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- EVENING ' PUBLIC LEDaEIHIL'AI)itelAV TOTESTJA; tU'J&CZ 29, ''1020
Financial Briefs
The coniinlttoo mi trcurlllt-s of thu
New York Htoelc Hxehnugo recotnmcn!a
that thi! following be added to the
list: Olilithoinu l'rodiiL'lng & Iteflnlng
Corporation of America, $ Hi ,000,000
common Btock. General Motom Cor
liorntlou temporary certlllcutes for
5217,002,400 7 per ccut cumulative
debenturo stock; 16,703,180 shares of
common stock without nominal or par
value. lleudcc Manufacturing Co.,
Sl.000,000 7 per cent cuinulntivo pre
ferrotj utock, temporary certllicntes for
$10,000,000 cuunnuu stock. Hupp Mo
tor Cur Corporation 3,10'J,10U com
mon stock. Unite Copper & Kinc Co.
$3,000,000 capltol stock. Vanadium
Corporation certificates for 03,334
Miai'cs capital stock. Famous Players
Iiasky Corporation temporary certlfl-
Free: 2 Valuable Books:
"Inflation and Protperity" (5S page)
"The Meaning -of Property" (106 page)
With our whole country perplexed by the
abnormal commercial conditions which
prevail, and an understanding of these con
ditions obscured by so many conflicting
theories, these two practical books should
be read by every manufacturer, jobber and
banker.
The books contain no advertising. They are
not dry nor academic. They discuss big,
vital, fundamental economic problems with
convincing logic and refreshing style. They
are books you will want to read and keep
handy, for frequent reference.
Copies of both will be sent free upon re
quest. Write or phone for yours today.
AMERICAN CREDIT-INDEMNITY CO.
or NEW YORK E.M. TREAT, president
W. J. Morphy, Manager, J. F. McFadden, Gen. Agt.
Mutual Life of New York Building
Phone Filbert S503 Philadelphia, Pa.
cates for $10,000,000 3 per cent cu
mulative convertible preferred stock;
temporary certificates for 14,052
shares common slock.
Directors of the Freeport Texas Co..
nt their meeting yesterday, failed to de
clare u dividend on the 000,000 shares
of outstanding .stock, which for n time
has been paid quarterly ut the annual
rate of $1 a share.
The average price of twenty nctlve
Industrials decreased .10 per cent yes
terday to 103.00, while twenty rail-
roads decreased .10 per cent to 74,25.
Dank of England Statement
Iinrion, Jim. 29. Tim weekly state
ment of the Hank of Knglaud (-hows:
Total reserve 30.120,000, Increase 2,
004,000: circulation 88,257,000, In
crease 103.000; bullion 00,1)33,000.
increase 3,127,000; other securities,
80,340,000, decrease 4,058,000 other
deposits 185.150.000, decrease 5,
185.000; ptlblle deposits 20,110,000,
decrcasoil.350.000 j.gbvernmetit securi
ties 02,083,000, decrease 5,474,000.
The proportion of the bank's reserve to
'inbllltles Is now 10.40 per cent, against
10,77 per cent lost week and compares
with an advance from 10.30 per cent
io 20.10 per cent In this week last year.
Tho clearings through the Loudon batiki.
for the week wcrfr 708,8(0,000. against
741.510,000 last week and 452,500,
000 in this week last year.
No Chango In Refined Sugar
New York",.' Jan. 20 Tbc refined
Micar market remains unchanged with
the American and National Companies
emoting 15c. less 2 per cent for cash,
and Arbucklc Bros, quoting llc, less J
per cent for. cash. Other reflucrS' re
main withdrawn,'
Normally
$1,000 Will Buy 5,180 Francs
- $1,000 Will
Now
Buy Over
10,000 Francs
The franc is now selling in this country at a pronounced
discount, being worth less than half its pre-war value, an
American dollar today being equal to over eleven francs in
stead of five, normally.
This situation affords an unusual opportunity for' profitable
investment in tho French Victory 5s and the French 4
Rentes of 1917, which, quoted in francs, can be purchased
at prices that not only yield a good interest return, but
promise a distinct profit on principal with the stabilizing of
exchange.
For further particulars send for circular No. E-59.
Gmndler& Company,
CCORORATS
Franklin Bank Building, Philadelphia
NEW YORK BOSTON BALTIMORE NEW HAVEN
-a
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NEW ISSUE
TAX REFUND IN PENNSYLVANIA
$12,500,000 " ;"-. ''
Wiokwire Spencer Steel Corporation
(A MASSACHUSETTS CORPORATION)
First Mortgage 7 Sinking Fund Gold Bonds
-, Dated January 1, 1920 Due January 1, 1935
LONDON 8TOCK MARKET
Sentiment Unsettled by Unfavorable
Position of Foreign Exchange
London, Jan. 20. Sentiment on tho
stock exchange was unsettled today be
cause of the unfavorable position of
forclen exchange.
Tho markets generally lacked steadt.
ness and changes lu prices were nar
rower.. Oils were Irregular, Shell
Transport being 13 nnd Mexican
Eagle 11.
, .,, .
IT 3
Shall we' .mail you, ' our;
Current List, "descnblnp;
seven selected New England
Praf erred Stock's? ;
. These are available to net
Boston
6jtofc
Ask for List PPL-3S7.
HollisteriWJiite & Co.
' INCORPORATED jj; ,
North American Building
PHILAbEtiPHI.A '
Springfield
; Interest payable January 1 and July 1
:..,' "-.' '. Coupon bonds, in 1500 ind $1,000 denomination,, fulljr registered orretisttrsble u to principal on!?
,'.. !.;. ' Callable for Sinking Fund, ai a wfiole or in part, on any interest -ate,.arfo!lowinj' 'prices and accrued
v.v. - interest: juj to liecember 31, IS-; 104 to uecember Jl. iso: ioj to uecetnoer -I, I9is;-i to
December 31, 1930; 101 to December 31, I3Z: 100 ttJerealter-
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, GUARANTY TRUST COMPANY OF NEW YORK, Trustee.
CAPITALIZATION
(Upon Completion of Present Financing)
Authorised Outstanding
First Mortgage 7 Sinking Fund Gold Bonds. . $30,000,000 $12,500,000
First 8 CumulatiTe Preferred Stock . 7,500,000 7,500,000
Common Shares, Class A, entitled to cwnulatirt)
dividends at the rate of $4 per share
per annum, but no mora 80,000 sk. 80,000 sk.
Common Shares 250,000 A. 250,000 sh.
Class A Common Shares and the Common Shares are of eqaal statns as
to assets, and have a nominal or par value of 5 a share as under MlisaciusrttJ
laws a nominal or par value of at least $5 a share is required.
From a letter of Mr. T. H. Wickwire, Jr., we summarize as follows:
BUSINESS: The Clinton-Wright Wire Company, one ef tne largest manufacturer of wfrw,
wire rope, wire screening, wire netting, wire fences, wire hardware, and wire special
ties, is merging with the Wickwire Steel Company, sua extennre manufacturer of pi
iron, steel ingots, wire rods and other high grade steel wire products, and is changing
its name to Wickwire Spencer Steel Corporation, thus forming a Urga and
Important industry, independent and self-contained, with complete and modern
plants in which will be carried forward all the steps of production and manufacture
in the steel wire business. The constituent companies hare an arerage commercial
record of oyer fifty years.
MANAGEMENT: The Bo.rd of Directors wul include the men who were responsible)
for the building up of the larger units of the constituent companies.
SALES: The aTerage 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 sales
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 four timet the annual interett requirement of the Firtt Mortgage Bond.
From those profits there has been charged for depreciation the average amount of
$602,597. It is estimated that the profits for 1920 will show a substantial increases.
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 provide 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, ex4
changeable for the definitive bonds when, as and if issued and delivered to us. '
t1. -I.-
E. H. Rollins & Sons
Spencer Trask & Co.
First Trust & Savings Bank
(ul Chicago)
Lee, Higginson & Ccr.
Parkinson & Burr
Illinois Trust & Savings Bank
(I Chloage)
TVe tatenatB contained in uas adWrtisemeat, fl net srtssnateot, us fcseV
trpea Iniensaasn sad advice srkka we Velicrc ta be eccuxata ua trUitto.'
Providence
The industrial department nlaowna
mixed. Xhero was moderate liquida
tion of hopio rails, but Canadian rails
Snge? "tS"
"" Mt-Mwa section MecV
CHARTERED 1036
. , .
TRUST COMPANY .
. .BROAD and CHESTNUT 8TS.
CAPITAL AND SURPLUS, 510,000,000
Acts as Executor, Truste. Guardian' and Administrate,,.
Interest Allowed on Deposit .
MomberiOf Federal Reserve' 'System
E. B. MORRIS, President
LIBERTY BONDS
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V
I v . Bought, Sbld. and Quoted
CM, Phono 'or Vftito Liberty Bond Dep'arftiient
West & Co,
Bell, Spruce 250
141 CHESTNUT STREET
.Members ,','.'
Nsw Torlt Stock Exehature &...,
We Always Have on Hnnd a List of lUsh OnAm n-j.
1 Correspondeqce Invlled . , " Bonfl
$7,500,000
William Whitman Company, Iic.
7 Preferred Stock
Dividends Exempt from the Present Normal Federal Income Tax and
from the State Income Tax in Massachusetts , . .
This stock is OFFERED AT 100 AND ACCRUED DIVIDEND, whenr as
and if issued, and subject to approval of counsel
Dividends cumulative and payable quarterly January, April,
July and October 1
1 HE following information concerning the Company and this stock issue is
taken from a letter by Mr. William Whitman, President of the Company: . ,."' '
The William Whitman Company, Inc.,
which is now the largest company of its
kind in this country, markets wool, cot
ton, and cotton and silk fabrics and yarns,
and owns a controlling or substantial in
terest in various textile mills for which it
acts as the exclusive selling agent, con
ducting a business the growth of which has
covered more than half a century.
Earnings of the Company
The business has shown a continuous and
healthy growth For ten years prior to
1913, sales averaged more than 5523,000,000
yearly, from which they-increased to more
than $100,000,000 in 1919, and are now
running at the rate of about 55135,000,000
a year. ,
Net profits, including the proportionate
interest in earnings of stock controlled com
panies and the dividends actually received
on stock owned in other companies, have
been as follows:
$4,509,226
."IS
5?,349.
126,709
1917
1918
. 191.9 .? V.
Partlyfcstimated. ,
After deducting Federal taxes, net profits'
for this vpcriod have averaged nearly six ,
times the dividend requirements on this
issue without allowance for- any earnings
from the use of proceeds of-this issue.
The Mill Properties
The Company's stockholdings represent
participation in the business of some of the
most successful mills in the country in dif
ferent branches of the textile industry, in
cluding Acadia Mills, Arlington Mills. Ka
tama Mills, Monomac Spinning Company.
in Lawrence, Mass.; Manomet Mills, Nash- ,
awena Mills and Nonquitt Spinning Co..
in New Bedford,-Mass.; -and two Southern
properties, Calhoun Mills and Mary Louise
Mills. These' mills do not compete with
each other, but each specializes along cer
tain lines so selected that the group as a
whole produces a full.line of staple articles.
The various mills are equipped n the most
modern manner for the production of the '
highest grade staple products in their
respective lines. The entire group gives
employment to about 17,000 operatives
which number will be considerably in
creased upon the completion of large addi
tions now under construction in both the
New Bedford and Lawrence groups.
Provisions cf This Issue
The Company agrees to maintain Net Tatu
pble dssets, as defined in the Agreement of
Association, at not less than $200 per share
of Preferred Stock outstanding. As.so de
fined, such assets including proceeds of this
issue, after allowance for Federal taxes
payable in 1920, will be in excess of
$22,900,000 or $305 per share, and there
are additional net tangible assets, including
proportionate interest in other companies,'
which increase the aggregate to more than
$28,500,000 or $380 per share.
The Company agrees to maintain Net Cur
rent Assets as defined at not less than $100
per share of Preferred Stock outstanding;
at September 30, 1919, Net Current Assets
were more than $10,000,000, or more than
$133 per share, which figure will be largely
increased from subsequent earnings and the
proceeds of this issue. ..-..
No Funded Debt
Neither the Company nor any of the mills
above named has any funded debt or other
preferred stock and none may be issued by
thf Company or by any stock-controlled
company except with the consent of holders
of two-third3 of this issue.
Redemption and Sinking Fund
This stock is redeemable at the option of
the Company as a whole or in part at 1 10
and accrued dividend on any dividend date
on thirty days' notice. An Annual Sinking
Fund from surplus or net profits of 3 of
the aggregate amount of Preferred Stock
issued will be provided to retire stock of
this issue, but during the first three years
may be used for capital requirements. ,. .
is expected that payment will be called
for on 01 about February o, and that tem
porary stock certificates qr receipts will be
delivered as soon thereafter as 'practicable.
'A circular describing tye issue more fully loill be furntslied on request
Guaranty Trust Company,
of New York
Shawmut Corporation
. of Boston
The First National Corporation
Boston
Estabrook. & Co.
Boston ..""'.
,AVe do not guarantee the gtatements and figures presented herein, but they arc -taken from sources
which 'we believe to be accurate.
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