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18
EVENING PUBLIC LEpGERPHILADELPHIA WEDNESDAY, JANUARY 28, 1920
iu n ssn uf vot wr tri st
v
P nehab tat on of P. n. T. Co.
w ' . ... .
hinaiiy Accomplished
' Tho Phlliulolplilu Itnpld Transit vot
in; trust is to be dissolved as of 1Vb-
SJ ruary 12, the purposes for which It was
created having been accomplished.
The votlr.s trust was created in Feb
Wary, 1011, originally for five enrs,
, but was extended February 1, 1010, and
I has thus been in existence eleven years.
It was the idea that by the oting
; trust the Stotcibury-Mlttou raannge
'" went would be undisturbed in its plans",
yhlch comprehended financial unj phys
- leal rehabilitation of the property and
,- improvement in the service to the pub
; lie and iu wages and working conditions
I of employes. This has been successfully
8 brought about and there is no longer
' need for ontinuing the voting trust.
, The voting trustees arc Arthur K. "New
bold. Gcorsc II. McFadden and William
. P. Guest.
Of the 530.000,000 Philadelphia Rapid
Transit stock outstanding, S''3,lSO,t500
. Is now in the voting trust. Transfer of
, the voting trurt certificates will cease
, after Febniarj 1- and cou.-equcutlj iu
the near future the trading will be iu flu
. stock instead of iu the oting trust ccr
1 tificatcs as at preseut.
Holders of voting trust certificates
arc requested to promptly turn in their
holdings, properl indored, after Feb
ruary 1-, at the Fidelity Trust Co., uud
receive in eichuuge stock certificates.
Savage Arms Pays Extra Dividend
New York. dan. 2S. The Savage
Arms Co. has declared an extra dividend
of $T a share and the regular quarterly
dividend of SI.i'O on the common. Reg
ular quarterly dividend of 13, per cent
on the first pnferred and l'i per cent
on the second preferred were nlxo de
clared. Itrn rnmmou dividend is paj -able
April tfO to stock of record March
3. Regular dividends are paab!e March
1C to stock of record March 1.
Financial Briefs
LONDON METAL MARKET
Jew York. Jan. 38. Cable advices re
ceived at the New York metal eichancs this
moraine quoted priea In London us fol
lows: Tin Spot. 3SS 10k. oft 1. future,
f3SS 10-. a loss of 1 fl. and straights,
393 unchanged Sites Spot. 30 tons and
futures SCO tons Standard Copper Spot,
fll'O. fls, an adwnct? of flOs. and futures,
122 5k. A ffuln of 1. Hales Spot, none,
and futures. InOD tons Uloctrolv tic cop
,,. Spot. 1'J3 and futures, ru I. both
unchaneed Lead .ur t. f4H 15s a tain
cf R. and futures 47 7s lid. an upturn of
Cs Us. Spelter -snot. .vi :. and futures.
t r-aln of Tis for both
The average price of twenty active
industrial stocks advanced 0.41 per cent
ycsteiday to 101.1(5, while tho twenty
railroads advanced 0.00 per cent to
71.35.
Copper producers estimate January
sales both for domestic and foreign
consumption at approximately -50,-000,000
pounds. Of tho total amount
sold 03,000,000 pounds was for ex
port. There has been placed on the regular
M-t of the Philadelphia Stock Exchange
additional shnres of various companies
as follows. $103,200 Philadelphia llapid
Transit Co. extended otlng tnist cer
tificates, making total listed $'Jo,lS9,
000; S1S3.000 General Asphalt com
mon exchanged for $122,000 preferred;
and S20.20O additional American Tel
egraph and Telephone convertible 0
per cent funds. On the unlisted tie
niivineiit, $25,000 additional Philadel
phia Electric stock, issued under reso
lution of November 22, 1018, making
$20,018,225 of this stock listed.
The New York Mibtreasury gained
$000,000 from the banks je-terduy,
making a cash gain since Friday of
$2.24,000.
Charles C. Ilruep has become asso
ciated with Cnrtairx Ac Co. as statis
tician in their bond department.
LONDON STOCK MARKET
Gilt-Edged Issues Waver Indus
trials Active Strength In Some Oils
Loudon, Jan 2S. Gilt-edged invest
ment issues on the stock ivhange
waereI toila.v . reflecting t!)', unfavor
able position of foreign cvhaugr. Some
rails were tiu'il. the attit'ide of labor
of setting good dividend newt..
Strength was noted iu some oil stocks.
Shell Transport being 1 1 and Hurmah
22. The industrial department was the
most active.
Generally the markets were irregular.
Consumption of Wool Increases
Washington, Jan. 2S. Consumption
of wool in December increased 20,000,
000 pounds, to 01.000,000 pounds, the
monthly report today ot the bureau of
markets showed There was continued
, demand for fabrics made from the finer
grades of won, .'!l ner cent of the total
irnnsiimntinn 'oiiis nf the fine grade..
BANK EARNS BIG DIVIDEND
Local Reserve Institution's Net
Equals 84 Per Cent of Capital
E. P. Fns.smorc, governor of the Fed
eral Keserve Hank of Philadelphia, has
submitted n report to stockholders
showing summary of operations of the
bank for the year ended December 31,
1010.
The profit and loss account shows
gross enrnings SS.000.S70. current ex
penses $1,S17.271, net earnings $0,
702, 60S, reserved for depreciations on
United States securities and sundry
purposes $133,431), dividends paid
S402.3SO. transferred to surplus fund
$U.100,7SS.
During the year applications were
approved from 432 banks for the dis
count of bills classified as follows: Se
cured by United States obligations $10.
181,038,020. alt other sr.M.300,040.
total $10,730,435,270. Bills bought to
taled $14,01S,417. United States Gov
ernment bonds and notes purchased
during the year totaled $01,750,000,
making total loans and inestuienta
$10.S12,230.717.
The transit department handled items
as follows: Philadelphia banks' 12,
031.043 items !sS.007,072.377 : other
banks in District No. 3 15.370.200 items
$2,120,201,107. banks in other dis
tricts 7.430,405 items !s2.S00.870,8m,
grnnd total 34.SS0.70S items valued at
$13,S43,744,303. In 101S the depart
ment handled 17,133,701 items valued
at $11,202,410.
Net earnings applicable to dividends
in 1010 were equivalent to 84 per cent
of Uiu paid-in capital, us compared with
42 per cent for 11I1S.
Prices Firm on Paris Bourse
Paris, Jan. 2.S. Prices were firm on
the Eourse today. Three per Cent rentes
arc quoted at DS francs 75 centimes;
exchange on Loudon, 47 francs 3 cen
times; 5 per cent loan, SS francs 70
centimes. The dollar was quoted at 13
francs lO1 centimes.
GOVERNMENT BONDS
Panama coupon 2. 1038 ... .
Panama reclstertd Ss. IMtl...
Panama coupon 2r. 103S . . .
Panama registered ;. 1B33...
Panama coupon lis. 10H1 ... .
Panama rcslstered 3s, 1UC1...
Philippine 4s. 1031 .. .
Philippine 4, I'm
Phlllnnlne 4s. 1!)3'J . .
, V S Govt coupon " IfiSO .
1 1' H Oovt reslstcred ;!. 1030.
1 r S Govt coupon 4s, 1023
if S Oot rjttt-red 4. IP'J.'i
1 Dlst of Columbia 3 8js. 13JW
Bid Ask
..100 101
..100 101
..loo mi
..100 101
. . ss no
. . Ss 10
. . 10 05
. . fio nr
110 M
lon'i mi
100V 101
lo:. ioe.tj
l'W loo'i
Vi T
Philadelphia Markets
GRAIN AND FLOUR
hiieat Receipts. H.fSlt DUSneie. "
nnrnct ruled steady, but mere was noi mum
dolnir. Tho followlne aro tho quotations:
- m .. . ....--a .l.u.ln, DiiV,ffllH,nt
standard Inspection, atundard prices. No. 1
red winter, 8.J0j No. 1 northern spring,
12.39, No 1 hard winter. J2.S0S No. 1 red
winter, irarllcky. 1S.3T: No. 1 red smutty,
12.38, No, 1 rtd, garlicky and smutty.
J2.34 The United States drain Corpora
tlon'a purchases of wheat are based on tne
following schedule of discounts: No. 1
wheat 0e under No. 1. No. 8 wheat jo "n"I
No. 1 No. 4 wheat 10c under No. 1. No.
wh-t 14c under No. 1. .
. uii. i.eceipis, iu,iio. Kuwimo. ,.
market was quiet but steady under light of-
rFlni 1,-m ni.nl. .. am tn nlllltV imi
location, at Jl. 006 1.70. the Utter for No. J
Sello-. .
nulet Willi no chanpn In prlreB. , c auoi:
II: No. 3 whlto, l84 (0Pci No. white.
inn",.
vij-iittin-i-ln( "no lhls. and 073.314
lbs In sacks Trade was slow and Prices
ncro nominally unchanged yuoiaiionn
Per 100 lbs packed In UO-lb. Jute socks
Soft winter straight western. Up. 739
11.23 dc. do. nearbv. ilO.dS&ll: hord win
ter straight. t18Oia.n0; do. short patent.
I13.S0VM. sprlnc tlrst clear. MOSUli d",
patent. S1.1 7314.50; short patent. $11.73
IS 23: fsnev spring and city mlllB patent,
family brands. I13.50Q10.
RYE rXOUlt as quiet but Ann. Quota
tlons $10610.73 per bbl , In sacks, as to
"".".'.'.U.'-., - .. ., .),.
1U l L TjII ArillrtlHI ,ll,P IIHII, n.tv '"
market was unsettled and 3c lower. Tho
quotations coua-aiH-u wi tiiii j. ....
hlBh-scorln good?, IHCOOc: extras. rt.Jc,
ejtra firsts, 110082c: firsts. fi7&r.nc; seconds,
n3(fl7r, fair to ccoti, r.7(Hc. Prints Job
Ding HI Hit i.ju iwr luiivy uu fc ,v .w,
fair to cholte.
EGGS -Supplies of fresh eggs were more
liberal and the market was unsettled and
lower The quotations: Free cises. near
by firsts. J1B.20 per crate: nearoy rutrrm
receipts 1S fiO: western extra firsts. $19.20:
firsts, $18 80. cold storage eggs as to
quality. $H 1010 80, Inferior lots lower:
Executive Wants
nrss mn wtM ts Interested In finding
u iwsltlon with bright future for a
recently discharged Army Officer,
plijtlcally lit.
rhlladelplilan. of good eliaracter
and proven executive ability, with
fourteen ears' business experience In
finance and managing employe In
the East and West.
An larl of I', h. (or world If
neeesury) If nrospcet-i are ottractlve.
halarled position, lll consider any
proposition except promotion schemes,
retail wiling or sollcltln,T. Unlterslly
graUuale. n om
NEW ISSUE
TAX REFUND IN PENNSYLVANIA
$12
Wickwire Spencer Steel Corporation
(A MASSACHUSETTS CORPORATION)
First (V.artgBge 7 Sinking Fund Gold Bonds
Dated January 1 1920' Due January 1, 1933
Interest payable January 1 and July 1
Coupon bonds, in JSC0 and $1,000 denomination!, folly registered or rerittcrable a to principal only
Callable (or Sinking Fund, as a whole or in part, on any interest date at fotlowine prices and accrued
interest: 105 to December 31. 1924; 104 to December JI, 1526; 103 to December 31, 1928; 102 to
December 31, 19J0; 101 to December 31,'1S32; 100 thereafter
GUARANTY TRUST COMPANY OF NEW YORK, TrUBtet.
CAPITALIZATION
(Upon Completion of Present Financing)
Authorized Outstanding'
First Mortgage 7 Sinking Fund Gold BoncU. . $30,000,000 $12,500,000
First 8 Cumulatiye Preferred Stock 7,500,000 7,500,000
Common Shares. Claaj A, entitled to cumuIatiT
dividends at the rate of $4 per tharo
per annum, but no mora 80,000 ih. 80,000 sk.
Common Shares 250,000 h. 250,000 ih.
CUs ( ommon Shares and the Common Fhares are of eq'nl sUtu a
to assets, and have a nominal or rar wlue of $5 a share as under MassacK
laws a nominal or pir alue of : leas: 15 a share is required
From a letter of Mr. T. H. Wickwire, Jr., we summarize as follows:
BUSINESS: The Clinton-Wright Wire Company, one of the largest manufacturer of wire,
wiro rope, wire acreening, wire netting, wire fences, wire hardware, and wire special
tie, is merging with the Wickwire Steel Company, an extensive manufacturer of pis;
iron, steel ingots, wire rods and other high grade steel wire products, and is changing;
its name to Wickwire Spencer Steel Corporation, thns forming a large and!
important industry, independent and self-contained, with completa and modern
plants in which will he carried forward all the steps of production and manufacture
in the steel wire business. The constituent companies have an average commercial
record of over fifty years.
MANAGEMENT: The Board of Directors will indudo the men who were responsible
for the building up of the larger units of the constituent companies.
SALES: The average annual sales of the constituent companies in the last three fiscal
years ended on or before April 1, 1919, have been over $21,300,000. Current salea
are at a rate of over $30,000,000. It is estimated that the sales for 1920 will be in
excess of $35,000,000.
PROFITS: The average annual net profits for these three years, after adequate maintenance
charges, but before depreciation and Federal taxes, have aggregated $3,472,049, or
about our times the annual interest requirement of the First Mortgage Bond.
From thuse profits there has been charged for depreciation the average amount of '
$602,597. It U estimated that the profits for 1920 will show a substantial increase.
ASSETS: The fixed assets are appraised at a sound value of $20,117,000, or over
$1,600 for each $1,000 bond. The total net assets including investments in ores
properties are in excess of $32,500,000, or over $2,600 for each $1,000 bond. '
. SINKING FUND: The Deed of Trust provides an annual sinking fund commencing in 1923,
the operation of which will retire over 50 of the present issue before maturity.
Price, 100 and accrued interest
Interim receipts of the Guaranty Trust Company of New York will be issued, e4
changeable for the definitive bonds when, as and if issued and delivered to tuu.!
E. H. Rollins & Sons
Spencer Trask & Co.
First Trust & Savings Bank
(ot Chicago)
Lee, Higginson & Co.
Parkinson & Burr
Illinois Trust & Savings Bank
(fCttlcag)
Hie statements contained in tats aJmlbcraent. virile net gssrsateedt, are bseA
pea iniatnutJon 14 ad-rice which we believe to be accurst aJ reBskU.
fancy selected fresh eggs JokblnE at 7072o
Per dozen.
PR0VI8I0N8
Trad; was quiet anfl largely of n Jeb
ulna rnararl.p an4 tt. m..v. . ...
chsnied. Tho auotstlons were! Heef
".!- smoked, and alr-drled. nsc beef
knuckles and tenders, smoked and Mr-dried.
Mci pork family, 020! hams. 8. P. cured,
te!"' 2TOS1CI do. skinned, loose. SSV4 &
sa,4c! lo. do smoked 2.1Hi937Mnl hams,
boiled, bonelecs. 87o( nlcnlc shoulders. 8. P.
cured looso. S3c! do. smoked. 24o! bellies. In
P'CKle, loose. 23c; breakfast bacon, 33c
lard. 27c.
DAIRY PRODUCTS
C1IE1T:.C1T1T1i.,f.. ina lUtla l.aillm, tn.l
tho market was unchanged. Tha quota
tions were as follows: New Tork. whole-
urn urns neia tancy, a.wo.tc! xancy neii
specials, higher: held, fair to sood 31 0
SIHc: fresh-made goods nominal: Wiscon
sin. WhAle.mllb flut nmlA tanfV .I2fftfl?t4c:
held fair to eood. 3l3U4c; iobblnc sales
ot tancy nciu gooas. d.lQVBNC.
POULTRY
1IV1 trei ncircA unil htchpr ullli demand
readily nbsorblnc the offerings. Quotations:
Fowls, line fat. weighing (i lbs. and over
apiece. 4244c, exceptional lots higher:
rowis, memuni sue, good quality, micto,
uo. Poor. 35S37c: hrolllnit chickens, fancy,
coft-meatcd, weighing Hi 2 lbs. apiece.
-12&43C; spring ohlckcns. averugo soft
neated, 37f3Scs do. Inferior, 350'3Oc: staggy
young roosters, 268".!Bc: old roosters, 24W
26cl ducks, whlto Pekln.. 44i!448c; do, In
dian Runner. 4042c: do. Muscovy, 2850
30c: geese, fat. 4243c; do, average. 30
3."c: turkeys. C0S2c: pigeons, old, per pair,
Coc; do. joung, per pair, 45B0o.
nrtESSED Tnere wan a fair demand for
desirable stock and prices wers firm under
light offerings. Quotations: Fowls, fresh
killed, dry-picked, boxes, weighing 4 lbs.
and oer apleco. 31'4e, weighing 3!4 lbs.,
3330o: weighing 3 lbs.. 3S3lc. fowls,
fresh-killed. In bbls., di-plcked. weighing J
lbs. and over apiece, 30c: weighing 3!4 lbs..
3435c. weighing 3 lbs.. i11t?33c, old roost
ers, dry-picked, 27c; broilers, Jersey, dry
picked. KaWilOc: do. ordinary nearby, dry
picked OUWS.'.c; broilers. western, dry-picked,
weighing IH -' lbs. apiece, 483SOc: roast-
gUY bonds when prices
arc low and the yield is
high.
We have an interesting word
about this situation.
Will you hear it?
Baker, Ayling 8c Young
Land Title BIdg.
Boston Philadelphia
Ing chickens, western, dry-packed, In bbls.,
wolghlng 4 lbs and over nnleco. 880S7ei
weighing SV4 lbs. plrce.-84W8B0t welghlnr
3 lbs. apiece, 34U3So: weighing 2U . lbs.
apiece, 41042c: westedn, corn-fed chickens.
13 to box, 17 lbs. and tinder to dox.. per
lb., 4RO4H0: 18 to 24 lbs. to iloz.. per iu ,
4&V48c; 23 to 30 lbs. to iloz.. per lb,, 400
42o: 31 to 3d lbs. to doz., per lb., 8S8I
38a: 37 to 41 lbs. to doz., per lb., 389380!
43 to 47 lbs. to doa.. per lb.. 8S380o- 48
lbs. and over to doz., 884oa: atpons,
western, weighing 8i310 lbs, nplcce. B3SP
S4c; somo heavier stock higher; weighing 7
lbs. apiece, M02c; weighing BiPO lbs.
apiece, 48pR0c: turkeys, Del. and Md.,
fancy. OOoi do, Va. and other nearby fancy,
880SOO! do, nearby, fair to good, 6303oi
do, western, spring, fancy, G83o0c: do, do,
fair to good. 03nr.c: do. old toms, 48ci
ducks, western. 38640c: geeso, western,
fancy, 30032c! do, do, fair to good, 23tP
S7c
FRESH FRUITS
Trnde was fair n.nd nrlcps ruled nfesdv.
Wo quote! Apples, per barrel, a to qual
ity. i4l: do, per box. 1. 6003.40. Cran
berries, per Darrei, jowb.dui uo, per crato,
to DOCTORS
RUG GISTS
DENTISTS
Yoo cn have a "part ownerihip"
vrilh 700 others in jroor profeuisni
in a joinr, GROWING Phtrmtceotical
Laborslorr and modern six-storj plant
which his over $380,000 ttnjiblt
sueti which is psrinj dividends
NOW.
Which has increased its basinets
on NON-Secret Propriettriei
Specialties and Pharmaceuticals a
larie per cent, in 1919.
YOU can, by being owner of Eve
shares or more, enjoy three profits
including a large saving in price in
bonniei in dividends from profits
earned thru your interest in the source
of supply of the Products yon pres
cribe adviio or sell.
$t.G0Q3. Oranges. Florida, per box, Sl.BO
18.40. Tangerines. Florida, per H-box,
1.7n3.70. Grapefruit. Florida', per box,
$2(94.80.
VEGETABLES
Tho gencrad markes was steady, wlih a
fair demand for cholco stock. Wo quoto:
White potatoes, Pennsylvania, per cwt, $4.20
4.00! dc New York, per cwt. 14,250
4.40, Hweet potatoes, southern, per ham-
Fer, tl.282.40j do, Jersey, per basket,
1.403P1.78. Cabbage, New York. Danish,
per ton, 1000118. Onions, per 100-pound
sacks Yellow, No. 1, JB.25O0.
BAR SILVER
Commercial bar sliver was quoted In
the New York market today at an ad
vance of one cent, at $1.35 an ounce.'
In Loudou, the metal touched another
high record at 8-Vfcd, a gain of I'd.
Refined Sugars UnchTnTiri'
' Now York, Ja0. 28jl n" et ,
sugar market remains unchanLli
tho National and American . . ' M
quoting 15 cents, t! "o?. .PHaJt
cash. Other refiners nZt Wnt ,or '
drawn. The raw BiurnCS.a'? with.
Unites firm, with buyers tZ r 'con.
February clearance at l'0' "?' 'lit,
and freight. 1- ccnts. cost ,
Amparo Mining Declarea Ex.
Tho Amparo Mining Co. has 1 1
a regular quarterly dividend nf"4
cent and an extra dividend of ? pet'
cent, payable February 10 to LVr
record January 31. t0 sto of
Income and Excess Profit Tax Matters
We Beg to Announce the Open
ing of Our Philadelphia Offices
219-221 No. American Building
Inquiries and Consultations Invited
BENJAMIN ROBIN
Consulting Accountant
Formerly tvith U. S. Internal Rev. Bureau)
New York TILv
828 Trinity lUac.
David Levin, Resident Manager
Bell Filbert 21,50
Wartilnxtoii. , c
304 Bum UU,.
Yon can get a Dun or Bradstreel
report on this $2,500,000 ACTIVE
Corporation. WRITE for SPECIAL
February BONUS offer to the Profession.
ADDRESS
FINANCE COMMITTEE
IJnt II 520, Public Ledger Oflko
SECURITY SALESMEN
Shares of Good Steamship Companies
Pay Large Dividends
An established Security House, members of the Philatltl
phia Stock Exchange, selling attractive industrial and 8teara
ship issues, can use several high grade salesmen. Experience
in selling securities desirable, but not absolutely essential.
Liberal commission paid.
For interview write Box B 509, Ledger Office.
i'nv'.v' ,
NEW ISSUE
$7,500,000
Wickwire Spencer Steel Corporation
(A MASSACHUSETTS CORPORATION)
First Preferred Stock, 8 Cumulative
Entitled to cumulative dividends ut the rate of 8 per annum, payable quarterly, Febrary 1, May I, August I and November I. Having
Preference over the Class A Common Shares and ths Common Shares as to dividends and as to assets In liquidation. Redeemable as
n whole, or in part for sinking fund, by lot at 1 10 and accrued dividends, on four weeks' notice. Old Colony Trust Company, Boston,
and Mercantile Trust Company, New York, Transfer Agents. First National Dank of Boston and Tho Equitable Trust Company, of,
New York, Registrars. Par value, $100.
CAPITALIZATION
(after giving effect to this financing)
First Mortgage 7 Sinking Fund Gold Bonds. .
First Preferred Stock, 8 Cumulative
Common Shares, Class A, entitled to cumulative
dividends at the rate of $4 per share per
annum, but no more
Common Shares
Authorized
$30,000,000
7,500,000
80,000 sh.
250,000 sh.
Outstanding
$12,500,000
7,500,000
80,000 ih.
250,000 sh.
The Class A Common Shares and the Common Shares are of equal status as . , '
to assets, and have a nominal or par value of $5 a share, as under
Massachusetts laws a nominal or par value of at least ) a share is required
From a letter of Mr. T. H. Wickwire, Jr., we summarize as follows:
BUSINESS: The Clinton-Wright Wire Company, one of the largest manufacturers of wire, wire rope,
wire screening, wire netting, wire fences, wire hardware, and wire specialties, is merging with
the Wickwire Steel Company, an extensive manufacturer of pig iron, steel ingots, wire rods and
other high-grade steel wire products, and is changing its name to Wickwire Spencer Steel Corpo
ration, thus forming a large and important industry, independent and self-contained, with com
plete and modem plants in which will be carried forward all the steps of production and
manufacture in the steel wire business. The constituent companies have an average commercial
record of more than fifty years.
MANAGEMENT: The Board of Directors will include the men who were responsible for the building
up of the larger units of the constituent companies.
t
SALES: The average annual sales of the merged companies in the last three fiscal years ended on or
before April 1, 1919, have been over $21,300,000. Current sales are at the rate of over
$30,000,000. It is estimated that the sales for 1920 will be'in excess of $35,000,000.
PROFITS: The average annual net profits for these three years, after adequate maintenance charges
but before depreciation and Federal Taxes, have aggregated $3,472,049, the balance after deduct
ing interest on the new first mortgage bonds, being $2,597,049 or 4.33 times the annual dividend
requirement of the First Preferred Stock. From these profits there has been charged for depre
ciation the average amount of $602,597. It is estimated that the profits for 1920 will show a
substantial increase,
ASSETS: The fixed assets are appraised at a sound value of $20,1 17,000. The net quick assets, as
audited, amount to $9,564,302 or over $127 for each share of First Preferred Stock. The total
net assets are in excess of $32,500,000, the balance, after deducting the first mortgage bonds,
being $267 for each share of First Preferred Stock.
SINKING FUND: The Articles of Incorporation provide an annual sinking fund, commencing in 1923,
which is estimated to retire the entire present issue within 20 years.
WE RECOMMEND THIS PREFERRED STOCK FOR INVESTMENT
Price 99 and accrued dividend
Interim receipts of the Guaranty Trust Company of New York will be issued,
exchangeable for the definitive shares, when, at, and if issued and delivered to us.
E. H. Rollins & Sons
Counselman & Co. Spencer Trask & Co.
Naphen & Co. Merchants Securities Corporation
1 (of Worcester)
The Information and statistics contained In this advertisement 'have been obtained from
i aources that we deem reliable, and, although not guaranteed, are'accepted by us as accurate.
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