.-7
P
ir
20
EVENING PUBL10 LEDUM- PHILADELPHIA, TUESDAY, OCTOBER Ut 19l9
Ui-Qe. British "Vets" to Unlta
At the miRKOstlon of T. P. I'crter,
Refined Sugars Continue Unchanged
New York, Oct. M. The rrflnfd
lu Pent to Rebuild Negro Schools '
Wltminrlon. Ill.. Oct. It. Unvlnc
tlrMitr clvm $2,000,000 for the rreon- . lirltUh c.n.nl I,.., llrltl.li world wnr SilRnr imirkrt contlnupo uucliaiiRttl
tructlon of school bulldlnc In Dcla- uctrrnns arc effrctlnr n reunion to en- ' 1-ornt relliirrs still rrfrnhi from arecpl
. ..... - .. . ' .1 I-.. ..... I,n.liuu n...t... . llin ImnvF
- I'lurro H. iln I'nnl. nf AVilm lip- . nKln flu., ... -,....... .... .. .nrt nnllrn na i"K ' " ",l"11"'"' " ' -;
on, has announced an nililttionnl ejft I au escort to the Prince of 'Wales. If he
ot $TS00.O0O for the specific purpose comei to llilt city. Thursday nlRht at
ot rebulldlnc nejrro rchooN. About the Parkway Untitling the Ilritish Great
nlnfctr arc In bad shape and will be War Veteians' Asioclallon of America
torn, down ami rebuilt out of this fund, will meet.
PHILADELPHIA MARKETS
Know Your Normal
Credit Loss
If you are a manufacturer or wholesaler,
whatever the size or nature of your husiness,
we can tell you the normal insolvency loss
resulting from sales of any volume for your
particular house.
Such data now more than ever of tremen
dous value is the result of an exhaustive
analysis covering the private and precise
experience of thousands of manufacturers
and wholesalers in every line of trade.
It means that ou buy the Amciican's Unlimited Policy
of Credit Insurance on au rbsolutely scietttifr basis; that
a service is provided jou which guarantees that you shall
not suffer credit losses beyond the ascertained normal.
An inquiry will brine ou, without obligation upon your
part, the normal credit loss figures for your house.
7AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E. M. TREAT, president
W. J. MOKPIIV. Manager J. V. McKADDKN. (ien. Act.
Mutual Life of N. Y. MdK.
I'hnnr rillifrt .V.nl,
Philadelphia, I'a.
u
oversale. The situation may be fur
ther accravatcd by the harbor strike,
wlili-h mnkes it lintionslble to unload
fanil deliver urrlvliiR raws to refiners.
l'ricei are mirliansptl at lie, less J per
cent for cash for fine grnmilntcd. Haws
are tmchatiKcd at T.'JSe delUered for
ItS-degree centrifugals.
RAILROAD EARNINGS
MlSSOl'M KAVRAH ANI Tr.XAS SYSTEM
lain inc.
Auauat nro . IS.TSA.Nltn MUW,
Illncl nflrr (axrs 11111,21)4 "';'?
NM opirut Income fiWVflfla. 701, Pll
r.llit mnntha' BToa 31,Sir,14l .-..r.T. 13T
Halnnrr nftiT iHTfs S.IW.Off.! 1.0(14 an"
.Net oiwrat Income- 2,S8I,AIIS 1.485,013
I'AVAMAN NATIONAL
Plrst urrl. lumber
From Januarv 1
Jil.Sini.'jNl
0H.071 41 s
RAILWAYS
l.il.i, sni
I GRAIN AND FLOUR
WIIHAT .Ircflpts, tal-MT tuh. Tha
markn -aa unchans-1-d. Tn Quotations!
I Car lot. In Mport novatnr. (tovermnni
standard li-.Mctlon. standard prlcsa No. 1
rfd winter. iz.SOs No 1 norintra rln.
2 8, No. 1 hard winter 12.301 No. 1 ra.
winter. n.rlleVv W.STi No. I red smutty,
it nit v. t rA iirtlrUv and smutty 13.81.
United States Orsln Corporation's nurchiijjii
ot wheat ere baaed on the followlnB sctied
ule nt discounts! No. 3 wheal. So uq Jjji
1. No, 3 wheat. On under No. li No. 4 1 wheat
10c un.lcr No. t. No. il wheat. .".' N,
1 Kor nil wheat otherwlae confnrmln to
the specifications of No. or m.""-,""
deficient In teat welaht. th discount from
the No, S price will be c per u'1'1,,0i,t,"1
one tKiund deficiency In teat "ln.';.Iv,nl?5i
aratline below No. r. for reaaona other than
deficiency In teat welfhta w I b S?J1',3
lla menu Hmutty wheat will be d,f0.un,?J
according to the deiree of fmut, bui i In .no
raae leas than 2o per buahel under tha eor.
reapondlne reeular.arado. Oarllcky "
wll be dlicounteil Jut aa heretofore. Jc per
hmhel from iho reuUr rade. "'"""S?"
win h accounted from 2o to Sn, aceoraini
to nuallly anil condition of mliturea.
BOND SALESMEN
WANTED
but
s 390 3S0 ' unlem othirwlie Instructed the trade may
rounl on our taKinc r.o. a iiitr .""" :;
Philadelphia Jjat aa heretofore. -
, under the correapondlnr "ruir '"" .rk.i
1 rimX Hecrlpta. M4R bueh The niarltet
I ruled arm but quiet. We uuole No - s el
low 111 car lota for local trade t 1 70 Per
ibu"h to arrHo and II I 73 on V1
OATS Hocelpts. 14,K'2 buall S1"."'
'ket na unlet but steady Quota t (,"".1?,,r,r
kila n to location: No, 1 white. K,j.''K,.,;H)
No 2 white. SOWHO'tc, Ne 11 while. illW
Till-. No 4 white 7T774tC , . ,, ...
mini ItecclPta 400 bhla and 2.1;3-8""
!b In sirks The market was quiet and
.n.i,in.e,i Quotations; Per 1DU Ibn packed
AX AGGKESSlVi:,
growinB organiza
tion can offer unusual
contracts to n few am
bitious, experienced men
with clientele, cither
city or out of town.
Address C 325, Ledger
Office.
Write in Absolute Confidence
demand readily nbwrbln the offerln", The
quotations: Kreah aolld-packed creamery,
fancy. hlh-ecorln toods. B0O71CI eitraa,
OSc; .' "re" M?87. flriti, S'Cinlci
aeoonda. .11(1 sne sweet creamery, choice to
fancy. 7072c, fair to Koed niWODci prints
Jobbln nt 74W7ilc for fancy and !0S?73c for
fair to uood
BOOS Fine new-laid nn wero well
cleaned up and firm Wo quote Tree caaea,
nearby firsts 110 20 per cratei nearby cur
rent rccelpta. Its 0. fair to enod, 117 40B
lis western eatra firsts 110.20. firsts ll
etR.Oo neorhv and western seconds, 110.20
W17 10 Inferior lota lower', fancy selected
ecu Jobblna- at 7lrT.1c per doien.
POULTRY
I.1VK F.incv s'ock mel wllh fair sale
and va ues were well maintained The quo-tatlona-
I'owla, ii,to A"'".1'?; ii?,!,."
rhlckena, as to quality. S.IOStlcirooateri.
21(r22c. ducka white fekln, SOc, do. Indian
Runner 2720c. pleeona, o d, per pair.
M(40c. do, muni.- per pa'r. 2Haoe.
tRKSSKI sold flrl and waa well
cleaned UP nl full Oeu"s The quotations
were aa rolli ws rresn-sui. u" V . oo
boxes, welshlns 4 lbs and o(er apiece. SBc.
welghlnir H'i lbs aniaae welshln 8 lha..
27 (f 2I.cT smaller sixes. 24 W2c; fowls, fre.h
killed, In bbls . dry-picked welihlnr 4 lbs.
-. .' i. Qfifl arnlarhlntr 1V4 IDB .
""i"pr Hpi-ir ", "-;n,-iKir- :Tii
navf. wii?ninir a mi .iiiffc.v. " "
.n ii. 1..1 ....-is Cnfi uinicr n riiia.ni
w.stern II0.10W1U.40. do lo ";.& ,!0S
fi 10 bird winter straluht 111 -J "L 'J.-'
do abort palrnt. Ml 7f.W12.2r.. 'P?"'1.:
a,, n'.irtn Tr. An latent S T2 W 1..-0 .
near -.........------ - .-,-
.hr.n naipni 11. .J'U t- ..' .u.i. -t---..-
do
fomllv brands.
,nd iltv n Ills patent,
UYl": rtlt'll sold alnwlv a' former rates.
Wo quote at 17 R.-.ffSOS per bill . Ill sacks,
a lO tUMllt.
PROVISIONS
rho mirket was quiet ami nit bout im
tnriont ihsnue Quotations .''' '"..JSi
tend're sinohcu ..... ""-;". ,-- -,aa
rttir nnnii, i i. v u i .....
famll"
BK.. .!.. .W9S& 1"- ill ""honele.s.
NmnUrtl aiiitw nuc. iiint u-.n'.. ,i.
I 4?c plrnlc shoulders, S. P. cured. bo. 21c
to; smoked 22C! bellies In pljllle. loos". 30c.
Vrcakfast bacon, 87c: lard. SOc
REFINED SUGARS
Trade waa quiet and the market mi on
,hned en n basis of He for line granul-ited.
Surplus were -ry small.
DAIRY PRODUCTS
' ,ndrr.h7,Velmi
i a?-V2ncv,bsN;rfaJo,eror3l:
Koods. 32'4 jrsac
Tlt-TTRH was scarco and
.111 if
j BUSINESS NOTEST
The Canadian confectioner' liulustry
It enterlnit upon a new era. It Is stated
Hint tho candy .old to the United King
dom thus, far In 11110 exceeds $1,000,000
in value and that this bushiest rould
rnsi!J have been doubled or trebled If
the t nnndlan exporter" could satisfy the
demand,
Ituyers of flour arc generally Indlf
lerent nbout making imrchases, even
snowing no Interest In resale offerings
beow the market, nt they arc appar
ently well supplied for current reqtiiro
inenty and me not disposed as yet to
anticipate the future.
n?J """""'nent by large manufac
tilirra indicate that wholesale llnet of
clothing for aprlng nml Miminer will be
opened on or about October 17. which
it a month Inter than usual. The late
nest In opening tho WM lines ii t.nid
to be clue to the mtny delnvt the manu
facturers have hail (o contend with In
getting out merchandise for t'llsr winter.
Ilolnnlrals arc leading the upward
movement of the drug ilt just now.
There Is n general scarcity of supplies
on the spot, nnd In some Instances salet
are belug made at primary centers nt
prices on a basis above those prevailing
here.
IIcIrIuim It In great need of paper and
pulp. Importations of paper at the
present time nre mostly from Oreat
Ilrltain nnd France, while the Scandi
navian countries nre sending in pulp.
The demand, however, it far in excess
of what has been shipped or contracted
for.
India lias become one of the largest
hnrdware markets In the world nnd has
begun to place orders for goods In the
I'liltcd Htntes. Formerly Kngland sup
piled this territory but seems to be at
present unable to rater to her former
customers. Jnpan has also become n
strong competitor 6 c both
and British In this field.
AmcrWans
The annual loss of life and property
by fire In Canada has been for sevcrat
years greater per capita than In uny
other civilized country. In 1017 Cana
da's loss was $3.24 per capita and In
1018 the per capita loss exceeded 54,
which compares with other countries as
follows: United Htates. $2.2(5 1 1 Uussla,
07 cents; France, 74 cents) Kngland.
04 cents i Norway, TO cents: Italy, M
cents; Sweden, 42 cents: Ocrmnny, 28
cents; Switzerland, 13 cents.
Of great Interest to the dye trade was
the announcement coming through the
wnr trade board section of the State
Department that Oerman vat dye im
ports will be distributed through the
Textile Alliance, Tnc, of New "Urk
city, to the trade on an equal basis.
This was considered highly satisfactory,
and as soon as working plans were an
nounced it was thought that much of
the scarcity that now prevails In certain
imported grades will be relieved.
Il - . . : II
hljrhr with
-xemp
113,000 SHARES
Temtor Corn & Fruit Products Company
Class A, or Capital Shares, of no par value
Preferred and Participating as to both assets and dividends
n Preient Personal
Federal Income Tux
ProDertr Taxes in Illlnoii and from tho Pretent Normal
Listed on Chicago Stock Exchange
Stock Transferable in New York, Chicago and St. Louis
The following facts are summarized from a letter to its of the President', Mr. Milton G. Chjmer, and
from a report made by Messrs. George V. Goethals & Company, Inc.:
CAPITALIZATION:
To be
Outstanding
137,500
55,550
1
Authorized
Class A Shares 200,000
Class B Shares 60,000
Both Classes of no par value.
Organization and Business The Temtor Corn & Fruit Products Company has been incorporated in
Illinois to acquire (1) control by ownership of not less than 98cc of the Common Stock of the
Best-Clymer Manufacturing Company, makers and distributors of jellies, jams, preserves,
fruit butters, corn and sorghum syrups, with plants at St. Louis, -Missouri, and Fort Smith,
Arkansas, and (2) the Granite City, Illinois, corn syrup plant of the Com Products Refining
Company (which under the Sherman Anti-Trust Law it was compelled to sell, and for ap
proval of which application has been made to the court).
The properties thus included will make it the only company in the United States control
ling the entire manufacturing process from raw material to finished product, and it will be
the largest producer and distributor of jellies, jams and preserves made from corn syrup,
and also a large producer of corn and sorghum table and cooking syrups.
Management The operations will be under the management of Mr. Milton G. Clymer, who orig
inally built and operated the Granite City plant and in 1906 sold it to the Corn Products Re
fining Company, remaining, however, as executive manager of the plant until 1913, when he
organized and became the active head of the Best-Clymer Manufacturing Company. In the
present Company he is thus bringing together the two concerns which he was instrumental
in founding.
Priority and Preference Provisions of Class A Shares (this issue) Class A Shares shall have
priority as to assets in liquidation up to $50 per share; Class B will then receive $50, and
any balance will then be shared equally. Class A Shares shall have priority as to dividends
up to $4 per share in any one year, then Class B Shares will receive $4 per share, and after
that they shall share equally in any dividend distribution.
Balance Sheet The financial status of the Company as stated by Messrs. Haskins & Sells, Certi
fied Public Accountants, after acquisition of the Granite City plant (taken at actual cash
cost) and the Common Stock of the Best-Clymer Manufacturing Co. and giving effect to
$1,000,000 new working capital, which will be provided by this financing, is as follows:
LIABILITIES
Clasa A Stock 137,500' Shares
Cla B Stock 55,550 Sham
No othe rliahilitiet
'The shares have no par value.
WT Kl IIIR " - --...-. -;- .
atrrs 'JSOSOc. old rooatra. i! r ypic Krn ,
24c: brolltra .Vr. Ice-Pckert 4fl4Rc:
BSc: ordinary to 1 , ?.. K"".
vrcatern, Ire-j.'ukrrt. welshing 14 WJ lba
rpIock. Mfl.lHc. do weatrrn. cnai'S'o:.
ivelshlne 9Ue-i U "Pi'"'. JiW30,'V
wrateni. mllli-fcrt ihlckana. IS to tyi'"
lba and urdtr to dozen P'r lb. !
18 to 24 lbs to ilozrn Pr lb J343r: 2B
to 3(1 lbs to doren twr lb SStTSBci SI to
3B INl. to dozen IT lb SSe. .17 to 4J lbs.
to dozen, per lb. 33JS4c, 41 to 4, lbs to
dozen, per lb ,1ilf17e 4S llx and oyer to
dozen. aSffMIV Kprlnit duekllnaa, nearby aa
to nualltv, anvusc anuaha. per dozen,
white weichlnir 11 I" 12 lu r!:r,1";"''
JR.ROfln 2S unite nplnhlna B to In lba Per
doren. 7 ,VrK 25 white, vele-hlne S lba.
per dozen. Illfla 71 do do, 7 lbs to dozen,
M.SOCfn 2,"! do, do ltSMH lbs to dozen
IZISOOSMII dark II :,& 2.1 amnll and
No 2. 0c'ff2
FRESH FRUITS
Choke stock sold fairlv anil aome klnda
nere n shade firmer with supplies well
under control Quotations Apples, per
bakt.. ,10c II 7.1 do, per buah hamper, 1
03.2.1; do, per bhl tfloOfflflilO Cranber
ries, per Mi1 7 10 Wll Peara, nartlett,
per huslr. S2r,04f4 do Seckel, per bush..
I8W8; do. Kelfer per bush . 7fic0ll.no
Grapes, t'oncord. per pon bskt . 22024c,
.no. Niagara per pon dski --?w-'4c; ao,
1Vlne, per Jumbo bkt SOelitll 03 lyfmona.
per box, I4.IMV1 a l.l wranKen, auiornia,
per box, fl 004 7 no (Srapefrultn Florida,
per box J2.25S4 115
VEGETABLES
Potatoes ruled stead while onltns and
rnbbnirft were a nhade firmer Quotstlona'
White potatoes. nearb per bskt No 1,
IMVfJ1.15. lower (trades nnePIISc; whlto
potatoes, per l.UMb sacks No 1 $R.ft5fi
4 1(1: No. " J2 1!.Hl2 3(l white potatoes.
I'rnnllanla per il ti .10T2.R1 Hwreet
potatoes Houthern Si' 1 ix'r bbl.. $3.25J
3..10J do No 2. per bbl $2.2fi. Jersey, per
bskt., 80c4Ml Cabbase New Jersey, per
bskt.. HoWO-le , do New Tork domestic, per
ton. KM (1 80. do. Danish per ton, I85W40.
Onions. pr 1i0-)b saiks Yellow. J2.25JJ
3 25: while. 4
BUTTER, EGGS AND CHEESE
fw York, Oct 14 -11LTTKR -High and
steady. Itrtclpts t',2.17 tubs Hlirh acorlna,
(17V4 Ifl IISci extras r.BVj St U7t Hrsts. (10W6tl;.
aeconds. SJff.l.lc. state dairy .1fC fide.
KOOK Klrm Ilecelpts ST78 cases.'Fresh
t'athercil extras nd'Billc. firsts. fin(12c;
fresh extra firsts 13(iid."H. fresh Kathored
seconds, (14fl'lc. dirties. No 1. 4il48c;
do. No 2. 414M.V che, ks No. 1, 41W42c;
underuradde SSWIS.V.'c firsts, 01.12Wc,
seconds, t11f40- Mate and nearby hennery
whites, H.ldBllc, unthered dwdhltca. 70
8.V: weatern whllea 70WH3c, Pacific coast,
84S0c; western and southern gathered
whites, OOSfMOc state nnd nearbv henner
browns, 701 73r (fathered brown and mixed,
fiflffnTc, fair to prime I'.oftllJc; refrigerator,
No. 1. BOKMlViC. do. No B, 4llJ4nc
CIir.ESi: Flm. Re, elpts. 2042 boxes
Flat, current inake. colored, averase run,
3etff80Uc: flat, r'urrent make, white, axerape.
run, 30ir30'c, colored specials, 30U
314c white specials, 30' (ifSVic
Lawrence E. Brown & Co.
CERTIFIED PUBLIC ACCOUNTANTS
1615 B.KAI. F.STATF, TBC8T HUH),
linestlsate and ndjust partnership aal
rorporntlon accounts. Also prepara U. 8.
Xnroraa Tax Returns.
r- -.-r
Uncommonly
Attractive
Combination
Yielding 8c
$4,500,000
ASSETS
Real Estate, Plantt and Equipment,
Common Stock of the Best-Clymer
Mfg. Co. (Assuming all is ac
quired) taken at open market
value as of Sept. 25, 1919
Cash 1,000,000
Trade Marks, Brands and Good Will, 1
I Si
1,230,250
Total
$6,730,251
Earnings Messi3. George W. Goethals &, Co., Inc., Consulting Engineers, make the following es
timates, all of which are after full allowances for depreciation and taxes (based on the rates
of taxes for the years considered) :
Earnings
For the four years ending Decern
ber 31, 1919, average $1,251,214
For the year ending October 1, 1920 1,364,240
(I'ndrr tlie terms of the sale of the
flranlte 'lt Plant lij the orn Prod
nets I(rfliilna Co.. the latter Cnm
linnr remnlna us tenant of the new
Company until October 1. 1050, pu.T-Ins-
us rental (1.215,000.)
For the year ending December 31,
1921 1,652,500
Th
On Both Classes As Applied on
of Stock Class "A" Stock
eciual to $6.48 per share $9.09 per share
" 7.06 " " 9.92 " "
We hae carefully selected a
combination of three preferred
stockR embodyluK uncommonly
attractive features one of which
includes bonus of dividend paying
common Mock Husltiesses in all
Instances successfully operated
for main ears.
Combination yield
about 8rJ
Combination earnings
three to twelve times
preferred dividend re
quirements. Combination assets
largely in excess of
preferred stock issues.
Combination price
96 1-3 and accrued
dividend.
sirim Ucscriptiir Cit'cular on
Hequist
Fairman & Company!
DREXEL BLDG., PHILA.
Established 1902
8.56
12.01
foregoing figures are after deduction of $69,500 dividends on $850,000 Best-Clymer
Manufacturing Co. preferred stock.
Dividends In view of the assured earnings through the fixed rental from the Corn Products Re-
fining Company, added to the certainty of large earnings of the Best-Clymer property, the
management plans immediately to place "both classes of stock on a $4 per annum dividend
basis.
Extract From the Report of Messrs. George W. Goethals & Co., Inc. "We have investigated the
management, have examined the properties, and in our opinion the proposed capitalization
based on past and estimated future earnings is fully justified, and we regard the proposed
' issue of stock as one of superior merit."
All legal details will be passed upon by Messrs. McAdoo, Cotton and Franklin of New
York, or Messrs. Winston, Strawn & Shaw of Chicago, Attorneys for the Bankers, and by
Messrs. Jourdan, Rassieur & Pierce of St. Louis for the Company.
It is planned to make application to list these shares on the New -York and St. Louis
Stock Exchanges.
Price: $50 per share
Deliverable when, as and if issued artd received by ut.
i f
Kissel, Kinnicutt & Co.
14 Wall Street New York
Ths Information and statistics contained In this advertisement are not Kuarantecd, but w bellevt them to b. aeourate.
Pape, Potter & Kauffman
Boatmen's Bank Bldg. ' St. Louis
Foreign Exchange
The feature of our October
Circular is an explanation of
the methods of dealing in For
eign Kxchange covering i.
Puts and Calls
Drafts
Deposits abroad and
Transactions in Bonds
In addition, the circular lists
our investment recommenda
tions, the income from which
ranges from
5.20 to 8
Copies will be furnished on request
Edward B. Smith &Co.
BANKERS
ESTAHLISHED 1882
Hrmbera Sew Vorfc ami rMlodelpMo
mocfc luchanota
I'liiiAiiF.i.niiA
Ull t'hrslnut M.
NI'.W innK ' kaston
KKW I.OMION AM.K.NTOWN
. $2,250,000
J. I. Case Plow Works Cotapany
7 Per Cent Participating Second Preferred Stock
Par Value $100
Redeemable as a whole or in part on any dividend date upon thirty days' notice
at I 1 5 rc of par, but only after entire amount of First Preferred has been retired.
Dividends payable January 1st, April 1st, July 1st and October 1st.
Transfer Agents
First Trust and Savings Bank, Chicago
New York Trust Company, New York City
Registrars
Continental & Commercial Trust & Savings Bank, Chicago
Liberty National Bank, New York City
EXEMPT FROM NORMAL FEDERAL INCOME TAX
CAPITALIZATION
Authorized Outstanding
7 Cumulative First Preferred Stock (par value $100) $5,000,000 $3,500,000
7 Non-Cumulative Second Preferred Stock(par value $100)$5,000,000 3,500,000
Common Stock (no par value) 125,000 shares 125,000 shares
From a letter addressed to us by Mr. H. M. Wallis, President, and other in
formation and data in our possession, we summarize the salient features.
ORGANIZATION
The J. I. Case Plow Works Company is the outgrowth of the business orig-
inally established by Mr. J. I. Case forty-three years ago. The present J. I. Case
Plow Works Company has been incorporated under ihe laws of Delaware for
the purpose of acquiring and bringing under one management and control the
property and business of the J. I. Case Plow Works and the Wallis Tractor
Company, both of Racine, Wisconsin. The company's product, consisting of
tractors, plows and tillage implements, is widely known and enjoys an enviable
reputation for quality and service.
EARNINGS
The net profits, before taxes, of the J. I. Case Plow Works for the two years
and the Wallis Tractor Company for the two and one-half years ending June
30, 1919, combined, were at the averageg annual rate of $755,737. For the
present fiscal year net profits before taxes arc estimated at $ 1 ,250,'000; or over
twice the Second Preferred dividend after allowance for prior charges.
PROFIT SHARING FEATURES
I This 7 Second Preferred Stock shares equally in any dividends declared
upon the Common Stock of the Company without reservation as to amount
of such Common dividend. For example, if dividend of $3.00 per share is
paid on Common Stock same must be paid on this Preferred, or total
of 10.
2 Present financing places the Company in strong financial position and cov
ers all requirements for working capital. The economies and increased
earnirigs thus obtained will permit of a liberal dividend policy on the
junior shares.
.3 Old established business in existence over forty years.
4 Business is showing heavy increases month by month, in gross and net earn
ings. Estimated net earnings for year ending June 30, 1920, are
$1,250,000.
5 Production of tractors for several months past has exceeded twenty per
day, or at the rate of 6,000 per year. Plans under way to double this pro
duction next year, with indicated net earnings of more than $2,000,00p. .
6 Shipments of other products, such as plows, harrows, motor cultivators,
etc., show steady increases in volume.
7 Company had no war business of any kind and will be distinctly benefited
by peace conditions.
8 Conservative authorities say that the primary tractor market is at least
1.250,000, while production in 1918 was but 133,000 (est.).
SAFEGUARDS i
This Company shall not, while any Preferred Stock of either class is out
standing, create any mortgage or other encumbrance upon any of its prop
erty (except purchase money mortgages or liens on property hereafter
acquired) without the consent of three-fourths of the First Preferred Stock
outstanding. After retirement of the First Preferred Stock these rights, also all
other rights of the First Preferred, revert to the Second Preferred.
MANAGEMENT
The Company will continue under the present successful managtment,
which has been cennected with the business for the past twenty years.
I PRICE 984
The information and figures contained herein are not guaranteed but are
based upon information and advice which we believe to be accurate and
reliable.
We have prepared an illustrated booklet which we shall
be glad to send on request. Also descriptive circulars
W. G. Souders & Company
Investment Securities
208 South La Salle Street
CHICAGO
. DETROIT GRAND RAPIDS MILWAUKEE
EXECUTIVE
38 years old and married, desires
permanent rniiadclphfa connection.
I C years foreman and shop training;
I 12 years master mechanic and super
1 Intendent construction work.
C 202, LedgerOmce -
Argonaut Salvage Corp.
A Commercial Proposition
Traded in on New York Curb
Salvaging promises to be one of the important post-
war reconstruction industries with a permanent future.1
Descriptive circular and full details on request,
Wm.-A. Bluett & Co.
IB Broad Street New York
Members New York Curb
NEW YORK
31 Nassau St. j
it
1
'
fc
v1
.c
r
. -
J C
S 4, r
-Jl
lr
Tl
r. .. "t I.- . a.
w
'
V "I ' ' B cV ? I
t fin. 1 V , H I L ' r "P. ,.