'FwwraB ?J. .' ; is EVENING? PUBLIC LEDGER pmMOELTOIA', MONDAY, 'SEPTEMBER 8, 1919 IV w laUrt" y FINANCIAL BRIEFS Bales of Ihe Keystone Tire and Hub bef CompanjJ for the nix months ended Jim HO Intnled Sft.fi70.120, proHt agjregntlnK $581,277. Totnlmr-1 pluilor the wriod wag Sl.OOO.fiSS, with the surplus an of June an, $rl4,La. The New York mibtrensury lost S10,- OOQ to the tmnk.M on Hnturilar. maklne romnion K(ork of the Chicago and North western Hallway Company be not quoted ex -dividend today and not until further notlre: stock of "the IIiIrIi Valley Hall roud Company be hot quoted ex-dlvl-ileml on Friday. September J'J. and not with net . until further notice. los vslnee Frldny of a ensh net $4,0J5.000. The committee on srciirltlo rule thai Income mortRiiKe per. cent ncrlcs "A" bonds of the St. I.ouls-San Frnticikou Railway Company be quoted ex -interest on October 1 : cumulative adjustment rnortgnge (1 per cent series "A" bonds, due 4l)."ii. of the Ht. Iouls-San I'mu Cisco Hallway Ciimpnny be quotid ox Interest on October J : nref erred ntid The following companies offer INSURANCE . of all kinds Beidler & Bookmyer General INSURANCE BROKERS 421 Walnut Street lambarC 2047 Main 455 New York Office 95 William Street The average price of twenty Indus trials declined 0.03 per cent on Satur day to 100.33, while twenty railroads declined 0.24 per cent to. 80.3(1. German Dank Statement llertln, via t.omlnu, Sept, 8. The statement of the Imperlnl Hank of Oermnu.v Issued August 30, shows the follow lug chaugcH: 1 Tptal coin nud billlou decreased 1. ."20,000 marks: gold decreased 1,324, 000 murks ; treasury notes Increased 70,7I).",000 marks': notes of the banks di creused 7"J,000 marks; bills dis counted Increased 2,723.013.000 marks: ndvntircs decreased 0,008,000 marks; Investments Increased 15,011,000 marks; notes in circulation Increased 2.'IS,70", 000 marks; deposits Increased 2.70T. (',83,000 marks; other liabilities de creased 175,0.13,000 marks; total gold holding 1,103,2.12,000 marks. LONDON METAL MARKET New York, Bent. 8. Cable advices recehrd nt the New York metal market this morning quoted price In London at followei Tip Hnot, C2SU ltla. an advance of 8. futures, titli r., un 1 ns- straits. 1284. an ad- -nr of fl 10a; B'llee snot, 120 ton futures TAO tona. Standard ropner Spot lllll Ss, futures, ilm r.. Iwth down IBs. s.ilia, spot, 100 tons: futures. 7W tona. hntirolttc spot MIOs futures, 1120. Imtn linchimteri. Ind Spot. 125 2s (Id. futures, ISA 17a (Id, both unchanged. Spelter Snot. 40 .'.a. a decline M 19i) futurea, (41 .la. a decline of 10s. LOCAL MINING STOCK3 TONOPAH1 8TOCK8 Kid Jim riutler 30 MsrXamara 0 ildwa . IS Mltnah Ext "K Montana. . IH North star ). Kcscue Kala IS Weal End m OOt.DFIEI.D STOCKS Atlanta llfue Dull tooth Dlnmf n II Daley Kcftnnat Oro SIKer IMek . MISCELLANEOUS Arlsona fnlted Aak i 10 20 ns IS lit re 03 0.1 112 03 OK OS 01 01 02 1)8 (IH lit ,01 .03 OS HI LATE MONTHS rJItfHER BEAR SELLING SENDS ON COTTON EXCHANGE CORN PRICES LOWER Smallost Ginning Figuros on Market Woaker After Irrogular Nevada Wonder lcop Mining .40 III BUTTER, EQGS AND CHEESE New York. 8ept. R. Ht'TTEK Hecelnts, 17,01111 tube. Markit eas,. Hlah acorina. MM : extraa .-. S7r. llrata, ftsft. ,v.t-.oi ateonds. St.V!Sc atate dairy, flimc Inside l:OS Itecelpta. ln.2PO rases. .Market Ir rrsular Fr.sh-aothered eitraa. nie,",n, alorase-nacked flrata, I0H 4Sc. gathered eatra flrala. 4(VAlo dlrttea No I. :icinc. No. 2. .llUfSTi; flrota. 47W4c. seconds, 41 ff 40c. atate and nenrbl' hennery nhl'xi 73ft 7Sc. gathered whites. n.TWTSc. western whites. l,2c: raUflo rot. 74 ff 7,"c. Meet ernennd aoutliern gathered vhll,- .viftn.V, state and nearby hennery lirnvrrw, r,fl"n."c yathercd brown and mixed tolore. SSv7' fair to prime. 4Rn4p: refrllierator. No J. 4ll47c: No 2. 44&4SC. choqlta, No 1. 34 3flc No. 2. 25 0 38c C111IESB Itecelpta. 3912 boxes Market steady Flat current make colored, averape run SOCtOttc: flat, current make, whites, averaye run 806 30-c: colored epedale, SI tiSIMic. -white aprclala. SKMHir CHICAGO BUTTER ,AND EQQS t'hlraan.. Sept S. ni'TTER nccelpte li(144 lulu Slendy. Cstrn. S5c Ilrsts. 30 ,".4e. aeennde. 4S04t'tp. ' nciOH Receipts. S182 caaee Firm Flrete 4R44c ordinary firsts. 3S8nc, mtscellane. oua. 3S4741SC 1817 Fire 1919 &ui;AaiLiiLm OF PHILADELPHIA N. W. Cor. 4th & Walnut Has given Its policy holders ur.Kd indemnity for more than one hundred years mid lias neve been so itrone financially as now. Have you a policy Iti this old and reliable r(,mnanv7 CHAUTEK PERPETUAL . -Commonwealth Casualty Company Oldest PMtndtlpMa Casualtn 7nmifin Assets $700,000.00 Automobile and Teams Accident and Sickness Iniorunr Attrartlre I.ll.eraJ nates PollelM Prompt Claim Serrle JLsk your ISroker for Commonwealth Protection Call, write or phone Drexel Budding WiLLIAMS ,C& WALTON General Insurance Agents Nos. 416-420 Wafeut St, PHILADELPHIA v?. Touring this necessary period - of readjustment many 'in vestors are finding it profitable to take advantage of the marketability, freedom from fluctuation and high yield afforded by well-secured short 'term notes. We ate offering todisciminatinG in vestoisa security of this ha racter, which lias the additional features of an attrac tive Ccnveision Prvilrge. These notes arc the direct obligation of a prosperous Ccmpar.y.manufacturingattap'e product with a growing demand, and ate obtain able to yield 8' Write for Circular P. P. L.-34S. Hollister.Wldte & Co. 1NCOSOTCD North American Build ni PHILADELPHIA BQSTON TROVIDENCE SPRINGFIELD u If NEW ISSUE . $3,000,000 Standard Tank Car Company SY Cumulative Preferred Stock Tax Exempt in Ohio. Free from United States Normal Income Tax. Par value $100 par share, diTidenda payable quarterly. Callable at $110 per there and accumulated dividends CAPITALIZATION AUTHORIZED OUTSTANDING Preferred Stock 8 Cumulative $3,000,000 $3,000,000' Common Stock (no par value) 100,000 shares 100,000 share The Standard Tank Car Co. Is a consolidation of the Standard Car Construction Co., the Standard Car Equipment Co., and the Standard Tank Car Co. Its plants and main business office are located at Masury, Ohio, near Sharon Pa., with selling offices it New York City, Chicago and St. Louis. We summarize as follows from a letter of 'G. F. Wood-Smith, Vice-President of the Com pany, and other official Information furnished usi 1. BUSINESS. The business of the. Standard Tank Car Co. Is the manufacture of Stand ard Tank Cars, steel underframes, and steel plate work. Its present plant capacity will enable this' Company to produce 30 completed tank cars In 24 hours, or a production v greater than that of any other manufacturer of tank cars In this Country. In ad dition, the Company can turn out over 2,000 tons of fabricated steel plates per month. One of the principal parts of Its business in addition to' the manufacture and sale of cars Is the owning and leasing of tank cars for the transportation of petroleum and other liquid products, there being over'100 different liquid commodities now being trans ferred by tank cars. The Company now has under lease In Its tank line approximately 1,600 cars. The present average rental received by the Company Is approximately $600 "per car per annum. 2. SECURITY. This stock Is preferred as to 8 Cumulative dividends, and In the event of dissolution entitled tot$100 per share and accumulated dividends before any distribu tion may be made on the common stock. The Coxpany has no funded dxbt, there being no mortgage upon Us plants. No mortgage upon any part of the plant and properties of the Company other than its cars, car leases, and Interest In cars, shall be created except with the consent of the holders of at least three-fourths of '.he preferred stock outstanding. 3. ASSETS. The" balance sheet of the consolidated Company as of April 30, 1919, shows totaT net assets of over $6,000,000, pr over twice the amount of the entire preferred stock issue, and net quick assets, Including car equities, of over $3,300,000, or $110 for each, $100 of preferred stock. These figures do not include any values for good will, patetst trade marks, or other such Intangible assets. 4. ' EARNJNGS. Net earnings .were $1,668,853.61 for the year 1917 and $1,814,08.71, for tjie year 1918, before making allowances for Federal taxes and other extraordinary deductions permitted under the Income Tax J.aw which would not normally occur again. ' Net earnings for the first four months of 1919 amount to $874,300.68, before making allowances for Federal taxes, or oVer'tcr. times the dividend requirements. '5. SINKING FUND. beginning July 1, 1930, and annually on July 1st thereafter, the " Company shall set aside outbf Us surplutt or net earnings an amount sufficient to retire $100,000 par value of preferred stock, which sinking fund will retire the entire issue of preferred stock within SO years. All legal matters In connection with the formation of the Company and the issue of the stock hare been approved by Messrs. Oavles, Auerbach & Cornell, Attorneys, of New York City. The properties have.been appraised by S. P, Mitchell, Consulting Engineer, Philadelphia, The boolcx and accounts of the Company have been examined by Messrs. Lybrand, Ross Bros. & Montgomery, Certified Public Accountants, of New York, Philadelphia, 'Boston and Chicago. PRICE lbi AND ACCRUED DIVIDENDS ' The statement! abort, xvMU nol guaranteed, art ,. obtained from eovrcee xcMch wt believt U bt' rellabh, Spitzer, Rorick & Co.v E.tahll.hrd 1871 Bioren&Co. Banker T . JCqukabfe Bldr;., Nw York City , 314 Chettnut St, Phila,, Pa. Record for Period Advance Prices Near Options Lovvor cotton ntcr.T WEATHER conditions Nrw York. rpt S Thf following tm erratum, rrr rrtorrfrd In ihr cotton btlt thli momlns: Ausunta Ms Chat tattoos 4. Macon Wllmlnston and Nashtlll. H. Knnavtllr. 8, Abllrnt. At lanta. Thomaavtltr ami Favannah. TO. .Sh,rVrorU ..Fort Pmllh Uttla Rock. Vlrkaburff. Meridian Montgomrry and CharlrMon. 72. Mrmrhla. renaarola. Tampa, and Jarkaonvlllr. J4. San Antonio and Nrw Ortranr. in. and Corpua Chrlitl anil (11 i-rston SO Tha folloln prrrlnlla tlona nrrr recorded 01 at Corpua Chrlatl. 2? ' .H.,n Antonio, at Mrmphla and SI' at Nrw Orleans New York. Sriit. 8. The cotton markrt IihiI a vrry irrrgulnr opening today nffcctrtl by southern and IJvrr pool wiling. .War .months opened 7 to 1ft points lower, while late months were 13 fo 30 points IiiRlirr. influenced by th ginning flKiirt-s or l.tS.mW bales, which are the smallest for the period on record. The market was nUo influenced by n stnrm warning and, after the open ing, sold about 31! points atxne Satur day's elose on Derembr. ulthougli the weather map itself wa very fa vorable. The demand promoted by the stnnll ginning figures seemed to be almost en tirely confined to covering, however, and the market turned weak soon after the opening uuder u renewal of more or less general" selling, ncrnmpanied by reports that the, South was offering spots freely, Ilofore the end of (he first hour prices made new low records for the tnoe tmnt tirmind the ring. itaturdar'a Today a 11-00 I SO cloae open am p m. October . 5S ,109X5 2S.2S Kr).2S Iirrembrr . 1'S r,r,nnn 2S.4r. ?s r, ri Januar) , ;S.ifr.o jk.4." i! SJ 2H 4 jiarcn . janawio ss to :s so .... Jul) . .. . 28 30 28 R0 uia. Liverpool Cotton Liverpool. Sent. 8. There was i good inquiry for spot cotton this morn ing and prices were eaRter on the basis of lS.Old for middling. The sales amounted to JH100 bales. Receipts, 57,000 bales, of which ti-1,000 bales were American. In the pari) dealings futures were easier. Spot prices were: American, middling fair, l!0..4d: good middling, UI.IUI: fully middling. 18.(lld; middling. lS.Old: low middling. 10.2rtd: good ordinary, 14.(!1d: or dinary. 14.08(1. s. Start Trado Quiet 0at3 Easier LIVESTOCK QUOTATIONS ('Mrnao. Sept 8. HOGS rteielptn. 28,00. GRAIN nF.t.T WRATHF.R FORECAST Chlrnco, Sept R Illliiol Kalr and continued warm tonlsltt and Tuoaday. es erpl probably hrwrra and cooler north Tuesday Mleanurl and Kana Kalr and continued warm today and Tuesday Wis consin Unsettled, with probabb llaht ahowora tonlsht or Tuesday, cooler JHn nrecta Cloudy and unsettled tonlsht and Tuesday Iowa Increasing cloudiness, probably breomlnr unsettled tonlsht and Tueedav. cooler North and South Da kota Ctoudt and unsettled tonliht and , Tueadny Nebraska, Montana and Wy omlnc Cloudv and unsettled tonlsht and Tuesday Chlrngn, Sept. 8. Operations in the corn pit were restricted today, brokers being inelined to avoid the making of fresh commitments until after the gov ernment report, which was made public after the close. Tiiere was little feature to the deal ings and change in prices were Irregu lar. On hrraks, buying on resting or ders developed, but vbulges brought out sales, nnd generally the undertone was heavy, with last prices easier. Weather conditions were favorable throughout the belt. Larger receipts were expected ns the country said to be selling old corn quite freely The vlisblc supply in the United States is 1.333,000 bushels, against iCill.OOO bushels In the previous week and n,23.".0no bushels last year. Oats showed independent firmness, but business was small. A bullish gov ernment report was expected, and pur chases were made ou all dips. Offer ings from the country showed no ap preciable Increase. There was no sign of any revival in the demand for export owiug to the heaviness ih foreign exchange. The viblhle supply In the United States Is SO.fidi.OOO bushels, against 10,411,000 bushels In the previous week and 21,807,000 bushels last year. The visible supply of wheat in the United States is 63,300.000 bushels. against OU.HKHK.OOO bushels in the pre vious week and r0,0H!,OO0 bushels last year. leading futurea ranced aa follotra: Corn (new drlhery) Hat'day'a Oven Hleh !,nw (Mnsr rlnn. Sept 1.1,4 I im, l h2K 1 r.2 t (It 1KC, l H'.' I 82.4 l 304 1 SI 1 81 Oata Sept. . Ili, 70', 01)4, joli 70 Dec. . 72a 75 71'. 72i 11 Tork Sept 42.S0 42 HO 42 25 Oct ... HO W 3(1 73 80 .'ill iJird Oct 20 7r 2f, 73 2 37 Jan 23.23 23 82 23 00 Hlbs Oct.... Sl.nt) 213(1 21.2." Jan 19.12 111 27 19.12 Uld lAsked 45.23 311.75 44.30 28 S7 "27 SO 23.00 t2T.I0 21.23 22.ST 10.15 Fairly Rctle uneenly steady to 23c hlaher. than Saturday'a irenera! trade. Top. I20.33i heavy. M8.23(if llt.85: medium. 118 5OB20.2."i: iiKJi.vriania. "' -.isvt.nn; nsnis. ain f,oro 19.73; heavy packlnir sows, smooth. S13.T3 18: packing- bows, rough, JIUtf 10 73, ulla, S13.T.101D. CATTLK Re,celpts, 25.000 head. Choice steady; others slow. Moat 13023c lower. Top steers. $17.58, beef steers, choice and prime. Sln.25f 18; medium and Kood, til. 311 Cin.23; common. J9. .10 W 11.30; lightweights iccod and ctolce, tlS.73(M7.73: common and medium. I918 7.V butcher heifers. fl.Tn 14.75; cows, lll.3uniS 30: calves. Jl.S(ie21. SHEEP Retelpta. 80,000 head. Fat lambs. '.'SO Stir higher Top western. S1A.7R: na tives, $13.30; sheep and leadings, strong to 23c higher, feeders firm. rittaburgh Sept. 8. HOGS Receipts, MOO head. Forty cents to 50c lower, lleav', S19.23eiP.3n, mined, 120921. 50: medlutL. 20 23020.8.1. IlKht orkrr. and pigs. J1S.W 919: packers. S18017. UATTI.C Receipts. 8300 head. Fifty ctnta to SI lower. Fat aleera. SIB Calves, re ceipts. 1500 head. Steady and active a 122 30 MIEEP Receipts. 1B0O ht-ad Steady an artle at S22.50 Kansas City. Sept. 8. IIOCIS Recelpta 11.000 head. CATTLE Recelpta, 28.000 head. SHEEP Receipts, 10.000 head. Sonth Omaha. Sent. 8. HOdS Recelpta S200 head Slew Few early salea Ship pers steady, packers bidding lowtr. CATTLE Receipts, 15.000 head. SHEEP Recelpta. 51.000 head. East St. Loufi. Kept. B. HOdS Recelpta. lO.noo head Lower Top StO.VO; bulk, 1111.40010.75; medium S19.2519 90: light. S18 75O19.n0. light lights. 18.S0O19.23; heavy packing aows, smooth. tl5.30OiD.35; J ii Mi?: sows rough, S13 60O14.5O; plga, iaftl7.1 CATTLE Receipts. IS 500 head. Lower. Barf ateera, medium and hravy. choice and prime Slfl 73018: medium and rood. $11 O13.n0. common. 111.7.1 W 11; light aood and cholcr tlO 75010.73; common and medium, t8 7310 75r heifers. tn.75(Bl5; cows, tfl.75 011.50. ci.nners and cutters. t30Q.75: veal calvea. S1.1.AO02O: fcrder steers. S7.60O 12 31); stocker steers. S70 10.25. SHEEP Recelpta, 8000 head. Ulalueger. Lambs. $12.30013 25: culls and common, Silfol2: jearllng wethers tnOlli ewes, ma dlum and choice, SO.DO08.5O; culls and common, $305.50. f Eaat Bofralo, Ne. V.. Sept. 8. CATTLE Recelpta, 6300 head Oood. atronr; othera Bteady, Prime steers. tl7O17.50: shipping aleera. tlAO10 76; butchers. S9.50OlS.n0: jearltnga. $140in: heifers. $7918; cows. $4 Ollt bulls, SAO10.50, stockers and feeders. $7010 60: fresh cowa and springers. $8.60 017. Calves, recelpta, 1200 head; $1 higher, $7024 30. HOGS Receipts. 8500 head. Tin. $2 higher: others strong. Hetvy. $20.50 20.76. T)lg. $2); rouglu. $17617.50; iUci, $12014. atate. S20. 50020.76 SHEPP AND LAMBS necelpta. 8000 head. Active, strong. Lamba. $8017: 'ear. lings. $7012: wrthrrs, 80,1010; ewes. $40 0; mixed sneep, utru. iki. MONEY-LENDINQ RATE8 NEW i'OIMv Money ou call, both mixed collateral nnd Industrials, opened today nt oj per cent lending and renewing. Time money was dull today with 6 per rent bid and offerings light. Money in the Interior appears to be in good supply and collections are prompt) Mercantile paper of choice quality continues scarce. Discount rates arc unaltered at 5',4&ri. per cent. There is a somewhat larger movement in prime bank acceptances, but rates aro nbout at the recent levels. PHILADELPHIA Call, 5(30 per cent; time, 5i0 per cent; commer cial paper, three to six months, fpi fs4 per cent, nnd six months, 0 per cent. Send For This Free Oil Guide The whole world is talking oil. Oil securities are booming In the mar ket. Fortunes are being, made by those who know this billion dollar subject Are you up on oil? 22 Condensed Reports on Going Concerns which are in unusual positions to profit by new drilling, refining or trans porting are given in this new booklet. Don't guess get ithe facts today, Reading this impartial, re llablei guide may make or save you thousands of dol lars. Limited edition. Ask for No. T. U.-617 JONES & BAKER 8ECUPITIE8 WIdener Bldg. Philadelphia N Phone Bell, TPolnut 6065. Keyetone, Race 2290 New Tork Detroit Pittsburgh Chicago rct mvals. Wires Koatoo Reserve Banks' Discount Rates Official discount rates at the twelve Federal Reserve banks were as follows: (Ihe first column gives rates for all periods up to and including a fifteen -day maturity; the second for a period oi sixteen to ninety days. The third and fourth columns give the rates for rediscounts of collateral loans secured by government bonds or notes.) Com I paper 1(1 to 00 15 daya Gov't paper lo to vo is days da 4 4ft 4 1U fr $ 44 t r 44 4t OS 4 4g H 5 4U 4 4 145 4 4'i 4W 5 VA 5 Boston . New York Philadelphia Richmond . Cleveland . . . Atlanta . . , Chlc-go St. Loula . . Minneapolis . . ft-ansaa uuy . Dallas Ban Francisco FOREIGN EXCHANGE New York. Sept. 8. The forelirn ex change market opening showed sterling not quite up to tbe advance in the preliminary figures, but French and Italian exchanges were considerably higher than the forecast. Quotations were-: Demand sterling 4.14o, cables 4.151,4 ; franc cables 8.28, checks 8.30 ; lire cables 0.71, check,. 9.73; Swiss cables fi.CO, checks 0.G8 ; guilder cables 37, checks 37; pesetas cables 18.02, checks 18.87; Stockholm cables 24.30. checks 24. iri ; Cbrlstianla cables 22.80, checks 22.6.) ; Copenhagen cables 21.7(5, checks 21.60; Belgian cables 8.50. checks 8.G2: marls 4..r.'ilft4.60: ruble notes, nominal, at "',0. Around midday the market eased off slightly for sterling and to the extent of a point In francs and lire. The rest of the market was unchanged. De mand sterling was 4.14, rabies 4.15 I franc cables 8.S0, checks 8.3L', and lire cables 0.72, checks 0.74. BANK CLEARINGS l Bank clearlnga today compared with cor rrsnondlnsr dav last two veara. 11)10 IMS 1917 noaton ..I40.SS0.134 I3T.880.5o3 H7.344.711 Phti- . ei.077.74s 62.8in.ean i5.tia.kx4 N. Y. ,. 4B8.143.A15 4OU.:50,8f.r, 40J.03H.541 NEW, YORK COFFEE MARKET New York, Sept. 8. In a quiet market and in sympathy with a de cline of 350 reis in the Rio spot mar ket, prices on the call In ihe coffee market here this morning were ft to 14 points below the close on Saturday. The' market has developed into a waiting affair. Bulls hesitate to be come aggressive buyers, owing to con tinued weakness in spot at Illo, coupled with a poor demand for actual coffee here. Bears are not disposed to sell freely after the recent sharp declines which carried prices 7 cents below the high point of last June and .because of the fact that the Brazilian crop is now passing through a critical period, and any' sign of frost might cause an up turn. Right after the call, a few buying orders sent December to 17.16c, March to 17.06c, and May to 1 7cents, or 5 to 11 points above initial figures, T)ectmber March . . May .,,,. v? Jul- . . , . , Bid, Stturday'a rlcea "1 1T.S4 ,14 IT. 1T.05 ....... 1T.02 ....... 17.00 Today'i onsn IT.OO IT 00 t5 U.M 151)4 It -.01) a. m. 1T.01 10. 5 '.-:: .ADDITIONAU FINANCIAL NEW3 $5,700,000 The American Rolling Mill Co. 7 Debenture Cumulative Preferred Stock Preferred to atsett and dlvtdendi (Free from the Normal Federal income Ta) Tax Exempt in Ohio Dividends, cumulative from September 15, 1910, are payable quarterly January IS, April IS, July IS , and October IS. Redeemable at a whole or in part at 9110 and accrued dividend on any intereat data on 60 daya' notice, and on voluntary dissolution U entitled, to $110 and accrued dividend. Capitalization Outstanding Authorized ' Preferred Stock 6"?r Cumulative $1,300,000 $1,500,000 Debenture yct Cumuiatie Preferred Stock (par $100) 5,700,000 30,000,000 - Common Stock (par $25) 12,400,975 20,000,000 The Company has no bonded indebtedness, and has no floating indebtedness except $439,000 of' notes due April 1, 1920. Provision will be made to place in the hands of the trustee an amount of cash sufficient to pay these notes at maturity. $5,700,000 debenture preferred stock is to be issued for cash. Provision has been made to reserve $ 1,300,000 additional stock to retirr b conversion a like amount of the present outstanding 6 prior preferred stock, which is immediately convertible . Arrangement has been made whereby more than a majority of the 6 preferred stockholders have already agTeed to accept this exchange, and it is expected that all of the 6e stock will be exchanged in the near future. LARN'INJpS, jcarly average to July 1, 1919, final month estimated. Three Years Five Yeare Balance for dividends, after all taxes and depre ciation $3,370,944 $2,601,905 Preferred dividend requirements 490,000 490,000 Times earned 0.85 5-25 NOTE The Company expecta large additional earnings from the proceeds of the tale of this issue and of $2,500,000 common atock which will ahortly be offered to stockholders at par. NET QUICK ASSETS will equal 129 on this stock and it is provided that net current assets shall at all times be maintained at an amount not less than 1007 of this stock outstanding. NET TANGIBLE ASSETS, after deducting all prior liabilities, including reserves, will equal $449 per share on this stock. A SINKING FUND of 10 of the net earnings after dividends on this stock shall be set aside each year for its retirement at not exceeding $110 per share; such sum need not exceed in any one year 2t2 of the par value thereof outstanding. NO MORTGAGE or bonds or preferred -stock of prior or equal rights are to be issued, other than the balance of this authorized issue of $20,000,000 without the consent of 75 fo of the outstanding preferred stock of this issue. EQUITY: The common stock (par $25) is now selling at $50, ex-stibscription rights, or 200, representing a market value of $24,801,950 in excess of the $7,000,000 preferred stock of this issue. Legal matters in connection with this issue have been passed on by Messrs. White k Case, New York, for the bankers, and by Mr. Ralph R. Caldwell for the Company. a We offer for subscription, when, as and if issued and received by.us, and subject to allotment after September 18th, such of this sfock as may not be taken by the commoc stockholders in accordance with their prior right to subscribe. PRICE 100 AND ACCRUED DIVIDEND TO NET 7 Clark, Dodge & Co. W. E. Hutton & Co. NEW YORK CINCINNATI, OHIO Union Savings Bank & Trust Co. CINCINNATI, OHIO The aboe Information is not guaranteed but has been obtained from source we believe to be accurate. A Birdseye View of the Nation's Business a complete survey of the condi tions that affect the economic and financial status of the country is afforded weekly to the readers of The Annalist. This magazine shows by charts, tables and pithy articles the busi ness events and the facts and fig ures of importance to bankers, brokers, merchants and business men. This week's issue, for in stance, contains Our Favorable Trade Balance Cut $20(r,ooo,ooo in July. j American Investor Keystone of Reconstruction Problem. ' Copper Situation Improving; Big Producers Encouraged. Railroad Tangle Touches the Pockets of 30,000,000 People. '" Out now 1 $4.00 a year by mail 10 cents at news stands. The- Annalist A Magazine of Finance,-, Commerce and Economics ' t Published by The New York Times Company, Times Square, New York To Manufacturers who sell their goods to largs organizations: THE ANNAtlST reaches at least 8,000 chief, ex ecutives o f substantial business houses; men who are interested in,. and asso ciated with, the largest banks, great manufactur ers and representative brokerage houses. Advertising Rates on Application ' The Annalist, Times Square, New York. Send mea sample'copy. ' Name , . . -. . , , Address .... .-..,....., 'VUt - :??, 1 ..a,' r .sw '" . 51 X'P a : .;i : ALA " . it, .Hi! ;.'.: ff 1 1 V 15 " t ;i M ,-e tn w ' .M K frua ..M 71 . 4. m t . ' .Tjf .1 . 4J 3 T-i T.V-' ' it I t-M ' y 1 yjf. FT7 .r , 1 " '16 b. . ' m :..ir- ft i . . . .BaBa..JBfiJ3WJJ' .. - ,v .'.- ,? . nil Atr 1d " ' "J1 ' ' , ilffi!. '! 1 n 1 . ." iJSBa5KSPlJT53 25. ftV, 4. 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Significant historical Pennsylvania newspapers