c; November, offered. 23c; December, offered. 234 c; Jin nary ofTerel. 24c Mnrket dull. Lend Spot. 3 7rc. bid: August. ri.73r. bid: Septein-, her, 5.8Rc, bid: October. 3 00c. hid: Noem hr nr. hl.1 fnrket stendv Rnelter. Ka St Ixiuls Spot and August and September, offered. 7 RV: Or'ol er. (.ffercil. 7.Oc; Nn. verrher. offered. 7 rt.lc; Decimber. oltered. 7.70c; January, offered. 7 7.V. Market (asv GOVERNMENT BONOS Panama coupon 2s. 103(1... . Panama r-glslered 2s 193(1.. Panama coupon 2s 1038 Panama registered 2s. 1038.. Panama coupon 3s 1001 Panama registered 3s. 19(11.. Philippine 4s 1034 Philippine 4S. 1033 Philippine 4s. 103d I' S flnv coupon 2s 1030. . . . V S Oov registered 2s. 1B30.. 1' S Oov counon 3s. 194(1 V S Oov register,.! 3s 104(1. IT S Oov r-iunnn 4s. 102r, I H Oov registered 4s 102R.. Dlst of Columbia 2-3s. 1024. Hid Ask . 08 . 08 H OOUj . 08H . 08; .00H . 88 02 . 88 02 . 00 0(1 . 00 044 . so on . oo4 inn . 004 inn . 80 02 . 80 02 .lonn loil ,loni ini . 07 100 BANK CLEARING8 Hank clearings today compared with cor- responding dav lest two vears: 1010 1018 1017 Phlla. ..." 7SS. 0R2 S2 1Rt.012 JO to-i- N T.. 7B8.S3n.33B 717.717.0td 5d7.S08.24S tloston... Sn.S3d.an2 40.102.23R JW.P.77 '" Ttaltlmoro 14,(ia3.038 lt.131.77d d.n'M.Btl PI Iug. 22.078.141 23.801.402 2l.231.0--8 Chicago. 100.000.712 80.010.332 74.004.1.10 If, When and As Issued 'iwiwr'ar'pf'r,! $400,000 SCOTT-POWELL DAIRIES, INC. Incorporated under the Laws of Maryland 7 Cumulative 1st Preferred Stock !' Par Value $100 Per Share Dividends. Payable Quarterly March, June, September and December 1st CalUbU In Whole or Part at 110 and Accrued Dividend FRANKLIN TRUST COMPANY, PHILADELPHIA, REGISTRAR CAPITALIZATION ' Authorised First Prof aired Stock 7 Cumulative u $1,000,000 Second Preferred Stock 7, Cumulative 500,000 Outstanding; $400,000 100,000 10,000 Sh. , FOREIGN EXCHANGE New York, Atij. 20. The foreign exchange market opened weak hut, after an hour of trading, rallied some what, y Bterllog, after ' openlnc at 4.1074 for demand and 4.20 for rabies, rose to 4.20 for demand and 4.20 for cables. Francs opened at 8.10 for cables and 8.12 for checks, but rallied 2. rentlmea to 8JI3 for cables and 8.10 for checks. Marks were also up slightly at 4.7fi4.80. Other quotations were: Rwisa cables 5.05. checks 5.07; guilder cables 30. checks !1; Pesetas cables 10.10, checks 10; Stockholm cables 24.20 checks 24: ChrUtlanla cables 23.10 checks 22.00; Copenhagen cables 21.00 checks 21.40; Belgian cable 8,43, checkB 8.45; ruble cables, nominally, 0.50, checks ft. Arnnnd 1 o'clock sterling was steady at 4.20V1 for demand and 4.21' for ca bles. Francs rallied to 8.07 ifor ca Mm nnd 8.00 forchecks. Pesetas recovered 5 points to 10.16 for cables and 10.07 for? checks.- Common Stock (without par value) r " 10,000 Sh. From the accompanying letter of Mr. Harry W. Scott, President of the Company, we summarize the following: 1. The sale of First Preferred Stock is to provide funds to enlarge the present milk and ice cream business and furnish additional working capital for this Company. ' 2. The Scott-Powell Dairies, Inc., is one of the largest milk and ice cream companies in Philadelphia; its predecessor Company, Scott-Powell Dairies, Inc., of Pennsylva nia, was a consolidation which took place in 1915 of the old J. W. Scott Dairies, established in 1878, and the R. E. Powell Dairies, established in 1875. PROPERTY The net value of the tangible property of the Company, as appraised by the Manu facturers' Appraisal Company and giving effect to the present financing is approxi mately $900,000. This includes no valuation for milk and Ice cream routes, good will and other intangibles (which, estimated conservatively, are worth in excess of $300,000) and is after deducting all of the Company's liabilities. The combined gross sales and earnings of Scott-Powell. Dairies, Inc., as reported by Mr. J. C. McAJpine, Certified Public Accountant, are as follows: k 9 Months 1015 Gross Sales $677,742.3 Earnings '..... 26,678.84 Ratio to Dividends on 1st Pref. Stock... 1.19 times 101 $1,079,133.06 29,340.17 1.04 times 1017 $1,264,338.62 59.S00.34 ' 2.12 times 1018 $1,747,045.86 60,648.46 2.16 times 6 Months 1010 $1,119,635.49 70.77S.62 5.0S times Above sales for Milk Business only 5. No further mortgage (other than purchase money mortgages or mortgages to re place mortgages now against premises) or other Hen upon its real or pertVinal prop erty or other evidence of indebtedness (maturing later than one year from date of issue) may be created, nor may the issue of First Preferred Stock be increased above $1,000,QOO without the consent of at leastthree-fourths of the First Preferred Stock then outstanding. SINKING FUND 6. A sinking fund of 8 per annum (operating semi-annually) of the maximum amount of the First Preferred Stock at any time outstanding shall be set aside semi annually. This amount shall be employed in the purchase of First Preferred Stock i at $110 per share antkaccrued dividend, unless purchased at a lesser price in the open market. MANAGEMENT 7. Tho management of this Company will be the present management of the Scott Powell Dairies, Inc., of Pennsylvania. ' The accounts of the Scott-Powell Dairies, Inc., have been audited by Mr. J. C. McAlplne, Certified P.ublic Accountant, the properties appraised by the Manufacturers' s Appraisal .Company, and till legalities connected herewith will be passed upon, by Thomas Kidgway, Esq., for the Bankers, and J. Hector McNeal, Esq., for, the Company. PRICE 92J AND ACCRUED DIVIDEND, YIELDING ABOUT 757 Mackie a? cq. ' ' INVESTMENT BANKERS .-'"- ', ' Suite 215 Real Estate Trust Bldg., Philadelphia ?k statements in thia circular are 6aed pot information obtained from official 'aoureea.prjrom those which'we regard as reliable. ' " 500,000 Shares The Coca-Cola Company (A Delaware Corporation) Common Stock Transfer Afnts Guaranty Trust Company of New Yark Trust Company of Georgia. Atlanta, Ge. Reirlstrara The Chase National Bank, N. Y. Central Bank and Trust Corporation, Atlanta, Ga. , The Coca-Cola Company is being formed to acquire the entire business, physical properties, formula, trade-marks and goodwill of The Coca-Cola Company (of Georgia). The business was started in 1886 and six years later The Coca-Cola Company was incorporated under the laws of the State of Georgia to continue the manufacture of this product. The capitalization, of the new Company is to be as follows: 7 Cumulative (non-voting) Preferred Stock . . . $10,000,000 Common Stock (of no par value) 500,000 shares VotlrK Trust Certificate". Upon completion of the present financing none of the physical properties of the Company will be encumbered by mortgage and there will be no funded indebtedness. The demand for Coca-Cola during the past twenty-five years has each year exceeded the annual production. The consumption of Coca-Cola is now greater than the consumption of any other soft drink in the world; 280,000,000 glassesand bottles were consumed in the month of Julv, 1019. About 70,000 soda fountains sell this drink and over 1,500 concerns are bottling and reselling the product. For the first seven months of 1010 sales were 11,099,569 gallons and a demand for 20.000,000 gallons for this vear is indicated. For the month of July, 1919, sales increased 171 over the month of July. 1918. ; Earnings for the first seven months of the current year were at the rate of approxi mately ji5.250.000 per annum net before Federal taxes. An estimate of the earning power of tbe Common stock based on the 1919 rate of'taxation and on the proposed invested capital is shown in the following table: Deduct Estimated Assume Preferred Dividend Income Applicable Per Share Net Earnings of and Federal Taxes to Common Stock of Common 555.000,000 $1,740,000 $3,260,000 $6.52 6,000,000 2,200,000 3,800,000 7.60 8,000,000 3- y 4,880,000 9.76 10,000,000 4,040,000 5,960,000 if. 92 12,000,000 4,960,000 7,040,000 14.08 All legal details pertaining to the formation of the Company, issuance of its stock, etc., will be passed upon h Messrs. Rushmore, Bisbec & Stern. New York City, Messrs. Robert C, atvi P. H. Alston, Atlanta, Ga., and Messrs. Anderson, Rountrec & Crenshaw. Atlanta, Ga. n ! Wo offer tho voting tfrust certificates for the above stock for subscription subject to allotment, when, as and if issued and received by us, and subject to approval of counsel, at $40.00 per share It is expected that definite Hate for the delivery of either Manager's temporary receipts or definitive certifi cates will be fixed and method of payment stated in allotment letter. Trust Company of Georgia (Atlanta, Ga.) 6$ Liberty Street, New York City W it ast Utilise the sUtemtnts sna Stores vtntafi htrola. but ther ars taken from sourc.i which w. belie to be scant! New Issue If, When and As Issued $400,000 SCOTT-POWELL DAIRIES, INC. Incorporated under the Law of Maryland 7 Cumulative 1st Preferred Stock Par Value $100 Per Share Dividends Payable Quarterly March, June, September and December 1st t Callable in Whole or Part at 110 and Accrued DWidend FRANKLIN TRUST COMPANY, PHILADELPHIA, REGISTRAR CAPITALIZATION Authorised Oatltaadlna' First Preferred Stock 7 Cumulative $1,000,000 $400,000 Second Preferred Stock 7 Cumulative 500.000 100,000 Common Stock (without par value) 10,000 Sh. 10,000 Sh.. From the accompanying letter of Mr. Harry W. Scott, President of the Company, we summarize the following: 1. The sale of First Preferred Stock is to provide funds to enlarge the present milk and ice cream business and furnish additional working capital for this Company. 2. The Scott-Powell Dairies, Inc., is one of the largest milk and ice cream companies in Philadelphia; its predecersor Company, Scott-Powell Dairies, Inc., of Pennsylva nia, was a consolidation which took place in 1915 of the old J. W. Scott Dairies, established in 1878, and the It. E. Powell Dairies, established in 1875. 3. The net value of the tangible property of the Company, as appraised by the Manu facturers' Appraisal Company and giving effect to the present financing is approxi mately $900,000. This includes no valuation for milk and ice cream routes, good will and other intangibles (which, estimated conservatively, is worth in excess of 5300,000) and is after deducting all of the Company's liabilities. 4. The combined gross sales and earnings of Scott-Powell Dairies, Inc., as reported by Mr. J. C. McAJpine,. Certified Public Accountant, are as follows: S Manth IBIS I01R Gross Sales 9677,742.13 $1,079,133.96 Earninfs 26,678.94 29,340.17 Ratio to Dividends on 1st Pref. Stock. . . 1.19 times 1.04 times ioi; $1,264,336.62 69,800.34 2.12 timss ISIS $1,747,045.86 60,648.46 2.16 times S Msnths 1010 $1,119,635.49 70,775.62 5.08 timet' At 5. ties for Milk Business only No further mortgage (other than purchase money mortgages or mortgages to re place mortgages now against nremisesl or other lien UDon its real or nersonal nron- erty oij other evidence of indebtedness (maturing later than one year from date of issue) ttfay be created, nor may thp issue of First Preferred Stock be increased above $1,000,000 without the consent of at least three-fourths of the First Preferred Stock then outstanding. 6. A sinking fund of 3 per annum (operating semi-annually) of the maximum amount of tho First Preferred Stock at any time outstanding shall be set aside semi annually. This amount shall be employed in the purchase of First Preferred Stock at $110 per share and accrued dividend, unless purchased at a lesser price in the open market. 7. The management of this Company will be the present management of the Scott Powell Dairies, Inc., of Pennsylvania. The accounts of the Scott-Powell Dairies, Inc., have been audited by Mr. J. C. McAlplne, Certified Public Accountant, the properties appraised by the , Manufacturers' Appraisal Company, and all legalities connected herewith will be passed upon by Thomas IUdgway, Esq., for the Bankers, and J. Hector McNeal, Esq., for the Company. PRICE 92J AND ACCRUED DIVIDEND, YIELDING ABOUT 7.57 NAULTY & COMPANY Flanders Building: Walnut at 15th Street, Philadelphia The Infsrssstlsn renUlned aersui ass bfto eompUsd from rvllable hihn, ind while ntt karmnt Is aeeest4 br as es aeeerats. ttt lr shJ4 -. fc Mi' A "-""'." ',' Is v . n .' t-uA ir -", "V", ftfrtVw AMfMst'vMejsUXAV .,J-."- WW wsissswywvij ' M WT' (jr-.'nfirp, , v J J. . tiet v.i....-t. 1st. Jk i r . j, j. t "v?y flM '' ; -- (-:;Uft ? 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