I fTVwyi'W r-ijiNiPti-JfM '14- OSJ J5TH5Wc : r UJHrra- PH-UJAI PRICE -TREND. LOWER 'J IN MARKET FOR CORN 'Break in Hogs antFine Woathor 2 Against the Bulls Oats 2 Easier ORAtN I1EI.T WEATHER FORECAST Chlmro, 8pt. St. Illinois and JV'jyn- ln Flr n4 continued cool tonight; FN- day. fair and warmer. Mlmourl. Mlnne- , Kaniiaa and Wromlnir Fair tonlsht and probably Friday. Montana Partly cloudy tonight and Fridays cor Friday. I Chicago, Sept. 1!.". The trend of vnluesi in the corn market today con 'tinned downward and, while small re ceipts caused some uneasiness among .shorts, sentiment remained bearish, with trading low. Fine weather and ,'a break in bogs nlso were against the bulls. There was talk about $12 for hogs, 'and the assertion was made that this 'meant dollar corn. The arrivals here today were Kl cars. September opened nt $1.51 to $1.536. against $1.(51 nt the, end yesterday, and later sold nt Sl.fiSU. December started at $1.27 to $1.20, against $1.27 yesterday's last price, ;aml declined to $1.20. May was quoted -'7"- ;,",'"V"" ' ': ' " atr'i.24 to $ii2$y4 at tha oatxt, against $1.24 at the close yetterday ami, after touching $1.21Vs. receded to $1.23. Oats were quiet nnd easier. Local pit traders were the principal sellers. Sentiment wns bearish, owing to a poor demand for the rash article nnd n bad outlook for export business. J.ongs ap peared to be discouraged. The arrivals here today were 02 cars. September started -c lower, nt 07, nnd sngged to fVP&e. December opened nt Otitic to 00c. December opened end yesterday, nnd declined to G!)c. May opened at n loss of ',6c, nt "lic, nnd receded to 71, The receipts of wheat here today were 1.10 cars: at Minneapolis ,TJ5 cars, and at Duluth 111 cars. TELEPHONE FINANCING Bell Compart to loiue $50,000,000 Three-Year Notes New York, Sept. 25. The directors of the. American Telephone nnd Tele graph Compnny have decided to nrrangc now for financing the growth of the Hell Telephone System, which Is fore cost by the present abnormal yolumc of business. To prAvldo fulfils nt this tlme"tor these future needs, the company has arranged for the sale of $50,000,000 tt per rent three-year notes which will shortly be issued for nubile subzscrin- I tion. TICKER TRUTHFULNESS Tape Readers Say Big Steel' Com panela Have Won the Strike There Is an old street adage "Tbo ticker never lies." It seems, nt any rate, to be rigidly maintaining its Oeorgc AVnshlngton record In eo far aS-thc steel strike situation is concerned. In other words, the tnpo plainly reads tbo 6tecl companies have won the strike. In view of the probable disquieting In fluence of the walkout of the employes of the country's plvotsl Industry all eyes of the financial world have been focused on the steel stocks. Of the six most active steel stocks traded In on the New York Stock Ex change every one during the first three davs of the widespread strike has Ing quotation of tart Haturd.jr, the ast business nnyueiuic ,u.- ....; Vu,i...j became effective. Gains range ironi x vs mimim-in-ui Steel "IV stock to 0 in Crucible. mi.. -.!.. nt tli tinker In tnrnnr- lug the outcome of the stee strike Is best told In the following table, showing the movement of the stocks of six big steel companies since the battle began. 8Dt. 20 Sept. 24 Adv're IlMhlfh.m "It" 5 "S n.elhU 177 7 IZlTt 1 Lackawanna J" J( imj.,n ik -. - - r . .-.... Trn k. Stefl. sn',4 IT. S Slefl .101 HI' 103S NEW ISSUE American Safety Razor Corporation (a Virginia Corporation) Manufacturers and Distributors of Safety Razors, Safety Razor Blades, Shaving Brushes and Shaving Accessories. CAPITALIZATION Authorized $20,000,000-11 Common Stock, Par Value $25 No Preferred Stock or Bonded Indebtedness MERCANTILE TRUST CO., New York Transfer Agent BANKERS TRUST, CO., New York Registrar. The Corporation is a consolidation of the Gem Safety Razor Corporation (Gem Safety Razor), American Safety Razor Co., Inc. (Ever-Ready) Safety Razor), Kampf Bros. (Star Safety Razor and Shaving Brushes) OFFICERS JOSEPH KAUFMAN, President ' GEORGE L. STORM, Vice-President JULIUS-B. de MESQU.ITA, Vice-President MILTON DAMMANN, Secretary DIRECTORS GEORGE L. STORM, chairman Board of Directors, former President Tobacco. Products Corporation. BENJAMIN BLOCK, Block, Maloney & Co., 74 Broadway, New York. FREDERICK H. HOFFMANN, Treasurer Gem Safety Razor Co. JOSEPH KAUFMAN, President American Safety Razor Company, Inc. LEON SCHINASI, President Importers & Exporters Insurance Co. MILTON DAMMANN, Attorney at Law SAMUEL F. WILLIAMS, President Sweets Company of America, Inc. JULIUS B. do MESQUITA, Vice-President American Safety Razor Co., Inc. JULIUS MUNDHEIM, Vice-President Kaufmann's Department Store, Pittsburgh. Wc summarize from the President's letter, Mr. Joseph Kaufman, as follows: The remarkable grtwth of the dollar safety razor is parallel with the com mercial progress made by all three of these companies. The output of safety razors and safety razor blades has steadily increased from year to year, so that it is conservative to estimate that the sales of the combined companies for the calendar year 1919 will show well over one hundred million (100,000, 000) blades and well over two million ( 2,000,000) safety razors. Advantages of the New Company -The American Safety Razor Corporation will promptly eliminate innumerable items of overhead inevitable under separate operation of the three companies about to be consolidated. Through concentrated purchasing, production and distribution not ony will profits be greatly increased, but the razors and blades of the several concerns immeasurably improved in quality by the inter adoption of hitherto jealously guarded secret methods in manufacturing unique to each plant. 0 Management The management will continue in the hands of men who for more than twenty years have successfully conducted the business of manufacturing Gem, Star and . Ever-Ready razors. Plants The company has three plants in New YorkNCity, a manufacturing blade plant in Toronto, Canada, and an assembly plant; in London, England. Net Earnings Based on the business of the consolidated companies for tho first eight months of 1019 and the unfilled orders on hand, it is conservatively estimated that the net earnings for the current year after providing liberal expenditure for advertising t should be not less than $1,500,000 and the net earnings for 1920 should not be less than $2,000,000, after' appropriating from gross earnings approximately $750,000 which the company plans to spend in an extraordinary advertising compaign, especially in the de velopment of its foreign markets. Stock Issue In behalf of this company we are offering 400,000 shares of this stock at $18.00 per share if, as and when issued and subject to the advice of counsel. The market, for the present, will be on the NewYork Curb and we are advised that appli cation will be made in due time' to list it o n thq New York Stock Exchange and on other exchanges in the leading cities. All leg-al details will be approved by Messrs. White & Case, New York, and by Malcolm Sumner, Bsq., New York. A certified audit of the books of the .constituent companies has been made by Arthur Youne & Company, Certified Public Accountants. TVe are not responsible for information contained in this advertisement, but hove oblatnnl it from sources which we lielievo to be nltable. Block, Maloney & Company 74 Broadway, New York 203 S. La Salle St., Chicago All of the above issue having been sold, this advertisement appears only as a matter of record Head Office 55W.UStr.ct New York THE NATIONAL CITY BANK OF NEW YORK AND BRANCHES Condensed Statement as of September 12, 1919 ASSETS Cash on Hand, in Federal Reserve Bank and due from Banks and Bankers and United ' States Treasurer $205,017,561.71 Acceptances of Other Banks ; 30,502,396.36 U. S. TREASURY CERTIFICATES 55,187.000.00 $290,706,958.07 U. S. BONDS , 15,025,065.72 Loans and Discounts 519,246,695.01 Bonds and Other Securities; 35,876,180.91 Stock in Federal Reserve Bank 1,800,000.00 571,947,941.64 Banking House t . .., 5,000,000.00 Customers' Liability Account of Acceptances 45,334,719.45 Other Assets ., 2,974,549.47 Total... $915,964168.64 LIABILITIES CAPITAL. Surplus and Undivided Profits , $ 81,231,224.51 DEPOSITS i '... 747,640,991.99 Reserve for Expenses, Taxes and Interest Accrued 5,974,933.75 Unearned Discount ' , 2,238,336.70 Circulation ....;.. v- lv,,' V U i ; : : 1,429,595.00 Bills Payable and" Foreign Bills of Exchange Sold , 23,879,384.18 Acceptances. Cash Letters of Credit and Travelers' Checks. . . . 47,746,418.45 Other Liabilities . ."., 5,823,284.06 Total... $915,964,163.64 GOSSIP OF THE STREET ' '' ' "7 will nprend to all tho other countries, even to Russia, whero bolshevhm I .-1. i. .A .- nan a j must, pcierru out STEEI Si OCRS HOLD STEADY, DESPITE STRIKE SITU A TION Public Opinion Big Factor in Maintaining Prices, Says Broker. Gossip of the Street TX7HEN speaking of the excellent tone of the stock mnrket j-estenlny fore ' noon, tspeclally with reference to the s?eel stocks, n broker remarked thnt public opinion wns the strongest factor in maintaining prices in tho market at present.. Public opinion has set Its seal of disapproval on thli strike from the first, he ndded, nntl each day its conviction thnt the strike wns absolutely uncalled for is growing stronger. That sentiment, ho said, rather thnn support from the Inside, is sustaining the stock market. Gradually it is dawning on the people thnt neither a question of wnges nor of hours is involved, but a much more serious question, namely, whether the radical clement iu labor is to dictate to the people of the I'nlted States as it has dictated in Itussia nnd is now endenvqritig to spread its power to the other countries of Europe. Whether the lator leaders are nwnrc of it or not, lie remarked, this country has but one answer to such propaganda, and If occaslonurises that answer will he sure nnd swift. He also remnrked that ty is n pity that there is no way of referrlug such disputed questions, which , affect the whole economic fabric of the nation, to the ones who are really the sufferers and who, no matter who wins out, have to foot the bill. ... The senior partner of nnother brokernge house said he hailed with denght the proposed investigation of the causes lending up to the strike by a Senate committee. Such n proceeding, he said, would or should, if properly conducted, sljow the public where the faults nre without bins to either party In the qunrrel. He snld he expected little change in the course of the stock mnrket until after matters nre settled, which may not b for weeks 'or even months. He said he looked for n falling off in the interest of clients, who would naturally be inclined to hold off awaiting developments, although he considered there would be continued activity iuoils and coppers. Tho strike, he said, would unquestionably have a crippling effect on motor industries on account of shortage of steel if the strike Is protracted. A certain banker, when asked his view of the strike, said it seemed to him nothing more or less thnu a tight in the American Federation of Labor as to whether the conservative or radical wings will gaiu control, with the strikers nnd the public as mere pawns In the game. The strikers will he the last to find this out, he remarked, and before they do find it out wc may have some serious moments. Sy that, ho said, lie meant he believed the radical element is already tli loser and will try to use that last-resort weapon, n nation-wide sym- nfltnPtir utrttn lni'M.!,,f nil t.nTt.Llrlnu ltut 1M nu lintn fnr n ti m!inMn settlement, he added, and not ro keekine for trouble. w Growing Demand for Liberty Bonds When nsked to what influence he attributed the advance iu Liberty Bonds, a well-known banker answered thnt the growing demnud for these bonds as mi investment, coupled with the recent announcement that the government had retired upward of $717,000,000 of them, had much to do with the recent advance. He said his advice to the investing public nnd, he addend, almost every second man or woman one meets nowadays is an investor iu Liberty Bonds to some extent is to buy more, nnd if they don't own auj, then to buy some now, today, as they arc probably cheaper now than they will ever be. Continuing, he said, it wns notnble thnt mi nr .Vow York Stock Ex change on Tuesday there was ouly oue issue of the Liberty Bonds which did not increase iu price. The present udvnuco, he said, which has been going along for almost a month, has been very satisfactory. Some of tho issues have gained a full point, others three-quarters, and this iu the face of an unusually depressed market for bonds on the general list. ,On the subject of Liberty Horfds a well-known finnneier. who has just returned from n vacation iu the Adirondacks, saiiUhe overheard a conver sation on the hotel veranda between two men who were evidently, from their previous conversation, presidents of savings institutions. They had both expressed themselves as having cleared up all outstanding payments for Liberty Bonds, he said, nud both concluded that the present market offered nothing better for further investment. Steel Strike Only Subject.Discussed by Brokers A member of a prominent banking and investment concern, when nsked whnt the big finnueiers iu Philadelphia nnd New York were discussing today outside the steel strike, answered the strike. lie meant to con vey the idea thnt the steel strike overshadowed every other consideration for the time being. Some, he snid, are tulking about the foolishness of the strike. Perhaps never before iu all history was the world iu greater need of production. The lack of production in oue branch of industry, nud es pecially in the steel industry, is responsible for u shortage of production iu many other lines of industry, nnd is the prime cause of the high cost of living, with its necessary attendant, high wages. There is only one cure, he said, in his opinion, for the present world unrest, and that is for men to cease idling nud return to work as quickly ns possible. AVe have been talking of the demoralized condition of industry v in the European countries .since the war, he said, but that he wns informed on reliable authority that the European countries are rapidly returning to pre-war conditions, because the people have realized that only by hard work can they soou regain, nt least iu part, what they have lost. France and Belgium nre already nt work, fjermnny is shipping goods to nil contiguous countries Itussia, Holland, Italy and the northern coun tries but from all accouuts, he said, Belgium is the one country above nil others which has found herself, nnd from Belgium the infection of work Substituting Bread for Higher-Priced Foods When Julius II. llnrnes, Vnltod States wheat director, advocated sev eral weeks ago that n direct saving In household expenditures could be brought about by the substitution of bread for higher -priced foods, he could scarcely have expected s.uch a liberal response to his suggestion by the housewives of the country as Is shown in the nineteenth weekly bulletin on wheat nnd flour Issued by the United States (train Corporation. This bul letin record nn Incrense in America's flour consumption of almost 15 per cent, or 11,000,000 barrels iu seveuty days. The bulletin concludes its review of the wheat and flour situation by saying: "It Is to be hoped this flour replacement will continue nnd Increase, for it not ouly means a direct snviug Iu household expenditures, but further reflection luto the prices of higher-priced foods, which last year displaced, part of the usual flour consumption. " SILVER HITS NEW HIGH Dealers In Metal Predict Price Will Touch "Par" Bar silver made a further advance today, touching new high figures In both New York and Loudon, the quotation in the latter market being (W'M, the highest figure reached since 1S59. The price In New York was $1.18, a gain of li cents over cstorday's sales. It is prophesied by dealers iu silver that the metnl will reach "par." That price is $l.'J!l an ounce, nt which fig ure it would be profitable to melt silver dollars and sell the metnl for gold. As the government, within the past couple of years, has melted several hundred millions of these nud sent them to In dia to help ttnliiliz.' the rupee, nnd In n payment of goods, it is hardly possible that there are many silver dollars to uiclt. Pet fellM UmbalnM ' SprlngfleW, 111., 8tlr !3-A. trotnaa hern thotirht so much of her tiH euU ... . ... .. fish thnt when It died as n result' of i, being burned by cigarette ashes care'-' " lessly dropped In ,n bowl In which, IjJ'ji', Htm It Ail din lintl 1 AtntiAlniltfl tvf i lorui uiiuuriuKL'i j ; ia- . u LOCAL MINING STOCKS TONOPAH STOCKS Hlil Cnh ni- "', Jim Hullor rfi MiirNanirj. "-' Mltlv.i IT .Mlzpnli Kxteriftlou o.'i Montunu to -orthfrn St;ir o. Hc(iru llul.i 17 ronop.'ih lllvlile "1 Tunopdh Uxtenilon '-i West r.nri Vt West Tunopah 10 DtVllli: STOCKS Alllwl Dhldo 07 Altn Illil.lr 14 Hcchr :n Hen Hur 0" llroiuh Dlvl.lo i, DMle Kxl I. liM Syil'I "II Divide I'on 14 Dividend .13 ICbbI DMiln ll! ll.iflirrk DMdn IS llluh Divide lit rteert DMde 40 Keno Divide (Ill lloieU.i 12 Stiver Kltm A Tonopah Divide J1! Tonopnh llasb'k 2. Victory Divide 2.1 Verde DMde 24 Zone (12 OOLDl'IKDD STOCKS Atlanta " Hlue Hull "2 Honlh 0" C CI D 2 Combination Fraction n:i Crackerjnck 'i:: Development l'C Dl.imondheld H II "1 Dalxv 02 Florence -2 OoldDel.l (HI I1 CJoldllel.l Mercer (14 Great Kend ft2 ' .Tuml'o Kxlenslon In Kewanaa ni I,one Star ,' Oro "3 Ked Hills I liver Pick '17 Spearhead "I' MISCELLANEOUS Atnparo . . .- IS Arizona UnltM l.den Mother lide . . . Nevada Hill Nevada Hind .. . rromontiirlo Nevada Wonder Tecopa MlnlnB .. Whltn Caps ..12 Hi .40 .0!) in ApU III ml tn Ml .III no 2S, H .12 111 42 1" .111 .(III .1:1 .14 .ir, .41 .IIS 14 .17 l! .an .an .2S .ill .04 .01 .07 .1.1 .IK! .(IS 114 12 .114 .07 .0:1 .07 .on .10 .in l ..i.i oi an li .10 .12 .17 OIL LAND BILL HELD UP Mexican Faction Opposes Retro active Clause In Nationalization Mexico City, .Sept. 'il. lily A. I'.) The possibility that the Mexican Sen ate would "act quickly on oil legislation became uncertain yesterday aR a result of the session of the tipper house of Congress. Senator .Itian Trias, one of the authors of the bill being considered by the Senate, began the discussion for the measure, but Carlos Zetlnn offered a proposal for the aniendmeut of Article XXVII of the constitution, which nr tide nationalizes oil lands. The meas ure backed by Senor Frias and his fac tion in the Senate makes Article XXVll operative without being retroactive, thus meeting the principal objection of for eign interests. The motion of Senor Zetlnn, it is believed, will entail weeks of discus sion. While the Senate has taken up the oil question the Chamber of Dep uties has thus fur failed to touch upon the oil proposnls submitted by the ex ecutive brunch of the government lust November against provisions of which , foreign oil interests have made stremi-j ous objections. Attorney Does Own Washing I St. Louis, Sept. 2.". Lawrence Mc-1 Daniel, whose return from his office j of circuit attorney npproaches $10,000 a j ear, now is performing the duties of washerwoman in his household. He declared that he arose nt .1:30 a. in. and had the washing on the line iu one hour. About 40 Per Gent of our new customers are introduced to us by old customers, who thus ex press their satisfaction with our service and facil ities. Get This Free Book at Once! It tells the general rules of trading, with easy examples; deposit require ments, commission charges, how to give your broker instruct ions by wire, 'phone or mail: how to en dorse a certificate, and how to use collateral. Call, 'phone or write at once for No. TU-624. JONES & BAKER SECURITIES Widcncr Hldp;.. Philadelphia Phones Bell, Tt'olnut 6063 Keystone, Race 2290 New Tork Detroit PltUbutxb Chicago JJIrrct Private Wires Boatos BUSINESS NOTES Ineligible to Exchange Membership New York, Sept. 'J.I. Douglas Henry n member of Toole. Henry & Co., which failed April ', 11110, has been declared ineligible for reinstatement to membership on the New York Stock Exchange, according to an announce ment made from the rostrum of the stock exchange shortly after the open ing of trading this morning. UNITED STATES GOVERNMENT LIBERTY LOflH SECURITIES Itnle 3V2 4 ,l 4 414 414 414 434 4V4 1932 1922 1932 1927 1932 1927 1933 1922 1947 1923 1947 1942 1947 1942 1938 1923 1928 Appro. Yield If C'Hllrd, orlf Kelllnir at I'nr on Callable Date 3.49 3.75rr 4.51 4.73 4.74 5.13 4.78 4.75 Approx. Yield to Maturity 3.49 3.75 4.30 4.33 4.55 4.66 4.68 4.75 4.75 $50, $100, $500 AND $1000 DENOMINATIONS FULL INFORMATION REGARDING TAX FEA- TURES OF THE LIBERTY LOAN SECURITIES WILL DE FURNISHED UPON REQUEST MONTGOMERY & CO. CHICAGO 133 S. 4TH ST. PHILADELPHIA NEW YORK OOVERN.MBXT SHCUHITinS DEFAUTMEM TULEI'IIONES: 1SISLL; J.OMIlAltD 330j KISYSTONK, MAIN 384 The drug and chemical marietta are firm. Coal tar products are senrce and prices are advancing. The essential nil market is firnier. American producers of peppermint oil nre holding back their supplies in the belief that Germany will take all they can supply nt prices higher than those now prevailing. Salesmen now on the road with spring lines of footwear arc sending iu en couraging, reports on the outlook for business. High prices seemingly have failed to discourage purchases. Whole salers and jobbers are reported ordering large consignments of high grade shoes. Willie manufacturers of men's regu lar clothing arc looking forward to next spring with a certain nmotint oj anxiety concerning the retailer's atti tude toward prices, makers oT Palm Beach, mohair, cotton and wool crash and other light fabric suits say they are booking the largest number of orders they have ever undertaken to fill. . Dealers In precious stones are still finding it" impossible to import either pearls or diamonds In quantities suf ficient to supply the wants of their cus- turners. , The British embassy in a statement yesterday gave notice that all outstaml lug claims resulting from cotton cargoes taken over by the British authorities during April and May, 1015. while en route from unlteUTMatcs ports to neu tral European countries, must be filed before next January 1. The claims nre to be presented to the British Board of Trade, purchase department. From present Indications women's outer apparel for sprlug will be more conservative lit style than it is at present. This is the view of prominent coat nnd suit manufacturers who are beginning to lay" their plans for spring production. tJne ot tne reusons given liv the garment producers for u tend ency toward simple styles is the scarcity and high prices of suitable cdoths to be put Into spring conts and suits. Another Is the high cost of labor, which makes elaborate tailoring highly expensive. Action to remedy defects of the Amer ican cotton bale will be considered nt the world cotton conference to be held in New Orleans next mouth, nccordlng to an announcement made yesterday at the headquarters .of the conference by Frank Nasmith, secretary to the British delegation, which is on its way to the convention. "The American bale is a disgrace when it reaches the other side, because of the way in which it is packed, its lack of uniformity and its !. JA A.lUtn ?ntA 1r Vnemlth tltvlnm in ill cpverA flrnurllt In linrtll western states the Interstate Commerce Commission today autnorizea .me san ...n.lAn ff Ctta Inner anil Rhnrf llflttl liro visions, as regards rates on live stock shipments from .Montana. v yarning, TT.al. Trlnlir, nnrl Vnrth nnrl Konth D.l kota'to grazing or feeding points in other states when it is the Intention 10 return the cattle. The provision also wns susnended ns recards the shipment $3,500,000 Clinton-Wright Wire Company 8 Convertible Preferred Stock Convertible at any time at the option of the holder into Common Stock on the basis of two shares of Common Stock (par value $50) for each share of 8 Convertible Preferred Stock. CAPITALIZATION (As officially reported as of September 19, 1919) First Preferred Stock 7 Cumulative 8 Convertible Preferred Stock, Cumulative (this issue) Common Stock (par Value $50) The Company has no funded debt Authorized $3,500,000 5,000,000 7.500.000 Outstanding $3,500,000 5,000,000 7.500.000 From a letter of Harry W. Coddard, Chairman of the Board of Directors, xee summarize as follows: The Clinton-Wright Wire Company, as a step of great importance in the development of its business, has entered into a contract as of September 15, 1919, with the Spencer Wire Company, founded 1820, by virtue of which it immediately acquires the current assets of that company and its plant in Spencer and leases its plant in Worcester on a basis which in 12 years will give it title free of encumbrance. The company is one of the largest manufacturers of wire and wire products. Its eight plants in Worcester, Clinton, Palmer and Spencer, including the plant it leases, have an aggregate floor space of about 48 acres and employ about 3500 hands. The combined gross sales for the latest fiscal years aggregated about $18,000,000. The 8ro Convertible Preferred Stock, is protected by conservative restrictions and has preference over the Common Stock as to both assets and earnings. A cumulative quarterly sinking fund, commencing July, 1920, is estimated to redeem the entire issue within 18 years. The fixed assets owned in fee have been appraised by Messrs. Ford, Bacon and Davis at a sound value of $8,845,000. The net quick assets according to a consolidated balance sheet prepared by Messrs. Mar wick, Mitchell, Peat & Company are over $6,638,000. The net assets are thus in excess of $15,000,000, which, after deducting the First Preferred Stock, is equivalent to over $230 for each share of 8 Convertible Preferred stock. The average net earnings of the constituent companies for their respective fiscal years ended since March 31, 1916, have aggregated about $1,875,000, The balance after deducting prior charges being equal to about 3 times the dividend requirements and over 2lz times the dividend and sinking fund requirement of the 8co Convertible Preferred Stock. Price 99 and accrued dividend to ysM ove r 8. Subject to prior sale and change in price and when, as apBTssued and delivered to us. 'W to Spencer Trask & Company 25 Broad St., New York Albany Boston Chicago E. H. .Rollins & Sons 1421 Chestnut St., Philadelphia Boston New York Chicago The Information and tatitic herein contained have been obtained from source that we deem reliable, and, although not guaranteed, are accepted by ui as correct. i il ut. 1 4 i,i i t SI a m i-,1 'HI ,'(i w H w K 5 a , .-! ol (eed. J l. if '1 v&ak 4 ,n IV , . us?' r-x-j J, .K s ! '.,vJKCrv.. . U ' i .; n. vf , Oft! fir' A LSa BBBuiailSHKJ&&3Sts9QHBHGi
Significant historical Pennsylvania newspapers