ifH'l' WH W ' KMW1""
-Wiriqppipv v
'
TDVENING PUBLIC LEDGER PHILADELPHIA, MONDAY, NOVEMBER 24, 1919
19
$7,500,000
BROWN COMPANY
(Formerly the Berlin Mills Company)
6 Serial Gold Debenture Bonds Series "A"
Authorized $15,000,000 Outstanding $7,500,000
Dated November 15, 1919. Interest pnyablo Muy and November 15.
Duo in annual installments of $375,000 each, November 15, 1920, to 1939, inclusive..
Interest payable without deduction for any Federal Normal Income Tax up to 2
OLD COLONY TRUST COMPANY, BOSTON, Trustee
HISTORY AND BUSINESS v
The Brown Company, founded in 1852, is the largest manufacturer in this country
of bleached sulphite fibre pulp and kraf t wrapping paper and it also manufactures bond
paper, lumber allu allied products. Sales in recent years have averaged more than
523,000,000 annually. Its operations in Canada are conducted through a subsidiary,
the Brown Corporation, of Canada, of which the Brown Company owns all the capital
stock.
PROPERTY
The mill properties at Berlin and Gorham, N. H., consist of two paper mills, two
sulphite fibre mills, a saw-mill and five hydo-electric plants with an installed capacity
of 25,000 H.-P. and a steam power plant with a capacity of 20,000 H. P.
The Canadian plant consists of a pulp mill and water-power for manufacturing
sulphate fibre, which product is shipped free of duty to the American plants.
A practically perpetual supply of raw material is assured by ownership in fee
simple of more than 400,000 acres of timber land in Maine, New Hampshire and Ver
mont, and the acquisition in Canada throuii the Brown Corporation of more than
800,000 acres in fee simple and stumpage and about 1,700,000 acres in timber limits
under perpetual license. Total holdings are over 4,530 square miles, conservatively
estimated to contain 15,000,000 cords.
ASSETS
The cash investment in the American mill properties alone is over $14,000,000.
After the application of the proceeds of these bonds the net quick assets of the
Brown Company will be in excess of $12,000,000, and the tangible assets applicable to
this issue in excess of $38,000,000.
The combined, tangible assets of the affiliated companies are in excess of 50,000,000.
EARNINGS
Earnings of the Brown Company, as certified by Messrs. Nile3 & Niles, Certified
Public Accountants, for the last five fiscal years, after taxes, depreciation and interest,
have averaged $2,190,222, or nearly five times the interest on this issue, and for the
last three fiscal years have averaged $3,102,369, or nearly seven limes the interest on
this issue, to which are to be added the earnings of the Brown Corporation for the last
three fiscal years, averaging $507,617.
In addition to the above earnings, special reserves have been set up by the Brown
Company during the last five years averaging $445,G58, and by the Brown Corporation
during the last three years averaging $272,617.
PROVISIONS
The Indenture securing these bonds has been so drawn that no further mortgage
may be placed upon the present assets while any of this issue is outstanding. The
Company covenants to maintain net tangible assets of 300 of Series "A" at any time
outstanding, and total tangible assets of 200 of total liabilities, so long as any bonds
issued under this Indenture remain outstanding. Furthermore, the Company will main
tain net quick assets, exclusive of inter-company accounts, at not less than 75 of all
bonds of Series "A" and previously issued funded debt outstanding, and at not less than
50 of the total funded debt outstanding during the life of any bonds issued under
this Indenture.
NEW YORK BOND TRANSACTIONS
Alaska O M cv B
1000 .... mi
S00O .... 17
Am Agr it C Co Si
3000 .... 06
Am Smelt & It 6s
loooo .... 8014
Vm Tel & Tel clt
looo .... 81U
2000 .... 80
Am T &. T cv 4 ',4b
2000 .... 83
Am Tel Ac Tel 5a
4000 .... S'lVi
1000 .... 82 V4
1000 .... 834
3000 .... 8S
Am Tel & Tel 6
1000
inoo
18000
2000
81
80
80
fiOOO
1000
1000
8000
1000
8000
3000
7000
oo,4
00 li
oot
ou
on
00
00
on
Anglo-French Bs
2000
2000
1000(1
2000
18000
71000
2000
6000
4000
2000
600(1
4000
3000
10000
17000
3001)
1000
08000
10000
100(1
soon
4000
1000
14000
2000
8000
o-Ti
00
00)i
DO)
00
00
OOTi,
80
0 13
07
on 15
00
90
00
no 11
00 11
00
1)0 11
00 11
00
00 11
00 V
00
1)0
00
00
Chile Copper 7s
1000 .. .100
C Gv HuKuni; Tl Cs
1000 .... 57 'j
City of Bordeaux fls
8000 .... 02
1000 .... 92 "j
City of Ljons r,s
1000 .... 02 Vj
City of Jlur 6a
1000 . . . 92 Vi
Cof X Y 34sof'Gl
4000 .... 83
C of X Y 4Jsof CO
60000 07
C of N Y 4'ts of 64
2000 07 H
City of Paris 6s
looo .... nsii
1000 .... 05
1000 . .. 05Vi
3000 . . 95 ti
City of Toklo Ka
2000 .... 00V4
C c C &. bt L 4 He
1(100 ... 78
loon .... 77 Va
Col Oas & U Co lBt
loon .... 80
Col fc Bo lly 4ViS
BOOO ... 75
Coll Gas Co cv
M Kan & Tex 4s
13000 .... 01
6000 . . fll',4
Mo i'aclflo exn 4s
looo
5000
10000
1000
2000
3000
1000
57
67
87
6(1
60
80 U
57
t Armour & Co 4MjS
1000 83
5000 83 'j
A T & S V artJ
100O ...
looo . . .
1000 ...
1000 ...
1)000 . .
1000 . .
2000 . . .
A T & S I'
6000 . . .
3001) . . .
2001) . . .
5000 ...
10000 ...
10000
71
, 71
. 71
. 71
, 71
. 71
. 70
40
,-78
. 78
, 78U
, 78li
, 78
78
MATURITIES PRICE
1920 to 1922 inclusive 100
1923 'and 1924 '. . . 99
1925 to 1929 inclusive 99
1930 to 1934 inclusive 98Vs
1935 to 1939 Inclusive 98
APPROXIMATE
YIELD
6.00
6.15
6.15
6.15
6.15
HORNBLOWER & WEEKS
42 Broadway, New York
BOSTON
CHICAGO
PROVIDENCE
PORTLAND
DETROIT
The 6Ulciuinta (oulalned lirrcln uro nut guarantied, but arc IiispiI upon Information which w
lielletG tu lis accurate and reliable, und upon wlilih wo he ucleil In tho purchaso of thno bond.
0000
5000
1000
3000
5001)
'25000
19000
2001)
Dm &
5000
snoo
300(1
READJUSTMENT
OF
Maxwell Motor Company, Inc.
AND OF
Chalmers Motors. Corporation
To the Holders of Certificates of Depoiit issued under the Plan and
Agreement af Readjustment, 'dated August 30, 1919, for
MAXWELLf MOTOR COMPANY, Inc.:
First Trefrrrnl Rtnrk:
heiond Preferred hiocki
Common Mod.. '
CHALMERS MOTOR COMPANY:
First Morteate Hx rer Cent The Veur Oold Notes.
CHALMERS MOTOR CORPORATION:
rreferrcd stocki
Common btutk. ,
and
To the Holders of the above mentioiiad securities.
Announcement is hereby made by the Committee as follows;
1. Tho certificates of deposit issued under the Plan and Agree
ment of Readjustment for first preferred stock, second preferred
stock and common stock of Maxwell Motor Company, Inc., have
been listed on the New York Stock Exchange.
2. In order to conform to the requirements of the Stock Exchange
with reference to listing, the time for the deposit of securities
under the Plan and Agreement is hereby extended to and including
DECEMBER 13, 1919.
3. A majority of the stock of Maxwell Motor Company, Inc., and
a majority of the stock of Chalmers Motor Corporation has been
deposited under the Plan and Agreement.
4. In order to enable the Committee to carry the Plan into effect
further deposits of securities are necessary. The agreement between
the Committee and the Bankers for the purchase by the latter of
$10,000,000 of Notes to provide additional cash working capital for
the New Company as set forth in the Plan has been extended to
DccambTteJjS, 1919. As the raiting of this new money is essential
for the WtKta f tne security-holders oftho present companies,
the ComrHkurges the immediate deposit of securities In order
that the agtWjte with the Bankers may be carried out. Securities
should be tRRted with tho Depositary, Central Union Trust
Company of New York, 80 Broadway, N. Y. City.
Dated, N. Y November 14, 1919.
C B 110011133 Secretary,
IIAIIRV UKONNKIC, Chairman
JAMICS c. IIKAI1V, "
JOHN It. MOHHON,
KIION IWUIiN.
Jtll.l'H H. riIK.
IIIIOII rllAT.MKRM.
J. HOKACI3 HAUUINC.
Committee.
LIBERTY
BONDS
$50, $100, $1000
Bought Sold
Recommended for Investment
Newburger, Henderson & Loeb
1410 CHESTNUT STREET
block lij.
Members IS.
V. Si I'hlla.
cuunges
Atl Coast Lino clt
51)110 ., "'
At CoJhL Lino IMjS
3000 'IV
At Coabt Lino Cs
looo .... oa'j
Bait & Ohio cv
loon . ..01
looo .... 0.1 Vi
2000 .... 03?i
1(11)0(1 01
2000 . . 03',i
B.ilt jl Ohio 3Vja
diinn .... 84
looo . . 8IU
I B.llt i: Ohio 4c
I 2000 . .'. . 00
1000 .... 0bi
t 5000 . . . HOW
1000 .... Ofl'l
Bait o. Ohio 5s
3000 .... O.V,i
3000 .... 03 'l
5000 .... 03
7000 .... 62
Ball & Ohio 6s
2000 .... 0214
2000 .... 01 Ve
1000 .... Oil'
1000 .... 02
BK.O P L. U & W 4a
1000 .... 60 '
1000 .... 50
B & O So W 31,4a
3000 .... 77
7000 .... 77
Beth Slccl Corp fd
1000 .... 88
Brook Hap Tran 7s
5000 .... 10
1000 .... 40
1000 .... 18
Brk Union Elo 1st
100OO .... 03
Cal G i U Corp G"
1000 . . . 90l4
Central Leather &.
1000 Q')
Cent of Georgia 1st
1000 . . . t)3M
Cent ot Georgia 6
3000 .... 03
Central Pacific 1st
inoo .... 74 Vj
1000 . .. 7 Hi
1000 .... 75
Ches & Ohio 4"jH
noon . . . 7.Pj
Ches & Ohio Da
2000 . . .)
1 Ches& Ohio cv 4 Vis
2000 .... 77
I 2000 71
I Ches &. Ohio cv Es
loon .... 83 u
2000 .... 83'fc
Chi B & Q II 3 Hit
1000 .... 74 U
1000 .... 7t'j
Chi B & Q gm
4000 .... 709i
100O .... 10Vi
Chi B &. Qulncy 4s
Amer. Mores & Acme f ea Stocks
Terre Haute, Ind. East 5s, 1945
East Penna. Rwy. 5s. 1936
Wharton Steel 6s, 1923
Kentucky Trac. 6c Term. 5s, 1951
Northampton Trac. 5s, 1933
Empire Gas & Fuel 6s, 1924-26
Lehigh Pr. Sec. Stock & Notes
Equit. III. Gas Light preferred,
Locust 010J Land Title BUg, Bai4H
New York Tel. Canal 1048
Jfemliers Philadelphia Ptock Exchange
Investors read
TKe Wall Sweet Journal
HIGH GRADE HIGH YIELD
RAILROAD BONDS
LIST ON RE(WEST
MARTIN & CO.
IA I WALNUT ST.
WM
RoM.GIendinning&Go.
Imestmcnt Securities-
, Epecial Attention Given
to Orders on
Pittsburgh Stock Exchange
by direct wire connection
(New York
fcembers rhlla. Stock EiebaniM
I rituuursb
400 Chestnut St., Phila.
FINANCIAL
Pocahontas Consolidated Collieries
Company, Incorporated
riTTY.YEAR nVK TEB CENT
(OLD 1IOND3
Nolle Is h'reby Klven, pursuant (o the
terms of tlio Mortgage dated July 1st. 1001.
thai the uuderslKiied, as Truitte, will re
ceive sealed prnposdlH up to S.'OO p. iq. on
the 0th dny of December, 1010. for the sale
to It of bonds as above described sufficient
to use the Bum ot 180,383 BO. The under,
slsntd reserves the right to reject any or
all tenders
VllK NEW TORIC TRUST COMPANT,
Trustee, Jlv I) O, ClinTIB Secretary.
Hew York. Novcmtrr 1st. 181V.
7000
8000
1000
BOOO
3000
0000
1000
vooo
3000
1000
04R&
04')i
OfH
Olli
01
OIOJ,
OfS.
Ol'fe
c m & st r em m,
1000O .... 1&ht
5000 .... 7S
1000 .... ?fi
Chi M &. St V S'iB
2ooo . . ro
3000 .... 88
nooo . . . 67 Mi
Chi M i; St I' 13
7000 . . . 0SU
1000 60 U
Chi M & St P D Is
2000 .... 68
C M & St Pcv 414b
2000 .... 73 'A
1000 .... 7S',.
1000 .... 73A
1000 .... 73
Cht M & tit V CV Cs
8Q0D .... 71 U
C M &. St l' Op Os
400O .... 079n
5000 . 07n
Chi & Urcat W 4a
10000 . . MVj
Chi Inil i: South 4a
2000 .v. 70
Chi a N IV D of 33
3000 .... 01
3000 .... 01
Chi R I & Pao fd
1000
4000
1000
200O
BOOO
300O
3000
1000
100O
10000
3000
00?
00
66'U
60
06
6094
00
73
009
OO'j
Chi & N Vf 0s ot 87
1000 .... 08
Chi Union Sta VAb
looo .... 83
1000O .... 8S
Chile Copper Is
20000 .... 8 j
1000 .... 8211,
1000 .... B2H
1000 .... 82 V4
3000 f. . . . 82
1000 .... 81T.
BOOO ,.t, 81es
3000 ..., B1&
. ... DOMl
. .. uom,
.. 09
. .. 00Vj
. . . nV4
. . no's,
09
OD?,
K Grand 4s
. 63 li
. . . 61
Detroit Ol 5s of 33
3000 .... 05
DKt Sets Corp Ds
looo . . )
Dom of Canada 21
3000 ... n'ii
looo . . . 07j
Dom of Canada 26
looo . . o.lVb
Uric II U cv A
1000 .... 41
Erir K It cv B
1000 .... 10i
2000 ... 40
8000 . . II)
Krl R It cv D
3000 ... 41
looo .. 14
HIMMI . . 14
V U Coast lly 4'4s
2000 . 7
CJener.il Motors 4s
5000 . . 57
Hud & Man fd
10000 53'i,
5000 . ..51
1000 . . 53Ts
2000 .... 54
2000 . 54
Ilud & Man In
4000 .... I2U
4000 l'i'.i
3000 .... 12
25O0O .... 12
12000 . .. 12
3000 . 12
111 Central 5 '4s
lono . 02-H
Im J (3ov Is enB sta
2000 . . 82
Imp Jup Cvt 2nd gs
2000 ... 81
I J O 2nd Uiik Sta
2000 .... 8 Hi
0000 .... 80 Vt
Imp Jap Clvt 1st
I00O .... 80 U
Imp Jap Govt 4 a
2000 .... 65'
100O .... 60
10 00 .... 64
2000 .... 65 Vl
Int Agr Corp Ss
1000 .... 83V4
Int Mer Marina b
1000 .... 05
1000 .... 04
5000 .... 04'.i
Int Mot ct 4 '3
Nat B & S Co Es
5000 .... 07
5000 .... 07
N O Tex & Met 5s
1000 .... 52
N V Cent L S 34s
registered
1000 .... 63
N Y Cent & L S 3 ft
2000 .... 64 4
N YC&IIRRSVj
1000 .... 60
NYCtunn 4'&
1000 70
N Y C &. II R R Gs
3000 .... 03 Vi
1000 .... OS
5000 .... 03V
3000 .... !)
3000 .... 03U
7000 .... 03
N Y Gus & Klec L
& Power Co Bs
2000 .... 83V4
N Y Nil & II 3M,s
of 47
2000 .... 4D
N Y Rwys ct 5s
1000 .... OT,
N Y RwyB 5s
1000 ... 7
5000 . . 7',i
7000 .. 7 U
N Y S C Imp B 44
1000 10
Nor &. Southern 5s
looo . . G04
N Y Tel Co 4 Vis
2000 .. .81
3000 ... 83
1000 82)i
N Y Telephones Gs
looo .... 08
1000 08
Nor & Wist IMv 4s
looo . . 7814
Nor & West cv Gs
looo ... 101
looo ... lot
2000 . tosii,
3000 . ..103V,
11000 103V4
N IMclllu 4s of 55
1000 . . . 51
Northern Pacific 3s
looo . . . 55U
11000 . . . 5.V)i
Northern Paclflo 4s
13000 .... 77
1000 ... 77
OUIU N Co is
10000 .... 77 'i
3000 . 77 Vi
Or i. Run Short L Gs
1000 ....100
2000 . . ion vi
Paolllc Tel S. Tel Da
4000 .... 87
1000 . . 87
renna, RR JUt
2000 .. .77
Penn.i It II Ds
Penna II U en 4 48
5000 . .. DIM)
Penna R It pm 4V4
600O .... 82 Vi
8000 .... 82
10000 .... 82
Mo Pacific sin of 30
looo .... 01 Mi
Poro Marqlletto 4s
1000 .... 67
P S Corp of N .1 Ss
10000 .... 69i
Read Co J C col Is
looo .... 80
Reading 4s
6000 ... 81
1000 . .. 80M,
1000 .... 80
2000 .. . 80 Vi
4000 .... 80Vi
3000 . . . 80 Vi
Rich & Van RR 5s
3000 .. . 92
San A & A I' Ry 4s
1000 .... OlVi
2000 .... 00
1000 . .60S,
1O0O .. . OO'fc
Seab'd Air Line aj
looo .... 44'A
6000 . ..4 4
2000 .... II
5000 41
Sraboard Air I. fd
2000 .... UMi
SnMiern Hwm Is
39000 621i
3000 .... 02 Ml
1000 . . 63
South Railways Ss
loon .... 80
8000 .... 80
1(1(11) ... 80
South Tju cv 4s
2000 . .. 80V-J
1000 . . . 80
South Pac cv 5s
u k of a n & i '2i
of 13
07
07
07
07Vn
07Vi
07 Vi
07 Vi
07
97
U it
07
07 4
08
li &
5000
10000
10000
40000
5000
3000
10000
15000
5000
10000
1000
1000
10000
5000
Int Met 4 Vis
18Vi
18Vi
18
18
18
18
18V4
18V
18V4
17
17Vi
17Vi
17Vi
10
2000
20000
21(00
10000
1000
BOOO
5000
1000
20000
5000
5000
2000
1000
1000
6000
13000
20000
34000
10
10
187s
10
18
18Vi
18
18
18
18',
t8
18
17
17
17 Vi
17
17
17 Vi
Int Rap Trans fd
1000
loooo
looo
25000
5000
11000
7000
25000
200OO
19000
7000
2000
1000
20000
1500O
1100O
11000
20000
2000
10001)
15000
24000
1000
10000
10000
3000
20000
1000
2000
7000
10000
1000
10000
6000
1000
10000
11000
50000
2000
0000
5000
K C &
1000
80 V4
.... 60
,... BOW.
. ... 60
,... 50Vi
... 50Vi,
. .. 50
... 60
. 60
50
... 10
... 49
... 60
... 60
. .. 40
,. . 40
... 49
. .. 40
... 40
... 19
. 19
. 40
.. 60
. 10
. 40
.. 10
... 40
... 49
... 49
... 49V4
... 49Vi
. .. 49
... 49Vi
. .. 40Vi
. 10
.. 10
.. 10
... 40
...' 4i)
... 40
. .. 40 Vi
fcVjuth 3 s
BOVi
li Gas Co of St Li fd
2000 .... 81
Lacka S'teel C of 50
2000 .... 05
L S & Mich 4s '28
3000 .... 80
Liggett & Myers 7s
1000 110
Louis & Nash 4s
2000 .... 8.1
8000 .. 83
Manhattan RR 4a
1000 .... 57
1000 .... 67
Man 13 Rwy Sta 4s
9000 .... 67
Mid Steel Corp Ds ,
1000 .... 85
1000 ... 85
7000 .... 85
1000 85
Mln & St Louis 4a
2000 .... 30
2000 .... 80
Mln & i.t Louis 5a
1000 .... 7,
10000
10000
II 000
1000
1000
11000
lono
01
01
01
01
01
I) I Vi
91
1000
5000
6000
looo
13000
3000
loooo
..102
.10.!
..101
. 102
. 102
102
. 101
St L & San K aj
looo . .. (11)1 j
15000 .. . 00
23001) . . . fi()
6000 . . 5)
ft L & San 1' in
. ... 43
. . . . us
.... 12
.... 12",
,... 12
San V A
. ... 60 i
, ... 50
. . 60 Vi
. ... 56 Vi
. ... 56
6(1 t4
50 ,
1000
5000
1000
2000
6000
St 1. &
3000
6000
5000
15000
20000
2000
1000
St Sc San V Ser B
16000 .. 67
fat L So AV R It ls.t
1000 .. !2 lt
1000 .. .62
St L & S West 5s
1000 .. 01
St L & I M So Ry 4s
3000 .... 75
St P Mill &. M iUs
2000 92
Standard Mil Co Ds
6000 .... 92
Third Avo RR hJ
4O0O .... 20
5000 . . . 2!)
4000 .... 2!)
11000
6000
4000
1O0O
11)00
1000
4000
13000
3000
V 1-
rets of 22
3000 ....
25000 ....
8000 ....
U K of G
rets of 2D
oooo .... 00
4000 ... 00
U K of O B Ac I '3
12000 .... 00
1000 .... 00
6000 .... 90
5000 .... 90
2000 .... 90
Union Tactile cv
3000 .... 8"Vi
1000 .... 83
loon .... 8-.
100O .... 85
Union Pacitlo fd
2000 .... 77
1000 .... 77 )i
1000 77
Union Pacific s
looo .... 81
10000 .... 84
1000 .... 81
2000 .... 84
1000 . . 84
Union Pacific Cs
1000 ....102
noun ....102
10000 ....102
U S of Mexico Ds
2000 .... 13
V Railroads of St !'
unct it
2000 . . 20
U S Real & Imp 5s
5000 .... 77
U S Rubber 5s
7000 .... 85 Vi
10000
18000
1000
2000
3000
2000
1000
10000
7000
2000
85
81
8.1
85
81
81
81
81
81
81
BSIIIUM Co Gs
10000 ... 107
1000 ....100
5000 ... 107
U H Stcol 6s
3000
6000
5000
0000
2000
4000
1000
1000
2000
2000
4000
4000
3000
1000
08
08
08
98
98
98
98
98
98 Vi
0R
98 V
98 V
98
98
FOREIGN EXCHANGE
Now Yorlt, Nov. 24. At tho open
In;: of the foreign rxrhango market quo
fiitlons wejo somewhat conllietlug ou
FtorliliK, soino operators quoting httr
linc c under the forecasts nf 1.03',i
for (letnnntl nml l.OU for culiVs.
In othtr rcpccts quotations were
about ns expected. Tho rally In sterling
was partly attributed to rovering In
nrlvoiire of tbo month-end. Mails were
quoted at IM5, Austrians nt .SO mid
ruble currency at 4.05 for COOs nud 1.75
for 100.
Other quoruuoni were?
Krone cables 0.G7, chocks 0 M ; lire
rubles 12, checks 12.02; Swiss cnbles
5 17, checks G.lOs guilder cables 'A'Kh
checks !i7;;K s pesetas cables lO.il.j
hecks 10.W) ; Stockholm cables 22 SO
checks 22.05 : Christianlu cables 21 S5
checks 21.70 ; Copenhagen cables 20.40,
cheeks 20.25; Belgian cublcH 8.KI,
checks 8.115.
In the early afternoon French ex
cliango showed improvement, Italian
exchange rose slightly and marks
dropped somewbnt. Demand sterling
was steady at -i.OoVt und cables nt
4.00. The market was active. Francs
were 2 centimes higher ut 0.55 for ca
bles and 0.57 for checks, and Uro 11.00
for cables and 11.02 for checks. Marks
were 2.40 and Austrian .80.
Shortly after 2 o'clock the market
continued iirin on a fairly large volumo
of dealings. Aside from covering of
hhorts, the market was said to reflect
a smaller uppcarance of cotton and
other commodity bills. Marks displayed
htrength at 2.45. Demand sterling 4.00,
i.es l.OOli. Austrian was quoted nt
.SO.
Vlr Car Chcm Co Is
3000 .... 94
Vlr Ralluay 5s
3000 .... 81
Wabash RR Co Ut
1000 .... 89
Wabash RR Co 2nd
15000 .... 79
Wet,t Shore R R 4s
3000n .... 71
Wilson Co cv
snoo .... on
3ooo .... no
soon .... no
Wilton Co firsts
looo .... 98
2000 .... 98
4000 .... 98
3000 . . 08
Wis Cent Sup & Dul
Dlv & Term 1st
1000 .... 75
Wis Cent Rv 4s
3000 18
10l)Y'f KAM.K IN LIIIKMY IHIMIM
1 15
Htph Jmw p in
Lib Uond KL.s. . .100.10 100.02 100.04
Lib llotid 1st 4s. SI1.S0 lll.HO 04.!!0
Lib Horn! 2d Is.. 02.50 02.00 112.02
Lib Htuiil 1st 4. 111.50 04.40 1)1.50
Lib llimil 2d 4'is. 1)2.00 1)2.(1 02.40
Lib Uond :!d 4'4s. !)4.:i0 04.20 114.20
Lib Doud 4th 4',s 02.(10 02.34 02.40
Vir Xoles .'!"', h.. 00.215 00.22 00.22
Vic Notes 47, s.. 00.2S 00.22 00.22
BAR SILVER AT TOP PRICE
Record Sales Made In Both New
York and London
Ncu Yorlt, N'ov. 24. liar hilvcr con
tinued to advance hero today, ln-u i
sales of the nietjil were made ut $1.01)4
an ouuio, ti goiu of l'ii' ocr Satur
days price uud a. new high rasird
In Loudon tho quotation was l'jd
higher at 75Ljd, it t"l price iu that
niuiket.
The demand for the metal, according
lo the dealers, continues to be ery
brisk, mostly from China, nnd, accord
ing to these same dealers, if liuropcaus
or any others lc.tlly try lo buy silcr
here theic is every indication that the
price will go much higher, for the Chi
nese agents show no disposition to lower
their bids.
THE GIRJRRD
NATION JU. BANK
PHILADELPHIA
Hlnlrinrut of Cnndlllnn nt tlio Closo of llunlness November 17, 1010
RESOURCES
Loans and Im estments $74,021,670.99
Accrued Interest 189,511.75
Customois' Liability Account of Acceptances
and Letters of Ciedit ll,913,150.4o
liXchangc for Clearing House 2,989,442.54
Due from Banks 19,045,616.20
Cash and Reserve 5,121,579.20
$113,280,971.13
LIABILITIES
Capital $2,000,000.00
Surplus and Net Profits 6,604,929.09
Reserve for Unearned Discount U73.944.53
Reserve for Taxes and Interest 449,204.69
Circulation 1,058,250.00
Acceptances and Letters of Credit 11,913,150.45
Due Federal Reserve Bank (Rediscounts and
Bills Payable) 19,146,685.46
United States Bonds Borrowed 4,250,000.00
Deposits 67,484,806.91
$113,280,971.13
.IOSr.1'11 WAIMI, JR.. rre!dent
Ktbii Itnndolpli, Met Vrt. Alfred Unrrntt. Aunt. Csnliltr
A. W. l'li-kford, Vlco Prrnldent DbtIiI J. Myers, Aunt. Cathltr
Charles M. Atlitoo. Cashier Walter V. French, Aist. Caihlcr
DIRECTORS
FUANCIS B. ItEEVES, Chairman of the Board
Daniel Iiatigh Krunelo u lteev. Jr. Arthur V. Morton
Rodman K. Orlcom Win W Frailer, Jr. William Jay Turner
IV. Frederick Snyder r.rorR n Roicngarten A. J. County
Hubert Toland Janr)li Wayne, Jr. Win. 1". llarha
Win. Nruliold Kly llian Itandolph n alter B. Tliomioa
John Orlbbcl Morris It. Iloddus
$5,000,000
Aluminum Manufactures, Inc.
Seven Per Cent. Cumulative Preferred Stock
Par Value $100 Per Share
Dividends cumulative and pa) able quarterly on the first day of January, April, July and October. Redeemable as a whora
or in part at the option of the Company at 110 and accrued dMdcnds. Subject lo a Sinking Fund beginning in 1922
which will provide for the rrtirrment of 2,000 shares per annum.
Dividends exempt from the present normal Federal Income Tax
Registrars
Fideutv Title & Trust Co., PmsBuaGD: i
Bakkzis Thcsi Cosir-Airr, New Voas j
Tranifer Agents
I'tlE UNIOK TbI'bT CojtPAY Of PlTTSBUBOH
Gpakantv Tbbst Cour-ANr ok New Yohk
CAPITALIZATION
Upon completion of present financing
Authorized anil
OaLsU-cdlns
COMMON STOCK (no par value) 400,000 sharca
7 CUMULATIVE PREFERRED STOCK (this issue) ,...$5,000,000
jatr
W
E. Jllynr, President of the Company, which is tummarized
Trcqucst:
We call your attention to a letter frof
es follows, and a copy of which may be .-
Aluminum Manufactures, Inc., is to be organised under the laws of the State of Delaware, to
acquire and extend the plants and business of The Aluminum Castings Company, an Qhio corpora
tion, and to engage in the manufacture of other products of aluminum.
The Aluminum Castings Company is by far the largest producer in this country of aluminum
castings. Production will be substantially increased by the operation of two new plants which it is
planned to construct with a portion of the proceeds from the sale of preferred and common stock and
from two plants which were put into operation in July last.
During the four calendar years ended December 31, 191S, die net profits of The Aluminum Cast
ings Company, after payment of taxes, averaged over five times the dividend requirements on the
proposed issue of $5,000,000 7 Cumulative Preferred Stock. The readjustment of operations from
a war to a peace basis, which naturally resulted in an unfavorable showing during the first nine months
of the jcar 1919, is now practically completed and, as a result of the increased demand for all
aluminum products and the operation of the ncu plants, it is estimated that the net profits of Aluminum
Manufactures, Inc., should substantially exceed the average net profits of The Aluminum Castings
Company during the past four calendar years.
The 7 Cumulative Preferred Stock will be preferred as to assets and dividends and the Com
pany will agree to purchase and retire or redeem and retire on or before July 1st in each year, be
' ginning 1922, 2,000 shares of the then outstanding preferred stock of this issue.
Without the consent of 75 of the outstanding 7 Cumulative Preferred Stock, no mortgage
(except purchase moncv mortgages 011 after acquired property) shall be placed upon the property of
the Company, nor shall any capital stock preferred as to dividends or assets over said outstanding 7'
Cumulative Preferred Stock, or on a parity therewith, be issued.
The charter of the Company will provide that no distribution shall be made on the common stock
of the Company which will reduce its net assets (excluding patents, trademarks and goodwill) below
twice the par value of the preferred stock of this issue then outstanding.
Subject to approval of counsel and when, as and if issued and received by us
100 and accrued dividend, yielding 7
It is expected that temporary stock certificates will be ready for delivery ou or about November 25th.
The Union Trust Company Guaranty Trust Company
of Pittsburgh of New York
We do not guarantee the statements and figures presented herein, but they are taken from sources which
we believe to be accurate.
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